Good morning or good afternoon, everybody, who has joined us today for a presentation of Enefit Green Q2 results. As just a short reminder that after our presentation, you can also, or during the presentation rather, you can leave your questions to Q&A or chat of this Teams live, and then me and Veiko Räim will answer all the questions. Of course, you can always send your questions to email investor@enefitgreen.ee, and then all your questions will be answered. We are really happy to be here today together with you and together with Veiko Räim. My name is Aavo Kärmas. I'm CEO, and Veiko Räim is our CFO, and then present our Q2 results and how everything has gone so far. Before going into the results, I mean, few facts about Enefit Green and who we are. As of today, we are the largest wind producer in Baltic countries. Our home markets are not only the Baltics, but also Finland and Poland, where we have our operations and developments currently under construction. We do have almost 20 or a bit more than 20 years of experience in renewables, which also allows us to implement our new updated strategy, which says that by 2026 our capacity, installed capacity, will be 4x bigger than it is currently. We will come to that a bit later on. Last but not least, of course, we are happy, and we are proud that around 60,000 investors believe in Enefit Green, believe in our story, and believe in the industry. This gives us a really good confidence that we are on the right path and try to or want to deliver what we have promised to our investors. Before moving to our results, just few facts, main facts, or impacts, what affect our activities or affected our activities in last quarter. First of all, power prices. The power prices around the Baltic Sea region have been 2x-3x higher compared to previous period of 2021. Of course, this is, you know, how to say, unfortunate situation for consumers, but we all know what are the reasons behind. First of all, of course, extremely high gas prices, but secondly also the lack of cheap production capacities in all our countries. Meaning that we all need more renewables in all our countries. The second thing is regulatory environment. As you can see, it's a quite busy slide here. What does this show is that in most of our markets, we see that the governments have actually taken really fast actions in order to bring more and more renewable capacities to the market as soon as possible. We see here a few examples from Estonia, as we have now new coalition in power who has came up with with new initiatives how to increase the capacities in Estonia, for instance, to shorten planning time or period for renewable capacities or introducing new auctions and so on. The same goes for Latvia and Lithuania. For instance, in Lithuania in July, the parliament passed a so-called Breakthrough package, which is a combination of different legal acts with new initiatives how to boost renewables, and same Poland. Maybe for Poland, really important thing to highlight here is that the parliament. Actually the government has submitted a proposal to parliament to eliminate the existing restrictions for onshore wind. So far, it has been so that the wind turbines couldn't be closer than 2x of a tip height. Hopefully this will be removed as soon as possible. That opens also the onshore wind possibilities for us and everybody, of course, in Poland as well. Maybe last thing to mention here what we have said also before that we had a legal dispute in our cogeneration unit in Latvia called SIA Technological Solution, where local authorities have taken away our feed-in tariff. We lost in the first instance, but certainly we saw that not most all or let's say probably most of our explanations were not treated properly. We have actually appealed to a second level of a court. That is it from that slide. If we move on, I mean, there are two things which have a really significant impact to our results. First of all, wind speed, as wind is the largest part of our portfolio. Here you can see a comparison of first quarter of this year, and then also last year in Lithuania and Estonia. Basically, what we can say that the wind speed has remained in the same level as last year. As we all know, usually the second and third quarter are the lowest wind speed quarters in a total year. Nothing extraordinary here. The second thing what is affecting or has a great impact on our business, of course, is availability. I'm really glad to see that all availabilities of all our electrical power plants have been actually better compared to last year, including wind, solar, and also CHPs. With good availability has helped us to produce more electricity compared to 2021. Here I would of course like to say great thanks to our operational and asset management team for a great job. Then last thing before we go into the figures is our new updated strategy 2026, which was approved by our supervisory board. Basically, this is all about growth as Enefit Green is a growth-oriented company. Last year when we met, we said that by 2025 we expect to grow our capacity up to 1,100 MW. According to our new strategy, we see that we can grow even faster, and by 2026 we expect to grow our capacity up to 1,900 MW. Why? I mean, it's all about electrification. We see that this is a key word for coming years going forward. The need for electricity or electricity consumption will grow. The electricity will substitute fossil fuels in, for instance, transportation and also in heating sector, which will allow us and also other market players to grow renewable capacity very fast. Our main growth is coming from onshore wind. We expect to have an additional capacity of 800 MW by 2026, and also from solar with additional capacity of 600 MW. Our electricity production will grow up to 4.5 TWh by 2026, which equals with, as for instance, half of current Estonian consumption. Why we believe that we are able to or we will manage to do the growth is our strength. Of course, it is all about our team, both in operations and also in development. We do have a locally established development teams in all our countries who are supported with our great knowledge from current operations and asset management in order to develop our new projects in most competitive way. The second strength is kind of a good Enefit brand. Enefit brand is used by our parent company in all our countries to sell the electricity. What we see currently that Not currently, but actually it's more than one year already, that the need for long-term power purchase agreements has increased substantially, which will allow us to make investments for our renewable projects. During the next four years, we expect to invest EUR 1.5 billion in order to build all our solar and wind parks. Last but not least, as I also said that we are really proud that 60,000 investors believe in this story and are together with us in this hopefully great journey. Now if we move on to what happened last quarter. Here on that slide, you are able to see that as of Q2 2021, every quarter we have the new capacities under construction. As of today, 258 MW of wind and solar parks are under construction. As I said, this is just the beginning in order to reach 1,900 MW by 2026. If we move on and see where this growth is coming, here is just an overview about the projects under construction. This 258 MW, which was on the previous slide. It consists of four wind parks, two in Lithuania, one in Estonia, and one in Finland, with total capacity of 211 MW, followed by three solar parks in Poland. Two in Poland and one in Estonia with total capacity of 47 MW. All in all those parks will be operational next year, which means that our installed capacity by the end of next year, sorry, will be 56% higher than it is today. The total CapEx of those projects is around EUR 285 million. On this slide we will now show you our near-term pipeline by the end of Q2 of next year. You see here that we expect to make investment decision for additional capacity of 692 MW. If we split it into two. First of all, in 2022 we expect to make investment decision for solar and wind parks in the total capacity of 358 MW. You can see it on a slide. Then also around 300 MW, 310 MW next year. I mean, what to highlight from here is a few things. First of all, Sopi and Tootsi Wind Parks. In July, Enefit Green acquired the Tootsi wind project from our parent. Sopi and Tootsi they are actually will be developed in the same location. Capacity of those two projects is 235 MW. If those projects will be already commissioned, it will double automatically the current wind production in Estonia. Secondly, Kelmė II and III wind parks in Lithuania with total capacity of 250 MW. Previously, those were in our long-term pipeline, but now we have developed those projects further, and we see that by the end of the first half of next year, those projects also would be awarded with final investment decision. That means that all in all, by 2025, our installed capacity is around 1.4 GW, or 1,407 MW to be precise. On top of that, we also do have our long-term pipeline. Which consists of two offshore wind parks and solar and onshore wind in capacity of 1,300 MW. This first bucket is our kind of very dynamic, so where we have different projects in all our home markets for solar and onshore wind. Some projects we bring further, as Kelmė and Kelmė two and three was a good example. Some projects will drop off, some projects will come as a new one. This is kind of our everyday business. Then of course, if we have any news with certain projects from that pipeline moving forward, we will of course disclose it also to you. What have been our latest developments in offshore? Liivi Offshore is still owned by our parent company, but Enefit Green has a right to participate in this project in the future. Currently, all environmental studies are ongoing, and investment decision date has remained the same, as shown here. Hiiumaa Offshore wind farm project, which is owned by Enefit Green. Current latest news is that currently the state is doing analysis, which should be finished by the end of this year, which would say that what kind of development methods should be used in the future in order to be able to have a kind of maritime spatial plan in place by 2029 or even a bit before that in order to we can make investment decision for that project as well. All in all, we still see that we have quite a sizable portfolio of near and long-term projects, which would allow us to grow our capacity up to 4,800 MW in the longer run. saying that, I will stop here for a while and give it over to Veiko, who will elaborate more on the figures. Thank you. Figures for the last quarter. First of all, I think that to summarize the highlights, it has been a strong quarter, hopefully the investors can be happy with the results. Of course, with all the availability that we have had and quite a bit better than last year, as well as the wind conditions we've had, actually the electricity production growth has been 6%. We generated 270 GWh of power last quarter. Of course, as Aavo mentioned already about the power price environment, then that is really also pushing our revenues higher. All together, we have earned EUR 47.3 million of revenues the last quarter, which is 30% above last year's. Also EBITDA has been EUR 30.7 million, which is 51% even higher, and net profit is EUR 16.9 million. We'll go through slide by slide and segment by segment. Yeah, the key highlights, of course, being the investment decisions, the strategy and also the dividend distribution. Firstly, if we look at the segments and the revenues, total revenues have been EUR 11 million more than last year. A few instances here, wind segment benefiting the most from higher power prices, what we have seen over the last quarter. CHP has benefited from that. Also on the flip side, pellet sales is sometimes chunky, and then there is one shipment shift from June to July, which we completed by now. This actually has reduced quite a bit the revenue side, having less impact on the EBITDA. Finally, solar services have also seen volume growth over the last quarter compared to the year ago. Essentially all segments performing reasonably well. In case we look at the EBITDA now, we have done EUR 10.4 million more than last year, so 30.7% as mentioned. Again, the main impact coming from the power price changes, EUR 11.5 million in total. We have also seen other revenues growing and some increase in the Estonian production quantity. On the other hand, the pellet sales, as mentioned, has reduced sales revenues, but on the other hand, it has also brought about a change in inventory as we've produced more pellets and now have them in inventory for delivery in Q3. All in all, these impacts actually balance out quite nicely, and the revenues have, and the inventories have benefited strongly the EBITDA. Now, on the cost side, I think deserves to mention that the variable expenses have grown. We have higher biomass prices that we have used for pellets and also for CHP production. Also, higher electricity cost actually brings about higher balancing energy costs for us on one hand. Secondly, we have actually changed accounting principles in this year that we intraday Nord Pool balancing trades now show both purchases and sales before we were netting them out. There is more revenues as well as costs, but net impact is the same. Finally, also as the solar services revenues have grown, then so have grown also the impact or the inputs. We have procured more panels and more inverters to tender for these client needs. That also brings variable expenses growth. On the fixed expenses side, we have increased labor costs. We have increased our development team. Also, given the environment for the earnings of people, then we have seen also some growth of salaries. Plus development-related costs have also been higher in the recent quarter. This, of course, is a natural by-product of trying to develop fast. If we go segment by segment, then in wind energy segment, our largest, you can see that the production in Lithuania was flat. Whereas in Estonia, we managed to grow by 8% even due to the slightly higher wind and better availability, but also, the higher power price has an impact in Estonia for now. There you can see that we have earned 66% more on average per megawatt hour. In Lithuania, the power prices or electricity sales prices have been flat, as we have most of our assets in feed-in tariff regime, which are fixed price sales. However, it's good to note that with two of these wind parks, namely Šilalė and Mosėdis which would have come out of subsidy next year, we have actually decided to come out of subsidy earlier. This is expected to start having an impact on our revenues from September onwards. We are considering also with the other parks whether to do the same. Finally here on the expenses side, we have been actually performing very well. We have had stable operating expenses, especially the recent quarter. We have actually even had less than last year. Of course, in time, the inflationary environment will have an impact. It will feed through into the operating expenses via the full service agreements as well. Of course, we're trying to do everything we can to contain that. For now, no impact. All together, EBITDA, EUR 20 million, more than half higher than last year. Cogeneration segment, here you can see on the bottom left, the revenue split that the light green is missing, quite sizably. That is the pellet sale. As I've mentioned, production levels have been slightly increasing, 4% higher heat energy and 6% higher power, but of course, the power prices have had an impact here. Again, the electricity revenues being higher, both in Estonia as well as in Latvia, where the Brocēni plant is receiving today power prices. Altogether, EBITDA growing by EUR 3.3 million in the quarter, so nicely 44% above the last year's levels. Fixed cost, we have managed to have a good lead on as well that these are stable. Finally, 35% of EBITDA then going from this segment. Last but not least, solar segment, which I've always said that we want to do more of, and we have sort of had very small share of EBITDA. Finally this quarter, it's a good result, 4% already from EBITDA, and it has been a good production quarter, 29% up, more sun in Poland than in Estonia. Also, power prices have been higher. Plus, what has helped the revenues is the increase in solar services volume in our new markets, and the EBITDA, of course, mainly benefiting from higher production results. With solar services, we have also made a change as of August. We have focused in terms of solar services only on these assets that we own. Actually, the turnkey services where we would just be selling on the panels and inverters there, we have put our focus away from that, and this will be carried on by Enefit Connect. This is essentially on the solar segment, having more focus definitely helps us to achieve higher growth as well in terms of our earnings. Right. Finally, bottom line, EUR 16.9 million of net profits being earned in the last quarter, sorry, and EUR 0.06 per share. What to bring out? I mean, everything that we've said before, but in addition to that, we had a bit of financial income one-off from the sale of minority stake in Wind Controller. We own 10%, so that has found a good strong new owner, which we're happy about. Financial expenses have been also lower this quarter, mainly due to ourselves actually having lower loan principals than last year. Actually lower average interest margin as well, as we've renegotiated these end of last year. As we are in the construction phase, then some of the interest expenses are also being capitalized and hence less going to costs. In terms of corporate income tax, deserves to be mentioned that as we have paid out quite a large dividend this year, so EUR 39.9 million, then sizable amount of that is from Estonian profits. In case you distribute Estonian profits, then of course you have Estonian income tax on corporations. Hence the EUR 4 million higher income tax expense for this quarter, which is then in addition to the dividends that we have paid out. In terms of cash flows, reasonably expected performance here. In terms of investments, we have expected these to pick up, and now last quarter we have invested EUR 40.9 million. We have laid cornerstones in three countries, in Finland, Estonia, and in Lithuania, and expect to be carrying on doing that. Of course, the investment cycle is such that it's increasing quarter by quarter and really main investments, as you can see in the bottom right, we have brought out is [Jakminäshallat] and Tolpanvaara, plus also Säkkijärvi PV as well as the newest investment decision that we have made in May. In terms of our capital contracts, we currently have around EUR 150 million of gross debt. In terms of net debt to EBITDA, we are still at 0.4x, which is much lower than our sort of long-term target of 4x, and during construction phase, target of 5x net debt to EBITDA. It means that we can take on quite a bit more debt to build out our capacities. Currently we have undrawn credit facilities, EUR 180 million. We expect to be drawing EUR 130 million of that investment loans in third quarter. This is what we see our investment plan foresees. Slightly higher average effective interest rates, 1.3%. A small part of our portfolio is funded by Polish Złoty loan. The Polish assets, then Polish interest rates have been going up. Also in order to counter the potential rise in euro-based interest rates, we have signed interest swaps essentially on all our investment loans we expect to take out this year. These are now fixed by the end of their lifetime, whether it's 2026, 2028, or 2034, essentially by 1%, the all-in cost and the margin. This we believe has been prudent and a good transaction to reduce our risk in terms of the interest rate going up. Finally, also a very important point of our purchases, our purchase agreements. This is something that is relevant for our portfolio to understand well. We are increasing our sales of electricity to the third parties to actually guarantee cash flow for new developments, but also to have some security for operating assets. Really, currently we have 3.8 TWh of PPA signed for the period of 2022 to 2026. You can see it on the graph as well. The orange bars representing the PPAs. On average, the locked price is EUR 50 per MWh almost. If you think about prices or you have followed us through the years and quarters, then these have been growing up. Essentially, a year ago, perhaps these were EUR 40 per MWh. End of last year, perhaps more towards EUR 50 per MWh. This year we have actually signed PPAs in the range of EUR 80 per MWh-100 per MWh, depending on the tenure. Actually most of the PPAs this year we've done with external market participants. Some of them also with Eesti Energia. Finally, 2027+, we also have coverage for our portfolio in the longer term. Actually seven years after 2026, we have 3 TWh of power sold forward for an average price of EUR 47.7 per MWh. Good. I think we've covered pretty much all I had to say. Thanks, Veiko. Now the summary of the Q2. All in all, solid financial results delivered and results were due to, of course, higher power prices, but also good availabilities of our power plants. Thanks very much once again to our team for delivering good results. Second thing to highlight certainly is our strategy 2026. It's all about growth. We see more opportunities for growing faster than we saw it, for instance, one year ago. We currently have 258 MW of capacity under construction. As we showed that the new investment decisions will be followed second half of this year, and also going forward to 2023 and onwards. Then in July, we acquired the 74-MW Tootsi Wind Park project in Estonia. This is currently the tender is ongoing and expect to make investment decision second half of this year. Then maybe last thing to mention is that unfortunately, our board member, Linas Sabaliauskas, who was responsible for our development activities, has decided to leave the company due to personal reasons. I would like to thank you, Linas, for his more than three years contribution to our growth story. It was really excellent job what Linas and his team has made in order to reach where we are today. As of today, we have announced a public tender or public recruitment for that position. Saying that, we'd like to thank you. Thank you for listening, and then now we are ready to take your questions. I see that we have few here. Let's take the first one. Our plans to pay dividends next year? Yes, there are. We have said our dividend policy is 50% payout from the net profits. We plan to stick to that. That the first half of the year has been really good. We have actually had about twice more net profits than last year. We expect to maintain dividends. What is target D/E level at end of 2026? Yeah, the debt equity. We don't actually set ourselves debt equity targets as such, but I can explain how we think about it. As we do new investment decisions, we quite often do it in such a way that we do 60% from debt and 40% from equity. Altogether, given our existing assets, we are gearing to our 50/50 capital structure. This is what we see as being you know reasonable assumption. However, of course it depends on the earnings, you know, what our profits are. This increases the equity and much more we actually keep an eye on net debt to EBITDA ratio, which is our main financial policy target, where we said that in operational phase, 4x is our desired level, and in the construction phase we can go, you know, up to 5x or even above 5x net debt to EBITDA. Actually there is quite a bit of room to take on additional debt. Why there is so big rise in labor cost and other costs? Good question. It is three things really. I mean, on the labor side, we have more people than we had last year. We have added to our development team. Secondly, it is actually also the growth in salaries because the market is growing and it is extremely important for us to retain the talent that we have to carry out our plan. Of course that comes with increased salaries as well. Then finally there is a bit of one-off in the second quarter as well for last year's bonuses. That has increased it a bit. All in all, of course, people are our most important well assets, if you can even call them that. It is something we believe important. On other costs, we have mentioned biomass costs going up. I mean, this is unfortunately a trend that comes from any fuel today going up. Gas is driving also biomass prices up. Let's see how long this lasts. I think we don't have a good prediction here, but we just need to procure as well as we can always. Secondly, among other costs are also balancing energy costs, which is driven by the power market price. Thirdly, perhaps also I went through that, solar services has been seeing growth in terms of revenues, but the flip side of that is that there is also variable costs involved in order to install panels to clients. These are the main components there. Thank you. What is your expectation on the dividend yield based on current market price in the end of 2026? Right. That is, that's a tough one. We know today that the stock is trading perhaps around EUR 3 or EUR 4.3, you know. We have paid dividends EUR 0.151 per stock, so you know, we can calculate what it has been, right? If we have made 50% more or 2x more in terms of the profits this year, then we don't see the future whether we will be doing the same way in the second half. Of course, one can try to calculate that. I think it's probably best left to the analysts to opine on that. Okay. It's again about dividends. Going forward, how you see earnings dividends developing year-on-year? How Tootsi wind farm acquisition will impact the year or Q1 Q earnings? Well, dividends. Well, earnings we expect to be growing as we make new investments, of course. If earnings grow, then of course our dividends with the 50% payout policy will grow as well. In terms of Tootsi, I think it's today no different really than other developments that we have. It doesn't receive any special support scheme from the government. It is just another project which is construction ready, which we expect to be putting into construction as soon as we can. What the team thinks about financial results of Q2 2022 if we compare them with Q1 2022? Well, I think we've been doing well is really the answer. What we can do is have a good availability. You know, electricity prices and wind conditions we don't control. We just need to make sure that the prices are there, the turbines are there to produce. I think we have made progress with our growth plans. In reality, from my side, I'm very happy. Yeah. I mean, all the team is happy, and thanks to the team once again. One thing is what was in the past. Currently we're looking at figures from the past, but for me more important is that's what the future will look like. Here I'm really happy that during this one year we've been managing to deliver what we promised to our investors and to ourselves just exactly one year ago. About competition, what's your advantage and where is disadvantage compared to Enefit Green? Of course, competition is there, so we see that competition is also picking up, so that as we show that there are a lot of opportunities in all our home markets, but that when it comes to our strengths, just to name just main of them, first of all, because our competitors are of course different. We do see that there are energy companies, utility companies developing renewables. There are investment funds, pension funds or other companies, so on and so forth. That what we see as our strength, first of all, is our business model. We are vertically integrated, so we plan, we develop, we execute, and we operate all our assets ourselves. We have a knowledge more than 20 years. Secondly is our in-house operation and asset management team with really high skills on data management, data analysis, focusing mostly on both, I mean, preventive, but more and more also predictive maintenance, helping our operation guys. Then third one is our in-house and locally present development teams with experience of the how to develop renewables. Putting together our operational skills and also development skills, we see a lot of synergies coming out of that. I mean, both for our existing assets, but also for our new assets, what we will bring online, so that when we do investment decisions, that we have done in a most competitive way. Last but not least, I would like to highlight, here is our main shareholder, Eesti Energia or Enefit Group, who is represented in our home markets with energy sales, basically sales teams. Enefit is a strong brand, and actually, Enefit allows us, or sales actually allows us, to get access to customers in order to sign those long-term power purchase agreements. As Veiko mentioned, that a bit more than one year ago, it started to pick up here, and it's really we see that the trend is there. There is a need for more and more power long-term PPAs. All in all, this is what we can consider as our strength compared to many other players in the market. Any benefits for Enefit Green investors for choosing Enefit family products, electricity, solar, et cetera? No, I mean there is no kind of special benefits to shareholders in that respect. Maybe it's just the benefit of having a good counterparty, I mean, strong and solid counterparty of Eesti Energia who delivers on their promises. Maybe that is something, but it's, yeah, no tangible financial benefits. Pasi, are you now slightly behind the growth target because final investment decisions was a small figure in H1 2022? I'm not so sure. That may be one project which has moved bit further is a Kelmė 80 MW onshore wind project. Currently, the tenders are ongoing, and we expect to get the results. I think it was the end of September or thereabout. We expect to make investment decision after that. All the rest, I'm just now talking top of my head, has been as planned. Mm-hmm. So we- I mean, of course, the plan was originally to build out 1,100 MW until 2025. You know, that's roughly, I don't know, 30% per year growth. Perhaps if you take four years and only 2.3x higher capacity. Now we're saying, well, instead of four years, we take five years, but we do 4x as much. That's almost double the growth. I mean, on one hand, perhaps one project has moved, but on the other hand, actually, the growth pipeline has taken a much more ambitious target. There we are. We're quite happy about pursuing that. Yeah. Maybe just to remind that we have brought two projects, those Kelmė two and three projects for closer than they were before. It's another additional 250 MW of onshore wind capacity. Okay, next question. What is your current price level in wind power PPA market? As mentioned previously, it may have been EUR 40, perhapsEUR 50. Now what we are seeing is that we can sign at higher prices, perhaps EUR 80-EUR 100. I think it's important to note as well that it always depends on whether you sell the as produced or whether you sell base load power, whether you sell the power only when the wind park starts operating perhaps two years down the line, or whether you include something from the operating assets, which we can do and which we do. We combine operating and development sometimes. It depends a bit, but, in our case, where we have been doing this over the last, say, six months, then it has been in the range of EUR 80-EUR 100 per MWh. Okay. Why there are no projects being built or planned in Latvia? Yeah, I mean, before answering, I mean, what we do is that we show one year ahead. At those already the projects where we feel confident or more comfortable at, that those project will receive investment decision. Answering your question, yes, there are also onshore wind and solar projects in our long-term pipeline. At the happen in, you know, maybe second half of 2023 or 2024 in Latvia as well. Currently, we are in early stage. I mean, either we have secured the land rights or connection rights. Of course, if we develop those projects further, we will of course disclose them after, I mean, we have reached to a next phase. Latvia certainly is one of our key markets. The next one. Great to see investments in increasing the capacity. Can you spend some time describing your energy consumer customer strategy? Hey, who are your customers for targeted 2026 capacity? I mean, what we do is that we sell our electricity to Nord Pool power market. As Veiko described, that we also sign long-term power purchase agreements, but this is not only with Eesti Energia, but also other counterparties in the market as well. We have already done it in a couple of cases. We do not sell electricity directly to end consumers. Except some solar solutions where Veiko mentioned that we, where we make investment at customer site and then either have a rental solution, direct line solution to the customer. Perhaps more philosophically speaking, I think it's important for us that this long-term power market develops. That there is client need for long-term power and whether this is represented by Eesti Energia, Enefit, you know, Latvenergo, Alexela, Eesti Gaas, whoever of the market participants, we don't fully mind, but yes, in order to develop like we are doing and others are doing the windmills or wind production in the area, if there is client need that is helpful, and today we see that clients want to sign the long-term agreements, and we're very happy about it. That helps to develop more. These were a EUR 2 million cost of maintenance and spare parts for production and new normality, what we have. We see per quarter also in future. Material and spare parts. I think this is one peculiarity from this quarter that stands out surely, and it is to do with the turnkey solutions. As we sell to the client turnkey solutions, essentially, solar panels, inverters, and installation, this comes with high material costs. This is a low margin activity. As mentioned, we don't plan to do that anymore from Q3. I think it's not the new normality. In the future, as long as we invest ourselves, then these would of course be not going through the P&L, but rather into investments and then earn return afterwards. There is another question. Just to confirm, has this postponed pellet delivery from Q2 already happened in Q3? Yeah. First week of July. Do you expect additional issuance of stock for financing growth? Not today. We have seen that when devising this strategy of reaching 4x higher production capacity by 2026, that we can do it from operational cash flow as well as external loans and sort of debt capital, so to speak, and carry on paying dividends. We don't see actually a need to raise additional equity for that. Next one. What are your expectations about energy prices in core markets for next three years? It is difficult. I mean, we understand how the prices form, I think first of all. We understand that there is a lack of wind production, solar production, low cost-based production, and the prices are driven by gas, also coal to an extent. We understand that this winter will be tough. Next year will be tough, I think everywhere in Europe pretty much. That's what the market prices are saying. Let's see how long this lasts, and we don't know that. All we can do is build out faster, more windmills and solar solutions. Company's asset turnover ratio is not high, and it is around 0.3x-0.4x. Knowing that company have almost 3x more total assets than total liabilities, how are you planning to use them in order to increase revenue? Well, our assets are fixed type, right? These are long-term assets. Today our asset level is total assets roughly EUR 880 million, if I remember correctly. We earn certain revenues on that, and these revenues will be earned for 30 years. In a way, it's not very necessary for us to actually achieve faster asset turnover. The revenues are there based on market prices and production. I think it's, you know, maybe different in different industries where you have maybe five-year, 10-year assets where you need to earn the return faster. In our case, we're fine with that. Which do you have difficulties now? I would say that it's rather not difficulties, but challenging. I mean, challenging. That I think that it's all about our development pipeline because the environment is very dynamic. You know, you never know what's gonna happen next tomorrow, but you know, knowing our team and how dedicated they are and how passionate they are, actually I do not see any difficulties. That it's just about us and how good we are and how we manage our pipeline. I don't know, Veiko, maybe you want to add something to that. Not a lot. I mean, it's just perhaps more work given that there is a lot of projects we have ongoing, a lot of tenders we have ongoing. I mean, sometimes given that there has been a Russian aggression against Ukraine, I mean, it's certain materials perhaps have become more expensive and some prices have gone up. We have to be smart about the way how we tender. Yeah, it's perhaps more work, but I think all so far according to our plans, yeah. About Latvia once again, do I remember right that you had a cooperation with Södra? How is that evolving? Yes, absolutely right. We have strategic partnership with Södra in Latvia, as they are largest landowners and forest owners in Latvia. As of today, we have signed agreement with Södra to develop two wind parks on their land plots. Currently those two projects, I mean, are as I said before in early development stage, but still moving forward. As the new Estonian government mentioned, reducing stake in Enefit Green even further, would we expect the SPO already this year? Actually, the mandate has been there since 2017. This Eesti Energia has a right to sell minority share up to of Enefit Green up to 49%. As Veiko said previously that currently we see that we can manage our investment, long-term investment, or our growth plan with no extra additional equity. That which is maybe the answer. Are you planning to expand into other markets, not only in the Baltic countries and Poland? No, not really. We see that the environment in all our home markets is quite challenging, quite interesting for us. We see there are a lot of opportunities to grow renewables and have our focus there. Could you comment on upcoming winter and potential energy shortage in Europe and the Baltics? Well, again, tough to comment exactly as in the case of what the power prices will be. I mean, it's realistic that there will be high prices. I think it's realistic that there will be, you know, various kinds of fuels being burned, be that gas, coal, oil shale in Estonian case, also biomass, pellets, whatever really. I think it's. I'm sure we'll get through this. The question is that, you know, how high the prices will be, but in the end, I think Europe will manage. Okay. It seems that there is no more questions. Thanks very much for good questions, your participation. Once again, just as a reminder to please send your questions anytime you wish to email investor@enefitgreen.ee. Thank you very much and then see you already next time, and enjoy the summer. Thank you.