I am the Director of the Investor Relations. Thank you for participating in this meeting. I would like to extend our director general greetings. Unfortunately, his agenda is a little busy, he could not participate in this meeting. We are here to present the interim financial statements for half one, 2026 unaudited. We will have the same format with the Chief Financial Officer presenting the essential information, and we will have our questions and answers session later. Thank you for participating in this meeting. I would like to start with the presentation of the results and what influenced the results compared to last year. Our results are better compared to those budgeted for this period, with an increase of 16%. The net profit increased by 11%. Compared to the same period of last year, the profit decreased by RON 246 million. We will present the main factors which determine this variation in the results. Operating revenue decreased by 4% compared to last year. We speak about a decrease of RON 60 million. Capacity booking revenue were lower, and the commodity revenue are higher by RON 2 million compared to last year. The decreasing of the capacity booking revenue was due to the average booking tariff, which was lower, with a negative influence of RON 89 million. Capacity booking was higher than last year in the same period of time, but the average tariff is lower. We had that deduction of RON 89 million, which means that the market booked products for a longer term, which made these products cheaper. Capacity overruns are lower, and the auction premium revenue is also lower by 24 million RON. The commodity component increased. The quantity transmitted this year was higher by 9% compared to last year. The transmission and the commodity tariff was lower, with a negative influence of RON 10 million. Other operating revenue increased by RON 27 million. The balancing revenue decreased by RON 73 million, but the balancing activity is a neutral activity. Every profit is netted at the end of the period, meaning any revenue, any profit from the balancing activity. The construction activity does not generate profit. Finance income decreased by RON 1 million based on the updating of the regulated assets value, with inflation rate approved by ANRE, started from the 1st of October at the level of 3% per year, resulting in an adjustment of 1.5% for the first semester of 2026. Regarding the costs, they also increased by 13% compared to last year. The company made savings of RON 23 million, especially at the technological consumption. The royalty expense is calculating in a direct proportion. Operating revenue, other operating revenue also decreased. There were increases of RON 149 million, especially at the depreciation expense. Since in 2026, we had two Black Sea Shore investment project put into operation. Finance expense also increased by RON 57 million. During the execution of the investment projects, when they were commissioned, they became OpEx. These factors reduced the net profit compared to the same period of last year. Regarding the Trust results, the subsidiaries of Transgaz in the Republic of Moldova recorded an increase of the operating revenue. The operating costs increased by 21%. It determined an increasing of the profit of these units in the Republic of Moldova. The profit before operation consolidated decreased by RON 235 million c ompared to last year. Transgaz transmitted more gas than last year in the same period of time, which is a good thing, because operating revenue decreased mainly based on the structure regarding the capacity booking products. Also, depreciation costs increased, generating an EBITDA comparatively to the same period of last year. Technological consumption also had a decreased level. The profit is lower compared to last year, but compared to the budgeted one, it is higher by 60%. We also published the elements composing the regulated revenue for gas year 2026-2027, which increased by 40%. The approved revenue is RON 2.6 billion, starting with the gas year 2026. Based on additional capacity bookings and the additional quantities estimated to be transmitted in the next gas year, the transmission tariff is decreasing by 9% per entry and 7% per exit. We had investments, which were commissioned, which contributes to the increasing of the regulated revenue. They also lead to the increasing of the transmitted quantities and the booking quantities and the decreasing of the transmission tariff. This would be what I wanted to present to you. I would like to propose to go to the questions and answers section. Hello, Mrs. Irina Răilean. Thank you for the presentation. I analyzed the figures presented and the details presented related to the substantiation of the regulator revenue. I would like to ask some questions in this respect related to the technological consumption, the capitalized technological consumption. How long will it be present? The amounts are plus or minus the same every year, but when will it be depreciated, in which gas year? The depreciation period is five years since capitalization. That means the capitalization began in 2024 and ended in 2025. So it started in 2025. It was the period in which the price was regulated. The difference between the consumption price, the technological consumption, and the one that was recognized is capitalized and was depreciated. It is considered as intangible asset. So 2029, 2030 would be the last year when we would see such a figure. Yes, I understand. Thank you. Related to the distribution of the efficiency increase, is it a recurrent amount that we will see until the end of the regulatory period? Yes, this amount will be present in the following years as well. Related to the unforeseen cost, contingency cost, we saw a higher amount, RON 41 million. Can you tell us what this is about and how will it be treated in the future, in the following gas years? Tariff methodology provides for, in the first part of the regulatory period, expenses related to maintenance for the previous period. The methodology provides for the fact that if you have higher expenses with maintenance than the ones approved, they will be recognized in the revenue. So this RON 41 million is one-off, only this year. Will it be present? Yes, it is one-off, and it will be present every year if these expenses are higher than the ones approved. Approved, you mean in the previous period? Yes. In the beginning of the current period. As a guidance, should we look at what you record on BNN Bllomberg? Yes, that's right. Related what should be recovered from 2025. I do not know you have a precise calculation, but do you estimate additional RON 300 million? Yes, that's right. And that means that until the end of the current regulatory period, we will have negative correction amounts present as well. How many years will we see such amount? I don't know. For many. How many years are they approved, such a split? For the following three years, but this calculation, Delta VT, is calculated every year, and it will be adjusted. Yes, I understand that it can be adjusted for a certain gas year, but we have some overruns. But if nothing changes, you have to recover them or to return them. Yes. In 2026, 2027, they are close to or over RON 100 million. Okay. That means that related to correction and related to RAB and future evolution, could you please provide an update? If we analyze the investment program, the investment plan of Transgaz, there are some projects with commissioning estimated in 2027. For example, Negru Vodă 1, the expansion of Podişor and Bibești and Jupa and some additional pipelines, which are also FEED and are the most significant amounts. Could you tell us the current status of the project? Do you estimate that they will be commissioned in 2027 and will be entered into the RAB for 2028? How can we treat that? Are the amounts mentioned in the plan the one that will enter the RAB, or are they financed under grants or European funds? If they are regulated, the adjusted values are according to the grants that Transgaz received. Yes, the best estimate, the estimate is that they will be commissioned according to the plan, according to the information we have at this moment. This would be the best estimate that you can use for your simulations. And the RAB is RON 9 billion. You have the values published for the annual depreciation, which is approximately RON 550, RON 560 per year. And taking account the projects you mentioned? Yes, you can determine a RAB. So these three projects I mentioned, do we need to adjust some amounts for which you received grants? Yes, certainly yes, because grants will not enter into the amount regulated. Do you have a regulated amount that we can have, or can we find them in financial statements? Yes, in the financial statements we published the subsidies. I do not know exactly the number of the note when they are mentioned, but every time we mention them in the financial statements, how much it was contracted, how much was financed, all the amounts are there. And apart from the RON 160 million, RON 170 million estimated for the project, is there something else significant that will be commissioned in 2027? The most significant one are included in the development plan. Yes, certainly we have other projects in progress. But the relevant information is the one which is published in the development plans. Yes, I will analyze the plan if we have to add something more. Related to the loan obtained from Banca Transilvania of RON 300 million, could you please provide some more details? What is it about? What will this loan finance? Is it a new investment, or which is this investment? This RON 300 million loan, we also have another syndicated loan of RON 100 million. With these two loans, we will finance any investment projects that we have in the development plan and in the investment plan of Transgaz. These loans, which were contracted, will help us to achieve the necessary investment projects together with the grants for a longer period of time until the end of 2027 and maybe later on as well. They do not have a specific destination for a certain project, they can finance any project that is included or related to the national transmission system. What is a little bit more difficult for us to analyze is that many of the projects mentioned in the presentation appear as non-FEED or less advanced non-FEED, which is very difficult to be taken into account when we talk about increasing RAB or investments. I was curious whether you had something in mind for this RON 300 million, or which is the next project, which without a FEED is a priority for Transgaz in the following two years. There are several projects in the 10-year development plan. Not all of Transgaz projects are mentioned, but Transgaz is also performing extensions to connect localities, to connect some consumption areas, but we can make available a list of project, although you can find them in the budget in Annex Four. Okay, I will analyze Annex Four. How will the expenses for interest treated from the point of view of the regulations, which part of them are not capitalized anymore? How will they be treated from the point of view of the regulator? Interest expense from the point of view of the regulator is to be found in the third regulatory period. Subsequently, after the commissioning, the pass-through cost is not considered as direct. If you contracted a grant and the grant is delayed, they cannot be recognized, so Transgaz bears the cost from its own sources or covers them from the tariff. The interest after the completion of the project are not recognized as the pass-through cost. As an exception, I am talking about after the capitalization. They are recognized only if you have, for example, a grant that should be granted today, and it is not granted today for the period of one year, that cost is recognized. This is an exceptional case, not a specific rule. Yes, this is an exceptional case. Then, apart from this exception, it is on the profit and loss account of the company as a financial cost. But the cost of this financial project investment. I wanted to ask you, related to depreciation, there was a significant increase in the second trimester, and we thought that we took into account everything that should be considered for depreciation, but it increased even more in this half. I was wondering what determined the depreciation to increase if the project was commissioned, and we see the impact in the second half. There are several projects. This project was commissioned in January, and the depreciation started in February. There were two months in the first trimester and two in the second trimester. We can see that what we see now in the second trimester is more realistic. In the previous firm conference, you said that the impact of Neptune Deep and the developments from the Black Sea will be seen in Transgaz's figures because there are some capacities booked there. From what I understood, and please correct me if I am wrong, some revenues will be invoiced even if actual quantities will not be transmitted. I analyzed the capacities booked at the entry points in the system from the production blocks for the following period. I did not see any increase that should make me believe that the capacities booked from the Neptune Deep extraction will be there. Can you provide some update on this? The tariff decrease, but are there any additional capacities booked? How can we look at this situation? Could you please explain? The capacity as to entry point from the Neptune Deep block was the subject of an incremental capacity process, and the results are published on Transgaz website. Yes. Since we have a capacity booking contract, the capacity has to be paid. It is regulated, this capacity to be booked, and it is paid per the transactions. It is not about volumes. It is an entry point. Volumes are not invoiced. It is calculated as revenue related to volumes. Yes, the booking? The bookings can be seen starting from September on Transgaz's website. They are published, and from October on, even more. These capacities will be invoiced, and you can find the information. The fact that Transgaz revenue increases, as compared to the regulated revenue from the previous year, is the revenue from transmission. It will lead to the increase of the results further on. At the same time, from the additional bookings, it will have a positive impact on the tariffs. I understood. Thank you very much. In the last trimester, you would see the exact figures. The question about this memorandum with Argent LNG, I understand that Transgaz intends to become a shareholder there. I do not know if you have what this would mean from the investment perspective. Is it going to be necessary, a cash contribution? This desire to take over gas from U.S.A., how does it match the Romanian national strategy for energy? How is it going to happen, this diversification of the import sources? The information available up to now are public, and we will communicate the information for the next stages publicly. For the moment, please take note to the information published up to this moment. Thank you very much for your answer. I would like to come with a follow-up for the Tuzla entry point. Did you refer to September next year? No, September this year. The results of the procedure for incremental capacity, Tuzla, are public per total, not per user. For gas year 2026-2027, are there considered new consumers? I refer to Mintia here, not Azomureș, maybe. The substantiation of the tariff estimates of capacities and volumes are taken into consideration. Yes. And another one. Was there at any time Azomureș considered? Yes, but I repeat, this information has been communicated by those who use the capacities. I would also like to ask you about the evolution of the CTP? We can no longer hear you. If we have another question. Thank you for your presentation. How do you see the Neptune Deep Transgaz paradigm functioning over the next five years? Does it justify Transgaz strategy regarding gas connections on the Romanian territory and the household consumer? How do you see this issue over the long term? The strategy of Transgaz is to transmit as much quantities of gas as possible, and to become a transmission corridor to supply gas to Moldova, Ukraine, Croatia, Austria, Hungary. We were a transmission corridor from north to south, and we want to move gas flows from south towards the north. It is easy to note that our investments have applicability, are useful with the interconnection with the Republic of Moldova at Ungheni. Transgaz strategic and business interest is to increase the profit, and also to transmit additional quantities to eliminate pressure over the transmission tariff. I hope to have given you an answer to your question. Thank you very much. I wanted to ask about the volatility of the CTP. If you could explain, what are the causes for this? Several quarters, we noticed a CTP volume, which is very low. Can it increase all of a sudden? Or if it remains low, is it sustainable? This trend cannot be zero or close to zero. This technological consumption is monitored. We take measures immediately. If there are higher quantities than normal. It is a level which is sustainable over a long period of time, but I wouldn't go with the idea that that would be zero, or on the assumption that it will be maintained on 0.2 forever. This is a bearable volume and sustainable. It is monitored to be as low as possible, and we are complying to the European level, which is very good. Regarding the evolution of the gas price for the third quarter, can you explain how much of the necessary volumes have been contracted? We don't have any volume contracting, but we have in stock enough quantity of gas, which was procured during the period when the price was regulated. But also, we had the obligation to have balancing gas, and this obligation decreased. According to the regulation, they were moved from the balancing activity to the technological consumption, and they are enough also for the next year. I would like to come to the budget for 2026, where the capacity booking component was about RON 2.2 billion. Do you maintain this forecast for 2026 or the product mix will be also seen over the second half of the year? We expect to achieve the revenue. You saw that the total revenue is close. We expect to achieve the transmission revenue. For the auction premia and the capacity overruns, do you expect that the overruns achieved in the first half to be maintained also for the second half of the year? The last quarter is a new gas year, and the auction capacities are different. Since we have a new gas year, we do not have information for the moment. For the moment, you see only the annual capacity. Exactly. For the next gas year, the forecast booking mix is focused on long-term products. For the next gas year, the multi-client was notified, meaning that the quarterly tariffs are the same. It does not matter if it is summer or winter. We gave up the seasonal factors because, during the winter, the products were more expensive. Even if there is a modification in behavior, we expect that the revenue is achieved. There are also Delta elements which can compensate. Going back to the budget, how do you see the end of the year and the second half of the year over the budget? Could you give us a figure? We expect that the overruns in the first half to be maintained in the second half of the year. Or do you see any factor that could confirm a part of the achievements additional to the budget? The budget will be achieved in the same manner as it was achieved over the six months. I do not see anything that would be problematic. Thank you very much. If there are any other questions, please Mrs. Irina Răilean. Yes, thank you. I have a short question related to the incremental capacity booked at Tuzla. I noticed significant volumes in entries and not exits. Is it possible, or I am analyzing an old document? No, you are looking at the right document, I suppose. If you have it from Transgaz website, yes. Tuzla, as a definition, is an entry point. An entry point in the system. For certain producers to be able to commission their facilities, they need a certain amount of gas. You can see a lower capacity booking, and then you can see as an entry, a higher capacity. The exit points for the gas that enter from the Black Sea can be determined? No. The exit point that you see in this incremental capacity is Tuzla as well. Because gas exits through the platform. That is the exit point. But as an estimate of the revenues, can we double the entry because gas will be booked at entry and exit, because the entry in Tuzla would be exit. No, the contract is for the entry point. On the virtual trading point, you can sell the gas. The gas that enters the transmission system, it also has to exit to the direct consumers, to the interconnection points. But at those points, somebody has to book the capacity. All gases that enter the system have to exit as well, but in the virtual trading point, usually the owner of the gas changes. But I suppose that the price indicated will be updated with the current tariffs. Yes. The tariffs applicable will be applied for that capacity. As of the October 1st, the tariffs approved for the gas year starting on the October 1st, 2026 will be applied, and in the next two years, the same situation. The approved tariffs for that relevant period. Thank you very much for your explanation. Any other questions? It seems that there are no further questions on the chat as well. Thank you very much for being present today, and see you in the next presentation. Thank you. Goodbye.