Operator: Good afternoon or good morning, everyone, and welcome to our regular quarterly call organized by CEZ. it is my pleasure to welcome Martin Novak, CFO, and Pavel Cyrani, head of strategy and sales and strategy. I am now handing over to Martin to walk you through the presentation.

Martin Novak: So good afternoon. Good morning. Let's start on slide 3. With the financial results overview. As you can see, our sales or operating revenue is 5% lower mainly due to the main factor that is actually influencing all this presentation or entire presentation, which are low power prices. EBITDA, down by 20%. To 59 billion Czech crowns, and we will go through a high level of detail on the next slide. Net income up by 10% from 16.5 to 18.1 billion Czech crowns. Mainly caused by the fact that, we are not subject to the info text that actually is not in place. It ended its existence on 12/31/2025. Operating cash flow, 26 billion higher or 55% and the CapEx 30% higher. Our net debt is about 9% higher, so we are getting close to 200 billion Czech crowns. Slide number 4 explains the difference between the first half of 2025 and the first half of 2 thousand 26 EBITDA. As I said, by far the most significant factor influencing experience is generation segment and mainly decreased power prices. Which actually are have a negative effect of 114.4 billion Czech crowns. We also had lower profit from trading, and the of temporary relation of derivatives, which in total is, lower by 2.7 billion Czech crowns versus first half of 2 thousand 25. As you will see later, we are actually planning to produce 9% more power from coal. Compared to 2025, and therefore, despite lower coal prices the volume is actually making up, and we can see 500 million Czech crown increase year on year. Our distribution segment, both electricity and gas, are actually positive The variance is 300 million on electricity distribution. Which is negatively impacted by correction factors from past years on a normalized EBITDA without correction factors, we are doing much better as you will see later on. And gas distribution, 1.7 billion Czech crowns positive year on year, 500 million of which actually attributable to acquisition of gas distribution. Company that is covering South of Bohemia. GasNet, which is the company that we own since, I think, September 2024, also has an improvement mainly to higher investments or CapEx and the increase in, like, sales segment down by 2.4 billion Czech crowns. Partly due to lower margins both in retail and wholesale customers or large customers. With declining power prices, our margins are getting back to standard levels. And we also had a few delays on our projects abroad, which causes a variance of about 700 million Czech crowns. This is how we get to 59 billion. On next slide, we can actually see the details of net income. Basically, most of the items like depreciation asset impairments, other income expenses are fairly similar to previous year, and there is an explanation on the slide. Is definitely worth mentioning is income tax. Last year, income tax was about 23.1 million Czech crowns. Now it is only 5.5, and the biggest difference is that you well, not to lower pretax income but to the fact that we are no more paying windfall profit tax. So that is why, actually, this time, 20% in EBITDA our net income is 10% higher and is achieving 18.1 billion Czech crowns. On slide number c 6, you can see actually total operating results that I will skip, you know, the those are volumetric numbers. So if you are interested in those. And the important slide numbers 7, actually taking into consideration few positive factors, a few negative We decided to shift our guidance on both EBITDA and also adjusted net income up upwards. So original guidance from May 14 was 107 to 112 billion Czech crowns. Now, actually, we moved this range by 2 billion upwards. So new guidance is actually a 109 to 114 billion Czech crowns. Adjusted net income, 30 to 34 billion was original estimate. Now it is actually 31 to 35 billion. Main positive drivers higher EBITDA of our distribution segment, continuous crisis in Persian Gulf, which resulted into higher power prices and allowed us even to produce more power. In our coal plants. And the gas plant, and then we have higher generation in nuclear plants that than originally anticipated. Negative front, we have lower profits commodity trading and lower EBITDA in group due to the phase that I already described mainly, you know, moving some projects further. There are important selected assumptions of this current forecast in the Czech Republic So we assume that we will generate 45 to 47 terawatt hours. Average achieved prices will be 106 to 110. Per mega euro per megawatt hour. And the average purchase price of carbon credits would be 77 to 79, euros per ton. When we look at actually, next slide, I will touch on newly established subsidiary of CEZ, whose name is Chess Energy. This is something we discussed on previous call and also did a lot of publicity after shareholder meeting. June 1, actually, the shareholder meeting approved the mandate for the board of directors to optimize the ownership structure We actually were providing mandate to transfer chess group to customer segment into chess energy. And those companies that are actually considered is actually post power and gas distribution, which is kind of a decided fact that it those will be a cornerstone of CEZ Energy. Then retail business in the Czech Republic, Chesproday. Just escrow services in the Czech Republic, in Germany, also trading both of power and natural gas and telecommunication services. Not necessarily all of those will get transferred, but definitely, the largest companies will And then we got a mandate to actually dispose minority stake up to 49%, actually, of CEZ Energy either through direct sale or through IPO. In the future. The timeline is such that all the legal work, meaning actually the companies into transferring the ownership from CEZ to CEZ Energy should be finished by the end of first quarter of 2027. Many of those transfers, however, will occur in 2026. So that is actually it. The same slide, you actually have board of directors of the company that basically composes of 4 members of current board of CHESS, with Daniel Benes being chairman of the board of directors, Pavel Cyrani, vice chairman of the board of directors, myself, and Ondrej Landa, members of the board, and the Pavel Cyrani, who is CEO of the company. As he is heading, actually, sales segment and distribution segment currently in CEZ, these days. Selected events in the past quarter think I can skip that. You can go through it. I am sorry. Just think of things. Maybe the 1 that is worth mentioning is actually Elevion Group that acquired or signed an agreement to acquire 100% stake in TechEm Solutions in Germany, which is a company that should significantly increase the size of Elevion and actually switch it to a company that has more asset, is more asset heavy than it was by now. it is operating almost 2.3 thousand energy facilities around Germany. Mainly heating systems in the municipalities. So now let's switch to generation mining segment. On slide 11, you can see actually our generation mining in total is down by 14.5 billion. So or 31%. With an effect clear effect of our price is actually influencing all those parts of generation segment What is worth mentioning despite the fact that we produced significant amount of power, in coal, basically, very similar to last year. EBITDA is down by 65% to 1.4 billion only compared to 4 billion for the same period in 2025. So despite the fact that now, actually, coal plants are profitable, due to events in March with power prices going up and carbon credits somewhat down. It looks like it is a short term issue that will last through 2027/2028. Where we were able to lock the margin. But towards the end of decade, those will not be profitable. So this is generation segment and mining segment. On next slide, you can actually see our nuclear and renewable generation in graphical format. So on nuclear facilities, we generated 15.3 terawatt hour which is exactly half of how much it should be for the full year. 30.6, which is a bit more than we originally anticipated. And the renewables, similar amount actually of power generated as in first half of 2025. And actually a bit higher expectation compared to 2025. So we should reach 3.6 terawatt hours of renewable power. Next slide, you can see electricity generation from coal and natural gas. As I said, we produce, actually, 5% more power from coal in The Czech Republic. 7.6 terawatt hours, and the generation from natural gas is also up to 1.7. So in total, for fossil fuel generation is up by 6%, again, due to a very, very positive situation on the on the power market. On full year, we will increase our generation in coal by 9% and natural gas by 87%, so totally by 18% to 18.8 terawatt hours. Important slide, hedging the power for 2027 we are hedged at 76%. Average achieved price 88. As you know now, actually, power price are in Germany are around 106 or above 100, definitely. So selling actually more will mean that our average achieved price will grow. We are still keeping some power unsold for the year when it starts. There is a potential if the power prices stay where they are. That our average achieved price would be higher. However, it will probably not be able to we will not be able to achieve 2,026 price, which is somewhere between 106 and 110 This is our estimate. Then you can see also following years and the same for carbon credits that 2,029 are actually basically clearly prices of carbon credits are higher than prices of power that you are generating. So now that is all for this segment, and I will hand over to Pavel to guide you through distribution and sales.

Pavel Cyrani: Thank you, Martin. We will start with distribution. You see that the year on year result is a 2 billion or 10% increase. The underlying story is even better. The normalized EBITDA for electricity grew roughly 2 billion or 15% driven by investments and increased WACC as we switched from 1 to the other regulatory period between last year and this year. But on the gas side, the normalized EBITDA grew 25% or 1.5 billion. If we, it was partially driven by the acquisition of Gas Distribution, If we exclude that, there would be still an 18% growth for GasNet alone. So numbers, we will see them fully in the coming years, which will not be as impacted by correction factors from 2 years ago. In terms of consumption growth, both, gas and electricity consumption is growing. 3% for electricity, about 1.6% if you adjust it for weather. On the gas side, it is 8% overall, but also about 3% or 2% is climate adjusted on the comparable basis because part of the growth is driven by the acquisition of gas distribution. But on both sides, 1.62% weather adjusted same base growth shows that there is recovery both in gas and electricity consumption. In terms of the sales segment, Martin already commented the overall 2.4 billion decrease year on year for the first half. It is to a large degree driven by the year of 2025. We have also included, the comparison to 2024, and I already it in the last quarter result discussion that we had together If you look at the retail purchase per day, compared to 2 thousand 24, there is a growth of 2 billion. And similarly, if you look at the commodity sales for the large industrials under escrow companies the 2026 is roughly at the same level of 2024. So this is this is where we stand today. I think see the market overall normalizing and stabilizing. cannot and we expect a kind of a steady development on this. In the commodity business, In terms of the energy services, again, a topic that was already mentioned, We see stable development in energy solutions for buildings and industry both Czechia and abroad. This year is negatively impacted by a delay in some of the green energy segment projects. Both in UK and in terms of biogas facilities in Italy. But, again, something that we see recovering in the coming next year and in the coming years. In terms of the volumes of supplied electricity and gas, this is roughly the similar story to what we saw in the distributed volumes, we see growth, 5% overall, with gas supply growing by 10%. Which is driven by growing portfolio, consumption, also colder winter, and 2% on the electric supplies. In terms of customer portfolio development, we keep it roughly stable given our market size. This is also a market share. This is our overall target to keep our market share roughly stable. Last but not least, revenues from the energy services. We see kind of 1% or flat for the first half. We still expect higher growth when you compare year to year for the full year February 2026. And, most of the effects have been already discussed. So, I think, this concludes our presentation. Mara, back to you.

Operator: Yes. So we can now take your questions. If you are connected through Teams, just raise your hand. We have the first question from Anna Webb.

Anna Webb: Yeah. Hi. Anna Webb from UBS. A couple of questions from me. Maybe firstly on the trading. Obviously, you reported a think, a negative number and there were some potentially 1-off or effects in there. But I think maybe correct me if I am wrong, but the kind of base result x those kind of derivative or other effects was kind of zero. So can you talk a bit about what you are seeing in terms of trading conditions and is it that you are kind of not putting positions on given the volatility or basically what is driving that result and how you see kind of trading generally opportunity in trading generally. And then a second question for me. Obviously, we have seen power prices going up and gas prices remaining at an elevated level given the conflict in The Middle East? I wondered if you could comment on whether you see any risk to further windfall taxes or if there is a level at which you think windfall taxes are a risk. Or whether you know, you think the current government that is really not on the table or if you see any other kind of measures basically, whether you see any intervention risk in light of the higher prices. If they continue. Thank you.

Pavel Cyrani: In terms of trading, you are right to point it out that most of the effect is the is the 1 off the kind of intra-year revaluation of energy contracts. At the same time, we do have a slower year also on the kind of base trading. We see this as a as a slower year, and we expect a recovery to the standard levels that we had, for example, last year. So that is on the that is on the trading side.

Martin Novak: And Martin, what you want With Vaultex is, you know, we do not hear any there was a no with a single sentence actually around reintroducing quintuple text. I think this is all behind us. On the other hand, profits of energy companies are significantly lower than they were actually when, when Valtex was introduced. So you know, taking a base, whatever base actually past few years very few will be subject to this tax. And I believe that having introduced or being such a text introduced, which in our opinion is almost impossible Would definitely impair the discussions about our new project and separation of CEZ Energy and all those things that we would like to do actually. So did not hear about it, and I do not think it is on the table. Thank you.

Operator: We can take the next question from Bram Buring.

Bram Buring: Hi. Just a follow-up on your answer. Pavel, you said that the, yeah, the negative on revaluation of derivatives. That was an intra-year revaluation Did I get it right? How often do you revalue these things?

Pavel Cyrani: Every time they report. Hello? Hello? Sorry. I was turning up. I said intra-year, meaning it clears out or settles typically within the same calendar year. Intra-year. Got it. Sorry. Intra-year. Intra-year. Yeah. Yeah. Thank you. Intra-year.

Martin Novak: Evaluate every month, you know, depending from market prices.

Bram Buring: Okay. And this is not going to be reoccurring in the second half of the year? I assume.

Pavel Cyrani: Well, it can be all different. There can be positive revaluation as it was at the end of first quarter, I think. But what happens is basically it clears out or upon delivery of the electricity. So the volume, like, over time of the of the contract that are being revaluated within intra year Like, within the year, it kinda decreases as you approach the end of the year, and typically clears out. Not necessarily every year to 100%, but it typically clears out most of it to till the end of the year.

Bram Buring: Understood. Thank you. Technical point. I just wanted to clear that I heard it. Just to when just to say, for the at the end of first quarter, actually, evaluation was 2.6 billion positive. Now it is 2.6 billion negative. You know? So it is swinging 1 way to another. Gotcha. And then the question I wanted to ask is with regards to the distribution segment. You when I go back to when I go back to the outlook that you gave in 2026, 04/26 back in February, You had distribution and correction factors as a as a negative. And now distribution is becoming more and more positive than you would have thought back in February. So I just want to understand what is behind that?

Pavel Cyrani: Okay. What is happening that the underlying business is generating more revenues? So, the reason being, like, higher than expected consumption, We had say, compared to the average, we had colder winter. For both gas and electricity, we see higher consumption. And with that, it comes you it comes with high revenues for the year, and we also see some recovery in the kind of industrial and household consumption even on top of weather. Mhmm. So that obviously, at the same time, this clears out. We will return this to the customers 2 years down the road. So that is why we introduced the normalized EBITDA that basically is the fundamental return that we get on our assets and that we retain. And this 1 does not that does this 1 does not fluctuate within the year. Because this 1 is basically set with your asset base and WACC at the start of the year. Okay.

Bram Buring: So simply the weather is giving you a tailwind that you anticipated back in February. Excellent. You very much.

Operator: Next question from Arthur Sitbon.

Analyst: Hi. Thanks to the presentation. Just wanted to ask a question on the energy split. So I think on the slide, you mentioned that you are looking at what extent? Financial debt will be transferred from CHES to CHES Energy. So a couple of questions on the back of that. Firstly, can you say how much debt capacity do you think you will have at CEZ Energy? And then I think you mentioned this before. But I was just wondering, could you I think there is 2 options. Right? Firstly, you have got the debt transfer, and the other 1 is raising debt at Chess Energy and doing some debt repayments potentially at Chess So just looking at could you still be looking at these bond repayments and do you think there could be a kind of, like, make whole in the debt rather if you do not go for down the consent solicitation pass. path. And then also just the timing of a potential debt transfer. So will this happen after Q1 27, or could it happen before in line with the transfer of the businesses? Thank you.

Martin Novak: So, you know, regarding the debt capacity, of CEZ Energy, I think the nearest comparison could be to E.ON which would be very similar business profile. So whatever they are able to take and whatever their targets are, we would probably be very similar. And second, you know, the debt transfer and the technical way how to do it and the timing are is still under discussion. Really, there will be a debt transfer between the CEZ and CEZ Energy for sure. But the technical way how to do that and how fast it will be done is subject to discussion, which is clearly capital structure discussion, 1 of the most parts of 1 of the most important parts of the puzzle. And we will communicate it as the time passes, you know, closer to the end of conclusion of the of the transaction. Thank you.

Operator: The next question from Emanuele Oggioni.

Emanuele Oggioni: Good afternoon, everybody, and thank you for the presentation and for taking my questions. The first 1 is a follow-up on the increase in EBITDA for 1 billion Czech crown in this distribution business unit. You mentioned the correction factor higher correction factor in electricity. So my question is, what is the read across on 27. So there is some effect or impact or reversal in we should expect in H2 or in 2027 for this moving part that happened in the in H1. This is the first question. The second question is on the drought in Europe. Which is causing stop cut in production of many nuclear plants, also lower hydroelectric production in, for example, in some countries in Eastern Europe. I read that Hungary, for example, has increased imports from Czechia. So what are the impact, in positive, for example, for higher export to Hungary, for example, of our electricity, and but also the risk of H2, the drought in H2 also for your country? This is the second question. And finally, a question on the decrease, the reason for the slight decrease for still 1 billion Czech crown in EBITDA for the sales segment, compared not year on year compared to 25. But compare to May, guidance. So what happened compared to May to cut this EBITDA for sales? Thank you.

Pavel Cyrani: So on the distribution side, I think the best way to look at or the best place to look at this page 31 in the backups of the presentation where you see both the normalized EBITDA. If you look at 2025 and 2026, this is the 1-off impact mainly driven by the increase of WACC between the 2 periods. So what you will see is the normalized EBITDA the WAC being stable for the future years, but typically grow and the wrap growing with our investment, which exceeds depreciation by about 0.6 we invest about 1.6 or 1.7 times depreciation. So that is that is kind of the base value. Terms of the correction factors, what we will see in 2027 is the reversal of the positive correction factor from 2025. 2025, was, again, a year where positive correction factor was generated, so it will be subtracted, this will be subtracted in 2027. it is it is more it is higher. it is more visible on the electricity side than it is on the on the gas side. So that is I hope that explains this. And Mark.

Emanuele Oggioni: Yeah. Thank you. it is clear. Thank you.

Martin Novak: So then water and nuclear, you know, we also follow the news In our case, we actually do not have any impact on hot weather as all our power plants are using cooling towers. So that we actually are not dependent on how much water is in the nearby river Maybe 1 of the reasons is that nearby rivers are not as large as the 1 in Hungary so that we are using different methods of cooling, which is cooling towers, you know, which is almost closed cycle. So the only thing or the only impact is actually that if the cooling water is not cold enough, the efficiency of the power plant is going down by a few megawatts per unit, you know, or by a very few percent. Low percentage points. But that is all it is. You know? So no outages. Nothing. The Hungarian situation does not translate into our prices. Very much because of interconnection between Hungary and Slovakia, which is not very robust. So, basically, the to Hungary is limited to this interconnection. Again, we do not export anything directly. We sell on power exchange and whoever picks up the power will actually deliver. So that is that is the Hungarian situation. Our situation which is significantly different, actually.

Pavel Cyrani: And then decrease of 1 billion in sales quarter on quarter estimate. it is actually provided given mainly by the delay in projects in Elevion, ESCO projects abroad. Which is a delay, as I put it, so that with the roughly 1 roughly 1 billion decrease that we just announced, we are basically getting the most stable development for Elevion year on year, which 2025 and 2026. And we expect we are working to grow both organic including those projects that are delayed moving to next year, but also through M&A as we will fully include Techem in the consolidated Elevion results next year. Thank you.

Emanuele Oggioni: Very clear.

Operator: Now the next question from Jan Raška. You can unmute yourself and ask your question. Okay. So we will get back to you and give the room to Arthur Sitbon.

Analyst: Yes. Thank you. My question was also regarding CHES Energy. And with the split, let's say, from the power production versus the power distribution, are we expecting to get a higher influx of, let's say, ESG minded investments in Chess Energy in the future. And adding to that, I am not sure if you can share anything, but I was also reading about a potential expansion of a share buyback for CHESS after the yeah, after the creation of CHESS energy, maybe could you give us an update on that? Thank you.

Pavel Cyrani: I am not sure what you mean by the influx of ESG minded, investors, but 1 of the rationales for creating CEZ Energy was to basically open up for both, equity and bond investors that would normally not invest in a company that still operates coal power and/or operates nuclear. So from this perspective, we expect that this company would be would be open to also investors, both bond investors and equity investors that would normally not invest in the original CEZ. Yeah. Perfect. Perfect. That was exactly my question.

Martin Novak: The other question was about the potential increase of the share buyback but from the Czech government This is actually second step. You know, we got a mandate to set up CEZ Energy fill it with assets, and dispose up to 49%. But buy shares back is actually a different mandate that would have to come from majority shareholder and to be approved by shareholders meeting, which has not happened. So we are just in phase 1 and phase 2 is to follow in the future. Up on the decision of the shareholders at 1 of the Exact. Future shareholder meetings.

Analyst: Alright. Thank you.

Operator: Okay. And now, Jan Raška, you can ask your question.

Jan Raska: Hello? Can you hear me? Hello? Yes. Good afternoon. Yeah. Okay. Right. I see interesting question regarding energy services in Germany, namely acquisition of Techem Solutions Can you elaborate more on the profitability of this company the potential contribution in what range can we expect the contribution to CEZ results? Thank you.

Pavel Cyrani: I think we are not ready to announce it or detail it today, but we will include it in the information as we will announce the outlook for next year. So we will you know, tell you more about that.

Jan Raska: Yeah. Okay. Okay. Thanks.

Operator: Next question from, Jan Raška. Chris, please unmute yourself and ask your question. Jan, can you ask your question? Okay. Then I will come to later, and we now allow Petr Bartek to ask your question.

Petr Bartek: Good afternoon. Can you hear me? Yes. Yeah. So thank you for taking my questions. So, first, if you considering in the current market conditions, acceleration in your hedging for future years. For the, emitting assets because in this quarter, I have seen a relatively steady or maybe even a slowdown in the hedging, if I am not mistaken. And the second, if you have any view or you could comment on what do you how what do you think about the European Commission draft proposal for the carbon market If it has somehow changed your view on the carbon market, if you will adjust your strategy or whatever you can share? Thank you.

Pavel Cyrani: In terms of the pace of our hedging, we did increase our hedging for the lignite assets for, the remainder of this year and next year even. At the same time, or let's say volume of these. But at the same time, what happened is that we have also increased the overall volume generated. So and that was also already at-- no. No. It was not on the end of Q1. It was beginning of Q2. Q2. Yeah. So these 2 effects kind of also net out each other. But we are looking into it, and, we are definitely looking into how to secure the highest possible spreads for our lignite assets. In terms of in terms of the CO2 market, basically, we see, adjustments which may have some shorter term impact in terms of you know, discussion about the reduction factor and so forth and so on. But overall, we see that the highest discussion or the topics that are mostly in focus of this is not the energy sector anymore, but it is rather the industry. So it is more about how much free allowances will be given to industry, what will be the benchmarks, what will be the treatment of, you know, how you need to spend the money you save on the CO2 allowances. Right now, as we read it and may still change, but right now as we read it, we do not see a significant impact on the energy sector. Thank you.

Operator: Next question from Arthur Sitbon.

Analyst: Yes. Hi. Thanks for taking my question. I just really wanted to follow-up a little bit on CHES Energy. Earlier on, you talked about which companies might go into CEZ Energy, but it seems like you had not decided exactly which ones that would be. And I just wonder what factors are influencing your decision about which companies will go into CEZ Energy? You also talked about so the debt transfer and the capital structure. But I wonder, do you have any rating targets in mind for CEZ Energy? I mean, you did compare it to EON and, I mean, EON is rated Baa2 with Moody's. I know it is higher with S and P and FIT. But I just wonder, do you have any rating target for CEZ Energy? And finally, you talked about CEZ Energy being potentially to people who might not invest in the shares with the generation assets. So would you then envisage CEZ Energy being a debt market issuer on its own or would it just have the debt that it initially assumes from CHES? And I guess, finally, just some clarification. You talked about cooling towers being the method by which you cool your power plant and I just want to be absolutely clear that does apply also to both of your nuclear plants They are just cooling towers. They do not rely on cooling from river water. If you could just confirm that for me. Thank you.

Pavel Cyrani: In terms of I mean, the questions, you have, around CEZ Energy are the correct questions. We are and right questions. We are working on those in detail. Our we are analyzing it, and we are not ready to answer them as yet. Overall, our overall goal is always value maximization. And complexity reduction. So that is kinda what feeds the discussion, what to include on the perimeter, and what to not include. So that is why Martin mentioned previously, we are mainly looking at some of the smaller companies that are included in the overall mandate that increase the complexity disproportionately to the value. We are not looking at the at the major pillars of CEZ Energy such as the both distribution companies, the supplies, and so forth and so on. And in terms of debt rating and all of that, we will announce that when we when the analysis are finished and when we are ready. Please bear with us for some more time, and we will tell you.

Martin Novak: So rating exercise is 1 of the important pillars of the entire project. We will have created both CEZ and CEZ Energy. Regarding that, there are, again, many options as Pablo said. Transfer of debt. But, yes, in the future, CEZ Energy will very likely be an issuer of, of its own bonds. That would probably be compelling to as it was said, ESG type of investors or you know, those that would not normally buy bonds of company running coal plants. Although, we do not see such a big issue these days, when we have a call recommissioning plan in place. Then cooling towers, yes, all our power plants thermal power plants, basically, are using this technology. Nuclear all of them. So no issues there. Right. Thank you. Maybe just 1 addition, you know, to how you phrase your question. Cooling towers still need some water. From the river, but significantly smaller amounts compared to flow through, cooling. So sorry, Pavel. Does that mean you could potentially have to reduce the output from the new nuclear plants if this drought continues? No. No. We have enough water. Okay. Thank you.

Operator: Okay. We have no further questions. But as always, investor relations is at your disposal later to today or tomorrow or the forthcoming days. Thank you everyone for participating. Thank you for the insight for questions, and speak to you in 3 months at the latest. Thank you. Bye. Goodbye. Bye.