Ladies and gentlemen, thank you for standing by. I am Vasilios, your Chorus Call operator. Welcome, and thank you for joining the GEK Terna Group conference call to present and discuss the first half 2026 financial results. At this time, I would like to turn the conference over to Mr. Georgios Peristeris, Chairman and CEO of GEK Terna, Mrs. Penelope Lazaridou, General Financial Manager, Executive Board Member of GEK Terna, Mr. Emmanuel Moustakas, General Director of Business Development, Executive Board Member of GEK Terna, and Mr. Argyris Gkonis, IR Officer of GEK Terna. Mr. Peristeris, you may now proceed. Okay. Good morning or good afternoon, everybody, and we all thank you for joining us today. It will be the result for the first half of the current year. Overall, we delivered a strong set of results, which means that the successful execution of our strategy increasingly translates into accelerated earnings growth. At the same time, we completed several important strategic and financial activities initiatives that further enhance our growth trajectory and position the group for sustained value creation going on. Let me first start with the concession business, which is now clearly established as the backbone of the group's profitability and cash flow generation. Across our motorway portfolio, traffic remained resilient and continued to grow despite the higher fuel prices environment. Together with the contribution from Egnatia Odos, this resulted in a significant increase in profitability. In the construction sector, there was also another solid performance during the first half. Activity remains at high levels, while margins continue to demonstrate resilience. It demonstrates very careful project selection and also very careful bidding. All these are followed by our ability to execute projects efficiently, on time, and on budget. More importantly, visibility on the construction sector remains exceptionally strong. In energy, 2026 probably will be a transitional year for the group given the transaction with Motor Oil, which is going on. From an operational perspective and considering the high comparison base as well as the volatility in the energy market, our energy performance remains satisfactory. Beyond our operating performance, the first half was also marked by two important developments at the group level. First, and we consider this quite important, GEK Terna received its inaugural credit ratings, achieving investment grade status from both S&P and Moody's, essentially recognizing the strength of our balance sheet and of our prospects. Second, we successfully completed an accelerated book building for a new share capital increase. This move was a step to further strengthen our balance sheet and provide us with additional financial flexibility ahead of the next phase of the group's growth. With that introduction, I will hand over the team to take you through the first half financial performance in more detail, and then we will come back for further analysis. Thank you. Hello from my side. Thank you for your attendance. As Mr. Peristeris mentioned, over the past few months, we achieved two important milestones at group level. On the rating side, GEK Terna became the first Greek non-financial corporate to achieve investment grade ratings from both Moody's and S&P, underlining the strength and quality of our asset base, the predictability of our cash flows, and the financial discipline that has supported our group's transformation. This followed by the successful EUR 660 million share capital increase through an ABB process, which was heavily oversubscribed within minutes, with demand coming from a mix of more long-term international investors covering also developed markets. The transaction provides, as mentioned, additional financial headroom beyond the already fully funded business plan, further enhancing our liquidity and our capacity to support the next phase of growth. Now turning to our operating performance. The first half of 2026 further demonstrated the group's strategic reposition toward concession with one of the most long-term asset portfolios in Europe. This transformation is the result of a long and gradual shift over the past 15, 20 years, and now is clearly reflected in our earnings profile. In first half 2026, concession accounting for 63% of group adjusted EBITDA. We expect this contribution, based on the existing business plan, to increase further towards 75%-80% by 2030. This is further supported by the commencement of the Egnatia Odos Motorway concession at the end of December 2025, with a full year contribution from 2026 onwards. Now, turning to the financial performance for the first half of 2026. First, group revenues amounted to EUR 2.1 billion compared to EUR 1.9 billion the first half of 2025, marking an increase of circa 8%, reflecting strong growth, mainly across the concession and construction operating segment. Second, concession revenues recorded a significant increase by 32% compared to last year, as were affected positively by the commencement of Egnatia Odos, as well as improved traffic volumes and toll rate adjustments, always in line with the contractual provision of our concession agreements. Third, construction revenues increased by 11% compared to the previous year, supported by the acceleration of works on existing projects and also the ramp-up of the new ones. Backlog remains at historically high level, reaching EUR 9 billion, of which EUR 7 billion relates to signed contracts, while new order intake amounting to EUR 0.7 billion in first half 2026, providing strong visibility over future revenues of this segment. Conventional power generation and supply revenues were negatively impacted compared to the previous year by lower wholesale power prices. However, underlying profitability remained at a satisfactory level, supported also by the contribution of the new Komotini plant, while Heron maintained its market share. Regarding group adjusted EBITDA, which is a fair proxy of our cash flow generation, increased by 12% to circa EUR 400 million, comparing to EUR 318 million in the first half of 2025. EBITDA growth was driven by the concession sector, increasing its EBITDA by 35%, and followed by a strong contribution from our construction sector. Overall concessions accounting for 63% of group total adjusted EBITDA, with construction contributing 30%. Actually, if we consider that over 50% of our signed construction backlog is related to concessions, the overall contribution of concession to the group's profitability is even bigger, is even greater. Now, as a result of the increased concession contribution, the group's EBITDA margin improved to 17% compared to 16% the first half of 2025. Below EBITDA, profitability was affected mainly by increased financial expenses related to the commencement of new projects like the Egnatia Odos motorway. Net earnings after tax allocated to shareholders from continuing operation, excluding the impact of any non-operating items amounting to EUR 84 million, marking an increase of 22% year-on-year. Turning to cash flow generation, it's very important to mention that the increase in adjusted EBITDA is also reflected in operating cash flows, which is very important. Net operating cash flows in the first half of 2026 stood at EUR 280 million compared to EUR 220 million a year before highlighting the increased importance of the concession segment that has strong EBITDA to cash conversion rates. Investing outflows amounted to EUR 300 million in the first half of 2026 and were directed toward projects under execution, including Egnatia Odos, North Axis of Crete, irrigation projects, and the Integrated Resort Casino, as well as the acquisition of the 12.8% stake in EYDAP for EUR 134 million. Let's move to our debt structure now. As of June 2026, the external parent company gross debt stood at EUR 1.3 billion, broadly unchanged compared to year-end 2025. Including the EUR 660 million proceeds from the successful share placement completed on July 3rd, available cash at the parent, on a pro forma basis, stood at EUR 1.3 billion, resulting in adjusting net debt of just EUR 30 million. On a consolidated level, after excluding project finance facilities sector, the group recorded a net cash position of EUR 280 million compared to net debt position of EUR 210 million at year-end 2025. However, as we mentioned many times, according to IFRS reporting standards, we are required to fully consolidate and report both the debt and cash position of the group subsidiaries over which we have full control. As such, the respective debt is included in the consolidated group accounts, even though it's fully non-recourse to GEK Terna, to the holding company. At consolidated level, if we include the project finance debt, the non-recourse, the respective pro forma adjusted net debt stood at EUR 3.8 billion compared to EUR 4.3 billion at year-end 2025, with almost all of the consolidated net debt being non-recourse, sheltered the project company's level with an average maturity that exceeds circa 20 years. Respective total consolidated group cash, including the proceeds from the share placement, stood at approximately EUR 2.2 billion. Over 85% of the above mentioned recourse debt, non-recourse debt relates to the project finance facilities of Attiki Odos and Egnatia Odos, only with two assets, two assets of high quality, critical infrastructure, and strong cash flow generation capacity. The timing of the investments and the amount of the capital invested, and the fact that the majority of them have just started recording revenues, create this timing bias leverage effect, so to speak. As these assets progressively ramp up and mature, the growing cash flow contribution will further support the group's leverage profile over the coming years. The weighted all-in average cost of debt of the parent, GEK Terna, stood at 2.86%, while including the non-recourse project finance facility that are sitting at the OpCos level, the respective cost of debt was 3.8%, improved by 10 basis points compared to December 2025. In addition, it is also important to note that circa 93% of our total group debt carries fixed coupons or it is hedged with the use of financial instruments. Allow me also to remind you that with the completion of our current investment program, the nominal value of the cash flow upstream to GEK Terna after any debt service of the project finance facilities based on already approved lock-up ratios will exceed EUR 12 billion over the life of the assets. Approximately circa 85% derives from regulated assets with inelastic demands that generate steady, recurring, predictable multi-decade cash flows. To date, including Attiki Odos and Egnatia Odos, we have already invested or committed close to EUR 2 billion of equity, with any remaining equity contribution scheduled to be deployed by 2028. This expands our concession portfolio and builds a solid foundation of infrastructure assets, generating predictable, recurring cash flows for more than 25 years. Overall, our financial performance demonstrates the strength of our capital structure and financial position, allow us to fund the next phase of our growth with discipline, and enhances our position as the leading infrastructure and concession group in the wider region. I will now pass the floor to Mr. Moustakas to elaborate further on our operating performance. Thank you, Ms. Lazaridou. Thank you for coming, also from my side. Let me provide some additional color on the performance of our concessions portfolio during the first half of 2026, and then we will discuss about the pipeline of new opportunities. Now, starting with motorways, traffic trends remain positive across our portfolio, continuing the resilient performance we have seen over recent periods. Attiki Odos traffic increased by 2.4% year -on- year, while Kentriki Odos grew by 3.5%. In Olympia Odos, we had a reported strong 9.4% increase, but this was mainly reflecting the contribution from a new section that was constructed and added to the project. Nea Odos traffic declined by 2.1% on a reported basis, but this was mainly due to a temporary disruption due to farmers' protests at the beginning of the year, and also because of a landslide event that has been corrected. If we adjust for these event effects, the underlying traffic performance was broadly in line with the rest of the portfolio. In Egnatia Odos, we recorded traffic growth of approximately 2.9%. However, we would caution against reading too much into current traffic trends for Egnatia as the extensive overhaul and major maintenance program currently underway is resulting in significant temporary traffic disruptions, which will affect traffic growth. I think it is worth putting the overall performance of our motorways into context. Traffic across our portfolio has remained positive despite macro headwinds, and particularly the sharp increase in fuel prices during the first half, at a time when a number of other European motorway networks have experienced declining traffic. We believe this resilience reflects the continued outperformance of the Greek economy, the strong tourism activity, and the strategic nature of our network, which serves key urban centers and unique, without alternatives, transport corridors. Overall, this reinforces our view of the defensive characteristics and strong underlying fundamentals of our motorway portfolio. Moving to the Kastelli Airport project. The backdrop remains very supportive. Passenger traffic at the existing Heraklion Airport, the one that we will replace as soon as we finish with the new one, has increased by 5.1% year-on-year during January to July. On construction, we are entering the final stages of the project, and we are approaching the testing and commissioning phase. Some equipment procurement issues that we had reported previously have been resolved. Procurement and installation is now progressing. More importantly, the concession is already contributing to our results through operating-like income, which we recognize under the provisions of the concession agreement. Elsewhere in the portfolio, preliminary works have commenced on the BOAK North Crete Axis concession contract, while construction on the smaller PPP North Crete Axis section is already at an advanced stage. We have also achieved financial close on both water management PPPs, namely Nestos and Chochlakia. A total of approximately EUR 300 million of CapEx combined, which have now entered the construction phase. At the integrated resort complex in Hellinikon, the construction continues to progress, and the main tower now is reaching approximately the 25th floor. We are currently targeting completion of construction works by late 2028. Finally, most recently, we were named the provisional preferred bidder for two road PPP projects in northern Greece. These represent a combined investment of roughly EUR 560 million. Our existing presence through Egnatia Odos was an important competitive advantage in both of these tenders. The integration of these projects within the Egnatia network creates meaningful operating and maintenance synergies, allowing us to put forward some highly competitive offers, while at the same time, we maintained our return discipline. The relationship also works both ways because these two new corridors provide improved connectivity to the main Egnatia corridor, thus generating incremental traffic for Egnatia itself. We are now progressing through the remaining steps towards final award and financial close. Mr. Peristeris, now have the floor. Okay. I will make a last comment, and then we may proceed to Q&As. I repeat that the first half of 2026 provides further evidence that the strategy that we have been executing over the past several years is delivering. The operating performance of the group remains strong. Our major projects are progressing, and the contribution from our concession portfolio continues to grow. At the same time, we have significantly strengthened our financial position. As said before, the achievement of investment-grade status, combined with the recent capital increase, provides us with financial capacity and flexibility to pursue the next phase of growth while strictly maintaining our discipline on capital allocation and returns. We consider this quite important because as our portfolio grows, it is increasingly creating its own ecosystem of opportunities. I'm giving an example. Our presence around Egnatia and Northern Greece in Attica and the Kastelli Airport in Crete gives us strategic and operational advantages as new projects come to market. This means that the overall value of our existing portfolio goes way beyond the cash flow generated by the individual assets. Increasingly, these assets are becoming platforms from which we can originate and capture the next generation of infrastructure opportunities. We therefore enter the next phase from a position of strength via a high quality portfolio, strong visibility of future cash flows, significant financial capacity, as described before, and a successful pipeline of opportunities. Thank you for the time being. Now let's turn to Q&A. The first question comes from the line of Nicolò Pessina with Mediobanca. Please go ahead. Good afternoon, everyone. Thanks for the presentation. First question is about traffic. You have already commented about the summer performance of Attiki Odos. I'm wondering if you can give us a feeling of how the rest of the network is performing. In particular, if you see any impact from the increase in fuel price and if you can quantify the impact from the disruptions caused by the works underway for Egnatia Odos. Second question on the construction business. I'm wondering if you can elaborate on the drivers sustaining such a high level of profitability and by a strategic standpoint, I'd like to understand if profitability is a key priority or maybe you would be open to increase the volumes, adding maybe less profitable contracts with a dilution of the margin, but maybe bigger revenues. A last question on the Western Attica Bypass. We have read that the Ministry of Infrastructure and Transport, the government, has started the approval process. I'm wondering if you can give us information about the timing, the CapEx, if this is a concession that will be awarded through an auction eventually, and if this could be an interest for GEK Terna and eventually if GEK Terna has a competitive advantage having already other roads under management in the area. Thank you. Having the reservation that I may not have heard appropriately the questions or understood them, I will try to answer. The first one, I understood that you are asking how has the traffic of Attiki Odos performed after the end of the first semester and up until today, correct? Correct. I do not have it in front of me, but I remember looking up until the last week's results. Comparing traffic year-on-year, we were higher than the first semester, and we have reached +2.51% instead of 2.4% that we had during the first semester. July and August have acted positively on the overall year-on-year growth. You asked something also on Egnatia, which I missed. Yes. I am wondering, this 2.5% during the summer, is it for the entire network or is it just for Attiki Odos? This 2.51% I mentioned year-on-year up until previous week is for Attiki. My question was about the rest of the network. In general, we are seeing July and August being positive and because of the seasonality in Greece, this is not usual. This is typical for the period. July and August are good months, so it was unexpected. There was also a question about North Axis? Indeed. Essentially about the Western Attica Bypass. Western Attica. Sorry. Now I understood. We have spent the summer negotiating and exchanging with the client, with the Greek state on the specific project. It has been announced to the public through the media, through the press, not by us, by circles belonging to the Ministry of Infrastructure and Transport, that the project is progressing. We are currently in the negotiation phase of an MOU, which we expect to sign within the next few weeks. This will be a negotiated process. There will be no auction for a new contract with the risk of other bidders. Can you please repeat the question a bit more slowly? Sure. Western Attica Bypass will be a negotiated process with the authorities and not a competitive auction. Because we are too early in the process. We should not give you more information, not because we want to hide something, but because there are too many things need to be fixed before we are able to answer that question. Also, there is no final decision by the relevant Ministry of Infrastructure and Transport on what the final process will be and when exactly it will take place. Okay. This is very helpful. Thanks a lot. The next question comes from the line of Graham Hunt with Jefferies. Please go ahead. Hey, thank you very much for the questions. Maybe I will just follow up on, I think there was a question on construction, which I also had, so maybe I will go with that. Could you elaborate on the strong performance in the half? Also, my question was, where should we think about this business going in terms of profitability in the near term? So for the full year 2026, and maybe thinking 2027, relative to where your normalized level of profitability is for construction. Then my second question is just on the energy deconsolidation. Could you just give us an update on the timeline there and your expectations for the rest of the year? Thanks. Okay. There is also a similar question like yours on the board in writing, so I will try to answer both questions, which are relevant at the same time. Yes, we are quite satisfied with the performance of the construction sector, and we consider these EBITDA margins to be sustainable. As we said before, the team's ability to execute on time very efficiently, and the careful picking of projects and careful bidding is very relevant to the EBITDA results, because we remain highly focused and careful in what we do. Another future is a very mature sales mix at that point that we are quite comfortable with. Referring to the written question, I would say that process completions or settlements is something which is happening all the time during construction projects. But the mix now is quite mature, so this aspect has its impact, but we believe it will continue having its impact on further projects in the coming semester and year. Regarding inflation, because we believe this will be a question to come, there is indexation clause in the construction contracts which covers these aspects. Thank you. Excuse me, there was also a question on the? Yeah, just on the energy. With motor oil? Exactly. Yes, yes, excuse me. It's taken a bit more than anticipated. There is a delay, definitely. We consider a possible time of completion within this year. Thank you very much. The next question comes from the line of Constantinos Zouzoulas with AXIA Ventures Group. Please go ahead. Thank you very much for the presentation. Two questions from my side. One is on Egnatia Odos. You're operating this motorway since January. We understand that there is an overhaul, and you are doing construction works. What is the view for the medium-term traffic on Egnatia Odos versus current levels? This is my first question. I can answer that. First of all, similar to what is happening and what is applying to the rest of the network in Greece, not just our motorways, there are hardly any alternatives for people when they have to move from point A to point B. The same applies to Egnatia Odos. From this point of view, there is a resilience in the traffic level, even if we are providing too many hurdles because we are at the same time trying to upgrade the asset. It is a big asset, and we are upgrading to an extent that it matches the service level of the rest of our motorways. We expect the traffic will be pressed during the construction works, which will last approximately two to three years of high intensity. From this point of view, I cannot really tell you how it will go because we don't know. We are seeing so far still increases in traffic level, even though the constructions are in full effect. Thank you. My second question has to do with the Attica region. You talked about the Attica bypass. What about the other projects related to the Attiki Odos that we read in the press? Is there any update there? Thank you. Yes. Look, these are a number of projects that we believe in a lot because we think that the greater Athens area is in great need of these investments. We have identified these needs early enough. We have mentioned them to you before. We remind everyone that we have submitted unsolicited proposals for a number of these projects. We are very much encouraged to see that the state is moving towards solutions that are broadly aligned with the projects we have been advocating for. Depending on the final scope and sequencing, because urban motorways are always the hardest of the infrastructure assets, to my humble opinion, we estimate the overall investment opportunity will be approximately EUR 2 billion-EUR 3 billion. Thank you. Thank you very much. I am looking at the question on the board, which has not been answered about Amfilochia. The expected timing for finalizing the exercising of the options is now determined by both GEK Terna and Masdar as a maximum milestone the end of this year. We believe it will be done earlier. Of course, the construction which is going on under the TERNA S.A. division is progressing very well. A very demanding and specialized project. We are looking very much forward into entering also the investment part. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Peristeris for any closing comments. Thank you. Once more, thank you for your participation. We believe that we have touched all the topics. Of course, any further questions are welcome to the team, and we look forward to continuing the growth and good operation of our group. Thank you very much.