Good morning, everyone. Thank you for joining, and thank you Olga for the introduction.

Welcome to the full year financial results presentation by Akola Group. We closed another financial, successful financial year, which I'm going to present, and please ask any questions which you are interested in, and I will try to go through them.

We will start with a, of course, with a disclaimer, as always. The presentation may contain some forward-looking statements, but please bear in mind that's only an opinion or the best guess of the management.

My name is Mažvydas, and I will take you through the presentation today. I will start with some strategic numbers as this is our full year result presentation.

I would like to reflect how we are doing on our main strategic targets, which we have declared and have been following for a while. You probably remember very well that one of our main aims, targets is to have our operating margin more than 3%, and for the last two years, we had it more than 4%.

Last year, it was close-- a year before, sorry, it was close to 5%, and last financial year, it was 4.1%. We're doing much better than our target for the last two years.

More challenging task for us is return on capital employed, which we are aiming to have more than 12%, and this year we ended up at 8.5%, which is short of the target, but it's still a good number. Last year, or 24/25, was the year when we were closer to our long-term target.

This is one of our main challenges to achieve this one. We are quite well doing on our debt levels, we have an aim to have less than 4 times.

This year we have 3. almost 4, last-- a year before we had 3.3.

Two years in a row, it's a very conservative number from our perspective, and we are managing well this long-term target. In terms of our EBITDA target, which is 70 to 90 million euros, you can see that this year we successfully closed 96 million euros in EBITDA.

Last year was our second best year in group's history, and that gave us 110 million euros in EBITDA. We have a lower number this year; however, we deem this year really very successful as we have more than 90 million euros in EBITDA, which is the upper bound of our target.

Our dividend policy is to pay not less than 20% from our consolidated net profit, and you can see that last year-- a year before we paid 25. This year, the best guidance for the shareholders, it is expected to follow our dividend policy, and if there is no changes and shareholders approve, we should follow our dividend policy of 20%.

A very successful year for us. We have communicated for the market in June that we are aiming to have above our long-term target.

We managed successfully close the year at 96 years-- 96 million euros of EBITDA. Really thank you very much for the whole Akola team.

It's was a difficult year, but we managed to deliver very good result. To give you a bit of a perspective, you have a bit of a history how we have performed.

Our revenue now is hovering about 1.5 billion euros. You can see that the last two years was very similar number.

We had higher revenue reported, but those were very, very extreme years with very high and volatile commodity prices, but now when everything is more stable, we see that more or less our revenue is at 1.5 billion euros. In terms of EBITDA, 96; net profit net profit was netted at 43 million euros, which you can see is actually third best year in the history of Akola Group.

Two years in a row, we had a really good result, which we are really proud of because previously we had lower numbers in terms of EBITDA and net profit as well. Let's look to our main snapshot, which we always present to show how we are performing.

Market cap of the group is 287-- 78 euros as of as of closing of the financial year. EBITDA is 96 compared to 110, and now we're actually quite close to our 5-year average.

Our 5-year average now stands at 95 million euros, we have delivered more a year more more or less with the average results. As discussed before, EBIT margin is above 4 and above our target and as well as our 5-year average, which now stands at close to 3.9%.

Our biggest challenge is our return on capital employed. We were very close last-- a year before.

Last year was a good year, but we are short of our target and 5-year average. Earnings per share: 26 versus 36 a year before, a lower amount, which comes from a lower net profit.

If we look to our price-to-earnings, our valuation has increased to 6.4 times versus 4 times a year before. However, we're still below our 5-year average, and probably you can see that the share is still valued quite conservatively.

How does our 96 million EBITDA come consists of different our businesses? This year was really very successful for our food production segment and especially poultry business.

Colleagues in the poultry business delivered outstanding results, and 61% of our EBITDA comes from food production. Partners for farmers delivered a solid 20 20%.

Farming: not that successful year, quite a lot of challenges, only 4% of the EBITDA, and other products and services delivered another 15, which is a mixture of several different businesses. Let's look at our balance sheet.

Not a lot of changes. It still is around 1 billion euros.

We have increased our property, plant and equipment by roughly 10 million. We have invested invested in several fixed assets, but rather than that, the biggest portion comes from inventory, which more or less is stable due to the prices.

They have not changed that much in June when we closed the financial year, and the amounts we carry over are also very similar. Working capital structure more or less the same, quite strong in terms of our equity in working capital part.

61% is the borrowing base. We have We are quite conservatively leveraged on the long-term debt basis.

It it consists only of 40%. Our total debt at the end of the financial year was close to 400 million, and our available liquidity position is also around the same number.

We were very close to our maximum limits in the end of the financial year. CAPEX number came at 44 million, it was more or less in the budget what we have presented during the year.

This year was not that intensive in terms of investments. I will show later what we have delivered and done during the financial year in terms of investments, but more or less nothing new popped out in the last quarter that we have communicated.

Our capital ratio stands at 37 million-- 37%. It's really strong, and we have increased steadily through the last three years, edging upwards from 30%.

Our debt level, as showed before, stands at 3.4 times our net debt EBITDA while adjusted with readily marketable inventories. This is really under control and according to our plans.

Let's look how our how out our top line developed. Our top line looks very similar in the last three years, around 1.5 billion euros.

In terms of volumes, they're also hovering around 3 million euros of tons of various commodities traded. It's 2% lower than last year, and the biggest decline comes from the Partners for Farmers segment.

However, even in that segment, we have some bright stars, which delivered bigger and higher results in terms of tons traded, it's compound feed. Our soybean and soy meal trade expanded, maize as well, but overall the pressure from our main traded commodities like wheat and oilseeds was lower.

If we look in terms of revenue, we have a decline of revenue by 4.4%. That means that not only the amount of commodities traded was lower, however the prices year on year were also lower.

We were operating more or less in a deflationary environment. The only segment which actually more significantly increased in terms of revenue was was was food, and that came basically from from poultry where we had a a little bit of increase in amount we have sold in terms of tons, but the majority of the increase came from still higher prices year on year.

Now we see that even though it was a very successful year for food, the food revenue is around 30%, and our biggest share of revenue still comes from Partners for Farmers, 69% of the revenue is coming out of there. Our gross profit margins, I would say they remain really really very strong.

We have a decrease in overall euro terms of gross profit from 196 to 183, it's 11 million euros less. We have less how to say maybe more challenging year more challenging year in farming segment as well as Partners for Farmers.

We have an increase in sentiment in food segment; however, it did not it wasn't enough to offset the losses we had in other segments. Gross profit margin for 12 years is for the 12 months of the financial year is 12.1%, and it's really very close to last year's result, which was 12.3%, we actually delivered a bit lower volumes and revenue and but we remained or or or we kept the same level of gross profit margin.

5-year average is 10.2, we are above the average, which we think is also a crucial part of the successful result for this year. 55% of the gross profit came from food, and this is a bigger percentage compared to last year.

Partners for Farmers lost another percentage or part of the share of the gross profit, and now, that has shifted quite nicely to our food part. Looking forward, it probably will balance out a bit more.

We will see the the the the view will be more like maybe in 24/25 where we had a more balanced shares, where also farming and farming had also a more significant part in that split of gross profit. Our operating profit is 62 million euros for the financial year 25/26.

It went down from quite a high number of 80 million euros. The share shifted very much or tilted very much towards the food segment, as you can see.

Food segment delivered a 94% of our operating profit, and this is There are two reasons behind that. Farming, as you can see, delivered negative results on operating profit compared to positive results last year, they are not playing a significant part in the split, and unfortunately we also had less successful year than last year in our Partners for Farmers segment.

I will talk about the reasons behind that later on, but the share has decreased to 15%. Overall, overall our EBIT margin is looking strong.

For 12 months, we have 4.1%. It decreased from 5% last year; however, we managed to increase the EBIT margin quarter-on-quarter basis, 9-month 9-month margin was 3.6, and we increased to 4.1%, which is actually a good result, meaning that we had a really successful last quarter.

You probably have noticed through our webinars and, and and following our stock and our financial performance that first and last quarters of the financial year are really important where we are trying to deliver our strongest results. It's also due to seasonality when the farming activity is more is is there, when trading is more active.

Let's dive in into the segments, and first is our Partners for Farmers, which has delivered lower sales. Last year, it had 1.5 1.15 billion euros in revenue.

This year is closer to 1 billion euros in revenue, it comes from both parts: lower lower sales in volumes as well as lower prices. If we go to grain storage and logistics, it was a better year.

We had 10 million euros of gross profit compared to 8 million euros, and there are several reasons behind that: record high received amount of grain into our elevator network. The amount which we actually have have gathered through our elevator network was higher.

We have also a new storage facility in Kaunas. It started operations.

It is more for plant protection and micronutrients, but this is a step forward to service our customers better. This year is the year where we operating with the full result or for full effect of our last acquisition, Elagro Trade in Latvia, and that delivered additional amounts.

The additional amounts are around 100,000 tons of grains. However, we had challenges with moisture of of the grain we received into the elevators.

Also, the test weight was lower, elevators had more activity to process the grain, to clean them better, and of course to dry them. That's the effect where we have a better result coming to the gross profit.

When we go down to grains and oilseeds trade, you see that we have delivered lower results in terms of volumes, even though we added Elagro Trade and the new elevator capacity in Latvia. We had issues with quantities of grains in Latvia.

Overall, the market was very challenging. If Lithuania was more or less stable, the challenges in Latvia were were bigger, and we couldn't deliver last year volumes or the volumes at least we planned.

We also delivered lower gross profit. There are several reasons behind that.

The main one is that we were trading lower quality grain, we were trading more grain of a feed quality than food quality. We were working in more deflationary environment, meaning the prices of grain in the market were quite low or even decreasing, and the premiums for grain was also not great, meaning that there was no lack of supply of grain in the market throughout the year.

Basically, the pressure and the amount of grain in the market was sufficient, and it was not a market where we could reach the results of last year. If we look at feed, the total volumes were more or less stable; however, we have a lower result of our gross profit.

If compound feed delivered good results, we are market leaders here, we are the biggest producer, and we have utilized our capacity fully, we had some challenges with feedstuff trade and amino acids especially. This part did not led to deliver better results.

Feedstuff trade was hit by, a supply shocks in in Poland and in other markets where we are trading, and also the supply from Ukraine was not there because Ukraine throughout the year had a very good access to the Black Sea ports, they chose to export their commodities through the Black Sea ports, but not through the border of Poland and to the Western Europe. One of the biggest challenges we had and the issues which affected the results, which we have communicated throughout the year, due to duty taxes, due to the sharp decrease in the market price, our position in amino acids wasn't profitable.

We have already written down that position with our half-year results, and in the for the full full year results, that didn't change that much, and that didn't allow us to rebound into the profitability. We are really happy with our input performance.

Our volumes remained quite stable, a bit less, but not that much. However, our gross profit is stable, even though the year for the farmers was not really that great.

You can see from our farming company's performing, there were quite a lot of tension in the market, but overall our product mix in terms of feeds, seeds, fertilizer, micronutrients, and and plant protection was a good offer for the farmers. We had good positions in the fertilizer trade.

We managed to buy our main positions of fertilizers before the carbon border adjustment mechanism going into effect, we had the ability to offer farmers competitive pricing. That allowed us to deliver stable results year on year, even though the market was more difficult than last year.

Machinery, unfortunately, decline in results year on year. There is a very mixed feeling in the market because EU subsidies are not here this year.

Last year, we had record amount of subsidies for machinery. This year, we have much, much lower amount of money available to the farmers, and this impacted total market size, both in Lithuania as well as in Latvia and Estonia, but the biggest drop is in Lithuania because we had those record subsidy rounds now actually two years before.

However, we try to focus more in aftersales or offer farmers, what is really available and offer the best solutions for them. Investments into grain handling equipment and farming and and and milking equipment was also average due to lower financial standing of the farmers.

Let's go to food production, which was our most successful segment this year, and the biggest success comes from our poultry operations. Second year in the row, poultry as a business, as a performer, is a star in our in our portfolio.

We are very well positioned in this kind of the market situation to reap the best benefits because we are fully integrated into the full production cycle, meaning that we have breeding, we have the slaughtering, and of course we have our products, which are really well perceived in the market. The profitability Profitability year on year is higher, our gross profit is 87 million versus 69 million a year before.

In terms of sales, it's a very stable year. The prices have increased a bit, but not that much year on year.

They remain quite high. Demand is stable or even increasing as poultry as a protein source is perceived to be really healthy, and it has been increasing for a while because people tend to consume more fresh poultry than than other kind of protein.

It was also comparably better position in terms for in terms of price for consumers as beef was very expensive during the year as well. We have some pressure from frozen part of the trade because the amounts which were going to Middle East from Brazil and other countries have been diverted by them to the European Union, and biosecurity and operational excellence, of course, remains our main focus because the avian flu and other diseases are there in the market.

The picture hasn't changed that much, and our neighbors and the biggest poultry exporters, Polish producers, are still facing the challenge and struggling to operate. Our focus has not changed from there because that's a huge risk going forward to the next year as well.

Instant foods and ready-to-eat foods, unfortunately, we have a backdrop compared year on year. Our gross profit from this segment is 7 million euros compared to 9 million euros a year before.

Several reasons behind behind here: even though we managed to increase the sales slightly, that mainly came from a more quality basket of sales and maybe increase in pricing, however, we could not offset increase in our cost. One thing is packaging.

Packaging has increased throughout the year because we know with increase in oils in oil, we have an effect going forward to plastics and packaging cost. Other other costs like logistics and energy also influenced our results.

We have higher energy prices in terms of gas. Logistics are are more expensive or even longer takes to export to some markets.

That didn't allow us to keep the result more or less stable, even though we have an increase in sales. That did not offset the input side.

The biggest challenge here is further increase the sales. We're still not running full capacity of our new plants or new investments, we need to do that.

In terms of flour and coating systems, flour was quite stable, coating systems we increased our sales volumes. However, that did not give a lot of effect because those sales were not not not that profitable in terms to offset the input cost because input cost in this segment also had the effect like in in instant food and ready-to-eat food segment.

Let's move to agricultural production, our farming segment. We more or less delivered the same amount in terms of tons; however, our sales were lower by 5 million euros, and that represents lower prices for crops as well as for milk.

If we look at crop production, the quality was lower, we were selling lower quality grain throughout the year, and because of the moisture and other parameters, that gave us lower price and lower premium. We had a higher input and fertilizer cost.

The prices were for inputs were a bit higher; however, our cost per ton decreased because the amount which we have delivered was quite good. The market conditions remained quite uncertain throughout the year, and they did not favor us.

Looking at the new harvest, expectations were and is quite positive. Volume is expected to be quite big, probably not lower or even bigger than last year.

More or less, harvesting is in the end throughout the three Baltic states, and farmers can already see the the the possible results. Milk production is our second segment, and we delivered more or less the same amount in terms of tons; however, our milk prices are lower year on year by 30%.

We were not profitable in terms of milk production because the prices are lower. We also had some higher energy and feed cost.

One effect which is also here is that we had to reevaluate to the negative side our our milking cows, which are our biological assets, and the effect is quite high. We have a minus 4 million in this segment for for revaluation of our biological assets.

That comes not only from our operations, but the low milk prices also had effect on our asset side. Looking forward, it really depends on the milk price because if that doesn't recover, we will have another sluggish year in terms of agricultural production.

We talked briefly about our investment that came at 43 million euros. It's lower than last year, but it's similar to 23/24, and we think that it's a good number because we planned 44, and we were very close to plan, we are good at planning and allocating our capital.

The main things we did this year, of course, we launch we launch launch in July, we finished the investment in our first biogas plant in Lukšiai, one of our farming companies. It was 11 million euros.

We finished two dairy farm modernization projects in Sidabravas and Žibartoniai, that was around 5 million euros. We're investing heavily in our poultry operations because they are really successful, and we want to keep the efficiency there.

That's around 13 million euros throughout the year. Other group investments, smaller and bigger, amounted of 60 million euros throughout the group.

You probably follow us, and you know that we have received a grant to the to to develop an animal byproduct processing plant in Kaišiadorys, so that project is on the table. When we finally confirm the business plan with the exact amounts, we will inform the market.

That's a thing to go into the next or this financial year, which already started. Two projects which we are considering, but we haven't yet pushed the start button or made a decision, is pet food production and expansion of our feed plant.

These two projects are still under consideration, and you will probably hear some news when we decide to when we decide something on this new project. Thank you very much for listening.

I I will just briefly remind you some our investment proposition. I think it's really visible this financial year.

We're a really strong group in the Baltics. We are one of the biggest, and of course we have this diversified model.

We operate from field to fork, which actually help us to deliver good results even when we have volatile years. You can see that from our EBITDA generation.

We have this discipline under capital allocation. We try to deliver what we have planned, and we are consistently executing on our long-term strategy to invest into the businesses which we believe in, which we understand, and which is in the value chain of our business.

Thank you very much for listening, and I'm looking forward to your questions.

Yes, thank you Mažvydas for indeed a very detailed presentation. Now, yes, we are moving to the questions.

Let me just remind you that you can submit your questions in writing in Q&A window, or you can raise your hand and be unmuted. We have received already a number of questions.

Let's move forward. Our listener would like to extend congratulations to the company on a very decent finish to the financial year.

Then he asks if you could share your thoughts about the crop situation in Lithuania and Baltic region, including expected volumes and quality, as well as pricing environment.

Thank you again. Volumes are looking really very good.

They are same level or even better than last year. Prices have increased since June, during July and August, prices for wheat and rapeseed have increased, and now the prices are more prominent for the farmers.

They look really, how to say, financially successful for them. That's a good sign.

One issue with quality: overall quality was expected and is quite good; however, I don't know if you have heard, we have an issue regarding fusariosis, which is an issue for the grain quality, and that happened because of very humid and rainy weather, especially during when wheat was flowering. That is affecting the quality of the grain.

We don't know yet the extent of this problem. It will be more visible when more farmers will deliver a significant amount of grain into the traders' elevators, but we can already say that this is a bigger issue than we have seen in the last, I don't know, maybe 15 years.

Everyone is talking about that, and that might impact the quality of high quality grain, which we use for food. Then the grain is being downgraded to feed grain.

This is a lower price for the farmer. The worst case scenario is that we cannot use the grain for feed as well because the toxin is too high, and then we have a bigger issue because the grain cannot be used in any of the usual ways, meaning food and feed.

We'll see how that goes. We need to receive a higher amount of grains into our elevators, and then the scope of the problem will be seen.

We still can deal with the problem in a sense of cleaning the grain. Farmers are doing themselves that.

They are mixing as well to have an average better quality. We will see how that goes, but everyone is talking more this year about that because it's more visible.

Thank you. Also maybe the subsequent question: could you please provide an outlook for grain and oilseed trade?

This is the connected problem or issue. Overall, we have good amounts, we have wheat and rapeseed to trade, so that looks good.

Premiums and prices have increased, as I just mentioned, but we have this quality issue. This will be a factor which will determine how we will trade the grain during the financial year and what is our possibilities to deliver good results here.

If the quality will be worse and we will have to put extra work, extra cleaning, extra mixing with the quality, that will affect our costs. If we will have more grain which is not suitable for the food market, it might also be an issue.

Far, it's still hard to say because the harvesting has just finished, and we are receiving the grain to the elevators. We are following the situation, doing tests, and we will see what is the extent of this problem because farmers are also understanding this.

They don't want to deliver bad quality grain. They're doing everything they can to clean the grain and deliver the highest possible quality, and that also will have a positive effect for everyone.

Thank you. Poultry had an outstanding year supported by favorable prices and relatively low production costs.

However, this financial year might look different as gas prices nearly doubled and feed is more expensive. Could you please share your thoughts on profitability outlook for this subsegment?

The question, I think, really shows the challenges ahead. This is what we are thinking going forward, but it's still hard to evaluate because existing market prices so far are favorable.

They haven't decreased, or the decrease is really minimal. Going forward into the year, it is very hard to predict how they will evolve.

Nobody, of course, knows. The cost side, it is a bigger issue because now the grain are somewhat more expensive, and we just talked about the possible quality of the grain, if we will have a significant part of the grain which is not available for feed or are very low quality grain for feed, that of course will have effect on our production efficiency and the price of grain.

Another thing which we are following very closely is the price of gas because gas prices are tending to increase with the situation in the Strait of Hormuz. You see that the situation is not resolved there, and we don't know how it will develop.

If going into the winter period especially, because gas is more important in winter months, if the situation will be tense there and global gas prices will be high or increasing, that of course will be a drawback on our cost side. It's very hard to give you very good guidance, but this is more or less the situation we are looking at, facing, and trying to manage it.

Thank you. The next question: are there any news to share regarding the large potential investment projects introduced a couple of years of a couple of quarters back?

Sorry, could you repeat the question?

Yes. Are there any news to share regarding the large potential investment projects introduced a couple of quarters back?

Yeah. The things which I covered in my presentation on slides, there are no news regarding pet production and new feed plant.

However, we received a subsidy grant for our plant in Kaišiadorys, which is connected with our poultry operations. That now project is under consideration.

We still need to do the last calculations and approval of the project, but that's the thing which has more developments.

Thank you. You completed the acquisition of a trading company in Latvia, yet the sales volume in tonnage has declined.

What are the reasons behind this?

This is the main reason that the harvest in Latvia was lower. The quality of grain was also lower, so that was the impact that we could not exploit our new acquisition in the best possible way because the amount of total volume of grains in Latvia was not sufficient.

In Lithuania, we were doing quite good, but that did not help us to offset the amounts we missed in Latvia.

All right. Moving to the next question: which top line, in which business segment, do you see biggest potential to grow next year?

Perhaps related question: which last year investments should help you grow your revenue next financial year?

We're talking about this probably the second year, but our biggest potential to grow top line is in food segment because we have built two new plants there, which are not running full capacity, so as soon as we load them 100%, they will increase the top line as well. That's the story of our investments in the second year in a row.

Our biomethane plant in Lukšiai will add to the top line as well, and they are already operating in July, they will give impact in the financial year 26/27. That is an investment which will grow our top line.

Our modernization of dairy farms will not maybe give that big effect into the top line, but we will also grow the herd size, meaning we'll increase the amount of milking cows in slowly but steadily. That will also provide higher volumes of raw milk, which we will sell, and that will grow our top line as well.

If you look into our trading operations, that's a bit more volatile part of our business. That depends on the prices and volumes, if prices increase, that will grow the top line of our trading operations.

We are looking to recover the amounts of grain in Latvia, which we did not cover last year because we have a higher potential there. We have more elevators there with Elagro acquisition, so that has to come into effect as well.

Yes, thank you. Then our listener is asking: what is expected dividend per share?

Your best guidance for dividends is our dividend policy. I covered that a bit as well.

Our dividend policy is 20% of our net consolidated profit, you can go through the math, and that's the best guidance what we can give. That's still subject to approval of the board and the shareholders.

Thank you, Mažvydas. Now could the fact that your traditional agricultural operations are unprofitable cause a decline in your other business segments since farmers lack the funds to invest?

Overall maybe, when you hear and farmers talk the situation in the farming industry is really tense, I think we are a very good picture of that. Grain prices are low for the last two years.

Last year harvesting was very difficult. The grain was really had a lot of moisture.

The prices are low. Input prices are increasing or at least flat, and especially in the end of the financial year when all the situation with the Strait of Hormuz started, diesel prices increased quite heavily.

These are all the costs which comes to the cost of operation for the farmers. Grain price last financial year was the lowest in 10 years.

Can you imagine that you have your price for grain lowest in 10 years, and all your input costs are far more expensive than 10 years ago? Everything: diesel, salary, cost, everything is much more expensive.

The pressure on the farmer finances is there, of course. Maybe Lithuania is not the biggest problem here, but Estonia and Latvia had even more intense situation because they had even worse harvest the last two years.

Their situation is even more challenging. We need a good year in terms of harvest, in terms of grain quality.

We need higher grain prices, and we will have a improving situation with the financials of farmers. This year looks that the volume is good, price is increasing, we are need to see how the situation with the quality evolves.

That's for the whole three countries. It's the same story for Latvia, Estonia, and Lithuania.

Quality is the main issue, but overall volume and price is good.

Okay. Thank you for the explanation.

Now we have four more questions. Recently, there has been public information regarding the potential relocation of Kauno Grūdai to another industrial site.

What would be the scale of such a project, and would it pay off after selling the current territory in the center of Kaunas?

This is the project which we are talking about where we want to or we are planning in some future. We don't know when yet because we don't have any external pressure to do that, but we are thinking that we want to expand our feed production, and current location of course is not suited for that because it's in the middle of Kaunas city.

We are thinking to move it out of the city and build a bigger feed plant. One of the possible locations is in Kėdainiai industrial zone.

We are looking at that location as a possibility. We're now doing calculations and project evaluation according into there.

We haven't yet made a decision because it's a very big project. It's as we have announced at least 70 million euros.

After detailed calculations, we will see what is the final amount. This is two things which we are aiming to do.

One is to move the existing plant and also expand the existing plant because we are really leaders in Baltics in feed production. We are the biggest producer, and we see opportunities to grow.

We see opportunities to grow with our farmers in Lithuania and Latvia as well. We want to maintain the position and go forward.

Then of course, we will have a land plot in Kaunas city, which we can develop for real estate or other potential uses. We haven't yet calculated the full potential and business case of the land plot and the commercial real estate there, but of course it can be quite a significant project for the group.

Overall, that looks a very logical move and strategy from the group's perspective.

Thank you. Can you please comment on further plans for share buybacks?

Yes. From the existing share buyback program, we have half a million euros left.

We have another 8 months, 7 months to use it, during this period we will use the funds fully. We haven't yet decided on the timing.

As soon as we have decided, we will announce that for the Nasdaq platform, for the stock exchange. The amount is half a million euros, which is approved, and we are willing and looking forward to use it.

If there is no another decision made during additional share buybacks, that is subject to shareholder decision that's due in October. We'll see if there will be any new funds allocated, but existing one will be fully used during the next 7 to 8 months because then it expires fully.

Thank you. Now the question about Mestilla company: how is it performing, and what capacity it is running in last 12 months?

I'm very sorry, but Mestilla is not a daughter company of Akola Group. It's a sister company.

It's not a publicly listed company, and I'm not in the capacity to discuss Mestilla's performance.

Okay. Understandable.

Then was there grain from the previous harvest sold by the end of the financial year?

We have some carryover stock. These are not big amounts, but we usually have some carryover stock due to our trading decisions or logistics that we had get the export ships in July, not June.

These are not huge amounts. They will not impact significantly the next financial year.

All right. Thank you.

It seems that we have answered all the questions so far. No additional questions are coming in.

I think we can wrap up. Thank you Mažvydas once again for the presentation, for your answers.

I would like to thank also all our participants for very active engagement. We will be looking forward to seeing you in our next calls.

Thank you very much, everyone. Thank you.

See you.

Bye.