Good afternoon everyone, and thank you for joining our earnings call. Over the first quarter of 2026, we delivered a solid performance with key highlights as follows.

First, our adjusted EBITDA reached €192 million, representing a 2% year-over-year increase. Second, we continued disciplined Green Capacities portfolio delivery with 2.1 GW of installed capacity and 0.6 GW of assets under construction.

Third, we successfully completed our debut asset rotation transaction. We have disposed a 49% stake in Vilnius CHP.

100% of asset's equity was valued at €244 million, and accordingly 49% at €120 million. It represents 4.6 times multiple over our equity invested.

Lastly, in line with our dividend policy, for the second half of 2025, paid the dividend of 68.3 euro cents per share, representing a 3% increase year-over-year. Now let me take you through the remainder of strategic progress over the reporting period.

First, the progress of our Green Capacities portfolio development. Currently, we have five projects under construction, which a totally capacity of 0.6 GW and investments of €0.4 billion.

Portfolio includes one solar farm in Latvia and four projects in Lithuania. To start with 174 MW Tome solar farm in Latvia, we have already invested over €83 million out of total €106 million.

The project is progressing on track with 115 MW of solar panels already installed. Once completed, the project will be capable of supplying green electricity to up to 85,000 households annually.

Next, Kruonis 110 MW pumped storage hydroelectric power plant expansion project. We have already invested €100 million out of total €150 million.

Project currently 70% completed. A critical milestone was recently reached with the delivery of unit's runner from Austria, a handcrafted component specifically optimized for the plant's infrastructure to ensure maximum efficiency.

Following the arrival of transformer in January, all key components are now being integrated into the existing system. The project will increase the plant's total capacity to 1 GW and significantly enhance the flexibility and reliability of Baltic energy grid.

Now our three BESS projects under construction: Kelmė, Kruonis, and Mažeikiai. Starting with 147 MW Kelmė BESS, we have already invested more than €17 million out of total €63 million, supported by a €7.5 million Capex subsidy for the project.

The first batch of battery components has been delivered. Project is co-located with 314 MW Kelmė wind farm, allowing it to benefit from shared high-voltage infrastructure.

Next, 99 MW Kruonis BESS. We have already invested more than €10 million out of total more than €46 million, supported by €5 million Capex subsidy.

Construction works are on track for this standalone project. It will unlock to 1.1 GW of flexibility for open operational synergies with the Kruonis pumped storage hydroelectric power plant.

Finally, 45 MW Mažeikiai BESS. We have already invested more than €5 million out of total more than €20 million, following a €2 million Capex subsidy for the project.

The first batch of battery components has been delivered. The project is co-located with the 63 MW Mažeikiai wind farm, allowing it to benefit from shared high-voltage infrastructure.

As of now, all projects are being implemented on time and within budget. Next, our sustainability performance.

Over three months of 2026, our net green share of generation increased by 14 percentage points to 75%. Firstly, due to the lower generation of Elektrėnai Complex, which increased in the first quarter of 2025 in relation to balancing capacity services provided.

As well as the increase of green electricity generated by solar farms, primarily new assets launched, including Tauragė and [Stelpe?] projects, which were not yet operating in the first quarter of 2025.

Looking at carbon intensity, our Scope 1 and 2 decreased by 13% as the result of lower electricity generation from natural gas at Elektrėnai Complex. Next, our greenhouse gas emissions, it amounted to 1.8 million tonnes of carbon dioxide equivalent, representing a 26% year-over-year increase.

This increase was driven by 40% increase in Scope 3 emissions, largely due to the higher wholesale natural gas sales and electricity sales in Poland, where a higher emission factor applies. This increase was partly offset by decrease in the emission factor in Lithuania.

Lastly, on our safety, ensuring the health and safety of our employees and contractors is one of the most fundamental priorities of the group. However, in February 2026, a contractor employee was fatally injured during work.

We are committed to take every possible measure to prevent such tragedies in the future. Our employee TRIR has improved and amounted to zero as no incidents occurred during the reporting period, while contractors' TRIR increased to 1.

Our majority shareholder expectation letter is another important strategic update. The updated expectations received on 9th March of 2026 expresses the expectation of continuity in our strategic directions, while simultaneously setting new priorities for our future growth.

We shall ensure continuity for sustainable development and maintenance of green capacities and networks, energy resilience and security, offshore wind projects in Lithuania, asset rotation program, good governance practices, positive customer experience, and net-zero emissions by 2050. To ensure financial discipline, the majority shareholder expects net debt adjusted EBITDA below 5 times and at least BBB credit rating.

Also, our adjusted ROCE shall exceed 6.5%, and we shall increase annual dividends by at least 3%. Majority shareholder also sets our new priorities, including expectations on pursuing new business models to increase energy demand and to attract businesses with high energy demand to Lithuania, giving priority to data centers.

Additionally, it expects us to analyze and assess the possibilities for development of green capacities, while taking into account the ratio of electricity supply and demand, the potential in the market, as well as invest in their development provided that the required return is ensured. This means that after developing projects until they receive a construction permit or are in the stage of close to it, further significant investments may be made only if the projects meet required return of investment.

Furthermore, it includes a requirement to prepare possible further scenarios to development of the Curonian Nord offshore wind farm with proposed alternative solutions, ensuring the project will be economically viable. Finally, the letter of expectations include an expectation to increase efficiency in our existing operational activities.

With the strategic overview concluded, I will now pass it over to Jonas for the financial update.

Thank you, Darius. Now let's look at the financial highlights of the first quarter of 2026.

Adjusted EBITDA grew by 2% year-over-year and reached €192 million, driven by stronger performance in Networks and Customers & Solutions. Adjusted net profit decreased by 20% and amounted to €87 million, mainly due to higher depreciation and amortization and lower financial activity results, which offset the adjusted EBITDA growth.

Our investments grew by 7% year-over-year and amounted to €157 million, with 71% allocated to the Networks and 25% directed to Green Capacities. Return on capital employed decreased to 7.1%, mainly due to lower adjusted EBITDA in Green Capacities.

Our net debt decreased to €1.9 billion, driven by the completed transaction for the sale of 49% in Vilnius CHP, which was partly offset by higher working capital needs. As a result, net debt to adjusted EBITDA improved to 3.4 times, and FFO to net debt improved to 21.5%.

Finally, in line with our dividend policy, for the second half of 2025, we paid a dividend of 68.3 euro cents per share, which is 3% higher than last year. Next, let us review each of our key performance indicators, starting with adjusted EBITDA.

Firstly, Green Capacities decreased by 21% to €86 million, mainly driven by lower captured prices. Second, Networks grew by 9% and amounted to €81 million, mainly due to higher regulated asset base as a result of continued investments into our electricity network.

Thirdly, Reserve Capacities decreased by 13% to €15 million, mainly due to lower result of balancing capacity services. Finally, our Customers & Solutions EBITDA grew to €13.1 million.

This growth was mainly supported by higher volume sold and profitable natural gas wholesale transactions. Moving on, let us take a deeper look at segment-level EBITDA performance.

Beginning with Green Capacities, the main drivers behind 21% year-over-year increase were, firstly, lower price captured by our green generation assets; and secondly, due to a very cold winter, we had very low wind speeds in Q1 of 2026, which meant that even though we launched new assets, the volumes remained similar year-over-year. Thirdly, higher OPEX due to our newly operational assets, which under normal conditions would be more than offset by new revenues; however, due to already mentioned poor wind conditions, that did not happen.

However, the decrease was partially offset by better result in balancing capacity services. Now the Network segment.

9% growth in Networks EBITDA was mainly supported by higher regulated asset base, which increased by 6% from €1.8 to €1.9 billion, driven by continued investments into electricity network. WACC remained stable year-over-year at 5.74%.

Next, Reserve Capacities segment. The segment posted 13% year-over-year decrease, which was mainly driven by lower results of balancing capacity services and a planned major overhaul of Unit 7 at Elektrėnai Complex.

Finally, Customers & Solutions adjusted EBITDA grew to €13 million, driven by both better electricity and better natural gas supply results. These better results were impacted by higher volumes, improved margins, and profitable gas wholesale transactions.

That being said, electricity B2C business remains loss-making mainly due to prosumers. Now that we have covered business segment EBITDA drivers, let us move on to our investment activities.

In the first quarter of this year, our investments amounted to €157 million and were 7% higher than last year. The reason behind the growth was higher Networks investments, driven by expansion of the electricity distribution network, mainly due to several large B2B customers connected.

However, increase in investments was offset by lower investments in Green Capacities segment due to six projects reaching COD in 2025. Next, a brief look at free cash flow.

Free cash flow amounted to -€74 million in Q1, as increase in investments and negative change in net working capital outweighed growth of adjusted EBITDA. Moving on to our leverage metrics, net debt decreased by €19 million and amounted to €1.9 billion at the end of the first quarter of 2026.

This decrease was driven by the completed transaction of the sale of 49% stake in Vilnius CHP, which was partly offset by higher net working capital needs. Supported by an increase in FFO, our main credit rating metric, FFO to net debt, improved to 21.5%, and our net debt to adjusted EBITDA decreased to 3.4 times.

Finally, our guidance for this year. Following our Q1 performance, which was in line with our expectations, we reiterate our full-year 2026 adjusted EBITDA guidance of €550 to €600 million and investment guidance of €590 to €690 million.

However, we made a change in the directional guidance for Green Capacities business segment adjusted EBITDA. We now expect its result to be lower compared to the actual 2025 result, while previously we expected it to remain stable.

This reflects lower than expected generation volumes in Q1, mainly due to worse wind conditions. With that, I will hand over to Darius to continue with the presentation.

Thank you, Jonas. Let me summarize Ignitis Group performance over the first quarter of 2026.

Over the first quarter of 2026, we delivered a solid performance with key highlights as follows. First, our adjusted EBITDA reached €192.2 million, representing a 2% year-over-year increase.

Second, we continued disciplined Green Capacities portfolio delivery with 2.1 GW of installed capacity and 0.6 GW of assets under construction. Third, we successfully completed our debut asset rotation transaction.

We have disposed a 49% stake in Vilnius CHP. Our 100% of asset's equity was valued at €244 million, and accordingly 49% at €120 million.

It represents 4.6 multiple over our equity invested. Fourth, in line with our dividend policy, for the second half of 2025, we paid a dividend of 68.3 euro cents per share, representing a 3% increase.

Lastly, we reiterate our fully year guidance for 2026. We expect adjusted EBITDA to be in the range of €550 to €600 million and investments between €590 and €690 million.

Now let us move to our presentation on our strategic plan for 2026-2029 period. The group is now entering a new stage of energy transition.

We are shifting from rapid capacity buildout to the value over volume approach with a strong focus on green flexibility and electricity networks over the 2026-2029 period, while keeping energy security as our top priority. We position Ignitis Group as leading integrated energy group in Baltics, benefiting from the largest network, energy storage capacity, and our customer portfolio in the Baltics.

Our purpose is to create a 100% secure and green energy ecosystem. In relation to that, we lead the regional energy transition to strengthen competitiveness and support economic growth.

By utilizing our integrated business model, we are maximizing our full potential. This is our backbone for strategy execution.

It means that, first, we focus on developing and operating green generation and green flexibility assets, reaching between 2.8 and 3.2 GW of installed capacity by 2029. Second, we are building a resilient and efficient distribution network that enables electrification.

Third, we focus on value-driven growth through outstanding customer experience. Finally, Reserve Capacities is positioned to operate as a system reserve with a strategic focus on contributing to the security of energy system.

We have outlined our four strategic priorities that shape how we will advance our strategy. First, Secure, which puts priority on ensuring reliable local energy supply, resilient networks, sufficient system flexibility, and reserves to safeguard energy security and support economic growth.

Second, Green, as we continue to develop green generation and flexibility capacities in line with market demand and system needs to deliver disciplined and value-creating decarbonization. Third, Integrated, meaning we are capturing synergies through an integrated business model supported by our strong position in the Baltics.

Fourth, Value-driven. By applying a value over volume approach, we deliver sustainable long-term value for customers, society, and investors.

Next, let me briefly outline the current European energy transition trends and the need for more electricity, more flexibility, and more investments into networks, which drives our strategy. The electricity demand is expected to nearly double by 2050, driven by electrification of transport sector as well as increasing residential and industrial use of heat pumps.

We also expect BESS capacity to increase more than 7 times by 2050. Finally, grids are seen yet another key element to enable the EU energy transition, which is leading to a growing demand for investments into distribution networks.

Investments are needed to reinforce cross-border transmission and to increase capacity for the rising electrification needs. Each year, the urgency to address the aging infrastructure is growing, as by now 30% to 40% of distribution grids are more than 40 years old.

Let us now deep dive into strategic priorities of each of our business segments. Jonas, passing the word to you to cover our Green Capacities business segment.

Thank you, Darius. Under Green Capacities segment, our strategic priority is to reach between 2.8 to 3.2 GW of installed capacity by 2029, with a focus on value over volume approach.

As an introduction, our current Green Capacities portfolio of installed and under-construction projects stands at 2.7 GW and contains a mix of generation and flexibility technologies. Green generation makes up 52% of the total, with onshore wind as a dominant technology.

Worth to note that among green generation portfolio, we have 0.2 GW of green baseload assets with additional flexibility, namely hydro, biomass, and waste-to-energy power plants. The other half of the portfolio, or 48%, are our green flexibility assets: Kruonis pumped storage hydro plant and three BESS projects under construction.

We continue to focus on technologies that create the most value in our region. In terms of green generation technologies, we focus on onshore and offshore wind.

In terms of green flexibility technologies, we focus on hydro pumped storage and BESS. The other technologies, such as solar, hydro, biomass, and waste-to-energy, we consider them complementary, with limited growth expected.

Now in terms of our Green Capacities targets and progress towards it. Over the past three years, we executed a strong strategic expansion of our installed capacities, from 1.2 GW in 2022 to 2.1 GW in 2025.

Now for 2029, we target to reach between 2.8 and 3.2 GW. Out of these 2.8 to 3.2 GW target for 2029, 2.7 GW are already covered with operational and under-construction projects.

Over the long term, we aim to deliver a disciplined, value-creating decarbonization while ensuring energy system security. Our strategic goal is to deliver between 4 and 5 GW of green capacities, prioritizing value over volume and aligning with the market demand and system needs.

To achieve these targets, we plan to allocate between €1 to €1.2 billion of investments. Out of that, 38% will be directed to assets which we plan to launch during this strategic period, around 53% will be invested into assets which are expected to launch post-2029, and around 9% will be dedicated to maintenance investments.

Now moving on to one of our key current expansion projects. The asset which we already have in our portfolio is Kruonis pumped storage hydro plant, with 900 MW of green flexibility capacity already installed, which is one of the largest energy storage facilities in Europe.

We are currently expanding it further by building an additional fifth unit of 110 MW of very flexible capacity, which is expected to be launched in 2026. After the expansion, this 1 GW plant will be able to run at full load for around 10 hours straight and provide a massive 10 GWh of storage capacity.

Next, our three other green flexibility projects under construction: BESS projects in Kruonis, Kelmė, and Mažeikiai. All three are located next to our operating assets.

The total capacity of these projects will reach 0.3 GW and 0.6 GWh. All three projects have secured Capex subsidies, and all three are progressing as planned and are expected to reach COD in 2027.

With this, I will pass the word to Darius to cover the remaining business segments.

Thanks, Jonas. Let me move now on the Network segment.

In Network segment, we own and operate the largest distribution grid in Baltics with 133,000 km of electricity and 10,000 km of natural gas network lines, both covering the entirely of Lithuania. In this segment, we operate as a natural monopoly, following a market-standard regulatory network.

Given the significant investments into the grid, we expect the regulated asset base to grow from €1.8 billion in 2025 to €2.4 billion by 2029, representing a compound annual growth rate of up to around 7%. As just mentioned, our Network segment operates under traditional RAB times WACC regulatory model, supported by additional mechanisms that enable us to carry out significant investment program.

The regulator allows recovery of efficient operating costs via pass-through costs grow with inflation minus an efficiency factor, along with depreciation of the asset base and a fair return on that regulated asset base using the approved WACC. On top of that, there is an additional tariff component to support a significant investment program, plus temporary regulatory adjustments that correct timing differences.

Together, these elements determine our allowed revenue. Adjusted EBITDA reflects that allowed revenue basis, the underlying regulatory earnings of the business.

Reported EBITDA then incorporates accounting timing effects, including true-ups between allowed revenue and actual revenue from previous years. Our focus in network investments are on maintenance and expansion.

46% of total €1.4-€1.6 billion allocated will be invested towards increasing network resilience, rebuilding the aging network, automation, and digitalization. 50% will be invested towards expansion to enable electrification, building new connection points and upgrading existing ones, as well as integrating prosumers.

Overall, we see the grids as one of the key elements of energy transition, and therefore our core focus is on electricity network and customers. First, we invest to ensure efficient and resilient electricity distribution with planned electricity SAIFI reduction by at least 10%.

Second, we are expanding our electricity network's capacity. This will further enable green electrification and facilitation of energy market, including transport, industrial, and heating electrification and energy efficiency.

The third priority is to enhance end-to-end customer experience, including energy market participants. Next, Reserve Capacities business segment.

Its key role is contributing to security of the energy system, mainly by participating in the market for provision of balancing capacity services. In total, generation portfolio of the segment includes 1.1 GW, primarily providing ancillary services with a load factor of 13% and high availability of 98%.

On top of that, we will further utilize additional optionality to generate electricity in the market during the low renewables generation, positive clean spark spread periods. We will also participate in the market tenders, capacity auctions for provision of ancillary services to other countries like Poland.

In 2026-2029, lower generation from CCGT unit compared to 2025 is expected, driven by lower expected need for the balancing services. We aim to contribute to security of the energy system, therefore we are actively monitoring market conditions for the new capacities.

Now in Customers & Solutions business segment, we aim for value-driven growth through outstanding customer experience. First, we focus on value-driven portfolio growth that also enables integrated green electricity offtake.

Second, we continue building a leading EV charging platform in Baltics, enabling the electrification of transport across the Baltics. Finally, we deliver an outstanding customer experience through reliable, smart energy solutions, ensuring our continued leadership in this area.

As we now ended with our core business segments, data centers is a new opportunity of growth for Ignitis Group, as we aim to utilize new market opportunities. As data centers' capacity and electricity demand grows, congestion in the main European markets intensifies, putting pressure on already constrained transmission networks.

This opens opportunity for our region, as Lithuania is well positioned to take advantage of it, given available near-term green capacity, grid capacity for large-scale consumers, high and further increasing renewables penetration, cool climate, large land plots, and skilled workforce. As Ignitis Group, we plan to utilize our strategic asset locations, development capabilities, and power supply in order to attract partners for data center development projects, leading to an increased power demand and enabling further green capacity buildout.

With that, again, I give the floor to Jonas to cover our financial targets.

Thank you, Darius. Over the next four years, we plan to invest between €2.5 and €3 billion.

55% of our investments, or €1.4 to €1.6 billion, will be directed to Networks. This will increase our network's resilience and enable the electrification of other sectors, at the same time increasing our regulated asset base by around 33% by 2029.

Another significant part of our investments will be dedicated to Green Capacities segment. There we will invest 40% of the total program, or between €1 and €1.2 billion, resulting in a 40% increase in our installed green capacities by 2029.

Next, our target returns, which all these investments are expected to generate. First, in terms of IRR to WACC spread, we target at least 100 basis points above WACC in commercial, non-regulated activities, while in regulated activities, we target to earn above WACC.

Secondly, we target our adjusted return on capital employed to be in the range of 6.5% to 7.5% over 2026-2029 period. Now turning to operational efficiency.

Over 2026 to 2029 period, we aim to increase our operational efficiency to deliver a sustainable 10% cost reduction by 2029. Our focus is on reducing the addressable cost base of €156 million while protecting long-term value creation through growth investments.

Our main measures to achieve the target will be process optimization, organizational structure simplification, selective insourcing, digitalization, and AI-enabled productivity. Our bottom-line growth will be driven by focused expansion and operational efficiency.

By 2029, we expect to reach between €640 and €700 million of adjusted EBITDA and between €250 and €290 million of adjusted net profit, both representing around 6.5% compound annual growth rate. We continue our commitment towards financial discipline and therefore a solid investment grade credit rating of BBB or above over the strategic period.

We also keep our targeted FFO to net debt above 23%. In addition to that, we are tightening our net debt to adjusted EBITDA target level to between 3 to 4 times.

Finally, regarding shareholder returns, we expect adjusted EPS to be in the range of €3.5 and €4 in 2029, which is up to 30% higher than what we posted in 2025. We also reconfirm our DPS floor for the strategic period with at least €1.54 DPS for 2029.

This implies an estimated dividend yield of 7.2% for 2029. With this, I pass the word back to Darius.

Let me now move on to the most important asset, our people, who are altogether contribute to the execution of our strategy. We are a purpose-driven organization of around 4,800 individuals.

Powered by our mindsets, we strive for excellence in employee experience and diverse workforce through strategic talent gravity. We strengthen the energy sector talent ecosystem and critical skills for the energy transition.

Together, we innovate to shape the future energy sector and create new opportunities for our customers. We are actively pursuing innovation across our strategic pillars to unlock further value by harnessing ideas and knowledge through open innovation activities, which include open funding, open infrastructure, open culture, and open partnerships.

This fosters the development of innovative solutions and accelerates the adoption of innovation in core operational areas and establish new strategic business activities. Next, sustainability.

We align our business goals and ambitious sustainability priorities with the material sustainability topics and focus on decarbonization, safety, employee experience, diversity, customer experience, and sustainable value creation. We focus our efforts on the decarbonization that drives business value and ensures energy security.

Our first priority, while progressing towards decarbonization, is energy security, ensuring the reliability and security of power system. Next, we are growing installed green capacities when it creates business value.

Finally, we provide our customers with alternatives to use more green electricity and fossil-free gas, such as biomethane. This may lead to the reduction of carbon intensity of the grid while safeguarding reliable operation of the power system and balancing needs with strengthen regional competitiveness in the long term.

Let me now sum up the key points of our strategic plan 2026-2029. We aim to create value for growth and efficiency, reaching adjusted EBITDA of €640-€700 million by 2029, which translates into an increase of 17% to 28% compared to 2025.

As we sharpen our value-led selective growth, we target to maintain investments of between €2.5 to €3 billion over the next four years. This will support capital discipline by maintaining our net debt to adjusted EBITDA ratio within the 3 to 4 times range.

Aiming to translate this value into higher shareholder returns, we reconfirm our DPS floor for strategic period with the dividend floor of at least €1.54 per share for 2029, which represents a 12% increase compared to 2025. With that, thank you for your patiently listening to us today.

Thank you. In the C&S segment, better result was driven by both electricity and natural gas supply activities.

In both of these parts, better results were a combination of higher volumes due to a cold winter, improved margins, and better wholesale results.

Just to highlight a few points regarding this LNG cargo delivered to Ukraine. The first thing, which is important, is that transaction did not have any material impact on our results in the quarter because the margin was very symbolic.

Then second thing is, it was more of a test of ability to supply gas to Ukraine, which was successful. Then in the future, we will see.

Right now we know that this corridor works, and we'll see whether these cargoes in that direction will repeat in the future.

Yes, we are indeed putting more focus on our bottom line, where we see further growth coming from two pillars: new investments and operational efficiencies. On operational efficiency program, we target 10% reduction in addressable cost base in real terms.

We aim to achieve that by optimizing our processes, simplifying the organizational structure, and then focusing on digitalization and AI-enabled productivity increase.

That is correct. We keep 4 to 5 GW target of installed green capacities, but defined it as a long-term, reflecting our value over volume approach.

On the Networks side, the investments will be spread out more or less evenly among the years. On the Green Capacities side, they are more back-end loaded.

Overall, the program is slightly back-end loaded.

Three recommendations were provided by the National State Audit post Curonian Nord State Audit review. We have already implemented two recommendations ahead of their deadlines, and we are continuing working on the third recommendation, which relates to an analysis of internal and external factors affecting the project.

The recommendation we will also implement by its deadline.

Yes, on the Green Capacities target, we indeed target between 2.8 and 3.2 GW by 2029. Our current installed capacity stands at 2.1 GW, with additional 0.6 GW of capacity under construction.

In terms of going forward, we still see room for onshore wind projects in the market. However, these needs to be the best projects out there with good locations, good wind resource, and etc.

There's still room to grow, but you need to be selective on the projects which you choose.

The prosumer legislation has not yet been passed. It's currently in the parliament.

There's no changes to what we have communicated previously. We do expect some legislative changes to happen.

In terms of the magnitude, the current wording of the legislation essentially would solve around 70% of prosumer issues in our view.

I think the fair statement would be that majority of the results will start to flow properly when the assets are fully completed. There might be some revenues in the testing phase, but essentially it would be more fair to assume that the actual full results will fall only when the assets are fully completed.

In terms of the bond markets, we are constantly monitoring the situation there, it's not only the refinancing, but the new debt is being also constantly evaluated whether we do capital market transactions or whether we do it through banks. In terms of the current market environment, depending on the maturity of the bond, we would see the borrowing costs between probably 3.5% to 4.5%.

In terms of its impact on our business cases, when we do a new investment decision, we are taking the cost of borrowing which is available at that particular time of the decision being made, which means that, already for the last several years we've been taking investment decisions based on the actual cost of borrowing, which is close to the levels which I mentioned. Also it's worth to note that quite a big part of our bonds have been used in our Networks activities, and Networks regulation works in a way that it compensates the actual cost of debt.

The impact of increase in debt is partially protected in the regulatory framework.

this area, for 2026, key priorities are site preparation and selection of partners.

In terms of our guidance for net debt to EBITDA over the strategic period of 2026-2029, we intend to stay between 3 and 4 times net debt to adjusted EBITDA. We see it perfectly achievable in our base case scenario with the expected EBITDA generation and the expected investments.