CEZ, a. s. ($CEZ)

Hello, everyone, and welcome to our regular quarterly results call of Group. It's my pleasure, as usual, to welcome here Martin Novak, Chief Financial Officer; and Pavel Cyrani, Chief Sales and Strategy Officer. We will go through the presentation briefly, and then we will open the room to you for questions. Now I'm handing over to Martin.

Good afternoon, good morning. Thank you. So let's start and let's have a look at Slide #3. I will go through first 2 sections, which means highlights of 2025 and then financial results in Generation segment and Pavel Cyrani will cover market developments and customer segments. So on Slide 3, you can actually see the key chart showing our final result, which -- where we have achieved CZK 137 billion EBITDA and CZK 28.1 billion adjusted net income. So in both cases, we are at the upper range of originally provided guidance. Selected changes compared to November guidance. We had higher EBITDA of distribution and sales segments. We had a change in estimated nuclear provisions. We had higher availability of nuclear power plants and as a negative, we had lower margins from commodity trading. Our adjusted net income of CZK 2.1 billion is subject to current dividend policy, which is 60% to 80% payout ratio, and it would mean CZK 31 to CZK 42 per share of dividend or CZK 17 billion to CZK 23 billion. Next slide, we have our Vision 2030 Clean Energy of Tomorrow that we presented a few times. You can see that our main goals of Vision 2030 are actually 4 things. First is actually to grow while maintaining a net financial debt EBITDA ratio below 3.5, significantly reduced coal usage in our business and reduce emission intensity to 0.16 tons of CO2 per megawatt hour or less, of course, do business in a responsible and sustainable way in accordance with ESG principles and adapt the structure of CEZ Group to meet demands of investors, financing banks and employees. Actually, our strategy has 2 pillars. One is related to power generation and it's decarbonization of generation portfolio and reaching climate neutrality. And the second one is actually related to distribution and sales segment, where we would like to provide the most cost-effective energy solutions and the best customer experience in the market. Strategy pillar #1, which is actually decarbonization of our generation portfolio has had a lot of milestones that were actually reached in 2025. I will cover the most important ones. Probably the most important one is reaching more than 32 terawatt hours of zero emission power generated from our nuclear plants. This is mainly due to the fact that we have switched to 18 months fuel cycle and 2025 was the year with minimum actually fuel changes. We also expanded our nuclear fuel suppliers. We had first deliveries from Westinghouse, both on Temelin and Dukovany nuclear power plant. We disposed Dukovany 2 power plant, 80% stake to Czech state hands. This is something we discussed many times together since May '25 when it happened. We became a strategic shareholder of Rolls-Royce SMR, acquiring 20% stake. We sold on February 6, 2025, Polish coal-fired power plants, which is part of our decarbonization strategy. We also shut down 3 coal-fired units of Salmisaari power plant, which was the only hard coal plant that we had in our portfolio. We actually signed a contract to convert current heat plant that is supplying heat to a significant part of Prague from coal-fired to CCGT, and it should be actually built by 2029. We fulfilled our CO2 emission target for 2025, which was actually 0.25 tonnes of CO2 per megawatt hour. We actually reached 0.24 tonnes. So compared to 2019, we actually reduced our emission intensity by 37%. We -- and one of the most important achievements is that Carbon Disclosure Project, CDP recognized our ESG efforts and raised our climate change rating to A-. Now I think we belong among 7% top worldwide companies actually in ESG rating. Strategic pillar 2, which is related to distribution and sales and generally energy services last year in our distribution grid, we connected 18,000 photovoltaic power plants. In total, we are actually -- we have connected 157,000 photovoltaic plants. We also acquired [indiscernible] through GasNet which was an acquisition of 2024. So GasNet actually acquired a company called Gas Distribution from E.ON, which means that we control entire distribution of gas in the country with the exception of capital city of Prague. We also fully digitalized our retail application, all 46 key customer processes using application by CEZ. We also grow our e-mobility charging stations. We reached a milestone of 1,000 charging stations, delivered more than 14 million kilowatt hours to our customers. We are also converting those that are the oldest ones into fast chargers. So something that we definitely do not underestimate. And as I said, our -- in the comprehensive ESG rating by the rating aggregator, CSR hub, we are among 7% best companies in the world. Coming to Slide #7, you can actually see that in 2025, zero emission operations generated 91% of our group's EBITDA, where the customer segment is growing significantly. So we moved actually in zero emission EBITDA generation from 84% to 91%. And you can see also detailed split between the segments actually on the right side of the slide. Financial outlook for 2026, which is important information. Our EBITDA is estimated to reach CZK 103 billion to CZK 108 billion and adjusted net income CZK 27 billion to CZK 31 billion. This is a decline compared to 2025, which is caused by a few factors. The most important one is actually a decrease in power prices. Year-on-year change in power prices will be about EUR 20 per megawatt hour on average, which is probably the steepest decline in our history. And will have an impact of CZK 18 billion to CZK 2 billion. We are also -- we will be also subject to different schedules of plant outages at nuclear facilities, change of replacement of fuel, meaning that last year, we achieved 32.1 terawatt hours. This year, it will be around 70 terawatt hours for exactly the same reasons that 2026 is the year of replacing the fuel in most of the reactors. We have also -- we are estimating lower margin on commodity sales to end customers, a negative influence of correction factors in electricity distribution. And on the positive side, we expect higher margin in gas distribution because of acquisition of company called gas distribution as of January 15, 2026. We also are not subject to windfall tax any longer, which ended at the end of last year. So no windfall tax at all. Assumptions that actually this estimate is based on is total generation in Czech Republic for our power plants between 43 and 45 terawatt hours. Average achieved price of electricity, EUR 103 to EUR 108 per megawatt hour and average purchase price of emission allowance is EUR 78 to EUR 80 per ton. Now we can move on to total financial results on Slide 10. Starting with EBITDA, which I already covered. We basically achieved the same level of EBITDA as in 2024. We had lower income taxes mainly due to deferred tax accounting. And then we get actually to CZK 37.4 billion net income after adjustments is CZK 28.1 billion. Our CapEx reached very similar again, number as in 2024 CZK 56.1 billion or 1% lower than in 2024. Net debt is slightly higher, increased by 5% to almost CZK 1,214 billion. Important Slide #11, you can actually see how we get from CZK 131.5 billion to CZK 137.5 billion to CZK 137 billion, although those numbers seem to be basically identical, there were many movements in both directions. We had a negative impact of falling power prices between '24 and '25, and this impact was close to CZK 16 billion. Partially offset by extending fuel replacement cycle, which brought us actually positive CZK 6.2 billion compared to 2024. We also had a lower generation volume of hydro plants because of relatively dry winter of 2025. Our trading is down by CZK 4 billion. First, lower gains or profits from prop trading due to significantly lower volatility than in 2024. And we had also other changes in derivatives of CZK 2.4 billion. Mining, show a slightly lower EBITDA compared to 2024. The difference is CZK 1.3 billion. And then actually, we have positive segments, share distribution plus CZK 5.4 billion, mainly due to higher allowed revenues, thanks to growing investments into distribution assets of CZK 2.8 billion, correction factors, which were positive in 2025 of CZK 800 million and other effects of CZK 1.8 billion, mainly other allowed revenue. We also added GasNet into our portfolio as of 1st of September 2024. So it was in our books for only 1/3 of '24, and therefore, there is a significant variance in '25, where GasNet was included for full 12 months and the variance is CZK 7.8 billion. And we were also successful in our sales segment, both retail, wholesale and ESCO activities, which brought another CZK 3.7 billion more than in 2024. On the next slide, you can actually see the share of our customer segments in total EBITDA and how it's growing. Actually, on the left side, you can see Generation segment that generated CZK 84.4 billion EBITDA or 17% decline year-on-year. On the other hand, our distribution and sales segment is up by 47% to CZK 53 billion, and this is something that we will be witnessing in the future as well. On the next slide, you can see actually changes in the net income. Probably one of the largest variances is actually depreciation and amortization. where the variance is CZK 13.1 billion negative, mainly caused again by consolidation of GasNet, which brought additional CZK 6.3 billion in depreciation and also full effect of accelerated depreciation of our coal-fired facilities, which is another CZK 4.9 billion. We had basically did not have any asset impairments as such. So positive variance of CZK 1.9 billion is attributable to actually the impairment in 2024 of CZK 1.9 billion, which was related to coal mining activities. Other income and expenses are CZK 3.3 billion higher, mainly due to higher interest expense to be paid and then exchange rate effects and revaluation of financial derivatives. We also had a lower income tax, mainly due to deferred tax accounting due to significant change in effective tax rate between 25% and 26%. So net income, $27.4 million and adjusted income $28.1 million. On next slide, you can see EBITDA of Generation and Mining segments. So in zero emission generation segments, which is nuclear and renewables and trading, our EBITDA is down by 8%, very stable EBITDA actually in Nuclear segment, lower in renewables mainly due to conditions -- hydro conditions in the Czech Republic and then trading is down due to lower prop trading results and revaluation of derivatives. On emission generating segment, you can see significant decline of 47%. It's important to note generation from emission sources, which in terawatt hours was very similar, as you will see later on between '25 and '24, but in monetary terms, the drop is about 68% actually from CZK 13.8 billion to CZK 4.4 billion. On the next slide, you can see actually terawatt hours in our renewable and nuclear generation growth of 5% year-on-year caused mainly by nuclear facilities that actually had a record generation in our history of 30.1 billion terawatt hours. Next year, actually, we will see a drop of 4% overall, 6% on nuclear because of actually fewer replacement outages in the Temelin nuclear power plant. Then electricity generation from coal and natural gas, 7% decline mainly caused by the fact that we no more owned in 2025 Polish power plants. So in total, we produced 16 terawatt hours with coal generation being fairly flat actually between the years. The same will be the case for 2026, where we plan to produce about 14 terawatt hours of coal power and 3 terawatt hours of natural gas, mainly due to the fact that we will produce 1 terawatt hour more than originally produced in 2025. And the reason is that we had a planned outage actually, which was relatively long in 2025, and we'll have much less of it in '26. Last slide, important slide actually on power generation and our hedges. We also added numbers for 2025. So in 2025, we actually had an average achieved price of EUR 121 at full volume of 44.7 terawatt hours. 2026 was 87% hedged and those numbers are as of the end of December 2025 at average 95. You may remember that we actually said that our average achieved price will be somewhere between EUR 103 and EUR 108 per megawatt hour, meaning that those 13% of unsold power will be sold at higher prices due to peaks and opportunities on the market. So it should blend our portfolio upwards or average achieved price upwards above 100. We also show carbon credits and that are purchased against power price from coal plants that was sold. So that's all for me. And now I hand over to Pavel.

Well, thank you, Martin. I'll walk you through the market developments and also developments of the customer segments. As for the market development, the good news is that we are seeing electricity consumption to start recovering. We have a second year of electricity growth in EU on average and in Czechia, first year of electricity growth since the crisis, 1.8% to some degree, but only about 1/3 can be contributed to weather and the rest is to some recovery of the industry, but also [electrification], people switching to heat pumps and in general using electricity more. So I think that's a good sign. In terms of prices, I would say the long-term story for the wholesale prices doesn't change in our view much. We see in the market the further years electricity wholesalers price decreasing, driven by increased share of renewables in the region and also lowering price of gas. At the same time, we are right now in the middle of a price increase caused by the war in Iran. That's why we showed both of these numbers, prices as of end of February, so right before the war and prices as of kind of 2 days ago when we finalize this material. And you see the prices going up for the next year '27, you will see even higher increase of prices for the month of April and potentially May, but we also see that the kind of the longer-term effect is not expected. So this is what's happening in the market. And now let's look at the results. Martin already mentioned that both of the distribution and sales results did very well, growing almost 50% on the distribution side and 41% on the sales segment side. So we are very happy about the results. There is a strong underlying dynamic and fundamentals in both of these segments. At the same time, these fundamentals do not lead to 50% or 40% growth. So let me kind of break it down. In terms of distribution, the -- 2025 was the first year of full consolidation of GasNet, again mentioned. If you would look at GasNet year-on-year without the effect of partial and full consolidation, you see about 10% growth. So that's where we are in terms of the fundamentals. In terms of electricity distribution, there was a number of correction factors in 2025, which hiked up the EBITDA beyond the fundamentals. Again, the fundamentals are kind of 8% to 10% growth of EBITDA, which corresponds to the increased investments. But here, the 23% is also driven by correction factors. I think you can look at Page 35 to see the guidance on what is kind of the fundamentals and what are the one-offs that will be returned to the customers 2 years down the road. On both of these segments, we expect a healthy growth going forward also for year 2026. But again, on the fundamentals without the correction factors, so that's why I'm highlighting it, you will see a drop in the actual results. But if you look at the kind of normalized EBITDA, again, 8% to 10% growth on both gas and electricity. In terms of sales, to some degree, a similar story. I think we are doing well in growing our portfolio, growing our energy services businesses at the same time, both the '24 and '25 were hit by some kind of one-off effects, which created this kind of 41% growth. I think, again, something like 10% growth year-on-year is what we are aiming for on the -- if you look at the kind of fundamentals in our business. In terms of the consumption, I already mentioned the numbers on the country level. Now here are the individual distributors, 1% on electricity, 7% on gas. The slight difference between our distribution and the country level is driven by the fact that the country level is being reported the full consumption -- even the part of the consumption, which is self-consumed of photovoltaic generation here, obviously, it's not only what comes through the actual grid. In terms of our supply business here, focus on retail. We see 5% growth in volume and kind of stable development of portfolio, the volume growing more in natural gas, both because our portfolio of natural gas is growing more and also because the somewhat colder 2025 affects more the gas supply business. In terms of the Energy Services, again, I think the fundamentals of the business are growing well. The drop in the revenues is to a large degree, driven by 2 effects. One is one-off effect of changes of methodology for reporting revenues in 2024 and also by the fact that some of our revenues are driven by commodity prices. Some of the services have commodity price component in them. And I would say, if the overall volume or the price of the commodity goes down, the revenues go down, but we see EBITDA growing in both of these. If you look at 2025 and you don't compare it to '24, but to '23 you see a very healthy growth of over 20% on the foreign energy services companies. Again, the outlook is around 10% to 12% growth and which corresponds, as I mentioned, several times to kind of the fundamental growth that we are aiming. Now in terms of the overall priorities as a closure, this does not relate to only the customer segments, but all of our activities. Martin mentioned the achievements. Now the strategic priorities are basically along similar priorities because our strategy for 2030 does not change. So we will again aim at maximizing the generation from nuclear. Again, it was already mentioned that even if we maximize it with 18 months campaign, we will see more fluctuation in the actual generation. So here, we have a year with the actual outages for fuel replacement. We will also focus further on renewables and battery system development. As you know, we have won significant volumes of support both for photovoltaic and for batteries, and we are now working on the projects to put them online using these subsidies. We will also work on modernizing our heating business and switching from coal to gas, Yetmarowits being the site of -- that will be the first one to be fully replaced, but we're also building up the facilities into Shimits and Permits. This will not replace the coal power immediately, but it will allow us to basically decouple the production of heat and electricity, we'll produce when people need it and electricity only when times are right. We are working on making the whole lignite kind of supply chain, if you will, as flexible as possible so we can operate it profitably for some more limited time. We will also work and we are already working on new gas-fired projects, which are simply as a backup gas power without heat supply. The new Minister of Industry and Vice Prime Minister, [indiscernible] announced that as a part of economic strategy, he aims to launch first auctions, capacity auctions for gas backup power by the end of this year, and we want to be ready with our projects further. Last but not least, on the generation side, we'll obviously continue on working on the Severni Energeticka program as well as supporting the government in its Dukovany large nuclear program. In terms of the customer segments, I'll just highlight a couple of things. One is we will continue investing in the distribution and as an effect, both satisfying the need for electrification, but also growing our regulated asset base and this is driving our profits. We'll also work on installing more smart meters. By the end of this year, we want to finish the first phase, which is to install smart meters for all the customers above 6 megawatt hours of consumption, and we will do that. And then there will be further phases that come after. We'll also invest in our gas distribution network with this both for GasNet, the original GasNet and gas distribution, which as again, you heard we acquired from -- or GasNet acquired from E.ON in January. And last but not least, we'll work on all the energy services and our supply business. So we maintain a healthy profitability. We should grow the business -- and with this, we retain our #1 position in providing all the energy services. And finally, we'll also work on our public charging station network, focus on increasing the megawatt output of it and with the goal to surpass 140 megawatts by the end of this year. And with this, I think we've gone through the whole presentation [indiscernible].

Yes. So we are now ready to take your questions. We give you a couple of seconds to raise your hand, and I will call your name and you be able to unmute yourself. So the first question comes from Piotr Dzieciolowski.

I have 2, please. So the first one, I wanted to ask you about this effect of the nuclear plant refueling, the one that is responsible for like a EUR 5 billion, EUR 6 billion drop, if I remember correctly. So how often do you expect this cycle to appear when we were about to normalize? Is it like every 2 years? Or how should we think about it? And the second question is I wanted to ask you, theoretically, if you can add any comment. But Mr. [Jan Hájek] mentioned there were some press articles that he wants CEZ to pay for the possible takeover. So can you tell us purely theoretically, is it possible that you pay for top company shares with some of your assets through some kind of offering people other shares of your DSO or something, is it technically possible because of how you vote and how you would take such a decision?

Well, in terms of the outages, well, it's 18 months, right? So it will -- like if you look at the whole year, it will appear that sometimes it's every year and then it's every 2 years, right, because like the 18 months will circulate. So now 2026 is the year with more outages and years 2027 and '28 will be the years, again, which will be much closer to the 32 terawatt hours. And then again, what is [indiscernible] '29 will be again a year with lower output. Okay. And Well, in terms of the discussed transaction by Mr. [Jan Hájek] the fact that the government would like to regain 100% of -- or generation as they put it in their government's program and strategy. I don't think I have any comment on this. Like in terms of the corporate law, I think you can look into it with the right lawyers. And at this moment, we don't have any further comments. We are obviously seeing what the government is and we are looking into it, but there's nothing we can publish at this moment.

Okay. Okay.

Okay. So I do not see any further questions. So as always, some further -- oh, okay, so there is one question. It is from the phone from +33. So, go ahead. In the meantime, we have a follow-up from Piotr again.

Yes, one last question, and I will continue maybe with mine. I wanted to ask you, what is your view on this ETS reform and on the power market design from this meeting coming up on 19th of March. Do you have any views on it? And how -- and then the follow-up to it, how is the -- just I mean, I guess you are quite sensitive. How do you see the sensitivity to the CO2 prices now versus end of a decade? How do you think the market will change, and how you would be benefiting or losing out because of the prices of CO2?

Look, we take -- and we've learned to take it like this already since the very beginning that this is something that is very political, and we don't get directly involved on it. We just -- we always call on it for good predictability so we can make the right investments. In terms of the dynamics, one of the reasons -- implicit reasons in the forward downward sloping price curve is the fact that the effect of CO2 is less prominent the further you go because obviously, renewables don't pay any CO2 and gas pays significantly less than coal or emits significantly. So the effect of CO2 is significantly lower. So if you look at the already towards the, let's say, end of the decade, 2030, the prices and beyond. the effect of EU ETS prices on us is significantly reduced compared to what it would be today.

Okay. I understand. And then I also -- maybe last follow-up from me. I think I've seen a headline that you plan to sell your German wind assets. So I just wanted to follow up if this is true, and why would you take such a decision?

Look, it is true that we are testing this sale. And the fact is that we simply need to do businesses where we have the scale to be effective and to be kind of a market leader. And this is not a situation with our German wind. We can -- obviously, if we don't have good prices or good offers for it, we can still keep it and operate it. But at the same time, if there's a good offer, we would entertain it. And this is the sole reason that is kind of -- we are subscale on the German market.

We can take the next question from Petr Bartek.

One question regarding the nuclear development, I read in the newspaper quite regularly that there is a plan to launch not only the units in Dukovany, but also new units in Temelin in some time and also some hours, so very, very ambitious plants. I don't know whether by chance or by the government. So my question would be where you want to sell the electricity? If you are looking for buyers may be offering some long-term PPAs to the hyperscalers and so on? Are you trying to get some demand for this plan?

I guess, 2 things. One is, it is Dukovany 2, so now basically government who owns the options to continue with the program, nuclear program with KHMP. That's kind of number 1 thing. So we still hold the site, but this would need to be a result as a part of the discussion on continuing with the Temelin 3 and 4. Obviously, Dukovany 5, 6, potentially, I guess, Temelin 3 and 4, but this is to be seen, have a or PPA or it's kind of combination PPA like CRD. So from a risk perspective, for the projects as such, PPAs are not needed to secure the income from sale of electricity. Now at the same time, we just are looking at long-term PPAs also for the current assets. Given that most of it, like the PPAs are sort in the same country, in the same region, it's not that we would offer PPAs from our stations to like Germany because that would bring the border risk. So we are basically following the data center projects that are being developed here are being discussed. And every time there is an interest in longer-term contracts to supply such a data center, we are definitely interested in discussing it. As you know, there is no big data center kind of fully confirmed for construction yet. So we also cannot announce any confirmed PPA yet, but this is something that we are looking at.

The only [indiscernible] ahead is, again, from the Paris phone number, [Operator Instructions].

Hello. Can you hear me?

Yes. Hi. Arthur.

Arthur Sitbon from Morgan Stanley.Apologies for the first question, so I have -- well, my first question is about the commodity market environment at the moment. I was just keen to get a little bit your view on what's happening, your trading activities, your profits in trading were weaker in 2025. I'm just wondering if the current environment is basically more favorable to these activities and what are your assumptions in your 2026 guidance regarding trading? And the second question I have is a bit of a follow-up on discussions around CO2 prices, broader ideas around power reform at European level. I was just wondering if basically that would, if ever there were any change made at the European level, if that is perceived in the Czech Republic as being potentially a substitute to a change in control of chairs and the potential plan to nationalize the group by the government?

Yes, indeed, 2025 here was not favorable for the traders with the whole year being pretty boring and flat. And I think those who -- of you who follow more of the trading companies, I think there were a number of trading companies that were struggling to even make profit at all after deducting the costs. So it is the case. obviously, the volatility that we now see creates opportunities, not that, again, that the rest of us in the CEZ Group or maybe also the rest of the market would be happy about these volatilities, but for traders specifically, they do create opportunities. But in general, we don't publish the detailed kind of forecast. We -- the trading always starts from 0. And each trader is motivated to make as much money as possible, but we don't really make predictions. We only announce the P&L always like by quarter-by-quarter, how successful the traders were. Could you maybe just -- sorry, quickly repeat the last question about the change of control and EU -- Sorry, I didn't get it fully.

I was just wondering if -- I know there are discussions at the European level around the way power prices are set, the fact that carbon plays a big role in them and well, little less equal to higher prices. I was wondering if ever there is any change on that, any reform that would lead to lower power prices. Would that be enough for the state to reconsider -- the government to reconsider its ambition to get control of CEZ's power assets? Because as far as I understand, part of the reason to take control was to have better control of power prices.

Okay. Honestly, I don't know the answer to this question. Like it's basically 2 speculations in sequence. One is that the European Commission actually does change the European market in one way or another. And secondly, how does the government react to it? And I don't know the answer to neither of the 2. So I cannot give you any guidance on this.

We can take the next question from Lucas Pasek.

[indiscernible] from [indiscernible] Securities. I have 2 questions. First, we noticed electricity price hedging. But what is the just hedging strategy for the tech euro exchange rate? And second one, does CEZ maintain nuclear fuel inventories? And if so, how many months or years of coverage do the current provide? And those are my 2 questions.

So first, I'll answer first question. Yes, we do hedge actually Czech crown and euro, but mainly through natural hedges. As you know, that I will say that basically 90% of our debt is raised through bonds that are euro bonds. So having actually income in euros from selling power in euros, we also have debt in euros. So this is a natural hedge and the part that is not naturally hedged is hedged on the financial markets, but it's a very small part compared to the natural hedge. So that's the first question.

Right. And in terms of the nuclear fuel, yes, we do keep a stock of fresh nuclear fuel. We have increased the stock since the war in Ukraine and it's basically multiple years. I think on average, if I average it out, it's about 3 years.

The next question comes from [indiscernible].

[indiscernible] Equity Research. My question is about demand growth in 2026. And what are your expectations? And do you see any demand from the data center in Czechia?

Look, I think we are -- on gas, we are definitely optimistic in terms of demand growth. That's number one, because we will see more switching from coal to gas for heating. On electricity, I think we are optimistic as well. We do see recovery, people switching to electricity, both industry and household. The exact effect of 2026 can be heavily impacted by weather. Now the start of the year was colder than average, so if that will be the situation, that would only strengthen the fundamental growth. Obviously, we'll see how the rest of the year go. And in terms of data center, I already mentioned that we do see data center developers going around in the country. I think there will be data centers being developed and constructed, but no construction have been announced yet. So it's in the process of making. And again, we are talking to them, both for like the general need connection to distribution and general electricity supply, but we are also looking at longer-term contracts as a contractual agreement.

Okay. At this point, we do not have any questions. So let me conclude the call. Investor Relations is always happy to answer any follow-ups, we will be here today and in coming days. Thank you very much for participation. Thank you.