Good afternoon or good morning, everyone, and welcome to our regular quarterly call organized by ČEZ. It's my pleasure to welcome Martin Novák, CFO, and Pavel Cyrani, head of strategy and sales and strategy. I'm handing over to Martin to walk you through the presentation. Good afternoon, good morning. Let's start on slide three with the financial results overview. As you can see, our sales or operating revenue is 5% lower, mainly due to the main factor that is actually influencing all this presentation or entire presentation, which are the low power prices. EBITDA down by 20% to CZK 59 billion, and we'll go through a higher level of detail on next slide. Net income up by 10%, from CZK 16.5 billion- CZK 18.1 billion. Mainly caused by the fact that we are not subject to windfall tax that actually is not in place. It ended its existence on December, 31st, 2025. Operating cash flow, CZK 26 billion higher or 55%, and the CapEx 30% higher. Our net debt is about 9% higher, so we are getting close to CZK 200 billion. Slide number four explains the difference between first half 2025 and first half 2026. EBITDA, as I said, by far the most significant factor influencing this variance is generation segment and mainly decreased power prices, which actually have a negative effect of CZK 14.4 billion. We also had lower profit from trading, and the revaluation of temporary valuation of derivatives, which in total is lower by CZK 2.7 billion versus first half of 2025. As you will see later, we are actually planning to produce 9% more power from coal compared to 2025, and therefore, despite lower coal prices, the volume is actually making up, and we can see CZK 0.5 billion increase year- on- year. Our distribution segment, both electricity and gas, are actually positive. The variance is CZK 300 million on electricity distribution, which is negatively impacted by correction factors from past years. On a normalized EBITDA without correction factors, we are doing much better, as you will see later on. Gas distribution, CZK 1.7 billion positive year- on- year. Half a billion of which is actually attributable to acquisition of gas distribution company that is covering south of Bohemia. GasNet, which is the company that we own since, I think, September 2024, also has an improvement mainly to higher investments or CapEx and the increase in WACC. Sales segment down by CZK 2.4 billion, partly due to lower margins, both in retail and wholesale customers or large customers. With declining power prices, our margins are getting back to standard levels. We also had a few delays on our projects abroad, which causes a variance of about CZK 700 million. This is how we get to CZK 59 billion. On next slide, we can actually see the details of net income. Basically, most of the items like depreciation, asset impairments, other income expenses are fairly similar to previous year, and there is an explanation on the slide. What is definitely worth mentioning is income tax. Last year, income tax was about CZK 23.1 billion. Now it is only CZK 5.5 billion, and the biggest difference is attributable not to lower pre-tax income, but to the fact that we are no more paying a windfall profit tax. That is why actually, despite 20% decline in EBITDA, our net income is 10% higher and is achieving CZK 18.1 billion. On slide number six, you can see actually total operating results that I will skip. Those are volumetric numbers, so if you are interested in those. The important slide number seven, actually taking into consideration a few positive factors, a few negative factors, we decided to shift our guidance on both EBITDA and also adjusted net income upwards. Original guidance from May 14th was CZK 107 billion-CZK 112 billion. Now actually, we moved this range by CZK 2 billion upwards. So new guidance is actually CZK 109 billion-CZK 114 billion. Adjusted net income, CZK 30 billion-CZK 34 billion was original estimate. Now it is actually CZK 31 billion-CZK 35 billion. Main positive drivers is higher EBITDA of our distribution segment. Continuous crisis in Persian Gulf, which resulted into higher power prices, and allowed us even to produce more power in our coal plants and gas plant. Then we have higher generation in nuclear plants than originally anticipated. Negative front, we have lower profits from commodity trading and lower EBITDA in Elevion Group due to the phase that I already described, mainly moving some projects further. Very important selected assumptions of the current forecast in the Czech Republic. So we assume that we will generate 45 TWh-47 TWh. Average achieved prices will be EUR 106-EUR 110 per MWh, and the average purchase price of carbon credits will be EUR 77-EUR 79 per ton. When we look at actually next slide, I would touch on a newly established subsidiary of ČEZ, which name is ČEZ Energy. This is something we discussed on a previous call and also did a lot of publicity after a shareholder meeting. On June 1, actually, the shareholder meeting approved the mandate for the board of directors to optimize the ownership structure. We actually were providing mandate to transfer ČEZ Group customer segment into ČEZ Energy. Those companies that are actually considered is both power and gas distribution, which is a decided fact. Those will be a cornerstone of ČEZ Energy. Then, retail business in the Czech Republic, ČEZ Prodej. ČEZ ESCO services in the Czech Republic and Elevion in Germany. Also, trading both of power and natural gas and telecommunication services. Not necessarily all of those will get transferred, but definitely the largest companies will. Then we got a mandate to actually dispose a minority stake up to 49%, actually, of ČEZ Energy, either through direct sale or through IPO in the future. The timeline is such that all the legal work, meaning injecting actually the companies into transferring the ownership from ČEZ to ČEZ Energy, should be finished by the end of first quarter of 2027. Many of those transfers, however, will occur in 2026. That's actually it. On the same slide, you actually have board of directors of the company that basically composes of four members of current board of ČEZ, with Daniel Beneš being Chairman of the Board of Directors. Pavel Cyrani, Vice Chairman of the Board of Directors. Myself and Ondřej Landa, members of the board. And actually, Pavel Cyrani is CEO of the company, as he's heading actually sales segment and distribution segment currently in ČEZ these days. Selected events in the past quarter. I think I can skip that. You can go through. Those are interesting things. Maybe the one that's worth mentioning is actually Elevion Group that acquired or signed an agreement to acquire 100% stake in Techem Solutions GmbH in Germany, which is a company that should significantly increase the size of Elevion and actually switch it to a company that has more assets. It's more asset heavy than it was by now. It's operating almost 2,300 energy facilities around Germany, mainly heating systems in municipalities. Now let's switch to generation mining segment. On slide 11, you can see actually our generation mining in total is down by CZK 14.5 billion or 31%, with a clear effect of power prices actually influencing all those parts of generation segment. What is worth mentioning, despite the fact that we produced a significant amount of power in coal, basically very similar to last year. EBITDA is down by 65% to CZK 1.4 billion, only compared to CZK 4 billion for the same period in 2025. So despite the fact that now actually coal plants are profitable due to events in March with power prices going up and carbon credits somewhat down. It looks like it's a short-term issue that will last through 2027, 2028, where we were able to lock the margin. But towards the end of the decade, those units will not be profitable. So this is generation segment and mining segment. On the next slide, you can actually see our nuclear and renewable generation in graphical format. So on our nuclear facilities, we generated 15.3 TWh, which is exactly half of how much it should be for the full year, 30.6, which is a bit more than we originally anticipated. And the renewables, similar amount actually of power generated as in first half 2025, and actually a bit higher expectation compared to 2025. So we should reach 3.6 TWh of the renewable power. Next slide, you can see electricity generation from coal and natural gas. As I said, we produced actually 5% more power from coal in the Czech Republic, 7.6 TWh, and generation from natural gas is also up to 1.7. So in total, fossil fuel generation is up by 6%, again, due to very positive situation on the power market. On full year, we will increase our generation in coal by 9% and natural gas by 87%, so totally by 18% to 18.8 TWh. Important slide, hedging the power. For 2027, we are hedged at 76%, average hedge price 88. As you know, actually the power prices in Germany are around EUR 106 or above EUR 100, definitely. So selling actually more will mean that our average hedge price will grow. We are still keeping some power unsold for the year when it starts, so there is a potential, if the power prices stay where they are, that our average hedge price would be higher. However, we will not be able to achieve 2026 price, which is somewhere between EUR 106 and EUR 110. This is our estimate. You can see also following years and the same for carbon credits, that in 2029 actually basically, prices of carbon credits are higher than prices of power that you are actually generating. That is all for this segment. I will hand over to Pavel to guide you through distribution and sales. Thank you, Martin. I will start with distribution. You see that year-on-year result is at CZK 2 billion or 10% increase. The underlying story is even better. The normalized EBITDA for electricity grew roughly CZK 2 billion or 15%, driven by investments and increased WACC, as we switched from one to the other regulatory period between last year and this year. On the gas side, the normalized EBITDA grew 25% or CZK 1.5 billion. It was partially driven by the acquisition of Gas Distribution. If we exclude that, there will be still an 18% growth for GasNet alone. So the numbers, we will see them fully in the coming years, which will not be as impacted by correction factors from two years ago. In terms of consumption growth, both gas and electricity consumption is growing. 3% for electricity, about 1.6% if you adjust it for weather. On the gas side, it is 8% overall, but also about 3% or 2% is climate adjusted on the comparable basis, because part of the growth is driven by the acquisition of Gas Distribution. But on both sides, 1.6% and 2% weather-adjusted same base growth shows that there is recovery both in gas and electricity consumption. In terms of the sales segment, Martin already commented the overall CZK 2.4 billion decrease year-on-year for the first half. It is to a large degree driven by the exceptional year of 2025. We have also included the comparison to 2024, and I already mentioned it in the last quarter result discussion that we had together. If you look at the retail purchase per day and compare to 2024, there is a growth of CZK 2 billion. Similarly, if you look at the commodity sales for the large industrials under ESCO companies, the 2026 is roughly at the same level of 2024. So this is where we stand today. I think we see the market overall normalizing and stabilizing, and we expect a steady development in the commodity business. In terms of the energy services, again, a topic that was already mentioned. We see stable development in energy solutions for buildings and industry, both in Czechia and abroad. Abroad, this year is negatively impacted in delay in some of the green energy segment projects, both in U.K. and then in terms of biogas facilities in Italy. But again, something that we see recovering in the coming next year and the coming years. In terms of the volumes of supplied electricity and gas, this is roughly the similar story to what we saw in the distributed volumes. We see growth 5% overall, with gas supply growing by 10%, which is driven by growing portfolio, growing consumption, and also colder winter, and 2% on the electricity supplies. In terms of customer portfolio development, we keep it roughly stable, given our market size. This is also our market share. This is our overall target to keep our market share roughly stable. Last but not least, revenues from the energy services. We see 1% or flat for the first half. We still expect higher growth when you compare year- to- year for the full year 2026. Most of the effects have been already discussed. I think this concludes our presentation. Barbara, back to you. Yes. We can now take your questions. If you are connected through Teams, just raise your hand. We have the first question from Anna Webb. Yeah. Hi, Anna Webb from UBS. A couple of questions from me. Maybe firstly on the trading, obviously you reported, I think, a negative number, and there are some potentially one-off or effects in there. I think, maybe correct me if I am wrong, but the base result ex those derivative or other effects was zero. Can you talk a bit about what you are seeing in terms of trading conditions, and is it that you are not putting positions on given the volatility? Basically, what is driving that result and how you see the opportunity in trading generally? Then a second question from me. Obviously, we have seen power prices going up and gas prices remaining at an elevated level given the conflict in the Middle East. I wondered if you could comment on whether you see any risk to further windfall taxes, or if there is a level at which you think windfall taxes are a risk, or whether you think the current government, that is really not on the table, or if you see any other kind of measures. Basically, whether you see any intervention risk in light of the higher prices, if they continue. Thank you. In terms of trading, you rightly pointed out that most of the effect is the one-off, the intra-year revaluation of energy contracts. At the same time, we do have a slower year also on the base trading. We see this as a slower year, and we expect a recovery to the standard levels that we had, for example, last year. That is on the trading side. Martin, you want to Yeah, windfall taxes, we do not hear any There was not a single sentence actually, around reintroducing windfall tax. I think this is all behind us. On the other hand, the profits of energy companies are significantly lower than they were actually when windfall tax was introduced. So, taking a base, whatever base actually in past few years, very few would be subject to this tax. I believe that having introduced or being such a tax introduced, which in our opinion is almost impossible, would definitely impair the discussions about our new project and on separation of ČEZ Energy and all those things that we would like to do actually. So, did not hear about it, and I do not think it is on the table. Thank you. We can take the next question from Bram Buring. Hi. Just to follow- up on your answer, Pavel, you said that the negative impact on revaluation of derivatives, that was a triannual revaluation. Did I get it right? How often do you revalue these things? Every time they report. Hello? Hello? Sorry, I was turned off. I said intra-year, meaning it clears out or settles typically within the same calendar year. I think Intra-year. Got it. Sorry. Intra-year. Intra. Yeah. Thank you. Intra. Revalue it every month, depending from market prices. Okay. This isn't going to be reoccurring in the second half of the year, I'll assume? Well, it can be all different. There can be positive revaluation, as it was at the end of first quarter, I think. What happens is basically it clears out upon delivery of the electricity. Got you. The volume over time of the contracts that are being revalued within intra year, within the year, decreases as you approach the end of the year, and it typically clears out. Not necessarily every year to 100%, but it typically clears out most of it till the end of the year. Understood. Thank you. A technical point, I just wanted to be clear that I've heard it. Just to say, for the end of first quarter, actually, the valuation was CZK +2.6 billion. Now it is CZK -2.6 billion. It is swinging one way to another. Got you. The question I wanted to ask is with regards to the distribution segment. When I go back to the outlook that you gave in for 2026 back in February, you had distribution and correction factors as a negative. Now distribution is becoming more and more positive than you had imagined back in February. I just want to understand what is behind that. Okay. What is happening that the underlying business is generating more revenues. The reason being higher than expected consumption. Let's say compared to the average, we had colder winter. For both gas and electricity, we see higher consumption, and with that, it comes high revenues for this year. We also see some recovery in the kind of industrial and household consumption, even on top of weather. That obviously at the same time, this clears out. We will return this to the customers two years down the road. That is why we introduced the normalized EBITDA, because that basically is the fundamental return that we get on our assets and that we retain. Okay. This one does not fluctuate within the year, because this one is basically set with your asset base and WACC at the start of the year. Okay. Simply, the weather is giving you a tailwind that you couldn't have anticipated back in February. Exactly. Excellent. Thank you very much. Next question from Farhaad Mallu. Hi. Thanks for the presentation. Just wanted to ask a question on the ČEZ Energy split. On the slide you mentioned that you're looking at what extent of financial debt will be transferred from ČEZ to ČEZ Energy. A couple of questions on the back of that. Firstly, can you say how much debt capacity do you think you will have at ČEZ Energy? I think you mentioned this before, but I was just wondering, I think there's two options, right? Firstly, you've got the debt transfer and the other one is raising debt at ČEZ Energy and doing some debt repayments potentially at ČEZ. Could you still be looking at these bond repayments and do you think there could be a kind of like make-whole in the debt rather if you don't go for the consent solicitation path? Also just the timing of a potential debt transfer. Will this happen after Q1 2027 or could it happen before in line with the transfer of the businesses? Thank you. Regarding that capacity of ČEZ Energy, I think the nearest comparison could be to E.ON, which would be very similar business profile. Whatever they are able to take and whatever their targets are, we would probably be very similar. Second, the debt transfer and the technical way how to do it and the timing is still under discussion. Clearly, there will be debt transfer between ČEZ and ČEZ Energy for sure, but the technical way how to do that and how fast it will be done is subject to discussion, which is clearly the capital structure discussion, one of the most important parts of the puzzle, and we will communicate it as the time passes closer to the end of conclusion of the transaction. Thank you. The next question from Emanuele Oggioni. Good afternoon, everybody, and thank you for the presentation and for taking my questions. The first one is a follow-up on the increase in the EBITDA for CZK 1 billion in this distribution business unit. You mentioned a steady correction factor, a higher correction factor in electricity. My question is, what is the read across on 2027? Is there some effect or impact or reversal we should expect in H2 or in 2027 for this moving part happened in H1? This is the first question. The second question is on the drought in Europe, which is causing stop and cut in production for many nuclear plants, obviously also lower hydroelectric production, for example, in some countries in Eastern Europe. I read that Hungary, for example, has increased or tripled its import from Czechia. What are the impact on ČEZ in positive, for example, for higher export to Hungary, for example, of electricity, but also the risk of the drought in H2 also for your country? This is the second question. Finally, a question on the reason of the slight decrease for still around CZK 1 billion in EBITDA for the sales segment, not year- on- year compared to 2025, but compared to May guidance. What happened compared to May to cut this EBITDA for sales? Thank you. On the distribution side, I think the best place to look at this, page 31 in the backups of the presentation, where you see both the normalized EBITDA. If you look at 2025 and 2026, this is one of impact mainly driven by the increase of WACC between the two periods. What you will see is the normalized EBITDA, the WACC being stable for the future years, and the RAB growing with our investment, which exceeds depreciation by about 0.6. We invest about 1.6x or 1.7 x depreciation. That is the base value. In terms of the correction factors, what we will see in 2027 is the reversal of the positive correction factor from 2025. 2025 was, again, a year where positive correction factor was generated. This will be subtracted in 2027. It is higher, it is more visible on the electricity side than it is on the gas side. I hope that explains this. And Martin. Yeah. Thank you. It is clear. Thank you. So then, water and nuclear, we also follow the news. In our case, we actually do not have any impact on hot weather, as all our power plants are using cooling towers, so that we actually are not dependent on how much water is in the nearby river. Maybe one of the reasons is that nearby rivers are not as large as Danube in Hungary, so that we are using different methods of cooling, which is cooling towers, which is almost closed cycle. The only thing, or the only impact is actually that if the cooling water is not cold enough, the efficiency of the power plant is going down by a few megawatts per unit, or by very few percent, low percentage points. But that is all it is. So no outages, nothing. The Hungarian situation does not translate into our prices very much because of interconnection between Hungary and Slovakia, which is not very robust. So basically, the export to Hungary is limited to this interconnection. Again, we do not export anything directly. We sell on power exchange, and whoever picks up the power, will actually deliver. So that is the Hungarian situation and our situation, which is significantly different, actually. Then, decrease in CZK 1 billion in sales quarter-on-quarter estimate, it is actually given mainly by the delay in projects in Elevion, ESCO projects abroad. Which is a delay, as put, so that with the roughly CZK 1 billion decrease that we just announced, we are basically getting the most stable development for Elevion year- on- year between 2025 and 2026. We are working to growth, both organic, including those projects that are delayed moving to next year, but also through M&A, as we will fully include Techem in the consolidated Elevion results next year. Thank you. Very clear. The next question from Jan Raška. Jan Raška, you can unmute yourself and ask your question. Okay. We will get back to you and I will give the room to Lukas Altman. Yes. Thank you. My question was also regarding ČEZ Energy. With the split, let's say, from the actual power production versus the power distribution, are we expecting to get a higher influx of, let's say, ESG-minded investments in ČEZ Energy in the future? Adding to that, I am not sure if you can share anything, but I was also reading about a potential expansion of a share buyback for ČEZ after the creation of ČEZ Energy. Maybe could you give us an update on that? Thank you. I'm not sure what you mean by the influx of ESG-minded investors, but one of the rationales for creating ČEZ Energy was to basically open up for both equity and bond investors that would normally not invest in a company that still operates coal power and/or operates nuclear. From this perspective, we expect that this company would be open to also investors, both debt investors and equity investors that would normally not invest in the original ČEZ. Yeah. Perfect. That was exactly my question. The other question was about the potential increase of the share buyback, but from the Czech government. This is actually a second step. We got a mandate to set up ČEZ Energy, fill it with assets and dispose up to 49%, but buy shares back is actually a different mandate that would have to come from majority shareholder and be approved by shareholders meeting, which has not happened. We are just in phase one, and phase two is to follow in the future. Upon the decision of the shareholders at one of the- Exactly future shareholder meetings. All right. Thank you. Okay. Jan Raška, you can ask your question. Hello, can you hear me? Hello. Yes. Good afternoon. I see interesting acquisition regarding to energy services in Germany, namely acquisition of Techem Solutions. Can you elaborate more the profitability of this company, the potential contribution, in what range can we expect the contribution to ČEZ results? Thank you. I think we are not ready to announce it or detail that today, but we will include it in the information as we will announce the outlook for next year. We will tell you more about that. Okay. Thanks. Next question from Chris Johnstone. Chris, please unmute yourself and ask your question. Chris, can you ask your question? Then I will come to you later, and we now allow Petr Bártek to ask your question. Good afternoon. Can you hear me? Yes. Thank you for taking my questions, too. First, if you are considering, in the current market conditions, some acceleration in your hedging for future years for the emitting assets. Because in this quarter, I have seen a relatively steady or maybe even a slowdown in the hedging, if I am not mistaken. Second, if you have any view or you could comment on what do you think about the European Commission draft proposal for the carbon market, if it has somehow changed your view on the carbon market, if you will adjust your strategy or whatever you can share. Thank you. In terms of the pace of our hedging, we did increase pace of hedging for the lignite assets for the remainder of this year and next year even. Or let us say volume of these. But at the same time, what happened is that we have also increased the overall volume generated. That was also already at the No, it was not in the end of Q1, it was beginning of Q2. Q2, yeah. These two effects kind of also net out each other. We are looking into it, and we are definitely looking into how to secure the highest possible spreads for our lignite assets. In terms of the CO2 market, basically, we see adjustments which may have some shorter-term impact in terms of discussion about the reduction factor, and so forth and so on. Overall, we see that the highest discussion or the topics that are mostly in focus of this is not the energy sector anymore, but it is rather the industry. It is more about how much free allowances will be given to industry, what will be the benchmarks, what will be the treatment of how you need to spend the money you save on the CO2 allowances. Right now, as we read it, and it may still change, but right now as we read it, we do not see a significant impact on the energy sector. Thank you. Next question from Andrew Molder. Yes. Hi. Thanks for taking my question. I just really wanted to follow- up a little bit on ČEZ Energy. Earlier on, you talked about which companies might go into ČEZ Energy, but it seemed like you hadn't decided exactly which ones that would be. I just wonder, what factors are influencing your decision about which companies will go into ČEZ Energy? You also talked about the debt transfer and the capital structure. But I wonder, do you have any rating target in mind for ČEZ Energy? You did compare it to E.ON, and, I mean, E.ON is rated Baa2 with Moody's. I know it's higher with S&P and Fitch, but I just wonder, do you have any rating target for ČEZ Energy? Finally, you talked about ČEZ Energy being potentially attractive to people who might not invest in the ČEZ with the generation assets. Would you then envisage ČEZ Energy being a debt market issuer on its own, or would it just have the debt that it initially assumes from ČEZ? I guess finally, just some clarification. You talked about cooling towers being the method by which you cool your power plants. I just want to be absolutely clear, that does apply also to both of your nuclear plants. They are just cooling towers. They do not rely on cooling from river water. If you could just confirm that for me. Thank you. The questions you have around ČEZ Energy are the correct questions and right questions. We are working on those in detail. Obviously, we're analyzing it, and we are not ready to answer them as yet. Our overall goal is always value maximization and complexity reduction, so that's what feeds into the discussion, what to include in the perimeter and what to not include. So that's why, as Martin mentioned previously, we are mainly looking at some of the smaller companies that are included in the overall mandate that increase the complexity disproportionately to the value. We are not looking at the major pillars of ČEZ Energy, such as both distribution companies, the supplies, and so forth and so on. In terms of debt rating and all of that, we will announce that when the analysis are finished and when we are ready. Please, bear with us for some more time, and we'll tell you. Rating exercise is one of the important pillars of the entire project. We will have rated both ČEZ and ČEZ Energy. Regarding debt, there are, again, many options, as Pavel said. Transfer of debt. But yes, in the future, ČEZ Energy will very likely be an issuer of its own bonds. That would probably be compelling to, as it was said, ESG type of investors or those that would not normally buy bonds of company running coal plants, although we don't see such a big issue these days, especially when we have a coal decommissioning plan in place. Then cooling towers, yes. All our power plants, thermal power plants, basically, are using this technology. Nuclear, all of them. So no issues there. Right. Thank you. Maybe just one addition to how you phrase your question. Cooling towers still need some water from the river, but a significantly smaller amount compared to flow-through cooling. Sorry, Barbara. Does that mean you could potentially have to reduce the output from the nuclear plants if this drought continues? No. We have enough water. Okay. Thank you. Okay. We have no further questions, but as always, investor relations is at your disposal later today or tomorrow and following days. Thank you, everyone, for participating. Thank you for the insightful questions, and speak to you in three months at the latest. Thank you. Bye-bye. Goodbye. Bye-bye.