Good morning, ladies and gentlemen. It's a pleasure to welcome you to the Q3 results conference of Photon Energy.

Today I'm very happy to welcome next to me our new CFO, Stanislav Zeman.

Good morning.

We will be running you through the the presentation. Those of you who have been with us for a while know the the structure, I will run you through the business results for the third quarter.

Stanislav will will then run you through the financial results for the for the third quarter and the first first nine months of the year. At the end, we will have, as usual, the space for your questions, which we will try to answer as well as possible.

We'll start with electricity generation. In our IPP portfolio, in terms of size, in the third quarter, there was no change in installed capacity.

Since the beginning of the year, or year on year, we have had a reduction of 6.2 MWp, which is mainly driven by the disposal of our Australian power plants in the fourth quarter of last year, which had a combined installed capacity of 14.5 MWp. Since then, we have commissioned 3.2 MWp in Romania, that was also in the fourth quarter last year, and in the first quarter of this year, we added three power plants with a total installed capacity of 5.1 MWp.

In total, a reduction of 6.2 MWp. In terms of electricity generation, we have seen a decline of 9.4% to just shy of 50 mega 50 gigawatt-hours for the third quarter.

Of course, that is mainly driven by well, to one extent to some extent driven by the reduction in installed capacity, but also by the non-generation of some of our Romanian assets, which are shut down for various regulatory reasons. In the third quarter, they had a total capacity of 27.2 MW, a significant part of our portfolio.

In in in the light of this, the the the decline of 9.4% is is actually a good result. Of course, overall not satisfactory, because we want these these assets to generate.

It has at least to some extent been compensated by by good generation results mainly in Hungary. Speaking of the situation in Romania, one of of the power plants that was switched off, Săhăteni, received the license in October October.

Aiud and Teiuș, we expect to receive the license before the end of the year, specifically at the we we hope that by the beginning of December. For the last remaining two power plants, Făget 3 and Săhăteni, they are currently undergoing testing, and we expect to them to receive the licenses in in early Q1, hopefully hopefully by the end of January, so that we step into next year with all our Or January will be a relatively weak month in terms of generation, it will not be completely 100%, but essentially the we hope that the availability of our Romanian assets to deliver to the to the Romanian grid grid will be very close to 100%, and that we will have we'll that we'll be in a situation where we have left these regulatory problems in Romania behind us, and all the power plants will be able to generate.

I think when we get to the financial results, you'll also see the impact of of these this this Romanian situation on our revenues, but also on our our EBITDA. In in in short, we expect that to be behind us as we enter into 2026.

Just extending what I said before, the the the output decline was pretty much linked to our merchant portfolio, because all these power plants that that have been affected, but also the Australian power plants that were sold were all operating on the basis of merchant model, that means they were selling into the into the electricity market without any government support, but also also not on the basis of a power purchase agreement. As I mentioned before, what helped in in the third quarter was the performance of our Hungarian assets, which are 17% above above their their generation forecasts, and that the the problem with underperformance came from Romania for the reasons we mentioned before, with the other countries, Czech Republic and Slovakia, performing more or less in line with forecasts in in the third quarter.

Looking at the prices we we realized in the third quarter, we had a year-on-year decline of about 5%, and again, the main driver there has been the situation in Romania, where not only the volume was lower, but also those power plants that were producing, but still had not received the license, were impacted by a regulatory change that limited the the the revenues we were getting from Transelectrica. Just as a quick reminder, when we originally connected those power plants, or connected our first power plants, the PPA that we signed with Transelectrica in the period from commissioning and grid connection through to receiving the license, we were paid the 90-day rolling average updated daily of the day-ahead market price in Romania.

In October last year, that changed into a scheme where our power plants are not paid on weekends, and that's also when we switched them off, and we're also not paid for public holidays, and during weekdays, when we produce and when we sell into the grid, we are subject to a maximum price of €80. That means if the price is below, we get whatever that price is, and if the price is above €80, typically in the morning and the evening hours, we're limited to €80.

This this regulatory change had an impact on the on the average price realized by that by the entire portfolio. In October, that means after the end of the third quarter, we have seen an an an increase compared compared to the to the number achieved in in the in the third quarter.

Now in the fourth quarter, we and also the first quarter, we of course will be benefiting from from from higher prices, and once all our power plants have generation licenses, there will be no cap, and and of course, full production. Looking at the revenues for the quarter from electricity generation, we achieved €7.8 million, which is a decline of 14% for the reasons just explained.

That represents a a 14% decline compared to last year's level. I think that you'll also see that then in the financial financial results.

This is of course more or less €1 million that that that is missing not only in the revenue line, but also also then at the at almost 1:1 at the EBITDA line, as of course, these revenues or the lack of them flow through straight through the through the P&L. For the full year, we at the end of the third quarter, we stood at €20.1 million for the full year, which represents a decline of 5.7 7%.

Looking at EBITDA for the for the third quarter, we had we suffered a decline from €7.3 million achieved last year to 6. 6%, which is 9.8%.

This effect, we expect not to repeat next year as as all our power plants will have the generation license issued in in Romania. When we look at engineering, and here we're looking at these numbers are based, as with all the other segments, are based on purely external revenues.

We had a a decline in the third quarter compared to the to the quarter last year, to €1.4 million. That is a is a is a reflection of on one hand, the completion of a power plant that we've built as an EPC contractor in in New Zealand, the the the majority of works and therefore also invoicing was completed already in the second quarter.

Also, delay in in the start of construction of the 34 MW EPC project that that we're doing in in in in Romania, where construction will only start in the in the first quarter of next year. A lot of revenues that that we we were originally expecting to book still this year, and of course, the revenue start flowing in when the construction starts, that is also delayed, and therefore, has not been recognized in the third year, in in the third quarter.

Where we see where we've also had so far a a difficult year is in in the C&I segment, where we're active particularly in the Czech and Slovak markets here in Europe, and and the and the Australian market. Here, we've had another difficult year, or a difficult year, in in in the Czech Republic.

This market has been behind our plans. However, we do see now a significant pick-up in in activity, and I think one the main change in the type of projects that we're seeing is is that, essentially, today, almost all C&I projects include batteries.

Projects where we only install rooftop, behind-the-meter, sometimes also ground-mounted behind-the-meter installations, is becoming a very small minority. Here, we are actually quite quite satisfied with the the pipeline development for for the for for 2026.

Our expectation is that that this segment will will show very dynamic growth, and of course, then also improve the picture. Looking at EBITDA, again year on year, we have had a this segment has slipped into into a loss, and the main driver here, well besides the the lower revenues, has been cost overruns and and also a also delay penalties that we were subject to in relation to the project in in New Zealand.

We have been largely paying the price for building a project in in a market that is that is at its early stage of development. This has So, a significant part of this of this loss is, about 50% is is is attribute- attributable to these cost overruns and and liquidated damages we had to pay to the to the to the customer, contractual penalties for delayed connection.

In the New Energy segment, we've had a year-on-year strong quarter, with external revenues actually growing 38% to €8.9 million. That has happened despite the fact that the contracted volume from the auctions with PSE has been significantly lower, we also we only had 1/3 of the of the of the megawatts contracted with PSE.

However, we have been able to use the contracted capacity with our DSR clients in the additional auction, which was held in the second quarter, and started as of as of July 1st, which has allowed us to to cover a significant part of the gap in terms of revenues year on year from the Polish capacity market. The the issue that we've had, and that we referred to in our half-year presentation, of delayed revenues from PSE in relation to this additional auction have been resolved in the meantime, and and all the revenues that that we were due to receive have been received from from PSE.

In terms of energy trading volumes, you can also see a very dynamic development year on year. We've more more than doubled the volume of electricity that we have traded in the market, sold into the markets, and that and these markets are Poland, the Czech Republic, and Hungary, where we where we off-take electricity from in some cases, our our own PV power plants, but also from an a growing number of external customers.

As you can also see, as a result, year on year, the the EBITDA based on external revenues has improved very significantly from less than €20,000 a year ago to over €1.4 million. We're also making strides in launching ancillary services, we have completed our connection to the so-called LFC nodes, which are the communication channels with the transmission system operators, both in Poland and the Czech Republic.

We're working now on completing the last tasks, and so we will we'll start with the work of certifying our first assets that we will want to trade in the ancillary services market in both countries. Operations and Maintenance has had another very, very strong quarter, where we have been, and you can see that on a year-on-year comparison, but but also through Q3 alone, we've also had also been able to add additional capacity.

On a year-on-year basis, you can see that we have increased the the volume of contracted capacity to which we provide technical operations and maintenance, asset management, but also Cardior, which is which is a a service targeted on the maintenance of of inverters. We've been able to grow that by 34% to just shy of 1.2 GWp.

On the next on the next graph, you can see which of how much of that capacity is active, which means where we're already invoicing, and which are non-active. That that non-active part means that we have signed agreements, but we are still in the process of taking over, or are awaiting to take over, those those assets under our O&M, or in some cases, asset management.

Typically these contracts get signed somewhere between 1 and and 3 to 4 months before commissioning of the power plants, but we have some assets, or some power plants, that have had and incurred longer delays than that, and so there we're essentially in standby mode. The important thing is these 319 MW are are are contracted and and will start generating revenues once we take them over.

What I can say is that that this positive trend is also continuing in the fourth quarter, and looking at our pipeline, we see a lot of potential for the dynamic growth in in next year and beyond. What I would like to highlight is that when we talk about O&M and assets under management or asset management services, which we currently provide to customers in in Hungary, this relates to PV at this point in time, but we now see the first utility-scale, large-scale utility-scale batteries coming coming on grid, and this is also a very strong focus of our attention.

We are expanding our scope to to also servicing batteries of all types, but of course in terms of numbers and volume, utility-scale batteries are much small much larger. At this point, we expect to sign our first O&M and asset management agreement for a large-scale utility-scale battery in in one one of the markets where we're active, which we then expect to to open the door, and then put us on the map as a provider of these services.

It's a it's essentially a completely new energy asset type further increasing the potential for growth in our O&M segment. From a technical point of view, we have as we have our own teams in in all five markets where we operate, of course, there's some training required, but but we are perfectly capable of of also servicing batteries, which in many aspects are simpler than PV plants.

In addition, what also helps us a lot is that in so far in Hungary and Romania, but over time we may extend it to other countries, we are also certified to maintain high-voltage equipment. Very often for large batteries, large PV plants, substations get built, and we can also service those.

That's one of the competitive advantage we have over some of our PV O&M competitors, that they don't don't have this this certification. We can essentially provide a full package to very large energy assets, whether they are PV or or or or batteries.

In terms of external revenues, the the the growth year on year it has been has been 7.7%, which is to some extent driven by the fact that in in Q3 last year, we had some one-off revenues that have that have boosted the €1 million revenue last year. Stripping that out, the growth would have been more dynamic.

Talking about the the EBITDA of the segment, it is very important looking at this to point out that these numbers are misleading to the extent that, as we strip out the revenues that that the O&M segment generates from providing O&M services to our own portfolio, but all the operating costs remain in in these numbers. Another way of looking at it is that that in the third quarter of 2025, €432,000 was the cost of of maintaining our power plant portfolio in the entire region.

The value of that is is significant. When we look at it only within the segment, leave the intra-group revenues in in the P&L, this this business line is actually profitable and and and that profitability is also growing and will continue growing.

The next segment is Photon Energy Technology, where we wholesale key components, which are mainly modules, inverters, and batteries. At this point in time, these batteries are mainly is residential, but more and more also for C&I applications.

While residential is typically 10 to 20 kWh maximum, sometimes a little bit bigger, C&I, we are we're in the hundreds of kilowatt-hours and sometimes even even below even above 1 MWh. As you can see, year on year, we have Uh, here I would like to just remind that as of October 1st last year, we this division is on this business line is under new management.

We're comparing the Q3 results for last year under under previous management with the results under new management. In Q3, you can see that there's been a a very significant increase in revenues by by nearly one and a half 150%.

As you can also see, that growth has been driven primarily by by the volume of of modules that we have that we have distributed. From a few megawatts, we reached almost 40 MW in the in the in the third quarter, it's a it's an an almost ten tenfold increase.

In the next couple of quarters, we do expect batteries to start playing a a a more significant role. In terms of prices, because one thing is volume, and and prices here, we've seen a a more or less stable situation in the third quarter, and now in the fourth quarter, we're seeing a a little bit of a decline.

Our understanding is that module prices for next year may may start edging up around the second quarter of of of of next year. In terms of profitability, in the third quarter, we have we have booked an EBITDA, a negative EBITDA of €200,000, but it's important to point out that the vast majority of this is related to the the disposal, the final disposal of stock that that that we've had on in our inventory for 1.5 to 2 years, and which of course today we we we had to sell at a at a at a book loss.

Stripping that out, we would have been more or less around the the the the zero mark, break-even in the third quarter. In terms of the fourth quarter, we we do see we do expect a a strong finish.

Typically, the fourth quarter is is is strong in this segment, and that's still a few weeks to go, but we are quite confident that we will see revenues that will be at least at the level, and and and most likely higher than what we've recorded in the in the third quarter, with a positive effect on on on profitability in Q3. In Q4.

Good, and with this, I'm happy to hand over to Stanislav to walk you through the financial results.

Thank you, Georg. Let's go through the first slide, its financial results.

As you can see on this slide, consolidated revenues reached €24.2 million in third quarter 2025, marking a 6.2% year-on-year increase. Revenues from electricity generation totaled €7.7 million, down by 13.8% year on year following weaker capacity generation and slightly weaker average revenues.

Other revenues increased by 19.3% year on year to €16.4 million in third quarter 2025. The most significant growth was recorded in technology trading business and the new energy division.

Under other income, the group recorded proceeds from the sale of the Yandari project, amounting to €3.6 million. The net impact of Yandari sale on EBITDA was €1.4 million in third quarter 2025.

EBITDA of €4.4 million in third quarter 2025 compared to €3.8 million in third quarter '24, up by 18.1% year on year thanks to a positive impact of Yandari project sale. Below EBITDA, the group recognized an impairment charge in the €1.6 million.

This impairment relates primarily to the write-off of intangible assets in amount of €1.2 million associated with the software development for the New Energy division. Additional €1.4 million €0.4 €0.4 million impairment relates to the write-off of projects from the development pipeline.

Financial expenses amounted of the €2.2 million in third quarter '25, representing a 20.2% decline year on year related to the underwriting of hedging position in Hungary. The total comprehensive income came at the €-2.2 million in third quarter 2025, compared to a positive € roughly €1 million in third quarter 2024.

Now, I'm going to focus to the balance sheet. As you can see, fixed assets amounted to the €220 million, compared to €216 million at the end of 2024.

This increase of the assets can be primarily explained by the commissioning of the 5.1 MWp in Hungary and the revaluation of the Hungarian assets. Current assets declined to €48.1 million, down by approximately €7.8 million compared to the year-end of 2024 due to reduction in inventories by the €2.5 million, other receivables by €5.4 million, and assets held for sale by amount of €2 million.

These trends were partially offset by higher contracted assets by €1.4 million and higher trade receivables by €3 million. Equity of €55 million and has declined by €4.9 million compared to the level recorded at the year-end 2024 due to the negative result in this period.

Adjusted equity ratio stood at 25.6% excluding Hungarian and Romanian regulatory changes and 24.2% without a carve-out effect. Long-term liabilities stood at €171 million, up to €3 million compared to year-end 2024.

This increase was driven primarily by a reclassification of €5 million EBRD loan and increase of deferred tax liabilities up to year €1.6 million. Current liabilities amounted to €41 roughly €41 million, down by €3.4 compared to year-end 2024.

This is partly due to the above-mentioned reclassification of EBRD loan back to long-term liabilities, which was partially offset by higher contracted liabilities by €2.3 million. Cash flow now.

Operating cash flow of €2.2 million, compared to €6.8 million. Weaker operating cash flow can be partially attributed to the higher non-cash items, which were booked into the third quarter results, FX transaction difference, and other non-cash items.

Investment cash flow of €-0.4 million, as net difference between the acquisition of assets in the amount of €1.2, and the proceeds from the sale of a Yandari project in the amount of €0.8 million. Financial cash flow of €-1.9 million related to interest cost payment, while outstanding amount of debt remained stable.

Net cash position decreased to €3.7 million. It's all about the cash flow.

The last is guidance 2025. In the first nine months of 2025, the reported consolidated revenues amounted to €72 million, which represents about 72% of the lower end of the guidance range.

In the same period, EBITDA amounted to the €8.5 million, approximately 94.8% of the wider level. Upon the publication of the third quarter 2025 results, management maintains its view that the forecast EBITDA and the lower end of the revenue range remained achievable, and at this stage see no basis for revising the full-year guidance.

That's it. Thank you.

This concludes our formal presentation, and so we are open to your questions. We will So, while you use the chat box to type your questions, we have received some questions beforehand, I will start with those, and we will then address we will address those that that are coming through the chat box afterwards.

The first question is, what exactly will the group's liquidity situation How exactly will the group's liquidity situation be stabilized in the short to medium term?

As you can see from the numbers, liquidity of course has been has been an issue for us, and the the the action that we're taking is is is at multiple levels. One one is the is is the sale of assets that for us are non-core and non-strategic, and that mostly relates to some of our development projects.

I've seen the first question in the chat box related relates to the Domaradz project in Poland, a 20.4 MW project, which we are in the process of selling to to Uniper, and this project has received has reached the ready-to-build state stage, and we're currently in the in the closing process with the buyer. The the net impact of the sale to our EBITDA is in the in the fourth quarter is is going to be somewhere in the in the region of of €600,000 to €700,000.

Because of the delay of the project of getting the project to the ready-to-build stage, which are are due to the complexities of developing a PV project, or essentially any project, in Poland, we have had higher costs, but we also had to reflect the development of prices in the in the in the market for PV projects in the Polish market, so that also that the revenues have been adjusted downwards. It is, on one hand, a success, because we could bring it to the final stage, but economics are are somewhat worse than what we what we were anticipating.

The important thing is we got it across the line, and we are in the in the process of closing closing the this disposal. Of course, this is only one aspect, one one of the projects.

The other one that we have already spoken about before is the plan to dispose of our project Ciupelnița in Romania. Here we are at a very advanced stage of negotiations with a potential buyer, and at this stage, we expect to to to sign a sale agreement before the end of this year.

The closing of that is is targeted for the end of the fourth of the first quarter next year, partially because some permits still need to be updated, and secondly, in Romania, this transaction will be subject to regulatory approval, which takes about two months. Of course, this is this is this is only one side of the action taken.

We are also taking a very, very close look at all our business lines, and are trying to cut costs and and streamline operations as much as possible. The looking at and this is a tiny forward-looking statement, by the end of this year, I think you'll see the head count of the group will will have gone down somewhere between 10% and 15% compared to the beginning of the year.

We're trying to take costs out where where we see that the impact on our revenues, or the potential to grow our business, is the lowest. Head count is one area, but of course, there are other areas and other cost cost categories that we are we're taking a very, very close look look at.

Definitely for 2026, in in our outlook, it's important that first, we want to grow in the business lines we have, and that's of course is not only related to energy, but the and here I would maybe maybe go to the second question that we received beforehand, which is, what specific reasons do you see for the possibility of a turnaround? While we see growth opportunities in the in the energy segment, we are we believe very strongly that we have now reached a reach a stage in relation in in our water business, and in particular in relation to PFAS, PFAS technologies that we have developed, and continue developing, to to grow that business in '26 and beyond in a way that will become a material contributor to our revenue, but also profitability.

Here, one important element is is is that our in situ nano-remediation technology, which can be applied to PFAS successfully, has been we've received patents for that technology in in China and Japan, and we've also been notified that that we will receive the the the patent in Europe. Still waiting for for response from patent offices in in the other jurisdictions that where we where we applied.

We've also made significant improvements in relation to our filter technology to remove PFAS. I think we spoke before already about the implementation of a of a PFAS filtration unit with an industrial customer in the Czech Republic at the beginning of this year.

The that system works perfectly. The same customer actually has ordered for another PFAS issue they had, a second a second container, and we are also further improving the capabilities of this filtration unit.

That's that's an But at this point, all I would like to say is that there may be some public news coming shortly on on on what what we are able to do with our filtration units. We see we see a lot of potential, and and also the the the the right conditions to grow this business very, very dynamically.

The next question: How we intend to prevent the equity ratio from falling below the covenant threshold, which would trigger a right of termination for the bond? Of course, a key question.

Here of course it is important to point out that and in the in the ratio that we published, you can also see we have in the covenant carve-outs to to adjust for the impact of regulatory changes on our on our business, and these situations have materialized both in Hungary, to a lesser extent, and to a more significant extent in Romania. Adjusting for the the impact, and the impact is double, we have generated fewer revenues this year, but it of course also has an impact on the on the value of on the carrying value of our portfolio in that given country.

Adding that back, we we are still above the 25.6% 25% threshold. However, of course, we are uncomfortably close, and we are we are so, there are several several First of all, we're trying to of course get the best possible fourth quarter in our operating businesses.

We will have a positive impact from the Domaradz transaction. We we, as I said before, expect to sign one other disposal before the end of the quarter, which would also have a positive impact.

We're also looking at at some other measures to Uh, well, another important area is of course the valuation of our assets, the carrying value, which is established on the basis of a discounted cash flow, where of course the interest rate level and and the the energy price futures play an important role. Here, we've seen a a downward downward trend in in interest rates, which have a positive impact on the discount rate, but we also see a strong outlook for next year and beyond for energy prices.

We believe that there may be a positive impact from the valuation of our power plants, but we're also looking at some other options, which at this point we cannot cannot be more specific on. Needless to say, we are fully aware that this this equity ratio is a a key metric.

We understand what the consequences would be if we fall short of of staying within the the the conditions of the covenant, and management's attention is is is directed at making sure this is not not going to materialize. The next question relates to our dividend payout policy, where we have been consistent in communicating that we do not plan to to pay out dividends in the medium term.

Here the question by the investors, what the definition of medium term is. I think it's obvious that at this point in time, the payout paying out a dividend is is not not really possible.

Based on our financial results, also the covenant that we have in in in in our bond. At this point in time, we need to redirect all the all the cash that we we generate from our operating business, and and the disposal of non-core assets, to build our business.

If if some money is left, then at this point in time, we'd definitely use it to to reduce our our leverage. Here, I get to the last question we received beforehand, which is how we plan to refinance our bonds, and whether we are planning to repurchase bonds in the market.

That relates to the last statement I made. To that any any free cash would be used would be used to reduce our our our financial leverage, and clearly, given current market prices, repurchase repurchasing bonds is is the best option to do so.

As those who follow us know, we have done so over the last 24 months. We have bought back around €1 million of nominal, and when the cash situation allows it, we will of course continue doing so.

Of course, the purchase and retirement of of our bonds, also at below par, also has a positive impact initially on our financial result, and then, of course, also directly on our equity. It reduces our interest payments going forward.

Depending on the on the liquidity situation, this is this is of course on our cards, and we will execute on that. In relation to the first part of the question, which is how we plan to refinance our bonds, well the first part of of that strategy is for sure to have a significantly better financial performance in in in in 2026, then continue with that trend for 2027.

We will start a let's say a more formal and and more focused process on deep diving on on the options that we have across public, private markets, but also of course bank financing after the the audit of the 2025 results of the group. Actually this weekend is exactly, it will be exact, essentially two years away from maturity, which is and is not a lot of time.

We understand everything will take time to organize, but the most important thing now is to improve the financial position and financial performance of the company, and of course, not just a little bit, but drastically. All efforts are now focused on laying the foundations for an an excellent 2026.

I will now address the questions that came from you through the chat box. The first question related to the capital gain or the positive impact of the sale of the Domaradz project, which I think I answered already.

The second question is, why did the need arise to write down New Energy software? In our in our business, we are are using a lot of software, and and a lot of that has been developed in-house, and some of these applications are targeted at specific aspects of our business.

Not all of them are are fully functional, when we see that that there's a there's a a better solution, or not I wouldn't say fully functional, when we find that that there are software that that are better, that have been developed externally, we sometimes decide to switch. Then, of course, we we have to write off those those capitalized development costs.

We have done a a deep dive during during this year on on all the all the product development projects that we've had. Sometimes, of course, it also comes from the discontinuation of of of some development work.

We have what I would call I'm talking about tens of projects that are separately tracked, that have their budgets, have have their targets. I think it's not completely uncommon in in software development that not all efforts work out.

We have we have done a very detailed deep dive on this during this year, and have essentially, what you I would refer to as cleaned house, and make sure that we only carry, and of course auditors would force us anyway, but we have done this exercise very thoroughly this year to identify those those software that we will continue carrying on on in in our on our balance sheet, and which need to be need to be written written down. It is, of course already a significant number, it is a one-off.

We don't at this point in time, we don't expect any further need to do to to to write off additional software at the end of the year. It's basically to make sure that that we are essentially compliant with the the rules and the logic of carrying capitalized intangibles on the balance sheet.

The next question is that we have reached the covenant before the carve-out. How will the rest Well, before the carve-out, or the effect of the carve-out, that is correct, and well I think I I would repeat myself.

We we expect operationally a a good fourth quarter. We have for sure one, most likely two transactions, and the second one, which will be Ciupelnița, it would have a more significant impact than in than in Domaradz on on our financial results.

There most likely that it would be a capital gain, and not could not be not contribute to EBITDA, but of course have the same effect on on our equity position. Of course, buying back some of our bonds is also an option that we that that we are evaluating, and if if that's possible, then we would do that.

Then, as I said before, there are some other options that we are evaluating, but we cannot we cannot disclose at this point in time. The next question is, what is your liquid assets, financial or hard assets?

How easily can they be materialized? What we refer to as liquid assets are cash or the equivalent, so these are, and when you look at our balance sheet, what you will see is that we have available cash, and then and then also restricted cash.

Restricted cash in is essentially all of it or most of it is is So, we've got €1 million as collateral for bank guarantees, but the rest is our reserve accounts that we have set up and and and filled as part of our project financing. Over time, we are able to to unlock some of that, which is actually what happened in the in the transaction with K&H Bank, the financing that happened in the third quarter, where out of the €5 million cash proceeds, €750,000 were were actually the un the unlocking of a of a reserve account.

When you look at the cash position, it's much bigger. Restricted cash of course is what it means, what it says, but but all the rest is is essentially holdings in financial institutions.

The money money in the accounts, and therefore available. The next question is whether the impairment of intangibles indicate the potential decline of the New Energy segment as such, and and potentially implies write-off of of other intangibles, including goodwill.

In the in the audit, we just as as we have done since we acquired Lerta, of course, every year there's a one of the key discussion points with auditors is is impairment testing of intangibles, which also partially relates to our portfolio of generating power plants, but of course also the goodwill that has arisen from the acquisition of Lerta. Here, an important element is is is the value of the business based on its opportunities going forward, and at this point in time, we feel confident that we will be able to sustain and, if you wish, defend the valuation and the goodwill that relates to the to the acquisition of Lerta.

The impairment as such relates to software, and as I mentioned before, it's a it's an impairment within within that business division, and we have tried very hard to to adhere to the to the guiding principles that that any any software, or any project that has not been completed, and for example doesn't make sense to complete, or or there are better options available either in-house or So, even if we replace a a software with a a a new or different software, the old one needs to be needs to be impaired. In some cases, of course, as as the market develops, sometimes external software is better than what we have developed, let's say 2 or 3 years ago.

If it's not amortized yet, then it needs to be needs to be written off. This is what we did, and I think we did it thoroughly.

The next question is, what what is our minimum liquidity level to operate? It is probably a slightly difficult question to answer.

I assume it probably relates to the cash level that is in the in the cash flow statement in our presentation. That's I would I would put this way: of course, a a cash balance that would be twice as high would be a lot more comfortable.

The disposal of of the private projects that we mentioned, and actually what we have not referred to yet in terms of cash in, we are we are still we're still working on the refinancing of our five Romanian power plants, and linked to that also the project financing of another 42 MW that we have ready to build in the Romanian market. This is something we also are working hard towards to close still still before the end of the fourth quarter.

That will also So, there we have a lot of own funds trapped or tied up, and we expect so as things stand today, with that refinancing of approximately 20 MW of operating plants in Romania, we expect to be able to repay external financing that relates to that, and and we expect to generate about €3.5 million euros of free cash usable for for our general purposes. That alone should get us to the point that I was referring to before, about double the level of of the of the cash that you have seen in the in the presentation.

The next question is, "Current trade payables significantly exceed current trade receivables. Considering also regular bank loan repayments and low balance of cash and lower revenues, how do you plan to repay all the upcoming short-term liabilities?"

We are our businesses are some of them are most of them are generating cash. Firstly, secondly, we expect some cash from the refinancing I was just referring to and the sale of sale of projects.

It is it is a it is a situation that is definitely more more complicated than it than than in the past, but at this point in time, we are we are confident that well we have been able to manage, and that we will continue to manage the the the working capital management of of our of our group across all business lines. The next question is, "Should we be buying bonds from the market since their price is so low?"

I don't think that we are it's a good idea for us to provide investment advice, this this this question we cannot answer. The next question is, "Is the current share valuation correct?

It is very low." Yes, we are of course aware of it, as probably aware, I'm a significant shareholder in the company, and therefore, absolutely motivated to make sure that this picture changes as quickly as possible.

The next the next question is that if we wrote off €1.6 million from intangibles and the balance of intangibles at the end of Q3 compared to the end of '24 has not changed that much, what else is included in that? Have we have we activated anything else which compensated the write-off?

The the the short answer to this is yes is yes. Of course, we continue developing and and upgrading the systems we are using mostly in the in the New Energy division.

Yes, we continue spending on on the development of of software that that we we use in in our in in our business. One area, for example, is the software, but also the systems required to provide ancillary services to the TSOs, and here we're working on this in simultaneously in Poland, the Czech Republic, and Hungary.

There for example we have to establish physical connection, server connections, and that that is actually also included in what we capitalize, and then what amortize over time as we use the software. In in case where we discontinue using the software, we write it off.

Yes, that that write-off has been more or less compensated by by further capitalized development of software and/slash solutions. The next question is, what is the current status of the project in South Africa?

Here, what we can say is that we continue developing the project. We have commenced the EIA process, and we are currently fine-tuning the the final setup of the of the of the project.

I think what we can say at this point is that it will be a it will also include traditional PV and and and battery battery systems, and we're currently fine-tuning the the the the final setup so that we can also update our grid connection conditions with the the DSO, and and proceed with the the development and look to get get to ready to build. I guess here we will at the appropriate time, then make an official announcement or update you either through our monthly reports or the quarterly reports.

That the project is progressing, and that we still work on the assumptions that on the assumption that the project will be ready to build next year, and so that means obtain all permits. I think we have clearly stated in the past that that this is a project that where the lead role in in executing it will be someone else.

Our We see our role here as that of a developer, and we expect to basically make money on this on this project from the sale of this of this project to a a final investor. The next question is, well it's it's more like a wish that that, "Please remember that many people have invested and believe that the company will eventually overcome the impasse."

I see that as a as a as a wish of support, for that which I thank, and all I can say is that we're highly motivated to to do exactly that, and I believe that over the last 6 to 9 months we've put a lot of thought into how to how to reorganize ourselves, refocus, streamline processes, so that's that is something ongoing. As I mentioned at the beginning, we have looked into into many many areas where to cut costs, and of course it's an ongoing, a never-ending process.

That is something So, we we are really putting into effort into being ready for a a much stronger 2026. The next question is, "After the sale of Yandari, what is the support for valuation of the RayGen investment in the balance sheet?"

Here it's important to point out, and actually I'm very happy that this question was asked in this form, the our investment in RayGen as a company, and also the the option agreement we we have for bringing additional projects in the future is unrelated to the to the loosely related to the project that we developed in Yadnarie and have sold to AGL, which is also a shareholder. In RayGen itself, our shareholding is currently slightly above 5%, much much bigger or larger investors, both in terms of their shareholding in the company, but also their own size, and after the last financing round, the largest most important investor is SLB, formerly known as Schlumberger, the oil and gas service services firm, which has also entered into a strategic technology development agreement with RayGen, and is looking at making the system more efficient, but also also focusing on finding new applications to to the technology.

What we have been developing in in Yadnarie, also now in South Africa, and what we've mostly been talking about is essentially the the full scale of a of a utility-scale RayGen plant, which has the generation part and the storage part. There are potential applications only for the development part.

We know that there are projects being developed which focus on only capturing the heat, of course producing electricity, but capturing the heat from the from the modules, and using that, supplying that to an industrial off-taker, or even using the heat to generate cold and and and and cool data centers. One further not specified project.

Which of course then only uses one one part of the overall package that RayGen has developed, does not include the the the storage part. From our point of view, we are an investor in the company, definitely not the most important one at this point, SLB and AGL as the investor into the RayGen plant, of course now are much more important for the for the further development of of of of of RayGen.

On the other hand, the Yadnarie project has been or is extremely important for for RayGen as a company, because it is it is much bigger than than the pilot plant that was commissioned in Carwarp, and it's it also shows that a a major energy producer, AGL is the largest energy producer in Australia, is willing to invest into into into this asset, because they're convinced that the advantages of this tech- technical setup are worth the investment. I would say for the what you would otherwise call bankability or the the the Yadnarie project has definitely been or is extremely important for for RayGen as a company.

Our role going forward can and probably and will be to identify suitable locations, find permits, or go through the permitting process, and create projects that would be using the the the RayGen technology, which then again will help RayGen in in commercializing its its technology. Of course, we're not the only developer that is trying to develop projects for for for the RayGen technology.

RayGen RayGen has I would say its sights on projects across the world, working with different partners, also in very close cooperation with some of its some of its key shareholders. I think what we have done is with Yadnarie, we have provided an important anchor project for the next stage of development.

Going forward, we will probably bring more more more projects to the table, but there'll be hopefully many, many more, which then should underpin our the value of our investment in RayGen. These are, again, two separate things.

Therefore the the the value of of our investment in RayGen is as loosely linked to Yadnarie because it was an it's an important milestone, but longer term, it will be a function of how many Yadnarie-type projects there will be in in the world that will be using the the RayGen technology. We will try to contribute to that, but others will have to do so as well.

The next question is whether we have considered using Chinese suppliers for our projects to reduce CapEx, also in terms of transformers, switchgears, BESS, power generation equipment. If so, what is your experience?

I think since we have started our business 18 years ago, we have not used any in our own projects, not used any non-Chinese modules. Even back then already, Chinese were dominating the Well, maybe it's have been some Taiwanese, but essentially already at that that at that time, module manufacturing in Europe was insignificant.

What has changed since then is that the Chinese have also become dominant in inverters, we still remember a time when SMA was the gold standard. Now it's a it's a small, comparatively small, struggling competitor to Huawei and Sungrow and some of the other names.

I think the same applies to batteries. I would say for these three categories, there is essentially no no alternative, no viable alternative to Chinese products.

With switchgear and transformers, it is it is a different story. There we have so far relied on European producers.

We're talking about the whole transformer, the whole switchgear, of course components, I'm sure, are coming have been coming from China for a while now. What we do see, and I think it's a matter of the last year or two, that some of these Chinese manufacturers are also now trying to gain I would I would say for now market share, I don't want to say gain control, but gain market share in relation to transformers and switchgear.

Here, I mean here it becomes a lot more sensitive, because modules and inverters and batteries are more or less standardized products. Transformers and switchgear have to be compliant with local regulations.

As we are building in in seven countries, those regulations, even if they're all EU members, they still they they they differ, and of course, so transformers and switchgear are not necessarily the same type of commodity product as modules, batteries, and inverters are. Here we definitely take a cautious approach.

We do see that the offers we are getting are below what we'd have to pay from a local supplier. Here here that's an area where we just cannot make a mistake.

You cannot ordering a transformer that is not compliant, and then you have to order another one or or have that redone, can cause a lot of damage. If only it it delays, for example, the commissioning of a power plant, and whether it's ours or whether it's a client's, and that that leads to contractual penalties, it almost doesn't matter.

It so so, in other words, just to save, I don't know, 10%, 15% on a transformer, well, we have to be 100% sure that that that equipment is usable and compliant, and will not lead to these kind of troubles, which where then the consequences are a huge multiple of what we expected to save. I hope that was a a a a good answer to that question.

Let's see whether there's Well, I believe that this was the last question. Oh, the last question is, "What are the financial results of the Pokeno project for the company?"

I think we in in our monthly in a quarterly report, you'll see you'll see we've made a description. In in short, it has been below our expectations.

We have had cost overruns, the so the margin the gross margin on the project was materially lower than what we expected. Unfortunately, we have incurred a delay, which led to liquidated damages, so that overall the project has has been loss-making for us.

A rather painful experience. I would say a relatively long list of lessons learned, some of them related to how the project has been managed, in the light of this project has been executed in a market that is still at its very beginning.

We have also signed up to provide O&M services to this power plant for the next two years. New Zealand is the Pokeno project is I think the fourth or the fifth utility-scale PV plant in the country.

Now a lot more is getting built, the pipelines are are quite significant. It also means that that the whole ecosystem in in New Zealand is still on a relatively steep learning curve, yeah?

In some cases, I would say know-how could could be imported from Australia, which of course is a mature solar market, but for the DSOs, it was for the first time, and some of the equipment manufacturers. Some of some of the cost overruns and and delays are also attributed attributable to the fact that the whole market is still still still learning, and, in a perfect world, you have you have time and cost and time buffers to to absorb that, which essentially we ran out of in in on on this specific project.

The next the last the next question is how many how the company is going to address the green bond issue in two years from now. I I think I addressed it already, but I'm happy to repeat.

The number number one priority short term is to set the stage, and that's what we're working on, set the stage for a significantly improved performance next year. That and that includes cost cost savings.

Some of them HR, but also other types of costs. A strong focus on on winning more business, executing that business also in business lines that so far have not been that active and that can can can bring a lot more to the table.

That includes water remediation, which will play a more significant role next year. There's definitely more business we we will be able to do in in in EPC, whether it is utility-scale or behind-the-meter.

Doesn't matter, it would be we hope for growth from both areas. Operations and Maintenance is a business that can per that as it grows, will start performing very strongly, because the operating leverage in this business is is is very strong, and I also mentioned that we have a completely new category of assets to take care of in form of battery systems.

That so improving business and financial performance is is the basis, and we will once we will have passed the audit and published our audit results, the due date for that is the 30th of April next year, we will deep dive on our options and and and and and strategic possibilities to refinance the bond and and and and develop a, I would say, multi-prong strategy which we'll start executing on. That will cover, as I mentioned before, bank financing, capital markets.

Of course, with our current bond price performance, the bond market at least in Germany will be rather difficult, but we believe that there are that there are multiple pathways available, and we will start working on on developing a clear strategy. I think as as we make progress in this, we will also make according in the corresponding announcements to to to the market.

The next question is whether the impact of O&M on the on on finance right now is negligible, or neglectable, how much it would have to rise to have a meaningful impact on the finance finances? Yes and no.

O&M, and let's not forget, we are also now adding asset management services, is a business that has high operating leverage. That means, you have certain systems, you have a number of technicians, which of course you, as you take on more assets, you keep growing, but the marginal profitability of new assets you take under management is actually going up.

Asset management, which is a relatively new service for us, is actually particularly lucrative, because it's it's an it's an office job. We are and there we're also leveraging the experience we have gained from managing our own assets in the various countries.

It is a business that as it grows, we expect its its profitability to to to to go up dramatically. At the moment, our strongest market is Hungary, both in terms of megawatts under management and also profitability.

If you asked that asked me this question a year or two ago, I would have said the target achievable margin for our O&M division is about 20%, maybe 25% EBITDA margin, but we have seen in Hungary that it's possible to do more, if in the right set of circumstances. I believe that that there's a lot of runway for us still to grow this business strongly in the five countries that we're focusing on.

Of course, we can also I would not exclude that at some point in time we would add other countries, whether that would be a let's call it a westward move to maybe address the German market, which of course is very mature, there's a huge installed capacity, but also certain quite a lot of competition, or an expansion into into one of the neighboring markets in Southeastern Europe. This is just an an example.

For example, Bulgaria is a market where a lot gets built, it's right next to Romania, such an expansion is definitely something that if we had, for example, an an interested and an interested existing client who would ask us to to take care of their assets there, it's definitely something we would very strongly consider, and then use that as a basis to win additional clients and business in that in that country. What we will not do is just go to, any market because it looks like a good idea, it's nice to have a flag there.

It's not. Our the customer base that we have built and and continue building in the region as the only regional O&M player is I think quite impressive, it is literally the household names of institutional investors and IPPs that invest into the region from outside.

Of course, we also have local customers, but I would say it's the who's who that invests in the region. With some of these customers, we have we take care of assets in two or even three countries now, they really seem to like the fact that there's one telephone telephone number they call, they've the same contact persons to discuss their Polish, Hungarian, and Romanian assets.

I think that still has a lot of runway to go, and as I said, I would not exclude that we would follow the call of of one of those investors into a new geography. That is not too far away.

To conclude my answer, I firmly believe that going forward, it will have a much more significant impact than what on our revenues, but mostly also also EBITDA, than what we've seen so far. Next question is, "The number of projects under development seems to get smaller and smaller.

Can you elaborate on that? Is there no more opportunities investment for now, or is this caused by not enough capital to engage?"

It's actually both. Clearly, we have, been investing quite strongly into into developing projects in the past.

I think it's important to bear in mind that things have changed very fundamentally. The economics of a of a PV plant, and the project is just the the kind of the stage before, is is different than what it was before.

There there's essentially, with a few exceptions, there are no more support schemes, so any major new energy project, and that is not only PV, but can be wind, can be biogas, today has to rely on on the market price of electricity, which of course can come in the form of a power purchase agreement, but definitely the revenue model is linked to the market price. Given where market prices are today, the margins are slim.

Investment costs on PV have come come down a lot, but you have to be really, to to to get to the return levels that you need, you have to be you have to know what you're doing, and understand also the energy market, which I think overall we do, but even then, the kind of excess returns above our own cost of capital, or the cost of capital at the project level, is very hard to do. Then the question is, is it actually worth the effort?

Is it worth the risk? When you develop projects, of course you have also time delays, some projects may not work out, you have write-offs.

Here, I think our approach that we focus more on providing services to other people's assets at any stage of the lifetime, and that can that would include EPC, that would include O&M, that would include asset management, off-take, is a ultimately a lower-risk and significantly less capital-intensive strategy. As I mentioned before, we still have 42 MW that we want to build in Romania, for which we hope to close the project financing, but I would say our appetite, to some extent it is driven by our our limitations, but also sensibly our appetite for developing PV, but even hybrid projects, is is somewhat limited in in Europe.

We are of course developing the big project in in in South Africa. It is a country that has a lot of irradiation, it has a short shortage of energy, relatively high energy prices.

Essentially all the hallmarks and all the ingredients that that a company like like ourselves would like to see. Also now we see that there are more investors coming into the market, the banks are ready to finance projects, even on a relatively long-term basis, and the numbers simply stack up.

I would say from that point of view, and to and developing projects is a lot cheaper than than here in Europe. Which does not mean that we're now going to enter 15 more countries and try to do the same, but South Africa, where we have now been on the ground for 2 and 1/2, almost 3 years now, is definitely a market where we will try to leverage our experience, including in project development, and try to create value.

Coming back to Europe, and particularly the CEE region, developing projects has become very painful, it's something that I think we should not focus our attention on. That's I think that's where the pivot to put ourselves in position to provide a long list of services to investors that do create assets has been has been the right one.

Clearly, we still need to improve the execution of that strategy, and that's exactly this is currently our main focus. With no more questions coming in, I would like to thank you for your attention, and wish you a great day, and we will see you again in the second half of February, when we'll presenting our Q4 and full-year unaudited numbers.

Thank you very much, and have a great day. Thank you.

Bye-bye. Bye-bye.