Good morning. We're past 11:00 A.M. Welcome to the next summary of results for Atal Group, presenting the results for Q1 2026. The English version is available under the button Interpretation, the CEO, Zbigniew Juroszek, as usually with us. Good morning. My name is Agnieszka Dziadkowiec-Becla, CFO. We're meeting after less than two months after the annual conference, as usually, we will present in the first part the results for Q1 2026. We will ask the CEO, Mr. Juroszek, to comment on the current situation in the company, we will give you some time to ask questions through the Q&A module. Okay, let's start with the presentation. We'll begin with operating activities, obviously. As usually, we're presenting to you our investments in progress and in the pipeline. Again, nothing has changed from the last conference. We're present in eight cities in Poland, where we have branches. In most of those cities, we have a lot of investments in progress. The biggest of them being in Upper Silesian area, but also the Tri-City, Łódź, and also Wrocław and Poznań, obviously. We have 43 investments in progress, accounting for 8,617 flats, and we're planning to launch 35 new investments accounting for 8,887 flats. We're not talking about contracts we're planning on signing for the purchase of land and so on, but these are all the investments that are planned based on the land we already own. As for sales of flats in 2026, in Q1, we've sold, we've contracted, we signed development and preliminary contracts for 644 flats. It's an increase by 88% compared to Q1 2025, which was a poor quarter, but still it's a huge increase. From the first quarter 2025, the sales have been increasing consistently. You can see it in the diagram, from 343 in Q1 2025, it has been increasing ever since to 644 flats in Q1 2026. We believe this trend will persist. This increased trend is quite in demand and desired. As for our offer and flats in our offer, we have quite a large number of flats. We have had them for quite some time in our offer. At the end of Q1, we've had 8,333 flats in our offer, which is the result of our presence and operations in eight different markets, which require a diversified offer. We maintain this level of offer despite the contracting and sale of our flats. We keep introducing new flats, new offers, new undertakings in our offer, which increases the level of our flats available to the current offer. As for handovers volume in Q1 2026, which obviously translates into financial results that will be presented further on in this presentation, we've handed over 500 flats sharp in Atal Group, most of them in the Tri-City, but also a lot of them in Łódź and in Upper Silesia. As for the number of handovers volume as compared to previous periods, it's more than doubled. It's an increase by 129% as compared to Q1 2025, which results again from the schedule of implementation of and finalization of our investments. As for an increase in handover volume in Q1 as compared to 2025, it has increased by 130% in terms of total saleable area. We've handed over more than 28,000 total saleable area square meters in Q1. New lands. We've signed contracts for 12,000 total saleable area of flats, having spent PLN 20 million for it. In Q1 2026, we've signed a range of preliminary contracts for the purchase of land. They're not included here. They will be presented later on at a later phase of contracting. We've also communicated some transactions with Budner Group that will give us about 17,000 total saleable area of contracting opportunity. The purchase in the very Q2 already has been PLN 35 million. It's not presented here because it's Q2. The average price for a square meter is PLN 1,690. That's the average price for Q1. We've purchased land in Katowice and in Wrocław. The total land bank of Atal Group at the end of Q1 allows us to implement projects of approximately 5,000 square meters. For the dividend, after publishing the results of 2025 for the annual statements, the management has recommended the payout of the dividend at the rate of 8.1%, which is PLN 194.7 million, which is 88% of the profit of Atal Group. It has been recommended to the general meeting of shareholders, in total, the dividend that has been planned since the IPO plus this planned PLN 195 million, is going to amount to PLN 1.64 billion for now. We'll be recommending it for the general meeting of shareholders, the decision will be made probably in June by the general meeting of shareholders on the amount of dividend to be paid. For the potential of handovers in 2026, like I said a number of times, we have a lot of projects that are to be handed over in 2026. This first part shows investments that have the permit for use, the dark gray one. Lighter gray are investments that are finalized. Atal Strachowicka II being the last item here. They're waiting for the permit for handover for use. We will maintain the pace of handovers. We're waiting for other investments to be finalized, and as you can see here, in Q1 and Q2, there'll be fewer handovers than in Q3 and Q4 because there'll be loads of investments that will be finalized in Q3 and Q4. There'll be 5,524 flats handed over in Q3 and Q4 totally in this year. Most finalized project for the potential of handovers for the coming year, it's planned to be 2,621, and the driver will be some flats built in 2027, but part of investments for 2026, because they are quite abundant. For the total potential of planned projects after 2027, in our land bank, we already have investments for 40 projects where we'll be able to build almost 10,000 flats on the land we already own or have perpetual usufruct right to it. The second part of the presentation, consolidated financial results. The result for Q1 2026 has given us a revenue of almost PLN 315 million, which is due to the greater number of handovers as compared to 2025. Gross result, it's PLN 92 million, the net result being PLN 55.3 million. The margin for Q1 is gross margin on sales is 29.4%. You remember, it's due to the handovers, Upper Silesia and Tri-City in Silesia. The net margin is 17.6% for Q1 2026. As for quarterly gross margin, where we anticipated 28% of gross margin, we've had 29.4% of gross margin on sales in Q1 2026, which is due to the amount of projects that were finalized. As compared to the quarterly result on net margin, it's about 17.6%, and it's close to what we are targeting at, namely 18%. Now we're moving on to the balance sheet. Here we have an increase in assets, mainly in fixed assets, which is due to reclassifying one undertaking to investment real property. It's reclassified for long-term investment to be leased. It's an increase in fixed assets by 30%. Now current assets, a slight increase by 3%. We'll give you some more details in a moment. As for the other side of the balance sheet, liabilities, we have equity is almost the same, and total liabilities, quite similar. Net debt ratio for the group, it has increased very slightly to 0.27% at the end of Q1 2026. The key items from this financial statement. Inventory, that we will discuss in detail in a moment, PLN 4 billion 560 million. It's an increase as compared to the end of 2025. We'll tell you what is it due to? Have a look at how it corresponds to liabilities. This inventory is financed by liabilities in the amount of PLN 3 billion 327 million, which includes prepayments from customers and loans from the shareholder, also bonds and loans. To a large degree, the rest being equity. Cash at the end of Q1, the same PLN 140 million, already in that period, we noticed a significant increase in inflows of cash. As for the cash flow, it was higher in Q1, and in Q2, we are observing a significant increase in cash and cash flows, which is the result of some undertakings being finalized, some inflow from escrow accounts, payments from customers, and lower costs of investments that are being finalized simply. Inventory that I mentioned, an increase to PLN 4.56 billion, which is mainly work in progress that has increased to PLN 3.549 billion, and finished products dropped to PLN 999 million, which includes partly projects or finished products that have not been handed over. It is almost 500 flats that have not been handed over at the end of Q1 and are sold already. The rest are flats that we finalized mainly recently, and we are selling them on a current basis. We have been communicating to you that most of the flats are sold once an investment is finalized. This level of sales in finalized and finished investments is the highest. As for the structure of debt maturity, this year we actually have no bonds to be redeemed. We only are to repay bank loans and loans granted by the shareholder. As for the loans granted by the shareholder, we keep talking with the shareholder all the time on a current basis, and as needed, they are prolonged, or we take other decisions, obviously, if the inflow in cash allows us to. Next year, we'll have to repay PLN 747 million of loans granted by the shareholder, PLN 210 million of bank loans, and bonds amounting to only, we might say, PLN 130 million. Now the slide describing the sources of financing our business activity. It's mainly equity and loans granted by the shareholder. These are the main sources for financing our activity, but also prepayments from customers, PLN 802 million, and in equal almost amount, bank loans and corporate bonds. To summarize the first quarter of 2026, we started three new projects amounting to 629 flats. We launched sales of four investments. one had been started before that time. We finalized three investments, which aligns with what Luis said before in the previous quarters. We selectively launch projects where we may have some gaps in the offer, where we want to broaden the offer, but we do it in a well-considered manner and quite selectively. Now, I would like to give the floor to the CEO, Zbigniew Juroszek, to comment on the current situation in Q1 2026, and then we will give you a chance to ask questions. Okay. Good morning. Welcome once again. Let me comment on the current situation on sales, the most often question regarding sales that's of key importance. Operating in those eight cities where we are present, as has been presented by Andrzej, we divide the market into two parts, four cities, Warszawa, Kraków, Tri-City, and Wrocław. These are ATTA locations. The other, Szczecin, Łódź, Katowice, and Poznań, that's part B. We have this race, in a way, in the pace of contracting in the development process, and we have this stable situation that these four hubs, those we call them A, the contracting is quite faster. In branches B, the contracts are signed right before finishing the undertaking or after finalizing a project. That's why we have so diversified projects and then hence this huge inventory. Obviously, we are all interested in global sales, quarter-to-quarter, it's been increasing. In the last quarter, it was 644, and in Q2, we're more than halfway through Q2, so it's going to be more than 700. We see this growing tendency, but we will probably remain in this scenario for good that we sell finished or almost finished flats, and the four hubs will always have this faster contracting and the B hubs will have those lower, slower pace of contracting. It all translates into revenues. We had a strategy of broad diversification, even though we realized some markets are better, some are smaller, but this huge diversity gives us some administrative security as the administrative processes in B locations are faster, more friendly to developers, and that's how we manage to balance it all. We're mainly very happy to see the process going and proceeding. We talked about it during the previous conference, that it started like a quarter or two quarters later than what we anticipated at the end of the year in terms of cash inflows. It did happen already in this quarter, and it's going to happen probably in the consecutive quarter. We have much bigger revenues, and we're quite on the safe side. We're not planning any new locations in terms of new towns or cities, but we supplement our offer. We have done that significantly for the Tri-City by adding seven new investments that we'll be implementing specifically in 2027, 2028. One or two will be launched already this year, so this will add to the offer in the Tri-City that is in category A. That's what we see in our cash flows. It sells very well, we add to this offer. In other locations, we try to keep the offer so diversified that we want to add something to the offer in Kraków and Wrocław, and to a lesser degree in Poznań, where we have a lot of inventory, but it's being sold consistently. If you have a look at four other B zones, in Łódź we have pretty decent sales and in Poznań as well. It's not like the sales are not existent, it has a different cycle. We just need to get used to it. As for other areas, the cost of construction, they were quite good last year. The budgets were quite good last year. At the beginning of this year, it will probably come up in questions. They got a little bit worse, not significantly. We do have some worries about the war, if it's prolonged, and the impact on fuels is as significant as we have observed in the last few months. Perhaps cost parameters will be increasing, we're talking about incidental increases, like, for instance, polystyrene prices. That's something that we observe, it's quite significant. For now, the budgets are quite on the safe side. As for prices, you track the market. There are some promos. Sometimes sales are about to be finished, they are being finalized. It's simulated and incentivized on a current basis, our attitude to the coming months is quite positive. Yes, maybe I'll give you some time for questions. This will make things clearer. As for cash flows, we're on the safe side. Andrzej has given you the overall picture, you can ask detailed questions. Now we'll have a break for you to ask questions. We'll be back in a minute. Now we're back after the break. We'll be reading the questions and answering them. I will try and combine some of the questions because they're quite similar. The first question, what can be the anticipated cost of building in the coming quarters? Can you contract resources and materials? Let me add to what I have said. I've answered it partly. For now, we're assuming an increase in the budget by 3%, incidentally 4%. We're assuming that if the situation does not worsen due to the military conflict, we're assuming that by the end of the year, we're assuming 3%-4% as compared to higher year of an increase in the budget. Where are we to compensate for it? Because we're assuming the model margin 30%, and gross margin and net margin 18%. To maintain that, we need to withdraw from rebating. It's happening on the market. Many investments have already withdrawn from rebating, or they rebate only worse projects, worse products like final products of an investment, some remainder of an investment. That's the situation. That's the increase in the cost by 3%. That's what we're assuming. What's the current approach of the company to rebating, to price policy? Are you anticipating any increases in prices? No, we're not doing any increases in prices. We remain the same prices as we have in the newly launched projects and those that were launched last year. This rebasing will be finalized. We're following the market trend here in this respect. We don't have an individual strong approach. The market decreases rebating. So will we. How many flats is the company planning to introduce in the offer in 2026? In Q1 2026, we've already launched four undertakings for 752 flats. We're preparing a lot of new investments. We're actually, for now, preparing 26 investment projects for 4,500 flats. Please note that we'll be introducing this offer gradually and as needed. We're anticipating that 10, 12, half of what we're planning will be launched. About 10, 11 new investments will be launched this year, perhaps. Margins. Please comment or add some information on an increase in investment properties in the balance sheet. It's one undertaking, apart hotel, that we finalized last year that we re-qualified to be commercial property. We're going to commercialize it. We've been doing it from February for now. About 40% of area has been commercialized, and by the end of July, August, we're planning to have 100% of this area to be leased. In the future, it will be sold, but before that, we want to commercialize it. How many flats have been sold in Q1 2026 that were from finished investments? It was 68%. Almost 70% are finished flats and 30% are flats that will be finalized and finished. We need to add that most of those 30% are flats that are almost finished and that most distant finalization date in 2027, that's a minority of those flats. Congratulations for good results. What's your attitude on sales on anticipation in April and May? Do you see the maintenance of strong dynamics from Q1? Yes. We already mentioned that we sold 644 flats in Q1. We have about 300 active reservations. We're assuming also the level of sales in Q2 will be higher than in Q1. How much? We don't know because it hasn't finished, but it's higher, significantly higher. From the point of view of growing costs as the space for increasing prices, we've answered. What's the current gross margin on sales that you can anticipate in handovers for 2026, 2027? It's about 30% of gross margin. That's in the budget, anticipated in the budget. We'll see. We need to say that our assumptions, 28%-30%, should be maintained. Despite freezing huge cash in offer, Atal is planning to pay out a large dividend and take over a large bank of land from Budner Group. Is it safe? Yes, I think we can handle it. I mentioned that actually the cash flow is a little bit reversed in a way. We're expecting more inflows in 2026, in 2027, as referred to expenses for construction. Our costs for construction or expense for construction are dropping quarter- to- quarter due to the fact that we are finalizing several undertakings. But when we launch new ones, it will be increasing, but the scale is not going to match the scale of 2025 when we had the biggest expenses on investments where all the projects were in progress, but we have more and more inflows from customers due to the schedule of finalization. Some clients pay after finalization or also transfer of funds due to the development law. Probably the cash flow, cash will be flowing in the company this year, so it will allow us to both pay out the dividend and buy new land. What's the potential of handovers in 2026? I think we've answered that. As for handovers, it's the level of 3,300 flats. It's a safe level, conservative, and we need to align it with handovers. We've already handed over 500 flats in Q1 and also sold 500 more that have been sold but not handed over in Q1, will be handed over soon. We have 1,200 flats that have been finalized already. I think that up to 3,300, we need to sell 1,200, 300 flats. It's quite safe. There might be some other factors, but that's beyond our control. Taking into account that PLN 630,000 per flat, that's the average. It's going to be revenue of about PLN 2 billion. To what extent has the cycle of selling investments as compared to two, three years ago, has it prolonged? Yes, it has prolonged. We've been speaking about that for a year. There's more contracting closer to the end of an investment. You need to take a broader perspective. The law on transparency and disclosure of prices results in the customers to the very end comparing prices, and flats. That's what the process looks like. I think it's stopped already, and I think that if most of sales takes place half a year before finalizing an investment and half a year after finalizing an investment, there's no space for maneuver, so it's going to be the final model. The next question. Before next parliamentary elections? Are you expecting any programs supporting the market, or quite the opposite? Is the development market going to be a scapegoat? I don't know if we're to be a scapegoat because there's no program whatsoever for now. We're assuming there'll be no programs until the very elections. There'll be some promises, a whole range of them, probably. Reality will show us whether anything happens or not. In our base scenario, we assume that the market will not change. It will be the same as it is. No program. Is accelerating the pace of selling flats due to an increase in the demand and large offer, or has the company started some rebate on price policy? Well, most of the offer is in the finished state, more of finalized investments. This affects sales. Everybody introduces all kinds of promos, it's beyond measurement. It's out of the question that offers of sold, finished, or almost finished flats sell better. That's beyond any question. There's a question about detailed projects. Maybe you can contact us directly. We don't want to speak about specific projects in public. A request to account for a decrease in financial costs from PLN 13.8 million- PLN 7.6 million. It's accounted for by discount or prepayments. In the previous quarters, we had huge financial costs due to the reverse of discount account. These long-term advance payments, they were exhausted. They were quite scarce, we did not anticipate any large financial cost due to discounting of advance payments. We had some write-offs related to discounting on advance payments, now we're not anticipating any major differences. Now, in the structure of advance payments, there's a difference in revenue deferred recognition, fewer long-term advances. What is it due to? Well, we have some flats where the handover is more than a year ahead, these advances to up to one year, they're not discounted. These are long-term advances for flats that are handed over quite later on. This percentage of such cases is smaller simply, and that's the cause. Now, are you maintaining sales targets? We've already said that we're maintaining these targets. This is it. That's the last question. I think there are no further questions. As usually, thank you very much for being here, and feel free to contact us with investment relations. In September, we're going to have a conference summarizing the first half of the year, and throughout summer holidays, we'll have some other conferences and meetings. Thank you very much, and we'll be happy to see you next time, which will be in September. Thank you. Bye.