Good morning, ladies and gentlemen. I have the pleasure of welcoming you to the Q4 2025 results conference of Photon Energy N.V.

To my left is our CFO, Stanislav Zeman.

Good morning.

We will run you through our results presentation where we start with the business results, which I will do. Stanislav will run you through our financial results, and we will then focus also on the past guidance and the topic of the equity ratio, which is relevant for our bond covenant.

Starting with the business results, electricity generation. Our portfolio of power plants remained stable last year, with the only exception that we added 5 MW of new generation capacity, three new power plants that were connected in the first quarter of last year in Hungary.

As some of you may remember, we disposed of our Australian assets in the fourth quarter of 2024. Last year we had no additions, except for the first quarter, but also no disposals.

Looking at the fourth quarter, we had a decline in generation, which on one hand was owed to the fact that we did not have the contribution for the Australian assets, at least partially because they did contribute to the Q4 generation results in 2024. Most importantly, we suffered last year from the temporary shutdowns, but also the limitation of production on many of our Romanian assets.

The most significant impact came from four power plants, which are Aiud, Teiuș, Făget 3, and Săcăteni, with a total capacity of 24 MW. The good news is that Făget 3 obtained its license at the end of last year, and Aiud and Teiuș obtained their license last week and will start contributing as of next Monday.

In the case of Săcăteni, we are still waiting for the license, and it's currently foreseen to be obtained in the month of May. As a result, you can see that the most significant shortfall against plans comes from the Romanian market.

In all other markets, we were slightly behind the expected generation volumes in the fourth quarter. As you can see, on one hand, we had a reduction in the volume.

On the other hand, because of the disposal of the Australian assets, which were running on a merchant basis and had relatively low prices compared to energy prices in Europe, and of course very significantly lower than those generation assets that are benefiting from feed-in tariff schemes in Europe, our average per megawatt increased, and so to a large degree compensated the decline in volumes. We had a 34% increase from a weighted average of €136 per megawatt-hour to €182.

What you can see in Australia is still a rooftop power plant, 200 kWp, that is running on a feed-in tariff that is receiving €176. You can see the bar for Australia for the fourth quarter of 2024, that was of course dominated by our utility-scale assets, which we disposed of in the fourth quarter.

You can see the difference supporting what I said before. In the fourth quarter alone, we generated €2.8 million from electricity sales, which year-on-year is a 15.5% decline.

Again, to a very large degree driven by the sale of the Australian assets, but also a result of the limitations of production in our Romanian portfolio. Year to date, or for the full year, electricity generation revenues reached €23 million, which represent a 7% decline year-on-year, again, impacted by the factors I just mentioned.

The estimated loss of revenues in Romania for the full year 2025 is about €2.5 million. These are revenues that we did not generate, but would have generated if we did not have these limitations on production, which are of a regulatory nature.

A very significant impact, and these are revenues that do not have additional costs against them, they would have flowed through the P&L fully to the bottom line. In Hungary, the impact of regulatory changes, which as of January 1st, 2025, came in the form of a freeze of the indexation of the feed-in tariff, the impact is much less severe, but still reaches €131,000 for the full year of 2025.

The EBITDA in the generation segment, as a result of the lower revenues, declined from €2.7 million to €2.4 million. We had a volume decline.

Prices that were realized in the fourth quarter, and the details you can find in our quarterly report, could partially offset the lower volumes. In terms of our portfolio composition, you can see that at the end of last year, just like at the end of 2024, it is almost 50-50 balance between assets that are in some form of feed-in tariff, and that applies to all of our assets in the Czech Republic, Slovakia, and the vast majority of assets in Hungary.

The balance in Hungary and all our assets in Romania are running on a merchant basis. The next segment is engineering, where we had, after the completion of our project in New Zealand and due to the delays in the commencement of the construction of an EPC project in Romania, a year-on-year decline in revenues, quite significant.

As you can see, in terms of consolidated EBITDA, we swung from a loss in the fourth quarter of 2024 to a positive EBITDA in 2025. Also after a relatively difficult year in the C&I segment in Central and Eastern Europe, a positive acceleration, which we also expect to continue in 2026.

Here, what is very important and this are relatively fresh news, we have announced that we are exiting our C&I activities in the Australian market. In this context, we put three of our subsidiaries that were jointly executing projects in this space for external customers into voluntary administration.

This is a process that takes typically four to five weeks. We are now at the end of the first week of this process.

The goal is to find a solution where the business, most likely in the hands of a new owner, will continue. There are discussions ongoing, and we believe that in the next one or two weeks we will have clarity, and of course we will communicate to the market.

Our presence in the C&I space in Australia has been quite difficult over the last two to three years. In 2025, on the back of approximately €6 million of revenues, we had a negative EBITDA impact of €1.5 million, which with this exit should not be recurring and therefore contribute to our planned improvement in EBITDA going forward.

In New Energy, we had year-on-year a significant decline in revenues based on partial lower capacity. The contracted capacity in the fourth quarter was 282 MW compared to almost 400 in the same quarter in 2024.

The balance in the decline was a reflection of lower prices compared to 2024 in the fourth quarter. The second area of activity of New Energy is trading in the offtake of electricity from renewable energy sources, predominantly solar, to some extent also wind, and specifically in Hungary also the supply of electricity to external customers, which are typically SMEs.

Here, as you can see, we have been able to grow our activities in the fourth quarter or our business volumes. Year-on-year, we had a 50% increase in the volumes of electricity that were traded.

For the segment as a whole, unfortunately, year-on-year we have a negative result in the fourth quarter of -€2.5 million, which relates to two events. One is in its nature a one-off fine of approximately €700,000 that we got from PSE in relation to the capacity market unit testing.

However, the much bigger impact is, and here again I refer to public information that we provided earlier this week, that our dispute with PSE, the Polish transmission system operator who is our client in the area of capacity market, is accelerating. The background to this is that PSE is of the opinion that some of our clients in one of our largest capacity market units of 50 MW were not compliant with emission rules based on their deployment and use of diesel generators.

We believe that this is not the case. When PSE basically sent us a statement in the second quarter of last year, we disputed that.

This dispute went to the Polish regulator, who sided with PSE. However, we still have the legal path towards the courts, which is something we initiated on the 17th of December.

What I should mention as well is that if there's a failure in adhering to the emission limits, the entire unit needs to return the remuneration received in a given year. This dispute relates to revenues from 2024.

It is our understanding that this consequence of having to return the revenues is only valid once we are at the end of the legal process. That means there's a binding ruling by the court, and in this case, administrative court.

This is how we feel very strongly about our view of the facts. This is why we are also treating this liability as a potential liability probably three to four years down the road.

However, we have been informed by PSE that from our point of view unlawfully they want to offset this return of revenues with ongoing revenues that we are invoicing to PSE. We received information that they want to start doing so as of the January invoicing, which is due on the 2nd of March, that means next Monday.

This is something we strongly disagree with. We have informed PSE about our view, and we've also sent a motion for an injunction to the Polish courts.

We will see in the next couple of days how this situation develops. However, this acceleration of this topic has forced us to fully reflect and create a 100% reserve for this disputed amount, which is the main reason why the result for the fourth quarter of 2025 is -€2.5 million.

We will get to this topic a little bit later. In operations and maintenance, we have had, as you can see, a significant increase in our business volume year-on-year from just shy of 900 MWp to over 1.2 GWp.

In the fourth quarter itself, we only added 8 MW. However, there were assets that were taken over and we started the O&M just at the beginning of the first quarter.

The growing trend there is continuing, and we see strong demand in the majority of markets. Here, what I'd like to add is that we are at this point in time the only photovoltaic O&M provider that covers the entire region of Central and Eastern Europe.

In our five core markets—Poland, Czech Republic, Slovakia, Hungary, and Romania—we're the only player who is active with their own teams in all these five markets. Here we can see a lot of interest by investors from within the region, but of course there's a lot of investors from outside the region that invest into assets across multiple markets.

The number of these players on our client list and not only in relation to one market, but where we cooperate on two, in some cases even three markets, is growing very dynamically. What is also developing very well is in Hungary and now in Romania, we are offering and in the case of Hungary already providing asset management services.

That means we're not contracted as the O&M provider, but we're also providing asset management or we are providing asset management and actually controlling their O&M provider. A new area for which you're getting ready and we're already in discussions is battery energy storage systems, where we are in discussions to provide also O&M and in other cases asset management.

The growth going forward will not only come from photovoltaics, but also from BESS. The pipeline of BESS projects across the markets that we cover is growing very dynamically.

This business line, we expect to follow this trend and become a more significant contributor in the next quarters and years. In terms of external revenues, the fourth quarter—and here external revenues means that the revenues that our own power plants pay to our O&M division is excluded.

However, on the cost base, only variable costs are excluded. In terms of external revenues year-on-year, you can see basically a flat line.

This is, however, driven by a significant volume of one-off revenues that were generated in Q4, repair work for two external customers, which boosted the Q4 revenues in 2024. Adjusted for that, there was a growth in line with the contracted capacity.

In terms of external EBITDA, you can see that the loss was reduced year-on-year from €650,000 to €280,000. This exclusion of group internal revenues, of course, has a very significant impact.

As you can see in the report for the full year, if we add back our internal revenues, for which, of course, there are corresponding fixed costs as well, we actually in this business segment generated an EBITDA of over €500,000. The next business line is technology trading, where we are acting as a wholesaler for photovoltaic modules, inverters, and battery and some other elements of balance of system, which, however, are rather minor.

Here you can see that in terms of volumes, particularly modules, were very active in the fourth quarter of 2025. When you look at external revenues, which showed a relatively small increase, however, this increased volume in modules compensated the lower volumes in inverters and batteries.

What we, of course, appreciate most is that external EBITDA and group internal revenues are very, very small for technology, well over 95% of volume goes outside the group. You can see a turnaround from -€600,000 in the last quarter of '24 to a positive contribution of €400,000.

Here in this business line, we now see growing prices particularly for modules, driven by changes in the export support by the Chinese government. That is also allowing an increase in margins that we are able to generate in this business segment.

Far year to date, we are seeing a very positive development. As far as we can see, which means up to the end of the second quarter, beginning of third, we seem to have some good tailwind in this business line.

Which concludes my overview of the business, and I'm handing over to Stanislav to guide you through our financial results.

Thank you, Georg. On slide 12, you can see the financial results.

As you can see, the consolidated revenues in Q4 2025 were more than €18 million. It means that it was 29.7% year-on-year decline.

Revenues from electricity generation totaled €2.8 million due to weaker output. Other revenues decreased to €15.2 million, as you can see, with the sharpest decline in engineering and New Energy segments.

EBITDA was -€3.4 million compared to -€2.2 million in Q4 2024, affected by a €3.2 million provision related to the dispute with the Polish TSO, respectively PSE, as Georg mentioned before. Raw materials and consumable expenses fell to €7.8 million.

Personnel expenses were 4.2, it's -11.5% year-on-year driven by the lower headcount. Other operation expenses amounted to €9.4 million.

Other comprehensive income, €5.5 million, mainly from a positive PPA revaluation. Total comprehensive income, -€2 million, an improvement compared to -€4.2 million in Q4 2024, as you can see.

Excellent.

Please. Balance sheet.

A brief balance sheet overview. Fixed assets increased to €223 million from 216, mainly due to commissioning of 5.1 MWp in Hungary and land revaluation.

Current assets dropped to 47, driven by reduction of inventories, assets held on sale, and cash and liquid assets. Equity fell to 52 million, down for 7 million roughly year-on-year due to the full-year loss.

Adjusted equity ratio, we have 25.1 after regulatory carve-out adjustments. Long-term liabilities increased slightly to €169 million, mainly due to loan reclassification and higher deferred tax liabilities.

Current liabilities rose to €48 million. It's briefly about the balance sheet.

Please, the next slide. Cash flow.

Operating cash flow is €6.2 million versus €6.8 million in Q4 2024, supported by non-cash items included in the quarter's results. Investment cash flow is -€1.6 million, reflecting project divestment and development expenditures.

Financing cash flow, -€5.1 million due to interest payments and loan repayments. Cash position at the end of the year 2025 is €3.2 million.

Thank you, Stanislav. In the in the next segment, we'd like to comment on the actual results versus our guidance in 2025 for 2025, where we guided revenues of €100 million and an EBITDA of €9 million.

As I was explaining earlier, we one of the main item that that had an impact is is the provision, the full provision against the disputed amount with the Polish TSO of €3.2 million. That that is based on the previously explained acceleration of the of this matter, we were forced to make make a make a a full provision, which amounts to to the vast majority of the difference between the guided €9 million and and the reported €5.1 million.

This happened at the very late towards the end of our just before we're publishing the the accounts. What we what you can see is on this slide is is we're listing items that, in our view, are of a one-off of a one-off nature and and and we are confident will should not repeat in this form that have significantly depressed our our revenues.

It's clearly the the €3.2 million disputed amount with the Polish TSO, also in total for the year a €1 million fine for from the TSO, with the most significant being recorded in the in the in the fourth quarter of approximately €700,000. We unfortunately also ended the EPC project in Pukenui in New Zealand with a a €1.3 million loss.

This project is is completed and will not reoccur in in 2026. We also we also booked write-offs of intangible assets, most significantly related to software, with a total amount of €1.2 million in 2025.

We also wrote off the remaining value of of our project pipeline in in Poland. This was a relatively large portfolio of smaller projects.

As you so if we adjust for these for these one-off items, then we would have been able to actually outperform the the the EBITDA guidance. We did not include on this slide the impact of the of the lower electricity sales revenues in Romania, which impacted us by €2.5 million.

We also believe that well, we will still have an impact as as I was explaining before. We only obtained licenses for Aiud and Teiuș now at the end of February, clearly we don't have revenues for these two power plants for the first two months.

Săcăteni, which is a 7 MW power plant, quite significant in our portfolio, will only most likely start generating revenues in May. There will still be an impact from the regulatory changes, but it will be significantly lower.

At this point, it's very very hard to to to assess whether this will be what amount that what it will amount to. However, again, everything else being being the same, that means these power plants being in our portfolio, there is a should be a much more significant contribution to our top line and EBITDA from resolution of this delay in in obtaining the generation license, also increasing our earnings power.

These are marginal We're bearing essentially all the costs related to these power plants, that means the depreciation, the financing costs, but I have not been generating revenues. This has been, of course, a very significant drag on our performance, which now with obtaining these licenses should should should go away or is going away.

There's probably another 1.5 to €2 million that we would expect to generate on on top of of last year's performance. As mentioned earlier, the the exit from the C&I business in Australia should also avoid a negative contribution of up to €1.5 million that also weighed on our performance last year.

While, of course, this €5 million of EBITDA are very disappointing and below our guidance, we believe that our true earnings power is is significantly higher. We are working very hard for this to be to become reality this year.

In addition, we are also continuing with a a very thorough review of our cost base, and that means we are also expecting and working towards a positive contribution to our EBITDA in in in 2026 through lower operating costs. As you can see could see in our report, the headcount in Q4 was already reduced by over 15% compared to to to previous quarters.

Headcount reductions are, of course, a very sensitive topic, but with a reduction of of our footprint, for example, exit from the Australian market, and of course also certain overhead capacities can be reduced. This has happened to a certain degree already, and and we'll have to be rightsizing now our central central functions.

We we do see still significant potential to reduce costs, but not only HR-related, where of course we have to make sure that we we are able to execute all the businesses that we are involved in and that we want to continue in the markets where we are present, but there are many non-HR costs where we see potential to to rationalize and reduce costs. From an operating point of view, our our goal for this year is to significantly improve our financial performance by first of all avoiding these these one-off items, having a resolution upcoming in relation to our Romanian revenue base, and and also the exit from Australia will will help us in that effort.

At this point, we are not we are not in a position to to to provide a guidance for this year. This is this is something we may address in the second quarter once we'll have we'll have a higher level of of confidence how business develops.

Of course, we also need to understand what the resolution of the dispute with PSE, if there is a resolution, will bring. This is this is currently one of our key areas of focus.

One of the one of the key questions and is of course the the our bond covenant covering the our equity ratio. The covenant is structured in such a way that we are calculating an adjusted equity ratio, which you can find in the prospectus.

We have a a so-called regulatory carve-out, which means that if on any of the PV power plants that are in our portfolios there is a an impact from a a retroactive change, we can our equity is adjusted for the for the impact. Here you can see the the cumulative or the the the values that that are the result of of these regulatory changes both in Hungary and Romania.

In Hungary, as we mentioned before as I mentioned before, it comes in the form of a of a five-year freeze of the indexation of the feed-in tariff. In the case of of Romania, it was a change of regulations that led to a loss of of revenues.

At this point, some of these losses has already incurred has been incurred and in but they also of course have an impact on the valuation of our our power plants. That means without those retroactive changes, those power plants would have a higher carrying value in our in our accounts.

Specifically, the the impact on the valuations is is smaller in Romania, with €167,000. The the five-year freeze of the indexation has a much bigger impact on on our Hungarian power plants in the form of to the tune of almost €1.9 million.

Whereas in Romania, it's reversed. We have incurred, as mentioned before, already €2.5 million in lost revenues due to the regulatory changes, whereas the impact in Hungary, as mentioned earlier already, is is relatively benign in comparison of €131,000.

The total impact is is is is around €4.6 million. When we add the this adjustment back to our equity, we still have an an equity ratio of 25.1%, which means we are above the the bond covenant.

Very close, of course, but we are above. Here you can see which which parts in our our equity statement are impacted by this by this regulatory regulatory changes.

The piece of news that that of course is is is a primary interest is that the escalation of our our our dispute with PSE and and the risk of not receiving revenues in in our capacity market business in Poland for the next couple of months, so an offset of these €3.2 million plus VAT, talking about €3.9 million, would represent a a complete loss of revenues at least for the first four months, most likely it will still include parts of the of our remuneration for May, of course represents a a significant strain on that on that on on this business line, which to date has been actually a good contributor to our consolidated results. This the what appears to be the final decision to offset was communicated to us at the end of last week, and and it puts us into a very tricky situation.

Of course, we are currently in a situation where where our liquidity is is comparatively low to to previous times, and in order to to preserve our ability to to react and and absorb the impact of this what seems to be final decision of of PSE, that means to to maintain continuity—we have, of course, operating costs there, we have in terms of staff, systems, and of course also customers with whom we've contracted—we had to make the very hard decision to to delay the payout of of the coupon on our bond, which we communicated in what of course at the at the very last moment, but it was linked to this piece of information that that we received very shortly prior to to to the to the coupon payment date. The situation with PSE is dynamic.

I explained before that we we are taking all legal steps to avoid the situation, including a request for an injunction, and within the next the next one or two weeks will will show how this situation develops. The questions that we have received so far are related to this topic.

We just following what I just said, we need will see we have to wait for for how the situation develops around around the green bond. We're of course working very hard on increasing the liquidity position.

We have communicated before that we are focusing very strongly on disposing of our development assets in in Romania. We also have discussions around our some of our operating power plants that have not been financed on a long-term basis.

What I can confirm is that we have interested parties, those discussions are ongoing, and we do expect some results from this effort during the second quarter. We are working very hard on on increasing the liquidity position, irrespective of what of this development in Poland in relation to PSE.

We are today not not able to give a specific date. Of course, we understand this is some is a very unpleasant situation, and we have so far always adhered to our to our covenants and and paid coupons coupons on our bond.

For this to an extraordinary situation, we're working very hard, I would say dare to say, day and night, to to rectify this and and and and pay the coupon, but we cannot give a specific date. The moment we are in a position to do so, at least give a give a specific date, we will we will, of course, inform the market, but more importantly, we will try to pay the outstanding coupon.

I see there are some questions from two investors who seem to have received the coupon payment from their custodian bank or the brokers. This is information that is second-hand.

I don't I haven't spoken to any of the brokers, but apparently several brokers have are pre-funding coupon payments and and and dividend payments. That means they're not waiting until they get paid by by our custodian bank, but they they they transfer it before receipt.

This is the reason why you may have been credited the coupon. Again, what I've been told by people who understand this process better than me, there may be then a reduction when your broker, your custodian realizes does not receive the funds from from our custodian bank.

You may have been have received this this coupon, but maybe the next couple of days that may actually be be deducted again. Please contact your broker.

This is what I've been we've been told, but it needs to be needs to be verified. That may explain why you have received the the coupon.

In terms of our cash cash position across the group, we are at the level that is is comparable to what we have reported in the as of the end of the year. This is the answer to the question what our cash position is as of today.

There's a question about the bond buybacks. While if again, we fully understand how beneficial it would be to buy back the bonds, but of course at them at this point in time, our priority is to maintain operations given the circumstances, particularly in Poland, but just as importantly to pay the outstanding coupons.

Buying back bonds and not paying the coupon is something that we definitely not do. The last question: So, "Is the revaluation models for Hungary, Romania, and Slovakia still in progress, and will be part of the audited statements?"

Of course we have updated our our valuations as of the end of the fourth quarter, and so they're part of the part of they're reflected in the accounts that that we and the statements we just published and and presented today. The models that we're using and the input factors are are coordinated with our auditors.

Of course, there will be a final review, but as of today, we don't expect there to be any significant change. Details of the Polish claim.

We I will I will try to explain this as best as I can, the the background, and we will try in the next couple of days to to to make available a more more detailed description. The Polish capacity market was established by by the Polish government, I think eight or nine years ago.

This is pretty much a copy of the of the model from the from the UK. The main purpose is is to have a legal title to provide support to the coal-fired generation units in in Poland.

The vast majority of of of capacity market payments goes to coal-fired generation in Poland. That's the part that we operate in is demand side response.

I would dare to say it's a bit of a fig leaf so that it doesn't look like it's only for coal-fired generation. In order to be able to to support coal-fired generation, the Polish government managed to get a an exemption from EU CO2 emission limits for any generation capacity commissioned before 2018, which covers of course all the coal generation units in in Poland.

Any any generation unit used in any of the parts of the capacity market has to after after that date has to be has to be has to comply with with the the the limits. The remuneration paid through the capacity market mechanism is considered state aid, and this is why it has to be approved and any changes have to be approved by the EU Commission.

This of course also applies to our to demand side response. The way it works is, through auctions run every year, we contract a certain volume of of capacity.

In the fourth quarter, it was 282 MW with the Polish TSO. The service we provide is is is if certain stress levels in the Polish grid are reached, the Polish TSO can can call the service that we coordinate, which is the reduction, the coordinated reduction of electricity consumption by our clients.

What we so what we do is we create so-called capacity market units, which range from 2 to 50 MW, where we on the other which contract with the PSE, and on the other side we contract with energy users ranging from SMEs all the way to to steel mills. Flexibility from our customers, of course, has can have multiple sources.

One of them is that they simply switch off equipment that they're using, or or even the lights in some cases. Going forward, it will be more and more achieved through batteries.

One flexibility element is on-site generation, and this can be in some cases these are this is cogeneration, but also a lot of customers are adding diesel generators. Either they already had them before we contracted with them or they're adding them later.

These and and diesel generators that are that are that were commissioned after 2018 are subject to these to the CO2 limits. These CO2 limits can only be achieved if if either fully or at least to a very significant degree, these diesel generators are run with biodiesel.

Every year, we we we have to state to PSE that that all our customers are adhering to these limits. On one hand, it has also become obvious over the last two to three years that it's very hard to police, because when a customer decides to add a diesel generator, he has to inform us, which is not always happening automatically.

There are also there's also certain exceptions. One of the the problematic assets that led to this dispute is actually a customer of ours who added a diesel genset for primarily for heating in winter.

For this there is an exemption as long as as they are not visibly used in in this service that we that we provide to the to the TSO. There are these tricky areas, and basically the dispute arises from in total three assets or four assets that where where it is it is in this in this technical gray zone.

We have the strong view that that we were compliant. The problem is the consequence of of non-compliance by even one asset in our in our capital capacity market unit is a return of revenues for the entire year.

Essentially, and unfortunately in this case, a 50 MW unit with annual revenues from the TSO to us in 2024 of €3.2 million is, from the point of view of PSE, affected. To say we had assets that were non-compliant.

The the view of the TSO is that they were non-compliant, and therefore we need to return the revenues. From a technical point of view, we we are of the view that that we did not violate the the emission rules, or our customers did not, and so this is the source of the dispute.

When when the TSO informed us that we're non-compliant and asked us for the return, we appealed their decision with the energy regulator, URE, in Poland, who then on the 3rd of December decided to side with the PSE's argumentation. The legal process is such that we still have the path to administrative courts.

This is what we did. We filed on the 17th of December, and expectation was that this this case Well, first of all, we feel quite confident that that we have a very strong chance of prevailing in this in this court procedure.

Secondly, we're also expecting that this will take, as there are two two levels, before a final ruling occurs, we will probably take three to four years. Of course, in administrative law, the the disputed amount only becomes due when there's a final court ruling.

PSE seems to take a or has taken a different stance and is now basically unilaterally, and from our point of view unlawfully, trying to offset this this return the disputed amount, which, again, would represents approximately four four months of revenues in 2026. Of course, the impact is is is extremely significant as we have a very high fixed cost base in this business line.

Yes, our expectation is that that that the court process can take between three to four years before there is a final ruling. What we have done now is we have we have sent a request for an injunction to the court to issue against PSE so that they cannot offset the disputed amount with the revenues that they owe us for the ongoing provision of of services.

By court By law, courts have seven days in Poland to to react to such a request. Reality seems to be different, it can take take longer.

Basically, we have to we have to see how this how this develops. We will, of course, pursue all our legal options and and and procedural possibilities as actively as we can.

The question before is about the refinancing of our green bond. Of course, this situation that has occurred over the last couple of days Our original plan was to address the refinancing after the publication of the audited results for 2025.

We, of course, understand that that now we're in a different situation with developments in Poland, with the fact that our coupon is delayed. All I can say is that with a sense of urgency, we are, first of all, looking at improving our our business performance, maybe even even somewhat more radically than than before.

At the same time, we are reviewing the options that we have. We are, of course, aware, and one of the questions that was sent to us before the call to reference to what is going on in the German bond market.

There are We are at this point in time not the only renewable energy company that has issued a bond in in in Germany and is not doing very well. We are aware that that—and I will not name names, but there's there's two or three companies that have commenced a a discussion with the with their bondholders.

We're not at this point, but we are aware that this is a possibility, and it is it is definitely one of the things we we we will be contemplating. It is a combination of of improving our our internal performance, which I think is and and cash flow generation through a combination of reduction of costs, generating cash through the sale of assets.

We will, of course, also have to look at at the funding structure of our group. I think in terms of the R-word, restructuring, I have probably said everything that I that we feel comfortable doing at this point in time.

We understand it is a it is a difficult situation, and it requires swift and and thorough action. We will inform the market as soon as there's something reportable in this in this relation.

There is a a question about what happens if the court denies the motion, or whether it has a yeah, what the impact on the on the parent is. I think if we have a if if this offset crystallizes and and there's no stay on it, we'll definitely have to think very hard what what to do with the the entity affected.

The one of the key issues But in any case, we have in the background, we have people that work in in back offices, we have we have systems that that are used not only for the capacity market, but also for our our electricity trading, and not only in Poland, but also in Hungary and the Czech Republic. The elements of of this business of New Energy that need to keep going, and and and of course, they that means they incur fixed costs.

Those we need to So in essence, they're mission-critical for the other parts in New Energy, and and those we have to maintain, and with a significantly lower revenue base, but also contribution base. This what needs to be covered centrally.

It did it So this is the main area where it has a it has a drain on on central cash flow. From our point And on our end, we are I think at the end of our presentation.

Are there any more questions that There's a question about audit. The the audit is ongoing.

Yes, given the current situation, going concern is of course a a a key topic. Another question on Australia and the and the voluntary administration process.

Yes, we did describe as the impact as minor, and yes, it's correct that the intercompany loans that were provided from the holding or or other entities in the group to the companies that are currently in voluntary administration are so they're not They will be written off, but of course they they are eliminated on on consolidation firstly, and secondly, they essentially reflect losses of these Australian entities in the past. They've been already reflected in our past financial statements.

While we don't expect a complete zero, but whatever the the the write-off requirement will be will not have an impact on the So so in our consolidated results, we we keep we've written this here as zero, any positive result would actually be positive. We don't So we don't, however, at this point, we don't expect any any material In the context of our balance sheet our equity, any material impact either way, neither positive nor negative.

There was also a question about the value of these receivables, which at this point we cannot report, but I think once the VA process will come to an end, we will we will be more specific. It is It is a significant amount, but as said, the impact on a consolidated basis will will not be not be material.

If there are no no more questions, then I would like to thank you for your attendance and your interest. It is very challenging time, and and of course we are very very sorry about the the delaying the coupon payment, and we are really working very hard to to to get to a point where we can not only not only make the outstanding payment, but of course our goal is to to get back to what we have been able to do for over a decade, which is which is timely payment of all our our coupon payments.

If not for this extraordinary situation We understand how important it is, and and we know that a lot of investors have have shown a great level of trust in our business, and and and this is really something that we don't was not part of our plan. We are addressing it as as as as fast as we can, and as at the moment we cannot give an an an exact timeline, we will There's a commitment from us, of course, we will communicate any news that that can clarify the situation in terms of in terms of timing.

Thank you very much for your interest, and we do hope that that on our next call we will we'll have more positive news and not only in terms of numbers, but also circumstances to to report. Thank you very much, and have a great day.

Thank you. Bye-bye.