Good day, welcome to the ADNOC Q1 2026 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Athmane Benzerroug. Please go ahead. Good afternoon, ladies and gentlemen, and welcome to ADNOC Distribution Q1 2026 results conference call. My name is Athmane Benzerroug, Chief Strategy, Transformation and Sustainability Officer. It's a pleasure to have you with us today. I'm joined on the call by Bader Al Lamki, our Chief Executive Officer, and Ali Siddiqi, Acting Chief Financial Officer. In today's call, our CEO will start with key achievements and speak about the company's outlook and will discuss progress on our growth strategy. Ali will take you through operating and financial results. After the presentation, we will turn to Q&A. This presentation includes forward-looking statements relating to our business. Such statements involve a number of factors that could cause actual results to differ materially from our expectations. For more information, please refer to the disclaimer on this slide, which is available on our website. I will now hand over to Bader Al Lamki, who will highlight our key achievements and discuss the company's outlook. Thank you, Athmane. Good morning, good afternoon, everyone. Q1 2026 was another strong quarter for ADNOC Distribution, and it reinforces everything that makes our equity story unique. Resilience, diversification, consistent delivery, attractive returns, and disciplined growth. First, resilience. We kept the business running no matter what. When unexpected events occurred, we responded swiftly and decisively. There was no impact on safety, on our assets, or on supply continuity. We continued to serve the nation 24/7. This is operational resilience in action, and it reflects the readiness, execution capabilities, and commitment of our people. Secondly, our resilience is structural and driven by diversification. This is not resilience by chance, it is by design. Our fuel retail business, which represents 60% of the company's gross profit, operates within a strong regulatory framework. It benefits from fuel margin protection through our long-term supply agreement with ADNOC and limited exposure to oil price volatility. Equally important, we have built a diversified earning base. Today, ADNOC Distribution generates value across four distinct businesses, fuel retail, non-fuel retail, commercial, and EV charging, across three geographies, the United Arab Emirates, Kingdom of Saudi Arabia, and Egypt. Thirdly, this translates into results. This diversification matters. We delivered another record Q1 despite much lower inventory gains. Even during the temporary mobility slowdown, fuel volumes held up, non-fuel continued to grow, and international operations increased their contribution. ADNOC Distribution again generated strong double-digit net profit growth and industry-leading returns on investments. Non-fuel retail continued to see double-digit gross profit growth. Our commercial business delivered a strong double-digit gross profit growth as well. This underscores the equity and durability of the business of ADNOC Distribution. Fourthly, this performance continues to support attractive shareholders return. The first quarterly dividend of AED 0.0514 per share for the first quarter of this year is expected to be distributed in June, following the second half of 2025 dividend paid in April. Finally, our growth agenda remains firmly on track. Our 2026 targets are unchanged. 60-70 new stations, 50-60 new EV charging points, and a CapEx of $250 million-$300 million to be executed to support our smart growth strategy. We continue to execute with discipline, and Q1 results is a further proof that this equity story delivers resilient, diversified, and built for long-term shareholders value. Let me now take you through the delivery of our organic growth strategy. We delivered a record Q1 volumes from our customers despite lower mobility in March. Across the United Arab Emirates and the Kingdom of Saudi Arabia, retail fuel volumes grew 6.4% year on year, confirming the resilience of retail fuel demand. This was supported by continued growth in our network. Last year, we've added 20 new stations and contracted 99 stations in the Kingdom of Saudi Arabia under our CapEx light dealer-owned company-operated model. In Q1 2026, we further expanded, adding two new stations in the United Arab Emirates and Egypt and contracting 20 more DOCO stations in KSA. At the end of March, 43 DOCO stations were operational, up from just one at the end of March of last year and 31 at the year-end of 2025. In March, commercial fuel demand in the United Arab Emirates strengthened, and we increased and delivered to our B2B customers at a high double-digit rate, demonstrating the agility of our supply chain. Beyond the GCC region, our aviation business, which represents 70% of Egypt's EBITDA and is fully dollarized, continued to perform exceptionally well. This quarter, Egypt aviation volume surged by nearly 18%, supported by strong tourism demand. Taken together, these results demonstrate the resilience and scalability of our platform, delivering growth across retail, commercial, and aviation channels in multiple geographies and through varied market conditions. EV charging is a key pillar of future-proofing strategy. It is a high-margin, high-potential business for three reasons. Number one, we operate in a supportive regulatory environment with clear tariffs and utility costs providing strong visibility on our returns. Secondly, our chargers are located on company-owned land or long-term leases, giving us long-term control over our assets. Thirdly, EV customers spend more time on site, increasing engagement with our convenient retail, food and beverages, and car care offerings. We are addressing two main concerns of EV drivers, range anxiety and charger availability, while offering convenience and speed at our stations. Through a combination of disciplined CapEx, rising utilization, and integration with our ADNOC Rewards, EV charging will over time scale into a meaningful growth platform. I will now share insights on non-fuel retail, which remains a key strategic growth element. As a reminder, this segment includes convenience stores, car wash, lube change, property management, and vehicle inspection centers. In the first quarter of this year, non-fuel retail gross profit increased by 10% or growing three times faster than fuel retail gross profit. The growth was mainly driven by rapid expansions of our property management and franchising verticals, which have benefited from new initiatives, including The Hub by ADNOC concept. We will continue to enhance our retail offerings to attract more customers into our stores to drive higher footfall, strong conversion rates, and improved margins. I will now hand back to Athmane, who will elaborate on the key initiatives of our NFR strategy. Thank you, Bader. Let me first highlight the potential that we aim to capture as a part of our next growth chapter. We are targeting higher earnings contribution of our non-fuel retail segment, which currently accounts for 20% of the total retail gross profit. Over the past years, we increased NFR gross profit at a compounded average growth rate of 17%, which is materially above the average growth rate across the peer group. As a result, we have consistently narrowed the gap with international peers, improving the non-fuel retail contribution by around 100 basis points per annum over the past four years. Following the strong double-digit growth, we see further potential and expect the non-fuel retail segment to contribute more meaningfully to our total earnings in the future. Let me now turn to our convenience store segment. As a second key customer touchpoint after fuel, it is an important component of our non-fuel retail growth strategy. A high-margin convenience store platform under the refreshed ADNOC Oasis brand today contributes more than 40% of our non-fuel retail gross profit. Since the Oasis rebranding launched last September, we have seen encouraging results, including higher footfall and transaction growth. Food categories performed particularly well during the launch campaign and continue to show strong momentum. In Q1 2026, Oasis delivered an increase in gross profit, supported by higher conversion and improving product mix and disciplined execution. Fuel-to-store conversion increased by more than 60 basis points compared to the same period last year, supported by AI-driven C-store clustering, offering differentiated assortment, pricing, and promotions by location. Actually, we expect further growth in convenience store business profitability and are building on recent progress through three initiatives. First of all, new long-term supply contracts that improve availability and supply chain visibility. Secondly, initial rollout of Oasis private label with take-home coffee products, enhancing our food and FMCG proposition, supporting margins and brand loyalty. Thirdly, targeted initiatives such as the Healthier Living campaign to reinforce the Oasis brand and further strengthen customer engagement. We are also targeting higher earnings contribution from other non-fuel retail verticals. Among them are car care services, which include car wash, lube change, and vehicle inspection, all of them growing and delivering high margins. Our objective is to create a one-stop car care destination to enhance customer journey. We are progressing upscaling car wash business by upgrading 50% of the automatic car washes and launching eight high-capacity car wash tunnels across our network. We are also progressing with the transformation of our car service platform. One focus is on fast, reliable, quick maintenance services for time-pressed customers. The second expands into a full-scale car care offering, providing comprehensive mechanical, electrical, brake, tire, and diagnostic services to deliver complete peace of mind to our customers. We will provide further updates on this initiative as it progresses. Now let's speak about property management. Property management is central to transforming our stations into destinations of choice, offering customers additional touchpoints beyond fuel, convenience stores, and car services. When customers visit our stations, they can enjoy their favorite brand on the go. Leading international and local quick service restaurant brands anchor our stations, driving footfall while generating rental income and boosting fuel and C-store activities. The Hub by ADNOC is the best expression of this strategy. Community-oriented concept designed around convenience, speed, and lifestyle. Stations within our six operational hubs delivered fuel growth 5% above the network average. Supported by these initiatives, in Q1 2026, the property management business was the fastest-growing non-fuel retail vertical, driven by stronger infancy, new quick service restaurant openings, and a continued shift towards higher-yielding food and beverage and car service properties. As you know, fuel prices are uniform across all the UAE service stations. What sets us apart is the strength of our non-fuel retail offering and ADNOC Rewards. Together, they drive customer preference, frequency, and long-term loyalty. Today, the program connects 2.7 million members, representing more than half of the UAE vehicle car park. Over the past year alone, membership grew by 14%, adding more than 330,000 new loyal members. Critically, Rewards members visit more frequently and spend more per visit, both on fuel and across our non-fuel retail offerings. This higher frequency and basket size translate directly into strong site level economics and improved returns. ADNOC Rewards also gives us deep insight into customers' behavior to deliver hyper-personalized offers tailored to individual preferences and purchasing patterns. When we detect a decline in a customer's visit frequency, our AI models automatically trigger personalized incentives to reengage with them. For example, a fuel-only customer might receive a targeted convenience store offer while a morning commuter gets a personalized coffee bundle, each driven by data and tailored to individual behavior. This approach has been validated by measurably higher footfall, spending, and customer satisfaction. Combination of scale, frequency, insights, and engagement makes ADNOC Rewards a powerful driver of footfall today and long-term value creation across our platform. About AI now. We are deploying AI to unlock new revenue streams, enhance operational efficiency, and deliver exceptional customer experiences. As already highlighted, on the revenue side, we have introduced AI-powered personalization across our loyalty program. On the efficiency front, we are using AI to transform our operations from reactive to predictive, reducing downtime and costs. Finally, on the customer experience side, we are focusing on AI models to optimize staffing levels, ensure high service availability and maintain the right inventory at the right time across our network. We are also deploying AI chat agents that manage customer inquiries and complaints with speed and accuracy. Computer vision for a fast self-checkout experience at our C-stores. These innovations build trust and loyalty in every interaction as we build an AI-native purchase. Let me now conclude with sustainability, which is embedded in our day-to-day operations. We are actively decarbonizing our business and aligning our financing strategy with our sustainability goals. In 2025, we successfully made all sustainability linked loan KPIs, demonstrating tangible progress against our environmental commitments. Our target is clear, a 25% reduction in carbon intensity by 2030 versus our baseline, 2021. To get there, we are executing a focused set of initiatives. Over 60 service stations are now solar powered and operational, with total clean energy generation expected to reach approximately 14,000 MWh in 2026. 100% of our supply chain fleet now runs on biofuel, with over 900,000 liters self-consumed in Q1 alone. Through our Adopt a Tree initiatives on the ADNOC Rewards app, our customers have adopted more than 1,300 trees, reinforcing sustainability as a shared value across our community. Full details of our 2025 ESG performance can be found in our externally assured integrated report. I will now hand over to Ali to present the highlights of our financial performance. Over to you, Ali. Thanks, Athmane. Good morning and good afternoon, everyone. I am delighted to report another quarter of strong delivery, reaffirming the successful execution of a five-year strategy with double-digit growth across all our key financial metrics and new Q1 records for both EBITDA and net profit. EBITDA reached AED 307 million, up 12% year on year, while underlying EBITDA grew by 24% to AED 305 million, the clearest indicator of the quality and momentum of our earnings. Net profit rose 21% to AED 210 million. This was achieved despite significantly lower inventory gains of AED 6 million versus AED 30 million a year ago, underscoring the strong underlying business performance. The return on capital employed reached a new record exceeding 36%, more than twice the average global fuels distribution peers. This reflects disciplined capital allocation, a rigorous investment screening process, and a business model that consistently converts growth into superior returns. Let's now turn to key highlights of our operating performance. Total fuels volume exceeded 3.8 billion liters, up 2.4% year on year. In our core GCC retail business, volumes increased by 6.4%, driven by network expansion, higher mobility, and momentum in the region's economic growth. In our commercial segment, as part of tail management, we high-graded the portfolio and deliberately rationalized lower margin customers, while aviation volumes surged by 42%. Let's now look at the financial performance across the key operating segments, which collectively delivered 13% growth in gross profit. Retail fuels gross profit increased by 3%, supported by the volume growth. Excluding inventory movements, it was up 11%, a more accurate reflection of the underlying financial performance. Commercial fuels delivered 38% gross profit growth delivered by proactive channel and margin management and favorable price dynamics. Excluding inventory movements, the increase was 45%. Also worth noting that aviation gross profit grew by 48%, supported by higher volume from continued tourism-linked growth in Egypt and increased demand from strategic customers in the UAE. The NFR gross profit increased by 10%, supported by higher transactions, stronger convenience store conversion, enhanced F&B offering, upgraded car wash services, and new property management initiatives. Now turning to operating expenditure. In Q1 2026, cash OpEx increased by 6% to AED 175 million. This reflects the revenue and profit accretive expansion of our network and 6.4% higher retail fuels volume across the GCC region. We remain committed to cost efficiency and excellence across all our verticals and cost markets. Key initiatives driving savings include workforce optimization across stations and convenience stores, energy savings through smart technologies, logistics route optimization, and centralization of core functions. After delivering AED 25 million in like for like OpEx savings in 2024, 2025, we achieved additional savings of AED 1.5 million in Q1 2026, and we are firmly on track to deliver AED 50 million of savings by 2028. As a result, our unit OpEx, excluding one-off items, remained nearly unchanged, benefiting from our efficiency enhancement initiatives. Let's now look at segment-wide EBITDA performance. As mentioned, Q1 2026 EBITDA was 12% higher at AED 307 million, while underlying EBITDA, excluding inventory movements and one-off items, grew by 24%. Retail EBITDA, which accounts for 65% of the total, increased by 4%, supported by volume growth and higher non-fuels retail contribution. Excluding inventory movements, retail EBITDA was up 14%, reflecting the true underlying strength of the segment. Commercial EBITDA increased by 35%, driven by timely execution of our spot market sales strategy and through our margin management. Aviation was a particular highlight, with EBITDA up by 46%. Excluding inventory movements, total commercial EBITDA increased by 44%. This quarter demonstrated the resilience of our diversified business model. In a period marked by geopolitical uncertainty and adverse weather conditions, we delivered strong profit growth across both retail and commercial, reaffirming the resilience attributes and earnings power of our platform. Turning to cash generation. What distinguishes our cash flows is their predictability. The majority are generated from regulated retail fuel sales, giving us high confidence in reinvestment and dividends. This predictability allows us to fund growth, pursue value-accretive opportunities, and maintain attractive shareholder returns without compromising balance sheet strength. In Q1 2026, record profitability translated into strong operating cash flows before working capital movements of AED 327 million, demonstrating the cash-generative nature of our business model even during a period of geopolitical uncertainty. Excluding working capital changes, free cash flow reached AED 280 million, up 41% year on year, directly reflecting the growth in underlying earnings. Working capital movements in the quarter were impacted by the timing of receivables collection, which is not unusual for Q1. We expect these effects to normalize over the course of 2026 and do not see any structural change in our cash conversion cycle. Cash CapEx during the period was $48 million. On an accrual basis, it amounted to $49 million, well within our full-year guidance of $250 million-$300 million, with investment phase towards growth projects later in the year. Our balance sheet remains strong, with a net debt to EBITDA ratio of 0.67x and closing cash of $702 million, broadly unchanged since end 2025. This provides ample capacity to fund our growth agenda while sustaining an attractive dividends policy. For 2026, we have full line of sight over $700 million of dividends now paid on a quarterly basis, supported by the strength and predictability of our cash flows. Let me hand it back over to Bader for closing remarks. Thank you, Ali. Before we take your questions, let me bring it all together. This slide captures the core elements of our unique value proposition. If you look at the left column, the numbers speaks for themselves. These are not one-off results. This is a pattern. Quarter after quarter, this business delivers. Now look at the middle column. Over five years, we have averaged more than 29% return on capital employed. We don't just grow. We grow with discipline. For our shareholders, the framework is clear. $700 million flow through 2030 paid quarterly with an upside as earnings grow. The right column is where we are going. Scaling the network, accelerating non-fuel retail through The Hub by ADNOC, deploying EV charging with discipline, and driving structural cost savings through AI and process optimization. This business is investing in its future. Here's the point. ADNOC Distribution is not choice between growth and returns. It is both. A resilient, diversified platform that delivers today and has clear levers to grow tomorrow. This is our story. Q1 is one more proof point. Thank you for your time and continued interest in ADNOC Distribution. We now welcome your questions. Thank you. If you are dialed in via the telephone and would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is all turned off to allow your signal through to our equipment. A voice prompt on the phone line will indicate when your line is open. Please state your name before posing your question. Once again, that star one to ask a question. If you are in the event via the web interface and would like to ask a question, simply type your question in the Ask a Question box and click Send. We'll now go to our first caller. Caller, your line is open. Good day. Can you hear me? Yes, we can. Congratulations with the very strong results. It's Anna Kishmariya from UBS. I wanted to check regarding what is the developments you see now in April and May. Regarding the retail fuel volumes, do you continue to see the similar trend as you saw in March, or we should see some moderation? Also non-fuel retail, what do you expect there? On top of that, I wanted to ask whether you see any risks around fuel supply, given that there were some attacks reported at ADNOC refining facilities. Finally, my last question would be around commercial segment. It was very strong performance in first quarter. What do you see around spot sales in second quarter, given where we see oil prices? Have the spot sales increased quarter to date, or if you can comment on any developments there. Thank you very much. Thank you very much, Anna. Athmane here. Good morning and good afternoon, everyone. Just on your questions, there are a lot actually. What we are seeing in just in what are the recent trends. Can you hear me? Yes. Anna, can you hear me? Yes. Okay, cool. Yes. First of all, if I just take a step back, Q1 volumes are up 6.4% for GCC, which is UAE plus KSA. What we have seen in March is volumes up versus March of last year, to which demonstrates clearly the resilience and the diversification of this, of the network. I'm talking about across all the seven Emirates. One, two, what we are seeing recently is resilience in the volumes, and we still expect I would say low single or single-digit growth in volumes. Again, we are very early into the year, but what we are seeing is still a trend that is positive. This is for the fuel business. Just bear in mind that, Hello? We are back. We had some technical glitch. Can you hear me? Yes. Yes, now I can. Okay, sorry. Your question is, one, the recent trends in volume. What I was just saying earlier is, first of all, if we just take a step back. Q1 volumes for GCC, which is UAE and KSA, are up 6.4%, and I'm talking about the fuel retail, which accounts for 70% of the total volumes and more than 65% of the EBITDA under the control of Ali Siddiqi here. In March, what I was just mentioning is even March with the disruption, we had volumes up versus March of last year. What we are seeing today, it's again, early days, but what we are seeing is that the volumes are still resilient. We still expect anyway a growth for the year. Regarding the commercial business, this is really opportunistic. You were mentioning the spot deals. Again, what you have seen in Q1 is a situation where ADNOC Distribution has clearly demonstrated that as the key player, even in commercial, we are able to provide to the B2B customers the right amount of volumes in a context where the gas oil prices actually have increased substantially, and we had an adjustment on 15, 18 of April, if I of March, sorry. For the non-fuel retail business, as you can see in Q1, non-fuel retail business mainly driven by C-store, but property management also, where we have put a lot of efforts in the past, I would say 18 months. We are seeing a growth that is higher than the fuel business. We still expect anyway our non-fuel retail business to grow faster than the fuel business, and we can dig into the key initiatives that we are implementing. Did I answer all your questions, Anna? Do you see any risks for fuel supplies given the disruption at refineries? No, not at all. No, at all. No, no. Not at all. Again, even in March, we had been operating 24/7. We didn't see any impact on the supply in our stations, and people have been safe, and we didn't record any injury. We continue to operate 24/7, serving the nation and the customers. Thank you. No change on our side. We'll go to our next caller. Hi, can you hear me? Yes, we can. Hi, everyone. This is Jean-Pierre DMIRDJIAN from Cheuvreux. Just a follow-up on this, Athmane, you highlighted a 6% year-on-year growth for the GCC in terms of retail fuel volumes. Could you elaborate a little more on the different dynamics between the UAE and KSA? In KSA specifically, if we set aside the scope effect due to your DOCO network expansion. That's my first question. The second question is about a Bloomberg article reported last month saying that ADNOC was in advanced talks to acquire Shell South Africa retail fuel station network. If your parent company were to acquire these assets, under what condition would the potential transfer to ADNOC Distribution make sense from a strategic and financial standpoint, in your view? Thank you. Okay. Yes. Hi. Good afternoon, Jean-Pierre. Your question is, first of all on the growth actually and what have been the main, the key drivers of this growth in 6.4% in Q1 and even March was up as highlighted before. A couple of things. One is the fact that, again, we are spread across the entire UAE and all the seven Emirates. Therefore, we have benefited from Abu Dhabi and Northern Emirates, where actually Dubai has highlighted, but also the other mobility players have seen a lower mobility. Okay. But today in Dubai, we have 50 stations. It's still a priority for us, but 50 stations out of 570+ stations. Just to put things into perspective. The second thing is the fact that what has driven really the volumes is all the initiatives that we have been implementing. One of them I may highlight is the ADNOC Rewards program. I guess that it's a program that has been launched as four years back every year double-digit growth, and today we have 2.7 million ADNOC Rewards customers. What does it mean? More than 50% of the UAE drivers have actually the ADNOC Rewards app. This app is for us It's a cornerstone of the customer experience and making sure that we build loyalty and customer stickiness. This drives clearly the transactions, which is the fuel, but also in the non-fuel retail and where we are implementing targeted promotions. This has helped also. The other thing is all the NFR that we added into the network for the past, I would say one year, one year and a half, this has also contributed. There is number of stations. Don't forget that in the UAE, we added 13 stations between Q1 2025 and Q1 2026. In case, in KSA, so in Saudi Arabia, we have today 43 operational DOCO service stations, so the new CapEx-light model. Last year we had just one. I would say that the vast majority of the volumes are coming, of course, from the UAE. From a growth standpoint, what we can tell you is that the growth that we have in UAE was at a high single digit. That's about it. Your second question, sorry, Jean-Pierre, was about? I didn't catch it. The second question is about a Bloomberg article last month saying that your parent company was in advanced talks to acquire Shell's service station network in South Africa. The question is, under what condition would the potential transfer to ADNOC Distribution make sense in your view from a strategic and financial standpoint? Jean-Pierre, thank you for the question. Obviously, we don't speculate to what you call it, news in the media or press, by some of these publications. Having said that, our position is very clear. We mean business. We are here to create value to our shareholders. We are definitely committed to smart growth strategy that we've been executing since the start of the IPO. In this instance, we are consumed to find growth opportunities as long as they are EPS, DPS, accretive, and they are also in line with our investment hurdle, 15% being a minimum floor for us for future growth opportunities. For the time being, that's what motivates us. If there's an opportunity that would satisfy those criteria, we'll definitely consider and definitely announce if at all we are convinced that the criteria are met and we've satisfied all the regulatory requirements. For the time being, this speculation in the press, which we don't necessarily comment on. Thank you. Understood. Thank you, Bader and Athmane. Thank you. At this time, there are no further questions from the phones. We'll now take questions from the web. There are some questions that have been already answered through the Q&A call. We'll take the first question here. How are you seeing the competition on the corporate segment? Thanks for the question. We are very uniquely placed for the corporate segment because of our deep access to the supply chain, our ability to place the product in the channel, and most importantly, having the products ready whenever it's needed. We essentially see ourselves very, very strongly positioned. Essentially, the fundamentals are very well in place. Yes, indeed, there is competition around within the region, but we see ourselves as being very, very well-positioned. You just saw a testimonial in quarter one when we got the opportunity, we had the molecules. One thing I would like to highlight, to be successful in this particular segment, you need to have a very robust enterprise-wide inventory management, and that essentially gets conducted. We have got a very structured process, which is very, which also has all the risk mitigations and all that around it, which allows us to supply to customers in this segment on a very short notice at a very, very competitive, yet high-margin price. Thank you. Next one, go. The second question was, can you highlight more on the higher broadened provisions? Thank you for the question as well. On these provisions, this was more of a mechanical calculation after the events, you know, towards the end of quarter one. There were some changes in certain interest rates, especially some of the CDS rates, which fundamentally goes into the ECL, the IFRS-based ECL provision calculation. It was purely a mechanical outcome. We obviously accepted the outcome given our strict compliance and consistent compliance of the IFRS. Essentially, on that basis, the provision fundamentally went up. Thank you. Next. Okay. Commercial volumes and margin for excellence. Can you go through the dynamics and oil product sales? Are these dynamics still ongoing this quarter? Yes. I think as mentioned, I tried to answer both of these in the previous response. I think only one thing to add is that these opportunities are in, and I think Athmane mentioned that as well. These are opportunistic in nature. You need the right pricing environment. Generally, when the pricing environment, when there's a rising price, then that's when these opportunities open up. We have got, as I mentioned before, access to this channel, deep customer relationships and the supply chain and molecules availability, to avail these opportunities very quickly. Thank you. The next question is about the EV mega hub rollout. Do you still plan 20 highways hubs by the end of 2027 and 12 this year? EV charging point. The EV charging point, if you are referring to the EV rollout, our target and guidance for the market this year is 50 to 60 new additional CPs, over and above what we've already implemented at the end of 2025. Another question about the Hub. Can you please give us more color about the profit of the Hub in Q1? Yes. The Hub is a concept that we've launched last year and is part of our transformation to move away from a service station to a destination, increasing footfall to our locations and sites, and enhancing the customer experience and providing an integrated value proposition to our customers. The plan that we have is to implement up to 30 hubs between now and 2030. We've already delivered six last year. We will be planning for additional five this year. That should be on track. This is a very sound business model for us. 90% of the revenues are recurring, and it's well-received by our customers. Actually, there is increased attention also from tenants, and, and partners, who are willing to partner with us and coexist at the Hubs because they see the footfall, they see the value and the complementary partnership that we have in driving customer experience, but also driving revenues from the Hub. Quite happy and satisfied with the progress we are making in this space. Thank you. The last question, can you elaborate about the EV profitability versus retail profitability in the UAE and K.S.A. market and the sustainability in the two key markets? Okay, I'm gonna take this one. The EV business is part of the 2024-2028 strategy to future-proof the business. Again, as highlighted by our CEO, along with doubling down on non-fuel retail is to transform our station into destination of choice for the customers. The way I would frame it is that EV charging is still scaling, but it is a high margin opportunity as the utilization grows. What we see in the numbers, first of all, is that the number of EV cars, which are quite low compared to the UAE car park, we're talking about roughly 2%, is increasing at double digits growth. We are rolling our EV infrastructure in a disciplined way and focused on fast and super fast charging in the strategic locations. Again, what we want to make sure is that we leverage on the extensive network and the number one position that we have. As you know, we are in all the key highways across the UAE, and this is where we are building the EV infrastructure. Where, by the way, in Abu Dhabi, we do not pay any rent. As you know, we just pay management fees to ADNOC. In Dubai and Northern Emirates, we pay already rent on the land that we, where we have the fuel stations and the non-fuel retail. Our target is very clear. It is to build, a business that can achieve similar profitability to the existing fuel business, as on the go charging, market develops. What we can tell you is that this business is profitable. I think we are done with the web questions. Do we still have any other question on the line? Yes, we'll go to our next caller. Caller, your line is open. Do we have any further question from the web? We have answered all the questions. Okay. If you may have any question, of course, the investor relations team is available. We wanted to thank you for attending this call today. Of course, we catch up by Q2, and we are always open to answer your questions. Thank you very much.