Thank you, Lucy. Good morning, good afternoon, and good evening, everyone, depending on where you're joining from today.

Thank you for being with us in another quarterly earnings call of ACWA. Today, as usual, we will share with you our results as of and for the period ending 30 June 2026.

We will be three hosts today, and we are joining from three different locations, and that's why we are not sitting together around one table in this call. Dr.

Samir Serhan, who is our CEO, is joining from Jakarta, Indonesia. Mr.

Abdulhameed Al-Muhaidib, our CFO, he's in Riyadh, and he's joining from Riyadh. I, Ozgur Serin, as Lucy mentioned, Head of Investor Relations and Corporate Strategy, today I'm in Dubai, United Arab Emirates.

As usual, we will start with our prepared remarks. Dr.

Samir will cover our overall business and strategic performance, while Abdulhameed will take us through the financial performance. Once these remarks are over, we will open the forum to Q&A.

During these remarks and subsequently in the Q&A session, we may be using some forward-looking statements. These must be taken within the framework of our disclaimer that is included in the presentation material.

With this, over to you, Dr. Samir.

Thank you, Ozgur. Thank you for joining us today.

I would like to begin by providing an update on the business before I pass it on to Abdulhameed to present the financial results. While our financial performance this quarter was impacted by timing shifts in project development milestones and a more dynamic geopolitical environment, the underlying fundamentals of the business remain strong.

We continue to execute against one of the industry largest project development pipeline. We maintain high operational performance across our portfolio, and we continue to make strategic decisions that strengthen our long-term, sustainable, profitable growth trajectory.

This slide summarizes the story of the last six months. There has been significant strategic momentum across the business that reinforces our long-term growth outlook.

From a business development perspective, we achieved certain important milestones. We were granted by the Saudi government the clean energy export mandate, with exclusivity for green fuels export, which includes green hydrogen and its derivatives, such as green ammonia, green methanol, and green fuels.

This reinforces our long-term strategic role in supporting the Kingdom's clean energy ambitions. I will cover this in a bit more detail in the following slides.

We also identified the United States as a growth market, which represents an important step in diversifying our portfolio into one of the world's largest and most attractive infrastructure markets. We have signed power purchase agreement totaling 5.2 GW, water purchase agreements covering 600,000 cubic meters per day.

We achieved financial close for a project representing 3.7 billion Saudi riyals in total investment cost. We also brought three new plants into commercial operation, adding 0.8 GW hours of battery storage and 900,000 cubic meters per day of desalination capacity.

Operational performance across the portfolio remained very strong. Overall plant availability remained robust, with overall power availability exceeding 92%, while renewable power availability reached more than 98%.

Water availability remained above 98%. Safety remains our highest operational priority and the foundation of everything we do.

During the first six months of the year, our team safely delivered more than 38 million hours across our global portfolio, while maintaining a lost time injury rate of 0.018. We also recorded 80 potential fatality and permanent impairment, or what we call PFPI incidents.

We view this as a positive indicator of a stronger reporting culture and improved hazard identification across the organization. It demonstrates our people are proactively identifying and reporting potential risks before they result in serious incidents, reinforcing our commitment to continuous improvement and ensuring that everyone returns home safely at the end of each day.

Turning into the financial performance. As we move our project from construction to operation, the distribution from our growing operational portfolio continue to strengthen operating cash generation.

In the meantime, our leverage ratio has shown an increase versus the latest reported period, as we continue investing in our committed growth pipeline. Following the geopolitical volatility that has impacted our operations and still affect the region and beyond, there is continued push of positive cautiousness in our business ecosystem.

Accordingly, we experienced timing shifts into the second half of the year in several project development milestones that had otherwise been expected during the past six months. We also remain focused about the likelihood that some milestones and recognition of associated financial impact may be delayed until next year.

At the same time, we launched our high performance organization program. This is a company-wide transformation initiative designed to improve organizational efficiency and normalize our expense base, while supporting sustainable short- and long-term growth.

I will also dive a little deeper into this subject in the following slides. Looking beyond the quarter, we remain reasonably confident in the strength of our long-term growth trajectory and the value we're creating.

Since our announced growth strategy 2.0 2023, our power portfolio has almost doubled from just over 50 GW to more than 98 GW today. Water desalination has grown from 6,800,000 cubic meter per day to 9,700,000 cubic meters per day.

Asset under management have increased from $78 million to approximately $127 billion US dollars. These numbers demonstrate that we continue to scale rapidly while maintaining disciplined capital allocation.

Today we have 44 GW already in operation, more than 46 GW under construction, and almost 8 GW in advanced development. In water, more than 70% of our portfolio capacity is in operation as of today.

This balanced portfolio creates multiple avenues for growth, while providing visibility on future recurring earnings profile. Our confidence in the long-term outlook is supported by one of the industry's strongest project pipeline, as I mentioned earlier.

Within the immediate pipeline, we have projects that have already been awarded, where we are the preferred bidder, and are currently awaiting contract signing. This category includes 2.9 GW of power, 9.2 GW hour of battery storage, and 600,000 cubic meters per day of water.

Additionally, we have projects where we have submitted our bids or tenders and are awaiting results. This category includes 4.2 GW of power and 1,200,000 cubic meters per day of water.

What's really even more impressive, beyond this eminent pipeline sits a much larger 18-month visible pipeline consisting of 120 GW of power opportunities, more than 95 GW hours of battery storage, and 3 million cubic meters per day of water opportunities. Definitely very impressive project pipeline.

We're also progressing the financial close of a portfolio of contracted and awarded project that's made of 13.4 GW of power, 6.0 GW hour of battery storage, and around 3 million cubic meter per day of water capacity over the next 18 months. I want to assure you again that our objective is not simply to win projects.

Our objective is to build a portfolio that creates sustainable long-term shareholder value. Let me move to a subject that I mentioned earlier.

One of the most significant strategic developments during the period was that the Saudi government mandate supporting ACWA role in developing future clean energy exports. This represents an important extension of our existing developer, owner, and operator business model.

It doesn't replace our existing strategy; it builds on it. The mandate grants ACWA the exclusive right to export Saudi-produced green hydrogen and its derivative—green ammonia, green methanol, green fuels—to international markets.

This mandate also assigns us responsibility for developing renewable electricity export opportunities, including generation and transmission. In green fuels, our focus remains on developing commercial export opportunities from projects within Saudi Arabia.

In renewable electricity export, our near-term focus is on the GCC and Middle East, with Bahrain identified as the first export route. It's important to emphasize that our 2030 targets remain unchanged at this point, while future opportunities arising from this mandate will be assessed carefully and disclosed as they mature.

What this announcement demonstrates is the confidence placed in ACWA by the Kingdom, reflecting our track record in developing financial, construction, and operating large-scale energy structure, and we're, of course, thankful for that offer. Alongside portfolio growth, we're equally focused on strengthening how we operate as an organization.

The High Performance Organization program is our enterprise-wide transformation agenda. Its objective is straightforward: to build a leaner, more integrated, more agile organization capable of supporting next phase of ACWA growth.

The program is built around six interconnected transformation work streams that improve governance, strengthen performance management, enhance digital capabilities, simplify decision making, and improve organizational effectiveness. Ultimately, it's about increasing accountability, ownership, improving execution discipline, and creating sustainable long-term value.

Overall, while the near-term financial performance has been affected by timing shifts, geopolitical volatility, we're still very focused on our momentum moving forward and our growth strategy. Our operating platform continue to perform well.

Our development pipeline remain robust. We have secured important strategic opportunity that will shape the company future.

We have launched a transformation program that will improve efficiency and profitability over the long term. With that, I'll pass it on to Abdulhameed to go over the financial results.

Abdulhameed?

Thank you, Dr. Samir.

Assalamu alaikum everyone and good evening. Thank you very much for joining us this evening, and I would like really to take you in the next eight slides into a bit of details.

There has been multiple announcements as highlighted by Dr. Samir during the first half of the year.

We start with a quick outlook of the financial performance. We have seen and witnessed a very strong distribution from the operating companies, and that has resulted really in a 70% increase in the total parent operating cash flow compared to the same period of last year.

This comes despite the fact that we had a very tough development period, and during that development period, we have lost quite a bit of our usual wait when it comes to the development fees and some of the services fees that usually comes into play after the project achieving financial closes. For that specific category, we do believe that most of the impact is timing, and that timing will range between 6 to 12 months depending really on how the geopolitical escalation gets impacted or we'll see the impact on it for the next coming period.

We have also witnessed at the same period unfortunate outages, some of them related to CSP and others related to CCGTs, that we believe it is an unrecurring outages and this has impacted us for the first half of 2026. Taking both impacts into combined together, there is a lower operating income and net income have been witnessed for this specific period, and I will take you through the details at a later stage.

We continue to execute our milestone and pipeline when it comes to development and projects under construction. Out of the full $126 billion of asset under management, only 50% is fully in operation.

That give you a bit of perspective that there is another 50% that are actually in the pipeline either partial operation, under construction, or in advanced development. We announced in July 2026 the board recommendation for the cash dividends for around 46 halalas per share, and also we had announced the dividend distribution program for the next five years, which will take you through it in the upcoming slides.

Let's start first with the operating income. This is a waterfall bridge that can take you from a similar period of last year between the 2.2 billion Saudi riyals to 1.4 billion Saudi riyals, and we'll take you through the components one by one.

You can see the first positive component is the contribution from the existing assets, as well as the new project came into operations during the same period of first half of the year. That had contributed around 250 million Saudi riyals into our operating income.

We announced earlier that we would continue to look at brownfield opportunities, and we have successfully closed two acquisitions last year. One is Shuaibah IWPP additional shares, and the other one the portfolio specifically in Bahrain and Kuwait for one of our competitors.

This has contributed around 184 million Saudi riyals for the same period of last year. When it comes to the 444 million drop, it is purely on the development, procurement, and construction services that has been impacted us.

I would say in this one, there is two really specific items here. One is that 2025 was exceptionally high for that specific fees, and the second that this year was also unexpectedly low for it comes to the development and procurement and construction services fees.

We do believe that the part of that 444 impact is timing, but for the clarity of the presentation, we show you the full impact in the operating income. Then you will see that there is a 563 million lower or a negative impact or negative variance for the same period of last year, and this is mainly related to a big settlement that we had in NOOR III last year as well as some of the impacts related to the CCGT assets.

Finally, there is also 155 million impact related to the same period of G&A expenses related to additional investment in the business activities and other activities as well. Moving to the net income slide, you will see that there is a big various impacts from the 900 million Saudi riyals to 653 million Saudi riyals for the same period of 2026.

Item four is mainly what we have explained in detail just now, which is the operating income. Then you will see that there is a lower impairment that has been impacted us in this year.

If you recall, last year we did a big assessment, and then we recorded an impairment loss of close to 250 million Saudi riyals, and that is now shown in item number one. You will see also there is 130 million Saudi riyal impact that is mainly related to one of the derivatives that we have terminated last year and had a negative impact on us.

Here you can see it is a positive variance due to the impact of last year. The third item is mainly related to an NCI difference between this period and the same period of last year, so that's also a positive variance of 125 million.

Together with all these positive variances, there is what we have explained just now, the 763 million total negative variance for the operating income. This is one of the slides that we prefer always to put it in the half year to give you a perspective of the different building blocks of ACWA operating business model.

You will witness immediately that the development and construction services agreements has dropped significantly, almost 50%, and that has contributed only 350 million Saudi riyal to basically our net income. The positive impact, you will see it combined between ACWA operation and the net income that came from the assets under operation.

Then you will see almost in line, 20% increase in the other operating income, mainly related to better cash management for the same period of 2026 compared to 2025. The overall impact or expenses, which is item number F, it's almost the same.

The only impact is 8% related to the same derivative that we just talked about and that has a loss impact in 2025. Moving from the net income to the cash, we start with the parent operating cash flow.

You will see the distribution from the projects has improved almost 50% to 100 to 838 million, whereas the contribution from the development and construction service agreements has dropped to 982, so that's around 8 11% lower compared to the same period of last year. Finally, you will see that there is almost a use of 935 million for all the expenses and G&A, zakat, and capex investments for that period, which give us a end POCF, or parent operating cash flow, of 885 million Saudi riyals.

When it comes to the sources and uses of the cash for this period, we start from where we ended last slide, which is the 885 plus the opening cash balance of 6.1 billion Saudi riyals. You will see that there has been a total use of 1.1 billion Saudi riyals.

Main use was for the actual investments. You will see 72% of the cash has been used for actual investments, whereas 17% of the cash was used for the financial charges on sukuk and other instrument, and 11% was used for the share buyback, which was a continuation of the program announced almost 1.5 year ago.

When it comes to the net debt to leverage ratio, or net debt to parent operating cash flow ratio, I would really much start from the 32.3 billion Saudi riyals, which is the total on-balance-sheet financing and funding facilities. Out of that, the dark blue, which is the 9.8, is the recourse debt, where the rest of that debt is non-recourse.

If you pick up the 9.8 million, which is the recourse debt on the balance sheet and add the 17.7 billion, which is the off-balance-sheet, but it's still recourse to ACWA Power, which is all the EBLs and the equity and fees and so on, you will land at around 27 billion Saudi riyals. If you take out the cash, which is around 5.8 million billion Saudi riyals, your net leverage would be around 21 billion Saudi riyals.

Taking the POCF that we explained earlier, the net debt to POCF would land at 6.6 multiple. This is in line with the guidance that we have given earlier, where most of basically the impact of that increase in leverage is related to additional investment into our pipeline.

In this slide, we are trying to explain what we have announced earlier when it comes to the dividends. The 2025 proposed dividend is a bit straightforward.

We are talking about 353 million Saudi riyals, equivalent to 46 halalas per share, and this is an 18% payout ratio for the year, subject to the General Assembly by this month. Subject to shareholder approval, we will be able to distribute that amount.

When it comes to what comes after that really, we try to work extensively between the management and the board on what will be the best framework that we can continue the journey of ACWA for the next five years. There is definitely a big emphasis on the growth factor, and we continue to remain focused to invest between $2 to $2.5 billion of our cash into the growth, while at the same time give a bit of guidance to the investors and the shareholders on what will be the distribution framework for the period at the same time.

We have landed with a proposed 70% basically payout ratio, and that payout ratio will start to kick in in 2027 for the audited financials of 2026. At the same time, we try to maintain or give a priority for our cash to be used in the investments.

That's where we have proposed a hybrid solution between cash and non-cash basically dividends framework to maintain the priority for the growth definitely, but also to give a minimum 50% of the whole basically payout ratio to be distributed in cash. I will pause here, and we'll hand it over to Ozgur to get into the Q&A section.

Thank you. Thank you, Abdulhameed.

Thank you, Dr. Samir.

Lucy, I think we can open the forum for the Q&A now.

Hello, good afternoon. Thanks for taking my question.

If I may, a couple of questions. First one on the interest on the US market, how do you see competition there and what would be the plan?

Would you have any specific geographies within the US that you'd rather focus on, any specific technologies as well? Then the second question is on this announcement on the exclusivity on exporting the green fuels from Saudi Arabia.

Would you be able to provide us with more information on how would that work in practice? Would you take a fixed fee per unit of molecule exported, or would that be a percentage?

How would that work? Thank you.

Let me start about the market entry into the US. The US is the second largest electricity market in the world, and definitely goes it through tremendous growth as we speak right now because of the electrification and also because of the data centers boom that's happening in the United States.

It's a very good fit for us, and that potential is really across all of our verticals. That means it's renewable, wind, solar, storage, it's basically gas-to-power, and it's also water desalination, and we really see opportunities across all of these verticals that we're planning to pursue.

When it comes to the mandate of the government basically for green hydrogen export, appreciate the question, but I think it's a little bit too early right now. As we are doing the FEED for the Yanbu project, which is twice the size of the NEOM project.

NEOM is 1.2 million ton of green ammonia, and we are currently finishing the FEED for Yanbu, which is twice the size, which is going to be done in phases. When it goes into execution will be a huge market for us to capitalize on this mandate to export green hydrogen or its derivatives to the rest of the world.

Maybe if you allow me, Dr. Samir, I would like to add in this specific second question.

In reality, with what we have witnessed in the green fuels in general, that the development cost is extremely high. Definitely, as part of the Vision 2030 targets, there is a lot of emphasis on green fuels.

Here, when it comes to the exclusivity being mandated to ACWA, really is to give ACWA the time and value to spend that development cost that is significant in value to allow us to build these large-scale projects, as mentioned by Dr. Samir when it comes to the next in line is the Yanbu, and for us to be allowed as a company to continue investing heavily on the development of these projects, this exclusivity give us a real comfort and real reward for all the spending that will end up before the period started.

When it comes to your question about any specific fees or basically payments to ACWA, definitely this is not on the table. There is no specific basically fees that will be collected by ACWA for that.

The real mandate is for ACWA to lead that specific development on the future, but not specifically to get any fees for others.

And

Sorry, Dr. Samir, go ahead.

I really want to emphasize this again, I mentioned it earlier, this really represents a strong vote of confidence in ACWA execution capability and our role in supporting Saudi Arabia long-term energy ambitions. Honestly, when you're into this business of green power export or green hydrogen export, competitiveness is a key.

The Kingdom really offer that by significant margin when it comes to wind, solar, storage, when it comes really hydrogen, ammonia generation, shipping routes. We do believe that we have a very competitive solution that we really can capitalize on around the world.

Ozgur?

Dr. Samir, I was just going to respond to Rick's question in the US about specific locations.

Really, it's at early stage as Dr. Samir has mentioned that we are in our exploratory stage for the US.

Obviously, it's too early to talk about any specific locations. As we have material progress, of course we're going to come to the market about our intentions going forward.

If I may just follow up two things in the US. How would you compare the expected returns there versus your other geographies?

As if it would be a new market entry, would you follow sort of a similar strategy than you had in China with some acquisitions or are you looking for something organically in the new project?

We definitely see the US market offering us same returns that we do for other projects around the world and even better. We definitely confident that this is going to be positive.

This is not about volume, it's not about the quantity, it's really about the quality. We do see that this is going to really lead into more sustainable profitable growth for ACWA.

As Ozgur mentioned, it's really too early to start speculating, but our preference is to go for acquisition, basically for a platform, instead of building greenfield at the beginning. That would be easier approach to really tackle.

So. Thank you very much.

Thank you.

Yes, good afternoon. Thank you for the presentation.

Just a couple of follow-up questions from our side. Just on the last one of the US market opportunities, I wonder, how do you view the US versus China market opportunities, for example?

Does this announcement of you looking kind of currently, you commented, early stages in the US into the US imply that you are maybe shifting your geographical priorities in terms of kind of project development pipeline? That's the first question.

Okay. Thanks, Anna.

I guess let me respond to this. We currently have five regions where we operate.

As it's KSA, Middle East is one, Africa, Central Asia, China, and Southeast Asia. The US would be number six.

We really don't look at it one versus the other. We bring one, take one out.

It really gives us more opportunity, more pipeline, where we can be more selective, and really deliver where we can have a lower risk profile, better returns, where we can add more value. It's really these regions will be competing for this selectivity and it's not one versus the other.

That's very clear. Thank you.

Our second question is following up on the green fuels topic. Could you please maybe comment on the current status of the NEOM green hydrogen project?

Kind of do you see any delays there, and when can we expect it to start commercial operations?

The plan is basically commercial operation will be next year. I don't want to be to be more specific, but that is really the target.

We currently have the consortium, basically the joint venture there, we have like 9,500 people at the job site. It's basically construction is finished.

It's really more now into commissioning, and the target to go into commercial operation next year. It's really we would love to invite you all to to visit the site because it's really a very, very impressive facility.

I've been around the plants all over the world. This is really very unique, and we'll definitely would love to invite you to come and and to see this this marvel.

We would love to, actually.

We will host you, Anna.

At unprecedented scale. Thank you.

Final question from our side is on the operating trends of your assets and the portfolio. If you could comment on the power and water availability trends going into the second half of this year, maybe in comparison to H1.

I understand that Q1 and especially Q2 was quite challenging quarter. Do you see any normalization in Q3 or it will be a bit more of the same, how should we think about it?

Thank you.

I think for the first half, our numbers for availability, I believe they were better than the comparable half for last year. We do expect it's going to be the same or even better for the second half, Anna.

Thank you.

Hi. Thanks for taking my question.

I have two. The first is on the timing shifts you talked about in the project development milestones.

Could you quantify it a bit so that it's easier for us to kind of forecast what the development and construction revenues might be and how much they have shifted from the first half into the second half or maybe into 2026, 2027? That's number one.

The second question is on the outages you talked about in the CSP and CCGT. Could you give some color on that, what are they, how long may they last?

Thanks.

Yeah. Should I go ahead, Dr.

Samir, for the first question? I think when it comes to the development, if you look at basically some of the projects that we have submitted the bids for it during the first half, most of it have not been moved to the second stage of development, which means that announcing the preferred bidder.

Except for one, there has been none of them that has been moved to that phase. Similarly, also if you look at the project that has been awarded and we have signed the PPA, we have not yet signed all these financial closes, and it's a very minimum, less than 4 billion riyal of financial closes that we have achieved during the first half given by multiple reasons for that.

We do believe that during this upcoming six months, we will be able to achieve some of these milestones. I can see in the pipeline, there is at least two financial closes we are strictly targeting to achieve in the next two to three months.

Similarly also on the refinancing of specific projects. In overall, the trend is really moving positively towards closing several of these milestones before the end of the year.

This is the current status quo, but what we have seen unique this year, unfortunately, is the geopolitical escalations continue to go on a vulnerable basically timing, you see it up and down. With that, really the prediction for the remaining of the year become extremely, extremely difficult.

When I say or when we said 6 to 12 months, really this is based on what we have seen and what we have expect based on the current basically standing of the tension. Of course, this will be reviewed and we will update you in the next quarter in case if there is any basically other further development.

That's on the development side. Then you have specifically asked the second question

Abdulhameed, the question was about the outages, the CSP and CCGT.

Yeah.

The UORs, yeah, go ahead, please.

Yeah. I don't want to go to the specific assets details, but let me give you a general perspective.

For example, there is two of our assets, one is CSP and one is CCGT, that they had a unique outage or long forced outage that we have built and invested additional capex to bring them back to operations. One of them in October, it will be inshallah full in operation, and we have built a resiliency into the new kind of operating model for that specific asset.

The same thing on another asset that we have where we have did an additional investment based on which we believe that this should solve the issue as with a longer term. The rest of the assets, I think already Dr.

Samir has already highlighted, if you look at the numbers, power availability is 92 compared to 91 last year, so that's definitely better and we are committed to deliver the same. Renewables is 98% .1 compared to 96% of the same period of last year.

Water is also 98.4 compared to 98.3. Overall, the trend is definitely positive compared to the same period of last year.

That's

thanks a lot. If I just may follow up, the curtailment in the Saudi two projects which was announced earlier this year, what's the update on that?

If you recall, we announced the curtailment at that time, and the availability of the power was around 10% for each of the two assets. There is a progress, I would not say it's a fast-track progress, but it is moving in the right direction.

Today, one of the asset is around 50% back into operation, the other one is 45%. It is moving step-by-step into that, and hopefully we are continuously working with the larger stakeholders to inshallah bring these assets back into full operation.

That's one part, which is the part of how we look at it going forward. Definitely there is the other part, which was all the basically curtailed energy that being still under discussion with the offtaker on the outcome of that basically revenue that has been generated, where we believe that it is definitely part of our offtake rights, and this is still a journey that we have to take with the offtaker in this case.

Oh,

thanks a lot.

Thank you.

Thank you so much. Hello.

I have another question about the exclusive right to export green fuels. Is this arrangement affecting the existing offtake arrangements at NEOM, where I think Linde was an offtaker?

No,

the agreement between the project company and Air Products, the offtaker, basically, there is no impact to that. That 1.2 million ton of green ammonia a year, that basically no change to that.

It's still an offtaker, it's Air Products. It's still an offtaker, but the export rights for that output will still be with ACWA at the same time?

I'm not really sure if I understand. The Air Product is the 100% offtaker for this 1.2 million ton of green ammonia.

Would that be the party which will also export the green ammonia, or it was going to be ACWA? Again,

there is a joint venture between NEOM, ACWA, and Air Products to produce the product. That's the generation joint venture.

They're going to be producing that ammonia and basically put it in the tank, and the offtaker basically will have the basically take the product from Saudi Arabia and ship it around the world where it's going to be used. That's the offtaker basically taking the product.

I see. Thank you.

Just coming back to the outages at CCGTs, are these new units or are the old ones? And Yeah.

Really, when it comes you do have a planned outages for these plants because you need to do regular maintenance, but at the same time, you do have sometimes these forced outages that basically take you because an instrument or a device or rotating equipment. You have these things, but please understand, what I mentioned before, our availability is 92% for all our power portfolio, 98% even for our renewables.

This is pretty high, standard-wise. Also the same thing on the water is 98%.

Really, we're proud of ACWA operation team basically that do the O&M for these facilities. Operating these machines, heavy rotating equipment, you do have sometimes trips here and there.

This is very clear. Thank you so much.

Thank you.

I think we already covered this question because it was the same question as asked earlier. I think when it comes specifically on the interest, so far these two projects had cash positions that have already allowed them to pay their interest.

There is no issues when it comes to that in the past. Of course, as I have highlighted, there is a gradual increase on their dispatchable ability, and we will continue to assess on a quarterly basis their ability to maintain their payments of interest and of course the principal.

Can we get a bit of more explanation, what do you mean by adjust the dividends rules?

Yeah. Maybe if you can add an explanation to the question, I can explain generally that the dividends for 2025 is subject to the shareholder approval, so that's definitely up to the shareholders, they will approve it during this month.

The dividend framework for the upcoming five years, as a framework, it has been already approved by the board. Of course, we will continue to view it based on the financial position of the company, the direction of the growth, and so on.

It's just a framework where ultimately for each single year the dividend distribution itself will be subject to shareholders to approve it.

Thank you very much, Lucy, and thank you very much all participants, as well as the speakers at the company side. As you well know, if you have any follow-up questions or new questions, you know where to reach us at, and please do not hesitate, and as usual we will get back to you.

With that, I would really like to thank everyone, including the operator, and wish you a good evening or a good day in front of you. Thank you.

Thank you. Thank you.

Thank you.