Good day. Welcome to the ADNOC Distribution Investor Call Q2 2026 Earnings. Today's conference is being recorded. At this time, I would like to turn the conference over to Athmane Benzerroug. Please go ahead. Good afternoon, everyone. Thank you for joining us for ADNOC Distribution second quarter and first half 2026 earnings call. I'm Athmane Benzerroug, Chief Strategy, Transformation, and Sustainability Officer, and it is a pleasure to have you with us today. I'm joined today by our Chief Executive Officer, Bader Al Lamki, and our Chief Financial Officer, Ali Siddiqi. Let me start by outlining today's agenda. Bader will open with a reflection on our strategic vision. He will then share the key highlights of our record results. He will also speak about how recently announced acquisition of Shell Downstream South Africa is reinforcing our growth strategy. I will walk you through how we are executing our growth agenda on the ground. Ali will close with a detailed look at our first half operating and financial performance. We'll open the floor for your questions. Before we begin, a brief note on forward-looking statements. Today's presentation contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ. Please refer to the full disclaimer on this slide, which is also available on our website. With that, I will hand over to Bader to take you through strategic highlights, key achievements, and the outlook. Good afternoon, everyone. Thank you for joining us today. Before we walk you through our record H1 results, let me take a moment to reflect on the progress we have made and how we see the next phase of our journey. Over the past five years, we have built a strong foundation for growth. We have expanded our network, delivered sustained earnings growth, strengthened our customer proposition, and improved operational efficiency. These achievements reflect a clear strategy and disciplined execution. Today, we are leveraging that foundation to scale towards leadership position in global mobility and convenience. We remain focused on strengthening the core through network expansion, future mobility solutions, and enhanced customer experience. At the same time, we are extending the core through digital innovation, strategic partnerships, and new growth platforms that deepen customer engagement and creates additional value. The next chapter of our journey is about taking what we have built and scaling it further through new markets, new customers, and engines of growth, creating a large, more diversified, and fast-growing businesses to deliver additional value for shareholders. H1 2026 was a major milestone for ADNOC Distribution. We delivered a record net profit of $568 million, up 59%, and EBITDA of $786 million, up 39%. Excluding inventory effects, underlying EBITDA grew around 14%, reflecting the strength of our underlying business. Return on capital employed exceeded 40%, our highest level ever, and more than double the peer average. These results are not coincidental. They reflect the strength of a business model that we have deliberately built over the years. Around 60% of our cash flows come from the regulated and protected U.A.E. fuel retail business, supported by long-term supply agreement with ADNOC. We have complemented this resilient foundation with four growth engines: fuel retail, non-fuel retail, commercial, and EV charging across the U.A.E., Saudi Arabia, and Egypt. That diversification is precisely why we could absorb the first half of the year marked by disruptions without missing a beat of on safety, supply, or service. We operated 24/7 with zero injuries and zero fatalities. The strength of this model supports our ability to deliver attractive and predictable shareholders return. Our dividend framework offers to shareholders visibility and upside for future earnings growth. It remains in place through 2030. We continue to deliver strong shareholders return through our quarterly dividend framework with 5.14 fils per share paid for Q1 and a further 5.14 fils per share declared for second quarter of this year. We are not standing still. While delivering strong returns today, we are also investing to create the next phase of growth. Our 2026 expansion plan remains on track with 60-70 new stations, 50-60 new charging points, and CapEx of $250 million-$300 million committed. Most significantly, last month, we agreed to acquire Shell's downstream business in South Africa, marking our largest international expansion to date. We are consistently delivering returns, and we are investing for future growth. The best example of that approach is South Africa, an important milestone in our international growth strategy. On the seventh of July, we signed an agreement to acquire 100% of Shell Downstream South Africa for an implied enterprise value of approximately $1 billion. Three things makes this transaction attractive. First, it builds on our strength. South Africa's fuel retail market shares many similarities with the U.A.E., with regulated margins and long-term demand fundamentals. The transaction expands our network by around 55% to 1,600 stations and increases fuel volume by approximately 20%. Second, it creates value from day one. We expect the acquisition to be earnings cash flow accretive, with the potential to generate an additional $30 million-$40 million of run-rate EBITDA within five years. Third, we remain disciplined. We have a strong balance sheet and remain committed to attractive shareholders' returns. We expect the transaction to complete in 2027, subject to regulatory approvals. This is not a new business model for us. It is an extension of what we already do well. The message from the first half of this year, we are delivering record results today while expanding the platform for sustainable long-term growth. With that, let me hand over to Athmane to explain how we are executing across the broader business. Thank you, Bader. Let me turn to how we are executing on the ground. Starting with the core. Our fuel platform did exactly what it is built to do. It keeps growing. First half retail fuel volumes across the U.A.E. and Saudi Arabia increased by 1.7%. A new half-year record that was achieved against a dynamic market environment. Demand for our fuel holds through the cycle. Network expansion continues to support that growth. Over the past 12 months, the network size increased by more than 11%, reaching 1,045 stations, adding two U.A.E. sites in the first half, one in Egypt, and 32 DUCCO stations in Saudi Arabia. In Saudi Arabia, the capital light model is scaling exactly as designed. The network is up 65% to 231 sites, 70% of them DUCCO. 52 are already operational, giving us clear line of sight to further volume growth in the near term. Finally, in the U.A.E. commercial business, we stayed disciplined, trimming lower margin corporate volumes and keeping margins in line with historical levels while leaning into aviation volumes. In conclusion, across retail, commercial, and aviation, in three geographies, the business kept growing. Electric mobility is where we future-proof the franchise, and the first half numbers show demand is real. First, about the demand. Number of electric vehicle is increasing at a budgeted rate. To support this growth, we expanded fast and super fast charging points across the U.A.E. by 35% year-on-year. Energy sold rose 2.1 x. We have deliberately clustered our EV network where journeys happen, highway corridors and dense urban hubs. Why we like this business comes down to economics and experience. On economics, charging tariffs and utility costs are transparent, giving us a clear line of sight on returns. Profitability per kilometer is higher than in fuel. Equally important, our chargers sit on assets that we own or control under long-term leases. On experience now. We are solving two things EV drivers care about most. Will there be a charger available? Will it be fast? More so, longer the wait time pulls these customers into our stores, food and beverage, and quick service restaurants. Disciplined capital, rising utilization, and the leverage on ADNOC Rewards Loyalty Program will, over time, turn charging into a genuine profit contributor. Non-fuel retail is where we differentiate, and it again outpaced fuel. We have more than doubled non-fuel retail gross profit over the past five years, from $67 million in H1 2021 to $140 million in H1 2026. Over the period, it increased at a CAGR of 16%, which is materially above the average growth rate across the peer group. We have consistently narrowed the gap with international peers, improving the non-fuel retail contribution by around 100 basis points per annum. 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. In H1 2026, non-fuel retail gross profit again increased at double-digit rate, and on an underlying basis, kept widening its lead over fuel retail. The engine here is twofold. Our fast-growing property and franchise business, anchored by The Hub concept and continued momentum in high-margin food and beverage. Coffee is a good proxy. Cups sold rose 10% year-over-year in the first half. That is precisely the diversification we are building forward. Let me go deeper on convenience. As the second customer touch point after fueling and EV charging, our stores are central to the non-fuel retail strategy. Our high-margin platform and the refreshed Oasis by ADNOC brand now contributes to more than 40% of the non-fuel retail gross profit versus 20% 5 years back. We are expanding our fresh food and premium coffee offerings in two ways. First, AI-based clustering tailors assortment, pricing, and promotion by location, demographics, and shopping mission, drawing on more than 250 million transactions. Second, targeted campaigns, such as our healthier living, lifts fresh food, and own sandwich sales. In addition, rollout of Oasis private label, enhancing food and fast-moving consumer goods proposition is coming to our stores in the second half of this year. We expect momentum in convenience to keep building as these initiatives scale. Car care, which includes car wash, lube change, and vehicle inspection, is another vertical that continues to gain momentum. On the ground, we have already upgraded half of the automatic car washes and launched eight high-capacity tunnels across the network. The target is more ambitious. Further enhance our customer proposition and make our sites a one-stop care destination in line with our strategy to transform our stations into destinations of choice. Property management is another lever to turn our stations into destinations. A journey that we started 2 years ago, giving customers reasons to stop beyond fuel, convenience, and car care. Leading international and local quick-service brands anchor our sites, driving footfall while generating rental income and lifting fuel and convenience activity. We ended the first half with 1,181 occupied and awarded units, up 4% year-over-year, while the mix tilting towards higher-yielding food and beverage and car care formats. On the back of all of this, in the first half, property management was again our fastest-growing non-fuel retail vertical. This growth will continue supported by, first of all, The Hub by ADNOC, which is the clearest expression of our focus on asset monetization. A community concept built around convenience, speed, and lifestyle. Today, we operate seven Hubs and target 30 by 2030. Two, the growth will also be supported by our recent announced strategic partnership with Americana. It brings up to 200 quick-service restaurants from a portfolio of 12 iconic global brands to ADNOC Distribution network, expanding access to dining options and bringing trusted brands closer to customers as part of their everyday journey. As you know, fuel prices are regulated across the UAE. What sets us apart is the strength of our non-fuel offer and ADNOC Rewards program. Together, the real drivers of preference, frequency, and loyalty. The program connects more than half of the UAE vehicle car park. ADNOC Rewards program now has 2.8 million loyalty members. This number has more than doubled over the past five years. Membership grew nearly 13% year-on-year, with over 310,000 members added since this time last year. Scale, frequency, customer insights, and engagement together reinforce our competitive position and contribute to sustainable long-term value creation. Driving all of this is AI, now live across more than 20 use cases and increasingly a structural driver of cost, efficiency, and returns. AI-driven predictive intelligence powers workforce, demand, and customer experience. Last week, we launched Engage by ADNOC, the UAE's first full-funnel retail media network operated by mobility and convenience retailers. This is a tangible example of how we are using AI and data to create entirely new revenue opportunities. Every day, hundreds of thousands of customers interact with our stations, stores, app, and loyalty programs. That creates a unique opportunity for brands to connect with consumers through highly targeted and measurable campaigns. For us, this is more than a marketing platform. It is a new, scalable source of non-fuel retail earnings that leverages assets and customer relationships we already have. I will now hand over to Ali for the financial highlights. Thank you, Athmane, and good afternoon, everyone. Bader and Athmane have covered the strategic progress. I will now connect that progress to the numbers. The headline is simple. Both of our most important earnings measures set new half-year highs. EBITDA came in at $786 million, 39% higher year-on-year, and net profit reached $568 million, up by 59%. It's worth separating what is structural from what is cyclical. Underlying EBITDA, which excludes inventory movements and one-offs, rose close to 14% to $603 million. That is a clean read on the business, and it tells you the core is compounding at a healthy double-digit rate. The balance of the headline growth reflects a favorable swing in inventory gains of $207 million versus $40 million in the same period of last year. The one number I would ask you to hold on to is our return on capital employed, 40%, another record, and more than twice the average of our global peers. That is the clearest evidence that our capital discipline and investment screening are working. Let me move beneath the P&L to the operating drivers. Total fuel volume reached 7.7 billion liters in the first half, up 1.6%. The quality is in the mix. Our core GCC retail business grew 1.7% on network expansion, higher mobility, and economic growth. In the UAE, fuels transactions rose almost 5% to over 100 million as customer behavior shifted to reflect volatile pump prices, and non-fuels transactions were up 1.5%. In commercial, we released lower-margin corporate volume, down around 4% in the GCC, while aviation more than offset it, up close to 54% overall and more than doubled in the GCC. In other words, margin net growth, not volume at any price. Turning to gross profit by segment, which together rose 29% in the first half of 2026 to $1.16 billion. Fuels retail was up 24%, carried by volume growth and the inventory tailwind I referenced earlier. Commercial was the standout with 51% growth, reflecting disciplined corporate margin management and dynamic pricing, as well as supported by inventory gains. Within commercial, corporate gross profit alone climbed 60%, with aviation adding a further 16% on Egyptian tourism and firmer UAE demand. Non-fuels retail gross profit increased by 12%, once again outpacing fuel when adjusted for inventory movements. On higher transactions, stronger margins, a richer food and beverage mix, as well as upgraded car wash and new property initiatives. On costs, cash OPEX rose 4% to $348 million in the first half. That is cost that comes with growth, a direct function of a larger network and higher retail volume with the profit attached. Like-for-like savings of $18 million in 2024, $7 million in 2025, we captured further savings of $2 million in the first half and remain firmly on track for $50 million of cumulative like-for-like savings by 2028. Workforce optimization, smart energy, logistics routing, and centralization are the principal levers. Breaking EBITDA down by segment tells the same story of diversification. Retail, roughly two-thirds of the total, grew 36% to $529 million on volumes and a richer non-fuel mix and higher inventory gains. Commercial rose 48% to $265 million, with corporate EBITDA up 62% and aviation up 11%, both reflecting our execution and margin discipline. The point I would leave you with is this Every operating segment contributed to growth. This shows that our strategy of building multiple earning streams is working. Finally, cash and balance sheet. The defining feature of our cash generation is its visibility. Because the bulk of it comes from regulated retail fuel economics and everyday retail activity, we can plan investments and distributions with a high degree of confidence. Capital spending remains comfortably within our $ 250 million-$300 million full-year guidance, weighted towards growth projects in the second half. Free cash flow grew strongly, tracking the rise in underlying earnings. Leverage sits broadly in line with the 0.7 times net debt to EBITDA we closed in 2025, leaving ample headroom to fund growth and the dividend at the same time. On distributions, we have full visibility for 2026, $700 million or 75% of net income, whichever is higher, now paid quarterly. The first quarter paid in June, the second to follow in September. With that, let me hand back to Bader for closing remarks. Thank you, Ali. Before we open the line for questions, let me leave you with three key takeaways. First, we are delivering. First half of 2026 was our strongest half-year performance to date, with earnings, returns, and cash generation all reinforcing the strength of the business model. Second, we are continuing to grow across every part of the business. Fuel remains resilient, non-fuel retail continues to gain momentum, and we are evolving our playbook into new growth platforms through property, EV charging, digital initiatives, and now South Africa. Third, we are doing all of this while maintaining an attractive, visible shareholders' return proposition. Our dividend framework provides visibility on an $700 million annual floor through 2030, paid quarterly with a clear upside as profits grow. One thing you should leave with today is that the investment case is not growth versus return. It is growth and returns from a platform resilient enough to deliver through any environment. That was true last year. It was true again in the first half of this year, and our move into South Africa reinforces our conviction that this platform can continue creating value for years to come. Thank you for your time and your continued interest in ADNOC Distribution. We would now be happy to take your questions. If you're dialed in via the telephone and would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. A voice prompt on the phone line will indicate when your line is open. Please state your name and company before posing your question. Again, you can press 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 pause for just a moment to allow everyone to queue for questions. We'll now go to your first question. Good day. Thank you for taking my questions. I have three, if I may. Anna Kishmariya from UBS. The first question is around the developments third quarter to date in terms of the fuel sales volumes. What do you see on the market? Do you see any uptick in the year-on-year growth? Is there any improvements versus the second quarter? What can you comment on the current environment? My second question will be around the realized margin in the commercial segment. It was extraordinary second quarter in terms of the refining margins and the refined product prices. What do you see in terms of the margin normalization in this segment towards the year-end in third quarter? Do you expect the margins to remain elevated? How much of it is sustainable improvement because of your effort for dynamic pricing? My final question will be around the impairments of receivables, also on the B2B segment. We saw the two quarters of these receivables also happening this year. Is it related to the conflict? Do you expect those to keep happening in second half of the year? Thank you very much. Okay, thank you. Hi, good afternoon, everyone. Athmane here, I will kick off with the first question, then Ali, our CFO, will answer the two other questions. On the development of sales volume. What we have seen in July is low single-digit growth in volumes, we are talking about UAE plus GCC. A quite encouraging trend so far. Ali, I guess that there is one on the margin of commercial and two on the impairment. Thank you, Athmane. On the commercial margin, of course, commercial business has two major components. The first one is the contractual business, that's where the margin is pretty well-known and contractually committed. That business is pretty stable. The second component is obviously the spot Business. spot business margin is fundamentally a function of the pricing movements, international commodity pricing movements. usually in a rising price environment, that market opens up and you make a good margin. in a declining, we choose not to operate because that's detrimental to the margin. fundamentally, commercial margin will be a function of how the international prices move and within this whole volatility. unfortunately, won't be able to give you a very specific guidance, but can actually at least cover the fundamentals. The third one is the payment. Yes, we continue to be very conservative, actually, I'm exercising extreme conservatism on essentially assessing our estimated credit losses and stuff. A lot of them hopefully will not come through, but we just took a very prudent measure given the overall situation and the volatility. It's just a way of embracing this volatility, quite honestly, of actually staying very prudent. Thank you. Thank you very much. Would you expect them to continue in second half? If you may comment, thank you very much for your answers. No. If your question is in payments, no. Essentially, again, I would see how the international environment is. If the international environment remains extremely volatile, if there is a room, then obviously we will be warranted to do. Structurally, no. Thank you. Thank you very much. We'll now go to your next question. Hi, good afternoon, everyone. Congratulations on the excellent results. It's Scott Darling here from Cantor. I've got three questions. Aviation revenues were excellent. You talk about selling to strategic customers. Can you give us a bit more detail around that and how sustainable is it as we're in the summer vacation period? That's my first question. The second question is then on non-fuels. You've made some excellent progress in non-fuels projects this year. It's been excellent. Plans around non-fuel projects for the rest of this year, can you detail us with that? My third question is, you've sort of stopped talking about these EV mega hubs, and you mentioned how penetration rates of EVs, et cetera, you're rolling out EV charge points, but what's happened to this mega hubs? That's all. Thank you. Thank you for the questions. I think there's three questions there. Strategic customer is the army, normally we don't disclose the details of this, that's that. Secondly, the outlook of the year, the projects that we have in store for the year. The guidance that we provided to the market remains intact. We, I think, are aiming for 40-60 new service stations, and that will be delivered. We are on track. We have also the hubs program. We have five hubs that we've committed. This will be on top of six hubs that we've delivered last year. That's intact. We don't see any change in the plan. All our operational targets, we are very much confident to deliver in line with the guidance that we've provided the market in. When it comes to the mega hubs, the EV mega hubs, this is part of the hubs. It's one of the hubs. Earlier this year, we've indeed inaugurated the first mega hub with 60 CP, 60 charging points. That's on the key highway of Abu Dhabi, Dubai, E11, with an ecosystem that integrates quick service restaurants, rest areas, additional restaurants, as well as a hot desk, an office for commuters also. While charging, they can avail the internet and do some work. We are inaugurating the second phase of it on the opposite side of the street later this year, probably around October time. It will be another 40 CPs in one location, making this a big hub in the Middle East, North Africa and Turkey. We will definitely remain committed for this program. We see high energy, 2x what we've seen in 2025. The model is well received by EV car owners, and we also are working with B2B EV car fleets that are also charging with us. The regulation that is out there for fast and super-fast charges is attractive for us as an investor and developer, and our ability to create hubs is also working for the fleet car owners and also customers, B2C. Very much excited and seeing that these hubs are well received by the customers. Thank you. We will now move to your next question. Hi, everyone. Good afternoon. [Non-English content] everyone. This is Jameel Bakhsh from Bank of America here. I've got two questions, which are actually more clarifications for my understanding, please. They're both on the topic of inventory gains. The first question, and this is also following on from talking about commercial margins earlier. When you are coming up with your pricing strategy for your B2B clients, does the value of your inventory actually come into your thought process when you're looking at pricing from that one? And then secondly, on the dividends, particularly your calculation of 75% of net profits, does that include inventory gains in the measure? Thank you very much. Yeah, thanks for the question. On the inventory gains and commercial decision-making, now that's a bespoke enterprise-wide decision making. What we do is while considering commercial margin, which is the bespoke margin, it's inventory position, purchase trends, pricing trends, a lot gets added. A lot of items are added to that dish, basically. Inventory gains and commercial margin generation are intertwined. We would not do something which would impair either one of them, and essentially, we find a sweet spot between the two. Yeah, it's not totally independent. It's intertwined, especially on the diesel-related inventory gains and margins, and decision-making is holistic, not just only looking at inventory gains or the margin only. Regarding the question on dividend, I will leave the floor to our CEO. Thank you for the question on this one. Rest assured, our dividend policy is very transparent and clear up to 2030. Inventory gains is part of our construct, part of the supply agreement that we have with ADNOC that allows us to really extract value from this arrangement, and that's the benefit of being part of the ADNOC Group and them being an anchor shareholder in ADNOC Distribution. Our policy is very clear. We are committed to distribute $700 million as a floor or 75% of the net income, whichever net profit, whichever is higher. That extends all the way to 2030, and we are very much committed to this policy. Very clear. Thank you very much. It appears there are no additional questions in the queue on the audio side. Again, there are no additional questions in on the audio, so I'll turn it back to you for any other questions. Thank you. We'll take questions from the webcast. Since the questions have been answered already, there is a question about fuel price. Once the fuel prices ease to pre-war levels, do you see any negative impact on this from the top line in the remainder of the year? Okay. Thanks for the question. Ali Siddiqi, CFO here. When the prices come down, we have a protection mechanism called backstop. When we talk top line, I think that the top line should start from gross profit, I think for our nature of the business. Our margins are very well-defined. When the prices go down, the backstop mechanism, which protects us from inventory losses, will essentially kick in, which means on majority of our inventory and majority of the business is very well-protected from a drop or erosion in the international prices. Thank you. All right. There is another question. What is ADNOC Distribution outlook, and what are you focusing on? Thank you for the questions. We are very much excited about the growth opportunities ahead of us. They will be coming from multiple sources, not just fuel business. We are very much committed and focused on growing all verticals in our operating model, fuel, non-fuel, and EV, no doubt. We are expanding the network in the UAE, Saudi Arabia, and Egypt, and accelerating the growth of our convenience stores. Oasis by ADNOC, after the refresh, is seeing more and more reoccurring transactions and reoccurring customers. Our property management with the joint venture with Americana is committed to deliver the 200 QSR, so boxes over the committed period. Those will gradually start to come into our network. Recently, of course, The Hub has been a program that we continue to deliver. As I said, we have five hubs to deliver this year, and that will continue to be in execution mode this year. We've recently launched Engage by ADNOC. This is a retail media network initiative, monetizing our data and insight for brands to advertise within our premises. This is creating new earnings stream for us. Exciting phase ahead of us. The momentum will continue. Of course, we are also busy with the regulatory approval of the Shell Downstream South Africa, the proposed transaction, and looking forward to complete the process next year and also start to deliver the value from anticipating from it. Remember, this is EPS accretive from year one, 6% is what we forecast, and look forward also for its contribution once we are done with the regulatory approval. Exciting outlook for us. Okay. There are other three questions. Can you please comment on the performance of your business in Egypt, and was it also affected by the inventory gains? The second question, can you please explain how the backstop mechanism works in terms of cash, and do you get settled on sale or does it happen later? Last question, how protected is the B2B segment in case of oil prices suddenly decline? Okay, starting with Egypt. Egypt performance has been very encouraging. It actually exceeded the investment case. Very pleased with that and obviously want to grow more and more. Important to note that the money makers there in terms of the businesses are the aviation and the lubricants one. They are not only profit spinners, but at the same time, they are dollar denominated or dollar linked. About 85%-90% of the business is naturally protected against any EGP devaluation, which gives us the additional strength and the robustness in the business. Very pleased with that. Coming down, the next question was about how the backstop mechanism works. Spot on. It gets settled in cash and it operates on a quarterly basis. If the company has a quarterly loss in a given quarter, if it has a net loss on its stocks which are meant for retail, then fundamentally, we charge ADNOC Group, and then there's a cash settlement mechanism. It has happened in the past, so it's a proven mechanism, and it works fairly robustly. The third question is the B2B segment. The spot side of the business, the contractual volume, works very stable. That business works in a stable manner. The spot one is, of course, subject to international prices. What happens is that we choose not to do the business when the prices are going down. There may not be a margin upside if the pricing environment is not good, but there's definitely no downside. Commercial margins are not regulated. They are bespoke and market-driven. Thank you. We have one more question. How much CapEx do you expect for full year 2026, 2027, and forward? Yeah. I answer this question. The CapEx guidance is and remains $250 million to $300 million for this year. I would say that going forward, this is the level of CapEx that we intend to spend, but always with the focus to optimize actually this envelope of CapEx. Okay? This is what we are looking at for the mid-year term. We don't have further questions on the webcast. Are there any other questions on the audio? Yes, there are a few more questions here in the audio line. Again, if you want to ask the question, star one on your telephone keypad. We'll now go to your next question. Oh, yes. Hi. I think I was not able to ask my questions previously, and I posted on the web. This is Ildar Khaziev from HSBC. Since I have an opportunity to ask another one, can you talk about the outlook in Saudi Arabia? Has anything changed there? I think there was a bit of a pressure on profitability previously because of diesel price hikes. This year, it feels like it's performing better year-on-year, but we have also noticed that the throughputs have increased per site this year because of the stronger focus on land logistics. Are you experiencing the same in Saudi Arabia? Actually, by the way, are you seeing something similar in the U.A.E. as well, in terms of demand from the land logistics companies? Thank you. I'm not sure if I got the full question. Generally speaking, Saudi Arabia remains a market that we are active in. We have boots on the ground. We have an aspiration to hit 300 stations by 2029. I think we are on track, in fact, slightly ahead of the plan. We are expanding in a smart way with the CapEx light approach that we've explained in previous engagements. Nothing has changed that is contrary to what we've guided the market with, and we are on track to deliver the scale that we think is appropriate for this market, as outlined earlier, 300 station by 2029. Not sure there was an extended question there. If you could repeat it. Yes, I was asking whether. We've seen some improvement in throughputs in Saudi Arabia for the first time over the past few quarters in 2Q because of potentially stronger demands from trucking companies, given the stronger focus on land logistics, right? Are you seeing something similar? Are you seeing stronger throughputs overall this year versus what you've seen last year? Yes. The fact is that we are operationalizing stations. What you're seeing in our numbers is a contribution from more and more stations as they get operationalized, and that should continue in the coming phase. Yeah. Okay. Thank you. We'll now go to your next question. Hi, it's One question that I have on your supply contract with ADNOC. If you were to assume that you could get some of your fuel in South Africa from the ADNOC Group, would the margin mechanism remain similar to what you have in the UAE, meaning would you have any protection on the downside for inventory losses? Hi, Ricardo. On Shell Downstream South Africa, which is a proposed acquisition where we are expecting the approvals next year, the thing that we have said and we can tell you is that ADNOC Distribution, we look at different sources of supply of the fuel. This market is short, and more than 65% of what is imported is coming from the region. We are going to update the market. I guess what is important is to tap, for ADNOC Distribution, the synergies that we can build in with ADNOC Group and with the trading arm. Okay. Thank you. We'll now go to your next question. Yes. Thank you for taking my quick follow-up. It's Kishmariya from UBS. I just want to have a follow-up around your CapEx comments. You mentioned that in the medium term, you will look to optimize these levels. Does this include the required CapEx for South Africa? Thank you. What we are saying is growth Capex is our priority because we have demonstrated through high return on capital employed that we are creating value. Where we are always looking is at where we do Capex, which is maintenance, but also on growth Capex, is always looking at where we can optimize the cost of investing across our network. This is something that, of course, with AIDT, we are also evolving on that front. The company, as always, is focusing on how we can optimize the Capex program that we have. Thank you. It appears there are no additional questions in the queue. Okay. Thank you very much. With this, we conclude our call today. If you have any other questions, please contact the investor relations team. Thank you very much. This concludes today's call. Thank you for your participation. You may now disconnect.