Hey, good afternoon and welcome to the Warsaw Stock Exchange Group conference call covering the results of the second quarter and first half of 2026. Thank you for joining us today. Let me introduce today's speakers. We are joined by Tomasz Bardziłowski, Chief Executive Officer of the Warsaw Stock Exchange, Marcin Rulnicki, Chief Financial Officer of Warsaw Stock Exchange, and Mariusz Buraczyński, Deputy Chief Executive Officer of Polish Power Exchange or TGE. We will begin with a presentation of the group's financial results and key business developments, followed by a question-and-answer session. Without further ado, let me hand the floor to Tomasz. Yes. Hello everybody, and welcome on our earnings call. Our results in the second quarter and also in the first half were obviously driven by very strong cash equity market. Our main indices are up around 30% year-to-date, and this has been reflected in the strong activity turnover in cash equities was up 15% year-on-year in the second quarter, and 27% in the first half. On other hand, we have observed falling volumes and turnover in our energy trading in second quarter. In electricity it was down 4%, and in gas, down 28%, followed a very strong first quarter. We will talk a bit more about the reasons behind especially gas segment in the presentation. Overall, our consolidated revenue went up by 8% in the second quarter, driven by 13% growth in financial market at a 7% decline in commodity market. Y ear-to-date, in the first half, the growth in revenues is 17% year-on-year. OpEx growth was 10%, a slight decline versus first quarter. Adjusted operating profit up almost 4% in the second quarter, and adjusted net profit up 1% in the second quarter to PLN 58 million. After the first half, the net profit is up 18% to PLN 128 million. Here, you see the performance of our main indices. Warsaw has been one of the global leaders in terms of performers in the first half, with around 30% growth in main indices as I said, and here locally, we have been especially celebrating the record high level of WIG20 after almost 20 years, surpassed its historical highest level. However, this is index which is excluding dividends. On total return basis, it is up over 100% over last two years. So strong performance in large caps, and also mid caps in Poland. Equities turnover, as I said, up 15% in the second quarter. But almost slight deceleration from the first quarter. However, when you look at and this is what we show in the lower chart, when you see the performance and the volume growth in July and August, you see around 4% growth, which of course makes us a bit more optimistic in terms of our revenues in the third quarter. We are also quite happy to see that our trading volatility ratio remains above 50%, placing Warsaw as one of the most liquid exchanges in Europe, obviously on a market cap relative basis. We are very happy to see increased IPO activity, 10 new debuts on the Main Market in the year-to-date, versus just three in the whole of 2025. In particularly, the value of ECM transactions, quite high, almost PLN 20 billion year-to-date. These are the SPO, so capital increases and ABBs, and this is almost 80% growth versus last year. Overall, 35 transactions concluded on the market year-to-date. And also we are happy to see that we have reversed declining trend in terms of number of listed companies. So, the number of new debuts was higher than that of the listings, and we have right now 403 companies listed on the Main Market. Also happy to see a increase in free float, driven by especially ABB transactions in large cap stocks. The free float is now around 54%, and this compares with less than 50% few years ago. Good activity also on the corporate bond market, on our Catalyst market. The value of non-treasury bond issues close to PLN 30 billion. Ye ar-to-date, 160 new issues admitted to trading year-to-date. Overall, the value of bonds listed at PLN 175 billion, which is 23% increase versus at the same period last year. We continue to make efforts to revitalize our corporate bond market and our activity aim at simplified issuance process, increased liquidity, including also an obligation to have a market maker for corporate bond above a certain threshold, and also lower regulatory barriers. Of course, one of our strategic priorities is to attract retail investors to the exchange. We do it also through widening of our ETF offer. We have been very successful on this front, especially in the first half. In January, there was just 17 ETFs listed on the market. Now we have 45 and hoping to cross 50 ETFs over the next few months. 25 new listings just year-to-date. Also here we show on the chart to the right that overall, the inflows and investments of Polish retail investors into equities in the year-to-date are around PLN 5 billion. However, only 70% of those investments are on ETFs listed on the Warsaw Stock Exchange. So we believe that we have still a lot to do in terms of increasing our share and overall volumes in ETFs on the market. This is also why we are expanding our offer of our indices. Over last few weeks, we had three new indices in the debt market. Next week we will publish a new index in our alternative market, NewConnect. Also we are working on a new index for innovative companies with high R&D spending. So that is on the main issues and our corporate developments. Right now, pass to Marcin to guide you through our details of our results. Thank you. Hello everyone. Let me walk you through details of our financial results in the next few slides, starting with a summary of P&L as usually. Top-down looking at the revenue, it was PLN 155.4 million in Q2 2026 after almost 8% growth year-on-year. The drivers of this growth were in the financial market. That's pretty much the same drivers as usual. Cash equity trading, very good performance in Armenia and also higher sales of market data. At the same time, in the commodity market, we observed a small decline in Q2, and mainly because of low activity of investors in the natural gas trading, and subsequently the clearing of transactions on gas also went down compared to the previous year. We can see a growth in other revenue, and this is like a bucket including a number of different activities, but it's just accumulation of a few smaller sources of revenue, and I do not expect that this growth is something to remain for the following quarters. Usually, in this line we present, for example, revenue from our subsidiary logistics, from renting the rooms in the Warsaw Stock Exchange building and other activities which are non-core activities, and it's just a coincidence that we had an accumulation of these in Q2. We will be back at the regular levels in the following quarters. In the operating costs, the growth was 10.2%, almost PLN 100 million in Q2. We have dedicated slides where we have explain in details. This growth in revenue and this bit higher growth in operating expenses resulted in a small increase in our cost income ratio. It went up to 64.2%. It's 130 basis points higher than the year before. We had small adjustments because of non-recurring transactions with impact both on our operating income and net profit line. They were the result of recalculating the provisions for potential return of grants received for non-core projects, but their impact on both lines is not significant. Therefore, adjusted operating profit was almost PLN 55 million after 4%, 3.8% growth and EBITDA was almost PLN 63 million, 0.6% growth speaking about adjusted numbers here. What happened below the operating profit line? We had slightly higher share in profits of associates. That is, of course, the depository activity and lower result on financial activities, and this is due to low interest rates. We used to invest our excess cash. Maybe one more thing to mention here is that our return on equity ratio went up to 20.1%. I think it hasn't been above 20% level for seven years, so this reflects our improving results over time. Speaking about the revenue structure, nothing surprising here compared to the previous slide. Maybe one thing to comment is the share of revenue, which is not related to trading activity. This non-trading related revenue went up to 35.6% in Q2 2026, compared to 31.3% the year before. Now, speaking about the trading-related revenue, so the biggest part of revenue within the financial market segment. As we mentioned before, the driver for growth in this line of business was activity on cash equities. The revenue from this class of assets went up to PLN 58.4 million, 11.2% higher year-on-year. This was following the high activity of investors on cash equities on the market. The turnover in Q2 on the market was PLN 151 billion, 15% up compared to the previous year. We had higher share of high volume providers and market makers or liquidity providers. Their share in total turnover was close to 36%, 310 basis points higher than in Q2 2025. This translated also to lower average fee per transaction. It went down by 3.7% and was at the level of 1.89 basis points in Q2. We had much higher turnover on ETFs, and this is good news. The turnover on ETFs in Q2 went up almost 90% year-on-year. In the first half of the year it was almost 140% higher than in the first six months of 2025. Of course, this turnover does not translate to significant revenue in the group yet, but we like the trend obviously. In other business lines within financial market segment, we had growth in information services. We are used to, let's say, solid single digit growth in this line of business, and this is another quarter of good performance here. Maybe the growth rate looking at Q2 only seems a bit lower, but please have a look at the first half of the year compared to six months of 2025 because in comparable data in 2025, we had an adjustment in revenue recognition that's why this growth rate looks lower. In Armenia, we have still very good performance. The revenue from Armenian depository and the stock exchange goes up consistently. In Q2 2026 the revenue from depository activity was 130% higher than the year before. This is, let me say it again, due to revised higher fees for depository services that were implemented in July 2025. I'm mentioning this date not without a reason because it means that Q2 2026 was the last quarter when we had this effect of lower base because of lower rates for services. From Q3 2026, we will be comparing to the same fees, the same rates, only organic reasons will be making the potential growth therefore the growth rate will certainly go down. At the same time, we are happy about the exchange activities which are also generating more and more revenue. Of course, the numbers here are not significant yet, but we see higher activity of market participants especially in the corporate bond market in Armenia. Listing fees stable, single digit growth no surprises here. Now a few slides about the commodity market. I will ask Mariusz for comments to this. Thank you, Marcin. Hello everybody. Let me start with the electricity market. In Q2, electricity trading volumes reached 29 TWh, down 4% year-on-year. The decline was mainly driven by the forward market. Forward volume fell to 15 TWh. The good news is that in Q3 we are already seeing recovery. On the spot market, volumes continue to grow increasing 15% year-on-year, and growth was supported by stronger activity on international intraday and day ahead market. Also, it is worth to mention that it was also supported by introduction of 15 minutes products on the first fixing. Going to gas trading, the gas trading volume reached 44 TWh in Q2. It ends down 28% year-on-year. Now the decrease came mainly from the forward market which was 34% down. Higher gas price reduced demand, especially for longer term contracts. Additionally, we must remember at this point, there was a high base from the last year. At the same time, the gas spot market performed very well and volumes increased 18% year-on-year, to 8.4 TWh. Let's go to the years. This slide is a good illustration confirming the negative correlation between the prices and turnover on the gas market. The gas market is highly sensitive to the geopolitical developments, it is often driven by them. These events always have a significant impact on the commodity market, but this year has been particular dynamic as it shows a very strong impact on our turnover on the gas market. Going to the next slide. Yes, in Q2 revenue declined by 7%. However, for the first half year it increased by nearly 5%. Passing through the main revenue lines, the trading services revenue was down 80% year-on-year. Clearing revenue was down 12% year-on-year, it's mainly due to the lower trading volumes in a gas forward market and the renewable certificates market. Other participants fee revenue increased by 23%. The growth was driven by higher IRGiT clearing house collateral system fees and a growing number of InfoEngine customers. Finally, the register services revenue declined slightly by 1.4% year-on-year. Its key updates from the commodity market. Thank you. Thank you, Mariusz. Let me take it from here and tell you comments about the operating expenses. Consolidated operating expenses level was PLN 99.8 million. The growth was 10.2% year-on-year. The personal expenses were growing slightly slower than in previous quarters. The growth reported here was less than 6%. However, we still have some sources of this growth. We see increase in salaries and also in the number of employees in Armenia. That was a part of this project of expanding the business. Part of the agreement with the Central Bank was that we will also strengthen the teams and invest in the infrastructure so this is happening. This is also followed by a very dynamic growth in revenues as we observed in one of the previous slides. Also in the Warsaw Stock Exchange, we have growth in salaries and new employees especially in IT teams. These costs were growing slightly slower than previous quarters also because of very intensive works towards development, and part of these personnel expenses were capitalized because of that. We will see it when we go to CapEx slide. The other source of growth were external services, and in here we have two or three major reasons. The first one are higher cost of IT related services. Some of them are recurring and related to services that we buy in Software- as- a- Service model to strengthen our IT infrastructure and security. Some of them are related to projects which are run right now at the Warsaw Stock Exchange and subsidiaries including implementation of new solutions and this part will disappear with time. In other external services, we have increased cost of advisory expenses, and this is related mainly to Armenia and expansion of depository business, first of all. Also the expenses related to market promotion and development. These costs grew as well in the second quarter of 2026, also because of anniversaries that we had both in Armenia and in Warsaw in the same quarter. These costs are non-recurring, and they will not be repeated in the following quarters. Depreciation amortization goes down. This is another quarter in a row where we observe this trend, and this is due to finalized amortization of UTP licenses and also no amortization of solutions which were transferred to non-core companies which were written off at the end of the year. Anyway, the growth rate of our operating expenses at the level of 10.2% was unfortunately slightly higher than the growth rate of our revenue year-on-year. This is like the first quarter after I think eight in a row when we couldn't make this revenue change higher than the OpEx exchange. That's why also our cost income ratio went up to 64.2%. However, we are still within our strategic target of 65%. In this slide we are trying to understand let's say underlying base operating expenses increase just to be able to refer to also our expected long term business growth rate. We identify costs which are associated with the growth, which is extra or over the expectations. The important elements here are additional costs in Armenia, PLN 3.4 million in Q2, and this is associated with this growth in revenues that we commented a few slides back, and also increasing transportation service costs. This is one of our subsidiaries where we offer logistics services and the growth in business there linearly translates into higher operating expenses. Excluding these elements, the underlying OpEx increase was PLN 5.1 million in Q2, and this translates to 5.6% growth rate year-on-year. This is much closer to our long-term ambition. I mentioned CapEx, and when you look at capital expenditures in Q2 2026, they were PLN 17.3 million, 7.1% up year-on-year. The increase comes from WATS development expenses, yes? So our proprietary trading system which we are finalizing right now. PLN 10.5 million capitalized, and this is including a portion of personnel expenses contributing to this lower growth in this line in P&L. In other classes of assets, we see a small decline in Q2. In Q3, we still expect intensive works on WATS, so there will be a high number in this position as well. In Q4, this should go down, but at the same time, this is like a quarter when we naturally have significant investments in equipment and other intangible assets. I'm trying to make a point that in the second half of the year, we expect that our capital expenditures should be higher than in the first half of the year. Speaking about WATS, as you know, the go-live date was postponed until 5th of October, and because of that, we had to revise our budget for this project. The current expectation is that by the go-live date, we will spend PLN 173 million on the project. PLN 21 million out of this amount is already expensed in P&L or will be expensed in P&L by the date of go live. The remaining PLN 152 million is capitalized and will be capitalized, and we will start amortization of this after the go-live date in October. The slide about cash flow and liquidity, we modified the presentation here a little bit, so we refer to shorter periods and make the numbers more, let's say, comparable to what we present in the financial statements. Only on the first six months of 2026 compared to the first half of 2025 in this slide. The cash flow from operating activities went down a little bit year-over-year, and this is despite the growth in the profit line. This, of course, requires an explanation. The explanation is that basically we have higher levels of trade and other receivables year-on-year. We also had significant payments in the first half of 2026 related to 2025 very good results. These payments referred to variable salaries for the team and also corporate income tax. Both these were, let's say, accrued for in 2025, but the payments were made in the first half of 2026. Therefore, the cash flow compared to the previous year was slightly worse because of these outflows. Free cash flow slightly up year-on-year because of lower CapEx. The conversion of operating profit to cash flow is still good. However, if you compare these shorter periods it went down year-on-year. We had PLN 470 million of net cash on our balance sheet at the end of June. This is, of course, before the payment of dividend which took place on 6th of August. We paid out PLN 143 million from 2025 profit to our shareholders, so this was PLN 3.4 per share, 8% higher than the year before. I think this is pretty much it for details of the financial statements, and now we'll have a few comments about the outlook for the coming quarters. Yes, sure. Thank you, Marcin. Obviously, over next few weeks for us, the most important project is our proprietary trading system, WATS, which is scheduled to go live on 5th of October following dress rehearsals. The first dress rehearsal starts tomorrow. We are quite positive following intensive testing in summer months, also conducted by external companies. However, of course, we will make the final go-live decision only after the confirmation that the market is ready and, on our side, that everything works well. That's WATS. In terms of the guidance for the following quarter and quarters looking at trading, as we already showed you in our presentation, we've had very strong months in terms of cash equity turnover growth in July and August around 44% increase year-on-year. As Mariusz said, on the energy front, pick up recovery and electricity volumes. On the other hand, still quite subdued performance in gas segment due to geopolitical situation. In terms of OpEx, we see OpEx growth in the third quarter at a level not lower than in overall first half with further acceleration in growth in fourth quarter on the back of increase in depreciation once we will launch WATS. Also, we will recognize at least partially for some time some of the costs previously capitalized, mainly the work of IT developers in the P&L rather than in CapEx. On one hand, we believe that some of those costs at least partially will be offset by lower costs elsewhere, including non-core companies. CapEx, Marcin already mentioned that we expect high CapEx in second half. Overall, I would say that here in Warsaw, we are quite upbeat about the outlook in longer term, especially related to the launch of the Personal Investment Accounts which has been already confirmed. The OKI accounts they went through the whole legislative path and they will enter into force, and then will launch on the 1st of January. Also, we are very happy to see that another major index provider, S&P Dow Jones Indices recognized Poland as a developed market. We have been upgraded by S&P few weeks ago to developed market status. This upgrade will be effective in September next year. Two words about OKI accounts, Personal Investment Account. Once again, for those who have not heard about this account yet, it is more or less copy/paste of a very successful account in Sweden, ISK with a tax-free amount of assets investments up to PLN 100,000, so roughly $25,000. However, there is no upper limit on how much investments you can keep in this account, but above PLN 100,000, there will be a tax, but on assets not on capital gains. In the first year will be around 0.85% of assets, and in the following years it will be 19% times the reference rate of the central bank, which today would be around 0.7. We believe that definitely such tax incentive will attract retail investors to the market. We already see that the number of brokerage accounts is sharp rising, and we believe that this growth will accelerate next year. Overall, the Ministry of Finance is estimating that the inflow of new capital to the Warsaw Stock Exchange outrun PLN 70+ billion over the next 15 years, around PLN 5 billion a year. We definitely believe that these are something which is achievable and to capture this potential, we will also launch an educational and promotional campaign. So OKI definitely a breakthrough for Polish Capital Market and for attracting retail investors to the market. However, as you see on this slide, the potential is still big, and we should continue to mobilize domestic capital. Currently, at the end of last year, the market cap of Polish companies listed in Warsaw was just 27% of GDP, one of the lowest levels in European Union, the average in European Union 70%. We estimate that to get us to 50%, over the next five years would require around PLN 250 billion in new domestic capital, around PLN 50 billion annually. So there is lots still to be done and the potential is still very significant. Thank you. Thank you very much for the presentation, and we will now move on to the Q&A session. If you would like to ask a question, please raise your hand. We would also appreciate it if you could briefly introduce yourself before asking your question. I can see we already have the first question coming from Miguel. Miguel, I am unmuting you right now. Hi. Hello. Can you hear me? Okay. Yeah, we can hear you. Please go ahead. Yeah. Okay. Thanks. Hey guys. Thanks for taking my questions. Just for brief introduction. I am the analyst covering Warsaw Stock Exchange with WOOD & Co. For my first question, on average equity fee, should we think as the first half average as the new run rates or the new run rate is closer to the implied average fee for the second quarter? How to think about these moving forward. Can you please just comment on how the high frequency traders share evolved in July and August? Also, it would be interesting to hear if you can disclose the prospects of adding more of these algorithmic clients in the future. If you think that the share that they represent of total volume will increase in the future and by how much. I will perhaps answer the second part of the question, but for the first I will ask Marcin to comment. Mm-hmm. Actually, I believe this is related because we have no changes in our price list here. It is just result of the changing structure of the turnover. So if we assume that there will be more liquidity providers in the overall turnover. They, of course, benefit from preferential fees and the average fee will go down. However, as long as this is about the additional turnover and our revenue goes up, I think it is not such a bad thing at the end, yes? If we should expect additional algorithmic traders, I will pass to Tomasz to comment about this. Yes. Exactly. First, what you have seen in the first half also is that we have added one major player in this space to our client and liquidity provider list. Once we launch the new trading system and we will have higher capacity that we could offer, definitely we will have more effort to attract new members to the exchange, new brokers but also new liquidity providers and if we are successful, the share of the liquidity providers in our turnover will increase, and as a result, also the average fee. But obviously we expect the total turnover to increase as well, so the net result on our revenues obviously will be positive or should be positive. Sure. That is understood. But is there any number that you had in your head about what would you see as the medium term, not target, what would you expect the share of these liquidity providers to be in the total turnover? Right now it is 36% as second quarter 2026 expectations to maybe towards 40% or? Let me say that outside the major liquidity providers already present and active on the Warsaw Stock Exchange. No, we would not expect here very significant increase outside your guess around 40%, good guess in the medium term. Okay. Understood. Thank you. On other revenues could you please provide some color here how much of the increases is recurring versus non-recurring and what would you see as sort of like the new run rate? Also logistics and tech which are non-core business are these businesses likely to grow in future? Yeah. Let me take this one. Logistics and Tech are presented in this line. In logistics we had an increase in the business scale in Q2. However, in the longer run, we have a strategy to focus on higher profit contracts here in this company. We are not really chasing the revenue at any cost. We will be focusing on increasing the profitability. Therefore, I would expect in the coming quarters the revenue from logistics can go down compared to what we saw in Q2. With Tech we have a small recurring growth in revenue because of selling the licenses for our Stooq system but this is not significant in terms of values. Other events which you can find here are different revenues from non-core activities like for example settling partnerships in different events or as I said renting space in the stock exchange building. I would say there is no reason for a recurring growth in this line. At least nothing significant to happen there. I would say Q2 was exceptional. Got it. Understood. On cost if I may. Maybe like the most painful part but you guide for at least 11% OpEx growth in the third quarter and faster growth in fourth quarter. So probably OpEx growth for the year between 11% and 12% for full year, right? This is double the upper bound of the range you've committed to during the 2025-2027 strategy, right? Given that also the increase in previous year was about 10%. It means that you will likely end up 2026 already above the upper range of the implied target of the strategy. The question is: How to think about 2027 cost growth? You left three additional quarters of comparatively higher depreciation amortization. Probably staff costs are also going to increase as some of these costs were being capitalized until now. Is there anything offsetting these increases into 2027? Do you still stand by the guidance that OpEx is expected to grow 4%- 6% annually? This is correct. Working on our key strategic directions until 2024, we expected 4%- 6% annual growth in the operating expenses. Please remember that at the same time, we were also assuming a 6%- 8% growth in revenues and 8%- 12% growth in EBITDA. So actually, we are beating all these measures and on EBITDA, like I say, last year we were almost 38% up. I would say this set of KPIs should be treated combined. If we see extraordinary growth in our revenues, we also expect that certain costs may follow, and that's why we are preparing this slide that Łukasz presented or reminded us right now. We are indicating these elements of business growth which exceeded our expectations and cost related to them. Once we exclude these, you can see that the underlying OpEx increase would be certainly lower. This is how we look at it. We are not really going to revise the strategic KPIs at the moment because, we believe that combined, we are still exceeding the expectations. However, we will be working on the new strategy in 2027 and we will also come up with new KPIs, new targets together with the strategy next year. Mm-hmm. But perhaps add on this that we also guided in our strategy for the cost income ratio of 65%. Year-to-date in the first half was 60%, in the second quarter slightly higher, 64%. So this is something that we will try to keep. It will be not easy in the second half of the year, mainly due to those intensification of WATS and costs related to the WATS and then deprecation of the WATS. But definitely we will look for cost savings already towards the end of this year and for next year. One of the obvious cost saving is basically reducing the scope of activity by logistics here in this presentation appendix, in the presentation that we show on our website, let us move perhaps, Łukasz, to this slide on non-core that we've been searching for strategic investor for logistics but we didn't find any. Now we will focus on increasing profitability of this company, which means significantly reducing low profitable revenues and most of those revenues have margin, first margin of around 5%. We will eliminate those revenues and also at the same time, cost base related to those revenues. And this will help us to at least optically offset some of those costs related to WATS launch. This is to show that we have some tools to address this increase in depreciation from WATS, obviously higher depreciation and then start of WATS also means lower CapEx. In terms of free cash flow, we should generate the same or higher free cash flow compared to when we worked on the system. Yeah. Thank you, Tomasz. This is a very good addition to this. We will be looking for savings in non-core businesses, but the other potential source of savings are cost of the infrastructure associated with UTP. The old system we will be resigning from. Here we also expect cost savings from. Already in 2027, we should see the difference in maintenance costs, which we still incur in 2026. Also, we will be slowly resigning from the infrastructure for data transfer and data maintenance. There will be certain elements which we will be able to use to offset the growth in amortization and other costs related to WATS. Yes. Once again, something that WATS will enable us to increase our revenues, to increase the turnover of the market. Some of you may remember last year in April, we had to stop trading for few hours in the afternoon because we reached our full capacity or were at risk to reach our full capacity. The new system will have five times higher capacity than the old system, and in terms of performance and latency, will be significantly more efficient than the current system. Okay. Thank you for the color. Just quick question on commodities regarding gas. I'm cautious to assume that an end of year catch up here, but I would assume at least some rebound even though probably will still end up below fourth quarter 2025 volumes. I'm curious to know how you are thinking about this. It is a question to me. I can confirm in general your assumptions, but it will be very difficult for 2026 to be better than 2025 in the gas market. We should remember that when we compare the results additionally, we must remember that the base in the last year was very high. The unstable geopolitical situation continues to create challenges for this market. Negative correlation between the prices and volume and turnover is still present. But for Polish economy, for Poland, gas plays a crucial role, especially for energy sector. We still see the shift from the coal fire plants and gas fire generation is moving forward. It remains still the key pillars of the energy transition. From TGE perspective, growing gas consumption in Poland, launching new gas-fired power plants should continue the support of activity in coming months. Looking ahead, I'm remaining positive about the gas market, I think. Got it. That was super helpful. Thank you. On OKI, if I may, I do not know if we have time, but how are you thinking about the eventual flow through into Polish equities? You had this slide that you might expect, I do not remember it, you were saying like PLN 50 billion, that you would need to reach 50% GDP. But what proportion do you ultimately think it is funneled through ETFs? How much is retail clients just trading spot equities? Also, how are you thinking about second order effects? Where is your head at thinking specifically about derivatives and information services revenue? Maybe there is something else that I am not considering, where it would be pretty helpful to understand how are you thinking about this. Yes. So basically, obviously, we believe that OKI will help to attract retail investors, and retail investors, its liquidity this is what we can build on. Those estimates which are presented by the Finance Ministry those such estimates also were consulted with us, and we believe that PLN 5 million a year, billion a year to equities, this also what we see right now in some of the forecasts from local brokers. Also, we believe that important effect of OKI will be that the mutual funds will invest more in local equities. Overall, the share of mutual funds in local equities is one of the lowest in Europe at only 10%. So definitely we expect more vibrant market going forward. OKI, you cannot invest in derivatives in OKI or CFDs, only non-complex instruments. So we do not really expect much of the impact on our derivatives just from OKI. But definitely we will work on other derivative segments. We are working right now on launching for example, mini futures on some of our indices, IE futures with lower deposit margin. No, no, it is clear that you cannot invest in derivatives through the OKI account. But increased activity and liquidity, it is also something that draws attention of big funds in the U.S. and abroad, right? Yeah. We definitely see a scope for a higher activity of liquidity providers in derivatives. Mm-hmm. Okay. That's very helpful. Thanks so much. I see that there's someone else that wants to ask a question, so I'll just leave space for that. Thank you so much. Thank you. Yes. Thank you, Miguel. We have another question coming from Emmanuel. Emmanuel, the line is yours. Yeah. Thank you. I am Emmanuel from LBV Asset Management. I am an Stock Analyst and M anager and been a shareholder for some time via the funds. Just two questions for me. The first one is on the reclassification to developed market from September 2027, I believe. What color can you give in terms of likely flow of funds? Is it going to be a beneficial impact or a negative impact? If you can just put any color on that. The second question, which is, I suppose, more short term, is what is the IPO prospect for the next few months? Thank you. Yep. In terms of this classification, of course we are quite happy and satisfied with this news. But we point out that there are not really that much assets which invest in our region in Poland related to S&P Dow Jones. Overall, we would not expect any major effects. This is, on the other hand, something which definitely raises our profile among global investors. As you may know, the highest share of assets which invest in our region in Poland are following MSCI, and we do not expect to be included in the watch for the upgrade by MSCI over the next few years. Overall, would not expect any major effect next year other than a better reputation on the market for its quality and performance. Your next question was about IPOs. We had 10 IPOs so far this year or transfers. Some of those were transferred from our alternative market. There will be some small, not major transactions by year-end, as we hear from our brokers, but nothing really significant. On the other hand, we continue to put lots of efforts to attract new issuers. A third edition of our IPO Academy starts over the next few weeks, and we hear that all the places are already filled. We had the first IPO of a company which was a member of the first cohort of our IPO Academy done. Definitely, overall we see, I would say, more noise, positive noise about the Warsaw Stock Exchange in Poland, much more requests, much more questions. Definitely we would expect that going forward there will be more transactions, more IPOs also from a fast-growing private equity and venture capital market, which, as I said, is developing quite fast in Poland. Okay. Can I just ask a follow-up on your first answer? I believe Poland has a bit of a darling status with emerging markets. Will emerging markets be forced sellers of Polish equities with this reclassification? We can provide you with estimates about how much assets are right now following the S&P Dow Jones, but we are not talking about billions of dollars. Rather couple of hundred millions in active money. It's nothing really very significant for us. As a result of this upgrade, our share in S&P Emerging Markets was 1.27%, and in S&P Developed Markets will be 0.15%. So a significant decline in terms of a share, but larger pool of assets, especially passive assets, would expect a net passive inflow and net active outflow as a result of this particular upgrade. But as I said, for us, by far MSCI is the most important. You may recall that in 2018, we have been upgraded by FTSE Russell to developed. It didn't really have a major flow, immediate flow impact on our market. Thank you. However, an upgrade by MSCI would have a massive impact. For now, we say that we need a few more years to think about that and to get ready for that. It's nothing over the next few years. Okay. Thank you, Emmanuel. Are there any further questions? I don't see any. As there are no further ones, we would like to thank you for joining us today. Maybe before we conclude, let me show you the IR calendar of ours. Over the coming months, we'll be participating in a number of investor events, including ones in Munich; Stockholm in Sweden; New York; and Prague. If you're planning to attend any of these conferences, please let us know. Should you have any follow-up questions, of course, please contact us at investor relations team at Warsaw Stock Exchange. Thank you once again for joining us today. We look forward to speaking with you again during the next results conference call in November. Thank you and goodbye.