We are happy to welcome you to KN Energies Investor Conference on the company's financial results for the 12 months of 2025. I'm Olga from Nasdaq Vilnius, and I will be moderating today's event. We will begin with the company's presentation, which we will be followed by a live Q&A session. I encourage everyone to submit questions throughout the presentation. You can do this by either using the Q&A window below the presentation, or you can raise your hand and be unmuted when the presentation is over. For your convenience, this session is being recorded and replay will be available shortly after the call. That being said, I am pleased to introduce you our today's speaker, Tomas Tumėnas, the Chief Financial Officer of KN Energies. Please, Tomy, the stage is yours. Thank you. Welcome, all of the participants in Friday's morning, while I am presenting KN Energies' financial results for the last year. Those are non-audited group consolidated results, I would like to point out the major things that happened during the last year with KN and KN Energies Group. We are right now in the process of analyzing our financials, audited financials figures, we hope while we're presenting those results, that the differences between the figures that you will see today would not be any different when we'll release audited financial results. Let's start. I would like- We can see if you are sharing. Just would like to say that we now cannot see yet your presentation. You can't see my presentation? No. Currently, no, but if you want just to. Okay. Yeah. Let's try again. How about right now? Not yet. Not yet. Sorry. Okay, I'm trying then. Just a moment. yes. Just yeah. Yeah, now it's perfect. Okay, super. Go ahead. Sorry for these technical things. Let's start from our major achievements, major points, as I call it. Actually, the last year, really for the KN Energies Group was a very good year and very successful year in actual all our years. Accordingly, accordingly, basically, and accordingly, our results, financial results, achievements regarding the revenues, regarding the profitability, the market reacted, and we're very happy that the market reacted positively to all our news that we released the last year. What reflected into our share price increase, as you see, 71%, this is actually the highest share price increase among the Baltic, Nasdaq-who listed index companies, and really, we are very happy of that. Definitely it puts additional or even more pressure on the team to repeat the results, which is would be very, very difficult, but nevertheless, we will try to do that during this year. The price really rocketed, skyrocketed last year, and that reflects our strong performance. Also, worth to be mentioned that the company has been rediscovered regarding our recent commercial activities among the various stakeholders and the business community, which also elected the KN Energies in Lithuania as a top company, top 10 company into the transport and logistics sector. Also, we have been ranked number 5th among the Lithuanian business leaders. Actually making the one of the biggest impacts for Lithuanian economy. KN Energies is one of the largest taxpayers in Lithuania. That is supported definitely by our strong performance and activities. Basically, we would like to point that we had very good income and revenues in our Liquid Energy business segment, which reloaded the record high trucks during the last year, and it was increased by almost since 2017. This is a very huge achievement. Very important to note that the major business segments activity, LNG business activity, our regulated business activity, the terminals utilization, which imports the gas and makes regasification the gas to the full Baltic region, was utilized almost up to 70%. We have been awarded various certificates. I will not point them out, but would like maybe to stress, point out the major ones as the company managed to be ranked among the CDP climate rating agency, and we have been ranked by number B, which is really a move forward versus that we have in 2024. That shows our strengths and efforts towards neutral CO2 emissions and all Green Deal that company carries every year and invest into that fields of activity. Also, we were being ranked and got many awards in transparency and in sustainability. That also shows a right path, and we're happy about that. Come to the major things, major our achievements. Our financial results, as I said, the share price increased by 71%. Accordingly, the capitalization over the last year increased by EUR 63 million. The company having very solid revenues, the revenues over the last year, total revenues of the group increased by 12%. In all business segment, the growth in revenues has been recorded. In our major business segment, LNGT, the business grew by almost 14%. Energy business segment increased by 7%, commercial LNG business revenues increased by 16%. All actually, all three out of four business segments has been growing. That was the major impact on our total financial performance and financial KPIs. Accordingly, our return on equity increased, ROCE increased. Price earnings, as we said, as well increased, earnings per share accordingly went up. Important to note that the share of regulated business activity, as you see, slightly declined because of the growth of commercial activities. This is the very good signal for the market and for us. Our aim, as I previously mentioned during the previous sessions, is within the next 2-3 years, to make commercial activities share in total revenues from 40%-60%. As you see right now, we have 60% revenue schemes from regulated business activities, and 40% from commercial activities. If we take the client base, interesting to note that already 50% of all revenues that we're getting are from abroad, and only 50% are from Lithuania, from local clients. I would like also to put some information on what is going on, what was going on during the last year in LNG business market worldwide. Actually, we're showing three, let's say basic, let's say, instruments that we are following very much while we are making our commercial solutions, decisions, and also, looking and take care of our CapEx and as well as OpEx. As you see, nothing new. The markets has been very fluctuating, both in oil, with oil prices, both in gas prices, and also in carbon emission allowances. Because all these, let's say, three big things, has very direct and black impact on our performance and our market share. Meaning that if the markets for the, let's say, crude oil are okay for oil refineries, basically, for example, for major oil players in the world markets, as you know, and also for Orlen, definitely. It's okay for us, as we have, our business segment, our liquid energy terminal, serves for oil refinery, mainly for Orlen. The good margins in oil refineries, which has been recorded in the last, in the last fourth quarter worldwide, has very positive impact on all overall volume flows via our terminal. Gas prices, as you see, fluctuated quite much as well. If we take the last developments, starting in the first 4Q, it went down, and that's that reflects, let's say, the total supply, which was in the last calendar year, on a good level. Meaning that no big nurse or tensions happened, and definitely the, I would say, the lower gas prices worldwide is more positive sign than the vice versa. Wholesale holes and commercial companies enjoying the less prices, let's say, as used to be one year ago. Regarding the carbon emission, as our LNG terminal vessel is emitter, we need to acquire quite big amounts of EU certificates, carbon emission certificates. We are watching very, let's say, carefully on the prices, and we're trying, you know, to catch, to take the best price as we think, and to make transactions while acquiring those certificates. The total volume, how much we're spending per annum for the certificates, is almost fluctuates from EUR 6 million-EUR 6.5 million, and that directly impacts our variable costs as well, total costs. What the company has introduced during the last year, the company has long-term agreements with the SEB treasury, and we are hedging our certificates. During the last year, we managed to hedge at a good price, what reflected into our profit/loss statement, and we actually earn up to EUR 150,000 of additional profit from the hedges. If we are just also very briefly about the overall market. As you see, in Lithuania in particular, the biggest exporter or importer, we're importing the gas right now via our FSRU vessel from United States. It's almost 70%. If we take EU average level, then gas import from United States accounts for almost 55%. Here we have Norway and Lithuania, 69%, United States, 25%, Trinidad and Tobago, and also we have new destinations which imported Mauritania and Senegal in 2024. As I mentioned, our terminal operated at the full at very high level of the capacity, 68%. You see the average of all terminals in Europe is 52%. If we take, let's say, our not technical characteristics, but let's say, business characteristics, our utilization ratio is even more higher, counting to almost 75%. This is very huge utilization ratio, and very efficient. I would say that the FSRU, our Ind, is one of the most efficient in terms of the capacity utilization, among all Europe terminals. That's it really helps us in definitely increasing the revenues for the company and of course, trying to lower our, the costs to the clients, to the consumers, because our clients are Baltic country companies and households. This is really important and very high achievement, so we're really proud of that. If we take from another angle, you know, the, actually, the gas storage capacity in Europe by the end of the last year reached almost 60%, which is slightly less than it was a year ago. Currently, currently, because already as you know, we had harsh weather conditions. As an example, currently on February data, recent data, the storage capacity in Inčukalns accounts only to 20%. So by the end of the last date, it reached 60%, and I would say this is quite slightly less than used to be the average level of gas capacity, of gas storage capacity in Baltic, in Baltic States. If we take annual figures, LNG accounts in EU for almost 55% of imports, if we take all gas import in EU countries. Just for comparison, if we take 2022, that ratio was 20%, the increase for LNG demand because of the war, the obvious reason, increased almost 2.5 x. We expect that ratio will prevail in 2026 and 2027, and maybe even beyond. That helps us a lot because we can utilize our, you know, LNG LNG FSRU business, and actually, it allows us, you know, to use our capacities, to book our capacities, and to be more safe regarding the constant inflow in revenues from that activity. We reached a milestone during the last year. 500 ship-to-ship LNG vessels has been loaded since inception of the terminal. Utilization, I already mentioned. Regasification and reloading, which almost 33 TWh. Basically, during the last year, we served almost 38 cargos. Also, I would like to mention a couple things in our related activities, very important ones, that, as you know, our terminal is booked till 2032. Sometimes clients, due to many market conditions, they are revoking some cargos, then it gives us an opportunity, our commercial department, an opportunity to go into the spot and to acquire additional cargos. During the last year, we managed to place two cargos that... Sorry, three cargos, and that also has a very positive impact in our revenues. Also worth to mention that the last year, we launched a virtual biomethane liquefaction service. We are expect the growth in that, in that, let's say, small business line within LNG business segment further on, in this year. Actually, as you see, the revenues for, from, that business segment increased by 14% and EBITDA by 11%, reaching EUR 37 million. Going forward to the second business segment, Liquid Energy business segment. Some information, what is happening here. During the last year, the total unloading and loading oil products via Baltic terminals increased versus the last year by approximately 15%, the majority of that increase came from Latvian terminals and Estonian. In Lithuania, increase was quite flat, almost 2%. From another hand, it shows that Lithuania, if we take 2024, 2023, was more or less stable, while Latvia and Estonia has been suffering, experienced quite big declines. Right now, the terminals, as you see, they are recovering. For us, it's very important to note that our company serves almost 20%, 30% of the market of all, let's say, in all throughput Baltic ports in various oil products. We are maintaining the market share. We are the leaders in the market, and that also allows us to, you know, to give the better product, the better service, at better prices to our client, our customers.... Important thing, what happened in that business segment is, we managed in the last year to prolong a contract, long-term contract of oil, loading and unloading with Orlen for another two years, as Orlen is the biggest client. We definitely, logically, for us, it accounts to almost 75% of our flow. It gives us stability in terms of the revenues, predictability in terms of the revenues, and also good predictability in terms of our CapEx. We are launching and preparing our terminal for the new products, like biomethane, sustainable aviation fuel, because those products are in demand from the market, and Orlen is also heavily investing and expanding their product portfolio, so-called light oil products or biofuel products. Therefore, their share of biofuel products increased and reached 12% as of total oil products that we unloaded during the last year. Revenues-wise, we increased 7%, reaching almost EUR 29 million, and EBITDA grew almost 32% from that business segment, reaching EUR 11 million. If we talk. The third business segment is our commercial LNG activities. We are accounting that we are controlling, let's say, six three, from 6.3%-7% of global terminal operations market share. That segment, again, revenue-wise, performed very well, growing 16%, reaching EUR 13 million in revenues. EBITDA was 5.6. It recorded a slight drop. Basically, that drop explained by our provisions that we made for the technical accident that happened in Brazil. That provisions accounts to approximately 800,000 EUR. Basically, if we exclude that, so we are on the same level comparing in terms of EBITDA 2024. If you look on the revenue side, so it was increased. Basically, it came again from our Brazil activities, as those grew almost by 30% year-on-year basis. Because our client has launched their journey to electricity power plant, second power plant, which uses additional gas. Therefore we're able to increase our revenues. If we take some look on our operations in Germany, so they were performing very smoothly. The first cargos has been launched in Wilhelmshaven terminal in August of the last year. From technical point of view, safety point of view, it was very successful without any problematic issues or topics, has not been recorded, no. Actually, the terminals in Germany operates very efficiently, quickly, and actually, we also, we are very happy with our inputs in that very important revenues stream for Germany market. Because Germany is very also keen on importing a lot of gas, LNG gas, in order to be not dependent on the gas supply from Russia. Our share, our participation, also some kind of symbolic, and we are happy to share our experience with German partners, German colleagues in operating the terminals. Some highlights on our smallest business segment, New Energies. Those, that business segment is pretty new for us, launched actually, basically during the last year. We do not have a revenue so far here. We have the costs, this is very logical, because we are investing into various projects. What has been mentioned is our CCS project, which is designed, I would like to remind you, to capture carbon emission from big emitters. As you know, we have a consortium with Akmenės cementas and with Latvia and their partners, Brocēni Cement Factory. What happened here during the last year, we launched our feasibility studies. We got PCI status for that project, and also we got a grant from European Commission, amounted to EUR 3 million. of that feasibility studies that right now taking a path, and it should be accomplished during this year, amounts to EUR 6 million. Actually, EUR 3 million is covered by the grant, meaning only 50% is, let's say, on our shoulders. This activity was very active in success project, and we hope that in 2026, we will announce news regarding how we're succeeding and informing the market, because we believe in that project, as it's a very important project, and I would say, top priority and regional one. Financial results, I already commented here, and I would like to wrap up and summarize.</p As you see, if we take the last three years, the company and the group has been growing, on the revenue side, 8% annually, EBITDA, 14% annually, and net profit, 11%. Also, always, when I'm talking with the investors, and here again, I would like to point out and to see some differences, because, while here we have, official, our results, which is very important. Here we have our normalized results when normalizing to EBITDA and net profit level. Normalize different versus de forest is, that with we are taking out all, inflows and outflows, what relates and correlates to our, regulated activities. Meaning, we are trying with those figures to show, managerial figures, to show how our performance would look like if we take exclude those impacts that we need or to return back to regulator or to get back from the regulator. Actually, therefore, it's also definitely corresponds to the official results, but they are different. If you analyzing our company, always pay attention on our normalized results. Here, as you see also the growth, both in revenues-wise and net profit, and we increased at the top level, if we take simply 2025, reaching net profit around EUR 13 million, and this is really, we are happy about that, definitely. Profitability ratios also grew up because of our revenue growth and profitability growth, nothing much to comment here. Coming to the end of my presentation, if we take our balance sheet, I truly believe that our balance sheet, despite despite the big amount of the long-term loan for the terminal and necessary use, EUR 311 million. I would like to remind that loan is guaranteed by the Lithuanian government, and KN is the only one company in Lithuania having such a guarantee. The balance sheet is very strong. We are carrying around EUR 61 million in deposits, which we will use for our investment activities. If we take our cash flow, so as you see, the cash flow from operating activities are very healthy, very strong. We managed to receive of almost EUR 52 million in cash flow from operating activities. Almost EUR 30 million goes to the various investments, and the biggest amount of the investments goes into our terminal. As I mentioned, in order to prepare the terminal, the infrastructure for biofuel products, which are supplied basically from Orlen. Also, we invest into our FSRU vessel because it was during the last year under our full ownership. Important to note that we have an investment program in various IT solutions or digital solutions, because those solutions are very important for our business, for our business continuity. It worth to mention that the biggest investments in IT only started during the last year and will go up each year. We are directing basically to replace our oil accounting management program, to introduce a new one, up-to-dated one, which is used by major European terminals. That program will help us in cost saving and also in the data, let's say, readiness, in the quickness of the data, in the analyzing of the data, and providing the best, as much support to our clients. This is one field investing into the oil management program. Another is that we are heavily considering and in the process of investing into gas accounting and management program, which we would like to launch in terms of successfulness in 2027. We already had a partnership with one of the ERP providers in that area, and we cooperate with them. Meaning that for them, our knowledge, our know-how, how we are accounting, how we're calculating, how we are making our managerial decisions in gas accounting, will serve as a basis, a fundamental for making some adoptions in their gas accounting system. Actually, they will save a money having that partnership with one of the biggest, let's say, ERP companies in the world, which specializes in gas accounting programs. Basically, this is my presentation. Again, thank you for being with us. Thank you, current shareholders, being with us, and definitely looking forward for the new shareholders, and also happy to answer the questions. Thank you, Tomas. Indeed, now we are proceeding to the questions. Let me remind you that you can submit your questions in writing through the Q&A window below, or you can raise your hand to be unmuted. We will start first with the questions received in advance of the call. The first question that we have received: Following the CCS projects PCI status update, do you plan to allocate more to dividends? Okay, I will answer in that way that yes and no regarding the effect on the probable dividends, because, as I said, this is our investment, so meaning that we are spending money. As I said, the plan for the almost two and a half year amounts to EUR 6 million in those feasibility studies, so definitely takes some money. Half of it, as I said, is covered by grant. Majority, let's say, of those spendings are CapEx oriented, so meaning that it would have an impact, but very minor one, regarding our net profit line. Meaning, if net profit line is okay, you pay more dividends from the bigger net profit line. Yes, effect will be, because obviously everybody, when spending, so this is the spendings. It's not like, let's say, you're spending half a million, everything will diminish by half a million, not in our case. I don't want to make predictions, from that, maybe CapEx, it could go only out, theoretically out from the dividends, maximum 25%. Thank you. Let's move to the next question. Are pipeline gas products, and oil products supplied to Ukraine through KN Energies terminals? Yes, we do. We have a business activity with the Ukraine, both on, let's say, maybe not state-owned, but state-owned companies and private companies. Particularly, we had also products, Bioethanol, which has been transported by our Ukrainian partners via railways and via trucks. It was in 2020, 2025, and also on LNG. We served four cargoes for Ukrainian counterparts. All right. Thank you. We have received one question, our Q&A window. Do you have any plans regarding shares buyback? So that question should be maybe more addressed to our shareholder, who's, who is right now the biggest. Our the major shareholder, as you know, is Minister of Energy of Lithuania, controlling 72%. So far, while we're having the discussions, our presentations, and of course, looking forward to, for the strategy things, there is no any, let's say, signs for that, and so far. Difficult to say it's a good or bad news. For me, personally, it's a good news, let's say, and we are working as a normal, let's say, way. No, no, no nothing happening here. All right. Thank you, Tomy. I don't see any additional questions. We can wait a minute if, to be sure that no additional questions come in. If anyone has any questions that they haven't asked yet, please do so now. It looks like we have covered all the questions so far. On behalf of KN Energies and Nasdaq Vilnius, we'd like to thank everyone for participating in this call. It was a pleasure being with you today. As I have already mentioned, the recording of this session will be available on the Nasdaq Baltic YouTube channel shortly after the call. Thank you once again. Goodbye. Thank you. Thank you for everyone. Wish you a good weekend, in case, always contact us, me, send information via email. Happy to answer, all the best. Thank you.