Good afternoon, everyone, and thank you for joining Purcari Wineries Group results for the first half of 2026 results. I'm Eugeniu Baltag, the Head of IR at Purcari, and today with me is Mr. Anatol Belibov, the CFO of the group, and Victoria Moldovan, the Senior IR of the group. We will start with a brief overview of the key highlights for the period. Then we will walk you through the financials, main operational developments across our markets. We will close with our guidance update for 2026. After that, we will open the line for the Q&A. Before we continue, please note that this conference may include forward-looking statements that involve risks and uncertainties. The financial figures presented are unaudited and should be reviewed together with the full reporting package available on our website or on the Bucharest Stock Exchange website as well. This half was a very interesting one. First of all, I have to mention that our group managed to finalize two M&A deals, both of them are in Romania. We have issued previously current reports on that. First of all is SERVE Ceptura acquisition in Romania, and the second one is the CaraprodVin. The first acquisition is in Dealu Mare region, very famous for red wines, and the second one is in Vrancea, which is the largest wine-growing region in Romania. Actually, we expanded our footprint in Romania by almost 100 hectares. Of course, we continue our biodiversity projects. We are monitoring. For us, it's very important that the vineyards we have, so we have more than 2,000 hectares, are developed in a sustainable way, and they will have a useful life more than 50 years. Our commercial team has been very active in this period. We just put here on slide two of the facts. They have visited the ProWine in Tokyo, and of course, they have been in China. Nevertheless, Asia is a difficult market right now, but we are investing for the future. The one good news for all consumers of our wine, we have launched a new wine at Purcari. It's called Parcela. Actually, it's related to separate parcels where we grow wine, grow grapes, and do a specific wine. I think soon you're going to see the respective Parcela wine on the shelves of the stores or in specialized wine bars. With that being said, I'm passing the floor to Anatol because he has this heavy duty to explain the financial figures. Thank you, Eugeniu. Dear investors and analysts, good afternoon, and thank you for joining our today call. I'm pleased to present and to go through the financials of the Purcari Group, both operational and commercial part. For sure, we can say that half one financial result of the Purcari have been impacted by two different contrasting trends. First of all, commercially, with revenue significantly affected by the consumer demand trend in Romania, but also in some countries in Central Europe. In the meantime, together with changing the ownership, we are trying to align with new shareholder, find some synergy, and that's all we have some new change, a new distribution arrangement route to market, that also, let's say, have impact in our commercial performance. At the same time, considering this trend in the consumer, and also commercial performance, we are very disciplined in terms of cost, operational efficiency, and we try to manage each spend prominently by each type of spend. That's why you can see that for sure, despite of reduction in turnover, we managed to deliver higher EBITDA versus same period of previous year. In this slide, you can see that our total turnover decreased by 6.8% to RON 182 million. Also, our gross margin decreased by RON 5 million. Nevertheless, it's very important to, once again, to mention that percentage-wise, we managed to improve from 44.6% to 45.3%. Here is despite of very, let's say, problematic period of time, when it's not easy to change the price on the shelf in order to manage the inflation pressure. EBITDA margin improved to one of the highest level, 28.5%, and for sure it's important to go in next slide and explain how we achieve this one. Profit-wise, we deliver this half one RON 15.1 million, mostly flat versus prior year, but once again, like percentage, it's 30 basis points better than previous period of time. I propose to start with the commercial part. Eugeniu, once again, we already mentioned that in Romania, we have, let's say, big pressure on household budget and available income. That's why people start to consume less. For sure, Purcari being a premium wine, have impact in the sold volume. Romania registered a decline of 9%. This remain our biggest market have impact on group commercial performance. Moldova, which is, let's say, more stable in terms of consumer change. Still, we deliver approximately 1% increase, significantly less than, let's say, the historical trend for Moldovan market. In Bulgaria, still Bulgaria remain, let's say, a market under-developed stage. Continue to deliver strong double-digit growth year-over-year. Here we continue to improve our route to market and extend our portfolio. This allow us to continue to deliver this strong growth. We have some, let's say, decline in consumption in Central and East Europe, especially in Poland. Here we can say about our volume maker brand, Bostavan. Which we have, let's say, a significant decline due to consumer trend. In the meantime, we are trying to change or to find new route to market in order to increase our sales of Purcari brand. Rest of the world, is - 5.3%. For sure, here we have, let's say, good news and also bad news. Good news meaning that we improve significantly our commercial performance in country like Turkey or Croatia. In the meantime, Asia and Africa, let's say, reduce our path of growth in terms of if it's the case of Africa or in Asia specific, China, we have the same trend declining year-over-year. We can say that this period of time, it's about declining volume, but we're trying to mix and to deliver a healthy growth, meaning to change pricing, to change our promo pressure in order to be sure that we are not affecting our margin. If you can go now to the next slide, meaning to move from revenue performance to profitability. Once again, it's important to mention that, apart from decline, - 7% in terms of revenue, we managed to reduce also our COGS rates. Meaning, reviewing our cost of packaging, meaning trying to negotiate new price for all the production cost. Also, being more efficient in order to manage this pressure from reduction in sales. This allow us to reduce from - 7% in revenue to - 5% in gross margin. I believe this is one of the first year over the last three years when we managed to be flat in terms of total operational cost. For sure we can say that start with marketing cost. We are - 5.6% in terms of percentage-wise. This was mainly driven by strong control in marketing and advertising cost, also transport cost. Here is very important to mention that despite of high inflation in terms of fuel cost and through logistic price, we managed to negotiate and to keep mostly flat or below double-digit growth. General and administrative cost increase by 8%. Here is mainly because of increase in salary, in line with change in the structure of the team. But all remaining line of general and administrative cost, and you can see in our financial statement, register a reduction. Once again, we are looking line by line in order to find any opportunity to improve our profitability. Important point here also is net finance cost, which increased by 4% to RON 13.3 million. Here is good to go in the financial statement in more details, and important to highlight that we managed to register a 17% increase in interest cost despite of increase by approximately 50% in the total loans balance of the group. Also because of reduction in volatility of our main local currency, Romanian leu, Moldovan leu and Turkish lira. Also, exchange rate impact decrease versus prior year. We can see that all these factors support us to deliver a flat in terms of profitability and improvement by RON 2 million or 6 basis point in EBITDA margin. Here, one important point, that in other operating income, which is at the moment RON 5.7 million, we include also gain from a business combination with SERVE Ceptura. This gain is approximately RON 2.4 million. This is our preliminary internal assumption. For sure, we will have to carry out a business valuation by the specialized company. During the end of the year, we will include the final number, and presenting in the same way adjusted and normalized EBITDA. I think now we can go to the next slide, Eugeniu. Once again, as of 30 of June 2026, our total assets, it's around RON 941 million, which mean 8% increase year- on- year. The key driver for sure, it's increase in the total property and plant and equipment by 13%, reflecting both significant investment in CapEx. You know that we announced previously by two weeks, by 2027, that we will invest average EUR 20 million year- on- year, starting from 2025. That's why in half one in 2026, we have approximately RON 53 million new investment in CapEx, which is work in progress. But also, we have increase in total assets because of incorporation of Crama Ceptura, starting from 30th of June. For sure, from cash position, we are at RON 14 million, which is the needs to cover our operational needs. Otherwise, we are trying to reduce our loans. Net debt increased from RON 270 million in 2025 up to RON 345 million. Once again, we are now at the high speed of our investment. We are trying to finish our increase in capacity in order to continue to fuel our growth. The current ratio remain above 1%, so 1.4%, compared to 1.88% versus year-end. We are, once again, compliant with all the bank loans covenants, so no any breach. We are managing very careful everything which is related to cash liquidity. Net debt to equity, you can see that increase from 67% to 80%. Net debt to EBITDA at the moment, it's at level of 2.95. Significant increase versus year-end and also versus previous period of time. But once again, this is impacted both side, by implemented approved budget for 2026 and also by reduction of our sales, which for sure have impact on available cash flow. Overall, they are the most important, let's say, balance sheet items. I am here to go more deeply, in more details if there will be additional question about debt level and liquidity. I think now, Eugeniu, we can move to the next slide. Our guidance for 2026, it was +10, +15 in terms of revenue, for sure in line with our historical trend, but also in line with our ambition when we set up this. EBITDA margin 24, 26, and net income 11 + 14. Nevertheless, we know that we start the year with different changes, including the situation in Romania, also the crisis in the Middle East. For sure now, consumption trend change and we have the half year result. Here is approximately +9 or 7 in terms of revenue, and we are below our budget. In terms of EBITDA margin, we are at level of 28.5%, so we are above what we planned. Profitability 8.3%, mainly impacted by decrease in sales. Once again, both in net income, we are below target. But here is important to mention that this is the phasing of our business, similar like prior year. We start half year with lower level of profitability, and in the second half, we are compensating. But I think it's important to understand that we have a plan for half one. As Eugeniu mentioned, we launch important brand, we believe Parcela. We are implementing now important project, meaning change in route to market. That's why if you move to the next slide, Eugeniu, I believe we are confident and we share this guidance that we are targeting +5% in terms of revenue growth in terms of full year. Our new guidance updated will be between 0 and 5%. In the meantime, EBITDA margin, we keep as it was previously announced, 24%, 26%. Net income margin, we reduce by one percentage point to 10% + 12%, meaning that, for sure, we will continue to challenge all our cost. But in the meantime, for sure, it's important to invest in order to deliver this ambitious 5% growth. Why we are reducing net income margin? Because we still have no confidence about fluctuation of local currency, especially Romanian l eu, and this can, let's say, have impact on our profitability target for 2026. Overall, this is our view in terms of how we can land 2026. We try to manage to go fast through all the slide, and we are here together with Eugeniu to answer to any of your question. Yeah, Anatol. Indeed, we are starting now the Q&A part, so please unmute yourself and address the questions, if any, or you can drop them in the chat. Last call for the questions. Eugeniu, if you allow me, before maybe people will think about this. It is very important once again to sum up that 2026, Purcari demonstrated a resilient business model. Yeah, and once again, looking to other peer, we show and demonstrate that despite of decline in volume, we are able to manage all our cost in an agile way. Yeah, so once again, we are here to, let's say, to ensure all the investor and analyst that we will continue to have the same approach, yeah, to be agile and to manage all our, let's say, trends in order to secure our profitability. Anatol. To finish on a positive note, we are starting the harvesting period right now, so the crop, at least the grapes on the vines are looking great. This year was good for that. Of course, we will come with updates on the harvest during our third quarter results, which will be in November. With that being said, I want to thank you all for allocating the time for our conf call. I understand it is the end of summer, so may it be a very good one for all of us. Thank you. Have a nice day. Bye-bye. Thank you. Bye-bye.