Good afternoon, ladies and gentlemen. Welcome to OMV Petrom's earnings call. Today's presentation will last around 30 minutes and will be recorded. By now, you should have received the presentation by email. The slides and the speech are also available online on www.omvpetrom.com in the Investors section. These also include the cautionary statement regarding forward-looking statements. Now let me hand over to Simona Cruțu, Manager of the Investor Relations and Stakeholder Engagement Department, who will moderate the event. Good afternoon, ladies and gentlemen. Thank you for joining us. We'll have a presentation followed by a Q&A session. Christina Verchere, Chief Executive Officer, will provide some key highlights about our 2030 strategy, the macroeconomic and regulatory environment, and the performance of our business segments. Alina Popa, Chief Financial Officer, will give you more details on our financial performance and a brief outlook. Afterwards, all five executive board members will be available to answer your questions. We recommend you to register for the Q&A session during the presentation by pressing star one one on your telephone keypad. You can also register during the Q&A session itself. I'm now handing over to Christina. Good afternoon, ladies and gentlemen. A warm welcome to our conference call that will take you through our performance in the second quarter of 2026. Please let me first draw your attention to our legal disclaimer, which you can read in detail on slide two. Regarding the key highlights of the second quarter, our results reflect robust operational performance, supported by our integrated business model and resilience amidst a highly volatile and challenging market and geopolitical context. At RON 1.5 billion, our second quarter Clean CCS operating result was 27% higher year-on-year, with improved E&P and R&M results offsetting a lower G&P result. Our operating cash flow in the second quarter of 2026 was 38% lower year-on-year at RON 1.2 billion. The Clean CCS return on average capital employed reached 13.9 percentage points. Before going into details on each business division, I would like to highlight a few points. Our hydrocarbon production in the quarter was flat year-on-year, with gas production up 6% year-on-year, compensating the lower oil production. We had strong utilization of our refinery well above the European average, and refined product sales increased by 11% year-on-year in the context of the planned refinery shutdown in 2025. Gas sales went up by 5%, and the Brazi Power Plant net electric output was lower year-on-year due to a longer planned shutdown. During the second quarter, we further focused on delivering on our three strategic pillars. In our strategic pillar Grow Regional Gas, Neptun Deep is on track. We will have more details on the next slide. In Offshore Bulgaria, we have successfully completed a farm-in transaction with Shell, the operator acquiring a 25% interest in the Han Tervel exploration block. We continue also to make significant progress in our strategic pillar transition to low and zero [carbon]. We are advancing with our renewable power projects, moving decisively from project phase to execution production. We already have 70 MW in operation and over 1.5 GW under development out of our more than 2.5 GW planned by 2030. In the second quarter, we took the final investment decision for Gabare, one of the largest integrated solar energy and battery storage projects in Bulgaria. The project includes a photovoltaic plant with a capacity of around 415 MW and a battery storage system that can store around 600 MW per hour. This marks our first investment into power storage as a natural addition to our power production portfolio. We also announced the delivery of the fourth and final module of the 20 MW electrolyzer for green hydrogen production at the Petrobrazi refinery, a key enabler for our future SAF HVO production. Further deliveries will follow on our second green hydrogen project with capacity of 35 MW. These projects represent critical milestones in the construction of our new HVO SAF unit, which will support the production of sustainable fuel. Also in the second quarter, we further secured offtake for part of our future biofuels production from 2028 through a five-year contract with an option to extend for an additional five years. In June, we commissioned the new Aromatics unit for Petrobrazi following an investment of around EUR 140 million. The new unit replaces a facility that has been in operation since 1961 and expands the production capacity for higher value-added products, contributing to enhancing the refinery's energy efficiency and reducing its environmental impact. In electric mobility, at the end of the second quarter, we completed a project co-funded by the EU to expand our electric mobility infrastructure, installing 384 charging points along TEN-T, the key road transportation corridor linking Bratislava, Budapest, Oradea, and Cluj-Napoca. Thus, we are progressing towards around 1,600 charging points by the end of this year. In HSSE, the total recordable injury rate for the rolling period July 2025 to June 2026 was 0.45. Moreover, we continued our efforts to reduce greenhouse gas intensity with projects in all three business segments. Ladies and gentlemen, before going into details on the second quarter results, let me update you on the significant progress of Neptun Deep Project, one of the most important energy developments in Romania and the Black Sea region. With the installation of the Neptun Alpha offshore production platform in the Black Sea, we have now reached another important milestone. The platform located in the waters approximately 120 meters deep, weighing more than 16,500 tons and standing over 225 meters high, makes it one of the most impressive offshore structures in the region. The Neptun Alpha platform will serve as the operational core of the field, processing natural gas offshore before transferring it to the onshore network. It has been designed as a fully automated facility capable of remote operation, reflecting the latest advances in offshore technology. The installation was successfully completed using the Saipem 7000, the world's third-largest semi-submersible crane vessel. In parallel, the installation of the offshore main gas pipeline, which will connect the field's production facilities to the onshore transport infrastructure, has been completed. Furthermore, strong progress in the drilling activities have been made, with six of the seven planned development wells already completed. The next phase of the project is now well underway as progress is being made towards drilling and completion of the remaining production wells and the installation and integration of the subsea infrastructure at the Domino and Pelican South fields. In parallel, preparations are progressing well to connect all offshore facilities to the transport pipeline system. This will be followed by a comprehensive testing and commissioning program to ensure safe and reliable operations. The progress achieved to date is a testament to OMV Petrom's commitment to delivering the strategic project safely, efficiently, and on schedule. The Neptun Deep Project remains on schedule for first gas production in 2027, thanks to the dedication of everyone involved. Once operational, it will play a vital role in strengthening Romania's energy security, supporting regional supply resilience, and reducing Europe's dependence on imported natural gas. Let us now take a look at the evolution of commodity prices in the second quarter of 2026. The ongoing conflict in the Middle East has led to significant volatility in global energy markets. Brent opened the quarter at $127 per bbl and peaked at over 140 in April before gradually trending lower into June. The signing of a memorandum of understanding between the U.S. and Iranian governments in mid-June put a temporary downward pressure on prices. Brent closed the quarter at $72 per bbl. For the second quarter, average Brent price was $104 per bbl, up 53% year-on-year and 28% quarter-on-quarter. Some markets for oil products have also been particularly affected, especially for diesel and jet fuel, the latter reaching record high quotations. In this complex geopolitical context, OMV Petrom indicator refining margin reached $22.67 per bbl in the second quarter on strong gasoline and diesel crack spreads. The margin caps introduced in Romania for the second quarter prevented the realization of most of the upside coming from these higher cracks. The adjusted refining margin in the second quarter came in slightly below the 2025 average level of $12.36 per bbl. The European gas prices averaged lower in April than in March amid softening diesel seasonal demand, though the decline was generally limited. Lower gas prices were observed on the back of the U.S.-Iran memorandum of understanding signed in mid-June as the prospects for normalization of flows improved. In the second quarter of 2026, the CEGH price averaged EUR 47 per MWh, up 23% year-on-year and 32% quarter-on-quarter. Gas prices on Romanian centralized market followed the same trend and increased year-on-year by 20%. Day-ahead prices averaged around EUR 46 per MWh, marking a 19% increase quarter-on-quarter. Base load electricity prices in Romania decreased by 8% quarter-on-quarter, but increased by 27% year-on-year to an average of EUR 109 per MWh. The average CO2 price decreased by 1% quarter-on-quarter, reaching EUR 75 per ton. Looking now at the Romanian macro environment, the latest available data shows that GDP decreased year-on-year by 1.2% in the first quarter of 2026. In May, the European Commission reduced its projected GDP growth for Romania for 2026 from 1.1% to 0.1%. For 2027, Romanian GDP is forecast to grow by 2.3%, revised up from 2.1%. The consumer price index for the month of June 2026 versus June 2025 was 10.4%, impacted by the removal of the electricity price cap in July 2025, by increases in the VAT and excise rates in August 2025 and January 2026, as well as higher commodity prices as a result of global geopolitical tensions. Looking at the Romanian energy sector in the second quarter of 2026, based on our internal estimates, the demand for our products was mixed. Demand for retail fuels was 3% higher year-on-year, reflecting its inelasticity to price amid fear of product shortage and higher fuel prices triggered by the Middle East conflict, alongside a shift from wholesale to retail channels of certain customers. Commercial fuel demand was down by 14% year-on-year due to subdued economic growth and structural adjustments linked to persistently higher fuel prices. Gas demand decreased by around 7% year-on-year, with lower offtake from households and industrial consumers. Power demand was 6% lower year-on-year, while domestic production decreased by 2% year-on-year. Romania was a net importer of power in the second quarter of both 2025 and 2026. The contribution from solar and hydro increased year-on-year, while production from nuclear, coal, gas, and wind sources decreased. In the context of the Middle East conflict, Romanian authorities took some temporary measures affecting OMV Petrom results in the second quarter. The first one referred to limiting the refining and marketing margins at 2025 levels for gasoline and diesel sold in Romania. As a consequence, our results did not reflect the market indicator refining margin, which in the second quarter was close to $23 per bbl, but a refining margin slightly below the 2025 level. The second measure was a solidarity contribution linked to the average Brent quotations for the respective months. This translated into an amount of RON 162 million, reflected as a special item in E&P. The government also decided to reduce the excise for standard diesel fuel for the second quarter by approximately 10%, which supported consumption. At the end of July 2026, triggered by the challenging market context, the Romanian Parliament agreed to reinstate the crisis situation for the oil and fuel markets for a period of three months from August to October. That could be further extended. The new regulation has not been published yet in the Official Gazette. The following details are based on our current understanding of its main provisions. It provides for capping the retail and commercial margins at the 2025 level, adjusted with inflation. No cap on refining margin is to be applied. In addition, a solidarity tax is to be introduced, and it is to be calculated using a progressive tax rate depending on the average monthly diesel or Brent quotation, whichever results in a higher rate. The regulation also introduces a dynamic excise reduction mechanism between 5% and 25%. We are following the developments until the regulation is published in the Official Gazette in order to assess the impact. On the gas market, the regulations for households and heat production for households remains in place until March 2027. The gas market was not fully liberalized in April 2026, as originally communicated, the new ordinance has a more limited scope compared to the previous ones. As a result, the percentage of our gas sales subject to regulations decreased to 28% in the second quarter of this year from around 75% in the second quarter of last year. We continue to emphasize that free market principles are essential for fostering investment and that any market intervention should remain temporary and directly rooted to vulnerable customers. Let me now move to the performance of our division, starting with exploration production. Clean operating results in E&P increased by 35% year-on-year, reaching RON 888 million in the second quarter. This was driven by higher commodity prices and gas sales volumes, partly offset by higher royalties and gas supplemental taxes, higher exploration expenses, higher depreciation, and lower oil sales volumes. Also, the clean operating result in the second quarter of 2025 reflected one-off net positive impact from litigations of around RON 200 million. Hydrocarbon production in the second quarter was flat year-on-year, reflecting lower impact from different maintenance schedules and good contribution of workovers and new wells compensating the natural decline. Production cost per bbl of oil equivalent improved year-on-year by 2% to $18.08, reflecting lower costs, mainly lower personnel expenses and favorable foreign exchange. For the full year 2026, we expect the Brent oil price to be between $85 and $95 per bbl. We expect to produce more than 100,000 bbl of oil equivalent per day with no divestment impacts considered. We continue on our cost management measures, aiming for a production cost similar to last year in the context of persistent inflationary pressure on our cost and unfavorable foreign exchange trends. Alina will provide more details on CapEx later. In Refining and Marketing, the clean CCS operating result increased by 36% year-on-year to RON 747 million in the second quarter of 2026. As a reminder, in the second quarter of last year, the Petrobrazi Refinery was in planned shutdown, which led to a low base effect. In the second quarter this year, we saw higher sales, channels volumes, and refining utilization. This positive effect was partially offset by the impact of Government Emergency Ordinance 19/2026, applicable in the second quarter, which temporarily capped the refining and sales channels margins at the 2025 average level for diesel and gasoline sold in Romania. Refined product sales were 11% higher year-on-year. Retail volumes increased by 6% more than market demand in the context of market distortions generated by government interventions. Non-retail sales volumes were 18% higher on higher commercial sales as a result of higher equity products available given the shutdown in the second quarter of 2025. For the full year 2026, given the developments on the international market, we estimate the indicator refining margin to be above $15 per bbl. However, the captured refining margin will reflect the government intervention. The refinery utilization rate is estimated to be above 95%, in line with our strategic targets. We estimate demand for retail fuel products in Romania to be stable year-on-year, and our retail fuel sales to be higher. For total refined product sales, we also anticipate improved year-on-year performance due to expected higher equity product available in a year without a planned shutdown. In Gas and Power, the clean operating result was a loss of RON 22 million compared to a loss of RON 7 million in the same quarter of last year. In the gas business, lower year-on-year realized margins were achieved due to the late prolongation of regulatory measures until March 2027, coupled with high gas prices for a third-party supply volume. In addition, storage injection was also covered by third-party supply, mostly imports, triggering higher logistics cost versus last year when we injected mostly equity gas. The result of our power business was also impacted by market developments. Brazi Power Plant net electric output was lower year-on-year by 23% in the context of a longer planned outage. The negative impact is partially compensated by improved margins achieved on the balancing and ancillary services. For the full year 2026, we expect demand for gas and power to be stable year-on-year. Our total gas sales volumes are envisaged to decrease mainly on lower supply, predominantly from lower third-party volumes. The net electrical output is expected to be broadly similar to 2025, despite a longer planned shutdown. However, the extension of the planned shutdown for 22 days in July, together with high prices on third-party gas in the current global context, and the late prolongation of the gas market regulations are expected to negatively impact the third quarter results. Please let me now hand over to Alina for more details on the financial results of the second quarter of 2026. Thank you, Christina. Good afternoon also from my side. I will continue our presentation with slide 12, starting with some highlights on the income statement and also presenting key developments in our cash flow statement. Group Clean CCS operating results increased by 27% year-on-year to RON 1.5 billion, with improved results in E&P and R&M. The Clean consolidation line was RON -91 million in the second quarter of 2026, mainly reflecting the higher unit margins for crude and fuel products, as well as higher equity crude oil volumes in stock. For the second quarter of 2026, we recorded inventory holding losses of RON 100 million. The provisions of Government Emergency Ordinance 19/2026, introducing the capped margins, prevented the realization of the upside from higher prices and inventory holding gains for the regulated volumes. Consequently, for gasoline and diesel sold in Romania within the three-month period covered by the ordinance, there was no CCS effect reflected in the results. We recorded net special charges of RON 252 million in the second quarter. This includes the temporary solidarity contribution due for the second quarter and an impairment of other financial assets related to abandonment obligations, partially offset by temporary gains from derivatives. For comparison, in the second quarter of 2025, we recorded net special charges of RON 121 million, mainly in relation to the assessment of provisions and temporary valuation effects. The net financial result was a loss of RON 192 million compared to a gain of RON 225 million in the second quarter of the previous year. The second quarter of 2025 included a positive outcome from litigation and higher interest income on bank deposits. As a result, in the second quarter of 2026, the net income attributable to stockholders was RON 0.8 billion. The 0.5% tax on turnover amounted to around RON 69 million for the second quarter of 2026, mostly booked in Refining and Marketing segment. As for the 0.5% tax on constructions, we booked in the second quarter around RON 18 million, mostly in Exploration and Production division. The tax for the entire year 2026, amounting to around RON 75 million, was fully paid in May. With regard to our cash flow statement in the second quarter of 2026, the cash generated from operating activities before net working capital changes was RON 1.9 billion. For comparison, the amount recorded in the second quarter of the previous year was RON 1.4 billion. Working capital changes led to cash outflow of RON 608 million in the second quarter of 2026, compared to a cash inflow of RON 571 million in the second quarter of 2025. The cash outflow reflects higher inventories as well as lower liabilities, partly compensated by lower receivables. Inventories increased mainly due to larger gas volumes injected into storage, predominantly sourced from third parties, and higher fuel stocks at increased cost levels. The decrease in payables was mainly due to lower crude oil acquisitions compared to the previous quarter, while the decrease in receivables was mainly related to payments received from our joint venture partners. Overall, the operating cash flow in the second quarter of 2026 amounted to RON 1.2 billion, 38% lower than in the second quarter of 2025. Our net payments for investing activities amounted to RON 2 billion, mainly reflecting a cash outflow for organic CapEx of RON 2.1 billion. The net cash position, including leases, decreased to RON 1.6 billion at the end of June 2026 versus RON 5.5 billion at the end of June 2025. During the quarter, we paid dividends amounting to RON 3.3 billion. Moving now to slide 13. Total CapEx for the first half of 2026 at RON 3.7 billion was 13% higher year-on-year. Almost 70% of this amount was spent in Exploration and Production for Neptun Deep Project, as well as for drilling 16 new wells in Sipex and performing more than 250 workover jobs. In Refining and Marketing, investments increased by 20% to RON 887 million, mainly for the SAF HVO project. In Gas and Power, we invested RON 289 million, more than double year-on-year, reflecting the progress on the renewable power portfolio. For the full year 2026, assuming a predictable and competitive regulatory and fiscal environment, we plan net organic CapEx of around RON 9 billion. Additionally, potential inorganic CapEx is estimated at up to RON 0.4 billion. To conclude our presentation today, let's take a look at our outlook for 2026 on slide 14. We have presented already our expectations for the relevant business segment indicators for 2026. Overall, this year, in the context of higher planned investment, we expect free cash flow before dividends to be negative. We are closely tracking global developments and continuously evaluating their impact on our business. The assumptions and targets for the period 2027 and 2028 are currently under review as part of our annual midterm planning process. We are confident that our strong financial position and integrated business model will help us navigate in this volatile environment. With this, we conclude our presentation. Thank you for your attention. We are now available for your questions. Thank you, Alina. Let me remind you that if you want to ask a question, you need to press star one one on your telephone keypad. Once again, to ask a question, please press star one one. We'll now pause for a moment to assemble the queue. We will now take our first question from Oleg Galbur of ODDO BHF. Please go ahead. Yes. Good afternoon, thank you very much for the presentation. I have several questions. The first one is related to Neptun Deep. You highlighted the successful installation of the offshore production platform. Could you also please update us on the key remaining milestones before first gas? Also, if possible, provide a more precise indication as to whether startup is expected in the first half or the second half of 2027. Also, if possible, once production starts, how quickly do you expect the project to ramp up to its plateau production level? Are we talking about up to one year or rather more than one year time? Secondly, in the refining business, would you remind us what share of Petrobrazi crude intake comes from non-equity sources and where this crude is typically sourced from? Given the recent volatility in crude differentials versus Brent, did the movement in differentials to Brent have any meaningful impact on your realized refining margins relative to the reported indicator refining margins? Thirdly, on market environment. Could you comment on how the market environment has evolved since the end of Q2, basically in July? Specifically, how do fuel crack spreads in July compare with the second quarter average? Are you seeing any signs of margin normalization as we move into H2 or do market conditions remain broadly supportive? Thank you. [audio distortion] For the refining market. Thank you, Oleg, for the question. It's quite intense period of time for Neptun. We're very excited to progress according with the schedule and with the budget. In front of us, what we're having right now, basically, we need to finalize the drilling in the Domino field. Pelican South is already finalized. We're progressing with installing the subsea equipment, making the connection of the subsea production systems with the shallow water platform, as we're continuing with the connection of the main gas pipeline to the shore and as well to the platform, finalizing the NGMS, testing the shallow water platform, and after that, entering into cold commissioning, hot commissioning of the whole installation. That will be in a nutshell what's in front of us till the first gas. One more to add, it's also finalizing the field support vessel, which is right now in the full stage of installing the equipment on the hub. As regard to the startup for the time being, we're maintaining the 2027 estimation. Please be patient with us for a while. We'll come soon with news once we're de-risking the schedule and we're progressing on that. With regard to the production startup and ramp-up, usually, if everything is going as per plan, the ramp-up should be a fast process rather than a slow one, I would say We're not planning for troubles over there. Thank you. Thank you. Thank you. Thanks very much for the question. Radu here. When you talk about the share of the non-equity, it is approximately 40%-45%, the imported crudes, and we bring them from areas of, let's say, non-Black Sea and Middle East areas. We talk about Latin America, North America, and Africa. The differentials, indeed, we are seeing now slightly a new trend coming back, actually, the trend that we were seeing after the Strait of Hormuz start, so increase in premiums. In all honesty, when we look to the existing refining margin in July, which is extremely generous, a relatively small impact overall. When we look ahead, I think as I mentioned before, we are seeing very strong refining margins as we speak. They should stay strong due to the driving season in the next months, over September, most probably, before seeing in the quarter four an easing of those refining margins. Diesel, as you very well know, it stays very short. On top of the situation from Middle East, we are seeing the bans of exports from Russia. They are impacting, of course, the general demand. That could be a reason, even for Q4, relatively strong diesel cracks. Gasoline definitely will stay strong for the driving season. Thank you. Understood. Thank you. We will now take our next question from the line of Irina Răilean from Mosaiq8. Please go ahead. Good afternoon. Thank you for your presentation. My first question is regarding this new legislative framework. How do you see it. How this new framework compares with the old one from April? Is it more favorable in terms of solidarity tax and margin caps? If you have, at this point, any estimate of potential impact for Q2? My second question relates to the windfall tax. I remember it was a discussion last year, I think, that the windfall tax and the gas taxation in general will also be revised. If you have any updates here, it will be very nice to have them. My third question is regarding the Gas and Power outlook for the second half of the year. If you have here any comments regarding power production, regarding the gas trading activity prices, did they normalize following the conflict? Thank you. Thank you. I think, Alina, you can go into some of the breakdowns of that. I just want to check. You said you want to understand the impact for 2Q? Just to make sure I heard that correctly, yeah? Yes. After that, Franck can go into the Gas and Power. Okay. Hello, Irina, from my side. I'll explain a bit. You referred to the new framework. I think that's why Christina asked the question, because you referred to the new framework, the new framework starts actually in August. I will explain both. New framework, new law, because it was decided by the Parliament now, is not yet published in the Official Gazette. Please bear with us. I will explain what is our understanding right now, but we don't have yet all the calculations and so on. As soon as it is published, our teams, of course, we will immediately start working on implementation and calculations. What we understand for the drafts that were available is that there are three main dimensions of this new law that covers the following. Number one, it's about capping the retail and commercial margins at 2025 level, adjusted with inflation. That's Number one. Also here, it mentioned there is no cap for refining margin. Second one, it's about the solidarity tax, this is similar with what we had in the past. It's just that now it's a solidarity tax that is calculated using a progressive tax rate, depending not only on Brent quotations, but also on diesel quotations, whichever results in a higher rate. That's the second dimension, the solidarity tax. The third mechanism, less impacting us directly, but important for the consumers, is a dynamic excise adjustment mechanism, which allows for a reduction in excise somewhere between 5%-25% to be decided by authorities two times per month. This is our understanding of this new legislation. It starts in August, after it is finally approved and published in the Official Gazette, and it will be applicable for three months with possibility of prolongation. When it comes to Q2 and your other question, what was the impact in Q2 of the previous- Sorry, in Q3, I wanted to say. You wanted in Q3. Yeah, sorry. Yes. We do not have an impact calculated for Q3. We wait for all the details to come. As you can appreciate, this is very recent. We have seen drafts basically this week. We do not have a calculation for Q3. With regards to your second question on the windfall gas taxation, there is no change, no development into this one currently. Thank you. Understand you. Thank you. Good afternoon. For Gas and Power, first of all, we had the maintenance in the Q2 of the shutdown of the Brazi Power Plant, and it's fully operational now since 22nd of July. This, we don't expect any other interruption and to be available till the end of the year. That's a strong driver, of course, in our results for Gas and Power for Q3, Q4. Q3, we expect to be in line with last year currently. On gas price, I think volatility, as you may have seen, is very high. It's very hard to forecast the evolution of winter, depending on the gas demand and the weather, et cetera. We see quite high prices for this winter due to the fact we also inject now high prices in the storage. That will have an impact, of course, also in the winter time, yeah. Thank you very much. Thank you. We will now take the next question from Daniela Mandru from Swiss Capital. Please go ahead. First, regarding the Neptun Deep production in 2027, my initial assumption would be a half full year plateau. I've seen other data, Transgaz, for example, estimate higher rates of production. Could you guide on next year production on Neptun Deep? What is your expectation? The other question regards these taxes. My understanding was that solidarity tax would last only in Q2. Now we are speaking of prolonged solidarity tax. Also, in the last call, you said that you'll have more view on the increased royalties that would be partly offset by decreased windfall taxes. My understanding that you still don't have any news on the issue. These are the following up questions. Now I would like to know if regarding especially the low and zero carbon pillar, how much cumulative CAPEX do you expect to have invested in the low and zero carbon pillar by the end of 2026? That is for me to know how to project the rest, to estimate the rest up to 2030. Also on here, on low and net zero carbon, I've seen that you already are operating more than expected, 1,600 units of EVs by the end of 2026, with more than 1,000 units by the end of 2025. The question is, what is the EBITDA on these EV units last year, this year expected? Probably it is booked in G&P, probably. What is the level of the EBITDA from this business? Also regarding the biofuel that will enter production in 2028. Also, can you guide on the full rate EBITDA of this biofuel pillar in 2028 or 2029? Because probably 2029 will be operating at full rate, or at an optimal rate, let's say. I have another question regarding the offer that you made recently, the gas offer that you made recently. I would like to know, yes, I've seen the offers are valid. I'm referring to the gas supply offer. I've seen that the offers are valid until the end of September 2026, but there is no mentioning about the period of the delivery. For what period? Because from what I've seen, the prices there are hovering around EUR 60 per, excluding othe MWh supply tariffs and distribution tariffs. Dana, we didn't understand. Which offer are you referring to? It's written on your site on G&P, G&P business offer. I've seen that you have. Yes. I'm referring to the gas supply offer. You recently launched gas supply offers with the underlying commodity price of RON 200 MW for households and RON 255 MW for non-household customers, excluding taxes, other tariffs. I think the figures are taken from your site. Thank you. Okay. The question is, I've seen the prices, but we don't know the delivery period. Probably it's Q3. I don't know. Thank you. This is all for now. Let's make sure we can get through all your questions, Dana. Cristi will take the question with regards to Neptun Deep. Alina, maybe you can take taxes, solidarity, and low-carbon business. I'll touch on the production licenses, but Alina can cover the royalty component of it. I think we move into value space on EV and EB and biofuels. We will close on gas with Franck. We will all answer questions. Please, Cristi, the floor is yours. Thank you, Dana, for the question. As you know, very strong progress from Neptun Deep Project. We installed 160 km of pipeline. We installed the fiber optic. We're making strong progress on the NGMS side. We had finalized the micro tunnel pipeline laying also over there. Last three weeks and a half, we reached Black Sea with the jacket, and we installed that successfully. Last two weeks, we managed to bring across the Cape of Good Hope, the shallow water platform that was installed successfully, a really complex operation. We also finalized the drilling in the Pelican South. We drilled another two wells in Domino. We're progressing very strongly. The overall progress is based on the scheduled de-risking. It's a final process based on which we are de-risking as well the startup. We are not in the point where we can change our prediction for the 2027. Once we'll get into that point, which we'll expect soon, we'll come back and we'll reduce the window. Thank you. Okay. Thank you. Sorry, the window is pretty clear. Yes. Pretty clear. It would be fair if I'm doing an update now. To take 50% of the net production to OMV Petrom to be produced next year out of Neptun Deep, I'm referring to the full plateau rate, 50% of the full plateau rate. It would be fair and too low, too high, I don't know what to say. 2027 is- Dana Very close. It's next year. Dana, obviously, we must give equal information to everybody. At this point in time, we're saying 2027. Of course, you can average that to how you feel right for your models and totally understand that. We will come back later to narrow that window down. Please be assured, we must give equal information to everybody, and this is the information we're able to give to everybody. Everybody else is doing their models accordingly to that. Be assured, as soon as we can, we will come and narrow that down for you and provide you with some of those answers to that. Thank you for your question. Okay. Thank you. I will continue with the solidarity contribution. Indeed, you are right. Solidarity contribution was introduced for Q2 only. In July, it was not applicable anymore. Now, recently, this week, there were discussions in Romanian Parliament, and based on the public information available, they came to a conclusion to reintroduce a solidarity contribution to a law this time because of the government situation. It was a vote in the Parliament. This is not yet published. This I mentioned, that is not yet published in the Official Gazette. That's why we are still waiting for all the final details. Based on our understanding, it will be a new solidarity contribution applicable starting August after it will come into force that I explained a bit earlier in terms of how this will work. You asked about royalties and competitive supplementary taxation. Indeed, end of last year, we had an agreement in principle with Romanian state for prolongation by 15 years of oil and Petrom licenses, this came with this increase of royalties by 40% and an adjustment also on supplementary taxation. Although we worked intensively and we were quite in advanced stage of implementation, this is not yet finalized. You know very well the situation of the Romanian government right now. It takes longer than initially estimated, but there is no change in principle. Nevertheless, it is not yet done. We cannot communicate until we will have it finalized overall. Okay. Sorry, stop here, please. Yep. Okay, good. Royalties will increase, partly offset by lower windfall taxes. Okay. If I'm assuming this offset of being 50% of the royalties increase, I'm good, I'm too optimistic, I'm too pessimistic. At least a hint. Yeah. Dana, it's not yet finalized, we are not in a position to guide you yet. That's why we can't give this information at this stage. It's just simply not written. There are discussions of principle. As soon as we have more information, of course, we will provide it to you. At this stage, that's all we can say, what we said last time as well. I move to the next one, which is the low and zero carbon. You ask by the end of the year. I would estimate that will be somewhere above EUR 1 billion spent for low and zero carbon projects by end of 2026. Because I'm here, I'll cover a little bit of what is the impact from biofuels and generally for this low and zero carbon. If you look in our capital markets presentation, we show there the impact of low and zero carbon business in 2030. It's approximately 15% of our EBITDA in 2030. EBITDA in 2030, we say EUR 1.5 billion, above 1.5 billion, 15% of that is low and zero carbon. If you want to go lower than that, you can roughly estimate half of it in Gas and Power, meaning renewables, half of it in Refining and Marketing, biofuels, EVs, and other stuff. Mm-hmm. Okay. Remember, it's not 15% of EUR 1.5 billion, but 20. Around EUR 300 million, no? Yeah. It's approximately. Okay. We will come with more, at this stage, that's all we have. 50 of it will go in R&M, biofuels, and... Approximately half is biofuel. Okay. Biofuel and power. Primarily bio. Okay. Good. Okay. For your- Yeah, please. Yeah. For the gas offer, your question about the two gas offer available on the website. It's an obligation from the regulator that we have to put some offers available for customers, it's available during three months, 1st of June and 1st of September, and it's valid for a contract starting during this period, but less than 12 months. This is an offer for 12 months? Maximum 12 months, yeah. Okay. Maximum valid until September 2026. 1st of September. From this, because this is an offer. Oblige or not oblige, it's your offer. From this, may I deduct the fact that you are seeing the gas prices at EUR 60 per MW also next year? You could say today we'll see for the wintertime, because what we are looking is we inject now around the plug gas prices on their head, around EUR 60, and you have the cost of storage, et cetera. Winter prices around this, that's our expectation. Yeah. Dana, thank you very much for your question. Okay, thank you. If we have follow-ups, we can take it offline through IR. We can now move to the next question if that's okay. Thank you. We will now take a next question from Laura Simion from BRD-Groupe Société Générale. Please ask your question. Good afternoon. Thank you for the presentation. I have a few follow-up questions. First one regarding to the gas business. You mentioned that because of the late extension of the regulations in March, you had to buy larger quantities from third parties in order to fulfill both regulatory obligations and the contract already signed. I wonder if this will be the case also for the next quarters. If you already signed the contracts with delivery also in Q3 and Q4, you will need to buy more from third parties. This is one question, the other was on the negative financial results. Results, if there is no one-off, it's just the net interest result and probably the foreign exchange net result. Thank you. Yes. On your question. Yes, impact also the next quarters because it was positioning from, let's say, from the year as such. I think what's also important is we are doing more trade in term of increasing our sales, the volume are increasing. We try to compensate this by additional trading and additional volume that we want to deliver this year. That, I think, it's a way to compensate this negative impact. Moving to the negative financial result. If we look by comparison with last year, last year, we had a significant one-off effect in Q2 2025. If we look in Q2 2026, to a large extent, it's the interest income. Of course, less interest income as we are decreasing in our cash position. We have the unwinding expense for the provisions, which is significant for us. There are some small elements of one-off nature with some impairments that we did for some financial assets, but nothing, I would say, significant in that respect. Let me remind you that if you want to ask a question, you need to press star one one on your telephone keypad. We'll now take the next question. Thank you. Next question comes from the line of Oleg Galbur of ODDO BHF. Please go ahead. Yes. Thanks. I have an additional question, because I would be interested in hearing your thoughts on fuel hedging. Given the increased volatility in fuel crack spreads and refining margins, would it be feasible from a practical perspective to hedge a portion of Petrom's refining margins exposure? Is this something management would consider as part of the risk management framework? If you could comment on this. Thank you. Thank you very much, Oleg, for the question. If we look back into what happened in the previous period, hedging at that time would have looked very good and very interesting, but would have been a wrong decision, to be honest. I think we did the right thing not hedging it. We are in the position where we are looking at all the options, but considering the high volatility we are seeing, From today's perspective, that's not the best choice, hedging it. We are always looking into it, and if we see very good opportunities, we are going ahead on that. Not being hedged before, for us, was a very good decision. If I would read between lines, it would mean that you expect the volatility to persist and the, let's say, high margin environment as well. Would that be a fair conclusion? At least for Q3, as I was trying to suggest before Q3, we are seeing a strong refining margin quarter. Potentially Q4 could be as well in the light of a very short diesel market overall and low stock, but not to the level of Q3. That would be the way we are seeing evolution of the margins in this year. Understood. Thank you. Thank you. If there are no more questions, I want to thank you again for taking part in our conference call. For further information, please do not hesitate to contact the Investor Relations team. Until our next call, we wish you all the best. Thank you. For your participation, ladies and gentlemen, you may now disconnect.