Good afternoon. Monika Wszeborowska. I would like to welcome you at the LPP conference on the results of the first quarter. With me there is Marcin Bójko, CFO, and Magdalena Kopaczewska, investor relations representative, who presented the results from the first quarter. How they reflect the reality in our activity, we will talk about to you in a moment. We would like to present to you our plans for this year, but also we would like to refer to our plans for the next three years regarding our development of our stationary network. During this meeting, we would like to present to you our financial goals for 2026 and 2027. The entire meeting will end with Q&A. You can ask questions via chat that is visible on your screens. It's already active, and it will be active till the end of today's conference. After the conference, if you have any additional issues or questions, please contact our investor relations department at lpp.relationslpp.com or via our medialpp.com. Let's move on to the results from the first quarter. Thank you. Traditionally, the summary of the first quarter, let's start with the most important operational events. In the first quarter of 2026, we opened 121 new stores, 102 in Sinsay brand, according to our plans for this time. At the same time, we've spent already PLN 600 million for investment within the first quarter. Close to PLN 3 million was allocated for logistics. This year is not going to be a record-breaking year, but constantly we've been investing in the area that is most profitable for us, a good return on investment, and in the next quarters, that will be visible. At the same time, our comfortable financial standing, very good EBITDA, 1.2 net debt relative to EBITDA, makes it possible for us to invest in CapEx and share with you, our investors, the profits and the dividend that was suggested by the management is PLN 900 per one share. This is according to our net profit. Constantly we would like to share profits with you. The operational situation, when we look at these events, was positively stable, but what was not stable and very dynamic, these were profits on every level. We are very happy about these results. The first quarter with improved profitability. Profits of revenue increased slightly, only 10%. We will go back to it. When we look at EBIT or EBITDA, here the dynamics were more significant and we are very happy about them. This is what we target and this is what we delivered last year. We are very proud about it. Another element, apart from financial aspect, is the development of our strategy as Sinsay chain. You remember last year, we accelerated the development based on Sinsay brand. We are very happy that everything goes according to the plan. 121 new stores in Sinsay brand and the first quarter, 2,500 new stores and the entire group, 3,841. This is the value also including closed stores because we are optimizing our network within all our brands. We are very happy about the profits and the development according to our plan, but we also feel happy about profitability in our development and KPIs. This translates into our plan. Before the acceleration, we decided that we want to develop really fast, but we want this development to be a quality-based development. Missed locations when we opened 300 stores was a different percentage, so we have the quality that is stable. EBITDA to Sinsay, that is around 30% or EBITDA year-over-year when we talk about the stores and profitability per one store. They remain at a very good level. Let's move on to details. This detailed section, I would like to start. Honestly, when we look at the last three years, weather slide becomes a must in our presentation. This was similar in the first quarter. Here you can see the deviations from the historical average. You can see that it's clear in February, definitely lower temperatures compared to historical average. In March, the weather was pretty warm, it was reflected in the results. In April, again, not really convenient weather conditions. We are going to move on to like-for-like and sales. We need to look at the following slides from this perspective. The weather affected not only LPP. We are monitoring market information and statistical data. As for detailed consumption, we know that the weather was very demanding. We saw that at the very beginning. Despite such conditions, the increase in the profits is good. We move on to traditional slide sales in LFL stores. A difficult quarter with challenges related to weather. The first quarter in 2026, that is -2.8% for the entire group. Reserved, Cropp, House, Mohito positive, +2%, +2%, and Sinsay -7%. Some of the operational challenges are going to be described further later on, but when we look at the like-for-likes from the perspective of the weather, we assess the tendency. Had it not been for this weather conditions, three, four percentage points would be better, that would be positive. Below our ambitions still, but this shows the scale of the challenges that we are facing recently as for the sales in the first quarter. When we add to that the online channel and all the stores, not only like-for-likes, in the first quarter, our dynamics amounted to 10%, almost PLN 5.2 billion. It's not what we wanted, but when we include the weather factor here, we believe that it's a good result. We did what we could have done. When we look at two challenges we were facing, and they were growing, and they were accumulated at the end of last year and the beginning of this year. The warehouse fire in Romania. Our logistics was not working properly. The goods that we transported to Romania had to be retransported to Poland, the Polish warehouses had to deal with these goods. This was a challenge for us. We are slowly catching up with the situation. I'm going to refer to that later on. In the first quarter results, that was really a significant burden for online channel. We focused definitely on profitability, the agility of our organization. We didn't want to have a lot of difficulties in the costs and performance marketing. This is what we try to optimize with low spendings kept on a lower level. We generated significant increase. With such a demanding environment, this level was not sufficient, we entered the quarter with lower spending. We spent 16% last year, marketing to revenue. Recently, it was around 7%, this optimization was there. In the first quarter, we had to face this issue as well. Around 1% of our dynamics. This is not what we wanted, but we have a clear plan for the next part. In total, we were looking at a broader picture despite difficult conditions for sales. A gross margin, the second element in the plan. This worked really well. With lower temperatures, we practically sold out the entire winter collection. Because of these lower temperatures, we did not have any markdowns, so later on, the sales was lower, so we started single days or periods with markdowns. These were not really effective because there was no traffic in the stores and in online as well, so we withdrew from that. The first quarter closed with a record margin, 58.2%, 4.5% above the target from last year. When we add to that a very strong PLN against the USD and well-negotiated freight for this year, the gross margin was writing off nicely the volume of our clients in the stores. The third element, the costs. Here, as I said, in 2025, we optimized our conditions. We wanted our organization to be agile, to reduce the costs to indispensable level. Now it is very comfortable. We can add to it. We focus on a discipline related to cost, not just a strict reduction in the cost. You could see that in numbers, 9% improvement of cost per square meter. Here the significant leverage is the logistics. This is what I mentioned at the very beginning, high CapEx, so we invest in robotics. This is the one that is improving our situation, and also a simple discipline in corporate costs. We believe that every PLN is carefully spent. We think about it before we do that. That is why such a good result, and this is the strategy that we want to continue. When we combine these three elements, sales, OpEx, and margin, we have a very dynamic improvement in the profit growth. What is good is the profitability and EBITDA growing by 4%. These are the results that we want to see, that we want to focus as our goal last year and as the management, as the organization, we are very proud of it. The profit is nice. We are pleased with it, and we are even more pleased with operational indicators that were generated in the first quarter, and inventory was under control. The challenge that we generated and we faced in the first quarter of last year, we addressed nicely in autumn-winter 2025 season, and we continued the good work this quarter. You can see this in the numbers. We are pleased with that. PLN 1,400 per square meters. Do we expect an improvement? No. We will be stocking up before the autumn-winter level, so we will go back to PLN 1,500, PLN 1,600 probably, but we improve turnover and we can see it in the bullet in the comments on the right, improved by eight days and this is a good indicator of our inventory management quality. Good inventory management is also working capital under control. Negative indicator rotation cycle is 28 days. We keep our good level. Our operating cash flow is gradually growing. What you are also pleased with, because it is another strong foundation of our financial position, is the factoring limits used only in 40%. We can focus on developing the offer, the business, and on growth. We have quite a lot of room for maneuver here. Financing the working capital is also ticked off from the back office and financial side. This is another thing that enables us to focus us on the core business. CapEx in the period, nearly PLN 600 million. 8% below last year, but this falls into the direction that we communicated in March, which is the peak CapEx, more than PLN 3 billion last year. It was the peak last year, mainly because of logistics, where we spent more than PLN 1 billion on expenses in that area. Now we are finishing our main investments, the distribution center in Brześć Kujawski. We are working on a new location in Tczew. We are continuing implementing robotic solutions. The last slide in this section shows, looks the best for me as the financial director because the development, investment, and sharing profits with shareholders is at a very safe debt level. The 1.2 leverage is slightly improving compared to last year even. To sum up the first quarter 2026, we can say that we are where we wanted to be. We develop fast and in a profitable way. Our profits are growing very dynamically. We can see some challenges moving forward. All the tools are at our disposal. The ball is in our court. We have strong financial foundations. We can focus on the core business. We can focus on the initiatives to improve the customer experience and develop the offer. This way, for these reasons, we are very optimistic about the coming quarters. Moving into the future and looking into the future, because we are on mid-year now. In the second part of the presentation, we want to tell you about what we have now, and as Monika mentioned, what we are looking into in the longer perspective. Looking at the hard numbers after May and a couple of days of June, 20% of sales on the group level. Online channel bounced back after the first quarter. 17% growth is a level that we target long-term and 4% like-for-like. What is also a good thing that the bounce back is at a good gross margin, higher than last year. It's not the level of 4, 5 points that we saw for the first quarter, but it is still going in the right direction. We started markdowns for Sinsay. We will be starting markdowns for the other brands. where this goes, but this good management of inventory plays well for us. We have room to maneuver with the margin and to adjust to the needs by maximizing the gross margin. The last thing, about 350 new shops. This is the plan for the first half-year, as was announced before. Everything goes as we planned. These are the numbers that we can see for now. If we go one step back and we look at the big macro, the global economic picture, we would like to comment on the trends and market behaviors, the trends on the market that we see in the key areas, countries, and regions for our development. Starting with Poland, we will move to the right, clockwise. Poland has good macroeconomic environment, strong consumer, weather aside. In the first quarter, the market is behaving in the right way. Our new openings are aligned with our plans. All the conditions are met. We have no reasons to reduce or to speed up. We will be focusing on the direction that we set for ourselves this year. Ukraine, we have a very strong position there. We built it gradually for the last three years. This is our second market in the capital group. Romania has fallen down to the third place. The strong position in Ukraine gives us market comfort and means that we can slow down a little bit there. We can focus on the best locations because the market is profitable, likes for likes are normalizing, but still it remains an area that has its challenges. Unfortunately, the ongoing conflict, the war, is still going on there. We have to use common sense at this stage with our scale of more than 500 shops in Ukraine. We need to be continuing developing in more selective locations. Going down, Central Asia, very prospective markets, very good outlook, both economic and the demographics growth. The first shops that we opened there last year show good profitability. What we observed in recent months was that some shops in Uzbekistan and Kazakhstan, when the weather was already warmer, they still had winter jackets on store. Our logistics is quite spread, and after the fire in Romania, we have our challenges in Poland both and in the region, but all deliveries are accumulated in Poland, and then once they reach Poland by sea, we send them back to Uzbekistan and Kazakhstan by road. This is not optimal in terms of cost or time, so we will slow down development there. Before we open the new DC/FC next year, we will be focusing on the best shops. Once our logistic capabilities in the region are on the level to enable us to shorten the logistics, we will start the DC and all the deliveries from Asia will be collated in China and sent by rail to Kazakhstan. South Europe. Here we focus on two main markets, Romania and Bulgaria. Very simple, short comment. Some of you during the regular meetings communicated us that economically-wise, Romania is slowing down over the last months. In our likes for likes, we have not noticed that yet. Probably our strong position prolonged the good sales for us. Indeed, now what is happening with the gross domestic product dynamics that is slowing down significantly in these two countries. This means that some of our opening projects are on the border of profitability. We do not want to push it at any cost. We will be focusing on the most profitable openings. The forecast says that a year and a half, maximum two years, the situation should start improving. The entire market and region is in the same situation there in South Europe. If something improves there, we will be watching it closely and we will be accelerating. Italy, Western Europe is a new direction. New openings generate positive profitability there, but it is slightly below our expectations. What we do is we slow down strategically. We focus the entire opening pipeline on the south of Italy, the center of Italy, and we will be improving our offer there. We will be improving our presentation in shops there, our displays. And until we have sorted that out, the potential offered by half of the country, in fact, we will be leaving that for later. As soon as we see better profitabilities, it's not much that we miss, it's about 4%-5%. Once we have that, we will come back to development and Central Europe. By which we mean Czechia, Slovakia, and Hungary. Here, especially in Czechia and Slovakia, we can see economic development the same as in the south of Europe. We already noticed that before and it reflected in our profitability, and we communicated that to you, and this is the moment to actually push on the brakes a little bit harder. What we see and what we do is what we call controlled cannibalization, because in the region, we have very good recognition of the brand. We have been there for quite a long time. But because of that, we have quite high saturation in some of the regions, about 55%-60% in some of the regions. There, the like-for-like sales is slowly cannibalizing. We see that in KPIs and in profitability. The incremental shops that we add are continuing to add positively to EBIT, but we have to be more selective here, especially given what's happening in Czechia and specifically in Slovakia. That's a very brief summary of what we see in the macro scale in our regions. What does it mean for our plans moving forward? 950 shops that we set for the end of 2025. We limit that to 750, and the same number of openings for Sinsay is our assumption for the next year. We believe that this is the optimal number of the openings of new stores. As we have always said, we want to grow and grow fast, but we want to grow in a profitable manner. To give you an illustrative comment, after the half year when we focused on Sinsay, we said that we moved to Formula 1, probably we're on the 20th lap of the race and there are 40 more to go, and we are not working for the record in one lap, but want to be the winners of the race by the end of the season. This is the way we look at our development. We want to grow and develop long-term and sustainably. This is the reason for our decision. This is the number that we are comfortable with moving forward. So far about the new stores, new openings, and looking for the next two years. Remember about our like-for-like shops, because new stores is one part of the story. They accelerate the development, but in Sinsay, we already have more than 1,800 like-for-like stores. It's the biggest share of the like-for-like stores that have been with us for more than 14 months. Here, looking at the like-for-likes that we generate, the results on comparable stores, we set ourselves or identified five main areas for ourselves that we want to focus on in the next future. We believe that these areas will improve the dynamics and our sales. Very briefly, let's move on to what we understand by all of these collection in Sinsay. All initiatives relate to Sinsay. Value for money. This is what we see from the second half of last year and the beginning of this year. In value-for-money segment, we focused on money, meaning the price. This value component is slightly missing, or we can't see that. We had some hits. We were not able to order more. We moved away from fashion heritage a bit. How do we want to work with that looking forward? We have this action, Back to Fashion. We focus on smart approach to value. It will not going to be a lowest price, but a trend-related product, the latest fashion-related product. This is our strength. This is how we do it, and we know how to do it, so we want to go back to it. This is what Reserved did two years ago. They went back to their basics, identified the clients in the region, and right now, as the only brand, generates, for the eight or nine quarters, very good like-for-likes. This is the new approach, the new path for Sinsay. It seems like a new path, but this is not really a revolution. This is going back to where we are good at, to the core of our business. This is what we are going to focus on in the nearest future. The second area, customer experience. As I mentioned before, in 2025, we focused on significant cost optimization, to be a very lean organization focused on the development and the cost was not problematic for us. The stores were hit, bluntly saying, the budgets were limited. What it meant in a practical aspect, you signaled that to us. The presentation in the stores of our collection, our windows were not really that good in quality compared to two years ago. We want to change that. There were queues, fewer staff translated into more queues. We are going to increase the budget in the best stores. We are verifying them on an ongoing basis. We add personnel to these stores, this customer experience is going to be improved. We add on top of that the marketing budget, better presentation, better windows, displaying our collections, the fashion side of our business, and we also implement self-service checkouts. We have them in 350 stores. At the end of this year, we want to have 1,100, maybe 1,200 stores with self-service checkouts. This will free time for our personnel in our stores. Another area, performance marketing. This is what I mentioned at the very beginning. In 2023 and 2024, we spent a lot in this area, and at the end of 2024 and 2025, we've been using that. This snowball was still rolling and generated significant dynamics, and we generated also a good profitability in e-commerce segment. It was comparable to our stores. We can see that this potential is slowing down. Those who are with us on a regular basis asked questions. We commented on these that we have these resources, we have these P&L resources, we can spend more on advertisement on the internet. That will be 1+ 1 percentage point year-over-year related to the revenue. Another area that we defined for our initiative for next years, this is home. In 2024, that was 60% growth. It was the novelty. We built a very broad offer. It contributed to likes significantly. Now naturally, through the development of this department, we see we need to focus on the development. For 2026 winter and fall, we ordered less than 20% of these raw colors. We crossed out not profitable aspects. We omitted the products that are cannibalizing each other. In Sinsay, you won't have 17 different pillows in the shape of a pumpkin, but the best ones and the most profitable ones. Online, the offer is going to be definitely broader. In traditional stores, we are also changing our furniture. Fashion heritage, this is a strong element of LPP. Home was being developed constantly and in the stores, the manner of presenting also makes sense. We started with Sinsay stores, the best ones. When home is from the beginning of our stores, we are going to improve this aspect in Sinsay stores, it will be refreshed. We had a small department of home, and now the sales speed up. The first results are going to be there. We are not waiting for them. We are just summing up this situation for you in a brief form regarding the initiatives we are going to focus on. This is our daily work. First results are visible already. The best orders, the improved quality. In Sinsay, this is the only department that had a positive like-for-like, and it is continued. This is the direction we are going to focus on. The last area, the last leverage, logistics. It is also the core in this group. When we have good offer, we can provide good products for the clients reliably. We had some issues with the fire in Romania with lead times and with products in the stores with the stock from four to five days, it prolonged up to 15 even. The client can accept it once or twice, but not the third time. This is something that we had to face. We did what we could. The dynamics here on the southern market slowed down. This is the area on our side. We selected new locations. We have the new FC in Romania from October. At the beginning of July, we are going to have the new distribution center in Romania. In place of the one that burned in fire. We are going to use this location, and we are going to speed up. In November, this should reach the target level. We go back to the port in Constanța to stocking Romania. Now from the ports in Constanța, we are storing up our new warehouse. These were difficulties we had to face last year. Everything is going back on track. Combined with other initiatives, in time, we will regain the trust of our clients. At the end of the day, what does it bring us? Positive like-for-like, the increase in e-commerce on the internet. From the P&L point of view, it is not affecting our estimation for OpEx in this year, because these activities, whether performance marketing or improved budget in the stores, this increased costs on the one hand, but this operational leverage and our discipline regarding corporate cost is significant, so it is compensated. We don't have any indication to adjust that for OpEx and for CapEx. This is just the change in the home department in our stores. When we look also at our CapEx, this is not a very significant amount. Target for this year regarding investments is a bit lower than what we described or what we planned. What is also crucial for us, here you have the notes in what area, what initiative should be operational. LFLs understood as e-commerce and stores. Sinsay here, this is 3 omnichannel. We believe that through this leverage, the synergies here are going to be greater than the result of a single initiative. Through omnichannel, in our case, in Sinsay, two plus two is going to equal five this time. This leverage for the entire group is going to work perfectly, diluting a little bit OpEx. Let's look at the numbers. This is an important aspect. What does it mean? The openings and all the initiatives, what does it refer to? Slight update as for 2026, related to P&L. With lower stores, new stores, and a weaker first quarter, the dynamics in both channels are forecasted a bit lower. Looking at the margin, looking at the best forecast and the data that we have for the second half of the year, it's really comfortable situation. Gross margin is going to reach around 56%, costs at the same level. Basically a little bit less revenue, a very good margin, EBITDA and no change, profitability, slight change. As for 2027, this is similar versus the numbers we presented to you in December 2025. Less revenue, but better margin, cost discipline, and finally at the end, when we look at the profitability, we have the same result. CapEx as expected, of course, reduced by fewer openings and the financial stance very comfortable. The leverage will systematically be going down. 2027 for us is not a goal in itself. Our strategy is three-year strategy, 2025, 2026, 2027. This will be the last year of our strategy, but for us it is not the target, but a milestone rather, and we continue looking ahead and would like to show you now a framework plan for 2028, how we look into the more distant future and what our strategic vision is for the offline stores is positive like-for-like above inflation. This is certainly there. If we have a good situation there, automatically business works very well there. Looking at numbers 2028, we can see that we will be able to maintain the 750 openings of Sinsay. Starting from 2029, we will be focusing on 350 openings per year. The best projects and selectively the pipeline is very big. The potential is 10,000 stores. Can we use the whole potential? Probably not, but will be 60% or 65%. There still will be a lot to be done in that area, we will be focusing on the best. As I already mentioned, the macro Hungary is a very good example. The last two years was a very difficult market in Hungary. Previously, we already slowed down the openings there, but with every coming quarter, we see better profitabilities, better information reaches from the market. If we wait another two quarters and the improvement is constant, we will go back to a dozen or so more projects on that market. The other brands, the heritage brands, Reserved, Cropp, Mohito, will be focusing on opportunistic development. There are not so many new shopping galleries for us to open new Reserved stores, but it is not that there are none. For example, Opera House last year is a good example. We are monitoring the situation. We are focusing on that. All the brands, the Sinsay and our heritage brands, we will be focusing on closing unprofitable stores because naturally it improves the image of the entire network and enables us to generate better profitabilities. In the e-commerce leg, we target at 15%-20% growth. Here we see a lot of room for generating the dynamics still. Looking at online penetration versus Western Europe and other markets, still our penetration is quite low compared to them. This channel will be growing in importance. We, as LPP, operate in 27 markets. In most of them, our e-commerce is nonexistent, so there is a lot of potential to use the omnichannel synergy that I mentioned is also accelerating and driving the channel and marketplace. This year, we want to start in back-to-school period, late August. We will start with small steps, but we have high hopes about this project. We focus on complementary project that will naturally supplement and support the Sinsay brand. This will be more quality marketplace. We will not be focusing on volume, but on quality more, and how it presents to generate natural synergies. Speaking of financial results, the minimum margin is 55%. Looking at history, without the macro effects, this is the level that we can comfortably ensure the cost discipline. LPP is known for cost discipline, we will not be changing anything here. This is our strength, we combine it with good like-for-like, good margin, stable margin, cost discipline. We are certain that we will be able to systematically, quarter by quarter, year by year, improve our profitability. This will mean better free cash flow, but also a potential to pay out the dividend, because we are a dividend company after all. We used to be, we are, we want to continue to be in the coming periods. How will we do it? Through our people, with the passion of our people. In May this year, for LPP celebrated the 25 years on the Warsaw Stock Exchange. It's thanks to people who have passion. Some of them, most of them are still with us. They worked on the success for the last 25 years, and our stocks grew by 50,000% in value. We know how to do it despite the challenges. We experienced many successes on which we will found our development for the future years. Whether we'll meet in two years or 12 or 20 years, I'm certain that LPP will still be continuing its gradual development, and this is what we wish for ourselves. With the technology that we are using and developing and relying on recently, I'm sure that our development will be even faster and more visible, starting with the coming quarters. This is the end of our summary of the results and the look ahead, and we can move on to the Q&A session. Let's start with a question about the gross margin. What was the influence of freight on foreign currency and improved pricing on the gross margin? 4.5 of positive deviation year-over-year. Three percentage points is the macro effect, the freight and the foreign exchange, and the rest is the effectiveness. Next question is about like-for-like of House and Mohito. House generated 15% LFL, while Mohito minus 16%. Could you comment on the factors that caused the different results of the two brands? It's a very good question. Thank you for asking it. Beginning from second half of last year, our model has slightly changed. Before starting this season, the purchasing budget that we allocated to brand to purchase new collections is used less in the sense that House does not contract models at 100%, but leaves a certain buffer. I will not tell exactly how much that buffer is, but it's quite a high-margin buffer. When a season starts, House works on the trends observed in social media, has AI tools to scan the social media to identify the trends, and they react in real-time, and they contract on several fashion proposals in reduced number of items. When it comes to sale, about 10 models, three, four of them sell very well, generate very good margins and like-for-likes, and then we stock up on them fast, and this is the model that House operates in, and this is reflected in the results. They know how to do it. We also want to scale also to other brands as well. As being LPP, we are conservative about that and reserved of the different scale of Mohito, but probably this is the reason that of the House's good like-for-likes. For Mohito, we rediscovered ourselves with this brand. This is the brand only for women two years ago. That brand was an example for others how to develop, how to generate positive like-for-like. Beginning with 2024, our collections did not catch up the expectations of the customers. Now, we bet on better quality materials. In autumn, you will see the first effects. We have a new team there that is doing a great job there. They have ideas. They will be using the solutions developed by House, their new approach. I think that we need to be patient about Mohito. The full picture, it's still a very profitable brand. Two years ago, a year ago, it was the most profitable. Right now, it is at the level of Reserved, maybe slightly below Reserved, but despite the challenges and the poor like-for-like, it still is a very good result at the EBIT level. Next question is about e-commerce. Revenue from e-commerce remained unchanged year-over-year, while the average dynamics of growth over the last two years was about 23% plus. Please comment on the reasons for the result. How was it affected by limiting the expenses on performance marketing? Whether the current quarter should be regarded as a one-time deviation? Additional question, was Sinsay brand the cause behind the result? Yes, let me repeat what I mentioned during the presentation. If we look at the dynamics, 1% dynamics in the quarter scale in the e-commerce area, about 5%, 6% of the dynamics was taken away by the weather. 6%, 7% is a poor result compared to historical results. We target more at 15%-20%, and the other effect is the performance marketing reduced cost and our logistics problems. To give you the sense of the importance of the logistics problems after the fire in Romania, we maintained sales. It's not that our organization is capable and the logistics should be praised, but yet the dynamics slowed down, specifically in Southern Europe, Romania, Greece, Bosnia, Macedonia, Greece. The markets that were served by the warehouse in Romania. The other areas grew well, but the like-for-like and the economics was below last year. We can see that, well, I do not want to give you specifics on what is the impact of the respective factors, but the logistics is improving. With our strong P&L, we can safely add to the performance marketing budget. We are waiting. This is hard work in front of us. We have to convince our customers that they will once again receive their products in three, four days rather than two weeks. We are targeting the third, fourth quarter, where the new location will have full operational capacity. Next question is about settlement of the losses, the damages for the lost property in Romania. What was the receivables at the balance at the end, the liabilities of the balance at the end of April? What is the insurance when you want to claim insurance? In the report, you say that you have additional costs and lost sales. I assume the numbers are quite high. As for the insurance, we have a PLN 350 million reserve, booked last year after the fire. Out of that, over 2/3 of the money came to our bank accounts. The rest in our assets and stock. We are still working with the insurers, this settlement takes time. We provide documentation, we've been cooperating with the liquidator, but some business interruption and the lost profits, that ended at the end of March. At the beginning of May, we sent documentation. I am not going to give you the exact number, but this covers what was in the question. Lost margin that we assessed at that particular period and additional costs related basically to inefficiencies related to logistics. On an ongoing basis, we are going to provide information for you so the liquidation and the talks with the insurer are ongoing. Please give us some more time. Please give us details as for the economics of the latest new openings in Sinsay stores. What is the profitability and return on investment related to the new stores opened in Sinsay compared to those opened in the recent years? When we look at the results from last year and the first quarter of this year, payback period prolonged by two, three months. From 13 months, we entered a year and a half, the level of 16, maybe 17 months, but this is definitely below our benchmark that we defined 24 months. Everything goes according to the plan. We tried on the slide, presenting macroeconomics, give you more details. How do we look at that? How do we read region by region what is going on? This is just case-by-case scenario. This is how we react, we look globally at the Sinsay result as a brand, and the results are really good, especially compared to the pace of development. Another question refers to competition. How the management assess the SHEIN and Temu competition compared to situation from two years ago. Which segments are most sensitive? Where are the most significant advantages related to LPP? Probably you would need a number and customer traffic so we can summarize it. As we saw, the platforms that entered Poland, especially at the beginning, they grew significantly, but then they stabilized. Their situation stabilized. Naturally, because of this price-related benchmark, this is similar to Sinsay, omnichannel leverage, being present in both channels, good app, good quality, security related to our stock. This is our advantage. Quicker logistics. Well, for the Southern Europe, this is not really the case, but we are working on it. This is a task that we can improve easily when the warehouse is fully operational. These are our advantages. This is what we want to compete with and we can compete with. Based on one quarter, it is difficult to extrapolate the results. We have been growing 20%, 25% on the internet, we still have tools and still have reserves to grow, and this is what we are going to do. We are getting back on track. We have a lot of initiatives doing that. When we look at the recent results, we can see that everybody is just experiencing a certain stabilization, especially with Temu platform. The number of users was like 20 million, now it is 17. They all have challenges. We are convinced that through these strong points, we can compete with them and with other players in offline and in online. A question related to TikTok shop starting in June in Poland. The question is, what kind of impact do you expect? Impact on the company. At this point, we are looking at one of the platforms where you can purchase one of the tools. We had also examples from our domestic market. InPost also showed new solutions. I believe that this is one of the means for the client, to make it possible to reach different brands. It is, I believe, too early to give precise numbers or precise impact exactly for LPP or for the market as such. A question related to guidance. In guidance for 2027, in the upper level of gross margin, there is a comparable level to 2026 despite high core in 2026. You can see the level when you can cover the results from that. Yes, the lower level indicated is there because we predict or we hope for a normalization of the situation in 2026 is an exceptional year because a lot worked well in the margin and all the factors coincided with each other. When we look at like for likes and history, we can see, from the operational point of view, we still have some buffer zone. With better like for likes, with better collection, this is what we see in House. Price reductions, if they hit trends very well, then the markdowns are not necessary at such level. The product is very successful. Thanks to that, we can see space for balancing the cost of ride because after a difficult year for the sector and with oil price, the price increases are going to be there. This will translate into the purchase, but we believe that the U.S. dollar is going to be pretty much stable, and thanks to our effectiveness, we can balance that. Another question about guidance, the revenue part for 2026, 2027. What is the reason for the significant cut? The main factors include fewer openings, assumption of lower likes in all brands because of the logistics that is suffering, that makes the e-com dynamics below the 25% that we assumed for e-com. We are improving. August will be the first month that the logistics center in Romania will be operational at 40%, and in autumn, it will reach 80%, 90%. We are realistic about guidance, want to share the best numbers. After the first quarter, the second quarter, speaking honestly, in terms of sales, it will be very demanding. May was very good, but last year after poor May, we had very strong June. With a strong base this year, June will be normalized. With the good margin and the lower markdowns, we are certain that the margin year-over-year will be high, and we will repeat the situation of the first quarter, we see that in the top line. Because of the operational challenges, we will lack something, but it will be compensated by higher margins. The quarter, in terms of results, will be good. The full initiatives that we listed in today's presentation and their full effect and full scale is expected for the second half-year. Revision down of the number of opening in guidance after 2025 suggests several potential reasons. First, lower than initially assumed absorbability of the market, higher operational challenges with managing multiple regions, stronger competitive pressure, higher cannibalization effect, or availability of attractive locations. Which of these factors have the strongest impact on your decision? I would have to look at the list one more time. The way we look at it, there is a number of factors, and I could add economic challenges to that list, the customer sentiment in different countries, logistic channels in Central Asia. We look it sensitively at the plan. Our plan is 10,000 Sinsays. This is the maximum potential of the market. Right now, we have 2,500. Over the next three years, we will add another 2,000. We will be practically at the level of a saturation of 45%, 50%. Naturally, this is a level where cannibalization start, and we'll have to be careful about, and we'll have to focus on the most profitable projects. Gradually, we assume, reaching about 55%, 60% of the full potential. This will involve lower CapEx, of course. We will be optimizing our network. We look more at from the perspective of the entire organization. We want to be healthy and sustainably profitable. The way we did it last year and now, we will be opening in such a way that long-term, not in two years, not in 2027, but in 2037, LPP remains to be a healthy, financially sound organization and systematically improving its profitability. In a year or two, the 300. Well, the situation has been dynamic in the last couple of years. The only constant is change. We will be updating you on the numbers. This is our best knowledge at the moment, and we're happy that the bottom line, the profit level, is not changing. What we declared and what we said for the end of last year, we maintain to deliver. Next question is about the turnover. What is the turnover expected for marketplace in Sinsay? I think it's too early. Let's start the project in the second half of August. We will see how it goes, how the ramp-up goes, and the new customers that we acquire. Then I think in September, we have a conference. In December, we have another conference. We will share the first effects with you then. What we will be repeating, we start slowly with good quality in mind so that the merchants and the offer that reaches the Sinsay marketplace is a natural synergy and has the complementary effect and complementary nature. No matter if it's toys or cat or dog food, pet food, or cosmetics, this is what we are targeting. This will not be tires or tools. It has to align with the Sinsay vision, the Sinsay concept, and have a positive incremental overall effect. Last question. There are many today. We'll answer all the questions after the conference. The last question is about dividend. You mentioned dividend in the next years. Will there be a new official dividend policy, or maybe it already exists, and could you comment on it? No. We are working on the new dividend policy. It will be presented and accepted during the shareholder meeting in July, but do not expect any surprises. This was the last question in the Q&A session. Thank you for your questions and for your presence. The next meeting is scheduled for the mid-September at the beginning of autumn. Let me to wish us and you the fewest weather anomalies and have a good holiday relaxation and come back safely to us in September and see you in three months at the results conference for the first half of this year. Thank you and see you