Good afternoon, everyone. Today, we'll start in an unusual way.

We will start by discussing a miraculous event. It's close to a miracle, maybe even a miracle for a lot of people, because at our fuel stations, ORLEN fuel station near Toruń, a miracle happened.

A child was born at our station. This miracle was actually witnessed by the chief officer of the local police station.

We couldn't actually forget about it, we rewarded this officer a bonus and 1 million points on Vitay loyalty card, and also some monetary award for helping the mother and the newborn child. Let us now move on to the events that happened in the first half of this year, and specifically the second quarter of 2026.

Let us start with key highlights, something that drew our attention. It was heavily discussed at the European and global level, but also within our country and at our homes.

Fuel prices. The facts are that, actually in Poland, we had the cheapest fuel in Europe and in the region, cheaper than the European average by 20% and even 40% compared to most expensive fuels in Europe.

Poland actually implemented the most effective tool in order to drive down the prices of fuel across all of Europe, and at the same time, we maintained market mechanisms, and throughout this volatile and unstable period, we kept ongoing, uninterrupted supply of fuels, and we did not have to use any strategic reserves. While the CPN, this market price stabilization package has drawn a lot of attention, let us then discuss this mechanism.

Let us not focus on the political side of it, but the economic side of it. To put it in simple words, the price of fuel contains three elements: the cost of production, cost of imports; the margin, retail margin; as well as taxes, such as value-added tax, excise tax, and so on.

No member or player of this market has a total impact on the final fuel price. Global markets shape the price of the fuel, such as just as the same as in the case of grains, gold, or whatever.

We need to remember about the risk, about hedging, and the fact is that crude oil is 20% more expensive and diesel oil is by 20% more expensive by 60% compared to last year. And 30% of diesel oil is imported.

If we dropped down this level below parity, we would not have that fuel on the market, and we would end up with a speculative export situation in this situation, and people would actually travel to other places to fuel cheaper, to buy cheaper fuel. Therefore, we need to remain rational in our behavior, and we did.

We changed the share of those elements that I mentioned, especially in terms of the level of profit made by fuel companies. You could see that clearly when we compare our results to our competitors, such as Shell or BP.

We will talk about it a little bit more later. When we look at the CPN program, which we can be translated as Down with Fuel Prices program, we need to look at it through two lenses.

We drove down taxes, driving down the price paid by consumers, but on the other hand, the government assumed that this would be compensated or offset by fuel companies, which we pay a special tax, windfall tax. This mechanism was rational, customers had lower prices, and the companies still made a reasonable profit, and the government or the budget had the windfall tax inflows.

We thought it was well within the interest of both the company and, in the long term, within the interest of Poland and Polish economy, as well as within the interest of Polish customers so as to make sure that the economy grows without inflation hikes. Therefore, CPN, in our opinion, was the greatest tool, the best tool, which allowed us to relieve the burden on the customers in terms of fuel prices without impacting our availability.

Our goal is always to maintain a stable growth and not benefit from speculation in terms of prices. Therefore, we focused on the availability of fuels as well as on maintaining the lowest possible prices.

At the same time, we maximized our profits in foreign markets, and our revenue from foreign markets reached a record-high level, the highest level in our history, that is 36%. Our main markets include Germany, Czech Republic, and the Baltics.

We increased ORLEN Deutschland's profit by 30% and at Unipetrol by 25%. By 2030, we are talking about an increase of 83% and 96% respectively.

We also increased our share in terms of consumer products from 31% to 43%, again, a record-breaking figure. This is a measure of our efficiency in terms of managing our foreign assets.

This, combined with excellent work of other companies in our group, as well as other segments, this translated into LIFO-based EBITDA at 13.9 billion PLN, and net profit at 7.7 billion, combined with a solid level of revenues at 76.5 billion PLN. This was reflected in a very positive feedback from the market.

After the payout of the dividend, we still have a record-breaking capitalization and a double increase in our profits. Our strategy was named the Energy of Tomorrow Starts Today, and we see it today.

In quarter two, we delivered green energy from our first wind farm, as well as from the newly completed CCGT unit in Grudziądz. We have talked about it from the very beginning.

This is our goal: to combine green energy and green electricity with gas-fired sources, and we are implementing this strategy consistently. We are still building the remaining CCGTs, and we are close to the investment decision for the new projects in terms of green projects.

We are also expanding our state-of-the-art grid, not only constructing new lines, but also modernizing the existing ones. We are building a huge new substation, which will allow us to expand that network.

We have consistently also expanded our upstream supply segment. We took over the Goliath, Goliat field, and we decided to acquire the Siri Sa field.

We are talking about an increase by 66 million barrels of oil equivalents. We also signed a new agreement for the cooperation in LNG with Ukraine, and we reserved the capacities for the floating storage and regasification unit.

In terms of downstream, we expanded our share in Austria and in Czech Republic. We also added Slovakia to make sure that our Unipetrol refinery delivers HVO.

As far as Grupa Azoty is concerned and what happened in Police, we are close to finalizing all the corporate approvals in order to add GAP, that is Grupa Azoty Police. We secured three consents from antimonopoly authorities, and we're waiting for the final decision.

In terms of retail, consumer and products segment, as I said, we focused on maximization of profits in foreign markets while maintaining availability of fuels in Poland. 12 million times was the number of times the consumers who decided to take advantage of this new campaign, lower prices of fuel campaign.

In Vitay, we increased the number of active customers by 5.6 million, those that are active in the loyalty customer loyalty platform. That's not all.

I'd like to talk about something that has no direct 1-to-1 effect on our profits, on our results, but something that is going on around us in Poland, in Europe, the challenges created not only by the Hormuz Strait, but also the challenges related to an unprecedented wave of disinformation, misinformation from Russia, especially in relation to what was going on in Ukraine. They used real data, however presenting them in a twisted manner, or they presented false news.

They introduced disinformation. They introduced information chaos.

We need to set the records straight here: Ukraine is our major market. We have been present in that market for many, many years as ORLEN Polska, or Poland, ORLEN Lietuva, other companies within the group.

We are delivering gas, and we treat Ukraine as a serious, major trade partner. Any transaction that we have in Ukraine is finalized at arm's length.

We signed a new contract with Nova Poshta, that is Ukrainian post office, which will allow us to deliver packages from Ukraine to Poland. We were able to do that with that company only because no other business functions in this market as we speak, delivering parcels for their customers.

We have increased group of our customers because of that. However, we met with a very negative feedback.

We met with a lot of hate speech. I have to, as I said, set the record straight: we are doing everything at arm's length.

The same applies to Solino. I would like to contradict here or demystify any information that relates to Solino.

We invest in Solino. We treat Solino as a very important element for both ORLEN and energy security or economic security of Poland.

There are a couple of questions concerning privately owned businesses, but this does not apply to us. We can guarantee that Solino will continue to operate in a secure manner within the context of strategic reserves for Poland.

Now I'll give the floor over to Sławomir Jędrzejczyk, our CFO, to discuss financial facts and figures.

Thank you very much. Ladies and gentlemen, everyone.

In quarter two, we operated in a very volatile environment with a lot of political pressures, but we fared quite well. On this slide, we are presenting the main operational results with revenue at 76.5 billion PLN and 134, 152 per six months.

The same applies to LIFO-based EBITDA: 13.9 for quarter two and 28 for the six months, which is higher than a year before. Operating cash flows, 15.2 and 23.7 respectively, and we are continuing our huge investment capex program.

We spent 9.3 billion in quarter two, which is in line with our expectations concerning the capex spending for the year. Net debt to EBITDA was at 0.10.

That means that we have no debt whatsoever, virtually. Of course, the geopolitical situation affected our macro figures.

However, we focus on our operational figures. We are improving operationally in upstream and supply.

The production of hydrocarbons went up by 8%. This is very important information.

The share of gas production stayed the same at 74%. Wholesale went down by 9%.

However, we are increasing LNG supplies from the USA. We have long-term contracts accounting for 11.6 terawatt-hours, which is 34% more year-on-year.

In quarter four 2025, Venture Global will launch, 2026 will launch the new contracts, 2027 will be covered by this contract. In 2027, we will also launch a new contract with Sempra.

In 2027, all long-term contracts for LNG supplies from the USA will be in operation. When we look at downstream, our indicators are going down.

This is due to the so-called maintenance season. In the second quarter, we started one of the largest maintenance shutdowns in Płock, which will last until mid-August, it's still going on as we speak.

As a result, crude throughput went down by 7%, which translated into lower utilization of our capacities down by 7 percentage points as well. Therefore, we also had downward trends in terms of wholesale as well as petrochemical sales.

In the energy segment, the production of electricity went up, but the production of heat went down, which was due to weather conditions. What was important was the fact that we reported a higher level of distribution for energy, for electricity, as well as the distribution of gas.

The share of zero and low emission sources of electricity went up by 5% or percentage points. In the months to come, Grudziądz will be brought on stream completely.

We also have to remember about Baltic Power, which will be brought on stream as well. Our share here would represent, shortly will represent 80%.

In terms of consumer and products, the retail of sales of fuels went up by 4% and the retail sales of gas by 2% and by 6% for electricity. As far as retail sales of gas is concerned going up by 2%, this is in line with the market trends.

As far as the electricity retail sales are concerned going up by 6%, this has outpaced the electricity sales retail trends. The last indicator, the efficiency of our fuel stations: we are driving down our break-even margin.

This will has allowed us to offer lowest possible prices of fuel to our customers. The LIFO-based EBITDA breakdown shows clearly that we were able to create a well-diversified operating operational model.

When we look at six months of the year, we managed to deliver a very solid result. For upstream supply, 3.8 billion in the second quarter, which was higher year-on-year.

Upstream itself is better by 1.3 billion. This is due to the fact that the prices of hydrocarbons are higher, but also we had higher sales of gas, these two business lines offset one another.

Downstream reported a very solid result as well, up by 3 billion year-on-year. We're talking about 5.9 billion for the second quarter only.

This is due to higher cracks on products. This was offset by higher differential, but also the strengthening of PLN versus US dollar, as well as revaluation of products from the end on NRV.

The petrochemical business rebounded quite clearly. We are talking about a quite a solid growth for petrochemicals.

This is due to better petrochemical margins. In the energy segment, we reported 3.4 billion PLN.

This was broken down into conventional and green projects. We had a one-off effect.

In terms of consumers and products, 1.5, which was up by which was up year-on-year. We minimized our margins in order to make sure that we present the best prices to our customers.

We have offset this effect with higher non-fuel sales and higher sales volumes in general. We increased our sales across all of our markets, and we are very happy to see that our brand attracts a lot of customers in those very difficult times.

This gives us a feeling of safety, security, and this is also a proof that we are able to build our and maintain our solid customer base in those difficult times. Moving on to capex, 14.7 billion represents 40% of our target, the target being 30.6 billion, or 36.3 billion actually.

We still have quite a margin to go through, and this is an ambitious goal in order to reach that target, 36.3 billion. In terms of the breakdown by segment, we continue growth capex projects in upstream supply, but also for downstream, especially for the new chemicals project.

We spent 2.5 billion so far for this new chemicals project. In terms of energy segment, a lot has been going on, Baltic Power especially.

We want to bring it on stream by the end of the year, and the same applies to the Grudziądz CCGT. Both these projects will generate the expected EBITDA.

In the first part of first half of 2027, Ostrołęka will also be launched, this will be a great stimulus for us to grow in the energy segment. In terms of consumers and products, we are expanding our both fuel and non-fuel offering, but also we focus on electromobility.

Moving on to cash flows, this slide makes us really proud because in these difficult times, cash generation is key, because this gives us the feeling of security. We are talking about LIFO-based EBITDA at 28 billion with the LIFO effect at 3.8 billion.

This is offset by the working capital and also the measurement of deposits as well as derivatives as well as taxes. As a result, we reported the operating cash flows at 23.7 billion.

We paid out the record-breaking dividend at 9.3 billion for 2025. The last part of the slide, last bar of this slide of this of this chart, which presents the number or the figure 5.9 billion, this is an increase of our net debt.

We reported it in the balance sheet as short-term item. It was presented under investments.

However, in July, this transaction was actually reversed, and it was charged to Energa, this will no longer be presented in under our investments. As a result, our net debt went up by or to 5.9.

Had it not been for this particular item, it would look totally different. In terms of our financing sources, they are well-diversified.

Net debt to EBITDA was at 0.10. This is very much on the safe side.

As far as our currency exposures is concerned, we are on the safe side here as well, and our maturity dates are very good as well. In the second quarter, we continued to issue bonds, both Eurobonds and other types of instruments.

We are doing our best in order to maintain a solid base in terms of our financing sources. The key plans for the second half of 2026: we are operating in a very volatile geopolitical environment.

Our goal is to make sure that our customers have access to all the products, our goal is to secure and diversify the sources of hydrocarbons. Secondly, we want to focus on the completion of the largest maintenance shutdown at Płock, the largest shutdown that we have had for a couple of years.

Quarter three will still see the effect of those shutdowns, of maintenance shutdowns, we need to remember about that. Last but not least, in quarter three, we want to have maintenance shutdowns in upstream as well, but need to remember that we will increase imports of LNG from the USA as mentioned at the beginning of my presentation.

That was the operational side. Now let's move on to the growth plans.

We want to make sure that we stay within the budget with the ongoing projects and on a timely basis. We want to maintain project implementation excellence.

As far as financing is concerned, the balance sheet is very much on the safe side as I said before, but we need to make sure that we have all the financing in the project finance formula. We are planning other sources, that is consortium, bank consortium-based financing.

We are also planning the refinancing for Baltic Power, and we want to acquire and we are acquiring preferential financing sources from both national and European funds. Rest assured that the financing sources are well-diversified and secured for the years to come.

That would be all from us, and we are now ready to take your questions.