Hello everyone and welcome on ČEZ Group first quarter 2026 results call. It's my pleasure to welcome Martin Novák, Chief Financial Officer, and Pavel Cyrani, Chief Sales and Strategy Officer. We will start the call with the presentation and then we will have room to ask questions. Now, I'm handing over to Martin. Good morning. Good afternoon. Let's start with slide number three, where we actually summarize our quarterly earnings and compare it to first quarter of 2025. I think it's important to note the EBITDA number, which has reached CZK 35.3 billion or 18% less than in the first quarter of 2025. Our net income on the other hand, has risen by 13% to CZK 14.5 billion and adjusted net income, CZK 13.5 billion, where we actually adjusted for non-controllable interest from our shareholdings. Operating cash flow is somewhat higher due to especially accounting treatment of our investments into state bonds. CapEx is significantly higher as we are actually progressing with our intensive CapEx program. This year and following year will be probably the record high in terms of CapEx. You can see an increase of 130%. Our net debt is at very similar level, around CZK 200 billion. Next slide you can see actually contribution of two segments of our business. Two key segments. One is actually Generation Mining segment, the other segment is actually Distribution and Sales. You can see that our Distribution and Sales segment is fairly stable, reaching around CZK 16.3 billion EBITDA, very similar to last year as it is sales and distribution business, that's no surprise. On Generation segment, there is a significant decrease of about 33% actually in generation, mainly due to lower power prices and a few other effects. Clearly those two segments are almost even, and they will be even actually for the full year, when you look at it going forward. One of the most important slides is slide five, where we actually explain the variation between or variance between CZK 43 billion that we made for the first quarter of last year, compared to CZK 35.3 billion this year. By far the most significant change is actually in Generation segment, generation facilities. Where almost CZK 8 billion is attributable to the decrease in power prices and sales prices. As we indicated, many times in the past, this year, difference in prices is fairly significant. About CZK 8 billion is coming from this effect. Another important effect is actually different schedules of planned nuclear outages. As you know, we have switched to more than 12 months fuel cycle at our power plants. We enjoyed actually very little of those fuel replacement outages in 2025. We reached 32 TWh of power generation. This year, we will be aiming at about 30 TWh because we will have those refueling cycles in place. This is the effect of the first quarter, CZK 1.1 billion. Generation segment trading is up by CZK 1.5 billion. CZK 1.1 billion is coming from temporary revaluation of derivatives. CZK 400 million is actually higher margin due to prop trading activities. Another important variance is actually coming from Gas Distribution segment, where, as you know, we acquired actually as of January of this year, company that we were missing in our, geographically in our portfolio that was covering south of the Czech Republic or Bohemia. It's called Gas Distribution. This company will be integrated into GasNet. It was actually acquired through GasNet. This company brought us for the first quarter CZK 400 million. The remaining part is actually another CZK 800 million, CZK 700 million-CZK 800 million is attributable to higher allowed revenues from GasNet due to higher CapEx in the past years. Exactly the same amount of CZK 1.2 billion, but negative, is an impact of our sales segment that has somewhat declined back to kind of standard numbers, so that the sales margin is after a very strong year, 2025, coming back to normal, I would say. Actually CZK 600 million is attributable to retail and about CZK 400 million plus to ESCO activities, but mainly commodity sales, not the services themselves. Next slide, actually key drivers related to net income. We have somewhat lower depreciation of CZK 1 billion or 7%. This is mainly effect of accelerated depreciation on coal assets that we started to accelerate as of October 2024. 2025 was probably the highest level of depreciation of those assets, and it now it will be declining down to 2030. There we see the end of lifetime of those assets or around 2030. Now there is a lower depreciation in 2026 versus 2025. Other items are pretty much the same as they were last year, although there are different variances that come to the same result. The most important effect of net income, and this is actually why our net income is going up versus EBITDA that is going down, is actually windfall tax that is not being accounted for in 2026. It brings us about CZK 8.6 billion. It's not only windfall, it's also an ordinary income tax, as our pre-tax profit is lower and therefore the effect of income tax is lower as well. This is how we get actually to CZK 14.5 billion and adjustment of about CZK 1 billion to adjusting that income is attributable to actually to the shareholding of minority shareholders, mainly in GasNet, that we have to take out from consolidated numbers. Next slide are actually volumetric data that you can go through yourself on power generation, distribution and sales. Slide number eight, our dividend, I think we announced on 23rd of April, our dividend proposal of the government of the Board of Directors. It will be voted about at the shareholder meeting on June 1. We also announced actually the date of the shareholder meeting. All materials and documents for the shareholder meeting are out as of 29th of April, they are available publicly. The proposal is CZK 42 per share, which is 80% of adjusted net income for 2025. Important news the day later, we actually announced one important point that is part of our shareholder meeting agenda and is actually optimization of ownership structure and management structure of the group. We are proposing to create a new entity that will be 100% owned by ČEZ parent company and actually include into that entity or under that entity all non-power generation assets or core non-power generation assets. Meaning distribution of gas, distribution of power, ESCO activities, ČEZ Prodej, which is retail business. Elevion, which are ESCO activities abroad. Carve out actually trading out of ČEZ and put it into a special trading unit that will be again a subsidiary of the new entity. So that will actually allow us to, you know, have a independent view on the assets of, or that are non-generation assets that are customer actually oriented. Why we actually do it, we already announced this, I think, in 2022 when the shareholder meeting, when we had a change or modification of our strategy that would actually allow this thing to happen. Now we feel there is the best time to do that for many reasons. One of them is also that the segment has grown significantly, so now is actually on par with generation segment in terms of future EBITDA. It has many other advantages. I would name increase in value. We believe that actually by carrying out stable, regulated, customer-oriented activities from generation activities, would probably be very interesting for external investors. They might put higher value actually on those assets versus combined company that we are today. We would also have improved efficiency and governance, enhance transparency and more targeted management on these segments. One of the most important factors is actually improved financing. There is a big demand for us to be financed actually by external parties, but still many of them are limited due to our coal exposure. Although we are, we belong among 7% of best rated companies in ESG area worldwide. For some investors, coal is still an issue and of course then this separate entity would be able to take, accept its own debt, its own financing that would be coal free. This is something that we will actually ask shareholders at the shareholder meeting to approve. Next step, after we do that is actually to, after it is approved, we assume it would. We would actually create this entity and make all legal steps that would actually make sure that this entity is fully functional, operational, and all those assets are transferred into that entity by the end of first quarter of 2027. Then we would start exploring the market and work on potential divestment up to 49% of this entity so that we could actually extract some value from this transaction. The proceeds could be used for future growth, so new M&A activities, something that we have to take into consideration that our government announced a few times, and actually it would be buying back shares of ČEZ parent company using proceeds from sale of the minority in a customer company that I just described. All those options are on the table, and this is a step to get there. Important development on nuclear side, especially in relation with Rolls-Royce SMR project. We signed a memorandum of understanding with Czech state where we actually agreed that we would start working on a financing process meaning the investors model that will be important to make sure that we can go ahead on the notification by the European Commission and basically cooperating on those projects together. We also signed contract for preparatory work with Rolls-Royce, which is called Early Work Contract, and it is actually based on it actually allows us to continue with processing documentation for licensing, permitting process, construction process, paperwork basically for first SMR in the Temelín location. Next slide, you can see, actually what happened in March, when the power prices, and gas prices, and crude oil prices of course, moved significantly. This is one of the reasons that is actually impacting our numbers going forward even for 2026. Because of the move actually in the power prices, we have a positive effect on our entire portfolio of unsold electricity, where we will definitely enjoy a positive impact of those higher prices, although amount of unsold electricity was fairly low, definitely below 10%. This move will allow us to optimize on that. Also, this move allows us to produce more electricity than we originally anticipated, which is important factor. This electricity will be produced of mainly the coal plants, where we originally anticipated something like 14 TWh or slightly above 14 TWh to be made. Now I think we moved our expectation to 15.3 TWh. It's not only about selling power that is unsold for more, but also producing new power to be sold and of course, also mining more coal to produce this power. Based on those expectations, we moved our EBITDA estimate from CZK 103 billion-CZK 108 billion to CZK 107 billion-CZK 112 billion. Net income from CZK 27 billion-CZK 31 billion to CZK 30 billion-CZK 34 billion. Now I will quickly cover Generation segment and Mining segment. Actually on slide number 16, you can see more detail to what I already described at EBITDA development slide. It's important to know that price effect is fairly significant and volume effect as well, of course, on nuclear, where we are down by 38% on nuclear, or CZK 7 billion. Even higher decline in percentage is actually in emission generation, where we went down from CZK 2.8 billion to CZK 1.1 billion only, or 61% decline. Meaning that the profitability of coal plants is really going down. On next slide, nuclear and renewable generation, first quarter, it's actually down by 8%. It's all coming from, mainly coming from nuclear, that I already explained. We had a longer scheduled outage on the Temelín nuclear plant due to extension of the fuel cycle. 2025 was without fuel replacement. 2026 is with fuel replacement. Only full year we actually expect to produce slightly above 30 TWh on nuclear. On the other hand, we plan to grow actually on renewables, mainly due to standard hydro conditions in 2026 versus relatively dry winter of 2025. On coal and gas generation front, our power generation on those assets was on coal front was very similar to Q1 2025. We made significantly more from gas, about 50% more from gas, which was mainly driven by favorable market conditions actually in our gas plant in Počerady. Here you have actually an change in estimate in our generation of coal-ignited electricity. That's basically increase 11% year- on- year. Technically speaking, also versus original plan, which was basically on the level on par with 2025. Last slide from this section, actually hedging. You can see our hedges for 2027, 2028 through 2030. Average achieved prices, how much power is actually hedged. We actually used the opportunity of significant increases in coal power spreads. Actually locked in a significant part of our coal generation for 2027 and 2028, where the spread turned from negative to positive. 2029 and 2030 still kind of around zero or even negative. The same slide is actually on this right side showing you how much carbon credits we have secured and at what prices. Now that's all for me, and I will hand over to Pavel to guide you through Distribution and Sales segment. Okay. Martin, thank you. Let's start with distribution. We saw a 12% EBITDA increase for year-on-year. Actually, the story behind it is more extensive, I would say. It makes sense to look at the growth excluding correction factors, which would be CZK 1 billion higher on electricity. This take in account the year-on-year growth would be about 19%, which is driven by fundamental changes in the investments and the underlying RAB as well as the increased WACC. We are in the first year of the new period. As you all know, the WACC has a like a variable part based on the amount of investments we make. We are making enough investments to achieve this bonus part of WACC, and that's driving the growth. On the gas side, as already mentioned also the acquisition of Gas Distribution. The correction factors mainly from year 2024 are having impact on the accounting results of the electricity distribution. Actually that's the nature of the distribution business. In terms of the full year, we still expect around 11% growth without correction factors. The first quarter, which is the quarter mostly affected by winter weather and so forth and so on cannot be kind of multiplied by four for the full year. In terms of the accounting numbers, given the extensive correction factors from 2024, we are expecting about flat number year- on- year. You have all these numbers also in the backup to go through them. Anyway, what is to remember is that we see a very healthy growth of the fundamental business. In terms of the volumes, we see about 4% growth for electricity and 8% growth in gas. Gas being more affected by weather in general by the colder winter, together with also the acquisition of Gas Distribution. In terms of sales segment, on page 23, again, a topic we've discussed also when we are discussing the full year results. We see a 25% decrease for the overall segment. What I would like to bring to your attention is that if you compare the Q1 of 2026 to Q1 of 2024, so looking two years back, you would see a 38% growth. The year 2025 was somewhat an outlier, especially on the sales of commodity, where the combination of a very low payment for ancillary services and in general for the fluctuations led to some extraordinary results, both for ČEZ Prodej and ESCO. Even without, you know, this taking aside, we see a good underlying growth for the supply business. In terms of the volumes, we see a 7% growth for the sales of electricity and natural gas. We see a stable portfolio of customers with a stable portfolio of customers. In terms of the revenues for the energy services, we see a slight decrease year on year for the first quarter. We consider this temporary driven by the somewhat different revenue trend in the years of 2025 and 2026 when we are still aiming for a healthy 9% growth year on year for the full year. With this, I think we are complete. [Bára], back to you. Yes. That concludes the presentation, and we are ready to take your questions. Just basically raise your hand in Teams, and I'll call your name, and you can ask the question. The first question comes from Petr Bartek. Good afternoon. Can you hear me? Yes, we can hear you. Thank you for taking my questions. I would like to ask you if you can provide an update on the distribution business, in terms of regulated asset base, what its value for this year, maybe split to electricity, GasNet, and the new subsidiary, Gas Distribution. Also, do you expect that the WACC for the Distribution business would reach the ceiling at 8.4%, or it would be somewhere in the WACC range? Second, if you can update us on the energy services part, the ESCO business. What's your midterm growth expectation for it and the target margin? If I recall, it used to be 10%, but you have exceeded this margin last year. Whether there is any change in that? Last question, in terms of the say, midstream gas business or the imports from the U.S. and other markets, if you can provide any outlook for this business. Will this be included in the customer services part of ČEZ? What volumes do you expect there? Ideally, what EBITDA would you expect from this business? Thank you. Okay. Multiple questions, I'll start with the RAB. We expect the RAB value for 2026 to be CZK 171 billion for the electricity part, for electric distribution, and around CZK 72 billion for GasNet and CZK 7 billion for Gas Distribution. Okay. All in all, about CZK 250 billion RAB for all three businesses combined. In terms of the WACC, we do aim to achieve the full WACC, including the bonus. This is our target, we consider this to be achievable. Now in terms of the target margin on ESCO business and the overall aim, the overall target as our ambition remains at 10%. Obviously, we try to balance the growth and profitability because it is somehow sometimes not fully correlated. By acquiring new business, you need to come at margins which are somewhat lower, but 10% is the target. In terms of the overall growth, again, as a general target, we do expect a double-digit growth for our ESCO businesses on the EBITDA level. LNG transport. Oh, LNG transport. The LNG transport, the one that is backed by our contract with the government, would not be transferred to the customer business. That would be excluded and would remain at ČEZ because it is government-backed. Thank you. Maybe one follow-up question on the Supply business. If you think about any expansion from Czechia to foreign markets with the Supply business? If you look at purely commodity supply, so, ČEZ Prodej, ČEZ ESCO commodity side, no, we do not plan that. I mean, we are expanding in the general ESCO services, but not the commodity business. Okay. Thank you. We can take the next question from Anna Webb from UBS. Yeah. Hi, good afternoon. Thank you for taking my question. I've got two. Firstly, just on the impact from the current situation in the Middle East. Obviously, you flagged higher prices and also higher coal utilization and in part the, well, the kind of key drivers, I guess, for the guidance upgrade. I guess my question is to what extent these are kind of one-offs right now while the prices are high, like you're capturing, like you said, on the unhedged volumes and being able to, like, run, you know, the lignite that might have otherwise not run. How much are you able to lock in Potentially higher earnings in the future, I'm guessing not that material, given that the forward curves haven't moved that much. Should we think of this as repeatable? You know, if prices went back to kind of a prior crisis level tomorrow, would we expect ongoing benefit or not? That's the first question. The second question is just on trading, because I think you posted quite a strong result in trading in Q1. The kind of commentary we've heard from other European utilities has been that actually it's very hard to capture the current volatility and to profit in trading given the type of volatility in the market and it not being very fundamentally driven. Any kind of qualitative comments you could give on the trading environment and what we should expect there. Thank you. First, you know, impact of high prices. As you know, actually, the impact of Middle East situation was mainly on the short end, meaning 2026 prices, spot prices, kind of near near future prices. It is less so for the following years, although there was an uplift for 2027, 2028. In the meantime, there was also a decline of carbon credits. As I said, positive window of opportunity for looking up our margin in lignite opened up. We, I think, used it for 2027, 2028. 2029 is already kind of close to zero. 2030 is definitely zero or negative. You will see it in 2026, somewhat 2027 and 2028. Now the prices, when you look at it, they are down to EUR 72/MWh or something when I looked yesterday, actually in 2029 or 2030. You know, I wouldn't expect it'll be significant impact, but somewhat better than originally anticipated. You know, if impact of billions of crowns rather than tens of billions of crowns, nothing that we experienced in 2022, 2023, 2024. Second, the trading result. Pavel has an answer. I will comment on that. Maybe just to direct you where you can find this information, this effect we did, as Martin mentioned, captured to the extent possible. This increase, although it was not that big for the years of 2027- 2028, you see that the average prices of our hedging went up for 2027- 2028 by about EUR 1 to EUR 2. Also you would see that for a single quarter, the volume that we sold were somewhat higher than we would normally sell. This is about the impact we were able to capture for the lignite for years 2027- 2028. Now in terms of trading, I guess two parts to it. Number one, the situation has improved for us. Our traders have been able to capture more profits than last year, by about CZK 0.4 billion. Most of the year- on- year increase of CZK 1.5 billion are some temporary revaluations of derivatives. About two- thirds are these temporary things. About one- third is the effect of higher margin that we will retain where the traders achieved better results than last year. That we do see some recovery, but not to the extent that you would see only from the accounting number comparison. Thank you. Can I just check that expected to reverse in 2026, that derivative revaluation? yes, mostly in 2026. Okay. Thank you very much. Okay. We can take the next question from Arthur Sitbon. Thank you for taking my question. I was just looking at the share of EBITDA that you realized in Q1 compared to last year, comparing that to your full year guidance. It seems that you may be a little bit ahead of the guidance you provide for the year. I was wondering if you've basically done a full mark to market of commodity prices in your guidance or if you've kept a little bit of buffer in case prices reverse later in the year. As well, how conservative or not your assumptions are on the trading side for the rest of the year. Thank you very much. Yeah. You know, I would add to that, our guidance is the best point of view that we have in at a certain point in time. You know, I don't think that we really are over-conservative in this position. A lot of power has been actually already sold. You know, one- third of the year is behind us. It's important to realize that our business is seasonal business. You know, we make most money actually in the first quarter and maybe last quarter. Summer is, of course, you know, a bit slower in terms of there's less need for power for heating purposes, for example. That's seasonal business. It's kind of okay to have a strong first quarter, no, compared to the rest of the year. You know, of course, many things can change with trading. It depends on volatility and whether we will be able to use this opportunity or not, as it was discussed in a previous question. So far, CZK 107 billion-CZK 112 billion is our best estimate, and that's why we actually provide a range and not one number because we take all those things that are that can go not wrong, but not materialize, but things that can materialize on a positive side, and this actually provides the range for our estimates. What also you should note is that as the structure of our EBITDA changes internally, so, growth on the customer side and, decrease on the generation side, the effects of the seasons are different for these two segments. It's always the strongest season, but even it's even more so for the generation [inaudible] and less so for the distribution. From this perspective also the share, you know, the share of the first quarter vis-a-vis the full year will change with the changes in the shares of these two segments. Thank you very much. Okay. It seems we have no further questions, so maybe I'll ask you one last time whether someone wants to raise your hand. Okay. It seems there are no further questions at this point, so let me conclude the call. Thank you everyone for participation, and investor relations, as always, is available for any follow-ups. Thank you very much and goodbye. Goodbye. Bye.