Ladies and gentlemen, thank you for standing by. I would like to welcome you to MHP's second quarter 2026 results conference call on the 28th of September 2026. At this time, all participants' lines are in listen-only mode. The format of the call today is a presentation, which will be followed by a question and answer session. Without further ado, I would like to pass the line to Anastasiya Sobotyuk, Director of Investor Relations. Please go ahead, ma'am. Thank you, Rafael. Dear stakeholders and partners, good day to you, and thank you for joining MHP's conference call covering the second quarter and six months of the year. My name is Anastasiya, Investor Relations Director, and I am joined today by Viktoria Kapelyushnaya, CFO of MHP. Together, we will present and discuss the company's operational and financial performance for the reporting period. Please note that today's discussion is based on the press release, financial statements, and investor presentation published earlier today. During the call, we may also discuss our outlook, strategic priorities, and future plans. These statements are based on our current expectations, assumptions, and assessments of market conditions and are therefore subject to risks and uncertainties. We encourage you to consider these factors when evaluating the information presented today. With that, let us begin. We are on page number three of the presentation. Let me start with a brief overview of the macroeconomic environment in Ukraine. The operating environment remains challenging, but the economy continues to demonstrate a degree of resilience. In the second quarter of 2026, real GDP increased insignificantly less than 1% year-on-year and by less than 1% compared with the first quarter. This growth was achieved despite continued missile attacks on infrastructure and ongoing pressure on the energy system. For the full year, the National Bank of Ukraine currently expects GDP growth of around 2%. The outlook continues to reflect significant infrastructure damage, electricity constraints, and the impact on higher energy prices. Turning to inflation, quarter-on-quarter, CPI moderated to approximately 2.2% in the second quarter, compared with 3.4% in the first quarter. According to the latest NBU forecast, average annual inflation is expected to reach 9.4%, with a further gradual decline projected over the following two years. On foreign exchange, the hryvnia has continued to weaken during the year. The exchange rate moved to approximately UAH 44.5 per $1, reflecting, among the other factors, damage to the energy sector and the broader external environment. As before, the NBU continues to play an important role in managing foreign exchange market imbalances. Finally, looking at agriculture, the 2025 harvest demonstrated continued resilience of the Ukrainian agricultural sector. Total grain production reached approximately 63.5 million tons. I am sorry, I am talking about 2026, of course. And 63.5 million tons is up by 13% year-on-year. Wheat production was around 23 million tons and corn approximately 31 million tons. At the same time, oil seed production was weaker, with sunflower production declining by 7% to approximately 10 million tons. Overall, the macro environment remains demanding, particularly from an infrastructure, energy, and foreign exchange perspective, while economic activity and the agricultural sector continue to operate with a significant degree of resilience. Let us move on to slide number four. It is about the financial overview. For the first six months of 2026, revenue of the company increased by 32% year-on-year to around $2.161 billion. The main driver of this increase was the consolidation of Uvesa within our operating segment, European operating segment. Gross profit increased by 8% to $397 million. The increase was more moderate than the growth in revenue, as the positive contribution from agriculture and Uvesa was partly offset by weaker performance in the poultry segment. Operating profit decreased by 17% year-on-year. Adjusted EBITDA, net of IFRS 16, remained broad stable at $232 million compared to $236 million in the first half of 2025. The corresponding EBITDA margin declined from 14% to 11%. At the net income level, the group recorded a loss of $57 million compared with a profit of $75 million. Sorry, $75 million exchange loss in the current period compared with the gain in the prior year period. The key message for the first half is that strong revenue growth, including the contribution from Uvesa, supported broadly stable group EBITDA, while profitability was affected by weaker poultry performance, higher operating expenses, and foreign exchange movements. At the same time, the second quarter showed a meaningful sequential improvement in operating performance. Let us move on to slide number five. Let us look at the financial results by segment. Starting with the revenue mix, here, poultry and related operations remained our largest segment, generating $976 million, or approximately 45% of group revenue. The European operating segment contributed $738 million, representing approximately 34% of group revenue. The EBITDA contribution, however, was quite different from the revenue mix. Agriculture was the largest contributor to first half adjusted EBITDA net of IFRS 16, generating $149 million. The European operating segment contributed $86 million, while poultry and related operations contributed $49 million and vegetable oils only $9 million. Looking at the EBITDA bridge versus the first half of 2025, group adjusted EBITDA net of IFRS 16 moved from $236 million to $232 million, meaning remained stable. The largest negative movement came from poultry and related operations with a reduction of $118 million. This reflects lower meat prices, lower sales volumes, and high costs. This decline was largely compensated by stronger performance in other businesses of the group. I think we are ready now to move to the segment overview, and I think, Viktoria, we can move on. Thank you, Anastasiya. Good afternoon, everyone. Let's turn to poultry and related operations segment performance, slide six. Following the softer pricing environment we experienced in Q1, poultry export price showed a partial recovery through Q2 this year. The segment's results still reflected the path through of the weaker price, but only in the half. Both poultry meat and processed meat volumes grew year-on-year and quarter-on-quarter. Domestic sales volume remained relatively low, with growth driven by high export sales to European market. Processed meat volumes continued to grow, supported by our ongoing shift toward high value-added product. Revenue for Q2 increased by 10% year-on-year and by 15% quarter-on-quarter to $523 million, and for six months increased by 9% year-on-year to $976 million, driven by higher sales of by-products from poultry production, as well as energy product such as biomethane. Average selling price for poultry meat decreased year-on-year in both periods, while showing a partial recovery on quarter-on-quarter basis. Price for processed meat continued on consistent upward trend. Gross profit declined to $63 million in Q2, down by 48% year-on-year, and to $123 million for six months, down 44% year-on-year, primarily reflected lower meat price and higher production cost, together with significant effect of IAS 41 biological assets revaluation loss compared to the gain in the prior year period. Adjusted EBITDA net IFRS 16 followed the same trend, down 65% year-on-year in Q2 to $30 million and down 70% for six months to $49 million, while improving 58% quarter-on-quarter as pricing stabilized. I would like also note that following grain review attack on Black Sea port and export infrastructure, the group managed to adjust its export delivery routes for poultry products. There is no significant effect on export logistics and volume to EU and U.K. However, it remained challenging and take longer and more expensive to export to Middle East and Africa. Looking ahead, poultry export price reached the low point in Q1 this year and have shown gradual recovery since. Though we don't expect a quick return to the peak level seen during the Q2 and Q3 last year. Poultry export price in EU remain weak. At the same time, should the disruption to Black Sea grain logistics continue to weigh on regional grain prices, this could help offset pressure on the segment production cost in the second half of this year. Turning to our vegetable oil segment, slide seven. Revenue in Q2 increased by 38% year-on-year and by 25% quarter-on-quarter to $145 million, and for six months increased by 17% year-on-year to $261 million due to the higher sunflower and soybean oil prices together with higher sunflower oil sales volume. Sunflower oil sales volume continued to grow both year-on-year and quarter-on-quarter, supported by the launch of new sunflower extraction line, which increased oil yield and expanded overall processing capacity. Soybean oil sales volume remained low year-on-year through stable on this basis, mainly due to the high internal consumption of soybean oil in feed recipes. Gross profit increased in Q2 and six months, driven by higher sales volume and improved margin in sunflower oil. Adjusted EBITDA follows the same trend, increased to $7 million in Q2 and $10 million for six months. Looking ahead, the segment profitability will remain highly dependent on the availability of export route from Ukraine port, which has already had a significant effect on price for our key inputs, sunflower seed and soybean. Should this situation persist, we see potential for substantial improvement in segment profitability through an increasing of processing volume and better margin due to the low price of oil crops in Ukraine. As of to date, despite closed port of Black Sea in Ukraine, MHP established a number of ways and routes to export vegetable oils to partners in different parts of the world. Let's move to slide number eight, agriculture operations. Revenue for six months remained broadly stable year-on-year, $186 million. Gross profit more than double, $141 million, due to the higher effect of IAS 41 biological assets revaluation gain compared to the last year. Adjusted EBITDA followed the same trend, more than double. Such improvement was a result of significantly improved market price for both grains and oilseed at June and July this year. Winter crops harvested is complete with yield 6.7 tons per hectare for the wheat and 3.8 tons per hectare for rapeseed. Harvesting of spring crops is underway, with yield expected broadly in line with last year. Looking ahead, however, I should note that since July this year, prices for grains and oilseeds have declined in Ukraine, reflecting the same export capacity constraints I referenced earlier, driven by logistics cost increase. Should this trend persist, it could be weight of EBITDA in this segment, so we would expect this to be largely offset by low production cost in our poultry and vegetable oil segment, starting mainly from Q4, given those segment direct exposure to grain and oilseed input cost. Let's proceed to slide number nine. Several words about our European operating segment. Revenue for Q2 more than doubled year-on-year to $384 million and increased 8% quarter-on-quarter. While six months revenue more than doubled year-on-year to $738 million, driven by consolidation of Uvesa and supported by higher processed meat sales volumes and prices. Gross profit increased by 26% year-on-year in Q2 to $59 million, and 57% for six months to $124 million, as higher revenue outpaces the increase in cost, further supported by positive contribution from the Uvesa acquisition and positive revaluation of sows and pig following the price recovery on Spanish market. EBITDA followed the similar trend, up 47% year-on-year in Q2 to $44 million, and 76% for six months to $86 million. Looking ahead to the remainder of 2026, we expect price for poultry and processed meat in the European operating segment to remain broadly stable, with sales volume continuing to grow. This is expected to support steady growth in EBITDA over the courses of the year. Slide number 10. A few words about our cash flow, debt, and liquidity. Operating cash flow for six months decreased year-on-year, driven by lower cash earnings, mainly reflected negative trend in poultry meat prices. Working capital represented an investment $107 in six months, including seasonal investment in crops field, partially offset by consumption of agricultural produced harvest in 2025. CapEx decreased to $93 million for six months. With capital expenditure focused mainly on key strategies area, including the maintenance and modernization of existing facility. I would like also note that on 16th June 2026, our Spanish subsidiary, Uvesa, acquired 100% of Payán Hermanos, the Spanish poultry company, for total consideration, EUR 28 million. The acquisition generates goodwill EUR 17 million and accounting remain provision of 30th June 2026. The transaction strengths our position in the Spanish poultry market. Regarding debt, the shift toward long-term debt reflected this year's refinancing of the $550 million Senior Notes, the 2026 with new Senior Note due to 2029. Cash and cash equivalents stood at $348 million by the end of the first half of the year. The group complied with all bank covenants of the 30th June of 2026 with acquisition leverage ratio, reflecting Uvesa on full perform basis of 2.8:1, comfortable below the 3.0. Now I give the floor to Anastasiya. Thank you very much, Viktoria. Before we conclude the presentation, let me briefly summarize the current operating environment. The first half of 2026 demonstrated the resilience of MHP's diversified business model with stronger contributions from agriculture, vegetable oil and European operating segment, helping to offset pressure in Ukrainian poultry. At the same time, the operating environment in Ukraine remains highly challenging. Recent attacks on Black Sea ports, as Viktoria commented already, commercial shipping and logistic infrastructure have increased freight cost, disrupted loading schedules, and reduced the reliability of export routes. As of today, the ports are closed as you understand. A number of the group's logistics warehouses were also destroyed, with estimated losses currently at approximately $6.5 million. As we approach the winter period, we remain particularly focused on the potential for further disruption to energy infrastructure, logistics, and export capacity. At the same time, MHP is well positioned to meet energy disruption challenges, taking into account long-term CapEx program since 2022. The situation remains fluid and the visibility on the duration and ultimate impact of these disruptions is limited. At the same time, we continue to develop our European assets in line with the plan. Perutnina Ptuj continues to demonstrate solid operational performance and development while the integration of Uvesa is progressing according to plan. We are already seeing improvements in operational efficiency of Uvesa and continue to focus on realizing the benefits of the enlarged European platform. This is consistent with the strong contribution from the European operating segment during the first half of the year. Overall, our priority remains to preserve resilience and financial flexibility in Ukraine while continuing the disciplined development of our European operations. We remain focused on maintaining resilience across the group while adapting our operations to the changing environment. Thank you very much for your attention, and we would now be pleased to take your questions. Thank you. Thank you very much for the presentation. We will now move to the question and answer section. Please note that we can take the voice questions during the call. After the call, MHP IR team will get back to you on your written questions. If you would like to ask a question, please press star two on your phone and wait to be prompted. If you are connected via the web, you can also request to ask a voice question or send your question as a text. Our first voice question comes from Stella Cridge from Barclays. Stella, please go ahead. Your line is now open. Thank you and thanks for all the updates in the release today and for talking through all the complexities of how the port closure impacts the business. I have a couple of questions, if that is okay. I was just wondering on a couple of the follow-ups on redirecting the goods. Could you just give us an idea of what the alternative routes would be for exporting poultry to Middle East or Africa, or what the alternative routes are for the vegetable oils? For the agricultural segment, I wanted to ask, do you think you can still sell all the volumes or might there be some kind of accumulation of inventory? Maybe if I could start with that, I will follow up with the other question. Stella, thank you for your question. Regarding the situation after the closed Black Sea port, regarding poultry, as I told that we have the completely different logistic route for MENA and for Africa. We have two different way. One of them through Klaipėda and other through Constanța. We do not see any big problem with this, just anyway it is a problem because logistic cost increase. Just cost of logistic cost. Regarding oil, because you know that every month we produce around 50,000 of oil, different sunflower and soya oil. Before the situation, we exported directly to Europe, to Italy, our client, only 10%-15%. Now we exported to Europe directly through west border around 50%, and the rest we exported through the same, through Constanța, this way. Anyway, we try to find different way. It is the more optimal for us. Regarding grain, it is the most difficult issue. To be honest, regarding rapeseed, we exported almost all rapeseed to Europe, which we did previously, directly without any sea. At the same time, regarding wheat and corn is the big problem because logistic cost today is a crazy figure. At the same time, you know that we consume internally almost 95% of total corn. That is why we will consume this corn for fodder. Just now we are working how to exporting 50% of our wheat, which is approximately 150,000 tons. Mostly the same we export through Europe. Thank you. Super. Many thanks for those additional details. If I could perhaps ask on a different topic. With the Greece acquisition, you saw leverage kind of tick up quarter-on-quarter. Do you think you still have the headroom within the covenants to go ahead with this acquisition? Or how might you address that issue? No. First of all, you know that we have covenant regarding our bond and all our debt. It is in current covenant. You know that our covenant is free. We do not have any problem with default because it is not maintenance covenant. It is just issue regarding to take new loan. We understand how difficult current situation, especially why we have so difficult situation because first of all, with business, the situation regarding business in Ukraine. Because financial result in Ukraine, I am sure this year, unfortunately, would be one of the lowest during the last 10 or maybe even 15 years due to the current situation. But at the same time, we told a lot of time all investors, bondholders, for MHP, it is very important to provide expansion outside in Ukraine, especially in Europe. First of all, it is very important the same for our stability because unfortunately, environment in Ukraine very unpredictable. Yeah. Thank you for that, Viktoria. That is very helpful as well. Maybe if you do not mind if I— We will see. We will try to find— Apologies. It seems we have some problem with Viktoria connection. Viktoria, we cannot hear you. Sorry. Do you hear me? Yes, we can hear you now. Oh. Now do you hear me, yeah? Do you hear me? Yes. Please go ahead. Yes? Yes. Okay. I answered for question. Again? Because I don't know when you— We got to when you said it was important for stability. Okay. Almost. Yeah. No. It might be better next question. Sorry. Okay. Maybe I'll just do one final one, and then I will go back in the queue. The final one I wanted No. You did not We didn't hear the full answer. We got up to when you said Oh, okay. You spent time with bondholders, it's very important for stability. You said you will try to work on something, but we just missed the last bit. Yes. No. Okay. Just my few last sentence. It's important to provide, as I told, it's important to provide our expansion. We will try to find some solution for this because expansion for us is very important. Thank you for that. That's all very clear. Thanks for answering that. Okay. Yeah. Just a final one, if I can squeeze it in. I just wanted to ask about this short-term debt. You have around about $600 million in short-term debt. I was just wondering how much of that you think you can roll, how much you need to work on for the refinancing. If you do need working capital, for grains, for example, do you think you can get that from local banks, for instance? Yeah. Regarding working capital, yes, we have short-term debt mostly from local banks. It is a total short-term debt around $350 million. But due to the current situation, yes, we have some issues regarding our agro segment. Yeah, but at the same time, we try to provide some optimization how it is possible in working capital in other our direction. That is clear. This is why our expectation even for this year, very difficult year, and our expectation about investment in working capital approximately, yeah, $20 million-$30 million. Thank you. That is clear. You know the other part of the short-term debt that is not from the local banks. Is that some refinancing you need to work on, or what specifically do you have coming due? Yeah. Please clarify your question about what? Sure. Are you looking for what? Of the $600 million in short-term debt, you have the portion to local banks. The other debt that is coming due in the short term that you would need to refinance, is there some things you are working on? No, no. Yes. I told you, because I do not know where you find $600 million, but I know that next year we need to repay IFIs approximately $150 million. Some debt from our European companies, around $30 million. Okay. Thank you for that. I will go back to you. Thank you. Thank you very much. Our next voice question comes from Gustavo Campos from Jefferies. Gustavo, please go ahead. Your line is now open. Hello. Thank you very much for the presentation, and your updates are very helpful. A few questions from my side. If you could please elaborate a bit. I know that the situation is very fluid and a lot can still change by the end of the year, but could you provide an update in your EBITDA and CapEx guidance for the year? Maybe some expectations on working capital dynamics. All of that would be very helpful and much appreciated. Thank you. Thank you so much for your question. Thank you for your understanding how difficult to say our forecast about EBITDA this year, especially due to the current situation. We understand this year, unfortunately, we will have level of EBITDA lower than we expected even, and we had in our budget. But current, our understanding, approximately $420 million, $450 million. We will see. What we do regarding CapEx. Since May this year, we completely stop all our new CapEx in Ukraine. Unfortunately, some project we started, it is not new project. It is a project which we started in 2025. That is why total our CapEx for full year, it would be around $220 million, $230 million. Include maintenance CapEx. You understand that level of maintenance CapEx for our businesses is the biggest, approximately Ukraine plus our European perimeter, our maintenance around $120 million, $140 million. Regarding working capital, yes, we try provide optimization, especially working capital, trade receivable, what is possible. And we suppose that investment in working capital this year would be around $20 million, $30 million. Thank you. Understood. Many thanks. If I may just quickly follow up here just to clarify. So in the first quarter, you printed around $80 million of EBITDA. In the second, it is $30 million. So if you are guiding for roughly $430 million, it seems that you would be expecting a material uptick in EBITDA for the second half of 2026. Is that correct? And could you please explain some of these drivers for this recovery? Thank you. As I told, we understand that price of meat now is in the second quarter and now we see higher than especially in the first quarter, one of the driver for our price. And I thought our expectation better financial result in oil crushing businesses. This is maybe two driver for this result. And European operations in the second half usually, and how we see this. Second half of the year is higher than the first half of the year. Is a higher volumes, and we see the price more stable. Understood. Apologies for my mistake. It is actually $153 million of adjusted EBITDA that you printed on the second quarter. So I see that results are still going to be more or less not too different from the first half of 2026. And ultimately, you are expected not material working capital outflows. Is that correct? Yes. You are correct. Okay. Yeah, thank you very much. Another follow-up question. Is the $6.5 million of logistics impact that there was some asset damage, is that the only asset damage that was incurred year to date, only $6.5 million? Or is there some other impact that is not included in this number? No, until today, yes, it is just inventories on cost based. Yes, it is our meat calculated on cost base. Yeah. Just inventory because you are right. No, it is very difficult to predict what we will see tomorrow. But until today, yes. Yes, absolutely. Lastly, could you please just quantify some estimate of EBITDA margin impact of the higher logistical costs that you are incurring since you can no longer rely on the Odesa ports? I am just trying to understand how much more expensive costs could be under this new status quo. That would be my last question. Thanks a lot for the details. Regarding poultry, yeah. Regarding only poultry segment, it would be approximately $20 million. Approximately $20 million increase in logistic cost. Understood. For the agricultural segment, it's- No, for agricultural segment, it's agriculture segment because we are funny because we, mostly corn, we consume internally. Regarding rape seed, the same road. Previously because logistic cost to Europe did not increase so significant, just increased in line with increasing price of fuel. It is not just increase for MHP, for everybody in the world. That is no problem. Regarding poultry. If you speak about, for example, how increased logistic cost for oil, it is increased approximately by $80 per ton. Understood. That's very helpful. Those higher logistical costs, are you also considering higher rail costs? Because there was a higher increase from tariff by Ukrainian railways as well. So I was wondering if that's also embedded in the $20 million that you mentioned. No. $20 million because you understand, previous when we sent our product from Black Sea, through Black Sea, it was one tariff. Now we sell our product through Klaipėda and through Constanța. It is a rail cost to this city and is a higher freight. Especially from Klaipėda. Understood. That is all from me. Thanks a lot for the answers. Yeah. Very helpful. Yeah, thank you. Thank you. Thank you very much. Our next voice question comes from Yevhen Solovei from EBRD. Please go ahead. Your line is now open. Thank you for a great presentation. I would like to have a question related to the oil segment. Oil crushing segment, as you said, there is a huge increase in prices per export of oil, right? But we see that huge decrease in sunflower seeds prices. Do you expect maybe increase in working capital for the need for oil crushing in order to make inventories of sunflower seeds at lower prices? Yeah, thank you for your question. First of all, you need to understand that current price on sunflower seed, significantly low, approximately by 30% lower that price of sunflower seed last year. That is why you understand. By the end of last year, we had approximately 200,000 tons of sunflower seed in our stocks with price high as $650. Today, we need to invest less amount, less money because current price $450. You understand? Yeah. But at the same time, you are completely right. Road is longer, yeah, and we need to investment working capital in trade receivables. Yeah, but regarding this business, crushing business, I think it would be very compensate, yeah, low investment in our stock will compensate is the high investment in trade receivables and goods on transit. Can I follow up on that? Because as you always said that you see oil crushing is more like a segment which provides feed for the poultry, right? With this maybe improvement in margins, generally crushing, do you expect to increase utilization of your processing capacity to the maximum level and maybe Yeah, you are completely right. As I told previously, this year we launch extraction. Last year we produced approximately 25,000 sunflower oil. Now we produce around 50,000 sunflower oil per month because the yield of oil, because now we have extraction, is high. Because previous, just pressed. What is your question about? I will explain. Yeah, utilization. We were to almost 100%. Yeah. Now we utilize not just high, what I would like to emphasize, that not just higher level of utilization this capacity, and we launch new capacity extraction plant. Yeah. Okay. Thank you. Also, I would like to maybe follow up on poultry, that in the second half of the year, do you expect generally poultry to improve a little bit, or it would be basically on par with what we see in the first half of the year? No, we improve it, as I told. Thank you for your question. Yes, improve it because price, especially price right now, higher than price in the first quarter. Second, very important issues that since the fourth quarter, cost of production would be slightly lower of chicken. Why? Because protein from crushing business, cost of protein will be low, and price of corn in Ukraine will be lower compared in the first half of the year. You expect that from the third quarter, right? No, to be honest, I expect from the 1st of September, maybe 15th of September. That is why it's better to say I expect from fourth quarter. Okay. Also a final question about agriculture segment. As we saw, in the first half of the year, agriculture was a big driver. Basically we should expect in the second half of the year, huge reversal and basically, what's your outlook generally? You're completely right. Oh, okay. Yeah, you are completely right. Because according to IAS 41 standard, we recognize our profit base of price, which we had in Ukrainian market price in June, July. Yeah, it was completely other life. Current price, our expectation is no. Regarding rapeseed, nothing changes. But regarding corn, yes, it would be low. Yeah, you are right. Basically, it would be almost elimination of all those IAS 41 standard adjustments that you make, basically. Yeah, it would be adjustment. Yeah, you are right. Okay. Thank you. Thank you. Okay. Thank you. Thank you very much. We are moving to the next voice question that comes from Vidhi Veera from Goldman Sachs. Please go ahead. Your line is now open. Hi. Thank you for the presentation. I just wanted to better understand the dynamic between cost of grain and poultry segment and the inter-segment profitability. How much of the consumption of grain internally for poultry business, do you produce on your own versus you buying outside? Why I am asking that is, right now grain prices in Ukraine are much lower than outside. But if you only need your own grain, the cost base doesn't improve much, right? Because you are spending money on your own grain, et cetera. So how do we think about second half profitability under these two dynamics? Grain prices going lower, and poultry prices remaining stable or improving. Yeah. Thank you for your question. Regarding consumption of grain in poultry segment. 90% of corn which we produce in company, we consume internally. But what is very important to understand that just in fourth quarter, because now we are gathering corn, and we started to put in fodder new corn with new low price since the 20th of September only. And we will see some effect in the fourth quarter and during the nine months, 2027. We will have positive effect in our cost of production chicken. But this year we will have low profitability in our grain segment. You understand? Yeah. And the same with wheat, but wheat we gathered wheat not a lot, 50% of wheat we consume the same internally, and we will have benefit in our cost of production of chicken. Yes, the same part of them in the first quarter and the three quarters next year. That is why we understand our even price of chicken will continue the same level. We will have benefit in that we will have better financial result in the fourth quarter and during the nine months 2027. Got it. But overall that will be offset, right, on a company level that will be offset. Yes by the decline in margin in the grain growing operation. Yes. But it was different year, different financial year. Just one fourth in 2026 and three fourths in next year. Okay, got it. Just one more thing on grain growing. If the logistic situation is to remain as challenged as it is today, will it yet be possible to continue to export, as you have historically, the wheat and corn, or would there be a chance that the company may choose not to export and sort of to keep it given logistic costs are very high? Yeah. Because you know that price of corn increased significantly in Europe. Significantly increased. But current logistic cost to Europe, approximately the crazy figure is approximately $80. But it is possible, and I know that some company now is exporting corn. Yes. But it would be very difficult because, but in generally, Ukraine every year exported approximately 20 million tons of corn. It would be unrealistic this year. If our Black Sea open. No, based on current situation, I know that our business has very good level and characteristic of adaptation. Ukrainian business, not MHP. It is not very important for MHP because we consume internally, but in general. Thank you. Thank you. Sorry, just one last one from my side is the European business. We see margins coming down a bit, versus previous years where it had reached double digits, 12%, 13%, and now again, it has come down to single digit. What is driving this? Is it the acquisition which is dilutive? What is the forward-looking guidance for European business margin? Yeah, you are completely right. If you look at our European operations, European company, yes. Current profitability in Uvesa, not even not 2025, it was less than 10%, it was approximately 8%. Our target 15%. Perutnina today has profitability EBITDA margin around 15%. This year, I am sure that in Uvesa we will have double digit, but not 15%, because you know that we have the big issues regarding price of pork. Regarding poultry, we see the very good result in poultry. We significantly increase our profitability in poultry. But unfortunately, we have just very, how to say, bad result in pork due to the collapse with pork price in Spain. But our target anyway, our target and we understand how we will achieve 15% EBITDA margin in our poultry business in Europe. Thank you. Thank you. Okay. Thank you. Thank you very much. Just a quick reminder. If you would like to ask a voice question and you are connected via the phone, please press star two on your phone keypad and wait for your name to be prompted. If you are connected via the web, you can also request to ask a voice question. Text questions from web participants will be addressed by the IR team after the call. I will just wait a moment or so for any additional question to come in. Rafael, thank you very much. Thank you for the update. Dear investors, bondholders, stakeholders and partners, thank you very much for the participation at the call. We were glad to hear you and your questions. As Rafael mentioned, we can proceed with answering your questions. Please use our email addresses and reach us as you know. Thank you and have a lovely day. Goodbye.