Good morning, and welcome to Premier Energy's conference call, where we will be presenting the consolidated results for the first three months of 2026. Before we begin, please note that this call is being recorded, and that the recording will be made available on our website later today. By joining this video conference, as indicated in the call invite, you have automatically and implicitly consented to this recording. If you do not wish to be recorded, please leave the call. I would like to mention that we might be making forward-looking statements today during this teleconference regarding the future performance of Premier Energy, and that the actual results may differ materially. We encourage you to review the disclaimer that we have included in the presentation, which you can see right now on the screen. This disclaimer applies equally to all statements made in today's call. My name is Zuzana Kurik, and I'm Investor Relations Officer at Premier Energy, and I will be your moderator during today's teleconference. I am joined on this call by Jose Garza, Chairman of the Board of Directors and CEO, and Peter Stohr, Member of the Board of Directors and CFO of Premier Energy. Regarding the structure of the call, let me walk you through the setup. Firstly, Jose will deliver the opening remarks, highlighting key financial and operational KPIs. Following that, Peter will present a detailed overview of our financial results. Once the presentation concludes, we will move into the Q&A session. Please be aware that all the participants are currently on mute. If you wish to ask a question, kindly type it in the chat window, which will remain open throughout the management's presentation. I will be moderating the Q&A session, and for the benefit of those watching the replay of this conference, I will read each question aloud before it is addressed. Your questions today will be answered by Jose Garza and Peter Stohr. Thank you for your patience, and I would like to now kick off this call and invite Jose Garza to share the opening remarks. Thank you very much, Zuzana. Good morning, everyone, and thank you for joining Premier Energy Group's first quarter 2026 earnings call. The first quarter of 2026 marked another important period for both Premier Energy and the broader regional energy sector. Across Romania and the wider CEE market, the industry continues to undergo a profound structural transformation driven by decarbonization, electrification, energy security concerns, and increasing renewable penetration. In Romania specifically, the energy market continues to reflect two parallel trends. On the one side, we're seeing sustained investment momentum in renewables, particularly solar and battery storage. On the other side, the rapid growth of intermittent renewable capacity is contributing to higher intraday volatility in electricity pricing, especially during the evening peak and demand periods, where flexibility solutions and storage capacity remains insufficient at a national level. While volatility remains elevated, we observed some normalization during the quarter compared to the extreme pricing conditions experienced in 2025. Midday pricing was generally lower due to increased solar generation, while evening peak prices, although still elevated, are less severe than in the past two years. These dynamics continue to reinforce the importance of flexible generation, balancing capabilities, storage infrastructure, and a vertically integrated business model. All areas where Premier Energy are focused on. At the same time, Romania remains one of the most attractive renewable markets in the region due to strong long-term electricity demand and gas fundamentals, supportive European decarbonization policies, grid modernization initiatives, both on the gas side as well as on the electricity side, and increasing industrial demand for green power and green power solutions. We also continue seeing a growing strategic emphasis across Europe on energy independence and infrastructure resilience. Since the recent energy crisis triggered by the disruption of Russian gas flows and now in the Middle East, regulators and governments across the region have accelerated efforts to diversify energy sources. This has materially improved the long-term outlook for renewable energy, storage, and regulated infrastructure across our markets. Against this backdrop Next slide, please. Against this backdrop, during the first quarter 2026, Premier Energy delivered strong financial and operational performance. We've had 12% normalized revenue growth to over EUR 536 million. We've had 23% normalized EBITDA growth in the first quarter to EUR 52.2 million. Our own renewable electricity production increased by over 57% year-on-year, and 88% growth in own renewable capacity to 375 MW, primarily driven by the successful acquisition of the 158 MW operational wind portfolio in Hungary and the continued expansion of our renewable generation platform. We also continue to advance our development pipeline. During the quarter, our 137 MW solar portfolio with co-located battery has moved into final testing and commissioning stages. We anticipate these being operational within the next month. We've also started the construction of our 200 MW, 400 MWh battery energy storage project near Iasi, one of the largest battery storage projects in Eastern Romania. Importantly, these investments are not only growth projects, they're also strategic infrastructure assets that directly address the increasing need for flexibility and balancing capacity in Romania. In distribution, our regulatory asset base grew by over 5% to over EUR 300 million and continues to provide resilient capital visibility. We also remain encouraged by the long-term regulatory framework in both Romania and Moldova, despite periodic normalization effects within the local supply sector. From a strategic perspective, the group announced its most important acquisition ever with the acquisition of Evryo Group, from Macquarie, representing a transformational step for Premier Energy. Once completed, this transaction will significantly strengthen our position in Romania's regulated electricity infrastructure market and further enhance our vertically integrated operating model. Next slide. Looking forward, we remain focused on four key priorities. Firstly, the continued expansion of our renewable generation and storage platform across Romania and the broader CEE region. Here we have on the map a nice picture with all the renewable assets that we have in Romania. Secondly, our second priority is strengthening our regulated infrastructure footprint. Thirdly, maintaining a disciplined capital allocation and balance sheet management. Fourthly, positioning Premier Energy as a leading regional platform, supporting the energy transition and delivering sustainable, profitable long-term shareholder value. Furthermore, PE management remains strongly focused on our perpetual M&A initiatives, identifying, analyzing, and documenting new investment opportunities. Premier Energy is well-positioned from these structural trends through our diversified platform, spanning renewable generation, gas generation, electricity and gas distribution, supply, and development activities across Romania, Moldova, and now Hungary. With that, I hand it over to Peter Stohr, our CFO, who will walk you through the quarter's financial performance in greater detail. Thank you, Jose. In terms of the high numbers, the revenue on an IFRS basis increased by 7%. On a normalized basis, it increased by 12%. The normalized EBITDA increased by 23%. The normalized net profit, as kind of call it on an illustrative basis, because it includes a number of normalizations, but it would have been about 16% higher. Now, the IFRS EBITDA would have been 25% lower, the net profit about a half. Again, we need to keep in mind, if you recall from last year, we were always over-earning last year on the tariff deviations, and we ended the year of 2025 having a EUR 35 million over-earning balance. That over-earning balance has shrunk by EUR 18 million to EUR 17 million of an over-earning balance at the end of March. Really, if you look at the year-end numbers, for example, we reported EUR 134 million of normalized EBITDA for 2025. The IFRS number was like EUR 176. Here we're seeing the balancing of the tariff deviations. If we go to the next slide. We speak about those deviations a little bit more in detail. You'll see the EUR 17.7 number for Q1. As an adjustment, you'll also see a negative number in Moldova because it was a loss, because we had made too much money last year. This year was a loss. We adjusted with the tariff deviation impact. You'll see down at the bottom the end-of-period balance of either over-earning or under-earning. Again, we're now at a EUR 17 million number. A little bit about the intraday price volatility, just to give you a little bit of a market context. It was not as bad as the first quarter of 2025. You'll see that the price, and this includes March, so this would include one month of the Iran conflict already. You would see that the price was lower throughout all of the periods. If we just focus on March, the average price for March, this is a question we get a lot, what's going on with the Iran conflict? How is that impacting prices? Well, we can tell you that in March, the average price was exactly the same as March 2025. Now, what was different is the price during the day was actually lower, and it was a bit higher in the evening. Here we look at the whole 3-month period, you'll see that the price was actually lower even in the evenings on average, which in January, February, we had a lower price there in the evening. Still, more than a doubling of the average price between the day price and the evening price. A little bit about the balance sheet. Fixed assets grew as a result of the wind park acquisition in Hungary. Also, we continue to invest in the distribution networks. We also continue to invest in the developments, which is about EUR 5 million during the first quarter. Current assets actually declined a bit, primarily due to the natural gas and inventory, which came down due to seasonal factors. The government support scheme came down a little bit. We also used some of the cash to fund the Hungarian acquisition. The equity was more or less flat. The first quarter net profit was partially offset by FX translation reserves due to the weakening of the RON, as well as there's a decrease in the non-controlling interest is because we now account for the Alive transaction as an asset held for sale. If you then look at the equity attributable to shareholders, that actually increased 5%. Liabilities rose a bit. The net debt, we'll get into some more details there, EUR 260 million as of March, including the Hungarian acquisition. Working capital adjusted at around EUR 33 million, and we still have about EUR 103 million of a receivable from the government support scheme. Later on, I will tell you that we received EUR 3 million out of this EUR 103 since the end of the quarter and until today. Also one of the things to keep in mind on the balance sheet is we have over EUR 90 million of investments that have been invested into the developments, into the distribution networks that have not yet been recognized in rev. For a growing company like ours, there's always going to be a bit of an investment in the developments that you don't see reflected yet in the P&L. A little bit on the net debt analysis, just so you can fully appreciate some of the numbers. EUR 103 million of the government support scheme included in the numbers. If you pro forma for that, it takes our net debt down to EUR 157 million. We have gas and storage. That number came down from, I think, the seventies at the end of-- We actually really peaked at the end of September. We used some of it in the fourth quarter. We used a lot of it in the first quarter, during the winter season to heat people's homes and businesses. That came down to EUR 24 million. We have debt and developments. I mentioned the EUR 90 million number. If you actually look at our segment reporting, you'll see over EUR 100 million that's been invested in the developments as such. That's the asset value of all those developments. There's EUR 24 million of debt there. You can do a pro forma there, and you'll get to a net debt number of around EUR 100 million and basically almost a zero net working capital-adjusted net debt number. That just kind of puts the net debt numbers into perspective a little bit. A little bit on the production segment. Quite a bit of growth here, driven in part by the Hungarian acquisition. That drove about EUR 5 million of this EBITDA growth. The remainder was organic, higher capture price, us doing a better job on the cost side. If you would have seen our like-for-like basis, the growth in production was 2%. Overall, the growth was 57%. But again, that was driven primarily by the Hungarian acquisition. EUR 17 million of EBITDA versus EUR 9 million last year. We're continuing. You can see the portfolio of renewables. We actually, in our director's report, we go all the way back to year-end 2021, where we had zero. We've gone from a little over four years ago, we had zero production assets, and now we're up to 375 MW. We've got 137 MW. These are our solar plants with the battery systems that are now undergoing the final testing period. We hope a month from now or with Q2 reporting, you'll see hopefully those in operation. Hopefully, they're in operation in a few weeks, actually. Then we've got another 179 MW in development. A nice growing portfolio. A little bit about the distribution segment. Top-line growth, the little bit of growth on the distribution points. We do have a decline on the gas distribution points because of the two last resort concessions that were reassessed in the fourth quarter. If you take those out, we actually had 13% growth in the volume of gas that was distributed through the network. You would have seen a 5% growth here on the distribution points. The EBITDA slight decline, primarily due to the return in Moldova, where we used to have an 11.8% return in the first quarter of 2025, and now we have a 9.73% decline. There's also a little bit of FX in there, and that was slightly but only slightly offset by the higher rev value. The supply segment, very nice growth here in terms of the top line, flattish on the electricity supply, and then a little bit of growth on the gas supply. The normalized EBITDA, nice growth. We focus on. Some of this was driven by our focus on cost efficiencies. Also, there was a lower-than-expected day-ahead market price. The balancing costs were while still elevated versus, say, a number of years like 2019, 2020. I think that's the new market realm, is the fact that there is going to be intraday market price volatility, but we priced that into the prices. Also, we're doing a good job of keeping costs down. You'd see nice growth here on the EBITDA side. There are some players in the market that are aggressively acquiring customers, pricing things below wholesale market base load prices, which hopefully should not be. Long term, that is not sustainable. That has led to a decline in the number of customers. In here in this segment, once the Alive transaction closes, there will be a decline in revenue. If we look at the first quarter numbers, the revenue that the Alive business generated was around EUR 56 million. However, there would be no material impact to EBITDA. As we go forward and as that transaction closes, which it may close in the next few days, we will be reporting a decline in EBITDA, but we'll pro forma it so that you can see what it is like without the Alive business. Again, there was no real impact from the Alive business in the first quarter. Perfect. Thank you very much, Peter. This concludes the first part of our call. We will be opening the floor for questions. If you have a question, please type it in the chat window, and we'll address them in the order that they are received. Great. Thank you all for your questions, and we will now begin the Q&A session. Can you please detail on the green loan provided by ČSOB in the Czech Republic? The loan is big in size. I would be interested to know how you managed to identify it and how you were able to use the proceeds for Romania. Are there more opportunities like this provided by European banks? A very good question. ČSOB is a major bank in the Czech Republic. I personally have done transactions with them over the past couple of decades. They're very commercial, and yes, they have a focus on financing green energy. The loan itself is up to EUR 100 million. It will fund 100% of the battery development, which I think we mentioned, all in all, will be about a EUR 75 million investment. About EUR 4 million of that has already been spent as of March, but then now the construction is starting, so you're going to see a lot of money flowing into that development. They're also covering some additional renewable generation assets that we have built, including ones that we have built in the past. For example, the solar park. It gives us a bit of wiggle room to fund also additional potential renewable developments. It has a very attractive interest rate, and it has very attractive terms. It's called green, and it is very important for it to be green. It is green. The proceeds are meant to provide for funding of renewable generation assets. We are seeing some of the banks willing to provide loans to renewable generation assets. Unfortunately, there's a ton of banks that are willing to finance renewable projects, but they want PPAs. They want a long-term steady price, but that is not to be found in the market. We are still seeing more and more banks, given our strength, and given our track record, banks are willing to finance us without a PPA in place. Thank you. The next question, how much EBITDA do you expect to earn from the new 137 MW solar production plants? It's a very good question. I think we need to keep in mind part of this, I think 46 MW, is going to be accounted for under the equity method. The piece that will be consolidated, I think that there's a follow-on question to it, that the 137 MW should produce 190 MW per year. That's a good assumption. If you assume a capture price of EUR 60 and a margin of 80%, we arrive at EUR 9 million. I think that that is correct. Again, we will only be consolidating, and I think we report this, for example, the director's report, there's three projects, two of them, one of them we own 100%, the other one we own 90% after the Alive transaction, and the other one we own 20% of. The 20% will be accounted for under the equity method. You won't see that in our consolidated EBITDA. The other pieces you will, and I think the assumptions you're making here are correct, and the EUR 9 million number for the whole is probably not a bad assumption with the idea that on a consolidated basis, the piece we're looking at is probably like a EUR 6 million increase to EBITDA on a consolidated basis once it is fully operational, including with the battery storage. The battery storage will mean that we actually have some upside to this because I think the capture price could be higher because of the storage capability. Thank you. The next question, what was the realized acquisition price in Moldova in Q1 2026 for both supply and distribution activities? That's a good question. I mean, keep in mind that there is a different tariff price for distribution. There's a different tariff price for supply, and even on the supply, there's multiple prices. What we can tell you is that the purchase price was higher than I don't have the average price that we sold at, but I can tell you that, because I think there's a follow-on question to this. Maybe let's start with the follow-on question. It says, "Energocom reported an average acquisition price of around EUR 133 per MW. This would have implied a significantly lower tariff deviation. What explains the difference?" Listen, the average purchase price for our supply business in the first quarter was actually EUR 140 per MW. Not sure where the 133 could be just the Energocom piece. There's also some of the procurement of price comes from the CHP, so the gas and power plants in Moldova. There's also a renewable piece. What we can tell you is for our supply business, it was around EUR 140 per MW compared to the tariff, which was in place during the first quarter, which was EUR 123 per MW. On the distribution side, the procurement price was actually EUR 144 per MW in the first quarter. Those tariffs, there's new tariffs that were enacted, and they actually assume an average energy procurement price for the rest of 2026 of EUR 131. This is a new tariff that was enacted as of April 1st. I think, again, we need to look. I think the 133 may be just one piece of the overall purchase price, because the number that we have officially for the business is 140 for the supply business and 144 for the distribution business. Thank you, Peter. On the next question from the set on the Moldova distribution side, what specifically drove the reversal of the tariff deviation Q1 2026? Yeah, the biggest one there is on the supply side. Our tariff assumed €123 per megawatt price on average during the first quarter. The actual purchase price was EUR 140. It's that delta of EUR 18 that then drove the majority of the underperformance here. Perfect. The next question, please detail the €2.6 million corporate-level expense recorded in Q1 2026. Out of this EUR 2.6 million, it's a good question. We do have about EUR 1 million related to the Hungarian acquisition. That's a one-time event. It includes some M&A fees. It includes some due diligence fees associated with that acquisition. That takes it down from, let's call it EUR 2.6 to EUR 1.6 million. We also, our audit fees are included in that number, all of our other operating expenses. We also, in hindsight, we have some due diligence expenses related to the DEO acquisition in this number as well. It's not a big number. I mean, we're talking a few hundred thousand euros in the big scheme of things, but we do have some of those numbers in there, and we'll back those out in its entirety once the DEO transaction closes. Other operating expenses increased by around €3 million year-on-year. Please detail the main components. Why don't we come back to you? I'd have to go into the details a bit on some of these, so I apologize. Let me come back to you. We're talking a EUR 3 million increase on the expense line and EUR 500 million of revenue. I need to go and look at some of the details there. Great. The next question, services and material expenses increased from EUR 16 million to EUR 27 million year-on-year. What were main drivers? I think some of the material expenses would service. Yeah, I think both of these, in the services, you would see, for example, the M&A fee here, so those were services. Some of this is related to the acquisitions. Some of it is just we got a growing business, right? The top line grew even on an IFRS basis by 7%, you have expenses that are increasing as well. Listen, why don't I Maybe we can take this offline, or I'm happy to go into the details, but I just off top of my head, it would be very hard to go into the details. What drove the effective tax rate to around 19% in Q1 2026, despite the additional contribution from Hungary? I think the 19%. This is also one I'll have to spend a little bit more time on. There's deferred tax and other things that are being included. It does seem a little bit high, but we also have, most likely you have, and under IFRS, we will have a negative number for Moldova on a net income basis. You have a positive number for the other businesses. When you consolidate it actually looks like your effective tax rate may be 19% in Q1. That's probably driven by normal tax rate everywhere. All of our businesses pay taxes at the jurisdictional country level, so that's probably what's driving that, what seems to be an increase. In Hungary, I can tell you the tax rate is 9%. There is a special tax on energy, which is based on the statutory net income number, which is around 30%. You have some additional expenses you can take for that. Why was there virtually no non-controlling interest recorded in Q1 2026, despite the consolidation of the Hungarian operations? I think the primary reason, it's a very good question. I think it touches a little bit what I was just saying, Anna, in Moldova, because the Moldovan business had negative net income for the quarter because of the tariff deviations that we've been discussing. We have a 7% minority stake there, so that would have been a negative number. The Alive business had a negative net income number on a consolidated basis. Those two factors would have offset the two months of net income that would have been generated by the Hungarian minority interest holder. You also have some leverage against that stake. We also funded the investment into Hungary technically through a shareholder loan. That from both us and our minority partner that has a 10% interest rate. I think that also ate a little bit into the Hungarian net profit that you'd see on an IFRS net income basis attributable to the minority shareholders. I think you've got some things that are offsetting in Hungary, predominantly, the minority interest in Moldova and also 49% interest in Alive, which was negative on a net income number from a consolidated perspective. Thank you. The next question. Can you comment on the Romanian power distribution recently acquired? Did you get the favorable treatment like other players in this regulatory period in terms of network losses, volumes, and prices recognized? The short answer is yes. As we haven't yet fully taken over the business, we don't wish to give any detailed answer at this time. Thank you, Jose. Please share the expected EBITDA and net profit guidance for 2026. We don't typically do guidance, I think in terms of an EBITDA number, including the Hungarian acquisition and excluding DEO, I think we feel comfortable with sort of EUR 160 million of EBITDA number for the year. We'll provide some more guidance in the first half of the year. Obviously, that number will be much higher once we acquire the DEO business, it's a little bit unclear when that transaction will be closed. Is that a summer event? Is that a fall event? We will start consolidating that business from the date of closing. We have a recommendation. Please consider sharing the revised segment reporting retroactively for 2024 and 2025, as this would materially improve comparability and forecasting visibility following the reporting changes introduced in Q3 2025. Something to consider. There's a reason we went to this new segment reporting. Last year we started, for example, the first quarter, we had a sub-segment reporting, which actually includes the new segments that we're doing. We'll consider it, and we've gotten very positive feedback on the way that we're reporting it now, much more clear on production, distribution, supply. They all have different financial characteristics. I think it's easier to track, this way. It's also the way that most integrated energy companies in Western Europe and really sort of the Western world, the way they report. Hopefully, now we have a nice year-over-year comparison, and you can see the developments better this way. Also see the different margin aspects and CapEx aspects. Could the management provide an indication regarding the group's FX sensitivity, particularly for the Moldovan leu and euro exposures on EBITDA? Yeah. Certainly. Not off the top of my head. Not an easy one to do, and I know we do something for year-end. Under IFRS, you don't typically do those for quarter, but maybe we'll take a look and do something for the first half of the year. The Moldovan leu has been actually relatively stable versus the euro and dollar. The RON, obviously, the Romanian RON has devalued a little bit. You can see that in our numbers. It is actually important point to point out is we had 23% normalized EBITDA growth despite a weakening of the RON, right? Because we're reporting in euros, it's a euro-to-euro number. I think if you were to look at it in terms of local currency, that growth would be a bit higher. Thank you. The next question is, after integrating all the acquisitions and developments, what market capitalization do you see for the company? Where do you see the number in 2030? We wish we had a crystal ball. I wouldn't venture to give any sort of target market capitalization. However, I will say that the management team is targeting over the next three to five-year period at least annual growth of 20% in EBITDA. Someone can do their own math on that, but we are targeting 20% plus annual growth, and we believe that that is sustainable and achievable. Thank you very much. The next question, do you expect consolidated net profit for 2026 to be lower than 2025 due to Moldova as in Q1 2026? Yes. The plan with the tariffs is that we end the year in Moldova with a zero tariff deviation. Now we've gone from 35 to 17. It may be that actually in the summertime, you probably won't see much of a tariff deviation because the electricity procurement prices do come down, typically in the summer. Of course, you can have some external factors impact that, and then they'll pick up again in the wintertime. Yeah, we do expect the IFRS number to be lower than the normalized number this year. Keeping in mind last year was just the opposite, right? The IFRS number was significantly higher than the normalized number, and that's why we always focus on the normalized numbers. What was the realized EBITDA margin on Hungarian production operations in Q1 2026? What was the realized margin on the cogeneration operations in Q1 2026? I can tell you that the Hungarian business is a 75%-80% margin business, just like most of our other wind parks and actually renewable plants. Regarding the cogeneration plant, that is about a 25-ish EBITDA margin business. Thank you. We will now move to the next set of questions. There is a question for clarification. The EUR 160 million guidance, is it normalized? Yes EBITDA? Yes. Perfect. Thank you. The next question: What is the impact from Alive on dispatching and other services providers? There's no impact. Basically, we're internalizing a lot of it with the exception of, I think, one or two services where we will continue to use Alive for the foreseeable future. There's no business interruption from any of the services that Alive was providing to us. Yeah. I would say our relationship with Alive is still very good. They can provide a number of other services if we need to. The next question: Do you have more visibility regarding the expected financing structure for the EUR 750 million Distributie Energie Oltenia transaction? In particular, could you share the expected splits between bond financing and syndicated loans, as well as the anticipated principal repayment profile? It's a very good question. We're not in a position to say what the split will be between bonds and syndicate loan. It could be 100% bond, it could be 100% syndicate loan. We will see. There's some differences in the two, we will just see what's best for the company. What I can tell you is, in any case, it shouldn't really matter much, okay? At the end of the day, it's still going to be a loan. The fact of the matter is a bond has no amortization. Regarding principal repayments, a bond would have no amortizations. It would just be payable in whatever, three, five, seven years, whatever the terms of the bond is. In terms of a syndicate loan, syndicate loans typically do have some amortization. In this particular case, given the strength of these infrastructure assets and you're lending against distribution businesses, the level of amortization could be quite limited. I'm not saying it's going to be zero, but it could be close to that. I think in any case, I wouldn't anticipate too much in terms of principal repayment profile on this particular financing. Now, of course, we look at it on a wholesome basis. We have a number of loans in the capital structure now that have, or most of our loans, especially the ones that are financing the renewable production businesses, they have an amortization profile. In some cases, it's actually monthly amortization. We have amortization payments due on Friday because it's the end of the month now. In this particular case, the amortizations will be very limited, in a bond zero, in a syndicate loan, maybe zero or maybe something close to that. Whatever the loan structure is, it will have minimal principal repayments. Now, the other loans in the capital structure remain, you'll still have, in a static world, a reduction in the debt based on the repayments that are in place, of course, you can always make prepayments on a voluntary basis. Thank you. Now we have a set of three questions we got on email. Can you give us any update on the Evryo acquisition? When can we expect closing? Given the EUR 700 million transaction value and full debt financing structure, should we expect any need for equity issuance or other forms of equity support to maintain balance sheet strength? We don't know when the transaction will close. We have applied for the regulatory approvals, and then we will see. Is that a summer? Is it an early fall? It is anyone's guess. As many of you should know, as many of you should join us for the annual general meeting on the 10th of June, we will be approving the transaction from a shareholder perspective, so the shareholder vote, and we will also be approving the financing for the transaction. We will certainly be in a position to fund it with the debt. We feel very comfortable financing this acquisition with debt. It takes us to, and we presented this a couple of weeks ago, 2.5 times leverage on a fourth and capital adjusted basis, sort of 3 times on a total leverage basis. This is very much in line what you would see from some of our peers, whether you want to look at E.ON, whether you want to look at PPC, you want to look at some of the production businesses. They all sort of have these kinds of leverage levels. We feel comfortable with that, and we are not anticipating an equity raise, but certainly as we continue to grow, an equity raise is something that might be considered in the future. Particularly if other large, meaningful size opportunities present themselves, and there are others that might come to fruition. If those present themselves, then we would consider an equity offering. Thank you. The next question. Given the aggressive competitor pricing following market liberalization, how are you seeing churn evolve in Romanian retail market, and do you expect this pressure to persist or stabilize? Listen, we think it's unsustainable what some of the competitors are doing. It has gotten better over the last few months, so that pressure has eased. I think people are realizing supply business, you're still supposed to make a little bit of margin, a little bit of profit, and not have a money-losing division. We're seeing there be less sort of radic- Irrational irrational actions by some of our peers. Thank you. By when do you expect the government receivable to be fully repaid? Certainly, we expect it to be paid in 2026. We would hope sometime in the third quarter, and latest fourth quarter 2026. Thank you. The last question. Can you repeat the EBITDA economics of the 90 MW in Hungary to be consolidated? Production and margin. Sorry, I missed the figures. It's actually 158 MW wind park. I think we disclosed it. It generated about EUR 25 million of EBITDA in 2025. I think I was being very conservative in some of our numbers when we show our leverage level. I assumed a EUR 23 million LTM EBITDA. The business historically didn't really do as good of a job on accruals, so I'm being extremely conservative. I think the LTM is probably still EUR 24, EUR 25 on the EBITDA, but I was being conservative in that number, and you see that in the director's report when we get to the leverage level on a pro forma basis. It's about a 20-plus EBITDA margin business. We consolidate it fully. We do have a 49% minority partner in that business, and that will be when you look at our net income, you will see that part of the net income in the future. Again, this was a question earlier, the Moldovan business kind of nets it out, but you will see a piece that's attributable to the minority shareholder there. Those are the production levels. Again, the margin is probably sort of a high 70s. I think in 2025, it was actually right around 80% EBITDA margin. That takes the EBITDA, I'm sorry, that takes the revenue into the high 20s with the EBITDA of EUR 25 million last year. Now, the business did benefit from some feed-in tariff prices that were in place, which the business now is off of that system, so the average price has come down a little bit. We still expect the EBITDA to be well into the 20s, and the revenue probably be a higher 20s number and the EBITDA low 20s number. Thank you very much, Peter. Thank you, Jose. This concludes our Q&A. We have answered all of your questions. Thank you for being so active today. We look forward to connecting with you again at the beginning of September after we publish the results for the first half of 2026. As Peter mentioned during the call, we look forward to meeting you for our General Meeting of Shareholders, which we're going to host on 10th of June in Bucharest. You can also cast your votes online via e-vote. You can find more details on our website and on the Bucharest Stock Exchange profile. As usual, if you have any other questions, please feel free to contact us at investor.relations@premierenergygroup.eu. Thank you all, and we wish you a great day ahead