Good morning, ladies and gentlemen. It is a pleasure to welcome you to our conference of the results of Archicom / Echo Investment, where we are going to sum up 2025 in both companies. My name is Weronika Ukleja-Sałak, and I'm responsible for marketing on Echo's part, and it is a pleasure for me to host this meeting. First of all, we will speak about 2020 to 2025 in Archicom SA. It is a pleasure for me to present the Chairman, Waldemar Olbryk. Good morning. And Justyna Kawa, Member of the Management Board of Archicom. Without further ado, I will then later invite Echo Investment, and now over to Waldemar. Good morning. It is an exceptional place. This is a location that perfectly defines the whole Echo Group, where Archicom, quite unusually, I would say, complements how we create the urban tissue. The residential part here is very much present here. We will be talking about it later on, but now, together with Justyna, we would like to take you through the summary of 2025, and we will talk to you both about what's happened in terms of business and financials, but we will also revisit quarter one so that you can have a feel of the dynamic of Archicom right now. Let me start with the most important events. 2025 is yet another year, the fifth year, since Archicom became a part of Echo Group. From a developer that had six projects, we now have 30 in the pipeline. We were local, but now we are, in fact, a developer that, I think, aspires a lot higher than what happened in 2025. What did happen, in a nutshell, the work that's very often unremarked, it's not seen, it's in the background, but it becomes recognized and awarded, and this is what happened in March last year, where together with Echo, we had the opportunity to be awarded two prizes for the Fuzja project, not just the regeneration of this unique place, but also a mixture of ideas that makes it real. You know, what we talk about actually comes true. It becomes a place where we can make the cities of the future. Since the very beginning of this project, we said that Archicom was going to be an residential project. We are a developer that sells a record high number of flats. This is what happened last year. Last year, we managed to also sell an office project, office too, and we are 100% focused now on residential market. Thanks to being part of the group, we can both quite boldly look forward. Just like the Lex Developer was an idea of what we can do in Mokotów, we're launching two more projects, and I will say a few words about them. They are present in Warsaw, but also in Kraków and Wrocław. One of the important components that puts a framework to this discussion, well, Lex Developer is definitely a formula that creates unique places to live. September the first was when we opened a school that we completed by fulfilling Lex Developer requirements. This is an exceptional school. Education also is held through including components of sustainable development. Last year was exceptional. We had record high sales. We also launched subsequent projects in the premium market, and we will tell you more about it in the second part of our meeting. If you look out the window and if you're here on site, you can also take a look at the building site in Towarowa. What's very important to me is that for a while now, we have tried to diversify our portfolio. Step by step, we're not just selling more, but we're just selling a standard also that is popular with customers that want to live, but also want to be investors and are investors. We are also increasing the share of popular standard products. We are being appreciated, we are being awarded in that market sector, and we use everything that we have learned with the average standard, but also the premium, like here in Towarowa. Which means that year by year, if you compare our sales results, our results are higher than 2024. Since the very beginning of 2025, we said that it was going to be a huge challenge in terms of the handover, and indeed almost 100% increase with a lot of emphasis on quarter four, exactly 2,138 handovers. These projects were everywhere. There was huge mobilization, but also a great lesson for the whole company on how to prepare our clients, how to prepare investments, how we can actively and realistically build up scale so that these plans are realistically foreseeable and scalable. We complemented our pipeline, and we applied the rule of sustainable building of our offer to match our sales aspirations. We included some land purchases, and at this point, early in the year, we had 32 projects in the pipeline and almost 3,200 flats on offer. Now, what's happening right now in the market, well, I think that it's a dynamic time. At the same time, it requires, on one hand, planning. We want to be a developer that will let me just use an internal term, that will be able to enter the growth trajectory that we can manage. This was 30% growth in sales last year. I think that we can ambitiously and boldly announce, which of course, will require a lot of work. We can announce that our aim is to be one of the top three in Poland. We are right now number 4, but we have a very positive outlook going forward. Now, on the market itself, everyone says that there's a lot of supply, and I think we can deepen the analysis in every single one of the cities. We will present such an analysis today, and I don't want to jump forward too quickly. Let me just say that having properties in very good locations and having ideas on how to develop them in various segments, even given the large supply, that was the outcome of previous decisions. Those are not decisions that are only apparent today, right? When we are able to selectively introduce our offer, we can say that we have a good portfolio wherever we are present and in whatever locations. Please look at this slide. Whenever we look at the market that grew by 80% in Q3 and Q4, and our Archicom sales grew by 70%. Please look at Warsaw, Wrocław and Kraków, where we have definitely exceeded the standard from previous quarters. Also in Katowice, the same was the case. Poznań and Łódź had a low baseline in the previous periods, so we are treating these markets, again, very much selectively. Having good locations, we are treating them as stable places where we can implement our sales plan. Although this might be a simplification, I can say that our results vis-à-vis the market benchmark are very good. That includes both the marketing mix, the product preparations, and also the what to do and what not to do. This together means that, we have had a very good dynamic towards the end of the year. We can also say that we managed to sustain a solid level of sales on our basic markets, while also we managed to prepare for the future. On an operational level, I think this is also of interest to you. Let me tell you what happened in terms of specific indicators. It was our goal to maintain an offer for this ongoing for the subsequent 12 months, so that we can manage the land that we manage and the cash that we need to spend to be able to supplement the land bank. Quarter four was exceptional. We exceeded 1,000 sold apartments and other than this being 47% growth year-over-year in terms of quarters, the most important piece of news that I want to communicate is that we have operational capacity, which makes it possible for us to go ahead with selling 1,000 flats in a quarter. We're going back to our future forward planning to make sure that it's even more realistic. I remember getting this email from David, who said that we did something incredible. We sold over 1,000 flats. This is an incredible achievement for all the teams. Going back to the origins of Archicom, we were a local developer from Wrocław, and we are on the same or even better level of sales after 12 months. You can see in this slide as well, the projects that are still in the Echo part that we are managing as Archicom from the point of view of sales, marketing and fit out. Wita Stwosza, for example, is already completed. It's two and a half hours from Warsaw. You can just jump on a fast train. That's what I always say, but this is quite unique, as an example of the cooperation between Echo and Archicom, because this is a project that allows us to build resilience for our customers, because those are quite simply very good locations. Now, handovers. Since the beginning of last year, we said that it was going to be an exceptional year, and this is what happened. Over 1,000 handovers. The level of handovers vis-à-vis 2024 is exceeded twofold. Without going into details, I can say that step by step, these projects progressed. We were obtaining our occupancy permits and we were able to hand them over with incredible operational capacity. We made a quick summary to make sure that we can match the expectations this year because we have 3,200 flats to hand over in 2026. We want the process to be more predictable for the whole team. Now, looking at the development process, we look initially first at whether or not we have lands that make us feel secure. Now, the contracts that we have right now that are already signed, as well as those that are only at the preliminary stage, but are secured, secure us over 10,200 flats, 700 flats, 10,700. We are diversifying between cities. We are seeing a lot of potential, both in Warsaw and Kraków and Wrocław, where we can make more acquisitions. Thinking about the safety of our organization, we still keep checking whether the model that we have developed is safe. 80% of our flats are sold, are meant to be sold before the occupancy permit is obtained. We are convinced that this is possible to make sure that we close the deal on those projects that have been completed and close the sale up to 100% afterwards. We feel secure. These are management decisions that mean that both forecasting acquisitions and launching new projects are in fact interconnected and things that we work on continuously. Let me just recall what happened in 2025. We often say, well, pictures, right? Or it didn't happen. These are quite unique, and we juxtapose them to what actually really happened in reality, and I'm very satisfied to say that very often these projects look a lot better in reality. You need to wait a little bit because if the handover's in winter, the green areas are not yet there. They were purchased. We had also Gutenberga Apartments that were sold here in the neighborhood. 3,274 that were sold over the last 12 months. Very much the very big variety of our offer means that, going forward, we are convinced, and you can see that, Echo is in orange, dark blue is Archicom. You can see that our sales plans will be supplemented in such a way so as to be able to rationally manage our financial involvement in the locations that we deeply believe in. Also, our customer advisors very often say that we have returning customers who value what we can offer, not just as a project, but also a form that we offer. I think now is the time for financials. Over to Justyna. Let me present the financials. Consolidated P&L. In 2025, we had the revenue on sales on the level of PLN 961.7 million, which resulted from handing over 1,320 flats. We handed over flats in four out of six cities where we are present in Poznań, Wieża Jeżyce Stage Two, Wrocław. The last stages of investments such as Awipolis, Sady na Zielono, Planty Racławickie. In Łódź, we had three stages of the Zenit residential area, and in Warsaw, Modern Mokotów Stage 6. The gross profit is PLN 320.6 million, and the gross margin 33.3%, which, as we declared before, is the desired level between 30%-40% that we want to sustain. Now, comparing it to 2024 and 2025, we had a different mix of projects. That's why the gross margin level is slightly different. Now, for the cost of sales and general management, as we declared in quarter three, we work intensely to make sure that these costs could be optimized, and the first outcomes are visible towards the end of 2025. When we compare to 2024 We've got a decrease by 10% in proportion to each apartment sold, because that's the kind of model of calculation that we see is appropriate in this case. As I mentioned in our previous conferences, what is a target for us and the point of reference is 50,000 per flat sold. We still need to work on those items in 2026 and going forward. Now, operational profit is PLN 142.6 million. The profit on continuing is PLN 109.7 million. We added some information here that I think shows you quite well the potential of Archicom going forward. At the end of 2025, the value of the flats that were sold through preliminary agreement, but not yet handed over to our customers, is PLN 2.3 billion, which gives you some idea about what our revenue is going to be like in the subsequent periods. Balance sheets. For assets, the total assets at the end is PLN 3.739 billion, and that's a growth by over 30%. It needs to be reinforced that we have accumulated quite a lot of equity. One third is the growth. A lot of that is the reserve 25%. I said last year, it's now 60% towards the end of 2025. The growth has been quite even distributed over the quarters. This is due to the fact that we implemented an intense growth strategy. We purchased new land, we had 32 new development projects, which translated into about 6,600 flats. As for liabilities, here the biggest item is short-term liabilities. Among short-term liabilities, over 60% are customers' prepayments. Long-term liability is our bonds, over PLN 670 million from this item. Our own equity, in fact, has not changed significantly as compared to 2024. As for the sources of financing, we are in favor of diversified sources of financing. They are to a large extent our own capital or money from bonds, credit facilities, and also customers' prepayments. I think when you look here at the structure of the sources of financing, then the item that increased most or by over PLN 500 million, this is 100%, are customers' prepayments. This is a direct effect of what Waldemar has said, that there is a significant growth in sales volumes. As for a debt ratio, at the end of the year was 0.6, so it has not changed as compared to Q3. It is also related to the fact that in quarter four we used the kind of purchase opportunities because they were very favorable to us. All the time the value which is preferred in the indicator is below 0.5, and we will be aiming at it in the following periods. We assume that it would somehow naturally happen together with the increase in our activity. The funds obtained have been used in 2025 to purchase land. We bought land with a total value of PLN 380 million. In addition, 100 million was part of prepayments for purchases of other land, which in fact was converted or implemented in Q1 2026, which means that our plan for land purchase with a slight shift to Q1 2026 has been implemented, and we are working on next purchases. As for bonds, in 2025, that is, last year, we bought a bond for the total amount of PLN 62 million. In 2026, we don't plan buy out. The first is 28, then in quarter one is 27. What should be emphasized is that all the time we are oriented at intense growth. We have not yet achieved the ultimate ceilings as regards sales and handovers that we are aiming at. We are really focusing greatly on investment and on growth. Of course On a condition that we maintain an appropriate low debt and flexible sources of financing. As of the 31 December 2025, we have potential of PLN 207 million that's in cash. Archicom has been a stable payer of dividends. As you can see, every year we have paid a dividend starting from 2018. Of course, the last two years are most interesting because, despite implementation and intense CapEx growth, we also managed to pay the record dividend in the history of our company. Of course, we tend to maintain such good practices, and we will inform you about the details at another time. That's it as regards the financial part. Well, just to close the information on this meeting, I think we should say what has happened since the first January. We've been greatly satisfied, and we've been working hard. Our team has been working hard. The Kabaty project is very good because that decision has been obtained by us. I mean, that we would soon start the project. As for the next developer project, that would be also our contribution into public infrastructure. The know-how in our organization enables us to look positively at other projects, both in Warsaw and Wrocław. These are the projects in the framework of which we are discussing the cities of the future. The cities where there's a good living conditions, good functioning conditions would be met. This would be Astra West in Wrocław or, the next stages of Modern Mokotów or, another project in Warsaw at Postępu Street. We would continue the project, and I encourage you to really focus on that part of my presentation. I mean, here, Kabaty, was also crucial for me. Some other projects, such as the launches that close is housing estates like Jeżyce, Zenit or the introduction for sales, Apartamenty Gutenberga that are set a new standard as regards the premium definition. As for investment projects on the right-hand side, if the land purchase are on the left-hand side. In Q1, we got occupancy permit for Flow in Łódź and in Południk. For Południk, a very interesting project in Wrocław. These projects would contribute to the result of Q1, including those that have been shifted due to the speed of sales. These processes would be finalized in Q1 so that we could, of course, meet later on and discuss it in more detail. Of course, 2025, that was the next year of a very sort of hygienic, let's say, growth. I mean, we could treat it like that. That also has been the year that allows us to look very boldly into the future in 2026. We look at the housing markets, which are very liquid, like Warsaw, which is the key market. We've been working on the development of our offer in the popular segment. We see it's needed, and we are looking strongly at the market in Tri-City. That means that our goals for this year, as regards sales, is between PLN 300-PLN 350, and the handovers that I mentioned earlier is about 3,000 units. Next developer projects will be finalized by us, given the stage they are at now. We would like to launch on the market as many as possible out of them. We would focus on operational excellence. We know that's a very broad slogan, but if you think about construction and efficiency, operating efficiency, then at any stage of our organization and the model that we worked out or have been working out for five years now is scalable, and therefore we look boldly and realistically that we will become one of the top three among Polish developers. These are our plans for 2026. Weronika, over to you. Thank you so much. Waldemar, thank you very much for your presentation. Now we have a short break, and I'd like now the members of the Echo Investment board to take their seats. Please take your seats close to the stage because very soon you will get back to the Q&A session. Now we will start summing up 2025 in the Echo Group. This part of the presentation will be delivered in English. Right now, I would like to invite Nicklas Lindberg, CEO of Echo Investment, and Maciej Drozd, our CFO, to the stage, as they will summarize the 2025 activity of the whole group, so giving you a broader perspective of both commercial, residential, and living part of our business. Welcome, Niklas. Welcome, Maciej. I will just give you the stage. Without further ado, I think, Maciej, you will start, and after this part, we'll have a Q&A session. Good morning, ladies and gentlemen. It's my pleasure to start this presentation and start from the highlights. Shortly speaking, 2025 was a great year for Echo. We can call it transactional year because a lot of things happened, both on the sale side and on the buy side, on financing, refinancing, and payment of dividend. If you look at that one by one, we need to say that in commercial sector, we delivered on our promise to sell commercial assets. On the market, that was, as we said before, during the year, was not obvious, was not easy, but we did it because the quality of the assets that we built, the quality of tenants is exceptional. On that basis, we were able to transact to sell the site, the Brain Park building where we are here, and also shopping center, Libero. We also were part of a landmark transaction in PRS sector. Our affiliate, Resi4Rent, where we built already the largest PRS platform in Poland, signed agreement to sell 18 projects to TAG. This transaction was signed in Q3, and we expect it to close soon. We also bought a project in Warsaw City Center, and I think Niklas will tell more about what is happening in office segment around us, so in Warsaw CBD. Residential sector, as Archicom presentation already made it clear, was unquestionable success with 30% year-on-year sales growth. From the whole Echo Group perspective, doubling number of handovers, if we look at the full year. We started many projects, 17 in residential segments and 4 in commercial segment. Also, finance was area of very important activity. We started to reduce our debt, our corporate debt, the bond debt of PLN 50 million was repaid, and we already continue it in 2026. We have repaid, together with disposal of the projects, over PLN 400 million of project debt. What I think is probably the most important, for all the investors, that we did pay PLN 330 million of dividend in Q4, which was 80 groszy per one share. You can see now, you know, pictures of the assets that we sold in 2025. I don't need to repeat the names. I would only like to say that the value of disposals was around EUR 300 million. To repeat that we reduced, you know, debt by virtue of disposals by EUR 40 million. We also signed this landmark Resi4Rent transaction that we expect to close this year. We are not stopping. We continue to sell. We have equally ambitious list of assets to be sold in 2026. Two other buildings of Brain Park. One was sold in 2025, and we continue with the process, and we can proudly say that we already sold the first one in 2026 out of 2, and the second one is in advanced negotiations. We also have two other office projects that are completed this year on our list of assets to be sold in 2026. We expect to free around half a billion PLN of cash as a result of these transactions, and we started to do that. We already received PLN 60 million out of the first disposal of building Brain Park A. With these funds, we will reduce our corporate debt. We will invest in new projects, especially in living sector and in Warsaw CBD, and obviously, we will continue to pay dividend. You can see on this slide more details of the building that we already sold this year in Kraków. I think it's fair to say that like all the buildings that we build, lease, and sell, it's a building of very high technical quality, which is certified by a BREEAM outstanding certificate that is leased to prime tenants like PepsiCo or Ernst & Young, and it's also well-located in Kraków. These buildings, we are able to build, lease, and sell successfully. If we look, you know, what we are planning to do in 2026, I think it's fair to say that we want broadly to continue what we started in 2025, what we declared to you, to our investors as our plan. We want to continue the disposal of office assets. We'll continue to look for new projects in Warsaw CBD new commercial projects, because we strongly believe that this is the part of the market that is performing in a way which is very good and makes these projects very interesting for us to invest, to develop, to lease, and to sell. In Living sector, obviously, you know, doesn't need to be even said, but I will do it anyway. Archicom is our key focus. We expect further sales and handovers growth as we support management of Archicom in these plans. We'll continue development of new PRS projects. We are not only selling, you know, these assets that I mentioned before, these 18 projects, but we are also starting new projects in this segment. This segment, we believe, is attractive, especially in Warsaw, but not only. We'll continue to develop our StudentSpace platform, where we currently have over 1,000 beds under construction, including projects in Warsaw, which is again, the most attractive market, for this segment. In finance, we will continue to repay the debt, to invest, of course, in new projects and obviously to pay dividend. Echo Group is really, you know, about projects. I mean, this is what we do. This is what we are about. Kabaty is, I think, very interesting example of cooperation within the group and long-term development, and also how we adapt to changing market conditions. I would like to remind you that the project was already completed partly by Archicom. Because other part of the project was for commercial use, we had to work together with Archicom as a group on converting this project to residential use. That was successfully done, and the project will start this year. Later, there will be even specific presentation done here on this particular project, which is very, very interesting, and it's a great example of our strategy, but also flexibility. AFI Tower is another example of fantastic project and very unique one. This is the project that we started already last year. Of course, the construction of such a high building, you know, 40 floors, 150 m, will take some time, but we already see a very, very strong tenant interest, and we are, on this basis, very optimistic about the outcome of what we are doing here. The same can be said about the next phase, which is smaller building, you know, less square meters and also not that tall. But again, also here we have a very strong tenant interest, and that's a project that we are starting. Actually it started already. Now we got the building permit. If you look outside of the window, here, you can see that. Another one, it's really a long list, but we are really doing many projects. It's Gutenberga Apartments and Towarowa Gardens. It's project that also was started this year. It's high-end residential done by Archicom. Again, there will be more on the whole Towarowa complex, today. Please expect more details and a lot of interesting information. To sum up, Q4 was very successful quarter from our perspective. Residential sales and handovers in Echo Group both exceeded 1,000 units. We are at the level that we would like to continue and achieve each quarter. Of course, you know, it was the first time when we hit that level. It's possible, and it's our ambition to continue to be at that level. We sold first of the Brain Park buildings, and the next one was in Q1. We also sold a stake in Libero Shopping Center, and we did pay 80 groszy per share dividend after Q4, so already now, already this year, we are working on Kabaty after having achieved approval for this, for the change of the zoning. We sold Brain. We are building, you know, Towarowa. I think what is also important to say that we already repaid PLN 50 million of public bonds, which is a continuation of the debt reduction plan that I mentioned before. Key financial data. As I already mentioned, we look at the Q4 as a good quarter for us. The net profit exceeded PLN 100 million, which was better than the consensus and of course, much better than a year ago, where actually the result was negative. So we can say this is the quarter that, you know, makes us satisfied. Of course, we will look at further improving this. These results, although they are better than the consensus, they are not, you know, a full ambition that we want to realize in the future. I already mentioned, you know, the handovers and the fact that we exceeded 1,000 units handed over in Q4 2025. On this slide, you can see how it looked in 2024. Now in 2025, of course, we had a very steep growth. If you look, of course, in the future, as I mentioned, company ambition is to, of course, deliver even better results in 2026 and beyond. Niklas. Yes. Thank you, Maciej. If we look into the segments of the living, which is one of our bigger segments of the market. We have already said that we have sold in Archicom a record year of 2,850 apartments. We continue investing in our land bank, and we'll continue to grow both in results but also handovers and sales. This is something that we are just in the beginning of the trend of continuing our growth in the living sector. What you see in Poland is the stable sales on all the main markets. What you see is the bigger players are getting bigger. The smaller players are suffering much more on the market today. The market in 2025 versus 2024 was a smaller market, but still Archicom's market share grow by 30%. We want this growth to continue into 2026. This is just in the beginning of the growth, and we are not really there at the level where we hoped for, and we're gonna continue growing going forward. This is the plan that we have communicated from the beginning. We were last year in 2,800+. This year, we're gonna be in the range of 3,200 to 3,500. Then we're gonna get up to 4,000 that we have communicated. This is the level where we feel we can continue trading on that level or slightly below for many years going forward. We are still in the growth strategy. We will continue growing. We will continue investing much more in Archicom, much more in land banks, starting new projects 'cause we believe a lot in the market, we believe a lot in the growth, and we think with the Archicom quality that we have done until today, where there is a lot more market share that can be taken by the business. If you look at the sales spread over the different markets, this is the market that we're gonna continue focusing on. With the exception of Katowice, where we did one project, and after that one, we are not gonna do anything more on the Katowice market. Like I have highlighted many quarters before, a market that is very, very interesting for us is Tri-City. On Tri-City, we're gonna continue evaluating now during 2026. Once we see an opportunity for the Tri-City market, that is something that we're gonna explore further. We're not gonna enter the Tri-City market by a single project. If we're gonna enter the Tri-City market, we will enter by a bigger acquisition into that market. Handovers. We continue growing our handovers. We double from last year, and we're gonna continue increasing in 2026. This is something that is important. This is what's gonna come into our P&L. Going forward, this is something that's gonna grow in line with how the sales are growing the year before. Our continued growth in sales will then translate into further growths of the handovers for the coming years. The offer is stabilized across all the different markets. We are focusing a lot on the bigger markets. We want to have a big market share in Warsaw, Wrocław, and Kraków, that are the biggest markets where we'll get very, very good profitability out of our projects. Łódź and Poznań are very strong markets for Archicom. We have taken a good, strong market share there, and we're gonna continue developing our big projects in those markets. In Poznań, we are gonna have another project that is based on the new plan being implemented that we're gonna start this year on the old Tesco in Opieńskiego. We are active on the six different markets. We are analyzing the seventh market, which is the Tri-City, which is an interesting market for us now in the future, where we're gonna exceed the 4,000 apartments. In all these markets here, we're having a big market share. We're gonna continue growing our market share. A big focus from inside the whole group, which you have seen also now in the presentation of the project we are starting, is Warsaw. We need to grow up to a bigger market share into Warsaw. We have done a tremendous work over the last year to growth, but there's still much more to be done in Warsaw. Here we're doing very, very nice projects in great locations, and all of them are city-transforming projects. Where we were last year, the biggest project in Poland was M Park that was ongoing. Now, when you see now, you look outside the window, you will see the biggest project in Poland today, which is Towarowa. We are really doing city-transforming projects in the capital of Poland, which is unique for Archicom Echo. The living sector with the Resi4Rent is a very, very interesting market. We continue growing in the market. We continue handing over new projects. We are going to do the transaction in Q2 with TAG to sell off a part of the standing assets. That was from last year. Now we continue growing our platform. We're going to continue starting new project. We're gonna continue leasing up the projects that we have already done. We see both from banks and from our tenants in this project, there is a big interest for this market. We have only seen the beginning of the Resi4Rent market. That is gonna continue growing for many years going forward. The transaction we announced in last year in Q3 is now getting the approvals and will be closed in Q2 in 2026, which is the 18 projects that was at that time completed. Today there is many more projects being completed, which will still be managed with the same platform that we're having in place today. On our ResiRent platform, we are leased around 98%, and we continue trending in the range of 98% to 99% leased. We are increasing rents above what the inflation is on the market. We are continue seeing a strong growth. We were the pioneers on this market. We are leading the market, and we're gonna continue growing our market even after the sale that we're doing of the 18 units. We are continuing focus very, very much on this market. As the same belief I'm having in the ResiSale market, I have the same belief in the ResiRent market. They are not competing to each other. They are complementing each other. I think this market will be growing going forward, but there will be the same consolidation as you see on the ResiSale market, where the biggest players will get bigger. We went in last year into the student housing market. We handed over two projects in Kraków, which both on Wita on Listopada, that has been very, very successfully leased. We are now going forward this year opposite of the M Park where we're doing UC Curtis. That is next StudentSpace building that will be opened up now in September for the next semester. Which is really a new project. I was there yesterday, and it's a fantastic quality. We already have the first two rooms ready to show up to our investors. Then we're gonna continue in July, August to be ready fully with the project to welcome the first students in September. Parallel with this, we're also starting a project on Bertivena Street, and we're gonna open up more in Warsaw. What's unique about our student platform is that we only do Warsaw, Kraków. We are focusing on the two biggest markets where we see the biggest demand today. Going forward, we're gonna acquire some more projects in Warsaw this year to continue growing our presence. What you see here, the difference is when we do Archicom is doing an average of the apartment of 55 sq m. Resi4Rent is around 33, and our students are between 14 to 16 sq m. We are addressing totally different segments of the market, and that's how we really can complement all parts of the living segment in Poland. Here you see some pictures where we're doing a lot of focus on the common areas, the amenities, and everything you will see inside the StudentSpace areas. Here you see the pictures from Curtis Plaza. From now, we're already at full height. We're gonna continue going full speed ahead, and it will be a beautiful project you will see shortly for the next presentation. Commercial office and retail. This is a market that has been suffering for the last 2-3 years. We see now a strong interest in commercial segment. We see retail is coming back strongly. We sold Libero. We see also strong interest now on Młociny. We see our offices has a very, very strong interest. We sold one asset at the end of this year. We sold one asset already now in Q1, and we have already letters of intent for the coming assets to be sold. The leasing market, we hit now 93,000 sq m of office leased last year, which comes back to where we were at the high parts of the market. What is really interesting here, if you look out at the window, we have started a high rise. We're starting a smaller building. All of them we're starting on speculative basis. 'Cause we see so much interest on our buildings. We see rental growth on the market, and we also gonna see forward that there is not enough supply to satisfy the demand from the tenants. The vacancy rate in Warsaw is the lowest since 2020. We're gonna continue seeing it's gonna get lower and lower. What you see is, in the Mokotów area, where we have acquired a lot of offices that we are now transforming into residential, there is both two things happening. There is less and less offices in Mokotów, which has decreased by up to 20%, and those tenants are always relocating into the city center and paying higher rents. What we're gonna see here now going forward for Warsaw, we're gonna see rental growth on all markets. Also, we're gonna see that tenants is not having that much options to move into new buildings of the highest quality that we are delivering. We have here in Wrocław, next to MidPoint71, that we're doing a fantastic building that we're gonna open up in the coming days. We are now 60% leased in the building, and we have one tenant in the early discussions that will go up to 91% lease of the whole building. It really shows that at the completion, we are up to the levels around 90%. Wita, another project, we have signed one tenant, and now we're signing the second tenant for the remaining part of the areas. At completion in occupancy permit in May, the buildings will be fully leased. You see here in all these markets here as well, we have seen rental growth. We see interest from investors. We see interest from tenants. The commercial segment that many people believe was in a difficult period is now really coming back. People are coming back to the office. People are looking for quality. When you look at what we're doing on Towarowa, that's a unique project. This building we're sitting in today is fully leased, and there are all the tenants in the building are looking for more space. CitySpace is another part of our business that is benefiting from this trend. As there is a lack of office, the coworking is also benefiting. This is a flexible way where you can have this overlap of the people coming into the office that will be put into the CitySpace or other coworking locations. We have been successfully renegotiating our leases. We are opening up new locations. We really believe in CitySpace going forward as we see the growth on the market. Galeria Młociny is now up to the level where it's getting stabilized. We think that what we put in and the tenants we're putting in there is really showing the confidence in the market where we believe this is the right way moving forward for Warsaw. From an ESG perspective, we are continuing our focus on the ESG. ESG is the integrated part of our business. We are also taking the ESG to the next level where you see in the area where we're sitting today, where we're building a two-hectare park that we're giving back to the city. We're creating green areas on all our projects. We are making sure that it's not only the buildings that are certified, how we run them, how we run it in the most energy-efficient manner. It's also how do we give back public places to the inhabitants of all the cities where we develop on our projects. This is crucial for us in all areas, both how we run our business, but also how we run our destination projects. Now we look into more details of our financials. As I already mentioned, we look at Q4 of the last year as very successful quarter. Obviously compared to Q4 of 2024 because of 4 times bigger number of handovers, revenue was substantially higher. We did show very strong margin of over 32% on residential sales, which was the main driver of our gross sales profit. You can see that in fair value, the gain was not material, so it did not really impact the result. You can also see if you look at SG&A that they were lower than in 2024. It's really on the group basis, it's a trend that we welcome. This is done. Please remember at the time where Archicom is investing a lot in the growth, and the growth is expensive. Of course, it's much easier to manage costs where you are stable. When your top line is stable, where your volumes are stable, it's much more difficult to do that while you're growing as rapidly as Archicom is growing. Obviously at that time you need to invest a lot of marketing systems, people, and other resources. We are happy, you know, with this trend. You can see that, you know, JV result was slightly lower in 2025 than in 2024. This is driven by valuations really, and the number of projects that we complete and that was higher in 2024 than in 2025. Overall, net profit for the quarter was 109 million compared to a loss of 16 million the year before. As I said, the quarter was very good, but still we want, and we plan to achieve better results looking forward. If you look at our balance sheet, obviously what you notice immediately is a very big increase of inventory, which is obviously driven by the growth of Archicom. Again, it was already said today that this residential assets, that inventory growth is financed in a big extent by client prepayments, which is a very efficient way of doing that. At the top of our balance sheet, you can see investment properties and properties under construction. I just want to remind you that in that area we have both phases of Brain Park, which one was already sold this year, and the second is planned to be sold in Q2. Wita and Swobodna SPOT, Wrocław, the projects that were, you know, described more in detail by Niklas that are also on our list of projects to be disposed. We plan to continue, you know, this process, so the trend of decreasing on our balance sheet, you know, the share of investment properties under construction, is to continue because we will continue to have here projects in Warsaw CBD, as a plan looking forward. Our JV area, you know, did not move a lot, moved a little bit because as we are already selling some of the assets on unit by unit basis, that was mentioned that we are in this process and we are quite advanced already, and the process is going to be completed this year. We are already achieving distributions from Resi4Rent. We even without these large transactions, we are already getting distributions coming from the disposal of unit by unit of Warsaw Brewery and Kępa. Just to remind you, the strategy on that part was driven by the fact that the pricing that we can get on unit by unit sales for this asset is much better than we can get in the entire transaction. If you look at our liabilities, you can notice a certain decrease of the balance sheet, and this is consistent with the fact that we are selling commercial assets. We are decreasing our liabilities, and we are paying dividend, right? You can see a movement of equity which is consistent with the fact that we did pay over PLN 300 million dividend last year. You can see that in financial debt, which is short-term, is slightly higher than a year ago. This is the debt that we are going to either repay because it belongs to projects like Brain Park, parts that are already sold or to be sold, or that is linked to revolving lines that we will continue. Overall, I think the trend of having less debt obviously, you know, is to be expected. Our net debt ratio was within the target that we used to have for many years, which was between 30%-40%. We are at the beginning of our debt reduction. We did reduce debt to certain extent in Q4, but we'll continue, and we'll do much more in 2026. Long term, we expect to have, and we plan to have a lower net debt ratio, which is more consistent with the fact that on our balance sheet, Archicom share will be much bigger and obviously residential developers typically have lower gearing than commercial developers. We will also have, on this basis, consolidated net debt ratio lower, so we look at the range of 20%-30% and not above 30%. When you look at our bond maturities, what we have here in 2026 is not a significant amount from our perspective. PLN 50 million is already repaid, and we plan to continue repayment of this bonds in the amount of PLN 100 million during the year. When you look at these different colors here, you see this more, I would call it green-blue. I'm not sure how to call this color, but let's call it green-blue at the bottom. This is the area which we want to reduce. This is bond debt on the Echo part. The gray area at the top is Archicom debt. We have the strategy that the Echo part, as we are selling commercial assets, the debt part will be reduced. As a result, also total amounts will be reduced. We are prepared to do this, of course, on maturity or even proactively before, as our cash flow from commercial disposal allows. We'll use it partly to prepay this debt, which is maturing in future years. Shortly speaking, we do not have plan to issue new debt in Echo. In terms of bonds, we have a plan to continue to reduce it. The last element, I think I'll. I already said it a few times, but I think it's good maybe to repeat it for the last time that we did pay advanced dividend at the end of 2025 in a very healthy amount. Of course, again, as I already said a few times, it's our plan to continue to be dividend payer on the basis of both disposal of commercial assets that produce cash flow but also the results that you know looking forward will be more and more driven by Archicom by growing number of handovers and net profit coming from that source. Thank you. Thank you, gentlemen. I think this concludes financial presentation element of our today's meeting, so please stay here with us. On the other hand, I would like to invite back Justyna Kawa and Waldemar Olbryk to the stage. In a minute, we'll be taking questions both live and from the audience. I encourage you to be brave and ask us whatever you want. Thank you. [Non-English content] Ladies and gentlemen, please ask questions. [Non-English content] If you want, we would approach you with a mic. [Non-English content] Okay, there is one question. Dziękuję. Please go ahead. I think whatever you prefer. Polish is good. Raz dwa, raz dwa. Już działa? Dawid Siarmat-Rigan from- Siarmat-Rigan First of all, kicking off with the commercial segment. Would you mind walking us through the timeline or the general idea of the project that is going to be built on the Grzybowska plot that you acquired in 4Q? On Grzybowska, we acquired a plot late last year. What we're doing now is we are working on. We will demolish the building that is there today. We will build a new office of 20,000 sq m on the plot, because we believe a lot in the office area, and we believe this is a really attractive area to continue doing it after it was a brewery. We are planning to start the new office building there early 2027. We will complete it late 2028, early 2029. Right. Thank you. Like, what is your general appetite towards the commercial investments? Because once you're gonna basically divest majority of your yield generating projects this year, outside of the Towarowa, there won't be much of an assets going forward. Like the general rule of thumb or, I know, ballpark estimate, how many new projects are you looking to, well, basically, commence following this year's investments? What we're gonna do following this year, we are gonna focus much more on Warsaw CBD, which has moved to Rondo Daszyńskiego. We have acquired, now, like you highlighted on Grzybowska, we are now in the pipeline acquiring more plots around here, around Daszyńskiego area. Every year we're gonna start around 50,000 sq m of office in Warsaw. If you're gonna add the rule of thumb, it's around 50,000 per year that we're gonna put to the market in Warsaw, around Daszyńskiego in these areas. We are not gonna do like we did before where we have projects spread all over Poland. We're gonna focus much more on putting it back in Warsaw. We see that, like I said before, there's rental growth. Rents are like 20%-30% higher than it used to be. We see investor appetite coming back to Poland. Poland is a very attractive market where you see that the rents are high, still not as high as the surrounding markets. The yields are attractive. Also people are back in the office. You see really that there's a lot of trends pointing at Poland. Now when I was in Cannes two weeks ago, it's like there's a lot of discussions, how can we get more investment into Poland? Right. Thank you. Maybe just finishing off my commercial questions. Following the regulatory approval, when it comes to the Resi4Rent divestment, what is your plan going forward for Resi4Rent? Do you look forward to, I don't know, creating another 2,000-3,000 new projects, new units, or rather sell off the remaining part of the asset? What we have now is that we have the deal that is now on the approval process. We think it will be close in Q2, about 5,500 apartments. We have today, with the newly completed, I think we're up to 3,200 apartments in the pipeline. We're going to continue growing that one up to 5,000-6,000 apartments again, and then we will analyze it again, and then we'll take a new decision going forward. As in all the rest of our businesses, we are never long-term holder forever. That is not in our business model. We will build it up, get to 5,000, and then hopefully we will find a new investor, and then we'll do it over again. We will continue repeating this like we do with our office sales, but in a much bigger scale. It's very similar to what we have communicated with StudentSpace, where we're saying we're gonna get up to 5,000 units, then we will divest them, and we'll start up a new StudentSpace platform. Right. Thank you. Maybe switching now to the residential part. [Non-English content] Tak. Myślę, że [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Of the popular sector, how do you define it in general? Because, in your perception, popular segment is not the same, as for other players. These are multi-stage maybe projects or smaller, projects based on mid-market sort of. How do you define it? I think the popular product is more available product to an average buyer who buys the first apartment. These are multi-stage projects, and we've had experience in that. Archicom in Wrocław, we like Awipolis. These were the projects that we inherited, and we finalized the last two, let's say three phases. These are the projects which are crucial, are rational in terms of price, are accessible to people who buy the first apartment, but they also have some elements preserved, such as Zenit project in which I mean here green elements. They are popular, but they are greatly appreciated. I've mentioned it while discussing Q3. This is the prefabricated project. After the slab was constructed in 11 months, it got the award of the Polish Sustainable Development Chamber because the project which is popular still complies with the conditions of good life. The popular segment is not. Let me put it like that. It means that popular is such that there is a lower cost of purchase, but the quality of life is high. Hi. This is the type of project or product which is not here in Warsaw, but Łódź, Poznań, Wrocław. Yes. At the moment, we cannot say that we have a popular project in Warsaw, which doesn't mean that there is no capacity, no potential for that in the capital city. Okay, this is something about this year, but now maybe something about the next years and the Tri-City, because you mentioned you plan to be present there. In this year, we should understand it that you would build in greenfield structures and would have a project implemented there or you will acquire something. I think Echo has already said that as for the Tri-City market, we've been thinking about this for some time. We've been considering it, so buying some plots and some land, given the speed we are developing, it's not the scenario good, which is good for us. I think if we know more about it, we will share this information with you. We are able to have to execute various scenarios while entering the new market, let me put it like that, not finalizing the sentence. My question. This will be the last one from me. The situation on the land market is such that the segment is consolidating, but there is an appetite for new lands, which differs among various players. In Q4, you bought some land opportunistically, but maybe just for the sake of the transaction, it was in December or November. The question is, do you see on the market some kind of opportunities, sort of second-hand land or a smaller fight, price fight, price struggle, or there is no free land there? I don't know if there have ever been free land because the situation is such where the market is more difficult. You can see who through the strength of the group can pay by the deadline, because financial stability of the partner while buying land is important upon transaction. I think that if someone decides to sell land to someone, it's due to many factors. The price is important, of course, but not only that and for Echo, for Archicom, et cetera. We are now holding many talks, which was said, and so we are closing some talks. The exceptionality of our offer is such that we have operational efficiency as regards Lex Developer. We are not afraid of such projects, and we buy a big plot of land, so we may suggest it could be residential and other functions. We are interested in it. Finally, that means it's all more staggered in time, but the purchase is more attractive in terms of price. Translate this question because you might have something from group point of view. Do you see any opportunities right now coming up referring to new plots? Are there any, like, great catches or do you see any new opportunities will be the best translation. I think we need to put everything in perspective. We buy land every year for EUR 150 million. It's in the perspective, we're always looking for new land plots. The biggest thing on my radar today is to look at the way how we could enter the Tri-City market, which will then be in a bigger acquisition for Archicom to enter that market. That is the highlights on my radar at the moment. Individual plot is something we do on a day-to-day basis, and we will continue buying a lot of lands going forward as well. Thank you. Mamy pytanie z sali. Dzień dobry. Michał Okrasiński, Kompas Inwestycji. Ja również mam pytanie do Archicomu. Mój przedmówca wyczerpał trochę już moje pytania. Please extend on the phrase which was said about residential during residential. We think about the effectiveness of the construction process. You supplemented it by saying kind of collective purchases, but is there something else, any other optimization which is planned or maybe being implemented right now? The second question of mine is do you plan to increase the share of prefabrication in your projects? Okay. Operational efficiency is something that could be really described in a book. It means, for example, the way of taking decisions, access to information, making decisions on what funds are to be allocated, or how we use what people worked out in various places via organizations. Throughout the last five years, we have integrated it not only within Archicom, our Echo residential, that was a contribution in kind to the group, and the operational efficiency means, for example, speed of reacting to what's going on in the market or doing something in advance or creating market opportunities, something that I've already discussed. I can really mention some items here, the works that we have already done and what to do, what not to do, so that with the growth of business, we can have more foreseeability, simple project management. As for prefabrication, yes, we've been thinking about it as a kind of response first to the construction, which is more foreseeable, projects which are more standardized, which are safer, constructed faster. We created kind of internal instruction for the whole process, not just value, the prefabrication, but how to do it, how to build, how to communicate such projects. We successfully implemented several projects in Archicom, in Poznań, Wrocław and in Łódź now, and we have a group of people who can do it at each stage of investment projects, including sales and later on maintenance. That's how we would continue to do it. What's more, this is a technology that successfully implements against great budgetary and time constraints investments such as student housing. For example, 29th of November, we had a non-movable deadline, and it happens with this technology. You can also look at Bokserska next to Galeria Mokotów. There is actually construction underway. You can see it because it's still being built. You can see what is prefabricated, what isn't. Nothing is hidden there. There's very good quality, even the quality of detail. Prefabricated certainly in student housing desired because usually, unlike residential projects, these projects must absolutely be completed for a certain deadline, right? Usually the construction periods are very short. It's less than a year that we can use to build student accommodation. Another important component is the fact that they are repeatable. There's a lot of efficiency that can be found in this repeatability. The rooms, the layouts are identical, right? A lot of these components, these elements can be prefabricated in such a way to maximize effectiveness and cost effectiveness. We're looking to increase the share. We're not quite yet at this point where Sweden is, where prefabricates are inserted. Even toilets or bathrooms are just prefabricated and inserted, and ready-made. We're not quite there yet. It's not yet profitable for us, but definitely the share of prefabricates will be increasing due to labor costs, quite simply. Thank you very much. [Non-English content] The prefabrication needs to be started a lot prior to construction, and the 80%, that's not visible actually results in, you know, in producing Lego blocks for adults, really. This is what Magic has just said. [Non-English content] Not far from here in Mokotów we have a building that's being built. [Non-English content] Are there being produced in Poland? Yes, they are. [Non-English content] Are there modern production parks? Yes, very modern ones indeed. [Non-English content] I can even say that some of them are so modern because they are used to delivering for a very mature Scandinavian market. [Non-English content] Taking advantage of proximity and the you know, being creative enough to go beyond the standards, we have organized it all. We look at the plot and we see where a prefabrication could be an add, and we have been cooperating since the very beginning with our suppliers to make sure that we also optimize the cost, to make sure that the project complies with all the requirements and the margin that we care about. [Non-English content] If this weren't profitable from the point of view of cost-effectiveness, sales margin, et cetera, well, we wouldn't be doing it. There's a group of customers that definitely wants to have prefabricated flats. We wouldn't be doing it otherwise, especially with such repeatable projects such as commercial projects. The questions of Mike. [Non-English content] I don't want to wear a lawyer's hat in responding to this question. There's a number of things that mean that we are speaking more about the predictability and the time of completion rather than just cost. [Non-English content] Basically in Germany, where remuneration is higher, this form is not very well developed compared to Scandinavia. The question is why, if everything is more expensive in Germany, but the traditional construction is more favorable? [Non-English content] I'm not a specialist on the German market. Let me go back to margin. They are, well, received in terms of the pace, the margin and the overall P&L. [Non-English content] Definitely, we see savings in terms of time, the management of the project and construction costs. Construction costs actually directly are quite similar to other types, but we see advantages as well. [Non-English contetnt] What is the reaction of clients? [Non-English contetnt] Prefabricates are a reference point for a certain generation. [Non-English content] I'm looking in the mirror here. [Non-English contetnt] This is clean, predictable, fast and technologically advanced enough to make sure that we have a slab, concrete already painted with a window and QR code tells us where to insert it. It's a highly specialized team that puts the blocks together. They can observe what it will look like. [Non-English content] I will ask you about the first quarter, what it looks like from your point of view without perhaps figures, but how do you see this? Whether March is different than January and February after the global events? [Non-Englis content] Is it different than January, February? [Non-English contetnt] Are you asking about residential or just Archicom? Archicom. [Non-English content] The first period of this year is definitely, well, shaking off the record high sales of quarter four. [Non-English content] Also in the popular sectors, we can see that the outlook is optimistic. Now for handovers, we want to approach what was planned actually, and the big lesson of Q4 is that to make sure that the result is as close as possible to the budget. [Non-English content] We don't want to give the figures out just yet, but you can do the math based on the fact that we have been given the occupancy permit for Flow 2 for Meridians in Poznań. We are successfully handing over these projects here in Q1. [Non-English contetnt] Now customer behavior. [Non-English content] Do people want to buy now because they are predicting a growth in prices? [Non-English contetnt] Is there any caution or are there no changes at all? [Non-English content] March for sure is an important month because what Władek has mentioned, January. In January, I think we were taking a break, both us and the customers after a very intense Q4 in December. In February and March, well, partially there was some holiday time. In fact, the sales are, you know, stronger in March. We can see definitely more interest in mortgage customers. This has been linked so far with lowering interest rates. Still the ball is in the game. We don't want to at this point rush to any conclusions regarding Q1. It has not yet been closed. [Non-English content] Okay, land acquisition. In 2026, are you planning higher expenditure than 2025? [Non-English content] Does not really happen proportionately. Our plan for 2026 is PLN 600 million-PLN 700 million for land acquisition. Thank you. [Non-English content] Any further questions from the audience? [Non-English content] Let me use this opportunity and address a question that our [Foreign language] nasi widzowie. Viewers have asked. People would like to get into more details because I know that you already mentioned it during your presentation. What are the plans for asset sales in 2026? There was a slide where Maciej showed exactly what the plans were on that. I can, because we have two questions about it, but the other one is getting into more details. When are we going to sell Galeria Młociny? That was not on the list of the assets planned for sale this year. To answer that question, we are still stabilizing Galeria Młociny. Yes. We see an upward trend. We see a big appetite for retail. We see, you know, big transactions happening in 2025 in many centers. In 2026, we see a continuous big interest for investors to invest in assets like Galeria Młociny. All our assets that are stabilized and have hit the returns that we are expecting, of course, we will then entertain any approaches to sell off those assets. Galeria Młociny is not really there yet, but it's on the way up, and we see a positive trend. We will continue analyzing it over the year. Okay. Thank you. Can you give a quick update on the sale of units in Warsaw Brewery and in Kępa Mieszczańska from the Resi4Rent projects? In Kępa, we are fully sold, so by the end of this month we have sold off everything that we have on Kępa. On Brewery, we have sold 310 out of 450, and by the end of June, July, we will have sold off the remaining assets. There is a big appetite for this one. Like Maciej said before, this is totally a yield play for us. We get so much more returns of selling them as individual assets where we get totally different pricing, which means we can distribute much more money to our shareholders. Thank you. I have a lot of questions about the dividend payout, but I think that we covered it already in two slides. There is one question regarding Kabaty and our next plans regarding Lex Developer. On Kabaty, we already have the Lex Developer. What's the pipeline for the next projects? The pipeline is we have continuous two more assets in Mokotów, where we have on Postępu, and we have also on the next phase of Modern Mokotów that we can continue developing going forward. Mm-hmm. We also have very great projects that we're having in Wrocław with the Astra West IV. That's gonna be a fantastic project. Yes. We have in Poznań, the Tesco, or the Kaufland in Poznań today that's gonna be converted into residential. We have Kaufland in Kapelanka in Kraków that's gonna be converted into residential. All of them are what we call destination project. This is really a project that's gonna transform the cities. If it's not gonna be a Lex Developer, it's gonna be the new general plan and the CPK. Here we see for us going forward, this is an integrated part of our business. We're gonna continue growing that part of business, and this is the strength of Archicom compared to the rest of the competitors, that they can do these big projects that very few other developers can. Thank you. Thank you. Are there any more questions in the audience? Because here on my list I have questions about prefab, but Waldek already covered this topic, and I think. If we're gonna conclude on prefab. Yes. Prefab is still a very small part of our business. Mm-hmm. It works really well when you have standardized units. In StudentSpace, it's ideal, because we have in StudentSpace, you can only open up in September because that's when the semester is started. You have a short construction period, so it's ideal. In the Resi4sale, and also in office segment, we will use it for components that we can standardize. Parts that we cannot standardize is not beneficial for prefab. Today, I guess it's 10% of our business, and 90% is still constructed in the traditional way of constructing. We are working together as an Echo Group to find the most effective way of building in all our areas. That's why you see we have a stable margin no matter how the market around us is. Mm-hmm Moving, because we can always be effective in the way that we construct a project. Prefab or no prefab, of course, that's part of the question. The bigger question is: How can we continue driving efficiency in all our construction process, no matter if it's prefab or traditional construction or however we're doing it? Thank you. I think I used all the questions from our side. Thank you. [Non-English content] Thank you very much, and goodbye.