Good morning, dear investors. I am very happy that we can present our promising results for the first quarter of 2026.

Generally, I can say that first quarter of this year confirm the last quarter of 2025 when we saw improving consumer sentiment in all the markets where we are present. At the moment the only weaker segment we have is export in our breweries.

Still decreasing export volumes are causing lower revenues in the beer segment. Otherwise all the other segments are performing very well and you will hear the details from my colleagues from individual segments.

Dear investors, here is Daniel speaking. Let me comment key moments of top season in Czech and Slovak soft drink market.

We missed our goals and we have to recalculate our year targets. Key factors are known: double-digit drop of Slovak market due to sugar tax implementation; worst weather in last decade; and additional surprise, unexpectable negative consumer sentiment.

Stop of complaining. Successful launch of Targa Florio retail formats, 154% compared to last year...

Dear investors, here is Daniel speaking. Let me comment key moments of top season in Czech and Slovak soft drink market.

We missed our goal-

Yes, we can. Good morning, Peter.

Good morning. Sorry, I also had some technical difficulties.

In terms of the Q1 results, maybe if you could comment a little bit on the beer exports, how is developing, whether we should see some improvements in coming quarters. I have also seen that the revenues were more or less flat in Česko, if you can comment on this market as well.

Then strategically, if you could comment on your potential expansion again, in beer exports. You last time indicated that you want to expand in Slovakia.

If you have started already, if you have any targets there, how many points of sale or some numbers to catch. Also in the same with UGO chain, if you have already started the expansion in Slovakia and what would be your targets in terms of number of Freshbars or something like that.

Thank you very much for your questions. Let's start with the beer exports.

Basically the drop in exports started in January 2025. Most probably this was caused by imposed customs on Russian market, and that's why the distributors, namely from Poland, stopped ordering from the breweries.

The full impact was really heavily visible in the export segment for the beer for full year. However, during the first quarter of 2025 still some exports to the Eastern Europe were realized, the drop which we are experiencing now in the beer segment is basically driven by the fact that at the moment we have no exports to Eastern Europe or re-exports to Russia at the moment.

That's why is the drop still so significant. In the on-trade segment of the breweries, which are typically restaurants, the overall beer market in Czech Republic experienced very weak January.

The market was really heavily under the 2025, and basically the current performance and the fact that in the on-trade segment we are missing some 7% compared to prior year was caused by much better March compared to prior year. Beer segment overall reporting lost in volumes approximately some 6.5%, predominantly driven by export.

Such a drops shouldn't be visible in the second quarter because second quarter should be in terms of volumes in export already, let's say, like-to-like with the same conditions on the export market, we believe that from the second quarter we should see improving results of the beer segment. I would not agree with you that the revenues in Czech Republic are almost flat.

We still showing some almost 3% grow in revenues, which I think is very solid compared to prior year. Basically we can say that all the segments in Czech Republic are improving.

Volume-wise, we are better by almost 4%. Also what is worth mentioning here, compared to 2025 first quarter, we have slightly lower prices because during the season 2025 we decreased some prices due to the conditions on the market and the competition on the market, but as you can see, from the details from Czechoslovak business unit, Czech Republic performed very well.

We have basically very solid on-premise results, which are restaurants and pubs, more than 6% increase volume-wise compared to 2025, and 4% increase in retail channel, which is basically very good. What you can also see in Czechoslovak segment is that we are much better in Slovakia.

This is purely the function of the fact that in the beginning of January 2025 the sugar tax was imposed in Slovakia, and there was huge drop in revenues and in the sales during the first quarter of 2025. Now we are back on some track, but what we can say is that basically the Slovakia is developing quite well and the consumer sentiment is much increasing compared to prior year.

The last question which you have was regarding the UGO chain. UGO performing very well.

We opened one Salaterie in Slovakia this year or in the end of last year already, and we are preparing ourselves for the, let's say, international expansion of this chain, but at the moment I cannot comment on precise timing or countries which we are considering, but I hope that we can present you such a plan in the near future.

In terms of the expansion of beer exports to Slovakia and maybe to other countries in region?

In Slovakia, we are starting basically during this season. It should be in cooperation with Kofola distribution, we believe that this year, or definitely this year, some volumes are coming from Slovakia as well, and what we also see is improving sales to Poland, which is currently our biggest export country for the beer.

Do you have any physical presence in Poland or only via distributors?

We are selling the beer to Poland using two distribution channels. First distribution channel are the standard distributors like wholesalers in Poland.

Second distribution channel is our company Premium Rosa, which is focusing on a retail and some regions in Poland. We are combining these two basically ways: one is let's call it intra-company, and the second one is directed with external partners.

Okay.

Good morning. Do you hear me?

Good morning. Yes, we do.

Good morning. I have a question on acquisitions.

How will you consolidate the last acquisition, Alta Fermentación? You own 40- 49% share of this company.

Will you consolidate it into EBITDA, or we will see the results of this company in the financial part of the income statement?

You will see this results in the financial part of the income statement. We are in minority and we do not have full management control, so that's why we are not consolidating this entity fully to our results.

However, we plan to be a bit more detail on this segment compared to other companies where we have minority share, because we really believe that Latin America is very interesting part of the group now. We will show you later a bit more details.

What about your acquisitions generally? In the last months Kofola was active in acquisitions activity.

Can you more elaborate contributions of new acquisitions into Kofola first quarter results? Especially contributions of Asso Vending and Nobilis Tilia.

In terms of Asso Vending, you can see that basically Asso Vending is the biggest contributor of the increase of sales in Slovakia. As you can see, our sales in Slovakia increased by 64% in first quarter 2026 compared to first quarter of 2025.

Majority of this increase was, of course, caused by the Asso Vending revenues. In Czech Republic, we added Nobilis Tilia from the beginning of January.

In general, I can comment that basically in terms of revenues, the companies are developing relatively well. Asso Vending is basically on the track what we expected.

Nobilis Tilia is slightly below the targets which we had. In terms of EBITDA, typically the contribution is lower at the moment, but this is basically driven by some reorganization of the companies after the acquisition.

Basically in the short term, you are typically incurring a bit more cost once you are implementing some group standards to the companies. I believe basically this typically takes maximum one year, and then the EBITDA of the companies is developing according to expectation and increasing.

At the moment, contribution of these new acquisitions is, I would say, rather small to the overall results. However, everything is basically running according to our acquisition expectations.

Thank you. Thank you.

Good morning, everyone. Can you hear me?

Good morning.

Thank you very much. I have a question related to the leverage.

The leverage increased to 3.- 3.5x in Q1 '26, which is quite significant expansion compared to Q1 '25. Given that this level potentially constrains your financial flexibility for future acquisitions, which you probably may plan, could you please provide some view on your leverage target, where it lies, and perhaps some guidance for the upcoming quarters?

Second question: you mentioned some negative impacts related to Middle East conflict. Do you have some particular standpoint what might be the negative cost impacts in Q2 and Q3?

Thank you very much.

Regarding the leverage, at the moment we are 3.5, which is increase compared to the year-end. At the year-end we were approximately 3.

Our expectation is that based on the model which we have, we should return to approximately three times, 3.1 times EBITDA at the year-end of 2026. Our long-term target is around 2 to 2.5 times EBITDA from the operational part.

The increase is basically driven by two major facts, and these are acquisitions and extraordinarily high capexes which we incurred in 2025. We built two big warehouses, one in Mnichovo Hradiště, second one in Rajecká Lesná, and also the other investments to our mainly production part of the business.

Simply what you can see, in the past we typically invested, let's say, around 40% of our or we reinvested 40% of our EBITDA back to the capital expenditures. In 2025 we reinvested basically 60% of our EBITDA.

That was the major reason for such an increase in leverage, and this was of course combined by the lower profitability than we expected. We were more optimistic for 2025, and in the end the result was lower than we expected, this also negatively affected particularly this KPI, net debt to EBITDA.

I believe that again, we can return back to three times at the year-end. Long-term we would like to be 2 to 2.5 times EBITDA.

The second question you have, if you can remind me, it was-

It was negative impacts related to Middle East. Iran, yeah.

Iran. Yeah.

You can see that in the numbers for the first quarter nothing is basically visible. In the numbers for the second quarter there will be some small impact already visible now in June, namely in material prices.

Basically overall impact for the group can be if I calculate it only as a pure material cost increase and transport cost increase or energy cost increase, the overall impact on the group can be around 200 million of Czech crowns approximately. We already recalculate all the necessary P&L lines and basically approved plan how to mitigate these losses.

For example, we already increased the prices in Adriatic region, we implemented some kind of cost saving, and we cancelled some of the commercial projects which we have for 2026. Overall, we believe that still we can deliver the target which we presented in the beginning of the year, 1.8 to 1.9 billion of Czech crowns EBITDA for the full year 2026.

What is important for us is that really the war can end during the second quarter. At the moment, it seems that it will be not the case.

If this will be not the case, then for sure we have to increase prices also, for example, in Czech Republic and Slovakia, and generally such effect that the war will not end in the second quarter will bring, in our opinion, a very strong inflation pressure in all the European market. Basically then we will be facing again some inflation in Europe as we experienced it some two years ago, as you can remember.

Perfect. Thank you very much.

Yeah. One more question regarding the leverage.

You have closed the acquisition in LatAm in first quarter, whether we should expect some impact on your leverage for the second quarter from this acquisition.

Second quarter this will be again, yeah, there will be an increase of net debt because of this acquisition. On the other hand, we already in the pre-season time, and so far the second quarter is developing according to our expectations, the profitability is increasing.

I do not expect any significant impacts on the leverage for the second quarter. In the end of the second quarter, I believe that the leverage will be slightly below 3.5.

Thank you.

Maybe if I-

Not from my side.

If I may one follow-up question on the Q1 results. There was relatively strong increase in the selling and administrative costs.

If you could split it into what was the impact from the acquisitions and what is the increase in personal expenses. Maybe how much was kind of the impact from postponed expenses from 2025 on Q1?

Basically there are almost no postponed expenses from 2025. The increase it's basically driven by the new acquisitions.

Definitely the administrative costs increased by some 110 million of Czech crowns, out of which 65 million approximately was driven by the new acquisition, and relatively the same or basically even higher share of the increase is in terms of selling and marketing costs. Basically majority of this was driven by the new acquisitions.

What we did is that basically in the first quarter we are posting accruals for the annual bonuses, but this is the same situation as was during the first quarter of 2025. There is no impact from this fact, because this accrual for the bonuses were then released basically in the year-end or during the last quarter of 2025.

Yes, we increased the salaries for the employees, but this is basically visible in all the lines of P&L where you can expect some employees, and I would say that the increase of the salaries is basically on the market level. There is some percentage points, but nothing extraordinary compared to the market.

The biggest impact is basically driven by adding new companies to full consolidation.

Thank you. Maybe if you can remind us of covenants which you have on your debt?

On our debt, the annual net debt/EBITDA should be three times. That's the major covenant.

At the moment we are in line with debt service coverage ratio, which is also one of the covenants, and we are also meeting the capex covenant. The major one which we are discussing with our banks like always, it's net debt to EBITDA, which is really the most important for our banks at the moment.

At the moment, we basically do not have any negative indications from the banks that they are nervous or not able to provide us with the financing. Also Alta Fermentación investment was financed from the bank credit, which were specifically provided for this acquisition.

Banks are supporting us in our acquisition activities, and at the moment we do not have any financing problems with them.

Yeah. Thank you.