Q4 2026 AB Akola Group Earnings Call

August 20, 2026

Moderator: Group Investor Conference. My name is Olga, and I will be moderating today's event. As always, we will begin with the company's presentation, after which we will address your questions. If you would like to ask a question to the company, please use the Q&A window at the bottom of the screen, or raise your hand to be unmuted after the presentation is over. For your convenience, we are recording this session, and the replay will be available shortly after the call. That being said, I am pleased to introduce our today's host, Mažvydas Šileika, the Deputy CEO for Finance and Investments of Akola Group. Mažvydas, please proceed.

Operator: Group Investor Conference. My name is Olga, and I will be moderating today's event. As always, we will begin with the company's presentation, after which we will address your questions. If you would like to ask a question to the company, please use the Q&A window at the bottom of the screen, or raise your hand to be unmuted after the presentation is over.

Speaker #1: Investor conference. My name is Olga, and I will be moderating today's event. As always, we will begin with the company's presentation, after which we will address your questions.

Speaker #1: If you would like to ask a question to the company, please use the Q&A window at the bottom of the screen, or raise your hand to be unmuted after the presentation is over.

Speaker #1: For your convenience, we are recording these sessions, and the replay will be available shortly after the call. That being said, I am pleased to introduce our host for today, Mazvydas Sileika, the Deputy CEO for Finance and Investments of Akola Group.

Operator: For your convenience, we are recording this session, and the replay will be available shortly after the call. That being said, I am pleased to introduce our today's host, Mažvydas Šileika, the Deputy CEO for Finance and Investments of Akola Group. Mažvydas, please proceed.

Speaker #1: Mazvyda, please proceed.

Speaker #2: Good morning, everyone. Thank you for joining, and thank you, Olga, for the introduction. Welcome to the full-year financial results presentation by Akola Group. We closed another successful financial year, which I'm going to present. Please ask any questions you are interested in, and I will try to go through them.

Mažvydas Šileika: Good morning, everyone. Thank you for joining, and thank you, Olga, for the introduction. Welcome to the full year financial results presentation by Akola Group. We closed another successful financial year, which I am going to present. Please ask any questions which you are interested in, and I will try to go through them. We will start today, of course, with a disclaimer, as always. The presentation may contain some forward-looking statements, but please bear in mind that is only an opinion or the best guess of the management. My name is Mažvydas, and I will take you through the presentation today. I will start with some strategic numbers as this is our full year results presentation. I would like to reflect how we are doing on our main strategic targets, which we have declared and have been following for a while.

Speaker #2: So, we will start with, of course, a disclaimer as always. The presentation may contain some forward-looking statements, but please bear in mind that's only an opinion or the best guess of the management.

Mažvydas Šileika: We will start today, of course, with a disclaimer, as always. The presentation may contain some forward-looking statements, but please bear in mind that is only an opinion or the best guess of the management. My name is Mažvydas, and I will take you through the presentation today. I will start with some strategic numbers as this is our full year results presentation. I would like to reflect how we are doing on our main strategic targets, which we have declared and have been following for a while.

Speaker #2: My name is Mazvydas, and I will take you through the presentation today. So, I will start with some strategic numbers. As this is our full-year results presentation, I would like to reflect on how we are doing on our main strategic targets, which we have declared and have been following for a while.

Speaker #2: So you probably remember very well that one of our main aims, targets, is to have our operating margin more than 3%, and for the last two years we have had it at more than 4%.

Mažvydas Šileika: You would probably remember very well that one of our main aims, targets, is to have our operating margin more than 3%. For the last two years, we have it more than 4%. A year before, it was close to 5%, and last financial year it was 4.1%. We are doing much better than our target for the last two years. A more challenging task for us is return on capital employed, which we are aiming to have more than 12%. This year we ended up at 8.5%, which is short of the target, but it is still a good number. Last year, or 2024/2025, was the year when we were closer to our long-term target. This is one of our main challenges to achieve this one. We are quite well doing on our debt level.

Speaker #2: Last year it was closed a year before, sorry, it was close to 5%, and last financial year it was 4.1, so we're doing much better than our target for the last 2 years.

Mažvydas Šileika: A more challenging task for us is return on capital employed, which we are aiming to have more than 12%. This year we ended up at 8.5%, which is short of the target, but it is still a good number. Last year, or 2024/2025, was the year when we were closer to our long-term target. This is one of our main challenges to achieve this one. We are quite well doing on our debt level.

Speaker #2: A more challenging task for us is return on capital employed, which we are aiming to have at more than 12%. This year, we ended up at 8.5%, which is short of the target, but it's still a good number.

Speaker #2: Last year, our 2024–2025 was the year when we were closer to our long-term target. So, this is one of our main challenges to achieve this one.

Speaker #2: We are doing quite well with our debt level. Our aim is to have less than 4 times, so this year we have 3.

Mažvydas Šileika: We have an aim to have less than 4x. This year we have 3.4x. Last year before, we have 3.3x. So two years in a row. It is a very conservative number from our perspective. We are managing well this long-term target. In terms of our EBITDA target, which is EUR 70 to 90 million. You can see that this year we successfully closed EUR 96 million in EBITDA. Last year was our second-best year in group history, and that gave us EUR 110 million in EBITDA. We have a lower number this year. However, we deem this year really very successful as we have more than EUR 90 million in EBITDA, which is the upper bound of our target. Our dividend policy is to pay not less than 20% from our consolidated net profit.

Speaker #2: Almost 4, less a year before we have 3.3. So, two years in a row, it's a very conservative number from our perspective. And we are managing well this long-term target.

Speaker #2: In terms of our EBITDA target, which is €70 to €90 million, you can see that this year we successfully closed with €96 million in EBITDA.

Speaker #2: Last year was our second-best year in the group's history, and that gave us €110 million in EBITDA. So, we have a lower number this year.

Mažvydas Šileika: Last year was our second-best year in group history, and that gave us EUR 110 million in EBITDA. We have a lower number this year. However, we deem this year really very successful as we have more than EUR 90 million in EBITDA, which is the upper bound of our target. Our dividend policy is to pay not less than 20% from our consolidated net profit.

Speaker #2: However, we deemed this year really very successful, as we have more than €90 million in EBITDA, which is the upper bound of our target.

Speaker #2: Our dividend policy is to pay not less than 20% from our consolidated net profit, and you can see that last year, and the year before, we paid 25%.

Mažvydas Šileika: And you can see that a year before, we paid 25. This year, the best guidance for the shareholders, it is expected to follow our dividend policy and if there is no changes and shareholders approve. We should follow our dividend policy of 20%. A very successful year for us. We have communicated for the market in June that we are aiming to have above our long-term target. We managed successfully close the year at EUR 96 million of EBITDA. Really thank you very much for the whole Akola team. It was a difficult year, but we managed to deliver a very good result. To give you a bit of a perspective, so you have a bit of a history how we have performed. Our revenue now is hovering around EUR 1.5 billion. You can see that the last two years was very similar number.

Speaker #2: This year, the best guidance for the shareholders is that it is expected to follow our dividend policy, and if there are no changes and shareholders approve, then we should follow our dividend policy of 20%.

Speaker #2: So, a very successful year for us. We communicated to the market in June that we are aiming to be above our long-term targets.

Speaker #2: We managed to successfully close the year at €96 million of EBITDA. Really, thank you very much for the role, Akola team. It was a difficult year, but we managed to deliver a very good result.

Mažvydas Šileika: We managed successfully close the year at EUR 96 million of EBITDA. Really thank you very much for the whole Akola team. It was a difficult year, but we managed to deliver a very good result. To give you a bit of a perspective, so you have a bit of a history how we have performed. Our revenue now is hovering around EUR 1.5 billion. You can see that the last two years was very similar number.

Speaker #2: To give you a bit of perspective, so you have a bit of history of how we have performed: our revenue now is hovering around €1.5 billion.

Speaker #2: You can see that the last two years were very similar in number. We had higher revenue reported, but those were very extreme years with very high and volatile commodity prices.

Mažvydas Šileika: We had higher revenue reported, but those were very extreme years with very high and volatile commodity prices. But now when everything is more stable, we see that more or less our revenue is at EUR 1.5 billion. In terms of EBITDA, 96. Net profit was netted at EUR 43 million, which you can see is actually third-best year in the history of Akola Group. Two years in a row we had a really good result, which we are really proud of because previously we had lower numbers in terms of EBITDA net profit as well. Let's look to our main snapshot, which we always present to show how we are performing. Market cap of the group is EUR 278 as of closing of financial year. EBITDA is 96 compared to 110. And now we are actually quite close to our five-year average.

Speaker #2: But now, when everything is more stable, we see that more or less our revenue is at €1.5 billion. In terms of EBITDA, €96 million. Net profit was €43 million, which, as you can see, is actually the third best year in the history of Akola Group.

Speaker #2: So, two years in a row, we had a really good result, which we are really proud of because previously we had lower numbers in terms of EBITDA and net profit as well.

Mažvydas Šileika: Two years in a row we had a really good result, which we are really proud of because previously we had lower numbers in terms of EBITDA net profit as well. Let's look to our main snapshot, which we always present to show how we are performing. Market cap of the group is EUR 278 as of closing of financial year. EBITDA is 96 compared to 110. And now we are actually quite close to our five-year average.

Speaker #2: So let's look to our main snapshot, which we always present to show how we are performing. So, market cap of the group is €287.78 million as of closing of the financial year.

Speaker #2: EBITDA is €96 million compared to €110 million, and now we are actually quite close to our 5-year average. Our 5-year average now stands at €95 million.

Mažvydas Šileika: Our five-year average now stands at EUR 95 million. So we have delivered more or less with the average results. As discussed before, EBIT margin is above 4% and above our target, and as well as our five-year average, which now stands at close to 3.9%. Our biggest challenge is our return on capital employed. We were very close a year before. Last year was a good year, but we are short of our target and five-year average. Earnings per share, 26 versus 36 a year before. A lower amount, which comes from a lower net profit. And if we look to our price to earnings, our valuation has increased to 6.4 times versus four times a year before. However, we are still below our five-year average, and probably you can see that the share is still valued quite conservatively.

Speaker #2: So we have delivered more than a year, more or less, with average results. As discussed before, EBIT margin is above 4% and above our target, as well as our 5-year average, which now stands at close to 3.9%.

Speaker #2: Our biggest challenge is our return on capital employed. We were very close a year before. Last year was a good year, but we are short of our target and five-year average.

Mažvydas Šileika: Last year was a good year, but we are short of our target and five-year average. Earnings per share, 26 versus 36 a year before. A lower amount, which comes from a lower net profit. And if we look to our price to earnings, our valuation has increased to 6.4 times versus four times a year before. However, we are still below our five-year average, and probably you can see that the share is still valued quite conservatively.

Speaker #2: Earnings per share, 26 versus 36 a year before. A lower amount, which comes from a lower net profit. And if we look at our price-to-earnings, our valuation has increased to 6.4 times, versus 4 times a year before.

Speaker #2: However, we're still below our 5-year average, and probably you can see that the share is still valued quite—our €96 million EBITDA consists of different businesses.

Mažvydas Šileika: How does our EUR 96 million EBITDA consist of different our businesses? This year was really very successful for our food production segment and especially poultry business. Colleagues in the poultry business delivered outstanding results, and 61% of our EBITDA comes from food production. Partners for Farmers delivered a solid 20%. Farming, not that successful year, quite a lot of challenges, so only 4% of the EBITDA and other products and services delivered another 15%, which is a mixture of several different businesses. Let's look at our balance sheet. Not a lot of changes. It still is around EUR 1 billion. We have increased our property, plant, and equipment by roughly EUR 10 million. We have invested in several fixed assets, but rather than that, the biggest portion comes from inventory, which more or less is stable due to the prices.

Speaker #2: This year was really very successful for our food production segment, and especially the poultry business. Colleagues in the poultry business delivered outstanding results, and 61% of our EBITDA comes from food production.

Speaker #2: Partners for farmers delivered a solid 20%. Farming was not that successful this year, with quite a lot of challenges, so only 4% of the EBITDA. Other products and services delivered another 15%, which is a mixture of several different businesses.

Mažvydas Šileika: Farming, not that successful year, quite a lot of challenges, so only 4% of the EBITDA and other products and services delivered another 15%, which is a mixture of several different businesses. Let's look at our balance sheet. Not a lot of changes. It still is around EUR 1 billion. We have increased our property, plant, and equipment by roughly EUR 10 million. We have invested in several fixed assets, but rather than that, the biggest portion comes from inventory, which more or less is stable due to the prices.

Speaker #2: Let's look at our balance sheet. Not a lot of changes. It still is around €1 billion. We have increased our property, plant and equipment by roughly €10 million.

Speaker #2: We have invested in several fixed assets, but rather than that, the biggest portion comes from inventory, which is more or less stable due to the prices.

Speaker #2: They have not changed that much in June, when we closed the financial year, and the amounts we carry over are also very similar. Working capital structure is more or less the same—quite strong in terms of our equity in the working capital part. Sixty-one percent is the borrowing base.

Mažvydas Šileika: They have not changed that much in June when we closed the financial year, and the amounts we carry over are also very similar. Working capital structure, more or less the same, quite strong in terms of our equity and working capital part, 61% is the borrowing base. We are quite conservatively leveraged on the long term debt basis. It consists only of 40%. Our total debt at the end of the financial year was close to EUR 400 million, and our available liquidity position is also around the same numbers. We were very close to our maximum limits in the end of the financial year. CAPEX number came at EUR 44 million, so it was more or less in the budget what we have presented during the year. This year was not that intensive in terms of investments.

Speaker #2: So, we are quite conservatively leveraged on a long-term debt basis. It consists of only 40%. Our total debt at the end of the financial year was close to $400 million, and our available liquidity position is also around the same number.

Mažvydas Šileika: Our total debt at the end of the financial year was close to EUR 400 million, and our available liquidity position is also around the same numbers. We were very close to our maximum limits in the end of the financial year. CAPEX number came at EUR 44 million, so it was more or less in the budget what we have presented during the year. This year was not that intensive in terms of investments.

Speaker #2: So, we were very close to our maximum limits at the end of the financial year. Capex number came at $44 million, so it was more or less in line with the budget we had presented during the year.

Speaker #2: So, this year was not that intensive in terms of investments. I will show later what we have delivered and done during the financial year in terms of investments, but more or less, nothing new popped out in the last quarter that we have communicated.

Mažvydas Šileika: I will show later what we have delivered and done during the financial year in terms of investments, but more or less, nothing new popped out in the last quarter that we have communicated. Our capital ratio stands at 37%. It is really strong, and we have increased steadily through the last three years, edging upwards from 30%. Our debt level, as shown before, stands at 3.4x our net debt to EBITDA, while adjusted with readily marketable inventories. This is really under control and according to our plans. Let us look how our top line develops. Our top line looks very similar in the last three years, around EUR 1.5 billion. In terms of volumes, they are also hovering around 3 million tons of various commodities traded. It is 2% lower than last year. The biggest decline comes from the Partners for Farmers segment.

Speaker #2: So our capital ratio stands at 37.37%. It's really strong, and we have increased steadily through the last 3 years, edging upwards from 30%. And our debt level, as showed before, stands at 3.4 times our net debt to EBITDA, while adjusted with readily marketable inventories.

Mažvydas Šileika: Our debt level, as shown before, stands at 3.4x our net debt to EBITDA, while adjusted with readily marketable inventories. This is really under control and according to our plans. Let us look how our top line develops. Our top line looks very similar in the last three years, around EUR 1.5 billion. In terms of volumes, they are also hovering around 3 million tons of various commodities traded. It is 2% lower than last year. The biggest decline comes from the Partners for Farmers segment.

Speaker #2: So this is really under control and according to our plans. So let's look at how our top line develops. Our top line looks very similar in the last three years—around €1.5 billion.

Speaker #2: In terms of volumes, they are also hovering around 3 million tons of various commodities traded. It's 2% lower than last year, and the biggest decline comes from the Partners for Farmers segment.

Speaker #2: However, even in that segment, we have some bright stars which delivered bigger and higher results in terms of tons traded—so it's compound feed.

Mažvydas Šileika: However, even in that segment, we have some bright stars which delivered bigger and higher results in terms of tons traded. It is compound feed, our soybean and soy meal trade expanded, maize as well. But overall, the pressure from our main traded commodities like wheat and oil seeds was lower. If we look in terms of revenue, we have a decline of revenue by 4.4%. That means that not only the amount of commodities traded was lower. However, the prices year on year were also lower. We were operating more or less in a deflationary environment. The only segment which actually more significantly increased in terms of revenue was food, and that came basically from poultry, where we had a little bit of increase in amount we have sold in terms of tons, but the majority of the increase came from still higher prices year on year.

Speaker #2: Our soybean and soy meal trade expanded, as did maize, but overall, the pressure from our main traded commodities like wheat and oilseeds was lower.

Speaker #2: If we look in terms of revenue, we have a decline of revenue by 4.4%. That means that not only was the amount of commodities traded lower, but the prices year on year were also lower.

Mažvydas Šileika: That means that not only the amount of commodities traded was lower. However, the prices year on year were also lower. We were operating more or less in a deflationary environment. The only segment which actually more significantly increased in terms of revenue was food, and that came basically from poultry, where we had a little bit of increase in amount we have sold in terms of tons, but the majority of the increase came from still higher prices year on year.

Speaker #2: So we were operating more or less in a deflationary environment. The only segment which actually more significantly increased in terms of revenue was food, and that came basically from poultry, where we had a little bit of increase in amount.

Speaker #2: We have sold in terms of tons, but the majority of the increase came from still higher prices year on year. So now we see that even though it was a very successful year for food, the food revenue is around 30%, and our biggest share of revenue still comes from Partners for Farmers.

Mažvydas Šileika: Now we see that even though it was a very successful year for food, the food revenue is around 30%, and our biggest share of revenue still comes from Partners for Farmers. So 69% of the revenue is coming out of there. Our gross profit margins, I would say they remained really very strong. We have a decrease in overall euro terms of gross profit from EUR 196 million to EUR 183 million, so it is EUR 11 million less. We have less, or to say maybe more challenging year in farming segment as well as Partners for Farmers. We have an increase in sentiment in food segment, however, it was not enough to offset the losses we had in other segments. Gross profit margin for the 12 months of the financial year is 12.1%, and it is really very close to last year's result, which was 12.3%.

Speaker #2: So, 69% of the revenue is coming out of there. Our gross profit margins, I would say, remained really, really very strong. We have a decrease in overall euro terms of gross profit from €196 million to €183 million, so it's €11 million less.

Speaker #2: We have a less, or to say, maybe a more challenging year in the farming segment, as well as for partners and farmers. We have an increase in sentiment in the food segment; however, it wasn't enough to offset the losses we had in other segments.

Mažvydas Šileika: We have less, or to say maybe more challenging year in farming segment as well as Partners for Farmers. We have an increase in sentiment in food segment, however, it was not enough to offset the losses we had in other segments. Gross profit margin for the 12 months of the financial year is 12.1%, and it is really very close to last year's result, which was 12.3%.

Speaker #2: Gross profit margin for 12 years is for the 12 months of the financial year is 12.1%, and it's really very close to last year's result, which was 12.3.

Speaker #2: So we actually delivered a bit lower volumes and revenue, and but we remained or or or we kept the same level of gross profit margin.

Mažvydas Šileika: We actually delivered a bit lower volumes and revenue, but we remained or we kept the same level of gross profit margin. Five-year average is 10.2%, so we are above the average, which we think is also a crucial part of the successful results for this year. 55% of the gross profit came from food, and this is a bigger percentage compared to last year. Partners for Farmers lost another percentage or part of the share of the gross profit, and now that has shifted quite nicely to our food part. Looking forward, it probably will balance out a bit more. We will see the view will be more like maybe in 2024, 2025, where we had the more balanced shares where also farming had also a more significant part in the split of gross profit.

Speaker #2: The five-year average is 10.2, so we are above the average, which we think is also a crucial part of the successful results for this year.

Speaker #2: Fifty-five percent of the gross profit came from food, and this is a bigger percentage compared to last year. Partners for Farmers lost another percentage or part of the share of the gross profit, and now, you know, that has shifted quite nicely to our food part.

Mažvydas Šileika: Partners for Farmers lost another percentage or part of the share of the gross profit, and now that has shifted quite nicely to our food part. Looking forward, it probably will balance out a bit more. We will see the view will be more like maybe in 2024, 2025, where we had the more balanced shares where also farming had also a more significant part in the split of gross profit.

Speaker #2: Looking forward, it probably will balance out a bit more. We will see that the view will be more like maybe in '24, '25, where we had a more balanced share. Shares were also farming, and farming had also a more significant part in the split of gross profit.

Speaker #2: Our operating profit is €62 million for the financial year 25/26. It went down from quite a high number of €118 million. The share shifted very much, or tilted very much, towards the food segment.

Mažvydas Šileika: Our operating profit is EUR 62 million for the financial year 2025 and 2026. It went down from quite a high number of EUR 80 million. The share shifted very much or tilted very much towards the food segment. As you can see, food segment delivered 94% of our operating profit. There are two reasons behind that. Farming, as you can see, delivered negative results on the operating profit compared to positive results last year. So they are not playing a significant part in the split. Unfortunately, we also had less successful year than last year in our Partners for Farmers segments. I will talk about the reasons behind that later on, but the share has decreased to 15%. Overall, our EBIT margin is looking strong. For 12 months, we have 4.1%. It decreased from 5% last year.

Speaker #2: As you can see, the Food segment delivered 94% of our operating profit. And there are two reasons behind that. Farming, as you can see, delivered negative results on the operating profit compared to positive results last year.

Speaker #2: So they are not playing a significant part in the split. And unfortunately, we also had a less successful year than last year. In our Partners for Farmers segments—I will talk about the reasons behind that later on—but the share has decreased to 15%.

Mažvydas Šileika: Unfortunately, we also had less successful year than last year in our Partners for Farmers segments. I will talk about the reasons behind that later on, but the share has decreased to 15%. Overall, our EBIT margin is looking strong. For 12 months, we have 4.1%. It decreased from 5% last year.

Speaker #2: Overall, our EBIT margin is looking strong for the 12 months. We have 4.1%. It decreased from 5% last year. However, we managed to increase the EBIT margin on a quarter-on-quarter basis.

Mažvydas Šileika: However, we managed to increase the EBIT margin quarter on quarter basis. Nine-month margin was 3.6%, and we increased to 4.1%, which is actually a good result, meaning that we had a really successful last quarter. You probably have noticed through our webinars and following our stock and our financial performance that first and last quarters of the financial year are really important, where we are trying to deliver our strongest results. It is also due to seasonality, when the farming activity is there when trading is more active. Let's dive in into the segments, and first is our Partners for Farmers, which has delivered lower sales. Last year, it had EUR 1.15 billion in revenue. This year is closer to EUR 1 billion in revenue. It comes from both parts, lower sales in volumes as well as lower prices.

Speaker #2: So, 9-month margin was 3.6, and we increased to 4.1, which is actually a good result, meaning that we had a really successful last quarter.

Speaker #2: You probably have noticed, from our webinars and, you know, in following our stock and our financial performance, that the first and last quarters of the financial year are really important, where we are trying to deliver our strongest results.

Speaker #2: It's also due to seasonality. When the farming activity is higher, it is there; when trading is more active. So let's dive into the segments, and first is our Partners for Farmers.

Mažvydas Šileika: It is also due to seasonality, when the farming activity is there when trading is more active. Let's dive in into the segments, and first is our Partners for Farmers, which has delivered lower sales. Last year, it had EUR 1.15 billion in revenue. This year is closer to EUR 1 billion in revenue. It comes from both parts, lower sales in volumes as well as lower prices.

Speaker #2: Which has delivered lower sales last year. It had €1.15 billion in revenue. This year, it is closer to €1 billion in revenue.

Speaker #2: So it comes from both parts—lower sales in volumes, as well as lower prices. But if we go to grain storage and logistics, it was a better year.

Mažvydas Šileika: If we go to grain storage and logistics, it was a better year. We had EUR 10 million of gross profit compared to EUR 8 million, and there are several reasons behind that. Record high received amount of grain into our elevator network. The amount which we actually have gathered through our elevator network was higher. We have also a new storage facility in Kaunas. It started operations. It is more for plant protection or micronutrients, but this is a step forward to service our customers better. This year is the year where we operating with the full result or full effect of our last acquisition, Elagro Trade in Latvia, and that delivered additional amounts. The additional amounts are around 100,000 tons of grains. However, we had challenges with moisture of the grain we received into the elevators.

Speaker #2: We had €10 million of gross profit, compared to €8 million. And there are several reasons behind that. Record high amounts of grain were received into our elevator network.

Speaker #2: The amount which we actually have gathered through our elevator network was higher. We also have a new storage facility in Konas. It started operations.

Mažvydas Šileika: We have also a new storage facility in Kaunas. It started operations. It is more for plant protection or micronutrients, but this is a step forward to service our customers better. This year is the year where we operating with the full result or full effect of our last acquisition, Elagro Trade in Latvia, and that delivered additional amounts. The additional amounts are around 100,000 tons of grains. However, we had challenges with moisture of the grain we received into the elevators.

Speaker #2: It is more for plant protection or micronutrients, but this is a step forward to serve our customers better. This year is the year where we are operating with the full result, or full effect, of our last acquisition, Elaborate Trade in Latvia.

Speaker #2: And that delivered additional amounts—additional amounts are around 100,000 tons of grains. However, we had challenges with the moisture of the grain we received into the elevators. Also, the test weight was lower.

Mažvydas Šileika: Also, the test weight was lower, so elevators had more activity to process the grain, to clean them better and of course, to dry them. That is the effect where we have a better result coming to the gross profit. Well, when we go down to grains and oil seeds trade, you see that we have delivered lower results in terms of volumes. Even though we added a larger trade and the new elevator capacity in Latvia, we had issues with quantities of grains in Latvia. Overall, the market was very challenging. If Lithuania was more or less stable, the challenges in Latvia were bigger, and we couldn't deliver last year volumes or the volumes at least we planned. We also delivered lower gross profit. There are several reasons behind that.

Speaker #2: So elevators had more activity to process the grain, so clean them better, and of course to dry them. That's the effect where we have a better result coming to the gross profit.

Speaker #2: Well, when we go down to grains and oilseeds trade, you see that we have delivered lower results in terms of volumes. Even though we added elaborate trade and the new elevator capacity in Latvia, we had issues with quantities of grains in Latvia.

Mažvydas Šileika: Even though we added a larger trade and the new elevator capacity in Latvia, we had issues with quantities of grains in Latvia. Overall, the market was very challenging. If Lithuania was more or less stable, the challenges in Latvia were bigger, and we couldn't deliver last year volumes or the volumes at least we planned. We also delivered lower gross profit. There are several reasons behind that.

Speaker #2: Overall, the market was very challenging. Lithuania was more or less stable. The challenges in Latvia were bigger, and we couldn't deliver last year's volumes, or at least the volumes we had planned.

Speaker #2: We also delivered lower gross profit. There are several reasons behind that. The main one is that we were trading lower quality grain. So we were trading more grain of a seed quality than food quality.

Mažvydas Šileika: The main one is that we were trading lower quality grain, so we were trading more grain of a seed quality than food quality. We were working in more deflationary environment, so meaning the prices of grain in the market were quite low or even decreasing, and the premiums for grain was also not great. So meaning that there were no lack of supply of grain in the market throughout the year. So basically, the pressure and the amount of grain in the market was sufficient, and it was not a market where we could reach the results of last year. If we look at seed, the total volumes were more or less stable. However, we have a lower result of our gross profit. If compound feed delivered good results, we are market leaders here. We are the biggest producer, and we have utilized our capacity fully.

Speaker #2: We were working in more deflationary environments, meaning the prices of grain in the market were quite low or even decreasing. And the premiums for grain were also not great.

Speaker #2: So, meaning that there was no lack of supply of grain in the market throughout the year. So, basically, the pressure and the amount of rates in the market were sufficient, and it was not a market where we could reach the results of last year.

Mažvydas Šileika: So basically, the pressure and the amount of grain in the market was sufficient, and it was not a market where we could reach the results of last year. If we look at seed, the total volumes were more or less stable. However, we have a lower result of our gross profit. If compound feed delivered good results, we are market leaders here. We are the biggest producer, and we have utilized our capacity fully.

Speaker #2: If we look at seed, the total volumes were more or less stable. However, we have a lower result for our gross profit. Compound feed delivered good results—we are market leaders here.

Speaker #2: We are the biggest producer and we have utilized our capacity fully. We had some challenges with pizza trade and amino acids especially, so this part did not lead to better results.

Mažvydas Šileika: We had some challenges with feedstuff trade, mineral feeds, especially. So this part did not let to deliver better results. Feedstuff trade was hit by supply shocks in Poland and in other markets where we are trading. Also the supply from Ukraine was not there because Ukraine, throughout the year, had a very good access to the Black Sea ports. So they chose to export their commodities through the Black Sea ports, but not through the border of Poland and to the Western Europe. One of the biggest challenges we had and the issues which affected the results, which we have communicated throughout the year, due to duty taxes, due to the sharp decrease in the market price, our position in the mineral assets was unprofitable.

Speaker #2: Pizza trade was hit by, you know, a supply shocks in in Poland and in other markets. We where we are trading and also the supply from Ukraine was not there because Ukraine throughout the year had a very good access to the Black Sea ports.

Speaker #2: So, they chose to export their commodities through the Black Sea ports, but not through the border of Poland and to Western Europe. One of the biggest challenges we had—and the issues which affected the results which we have communicated throughout the year—was due to duty taxes and due to the sharp decrease in the market price.

Mažvydas Šileika: So they chose to export their commodities through the Black Sea ports, but not through the border of Poland and to the Western Europe. One of the biggest challenges we had and the issues which affected the results, which we have communicated throughout the year, due to duty taxes, due to the sharp decrease in the market price, our position in the mineral assets was unprofitable.

Speaker #2: Our position in amino acids was in profitable. We have already written down that position with our half year results and in the for the full full year results that didn't change that much and that didn't allow us to rebound in the profitability.

Mažvydas Šileika: We have already written down that position with our H1 results and for the full year results, that didn't change that much, and that didn't allow us to rebound in the profitability. We are really happy with our input performance. Our volumes remain quite stable, bit less, but not that much. However, our gross profit is stable, even though the year for the farmers was not really that great. You can see from our farming companies performing, there were quite a lot of tension in the market. But overall, our product mix in terms of feeds, seeds, fertilizers, micronutrients, and plant protection was a good offer for the farmers. We had good positions in the fertilizer trade. We managed to buy our main positions for fertilizers before the Carbon Border Adjustment Mechanism going into effect. So we had the ability to offer farmers competitive pricing.

Speaker #2: We are really happy with our input performance. Our volumes remain quite stable—a bit less, but not by much. However, our gross profit is stable, even though the year for the farmers was not really that great.

Speaker #2: You can see from our farming companies' performance there was quite a lot of tension in the market, but overall our product mix in terms of feed, seeds, fertilizer, micronutrients, and plant protection was a good offer for the farmers.

Mažvydas Šileika: But overall, our product mix in terms of feeds, seeds, fertilizers, micronutrients, and plant protection was a good offer for the farmers. We had good positions in the fertilizer trade. We managed to buy our main positions for fertilizers before the Carbon Border Adjustment Mechanism going into effect. So we had the ability to offer farmers competitive pricing.

Speaker #2: We had good positions in the fertilizer trade. We managed to buy our main positions of fertilizers before the Carbon Border Adjustment Mechanism went into effect.

Speaker #2: So, we had the ability to offer farmers competitive pricing. That allowed us to deliver stable results year on year, even though the market was more difficult than last year.

Mažvydas Šileika: That allow us to deliver stable results year on year, even though the market was more difficult than last year. Machinery, unfortunately, declining results year on year. There is a very mixed feeling in the market because EU subsidies are not here this year. Last year, we had record amount of subsidies for machinery. This year, we have a much, much lower amount of money available to the farmers, and this impacted total market size, both in Lithuania as well as in Latvia and Estonia. But the biggest drop is in Lithuania because we had those record subsidy rounds, now actually two years before. However, we try to focus more on after-sales or offer farmers what is really available and offer the best solutions for them. Investments into grain handling equipment and farming and working equipment was also average due to lower financial standing of the farmers.

Speaker #2: So, unfortunately, machinery is showing declining results year on year. There is a very mixed feeling in the market because EU subsidies are not here this year.

Speaker #2: Last year, we had a record amount of subsidies for machinery. This year, we have much, much lower amounts of money available to the farmers, and this impacted total market size both in Lithuania, as well as in Latvia and Estonia. But the biggest drop is in Lithuania, because we had those record subsidy rounds now actually two years before.

Mažvydas Šileika: But the biggest drop is in Lithuania because we had those record subsidy rounds, now actually two years before. However, we try to focus more on after-sales or offer farmers what is really available and offer the best solutions for them. Investments into grain handling equipment and farming and working equipment was also average due to lower financial standing of the farmers.

Speaker #2: However, we try to focus more on after-sales or offer farmers, you know, what is really available and offer the best solutions for them.

Speaker #2: Investments into grain handling equipment, farming, and milking equipment were also average, due to the lower financial standing of the farmers. So let's go to food production, which was our most successful segment this year.

Mažvydas Šileika: Let's go to food production, which was our most successful segment this year. The biggest success comes from our poultry operations. Second year in a row, poultry as a business, as a performer, is a star in our portfolio. We are very well-positioned in this kind of the market situation to reap the best benefits we have because we are fully integrated into the full production cycle, meaning that we have breeding, we have the slaughtering, and of course, we have our products which are really well-perceived in the market. The profitability year on year is higher. Our gross profit is EUR 87 million versus EUR 69 million a year before. In terms of sales, it is a very stable year. The prices have increased a bit, but not that much year on year. They remain quite high.

Speaker #2: And the biggest success comes from our poultry operations. For the second year in a row, poultry as a business and as a performer is a star in our portfolio.

Speaker #2: We are very well positioned in this kind of market situation to reap the best benefits because we are fully integrated into the full production cycle, meaning that we have breeding, we have the slaughtering, and of course we have our products, which are really well perceived in the market.

Speaker #2: So the profitability, year on year, is higher. Our gross profit is €87 million versus €69 million the year before. In terms of sales, it's a very stable year.

Mažvydas Šileika: The profitability year on year is higher. Our gross profit is EUR 87 million versus EUR 69 million a year before. In terms of sales, it is a very stable year. The prices have increased a bit, but not that much year on year. They remain quite high.

Speaker #2: The prices have increased a bit, but not that much year on year. They remain quite high. Demand is stable or even increasing, as poultry as a protein source is perceived to be really healthy, and it has been increasing for a while because people tend to consume more fresh poultry than other kinds of protein.

Mažvydas Šileika: Demand is stable or even increasing as poultry as a protein source is perceived to be really healthy, and it has been increasing for a while, because people tend to consume more fresh poultry than other kind of protein. It was also comparably better positioned in terms of price for consumers, as beef was very expensive during the year as well. We have some pressure from frozen parts of the trade, because the amounts which were going to Middle East from Brazil and other countries have been diverted by them to the European Union. Biosecurity and operational excellence, of course, remains our main focus because the avian flu and other diseases are there in the market. The picture hasn't changed that much. Our neighbors and the biggest poultry exporters, Polish producers, are still facing the challenge and struggling to operate.

Speaker #2: It was also in a comparatively better position in terms of price for consumers, as beef was very expensive during the year as well.

Speaker #2: We have some pressure from frozen parts of the trade, because the amounts which were going to the Middle East from Brazil and other countries have been diverted by them to the European Union.

Mažvydas Šileika: We have some pressure from frozen parts of the trade, because the amounts which were going to Middle East from Brazil and other countries have been diverted by them to the European Union. Biosecurity and operational excellence, of course, remains our main focus because the avian flu and other diseases are there in the market. The picture hasn't changed that much. Our neighbors and the biggest poultry exporters, Polish producers, are still facing the challenge and struggling to operate.

Speaker #2: And biosecurity and operational excellence, of course, remain our main focus, because the avian flu and other diseases are still present in the market. The picture hasn't changed that much.

Speaker #2: And our neighbors and the biggest poultry exporters, Polish producers, are still facing the challenge and struggling to operate. So our focus has not changed from there, because that's a huge risk going forward to next year as well.

Mažvydas Šileika: Our focus has not changed from there because that is a huge risk going forward to the next year as well. Instant foods and ready-to-eat foods, unfortunately, we have a bad drop compared year on year. Our gross profit from this segment is EUR 7 million compared to EUR 9 million a year before. Several reasons behind here. Even though we managed to increase the sales slightly, that mainly came from a more quality basket of sales and maybe increase in pricing. However, we could not offset increase in our costs. One thing was packaging. Packaging has increased throughout the year because we know with increase in oil, we have an effect going forward to our plastics and packaging costs. Other costs like logistics and energy also influenced our results. We have higher energy prices in terms of gas.

Speaker #2: Instant foods and ready-to-eat foods, unfortunately, we have a backdrop compared year on year. Our gross profit from this segment is €7 million compared to €9 million a year before.

Speaker #2: There are several reasons behind this. Even though we managed to increase sales slightly, that mainly came from a more quality basket of sales and maybe some increased pricing.

Mažvydas Šileika: Even though we managed to increase the sales slightly, that mainly came from a more quality basket of sales and maybe increase in pricing. However, we could not offset increase in our costs. One thing was packaging. Packaging has increased throughout the year because we know with increase in oil, we have an effect going forward to our plastics and packaging costs. Other costs like logistics and energy also influenced our results. We have higher energy prices in terms of gas.

Speaker #2: However, we could not offset the increase in our cost. One thing is packaging—packaging has increased throughout the year because, as we know, with the increase in oil, we have an effect going forward on plastics and packaging costs.

Speaker #2: Other costs, like logistics and energy, also influenced our results. We have higher energy prices in terms of gas. Logistics are more expensive, or it even takes longer to export to some markets.

Mažvydas Šileika: Logistics are more expensive or even longer it takes to export to some markets. That didn't allow us to keep the result more or less stable. Even though we have an increase in sales, that did not offset the input side. The biggest challenge here is further increase the sales. We're still not running full capacity of our new plants or new investments, so we need to do that in terms of flour and coating systems. Flour was quite stable. Coating systems, we increased our sales volumes. However, that did not give a lot of effect because those sales were not that profitable in terms to offset the input cost, because input cost in this segment also had an effect like in instant food and ready-to-eat food segment. Let's move to agricultural production, our farming segment.

Speaker #2: So, that didn't allow us to keep the result more or less stable, even though we had an increase in sales that did not offset the input side.

Speaker #2: So the biggest challenge here is to further increase sales. We are still not running at full capacity of our new plants or new investments, so we need to do that.

Speaker #2: In terms of flour and coating systems so flour was quite stable. Coating systems we increased our sales volumes. However you know that did not give a lot of effect because those sales were not not not that profitable in terms to offset the input cost because input cost in this segment also had a effect like in a instant food and ready to eat food segment.

Mažvydas Šileika: Flour was quite stable. Coating systems, we increased our sales volumes. However, that did not give a lot of effect because those sales were not that profitable in terms to offset the input cost, because input cost in this segment also had an effect like in instant food and ready-to-eat food segment. Let's move to agricultural production, our farming segment.

Speaker #2: So let's move to agricultural production, our farming segment. We more or less delivered the same amount in terms of tons; however, our sales were lower by €5 million, and that represents lower prices for crops as well as for milk.

Mažvydas Šileika: We more or less delivered the same amount in terms of tons. However, our sales were lower by EUR 5 million, and that represents lower prices for crops as well as for milk. If we look at crop production, the quality was lower, so we were selling lower quality grain throughout the year. Because of the moisture and other parameters, that gave us lower price and lower premium. We had a higher input on fertilizer cost. The prices for inputs were a bit higher. However, our cost per ton decreased because the amount which we have delivered was quite good. The market conditions remained quite uncertain throughout the year, and that did not favor us. Looking at the new harvest, expectations were in this quite positive. Volume is expected to be quite big, probably not lower or even bigger than last year.

Speaker #2: So, if we look at crop production, the quality was lower, so we were selling lower quality grain throughout the year. And because of the moisture and other parameters, that gave us lower price and lower premium.

Speaker #2: We had higher input and fertilizer costs. The prices for inputs were a bit higher. However, our cost per ton decreased because the amount which we have delivered was quite good.

Mažvydas Šileika: We had a higher input on fertilizer cost. The prices for inputs were a bit higher. However, our cost per ton decreased because the amount which we have delivered was quite good. The market conditions remained quite uncertain throughout the year, and that did not favor us. Looking at the new harvest, expectations were in this quite positive. Volume is expected to be quite big, probably not lower or even bigger than last year.

Speaker #2: The market conditions remain quite uncertain throughout the year, and that did not favor us. Looking at the new harvest, expectations were and are quite positive.

Speaker #2: Volume is expected to be quite big, probably not lower or even bigger than last year. More or less, harvesting is at the end throughout the three Baltic states.

Mažvydas Šileika: More or less, harvesting is in the end throughout the three Baltic states, and the farmers can already see the possible results. Milk production is our second segment, and we delivered more or less the same amount in terms of tons. However, our milk prices are lower year-on-year by 30%. We were not profitable in terms of milk production because the prices are lower. We also had some higher energy and feed costs. One effect which is also here is that we had to reevaluate, to the negative side, our milking cows, which are our biological assets, and the effect is quite high. We have a -4 million in this segment for reevaluation of our biological assets. That comes not only from our operations, but the low milk prices also had effect on our asset side.

Speaker #2: And the farmers can already see the possible results. Milk production is our second segment, and we delivered more or less the same amount in terms of tons.

Speaker #2: However, our milk prices are lower year-on-year by 30%. So, we were not profitable in terms of milk production because the prices are lower.

Speaker #2: We also had some higher energy and feed costs. And one effect which is also here is that we had to revaluate to the negative side our milking cows, which are our biological assets, and the effect is quite high.

Mažvydas Šileika: We also had some higher energy and feed costs. One effect which is also here is that we had to reevaluate, to the negative side, our milking cows, which are our biological assets, and the effect is quite high. We have a -4 million in this segment for reevaluation of our biological assets. That comes not only from our operations, but the low milk prices also had effect on our asset side.

Speaker #2: We have a minus €4 million in this segment for the revaluation of our biological assets. So that comes not only from our operations, but the low milk prices also had an effect on our asset side.

Speaker #2: Looking forward, it really depends on the milk price, because if that doesn't recover, we will have another sluggish year in terms of agricultural production.

Mažvydas Šileika: Looking forward, it really depends on the milk price, because if that doesn't recover, we will have another sluggish year in terms of agricultural production. We talked briefly about our investment that came at EUR 43 million. It's lower than last year, but it's similar to 2023, 2024. We think that is a good number because we planned 44 and we were very close to the plan, so we are good at planning and allocating our capital. The main things we did this year, of course, we launched in July, so we finished the investment in our first biogas plant. In Lukšiai, one of our farming companies, it was EUR 11 million. We've finished two dairy farm modernization projects in Sidabravas and Žibartoniai that was around EUR 5 million. We're investing heavily in our poultry operations because they are really successful, and we want to keep the efficiency there.

Speaker #2: So, we talked briefly about our investment that came in at €43 million. It's lower than last year, but it's similar to 23/24. We think that is a good number because we planned €44 million, and we were very close to the plan.

Speaker #2: So we are good at planning and allocating our capital. And the main things we did this year, of course, we launched — we launched in July, so we finished investment in our first biogas plant in Luxi, one of our farming companies.

Mažvydas Šileika: The main things we did this year, of course, we launched in July, so we finished the investment in our first biogas plant. In Lukšiai, one of our farming companies, it was EUR 11 million. We've finished two dairy farm modernization projects in Sidabravas and Žibartoniai that was around EUR 5 million. We're investing heavily in our poultry operations because they are really successful, and we want to keep the efficiency there.

Speaker #2: It was €11 million. With the completion of two dairy farm modernization projects in Cidabravas and Gibatoni, that was around €5 million. We're investing heavily in our poultry operations because they're really successful, and we want to keep the efficiency there.

Speaker #2: That's around 13 million euros throughout the year. Other group investments smaller and bigger amount group. You probably follow us and you know that we have received a grant to the to to to develop an animal byproduct processing plant in Kishadori.

Mažvydas Šileika: That's around EUR 13 million throughout the year. Other group investments, smaller and bigger, amount above EUR 60 million throughout the group. You probably follow us, and you know that we have received a grant to develop an animal byproduct processing plant in Kriščiūnai, so that project is on the table. When we finally confirm the business plan with the exact amounts, we will inform the market, so that's a thing to go into the next or this financial year, which already started, and two projects which we are considering but we haven't yet pushed the start button or made a decision is the pet food production and expansion of our feed plant. These projects are still under consideration, and you will probably hear some news when we decide something on this new project. Thank you very much for listening. I will just briefly remind you some our investment proposition.

Speaker #2: So, that project is on the table. When we finally confirm the business plan with the exact amounts, we will inform the market. So that's something going into the next, or this, financial year which has already started.

Mažvydas Šileika: When we finally confirm the business plan with the exact amounts, we will inform the market, so that's a thing to go into the next or this financial year, which already started, and two projects which we are considering but we haven't yet pushed the start button or made a decision is the pet food production and expansion of our feed plant. These projects are still under consideration, and you will probably hear some news when we decide something on this new project. Thank you very much for listening. I will just briefly remind you some our investment proposition.

Speaker #2: And two projects which we are considering, but we haven't yet pushed the start button or made a decision on, are a pet food production facility and the expansion of our feed plant.

Speaker #2: So these two projects are still under consideration, and we will probably hear some news when we decide on something regarding this new project.

Speaker #2: So, thank you very much for listening. I will just briefly remind you of our investment proposition. I think it's really visible this financial year.

Mažvydas Šileika: I think it's really visible this financial year. We're a really strong group in the Baltics. We are one of the biggest, and of course, we have this diversified model. We operate from field to fork, which actually help us to deliver good results even when we have volatile years. You can see that from our EBITDA generation. We have this discipline under capital allocation. We try to deliver what we have planned, and we are consistently executing on our long-term strategy to invest into the businesses which we believe in, which we understand, and which is in the value chain of our business. Thank you very much for listening, and I'm looking forward to your questions.

Speaker #2: We're a really strong group in the Baltics. We are one of the biggest. And of course, we have this diversified model—we operate from field to fork.

Speaker #2: This actually helps us to deliver good results even when we have volatile years. You can see that from our EBITDA generation. We have this discipline in capital allocation.

Mažvydas Šileika: We have this discipline under capital allocation. We try to deliver what we have planned, and we are consistently executing on our long-term strategy to invest into the businesses which we believe in, which we understand, and which is in the value chain of our business. Thank you very much for listening, and I'm looking forward to your questions.

Speaker #2: We try to deliver what we have planned, and we are consistently executing on our long-term strategy to invest in the businesses which we believe in, which we understand, and which are in the value chain of our business.

Speaker #2: So, thank you very much for listening. I'm looking forward to your questions.

Speaker #1: Yes. Thank you, Marjorie, for indeed a very detailed presentation. And now, yes, we are moving to the questions. So let me just remind you that you can submit your questions in writing in the Q&A window, or you can raise your hand and be unmuted.

Moderator: Yes. Thank you, Mažvydai, for indeed a very detailed presentation. Now, yes, we are moving to the questions. Let me just remind you that you can submit your questions in writing in Q&A window, or you can raise your hand and be unmuted. We have received already a number of questions, so let's move forward. First of all, our listener would like to extend congratulations to the company on a very decent finish to the financial year. Then he asks if you could share your thoughts about the crop situation in Lithuania and the Baltic region, including expected volumes and quality as well as pricing environment.

Operator: Yes. Thank you, Mažvydai, for indeed a very detailed presentation. Now, yes, we are moving to the questions. Let me just remind you that you can submit your questions in writing in Q&A window, or you can raise your hand and be unmuted. We have received already a number of questions, so let's move forward. First of all, our listener would like to extend congratulations to the company on a very decent finish to the financial year. Then he asks if you could share your thoughts about the crop situation in Lithuania and the Baltic region, including expected volumes and quality as well as pricing environment.

Speaker #1: So, we have already received a number of questions, so let's move forward. First of all, our listener would like to extend congratulations to the company on a very decent finish to the financial year.

Speaker #1: And then he asks if you could share your thoughts about the crop situation in Lithuania and the Baltic region, including expected volumes and quality, as well as the pricing environment.

Speaker #2: Thank you again. So, volumes are looking really very good. They are at the same level, or even better than last year. Prices have increased since June.

Mažvydas Šileika: Thank you again. Volumes are looking really very good. They are same level or even better than last year. Prices have increased since June, so during July and August, prices for wheat and rapeseed have increased, and now the prices are more prominent for the farmers. They look really, how to say, financially successful for them. That's a good sign. One issue with quality, overall quality was expected and is quite good. However, I don't know if you have heard, we have an issue regarding Fusarium, which is an issue for the grain quality, and that happened because of very humid and rainy weather, especially during when wheat was flowering. That is affecting the quality of the grain. We don't know yet the extent of this problem. It will be more visible when more farmers will deliver a significant amount of grain into the traders' elevators.

Speaker #2: So, during July and August, prices for wheat and rapeseed have increased. And now the prices are more prominent for the farmers. They look really, how to say, financially successful for them.

Speaker #2: That's a good sign. One issue with quality overall quality was expected and is quite good. However I don't know if you have if you have heard we have an issue regarding fusariosis which is a a a a an issue for the grain quality and that happened because of very humid and rainy weather.

Mažvydas Šileika: However, I don't know if you have heard, we have an issue regarding Fusarium, which is an issue for the grain quality, and that happened because of very humid and rainy weather, especially during when wheat was flowering. That is affecting the quality of the grain. We don't know yet the extent of this problem. It will be more visible when more farmers will deliver a significant amount of grain into the traders' elevators.

Speaker #2: Especially during when wheat was flowering. So that is affecting the quality of the grain. We don't know yet the extent of this problem.

Speaker #2: It will be more visible when more farmers deliver a significant amount of grain into the traders' elevators. But we can already say that this is a bigger issue than we have seen in the last, I don't know, maybe 15 years.

Mažvydas Šileika: But we can already say that this is a bigger issue than we have seen in the last, I don't know, maybe 15 years. Everyone is talking about that, and that might impact the quality of high-quality grain, which we use for food. Then the grain is being downgraded to feed grain. This is a lower price for the farmer. The worst-case scenario is that we cannot use the grain for feed as well because the toxin is too high. Then we have a bigger issue because the grain cannot be used in any of the usual ways, meaning food and feed. But we will see how that goes. We need to receive a higher amount of grains into our elevators, and then the scope of the problem will be seen. We still can deal with the problem in a sense of cleaning the grain.

Speaker #2: So everyone is talking about that, and that might impact the quality of high-quality grain, which we use for food. So then the grain is being downgraded to feed grain.

Speaker #2: This means a lower price for the farmer. The worst-case scenario is that we cannot use the grain for feed as well, because the toxin is too high.

Speaker #2: And then we have a bigger issue, because the grain cannot be used in any of the usual ways, meaning food and feed.

Mažvydas Šileika: Then we have a bigger issue because the grain cannot be used in any of the usual ways, meaning food and feed. But we will see how that goes. We need to receive a higher amount of grains into our elevators, and then the scope of the problem will be seen. We still can deal with the problem in a sense of cleaning the grain. Farmers are doing themselves that. They are mixing as well to have an average better quality. We will see how that goes, but everyone is talking more this year about that because it is more visible.

Speaker #2: But we'll see how that goes. We need, you know, to receive a higher amount of grains into our elevators, and then the scope of the problem will be seen.

Speaker #2: We still can deal with the problem in the sense of cleaning the grain. Farmers are doing that themselves. They are mixing as well to have an average better quality.

Mažvydas Šileika: Farmers are doing themselves that. They are mixing as well to have an average better quality. We will see how that goes, but everyone is talking more this year about that because it is more visible.

Speaker #2: So we will see how that goes. But everyone is talking more this year about that because it's more visible.

Speaker #1: Thank you. So, also, maybe to the subsequent question, could you please provide an outlook for grain and oilseed trade?

Moderator: Thank you. Also maybe the subsequent question. Could you please provide an outlook for grain and oilseed trade?

Operator: Thank you. Also maybe the subsequent question. Could you please provide an outlook for grain and oilseed trade?

Speaker #2: So, this is the connected problem or issue. Overall, we have good amounts. We have wheat and rapeseed to trade, so that looks good.

Mažvydas Šileika: This is the connected problem or issue. Overall, we have good amounts. We have wheat and rapeseed to trade, so that looks good. Premiums and prices have increased, as I just mentioned. But we have this quality issue. This will be a factor which will determine how we will trade the grain during the financial year, and what is our possibilities to deliver good results here. If the quality will be worse, then we will have to put extra work, extra cleaning, extra mixing with the quality, that will affect our costs. If we will have more grain which is not suitable for the food market, it might also be an issue. But so far, it is still hard to say because the harvesting has just finished, and we are receiving the grain to the elevators.

Speaker #2: Premiums and prices have increased, as I just mentioned. But we have this quality issue, so this will be a factor which will determine how we will trade the grain during the financial year.

Speaker #2: And what are our possibilities to deliver good results here? If the quality is worse and we have to put in extra work—extra cleaning, extra mixing—with that quality, it will affect our costs.

Mažvydas Šileika: If the quality will be worse, then we will have to put extra work, extra cleaning, extra mixing with the quality, that will affect our costs. If we will have more grain which is not suitable for the food market, it might also be an issue. But so far, it is still hard to say because the harvesting has just finished, and we are receiving the grain to the elevators.

Speaker #2: And if we will have more grain which is not suitable for the food market it will might it might also be an issue. But so far it's still hard to say because the harvest harvesting has just finished.

Speaker #2: And we are receiving the grain to the elevators. We are following the situation, doing tests, and we will see what is the extent of this problem.

Mažvydas Šileika: We are following the situation, doing tests, and we will see what is the extent of this problem. Because farmers are also understanding this. They do not want to deliver bad quality grain. They are doing everything they can to clean the grain and deliver the highest possible quality, and that also will have a positive effect for everyone.

Speaker #2: Because farmers are also understanding this. They don't want to deliver bad quality grain. They're doing everything they can to clean the grain and deliver the highest possible quality.

Speaker #2: And that also will have a positive effect for everyone.

Speaker #1: Thank you. Poultry had an outstanding year, supported by favorable prices and relatively low production costs. However, this financial year might look different as gas prices have nearly doubled and feed is more expensive.

Moderator: Thank you. Poultry had an outstanding year supported by favorable prices and relatively low production costs. However, this financial year might look different as gas prices nearly doubled and feed is more expensive. Could you please share your thoughts on profitability outlook for this segment?

Operator: Thank you. Poultry had an outstanding year supported by favorable prices and relatively low production costs. However, this financial year might look different as gas prices nearly doubled and feed is more expensive. Could you please share your thoughts on profitability outlook for this segment?

Speaker #1: Could you please share your thoughts on the profitability outlook for this segment?

Speaker #2: The question, I think, really shows the challenges ahead. This is what we are thinking going forward, but it's still hard to evaluate because existing market prices so far are favorable.

Mažvydas Šileika: The question, I think, really shows the challenges ahead. This is what we are thinking going forward, but it is still hard to evaluate because existing market prices so far are favorable. They have not decreased, or the decrease is really minimum. Going forward into the year, it is very hard to predict how they will evolve. Nobody, of course, knows. The cost side, it is a bigger issue because now the grain are somewhat more expensive, and we just talked about the possible quality of the grain. So if we will have a significant part of the grain, which is not available for feed or are very low quality grain for feed, that will, of course, will have effect on our production efficiency and the price of grain.

Speaker #2: They haven't decreased, or the decrease is really minimal. But going forward into the year, it is very hard to predict how they will evolve.

Speaker #2: Nobody, of course, knows. On the cost side, it is a bigger, bigger issue because now the grain is somewhat more expensive. And we just talked about the possible quality of the grain.

Mažvydas Šileika: Nobody, of course, knows. The cost side, it is a bigger issue because now the grain are somewhat more expensive, and we just talked about the possible quality of the grain. So if we will have a significant part of the grain, which is not available for feed or are very low quality grain for feed, that will, of course, will have effect on our production efficiency and the price of grain.

Speaker #2: So if we have a significant part of the grain which is not available for feed, or very low-quality grain for feed, that will, of course, have an effect on our production efficiency.

Speaker #2: And the price of grain. The other thing we are following very closely is the price of gas, because gas prices are tending to increase with the situation in the Strait of Hormuz.

Mažvydas Šileika: The other thing which we are following very closely is the price of gas, because gas prices are tending to increase with the situation in the Strait of Hormuz. So you see that the situation is not resolved there, and we do not know how it will develop. So if going into the winter period, especially because gas is more important in winter months, if the situation will be tense there and global gas prices will be high or increasing, that of course will be a drawback on our cost side. So it is very hard to give you very good guidance, but this is the more or less the situation we are looking at facing and trying to manage it.

Speaker #2: So you see that the situation is not resolved there, and we don't know how it will develop. So, going into the winter period, especially because gas is more important in the winter months, if the situation will be tense there and global gas prices will be high or increasing, that of course will be a drawback on our cost side.

Speaker #2: So, it's very hard to give you very good guidance, but this is more or less the situation we are looking at facing and trying to manage.

Speaker #1: Thank you. The next question. Are there any news to share regarding the large potential investment project introduced a couple of years of a couple of quarters back?

Moderator: Thank you. Next question. Are there any news to share regarding the large potential investment project introduced a couple of quarters back?

Operator: Thank you. Next question. Are there any news to share regarding the large potential investment project introduced a couple of quarters back?

Speaker #2: Sorry, could you repeat the question?

Mažvydas Šileika: Sorry, could you repeat the question?

Speaker #1: Yes. Are there any news to share regarding the large potential investment projects introduced a couple of quarters back?

Moderator: Yes. Are there any news to share regarding the large potential investment projects introduced a couple of quarters back?

Operator: Yes. Are there any news to share regarding the large potential investment projects introduced a couple of quarters back?

Speaker #2: Yes. So the the the the things which I covered in my presentation and slides. So there are no news regarding pet production and the new feed plants.

Mažvydas Šileika: The thing which I covered in my presentation and slides, there are no news regarding pet production and the new feed plant. However, we received a subsidy grant for our plant in Priekulė, which is connected with our poultry operation. That now project is under consideration. We still need to do the last calculations and approval of the project, but that is the thing which has more developments.

Speaker #2: However, we received a subsidy grant for our plant in Kishadori, which is connected with our poultry operation, so that project is now under consideration.

Speaker #2: We still need to do the last calculations and approval of the project. But that's the thing which has more developments.

Speaker #1: Thank you. You completed the acquisition of a trading company in Latvia, yet the sales volume in tonnage has declined. What are the reasons behind this?

Moderator: Thank you. You completed the acquisition of a trading company in Latvia, yet the sales volume in tonnage has declined. What are the reasons behind this?

Operator: Thank you. You completed the acquisition of a trading company in Latvia, yet the sales volume in tonnage has declined. What are the reasons behind this?

Speaker #2: This is the main reason that the harvest in Latvia was lower. The quality of grain was also lower. So, that was the impact—that we could not exploit our new acquisition in the best possible way.

Mažvydas Šileika: This is the main reason that the harvest in Latvia was lower. The quality of grain was also lower, so that was the impact that we could not exploit our new acquisition in the best possible way, because the amount of total volume of grains in Latvia was not sufficient. In Lithuania, we were doing quite good, but that did not help us to offset the amounts we missed in Latvia.

Speaker #2: Because the amount of of total volume of grains in Latvia was was not sufficient. In Lithuania we were doing quite good. But that did not help us to offset the amounts we missed in in Latvia.

Speaker #1: All right. Moving to the next question: Which top line, in which business segment, do you see the biggest potential to grow next year? And perhaps a related question.

Moderator: All right. Moving to the next question. Which top line in which business segment do you see biggest potential to grow next year? Perhaps related question, which last year investments should help you grow your revenue next financial year?

Operator: All right. Moving to the next question. Which top line in which business segment do you see biggest potential to grow next year? Perhaps related question, which last year investments should help you grow your revenue next financial year?

Speaker #1: Which investments made last year should help you grow your revenue next financial year?

Speaker #2: Our still the biggest, you know, we're talking about this probably the second year. But our biggest potential to grow top line is in the food segment because we have built two new plants there which are not running at full capacity.

Mažvydas Šileika: Our still the biggest, we are talking about this probably the second year, but our biggest potential to grow top line is in food segment because we have built two new plants there, which are not running full capacity. As soon as we load them 100%, they will increase the top line as well. That is the story of our investments in the second year in a row. Our biomethane plant in Lukšiai will add to the top line as well, and they are already operating in July, so they will give impact in the financial year 2026, 2027. That is an investment which will grow our top line.

Speaker #2: So, as soon as we lower them 100%, they will increase the top line as well. So, but that's, you know, the story of our investments, and the second year in a row.

Speaker #2: Our biomethane plan in Luksheri will add to the top line as well. And they are already operating in July, so they will give impact in the financial year 2026–2027.

Speaker #2: That is an investment which will grow our top line. Our modernization of dairy farms may not give that big of an effect to the top line.

Mažvydas Šileika: Our modernization of dairy farms will not maybe give that big effect into the top line, but we will also grow the herd size, meaning we will increase the amount of milking cows, and slowly but steadily, that will also provide higher volumes of raw milk, which we will sell, and that will grow our top line as well. If you look into our trading operations, that's a bit more volatile part of our business. That depends on the prices and volume. If prices increase, that will grow the top line of our trading operations, and we are looking to recover the amounts of grain in Latvia which we did not cover last year because we have a higher potential there. We have more elevators there with a lot of acquisitions, so that has to come into effect as well.

Speaker #2: But we will also grow the herd size, meaning we'll increase the number of milking cows. Slowly but steadily, that will also provide higher volumes of raw milk, which we will sell, and that will grow our top line as well.

Speaker #2: If you look into our trading operations, that's a bit more volatile part of our business. That depends on the prices and volume. So if prices increase, that will grow the top line of our trading operations.

Mažvydas Šileika: That depends on the prices and volume. If prices increase, that will grow the top line of our trading operations, and we are looking to recover the amounts of grain in Latvia which we did not cover last year because we have a higher potential there. We have more elevators there with a lot of acquisitions, so that has to come into effect as well.

Speaker #2: And we are looking to recover the amounts of grain in Latvia which we did not cover last year, because we have a higher potential there.

Speaker #2: We have more elevators there. We have a larger acquisition, so that has to come into effect as well.

Speaker #1: And yes, thank you. Then our listener is asking: What is the expected dividend per share?

Moderator: Yes. Thank you. Our listener is asking, "What is expected dividend per share?

Operator: Yes. Thank you. Our listener is asking, "What is expected dividend per share?

Speaker #2: Your best guidance for dividends is our dividend policy. I covered that a bit as well. Our dividend policy is 20% of our net consolidated profit.

Mažvydas Šileika: Your best guidance for dividends is our dividend policy. I covered that a bit as well. Our dividend policy is 20% of our net consolidated profit. So you can go through the math, and that's the best guidance what we can give, but that's still subject to approval of the board and the shareholders.

Speaker #2: So you can go through the math, and that's the best guidance we can give. But that's still subject to approval by the board and the shareholders.

Speaker #1: Thank you, Mazvydas. And now, could the fact that your traditional agricultural operations are unprofitable cause a decline in your other business segments, since farmers lack the funds to invest?

Moderator: Thank you, Margiridai. Could the fact that your traditional agricultural operations are unprofitable cause a decline in your other business segments since farmers lack the funds to invest?

Operator: Thank you, Margiridai. Could the fact that your traditional agricultural operations are unprofitable cause a decline in your other business segments since farmers lack the funds to invest?

Speaker #2: Well, overall, maybe you know, when you hear farmers talk, that the situation in the farming industry is really tense. I think we are a very good—we are a very good picture of that.

Mažvydas Šileika: Well, overall, maybe, when you hear and farmers talk, the situation in the farming industry is really tense. I think we are a very good picture of that. Grain prices are low for the last two years. Last year, harvesting was very difficult. The grain really had a lot of moisture. The prices are low. Input prices are increasing or at least flat. Especially in the end of the financial year when all the situations with the Strait of Hormuz started, diesel prices increased quite heavily. These are all the costs which comes to the cost of operation for the farmers. Grain price last financial year was the lowest in 10 years. Can you imagine that you have your price for grain lowest in 10 years and all your input costs are far, far more expensive than 10 years ago? Everything.

Speaker #2: You know, grain prices have been low for the last two years. Last year, harvesting was very difficult. The grain really had a lot of moisture.

Speaker #2: You know the prices are low. Input prices are increasing or at least flat. And especially at the end of the financial year, when the whole situation with the Strait of Hormuz started, diesel prices increased quite heavily.

Mažvydas Šileika: Especially in the end of the financial year when all the situations with the Strait of Hormuz started, diesel prices increased quite heavily. These are all the costs which comes to the cost of operation for the farmers. Grain price last financial year was the lowest in 10 years. Can you imagine that you have your price for grain lowest in 10 years and all your input costs are far, far more expensive than 10 years ago? Everything.

Speaker #2: So these are all the costs, you know, which come to the cost of operation for the farmers. So, you know, the grow grain price last financial year was the lowest in 10 years.

Speaker #2: So can you imagine that you have your price for grain at its lowest in ten years, and all your input costs are far, far more expensive than ten years ago.

Speaker #2: Everything you know diesel salary way costs everything is much more expensive. So the pressure for the for on the farmer finances is is there of course.

Mažvydas Šileika: Diesel, salary costs, everything is much more expensive. The pressure on the farmer finances is there, of course. Maybe in Lithuania is not the biggest problem here, but Estonia and Latvia had even more intense situation because they had even worse harvest the last two years. There, the situation is even more challenging. We need a good year in terms of harvest, in terms of grain quality. We need higher grain prices, and we will have an improving situation with the financials of farmers. This year looks that the volume is good, price is increasing. We need to see how the situation with the quality evolves, and that is for the whole three countries. It is the same story for Latvia, Estonia, and Lithuania. Quality is the main issue, but overall, volume and price is good.

Speaker #2: Maybe Lithuania is not the biggest problem here, but Estonia and Latvia had an even more intense situation because they had even worse harvests the last two years.

Speaker #2: So, there, the situation is even more challenging. So, we need a good year in terms of harvest, in terms of grain quality. We need higher grain prices.

Mažvydas Šileika: We need a good year in terms of harvest, in terms of grain quality. We need higher grain prices, and we will have an improving situation with the financials of farmers. This year looks that the volume is good, price is increasing. We need to see how the situation with the quality evolves, and that is for the whole three countries. It is the same story for Latvia, Estonia, and Lithuania. Quality is the main issue, but overall, volume and price is good.

Speaker #2: And we will have an improving situation with the financials of farmers. So, this year, looking at the volume: it is good, and prices are increasing.

Speaker #2: We need to see how the situation with the quality evolves. And that's for all three countries. For it, it's the same story for Latvia, Estonia, and Lithuania.

Speaker #2: Quality is the main issue, but overall, volume and prices are good.

Speaker #1: Okay, thank you for the explanation. And now we have four more questions. So, recently there has been public information regarding the potential relocation of Kauno Grūdai to another industrial site.

Moderator: Okay. Thank you for the explanation. Now we have four more questions. Recently there has been public information regarding the potential relocation of Kauno Grūdai to another industrial site. What would be the scale of such a project, and would it pay off after selling the current territory in the center of Kaunas?

Operator: Okay. Thank you for the explanation. Now we have four more questions. Recently there has been public information regarding the potential relocation of Kauno Grūdai to another industrial site. What would be the scale of such a project, and would it pay off after selling the current territory in the center of Kaunas?

Speaker #1: What would be the scale of such a project, and would it pay off after selling the current territory in the center of Kaunas?

Speaker #2: Well so this is this is this is the project which we are talking about where we want to or we are planning in some future.

Mažvydas Šileika: Well, this is the project which we are talking about, where we want to or we are planning in some future. We do not know when yet because we do not have any external pressure to do that. But we are thinking that we want to expand our feed production, and current location, of course, is not suited for that because it is in the middle of Kaunas City. We are thinking to move it out of the city and build a bigger feed plant. One of the possible locations is in Kėdainiai Industrial Zone. We are looking at that location as a possibility. We are now doing calculations and project evaluation according to there. We have not yet made the decision because it is a very big project. It is at least, as we have announced, at least EUR 70 million. After detailed calculations, we will see what is the final amount.

Speaker #2: We don't know when yet, because we don't have any external pressure to do that. But we are thinking that we want to expand our feed production, and the current location, of course, is not suited for that because it's in the middle of Kaunas city.

Speaker #2: So we are thinking of moving it out of the city and building a bigger feed plant. One of the possible locations is in the Kėdainių industrial zone.

Mažvydas Šileika: We are thinking to move it out of the city and build a bigger feed plant. One of the possible locations is in Kėdainiai Industrial Zone. We are looking at that location as a possibility. We are now doing calculations and project evaluation according to there. We have not yet made the decision because it is a very big project. It is at least, as we have announced, at least EUR 70 million. After detailed calculations, we will see what is the final amount.

Speaker #2: We are looking at that location as a possibility. We're now doing calculations and project evaluation according to that. We haven't yet made the decision because it's a very big project.

Speaker #2: It's at least, as we have announced, at least €70 million. After detailed calculations, we will see what the final amount is. So, these are the two things which we are aiming to do.

Mažvydas Šileika: These are two things which we are aiming to do. One is to move the existing plant and also expand the existing plant, because we are really leaders in both eggs and feed production. We are the biggest producer, and we see opportunities to grow. We see opportunities to grow with our farmers in Lithuania and Latvia as well. We want to maintain the position and go forward. Then, of course, we will have a land plot in Kaunas City, which we can develop for real estate or other potential uses. We haven't yet calculated the full potential and business case of the land plot and the commercial real estate there. But of course, it can be quite a significant project for the group. Overall, that looks a very logical move and strategy from the group's perspective.

Speaker #2: So, one is to move the existing plant and also expand the existing plant. Because we are really leaders in the Baltics in feed production—we are the biggest producer.

Speaker #2: And we see opportunities to grow. We see opportunities to grow with our farmers in Lithuania and Latvia as well. So we want to maintain the position and go forward.

Mažvydas Šileika: We want to maintain the position and go forward. Then, of course, we will have a land plot in Kaunas City, which we can develop for real estate or other potential uses. We haven't yet calculated the full potential and business case of the land plot and the commercial real estate there. But of course, it can be quite a significant project for the group. Overall, that looks a very logical move and strategy from the group's perspective.

Speaker #2: And then, of course, we will have a land plot in Kaunas city which we can develop for real estate or other potential uses.

Speaker #2: We haven't yet calculated the full potential and business case of the land plot and the commercial real estate there. But of course, it can be quite a significant project for the Group.

Speaker #2: So overall, that looks like a very logical move and strategy from the group's perspective.

Speaker #1: Thank you. Can you please comment on further plans for share buybacks?

Moderator: Thank you. Can you please comment on further plans for share buybacks?

Operator: Thank you. Can you please comment on further plans for share buybacks?

Speaker #2: Yes. So, from the existing share buyback program, we have half a million euros left. We have another seven or eight months to use it.

Mažvydas Šileika: Yes. From the existing share buyback program, we have EUR 0.5 million left. We have another eight months, seven months to use it. During this period, we will use the funds fully. We haven't yet decided on the timing. As soon as we have decided, we will announce that through the Nasdaq platform, through the stock exchange. The amount is EUR 0.5 million, which is approved, and we are willing and looking forward to use it. If there is no another decision made during additional share buybacks, that is subject to shareholder decision that's due in October. We'll see if there will be any new funds allocated. But the existing one will be fully used during the next seven to eight months because then it expires fully.

Speaker #2: So during this period, we will use the funds fully. We haven't yet decided on the timing. As soon as we have decided, we will announce that through the Nasdaq platform, through the stock exchange.

Speaker #2: The amount is half a million euros which is approved and we are willing and looking forward to use it. So if there is no another decision made during additional share buybacks that is subject to shareholder decision that's due in in in October so we'll see if there will be any new funds allocated.

Mažvydas Šileika: The amount is EUR 0.5 million, which is approved, and we are willing and looking forward to use it. If there is no another decision made during additional share buybacks, that is subject to shareholder decision that's due in October. We'll see if there will be any new funds allocated. But the existing one will be fully used during the next seven to eight months because then it expires fully.

Speaker #2: But the existing one will be fully used during the next seven to eight months, because then it expires fully.

Speaker #1: Thank you. Now, the question about Ms. Tila's company: How is it performing, and at what capacity has it been running in the last 12 months?

Moderator: Thank you. Now the question about Nestilla company. How is it performing, and what capacity it is running in last 12 months?

Operator: Thank you. Now the question about Nestilla company. How is it performing, and what capacity it is running in last 12 months?

Mažvydas Šileika: I'm very sorry, but Nestilla is not a daughter company of Akola Group. It's a sister company. It's not a publicly listed company, and I'm not in the capacity to discuss Nestilla's performance.

Speaker #2: Very sorry, but Ms. Tila is not a doctor. It is not a company of Akola Group; it's a sister company. It's not a publicly listed company.

Speaker #2: And I'm not in the capacity to discuss Ms. Tila's performance.

Speaker #1: Okay. Understandable. Then what was the grain from the previous harvest was the grain from the previous harvest sold by the end of the financial year?

Moderator: Okay. Understandable. Was the grain from the previous harvest sold by the end of the financial year?

Operator: Okay. Understandable. Was the grain from the previous harvest sold by the end of the financial year?

Speaker #2: We have some carryover stock. These are not big amounts, but we usually have some carryover stock due to, you know, our trading decisions or logistics—that is, when we get the export ships in July or June.

Mažvydas Šileika: We have some carryover stock. These are not big amounts, but we usually have some carryover stock due to our trading decisions or logistics that we get the export ships in July, not June. But these are not huge amounts. They will not impact significantly the next financial year.

Speaker #2: But these are not huge amounts. They will not impact, you know, significantly the next financial year.

Speaker #1: All right. Thank you. It seems that we have answered all the questions. So far, no additional questions are coming in, so I think we can wrap up.

Moderator: All right. Thank you. It seems that we have answered all the questions so far. No additional questions are coming in, so I think we can wrap up. Thank you, Mažvydas, once again for the presentation and for your answers. I would like to thank also our participants for very active engagement. We will be looking forward to seeing you in our next calls.

Operator: All right. Thank you. It seems that we have answered all the questions so far. No additional questions are coming in, so I think we can wrap up. Thank you, Mažvydas, once again for the presentation and for your answers. I would like to thank also our participants for very active engagement. We will be looking forward to seeing you in our next calls.

Speaker #1: And thank you, Majidi, once again for the presentation and for your answers. I would also like to thank our participants for their very active engagement.

Speaker #1: So we will be looking forward to seeing you on our next calls.

Speaker #2: Thank you very much, everyone. Thank you. See you.

Mažvydas Šileika: Thank you very much, everyone. Thank you. See you.

Moderator: Okay, bye.

Operator: Okay, bye.

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