Good afternoon. Welcome to Agrova Baltics investor webinar. We will begin with the company's presentation, after which we will address your questions. You're kindly invited to submit them in writing through the Q&A window that you will find below the presentation. For your convenience, we are recording this session, and replay will be available shortly after the webinar. Now let me introduce today's hosts. Jurijs Adamovičs, Founder and Chairman of the Management Board, and Mihails Keziks, CFO and Member of the Management Board. Please, the floor is yours. Good afternoon, dear investors, ladies and gentlemen. Pleased to welcome all of you to our webinar that is going to cover the results of financial year 2025. The agenda that we'll cover today is comprising of six items. I will walk you through the first two points and uncover the targets for financial year 2026, and my colleague, Mihails, will cover the rest of the agenda. Last year 2025, was historically the best ever year for Agrova Baltics. We have reached 92% increase in the revenue. We have reached 257% increase in EBITDA. Our gross profit was up by almost 200%. The volume of eggs that we sold is up by 47%, and this is a result of the completion and commissioning of the increased production capacity. Return on equity for the year 2025 was 48%, and P/E ratio is 5.5x. Key highlights for the last year. We had a very insightful year, eventful year in 2025. We did commission a major expansion project, which was the largest CapEx project we have completed ever before. We have commissioned three substantial buildings. Two of those were state-of-the-art laying hen houses with capacity of 125,000 birds each. We have also commissioned a new liquid egg processing plant and a central warehouse complex, which is all located in one building. These projects were completed and officially commissioned in May 2025. Our marketing team worked very hard. We have launched quite a number of new SKUs and new packaging solutions, of which the best seller was Family Pack, which you currently see on the screen. We have also expanded further with our new business line, Fiteg², which is a health nutrition and sports nutrition product line, and several food supplement products. This business is also growing quite substantially, and we've launched new products. In particular, the unflavored protein was actually a best seller of the last year, which helped us to significantly increase our market share across the Baltics. International certifications was also a highlight of the last year. Not only we have successfully renewed our energy management certification, but we also have obtained a very prestigious British Retail Consortium certificate, which is a golden standard in the food and agri sector. With the first audit, our Alūksne production site was rated A, which is a very high evaluation of the operational excellence that our team has managed to demonstrate. Continuing on the highlights. Earlier last year, to be more specific, in March 2025, we have conducted a second placement, the private bond placement with CVI, which was part of the planned capital raising exercise, and which helped us to complete the CapEx program on time. We have also signed a market maker agreement with Signet, which became effective in March last year. This was done in order to enhance liquidity of our shares, and that reflects our commitment to facilitate more active trading and investor accessible solutions. Also last year, the group itself was going through a quite substantial transformation, both in terms of the corporate governance and also our visual identity. We have rebranded the group entirely. The legal name, as you remember, our dear investors, when we joined the markets, we joined as APF Holdings. Now, as part of our international growth strategy, we decided to introduce a umbrella brand for the group, which is Agrova. We have formed a holding entity called Agrova International, which consolidated over 81% of Agrova Baltics shares. The holding was rebranded, and the legal name of the entity was changed to Agrova Baltics to reflect the market focus of this particular entity. Also, as a result of the changes of the shareholder structure with Austria-based fund Accession Capital Partners becoming our shareholder at the holding level, acquiring 23%. The fund is also now represented at the Supervisory Board level. Dmytro Kistechko was elected on behalf of ACP fund. And the new Supervisory Board is now functioning in an extended headcount. As I mentioned, you know, Agrova International was formed as a new group level holdco. Agrova International has completed the acquisition of the Sunrise Group, which is a top 10 egg producer in the United Kingdom. Now, we have completed this transaction at the shareholder level, so it does not have an immediate impact on the group. We do believe that it also sends very strong signal to Agrova Baltics shareholders, because now Agrova Baltics is a part of much larger operational, financially more stable group, which also helps to diversify biosecurity risks and potential financial risks, in a much more efficient way. I'm now passing the floor to my colleague, Mihails, who walk you through the next slides. Okay. Thank you, Jurijs. Good evening, all our dear investors. Let's now walk through all the financial results that Agrova Baltics received in 2025. As usual, we will start with industry overview, which where the most important information for us is, of course, our strategy base idea. It's a market shift from caged eggs to the barn eggs. As usual, we provide you the statistics for all three states. As you can see, the situation in the market in 2025 was good. Our market continued to grow. The leader in this growth, of course, was this barn egg segment, which almost or approximately doubled in all the country with the highest growth rate in Latvia, which was 132% comparing to the previous year. In Latvia, we reached a market share of 63%. Again, the leader country in the Baltics is still Lithuania, having the largest barn egg share of 66% as it was also previously. Again, Estonia is lagging behind with only 25%. But still, as you see, this segment is developing very fast in this country. As supermarket postponing the transfer for the later years, we expect to see the increase in the coming years. With our current capacity and upcoming investment plans, we will be ready for this increase as well. Egg prices in all three Baltic states and also Poland, which is very active in our segment. You can definitely notice some kind of increase in prices towards the end of 2025, and also some very interesting structural changes where historically average price in Lithuania was the lowest one for the Baltic states and Latvia being somewhere between Estonia and Lithuania. At the last quarter of 2025, the egg prices almost equalized, was almost similar for all three Baltic states, which was somewhat driven by increased demand for barn eggs and also increased demand for eggs in total in all categories. As usual, Polish prices in Poland are much higher than in Baltics or so. Still some room for Baltic states to improve in future. Let's review Agrova Baltics's sales data. As usual, we provide a split for retail eggs sold to supermarkets and eggs to industry or to processing for the lower price, let's say. As I mentioned, this demand for eggs in 2025 was substantial, we managed to significantly decrease these eggs for processing by almost a half of it comparing to the previous year. It was only 11% and almost 90% was sold to retailers to the customers in the supermarkets. Another important parameter is of course eggs sold to so-called private labels of supermarkets. Yes, this is a market trend. It is increasing, and the share is increasing in sales of Agrova Baltics. Still in 2025, we managed to keep private labels only to 40% of total eggs, fresh eggs sold, which is still below, let's say, some market average, which is close to the 50% in the Baltics. Sales by geographic delivery location. As we mentioned also previously, for Agrova, we see that our home market is not just Latvia, it's all thee Baltic states at least, or maybe even wider. Still, as you see, our top core clients are the countries, the supermarkets which are targeted to sell mostly barn eggs, and as you see in the Baltics, the leader was Lithuania. In 2025, Latvia made only 40% of our sales, and Lithuania and other countries was more than half our sales, it reached 60% of our sales. Then the financials. Financials start with changes in main operational income positions, both EBITDA. What will give us the main increase this year, it of course was sales of our core products, so fresh eggs, which was achieved by both increase in production, increased number of eggs sold due to investment phase we have completed in May and June 2025, and also favorable development of eggs due to higher demand for barn eggs. Of course, higher production capacity came with increase in expenses for feed. Other production expenses, we also face some increase in administrative expenses due to R&D and other positions. As you can see, it's nevertheless kept the higher part of our income increase and brought us to the significant and brilliant EBITDA result, which was more than EUR 9.2 million. Which again is about 6% above our IPO expectations, which was EUR 8.5 million. Very good result and proof for our strategy and for our ability to achieve result expected. The second financial slide and then waterfall. It's for net profit this year. Let's see how it changed from 2024 to 2025, from where we finished the previous year with some minor losses, but again, increase in EBITDA. This year gave us 6.6% more income and positive result for this year. What was increase in expenses below EBITDA? Of course, it was higher interest payments. As Jurijs mentioned previously, we received the last and closing drawdown from CVI of EUR 5 million, reaching a total of EUR 12.5 million of debt from funds, which increased our interest expenses. Also due to completion of new fixed assets construction, depreciation have increased. Also additional flocks brought us some increase in changes in the fair value. Still, again, as you can see, I'm very proud to announce that our net result for 2025 was higher than EUR 5.1 million, providing a good value for all our shareholders. Final financial slides with all indicators very nicely represents our impact of the financial investment phase we have finalized in 2025. As you can see, we have managed to increase our production capacity more than 50%. Managed due to this increase our revenue by almost 2 x. Our adjusted EBITDA is more than 3 x higher than years before when we was running with a smaller capacity. Of course, this brought very nice result to all the income indicators. Our EBITDA margin reached almost 40%, historical return on equity result almost 50%. Our price-to-earnings ratio decreased from large numbers to only 5.5x, which is very nice result, I believe, for the market. Earnings per share is almost one euro comparing to five-year price of share in the market. What's most important for us as a company in very high and very rapid investment phase, our leverage, let's say indicator or indebtedness indicator, which is a net debt to EBITDA, decreased to just 1.2%, which is a very nice, very stable and bankable indicator showing that the company have successfully finished investment phase and is healthy and ready for the next developments. To mention and run through again one of our main guidance we provided you in previous periods. Our results are slightly better in turnover than our last guidance, and just a little bit below our IPO guidance. In terms of adjusted EBITDA, which I believe is more important for investors, we have overperformance and reached like 6%-7% above our IPO indicator in 2023. With this good notice, happy to finish financial part and maybe give your words to Jurijs about our next plans. Yeah, this is the last substantive slides of our presentation covering targets for financial year 2026. As you investors might have noticed from our media announcements, we have informed the market that we plan to implement the next investment phase, which is roughly EUR 30 million in budget. We expect that this investment phase will be largely completed during 2026. The remaining bits of it will be commissioned in the first half of 2027. As part of this new investment phase, we plan to construct three more barns, which will be, you know, in terms of technology and scale, will be replicas of our previous investment phase. We're speaking of three hen barns, 125,000 birds each. This will add a very substantial additional capacity and will be instrumental to enable us to meet rising demand across the Baltics and also beyond in Europe as we continue to experience a structural deficit of cage-free eggs, especially by the more developed Western European, you know, markets, which we are also currently servicing. The, you know, this investment program that we're going to implement is going to boost further our shift towards cage-free production. As you might recall, currently out of five barns, only one barn is a so-called enriched cage or colony production method, which is, you know, being gradually phased out across Europe, albeit at very different pace depending on the geography. From that angle, Agrova Baltics is very uniquely positioned because already today, we are number one cage-free industrial scale producer in the Baltics, and perhaps even in Nordic Baltics, because only 20%, actually less than 20% of our production is enriched cage. By completing this next investment phase, we'll be 90% cage-free egg producer. Dear investors, you might have noticed two weeks ago we made a public announcement that we aim to transition cage-free by 2028, which would imply that Agrova Baltics becomes a first egg producer in the Baltics to go 100% cage-free. Just to emphasize, this is primarily driven by our export clients, as we see that demand is growing for the cage-free barn egg in particular, which is a higher margin product. Now, we also intend to scale up on our Fiteg² product line, making substantial investments into marketing across the Baltics. We also intend to launch a couple new products later this year, which we hope our loyal customers will like, and that will also help us to diversify the revenue base. We believe this to be very important part of our business going forward as we see a very high potential in the functional nutrition market. You know, all these initiatives will help us to improve our product mix that will allow us to shift gradually into higher margin products, thereby boosting both revenue, EBITDA and the bottom line of the business. This covers you know, the presentation that we had, and we're ready to answer the questions investors might have. Thank you. Thank you. Yes, we will now be taking your questions. Please submit them through the Q&A box that you see below the presentation. We will start with the questions submitted prior to the call, and then we'll take the rest of them. Sunrise Eggs acquisition has had a lot of spotlight recently. How this exactly benefits Agrova Baltics minority shareholders? As I have mentioned during my presentation, it mostly benefits from the lens that now Agrova Baltics is a member of a much larger international group with an ambition to become a pan-European egg platform and egg protein-based platform. It also gives, you know, from the risk management perspective, some protection to the business, you know, from the lens of biosecurity. As our investors who follow the industry might know, the industry is going through unprecedented bird flu pandemic, and we're now experiencing a fundamental and structural shortage of egg in Europe. Speaking more broadly, because, you know, we received this question in various different formats, you know, I understand that there might be some, so to speak, bitter aftertaste that this acquisition was not done through the Agrova Baltics, and Agrova Baltics balance sheet was not used for this acquisition. Here I want to just clarify that, actually from the outset we did make an attempt to do the transaction from the balance sheet of Agrova Baltics. We have approached our largest minority shareholders, you know, which are in institutional investors from Baltic pension funds. You know, the moment we felt there is a very low appetite, we discovered that, you know, any attempt to raise this funding through the public markets, you know, given the size of the Baltic markets and the track record of previous issuers is unlikely to succeed. You know, hence we took the decision to structure this transaction on the level of the shareholders. Thank you. Have the feed prices caught up with the egg price growth this year? At what level do you see your gross margin going forward? Yes, there was some increase in feed prices in the first half of the year and during the summer months. After the harvest period in September, prices remained on the previous level. We noticed our increase in feed prices was mainly driven by the higher consumption of feed due to increase in the production capacity. Regarding gross margin, this time we do not make any forward-looking statements. You may understand that this price of this year was incredible. It was very good due to also some cyclical issues that we might have. We expect next year to be with some moderate result. Still we believe to deliver the market best margins to you. Mm-hmm. Do you anticipate to extend staff counts at current capacities? The current capacities are fully staffed. As I said, all of the commissioned buildings are, you know, working at full capacity now. The next wave of recruitment will happen as we will commission the new three barns. Thank you. How much of the debt holds floating rates? Yes. All of our debt, which now is only from CVI funds, it holds floating rates. Mm-hmm. What risks do you see arising from Middle East geopolitical issues? Have any of them realized already? You know, things, you know, as we all know, situation is very dynamic and it's evolving as we speak. We don't see any, you know, immediate, substantial, impact. We're likely to face some CapEx adjustment. You know, because of the energy commodity prices going up significantly, that will no doubt affect the prices of steel and construction prices will most likely go up. You know, this is something, you know, the industry across the board will face, and we are most likely going to address it through the open book contracts with our vendors. Are you providing any financial targets for 2026? Not at this point, as Mihails has already mentioned, because we live, you know, now in the worlds of very high uncertainty because of the conflict in the Middle East. You know, looking at the egg market in particular, we believe that the structural deficit of eggs in Europe is likely to extend beyond first half of this year. All things equal, we expect margins for 2026 be somewhat, you know, close to the margins we demonstrated for 2025. Again, I want to make disclaimer, we all see how geopolitical situations is unfolding. At this point in time, we will refrain from making any, you know, very firm forward-looking statements. Thank you. Can you name some synergies that Agro might have with Sunrise Group? There are no immediate synergies between Agrova Baltics and the Sunrise Group. Rather than, you know, experience sharing, for example, at Sunrise Group U.K., we already have a very established poultry operation. Our U.K. business is raising young pullets themselves. They've done it for several decades. In Agrova Baltics, we plan to commission poultry rearing capacities later this year. This will be quite instrumental. You know, the experience we have in U.K. will obviously be transferred here. Other than that, operationally, there are, you know, financially, there are not too many synergies again, other than operational experience sharing. That also, you know, is from the fact that our business in U.K. is U.K. focused. Everything that is produced in U.K. is currently sold in U.K. How does the company plan to balance export growth with strengthening its position in the domestic markets? This is going to be frankly quite hard to achieve, because we see that there is quite a bit of pressure, you know, through various NGOs and also some international scale retailers, you know, announcing transition to the barn egg or cage-free egg production. At the same time, we see that, you know, and also, you know, there are various surveys also conducted by some, you know, local players that when it comes to the animal welfare, the population in the Baltics and Latvia in particular is not really prepared to pay for that. We believe that it will be quite hard to, for us to increase the market share in domestic markets and perhaps in the Baltics. Because once we will complete the transition to cage-free, most likely our export volumes or the share of exports will go up and the share of domestic sales will go down. There is high probability that domestic markets will be experiencing an influx of cheap imports of EU non-compliant products from third countries. Thank you. What are your thoughts on the recent defamation news we can see on media? What could be the cause for the increases of those? Well, on this one, I'll probably make three very very clear statements. Number one, myself and the entire team, we are super proud of our farms in Alūksne. Animal welfare is, was, and will be our number one priority. Statement number two, all those defamation and black PR, you know, are black PR. That's what it is. All our counterparties, you know, corporate counterparties have been informed. We have individual meetings with every counterparty. It also needs to be emphasized that during 10 years of the operation of Alūksne poultry farm, since the current, you know, shareholding and management team took over, there was not ever a single breach of product quality and animal welfare. We are also a subject of regular, announced and not announced, international audits, all of which have been passed, with a mark A or A +, meaning, you know, excellent compliance with the world-class practices. This is a targeted black PR campaign, which we, you know, are currently experiencing. The law enforcement agencies and the security and police agencies have been informed. You know, there have been some detentions and police is doing their work. I can assure you that, you know, the farm continues to operate normally. As a result of this attacks, we were forced to, you know, hire additional, you know, private security companies. You know, it is what it is. It's very unfortunate that this black PR is happening, but you know, we're dealing with this, you know, and are protecting the interest of the company. Thank you. What are the key priorities for the next two, three years? Production capacity, product developments, or perhaps market expansion? Well, I would probably refrain from picking one because everything that's listed here, you know, production capacity, product development or market expansion, in my view, do not exist one without the other. You know, market expansion is not possible without additional production capacity. You know, the next investment phase of EUR 30 million CapEx is exactly going to be delivered for the reason so that we can satisfy the needs of our export clients. The product development is something we work on continuous basis across all our SKUs, you know, the quality management of the product, new packaging. You know, we are constantly negotiating with our corporate accounts to see how packaging solutions can be tailored for individual markets and so on. Thank you. At the moment, the last question that we have received. Do you foresee a significant increase in competition from imports in future? We believe that most likely it will remain at its current levels. What we have seen that during last year there is no further increase in exports from Ukraine. You know, this is a result of various factors. Also, you know, there have been a number of incidents where salmonella and other issues were registered in egg and egg products originating from third countries. This had somehow restricted the volumes of third countries imports. I guess it's also fair to say that whether any additional increase will materialize or not will be largely a function of political decisions which unfortunately are beyond the influence of the company. You know, we're working very actively with industry association to make sure that, you know, the local farmers, local agri-food businesses are the priority of the government agencies. Thank you. All questions have been addressed. That concludes our Q&A session. Participants, thank you for joining us today, and we hope to see you next time. Thank you very much. Thank you. Bye-bye.