We are live. Hello, everybody. Thank you for participating in this video conference regarding the results for the first half of 2026. We shall start with a brief review of the results, both financial and operational. Afterwards, as you know, we will take your questions, which we will await for. For the presentation, Tudor, please start. Thank you. We also have the presentation on the screen. The overall view for the first half of 2026. We have come back to profitability on recalibrated operational basis compared to the same period in 2025. We have volumes decreasing and revenues increasing, which means a recovering market. The aggregated volume decreased by 3.2%, but the revenues increased by 0.5%. From the aggregated volume, the industrial mineral and chemicals increased by 2.1%, chemicals by 14.1%. The agricultural product decreased by 17%. We had the increase in revenues by RON 1.6 million. We have a solid profitability. We have operational leverage and expenses which were recalibrated. EBITDA was a +RON 16 million, the operating result +RON 22 million, and the net profit increased by RON 19 million. The premises, the hypothesis for the second half of 2026 are the following. The Danube on the navigation is temporarily stopped. This is why we, as a group, we relocated the fleet downstream from Cernavodă to Izmail, Galați, Giurgiu, and we are shipping towards Constanța because these conditions, the upstream ports have been closed due to this reason. About these conditions on the navigation, we have inventory in Constanța port, but we have a vision about Q4 in 2026 with an improvement of the Danube navigation conditions. Of course, the transport to recover to the ports upstream of Cernavodă. In July, the hypothesis is that we have goods going from exports from Ukraine. For the last quarter of 2026, we look at a disposal of gradual inventory of the chemical and mineral inventory, and we are considering the same attractive pricing conditions for the grains international market and, of course, fuel and energy prices at current levels. We note recovery of the energy coal flow as compared with the winter of 2025, 2026. So we keep our estimates of the budget for revenues and expenses as a group, plus 14.6% in revenue, 69% EBITDA when compared to 2025. TTS S.A. individually, an increase by 10% of revenues and 68% of EBITDA in 2026 as compared to 2025. The first half of this year, we had solid increases in profitability, EBITDA +RON 16 million, and the operating result and the net profit became positive + RON 22 million of the operational result and + RON 90 million of the net profit. We have an increase in revenues and in the profitability, of course, by optimizing the expenses. TTS has a similar result, + RON 1.6 million. The operational reason, + RON 1.7 million, and the net profit + RON 0.1 million, although we had revenues decreasing by RON 1.6 million. We hold the estimates in the budget for 2026: Revenues RON 746 million and EBITDA of RON 158 million. As a group and individually, we have RON 452 million and then EBITDA of RON 48.6 million. For a more detailed presentation of the financial results, I will ask my colleague to present the situation. Thank you, Tudor. With regards with the revenues, the good results origin for the second quarter as a group level, the revenues are increasing by + RON 5 million, + RON 4 million as compared to the second quarter of 2025. The main source, of course, the increase of the chemical goods. As a group at the 30th of June are RON 1.6 million above the 2025 and + RON 26 million when compared to the same period of 2025. At an individual level, we see a more visible increase, + RON 19 million when compared to the first quarter of this year, + RON 12 million when compared to the second quarter of 2025. In the last 12 months, we have, as individual for the TTS, we have a slight decrease of the revenues - RON 1.5 million, but we are above the levels of the same periods of last year. The aggregated volume, although decreased mildly, shows that the recovery of the profitability was due to the operations of the company. Looking at the profitability and margins, the second quarter, we look at the leverage effect of the profitability when compared to the first quarter, RON 6.2 million in EBITDA and RON 7.3 million in operational result. When compared to 2025, the 12 month indicators + RON 16 million in EBITDA, + RON 22 million of the operational result and + RON 90 million in the net profit. The second quarter of 2026 is by far the best quarter in the past 24 months due to the agricultural year. It is the first quarter with a profit from this operational interval. We have an increase of RON 4.6 million and RON 6.4 million when compared to the second quarter of 2025. Looking at the margins, we have an increase both at group level starting with the second quarter of 2025. We only had a correction in the fourth quarter of 2025. Then we can see, of course, a recovery. In the last 12 months, the EBITDA group margin increased significantly. TTS, as an individual entity it showed resilience from a trade component, and it was the most stable component of the group compared to the second quarter of 2025, + RON 1.3 million in EBITDA and + RON 1.3 million of operating results. We can see an increase from 2025 by RON 1.5 million in EBITDA and RON 0.1 million in net profit. The second quarter evolution shows the normalization to a more diversified portfolio of goods transported and an increase of profitability of the assets of the company of the group. From a liquidity perspective, the cash, we have an increase quarter-on-quarter. The best value in the second quarter of 2026, RON 45.8 million as a cash position in the operating segment. At group level it was, no, there is an error here. It is RON 94 million. It is an increase. If we compare end of March, end of June, the decrease in cash at the end of the period is not a worsening of the operating conditions. It is about the payment of dividends which occur during that period. This is what we had about the financial situations. Thank you, Tudor. In the first half of the year, the aggregated volume showed a slight decrease as compared to H1 2025, - 3.2%. We see an increase of 1.3% on transport segment, and this partially compensated the - 6.5% difference registered on operations. Chemical goods had the best performance level, 1.35 million tons aggregated volume, more precisely, 14.1% increase compared to H1 2025, and a more accentuated growth on operation, 18.3%. Mineral goods show a slight decrease, 2.46 million tons. This is a slight decrease of 100,000 tons or minus 3.8%, more accentuated on the port operational side, - 0.2 million tons or - 12.9%. Agricultural goods had the lowest performance, 1.11 million tons. This is a decrease of 230,000 tons or 17.1% decrease as compared to H1 2025. If you want a more detailed presentation of the goods, I am going to allow my colleague to take on the presentation. Thank you. Let us start with chemical products, chemical goods. We have a significant growth in Q2. This is generated by the opening of a new production capacity in the Lower Danube area. We benefit also from this new production capacity because we offer what we know best: a service package that includes operation and transport, and this is reflected in the volumes from Q2. Also in what concerns volumes in the past 12 months, we see a growing trend, and this is not a circumstantial result. It is a structural result because we have a new production capacity added to the market overall. In what concerns industrial goods, mineral goods, sorry. Moving on to mineral goods, here we actually are seeing a stabilization of the market. Yes, we can see a slight decrease, but this decrease is seasonal in nature, and it relates to restocking. We are dealing with old inventory, new inventory, and combining the two. In terms of the development throughout the last 12 months, we are seeing a stabilization trend in what concerns the market, both in terms of port operation and transport. We see a larger difference in what concerns operated quantity because in H1 2025, we had a lot of circumstantial events, and we had a huge quantity of goods accumulated from 2024 and the beginning of 2025. In what concerns agricultural goods, indeed, here we have a weaker overall result or very weak. This has to be put into context. The context is as follows. On one hand, we had temporary stops in what concerns our grains hub in Constanța related to the new capacity that I mentioned beforehand. This has affected the quantity that we operated, as reflected in the figures you have before you. We also have to take into account the seasonal aspect. Q2 is the weakest when it comes to agricultural goods because it comes immediately before the new grains season. We also take into account the context on the grains market overall. The price of goods also determines demand on the market and obviously the quantity that we have available for transport. If we analyze the evolution in the past 12 months, there is a decrease, but the decrease is not as accentuated. It's not as large. We have signals that in the following period, the situation that we had last year or two years ago will not repeat itself. You remember when the market was affected or partially affected due to grain prices that decreased quite significantly. Moving forward, this was the presentation for the first half of the year 2026 and the premises for the second half of the year. If you have questions, please ask them. Mrs. Irina Răileanu would like to intervene to speak. Hello. Can you hear me? Hello, yes. Thank you for the presentation. My questions are rather related to Q3 and the situation that has been created in what concerns the flow of the Danube. What expectations should we have in terms of profitability for TTS in Q3? What negative impact could we see due to this situation? Are we seeing a postponement of volumes that were affected by this low flow? Maybe if you can give us more details and context, how do you see the situation? How did the market react? How did competition react in this situation? The second question relates to volumes for additional goods. I'm sure you know the situation better. We have additional goods that came due to conflicts and aggravation of conflicts between Ukraine and Russia throughout the entire basin of the Black Sea. Maybe you have an update in this regard, if it's a situation that TTS can draw some benefits from, and how much, if any. How do you see this situation? Thank you for your questions. I'm going to try to answer as best as I can. In what concerns the flow rate of the Danube and how it affects our activity, yes, obviously, our activity is influenced. It's not necessarily a surprise. The Danube started to decrease, and it had its moments from the beginning of the year. This has accentuated at the beginning of summer. How it affects us? It affects us in terms of volumes, namely good volumes are decreasing in what concerns goods coming via Constanta Port towards other destination. For certain routes, we have alternative transport means. We use railway transportation for a portion, then we use barges again, and we continue to the destination. Some destinations are more affected than others. We accumulate a lot of goods in Constanta, and we have a bigger inventory, which will be, of course, subsequently delivered as the Danube recovers its flow rate. This situation created by the lowering of Danube level happens periodically each year. It is a natural effect of the summertime. We have experience in this regard, and we focus. When we see that the level starts to decrease below a certain level, we refocus our energy on other areas where we can perform better. And that is why we succeeded in transferring part in the lower part of the Danube and continued route that are still viable towards Galați, the Republic of Moldova and Ukrainian ports. In what concerns the new flows generated by the regional conflict, we have restarted the transportation of grains on the traditional route. We are benefiting from our experience, so infrastructurally, we are on point with everything, but the situation is overall difficult. Of course, it is not stable at all. We depend on the development of the conflict of the region itself. If they will restart exports via Ukrainian maritime seaports, what is happening with river ports in Ukraine due to drone attacks? We are obviously monitoring the situation closely, and we are trying to continue with business as usual, and we plan on continuing what we do best, transport and operate goods. I would like to also add something in terms of profitability, the fact that we have maintained as targets for 2026 the values that we estimated at the beginning of the year, taking into account the premises that we mentioned, the flows, the Ukrainian flows that started to reappear, taking into account a staggered disposal of inventory as of Q4 in what concerns Constanța, and of course, all of these things affected by uncertainty. You are all accustomed to this situation in what concerns the war in Ukraine. But still, we maintained our profitability targets and revenue targets from the beginning of the year, which entails substantial growth as compared to 2025. So that is where our vision lies in what concerns what the second half of the year will look like for 2026. I understand. Thank you. And in what concerns the relationship with clients or certain companies activated force majeure clauses because they could not deliver due to these conditions. So what is the impact on TTS? What are your clients saying? I am speaking about clients who do not see their volumes delivered in time or as agreed initially. We always communicate with our clients, and we kept them updated on the situation in what concerns the decrease of the Danube level. We try to diminish the effects as much as possible by means of transporting goods for clients who had higher needs, a higher need for our products. We found those alternatives in order to maintain a transport flow in what concerns raw materials so that we can successfully get over this period. And destinations that are fully affected have, as alternative, inventory accumulated up until now because once more, the decrease in what concerns Danube level is not something new for us. Yes, this year, it has shown huge low values in what concerns Danube level. But we tried to cover a part of these decreases by means of transporting more goods and by means of using alternative means of transportation. I understand. Thank you. And in what concerns potential flows, agricultural goods, I am thinking, in this period. Do you believe they will compensate the traditional baseline business in Romania that was affected in terms of volumes? Maybe it will be compensated by means of additional volumes from Ukraine or not. So from this perspective, we are actually seeing our strategy at play, how our integration and hedging strategy works in what concerns goods mix. Yes, there is a deficit in terms of mineral and chemical products right now in this quarter, but it is hedged by the new crops, the new harvest, that is a record harvest, by the way, and Canopus is functioning at full capacity. We also have Ukrainian grains. Moreover, in Q4, we expect to see a rebound in what concerns minerals and chemicals once navigation sees a return to activity. We also see the energy flow. This begins towards the end of Q4. There is a balancing that takes place. We cannot anticipate right now how the revenue and the volume situation will look like at the end of the year because the main unknown is the Danube factor. It depends when activity will start again, and not just start again but return to an optimal level because you can have a situation in which the flow is lower, as is now on the Lower Danube, the Danube downstream from Cernavodă. Yes, it is functioning. Navrom is functioning, but the volumes, the loads of barges are lower. You cannot load the barges to their maximum potential. We are working with low-capacity units from Austria since before navigation was interrupted, so the Merkur 100 class and Merkur 200 class. But for example, the Merkur 300 class units cannot work right now due to the low levels. The recovery that we are expecting is not enough. Yes, okay, great, navigation starts again, but it depends on the capacity that you can actually make use for your routes. It is quite difficult right now in this moment to anticipate the volumes at the end of the year. But based on data that we have collected and that we have, we are above, financially speaking, at least, this is the estimation right now that we will be at the level of budgeted figures, so beyond more than 2025. Thank you. Mrs. Alina David. Following the warehousing capacity to 100,000 tons, what operated volumes revenues in EBITDA do you estimate for the second half of the year? Are they already contracted volumes? Hello, everybody. I am the technical side. It was gradually operated from the middle of July. I cannot provide names now. It would not be okay now. August was close to optimum month. The second half of the year on the current data will look very good. The first half was complicated between May and July; Canopus did not operate. It was in the final phase of connecting the equipment, so it already entered in normal operating conditions. And the second half of this year, we can see the best period of the company, for sure. There are goods enough. We have a client, and we are trying as we are actually succeeding in providing the required goods. We looked at the optimal participation in Canopus, so we have direct transportation from the barges to the terminal, but it is undergoing operations. What subsidiaries generated a loss of RON 4.1 million allotted to the minority interest and expect Canopus actually accelerated this loss, and we are waiting for the recovery in the last part of the year. For now, we do not have any further questions. We will still wait if we can for about five minutes, and then we will close the video call. There are no further questions. We will end this video call, and we wait for you in the next one following the nine months results at the beginning of December. Thank you for participating, and goodbye to everybody.