Q2 2026 PNE AG Earnings Call

August 13, 2026

Speaker #1: Good morning, everyone. Also, from my side, thank you for joining us today on this conference call regarding the half-year financial report for 2026. My name is Heiko Wuttke, CEO of PNE, and I'm accompanied by Dirk Siemens, CFO.

Heiko Wuttke: Good morning everyone. Also from my side, thank you for joining us today in this conference call regarding the H1 financial report for 2026. My name is Heiko Wuttke, CEO of PNE AG, and I am accompanied by Dirk Simons, CFO. Before I begin with the presentation itself, I would like to comment on the latest news. On Monday evening, we published an ad hoc announcement in reaction to recent media reports. Since these reports had cited a possible price range that did not reflect the current demand situation, we were, from a purely legal standpoint, obliged to respond and set the record straight. In the announcement, we provided an update on the current status of the sales process which we have initiated to identifying investors as part of the further development of our business strategy.

Speaker #1: Before I begin with the presentation itself, I would like to comment on the latest news. On Monday evening, we published an ad hoc announcement in reaction to recent media reports.

Speaker #1: Since these reports had cited a possible price range that did not reflect the current demand situation, we were, from a purely legal standpoint, obliged to respond and set the record straight.

Speaker #1: In the announcement, we provided an update on the current status of the sales process, which we have initiated to identify investors as part of the further development of our business strategy.

Speaker #1: However, it is currently uncertain whether a transaction will materialize and what its terms would be. Please understand that we are unable to comment further on the ongoing process, but we will inform the market of any relevant further developments in accordance with applicable law.

Heiko Wuttke: However, it is currently uncertain whether a transaction will materialize and what its terms would be. Please understand that we are unable to comment further on the ongoing process, but we will inform the market of any relevant further developments in accordance with applicable law. Let me give you an overview of the presentation and the course of today's webcast on slide 3 of the presentation. As usual, I will begin with a summary of the H1 2026, followed by an update regarding the operating business. Then I will pass over to Dirk for the financials. After that, I will conclude the presentation with the outlook for the remainder of 2026. We will then open the line for questions, and as always, our slides can be found on our investor relations website.

Heiko Wuttke: However, it is currently uncertain whether a transaction will materialize and what its terms would be. Please understand that we are unable to comment further on the ongoing process, but we will inform the market of any relevant further developments in accordance with applicable law. Let me give you an overview of the presentation and the course of today's webcast on slide three of the presentation. As usual, I will begin with a summary of the H1 2026, followed by an update regarding the operating business. Then I will pass over to Dirk for the financials. After that, I will conclude the presentation with the outlook for the remainder of 2026. We will then open the line for questions, and as always, our slides can be found on our investor relations website.

Speaker #1: So let me give you an overview of the presentation and the course of today's webcast on slide 3 of the presentation. As usual, I will begin with a summary of H1 2026, followed by an update regarding the operating business.

Speaker #1: I will now pass over to Dirk for the financials. After that, I will conclude the presentation with the outlook for the remainder of 2026.

Speaker #1: We will then open the line for questions, and, as always, our slides can be found on our investor relations website. Before I continue with the operating business, I would like to welcome Dirk to his first webcast in his role as CFO, succeeding Heiko.

Heiko Wuttke: Before I continue with the operating business, I would like to welcome Dirk to his first webcast in his role as CFO of PNE AG. As you know, our former CFO, Harald Wilbert, has asked the supervisory board to release him from his duties as a member of the board of management for personal reasons. Dirk, who was our former chairman of the supervisory board, took over and provides a very strong solution to address the upcoming tasks. Thank you, Dirk. We are really happy to have you on board. Having said this, I would now like to draw your attention to slide 5. Ladies and gentlemen, we are pleased to share that we have achieved important milestones in a challenging H1 of 2026. We successfully sold projects in our core markets, Germany, Poland, and France, with a total output of 163 MW in total.

Heiko Wuttke: Before I continue with the operating business, I would like to welcome Dirk to his first webcast in his role as CFO of PNE AG. As you know, our former CFO, Harald Wilbert, has asked the supervisory board to release him from his duties as a member of the board of management for personal reasons. Dirk, who was our former chairman of the supervisory board, took over and provides a very strong solution to address the upcoming tasks. Thank you, Dirk. We are really happy to have you on board. Having said this, I would now like to draw your attention to slide five. Ladies and gentlemen, we are pleased to share that we have achieved important milestones in a challenging H1 of 2026. We successfully sold projects in our core markets, Germany, Poland, and France, with a total output of 163 MW in total.

Speaker #1: As you know, our former CFO, Harald Wilbert, has asked the Supervisory Board to release him from his duties as a member of the Board of Management for personal reasons, and Dirk, who was our former Chairman of the Supervisory Board, took over and provides a very strong solution to address the upcoming tasks.

Speaker #1: Thank you, Dirk. We are really happy to have you on board. Having said that, I would now like to draw your attention to slide 5.

Speaker #1: Ladies and gentlemen, we are pleased to share that we have achieved important milestones in a challenging first half of 2026. We successfully sold projects in our core markets—Germany, Poland, and France—with a total output of 163 megawatts.

Speaker #1: Five wind projects with a total capacity of 12,022 megawatts and one PV project with 41 megawatt-peak. In addition, we completed two wind projects with 52 megawatts, one with 18 megawatts for our IPP, and one with 34 megawatts for third parties.

Heiko Wuttke: Five wind projects with a total capacity of 122 MW and one PV project with 41 MW peak. In addition, we completed two wind projects with 52 MW, one with 18 MW for our IPP and one with 34 MW for third parties. Our own IPP portfolio now stands at 484 MW after the successful sale of the wind farm Bokel with 25 MW, and the addition of 18 MW. Power generation increased to 408 GWh, which is an increase of 11% compared to H1 2025. Due to higher wind yields in the German onshore wind market, and also the total output of our services business grew to EUR 20 million, a plus of 12% year-over-year with good margins. I will elaborate in more detail on the next slides. Our total output in the H1 of 2026 was at EUR 123.3 million.

Speaker #1: Our own IPP portfolio now stands at 484 megawatts, after the successful sale of the wind farm Bokel with 25 megawatts and the addition of Gnuds Ost with 18 megawatts.

Speaker #1: Power generation increased to 408 gigawatt-hours, which is an increase of 11% compared to H1 2025, due to higher wind yields in the German onshore wind market. Also, the total output of our services business grew to €20 million, a plus of 12% year over year, with good margins.

Speaker #1: I will elaborate in more detail on the next slides. Our total output in the first half of 2026 was 123.3 million. Revenue grew to 96.8 million, which is an increase of 31% year over year.

Heiko Wuttke: Revenue grew to EUR 96.8 million, which is an increase of 31% year-over-year. Our normalized EBITDA, adjusted for one-off items, and our EBITDA increased to EUR 27.4 million, clearly up from EUR 4.7 million in H1 2025. Please remember, from 2026 financial year onwards, normalized EBITDA will serve as the key financial performance indicator for our guidance as it provides a better and more accurate picture of our operating performance. With this, let's move on to the project pipeline on slide 7. Our project pipeline, wind onshore and PV, remains stable compared to the end of 2025, at 21.7 GW. Thereof, the pipeline in core markets, Germany, France, and Poland, is on a high level with 12 GW. I will go into more detail on the next slides. On slide 8, you can see our project pipeline onshore wind, which was stable compared to end of 2025, at 14.6 GW.

Speaker #1: Our normalized EBITDA, adjusted for one-off items, and our EBITDA increased to €27.4 million—clearly up from €4.7 million in H1 2025. And please remember, from the 2026 financial year onwards, normalized EBITDA will serve as the key financial performance indicator for our guidance, as it provides a better and more accurate picture of our operating performance.

Speaker #1: With this, let's move on to the project pipeline on slide 7. Our project pipeline—wind onshore and PV—remains stable compared to the end of 2025 at 21.7 gigawatts.

Speaker #1: Therefore, the pipeline and core markets—Germany, France, and Poland—is at a high level, with 12 gigawatts. I will go into more detail on the next slides.

Speaker #1: On slide 8, you can see our project pipeline for onshore wind, which was stable compared to the end of 2025 at 14.6 gigawatts. Our home and core market, Germany, which accounts for more than 40% of our project pipeline, remains strong with 6 gigawatts.

Heiko Wuttke: Our home and core market, Germany, which accounts for more than 40% of our project pipeline, remains strong with 6 GW. As mentioned earlier, we sold three wind farms with a total capacity of 39.6 MW, including Bokel with 25.2 MW. One wind farm with 18 MW was completed for IPP and one with 34 MW for third parties. In addition, four wind farms with 59 MW were under construction in Germany, plus another four wind farms with 59.2 MW for third parties. We received new permits here for five wind farms with 186 MW in total. With respect to our core market, France, we see a stable project pipeline with 1.5 GW, and we sold a wind farm with 10.8 MW. With the transfer of the project to JP Energie Environnement, we now completed our second project sale in France with a partner.

Speaker #1: As mentioned earlier, we sold three wind farms with a total capacity of 39.6 megawatts, including Bokel with 25.2 megawatts. One wind farm with 18 megawatts was completed for IPP, and one with 34 megawatts for third parties.

Speaker #1: In addition, four wind farms with 59 megawatts were under construction in Germany, plus another four wind farms with 59.2 megawatts for third parties. And we received new permits here for five wind farms with a total of 186 megawatts.

Speaker #1: With respect to our core market, France, we see a stable project pipeline with 1.5 gigawatts, and we sold a wind farm with 10.8 megawatts.

Speaker #1: With the transfer of the project to GP Energy Environment, we have now completed our second project sale in France with a partner. Located in the Hauts-de-France region in northern France, the wind farm was developed by PNE France and advanced to ready-to-build status.

Heiko Wuttke: Located in the Hauts-de-France region in northern France, the wind farm was developed by PNE France and advanced to ready-to-build status. Effective value engineering has made it possible to significantly increase the height of the wind turbines and electricity generation. Under a project development agreement, PNE France will continue to support the buyer with selected development activities following the closing of the transaction. Regarding our core market, Poland, we also sold one wind farm project to a global player in the energy transition. The wind farm consists of 10 wind turbines with a total installed capacity of 72 MW. We will further develop this project to the ready-to-build stage, which is scheduled for 2029, with the commissioning planned for 2030. Coming to slide 9, we see that our PV pipeline was stable as well at 7.1 GW peak.

Speaker #1: Effective value engineering has made it possible to significantly increase the height of the wind turbines and electricity generation. Under a project development agreement, PNE France will continue to support the buyer with selected development activities following the closing of the transaction.

Speaker #1: Regarding our core market, Poland, we also sold one wind farm project to a global player in the energy transition. The wind farm consists of 10 wind turbines with a total installed capacity of 72 megawatts.

Speaker #1: We will further develop this project to the ready-to-build stage, which is scheduled for 2029, with commissioning planned for 2030. Coming to slide 9, we see that our PV pipeline was stable as well, at 7.1 gigawatts peak.

Speaker #1: Our development activity is continuing to show good progress from projects to the later project phases, resulting in a 26% growth of phase 3 projects to 1,059 megawatts peak, coming from 842 megawatts peak at the end of 2025.

Heiko Wuttke: Our development activity is continuing to show good progress from projects to the later project phases, resulting in a 26% growth of phase 3 projects to 1,059 MW peak, coming from 842 MW peak at the end of 2025. We successfully sold a 40.8 MW peak PV project to Poland's leading energy utility, Orlen. The project stands out due to its strategic location and technical configuration. The PV farm will be connected directly to the internal power grid of the Płock refinery. This behind-the-meter approach offers significant advantages. By not using the general grid, it reduces regulatory risks and simplifies administrative procedures during development and construction. In addition, we received new permits in South Africa with 130 MW peak, in our core market, Poland, with 81.4 MW peak, in Italy with 29.9, and as well in our core market, France, with 12.3 MW peak.

Speaker #1: We successfully sold a 40.8-megawatt peak PV project to Poland's leading energy utility, Orlen. The project stands out due to its strategic location and technical configuration.

Speaker #1: The PV farm will be connected directly to the internal power grid of the plot's refinery. This behind-the-meter approach offers significant advantages. By not using the general grid, it reduces regulatory risks and simplifies administrative procedures during development and construction.

Speaker #1: In addition, we received new permits in South Africa with 130 megawatts peak; in our core market, Poland, with 81.4 megawatts peak; in Italy, with 29.9 megawatts peak; and as well, in our core market, France, with 12.3 megawatts peak.

Speaker #1: If you look at our own IPP portfolio in H2 2026 on slide 10, you see that it decreased compared to the end of 2025, as we have successfully sold the Bokel wind farm with 25.2 megawatts.

Heiko Wuttke: If you look at our own IPP portfolio in H2 2026 on slide 10, you will see that the megawatt in operation slightly decreased compared to the end of 2025, as we have successfully sold the Bokel wind farm with 25.2 MW in Q1 2026, but added new 18 MW in Q2 2026. The total megawatt in operation now amounts to 484 MW at the end of H1 2026. 468 MW are coming from the wind onshore Germany, 11 MW coming from wind onshore France, and 6 MW coming from the wood-fired combined heat and power plant, Silbitz. Due to the comparatively higher wind yields, we produced 408 GWh of green energy in the past first half year of 2026, which is an increase of 11% and avoided 308 kilotons of CO2 equivalents.

Speaker #1: In Q1 2026, we added new costs, with 18 megawatts in Q2 2026. The total megawatts in operation now amount to 484 megawatts at the end of H1 2026: 468 megawatts are coming from wind onshore Germany, 11 megawatts from wind onshore France, and 6 megawatts from the wood-fired combined heat and power plant Zilbitz.

Speaker #1: Due to the comparatively higher wind yields, we produced 408 gigawatt-hours of green energy in the first half of 2026, which is an increase of 11%, and avoided 308 kilotons of CO2 equivalents.

Speaker #1: The hidden reserves accumulated in our portfolio decreased to €153.1 million, compared to €159.3 million by the end of 2025. This is partly because they are gradually recognized over the lifetime of these projects, and partly because of project sales.

Heiko Wuttke: The hidden reserves accumulated in our portfolio decreased to EUR 153.1 million compared to EUR 159.3 million by the end of 2025, which is partly because they are gradually recognized over the lifetime of these projects, and partly because of project sales. More than 90% of our IPP projects are based on feed-in tariffs for 20 years, leading to an average weighted contracted tenor for the IPP portfolio of more than 15 years. This shows an interesting upside opportunity through short and medium-term PPAs that are more attractive than the EEG remuneration, and about 40% of our IPP portfolio already have a PPA. Let me also give you some more information about our services business on slide 11. It continued to perform well and delivers growing high margin returns through long-running contracts. First of all, operational management and technical inspections continue to grow.

Speaker #1: More than 90% of our IPP projects are based on feed-in tariffs for 20 years, leading to an average weighted contracted tenure for the IPP portfolio of more than 15 years.

Speaker #1: This shows an interesting upside opportunity through short- and medium-term PPAs that are more attractive than the EEG remuneration, and about 40% of our IPP portfolio already has a PPA.

Speaker #1: Let me also give you some more information about our services business on slide 11, since it continued to perform well and delivers growing, high-margin returns through long-running contracts.

Speaker #1: So first of all, operational management and technical inspections continue to grow. The assets under operational management increased to 3.3 gigawatts, and we had a great customer retention rate for operational management of above 99%.

Heiko Wuttke: The assets under operational management increased to 3.3 GW, and we had a great customer retention rate for the operational management of about 99%. After the successful market entrance by the end of 2025, we now have an additional BESS asset under contract as well as further contracts under negotiation. Last but not least, we conducted approximately 570 technical inspections in wind farms in the first half of 2026. The strong performance in wind and sites continued with approximately 300 wind assessments and expert opinions in the first half of 2026. We have conducted approximately 190 lidar verifications. With these figures, we are well on the way to matching or even exceeding last year's very good results.

Speaker #1: After the successful market entrance by the end of 2025, we now have an additional best asset under contract, as well as further contracts under negotiation.

Speaker #1: And last but not least, we conducted approximately 570 technical inspections in wind farms in the first half of 2026. The strong performance in wind and sites continued with approximately 300 wind assessments and expert opinions in the first half of 2026.

Speaker #1: And we have conducted approximately 190 LiDAR verifications. With these figures, we are well on the way to matching or even exceeding last year's very good results.

Speaker #1: In addition, we had a good performance of our PPA-as-a-service business under the new brand Wattmate, with 24 wind and PV PPA projects and a total output of approximately 243 megawatts and a transaction volume of around 430 gigawatt-hours.

Heiko Wuttke: In addition, we had a good performance of our PPA-as-a-service business under the new brand, Wattmate, with 24 wind and PV PPA projects and the total output of approximately 243 MW and a transaction volume of around 430 GWh. Bitbloom continued to show assets under monitoring of approximately 4.5 GW with a high customer retention rate. Here, a new German IPP was contracted for monitoring service after a successful trial. Multiple additional one-off performance verification assessments took place during Q2, and the monitoring for a new EU customer has commenced. We are very happy with the performance of the services segment. With this, I would now like to hand over to Dirk for the financials.

Speaker #1: Bitbloom continued to show assets under monitoring of approximately 4.5 gigawatts, with a high customer retention rate. Here, a new German IPP was contracted for monitoring service after a successful trial. Multiple additional one-off performance verification assessments took place during Q2, and monitoring for a new EU customer has commenced.

Speaker #1: So, we are very happy with the performance of the Services segment. And with this, I would now like to hand over to Dirk for the financials.

Speaker #2: Thank you, Heiko. First of all, I would also like to welcome everyone on this call. Looking at slide 13, you see that revenue grew to €96.8 million, which is an increase of 31% year over year.

Dirk Simons: Thank you, Heiko. First of all, I also would like to welcome everyone in this call. Looking at slide 13, you see that revenue grew to EUR 96.8 million, which is an increase of 31% year over year. This was mainly driven by increased project sales, as well as improved results in the power generation in H1. Our total output decreased to EUR 123.3 million, which was because fewer projects were built turnkey in H1. This is also reflected in significantly lower cost of materials. Our EBITDA and EBITDA normalized increased significantly to EUR 27.4 million, compared to EUR 4.7 million in the previous year, especially due to project sales, mainly the wind farm Bokel and the improved power generation results due to the higher wind yields. The one-time effects of the first quarter of EUR 1.3 million were offset by the end of Q2.

Speaker #2: This was mainly driven by increased project sales as well as improved results in power generation in H1. Our total output decreased to €123.3 million, which was because fewer projects were built turnkey in H1.

Speaker #2: This is also reflected in significantly lower cost of materials. Our EBITDA and normalized EBITDA increased significantly to €27.4 million, compared to €4.7 million in the previous year.

Speaker #2: This was especially due to project sales, mainly the wind farm Bokel, and the improved power generation result due to the higher wind yields. The one-time effects of the first quarter, of €1.3 million, were offset by the end of Q2.

Speaker #2: The decrease in the financial result of minus €5.1 million was mainly driven by the valuation of interest rate swaps. The negative tax effect was mainly attributable to deferred tax arising in connection with project settlements due to IFRS 15, the capitalization of lease agreements under IFRS 16, and various consolidation entries.

Dirk Simons: The decrease in the financial result of -EUR 5.1 million was mainly driven by the valuation of interest rate swaps. The negative tax effect was mainly attributable to deferred tax arising in connection with project settlements due to IFRS 15, the capitalization of lease agreements, IFRS 16, and various consolidation entries. Looking at the segments on slide 14, I would like to mention that previous year's figures were adjusted due to changes in the segment reporting. Consolidation now includes all group consolidations as well as general overhead costs that could not be reliably allocated to operational segments. Consolidation was therefore renamed to corporate functions and consolidation. Having said that, we see growth in power generation and services by the decreasing output in project development in the first quarter 2026. In the project development segment, revenues increased by 36% due to the increase in project sales.

Speaker #2: Looking at the segments on slide 14, I would like to mention that previous year's figures were adjusted due to changes in the segment reporting.

Speaker #2: The consolidation now includes all group consolidations as well as general overhead costs that could not be reliably allocated to operational segments. Consolidation was therefore renamed to Corporate Functions and Consolidation.

Speaker #2: Having said that, we see growth in power generation and services, but a decreasing output in project development in the first quarter of 2026. In the project development segment, revenues increased by 36% due to the increase in project sales.

Dirk Simons: Total output, however, decreased to EUR 85.7 million compared to EUR 149.6 million in the previous year due to lower construction activities. Thus, EBITDA of the segment project development decreased to -EUR 4.1 million from EUR 8.8 million in the previous year. Total output of the segment power generation increased to EUR 49.6 million compared to EUR 40.2 million in the previous year, due to comparatively high wind yields and improved prices. EBITDA in the segment power generation improved in the first half 2026 by 17% due to EUR 34.1 million. Total output of the segment services increased to EUR 20 million compared to EUR 17.9 million in the previous year, driven by a strong order book. EBITDA-wise, the services segment contributed EUR 4.3 million, which has increased by 16%.

Speaker #2: Total output, however, decreased to €85.7 million, compared to €149.6 million in the previous year, due to lower construction activities. Thus, EBITDA of the segment Project Development decreased to minus €4.1 million, from €8.8 million in the previous year.

Speaker #2: Total output of the segment Power Generation increased to €49.6 million, compared to €40.2 million in the previous year, due to comparatively higher wind yields and improved prices.

Speaker #2: EBITDA in the Power Generation segment improved in the first half of 2026 by 17% to €34.1 million. Total output of the Services segment increased to €20.0 million, compared to €17.9 million in the previous year.

Speaker #2: Driven by a strong order book, EBITDA-wise, the services segment contributed €4.3 million, which is an increase of 16%. Regarding the consolidation, eliminations of inter-group profits in the first half of 2026 were significantly lower than in the corresponding period, mainly due to more external sales and less inter-group construction activities.

Dirk Simons: Regarding the consolidation, eliminations of intragroup profits in the first half of 2026 were significantly lower than in the corresponding period, mainly due to more external sales and less intragroup construction activities, and thus led to an improved result. Balance sheet. On the asset side, we see on slide 15 that most is allocated to property, plant, and equipment, as well as inventories, what we see as investments in stable values and recurring cash flows. Our cash position fell to EUR 56.9 million due to investments in project development, but is still on a good level. Equity decreased to EUR 131.4 million, reflecting the negative net income. The equity ratio was 11.6%. However, we continue to aim for an equity ratio of 20% or more in the midterm and already expect a clear improvement in 2026. Adjusted for hidden reserves, the equity ratio was at a comfortable 22.2%.

Speaker #2: And thus led to an improved result. Balance sheet: on the asset side, we see on slide 15 that most is allocated to property, plant, and equipment, as well as inventories, which we see as investments in stable values and recurring cash flows.

Speaker #2: Our cash position fell to €56.9 million due to investments in project development, but is still at a good level. Equity decreased to €131.4 million, reflecting the negative net income.

Speaker #2: The equity ratio was 11.6%. However, we continue to aim for an equity ratio of 20% or more in the midterm and already expect a clear improvement in 2026.

Speaker #2: Adjusted for hidden reserves, the equity ratio was at a comfortable 22.2%. Liabilities to banks remain stable, resulting in net debt of €723.5 million. In addition, it is worth mentioning that the majority of the bank liabilities are non-recourse project financing.

Dirk Simons: Liabilities to banks remain stable, resulting in a net debt of EUR 723.5 million. In addition, it is worth mentioning that the majority of the bank liabilities are non-recourse project financing. To further optimize our maturity profile, we issued the 2026/2031 corporate bond in the H1 2026 with a volume of EUR 36 million, thereby taking early steps to extend our maturity profile and to partially redeem the corporate bond maturing in mid-2027 with a former face value of EUR 65 million. While existing investors showed considerable interest, there was also a noticeable degree of caution amongst new investors, which is not primarily attributable to PNE itself, but it is closely linked to the challenging environment in the renewable energy sector. We continue to examine various options for strengthening our capital base. This includes considering possible capital measures, including debt financing. The final decision on this matter has not yet been taken.

Speaker #2: To further optimize our maturity profile, we issued the 2026/2031 corporate bond in the first half of 2026, with a volume of €36 million, thereby taking early steps to extend our maturity profile and to partially redeem the corporate bond maturing in mid-2027, with a former face value of €65 million.

Speaker #2: While the existing investors showed considerable interest, there was also a noticeable degree of caution amongst new investors, which is not primarily attributable to PNE itself, but is closely linked to the challenging environment in the renewable energy sector.

Speaker #2: We continue to examine various options for strengthening our capital base. This includes considering possible capital measures, including debt financing. The final decision on this matter has not yet been taken.

Speaker #2: With that, I would like to hand back to Heiko for the outlook.

Dirk Simons: With that, I would like to hand back to Heiko for the outlook.

Speaker #1: Thank you, Dirk. Ladies and gentlemen, this leads me to the outlook on slide 17. Like the rest of the industry, we have been navigating difficult waters so far in 2026.

Heiko Wuttke: Thank you, Dirk. Ladies and gentlemen, this leads me to the outlook on slide 17. Like the rest of the industry, we have been navigating difficult waters so far in 2026. We are aware of the challenges which still have to overcome. Nonetheless, we confirm our guidance for the 2026 financial year of EBITDA normalized between EUR 110 to 140 million. Regarding our operating business, we aim to sell further projects in the H2 of the year. At the end of July, we have already completed the sale of two further projects in Germany with a capacity of 45 megawatts. The expansion of our IPP portfolio will be consolidated this year before we further build it up in mid-term. According to our stronger focus on selected core markets, exit for Turkey and Canada are targeted for 2026.

Speaker #1: We are aware of the challenges which we still have to overcome. Nonetheless, we confirm our guidance for the 2026 financial year of normalized EBITDA between €110 million and €140 million.

Speaker #1: Regarding our operating business, we aim to sell further projects in the second half of the year. At the end of July, we have already completed the sale of two further projects in Germany with a capacity of 45 megawatts.

Speaker #1: The expansion of our IPP portfolio will be consolidated this year before we further build it up in the midterm. According to our stronger focus on selected core markets, exits for Turkey and Canada are targeted for 2026.

Speaker #1: With our focus and deliberate transformation and cost-reduction program, we remain firmly on track. In the first half of 2026, however, these cost positions still include program-related expenses associated with the implementation of the transformation measures.

Heiko Wuttke: With our focus and deliberate transformation and cost reduction program, we remain firmly on track. In the H1 2026, however, these cost positions still include program-related expenses associated with the implementation of the transformation measures. As we continue to execute the program, we expect further efficiency gains over the coming quarters. As already mentioned last time, we now focus even more on projects and solutions with high system and grid compatibility, such as BESS applications to meet upcoming German legislation. Coming to the end of my presentation, I would like to emphasize again, we are committed to future-proof, sustainable growth and value creation. With this, I would like to conclude our presentation and open the call for questions.

Speaker #1: As we continue to execute the program, we expect further efficiency gains over the coming quarters. And, as already mentioned last time, we now focus even more on projects and solutions with high system and grid compatibility, such as BES applications to meet upcoming German legislation.

Speaker #1: Coming to the end of my presentation, I would like to emphasize again that we are committed to future-proof, sustainable growth and value creation. With this, I would like to conclude our presentation and open the call for questions.

Speaker #3: We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue.

Operator: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star, then two. Participants are requested to use only hand signals while asking a question. Anyone who has a question may press star and one at this time. The first question is from Karsten from Blumenthal, First Berlin Equity Research. Please go ahead.

Speaker #3: If you wish to remove yourself from the question queue, you may press star, then two. Participants are requested to use only handsets while asking a question.

Speaker #3: Anyone who has a question may press star and one at this time. The first question is from Karsten from Blumenthal, First Berlin Equity Research.

Speaker #3: Please go ahead.

Speaker #1: Good morning, Heiko. Good morning, Dirk. Thanks for presenting the H1 results. My first question is regarding the new EEG. The German cabinet has pushed it through, and as far as I understand it, it doesn't look very promising.

Karsten von Blumenthal: Good morning, Heiko. Good morning, Dirk. Thanks for presenting the H1 results. My first question is regarding the new EEG. The German cabinet has pushed it through, and as far as I understand it does not look very promising. So perhaps you could elaborate on your impressions on the new EEG and how this affects your business.

Speaker #1: So, perhaps you could elaborate on your impressions of the new EEG and how this affects your business.

Speaker #2: Yeah, thank you, Karsten, for your question. In fact, this is, of course, something we very closely monitor. And in general, actually, it's not just about the EEG.

Heiko Wuttke: Yeah. Thank you, Karsten, for your question. In fact, this is, of course, something we very closely monitor. And in general, actually, it is not just about the EEG amendment and as well on the grid package, which is accompanied to that. There are some aspects which are leading in the right direction. For instance, if you look at the additional volume of 12 gigawatts that are planned to increase the auction volume until 2030. So there is a higher volume, and this should be a positive signal to the industry. However, what we still see, and this is mainly related to the grid package, that what was formerly called Redispatch-Vorbehalt has now a different name. It is now Capacity Constraints Bottleneck Areas. There we really see issues which have to be resolved in the ongoing process in the parliament.

Speaker #2: Amendment, and as well on the grid package which is accompanying that, there are some aspects which are leading in the right direction. For instance, if you look at the additional volume of 12 gigawatts that are planned to increase the auction volume until 2030.

Speaker #2: So, there is a higher volume, and this should be a positive signal to the industry. However, what we still see—and this is mainly related to the grid package—is that what was formerly called Redispatch Vorbehalt now has a different name.

Speaker #2: It is now capacity constraints, bottleneck areas. There we really see issues which have to be resolved in the ongoing process in the parliament. Because we, of course, have projects which are not just in those areas.

Heiko Wuttke: Because we, of course, have projects which are not just on those areas, so we are not just completely hit. On the other hand, there are unclear and not very straightforward stipulations, which are not very clear how this will result in the business case. For instance, how to deal with the 5% restricted areas. What is the average, looking backward one year or five years, of these constraints? And there are clearly topics which still need to be addressed. And the same is on limitations on the overall capacity, which could result in redesigning wind projects and wind turbines, and which cannot be done that fast. So there must be another deadline, for instance.

Speaker #2: So we're not just completely hit. On the other hand, there are unclear and not very straightforward stipulations, which are not very clear how this will result in the business case.

Speaker #2: For instance, how do we deal with the 5% restricted areas? What is the average, looking backward one year or five years, of these constraints? And there are clearly topics which still need to be addressed.

Speaker #2: And the same is true for limitations on the overall capacity, which could result in redesigning wind projects and wind turbines, and which cannot be done that quickly.

Speaker #2: So there must be another deadline, for instance. So overall, I think from our side, where we supported this in the associations where we are active, there have been many proposals, and we count on the parliament as well as the federal states, because you have to remember that all 16 federal states have objections on the redispatch Vorbehalt, so on these capacity constraint measures.

Heiko Wuttke: Overall, I think from our side, where we supported this in the associations where we are active in, there have been many proposals, and we count on the parliament as well on the federal states, because you have to remember that all 16 federal states have objection on the Redispatch-Vorbehalt. So on these capacity constraint measures for wind and PV farms. And it's our understanding that the cabinet, at the end of the day, has to react on that. We are still closely on it. Of course, in the areas where we are active, we are promoting this. Overall, one can say there are some positive parts in the amendment, but we are not overly happy with it. Looking at the grid package, we fortunately not only having projects which are in these grid constraint areas, but in other areas, so it will not completely hit us.

Speaker #2: For wind and PV farms. And it's our understanding that the cabinet, at the end of the day, has to react to that. We are still closely on it.

Speaker #2: Of course, in the areas where we are active, we are promoting this. Overall, one can say there are some positive parts in this amendment.

Speaker #2: But we are not overly happy with that. Looking at the grid package, fortunately, we not only have projects which are in these grid constraint areas, but in other areas as well, so it will not completely hit us.

Speaker #2: However, it needs better regulation to, at the end of the day, meet the additional 12 gigawatts that are now on the table.

Heiko Wuttke: However, it needs better regulation to, at the end of the day, meet the additional 12 gigawatts that are now on the table. Because otherwise, you have a higher volume, but it's not feasible to invest in projects to meet that volume. I hope that answers your question.

Heiko Wuttke: However, it needs better regulation to, at the end of the day, meet the additional 12 GW that are now on the table. Because otherwise, you have a higher volume, but it's not feasible to invest in projects to meet that volume. I hope that answers your question.

Speaker #2: Because otherwise, you have a higher volume, but it's not feasible to invest in projects to meet that volume. I hope that answers your question.

Speaker #1: Yeah, that is of great help. Thanks for elaborating on this. One follow-up to it: Do you have a rough idea how much of your German pipeline could be affected by the capacity-limited areas, or so-called Redispatch-Vorbehalt?

Karsten von Blumenthal: Yeah, that is of great help. Thanks for elaborating on this. One follow-up to it, have you a rough idea how much of your German pipeline could be affected by the capacity-limited areas or so-called Redispatch-Vorbehalt?

Speaker #2: Well, we have an idea, but to be clear, it's hard to—it's hard to say today. As I said, there are not very clear stipulations currently in there.

Heiko Wuttke: Well, we have an idea, but to be clear, it's hard to say today, because as I said, there are not very clear stipulations currently in there. So what will really be the trigger point to judge on 5% of curtailment measures within one year? What is the exact area? That's not fixed. And as long as this is not fixed, it's not very clear to be answered. All I can say is that, based on the maps that we have currently, we will not be affected that much. However, if you don't have the regulations, it's hard to really judge on it.

Speaker #2: So, what will really be the trigger point to judge on 5% of curtailment measures within one year? What is the exact area?

Speaker #2: That's not fixed. And as long as this is not fixed, it's not very clear to be answered. All I can say is that, based on the maps that we have currently, we will not be affected that much.

Speaker #2: However, if you don't have regulations, it's hard to really judge on it.

Speaker #1: Okay, fully understood. So let's wait until the Bundestag pushes through the law and see what the outcome will be. I have another question for Dirk.

Karsten von Blumenthal: Fully understood. Let's wait until the Bundestag pushes through the law and see what the outcome will be. I have another question for Dirk. I was a bit puzzled regarding your depreciation, which were much lower in Q2 compared to Q1, if I saw it right. Perhaps you could elaborate on that.

Speaker #1: I was a bit puzzled regarding your depreciation, which was much lower in Q2 compared to Q1, if I saw it right. Perhaps you could elaborate on that.

Dirk Simons: Well, there is actually one impact, that is from the sale of the project Bokel, that obviously also then has an impact on overall depreciation.

Speaker #2: So there is actually one impact that is from the sale of the project Bokel. That, obviously, also then has an impact on overall depreciation.

Speaker #1: All right. Thanks for that, and thanks for taking my questions.

Karsten von Blumenthal: All right. Thanks for that, and thanks for taking my questions.

Speaker #2: You're welcome. Thanks.

Dirk Simons: You are welcome. Thanks.

Speaker #3: The next question is from Holger Steffen, SMC Research. Please go ahead.

Operator: The next question from Holger Steffen, SMC-Research. Please go ahead.

Speaker #4: Good morning, everyone. I have only a few further questions. Once again, about depreciation—it was very low in the second quarter compared to the first quarter.

Holger Steffen: Good morning, everyone. I have only few further questions. Once again, about depreciation. It was very low in Q2 comparing to Q1, and I see no special effects in Q1. I think that the sale of Bokel is not enough to explain this. Are there any other effects?

Speaker #4: And I see no special effect in the first quarter. I think that the sale of Bokel is not enough to explain this. Are there any other effects?

Dirk Simons: Obviously, there are some other effects like the maturity of assets and other things. But we need to have a look in more detail, and we will come back to this.

Speaker #2: So, obviously there are some other effects, like the maturity of assets and other things. But if we actually need to, we will have a look in more detail and we'll come back to this.

Dirk Simons: Obviously, there are some other effects like the maturity of assets and other things. But we need to have a look in more detail, and we will come back to this.

Speaker #4: Okay, fine. One other question: In this area, receivables amounting to €3.5 million were written off. What are the circumstances behind this?

Holger Steffen: Okay, fine. One another question in this area. Receivables amounting to EUR 3.5 million were written off. What are the circumstances behind this?

Dirk Simons: There actually is one main effect behind this. There was an arbitration result in Sweden that actually affected one of our receivables. We lost the case, so to say, and actually needed to adjust.

Speaker #2: So, there actually is one main effect behind this. There was an arbitration result in Sweden that actually affected one of our receivables. And so we lost the case, so to say, and actually needed to adjust.

Holger Steffen: Okay, thanks. I think, to meet your guidance, it is likely that further sales from the portfolio will be necessary this year. To what extent, approximately, are disposals of existing wind farms planned?

Speaker #4: Okay, thanks. I think that to meet your guidance, it is likely that further sales from the portfolio will be necessary this year. To what extent, approximately, are disposals of existing wind farms planned?

Speaker #2: Yeah. Oh, Holger, that's correct. We plan, as I mentioned, further sales of the projects. And that includes some projects from the existing wind farms, and that's why I mentioned in the outlook that we are consolidating this year while building the IPP portfolio up in the midterm.

Heiko Wuttke: Yeah. Holger, that is correct. We plan, as I mentioned, further sales of the projects, and that includes some projects from the existing wind farms. That is why I mentioned in the outlook that we are consolidating this year whilst building the IPP portfolio up in the midterm. Your observation is correct.

Speaker #2: So your observation is correct.

Holger Steffen: May you, can you give us an idea about the amount of disposals from your portfolio?

Speaker #4: And maybe, can you give us an idea about the amount of disposals from your portfolio?

Holger Steffen: May you, can you give us an idea about the amount of disposals from your portfolio?

Speaker #2: Well, it will be a couple of projects, two or three—we will see. But in that area.

Dirk Simons: Well, it will be a couple of projects, two or three, we will see, but in that area.

Speaker #4: Okay, okay, that's fine. Thank you for this information. The sale of the wind farms from the portfolio in the first half of the year generated a deconsolidation gain of €2.3 million.

Holger Steffen: Okay. That is fine. Thank you for this information. The sale of the wind farm from the portfolio in the H1 of the year generated a deconsolidation gain of EUR 2.3 million. Perhaps you could explain this figure in a little more detail and provide an outlook on what deconsolidation gains might be achievable from the sale of further wind farms from the portfolio, because I think it is important for your guidance.

Speaker #4: Perhaps you could explain this figure in a little more detail and provide an outlook on what deconsolidation gains might be achievable from the sale of further wind farms from the portfolio?

Speaker #4: Because I think it's important for your guidance.

Dirk Simons: In more general to the deconsolidation gains, the situation in 2026 compared to 2025 is slightly different because this year we are actually having more external sales compared to last year. As you know, when we are constructing projects and handing them over to IPP, there is a negative consolidation impact related to this. Whereas when we are selling projects to externals, then obviously there is no adjustment in deconsolidation, and hence the deconsolidation result is obviously much better.

Speaker #2: So, in more general terms regarding deconsolidation gains, the situation in 2026 compared to 2025 is slightly different because this year we are actually having more external sales compared to last year.

Speaker #2: Yes. So as you know, when we are constructing projects and handing them over to IPP, there is a negative consolidation impact related to this.

Speaker #2: Whereas, when we are selling projects to externals, then obviously there is no adjustment in deconsolidation, and hence the deconsolidation result is obviously much better.

Holger Steffen: As far as I understood, these EUR 2.3 million are the separate deconsolidation gain of Bokel. I read your report, and that seemed to be low to me. I will ask if you could explain me this special figure.

Speaker #4: As far as I understood, these €2.3 million are the separate deconsolidation gain of Bokel. So, I read your report, and that seemed to be low to me.

Speaker #4: So I ask if you could explain this special figure.

Dirk Simons: So actually, this impact is not just related to Bokel, but it is actually an impact from previous year included in there as well. So actually it is a net amount overall.

Speaker #2: So actually, this impact is not just related to Bokel, but it's actually an impact from the previous year, included in there as well. So actually, it's a net amount overall.

Holger Steffen: Oh, okay. Great. My last question is about your PV pipeline in Germany. I think projects in phase 2 and 3 were reduced by a total of 58 MW peak in Q2. Perhaps you could provide us with a brief explanation of this.

Speaker #4: Oh, okay. Great. My last question is about your PD pipeline in Germany. I think projects in phase two and three were reduced by a total of 58 megawatt-peak in the second quarter.

Speaker #4: Perhaps you could provide us with a brief explanation of this.

Speaker #2: Yes, Holger, that's correct. As you know, the PV market in Germany has mainly its future not only in standalone, but also in hybrid projects combined with batteries.

Heiko Wuttke: Well, Holger, that is correct. As you know, the PV market in Germany has mainly its future, not only standalone, but hybrid projects combined, compared with batteries. As we constantly monitor the quality of projects that can really succeed, we have identified that amount that we do not see able to succeed or to be profitable enough. That is the reason behind.

Speaker #2: And as we constantly monitor the quality of projects that can really succeed, we have identified that amount that is not—that we don't see able to be, yeah, to succeed or to be profitable enough.

Speaker #2: That's the reason behind.

Speaker #4: Okay, I understand. Great, thank you very much for taking my questions.

Holger Steffen: Okay, I understand. Great. Thank you very much for taking my questions.

Speaker #2: You're welcome.

Dirk Simons: You are welcome.

Speaker #1: The next question from Guido Hohemann, Metzler. Please go ahead.

Operator: The next question from Guido Hoymann, Metzler. Please go ahead.

Speaker #2: Yeah. Good morning, gentlemen. Two questions, please. Maybe we do it one by one. So the first one would be on PPAs. You mentioned the PPAs and the relevance of PPAs for your company in your presentation.

Guido Hoymann: Yeah. Good morning, gentlemen. Two questions, please. Maybe do it one by one. The first one would be on PPAs. You mentioned the PPAs and the relevance of PPAs for your company in your presentation. Now again on the new EEG, it looks like under this new regime, it is possible to opt out of the CFD, which is to come once. My question is, can you imagine that the market will split into sort of two segments, one CFD covered segment with low financing costs? Banks will still appreciate the state guarantees, but also low returns. The other one then with PPAs only, higher funding costs, but also higher returns. The question is, do you expect the PPA market to rather expand from next year onwards, under the new regime or to rather decline?

Speaker #2: And now, again, on the new EEG, it looks like under this new regime, it is possible to opt out of the CfD, which is to come. So my question is: Can you imagine that the market will split into sort of two segments—one CfD-covered segment with low financing costs?

Speaker #2: Banks will still appreciate estate guarantees, but also low returns. And the other one, then with PPAs only, higher funding costs, but also higher returns.

Speaker #2: So the question is: Do you expect the PPA market to rather expand from next year onwards under the new regime, or to rather decline?

Speaker #3: Yeah. Thanks for your question, Guido. First of all, the new law is not yet set or cast in stone. There are quite some discussions, especially regarding having direct PPAs, because industry is really lacking and actually longing for direct contracts.

Dirk Simons: Yeah. Thanks for your question, Guido. First of all, the new law is not yet set or cast in stone. There are quite some discussions that especially having direct PPAs because industry is really lacking and actually longing for direct contracts, that this shall be included. We see at least signals that this could go into the direction. I think, yes, your observation is correct. EEG will remain, and you can opt out. It depends, secondly, on the auction level that we currently will see from our point of view. Because if it will be on a very low level, there are

Heiko Wuttke: Yeah. Thanks for your question, Guido. First of all, the new law is not yet set or cast in stone. There are quite some discussions that especially having direct PPAs because industry is really lacking and actually longing for direct contracts, that this shall be included. We see at least signals that this could go into the direction. I think, yes, your observation is correct. EEG will remain, and you can opt out. It depends, secondly, on the auction level that we currently will see from our point of view. Because if it will be on a very low level, there are.

Speaker #3: That this shall be included, and we see at least signals that it could go in this direction. And I think, yes, your observation is correct.

Speaker #3: EEG will remain and we can opt out. It depends, secondly, on the auction level that we will currently see. From our point of view, because if it will be on a very low level, there are more options that you, at the end of the day, really go out into a PPA at a certain stage.

Heiko Wuttke: More options that you, at the end of the day, really go out in a PPA at a certain stage. The PPA market there will remain. If you have projects where you can have a kind of financing with this rather shorter PPA cycles compared to the EEG tariff, then the PPA market still has, let's say, reason for existence and can be profitable. Let's say we are on one hand confident that there are a bit more possibilities in the upcoming EEG. We see on the level that we are currently seeing on the auction prices, possibilities to boost projects that are going in with a lower tariff and then switching later on into a PPA with a higher return in the projects. It is both, I would say.

Speaker #3: So the PPA market there will remain, and if you have projects where you can have a kind of financing with these rather shorter PPA cycles compared to the EEG tariff, then the market—the PPA market—still has, let’s say, reason for existence and can be profitable.

Speaker #3: So we are, let's say, on one hand confident that there are a bit more possibilities in the upcoming EEG. And we see, at the level that we are currently seeing in the auction prices, possibilities to boost projects that are going in with a lower tariff and then switching later on into a PPA with a higher return in the projects.

Speaker #3: So, it's both, I would say.

Guido Hoymann: Okay. Thank you. Connected to that, the second question. In the late tender, I think you were awarded for two projects, I think one in Brandenburg, one in Lower Saxony, at about 5.1 cents a kilowatt hour. Obviously a relatively low price. We have already discussed that countermeasures are necessary to develop such projects profitability under these terms. Maybe based on these two cases, can you describe what you are doing differently now to ensure their success? I am thinking of renegotiating these terms, maybe also renegotiating with turbine manufacturers. Maybe on these two examples, it would be interesting to see what is changing, what you are doing differently now that you have to live with this 5.1 cents.

Speaker #2: Okay, okay, thank you. And, yeah, sort of connected to that, the second question: in the May tender, I think you were awarded for two projects.

Speaker #2: I think one in Brandenburg, one in Lower Saxony, at about 5.1 cents per kilowatt-hour. So obviously a relatively low price. And we have already discussed that countermeasures are necessary to develop such projects profitably under these terms.

Speaker #2: And maybe based on these two cases, can you describe what you are doing differently now to ensure their success? I'm thinking of renegotiating these terms, maybe also renegotiating with turbine manufacturers?

Speaker #2: So maybe on these two examples, yeah, it would be interesting to see what is changing—what you are doing differently now that you have to live with this 5.1 cents?

Speaker #3: Yeah. Thanks. It's, of course, a very low level compared to the recent years. What we are doing mainly in order to still be successful in those tenders is at one is a certain goal that we internally have is really only the best projects will survive.

Heiko Wuttke: Yeah, thanks. It is of course, a very low level compared to the recent years. What we are doing mainly in order to still be successful in those tenders is, one is a certain goal that we internally have is really only the best projects will survive. The question is how we do this. We do, and this is really a team and department following this, we do consequently value engineering in the project. We early on really turn each stone of the whole business case, coming from development, CapEx and the OpEx side. That includes some of the points that you have mentioned, in order to not just renegotiate, yes, this is one element, but really improve, at the end of the day, the output, in terms of turbine choice, in terms of setting up and micrositing. There are many elements.

Speaker #3: And the question is, how do we do this? And we do, and this is really a team and even the whole department following this, we do consequently value engineering.

Speaker #3: In the project, we really make sure to turn over every stone of the whole business case early on, considering everything from development, CAPEX, and the OPEX side. That includes some of the points you have mentioned.

Speaker #3: In order to not just renegotiate—yes, this is one element—but really improve, at the end of the day, the output in terms of turbine choice, in terms of setting up and micro-siting. So there are many, many elements.

Speaker #3: The main point is you have to do this very early on, which we are doing in our stage gate process. And with that, we are confident that we still can participate with profitable projects at that low level.

Heiko Wuttke: The main point is you have to do this very early on, which we are doing in our stage gate process. With that, we are confident that we still can participate with profitable projects on that low level. However, of course, the level is very low and there is a lot of pressure in all these elements, especially on the CapEx side, when talking to all the stakeholders involved.

Speaker #3: However, of course, the level is very low, and there’s a lot of pressure in all these elements, especially on the CAPEX side, when talking to all the stakeholders involved.

Speaker #2: All right. All right. Very clear. Thank you, Michael.

Guido Hoymann: All right. Very clear. Thank you, Heiko.

Speaker #4: Thank you.

Heiko Wuttke: Thank you.

Speaker #1: As a reminder, if you wish to register for questions, please press star and one on your telephone. There are no more questions registered. I would like to turn the conference back over to Mr. Wuttke for any closing remarks.

Operator: As a reminder, if you wish to register for questions, please press star and 1 on your telephone. There are no more questions registered. I would like to turn the conference back over to Mr. Wuttke for any closing remarks. Thank you.

Operator: As a reminder, if you wish to register for questions, please press star and one on your telephone. There are no more questions registered. I would like to turn the conference back over to Mr. Wuttke for any closing remarks. Thank you.

Speaker #1: Thank you.

Speaker #4: Yeah, thank you. Well, if there are no further questions, we would like to thank you for your participation in today's webcast. We look forward to welcoming you next time, maybe at our next webcast on the publication of our quarterly statement for Q3 2026, which is scheduled for the 12th of November, 2026.

Heiko Wuttke: Well, if there are no further questions, we would like to thank you for your participation in today's webcast. We look forward to welcoming you next time, maybe at our next webcast on the publication of our quarterly statement for Q3 2026, which is scheduled for 12 November 2026. Have a great day. Bye-bye.

Speaker #4: So, have a great day. Bye-bye.

Speaker #1: Ladies and gentlemen, the conference is now over. Thank you for choosing Coruscal, and thank you for participating in the conference. You may now disconnect your lines.

Operator: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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