Good morning, ladies and gentlemen. I'd like to welcome you to the earnings conference for Q1 2026.

My name is Bogusław Oleksy. I'm the Acting CEO.

I am joined today by Jolanta Gruszka, Vice President, and Adam Rozmus, Vice President. If you allow me, we'll go ahead and give you a quick walkthrough of our group and what's happened in Q1 of this year.

If we look at our figures, what we've achieved in Q1 versus Q4 2025, coal production is down by around 7%. In terms of coke production, it's down by more than 11%.

Our sales revenue is down quarter-on-quarter by 12%. It's slightly above 2 billion in sales revenue.

Our net result in Q1 is a loss of 616 million zlotys. In comparison to Q4, this is a major swing or change because in Q4 2025, the net result was negative at more than 3.3 billion.

If we look at EBITDA net of nonrecurring events, it was 192 million with a negative sign, it was minus, compared to the previous quarter when it was nearly 300 million in the red. This is an improvement.

If we look at the average price of coking coal and coke in the most recent quarterly period, we see that the average price of coking coal has grown by more than 9%. If we look at coke, the price has grown by more than 4%.

Our capital expenditures, in turn, in this period came in at 803 million versus 680 million in Q4, which is an incremental growth of 18%. What is our major objective here?

We're talking about our mining cash cost. The MCC has fallen compared to Q4 by nearly 9%, and it came in at 631 zlotys, as opposed to 692 zlotys in Q4.

This continues to be our major objective, that is to meet the expectations of the market by reducing our costs. I want to show you one more graph that illustrates what we've done over the course of the last year.

If we compare Q1 2026 to Q1 2025 and not just to Q4 2025, we can see that our coal production is up by 13%, coke production is up by 7%, sales revenue is down by 12%, the net result has improved, still in the red at 616 million, but a year ago we were at 1.3 billion in the red. If we look at EBITDA, we also saw improvement.

We were in the red at 552 million last year in Q1 2025, and so this is of course negative EBITDA, and we've improved that to, let's say, 192 million, which is also a negative figure. The average price of coking coal and coke have moved down by 3.2% if we talk about coking coal, and more than 12% if we look at coke.

Our CapEx, capital expenditures, were at a pretty similar level, it's 803 million in Q1, as I mentioned previously, as opposed to 826 million in Q1 2025. If we look at the mining cash cost, this is what, as I've said previously, is the most important thing, this most important metric, and the cost here has fallen by more than 24% from 836 zlotys per ton in Q1 2025 to 631 zlotys at present, in Q1 2026.

We can say the movement here is very desirable, and this is exactly what we had in mind, to move that mining cash cost down. Some 3 weeks ago, we presented to you at the annual earnings conference our restructuring efforts.

Restructuring is a process. It's not something that transpiring quickly.

It needs some time to be implemented. Let me remind you of the areas which are the most important in the framework of our restructuring efforts.

It's the support of the State Treasury, then our relationships with trade unions and our relations with financial institutions. Let me begin with the State Treasury.

In this short period of time since the annual earnings conference, one important thing has transpired. The law has been enacted on the system of development institutions, which will allow us to think about obtaining support from the Industrial Development Agency, ARP.

Now we're working on obtaining a loan from the Industrial Development Agency, ARP, to be able to utilize this instrument to obtain that support. We've advised you some time now that the mining functioning law applies to us, is applicable to us, and here we want to utilize all of the instruments afforded by this law.

It gives us the opportunity to reduce our mining cash cost and to restructure the head count, essentially to downsize. We're working at present on closing the deal with ARP when it comes to the sale of shares in the PBS company and JZR company, the renovation company.

This process is underway. As I mentioned previously, a couple weeks ago we're also in the process of obtaining a deferral and installment payment of ZUS contributions here at JSW S.A., the mother company, and JSW KOKS.

If we look at some of the issues related to the trade unions and staff, what's very important here, let me mention, nothing major has happened since the most recent conference, but we have limitation of labor costs and limitation of employment guarantees. If we're talking about paying institutions, this process is very dynamic.

We're working together with them hand in hand on the remedial program, the remedy program in order to put together a new financing package, and this process should be wrapped up by 31 August of the current year. All of this work takes time.

It's a lengthy process. Our commitment and engagement are required, and the company is working very intensely on these subjects because restructuring is a type of panacea for what's happening on the coking coal and coke market and also having in mind our cost position.

That would be it in terms of my preparatory comments, and I'd like to ask Adam Rozmus now to say a few words about our operating activities.

Ladies and gentlemen, coal production in Q1 of this year topped 3.2 million tons. Compared to Q4 of last year, this is a decline of 7%.

If we look at the corresponding period of last year, we've increased coal production by more than 13%. What's important here is that we're continuing to increase the percentage of coking coal in our mix.

You can see we've been able to reduce the quantum of steam coal by 90,000 tons, we're focusing on coking coal. If we look at the corridor works, they're pretty much flat in Q1 of this year.

It's 16.9 km, 16,900 m, very similar to what we did last year in Q4 as well as in Q1. What should be emphasized is that we have a change in the proportions.

We're limiting the quantum of work done by external companies, it's 1,200 m lower in Q1 2026, and so we're using our own staff to a greater extent, and that's an increase of roughly 1,000 m. The number of active longwalls, this is not something that has a direct impact on output.

We have more than 30 longwalls located in different places, and so depending on how the deposit lays in the ground. We have somewhere between 19 and 23 longwalls that are active.

We were working on setting up some longwalls. If we talk about coke production, this is in parallel with extraction.

I'll go ahead and give the floor now to Jolanta Gruszka, who's in charge of sales.

As a matter of our tradition, we'll talk about market trends and what's happened in our sales. Let's begin with looking at steel production.

In Q1 of this year, we had the CBAM tax implemented, and this is one of the protective mechanisms to protect the European steel market. In Q1, we can say that CBAM didn't produce any effect.

The production of steel was more or less flat, but it was down from the previous year. It did affect prices, and so steel prices for flat goods was up by 10%, and for rods it was up by more than 3%.

If we look at global steel production, it's up in Q1 over the previous quarter by nearly 7%. With respect to Q1 of the previous year, it was down by 2.3%.

If we look what's happening in the Middle East, this led to greater uncertainty and greater unpredictability, or lack of predictability. We have the CBAM implementation in the EU, and as of July there should be a more rigorous system for basic collaterals being put in place, and this means that we should have some conservative optimism, and the EU countries are counting on some greater protection for the market, as I said at the previous conference.

We see this being fleshed out or being borne out by firing up blast furnaces, which had been down for a while. We can say that what's happening in the Middle East could have an impact on the steel market.

Higher interest rates could mean that there's less usage of steel in the automotive industry, in the construction industry, and there could be some disruptions in supply. We can say that 10% of aluminum production comes from the Middle East, and also chemicals and plastics.

If we think about coking coal, we saw quite a bit of volatility in Q1. In January, the disruptions in Australia in the supply led to some changes there.

Then there were fears about mining damages in rail infrastructure, harbor infrastructure, and as a result of supply restrictions, Australian premium low-vol prices moved up above $250 per ton at the end of January, and American indices in the same period grew by much smaller percentage. After the cyclone came to an end, then there was expectation that production would be up, and the logistics barriers had a time-limited period.

Then prices fell for coking coal once those disruptions were overcome. At the end of March, the price was down to around $220 per ton.

Another factor affecting this market was the outbreak of war in Iran and the Strait of Hormuz. The knock-on impact was smaller here than in gas prices, but freight rates were up, diesel fuel was more expensive, and that affects extraction costs, especially in strip mines.

Steel prices moved up slightly in March. Premium low-vol were at $234 in Q1.

We saw quarter-on-quarter increase of prices by 70% for premium low-vol, and semi-soft prices were up by nearly 15% compared to the previous year. It was up by 26% for semi-soft; it was up by 24%.

Another market, this is the coke market. In Q1 of this year, we saw that there is an oversupply or a glut because of more Indonesian exports of coke.

We talked about it at the previous conference, and we also saw that demand was falling. According to McCloskey reports, in Q1 Indonesia exported 2.5 million tons of coke, which is an increase of 89% over the previous corresponding period of the previous year.

If we look at the global coke market, we also saw changes in how the Indonesian market is being protected, there were import quotas in place last year. They have anti-dumping tariffs, and so Poland is not the object of these measures.

Duties vary depending on the importing country, and so it's much lower for Indonesia as opposed to China. We have $48 per ton.

As the demand for coke falls on the internal Chinese market, that means that Chinese coke became the least expensive product on the market. If you look at the ratio of blast furnace coke in China as opposed to premium low-vol, which is very important for coking plants, in the first quarter it was at a record low level, and it was 0.82 to 101, and on the average for the quarter was 0.92 in terms of that ratio.

We can say that what was happening on the Chinese coke market was totally different. Quarter-on-quarter it fell by 2.4%, that was the price for blast furnace coke, as opposed to the previous year, 22.5%.

We also see greater differences in terms of coke price movements between Europe and Asia. According to McCloskey, the blast furnace coke price for imported was up by more than 14%, whereas last year 6.6% growth.

On the next slide, we'll show you the ratio of JSW product prices to the market prices. If we look at the various ratios that affect our prices and what happened in the first quarter 2026 versus Q4, and so we can say there is a difference of a little less than 15%.

We're talking about the benchmark price, which is from October 2025 to February 2026. Then you have the July November window for 2025.

If you're talking about external buyers in the benchmark period, it fell from 97% to 93%. That's the price of JSW coking coal in relation to premium low-vol prices.

The coking coal price had a varying impact on individual months because of FX rate volatility and what was happening with production. If we look at coke in Q1, we can say the increase was a little less than 7%, but the relation of these prices, the blast furnace coke was roughly 105%.

That was the relationship between our coke prices and the coke prices in ARA ports. If we look at steam coal price, quarter-on-quarter it fell, and it fell by 4.2%.

With respect to Q1 of last year, it's down by 14.7%. With respect to our benchmark that we use, which is the PSCMI, it fell from 93% to 86%.

That's the ratio. Then on the next slide, we talk about the sales of coal produced in the JSW Group.

Our revenue on the sale of coal to external customers, it was 1.16 billion, and it was down by 10.6% versus Q4. This was driven by a lower volume of sales.

We also saw the price of this coal falling at the same time. We can say with respect to Q4, we had the price increase of 9.2% with a similar level of sales of coal to internal customers.

We also wanted to optimize our inventories, and so the steam coal moved down by 11.3%. Now if we look at a summary of sales of coke produced in the JSW Group, we had 713 million zlotys, and so this was down by 23% compared to the previous quarter.

That was because we had sales volume down by 15% while the average coke sales price was up by 4.2%. The final slide that I want to present to you pertains to inventories of coal and coke produced in the group.

We saw coke inventory falling by 5.5% while our coal inventory was up by nearly 28%. Steam coal inventories haven't changed.

We have roughly 80,000 tons, very low. If you look at the coking coal inventory, we have higher planned production.

Contracting for Q1 was done based on production forecasts prepared at the end of the year. Extraction was up above the forecast, especially in Q3, but there's a lot of volatility in Q4 in the markets.

You had the cyclone in Australia, the prices moved up, and then there was a rapid correction. At the same time, American coal grades had a stable price level.

In the same period or at the end of this period, we had the outbreak of war in Iran, and this led to greater uncertainty. That meant that there was quite a bit of measured response and conservatism by the buyers, and so they were downplaying their purchases.

Let's go on to the investments within the JSW Group. I'll begin by talking about our CapEx in the group on a cash basis, and I'll compare Q1 2026 to Q4 2025 and Q1 2025.

We see that the CapEx is down, down by 35%, and this is because we're reducing CapEx as a result of optimizing the operations within our group. Let's break down or drill down into the results.

I'll compare Q1 to Q4. We can say there was an increase of 18% within the coal segment.

This was a result of preparing new longwalls. In Q1 of this year, we had to purchase two longwall shearers, and we had mechanized shields, and so CapEx was up for that, and then to prepare to purchase transportation equipment as well and the shields while at the same time we were spending less on the winning machines, and this is because we're optimizing some of our contracts.

If we look at the CapEx, we had some decline, for example, in construction and then the wash plants as well as expensible mining pits under IFRS 16. We can say that within the coke group, JSW KOKS, in Q1 it was down by 18.3 million versus Q4, so that's roughly 1%.

In terms of continued investments, we're modernizing coking battery number 4 at the Przyjaźń Coking Plant and also in Radlin we're working on the energy block. With respect to the other group companies, we have a major decline in JZR in the IT company, in PBSz.

There was only one increase of 5.7 million for JSW Logistics. Thank you very much.

I'll go ahead and give the floor back to the CEO, Bogusław Oleksy.

Now I'd like to present briefly our financial highlights with respect to the major fundamental parameters, and I'll talk about the contributing factors. If we look at sales revenue, Q1 revenue is down by more than 12% versus Q4.

If we talk about EBITDA net of nonrecurring events, showing it on an adjusted basis, last quarter we had negative 299 million zlotys. At in Q1 of this year, it's still negative, but it's lower at 192 million.

We do observe a positive trend, a positive change, but we're still not at a level that we consider to be desirable. We're not in the black at a level that we consider to be desirable.

If we look at net working capital, unfortunately, it's still fairly negative at a pretty substantial level, 4.8 billion, and this is an element linked to liquidity management. The net result, in turn, in Q4 was in the red at more than 3.3 billion, but in Q1 we're able to reduce that negative figure to 616 million.

Now if we look at the bridge, what were the major driving drivers? We had the impact exerted by coking coal price change and then also what happened with coke.

The biggest positive impact was exerted by the movement in coking coal prices. This improved our sales revenue by 87 million.

If we look at the negative drivers, we can say that steam coal sales volume led to revenue falling by more than 200 million, and then the impact exerted by the coke sales volume was also negative at nearly 122 million. Here one should note there was a positive impact exerted by the movement in coke prices.

As a result, the drop in revenue in Q1 versus Q4 in this way was generated of these magnitudes. All these factors led to this specific volume or this amount of sales revenue.

Of course, on one side we have revenue; on the other side we have expenses by nature. Here we see our costs were shaved, reduced by nearly 15%.

The biggest drivers here, there are three major line items, I'll talk about them in just a moment, were the major contributors. This is what I mentioned at the beginning of our presentation today.

This is one of our major goals. This is something that we need to monitor, we need to react to what's happening on the marketplace, both when it comes to coking coal and coke.

If we look at the cost change drivers, we can say we were able to reduce costs through restricting consumption of materials. We're optimizing.

This is what Mr. Rozmus has been doing, and this has generated a positive impact.

We also have some optimization in terms of external prices, services. We had consumption as well as of materials, and so external services were down were down by nearly 124 million zlotys.

As Mr. Rozmus mentioned, this is a an avenue that we will continue to follow, a direction we will continue to move in.

This is another important element of our cost path. The third very major cost driver was the arrangement or agreement we've entered into with the staff, trade unions, means we've been able to reduce employee benefits in Q1 by 241, 241 million zlotys.

These costs can be shown jointly through the mining cash cost metric. We've been able to drive down the MCC substantially by nearly 9 percentage points.

This is our major target, how we're reacting to the market situation. We don't have much to say or much impact over the revenue side of things.

We have to react to what's happening on the marketplace. We had an MCC of nearly 693 in Q4.

We've been able to slash that to 631. That's something that's noticeable.

Costs contribute to that. Production, volume has a minor impact.

In fact, it actually raises that, raised that a little bit. If we look at the cash conversion cost in coke production, if we look at the difference between Q4 of last year and Q1 of this year, we were able to slash that by more than 28%.

Our cash conversion cost is down substantially. We moved down from 383 zlotys per ton, more or less, to 274 zlotys per ton of coke.

In just a moment, I'll show you the major drivers of this cost reduction. We have to understand which elements are leading to that.

If we look at the unit mining cash cost, if we think about how we've been able to reduce that mining cash cost, it was external services, energy consumption, and employee benefits. That's what helped us in terms of expenses by nature.

There are also taxes and fees. The volume portion of the equation actually increased the mining cash cost by 54 zlotys.

As a result, we came out with this 631 at the end of Q1, or in Q1, as the cost per ton. If we look at the cash conversion cost, in turn, we moved from 383 zlotys in the previous quarter, Q4, to 274.

How did we achieve that? We reduced the consumption of materials, this is net of course of the coal feedstock, there are also certain fees reduced, the emissions, and external services.

This is a trend in our operations as we restructure. We want to do as much as possible, as many operations as we can do with our in-house staff and utilizing external service providers to a lesser extent.

If we think then about EBITDA, in the last period traditionally, these were nonfinancial impairment losses, and these impairments are affecting the results as well as the EBITDA performance. We also have the impact of the cost by nature.

This is where we're able to achieve certain improvement. We've been able to reduce costs elsewhere, but this is this is some of the most important ones, and these three line items made the greatest impact.

If we look at the volume and sales of coal, this reduced the impact of coal sales volume and price reduced EBITDA by 136 million, and in coke, that impact was 93 million, reduced by 93 million. Now if we if we look at the individual segments and how they affected our EBITDA, in the coal segment and the coke segment, we had the biggest change due to impairments.

What usually happens, we have some one-offs in the quarter. They were pretty small, roughly 46 million zlotys only.

That meant that our EBITDA net of nonrecurring events was negative at 192 million zlotys. Now if we look at net working capital, this is something the company has been grappling with for many months, working capital and cash.

Unfortunately, here the level of working capital, net working capital, including the closed-end investment fund, were negative here at a very unsatisfactory level. This is a level that we absolutely must improve.

Then we have liquidity. This is what you see in our current reports and what the media is reporting.

This is the major, let's say, pain point for the management team, and this is something that we're working on very intensively. Cash balance at the end of the year and the end of the quarter, well at the end of the year and in Q4 was nearly 800 million.

Now at the end of March, it's 234 million zlotys. This is something this cash balance has fallen quite substantially, and that's why we're doing restructuring efforts that we talked about in the first part part of the presentation, the fact that we're availing ourselves of a number of different instruments, and that's why this is a top priority for us.

We have of course the instruments available under the mining functioning act, the nonrecurring cash severance payments and for employees in the wash plants or coal preparation plants as well as the underground miners. This is very important because thanks to that, the company is going to be able to reduce its costs by shedding employment.

The second part is the support given to the restructuring efforts we're running. These processes are lengthy in nature.

The results the short-term results have been discounted, but the long-term impacts of restructuring head count, putting our operations together at a certain run rate and the organizational changes we're making in JSW, the company itself as well as across the group. We need some support to do that, and that's why we're thinking about that loan from the Industrial Restructuring Agency, ARP, and that's why we're working on that at this time to have that support for this process.

I think this is a succinct sort of summary of everything that three of us have tried to convey to you today. You've got all the other information in the financial statements we've published.

We'd like to thank you for your attention in terms of being able to present to you the major elements. We believe that quarter-on-quarter we're going to be able to show you better and better results, announce better and better results.

As a result, I would propose now that we move on to our Q&A session.

There were questions that were posed. Let's go ahead and field those questions.

Thank you very much, ladies and gentlemen. I'll go ahead read the questions that have come into the company.

By how many kilometers is the plan for corridor works understated in 2026 compared to the needs of the company, which wants to produce 13.5 million tons of coal? To what extent will this reduce your costs in 2026 in millions of zlotys?

The planned run rate or production quantum in 2026 is 13.3 million tons. When we talk about optimizing the corridor works planned to be done, to do that we had to verify the periods of tunneling, and we wanted to push back to a later time some of this work.

However, the fundamental criterion here is to ensure that we have longwalls where we can mine. We don't want to consume our own galleries, we have to do preparatory works, we have the preparatory plan, we have to do these corridor works, and so we're within the band of good mining practice.

I would say that limiting the corridor works this year will not affect our run rate.

Thank you very much. Is the 2 billion zloty CapEx for the mining segment sufficient to maintain a production volume of 13.5 million tons per annum?

If not, to what extent is it understated versus the annual investment needs?

Once again, the limited CapEx has been thought through at a cogent level, pushing back some of the investments, and so we're making these time shifts. This will not lead to a curtailment in terms of our run rate, we sustain our plan for production this year at 13.3 million tons.

Thank you. What is the management team's idea of what you're going to do with JSW KOKS?

Do you want to spin it off or sell it to the Industrial Restructuring Agency, or would you do restructuring within the JSW Group?

If you allow me, I'd like to say a few words about that subject. For many months, the management team has been working on a variety of scenarios in terms of how JSW KOKS is going to operate.

The results generated by this segment are not satisfactory. What's worse, because of the market situation, we don't see fundamental changes on the revenue side of this segment.

These scenarios call for us to optimize costs of this entity, of this segment, let me put it that way. We're eyeballing these scenarios on a long-term basis, having in mind what's happening on the marketplace.

This is what Jolanta Gruszka, Vice President of Sales, said. The market is somehow destabilized in this segment of our business.

When I say destabilized, I mean there's a lot of volatility there. It's hard to predict what's going to happen.

We have to be very deliberate in terms of defining what this segment should produce, what its results should be, and also having in mind technological changes in the steel milling industry. What's critical here for us is to maintain a certain level of operational stability, and we want to maximize the value for the overall group.

We're considering a variety of options. We haven't made final decisions on them.

The question includes a scenario, a proposal to spin something off or selling it to ARP. It seems to me that the option to sell is not being considered by us, as opposed to other methods of operation in JSW KOKS.

I think at this point in time, this is what I can say about the coking segment.

Thank you very much. Does the Management Board believe that the current cost-side initiatives where the State Treasury is paying for 4.2 thousand people to leave the company will be sufficient for the group to generate cash in 2028 when the 2-year agreement or memorandum of understanding comes to an end with the trade unions?

If not, what additional savings initiatives will be taken by the group, and what level of savings should we expect on top of the savings that you receive from this agreement with the trade unions and the agreement with the State Treasury?

Let me continue my response here. When we think about the cost side, as I've mentioned, this is our major challenge having in mind what's happening on the marketplace.

Here, we're going to have to optimize the cost side of our operations. The cost-side initiatives, do they only pertain to the law on the functioning of the mining sector?

That's not the totality of our efforts. From the context of this question, it suggests that the State Treasury is paying only JSW for this attrition, well, it's applicable to the entire mining sector, and JSW is only one of the beneficiaries.

We want to tap into these opportunities, we assume that within the framework of the current year, our savings should exceed 400 million zlotys. In the latter half of the question, there's a question about other savings initiatives that could enhance the cost side.

As I previously said when we talked about the results themselves, these initiatives have been launched already. They're linked to slashing the costs of external services, the operation of mines.

That's why we've signaled certain projects to centralize functions in two areas. This is something that's happening, it's underway, it's in progress.

These processes are strictly linked to our employees, to our staff. These aren't things that happen overnight, the work is in progress, and as a result, we should be successful.

That's what our analysis suggests in any case. Today, I cannot say that we've exhausted the list of initiatives.

We continue to look for all possible savings in order to be able to reckon with the marketplace and function well.

Thank you. Does the Management Board expect that nonrecurring cash severance payments and mining leaves will begin in May of 2026, or do you think this will be delayed by a month?

From which month will our OpEx incorporate the savings from the attrition of 4.2 thousand employees?

Let me continue here since I started this subject, was discussing this subject. We're assuming that this process will commence in May, and the impact or the knock-on effects of this process will start to show up in May.

If we think about the full-blown impact as we have broken this down into two stages, well, the knock-on impacts will be disclosed gradually as people take these mining leaves. The company is well prepared to run this process contrary to what some people may think or what it seems to be the case.

There are a number of preparatory activities have been prepared in terms of accommodating mining leaves. Those persons who want to utilize these mining leaves, we have to check them, we have to vet them in terms of safety.

We're talking about thousands of people in JSW and other mining groups, mining companies. We'll kick that process off in May, and then gradually or steadily we will turn over or provide cash severance payments to these people as well as offer them the mining leave.

Thank you.

The next question concerns a similar subject. How many employees thus far have elected to utilize these safety net instruments?

Can you present, as a company, the schedule for changes in head count for the upcoming years to have a reduction of 4,248 people by 2031?

We have submitted an application to the Ministry of Energy, and this application pertains to that number of employees, 4,248 people. If you're asking about the number of applications, what I can say that the company's receiving them day to day.

It's one of the testers for this process. We did some initial research.

We tried to poll to find out what would be the acceptance of the employees. That was just a test.

Now we're preparing the documents for the mining leave as well as the cash severance payments. When we talk about a schedule, a specific schedule, at present we have two rounds that are planned for employee attrition.

We should also be aware of the fact that some employees will want to utilize mining leaves, but in terms of our mining efficiency and certainty and above all and I want to highlight this subject, and Adam Rozmus has highlighted this, safety is very important for us. We'll have to filter through that list of people who file these applications.

We want to make sure that this will not exert a negative impact, adverse impact on our ability to operate. The work, especially if we talk about mining leave, well, this work is underway.

In the near future, we should have some pretty precise schedules defined in terms of how these persons will be furloughed. As I said previously, our assumption is that this year the all-in impact should be around 460 million zlotys.

What's important here is to run this process in a streamlined fashion without undue delay because every additional month would represent money we can save. Thank you.

The number of people, let's say roughly 4.3 thousand employees, does this apply only to JSW or the whole group? If it applies to the whole group, how many people will be in the individual big companies, JSW S.A., JSW KOKS, and JSW SiG?

That number, that quantum comes directly from the act on the functioning of the mining sector, and that law speaks or names the entities that can utilize those instruments. It's not possible under this law for employees of other companies to participate.

It's only the employees of JSW S.A. that can participate, can benefit from that law.

The expectation that employees of other companies could participate is not based in law, it's unwarranted because the law doesn't allow, doesn't permit that to take place.

Thank you very much. This year's run rate is 13.3 million tons.

Does the company sustain its mid-term plan of 14 million in 2027, 14.5 million tons of coal in 2028-2029, and roughly 15 million tons starting in 2030? Do you sustain this approach?

At the previous conference, when we summed up 2025, we talked about the need to update our strategy document. We started the work to update our goals for the overall group.

One of the big elements is the restructuring program, that's something that's being done. The restructuring program based on what Bogusław Oleksy has talked about, we have this attrition or downsizing, we need to be able to estimate the possible run rate over the upcoming years.

Thank you very much.

Thank you very much. That's it.

If there are no other questions, once again, I would like to thank you very cordially for your participation and attendance, and we'll see you and hear from you during the next conference. Thank you very much.