Good morning to all and welcome to 4iG's second quarter and first half 2026 earnings call. Please note that this presentation is being recorded for internal use only. By joining the presentation, you have consented to being recorded. My name is András Csernák, and our Vice Chairman for International Business Affairs, Mr. Péter Fekete, and I will be hosting today's meetings. Péter will guide you through the financial results of the second quarter and the first half financial results of 2026, and present 4iG's great achievements and major milestones since the last earnings call and the call that happened end of May. As for questions, at the end of the presentation, we will host the Q and A sessions, which I will be moderating. You may ask your questions either by raising your hand or by writing them into the chat. Now I give the word to Péter to present our journey in Q1 and H1 that show excellent results. Right, let's kick off. I hand over to you, Péter, now. András, thank you very much, and thank you all for joining. Just as a summary, the first half of 2026 has demonstrated 4iG's continued ability to execute on our strategy, combining the solid financial performance with significant progress in transformation and diversification of the group. We continued to grow our top line and EBITDA whilst maintaining a disciplined approach to the leverage and financial management. At the same time, our telecommunications business remained a stable foundation, while Space and Defence became an increasingly meaningful contributor to our revenue base. Strategically, 4iG today is a significantly more diversified group, and we are building internationally competitive capabilities across the verticals we are present in. We are expanding our regional telecommunications and digital infrastructure footprint, and we have now taken the first step towards establishing energy as an additional strategic critical growth pillar. Let me start with the key highlights of the first half of 2026, and then I will walk you through the individual businesses and their respective performances in more details. On the executive summary slides, please. Let me start with the key highlights. The group delivered strong financial performance with net revenues increasing by almost 17% to HUF 409 billion, whilst the normalized EBITDA decreased by 3.6% to HUF 126 billion. At the same time, leverage remained controlled at 3.7x net debt per LTM EBITDA, alongside BB- stable credit rating. Secondly, our results increasingly reflect a more diversified group structure. Telecommunications remains our largest and most important segment, whilst IT continues to grow, and Space and Defence has become a meaningful contributor to group revenue. Thirdly, we continue to execute our previously announced transitions, including the completion of a $100 million investment in Axiom Space, progressing the integration and the strategic development of our defence industrial portfolio, including Rába. Furthermore, we made further progress in building the Space and Defence platform, particularly through the HUSAT program and new international partnerships with major global defence and technology companies. Finally, we announced our entry into energy sector, which is a critical infrastructure business line. Our initial focus is on renewable generation and next generation energy infrastructure across Hungary, the broader Central and Eastern European, and the West Balkan region, with several opportunities already under evaluation. Altogether, H1 demonstrates continued financial growth alongside the transformation of 4iG into broader, increasingly diversified regional technology and infrastructure group. I think with that, we can move on to the next slide, please. The macroeconomic environment in Hungary continues to improve, and since the beginning of the year, the national bank rate has been cut from 5.75% to 5.5%. The ECB's main refinancing rate stands at 2.4%, following a 25 basis point hike in June 2026. The HUF strengthened significantly in the second quarter of 2026, and the euro-USD exchange rate remained broadly stable over the past quarter amid the moderate fluctuation-wise volatility in energy and commodity prices continue to exert some inflationary pressure on the international markets. Moving on to slide eight. 4iG's strong international presence can be seen with leading positions in our core markets and segments in Hungary, which is our domestic market, Albania, and Montenegro. We have a greenfield investment in North Macedonia in the telecommunications business, a presence in Israel through our minority investment in Spacecom, and the development of the sub-sea cable that we are developing between Egypt and Albania, connecting Middle East with Europe. The geographic spread supports revenue diversification, operational resilience, and strategic positioning in fast-developing regional markets. 4iG will enter the energy sector by establishing an energy holding company as a new strategic business line, which demonstrate that we are diversifying into a group that is present in critical infrastructure businesses. 4iG Holding will be built as a regional strategic energy hub focusing on renewables and next-generation energy infrastructure. The new segment is intended to establish energy as an additional long-term growth pillar for 4iG, serving all of our business segments, as well as the broader markets in the region, as demand for reliable renewable energy sources continue to grow. With that, we can move on, please. On the next slide, we, as usual, highlight the key events and developments since the last earnings call. On the 16th of June, 4iG Space and Defence and Brazil's CONDOR, a member of the EDGE Group, signed a non-binding term sheet at Eurosatory 2026 regarding the establishment of a joint venture in Hungary, as well as a regional professional and testing center in the field of non-lethal defence technologies. on June the 30th, N7 Defence Holding, Arzenál Fegyvergyár Zrt. and Colt CZ Hungary Zrt. signed a binding term sheet with Colt CZ Group International s.r.o. Whereas the parties will carry out a capital increase in the value of HUF 3.4 billion into Colt CZ Hungary Zrt., proportion to their ownership. In addition, N7 Defence Holding will acquire Colt CZ Group's 51% stake, and thus becoming 100% owner upon closing of the transaction. On July 3, Poli Computer will merge into 4iG Informatikai Zrt., and the effective date of the merger is September 30, 2026. Operation under this new structure will start on October 1, 2026, and employees will continue to be employed without any interruption. On July 16, 4iG regained Microsoft's key partner status following nine years of pause, securing CSP and AI cloud partner status. This enables One solutions to offer Microsoft licenses and cloud services to customers, complemented by our own infrastructure platform and managed services. On August 11, the German Federal Cartel Office granted approval for the acquisition of CSG Defence's 49% shareholding in 4iG SDT EGY Zrt., as a result of which CSG Defence will indirectly acquire a 36.75% ownership in Rába. In parallel, the German Federal Cartel Office also approved the direct acquisition by CSG Defence of a 49% shareholding in Hirtenberger Defence Systems. On August 12, the Austrian Federal Competition Authority also granted approval to CSG Defence to acquire a 49% stake in 4iG SDT EGY Zrt., resulting in the same indirect acquisition in Rába. On August 27, 4iG announced that they are preparing the necessary steps to create a new energy business line. As we are intending to move into the energy sector, we announced the signing of a non-binding letter of intent with the United States-based X-energy for the commercial deployment of X-energy's Xe-100 reactor technology in Central and Eastern Europe and the West Balkan region. 4iG Investment Limited submitted a non-binding offer for the potential acquisition of the shareholding, representing 100% of the registered capital of a company developing a medium-scale turnkey wind farm in Poland. As of now, the due diligence process is underway. In addition, 4iG Investment Limited also submitted a binding offer to the shareholders of 4iG Tech Energy Equity Fund to acquire their Series A investment units, thus opening a multi-stage transaction that would give 4iG ownership of the fund's project company, which holds 49% of a 158 MW wind farm at five sites across northwestern Hungary. This portfolio accounts for close to half of Hungary's installed wind capacity, so as a result, it will be a strategically important transaction. With that, we can move on to the next slide, where I will give you a little bit more color on 4iG's new pillar, the energy segment. What is the strategic rationale, and why we entered into this market? As you know, energy is a new critical infrastructure business line for 4iG. We are entering via a holding structure, which will develop into a regional energy hub focusing on renewables and next-generation energy infrastructure in Hungary, the broader Central and Eastern European, and the West Balkan region. Energy is a natural step for 4iG because all core businesses are increasingly energy-intensive. Telecommunications networks, data centers, defence manufacturing all require secure, reliable, and increasingly predictable energy supply. This is a key synergy, as the group itself can become an off-taker of new generation capacity. We are leveraging 4iG's existing regional presence and local operating capabilities, and we will be able to use these local operations to originate and execute energy projects, extending our regional platform into a new sector. We view the energy market as critical and of geopolitical significance, and therefore an active contribution to the region's energy security. In terms of the structure and the model, the energy business will be developed as an independent platform in line with how the group's other business lines are organized, similar to IT, telecommunications, and Space and Defence technologies. We envisage the potential involvement of long-term investor partners in the sub-holding structure, and the build-up will be coming in phases. The announced offers and letters of intent set the cooperation frameworks. The implementation of each project remains subject to negotiations, due diligence, valuation work, and regulatory approvals, and we will update the markets as the projects progress. I think with that, we can move on to the next slide, whereby you can see that there are five potential projects that we announced. Let me start with the wind portfolio in Hungary. As a first step into the energy industry, we have announced five projects. The Hungarian wind portfolio is probably the most advanced. 4iG Investment Limited submitted a binding offer to acquire a control of 49% stake in the project company that owns the Hungarian wind assets formerly owned by Iberdrola. The targeted assets, with 158 MW capacity, comprise around half of Hungary's installed wind capacity, and the asset will contribute to the segment's profitability immediately through its contracted cash flows. A non-binding letter of intent was also signed with NASDAQ listed X-energy on commercial deployment of their Xe-100 SMR in the C region and the Western Balkan region through a consortium-based investment and operating model. The first phase will involve regional pilot mapping, and the long-term goals include strategic ownership of reactors in the regions I mentioned. 4iG also submitted a non-binding offer for the potential acquisition of a shareholding that represents 100% of the registered capital of a company that has developed a medium scale turnkey wind park in Poland. The due diligence is now underway, and this will mark the first step expansion beyond the domestic market into the broader C region. North Macedonia, we are exploring wind power and energy storage opportunities. The project under evaluation could involve over 100 MW of wind capacity. In Montenegro, we are reviewing business and investment opportunities in the renewable energy sector, as well as related grid, energy supply, and digital infrastructure solutions. I think we can move on to the next slide, where we cover capital markets performance. The shareholding structure can remain stable with strong leadership commitment. You know our Chairman and CEO, Gellért Jászai owns and controls 52.76% of 4iG, and the second largest and important shareholder is Rheinmetall, owning 25% shares of the company. 4iG continues to benefit from the stable strategic shareholding base. The shares remain represented in the major domestic and international indices. The group's market cap as of the 30th of June stood at HUF 545 billion. And the key focus remains on the underlying development of the business and execution of our long-term strategy across telco, IT, space, and defence, complemented now with energy. I think with that, we can move on to the performance of H1 and Q2. First, I would like to start with the performance of the second quarter 2026. Net sales revenues increased by 15% compared to the same period of previous year, with the largest part of the growth attributed to inorganic growth related to the acquisitions, largely in the Space and Defence segment. The remaining growth was driven by telecommunication segment, which was supported by the expansion of the subscriber base and rising ARPU. The IT/SI segment also contributed positively to the revenue growth. Any potential negative effects of a temporary slowdown in the public sector were compensated by the acquisitions closed in the first quarter. In terms of the EBITDA, the EBITDA, on a normalized basis, declined, which was primarily as a consequence of Space and Defence segment and the portfolio effect related to the acquisitions. The newly acquired companies, as we consolidated in the reporting period, operated at lower EBITDA margin levels, so the significant revenue contribution appeared to a more moderate extent in the growth of earnings capacity. In addition, the profitability of the IT segment also moderated, mainly as a result of lower than expected central procurement volumes. Parallel in the integration operation synergies that we realized in the telecommunication segment further improved profitability, partially offsetting the margin dilutive effect of the acquisitions. According to our expectations, the future realization of the synergies that continue and the gradual integration of the four companies will support the improvement of EBITDA margin further. In terms of depreciation and amortization, slightly higher level of D&A is explained by the expansion of the group's asset base related to the acquisitions completed in the reporting period and by the depreciation impact of the newly consolidated assets. In terms of the financial income and expenses, the financial result in Q2 was significantly positively impacted by movements in foreign exchange rates. The realized foreign exchange gains decreased to HUF 1.1 billion compared to realized foreign exchange loss of HUF 0.1 billion in the same period of previous year, and this was significantly outweighed by the strong increase in unrealized FX gains, which rose from HUF 2.9 billion to HUF 38.3 billion. At the same time, if you look at the financial expenses, they were negatively affected by higher interest rate expenses that were related to the loans and bonds that increased from HUF 12.8 billion to HUF 13.6 billion from Q2 2025 to Q2 2026. With that, we can move on to the next slide, which covers H1. The net revenues again increased by 17% compared to the same period over the previous year. The largest part of the growth due to inorganic expansion related to M&A in the Space and Defence segment, and the remaining growth was driven by the IT/SI segment. That was due to the successful first quarter delivery of the elderly care program and the other IT projects. The telecommunications business also contributed positively to the revenue growth. That was supported by the expansion of the subscriber base and the rising ARPU. EBITDA. The normalized EBITDA was down by 4%, led to the pace of revenue expansion, primarily as a result of the Space and Defence segment and a portfolio effect related to the acquisitions and the newly acquired companies consolidated in the reporting period operated a slightly lower EBITDA margin. The significant revenue contribution appeared to a more moderate extent in the growth of earnings capacity. Parallel, the integration and operational synergies realized in the telco segment improved profitability, partially offsetting the margin dilutive effect of the acquisitions in the Space and Defence segment. According to the expectations that we have, the further realization of synergies and the further integration of the acquired companies may support EBITDA improvement. In terms of depreciation and amortization, the D&A charges increased in H1 2026 compared to the same period of previous year, primarily as a result of depreciation of new assets that have joined the group through acquisitions. There was a financial income, similar trends than in Q2. The result of the financial operations was favorably affected by foreign exchange movements. The realized FX gain was lower than in the same period of previous year. The unrealized FX gain increased significantly from HUF 7.7 billion to HUF 36.1 billion. In contrast, the interest expenses related to the bonds issued and the loans drawn down increased from HUF 24.7 billion to HUF 26 billion. That was largely due to the 176.6 million EUR bond issued by 4iG Space and Defence in connection with the acquisition that we made. Overall, the financial result calculated without the unrealized FX exchange and the purchase price allocation effect didn't change materially compared to the same period of the previous year. I think with that, we can move on to the next slide, please, which covers the revenue bridge. Starting from the reported H1 2025 revenue of HUF 351 billion. The comparable basis, HUF 341 billion after adjusting for FX and inorganic effects. Against this base, all three operating segments managed to grow. Telecommunications added around HUF 3 billion. IT contributed HUF 18 billion. Space and Defence, additional HUF 46 billion, which was by far the largest contribution, showing how quickly the segment has become a meaningful part and contributor of the 4iG Group's revenue. Together with holding and elimination effects, the net revenue increased HUF 409 billion, which is up 17% year-over-year for H1. With the next slide, on slide 19, we present the EBITDA bridge. As you can see, in H1 2026, the EBITDA reached HUF 126.3 billion, which is up 3% year-over-year. On a comparable basis, if you adjust the H1 2026 starting point for FX and inorganic effects, the base is HUF 117.7 billion. From there, one-off effects added HUF 7.9 billion with inorganic impacts of HUF 6.5 billion. Whilst higher personal expenses of HUF 7.4 billion worked in the other direction, and they all reflect the group's expanded operations. Gross margin and other operating items added a further HUF 1.7 billion. Taking the EBITDA to HUF 126.3 billion was the reported figure. In terms of now moving on to the revenue contribution. We have two slides. The first one focuses on Q2, and then the second one will focus on H1. In terms of Q2, the group revenue increased by around 15% year-on-year, primarily driven by significant expansion of our Space and Defence activities that continue to also deliver stable growth. Telecommunications remain the core earnings contributor, which represented around three quarters of the revenue and 96% of segment EBITDA, with revenue being up 2% and EBITDA by 3% year-on-year. Space and Defence became a materially larger contributor of the group revenue, increasing from around 1% of the revenue to 13% in the segment mix. The strong revenue ramp-up in the Space and Defence is not fully reflected in the EBITDA yet, as the segment remains in an integration investment phase. As you know, we had to take over companies from the state, and improving the profitability takes time. The IT revenue was broadly stable, increasing 1% year-on-year, with the EBITDA declined more significantly due to weaker Q2 profitability. As a result of the EBITDA decline by 7%, despite strong revenue growth, mainly reflecting the changing business mix and near-term cost base associated with the expansion of the Space and Defence business. If we move on to the H1 figures, you see similar trends. The group revenue increased in H1 2026. Space and Defence became a meaningful contributor to the group, increasing from 1% to 12% of the revenue mix, reflecting the consolidation of newly acquired businesses and expansion of the defence portfolio. IT also delivered solid growth, with both revenue and EBITDA up 20% year-on-year, supported a more diversified earning base. The telecommunications remained the group's core earnings engine, representing around 75% of the total revenues, 94% of the EBITDA. Space and Defence profitability, again, in the ramp-up phase, as I mentioned, and despite the significant increase in revenues, EBITDA is around break even. The group continues to integrate and improve the profitability of the companies that we taken over. So overall, H1 shows a clear diversification of the group's revenue base, whilst the earnings mix remains significantly more concentrated towards telco. Hopefully in the coming quarters, you will see further diversification with the entrance into energy markets. With that, we can move on and I will cover the drivers of the group on slide 23. First, I cover One and then that will be followed by 2Connect. Starting with One Hungary. The market continues to be driven by growing mobile data consumption and demand for high-speed connectivity, which all support fiber and 5G investment. At the same time, regulatory and affordability considerations remain important. One has postponed the residential price adjustment until September 2026. In terms of business performance, despite the environment, the underlying performance remains solid. Service revenue increased by 3.1% year-on-year in H1, whilst the mobile service revenue grew by 3.8%. That was supported by subscriber growth and higher ARPU. It is important to mention that the revenue growth was organic in nature, and we have delayed the inflationary price adjustment till September 2026, yet still managed to grow the ARPU, which means that we are seeing sustainable growth in our largest segment for One Hungary. Importantly, we also completed Direct One satellite integration and DIGI Mobile migration, whilst network stability improved significantly. In terms of the market outlook, going forward, the focus is on strengthening the One brand and attracting the new customer segments whilst accelerating mobile subscriber and ARPU growth. One also aims to further develop the mobile network and support 2Connect's B2C wholesale business as part of the group's shared infrastructure strategy. With that, we move on to 2Connect, which is our fixed telecommunications business. The Hungarian network infrastructure market has high barriers to entry, and it is concentrated around two major players. Because of the very high entry cost, we have very stable position, and now we are additionally monetizing this nationwide infrastructure network. At the same time, the fixed broadband demand continues to grow, whilst programs such as DIMOP Plusz and SZIP2 provide additional support for the network development of the business. Operationally, an important milestone was the launch of the B2C wholesale cooperation with Yettel on July 1, enabling Yettel to provide fixed services over 2Connect's network. The network rollout is slightly above the annual plan, whilst EBITDA margin has improved primarily through cost efficiencies. Looking ahead, 2Connect aims to expand the wholesale partnerships across the Hungarian telecommunications market and further develop neutral fiber infrastructure. The longer-term ambition is to reach 4 million households, achieve 62% FTTH coverage by 2032, and increase wholesale penetration and data center capacity, including to support growing AI-related demand. With that, we can move on to 4iG's international telecommunications business in Albania, Montenegro. One Albania managed to maintain a strong competitive position in both the mobile and the broadband market and managed to increase market share in both mobile and fixed. The competition authority moved to close the investigation involving One Albania Vodafone, Albania. Operationally, performance remains solid, supported by the continued migration of prepaid customers to postpaid services and growth in fixed mobile convergence. Both of these show sustainable growth, driven by the migration of customers to higher value packages. Fiber rollout continued to expand and 5G coverage increased further. We have almost entirely covered the addressable market with fiber and remain on track for full coverage and sunsetting our copper network, which will lead to further cost savings. Free cash flow and liquidity improved through cost discipline and further working capital management. As we look ahead, the focus will be on maintaining One Albania's leading mobile position, accelerating fixed broadband growth through targeted FTTH offers, and continuing the transition away from legacy technologies. One also aims to further digitalize the customer journey and center the B2B propositions through ICT services and improve customer retention. In Montenegro, the competition remains intense, particularly around discount bundles, devices, and data incentives. But despite this heavy competition, One Montenegro maintained a stable customer position and continues to differentiate itself through its tariff portfolio, including EU and EEA data allowances. Performance in H1 was primarily driven by sustainable growth in the B2C postpaid segment, with customers continuing to migrate towards higher value packages. The FWA portfolio was also upgraded to 5G and integrated into bundle offers, supporting customers acquisition and service development. Going forward, the priority will be to continue growing the B2C postpaid base, particularly in the youth and family segments, through improved propositions, competitive pricing and customer experience. One also plans to accelerate FWA growth and launch a broader e-commerce proposition for smartphones and accessories. Separately, regarding Uzbekistan, 4iG completed our assessment of potential market entry and cooperation opportunities in the telecommunication sector, together with a local partner. Following the evaluation, parties ultimately decided not to proceed with the cooperation. With that, we can move on to information technology on page 25. The demand for software-as-a-service solutions continues to grow, whilst competition remains strong as international IT providers expand their presence in the region. Our business remains seasonally, with overall business remains weighted towards the fourth quarter, and the expected mid-year slowdown was affected by delays in the public sector decision-making, hence stronger activity is expected towards the end of the year. Despite this environment, IT business delivered strong H1 performance with revenue increasing by 20% year-on-year alongside EBITDA growth and improved gross margins. Recurring revenues reached 55% of total revenues, providing greater visibility and stability. The FaceKom and Mobil Adat acquisitions were also completed in Q1 2026. More recently, and very importantly, 4iG IT has also regained Microsoft's key partnership status following nine years of break, strengthening our cloud AI systems integration capabilities through CSP and AI cloud partner status. Looking ahead, our primary ambitions will be to expand the IT and system integration activities regionally, particularly in the West Balkan region, where we secure the new G2G opportunity, particularly in Montenegro. There is also further growth opportunities in aviation IT and AI-based customer solutions, and in parallel, the company aims to leverage 4iG's entry into energy by providing smart metering, advanced network services, and tailored software solutions that create additional synergies between the IT and the energy businesses. With that, we can move on to the digital infrastructure business. Starting with digital infrastructure development, 4iG is building on our regional presence through cooperation with Greek Telecom in Greece. The partnership combines the two groups' complementary capabilities with the objective of jointly developing and operating telecommunications infrastructure and improving regional connectivity across Albania, Greece, and the wider region. Montenegro, 4iG was selected by the government to participate in major technology and digital infrastructure projects. These include the technological development of law enforcement agencies with a budget exceeding EUR 50 million, as well as the establishment of a government data center and related infrastructure with that. The projects cover the full implementation cycle from systems design and integration to equipment procurement, installation, training, and operation support. The EAGLE submarine cable, 4iG and Telecom Egypt reviewed the structure and operating model of the planned high-capacity connection between Egypt and Albania. Following this review, the parties decided not to establish a joint project company, but remain committed towards the project through a long-term commercial cooperation model. The project therefore continues to support our broader objective of strengthening international digital connectivity between Southeast Europe and global telecommunications networks. Regarding the Egypt FTTH network, the parties consider a letter of intent that was signed between 4iG and Telecom Egypt on the 30th of June 2024, and regarding a joint venture to be established for the wholesale-based construction and the operation and the sale of FTTH and FTTS passive access infrastructure is to be terminated based on the parties' mutual understanding. With that, we can move on to slide 27, covering 4iG Space and Defence Technologies. Again, Space and Defence is structured across five pillars, including space, aero, land systems, weapons and ammunition, and cyber and defence digitization. In space, we cover the full value chain from satellite and space equipment through geo-data to ground segment and mission operations. Our flagship is the HUSAT program, Hungary's national satellite program. In aero, capabilities range from UAVs and counter UAV systems and traffic management to aircraft MRO. Land systems and ammunitions reflect the capabilities we acquired through our defence acquisitions, armored vehicles such as Lynx and Gidrán, military trucks and chassis, mortars, small firearms, R&D and manufacturing and ammunition production. Cyber and defence digitization is where we connect defence with the group's core IT strength and end-to-end system in integration for digital infrastructure, battle management, and C4ISR systems, including defence digitization consultancy. With that, we can move on to the next slide just to cover the outlook. In space industry, the HUSAT program continues to progress in H1 2026, reaching several important technical milestones, whilst contracting strategic suppliers. The development of the ground segment and the technical preparation of the HUGEO and HULEO satellite systems progress broadly in line with the plan. In aviation, Rotors & Cams signed a service contract with the government customer for air defence and target materials for 2026. Also, Aeroplex continued to work on the preparation of several significant investment projects, whilst they also progressed discussions with existing strategic and potential future partners, which will aim to expand the business activities. In land systems, the focus is increasingly shifting towards the integration and development of the capabilities that we acquired through Rába. Comprehensive reorganization and modernization program is underway to improve quality and efficiency. The maintenance, repair, and overhaul services for Gidrán armored vehicles have also started for the Hungarian Defence Forces, whilst preparations are ongoing with Tatra for the manufacture of axles and military vehicles at the Rába site from 2027. In terms of weapon and ammunition manufacturing, 4iG Space and Defence continues to build domestic capabilities through international partnerships. This includes the planned joint venture with CONDOR in non-lethal defence systems, with the cooperation expected to include establishment of a training and education center. Moving on to cyber and defence digitization, the cooperation with the NATO member state is under development, whilst exploring further business development opportunities. Digital for Defence was also established to concentrate specialized professional capabilities and capacities within the dedicated subsidiary. Overall, the focus across the segment is now on integrating the capabilities built and acquired, developing domestic industrial capacity, and creating an increasingly broad and complementary Space and Defence portfolio product. With that, quickly we can go onto slide 29. I can report there's no changes. On a regular basis, we provide updates on the backlog. The 5th of August, Space and Defence announced the commercial contract backlog of around EUR 1.4 billion. And on the 1st of December 2025, we announced a new multi-year service agreement with the European NATO member state covering earth observation, data processing, and telecommunication services. Whilst we also confirmed the previously reported EUR 1.4 billion backlog. Most recently, on the 27th of March, we provided a broader update on the aggregate contract portfolio. Space and Defence and the total portfolio exceeded EUR 8 billion, comprising more than EUR 3.5 billion of committed binding order backlog, together with approximately EUR 4.5 billion of potential long-term revenue under framework agreement. With that, I think we can move on to the next slide quickly. Scope Ratings continues to assign 4iG BB- issue rating with a stable outlook. This rating was confirmed in January 2026. Moving on to slide 32. It's an important slide, the financial data and the capitalization table. You can see all of our facilities, and the majority of the total financial debt was represented by our long-term loans and bonds and short-term facilities. Taking into account cash and cash equivalents of around HUF 78 billion, the net debt amounted to HUF 1.09 trillion. The capitalization side on the right-hand side shows that the market cap stood at HUF 545 billion as of June 30, 2026, based on a closing share price of HUF 1,821 as of that date. Combining the net debt and the market cap, our enterprise value is around HUF 1.64 trillion. 4iG's consolidated net debt to LTM EBITDA is at 3.7 x, which has decreased from the following quarter. This remains a key financial discipline metric for us as the group continues to invest in the key strategic growth areas. Overall, the focus remains on maintaining a balanced capital structure and disciplined leverage, whilst preserving sufficient financial flexibility. Again, just to reiterate, our plan is to keep the net debt per LTM EBITDA below 4 x. With that, we can move on to the last slide I believe I wish to cover. The group has continued to advance our sustainability objectives, the focus on emissions reduction, renewable energy procurement, and compliance with international standards. In Hungary, 4iG registered 150,573 MW of guarantees of origin. It aims to increase the share of electricity sourced from the renewable energy to 100% in 2026. We continue to strengthen our ESG compliance framework with almost all subsidiaries and affiliates subject to NIS2 requirements having been audited. That covers my presentation. Thank you for listening to this. András, over to you. Thank you, Péter. We reach the questions and answer section. If anyone would like to have any questions that Péter can answer, now is the time. You can choose so either by raising your hand or send them into the chat section. As long as there are no questions coming in, we can conclude the presentation. Sorry. There is one question from Piotr. Could you please comment on the government's investigation on you and your defence segment backlog? Péter? Well, all we can say is what we previously commented on, Piotr, is that, as you know, the government announced a review and due diligence and investigation of the activities that we had in the past with the government. We are open to all of that, and at the moment, it doesn't have any impact on the backlog, which was presented in the presentation. Obviously, if and when we have any update, then we will continue to update the market based on that. Okay. Thank you, Péter. Any other questions from anyone? There's a big tax reform planned in Hungary. What are your expectation regarding its impact on 4iG businesses? Look, we are openly looking at all initiatives that are planned by the government, and our tax teams will be assessing the impact in due course. That is all I can say right now. We are not speculating again or around any potential proposals and legislations. But obviously, we will be looking at with a proactive mind, with the view of obviously increasing shareholder value all the time. Okay. We still have a few minutes left. Anybody else? Do you expect to increase telecom services prices along with CPI from 2027 on? Well, look, this is a future decision that we will be making in due course. So when the telecommunication management look at it, they will be able to comment on it. I think at the moment, all I can say is that we have implemented price increases from September 2026. What will happen in 2027 is obviously to be seen and will be discussed with the telecom management in due course. Okay. Thank you, Péter. Let's just wait a few seconds to see if anybody else has any more questions. All righty. Assuming there are no more questions, I think we can conclude the presentation. Thank you all for joining. Thank you, Péter, for this presentation, and I wish you all a great day.