Hello everyone, welcome to our video conference regarding Q1 results for 2026. I am joined by Mr. Ion Stanciu, Mrs Miruna Mihăilescu, Nicoleta Florescu, CFO, Mr Tudor Boboc, IR specialist and Mrs Daniela Mayer, our consultant in what concerns IR and communication. As you are accustomed by now, we are going to list the results, the financial results, and the overall market situation. After which we wait to hear from you to hear your questions. [Foreign language] What am I supposed to do? Read the title card? Yes. Let's move on. Q1 2026 was a difficult quarter in what concerns market conditions, but they show a stabilization trend. Aggregated volumes remained between 10.24 and 10.42 million tonnes over the last four quarters. That's the analysis. Our volumes are tending to stabilize. We also saw a slight increase trend in terms of average tariffs started in Q3. This was manifested continuously throughout three quarters. Average tariffs as of Q1 2026 were more than 3.1% as compared to Q2 2025. Mineral cargo flows increased +27% in Q1 2026 compared to Q1 2025. Continuous growth. The main reason relates to accessing new cargo flows by TTS, not necessarily an increase in what concerns volumes overall on the market. Agricultural cargos decreased continuously, reaching -28.6% as compared to Q1 2025. Chemical cargo flows have been on a slight downward trend since Q2 2025. Now we are at -9%, reflecting the effects of tighter international sanctions regimes. The operational mix for the 12-month period remains stable: 40-43% transport, 57-58% port operations in the last quarters. The cargo mix for rolling 12 periods: 64%-65% industrial cargos, namely minerals and chemicals, and 32%-33% agricultural cargos. In what concerns the financial side, indicators improved. Profitability indicators improved both at consolidated and individual level. Group level indicators have returned to positive territory. Rolling 12-month operating cash flow increased across the board and standalone level, revenues decreased by 0.4% driven by a 1.3% decline in volumes, which was partially offset by higher tariffs. Profitability margins have been improving since Q3, with more significant increases at consolidated level. Let's move on to the financial data. Q1 2026, as you can see on the chart as published in our reports, is the first quarter after a long period in which the results for the 12-month period at group level were all positive. RON 19.3 million operational result and EBITDA of RON 102.5 million for the 12 months period. Margins substantially increased as of Q3 last year from 12.5% in Q2 to 15.8% in Q1 2026. Again, we are talking about a 12-month period. The profit margin increased. It moved from the negative territory towards a positive territory. [Foreign language] [Foreign language]. Another important aspect to mention from our point of view: liquidity increase, more precisely increase of cash from operations in the past 12 months. At consolidated level, where it increased from RON 54.9 million in Q1 2025 and it reached RON 86.5 million in the first quarter of 2026. At TTS individual level, we moved from RON -24 million in Q1 2025 and we reached a positive RON 42.4 million in Q1 2026. Measured based on a 12-month period. Cash value at the end of the period in Q1 2026 was higher when compared to all four previous quarters at consolidated level and at standalone level as well. As I mentioned, in terms of revenues, we saw a bit of a recoil as compared to Q4, and this was reflected in the 12-month revenue value as well. This is due to a slight reduction in terms of cargo goods, cargo volumes compensated by tariff increase. Moving forward to operations, here you can best see the stabilization of our cargos, of our volumes between 10.24 tons in Q2 2025 and now 10.28 million tons in Q1 2026. In what concerns cargo mix, you can see the stabilization in what concerns transport and operations: 42%-43% river transport, 57%-58% port operations. In what concerns cargos, agricultural cargo increases in weighting. It has reached 32% from the total volume. Industrial cargo has increased 64%, based on our strategy to reduce overall volatility in what concerns volumes and the financial side as well. Separately, when we look at the cargo mix, you can see that industrial cargos have continuously increased in the past four quarters. We are talking about volumes in the past 12 months. Agricultural products have decreased continuously from 4.6 million tons in Q1 2025 to 3.32 million tons in Q1 2026. The best development was registered by mineral cargo. They continuously grew as of Q2 2025 from 3.67 million tons Q1 2025 to 4.6 million tons. When discussing chemical cargo, there is a slight decrease trend. In Q1 2026, 1.98 million tons compared to Q2 2025, 2.18 million tons. [Foreign language] This is our brief presentation of the quarter overall and now we are here and waiting for your questions. We're here for details. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Let's be a bit more philosophical. [Foreign language] [Foreign language] [Foreign language] [Foreign language] I will answer Mr. Cristian Petre also. The reducing of expenses with personnel and subcontractors. Is it sustainable? Yes, but in an actual conscious implementation. It's not just a number. Everybody has to follow that number under any circumstances. We have to look at our capacity to generate revenues and also to incur expenses. [Foreign language] Mrs. Irina Răilean wants to talk. [Foreign language] Hello, can you hear me? Yes. [Foreign language] About consumables. Just a second, please. [Foreign language] You had the goods sold increased. [Foreign language] The finished goods. [Foreign language] It has to do with the value of finished goods. It increased also as a wage. [Foreign language] Yes, because it had an increase in the activity. They had some additional exports and also the turnover increased. [Foreign language] Those are proportional. More volumes. [Foreign language] This is in the others segment. [Foreign language] It's not related with the fuel cost. No. [Foreign language] It's raw materials and materials. [Foreign language] Thank you. This is clear. [Foreign language] Looking at the budget. [Foreign language] In the agricultural sector. [Foreign language] Are the hypotheses still valid that you outlined in the budget? [Foreign language] Yes. [Foreign language] The second quarter. [Foreign language] Is weaker than the first quarter normally. [Foreign language] Due to the agricultural harvest. It's higher than all the other three quarters in the year. This year seems to be the same. If on the mineral side and chemicals one. In the industrial we see a stabilization. [Foreign language] We had a hit with, of course, the Gulf War which affects the fertilizer market. The other minerals evolved in line with the estimates we had. [Foreign language] We see a stabilization. [Foreign language] We hope up to the end of the year. [Foreign language] As per the data we consider for the budget. For the agri products, of course, very unpredictable. We're looking at the history partly, but somehow also information from the market, from the clients. [Foreign language] This year we can tell you that it's not typical. As for the last two years. [Foreign language] Very close to a further period. We had a winter with snow and humidity. A spring, which was also humid. In these conditions, the summer harvest seems almost is actually. Except for a catastrophe. We look at the rapeseed and at the grain. We'll have a very good as per last year harvest. We expect massive export volumes. Corn is a bit uncertain. We need to see the temperatures in June and July to see if they materialize or not. We can answer this question at the beginning of August. On paper, we will have grains for export. The problem is, as you could see in the media, those are public information. The past year has been a chain of bankruptcies of the great intermediaries of grains in Romania. [Foreign language] There are others with big problems. [Foreign language] They provide unpredictably. [Foreign language] This year there is uncertainty about how the logistics plays out. [Foreign language] Between the multinationals and the farmers. [Foreign language] It's almost a void because these intermediaries have disappeared and we are a bit afraid. [Foreign language] That we will be highly exposed to truck road transport. [Foreign language] Now we have quantities or even higher that we budgeted at the beginning of this year. [Foreign language] These data refers to Q3. As Mr. Țecheră said, it's a bit too soon to know how we will fulfill or not the budget figures this year. We will look at Q2 preliminary report, because then we will have a clearer view on the grain traffic that will be transported this year. For now, on paper, things are the same. [Foreign language] Talking about the road transport. [Foreign language] Isn't it a chain? Is it very affected? [Foreign language] It's very complicated. We talked to the leaders of the grain transport. The farmers are large and small. The large ones have their own. There's only a few of them with 10,000 hectares that transport their own goods. The medium and small ones, they don't have the capacity to transport their goods to Constanța only by road, by truck. You need to get to Constanța, you have the river transport. This also happens very well organized for them. The local farmers in Oltenia or wherever, they have an easier access to trucks and there they sell the goods to the distributor. For a multinational company to organize as such, to go to each farmer, it means a very high effort as personnel and geographical covering. The clients say, "For me to collect all the goods I cannot justify that work is required for us to." We don't know. Things are currently unfolding. They receive the cargo, they take them on short routes and this is easy to manage. Things get complicated when we talk about organizing longer routes. I understand. [Foreign language] You were saying that at quantity level, you have a better visibility and you are reaching a similar level to the level of last year. Why are you still doubting if you will achieve the budget? Nicoleta was talking about lumber. The company that produces lumber has contracts for this year that modify their turnover by an N value, a beautiful N value. The Gulf War started. The Gulf War started, the company conducted huge efforts to help the cargo reach its destination, and then it stopped. A lot of things can happen. Grains market is volatile. We have a huge surplus on the market in autumn. Nobody knows how things will develop. Nobody knows what will happen with the Ukraine-Russia relationship. There are so many variables, so many uncertainties that we would be unprofessional to say, "Yes, we can achieve the budget." We can simply say that it will be better than now. At the beginning of Q3, we are optimistic enough to say that there is a positive trend. Of course, there is fear that things might change. There was a drone that exploded today, this morning in a place, of course, that was far enough to not affect or impact infrastructure. Things are uncertain. I see. Okay. We will hopefully have more visibility during the next call. Yes, definitely. The next question, I believe has been answered. Do you believe river transport on the Danube can be affected by the Ukrainian War next year? If things continue with the Ukraine-Russia war? Yes, the same impact with a slight difference that probably river transport capacities existing on the Danube today will decrease. Probabil vizibilă față de anul anterior. Will probably visibly decrease as compared to the previous year. Momentan nu sunt întrebări. There are no further questions right now. Am niște întrebări. Așa, da. Domnul Cristian Petre- Another question has appeared. Can you add comments related to development of minerals and chemical cargos? Da, se pot face câteva comentarii. Of course. We can add some comments in this regard. Nu avem informații- We do not possess information- Nici publice și nici private- Public information or private information that- Că cele două porturi din Galați, Tulcea și Galați vor reporni curând activitatea sau nu vor reporni curând activitatea. [Foreign language] In Smederevo, the unit is working, but at half capacity, as far as I know. It's working. It's stable under current conditions. [Foreign language] The rules regarding carbon emissions, we don't know them yet. They could impact our activity. Import of finished products via Constanța is stable. [Foreign language] Somewhat stable. On the other side, you see Ford, Dacia have laid off a lot of people. There's a lower consumption level in terms of sheets via Constanța port that we operated with Decirom. Constructions are going, as we all know, raw materials, concrete and so on comes from import. [Foreign language] If constructions continue to show low development, we will see what will happen. The Gulf War has affected cargo flows. We had fertilizer products from China. They have disappeared right now. The Gulf, obviously nothing coming from there. Russia, nothing is coming from Russia except for unsanctionable categories, these are very few overall in number. Exempt from sanctions. I don't know how to call this situation. It's something out of our control. It's unpredictable. [Foreign language] Grains are unpredictable due to seasonality. [Foreign language] For industrial cargos, [Foreign language] We are starting to distinguish between industrial and non-industrial cargos. In terms of industrial cargos- [Foreign language] We can count on stability with fluctuations, of course, but slight fluctuations, mainly for this year and next year. Who knows, maybe we will have a surprise. Maybe Galați will start activity again. For other cargos, things as are as mentioned before, so uncertain. Another question from Mr. Cristian Petre. Details regarding investments Decirom and Canopus. Are they according to plan or Decirom, Mr. Țecheră can go more into detail? Canopus. I am closer to Canopus. I can give you more details. Canopus right now is mid- [Foreign language] Mid-July, we will start trials for a part of the new silos. By mid-July- All going well it will be- [Foreign language] [Foreign language] It will be finalized. The investment will be finalized and we will start also trials with cargos for the first three cells, because you can't conduct trials for all of them at once. Our Cargill colleagues have allocated already volumes and we will start at the beginning of June. After a one-month first trial, we will enter into operation. Somewhere in July, everything will be concluded and almost half or at least half of the silo will be functional. The new capacity, we changed certain weighing units and devices, the investment is more comprehensive. If anybody wants to visit, if there is anybody interested in visiting, it's worth a visit. What concerns Decirom, the second crane on the refurbishment will probably be completed in autumn. We are trying or we are preparing ourselves to access European funds. We want to apply. Yes, because accessing is another thing. We want to apply for European funds for refurbishment. Only electrical cranes. Right now, at the beginning phase, we have a project for a multifunctional storage unit. We haven't decided the technical solution yet, which will actually serve several loads so that it can be used for several types of cargos. This is the situation right now. There are no other questions right now. Let's wait a couple more minutes and see if any other questions appear, and if not, in five minutes, we will close the session. No other questions have arrived. We can close the video conference. Thank you for participating. Thank you for sending your questions. We are going to see each other at the video conference for the first half of the year. Goodbye, everyone.