Hello, and welcome to Enefit Green's 2025 Quarter One Results Presentation. I am Juhan Aguraiuja, the CEO of Enefit Green, and with me today is Argo Rannamets, our CFO. Pleasure to be here. Hello. Today we are doing this in the format of Teams, so if you have any questions, please enter them to the chat function of Teams, and later after the presentation, we will address them. If we look at our production portfolio, where we have arrived in Q1 in this year, we see that the green box on the chart before you, you see that we have had another increase in the phase of final construction, meaning those are the assets that are already in production, but still some of the permitting or the tests are needed to be finished. The main additions in this quarter compared to last quarter were the wind parks of Kelmė I in Lithuania, and also the solar parks in Latvia. If you compare this to Q1 2022, when we had just been stocklisted, this is almost two times the growth on installed capacity. Those with a sharp eye see also that we have increased the total height of the column here on the chart, and that is because we have made a new final investment decision regarding one solar park in Poland called Strzałkowo, and this will more than double our current production portfolio in Poland. At the moment, we have 33 megawatts installed in Poland. Why we did this investment was that, as told before, we see Baltics and Poland as our home markets. We invest there and into projects that have good visibility and are with sizable capacity. What we see more and more is the fluctuations in the energy market and only deepening discounts on the profiles. That is why to make this project happen, we have secured a 15-year index CFD, a contract for difference granted by the Polish government for 75% of our production volume. It should be operational next summer, and this is the largest park for us so far in Poland. We are not moving only further in solar in Poland. We are still continuing our sizable onshore wind portfolio together in partnership with RES Global in Poland. If we look at the electricity market in the region at a wider scope, of course the first thing to highlight from Quarter One was the desynchronization from the Russian frequency grid and resynchronization with the Central European grid. This has shifted the market a bit as it has opened the auxiliary services markets in the Baltics, and this is more and more shaping how the market is looking. If we look at the electricity prices, then we still see a big gap between the prices in the Nordic countries and in Central Europe and the Baltics. Although both Central Europe and the Baltics have seen an increase in installed renewables, both in wind and solar, the prices still remain at a higher level. This has a lot to do with the wind, meaning that there was just less wind in the first quarter. On the other hand, we also see that the outage of the Estlink 2 cable between Estonia and Finland has decreased the volume of cheaper electricity we could import from the Nordics, meaning that usually when we can cover the hours of low wind with power from the Nordics, this has not materialized in that size. It means as well that we have to produce more locally. The power missing from renewables, and as the CO2 prices have increased, that also means higher production prices for the peak and reserve fossil-based generation. When we come more to wind, we see that the wind measurements or the results of the wind speed were below last year's. We see it in Estonia and Lithuania, a bit over the last year's results in Finland, but only a small matter, and it also comes with a big discount on the profile. What has made this result happen was extremely poor wind conditions in February, where basically there were more than, I guess it was about two weeks where we had basically no production from wind. It was an extremely unwindy month, and especially for February. What we also see here is the largest ever discounts for Quarter One. Of course, we have seen similar discounts in other quarters, but this is expected, but not so deep discounts ever in the first quarters. This has mainly been caused by two factors. One of them, what was already mentioned, was the weather of just happening that way, but on the other hand, it has been more and more renewables introduced into the market. This is an expected outcome when more renewables are coming to the market. This is, of course, from our point of view, a negative development, but for the consumers, it means lower electricity prices. When we look at our operating assets, we see that the results were there for the wind parks in Estonia and Lithuania, as expected. We saw a bit of lower result in Tolpanvaara in Finland, but also good result from our CHP in Iru. The only main negative side here is the solar farms availability, but this has been caused by the newly opened park in Sopi in Estonia. This is our largest PV park, and there it has just been launched as operational, and it still has its first, so to say, growing pains, meaning warranty works need to be carried out on those assets. What we see from the production volumes is that as a total, when we compare the first quarter of 2024 with the first quarter of 2025, we still see a significant increase. This is exactly what we have been doing for the past years, investing and to create new assets. That effect we see here very clearly, that how much we have really increased our production. Most of the assets that have been under construction are all now constructing us. As you can see from the list on the right as well, it was the Kelmė wind farm and the Carnikava solar parks in Latvia that added to production in the first quarter. We still see a drop compared to last quarter in Q4 2024, and that has been caused by, as mentioned before, lower wind conditions firstly. On the new asset, it has been balanced out by the two new mentioned parks, but on the existing assets, we see the wind conditions influencing it. More and more, what we see has a significant impact on the production is the different kinds of downregulations, meaning those are either very low or negative prices, or they are for providing the auxiliary services to keep the frequency and the quality of our networks. With this, I give word to Argo to explain about the financial results. Thanks a lot, Juhan, for covering this. Let's dig into the financial numbers now. Although it will be a generic overview and without any specific details, the details can be found in the reports, and the reports are available on the websites if you'd like to read them further. To start out, the generic overview of quarter-to-quarter comparison. As Juhan already said, the production has grown from new assets and the total has grown, but on the other side, the price level has decreased if we compare just two quarters. It is a significant decrease. We are talking about a quarter which has decreased in the comparison. Operating income pretty much stayed at the same level. When it comes to profitability side, EBITDA and the net profit both are lower compared to what it was in the first quarter of last year. Once again, those primary highlights which were already mentioned, which happened in the first quarter for us or took place in the first quarter, the investment to Strzałkowo was decided and a big cooperation with Sumitomo Corporation was started. To proceed from here, the overall capture price due to deeper wind discount and both the BPA price and the higher purchase price, all of that had an effect on our results. If we just compare the numbers, the price of electricity we sold to the market was a bit lower compared to what it was in the same quarter last year. The BPA sales price is certainly different because of the new BPA agreements coming to force in the middle of last year. The sales price, what we had to pay for purchases needed to cover the BPA volumes was remarkably higher compared to what it was previously. All in all, the captured electricity price dropped by 33%. It has a remarkable impact on the results. If we, first of all, go into the operating income, the operating income, as I said, stayed pretty much on the same level. Here is the column for last year. Here is the column for the first quarter of this year. There are ups and downs, but all in all, the size of the column is pretty much the same. One of the biggest impacts is coming from the sold assets. Last year, we came out from a business area which does not exist anymore, and therefore, of course, the operating income is not coming from those assets anymore, nor the gross profit. The positive effect came from wind part, some parts also from solar and Iru, and then the lowering part came from the sold assets. EBITDA, as was already mentioned, the EBITDA compared to last year, the same period, is 27% lower. The biggest impact is actually coming from price of electricity sold and price of electricity purchased. We add those together and come to 12.8% altogether. The other part, sold and purchased quantities. On one side, the net impact of the price, and on the other side, the quantities. The quantities add up to EUR 9 million altogether. Only those two effects are having a remarkable impact on our results in comparison to last year. Adding the sold assets also to here, we come to a remarkably lower EBITDA level. Investments overall were also smaller in the first quarter, but this is primarily due to the phase of the investments or the phase of the projects, investment projects we are having. Last year, in the beginning, we had very many things in the pipeline. Today, there are less in the pipeline. Sopi was one of the projects where the investments were going to, and also Kelmė, different parts together. The investment in the first quarter was smaller, but if we just look further to the future, to complete everything what we have in the pipeline, the investment capacity in total will be or is estimated EUR 200 million approximately, which means that still quite a lot is in the development. Coming to the net profit, the net profit, as was already mentioned, is lower compared to last year. On top of the lower EBITDA, also the interest expense was a bit higher, and the corporate income tax had an effect. The total amount of net profit is lower compared to the previous period. All in all, if you compare the similar companies in the renewable area and think about the net profit margin, then what clearly stands out if we look at Enefit Green is that our margin, net profit margin, is clearly above the average of the comparison group. In terms of EBITDA and some other parts, we are among the average, but net profit clearly stands out. Since the net profit or the cash we are earning is very much needed for the investment projects that we are continuing with, the management board has proposed the annual general meeting not to pay out dividends for the financial year of 2024. Instead of paying the dividends, let's put it to the growth of the company and into the fixed assets through the investments. A slide and a picture of different charts and a lot of information compiled into the same view. A couple of things I want to point out from here is the return on equity and return on invested capital. Return on equity, which is presented here, is again something which is above the average if we compare with similar companies. It is better in Enefit Green compared to the others. The financial leverage, which is the black line over here, is pretty much impaired with the average in the same group or in the same industry. Also, some of the columns are pointed out here reflecting the repayment schedule which we see ahead of us as it is agreed right now. Coming to the summary. Thanks, Argo. Yes, if I look back at the quarter and its results, it is that we have come now to the result that we have been expecting from the production volume, meaning that basically all of the investments that we have been doing are now producing electricity. Even if we compare the total operating income without the assets sold, there has been an increase. This has been spoiled a bit on what has happened in the electricity market, meaning that although we have generated more electricity, we are getting lower price for it. That is due to the discounts going deeper. On the other hand, the coverage that we need to have for our BPA contracts comes with a higher cost because the peak hours when we are not producing enough are covered by more higher prices of electricity. When we look at the future, we see Kelmė I and Latvian PV parks start the production, and those will contribute positively to the next quarters to come. For a longer horizon as well, the investment decision to Strzałkowo will increase again our production volume and revenues starting from the summer of next year. Before we go to the Q&A, just a reminder to all of our investors that our main shareholder, Eesti Energia, has announced to investors about the bid for taking over all of the shares that are currently on the stock market for other investors. They want to gain 100% ownership of the company again to create an integrated business model where both the renewable assets and the batchable assets are all on the same portfolio together with the sales portfolio. That is to help to increase the competitiveness on the electricity resale market. The takeover bid period is ending soon. If you, as an investor, like to make a decision on that, you still have until the 12th of May, until 4:00 P.M. Estonian time, to take on the bid if you are willing to do that. In the same week, also the announcements and the settlement should be done. That is all about that as well. If you have any questions, now we can answer them. Looking at the chat, we do not have any questions in the chat. It is now the last chance to enter a question if you have something. Let's wait for some seconds. It seems that there are no questions. Thanks for listening. It has been a pleasure doing the presentation for you. Thanks for staying on the same path with Enefit Green. Thank you all. Thank you, Juhan. Thanks.