Public Power Corporation S.A. (PPC) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by. I'm Konstantinos, your Chorus Call operator. Welcome, and thank you for joining the Public Power Corporation conference call to present and discuss the first quarter 2026 financial results. At this time, I would like to turn the conference over to Mr. Georgios Stassis, Chairman and CEO; Mr. Konstantinos Alexandridis, CFO; and Mr. Ioannis Stefos, Chief Investor Relations Officer. Mr. Stefos, you may now proceed.

Hello, everyone, and thank you for joining today's conference call for PPC's first quarter 2026 results. We will begin with an overview of the group's results from our Chairman and CEO, Georgios Stassis, followed by a review of the financial performance for the period by our Group CFO, Konstantinos Alexandridis. After the conclusion of the presentation, we will open the floor for your questions during the Q&A session. The IR team will be available after the call for any follow-up questions. With that, I will now turn the call over to Georgios. Georgios, please go ahead.

Hello, everyone, and thank you for joining today's conference call for PPC's first quarter 2026 results. We will begin with an overview of the group's results from our -- we are moving to Slide #6. We are reporting today a strong set of results for the first quarter of 2026, as you can see Slide 6, with adjusted EBITDA increasing to EUR 700 million, setting solid foundation for the remainder of the year. The significant increase in profitability reflects the growing contribution from the major investments implemented in recent years, while favorable hydrological and wind conditions during the first quarter of 2026 had a positive impact as well. Significant uplift in the bottom line as well as with net income increasing to EUR 200 million to support the dividend increase for a third consecutive year in line with the provisions of our business plan. Investments at EUR 0.5 billion with the vast majority directed towards renewables, flexible generation and distribution projects, fueling additional growth in the coming years. Our leverage ratio at 3.0x despite our intensive investment cycle being comfortably below the 3.5x threshold set in our financial policy. Turning to Slide 7. Our investment strategy continues to accelerate the transformation of PPC generation portfolio towards cleaner and more flexible technologies. Our transition is accelerating with growth in renewables and flexible technologies, more than offsetting the gradual retirement of lignite assets and significantly reducing our emissions profile. This is clearly reflected in our capital allocation with 82% of first quarter investments directed towards renewables, flexible generation and distribution networks. As a result, our renewables and flexible capacity increased by 1.1 gigawatt year-on-year, reaching 9.9 gigawatts, and now representing 80% of PPC's total installed capacity compared to 72% a year ago. At the same time, the continued reduction of thermal generation and the growing contribution from renewables led to a significant improvement in our emissions profile, while CO2 intensity declining by 36% year-on-year to 0.35 tons per megawatt hour. Moving to -- on Slide 8 for a deep dive into the Generation business. The total installed capacity at 12.4 out of which 1.7 gigawatt outside Greece. Renewables output increased significantly in the first quarter of 2026, reaching 3.6 terawatt hours, up by 140% year-on-year, driven mainly by stronger hydro production, improved wind conditions and new solar capacity additions. As a result, renewables accounted for 56% of our total generation, highlighting the increasing contribution of clean energy sources. At the same time, thermal generation continued to decline with lower output from gas, lignite and oil-fired units, reflecting both our decarbonization strategy and the completion of the grid interconnection. As a result, CO2 emissions declined by 25% year-on-year. Finally, our market position remained resilient with PPC maintaining a 34% market share in Greece, while further strengthening its position in the Romanian renewables generation. Moving to Slide 9. Let's look in more detail at the projects completed during the first quarter of 2026. In Greece, we completed the construction of an additional 48-megawatt battery storage project in Florina, Northern Greece, further strengthening our storage capabilities and portfolio flexibility. We also completed our hybrid projects in Astypalaia, combining nearly 4 megawatts of solar capacity with battery storage. The project is a flagship example of our strategy to support the energy transition of non-interconnected islands through renewables and storage with the aim of covering more than 80% of the island's energy needs. Outside Greece, we continue to expand our footprint in Italy with the completion of a new 22-megawatt solar park in Campania, further strengthening our presence in the Italian renewables market. Moving to Slide 10, which summarizes the progress of our renewables pipeline. We remain firmly on track to deliver our 2030 renewables target of 18.8 gigawatts as outlined in last month's strategic update. Today, our installed renewables capacity stands at 7.2 gigawatts, while an additional 6.7 gigawatts are either under construction, ready to build or currently in tender process. Together, this already represents 74% of our 2030 target. If we add on this, the 6.1 gigawatt of projects, which are in the permitting and engineering phase in high and medium maturity status, all these cover 110% of the capacity additions by 2030, the additions we need by 2030. This disciplined approach to capacity additions and pipeline development is a core strength of PPC and one that we will continue to leverage across all our markets. Moving now to Slide 11, which provides key highlights of our retail activity and the broader market environment in Greece and Romania. With respect to electricity demand, a marginal reduction was recorded in Greece, driven by slightly milder weather conditions, while in Romania, demand marked a 1.2% increase, reflecting the colder weather conditions in the first quarter of 2026. Our market position remained resilient with market share in Greece remaining stable at 50%, while in Romania, it slightly decreased to 15%, reflecting increased competition. Against this backdrop, our electricity sales volume decreased by 3.8% on a year-on-year basis. Deep diving now into our retail activity on Slide 12. Despite the highly competitive environment in both Greece and Romania, PPC maintained resilient market positions, supported by our strength of our brand, customer loyalty and continuous enhancement of our product offering. In Greece, we launched new retail products, including PPC myHome Maxima and PPC myBusiness Dynamic, while continuing to expand our value-added service portfolio and modernize our retail network with 7 stores renovated since the beginning of 2026. In Romania, competition remains intense, but we continue to strengthen our commercial offering through new [indiscernible] products such as PPC Ore Smart+ (Happy Hour 2.0), while focusing on customer segments with higher growth potential. At the same time, our fiber business continues to scale rapidly, surpassing 12,000 customers in the first quarter of 2026, supported by ongoing network expansion and high customer satisfaction levels. Moving to Slide 13 for an update of our distribution business. We maintained our investment maximum -- momentum through the first quarter in both Greece and Romania, consistent with our strategy to modernize and digitalize our networks. While this investment activity has translated into improved reliability indices in Romania, our Greek network faced challenges this quarter as indicated in the relevant indices. Reliability was temporarily impacted by extreme weather events in Western Greece due to heavy rainfalls causing unexpected disruption to the network during the first quarter. However, we remain focused on long-term resilience, including the rollout of smart meters which continues its upward trend and offers significant growth potential, particularly in the Greek market. Moving to Slide 14. I would like to provide an update on the EUR 4 billion capital increase that will be proposed to our Extraordinary General Meeting on this Thursday, May 14. As outlined in the strategic update, this equity raise is designed to accelerate our investments in Greece and Romania and capture significant growth opportunities in Central and Southeast Europe and start the construction of a 300-megawatt data center in Kozani in Greece. As a reminder, this is a non-pre-emptive equity raise by a fully marketed offering, ensuring we attract high-quality institutional interest. Our largest shareholders, the Hellenic Republic and CVC, fully support this transaction. the Hellenic Republic intends to maintain a 33.4% stake post increase, and CVC has committed to subscribing at least pro rata to its 10.3% ownership with a total participation intent up to EUR 1.2 billion. Regarding the time line, following EGM approval and subsequent pricing, we expect completion by the end of this month. We will launch a concurrent 3-day book-building process for both the Greek public offer and the International Institutional Offering. Management will be fully available on a virtual roadshow during this period. The record date for the priority allocation will be the day the book-building process starts. This is a growth capital increase. It is the engine that will allow us to become a champion in the Central and Southeast European landscape and lead the region's data center development, positioning us as the #1 utility in the region by 2030. Let me now pass it on to Konstantinos for the financial performance analysis.

Thank you, Georgios. Turning to Slide 16 for a brief overview of the commodity environment during Q1. Starting with natural gas, TTF prices remained volatile throughout the quarter. Markets were initially supported by strong LNG and pipeline supply before colder weather and higher storage withdrawals tightened balances during January. While prices eased temporarily in February, geopolitical tensions in the Middle East later renewed concerns around LNG supply flows and supported prices towards the end of the quarter. Overall, average TTF prices in Q1 2026 were down 15% year-on-year. Moving to carbon. EUA prices also experienced elevated volatility. Prices rose above EUR 90 per ton in January, supported by colder weather, lower renewable output and stronger gas prices before correcting on softer sentiment, ETS reform discussions and fund liquidations. Prices later partially recovered following the European Commission's rejection of proposals to suspend the ETS. On average, EUA prices increased by 3% year-on-year in Q1 2026. Finally, European power prices broadly mirror developments in gas and carbon markets. Prices increased sharply in January, particularly in Southeast Europe, driven by stronger thermal generation demand during colder weather conditions. However, prices softened later in the quarter due to weaker demand, stronger renewable output and lower fuel costs before partially recovering in March. Overall, average DAM prices in Q1 2026 declined by 28% year-on-year in Greece and by 11% in Romania. We are now on Slide 17, presenting the key financials for the period. As Georgios mentioned, we delivered a strong start to the year in Q1. Despite slightly lower revenues, mainly due to lower volumes and softer power prices in Greece and Romania, our profitability increased, reflecting the continued shift toward lower cost generation. Adjusted EBITDA rose to EUR 0.7 billion, up 51% year-on-year, boosted by the strong performance of our integrated business, but also supported by improved contribution from our distribution activities. At the bottom line, adjusted net income after minorities reached EUR 0.2 billion, a significant increase compared to approximately EUR 80 million in Q1 2025. Further details on EBITDA and net income evolution will follow later in the presentation. In terms of investments, we deployed EUR 0.5 billion during the quarter, focused on renewables, flexible generation and distribution. While elevated investments and working capital movements resulted in negative free cash flow, our balance sheet remains robust. Net debt stood at EUR 6.9 billion at the end of March, in line with our business plan, while our leverage ratio improved to 3x, supported by higher operating profitability. Proceeding to Slide 18 for the revenues evolution of the group, which recorded a 5% drop. This decline is mainly driven by lower energy sales, reflecting both volume and price effects. On the volume side, this relates to lower demand in Greece and market share pressure in Romania. On the pricing side, lower power prices in both countries also impacted revenues. As a result, total revenues declined to EUR 2.3 billion in Q1 2026. On Slide 19, we see the key drivers behind our EBITDA growth. We delivered a 51% year-on-year increase in the first quarter with our integrated business acting as the main driver of this performance. Our international footprint had a considerable contribution accounting for 21% of group EBITDA with Romania standing out as a key contributor, adding EUR 145 million to the group's results. I will provide more detail on the performance of each segment in the following slides. Next, on Slide 20, a few words on the evolution of our integrated business. The improvement versus last year was mainly driven by stronger performance in the retail segment as an effect of milder weather conditions in Greece, reducing power prices. At the same time, in Romania, along with lower power prices, the improvement versus Q1 2025 is explained by the fact that as of July 2025, the tariff caps have been lifted, creating opportunities for additional profitability. On the generation, profitability remained resilient in Greece despite lower wholesale prices, supported by significantly higher hydro volumes due to improved hydrological conditions. Better wind conditions also contributed positively. In Romania, the impact from stronger wind conditions was even more pronounced given that the majority of our installed capacity in the country is wind based. Now proceeding to Slide 21 for a view of the distribution activity. In Greece, performance recorded a slight improvement year-on-year, supported by the implementation of the new distribution network usage charges since the second half of 2025. In Romania, the DSO activity also delivered a better performance, mainly driven by higher distribution charges, which positively impacted regulated revenues. In both countries, this additional profitability is in line with our business plan assumptions. Proceeding to Slide 22 for a view on the EBITDA to net income bridge. The strong EBITDA performance that we discussed in the previous slides has also been reflected in the bottom line with adjusted net income after minorities reaching EUR 234 million, tripling year-on-year and the respective earnings per share followed the same trend. Let's now move on Slide 23 for an overview of our investments. We maintained a high level of investments in Q1 2026, deploying EUR 0.5 billion, broadly in line with last year with a ramp-up expected in the coming quarters. Distribution networks remained a strong component, reflecting our focus on digitalization and resilience in both Greece and Romania. At the same time, investments in renewables increased and are expected to accelerate further as multiple renewables projects are gradually maturing. Geographically, 72% of investments were allocated to Greece, 23% to Romania and the remaining 5% in other countries. Overall, our investment focus continues to reposition the group towards future growth areas while enhancing operational flexibility across the portfolio. Moving to Slide 24, focusing on the group's free cash flow. Our strong operational performance more than offset the seasonal working capital outflow, resulting in solid FFO of EUR 229 million and highlighting the strength of our cash generation. Working capital was negative at EUR 437 million, mainly driven by the redemption of the nonperforming receivables securitization program that's expected to be replaced by a new one by June 2026 that will have better terms, both with respect to cost of debt, but also higher amount. This is expected to positively impact Q2 working capital. Favorable impact from customer trade receivables demonstrates our efforts to improve collection performance. At the same time, CO2 and hedging had an unfavorable impact due to the high volatility recorded within Q1 2026. Overall, free cash flow remains in line with our expectations, reflecting the increased pace of investments as we continue to expand across markets and technologies. Turning to Slide 25. Let me walk you through our debt profile and liquidity position. Despite our ongoing investment program, our liquidity remains strong, supported by a well-balanced mix of fixed and floating rate debt as well as EUR 3.6 billion in undrawn credit lines as of March 2026. The average cost of debt remained stable at 3.8% during the quarter. With regards to debt maturity profile, which is well spread over time, when looking over the next 3 years, we hold a total of EUR 2.4 billion, out of which EUR 500 million is a sustainability-linked bond maturing in July 2028. The remaining maturities mainly relate to long-term loans and revolving credit facilities, which we expect to refinance in line with our funding strategy. Last, let's move to Slide 26 to review our net debt evolution and leverage position. As expected, net debt increased during the first quarter, reflecting the continued execution of our investment program. Net leverage stands at 3x, providing sufficient headroom to support our growth while maintaining a solid credit profile. We remain firmly committed to keeping net leverage below our self-imposed threshold of 3.5x. With that, I hand it back to Georgios for his concluding remarks.

Before I conclude, let me provide you our full year guidance for 2026. We are on Slide 28. Following the strong first quarter, we are reiterating our guidance for adjusted EBITDA at EUR 2.4 billion and adjusted net income at EUR 0.7 billion. As I mentioned during our full year 2025 results, our confidence to meet 2026 targets is backed by strong fundamentals. First, favorable weather has bolstered our retail margins. Second, high wind and hydro output across our core markets have optimized our generation mix. Finally, our renewables pipeline execution is well advanced, being on track for the additions that we target for the year. With respect to the dividend policy, this does not change, and we target for a DPS of EUR 0.80 this year, a 33% increase from last year's EUR 0.60, reflecting our confidence in the group's sustainable growth. In our concluding slide, Slide 29, let me wrap up with the key takeaways. We are delivering on our strategy with disciplined execution across all key pillars. Our first quarter performance clearly demonstrates the strength of our integrated business and the stability provided by our distribution activities. Our capital deployment remains focused on renewables, flexible generation and distribution networks, supporting the next phase of profitable growth. In renewables, we already have 6.7 gigawatts of projects under construction, ready to build or in procurement tender process. Together with our existing installed capacity, this means that 74% of our 2030 targets is already secured or under development, significantly derisking our long-term plan. At the same time, our transition away from lignite remains fully on track with complete phaseout expected by the end of 2026. This will further improve our environmental footprint and enhance the resilience of our generation portfolio. We are confident in delivering our 2026 targets while positioning PPC for sustainable value creation beyond this decade, supported also by the upcoming capital increase, which we expect to complete by the end of this month. Our ambition is clear: to evolve PPC into a champion in Central, South, East Europe with strong financial performance across EBITDA, net income and dividends. Thank you all. We now look forward to your feedback and questions.

The first question comes from the line of Alessandro Di Vito with Mediobanca.

I have 3 questions. First one is on renewables. So the company is expanding its renewable capacity in other countries beyond Greece. I'd be interested in understanding whether you are seeing differences in the execution process compared with what you experienced in your own country, particularly in terms of execution time lines or whether the process is in line with what you see in the Greek market? Second question is on the supply business in which there is a complicated scenario because of underlying costs that are rising and increasing competition. So I wanted to understand which commercial strategy is the company considering to retain and protect its market share? And last question is on the guidance. The company had a significantly positive start for the year. I want to understand which are the main trends you see for the coming quarters and whether the positive numbers could leave space for an additional upside on the full year target?

Thank you very much for your questions. In my experience, like 20 years now that we are -- I'm trying -- I'm working on the renewables, in particular, the renewables rollout is the same more or less in most of the countries. You need to have a very big growth pipeline. You work in parallel in several fronts, in several projects, in several countries. That is because you cannot bet in specific projects. Several of the projects die in the process. They get stopped or they get on hold or they delay. Others advance quicker than what you originally think. So working a lot on the total pipeline is a fundamental. That's why we are constantly working on our current 20 gigawatt gross pipeline. Several of these projects get constructed and new others are entering the pipeline. But we are constantly -- if you monitor us, we are keeping a level of this big pipeline of projects simply because we don't know exactly which will be executed at the end or not. At the end of the day, of course, several are maturing faster. That's why we have, we say right now 6.7 gigawatts already in construction or to start construction very close and some additional 4 -- around [ 5 ], which are pretty high mature or medium mature. So we have a basket of projects which make us confident we will be able to cover our target. Actually, we write clearly that this is more than 110% of our total target. And that is just to underline that even if time would freeze, we would be able to have the necessary projects in our hand to deliver our plan. Of course, time evolves, doesn't freeze, unfortunately, and we will be able in the process to add more projects, fail in some, succeed in others. I think there's no secret recipe. This is the recipe, whether this is in Greece or in Italy or in other -- or in Romania or other countries. Of course, you have different years in terms of permitting more or less. We have countries which have different peculiarities from country to country, others which have better grid or different localities from local to local. But the recipe is the same, and this is what we are trying to do. We have a sort of global organization. It's not global, in the regional, let me say, where we are having a matrix organization, vertical and horizontal, with local presence and central in Athens distributed between development, engineering, construction and operation and maintenance. So we can have local experience and central excellence to drive this delivery. Having said that, of course, we will be experiencing also delays. It's not a secret. And we think we are able to manage this risk by the different total business mix we have in our overall organization. And we have proven this till now, and we will continue to do. At the end of the day, any delays would be in the range of 3 or 6 months. At the end, the projects will be done definitely. Now this is for the first question. The second question, which with your supply, you asked me something generic. I didn't really understand. I mean the overall competition -- I mean, in Greece, since you focus in Greece, where we have our big supply presence, Greece has moved into a better maturity over the years in terms of competition. This Greece used to be a market of like many suppliers -- by many suppliers, and there was, in the last year, some consolidation. Many of you in the audience know this. We are witnessing some mergers as well or buyouts. So I think Greece, I can say versus when I came back in Greece in '19, it has moved now to a more -- to a bigger stability. Throughout this aggressive, let me say, establishment of new players in the past years, until we reach this stability, PPC has proven that we have been, let's say, resilient in our market share. Actually, if you would go back to our business plan of 2021, share capital increase, we were expecting we would have been in a much lower market share versus the one we have today. However, I'm not expecting that this will remain forever. I think we will keep on losing market share gradually, however, throughout the following years. And our strategy is always preserving value. We fight more for the customers that are more valuable and not so much for least valuable. So our strategy mostly is customer segmentation and work on the quality very much. I think we have top quality in the Greek market. And that's why good quality customers are really stickier on us. Now with regards to the guidance, yes, indeed, we could be tempted to uplift it a bit, but still the Strait of Hormuz situation has not closed. And this is an evolving scenario as we speak. So I'm not convinced that this right now would not fall deep inside the summer. And in that case, this would have an impact on the cost of storage of gas in the European underground storage facilities, which could have a spillover effect at the end of the year in the winter. So I'm not -- I don't have the visibility right now to make an increased guidance. This is the fundamental reason for...

The next question comes from the line of John Karidis with Deutsche Bank.

Firstly, congratulations to PPC for its donation to the Greek police. I thought that was a very good move. Secondly, I've got 3 questions re predictable telcos. So firstly, you told me 3 times in the last year that PPC is not interested in mobile in Greece. So I'm very clear on that. Instead, I'd just like to know only the key points of PPC submission to the regulatory consultation about the renewal of the 900 and 1,800 megahertz spectrum licenses, please? The second question is approximately when this year will PPC add voice to its broadband service? And then I just want to check that it's still what you told me, June, July. And then thirdly, approximately when this year, I assume it will be this year, will PPC bundle energy with broadband?

Well, I will be very persistent on the answers I gave you also in the past. So we are not interested in mobile retail services in Greece. This is absolutely clear. We have participated to the consultation, which is a consultation because, as you know, we have a very important fiber network overhead power lines in poles, and we are experimenting and we want to understand better what kind of options we might have on a fixed wireless broadband services in the future. So wireless connectivity for areas that we cannot have access easily could be complementary to our fiber business only. We are not intending to do mobile national services. This is absolutely fair. So what I have answered you is absolutely persistent to the previous answers. Now I think the second question -- the second issue about voice, indeed, we are working for a June, July launch. Very shortly, you will have news for the voice, as I have told you in the past as well. And the third one was bundling. Bundling, no comment. Thank you.

Okay. Could I possibly ask, please, for the fixed wireless, were you thinking of acquiring spectrum to do that? Or were you -- or just simply wholesaling it?

I don't have an answer on this. That's why we are in consultation. But we're trying to understand what kind of options we have for our broadband connectivity.

The next question comes from the line of Anna Antonova with JPMorgan.

There are 2 questions from our side. So first, the current political noise in Romania, do you think this presents any risks to your guidance, maybe not immediately for this year, but maybe for the guidance in the networks business into 2030? Or how should we think about this? That's one. And then the second question, and apologies if I joined a bit late. Could you please outline the time line for the equity raise after the EGM on May 14?

Okay. Yes. Now for Romania political, I think -- I mean, I'm very, very relaxed on the Romanian political situation. Romania has a very strong President, freshly elected, European-pro, and very Western-pro President with continuous statements. Romania is a presidential democracy with -- that's why we need to have in our mind how Romania functions. Is a presidential democracy with very increased powers from the President. The President is the official representative of the country abroad. So what's happening under the President has happened several times in Romania. If you count the different composition and changes of governments over the last 10 years, it's happening every year, more or less. So this is what's happening, too. I think there are some discussions among the coalition partners. I don't have a good visibility how this will work. I think it will evolve. And as it has been -- as I read in the news, there is no chance of parliamentary election. So things move as usual in Romania. This is very normal. Now for the time line, on Thursday, the 14th, we have our EGM. And I think that by Monday afterwards, Monday or Tuesday, I mean, the next week, we will be starting the process. So we will release a relevant announcement to inform the market about the start of the book-building process as soon as possible immediately after the EGM, let me say, approval. Nevertheless, in general, this is a process which we'll be starting in the following days.

The next question comes from the line of Ella Walker-Hunt with Citigroup.

Just one question from me actually. It's to do with the Greek transmission operator requesting that you keep your lignite plant open for until at least 2027. Do you have any comments on that?

The Greek transmission operator -- thank you for the question, Ella. The Greek transmission operator is not requesting us to keep the coal, have sent a letter and has requested until the 31st of March 2027, so for 3 months, not to start dismantling the coal. So we will finish operation normally by the end of this year, and has asked us to keep the asset there, don't touch it, don't dismantle it for coal reserve, let me say, reasons. We have done this also in the past also with most of our assets. We are closing them in a given year, and then we keep them then for a few months until we started dismantling them. There's no -- there was no other request ever. Is it clear?

Yes.

So we will normally close all coal activity by end of this year.

The next question comes from the line of Eric Blake with Fitch Ratings.

Sorry, [indiscernible] not Fitch Ratings. My question is, is any of the financing or any of the proceeds from the equity raise to be used for any debt refinancing or reduction for that matter?

No, the usage of these funds...

I think it's better if you go silent because we have. Can he hear us? [Technical Difficulty]

Mr. Blake, can you hear us?

Can you hear us?

Yes, I can. I'm actually struggling to mute it. Can you hear me now? Is it any better?

Yes, we can.

You need to mute...

Yes, we can.

So I don't know if you heard my question. I was just wondering if any of the funds were going to be used for any other process or for any debt reduction or refinancing purposes.

Well, yes. The cases I was mentioning before... Can you please go on mute? Maybe we can -- because we are having echo. [Technical Difficulty] Anyway, I'll try to give the response. It's not a deleveraging transaction. It's a growth approach that we are following. So no, the funds will not be used for deleveraging.

Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Stassis for any closing comments. Thank you.

Well, thank you very much for being with us in this results presentation for the first quarter. As you know, we are in the middle of a very important event for the company, which will take it to a very big new chapter. The last time we did a share capital increase was in 2021 at EUR 9. We're already at [ 19, 18 level -- 19 ]. I think we have demonstrated we are able to deliver value for our shareholders. We are making a very important step for the next 4, 5 years, and we will be very glad all of you to follow us.

Thank you very much.

Bye.