Good morning, everyone. Welcome. Another quarter has passed, and yesterday, the company published the results for the three months of 2026. This is the time to have a comment from the board towards the published digits, numbers, and description. I kindly ask the President of the Management Board, Dariusz Mańko, to start the presentation. Then we'll ask the Director, Rafał Warpechowski, CFO, to discuss the financial matters, and then there will be time for answering questions referring to both the report and also today's presentation. Thank you very much. Good morning, everyone. I'm pleased to meet with you today in the context of, as you can see, very good results of Grupa Kęty for the first quarter of 2026. The results that are really, truly ones that make us feel proud of how we're coping in the environment, how we're coping in this market situation. Because as you perfectly know, these circumstances are not helping us. This economic improvement we were counting on is not yet visible. The industrial and macroeconomic indicators in Western Europe, with our largest trade partners in Europe and the world, continue to be low. Poland, in this background, in this setting, looks a little better, but it's only a little better because these are all connected vessels, and especially in the sector, which is so important for us. The construction sector in the first quarter, this was connected with the difficult winter we had. In January and February, the construction activity was very poor, whereas we could see here the improvement in March. Since March, this construction activity was better. We're counting on the improvement of this and continuing of this trend. In March, we can also see a drop in industrial production in Poland, but here, of course, there's a whole lot of questions to what extent this is a permanent improvement or just the effect of producing for stocks, inventories, considering the Middle East situation, because this macro situation today is explained this way, which is understood. As you know, at the end of the first quarter, we all know what happened in this context, and we have a huge change of fluctuation, instability in the world, in the markets of raw materials. This has a very strong impact on the prices of the raw materials we use. This has a very high impact on the sense of security and the willingness to invest with our customers. The macroeconomic environment, instead of improving, once again, it fluctuates and remains difficult. The more we're happy with what we are able to get in these circumstances. This is the effect of our operational competence. We're gaining market share, we're adjusting costs. We're also managing operations, as you can see, very effectively, which results in the fact that our core business, the business that more and more we as a group are becoming Aluprof. The architectural system, in this segment, we've got an increase of sales and increase of margins. In the sun shading systems, we have lower sales, unfortunately. This is connected with the first months, which were the winter months. Nevertheless, we maintain stable margins. In the Extruded Products Segment, which for a few quarters now has been under pressure of competition and margin, we're coping through cost discipline. But above all, through active fulfilling of volumes. Despite the high margin pressure filling up the production capacity in a greater and greater extent, we obtain quite good margins. Also in the FPS, the situation is dynamic. As for the raw materials, which were cheap in the first two months, as a result of higher volumes in terms of value, the sales year-over-year is not very impressive, but in March, these raw materials went up. This we're going to show later on. Whereas the most important thing that even in this situation, the FPS margins are still stable. As a whole, this translates into an improvement of financial results, which is really, really very satisfactory for us. Here, indeed, we want to thank all the collaborators of Grupa Kęty, because this is the effect of your work, and we see this in the good results. Also one more slide relating to what I've already said. This slide we decided to show you because, as I've mentioned a moment ago, more and more we're becoming Aluprof. As you see the structure of our sales, especially EBITDA, we can see that over a half of the revenue is generated by the segments that sell products with high added value, especially for the construction market, segment of Architectural Systems and the Sun Shading Systems. We sell systems, technically advanced window and door systems. We sell facades for large projects. We sell rollers, this kind of products, which I want to comment that when I read articles, we're constantly determined compared to the benchmark as smelting and this kind of steel plant solutions. No, we are no longer that. Grupa Kęty is a manufacturer of advanced products and as you know, what we do in FPS, it's also technically advanced. This is the direction we're following consistently. This translates to EBITDA. You'll see it in the EBITDA, the proportion is even larger. The more the added value, the more advanced product, the more this contributes to our EBITDA. Yeah, this slide shows who we are and which direction consistently we're implementing our strategy. Thank you very much. Good morning, good afternoon, and let's move on to consolidated financial results. As Roman mentioned, very visible increase of EBITDA and net profit. Let's start from the revenue. 2% increase of revenue from sales. This is the effect of two variables. First of all, significantly higher volume in all segments besides some sun shadings where there was a 3% drop, but due to the seasonality, as we mentioned. This translates in connection with the fluctuations for raw materials. Here we provide average data for the quarter, but there was a complete difference between the first two months and a difference for March. It was different. We know what's happening in April, so there are some disruptions which result in the fact that volumes are increasing in terms of volume only 2%. As we know, several percent increases in all the segments. EBITDA, as a result, we work with high consumption of power, 85%-90% in FPS. We should expect that the effective cost policy will also result in significant increase in EBITDA profit PLN 29 million. Here the motor powering all this is Aluprof. Actually, this part, architectural systems, first of all. What also coped fantastically was EPS, so extruded products. The remaining segments remained profitability. The financial cost in this quarter is only the interest on debt. The income tax is also very close to the effective rate, the theoretical, and there is no significant write-off of deferred tax as a result of 20% increase year-over-year net profit. We're very happy with this result. Now a few words about the segments. If we may, we'll start from the largest contributor, so the Aluminium Systems Segment. Here, this increase of profitability is the largest. We have 8% increase of sales. Volume increase, we estimate to be 9%. We can see that mainly the increase of profitability comes from, let's say, using full capacity of this, diluting the costs and simply larger scale of operation. It's worth to mention that we're observing also dynamic increase in terms of export sales. This is focused on three or four markets, mainly Czechia, Slovakia, Romania, which, since the second half of the year 2025, are demonstrating very high dynamics of increase. The next segment is the Sun Shading Segment. Here, as we mentioned, it was a difficult situation in terms of the weather in January, February, compared to the previous year. Whereas in March, partially, we managed to catch up on the lost volumes. In terms of the profitability, so the EBITDA indicator, we see that we really work very effectively, and we managed to maintain the results from last quarter, despite of the lower value of sales itself. The segment of Extruded Products, the base that we draw from, very good news. Successively, step by step, for two years, we've been increasing the volumes quarter-over-quarter, and this is also the case in this situation. 7% increase, very significant. Sales is increasing by 5% in terms of value. Despite of such value, it is the net effect of volumes, margins that we're able to generate, and which Roman mentioned, it's still a lot of pressure here and fluctuations of prices of raw materials. It's a resulting effect. Whereas the EBITDA, straightforward, high use of power, nearly 85%, resulting in the fact that we're able to improve our profitability, 9.1% of profitability, EBITDA of PLN 15 million in quarters. The last segment, the Flexible Packaging Segment, and here the result is also better compared to the quarter of the previous year and very high variability within the quarter. Low prices, as we remember, for several quarters now have been communicated. The pressure on margin. Also several dozen percentage improvement in March and another one like that in April in terms of prices of the resin, polyethylene, polypropylene, granulate resin. Here, these effects will be visible more in the second quarter. Still, the sales in terms of volumes is also higher. In net, we sold more tons and only the prices of raw materials resulted in the fact that the value of sales is lower. To sum up our situation, financial situation, very good EBITDA in the quarter, not yet accelerated investment spendings, CapEx. We're advanced in 20% in terms of the annual forecast for CapEx. The working capital is still in the quarter has supported our cash flows, operational cash flows, in the amount of about PLN 30 million. The remaining items which are presented in the graph at the bottom, it's mainly interest and also paid tax as a whole. Paid tax is nearly twice as high as in the balance result. This results from the settlement of last year. To sum up, actually, this second quarter, we're entering a situation of huge variability, above all in terms of raw materials. We're entering, fortunately for us, expected high only. We'll focus on assuring, on the one hand, full utilization of all the possibilities that we see, on the other hand, also delivering raw materials to such a high scale of production. Of course, in terms of the fluctuations of raw materials, so the macroeconomic parameters, we should expect them. As I mentioned, for example, aluminum and the billet premium was down in April, but in the same extent we see petrochemicals. This fluctuation is very strong. In terms of finance, in the recent time, we presented recommendations of dividend at the level which is compliant with what we declared in the strategy and with what we declared in the annual forecast. 85% consolidated net profit. This is also in the context of intent, strategic intents, let's say. We try to develop a financial pool in order to, besides organics growth, allow for non-organic development. That's why, observing the principles of the scale recommendation of the dividend, of course, to be decided by the meeting of shareholders. Thank you so much. Thank you very much for the presentation. Let's now move on to the Q&A session. The first question refers to the Flexible Packaging Segment. The question refers to our forecasts in terms of the margins in FPS in the second quarter in the context of rapid price increase of raw materials, based on oil. Here, ladies and gentlemen, probably March and April are months that, looking, assessing the situation as of today, maybe also partially April, May, are months that are supported with this increase in part of the FPS activity, practically in the BOPP film production part. Rapid increase of raw materials is possible to be translated, because this includes spot sales prices and we have raw material in our warehouses in transit that is already being delivered to us, and that is a bit cheaper. Please remember that if this rapid increase supporting the results, especially of the FPS activity, turns the other way around, then this positive impact will have to be given back to the customers. We estimate that in case of stabilization, it's about two months of additional support by this kind of increase. Thank you so much. Now a question referring to the Extruded Products Segment. What impact on the result of this segment was the effect of first FIFO in the first quarter? A few million PLN. Here, also, we have to remember that using only the quotations of metal, first of all, we have to supplement them with the prices of the ingot premium, billet premium, because they have different dynamics of behavior. Secondly, supplement with the fluctuations of prices of the currency, PLN versus dollar, as for the prices of aluminum. Thirdly, the effect resulting from the fact that we operate with contracts, so with different formulas. Of course, this transferring of the price to the customer happens in the, let's say, most automatic way in this segment of our activity. But still, this is 2, 3 months where the current prices we recognize, a few, several million dollars, not more. Thank you so much. Once again, in the context of the Extruded Products Segment and the ingot premium, billet premium, the current increase that we see in the market, is it possible to translate it into the prices for customers in the second quarter? Ladies and gentlemen, as you can see, and as was mentioned a moment ago by Rafał, these prices we are trying to transfer them because we also operate based on contracts, whereas in the short term, these price increases for raw material, both aluminum and also the resins, they can impact our results balance positively. In the long time perspective, such high peaks of material are concerning for us because simply, we're afraid, in some scope, about anchoring of the inflation scenario as it happened during COVID. We're afraid of that. With this difference that then there was huge fiscal stimulation, which today won't happen. If these raw materials contribute to the product prices, the products will simply be more expensive for consumers. There's a risk of stagflation scenario, macroeconomic stagflation, which increases the pressure on margins. Here in the long term, unfortunately, we have to take into consideration the factors impacting both ways. Thank you so much. The question referring to the impact of the situation in the Middle East on the supply of competitive products. Have we noticed in March or, let's say now in April, a reduction of the supply of competitive products from the Middle East or Far East countries in the European market, in particular segments or on one of them? No, we have not observed. These value chains, the chains of delivery are long enough that still it has not yet been in the first quarter directly on the side of the supply visible in any way. No. The drop of the amounts of sales in the sun shading systems, please tell me, could it result from the effect of combining Aluprof with Selt? That's how I understand the question that has been asked. This fusion, this merger, maybe did it make some specific customers leave Selt or leave Aluprof? No, we are not observing this kind of phenomena. Of course, we're monitoring this very carefully because always in integration processes, we're aware that this kind of risk exists. Here, the acquisition of Selt compared to Aluprof, taking into consideration the product portfolio, the customer base, it was very complementary, a very low risk of this kind of phenomena. Whereas what we see in this segment, as we've mentioned, in the winter months where the construction activity, which you also see in the data for the whole construction sector, was stopped. These months were much poorer than year-over-year. In this scope, there was increased competitive pressure because poor activity in the construction sector contributes to poor sales for all the players in this segment, which results in even larger, stronger competition among them. I had the impression even that opening the internet in February, I'm bombed with advertisements of pergolas. You could conclude that the victim of this, as a result of this, the segment had a drop in the first quarter. In March, we see an improvement for pergolas according to the temperature we have outside. Now we have a question referring to the Extruded Products Segment and the demand for the second half of the year 2026. The author of the question draws attention to the fact that whether such initial success related to transferring prices to customers, maybe might lead in the second half of the year to a drop of volumes resulting from some flexibility of prices, perhaps of demand with the EPS customers. What do you think? Ladies and gentlemen, that's how it should work in economy, that it's price flexibility and increase of prices should result in drop of demand. Here, there may be substitutive factors, so purely hypothetical. In a situation where the aluminum prices are high or let's say there are problems with accessibility, the market adapts and either customers buy less or there is substitution. For example, in automotive, some of the aluminum solution can be substituted with steel solutions, and this market in the long term will equalize, whereas in the short term, these kind of difficulties may happen. We believe, first of all, that in our portfolio of customers, in our diversification in the market, and with our effectiveness in terms of operation, we are one of the companies that should be a winner in these difficulties than a loser. Second, you know the dynamics of the situation today. On Friday, the Strait of Hormuz is closed, then it's open, then it's closed. I wouldn't like to speculate how the macroeconomic situation will look like in the second half of the year, because it's impossible to plan considering the Strait of Hormuz situation. Thank you very much. I am aware that the competition would be happy if you could provide the hedging level for our raw materials for the second quarter, but we won't provide this. Thank you for the question. Nevertheless, with such a precise piece of data, referring to the levels of specific purchases or let's say security, go far beyond our willingness to disclose data that is sensitive. I shall move on to the second question, unless the CEO would like to comment, because the question refers to the level of security for the second quarter of the main raw materials for EPS and packages. Of course, we have informed or we have described also in the report for the first quarter that we're trying to operate in terms of operation in a way that's rational. We're trying not to prolong the purchasing horizon suddenly. In a conflict situation up to half a year, if by standard they're about 2 months plus about 1 month or 2 months stock we have always in the company. Well, practically in all the segments. Rather we have focused on the fact that the possible source of supply that is being limited because they come from this Strait of Hormuz region, to replace them with other ones. Here, for years we developed a diversification of sources of supply and this has worked perfectly. These were not high amounts, which we were able to distribute to other providers and thanks to that, we behave in a normal way. It seems to us that with this planning of production and sales in a normal way, we're able to be secured for such functioning for two or three months with the horizon that is foreseeable. Whereas here, there is not a situation where we would be hedged, let's say, especially because we don't play in such ways. We operate basing on the expected levels of actual demand, if I may respond this way. We are diversified and secured in terms of the production continuity. Now a question for the Architectural Systems and Sun Shading. In the first quarter, these segments have increased the pricings in response to the increasing prices of aluminum or other raw materials. Yes, in these segments where we operate more based on contract, this is solved in a different way. In these segments, the two we mentioned, we operate mainly based on price lists and we have to react dynamically, and that's what we do. Two questions referring to acquisition and the press noted that Grupa Kęty may be interested in one of the plants of a large manufacturer of windows. A question to clarify, which specifically was the idea for the acquisition and whether still negotiations are being conducted? Because I understand it's a question to the press that notified about this, not to us. No comment once again. No, no comment, and especially we don't comment on press speculations. If you ask about what we've mentioned on these topics, of course, we are willing to comment, but someone else's speculations, no. Thank you. A question referring to the Extruded Products Segment. What part of the raw material comes currently from the recycling? We would have to clarify, we do not purchase scrap other than ours. This results from the fact that of the care for the stability of the composition and technological parameters, whereas a lot of own scrap, 100% of scrap coming from our own production is reused in the process, and we have different kinds of ingots. We also have ingots, billets, the so-called green ingots, green billets, coming from the reprocessing of post-production waste of ours. So I don't know how to answer. Large amounts of value from outside. Maybe I'll refer here to the data from the yearly report. 3/4 of the raw material for the production of own billets is scrap and leftover, meaning our own production. Our own production covers about half of the demand for billets or ingots. Here, this is how we can describe it. 3/4 in terms of our own production of billets. Our own production of billets covers half of our needs. In the acquisition plans, another question. In the acquisition plans, do you consider taking over, or it would be beneficial to take over a company, especially using PV integrated with buildings? Consistently, these kind of questions we shall not comment. We shall notify you about the acquisition processes in the moment when we can do it. I'll continue this question, actually, but after all would it be a product that we consider as a potential supplementation of our offer? Entering the discussion, if the question is, are we considering, I have to say I cannot comment on that. Whereas if I can imagine hypothetically that there is some supplementation, yes, I could imagine such a situation. Yes. Thank you. The last question that I see in the list is also more philosophical, you could say, and refers to coping with crisis. Because the company until now, over the recent few years has been coping well, both with matters of operation in the pandemic period, and also operation in just right after the eruption of the war in Ukraine, and also the blockade of the channels. Here, a more philosophical question, what strategy can we adopt to keep doing this, keep working, operating? Ladies and gentlemen, this is not a matter of a strategy. It's a matter of governance, of managing. If the company is coping well with crisis and difficulties in the long term, this means it is managed well. Such a company is and was, and is Grupa Kęty. Well-managed, I mean, first of all, the managers on a current basis are dealing with what they should. They are on a current basis, close to the customers, close to the production at the front line. At the same time, they anticipate the trends, anticipate what may happen in the world, and appropriately try to respond to that. At the same time, this means flat structures, quick decision-making, and a lot of collaboration between the segments, between the functions, in order to flexibly be able to react so that the decision is made fast, so that it's made based on the best data, and also where it's closest to where the decision is needed. As I've mentioned, as you've said, it was historically the company has coped well and has these features, whereas we shall continue to strengthen these features and characteristics of our company to be able that we are a well-managed company, and the indicator of that is that we cope well in the situations described. Thank you so much. We have one more question referring to the results in 2026. After the results of the first quarter and the perspectives for the second quarter, how do we perceive the relationship between EBITDA first half of the year versus the second half of the year? If preliminarily the company declared that second half of the year should be a bit better, and do we maintain this assumption? Or perhaps, we want to somehow comment it in a different way? If I understand well, then this question, whether we have a large, strong differentiation between the first half of the year and second half of the year, in December when we presented the forecast, we said that this improvement we don't see in the second half of the year. The budget is very ambitious. It was distributed more equally, evenly. More evenly, I mean that the first two quarters were also very ambitious for us. You can see how ambitious, what the implementation is like in the first quarter, year over year. We're not expecting any significant improvement in the second half of the year currently. Still, if we add to that what Roman mentioned a moment ago, so the uncertainty that we have currently, it's difficult to even forecast the second half of the year. I just want to say that the level of the first quarter of the results in the forecast that we provided was slightly lower, a few million PLN below our assumptions. Today, the results are a few million PLN above these assumptions, which makes the yearly forecast to be still a purpose that is defined, but these are not strong deviations after the first quarter. Just over 10% year-over-year shows how ambitious these plans were a few million PLN above our initial assumptions. Thank you so much. The question referring to the improvement of demand in the Sun Shading systems after the improvement of the weather conditions, actually, we've answered already. Yes, we can see a significant improvement of sales in this segment, high enough so that partially even we managed to catch up on what the segment was not able to implement in January and February. The last question that I see is, what is the remuneration policy in this year? Do you plan any pay rises? Are they compliant with what we've presented with the forecasts? Now we've assumed about 7% increase of the pool foreseen for the pay rises. As you can see, as a result, this is both the result of the pay rises from last year, which took place in the second quarter, and also the effect of the current pay rises. Our objective is simply not to exceed in any way this value. Pay rises are being implemented according to the standard mode of valuation, reviewing, comparing with the market and appropriate arrangements with the employees. Here, I want to add that, it's not about remuneration. It's not a pool for remuneration rises. It's a pool for remuneration in whole. This is both a pay raise component and also the employment state. This both factors have to be taken into consideration, as Rafał mentioned. Today, do you see a risk in the problem of accessibility of raw materials in the Flexible Packaging Segment? Currently, no. As I mentioned, this horizon is maintained by the segment in a safe, normal level. Thanks to diversification of sources of supply. Whereas we see strong increase here. Increase of prices. Thank you. The payment of 100% of dividend of consolidated net profit for 2025, will it strongly complicate the plans of the board? The board, as I've mentioned, taking into consideration the current situation, including the uncertainty that we have, plus also the strategical plans and the strategic declarations that we are speaking about more and more boldly, which we communicate. This results in the fact that the recommendation is compliant with these earlier communicated information. This is a little bit less than PLN 100 million difference. This, of course, will have an impact on the change of the net debt to EBITDA indicator by one decimal point. We have a situation, maybe you remember from the slide I presented a moment ago, the net debt to EBITDA at the level of 1.2. It's our indicators are very safe. Our recommendation in this form has been presented to the supervisory board. We obtained a positive opinion. We're waiting for the decision of the meeting of shareholders. Another question referring to Aluminium Systems Segment. They're dynamically appearing, the questions. A 20% increase in the export in architectural systems, is this the result of gaining new customers or more the effect of increase organic growth of customers that we already have? Both, I would say. Thank you. A question referring to the prices of products in the context of competition's problems resulting from the disruptions of deliveries from the Middle East. Is there any positive effect on the possibility to improve our prices? For example, in the Extruded Products Segment or in other segments do we perceive on this account here? I understand it's about some European competition that used to be supplied with raw materials in the Middle East. Now they have more trouble, therefore, maybe limiting their production and whether this is a chance for us to make it easier for us. I'm not sure whether I understand the intentions of the question correctly, but today we don't see any limitations in accessibility of raw materials. Today, nobody has stopped production because of the fact that they don't have raw material. What we see is increase of prices of these raw materials. This results, of course, in higher dynamics in the market. This results also in the so-called inflation fog effect. Everybody increases their prices trying to transfer this to customers. This is done based on uncertain assumptions for the future, because we know what the prices of aluminum were, or let's say, of plastics in the last month. Making the decision today about increasing the prices, we don't know what will happen in the following months, when and what correction will be needed and this problem, whether this challenge refers to everyone in the market. I don't see that this would impact somebody more than others, but I'm not certain I understand the question well. I think you understood the intentions well. Thank you for the answer. That was the last question we had. Thank you very much to all you, ladies and gentlemen, for all your questions. Thank you to the board for the presentation of the responses, and of course, I want to invite you to the next meeting. The presentation of results of the second quarter at the end of July. Thank you so much once again. Thank you very much. Have a good afternoon, everyone. Thank you.