Welcome, everyone. Thank you very much for being here with us today. The announcement of ASBIS Group quarter one 2026 results. It's a great pleasure. Today, we are full house. We brought full team, the big guy with me. We give you a flavor of what has happened into quarter one, and what do we expect going forward. It's not going to be a long presentation from our side because I think the numbers speak by themselves. Please feel free at any point in time to ask any questions you might have. Without much delay, our financial highlights. You saw our revenue, staggering 72% increase year-on-year, with a great gross profit margin of 86.2%, making the quarter extremely successful with a $36.3 million of net profit after tax, which indicates and marks it as the best quarter of our history, beating any quarters from quarters four of previous years. These numbers obviously didn't come by accident. We have been talking about the success of the group. We have been discussing with investors and analysts what has been going on in our industry. Moving forward, we will see what really drove this growth. Some events that happened in the recent past with our full integration of our investment in Poland of the 13 Samsung stores, which we acquired last year. A very big congratulations to the Polish team that made this happen. It was really, for us, a challenge, but coming to a very satisfactory result and very happy to be able to announce to you that this result was much better from what we expected when we were making this investment here in Poland. We concluded our registrations and investment in West African countries, namely Ghana and Ivory Coast. We managed to register both companies and hire personnel there, and we are now ready to go fully fledged and service the two markets, but also the markets around. As of yesterday, the AGM approved the final dividend of $0.35, which will be paid end of this month, marking once again the 10th year of the group sharing its success with its shareholders. On the slide overleaf, we see and we made some pictures of our new office in Ghana and our new warehouse in Ivory Coast. As you see, in the middle there is our logistics director who has visited and made sure that all the investments have been made appropriately and the selection of the partners there has been made in order for us to be able and fulfill the markets in the right way, making sure that our expansion in Africa, having it discussed so many times in the past together, it is taking flesh, it is taking form. It's not only a wish, but ASBIS is really now investing heavily in the continent, in the continent of growth, a continent that has the potential to give much better results going forward. This is again now who we became. Previously in our press conference, one of the journalists reminded what our CEO marked during the last meeting here in Warsaw, that ASBIS is no longer a regional player. ASBIS became now a global company, and this really shows exactly that the group has changed the level. Next year, we celebrate in Poland 20 years of presence, 20 years of listing in Poland. We're very proud of this and very happy to be here for the last 20 years. Yet again, we believe that the very good years for ASBIS are still ahead of us and not behind us. I will now move to the juicy part of the presentation and the best part of the presentation, which is the numbers. I will pass the mic to Marios to give us a brief outlook of how things have evolved on the financial numbers, and then we discuss further the- Thank you, [costas]. You've seen the revenue, guys. We managed to grow 72% year-on-year. Yes, we had a low base last year. The base starts to grow starting Q2 2025. Most importantly, we managed to grow with this product shortage we are experiencing into the market as we speak, and we managed to significantly grow the gross profit margin of the company. As a result, the gross profit delivered is way ahead of last year low base. We've done an excellent job on financing costs, because the company is deemed to be an improving company in terms of risk-taking by the banks. We are approaching a $400 million equity company, and this makes sense to the ones who assess risk coming back to suppliers, the main financier of this group. Hitting the banks and the other financiers, we are enjoying lower margins by the banks, and this has affected significantly. We see an increase, it's not related to the 72% increase in the top line. On the selling and admin, we've seen significant increases year-on-year, but one has to account that these are functions of the gross profit delivered. The gross profit delivered has significantly increased more than 110% on a year-on-year basis. One would expect us to pay these very highly skilled employees delivering this data center component and blocks into the whole globe. As a result, the $36.3 million as a net profit with about 20% effective tax rate. Yes, it has increased the last few years, but we are stabilizing more or less close to 20%. We are very happy to see these results as a board. Positively surprised us. We expected very good profitability, but these are very high levels, historic, even compared to any Q4. Given seasonality, usually we have Q4 best quarters. This time around, even in Q1, we managed to create a very good profitability for the company, for the shareholders of the company. Any questions on the income statement? I know people are still chewing the numbers, but any questions you have, or otherwise, we take any questions to the end. Yes, please. Philos. Sorry. You mentioned the report about the write-down on receivables at $4 million. Yes what is this about? We already had quite significant write-downs at the end of the year. Yes. It surprised me a bit that. Look, for a 3.9 billion company last year, this year, I don't know the number, but you can calculate the numbers. A 4 million is nothing. Usually, we assess year end, but we are also a conservative company. Given the extraordinary good results, we are assessing quarterly now. Plus, if you read carefully, I know it's short time, but if you read the interim report, you will see that we have a specific problem in a specific country that we are taking account of. We don't want to wait until 31 December 2026. We are assessing it and making provisions on a quarterly basis now. It's a prudent approach? It's a prudent approach, a conservative, prudent approach. Exactly. Should it be expected in upcoming quarters, or it's rather an, so to say, one-off? Depending on the development of the case. If the development case is sour, then we will provide more. If the opposite, then you may see reversal of provision, depending. Thank you. Let's go ahead, Costa. Thank you, Marios, and everyone. Moving on to the country analysis. Before the war, our number two market was Ukraine. somebody could extrapolate things, and now that it became number one, it is quite surprising for many of us. Not for ASBIS Group. We knew that, first of all, we have an excellent team and a very good foundation in the country. What has happened in Ukraine the recent months is that the government have imposed finally very good controls on importations. it made the illicit trade much weaker. ASBIS being the only authorized distributor of Apple, took great advantage of it and delivered the numbers you see. The majority of the increase in Ukraine comes from Apple sales because we are now the only authorized channel of Apple in Ukraine. We were very happy to see Ukraine picking up, and we are very proud of what the team has been delivering in the country. Kazakhstan, together with Ukraine, lead the pile of our countries. Kazakhstan, not only with Apple, but also with heavy AI components deliveries in the country are making results much, much stronger. What we see here in Taiwan and Netherlands, figuring in the first 10 countries, obviously, we as a company report where we build, the countries we build, the customers, but we all understand that these components go all over the globe and not only to these specific countries. However, with the exception of the UAE, where we had the bombing in Emirates due to the Iranian conflict, the rest of the countries have been growing significantly well, and we have seen huge growth alongside all regions of ours. Moving to the regions confirms what we just discussed. Obviously, the region other, which contains obviously Taiwan, is leading the pile of the growth rate, but CIS countries with Ukraine and Kazakhstan included is our leader, remains our number one region with Central Eastern European countries to follow. The question came multiple times and we want to give you more clarity, the business in the Gulf region is picking up. We saw some positive throughout the last month. April was very good for the region, since there were not any kind of conflicts and any missiles flying above our countries. It seems that it is moving to the right direction from the news we had yesterday that they are very close to a truce. We hope sincerely, first of all, for the good of the humanity for this to stop. Again, the effects of this conflict for ASBIS are quite limited. For the first time again in history, we have server blocks taking over the smartphone's lead that has always been the case for the last 10 or so years, not with a big percentage and not that the smartphones didn't grow. Yes, we had a swift, nice 78% increase of our smartphone business, but this looks so little when you compare it on the numbers we delivered for server and server blocks. I will show you a bit later because we have categorized the server CPUs in the server blocks. That's why you see the decline in CPU segment. Here it is. Because a lot of people ask what's the AI impact on ASBIS revenues, here is a partial answer. This is how these components have grown in quarter one compared always year to year. These are unprecedented, I would say growth rates. These are growth rates that are driven by the huge demand around us, and these allow us to be extremely happy, but also ensuring that we are constantly in technology. We are constantly a company that, because I had a question before, what about the bubble burst? When this AI bubble will burst? I said that if technology continues to evolve, ASBIS will continue to deliver technology to the markets. We do not consider this current situation a bubble because we see how big the demand is around us. Things are changing, but ASBIS remains constant in its value and in its position in the value chain of technology. SG&A cost, Marios touched it a bit before. I will also give what I believe, and I agree with him that it was expected to see some increase in SG&A. It is expected to pay people more when they deliver such results. Therefore, we do not see and we do not foresee that this is a wrongdoing by the company. On the contrary, we believe that keeping motivated people constantly is a key to our success. In terms of number of employees, we did not grow much. We keep a steady, more or less number close to 2,700 employees. this how I call family of ASBIS has become now a much more wider with our investments in Africa, in the United States and so forth. I will again now pass the mic to Marios to talk us through on the cash flow of the company, and then we finalize together. On the cash flow, just to mention overall comment that not only we are improving profitability on the income statement, but at the same time we are improving cash flow. It's a little bit strange, but given the product shortage into the market, everybody is willing to pay on time or even earlier to ensure that he, the company gets the product on time and delivers it down channel. This is a trend that we have seen obviously in 2025, historic $200 million generation from operating activities, and the trend just continues in Q1. You see that given seasonality of the company, we are always behind burning cash on operating activities for at least the last two quarters. Given the 72% growth and the minus $20 million from operating activities, and given that last year with lower top-line delivery, we've lost almost 60, this verifies what I said earlier, that the company, in parallel to significant improvement of its income statement, is also improving cash flows. This, I consider it to be a trend. That's why I mentioned 2025 on top of Q1 '26. Given this product shortage that we expect and we see already that is continuing into the market, everybody's willing to pay on time, so the receivable days are coming down. Given this significant growth in sales, we see that the inventories days are coming down as well. with this, we believe that this is the main reason why we manage to enable growth on top of everything else, on top of us having the full portfolio of suppliers, we also have the cash availability to enable business with this exponential growth. I think that, in a nutshell, all on the cash flows. overall from on the leverage, I said it earlier, we are a company that is improving its equity base. That said, we are able to not just renew existing lines but renew them with lower the cost. We are assessed to be a lower-risk company nowadays, and given our increasing financial strength, we manage to obtain lower margins from different banks throughout the globe. this has also been reflected as a weighted average cost of debt. Last year, we sat down with 8.5, this year we are turning down to 8.3. we continue to grow given the growth. Yes, we do pay dividends, but we continue to grow the equity base, and as a result, we are able to finance the company as needed for this significant growth we see in front of us with data center components and building blocks, but not only, we see other retail brands continuing to grow as well. That, in a nutshell, on the cash flow and leverage position of the company. Costas? Thank you. Yeah. The last slide we have is showing how much the dividend was for the last 10 years. As of yesterday, like I said, the final dividend was approved by the AGM, and now we are going to pay end of month $0.35 per share. This concludes this short presentation, how I call. I was saying to the colleagues before that when the results are so good, I get very stressed because we raised the bar significantly. This time around, though, I want to say a very big thank you to all of you guys for standing next to ASBIS. All these shareholders that made ASBIS this successful story in the Warsaw Stock Exchange. We commit as a management team to continue hardworking. We don't know too much to do or anything much to do, but, yeah, we commit to be able to deliver technology to the markets we operate. We commit as a management team to remain focused on our values. yeah, at the end of the day, the success is very much better when it is shared. here we are to share our success now with our Polish investors. Thank you very much for being here. Now we are ready for your questions. Okay, well, I will start if you don't mind. I want to say about the default or expected level of gross margin in the upcoming quarters, because of course we have major shifts in product mix with servers taking over, that's clear, which can affect gross margin, but on the other hand, we had the shortages, which of course I expect boosted gross margin in the first quarter. What are the expectations for second, third quarter in this year? You are very correct to say that the margins are functions of both demand, obviously, as well as shortages. Indeed, in quarter one, we had extraordinary shortages, but not only that, in quarter one, we also had huge price increases in components that gave the group an opportunity to take advantage of its stocks that were purchased in previous quarters and make sure that we make much higher margins going forward. Now, sustainability of the margins will be a function of multiple factors. As you understand, first one is demand, to continue have demand. Obviously, for large projects that have been pre-agreed, prices are not negotiable. Prices are not changeable. Therefore, if we don't see these variation in prices, obviously the margins will be stabilizing lower. To what extent, nobody can really predict now because the situation in the markets are so dynamically changing on a daily basis. I give you an example of memory makers that they decided not to increase their production capacity. How would this affect the overall pricing in the market? Nobody knows today. However, as a group and what we have committed so far, and we answered this in the same room, is that ASBIS will bundle products, will make sure that the low margin of computer components will be coming together with higher margin products, is something that it has been happening, and it is something that it is proven now that with all these better marginalities and better profitability. It's impossible to give an estimate even. It would be not wise. a floor. It would be, from my perspective and for our company, not so wise to give you any kind of gross profit margin forecast, because really, we have internal forecast, yes, don't get us wrong, but this is for us to drive the business the way we want it to be driven. For first quarter, if we excluded this FIFO, which is first in, first out, and additionally these shortages impact, what the gross margin would be like, 7.5, 8.0 or? I haven't run the calculation exactly the way you requested it, but the margins were improved due to these price spikes we saw on specific components. However, it was also improved by the better results in Ukraine, better results in Kazakhstan, so we have to put everything together to come to the answer to the question. Okay. Thank you. You're welcome. Hi. Hello. Congratulations on the results, especially on the cash flow side. It's truly not normal in a positive way, as I observe it. My question would be on the server segments and this page on the presentation. Out of that $400 million you had in the first quarter, could you maybe please disclose what percentage was for SSD, HDD, CPU, maybe for chips or, maybe one general question. If you have a delivery to a data center project, you deliver the whole racks or just parts of the racks, like those SSD, CPUs or I mean, separately, or you deliver the whole package? Okay. Thank you very much for the question. I do not have the number in the first question to give you right now, but I can search obviously and give you at a later stage the number. Answering to the second question, when we deliver ASBIS is a one-stop shop for all this now because we have everything. We have everything, every brand, every supplier that can go and fulfill these projects all at once. Now, in multiple projects, very big projects, we work with partners. Partners elect to work with ASBIS because of its reliability, because of the ability to have products when needed. All right? The aim of ASBIS is to be, like I said, the one-stop shop and the preferred supplier for all these products. There are projects that we fulfill everything. There are projects that we fulfill a specific amount of units. We are not a system integrator, yes. We are a distributor, and we work with partners, and this is the value we bring to the chain. This is why, again, nobody, because there was another question, don't you fear that they will go direct and buy direct from the vendor? We are not in fear because we know the strength of us being local, of us being able to deliver to these difficult markets sometimes, the goods on time. Okay, this is the biggest value of ASBIS, and I'm not sure whether I answered your question, but the answer is, well, for some projects, we deliver everything, and for some projects, we deliver parts of it. Okay, one more question from me. Among the projects you delivered something, those DC projects, what percentage was based on older chips from NVIDIA or AMD, like B100, B200, what was on GB200, and when you expect Vera Rubin to be shipped and you see projects where there is a demand for those, I'm sure you see, but that would be also driving huge growth in revenues, right, for the future? I confirm the statement that all these products will be driving forward. I do not have the percentages to give you right now. I know that we are a partner of AMD for more than 20 years now. We are the sole distributor of AMD in multiple countries, or we are a very significant partner for AMD in our region. No matter and whatever their new technologies are, ASBIS will be having it, ASBIS will be delivering it, all right, alongside other suppliers, other vendors. We have a very good and open relationship with NVIDIA. Recently, we received an award from them. You understand that ASBIS is becoming, has always been, actually, but with this current environment around us, is becoming more and more important in this value chain that is being created through this AI boom. Just to confirm, for NVIDIA, there are Dell and Supermicro chip, right? In those distribution value chain, you buy from Supermicro or Dell, right? Yes. Supermicro is one of our very good suppliers. Okay. Thank you very much. You are welcome. Thanks for the presentation. Iwo Wójcik from the European Bank for Reconstruction and Development. You might not know, but we've recently opened offices in sub-Saharan Africa, including Ivory Coast and Ghana, and we are very keen to support European companies in this region. My question, if you can reveal what are your plans in this region for the short to mid to long term? Thank you very much and welcome. We're happy to have you here. As a matter of fact, we go back more than 20 years with EBRD, given the fact that EBRD was one of the key investors in a private equity fund in 2002 who invested in ASBIS back then. Sub-Saharan Africa, Ivory Coast, Ghana, and not only, we invest in Tunisia, we invest in Algeria. We have plans, and we have now committed contracts for this region. We open now fully fledged offices in the countries. We want to penetrate IT to these markets with lower penetration rates. We want to be part of the development of these countries. Now, in terms of revenues, we plan to be able to start sometime in June. For the next six months, we estimate we'll see an approximate $50 million extra revenue from this couple of countries. I repeat myself that we are not only sitting in these two countries. We are discussing contracts for the region around these countries, including much bigger countries like Nigeria and others. Thank you. Hello. Do you see inflation in smartphones? Relatively not. There are some changes in prices, but not significant changes in prices for smartphones. Do you see such inflation going forward? Maybe Apple is discussing. I cannot speak, obviously, for pricing of suppliers, but I think that all these changes are being announced quite often, and we haven't seen an appetite, let's say, for significant movements on pricing from our suppliers. Okay. On smartphone sales, first quarter, you had 130 million sales monthly on average. You said it's due to changes in imports in Ukraine and of course, in Kazakhstan. My question is it sustainable, and you see this level of sales in April? We see that the efforts from the governments in both countries are really very strong, and we see that a lot of former illicit traders that, by the way, they don't like ASBIS at all, are moving into buying from us. Therefore, the markets are getting more transparent and more, let's say, clean, if I may use the word. I believe it's sustainable given that all these IMEI registrations, all these regulations have taken now real flesh, and we see the results, and we do not believe that we will go back to. Even if we go back somehow, it will be not to the same extent that it used to be. I believe that there is sustainability in that area to come. Can you comment on Apple distribution network in Western Africa? Do they have any distributors there? From my knowledge, is that they are currently setting up this distribution network. Okay. On servers, what happened between fourth quarter and quarter one? The server sales doubled quarter-over-quarter. Is it because new projects on the same customer base or you signed new customers? It's a combination of factors. New and very large projects have been fulfilled in quarter one, but also significant business on the SMB, what we call the small and medium-sized businesses, because memory modules and these server CPUs are demanded not only for these large, big projects, but smaller projects also, run rate business or upgrades from multiple customers. Obviously, this huge inflation in pricing gave also some effect on the revenue of annual numbers. Can you say a little bit more about the pipeline and the backlog in DC segment? obviously exploded in the first quarter. You've mentioned a couple of times that long-term contracts have the same prices, so I understand you have the backlog. We do, yes. Can you disclose a little bit more about this backlog? Okay. Disclosure of numbers per se, we cannot do, but I can confirm to you that there is a significant demand around us. There is a significant amount of discussions of very big projects that are confirming demand for the quarters, if not for the next year as well. This is why we believe that we are not in a bubble because this AI boom that we are currently experiencing has underlying value in components, value in usage. All right? It is not what we used to call the internet boom that made a lot of efforts fail. Here we have proper demand on proper products. Who are the buyers? Yes, we see a huge demand from the large hyperscalers, companies like Meta, companies like Microsoft and Google are investing heavily in this industry, and they're investing heavily, and they are demanding all these components. The pipeline ahead looks very strong. those companies you mentioned, these are your clients as well? Like they're the clients of- These are not direct clients of ASBIS. Okay. You understand that in this area and with these shortages, some products of ours might end up going there as well. Okay. Are you in the process of signing new contracts with AI infrastructure cloud providers? Because you have some pool of companies you're operating with. I understand this pool is bigger. You have a lot of successes in this field, so I'm wondering whether you can sign new deals with new companies- The answer to your question is that Even grow this business further On a daily basis, our product team, product procurement team, is in discussions and negotiations with multiple new suppliers. They see the value of ASBIS and yes, we have a pipeline of new contracts coming in, given that ASBIS has been proven as a reliable partner to multiple multinational suppliers. Therefore, we are expecting to see more and more products to add on to the already enriched portfolio of ours. You understand that having the market leaders as a distributor for so many years makes our job much easier here. Okay. I have a question about Middle East part of the region. The sales obviously over there declined which is pretty obvious. How is it doing right now? what was it- April was very good in the region. Okay. Yeah, there were some discussions a couple of days ago because there were some SMS sent while I was talking to my colleagues there. Okay. They had to go shelter themselves. Look, I said it before that we look forward to a resolution of this situation and move back to normal. It's not a secret that we opened, and we decided to invest heavily in Saudi Arabia. Yes. We do not believe that this situation, if it finishes in the next couple of quarters, will impact the overall economic activity of the area. Currently, we see some reservation from consumer demand, but we believe that this is temporary. Okay. Therefore, we are positive about the region. We remain in the region. We remain strong in the region. Yeah, it all depends of what some administrations will decide or some regimes will decide how to act on this conflict. In any case, technology will be existing in all markets of the Gulf. Technology will be delivered- Yeah in all markets of the Gulf with or the other way, depending on what the market size will be, ASBIS will be a part of it. In this DC segment, is there any dominant player you supply to your products? I mean, you distribute your products to the cloud infrastructure provider. Is there any dominant player over here? If you're looking for someone that is responsible for a very big amount of our revenue- Yes The answer is no. Okay. Our revenues are well spread to multiple clients. Yes, we have bigger and smaller customers Okay obviously, we do not place reliance to any single customer- Okay whatsoever. Okay, thank you. Thank you. Thanks. Two or three questions from me again. The first one, maybe it's a kind of a difficult question, but just to understand. In those servers and server blocks segment, is it possible to look at this segment in terms of volume-wise increase in your company, to exclude those price increases, what would be possible the growth in volumes excluding the price increases? The question is really difficult. Why? Because there are multiple components delivered and there are multiple growth rates in pricing. I give you the example of memory modules that was $200 and now its specific model is $3,000. This huge increase. On CPU, on SSDs and all these kind of products, the price increases was not so high. It's starting probably on CPUs. Yeah. All right. Maybe, yes. I cannot really answer you that the impact without this would have been this. Sometimes we look at units to answer this question. Yes. How many units did you deliver? The answer is that we had very good growth in unit sales as well. Right. I don't have the numbers in front of me, but I can confirm that even in unit pricing, without excluding the number, the increase in pricing, the unit sales were much higher also. It's still triple digits or maybe lower? In specific segments, yes, it's still triple digit. Okay, the next question, in those $400 million in that server business, how much of that is coming from the U.S.? I would expect it's probably not too much, but- Coming from the U.S. meaning? U.S. market, I mean the DC projects in the U.S. specifically. A bit less than 7%. If I make the number correct in my head, maybe 10%. It's the biggest market probably for DC projects right now. Yeah. well. Europe is picking up significantly. Yeah, it's the problem with the electricity grid, right? There are some bottlenecks and in U.S. there are some off-grid solutions for that, so it's probably the biggest market. Excluding ASBIS that I suppose you work with, do you have any other neo clouds you work with in the U.S. specifically? We do, yes. Can you name the I cannot. I apologize for that, but I cannot reveal names of customers. I'm not at liberty in doing so, and it is not something that we usually do, but I answer to your question that yes, we do. it's CoreWeave the biggest, or I don't see if I can name like probably- I can tell you that we also try to solve the problem of electricity by investing in battery energy storage systems. This is something that we will be coming back to investors and announcing when we are ready, because this is in a pilot project right now. I was last week in Latvia with our CEO, so we are working on that problem as well. Okay. Thank you. There was a question here. Hi. I have three questions regarding revenues. First what was the amount of revenues lost in Middle East Africa region in March? Could you quantify it? It was approximately $30 million-$40 million. Okay, thank you. Next question is about Taiwan and Netherlands. The most growing companies. What product lines are the main drivers on these markets? Memory modules, hard disks, and CPUs, server CPUs. Okay, because I'm trying understand Taiwan, for example. It's a great production hub, yeah, and you don't have a DC located there, you're a company with other origins, so why they need the intermediary of ASBIS from producers to clients? They need the intermediary of ASBIS because they built the servers, but we provide the components. They do not have the components themselves. They are not direct, let's say customers of AMD or this kind of ASBIS is, and we have great relationship with these Taiwanese companies. It's not one, by the way. Okay, the last questions just to clarify about this Western Africa, Ghana and Ivory Coast, you mentioned $50 million potential revenues in second half of this year- In the second half of this year. This is where we estimate our revenues to come with much more, because when I say Ghana and Ivory Coast, when we invested in these two countries, we open offices, but we plan to penetrate 10, 15 markets around. There are many markets around them, but these two countries we identified that they are the most developed and they are more friendly to allow foreign investors. From there we service also multiple other countries around. Thank you. You're very welcome. One question from me again. I understand you are a direct distributor of AMD, indirect of NVIDIA. Any chance for maybe move up the stock in NVIDIA or start working with Google on TPUs, anything, any other companies in this space? Maybe you can surprise us with something. I will answer with something I read from Adidas, "Impossible is nothing." Thanks I have a question regarding Apple distribution. We are sole distributor in many countries. What is Apple policy? Do they plan maybe in some future allowing other distributor to come to, let's say, Ukraine, Kazakhstan, or maybe some incentives from the past, how it looks like with the cooperation of Apple? I start from the last question. The cooperation with Apple is excellent. Okay. It's excellent, and it's now going back more than 15 years. Therefore, we enjoy and we believe that they also enjoy this cooperation. Now, nobody excludes any vendor to give any rights to any country, to any other distributor. We had this question throughout our 35-year-old history. I answered this question so many times with multiple sets of investors. They are free to do it. Obviously, we cannot speak for any vendor, not only specifically Apple. Again, when you are a distributor, dedicated distributor, you get targets, you fulfill the targets, therefore you move on. We are not just a distributor for our suppliers. We are a partner. We are a partner longstanding, who make sure that their goals is our goals. Their targets, we make our targets, and together we fight and we get market share, and together we deliver goods to all these markets. Now, I repeat, nobody stops anyone from appointing any other distributor. However, in these peculiar markets, we are distributor, are very few companies to be so transparent, to be having the experience and expertise to deliver goods into such large amount of territories. We believe that we are unique in terms of having all this geographical reach, and with one single bill, they get access to so many territories and countries. This is the beauty of ASBIS, that has managed to become very strong locally, stronger centrally, and become with one bill to address having this large exposure for any supplier, not only Apple. Okay. Thank you. another question. Okay. In this server blocks distribution, you saw price increases in Q4, and now do you see still price increases at the moment, or they are stabilizing? How it looks like? We saw also very big price increases in quarter one. Recently, the price increases are much lower. Therefore, we see some kind of stability. Obviously, we cannot predict how things will move, and we cannot obviously make strategy for suppliers who decide to change pricing policies. What we see now is recently that the pricing policy remains quite stable. Okay. Maybe last question regarding server blocks. What do you expect as the rebuildable demand, how many years it takes for the server blocks to be needed to be changed for the new model, let's say? Look, with the technologies we have today, the life cycles are a bit growing these days, yes, because this is the newest technology that comes into the market. The beauty of technology, the beauty or, I don't know, the threat of technology is that it's changing so dramatically, drastically, that might become obsolete in much lower. I remember, for example, when we were discussing about the laptop boom of the early 2005, '6, '7, where everybody was looking how to replace that. You buy a laptop now, you replace in 10 years. This is no longer the story. Yes. Technology is changing, and this is why we are in this, what I believe, technology-driven era with all this AI around us and not only. Answering to your question and understanding where you want to see the replacement and the replenishment of these server blocks going forward, I can tell you that now our revenue is not only for new data centers, it's also for upgrading. All right? it is a matter also of how compatible the upgrade can be with the components going forward. I do not have a number of years to tell you, but I can tell you that it is happening already. It is happening already that in specific segments, we see upgrades on data centers and stuff. Okay, maybe last question. When, let's say, these big companies like Meta, Google, et cetera, will stop this huge investment, which can happen in, I don't know, one year or two years, maybe. The market could change dramatically for ASBIS as well. Do you have any expectations maybe? I don't know. Do you think about it? How can this impact your business in the future? We constantly think, and we constantly consider how the future will look like. From the estimates we see, from the numbers we track, and from what we actually are demanded for, we do not see that finishing quite soon. That's one thing. More importantly, ASBIS is a 35-year-old company. It has gone through multiple changes in strategies of big, huge companies. We saw huge companies being created, actually. You mentioned Google. Google was created after ASBIS. We believe that no matter what and wherever this technology boom will go, ASBIS will be there. What it will never change, what I believe, and this is a personal view, that we will not go back to no technology. All right? Therefore, technology became a necessity. All right? It climbed. It fell down from the hierarchy of needs down to the basic needs. Now in every single house, you will not go without technology. Therefore, we are a technology delivery company, not delivery, but we make technology ourselves and we understand technology ourselves. No matter where this moves, ASBIS will be there. Okay. Another question. Can you assess how much of the business of ASBIS comes right now from B2C, let's say from the stores, in general, all the brands and everything? I don't know if you publish this number or if you can. We do not publish this number, but if you are looking to see how much our own retail stores contribute, or how much do we sell, because we sell also to retail that service the customer. Meaning, for example, in Ukraine, Kazakhstan, we have the biggest retailers are our biggest customers. Rather when you have the touch with the final client. All right How big is this number? For our own stores, we estimate it to be, okay, now with this huge growth, it's around 5%. Five. 5% of our revenues come from our own retail stores.] Okay. Thank you. Thank you very much. I have one more question regarding P&L, because the result from financial activities improved due to reduced interest, which is great. It's lovely. I noticed one position actually increases, which is mysterious bank charges, an increase from $1.5 million to nearly three in this quarter. What are these bank charges? Does this relate to hedging or activities? It relates to turnover. Because you have multiple more vendors, and with these volumes, you affect more payments. You used to pay Micron biweekly two years ago, $14 million business. Now it's heading to $1 billion business. That's one. Bank charges also relate to financing facilities. We are shifting not for 0.1 but for significant lower spreads to different banks, and contracts have charges. Yes, facility charges and facility renewal charges. All these I mentioned, they're all mapped to bank charges. yes, it relates to turnover, where we have significant increases. Therefore, one would expect to see more in bank charges. Okay. Thank you