Ladies and gentlemen, good afternoon. This is Enea conference and Lubelski Węgiel Bogdanka. We are going to present the performance of the group in the first half of the year 2025. Now I'd like to welcome all of the journalists, analysts, and representatives of Enea Group, especially Management Boards. Also, ladies and gentlemen, welcome to all of you following us online. The hosts of this meeting will be Grzegorz Kinelski, CEO of Enea Group, Bartosz Krysta, Vice CEO for Commercial Affairs, Marek Lenart, Vice President for Financial Affairs, and Artur Wasilewski, Deputy Minister for Financial Affairs at Lubelski Węgiel Bogdanka. Now, traditionally, this meeting will be composed of three parts. In the first one, we will present financial results and discuss them in detail. In the second part, we will watch a film. This time, this will be an Enea Operator movie. In the third part, we will have a Q&A session. Now, without further ado, let's move on to discuss financial details. I'm passing the floor to Mr. Chmielewski. Good afternoon, ladies and gentlemen. It's still the holiday period, so not everyone is present here, but let me assure you that the people who are missing here are watching us online. Behind us, half of the year that was marked by some intense activities. The proof of that are our financial results. We see financial results representing different areas of our activity that mark a huge improvement, and this is very satisfactory. With these results, step by step, we can successfully go on the path of energy transition. With this, we have stability required for further steps. Also, our regeneration park in renewables has been continuously developed. This is one of the most important purposes we have right now. We are very consequent about developing decarbonization of the heating sector. We invest in modern distribution, which you have surely noted looking at our press notes. The first six months of that year also were a time of very key decision-making. We started some projects that strengthen our market position, long-term ones. A success story is the post-auction trading for power. It's the Capacity Market where we are able to contract over 2 GW of the obligation to trading. With this, we can have a new agreement with the contractor for two low-emission gas blocks in Kozienice. We started the strategic investment at full speed. We started preparing a similar investment in power plant Połaniec. I'm sure you read the announced tender for that particular project. The capacity auction in December, we want to be present there as well. Now, let's have a look at distribution. This year, we received a lot of funds from the Recovery and Resilience Plan, and this agreement amounts to PLN 9 billion in order to accelerate modernization and digitization. This is with respect to Enea Operator. Also, we are strengthening our green products offering, modern products aimed at customers. This is the case both for Enea Operator and Enea Obrót trading. Moreover, we've been improving our service standards with digital projects. We want our customers to have convenient access to our services. I'm sure this is appreciated by customers. Now, ahead of us, quite a lot of challenges and opportunities at the same time. We want to step by step build a strong, resilient group, just like we have assumed in our strategy and long-term plans. I'd like to thank all of you for attending this conference. Thank you for being interested in our business and our activities. Now, I will move on to sum up in detail our performance. I hope my colleague will be so kind as to help me with the presentation. I'm moving on to the slides. Ladies and gentlemen, welcome again. Now, some highlights with respect to the market environment. We can recap the first half of the year. The market was quite stable. Both the prices on the forward market with the base load for 2026 and the spot market have been characterized by a high rate of stability and kind of a trend that neither goes up nor down. The prices went up a little bit as compared to quarter one, which is the reason for that is the prices of CO2 allowances. That went up. Now, please pay attention to the spot market quotations. The price is about PLN 380 to PLN 400. This is marked by a high price volatility, which you can see very well on the charts that I'm just showing. In the first months of the year, we saw a huge volatility. The prices even were negative at some times, and they went up to over PLN 1,000. We saw a little downward trend on the coal market. Now, let's have a look at spreads. This is the unit margin with respect to generation, both on the gas and the coal markets. For Clean Dark Spread, we've seen for a long time already some negative values when it comes to the base load. For gas, it's over PLN 10. It oscillates for the base load around zero. At this point, the spread is positive. From the viewpoint of the financial data, one could say that the market has been a bit tougher. Still, we were able to keep up some robust financial results. The drop in the revenues is the consequence of the drop in electricity prices, and we've been observing that phenomenon for three years now. EBITDA for the first quarter is at the same level as last year. In the second quarter, it was a bit worse than last year. In Q1, we had a one-off event in Bogdanka, PLN 145 million of damages that impacted the results. Also, the revenue drop and better data gave us a better EBITDA margin. This net result is, you can see that on the right-hand side on the slide. We see here a little bit worse EBITDA. If you look at LTM last year, it was PLN 7.5 billion and it's PLN 6.7 billion. At the same time, the debt rate is much lower, both the one booked in the books and the economic one. With respect to CO2 payments, both of these parameters have been quite improved. What drove these good results in terms of EBITDA? Mining. The result is like it was last year, plus the one-off event +PLN 140 million. We will dwell in detail on it in a moment. Generation is worse than it was last year, but we had been announcing that. Distribution has been stable. We keep investing in that leg, and we see great return in our assets and investments. Trade, after many years of being almost non-existent, we are coming back to the right level of profitability. Remaining activity, now a short comment. Last year, the price list of our shared service center was higher. Then they were adjusted at the end of the year, and this led to the deviation that you can see here. It's not business-driven, you could say. Let me now share some more details in terms of generation. In the first six months, balancing services market was installed. Starting from June 14 until the end of June last year, the results were quite high, and the prices were high because the market was just beginning to get stable. We would generate revenues for half of the year, not just some weeks. That really impacted the results. A repetitive resale of energy on the market. Here we can take advantage of price differences, not like it was one year ago, but still. Also, foreign exchange rate differences that we used for, we used euro for hedging of many transactions, and euro was more expensive. Looking at mining, we will see more detail in a moment from Artur. Now, generation in -PLN 600 million. This is the drop in the results, which is driven by dropping energy prices. That affected all of our segments, both conventional, biomass, coal firing, and renewables. A better result was posted with respect to heating in the same period. Looking at distribution, WACC was at a bit high level that year. Also, the value of assets, first time this year, we have a return on investments. One third of that is being remunerated just like we agreed with the Polish energy regulator. What I said in the beginning, the level of regulation is not so tough. Looking at the rate of our trade, the value of transactions, the margin could be described as reasonable. This is the perspective after quarter two. You can read more about that in detail in your handouts. I guess I'm not going to dwell on that. All in all, it was quite similar. Generation of energy in quarter two is quite different than it was in Q1 due to repurchasing. Also, balancing market showed different tendencies. Foreign exchange rates differences were smaller because the euro value went up. This quotation was different than it was one or two years ago. In terms of mining, distribution, generation, and trade, all these areas in Q2 showed a similar trend, except for the one-off event which I mentioned in the first month of the year. Looking at the cash flows, the situation is quite along the lines with our forecasts. We had a huge tax refund, which you can see on the chart, that impacted very positively our cash flows. Capital investment expenditures, they are following the plan that we set out. We already spent half of what we wanted to spend in the first six months. This is in line with our long-term policy. We don't want to spend those investment expenditures at the end of the year, but rather we want them to be evenly split across the year. From the viewpoint of operating capital, we decreased our inventories and the negative prices of energy have an influence on liabilities and receivables, but all in all, it has a positive impact on the cash flows. CO2 settlements, as you can see, it encompasses two parts. First of all, we had to pay for CO2 emission allowances last year, but at the same time, we need to think about the payment that is yet to be made depending on, we don't know yet the actual amount in currency yet, but we are calculating that as something that is already included in our energy efficiency rate. Oh, and one more important point, remaining activities, we have a cash deficit that actually is impacted negatively for a moment. The cash flows, but that money is there and it's working for the company. Now, ladies and gentlemen, before I move on to discuss Bogdanka results, some words about the market environment. As you can see, the generation went down. You can see here by about 10%. 10% less coal was produced that year as compared to the previous one. Imports have been quite stable, 2.5 million tons. If you look at the world indexes, ARA and FOB, starting from the outbreak of the war, we saw a very high volatility in the prices, but the prices went stable last year and this year. The tendency all in all is negative. It's about $115, so that's the price which is quite balanced, I would say. Looking at the Polish energy sector, traditionally, I like to say that we always have a bit of a delay. We've had some long-term agreements in place with recipients, so the prices were quite stable. There was a huge drop last year. The price went down to 22 per GJ, and now we saw an adjustment of about 20%, but now the prices again are quite stable, amounting to about PLN 16 złotych per gigajoule. Now I will move on to discuss Bogdanka's results. In terms of operating results, we have increased by 10% both production and sales, and this is compliant with our assumptions and forecasts. As you can see, we have sold all of our stocks at the end of June. This was one production day with a capacity of 30,000 tons when we have four long walls in operation. The drop in prices on the Polish market that I mentioned, in spite of higher volume of sales, did not mitigate the drop in prices, but the revenues are lower by 10%, and the net result in the first half of last year, the assets were updated. There was a write-off of PLN 2.5 billion, PLN 950 million net result. This year, because two periods have one-offs, last year it was a write-off of fixed assets. As Marek mentioned, in January, we got compensation of PLN 145 million. If we took away the one-offs, we had PLN 40 million - PLN 140 million this year, so 3x higher in terms of net result. A bit down. It does not include impairment, but if you take off the one-off in January, we get PLN 264 million. The waterfall, which is the impact of individual factors, a big drop in prices, harming a bit to the tune of PLN 300 million. It was mitigated entirely with the volume, but also working on the costs. We did our job here, and we got a result analogous to last year. If you add the one-off, the result is PLN 408 million. Thank you very much. Ladies and gentlemen, with regard to generation, and the data for the first six months of this year, as was already mentioned, you can see drops in terms of results. In spite of very similar sales and production volumes, we have a drop of EBITDA margin. This is mainly due to lower prices of electricity, but also lower revenues, lower spreads, repurchase, lower volumes that are being repurchased, and poorer results on balancing services. That means that revenues from the services are 20%-25% lower than last year. EBITDA after six months is PLN 1 billion. In In the same period of last year, it was PLN 1.6 billion. We are producing quite a lot. In Połaniec power plant, we are producing well above plan. In terms of Kozienice power plant, it's also above, but not much in terms of percentages, 2%-3% above the plan. Let's now move to the renewable energy segment. Here we have some 10% of increased capacity, increased production from renewables. We've seen a lot of additions in terms of winds, over 50%. I will tell you more in a moment. I'll remind you of our acquisitions and the structure of our portfolio. Small growth in terms of volume. It doesn't also% in terms of production of energy from PV farms. Unfortunately, a big drop in production from hydropower plants. This is related to the hydrological situation in the country. The most advanced projects that we currently have is some 42 MW of capacity in PV, photovoltaics. Four projects. One is wind, three are PV. They will be commissioned this year. They will be added to the grid. Some of them are already being connected. Other more advanced include three projects, 17 MW, PV, Lipinek, Szczecin, Ostrowie. The connection should happen at the turn of the year. In terms of photovoltaic farms, we have growth in the first half of 2025 compared to the similar period of last year. At the end of 2025, we are planning to have some 95 MW in photovoltaic farms. In terms of wind farms, a big growth, 196 MW compared to the first half of 2024. These are acquisitions that we have completed, but also the connection, electrification, and launching of the BAST wind farm. Here you can see in more detail our projects. Let me remind you that in March, we purchased six wind farms. It was the Zafiros project, 83 MW installed capacity in April. One very big farm, 16 turbines, 83.2 in Pelplin wind farm. The Sky project, four wind farms, one farm is already operational. The others will commence electrification in 2026. Some information about energy storage. We always mention this. We currently have the most advanced projects. Most of them are projects that have connection conditions. We are getting ready for contracting procedures, both for devices and construction. 983 MW, the number is going to grow. Our ambitions go well above 2 GW until 2030. To mention just a few of the most advanced projects, 42 MW will be completed next year. Some 300 MW in 2027. The biggest part, 640 MW, including two energy stores next to power plants in Kozienice and Połaniec. We expect this to be concluded by 2028. We have a very broad pipeline in terms of energy storage, over 30 projects. These are mostly issues that are medium voltage or hybrid solutions where we combine energy storage with photovoltaic farms. These projects are now waiting for the terms of connection. It's a matter of months, it appears. They will also be linked to advanced development work next year. From the point of view of distribution, the situation is stable, just like in the first quarter. Distribution is linked to the tariff for a given year. If the tariff is constructed well, the results simply follow and any deviation is possible in relation to volume. In distribution, results are not built on the regulated value of assets or WACC. We are showing you the regulated value of assets and WACC. The values are much higher than last year. We have this additional parameter, one third of the investments this year. This is also recognized in the tariff and that impacts on our results. What is also interesting is at the bottom to the left, related to volumes. Here you can see the energy transition, particularly for G customers, small business customers. You see more and more own production. As a result, there is no growth in terms of energy consumption in this group, which translates to the overall consumption of energy in the area for which our operator is responsible. You can see that also in the parameters, the connected capacity to our distribution network, over 8 GW right now. In the first half, it was 7.9 GW. So much capacity from renewables was connected to the network of our operator. It was 2.1 x more than the peak demand that we have recorded in our network. Altogether, it's almost 200,000 sources, growth 691 MW in the first six months of the year. Queued are more investments, 4.6 GW. We have contracts for connection and 1.4 terms of connection that we're going to implement in the coming months and years. This is a map that we have shown you during the last results conference. We want to keep reminding you of this so that as many generators, producers benefit, so that prosumers can take a look whether there is space to add the source to the grid. On the left, you can see a map that shows you the renewable sources compared to demand in a given area. This is split into power counties. There are power counties where renewable capacity is 0.1. This is the capacity compared to peak demand, is 0.1. There are areas where it's almost 17, so 17x more connected capacity than the peak demand in a given area. On the right side, you see a map with our GPZ. You can see where you can get connected to a medium voltage grid. There's less and less. These are areas where it's not possible to build renewables. From the point of view of our system, renewable prosumers have used the potential of our network to the maximum. We're currently focusing on increasing the capacity. 13 giga, 1,000 applications are on our desks. That's going beyond what I mentioned, the ones where we have signed contracts for connecting. Another parameter that we would like to show you in terms of distribution is the time when customers are not able to benefit from energy, SAIDI, and the number of interruptions during the year, SAIFI. Here, two types of graphs. The one on the left is the total, including catastrophic events, when parts of our network go down because the wind is too strong, and some catastrophic events being eliminated. This is cleaned up, SAIDI and SAIFI. You can see that we are improving the parameters from period to period, even though we're implementing more and more investments, so planned interruptions. In terms of the transition of distribution, we're currently talking to the regulator about our plan for the years 2026 to 2031. We are adding more investments, managing big projects that improve the reliability and quality of our grid, but offer new opportunities to connect new sources. We also talked about it. We have contracted high voltage to medium voltage transformers. This is very important because the supply of such machinery is limited, and it allows us to better plan our investments until 2028. TETRA, this is a communications system which is working in Tauron, Energa, and we're using the same technology and implementing these solutions in our company. We've speeded up the project very much. We have selected the technology supplier. We're working on the masts. This year and next year, a very significant area of our operation will be covered by TETRA. Our technicians will be able to bring back power in case of failure. Now, financing. You often ask questions on how we are planning to finance our investments worth over PLN 40 billion until 2030. Here I come with the answers. The first thing that happened that year is PLN 9.3 billion from the Recovery and Resilience Plan. This was mentioned before. We want to expand that amount of money. Recently, Tauron communicated a message in that respect, and we are also following suit. We hope that there will be additional expenditure that will be comparable to the expenditures that Tauron is planning to spend. We hope to achieve similar funds. At the same time, we are active in other areas where there is money to be spent. We have submitted our bids in the REPowerEU scheme, AFIR, and REPowerEU for rural networks. That's money amounting to PLN 4.2 billion. That looks like a great opportunity. This is what we are going to use next year. These will be subsidies to our investments. Finally, Phoenix program. The call has not been organized yet, so we are yet to submit our proposal. Now a recap of transition. 7.9 GW, that's the new renewable sources connected to the grid. New contracts and new connection conditions have been issued for almost 6 GW. We have more and more applications, which amount to 9.4 GW. The transition is going on full speed. From our viewpoint, looking at the limited possibilities to add new sources, we want to compensate that by more flexibility. We are searching for options to purchase energy and distribution at cheaper rates by customers. They should buy when there is a lot of energy on the market. When there is just too much, there is an excess of energy in the grid. For that end, we've suggested some incentives. It's active power supply over the contractual terms. The same now is being offered for passive power. Apart from that, there are many other measures we've taken to increase flexibility in the grid. Also, looking at the highlights from the viewpoint of consumers, first of all, it's the new tariffs that have been approved by the regulator, ECO, ACTIV, and PEŁNIK. These are new three tariffs. Now, let me briefly discuss these tariffs. ECO is a two-zone tariff. There are two different zones split into two different periods in the year, summer and winter. This is driven by the type of energy production. In the summer, it's different because a lot of PV energy is in the grid. These two zones have been set differently. In our approach, those customers that wish to be part of the ECO tariff, to be greener, to pay less for energy, but also to support the energy system, we want them to consume energy at times when there is a lot of energy in the grid. That's for active customers. For those that want to be even more proactive in terms of environmental protection and who are ready to adjust their behavior, we have an ACTIV tariff. This is composed of 12 different periods and three zones where there is excess of energy, a lot of PV sources, neutral. Based on that, we came up with this ACTIV tariff. Those customers that can use energy at times when energy is in high supply, they can pay the cheapest. I think energy traders, energy sellers will follow suit and will come up with some other products to increase that incentive. The third tariff is called PEŁNIK, the certain tariff. You can see here some pictures. They will be added to your handouts. This is three tariffs that are compared here. These are tariffs for SMEs. The point is to incentivize customers to increase their offtake until a certain level. Until that level, the fee will be quite stable. The variable aspect will only cost PLN 0.01. All the customers whose monthly consumption goes until a certain level will know exactly how much they will pay for distribution. If they consume more, the excess amount will be settled in accordance with the current G tariff. Obviously, you can use the tariff as long as you consume a given amount of energy, and that fixed fee will be higher. The C tariff works in a similar way, but the relevant parameters are higher. In terms of trade, I think we can talk about a huge drop in revenues from that activity. That revenue drop amounts to 30%. This is related with lower sales prices, both in wholesale and some retail prices. Yet, at the same time, we have a huge growth in EBITDA margin, PLN 417 million in sales, in trade, PLN 413 million in retail sales. This is fueled mainly by the fact that, as I said recently, this year we are compensating for what we lost in 2024. We reduced the tariff starting from July last year. We have also reconfigured our portfolio. Right now, we are more focused on high-margin customers. A lot of emphasis has been put on that, and it's going really well. In terms of volumes, the volumes are a bit lower, but please remember that's just the first six months of the year. The sale should be at a very similar level. We want to keep up the same volume in terms of our portfolio so that it guarantees stability and proper balancing of our generation portfolio. We have been selling very intensely our green products. As I said, it is our goal to sell green energy to end customers, all of it. We want to sell more, and we want to acquire contracts also from other local renewable generators. We sold over 440 GW hours of energy to households. Over 500 GW hours were sold to businesses. Mostly, these are individual customers. At the same time, we started approaching customers very actively in terms of selling green energy. Now, September to December is a period where we normally contract highest volumes of green energy in the market. Let me just mention some of the major contracts we've been able to acquire. Mainly, this is tenders, Aquanet and the University of Warsaw. Here, we talk about huge volumes, all of them over 100 GW hours. In the case of MPK, it's 217. Grupa Boryszew, Grupa Azoty. We have also an internal contract with Bogdanka. Contracting is on a good way, along with the plan and the guidelines that we've set. Apart from those direct business measures aimed at boosting sales, we've been taking a lot of other measures. I'd like to stress how active our sales department has been to help SMEs. You may recall that we run huge information campaigns, including individual correspondence and telephone contacts to customers, asking them to submit relevant declarations so that they can protect themselves against an increase of energy prices. This was supposed to be done in order to use that freezing of energy prices mechanism. We've been very active there. That actually was happening in the first six months of the year. That also translates into other activities, such as quality tools. One of them is an app. We've developed an app to keep boosting our portfolio and stress the green energy. Now, Enea ECO, that's a small company that we never ignore because we want that company to develop smoothly. Let me mention a couple of comments about Enea ECO. We submitted a CPPA contract offering dedicated to huge consumers of green energy. We've been active to foster such cooperation for many months. Right now, we have over 100 active customers. These customers have purchased an energy audit, consultancy, all of the services dedicated and aimed at boosting savings. Apart from that, PV solutions have been prepared, tailor-made to the needs of customers. They actually are the result of audits that we carried out. We carry out audits, and then we come up with some guidelines or some proposals. I must say that that segment has been developing very well. We continue offering new knowledge, information, and assistance to customers. We want to help them search for energy savings, improve their energy consumption profiles, and we also want to continue in the same spirit. This is about energy efficiency, energy savings. We want that ambition to be realized in the whole group. The core project here is a special tech tool that will help Enea ECO sell its service called Energy Management. It's about managing energy consumption. It's about energy control. It's about driving savings. At the moment, we are choosing a vendor. Together with the vendor, we will build this new tool. In addition, also very important from our point of view is the transformation of customer service. This is very important to us, but also very difficult. We're facing something that has to be very simple, user-friendly, efficient, but cannot cost too much, considering how much we can transfer in the tariff in terms of costs of service. We're focusing on the remote services. The remote channel is used by many customers. We are working and developing management, not just contracting, but also management of contracts will be carried out electronically by e-BOK, e-contracts. By the end of the year, we will introduce this opportunity to all customers. Next year, you will be able to do that through a mobile app. All parameters of changing contracts, contract management, concluding new contracts will be possible electronically. Several months ago, we have revamped our website to a more intuitive, clearer, simpler. We have a number of advanced projects. 30% of customer service is being taken over by chatbots and voice bots, but these are simple solutions. Right now, we are working with two solutions. This is at a stage of proof of concept. We'll be working further in Q4. These are very smart solutions, voice bots, chatbots, with a very good understanding of customers' intentions. These are no longer simple algorithms. We will be introducing AI as an assistance in customer service. From the point of view of investment outlays, we are close to our target. Two differences. We wanted to pay for all of acquisitions. We showed you that before. A part of one acquisition will be concluded next year. That's one deviation, and we'll be paying next year. Also, in conventional generation, we have a difference. It's not critical. The project is just financed. The key project, greening of the unit in Połaniec, they have to be able to co-incinerate biomass. This project is underway. We are maintaining our investment plan, PLN 7.9 billion. Maybe minor movements will be done in relation to our own renewables projects. More projects will be delivered next year. Looking at the pie chart on the execution of plan for 2025, we will deliver. The plan will be more balanced, 1/3 distribution, 1/3 renewables, and one-third generation from conventional sources. With regard to the power market, I'd like to deliver a conclusion. On the 17th of July, during the post-auction trading for 2029, we have contracted 2,024 MW of power, 806 for four units in Połaniec, and 1,218 for the construction of two new units, gas-powered units, CCGT, in Kozienice. I wanted to emphasize that this is a major success and a very significant financial support that helps us implement these investments. We have contracted over PLN 13 billion for 2,000 MW for existing units that are upgraded and for two new gas-powered units. At the moment, from the point of view of a balance sheet in terms of the power market, we have contracted until 2035, 11th unit in Kozienice, by 2033, four units in Połaniec. A new investment, which will launch in 2029. For the period 2026-2028, of course, we have contracted units 2 - 7. These are units which will be ready in a moment. The investment progress is 95% at the beginning of October. All units 2 to 7 will be ready for co-incineration of biomass so that we can cut the emissions to 550 kilograms per megawatt hour. In terms of the gas investment in Kozienice, as I mentioned, we have contracted a contract for 17 years for PLN 534.09. That's PLN 11 billion over the years. We have signed the contract. You could say that we have invested in the project underway. Talen Energy will be the contractor using GE Vernova technology. What is relevant? This is a very big investment, two gas-powered units. We have 75% of local content. This is a tested solution in terms of equipment for the units and the commitment of people and technologies during construction. Unit 1 is to be operational by the 31st of March 2029, and Unit 2, three months later. The value of the contract is PLN 6.378 billion. This is an EPC contract. The value of the LTSA contract is PLN 170.09 million. That's a contract with General Electric. As you can see, we are also focusing on customers. We are focusing on customers in terms of improvements. We want to improve their experience. We want to meet their expectations in terms of our commitment, our investments, our social involvement, and management, cutting costs, trying to be a more environmentally friendly company. We're not just talking, we're doing, and we are consistently working in line with our sustainable development goals that are part of our strategy. The group is aiming to achieve sustainable development by decommissioning coal-powered units. We are moving towards coincineration. We're greening these units, so they will be compliant soon. Development of renewables, that's also one of the ways of achieving a green status and staying in the market of producers and the energy market as the provider of energy, not just seller. We are building infrastructure in distribution. We are seeing competitive products, and they are no longer green products by name. They are actual products that customers can benefit from. They can use both with passive and active power. They can use the differences that are available in the market. Of course, in terms of improving efficiency of infrastructure, our own infrastructure, we are focusing on cost cutting, and that's relevant both for Bogdanka and the group. We are limiting, reducing operating costs month on month to be ready for the big investments that lie ahead of us and the flows that we will have to carry out to meet the energy transition goals. In terms of circular economy development, all of our investments are environmentally friendly, and we are developing them. Contribute to circular economy and the reduction of emissions is also a target that is in line with energy transition goals. In terms of our achievements, successes in energy transition, from the area of energy security, we have mentioned the fact that we are building the gas-powered units in Kozienice. We're working on adjusting Połaniec. We've won the auction. We're greening the units. It's not an easy investment, but we care very much about it in order to be able to continue delivering the energy that is so much needed by the grid. We will have regulated energy supply. Climate protection, this is the apple in our minds, the acquisitions of wind farms. We have presented the project to you already, but we're also building photovoltaic farms, and we are hybridizing PV farms. This will certainly be useful to boost our efficiency. In terms of the competitiveness of the economy, I think we are focusing here on using resources from the Recovery and Resilience Plan, the long-term loans that we are obtaining, but we're also focusing on issuing our corporate bonds in the market. We have already issued some bonds. We're focusing on parameters such as SAIDI and SAIFI. This is something very important for customers. Enea ECO, this is something that we're starting to sell with a lot of success. We're looking after our customers. We're putting customers first, and that is clearly visible and is going to grow. I would also like to thank all our staff from our companies, from Enea, to all the staff members for the results that we have achieved in the first six months, for their hard work, for the results of the projects that we have completed and which are still underway, and for being optimistic, energetic, and for their positive outlook. Thank you very much for the presentation and the detailed discussion of our results for the first half of 2025. Enea Operator, when the needs of our customers are changing and in light of the challenges, has introduced new tariffs. CEO Marek Lenart mentioned the existence of these tariffs during the presentation, but I'd like to show you in more detail what the ACTIV tariff is like. Enea Operator presents ACTIV e-tariff for distribution services for medium and large companies, small companies, and individual customers. A product that enables you to react to volatile energy and prices. Prices of energy in the market depend on supply and demand. There are peak periods and supply periods. You need to be flexible, flexible, able to react. The ACTIV tariff for distribution services introduced by Enea Operator does not require you to monitor continuously the prices of energy. It splits 24 hours into three moments: recommended offtake when there is a lot of energy, neutral zone, and restricted zone when the network is working at its peak. It enables you to optimize cost and support green energy. Let's take a look at the ACTIV tariff, analyzing an example for July. Recommended consumption 9:00 A.M. to 5:00 P.M. Restrict use between 6:00 A.M. and 9:00 A.M. and between 6:00 P.M. and 11:00 P.M. The neutral zone is between 5:00 P.M. and 6:00 P.M. and 11:00 P.M. and 6:00 A.M. You don't have to plan your consumption. It's enough if you work in line with the recommendations. If you consume energy when RES is available, you are lowering your bills and you are helping the grid, and it's a benefit for your wallet. You are making conscious choices. You are using energy when it's available, and you can talk to your sales advisor to win even more. Be an active consumer of energy. Choose the ACTIV tariff. File an application and consciously manage your energy consumption. Enea Operator solutions for the market and for you. For more information, go to our website, operator.enea.pl. Now we will smoothly move on to our Q&A session. We have a microphone ready for you, so please introduce yourselves, tell us whom you represent, and then ask your question. [Foreign language] Dziękuję bardzo, Bartłomiej Sawicki, Rzeczpospolita Daily. I have four questions, actually. Traditionally, I will ask about the forecasts regarding energy prices for the next year. We have more and more facts available. It will, before you, is the key decision-making in order to create your portfolio for next year and to make tariff applications to the regulator. First of all, what's the level of contracting right now? What are your estimates with respect to G11 tariff for 2026? There is a huge pressure from the government to cap it at PLN 500. We know it might be tough. The next question regards generation. We heard from CEO Krysta and from Mr. Lelonka that the golden days of generation are over. Is there any chance that the good days for generation will come back thanks to systemic services and repurchasing of energy? Next question, talking about distribution and about DSO's revenues, we see more and more attention paid to that in the public eye. What is your take on that? You said you don't earn much on distribution. Please be more specific. The final question to Mr. Szaleski. You said, sir, that you were able to increase sales. To whom? To which customers or to which destinations? Tell us more about that increased sales. That's it. Thank you. Let me take the first two questions. In terms of the tariff price for next year and contracting, we still have some area for maneuvering. We need to look at the prices. It's really hard to come up with an estimate right now. Looking at the wholesale market, the prices are not going down. They have a side trend at that point. They went up a little bit. Right now, we are analyzing and running talks with the Energy Regulatory Office, especially when it comes to profiling and balancing costs, because these are key elements. The price of energy itself is a key component, but let's remember that profiling of energy with respect to consumption profiles of households is another relevant factor. Please be patient. We hope that in the next two, up to three months, everything will be clear. Right now, that process is still ahead of us. It will start in November. I won't say categorically that the prices will be capped at 500. need to look at the balancing costs and profiling costs. Finally, energy costs on the wholesale market. Now, let's move on to generation. I wouldn't speak of golden times because standard contracting in generation for energy sales from generation for some years now assumes repurchasing energy in those hours where you can buy energy cheaper than the cost of generation. This has been very symptomatic in the last two or three years. Actually, the same happened 10 years ago. I recall because at that time I was also part of Enea Group and we repurchased energy at nighttime between 1:00 and 6:00 A.M. Indeed, spreads went down. Energy prices went down. If you sell at the price PLN 430 or PLN 20 złotych, and then you buy it back at the price of PLN 250, then the spreads will be lower. They still exist and they will stay. Looking at individual intervals, individual hours, especially in the summertime, prices will be very volatile. That volatility rate will only increase in the next two and three years as long as we don't have proper installed capacity in storage facilities in order to respond to the demand and to shave that peak period differences. Generation right now and next year will face some hard moments. That, however, will be mainly related with the prices. An important source of revenues that I hope will stabilize will be the balancing services. For Enea Group, we are talking about several hundred million złotych. I hope that the same rate will be kept up next year. It's hard to estimate right now. Please remember that now Poland is part of those countries that are integrated into different platforms such as Pic. The prices and balancing costs and the cost of balancing power acquisition if you have more renewable sources are higher. Let's look and we'll see, but I don't expect any deterioration. Undoubtedly, a challenge will be related with bearing the risk of balancing the level of contracting energy for the base load at a negative spread. This has to be done in such a way that potential profit that we will surely achieve from buying energy back should be a decent profit to mitigate the risk and to let us earn money as much as we expect. From the viewpoint of distribution, the question about whether we earn too much or too little, let me get back to what matters from the perspective of the company. Is it cash or is it rather EBITDA? What matters more? Right now, indeed, EBITDA is going up. Let me remind you that apart from EBITDA, we also need to pay taxes and we need to keep servicing our debt. Every year, we assume that we would spend almost the same money as EBITDA on investments. From the viewpoint of cash flows, we will need to put more money into distribution than as compared with the profits in the period of 10 years. From the viewpoint of the power system, and that was approved in tariffs, we need to keep up with the transition. To do it, we need to develop the distribution network. That requires outlays, investment outlays. Obviously, we should be very careful about how we spend money on investing. At the same time, those expenditures will be very high in the years to come. These two things go hand in hand. Distribution doesn't make much money. From the viewpoint of the group, we will need to add to pump additional money into distribution for the next 10 years in order to meet our ambitious investment goals. What we find very helpful are EU programs, Recovery and Resilience Plans. Some PLN 15 billion and maybe more is the money we hopefully can count on. We will try to take advantage of subsidy schemes. Still, facts are the way they are. Distribution doesn't earn much because all of the profit is spent on reinvesting. In terms of sales, please remember that last year, production of coal was considerably lower. Year on year, I mentioned 4 million tons. It's in line with our strategy. Now it will be 8 million all in all. Bartek mentioned higher production in Połaniec and in Kozienice sites. That was carried out in line with the plan. With the plan, we will achieve more sales and we will have stocks at the level of one production day. At the same time, we want to expand our markets. We are looking at the West, we are looking at the East. For some PLN 50 million, we also sold coal for exports, which accounts for about 3% of the total generation. Next question, please. Dzień dobry, Rafał Zasuń.[Foreign language] Hi, Rafał Zasuń, wysokienapięcie.pl. I also have a couple of questions. Let me start with the simplest one. Please tell me whom did you have to pay such high damages, PLN 140 million? It was about some underground spilling of water. We had to pay for the damage caused. This was a damage liquidation related with underground waters. The second question is about the trend in distribution that was mentioned before. Apparently, the volume of distributed energy is going down. Looking at that, do you have any forecasts on how that downward tendency will behave over the next five years? If that drop accelerates, then can you justify all of the grid spending? Does it make sense then to spend that much if recipients or off-takers have more and more own sources? Have you analyzed that? From the perspective of recent years, what we've observed is that the volumes in distribution are the same or a little bit positive. After energy transition, we saw a several% rate of growth. This is how that drop impacted us. Right now, we don't feel that negative concept. You showed that in your results, comparison half year to half year, you're right. This is also related with the tariff. Globally, you won't see such a drop. If you will, it will be minimum. Consumption will also be influenced by some other factors. For example, the development of the Polish economy and modern technologies such as AI in Poland. The same applies to e-mobility. People say that the economy will move in the direction of an electricity-based economy. These two trends will go in opposite directions. On the one hand, customers and companies will keep investing in their resources such as PV panels or wind panels or energy storage. These solutions will be developed. On the other hand, however, there will be megatrends affecting us such as transition into electricity and new technologies. Please remember one more thing. Those customers that have their own sources, in the end, they are connected to our distribution network. We don't have any technology these days that could allow customers to produce energy for their own demand throughout the whole year to cover their own consumption without feeding it into the grid. Distribution from conventional sources, even though different technologies will develop, will be still necessary. Maybe one day a new breakthrough technology will allow for energy storage, the volume that will cover the need for the whole year. Right now, it's not possible. Right now, there are high limitations on energy storage facilities. I recently talked to a customer who has very high-tech solutions, and there was a blackout in the grid, and he was shut off from the grid. Plus, access to the grid has to be reliable. It has to be infallible because more and more branches of the economy are based on energy. What about your forecast with respect to that phenomenon over the next five years? I think we should look at what was happening in recent years as something which is quite measurable. It's zero or zero plus. Two trends intersect. We will see what the future holds, how data centers will develop in Poland, or AI-based technologies. They are so energy intense, aren't they? The same applies to e-mobility. All that will impact, in the end, those trends. What I can say is my personal observations. I base my observations on the last two years. I believe the level will be very comparable. Referring back to your question, to Mr. Zasuń's question, I would also say that we are at the period of high redispatching. A lot of energy is not fed to the grid because it's simply not needed. It doesn't go through the network. I would actually like to return that question to you, sir. I believe that it's because of the efficiency of our network and wise management of the network and its flexibility that we have the consumption at such a high level. Otherwise, if we failed to invest in the grid, the increase in the voltage of the grid in some parts of the network where prosumers are connected, there would be many malfunctions. As a result, the self-consumption would not be possible. I can see that Mr. Szymon Kiewicz from Operator would like to add some of his comments. If possible, let's maybe talk then after this official part. I have a question about the dynamic tariff. What are the differences in terms of% in the three periods of the 24 hours? Dobrze, to w takim razie to ostatnie już.[Foreign language] You can ask after the conference. Since you've introduced a dynamic tariff in distribution, is there any chance that maybe next year you can lower the trading fee for the dynamic tariff in trading, which makes this tariff unattractive? The dynamic tariffs in distribution are a great platform for developing products related to the sales of electricity. We know it. We are working on the right offering. However, it requires us to adjust billing systems. It will not happen overnight. I would say within six months, we will have the right offering, and then we will tap into the synergy of use. There will be distribution savings and the right sales offering that would be tailor-made. We still need some months to work on the fine details of IT and billing systems. Mamy jeszcze Redaktor Brzeziński.[Foreign language] Mr. Puchalski is behind me and he's patiently waiting to ask a question. I wanted to go back to Bogdanka and the cooperation as part of the Enea Group. You have informed that you are going to decommission and green power units. This means there will be a lower demand for coal from Bogdanka. Which units will be decommissioned? In Kozienice, I understand they will be the ones. In the perspective of the next few years, we're not going to decommission any units. 2029 is the launch of new gas-powered units. After 2029, in line with our strategy, we are ready to decommission four units in Kozienice. It will depend. It's not decided yet. We don't have to do it. Let me remind you that the 200 units, there are eight such units in Kozienice. The technical use is guaranteed until 2032 at least. Since they are not used to their full capacity over time, it is possible to continue using them for two or three years more. The perspective of 10 years until 2035 from a technical point of view is feasible. The question is, what will be the business case? Whether the capacity will be needed in line with our predictions and strategy. We are ready to decommission four 200+ units after 2028. If need be, if there is a mechanism that will make these units useful, a Capacity Market or a cold reserve, we are ready to talk about extending their use. I'm asking because, as you know, PGE has a problem with Dolna Odra. They had to limit the time moving it from 2029 and 2026. There's a big social conflict. Are you preparing the staff at Kozienice for job cuts due to the fact that generation is switching to gas? We are very transparent in our communication. We are communicating the strategy. We're talking about it. Transition has to be just responsible. What will be the job cuts employment level reduction? We're not doing such calculations at the moment. We are forecasting calculations on the work of the power plant after 2028. What configuration we have to take into consideration when the gas-powered units will be operational, not just in Kozienice. They will be connected to the grid. The case of Dolna Odra is highly unusable. This is a power station that has been working in Mastrana. There are two gas units and four coal-powered units are utilized very poorly. In Kozienice, the situation is completely different. Kozienice is one of the main suppliers of power to Warsaw. Also, about the strategy in terms of the reduction of employment, in our strategy, we have demonstrated very clearly that it coincides heavily with the fact that our staff members will be retiring. We also have energy sector leave. We are talking about it. We are talking in the region. We are talking to local authorities and with our social partners so that everything is part of a just transition in the region. It applies to Połaniec, Bogdanka. These are the projects that are on the table and we are working on them. Let's go back to Bogdanka. You said that export is 3% of the current production. Do you intend to increase the volume to compensate for falling sales on the domestic market, including the consumption of coal by power plants? As my colleagues mentioned, our strategy is tied to group strategy and we are demonstrating that we will be regulating supply of coal. We will be looking at exports. We have been exporting historically to Ukraine for some time, to Slovakia, and we are waiting to see what is going to happen behind the eastern border. There are power plants in Ukraine that are at a similar distance to Połaniec and Kozienice. Coming back to renewables, the last question. In the first half of 2025, you have completed a number of acquisitions. Are you planning more acquisitions for this part of the year? We are not planning any renewable acquisitions. You are only focusing on the projects that are underway. We have completed three acquisitions. We have electrified the Bejsce farm, 19.8 MW, as I said, 40 MW until the end of the year in terms of photovoltaics. We are not planning any more acquisitions for renewable energy sources. We have our own PV portfolio. We are developing energy storage. We are working on wind. We want to balance this asset portfolio to have the same level of storage, solar, and wind. We are focusing on effective operation of these elements of the portfolio. We are talking about capacity and energy production so that the profile is as easy to structure in terms of customer consumption. We are talking about an energy mix of wind, solar, and storage, and hydro as well. The question is not going through a microphone, unfortunately. Production efficiency is different, but we are focusing on the profile of production from solar, from wind. Solar and wind are very much complementary, but also the production from hydropower plants, which is a profile. If you assume the right conditions, it is something that you can easily regulate. Mr. Puchalski, apologies for not seeing you wanting to ask the question. I'm an analyst from Santander. Thank you very much. Three questions. How much capacity are you going to build and offer in the auction for 2026? Number two: in your strategy, you have not presented an outlook for EBITDA for 2030, 2035 as the only group to do so. I'm not asking about 2035, but what is your outlook for the EBITDA for 2030? A year has elapsed, so if you could tell us that. And dividend. It's excellent that you paid it. A question: whether half a złoty is a floor level or do you intend to pay more next year? Panie redaktorze, a się panie, przepraszam, panie analityku. [Foreign language] Mr. Analyst, please excuse me, I cannot give you the exact number in terms of capacity that will feature at auction on Thursday. It's going to happen on Thursday, and I cannot give you publicly the capacity Enea is going to bid. It will be about Kozienice. I cannot give you the numbers. We know what is the capacity up to 500 MW. It will be verified tomorrow. We should know the exact value adjusted by any payments. Please stay with us for two more days. From the point of view outlook for EBITDA for 2030, 2035, different groups are presenting it in different ways. We'll think about when we update the strategy, we'll think about presenting this. We want to be a dividend company if we're talking about dividend. If we can afford to pay dividend, we will be paying this dividend. They're not going to be major dividends like this year because investment expenditures are high. We are an investment company. We want to look after the share price but also to pay dividends. Two questions, if I may. You said when you update your strategy, when do you plan to update the strategy? The second thing, you said when you can afford it. What is the net debt to EBITDA ratio? Would deem it possible to pay dividend? The strategy will be updated after two years. Some companies do it every year. In our case, it's not necessary. Next year would be a good moment. In the autumn of next year, we'll review the strategy and we will also update the strategy. Maybe this will be a good opportunity to talk about it. The second thing, and important for the market from the point of view investment plan, we have to make effort to generate good results. That's important for the coming years. We have to make sure that we have good financing covenants for our group, unknown. We are sticking to those covenants. There is also a rating to consider, and we are focusing on that. On the one hand, we are delivering investment projects. On the other hand, we're focusing on the funding for the projects. In the case of Kozienice, the two units, we have also built funding. We have the Capacity Market. We have the contractor, and KUKA is supplying a guarantee for new big projects. We will also be working to make sure that the funding is within our parameters so that it doesn't break covenants or is not resting on the verge of breaking the covenants. We have to look after the rating of the group as well. Mr. Puchalski, any more questions? Thank you very much. Thank you for all the answers and all the questions, for being with us, for watching us online. I invite you to November when we discuss results for Q3 of 2025. Thank you very much and see you then.