Thank you. It's been a solid quarter of intense work and solid operational results. We will discuss details in the segment section. However, a few messages that I would like to share with you here, and a few key drivers of our results that I would like to I would like you to keep in mind. Firstly, is the macroeconomic environment. The commodity environment, the commodity scenario has been weaker, this year, and in Q2, in particular, gas prices came weaker, impacting our revenues for the quarter. When it comes to our profitability and EBITDA, EBITDA LIFO stood at PLN 5 billion. EBITDA LIFO, excluding regulatory impacts, stood at PLN 11.3 billion. This is noteworthy. The regulatory impact on the quarterly results itself, meaning the gas windfall charge that we already discussed in our previous earnings call, this came at PLN 7.7 billion this quarter, PLN 15.4 billion for the half year, which represents what it used to be for the entire year of 2023. When it comes to received compensations or allowances, we received PLN 1.4 billion this quarter, compared to PLN 4.9 billion, for the half year, which is significantly less than what it used to be, which is significantly less what it used to be, in the previous comparable period. Cash from operations came strong of PLN 6 billion, with two major impacts being the regulatory charges I mentioned and inventory buildup, for the compulsory inventories in particular. As such, we are happy with the cash flow generation profile of the business, resulting in strong financial standing and position. Our net debt to EBITDA is close to zero, and in line with the indebtedness for the last reporting periods. There is one more comment I would like to make on this page, and that relates to the messages that were given today by our CEO, Ireneusz Fąfara, and that relates to CapEx review. You can see here, PLN 7.6 billion CapEx for the quarter, following PLN 6.4 billion CapEx for the previous quarter. However, what we shared today in the previous conference is the review of CapEx expenditure we performed during the last quarter, and we updated our CapEx to PLN 35.3 billion, namely cutting it by PLN 3 billion towards the year end. All right, apologies. Let's try it again. Apologies, everyone, for the technical difficulties here. Let's carry on. Now talking about the macroeconomic environment, we mentioned the commodity scenario has weakened, and few of the key drivers in our macroeconomic environment. When speaking about refining margins, we already discussed in the previous quarter that the refining margins are coming tighter this year than they used to be in the previous periods, and we believe the environment of abnormally high refining margins is already over. Refining margins for the quarter averaged at $12.6 per barrel, and that represents a 9% drop compared to the same period last year. When it comes to natural gas and Brent crude oil prices, those have been developing in the narrow corridor. Natural gas came at PLN 152 per MWh for the last quarter, and that represents a double-digit drop compared to the previous year, namely 12%, 30% for the half year. Electricity prices came 25% lower than in comparable quarter, and that is driven by lower gas prices and lower CO2 emission costs. Now moving on to our segments performance and business performance. We've presented on this page two EBITDA bridges that we believe will help you understand better the operational results of the business. What we presented in the upper part of the page is the composition of the EBITDA LIFO EBITDA. While I will discuss the results of each segment in more detail in the further section of the presentation, there are already a few messages I would like to highlight here. Firstly, strong operational performance and financial performance of each segment, with the exception of petrochemicals. But gas contributes most significantly to our EBITDA for the quarter. Refining and energy contributed with very solid results, reaching EBITDA of above PLN 2.6 billion for refining and close to PLN 2 billion for energy. What is in particular visible here on this page is the impact of the regulatory challenges on the upstream division. Upstream came at a loss of almost PLN 4 billion, and we will see that PLN 4.5 billion of this loss is an increase in the gas windfall charge that this segment incurs. When it comes to the dynamics, that's the lower part of the page, and I think the key message is that we would like you to compare the two, the two, bars that are most to the left and most to the right, namely, EBITDA, excluding the regulatory impacts and excluding the impairments of assets. And that represents an increase of 8% for the quarter, namely PLN 11.3 billion consolidated EBITDA, compared to PLN 10.4 billion. And now, the dynamics of the EBITDA for each segment is exactly what I will focus on the next pages, so we can turn the page and discuss the refining business. Refining, as most of you know, our home turf, delivered PLN 2.6 billion for the quarter, and that represents an increase of almost PLN 100 million compared to the same quarter last year. What is particularly worth mentioning on this page is great operational performance of our refineries in the last quarter. Apart from the Litvínov Czech Refinery that was lowered with production in the second quarter, our refineries in Poland and in Lithuania were producing at full speed, with very good asset utilization and very good yields. The mentioned Litvínov shutdown, cyclical shutdown, impacted so volume sold for the segment. Our volume sold dropped by 2%, and as you can see on the bridge on the left-hand side of the page, that created an impact of negative 744 impact of volumes on the group's EBITDA. There are other elements in this in our result for refining segment that I would like you to understand. And namely, or in particular, it is an amount that we received as compensation from our insurance related to desulfurization unit shutdown in 2022. That is 443 of the first part of the compensation that we received in the second quarter. When it comes to CapEx, CapEx for the half year for the segment reached PLN 3 billion, and that's out of PLN 4.5 billion we expect to spend on refining assets in the full year. Just to remind you, the key investments in the refining area are biofuel production plants. It is an oil unit in Gdańsk, visbreaking unit in Płock, and hydrocracking unit in Lithuania. Now, another part of our downstream division, petrochemicals. That segment has, for some time already, performed in an extremely difficult market environment. So market pressures persist for the segment, and, as such, the results of the segment also reflect that pressures. What is, however, a bit of a light in the tunnel are the sales volumes and production volumes. Sales volumes for each of our products increased significantly, for each of those increased by double digit. That represents an improved demand for petrochemical products produced locally in Europe as a result of logistics constraints in the Middle East. However, even though the volume sold increased by 8%, impacting the EBITDA positively, lower trade margins and contracting margins in the market have compensated that and did not allow to improve the results for the segment. When it comes to the CapEx, we spent PLN 2.7 billion for the segment in the first half of the year. We expect to deploy PLN 7.9 billion for the full year in the petrochemicals division. Now let's carry on and discuss energy. Energy has had a successful quarter. There are two key drivers driving the EBITDA growth, and before I comment on those, I still would like to highlight the high-level numbers. EBITDA for the segment reached almost PLN 2 billion, and that means quadrupling the result of the previous of the comparable periods. What drove the results are two things in particular. One, the segment—this segment already operates in a lighter regulatory environment. Still last year, in the second quarter, PLN 500 million were written off in the segment for the regulatory support for the consumers. That is not the case anymore in 2024. On the macro impact, positive and higher margins, both on distribution of electricity and sales of electricity, allowed us, together with lower CO2 emissions cost, allowed us to contribute more than PLN 800 million to improved EBITDA. When it comes to production, this has been stable, and, as mentioned in the previous earnings call, two-thirds of our electricity production already are derived, is derived from renewables production or lower emission gas fired units. When it comes to the details of production, probably worth mentioning is decreased production and sales in Ostrołęka plant that is driven by lower demand coming from the electricity system operator. Just one reminder, when speaking about electricity, we will also connect with this talking about our financial outlook. Electricity business tends to be seasonal during the year, and because of the fact that it includes also heating plants, the winter months and winter periods tend to bring better results than the summer periods, where we'll expect some of that impact also in the third quarter. Related to CapEx, PLN 2.4 billion deployed already this year in the electricity segment, and that relates to Ostrołęka and Grudziądz CCGT and renewables investment. The next segment to be discussed is retail, and a few highlights here. Very solid performance, with the teams focusing on extending the network, but also operational performance of the network. Volumes bring better results, in particular, not only inorganically, like, the add-on of the Austria network, but also organically in Poland. Better volumes, expanded network moderately, very modestly, but still improving our market share by more than 2.1 percentage point for the quarter. I mentioned, efficiency improvements that can be noticed in our both fuel and non-fuel margins, improving in all our key markets, Poland, Germany specifically. When it comes to non-fuel point of sales, non-fuel locations, but also alternative fuel locations, those have increased as well by 111 points for the non-fuel locations and 144 points by with the alternative fuel stations network. Upstream comes next. Here is exactly what we mean, or you can see a picture. That will help you understand exactly what we mean with the regulatory impact on results. While Upstream has had a really successful period this year, specifically when it comes to volumes, and I will comment first volumes, then move on to comment regulatory. Our Upstream volumes grew by almost 30%, and we had another quarter, another consecutive quarter of production exceeding 200,000 equivalents of a barrel per day. That mainly comes from inorganic growth in Norway and our acquisition of KUFPEC assets. As you can see on the map, in the right lower side, right-hand side of the page at the bottom, it is Norway and Poland where we extract gas and crude oil. And that positive volume effect of almost PLN 1.5 billion, in excess of PLN 1.4 billion, helped us compensate the negative macro environment impact. With lower gas prices, and we mentioned 12%, of drop in the gas prices, but also stronger PLN compared to all the three major currencies that we operate our Upstream operations within, so US dollar, euro, and Norwegian crown. We managed to offset those negative macro effects with volumes and with operational excellence. However, what we couldn't manage, and is obviously beyond our control, is the gas windfall charge, an additional PLN 4.5 billion incurred into the EBITDA of the segment. Speaking about CapEx, we spent PLN 3.3 billion on investment within the Upstream division, and we expect a significant increase in the second half of the year, and PLN 10.3 billion to be deployed for Upstream activities. Our last segment, which is gas sales, distribution, and storage, and this page is mainly a conversation of volumes and macro impact. Volumes improved, macro significantly impacted our results for the quarter. Notwithstanding, this is still the segment that delivered the highest absolute amount of EBITDA, PLN 4.1 billion, PLN 3.7 billion lower than for the same quarter last year. PLN 2.9 billion out of that difference comes from negative macro impact, mainly lower margins on sale of gas due to lower prices, realized on contracts within the power exchanges. Volumes came better, and we see some recovery of volumes already in the wholesale, operations in Poland, and that comes from industrials, improving demand due to lower gas prices, and better, better market environment for, the industrials. Within our retail seg, retail, sales, within the gas segment, both in distribution and sales, volumes were lower, but that comes from seasonality and improved or higher temperatures in the second quarter compared to the same period of last year. What's worth mentioning, though, we spoke about gas prices moving in the narrow corridor. Volatility has been definitely, definitely stabilized. What that means for us and for the future quarters is that the spreads will also be more moderate compared to the previous periods. With the gas costs stabilizing, spreads are then naturally also more stable. CapEx for the segment reached PLN 1.1 billion out of PLN 4.2 billion that we expect to deploy for the full year. And that summarizes our business performance. We will now comment our outlook, and we'll try to guide you in your expectations as well. Well, firstly, we believe that lower commodity prices will support economic recovery in the region. Compared to our previous expectations, we updated the natural gas price from PLN 150/MWh to PLN 160/MWh. All the other expectations remain pretty much the same. We expect the second half year to be more profitable, especially, or in particular, driven by lack of gas windfall charge in the second half of the year. What I would like to make clear is that we made our last payments related to gas windfall charge, and we do not expect any further payments for the remainder of the year. We expect stable results for our petrochemicals and retail segments for the second half of the year, and we expect our refining business to, I might say, suffer, but one thing is to clarify in a moment, to suffer from narrower refining margins, but we also need to keep in mind, those are still very healthy margins compared to historical results. Energy and gas, please keep in mind, those tend to be seasonal, and our expectations for the remainder of the year are probably a bit more moderate. All in all, we expect the second half year to be pretty much in line with the consensus that we gathered from the analysts covering us. So we feel, as I mentioned in the previous conference, we feel relatively comfortable with what you forecasted in your consensus. A few of the remarks that I made here might guide you to some minor updates. We also are at your disposal to discuss any details further. And that concludes my presentation. With a few closing remarks, I'd like to, I'd like to once again raise a very intense quarter with solid operational performance across our business, still operating in a normalizing macro environment. Some of the segments already finding their new normal, some of the segments still, still, still, normalizing, I must say. We also have our updated expectations related to CapEx. Just as a reminder, PLN 35 billion compared to PLN 38 billion previously communicated. And with that, I think we believe the future, or we see the future in brighter colors, and we invite you to questions. Let's see what's on your mind. Hello, this is Łukasz Prokopiuk, DM BOŚ. Can I ask the first questions? Yes, Łukasz, please go ahead. I was just mentioning we're having some difficulties, which I apologize for. Uh, okay. We'll take the questions according to the order you raised your hand, so Łukasz, go with yours, please. Okay. Thank you. First of all, I would like to congratulate you on your presentation, because I think it was far better in comparison to the previous quarters. So that's the first thing. As far as my questions go, you informed about the CapEx cut for this year, the 9% lowering of CapEx, and, is the 9%, the PLN 3 billion CapEx cut, is it CapEx that is delayed or discarded, postponed? What, what can you tell us about this CapEx? That's my first question. If I can, let's go one by one. Łukasz, there is no easy answer to this question, but, I'll try to give you some hints how to see that. We analyzed with our teams, with our business and investment teams, all key major investments. We see some delays in certain areas, but we also have rationalized our approach to procurement and to managing expenses. Therefore, there will be a bit of a both. We are still analyzing how much of that cut is there to stay, how much of that cut is a bit of a delayed spending that will come in the following quarters. W e'll have some more updates. As Irek mentioned today in the conference, we will have updates to you on CapEx. Every quarter, we report and discuss with you, therefore, more visibility will come. There is definitely a large part of the CapEx that will be abandoned. Some part of the CapEx will need to move to the future as a result of delays in the project delivery. Okay. That's very helpful, but could you, more or less, could you please say the CapEx that is abandoned, is it more than half, less than half? More than half, I think. More than half? Comfortable. Yeah. Okay, that's very good news. Okay, question two. On page seven of your presentation, you showed the progress of your CapEx, and on Petrochemicals, we see 2.7 versus almost eight, and I understand this is connected to the Olefins project. Could you please tell us why is it so low, the progress? And a similar question, actually, is on the Upstream segment on page 10, where the CapEx is, I don't know, also. The progress is also small. Could you please tell us why is it, why is the progress so small? I'll start with the Olefins comments, and then I will request, Martin of my team to help us, with the upstream comments. When it comes to Olefins, you can now indeed see PLN 2.7 billion out of PLN 7.9 billion. Well, first of all, the progress is never linear during the quarter. Most of the work is construction work. Some of the construction work, maybe not most in this particular example, but typically, construction work tends to be maximized during summertime and better weather conditions. So we expect a large chunk of the CapEx to come towards the end of quarter three and in quarter four. In Olefins, is, and Łukasz, you, you probably know that, a very particular example where we are still analyzing how and whether to continue with the investment going forward. So we might have some updates to this amount. This is the best picture we are seeing for the time being, and we, and we expect more of the CapEx expenditure to be accounted for in, the remainder of the year when we've got our milestones, construction milestones, achieved with our partners. Martin, can you comment on upstream? Yes, thank you very much. Indeed, the upstream CapEx is right now behind the schedule, as you may deduct from this chart. However, just keep in mind that the most of the CapEx works are performed in Norway, which requires to be performed in a season when the production in Norway can be interrupted, and major shutdowns, maintenance shutdowns are performed. And this is what we are expecting to happen. We are expecting this to happen in the third quarter. Also, this works on the existing field that are already producing fields will also impact the performance of Norwegian assets in September alone, because September is a month in which we have a scheduled the most important maintenance works, both in Norway as well as in on our fields in Poland. So we should assume that in the second half of the year, the CapEx spending in upstream division will increase in the speed, and that's why for the time being, we should have to wait for the execution of the investments in the third quarter alone. I understand everything about the upstream CapEx, but a small follow-up on the petrochemical CapEx. I believe you suggested that because you haven't yet reached the decision about the olefin project, do I understand correctly that the PLN 7.9 planned CapEx, which is your current plan, is there a chance it will be lowered if you reach a different decision on the olefin project, or is it committed? Any impact coming from altered decision or from decisions to alter the project scope or to discontinue the project will most probably have an impact, a significant impact for the next years, not for this year. CapEx- Next year I s mostly related to works that are already ongoing. Okay. Okay, thank you. One last question. Could you explain the insurance benefits obtained from the lost margins on the HOG unit? Could you please tell us, are additional compensations likely in the future? Thank you. Yeah. We received PLN 443 million as initial compensation from our insurers, related to business interruption of the HOG units in 2022. After almost two years of work with the insurers, this is the first part of compensation received. We are working on further claims that we made with our brokers and underwriters. We are expecting further payments to come, but we are unable to comment on the magnitudes or timing just yet. It would be a bit premature. Those negotiations and discussions are still ongoing. Okay. But could you maybe just tell us, is the compensation that you obtained already, is it a small part of all the compensations you may get, or is it a big part? I can't comment on that, Łukasz. Okay. Okay. I have a lot of questions, but I will leave them for later, let other people ask questions. Thank you. Thanks, Łukasz. Ricardo? Hi. Good afternoon. Thanks for taking my question. The first one, if a follow-up. Just so when you look at the balance for the CapEx for 2024, how should we think about third quarter and fourth quarter? Are they more evenly distributed, or it should be more of a concentration in a given quarter? And then just something else that was mentioned before. When you look at the PLN 35.3 billion for the year, as you're still revising that number, should we expect this number to be cut even further throughout the second half? Thank you. When it comes to distribution, Ricardo, typically, and that's not only a matter of progress on the project, but also work on the organization on the project. Typically, the majority of CapEx is accounted for in the fourth quarter. Therefore, I wouldn't expect an even distribution, although we are, of course, improving our processes, and we will be pushing our teams for better information flow. But when it comes to further cuts and further reviews, we haven't finalized our CapEx review yet. We are sharing with you today the progress so far and what we have already finalized. But we are still in the process of discussing with our team, still in the process of reviewing our key investment projects, and further updates might come. Okay, that's very clear. Thank you very much. Anna, please. Thank you very much for the presentation. I actually have three questions. First will be on the refining side, and even if we adjust for this positive one-off, underlying result actually came on par with first quarter despite weakening macro. Can you comment on the developments and what supported this? And should we expect also, like, stronger than expected result for refining in second half of the year? Second question would be also on CapEx. And given the CapEx decrease and the outlook for second half of the year you mentioned, can you confirm that you expect still negative free cash flow for the year? There was some working capital releases over first half of the year, how should we expect it to evolve in second half? Finally, regarding the olefin complex, if I'm not mistaken, initially, it was expected that you might come up with the solution already by July and August. What complicates it? What complicates the process that it's now delayed to December? Thank you very much. I'll start with refining, Anna, and follow up with your questions one by one. On the refining side, team, if we could move to the refining page. What drives performance is operations in a nutshell. We had really good yields in our refining operations. We also had very good asset utilization, with the exception, of course, of the Lithuania cyclical shutdown. But it's the operations and efficiency improvements that help us manage the weakening macro environment. So even excluding the one-off impact of the compensation from insurers, we're very satisfied with the results within our refining segment. Going forward, naturally, as we commented, with the margins still narrowing, results will be impacted, or we expect them to be impacted by natural. But we will also push for the best operational performance of our assets. Would that address your question, Anna? Yes. Thank you very much. So on the cost side-y ou continue to expect the efficiencies, to persist, right? Thank you. That's the focus of the team. On the annual free cash flows. Well, indeed, for the year, we initially expected negative cash flow. Meaning, significant CapEx of PLN 38 billion, more than PLN 4 billion in dividend payments, and a much more difficult macro environment, for the year. Now our expectations have been updated, but I still would say that we're rather on the negative kind of side of the zero when it comes to free cash flows, although much closer to balancing out cash ins and cash outs for the within the whole group. And then when it comes to Olefins, we initially hinted that July, August, we should be ready to to comment, and we truly wanted to, but that work has proven to be much more complex than we initially expected. We wanted to make sure there's full alignment within the management team to come out and share our conclusions with the market. So we ask for your patience for a few more weeks and then we will be ready to communicate our decisions. Thank you very much. Just a quick follow-up regarding working capital, and how we should expect it to evolve in second half of the year. Yeah given. You've probably noticed there are two key drivers of the working capital. One is negative change in inventories, and that's related to inventory build-up related to compulsory inventories. That will continue in the third quarter, less so, so no inventory build-up in the fourth quarter anymore. So we believe that fourth quarter will be easier here on inventories. When it comes to receivables, we had a good improvements within receivables, but with margins normalizing and with prices moving in the narrow corridor, probably a bit less of that impact, so we rather expect working capital to be stable going forward. Many thanks. Thank you. you. Michal Kozak, please. Yes, thank you. I have a couple of questions. The first one, do you see a write-down risk of ANWIL investment due to poor economics? The same question regarding bioethanol plant in Jedlicze, where your licensor Clariant made write-downs on similar investments in Romania in the last two years. Michal, can I ask you to clarify the first question? I'm not sure I got the point. Yes, yes. The question was about the potential write-down of Anwil investment in fertilizers because it's almost complete, completed, and we are waiting for ramp-up. Yeah. Michal, we actually quite recently analyzed all the impairment indicators and ran a thorough review of our impairment financial models. While we identify there might be some trigger of impairments related to ANWIL, it was rather around the plastics, not around fertilizers. We feel quite confident that we should be able, in the long run, to return on the value of the assets. When it comes to bioethanol, you're indeed right. There is an issue with our licensor. We're working with our teams to address those. I don't think I can comment with the details, but we can come back to you with some more specific updates on that matter. Yeah. Thank you. The second one, if you have, if you had decided to stop the Olefins investments, how much additional costs and liabilities would there be besides the PLN 12 billion already spent? We haven't yet finalized our analysis of the scenarios. And so while we're obviously discussing some numbers internally, I think it would be premature to share them externally, but I can definitely comment on the nature of those costs. So it is. You'd need to, when stopping or freezing an investment of this size or abandoning an investment of this size, we would need to decommission the site, and we would need to make sure that there is no sort of oil or any other chemical spillage and any other impact to natural environment. So that's one of those costs. Another part of those costs. So this is more like on the technical side, on the construction side. There is also a significant impact on the commercial side, and that includes penalty payments to our EPC contractor or penalty payments to our commercial partners. We already have got product outputs from that plant committed and contracted with our commercial partners. And then more of those sundry investments like costs related to demobilizing the teams working on that project. There's a significant group of people both internally and externally working on the project, so that could also require some additional spends. Yeah. Thank you for clarification. Another one, what is your—I wonder, what is your, CO2 cost curve position relative to your competitors? Are you less or more energy-intensive right now? And how, how ORLEN might be affected by the entry of ETS2 regulation, which could raise fuel prices, in the coming years materially? I think. Yeah. I'll first comment on the ETS2, and then I will ask Przemek to comment on the CO2 cost curve and our CO2 position compared to the competition, how we or maybe how we hedge our CO2 position. That probably will better answer your question. When it comes to ETS2, that's a new regulation coming into life related to transportation emission costs. And of course, we expect to be significantly impacted by that regulation. We haven't yet clarified what that impact might be. We contracted an advisor to help with our teams. On first of all, clarifying the local impact of the regulation, on some more of a regulatory lobbying work, also on quantifying the impact and making sure we are well-positioned and well-prepared to manage the emissions, when they finally come live. And now on the current scheme, on ETS1, Przemek will give you some more details. Yeah. Hi. Hi. Hello, my name is Przemek Wasilewski. I'm head of Strategic Finance at ORLEN, and hello to good, all good friends on the call. How do we hedge with CO2? We do not try to employ any sophisticated strategy here, as CO2 is definitely not a product to be that we would like to speculate on. As you know very good, we have exposure on CO2, both on our production and with regard to energy we sell from our CHPs. So in terms of CHPs, as every other player on the market, we do hedge our CO2 at the moment of sale of electricity, just to lock the clean spark spread with the contract. With regard to CO2, EUA certificate, both for our production, we do hedge accordingly, I would say, in a typical pro rata strategy. However, we do, we do have option to buy more or less, with certain thresholds, depending on the current market situation, and that's probably all of what I can disclose about CO2. Sure. Thank you. Maybe the last question from my side. Are you looking at potential equity investment in Grupa Azoty or only in Polimery Police? We already commented on the significance of our cooperation with Grupa Azoty, so I'm not going to bother you with those general high-level comments. We mentioned today that while the petrochemical business is in a difficult position right now, we are also looking way into the future, thinking, how can we make sure we secure a profitable operating model? And we will be strengthening or we will be seeking for ways to strengthen our position in the polymers business. However, that doesn't mean that we are in discussions or any detailed analysis as of yet related to equity stake or equity investment. So we're looking into the petrochemical business, and we're looking into ways how to strengthen our position, but it's too early to talk about any stakes that we would be in particular interested in. Thank you very much. Thanks, Michal, Michal, for those insightful questions. Piotr Jagiellowski, please. Yes. Hi, good afternoon. Thank you for presentation. I have a couple of questions. So the first one, I wanted to come back to this olefin project, and just theoretically, if you were to cancel the project and make a write-down, and let's say you pay all the penalties, and you book a significant loss on this, would that impair your ability to pay the dividends like in this particular year? Or that's totally irrelevant for the dividend payment possibility from 2024 profits? I think for the 2024 position, I can very comfortably say I see no risk for payment of dividend, whether we continue with the project or abandon the project. Okay, I mean the dividends from the 2024 profits, right? That doesn't make any difference. Ah, okay. You're still committed to the. Dividend payment. Yeah, I think. Yeah, like next year. Yeah. What I can refer to a nd, of course, it's very difficult to look into the very distant future or make any definite statements before we actually go through our planning exercise or make any relevant, take any relevant decisions. But, our dividend policy still stands, and that means that we committed to an increase in our dividend from PLN 4.15 to PLN 4.30 as a minimum next year, even if our free cash flows, normal proportion of the free cash flows that we would normally commit to a dividend payment were lower than that. Okay, understand. I wanted to ask you about your recent renewable acquisition from EDPR. The price you paid for this asset seemed to be at the high end of the possible multiples we've seen in the market. So could you please help us understand what are the parameters, what kind of a contribution you expect from this asset that allow you to pay that high kind of a dollar per capacity multiple? And second, what is your kind of ambition in the renewables? Are we going to see more of this M&A and versus the organic growth and how you position on this one? And then, yeah, that's, m aybe let me ask this question on renewables. With the second one first, it's a bit easier to answer than the first one. And I do believe that we will be very active in the space of renewables. That's very consistent, it's very consistent with the current strategy, but I also strongly believe, it will be at the central, or it, it will be the cornerstone, of, of the strategy updated, that we will communicate, later in the year. Therefore, on both ends, organic growth and inorganic growth, there will be transactions or there will be good messages, that we will be sharing with you. When it comes to inorganic growth, of course, availability of those assets is, is always an issue, right? Availability of those assets in the right price, from the right areas, in the right technology. And that's why it's very difficult to also commit to any particular capacities that we would add to our portfolios. But we will be active in the market, looking for the right targets. And sure, can you say... Yeah, go on. No, go ahead, Piotr. Go ahead. No, no. So I just wanted to ask you whether you can help us with the multiple you paid for these assets recently, like kind of a EV/EBITDA, what kind of a contribution we can see, so we can have a guesstimate of what the returns you, you expect on this? Yeah. We do not normally report particular parameters of a transaction. Those typically remain confidential. But I also understand the need to have some better understanding of the hedging rates. In terms of our renewables business, we would normally have few percentage points above the weighted average cost of capital for the renewables. That tends to be a bit lower due to lower cost of debt and better availability of that debt. So a premium on top of that weighted average cost of capital may be sometimes better than you would normally expect. We're happy with the transaction that we shared with you at the beginning of the month. Our hedging rates were actually met there. Okay. And the last question from my side is, like, we start to see a lot of the kind of the headlines that you're going to sell the, you know, parcel locker business to Poczta, that maybe you want to, want to sell Ruch and kind of, Press and so on. But these are kind of, from the strategic perspective, relatively cosmetic, small assets, no cosmetic moves. Do you think there's a room for a bigger portfolio review that you would sell or, you know, go...? Just your, your initial thoughts on the overall complexity of the group, that we could see something that would really, kind of, you know, I don't know, split, sell a big part of the business and proper restructuring, strategic of the company. Is that any probability that we could see any step like this in your strategic review? Yeah. You're talking like more of a portfolio rotation. I think what I would like to comment, addressing this question, is not the portfolio rotation or restructuring in itself. I don't think we're in the position to comment on that just yet, probably. Strategy presentation is a better opportunity. But we already mentioned in today's press conference that we are opening up for partnerships and strategic alliances. We want to team up with partners seeking for opportunities out there, both managing our assets or inorganic growth. We're open for that, and we will definitely focus on that much more than in the past. Okay. Thank you very much. Thank you, Piotr. Tamas, the floor is yours. Yes, thank you very much. Thanks for taking my question. I got two questions. First of all, on the CapEx, I'm also quite interested in, similar to the colleagues. So what do you think, what is the capacity for CapEx of ORLEN Group? Because, I mean, also looking into the issue that you have some commitment to pay dividend and looking the company's cash flow generation. So what do you think, what can we estimate for the future as an annual CapEx in your case? And the second question regarding this payment to and from the price difference fund, can you tell us how much was the net money what you received last year from this fund, and what do you expect as a net payment into the fund this year? Thank you. I'm sorry, I believe you're being muted all the time. Sorry. Can you hear me? Yeah, I think I haven't heard the answer either, so sorry. Yeah, I will repeat my answer. No worries. And let me address your question in this one, on the CapEx capacity. When we started our work with the team, we were presented with a forecast of PLN 38 billion CapEx. We then dived deeper into the projects, into the current status and the project governance and organization, and we came with an update today of CapEx cut by PLN 3 billion. Therefore, I think it's a good indication that the PLN 38 billion is what we believe is towards the higher end of the capacity. I'm not only talking about cash capacity, I think we could have financed that, still without or still not straining that much of the balance sheet, but it's also organizational capacity and how much can we coordinate internally when it comes to to organic growth and CapEx. When it comes to funds, we actually have got quite detailed summary of the net outflows and inflows. So for the first half year of 2024, outflow towards the fund is PLN 15.4. Inflow towards our business, so the allowances or compensations, as we call it, is PLN 4.9, so a net negative for the half year. When it comes to second quarter itself, it's a PLN 7.7 outflow and PLN 1.4 inflow. Can you remind me, please, how much was this outflow and inflow in 2023? 'Cause- Yes. This is where I was looking for... Yeah. Yeah, no worries. First half year of 2023, outflow, PLN 7.97 billion, so PLN 8 billion. Second quarter itself, PLN 3.7 billion. And then inflows for half year, PLN 13.1 billion, so a net positive. And second quarter itself, PLN 4.2 billion. Okay, good. Thank you very much. No worries. We had in the line Tomasz Kukowski, but I believe he dropped, so we'll move on to Oleg, please. Yes, good afternoon, and thank you for the presentation. I have two questions. The first one relates to the upstream segment. Could you please tell us what were the reasons for the 5% decline of the oil and gas production in the second quarter, in comparison to the first quarter? And maybe, could you also remind us what level of upstream production do you expect in the second half of this year, taking into consideration heavy maintenance scheduled for September, and if possible, also for 2025? And second question is kind of a follow-up on the movements for payments to and from Price Difference Fund. Could you tell us what level of compensations do you expect to receive in the second half of this year, if any? Thank you. I'll start with the upstream high-level comment, and then I'll ask Martin to help me with some more detail. In Q2, lower production volume mainly relates to the Polish upstream operations, and are simply a result of scheduled maintenance works within our fields. And Martin, on the expectations for September shutdowns and maintenance, and reminder of the year, please help me out. Yes. Thank you very much, Oleg, for the question. Martin Pielka speaking. In terms of shutdowns that we are expecting in September, this will affect mostly the output that we are generating from Norwegian assets. So, the drop would be even... can reach even 40%-50% of normal production, which in the second quarter was hundred and almost 17,000 BOEs per day. Also, a slight drop comparing to the second quarter, we are expecting from the Polish production, especially in terms of gas, due to the shutdown of two big fields. One is, which is, Pembina, and second is Zieleń. So, taking this into account, still, we are expecting that, apart from September shutdowns, we are going to produce rather stable... we can have stable production from our assets compared to what was produced in the first half of the year. You were also asking about the slight drop in the second quarter of our production. This is a result of some interruptions on the Norwegian Continental Shelf, and that's what was unfortunately unexpected. However, we managed to quite quickly revamp the production from Norwegian asset. That's why this total drop in production was lower than it might be initially expected. So that's, in the terms of 2004, we are expecting 56 million BOEs of gas production, and over 20 million BOEs of crude oil production in 2025. And this will be a level that should be with no interruptions in forthcoming year, in 2025, to differ, right? So basically, this is a level that we are willing to maintain in this year and willing to maintain in forthcoming year. Thank you very much. I see your hands, but I'd just like to give the floor to those in the first round. Adam, please. Excuse me, there was also a question about the payments from, compensations from the price difference fund to be received in the second half. Indeed. Indeed. I do not have an exact amount on hand, so if you don't mind, we will follow up, not to mislead you. Unless, unless, there is already an amount at the, on the table, go ahead, Konrad. Thank you, Konrad. Well, after speaking, if you take into account that in the first half of the year we spent four point- we got PLN 4.9 billion, out of which compensation received in the gas segment was at the level of PLN 3.5 billion, and it will be not the case in the second half of the year. So it's due to the simple calculation, you will receive up to PLN 1.4 billion in the second half of the year. However, we are assuming that due to the fact that there will be lower tariffs, we will also receive lower compensation, so up to PLN 1.4 billion is the projection. Thank you, Konrad. Welcome. Adam, please. Good afternoon. Thank you for your presentation. Question about maintenance CapEx, because you published new maintenance CapEx of close to PLN 9 billion. Do you think that it could be sustainable in coming years? I mean, just on old installations. This is first question. The second question, there is announcement that your CapEx of PLN 320 billion will be lower. If so, do you consider upgrading your dividend policy? Third question, this CapEx reduction, I mean, this PLN 320 billion, do you consider a reduction just of maintenance CapEx or development CapEx as well? If so, in which segment? Thank you. I'll comment first for the short term, and the maintenance CapEx, maintenance CapEx, that we communicated today in our revised CapEx guidance or forecast. We feel totally comfortable that with this level of CapEx, that this will allow us smooth and safe operations of our assets. And going forward, while I cannot give you any formal guidance today, I believe we shouldn't see any uplifted levels compared to the asset base that we currently own, of course. It needs to be aware how to... and update for the development CapEx as well. When it comes to the PLN 320 billion CapEx, well, I think there was no formal statement. I think there is a conclusion that while and when we are reviewing our strategy, we are very much looking into our CapEx commitments into particular segments and particular technologies. And there are a few statements that we made today that actually, I believe, can guide you to some conclusions. Well, first of all, we said we will be focused on disciplined CapEx. CapEx that is focused on our core operations, which is energy transition in particular. So that's statement number one. It's about discipline, and it's about focus. Then we made another statement that said, we do not need to deliver all our strategic objectives by ourselves. We are open to team up with reliable partners who have global expertise and technologies and deliver some of those strategic objectives in that teamwork. I think this hints us to a reasonable conclusion that we should expect less than PLN 320 billion CapEx, but no formal guidance can be given at this stage. We need to wait until the strategy update. Can it lead us to any dividend policy update? We've got our dividend policy. We know how sensitive that matter is, and while we're looking into benchmarks obviously, and we're looking into ways how to improve returns to our investors, we would rather keep any statements on that matter till the strategy update meeting. Thank you. We have two more questions, and we'll be shortly concluding. So, Łukasz, please, the floor is yours now. . Thank you. I have a follow-up on renewable assets. Piotr asked about your target acquisition, but if you cannot comment on the EBITDA of that asset, could you please tell us what is the EBITDA of ORLEN on renewable assets currently, more or less? Can you tell us this figure? Nice number that you, that you'd like. That's what you mean, Kash. In this- I mean, Follow-up. Okay. This is actually not a question, but more a request, because you're- Yeah You said you're focusing on the energy segment, on energy transition. Yes, we understand that, but we actually know not a lot about the energy segment. We don't know what is the EBITDA of renewables. We don't know what is the EBITDA of CCGT units. We don't know what is the EBITDA of your heating units. We know a lot about Energa, but Energa, you're planning to delist it, and you're planning a lot of very big investments in the segment. Could you please... Well, it's a request, but maybe connect it with your strategy update. Could you just give us more information on the segment, please? Yeah, absolutely. Understood, and a very reasonable request. I think we are where we are also as a function of the past. We only reached 1 gigawatt of installed capacity in renewables. We're still growing, but in the past, probably those results were not that material to give them more space in the presentation. That has changed as well, definitely, after the details that we shared with you. Last but not least- Uh, Piotr. Yeah. Yes, thank you. I have a follow-up question. There was a... Yesterday, there was a headline that you're kind of eliminating coal. Switching unit from coal to gas would save you PLN 4 billion on EBITDA. I thought this is really a crazy, high number, so can you please maybe clarify it? 'Cause the whole, the whole unit is really making PLN 1 billion, maybe like the whole heating plant in Warsaw. So can you please help me understand what, what was that about? Yeah. The comment yesterday was more of a press release, or the statement yesterday was more of a press release related to our decarbonization strategy for the heating plants. We thought our largest heating plant that requires an updated or that requires, in general, decarbonization strategy in Siekierki, and we already announced that it is the CCGT GT that will be the technology that will deliver the decarbonization objectives. When it comes to the numbers, I might be wrong, but I'm pretty much confident that PLN 4 billion is indeed not related to a single CCGT. That seems to be overstated, and rather related to the whole heating business. The forecast for the whole heating segment after implementation of the decarbonization plan in 2023. Okay. Thank you so much. 35. Uh, 35. Yeah. Well, so clearly, if you provided this number, you must have assumed some CO2 price. What is this price, CO2 price you assume? 'Cause I don't think you have that much of a CO2 to just buy. I I mean, as long as you take the whole of the ORLEN portfolio, then maybe, but you're talking about only heating. So maybe we can take it offline as well, but I just thought this was. Uh, suggest- Some number that was a little Yeah. Let's take the number crunching, offline. Yeah. Okay. Thank you very much. Right. As for the time's sake and for other business, we need to go to. I need to, I would like to thank you very much for participating in the call, for your active questions. We'll take all of the questions you may have offline. The team is here for you. Thank you very much for the presentation. Thank you. Thank Thank you, everyone. Good meeting you again, and hope to see you soon on the road or in the Q3. Thank you. Have a good day, everyone. Thank you very much.