Good morning, and the warmest of welcomes to everyone. As we said before, the second quarter of 2026, and also the first half of 2026, is a consistent continuation of our actions and our performance without any major breakthroughs. In terms of the revenue side, we were more successful. The progress here and the performance here is better than expected, even better than expected, going up 16% year-on-year to PLN 683 million in the first half of the year. In terms of the tests volume, it is growing a little bit slower than the revenue. However, it is still faster than in the first quarter of 2026. The increase year-on-year was at 4.1%. As I said before, 2026 was the year when we had, and still have, a lot of internal spending, both EBITDA and our net profit do not grow as fast as it would have otherwise. EBITDA came in at PLN 154 million, going up by 1% year-on-year. We paid out the dividend in the second quarter, which was even higher than we had promised. It came in at nearly PLN 150 million, representing PLN 4.4 per share. As I said, we continue our growth trajectory, both in terms of our trends and also based on a consistent increase in volumes and prices, but also based on acquisitions. In the second quarter, we had two acquisitions in the medical laboratory testing services, which means that we had as many as eight acquisitions in the entire half of the year. They were pretty fragmented, but still, that is quite a number. Also, due to the National Health Fund regulatory changes, there was a bit of a slowdown for diagnostic imaging. We are waiting for the prices and the capitalization valuation of those companies to go down. So we just had one acquisition as a result. As far as B2B is concerned, we increased the Penta Hospitals contract value. This quarter was more difficult in terms of our activities in this still new segment of diagnostic imaging. As you know, there were limits introduced, and we stick to those limits as a rule. So we perform fewer diagnostic imaging tests. On the other hand, cancer patients undergoing follow-up treatment are now fully reimbursed for above-limit tests, so it is better than we expected, and it is pretty good. The service share, it is also growing, but we do not see it in quarter two yet as far as our performance, so we will see it later on. What is the most important for us is the fact that, and I would like to talk about it now. On the September 1st, 2026, a new management board CFO joined us. I have known him for years and years. He is highly experienced in the business. He worked for LUX MED, and he is widely known and well-respected, and widely respected. So I am very happy to see him in our ranks, joining our ranks with a little bit of a difficulty because his first name is the same as mine, so it can create quite a bit of confusion. But again, Jakub, welcome, and happy to see you with us, and the floor is over to you now. Yes. So we decided that I will be Jakub S., and the other one is Jakub T., so you can guess which one is which. I would like to take this opportunity, and this is a unique opportunity because I will not have it any longer because next up we will have another financial discussion and another conference call in three months. I will not do it again, so I would like to take this opportunity to introduce myself. We had known each other, as the CEO said, for quite some time, but this is a totally different thing for me to look at Diagnostyka from the outside as before and from the inside now. I am not an old dog yet, so to speak, but I have known Diagnostyka for quite a while, but now I can look at it closer. So I would like to say that Diagnostyka has strong structural trends that support its growth. Both from the inside and from the outside, they look very robust. The life of people is longer, which makes us very happy, but it also means that people will have more diseases. They will live longer, and they will need lifelong diseases as well, so chronic diseases. This means that they will need a lot of tests, both medical laboratory tests and diagnostic imaging. The awareness is growing. It is difficult to find some benefits and advantages of COVID. Still, when we look at data, especially concerning my previous business life, so to speak, COVID was a breakthrough in the moment when we, as a society, understood how important it is to be healthy, how important it is to take care of your health, so the spending is higher than before. Purely economically speaking, we do have a lot of space, obviously, to increase that spending versus the GDP. I always talk about Germany, for instance, which the spending is at more than 12% of the GDP. So we still have space to grow, and I think that it will be growing. The society is getting richer and richer. This is a stable, consistent trend, and the society and the patients, in general, have more and more money to spend on their health. So their expectations will be higher as well in terms of the comfort of our patients' lives. Structurally speaking, this is only obvious, and this is a positive contributor to our outlook, and this must be stated very strongly. While we remember that a lot of things happen, a lot of events take place, they are sometimes transitory. They can pose some opportunities for us which are transitory. But in the longer term, we are where we are, and our outlook is positive. Diagnostyka Group, in general, is an organization with very strong growth pillars and foundations. We have a well-diversified revenue. We have a couple of business lines that are really strong. We have a main, obviously, pillar and line, but we also have a number of contributing strong lines as well. We are upscaling therefore or expanding the whole palette or portfolio of our revenue sources. This is an organic growth. This is very important, but it is also improved or boosted by M&As, and they are planned for the future as well. I also see a very strong, robust cost discipline. I see that the budgets are meant to be followed up on and delivered, and the organization is focused on efficiency. I see that quite clearly. Last but not least, it is a very strong team, experienced team. It also includes new people, newcomers, that take the breath of fresh air from the outside. We have a number of interesting projects and ideas which will be delivered, and I am sure we will succeed because this is an organization that is hungry for success and an organization that is, simply speaking, ambitious. All of us here on Board, we are well of one thing, that the only thing that is constant is change. We will keep changing, and we will do our best to the benefit of our patients, of the patients. After a couple of days of my conversations with my colleagues, showed me that we will focus on synergies, and we are talking about cross-sectoral, cross-business line synergies in order to change efficiently, in order to be more effective. Those synergies will also mean that we will not duplicate any work. We will do our best not to have overlaps in order to be more efficient. Also, those synergies will apply to our patients, clients, so that they see a universe that Diagnostyka is, a universe where they can not only test their blood samples, but a universe that will offer them all the different types of medical tests. This is something we will focus on, and we will also focus on keeping touch with our patients on an ongoing basis, not only when they have a health problem, but we will stay in touch with them to make sure that they are on the right path, the path that will lead them to the good health condition. It is always better to prevent than to cure. Prevention is better than cure. We all know that. We also have certain areas for optimization, and this optimization will happen, hopefully, and I am sure it will. We will still have some space for new investments and new technologies in order to maintain those ongoing contacts with our patients to make us number 1 in this network in Poland, not only in terms of our products, but also in terms of our relations with our clients, patients. A couple of words about M&As, because I believe that is also interesting for all of you. I would like to repeat what my predecessor, the CEO, said. We will be more selective probably, but we will still look for interesting M&As. We do not close our thinking here. We will continue to be open in the search for interesting M&As strategically. I will now give the floor over to Bartosz Cieślicki, who will discuss the current situation. Thank you and good morning to all of you. The first thing I would like to talk about as an introduction is the fact that Diagnostyka Group, has the revenue from a medical laboratory testing at 94%, and 6% is attributed to diagnostic imaging. This is the image of the Diagnostyka Group as we speak. However, the share of diagnostic imaging is growing consistently, as you can see on the bar chart as well, from 1.5%- 6% right now. Moving on to our sales result in terms of revenues. We are talking about a strong growth in the second quarter. We accelerated this growth up to around 16%, as my predecessor said. I mean, my fore speaker said, mainly due to organic growth. In comparison with the quarter a year before, the revenue from contracts with customers went up dynamically and the medical laboratory testing also shown a double-digit growth dynamics. Therefore, we can talk about the figures of 14.5%. In terms of B2B and B2C, we will start with B2B. It went up due to volumes and average prices. That is for B2C. Well, B2B, the dynamics was higher at around 19% in the second quarter, year-on-year. The stronger dynamics for B2B resulted in the fact that this sales channel went up in terms of its share in total revenue, went up to over 64%. In the second quarter of 2025, you need to still remember that we had the 40 PLUS program in place. This program generated significant sales. If we eliminate that result from our data, then the dynamics would be even higher. In 2026, what we see is the increasing share of new preventive programs, so My Health program and the cervical cancer prevention program. From our perspective, the My Health program is different than the 40 PLUS program. Because in the previous program, Diagnostyka was in direct touch with the National Health Fund and also with the clients and the patients, and we also had direct contacts with the accounting at the National Health Fund. The My Health program is different because they are the doctors that are responsible for all that, and they send the results to us. Then we settle our payments and receivables based on contracts. Moving on to volumes. As the CEO said, the volume growth went up from 1% in the first quarter 2026 to over 4% in the second quarter. In both channels, this dynamic was similar in terms of the volumes for B2C, 4%, and around 4% in terms of growth and volumes in B2B. Moving back to the 40 PLUS program. In the second quarter of 2025, this program generated 2 million or around 2 million tests under the direct contract with the National Health Fund. But the preventive program for cervical cancer resulted in 100,000 tests. So the volume scale is much different. When we eliminate that data in the 40 PLUS program, the dynamic would be even higher again. We also look at higher volumes based on the My Health program. So we see higher volumes under the National Health Fund due to that program. As far as the price is concerned, the average price in MLT went up by around 10% to around PLN 14, PLN 14.2 to be more specific. In B2C, the growth dynamics was higher, which was due mainly to the change in the structure of tests. In this sector, what we see is an improvement of test mix towards more expensive tests. In terms of the average prices in B2C, the dynamics was lower than in B2B, but the mix had a lower share. So the main driver here are the increases in tests prices. Moving on to the structure of operating expenses. In the second quarter, we saw higher dynamics of operating expenses, which grew faster than our revenue. You have to remember that we undertook a lot of stabilization measures for the new ERP system that is SAP. We had, for instance, inventory checks across the board to verify material consumption. This meant that the cost of materials were unproportionately high, which also was reflected in the increase in operating expenses year-on-year. Therefore, we should look at a longer term to analyze this dynamic. For the entire half of the year, the dynamic was at 19.6%. This is still higher than the dynamics of sale or revenues in general, but this is due to the fact that we changed the structure of tests that we sell. In the structure, the share of tests which required those materials that have higher prices. Last year, we had anthropomorphic tests, which did require no such materials whatsoever. In, for instance, the program for cervical cancer, those tests are characterized by higher prices of materials than other standard tests. This is due to the change of our structure towards more expensive tests based on the material prices, and this is why our operating expenses grew. In addition, the reason was the fact that we keep launching new tests in our laboratories, instead of outsourcing specialist providers. Instead of paying for third-party services, we are increasing our own internal operating expenses. This will be reflected in the mix. The next cost line that's really important for us is employee benefits expense. They went up by about 15% in quarter two, which was mainly due to the salary hikes. As you know, Diagnostyka, in terms of its headcount and the structure of headcount, we are shifting towards medical positions, so the mandatory increases in the salaries are there. The 15% we're talking about is due to the salary increases which took place earlier. In July 2026, we also had to increase the salaries of our employees. The increase from last year was at 13%, but in 2026, the effect was at about 9% on our cost. Other reasons for higher employee benefits expense was the fact that we are increasing our headcounts. We also were listed in the stock market. Therefore, we needed to have additional positions in order to make sure that we provide the best services to our customers. This is why this expense grew as well. Yet another line where we see quite a dynamic in terms of growth and costs, raw materials and consumables use over 26%. We cannot pinpoint to a single reason for that, but the consolidation of DI companies was definitely a contributor to our operating expenses as well. The remaining costs are due to cost accumulation. For instance, costs of marketing projects in the second quarter, costs of consulting services or legal services. We also use cloud services, AI services quite a bit. Therefore, those costs are reflected in our cost lines as well. Let me go back to depreciation and amortization, because we talked about it a little bit, but the dynamic of depreciation and amortization is also higher in terms of its growth versus the growth of revenue. We need to, as I said, remember about the consolidation of DI companies. Had it not been for that, then this result would be comparable to the growth in revenue. Depreciation and amortization is going up due to mainly new leases. For instance, the lease of the SAP system, which was recognized as a lease in our accounts. Recurring EBITDA went up at 26% year-on-year. I'm sorry, 22.6% year-on-year, going up to PLN 154.4 million. The margin was at 22%. But the margin for the entire six months is more representative, and it was at 24.7%. If you look at the cost or if we go back to cost, then it's pretty obvious why the margin was at that level and the increases in our cost were discussed before on the previous slide. Moving down below recurring EBITDA, in addition to amortization and depreciation, we do not see any major changes in other lines in terms of finance, income, finance costs, or taxes. In terms of taxes, it is worthwhile to mention that the tax relief which improved our effective tax rate has not been recognized in 2026 yet. We do it once a year. We haven't recognized it yet. A net profit, as you can see on the slide, it came in at PLN 146 million or almost PLN 147 million in the entire half of the year. In terms of free EBITDA to free cash flow, as you can see on the next slide, we had a drop in free cash flow of 25% year-on-year. But this is mainly due to the changes in our working capital, the changes, especially increases of our receivables. The free cash flow that we had allowed us to finance CapEx and M&A, and that spending was at about PLN 49 million, which was lower year-on-year. But when we look at the numbers or the figures for the entire half of the year, the first half of the year, they are comparable in terms of the spending on M&As. We spent a little bit more on M&As in the first half and a little bit less on investments. But in terms of the details, we are increasing our investments in IT and also in DI companies. They are the main reasons for maintaining similar investment figures. In the second quarter, we also paid out dividend. We have mentioned it before, but we still have a lot of cash at about our available financing. I'm sorry, not cash, but available financing, which is at PLN 222 million for our strategic goals. As we said before, our net debt and working capital changed mainly on the back of our growth and receivables, and mainly due to the upscaling of our business. The increase was at PLN 102 million. But net working capital is at a similar level for the half of the year. In terms of the leverage went up a little bit, 2x. We still have up to 2x. We still believe that it is a safe level, which will allow dynamic growth. Net debt stood at PLN 1.2 billion, which meant that it went up for leases. I'm sorry, not leases, for our bank borrowings and for leases as well. As I said, this was impacted by new lease contracts, new blood collection points, SAP, and whatnot. On the last slide, we look at our predictions and the outlook for 2026 as an entire year. Our guidance is upheld. We do not change anything versus what we talked about before. We do not adjust our vision. We do not change our vision in terms of what we will see and for our main financial ratios and the projected performance by the end of the year. We will now move on to the Q&A session. We have a lot of questions concerning the SAP system. I will try to recapitulate them, summarize them. Can you estimate or quantify the weight of SAP in terms of material consumption in the second quarter? On the back of SAP implementation and SAP use, do you expect any extra costs in the second half of the year? We also have a lot of questions about how and when can we expect the savings on the implementation or as a result of the implementation of SAP. So the cost of materials first, how much do they represent? From our perspective, there is no difference because we recognize the costs for our tests mainly. So the costs of SAP itself, they are not there. But SAP as a system obviously impacts that cost line because we need to have the inventory movements, and thanks to SAP, we generate those movements. This is a well-thought concept. It makes us more efficient in terms of the bills of materials. So SAP did not increase our costs, but we did have some temporary problems with the recognition of those costs, and this is why the second quarter was affected by it so strongly. But in the entire first half of the year, as far as we know, those costs are at a level which are tantamount or which are reflected in the volumes of sales and revenue as well. The second question was whether we expect any other such costs in the second half of the year on the back of SAP implementation. The implementation of that system is not a short-term cost or a process. So we did have cost optimizations, which we had to make in order to improve our efficiency. It is not that we have achieved full functionality yet, so we do not exclude some additional costs on that in the second half of the year. But our idea behind the implementation was SAP and our rationale was optimization. As Bartosz has said, we have not yet completed that process. We are still in the midst of that implementation. But what I do hope, and I know, that the implementation will translate into permanent digitalization and automation of all the processes. So at the end of the day, it is the back-office side. The next question concerns preventive programs, whether or not you can estimate the impact of those programs, so My Health Program and the Cervical Cancer Program, on your performance, and what is your estimation and the outlook for those programs in the second half of the year. As far as the Cervical Cancer Prevention Program, as I said, we are talking about 120,000 tests, about PLN 12 million in revenues. As for Moje Zdrowie program, this is a program that is designed in a different way than the 40 PLUS prevention program. In that previous program, we knew very well how many tests we had, what kind of revenues we had. This was based on our contract with the National Health Fund. In that new program, this is based on the settlements with the doctors, with the medical professionals based on B2B contracts. Therefore, we cannot give you the exact figures, even ballpark, because we do not have the data that is sufficiently reliable to give you based on that. It is difficult to pinpoint those figures. The question about salary hikes and how it will impact your price policy. If so, to which extent you can expect that this will increase the prices of tests in the second half of the year with a breakdown versus B2B and B2C prices. We talked about 9%, which was our estimate. How this will be reflected in our prices? We are analyzing it as we speak. We are looking for the room that we have for any price increases. We do plan to increase our prices mainly for B2C by the end of the year. Maybe not to the extent that would reflect the other trends, but this is something that we are planning in the short term. In the longer term, our price strategy will, I believe, be driven quite strongly by the hikes that we are observing, by the salary hikes that we need to respect. The next question concerns recurring EBITDA. In the first half of the year, you reported 24.7%. What is the outlook for the second half of the year, and how it fits with your plans? As Bartosz said, we are at a stage right now where we do not see any signals which would actually make us change our guidance. I believe that the recurring EBITDA margin will be close to or similar to what we saw last year. The next question on the relation between the volumes and the growth of prices. What do you expect? I believe this question was answered a little bit before, but to answer that question more specifically, we need to break it down into B2B and B2C. In B2B, we had a high base, so 2025. On the other hand, we have the Moje Zdrowie, My Health program. It started back then in 2025, so maybe we are looking at a growth in terms of the dynamic growth of B2B. On the other hand, we need to remember what we saw in the second quarter. I believe that we will maintain that dynamic. So the guidance is still upheld. So single digits for the growth until the end of the year, as we said in the guidance. The next question concerns your DI area, or a couple of questions, actually. What is the above the limit test share? So how much do you actually perform above the limit that is specified in the contract with the National Health Fund? Also, what do you expect in terms of the profitability of your DI activity in this year, and what is your opinion, approach to that segment in general? Maybe a couple of words about DI. As Bartosz said before, we are talking about the share of about 6% in total. But since it grew from 1.5%- 6% over a couple of quarters, then you can clearly see that its importance is growing and will be growing. It will become, and it is becoming, a major part, an important part of our business. As far as your question about the above limit tests is between 5%- 10%, and this is well thought out. It is manageable. It is not accidental. It's not something that we do by accident or because it was necessary, we didn't expect it. No, this is manageable. We manage it quite consistently. We also undertook quite a bit of synergy measures in both short term and long term in order to make sure that our patients are well cared for, so that they don't have to wait too much for those tests. In terms of profitability, as Bartosz said, or as Michał said also, we cannot give you any specific figures. On the one hand, the National Health Fund means that we'll have lower volumes, but on the other hand, we will have FFS revenues. We will activate them. In addition to top line, we also have the cost issue, and we expect that we will have lower cost pressures in terms of salary increases from the medical practitioners, from the technicians who also work in diagnostic imaging. There are a couple of initiatives as well in the pipeline planned for the nearest future. For instance, intensification of clinical trials. All these measures should guarantee stabilization of risk and, on the other hand, should give us more opportunities and a lower cost pressure. I believe that we have overcome this destabilization periods. April, May, that was a breakthrough period for us as well. The worst case scenario, we have handled them, and then we were able to move to a more consistent performance and stabilize it, and also tap into synergies. A question on working capital. What is the reason for such increase in receivables? What are your expectations for your working capital and receivables figures for the second half of the year? I believe that this level has stabilized quarter- on- quarter. But we do see a noticeable increase in receivables, also on the back of higher sales. This is something that we control. We do see, however, a certain temporary problems with the financing of our business partners. This is why the receivables figure went up. But we are working on it with our partners as usual. Our revenue, to a large extent, comes from the public sector. So rest assured, the quality of that kind of receivables is really good. Also we have write-downs in order to account for that revenue trend. So we believe that it will stabilize in the second half of the year. What is your assessment of the current competitive pressure in the MLT segment, and what are your expectations for the second half of the year? In terms of competition, I believe that the situation is pretty stable. It has not changed. Our main competitor, ALAB, is growing in parallel with Diagnostyka. They don't report any margins, but since day one, they have been our strongest competitor. Synevo is not very active right now and we also have local competitors. We've always had them, so we don't see any major changes in the competitive landscape. Obviously, there were questions about LUX MED Laboratories. We are in touch with LUX MED. We know that those laboratories will not be open this year, so they will have no impact on our competitive position this year or at the beginning of 2027. I believe that the situation in the competitive landscape is stable. Nothing has changed really. We still have some time for the last two questions. First of all, was the purchase or acquisition of AidPort a one-off event or maybe we can expect similar acquisitions in this area anytime soon? Yes, we have not mentioned it during the presentation because this will be discussed in the third quarter. But this acquisition is something that we are really proud of, because we have entered thereby a new segment. On the one hand, it is very innovative and this innovation is increasing, and I believe that due to the development of AI, this market will grow even further. Poland is one of the main players in that market, and we have a good image as a country where we perform fantastic clinical trials. We also established a partnership with our colleague, a doctor, medical practitioner, which had sold us his privately owned company before. He handles clinical trials for us, and he remained a shareholder in that company. We want to create a whole network of clinical trials in Poland together. This is a new company that was established two or three years ago, but it already reported solid revenue and generated a positive EBITDA. Looking at the revenue across the board for the entire group, this is not a huge figure as far as their contribution to our results. However, this is one of the strategic steps that we have made, and maybe based on that, we will be able to move into foreign markets because there are not that many companies out there that offer so many different types of tests. Histopathological, genetic, medical diagnostic imaging and whatnot. Anything we do via AidPort could be proposed to pharmaceutical companies also outside of Poland. As a result, AidPort and Diagnostyka can be considered as a center of the entire diagnostic portfolio for clinical trials. This is our plan in order to grow. We are thinking about creating a whole network for diagnostic trials. The last question, whether you see any room for further automation, reducing costs in laboratories, and also reducing the number of laboratories. The second part of this question, how will you expand your network of blood or specimen collection points? Right now, we have about 1,300 of them. Do you expect an increase, and what kind of increase do you expect? In terms of laboratories, we have laboratories that are state-of-the-art technologies, and the automation process actually is trickled down from large laboratories to medium-sized laboratories. In Gdynia, as an investment company, DIAG INVEST, we bought real estate, a facility where we will use it as a laboratory center for clinical trials for histopathological tests and also diagnostic imaging tests. This will give us a lot of synergies up north in the northern part of the country. We see optimization potential. It is out there. The opportunities are out there. This is one of the effects of our cooperation with Jakub T., so our new CFO. We studied these potential areas, and this is also about the automation and AI-based technologies. As far as sample collection points are concerned, we will establish new points in more favorable areas. We also have a new person employed as a customer experience director. This is a very experienced person, and I'm very proud that we recruited that person because it is a person that works really, really hard and is very efficient. The number of blood or sample collection points will increase, just as it had increased before, around 50 per year. This is due to competitive pressures, obviously, because when we open new blood or sample collection points, we have to remember about our competitors. We don't want to cannibalize that market. Since we want to start the new strong campaign, Profilaktyka Plus, at the end of this year and beginning of next year. Definitely, we still have CapEx for new, better, prettier blood collection points. It's not that we will open hundreds and hundreds of new collection points every year because the market is already saturated. We're talking about the level of 50 new collection points per year. Thank you very much for your questions. If you have any further questions, please contact our investment relation department.
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