Good morning, ladies and gentlemen.

Good morning. Uh,

pleasure to welcome you at the Photon Energy Group earnings call for the first half and second quarter financial results uh for 2026. We will be guiding you through the presentation today jointly with Stanislav Zeman, our CFO, and following the the usual format, we will uh present you the the business results of um of the most important segments.

Stanislav will run you through the financial results, and then then of course, we will uh spend uh some time discussing the the group restructuring, and in particular also then the the bond restructuring, which is uh underway, and and there will be space uh for your questions that we will try to answer as uh as well as we can. Starting with the business results in the segment, which is the main driver of our EBITDA, which is electricity generation, as you can see, our portfolio has remained unchanged essentially over the last uh five quarters.

We have a total installed capacity of 134.7 MWp, uh of which the the Czech and the Slovak portfolio are vintage 2009 to 2011 and are uh selling electricity based on feed-in tariffs. Then we have slightly over 50 MW in Hungary.

Again, the vast majority is uh selling on the basis of uh uh a feed-in tariff or feed-in tariff type support schemes, and in about 30% of the portfolio is selling electricity into the day-ahead market uh so, following a merchant scheme. Then we have over 50 MW in Romania, where all power plants are selling into the uh day-ahead market, with the exception of our last power plant that is waiting for its uh license to be issued, um Făget 3, a 7 MW power plant, where we are currently selling electricity through an offtake scheme with the Romanian TSO, Transelectrica.

Um, the energy generation result for the second quarter saw a 55% -- sorry, 10% increase uh year on year um to over 55 GWh, uh which was due on one hand to good weather in the second quarter, uh but also more of our Romanian power plants being finally connected and and generating revenues as compared to the uh same quarter in uh 2025. Uh after the end of the second quarter, in in during the month of July, uh Săhăteni, which is one of our two largest uh power plants in Romania, in the case of Săhăteni, that's uh 7.1 MWp.

Uh the license was obtained in mid-July, and the power plant uh started operations, selling into the Romanian um day-ahead market on the 3rd of August. Um and we are currently waiting, as mentioned before, uh I mentioned Făget 3, uh which is which has 7.5 MWp installed capacity, uh finalizing the testing procedure, um which is the last document we need to file for the license.

Um This is This is um uh This should should be should be finalized in the next uh one or two weeks, two weeks until the end of uh of August. Then we will file for the license, which, however, will lead to a shutdown of the power plant of about 45 to 50 days until we obtain the license and uh and are able to commence operations based on the license, which means start selling into the into the uh the day-ahead market.

Um and there we have a little bit control over timing, we will we will uh As we are generating revenues through this offtake scheme, uh we're waiting for the for the right moment to still maximize the the revenues from this power plant uh between now and the end of the year. Um In terms of uh the increase in uh uh generated volumes, the this 10% overall uh was more tilted to the to the uh power plants that are uh working under the merchant model, and uh and that disparity is uh simply explained by the fact that in the second quarter of 2025, uh some of the power plants were not operating at all, uh so this is why the growth in in overall generation was more pronounced in the merchant part of our portfolio.

As you can see in terms of uh overall volume, um the the biggest market uh was Hungary, uh followed by Romania. Again, Romania, because not all power plants were uh fully fully operational uh during the second quarter.

Uh Looking at the revenues, we have seen uh in the second quarter a very healthy uh uh increase in revenues of 20.5% uh %, which means outstripping the growth in volume. Um and um uh the main driver here has been uh an increase in the in the day-ahead prices or the market prices of electricity in the second quarter uh compared to the same period last year.

Here the drivers were We've also seen fewer negative hours in the second quarter. Uh and uh the heat wave that uh swept through Europe and Central Europe uh in the second half of June has been a main driver, but we've also seen higher prices in the in the months before, um second half of April and then also during May.

This has uh led to a uh pronounced increase um in in our revenues, on top or outstripping the the the volume increase. If you look at the revenues by market model, uh here, our revenues of course are still extremely uh strongly tilted uh towards um the part of the portfolio that is receiving its revenues based on the feed-in tariff.

Here the main driver, of course, is our Czech portfolio, where we are generating well over €600 per MWh, um uh compared to about €120 in Hungary, uh based on feed-in tariffs, and around €250, €260 uh in in Slovakia. Of course, market prices on on the on the merchant portfolio side uh are significantly lower.

Uh However, you can see that the merchant section of our portfolio has grown in terms of revenue contribution in the second quarter very strongly. Um You can see that the realized average prices uh and here, of course, uh Romania and Hungary are the most important ones because there we are exposed to market prices, you can see that the prices have been higher than in the same period last year.

Um In terms of EBITDA contribution, you can also see that this uh increase in revenues has uh translated um almost uh almost one to one um into an inc- uh in- into into a significant increase, the EBITDA contribution from the investments or energy generation segment uh grew from €6.3 million last year to uh almost €7.9 million. Uh So overall, we can say that uh the combination of more of our power plants finally being operational in Romania, good weather conditions, but also um also higher prices have uh have uh led to this uh uh stronger contribution of this segment to our overall numbers.

Um In the third quarter, we have seen uh a continuation of the trend of higher energy prices compared to last year. In particular now during the month of August and again driven by hot weather, uh low uh water levels in rivers, and the uh partial and in some cases, complete shutdown of of nuclear power plants, uh but also also coal-fired generation uh keeps keeps prices at uh elevated levels.

Uh August, particularly our target markets, Hungary and Romania, tends to have have uh among the highest prices in the season, but uh this of course is now significantly more pronounced. Um You may be aware that in in Romania, they had to now completely shut down uh the Cernavodă uh nuclear power plant, the only power plant, nuclear power plant in in the country.

Also in Hungary, Paks, uh that the single nuclear power plant in in Hungary, has had to reduce its production from the maximum or the normal level of 2 GW to um around 480 MW is what Paks is contributing, actually as we speak. This has been partially, or to a very large degree, offset by solar generation, particularly in Hungary.

In the morning and evening hours, the that the gaps that that have been exposed in the in the consumption profile or the supply profile, has been filled either by imports from other countries or now an increased level of generation from fossil fuel power plants, and a significant element there is gas. This is something we're seeing, of course, now across Europe and and in in other countries, where this heat wave has led to the reduction of conventional power plants, mostly nuclear.

It also leads to another topic, which is now becoming more and more obvious and being covered in the news, and that is that Europe at this point in time is very significantly behind the curve in in replenishing its gas reserves for for the heating season. In Germany, for example, Germany today stands at 50%.

Last last year, at the end of September, Germany had 76%, which is kind of the target level also set by the EU. As things stand today, Germany will have troubles getting to 60% by the official start of the heating season, which is the 1st of October.

Gas supplies from our point of view will will remain tense, of course, driven by geopolitical the geopolitical situation, the closure of Hormuz, and on that basis, our view is that we will see strong electricity prices during the winter season, and also expected and to feed into the into into the next year. Coming back to to the to the to the third quarter, so far, what we've observed now in the second quarter, that means higher prices compared to last year, we also see now in the third quarter, and and expect a similar scenario for the remainder of the year and the beginning of next.

Moving on to our next segment, which is technology trading, the distribution of components. Here, you can see that in terms of volumes, we have had a very strong second quarter, mostly driven by by an increase in in modules, but also batteries.

Inverter volumes have have come down, although the the the margin is so low that they they actually they they've never significantly contributed to the profitability. In terms of revenues, you can see that we've been able to increase our revenues by over 50%, 56% uh exactly to almost €10 million.

The EBITDA contribution has has been reduced year on year. However, that is driven by by the by the by the sale of some very old stock that we have we've had in the in in in in our inventories, which now we've been able to to largely sell off.

We see continued strong demand, and, of course, this dynamic in energy prices, we believe, will continue fueling this business. The the growth in modules has, to a very large degree, been driven by a very strong demand from Ukraine, which is a market we we we're focusing on quite strongly, but in this business, we also serving customers in in in other core solar markets in Europe.

That would include Germany, Austria, Balkans, Poland, but also Romania. It's very international business, but our additional focus on Ukraine has been a major driver in this in this business volume and financial growth, and we see continuous strong demand from this market as particularly now again the winter season is is approaching, there's a lot of projects and significant demand for distributed generation, but also also energy storage.

We So revenues, very healthy growth. EBITDA down, however, linked to to a one-off.

The summer months has been now a little bit quieter, but for the rest of Q3, but then in particular Q4, we we see very strong potential and expect for the full year a significant increase in the revenue, but also EBITDA contribution to the group compared to 2025. Another important business line for us, which we keep reiterating, is the operations and maintenance segment.

In this in this area, we take care of our own power plants, but as you can see, are serving a growing asset base for third-party customers. We are the only solar O&M provider that covers the the entire CEE region, with Poland, Czech Republic, Slovakia, Hungary, and Romania being our our five core markets.

You can see that year on year, we have been able to increase the contracted asset base by almost 25%, and now over 90% of of the contracted volume comes from external customers and only 10% -- so the 134.7 mentioned before -- are group-internal. A very important milestone for us has been the signing of an asset management contract for what we believe to be the first major battery energy system connected to the grid in in the region, which is a 100 MW battery, where we're taking care of it as an asset manager, not from a technical O&M point of view, but as an asset manager for one of our already existing clients, for whom we have been providing for several years now solar O&M in Poland and and asset management for PV assets in the in the Hungarian market.

This 100 MW connected in Hungary is a major major milestone for us, and this is a a a a service line, that means asset management for both PV, but now more and more with batteries, is for us an extremely important growth vector going forward for our business. Financially, you can see that revenues and here, the most important message is these revenues are group-external, they don't include also like EBITDA, they are group-external revenues and and EBITDA.

Year on year, you can see that the increase in revenues has been more or less in line with the growth in in asset volumes. We've grown our EBITDA to €1.37 million in the second quarter compared to the same period last year.

The negative EBITDA has been reduced from €366,000 to €125,000. Again, I'm coming back to what I said before: these numbers are group-external.

If we included the revenues from our proprietary portfolio, then then actually the the EBITDA of the O&M segment for the second quarter would have been a positive €543,000. Another way of looking at this is that essentially this EBITDA loss of €125,000 is the the cost of of operating our portfolio, which in reality is much higher.

The format is we we exclude group-internal revenues and and and with the cost base more or less unchanged because most of the costs in in O&M are are fixed, and therefore, we have this still negative result, but once we look at the entire revenue base of this business line, then it is already very profitable and contributing strongly to the group. The next segment is New Energy, which is under restructuring and partial wind-down.

As as you're aware, we have had to file for bankruptcy for our Polish subsidiary Photon Energy Trading PL, which on one hand was a a strong player in the Polish capacity market, and this is also where the reason emanated why we had to take this step, but we also held a energy trading license and were actually growing our offtake business from renewable sources quite nicely at the time when we had to file for bankruptcy. This this electricity trading part of our business, unfortunately, is also is also lost.

Nevertheless, until the court So we filed for the for the bankruptcy at the end of March. However, we continue operating the business as best as we can until the court decides on our bankruptcy petition.

In June, the court appointed a a supervisor, who, in all likelihood, will then also be appointed as administrator, with the all the steps we're taking now and the business is is conducted under the supervision of this court supervisor. Nevertheless, the the business continues, and and we are providing the services to PSE.

At some point, and it is very difficult to have an exact timing, our expectations towards the end of September, something between the end of September and end of October, we realistically expect the court to decide on the on the bankruptcy, and that will be the moment when when we will we will lose control and and also deconsolidate this entity from from our financial financial results. Nevertheless, and well, the other significant business that we have in the New Energy segment is our is Photon Energy Trading Hungary, which holds an energy trading license in in Hungary and the Czech Republic.

We The main market is Hungary, where we offtake and sell electricity from our own power plants, third-party assets, both wind and and solar, and we are we are supplying SME customers with electricity. Looking at at the business segment as a whole, you can see that year on year, we have managed to to grow revenues from €4.5 to €6.6 million, almost half, and we've also been able, compared to last year, to actually swing into a profit.

Last year, in the in the second quarter, we lost almost €1 million, and and in the second quarter this year, the New Energy segment actually actually has a a small but still positive contribution to our our financial results. In the engineering segment, where which covers the the EPC services for utility scale, but also for behind-the-meter.

This is a segment that is currently under restructuring. Here, of course, the the loss of our Australian engineering business, which was involved in in a lot of behind-the-meter projects, but also in last year, in New Zealand, we we built the the 20.7 MW power plant in Pōkeno for a customer, these these businesses are have been wound down or in the process of being wound down.

Now the action is is is here in Europe, and we're currently restructuring this, how we offer EPC services both for utility scale and behind-the-meter, also in the context of energy storage being more and more of a integral element of of the vast majority of projects that we are in discussions of getting involved in as an EPC contractor. Going forward, of course, we expect this this business line to provide a more positive contribution, significantly more positive than what we've had in the second quarter.

The restructuring is ongoing, and we do we do expect a turnaround and positive contribution in the remainder of the year. At this point, I'm handing over to Stanislav to walk you through the financial results very briefly, and --

Okay. Thank you, Georg.

Regarding financial results, as you can see on the slide, the consolidated revenues reached €28.3 million in Q2 2026, representing a 10.4% year-on-year increase. Especially revenues from the sale of electricity amounted to €9.8 million, up to 20.5% year on year.

Other revenues amount of €18.5 million, up to 5.7% year on year. On the cost side, expenses for raw materials and consumables increased to €15.4 million.

As you can see, it's plus 28.1% year on year. I would like to underline three points.

The first is that the personnel expenses amounted roughly €2.9 million. It's minus 27.7 year on year.

What does it mean? It's result of lower head count, which went down by from 307 full-time equal to Q2 2025 to 198 in Q2 2026.

It's minus 35.4% year on year. Other operation expenses amounted in €3.5 million, down by 47.6 year on year.

Why? Because it's a result of business downscaling, cost-cutting initiatives, and strict budget control.

Very important number is EBITDA because EBITDA amounted to €5.7 million in Q2 2026 compared with €2.8 million in Q2 2025, more than doubled year on year. Net loss of €0.3 million in Q2 2026 compared to a net loss of €3.2 million in Q2 2025, reflecting reflecting a significant year-on-year improvement in profitability.

The total the total comprehensive income was €0.9 million compared to a total comprehensive loss of €2.7 million in Q2 2025. Regarding balance sheet, the total fixed assets amounted to €225.5 million compared to €224.8 million at the end of 2025.

As you can see, current assets declined to €46.8 million compared to €47.8 million at year-end 2025. Equity of €51.7 million compared to level of €53.3 million recorded at year-end 2025 due to the negative results booked in the period.

The adjusted equity ratio stood at 23.2 compared to 23.8 at year-end 2025. Regarding long-term liabilities, remained stable at €169.9 million compared to €169.6 million at year-end 2025.

The current liabilities amounted to €46.7 million, decreased by €2.1 million compared to year-end 2025 balance of €48.8 million. This is the main numbers from balance sheet and cash flow.

Operating cash flow, as you can see on this slide, is €5.9 million compared to €8.2 million in comparable period last year. The operating cash flow, despite negative profit, was supported by adjustment related to the depreciation, net finance costs, and changes in working capital.

Investment cash flow was neutral at €0 million, reflecting the group's disciplined capital allocation approach and restructuring strategy. Financial cash flow amounted to minus minus €5.2 million as a result of repayment of debt and scheduled interest payment.

Net cash position stood at €2.4 million. Total liquid assets amounted to €8.8 million.

Okay. Thank you very much.

Thank you.

As you can see, the restructuring efforts are already showing in our in our results, there's been a very significant head count reduction. What, two years ago, we were close or at a level of 400 full full-time equivalent, and at the moment, we are basically at half that level.

There has been already a significant retrenchment. Of course, this is still not the end of the road in terms of our cost reductions.

As you can see, we also have business lines that are growing, I think on the personnel side, we don't expect any any material changes anymore or as dramatic as they were the last 12 12 months, but of course on on on other expenses, we still see some areas to to further reduce our costs and and and trim back our cost base in line with our continuing business. The priorities are to complete the work related to the liquidation of our Australian Australian business.

As we had to put three entities into into voluntary administration and then ultimately, into liquidation, but we also have some other remaining assets and activities, which we are also in the process of winding down, and in some cases, we're talking to to certain buyers or possible buyers. We are completing the asset transfer of the Yadnarie project to AGL.

This is this is actually still ongoing, as it is an asset deal, but the transfer itself is now relatively imminent, and the the main part of our sales proceeds from this project will will only materialize in 2027 when AGL makes its final investment decision to proceed with this with this project and and and build it. This is a process we're not directly involved in, but is our understanding that all systems are go and both AGL and RayGen as the technology provider are proceeding in this direction.

This trigger for our final payment of over 4 million Australian dollars, we expect at this point in time, based on on the information we can interpret, sometime maybe in the third quarter of next year. Then we have, of course, the we also need to finish the the process around the bankruptcy proceedings of Photon Energy Trading.

I already elaborated on that before. Sometimes in the at the beginning of the fourth quarter, we expect that the court will decide, and and and and control and therefore also all the support that we still have to give in terms of accounting and and finance and and and legal that we have to give to this this entity will then move into the hands of the of the administrator, which will also relief us from both workload, but also also costs that we're still incurring.

I touched upon the reduction in head count. You can see that this reduction has already year on year shown a significant difference in the second quarter compared to the same period last year.

This reduction in head count also continues in the in the third quarter to some extent. As I said before, we are now reaching a level where where which we actually need to sustain and grow our business in those areas that are are profitable and have have have growth potential going forward.

Of course, other office costs sorry, other other operating costs have also been the target, and again, we keep squeezing. We have trimmed down our our our office costs wherever it was possible, but also in other in other areas like marketing, nonessential travel, third-party services provided, and and administrative costs.

We keep working on this very intensively and and and we're aiming for additional significant cost reduction. Whatever we can, we are actually renegotiating and and and and re- retendering to to get to the lowest the lowest possible cost base.

A very important element for us, and this we have already elaborated on in our previous calls and our other communication, is is to monetize our asset base in Romania, and that asset base if is a combination of of ready-to-build projects, but also operating power plants. Here, we have one ongoing process for two of our operating power plants and and a significant part of our ready-to-build projects.

That transaction is ongoing, waiting for regulatory approval, which we expect before the end of August, and a potential closing before the end of September. We are in discussions with other potential buyers and buyers for some of the other assets that we have in in in the Romanian market.

Of course, one very significant strategic priority is to is to complete a restructuring process with with the bondholders of our euro green bond, which we have initiated by sending out an invitation at the end of July, an invitation to vote. We have initiated a bondholder meeting, which proposes several resolutions.

One very important one is the appointment of a joint representative to kind of represent the bondholders throughout the entire process of the restructuring. This is something that German bondholders according to German law are entitled to, and they could also appoint it themselves, they're entitled to to appoint a bondholder representative, which then becomes the the main gateway for us for communication with the bondholders.

We have also asked would also be asking the bondholders to provide us with a temporary waiver for the in relation to the publication of our 2025 annual report and audited results, which we had to postpone now ultimately until the end of September, and that they would provide us relief on a interest rate step-up that we have in our bond conditions of 1% if we fail to adhere to to our reporting obligations in time. The third important element is is that we have we are proposing and seeking the approval of bondholders to approve a one of one of the one of the terms and conditions that also represents a a a a covenant, and that is the an amendment of the the formula for the adjustment or for the calculation of the adjusted equity ratio, which is a a covenant for the for the for the bond, where at the moment, we have a so-called regulatory carve-out.

There's a provision that if the adjusted equity ratio drops below the 25% stipulated in the in the bond, when it drops below 25% as a result of regulatory changes, then then an adjustment can be made, and and and a drop below 25% linked to such regulatory events provides relief and and does not does not and does not trigger the early termination provisions of the of the prospectus. This regulatory carve-out at the moment has been linked to our PV generation assets, it's it's specifically aimed at PV assets in in that we have in our portfolio.

When this bond was issued in 2021, of course, we already had experience with regulatory changes related to our solar assets in Czech Republic, Slovakia, and and in other markets. This is why this carve-out was phrased like this when preparing that that prospectus.

However, our business in the meantime has has expanded, has changed, particularly after the acquisition of Lerta, we've got into other segments of the energy market, and and actually the the issues we ran into in in Poland in in relation to the Polish capacity market, are also related to regulatory changes. We are asking we are asking bondholders to expand the definition or the scope of this of this regulatory carve-out.

We've also committed to commission an independent business review, which is in in in in a restructuring situation like ours, common practice. We've committed to appointing a a a provider to prepare an independent business review by the end of August.

This is something that we will be informing that the the market about shortly. The goal of this independent business review is to provide bondholders with an independent assessment of the group's financial position at this stage, but also the business prospects and and strategic possibilities and alternatives going forward.

This document and its conclusions then provide the basis for the next steps, which is a discussion and analysis and negotiation about any restructuring of the financial instrument itself, which is which is our that green bond, issued in 2021. The current outstanding volume is €78.8 million.

This bond has some institutional investors, but also a very broad retail investor base. The bond is relatively widely held, and, of course, one of the very important principles for us, but we believe everybody involved, is that that all bondholders are treated fairly in this in this restructuring process.

As you are aware, we have not been in a in a position to pay the coupons due on the 23rd of February and on the 23rd of May, and we've also informed bondholders that we will not be able to pay the coupon that is that is due on the 23rd of August. This is so this remain so these these these coupons are deferred and will be subject to the the the overall restructuring solution that we will be seeking in this process.

However, however, we will we are working very hard to get back into a position to resume the payment of of of of of coupons going forward. At this point in time, next to the restructuring measures we're taking, the monetization of our noncore assets, primarily our our assets in in in Romania, are the are the most important tasks that we are pursuing to increase our liquidity situations where we can we can resume the payment of coupons.

Thank you very much for your attention, and I can see that there are several questions that we will try to address. Of course, please feel free to add more questions.

I will I will go by we will go by the as the questions came in. The first question is that, "According to the H1 report, the company is repaying its bank loans.

On the other hand, it has suspended interest payments on its bonds. Why is this particular group of bondholders on the debt side being discriminated against in this way?"

The the financial debt in our group is at different levels. At the level of Photon Energy N.V., the the the parent company, we have essentially two financial debts.

One is a a €5 million financing line provided by EBRD, and and the the green bond, which is an unsecured instrument. The remainder of of our financial debt is further down in the in our structure, and the vast majority of that is is actually linked to projects.

That means this is these are project financings, where the principle is that the power plants that are financed by by the by by banks are owned by project companies. Their only activity is to own and operate those power plants, and they provide and and and and they are used as security to the to the financing bank.

The financing bank finances that that project company or has financed in the past, and that that project company, from the revenues generated by selling electricity, then repays those bonds sorry, those loans according to the agreed schedule in the project financing setup. On the other hand, this financing is is is nonrecourse, which means that if there's a problem with the specific project, we as the equity sponsor, as the owner of the equity, are not obliged to to support or to inject We're not liable for that for that debt.

Essentially, once a power plant is up and running and financed in this way, things run pretty much on on autopilot as long as the sun shines and we can make sure that the power plants actually generate electricity and therefore revenues. There is a a an agreed-upon repayment schedule consisting of of course interest payments and and and the repayment of debt, in most cases in an amortized schedule, and we, as the equity sponsor, can extract funds in the form of dividends or or interest on shareholder loans or in sometimes other mechanisms, either once or in some cases at multiple points during the during during the year.

What comes first at the project level is the repayment of the bank. What you see in terms of repayments to to bond to to to the bank to banks in in the these financial statements, but also others, this is all project financing is all project financing-related payments.

It's It's The financing is of a different nature. Of course, it is a very unfortunate situation that we have come into at the holding level in relation to the green bond that we have not been able to pay the coupon for the reasons that we have already explained today and also previously.

As you can see, we are we are working very hard to come back to a position where we can resume the payments, but also doing this restructuring process to to come to a solution that is that is beneficial for all parties involved, and and that, of course, means the bondholders. The next question is is whether the RayGen investment is valuable and whether an exit is possible.

The company the company's further development very strongly hinges on the on the Yadnarie project that we developed and and sold to to AGL, which is also an investor in the in RayGen. This project is very important as a It's a very important signal for the global bankability of this technology.

This project is ongoing. The company, as far as we know, is considering an additional capital increase.

The support from existing shareholders seems to be strong. Of course, we're not in a position to participate in any additional capital raising, but we also see that the the the pipeline of projects globally across the markets where the sun conditions are are are sufficiently strong is growing.

We see new counterparties, new investors showing interest in this technology. It is It is, of course, a a long path to to bring to market and commercialize a technology that requires a project specifically for the technology to be developed beforehand.

This is something we have gone through, but we do see encouraging signs. Yes, we do we do see value.

Others see value as well. An exit, I mean the original thought was that there would be an exit in relation to the entire company, but we also in our situation, we are looking at ways how to potentially exit before any such corporate event for for RayGen itself.

All I can say at this point is we are we are seeking ways how to potentially proceed with that. It is, of course, one of those assets in our balance sheet that, in itself, is not contributing to revenues or EBITDA, and, of course, proceeds from the sale of of our stake in in RayGen would be helpful.

It's something we're working on, and if there's any tangible result, we will, of course, inform the market. The next question is whether the the proposed measures regarding the bonds has been discussed in advance with major bondholders, and specifically the next question is, "What is the EBRD's position on this, for example?"

Of course, as you can imagine, we we are being approached by many bondholders from the largest to some smaller ones, and and we're trying to communicate as as much as we can. As best as we can, but we are also and also not divulge information what what what we're discussing with very specific bondholders.

We are aware that EBRD is the largest bondholder. I think this is public knowledge.

Of course, they're not staying silent. Yes, communications are going on with multiple bondholders.

The next question is is, "Please explain conflict of interest between the equity and debt sides of the balance sheet." I know there's a lot of scenarios or there's I think there's very long lectures and thick books written about the conflict between equity and debt.

I think our understanding, and here I will speak a little bit as as a shareholder in in the company, one of the key sentences I remember from my finance classes is that when you indebt a company, you've essentially sold the company and retained a call option. This is This is essentially a situation we are in today as as shareholders in the company.

All I can say is that that on behalf of, I would say, of all shareholders, we our goal is to to to get the company back from the from the bondholders or from the from the debtors. In that, for me personally, I don't see a conflict.

I think when that happens, it means if we find ways how to repay repay the debt maybe on different terms and different timelines, then then everyone will be happy. This is this is this is, I would say, the approach we're taking.

Yes, I think there's a lot of scenarios, but all we can do now and then and what we're doing now is to bring the company back on track, solve the solve the issues that have, unfortunately, coincided three very big areas, resize the company, focus on what what is profitable, and and of course, in parallel, solve the situation related in relation to the bond, but overall, find a way how to bring the company back on track to the eventual satisfaction of all stakeholders. Of course, at the moment in time, bondholders are are a very important stakeholder group.

In this in this process, I believe that we will From my point of view, we're sitting in the same boat, and we need to find the best way how to get to safe shore. This is essentially the spirit in which we are working.

That's why I come to the office every morning, if if that helps, and and it is a significant task. However, I believe we have already made certain restructuring steps that that are pointing in the right direction.

We hope that the numbers we've just published are at least a first if if only small, but still a light that we're moving in the right direction. Of course, it's clear we need to reconfirm that in the next quarters.

We need to come to a a workable solution with the bondholders in this restructuring process so that a few quarters from now, we'll be in a much better place. Next question is, "What about a debt-to-equity swap?"

All I can say is that, of course, in this restructuring process, this is one out of many many scenarios. In any case, if that were part of it, it would be just part of a much wider solution, and of course, we're not in this in this process of discussions yet, and therefore, cannot comment.

Then we have a next question is, "According to the report, there is an overdraft of €4.95 million that has matured at the end of September." All I can say is that this the solution to this is still in discussions with the financing bank.

Next question is about, "The new owner of our former Photon Corporate Services..." What I can say is that that this is an independent third-party investor who bought who bought actually two entities from us, a a holding company that has a subsidiary, Photon Corporate Services, and and all I can say is that we are in the process of of moving still that company providing some services to us.

We've moved a significant part of the employees into the group, but there are some services that were still that are still being provided. That's all I can say at this point.

The next question is, "Why bondholders are not being given the opportunity to put forward their own candidate as a joint representative?" The bondholders, according to German law, have the possibility to to put forward their own candidate or candidates, as long as they find a bondholder to to support them, can put or if if they buy the bonds themselves, they can put themselves forward.

This is this is this is something that is open, this possibility exists. If there is a time window where where such proposals can be made and and and be put for for vote.

I think all I can say at this point is that we have given due care to make sure that the candidate we put forward -- and and here, it's it's very important to say that this is not our candidate. The joint representative is, by law, purely beholden to the bondholders.

He's he's he's responsible towards them. He represents them, and and and his role is to to to make sure that their rights are protected and and and and for us, is to get a joint point of contact.

All we're doing here is, as we, as the issuer, called the bondholder meeting, we are essentially providing the venue, and and and we have we have put the the the vote of this candidate. According to German law, bondholders or a qualifying percentage of of of the nominal of the outstanding bond -- so bondholders holding such a such a I think it's 10% or 5% -- can call a bondholder meeting at any point in time and and can put put the the election of a bondholder representative on the on the on the agenda without the involvement of us as the issuer.

Here, as of course we also had other reasons to call the bondholder meeting, this is something that has been, of course, logically put on the agenda. All I can say is that due care has been given to find a candidate that has the highest possible chance to be to to receive the the support from from the bondholders that will participate or are likely to participate in the bondholder meeting.

There were discussions with several people providing this service, and this has come out as the one where we have the best reason to believe that there's a high chance that that the vote will be will be positive. Our interest, of course, was to have such a bondholder representative appointed by the bondholder meeting as quickly as possible and not to have a and and and also that the way that the bondholder meeting is is is organized it is not a physical meeting, but even then, there is no room for, as I say, a two-stage process.

Either the candidate will get or if there were multiple candidates, one of them gets over 50% approval, or if not, at this point, we'll have there would have to be a separate and then and another bondholder meeting, which again takes a lot of time, effort, and costs to to to set up. Yes, due care was given to collect the to to elect to select a candidate that has the chance to get the necessary support and therefore start start working as quickly as possible.

The next question is, "When exactly will the green bonus stop being paid out in the Czech Republic? How is the company prepared for the possibility of losing 50% of its revenue?"

The feed-in tariff, the green bonus is just one of the two options, is running out after 20 years of the grid connection of the respective power plant. In the case of our Czech portfolio, we have one power plant with 0.8 MWp that we connected in the fourth quarter of 2009.

There, it will be at the end of '29, and for the remaining 14.2 MW, they are connected in the third and the fourth quarter of 2010. Correspondingly, that's at exactly the same date, 20 years later in 2030, that's when the support, the feed-in tariff will will cease.

Yes, you analyze it or you it is correct that that once this feed-in tariff, which has of course has and will for the remainder continue being a significant driver of our EBITDA in particular, comes to an end, there will be a drop in revenues from from our Czech Czech Czech portfolio. Overall picture, of course, we are working on on developing other business lines, and I think this is really a good moment to say, our We are obviously at a point where we are not in a position to to execute any major CapEx, we're not going to develop any more solar projects or invest projects in Europe.

We're not going to to build any more power plants. You've also seen that our investment cash flow in in the second quarter was zero, our CapEx going forward will be mostly maintenance CapEx, and if it's an expansion CapEx, then it would be a car and other equipment for a technician in O&M business that it is growing.

Very minor CapEx numbers going forward. Our focus from here onward is mainly services that are CapEx-light or or capital-light, where, however, we see still very significant growth potential.

That, of course, includes O&M. I mentioned asset management of PV, but now more and more BESS.

There are other areas that that we see in in this business line where we can provide services as cybersecurity, for example, is becoming a topic, there we see significant growth potential. It is a business line that has a very positive operating leverage dynamic, that as it grows, it becomes the profitability grows much faster than than the revenue growth.

We are in all five markets either at or already above the breakeven point, and any growth from now on will will have a significant imprint on our overall financials. We see still very good potential in in in in the technology business, the component distribution.

We are revamping the EPC business. That will also will have to and will contribute more in the next couple of years.

If managed properly, is also can be run with tight working capital. Definitely, our future is is is CapEx-light, very much geared towards services.

I failed to mention Photon Water, where again, the growth there will not require any significant investments, neither in terms of development nor in terms of working capital. These are the business lines we want to push and then, of course, use the excess cash flow or the free cash flow that we will be able to generate to, well, first, of course, service the debt.

That's a that's that's clear, but also to reduce our our our financial leverage in the next quarters and years. This reduction at least the end of the feed-in tariff, of course, in in such a let's say five, six, seven-year outlook is a kink downwards, and for now the race is on to develop the other business lines so that they can compensate for that for that cliff that for that part of our business that will occur in 2030.

This was the last question that we've seen here. If there are any more questions, please come forward.

I'm happy to answer. Okay.

Then on that basis, thank you very much for your attention and for participating in this in this earnings call. Particularly in relation to the restructuring, there will be multiple announcements or the frequency of announcements over the next weeks and months will will increase.

In case of any questions, please reach out to particularly also to the process, please reach out to our investor relations department. We're looking forward to our next call, three months from now, where we believe to be or working very hard to to confirm what has now been, I think, a positive uptick in the second quarter and to to show you that we are we're back heading into the right direction.

Thank you very much, and I wish you all a great remainder of the day. Thank you very much.

Bye-bye. Bye.