Good afternoon. Welcome to Agrova Baltics Investor Webinar. We will begin with the company's presentation, after which we will address your questions. You are kindly invited to submit them in writing through the Q&A box that you see below the presentation. For your convenience, the webinar is being recorded, and replay will be available shortly after the call. Now, let me introduce today's hosts, Jurijs Adamovičs, Founder and Chairman of the Management Board, and Mihails Ķeziks, CFO and Member of the Management Board. Please, the floor is yours. Good afternoon, everyone. Thank you for joining our regular webinar. We can walk you through the regular agenda. We will cover the key indicators, then Mihails will share the industry overview and our performance and sales indicators, followed by an overview of financial performance. Then we will briefly touch upon targets for the remainder of this year. As you see on the screen now, first six months of this year, financially, were very strong for the company. We have demonstrated a revenue growth of 52%, reaching EUR 15 million in revenue in total. We have almost doubled our EBITDA, reaching EUR 6.6 million, which also translated in the gross profit increase of 71% year-on-year basis. Our gross profit for the first six months of this year is EUR 7.3 million. This was largely driven by the increase of production and sales volumes. We sold 44% more eggs. Return on equity that we have reached is 44%+, which is very strong for our industry. Obviously, we should not take it as granted as the same return of equity will be maintained in the second part of this year. But for the time being, this is indeed a very strong ROI for the agri-food sector. The P/E ratio that we have demonstrated, I think, shows a very strong signal to our investor that Agrova Baltics stock is a very interesting paper to have in your portfolios. In terms of the key highlights, the first six months of this year were extremely eventful, both in terms of the milestones reached and some of the achievements that we have experienced. Most importantly, at the beginning of this year, in February, we started implementation of the next investment phase, which in our case is a fifth investment phase, which is actually the most ambitious investment program we have ever undertaken, cumulatively valued in the excess of EUR 30 million. We are advancing with construction of three new laying houses in Alūksne with a total area of 7,400 sq m. Each of these houses will be housing 125,000 birds. This is part of our cage-free production expansion strategy. Once completed, these new barns will add roughly 60% additional production capacity of our barn egg. This year is also a very important year for our Alūksne facility. We have celebrated a 65-year anniversary of egg production in Alūksne. For those of you who don't know, our Alūksnes facility is actually the eldest poultry factory in the country, and we are very proud of that we continue to carry more than six decades of poultry production in the very remote part of the country. Also earlier this year, we have once again verified our compliance to ISO energy audit, which once again reinforces the quality of the energy efficiency systems that we have in place. Coming back to the investment program, we are also developing one more site, which is in Latgale region of Latvia, in a town called Preiļi, where we are currently installing equipment for the poultry breeding. For those of our investors who don't know, currently, our Latvian business is sourcing most of the young flock from Polish suppliers. In the interest of limiting our biosecurity and operational risks, we have taken a strategic decision to move into growing our poultry ourselves. This project is expected to be largely completed this year. Once it is completed, we will be in a position to grow roughly 500,000 pullets per year on our own site in Preiļi. Another important milestone is a bond program, on which the Agrova Baltics finance team was working earlier this year, together with our external advisors. We have secured approval from the Central bank of Latvia for the EUR 30 million program. The prospectus is approved, but for the time being, we decided to postpone its implementation, as we are currently working on cheaper funding options with commercial banks here in Latvia. Our Fiteg² business is also growing, expanding beyond Latvia. Our exports are growing. We are adding up new products and we are happy to report that during the first six months of this year, our Fiteg² business had reached 33% repeat purchase rates, which is a very good result for the e-commerce platform. Now we will move into ag industry overview, which will be covered by my colleague, Mihails. Thank you, Jurijs. Thanks, investors and shareholders. Let us go through our regular reports covering our financial results and also sales in the market. As usually, we start with the big picture, situation in the market, and here we again can have a look on the market split concerning the type of egg production, which is very important for our strategy. As previously we have seen, again, this half year was very good for egg market. In all three countries in total, egg market was growing and most rapidly in Lithuania again. Latvia showed just slightly below 8% of this growth for comparing to the previous half year. Considering the share of cage-free eggs, you can see that the leader is Lithuania, which have reached massive 67% of the market selling the cage barn eggs, which is our main industry, which is a very good result and probably close to the current possible maximum. We can also see that the cage eggs have decreased only in Lithuania in the last six years comparing to the previous similar period. While in Latvia, in Estonia, we can see somewhat similar picture to the one we have seen at the year-end. Almost 60% of barn egg share in Latvia and almost 25% in Estonia. Those markets still have a way to go to introduce the cage-free eggs share to improve it. We are waiting for this in the upcoming periods. Let's see what happens in the next half year. Switching now to our sales performance. Let's have a look at standard breakdowns that we have been providing. This one is a distribution between egg sold to retail and the egg sold for processing for industry. You can see a slight increase in industry in the first half year of 2026 compared to the previous half year. But previous period, half year. It is totally acceptable, I would say, when you notice that our sales, comparing to this respective period, have grown more than 15%. We believe it is totally fine. Other breakdown, we bracket considering our own brands and the private labels of supermarket. You may notice some increase in the share of private label brands in our portfolio, but as we look at the situation, we consider that 45%-55% share of a private label is a market standard. We are very well positioned in this regard. Also to notice, as you have seen, our gross profit margin have increased by more than 5 percentage points comparing those two periods. Increase of private label brands in our sales portfolio by no mean impacted our profitability, and we still was able to achieve this good result as we have shown. Next and final breakdown for sales is a geographical breakdown. As you can see, the share of domestic sales in Latvia have decreased significantly. But it is explainable by the situation in the market, by the share of cage-free eggs we see in the Baltic States. As you noticed, Lithuania is far the leader between the three Baltic states, and we have exported a lot of our products to Estonia, bringing the domestic sales down to 25% in the last half year. Now let's have a slightly more detailed breakdown of our profitability. What was the main drivers for us to reach the better results for first half year? As you can see, the main improvements between adjusted EBITDA was increase in egg sales, and it was massive, more than EUR 4.6 million for half a year compared to the previous same period in the previous year. But here it is important to mention that more than 2/3 of this increase was driven by increase in production capacity in eggs volume, and only the rest was as a result of good market condition that we have. Also, some additional revenues, such as also egg products and the Fiteg², have seen some increase in revenues. On the cost side, of course, bigger production capacity came with a larger amount of hens. We have noticed increase in feed costs. It was very minor. It's mainly due to increase of the feed consumption that is expectable in this situation. On other costs, like other production costs and administration expenses, the main cost increases was in payroll positions, but also in packaging and other distribution expenses. All in all, you can see that we have almost doubled our adjusted EBITDA in this first half a year comparing to the previous reporting period in the previous half year of the previous year. Under the EBITDA, what was the other drivers for our net profit received in the first half of the year? Here again, significant improvement driven by increased adjusted EBITDA, as explained in the previous slide. What was pushing us back and down? It was again, increase in interest costs because our cheaper shareholder financing was replaced by a market financing with slightly higher rate. Of course, depreciation considering significant investment we have done and changes in hen value because we have a much bigger flock now. Also, some increase in flock price was noticed. Nevertheless, as you can see, our net profit for the half year is absolutely remarkable and fantastic, and it's more than two times bigger than respective net profit for the first half year of 2025. It's also historical financial result that we have been able to achieve so far. Last slide for financials and some indicators development throughout last five respective periods. What we can see here, at the end of 2023, we have finished our IPO and started our phase IV investment program. After that, you can see that from year 2024 up to now, it was constantly and rapidly growing and improving all of our indicators, all of our profits by a significant part. Revenue increased more than 50% and our EBITDA was increased almost 2x. What's more important for investors, of course, it's increase in our net profit, which increased more than two times. It is significant and it is some way also another proof for the historical high net profit we have received for year 2025. For now, it's not just an amount and financial figure, but after end of the first half year 2026, Agrova was able to pay first dividends in its history to our dear shareholders. Only this payout provided almost 7% of income comparing to IPO price for our shareholders. You could notice that also our price of Agrova shares have increased significantly, providing additional benefit for our shareholders. Last line I would like to highlight in this slide is, of course, this leverage covenants, this leverage KPI, net debt to adjusted EBITDA. You can see it also is steadily increasing during last three years. It, of course, doesn't come from the position that we are repaying the loans. We do not. The amount of the loan for this period remained more or less stable or was slightly increasing, but it comes, of course, from the better profitability. Again, it was our strategy and expectations. We take the debt, but we increase the capacity, we get the better results, and the leverage covenants go down to the comfortable level, bringing company to a very nice and healthy financial position by the end of 2026. We will stop here. Thank you very much, and turn it to Jurijs for other targets. Thank you, Mihails. Speaking for the key targets for the remainder of this year, obviously the management team is very much focused on the completion of the ongoing investment program. We expect that most of the construction will be completed in November this year. Majority of the equipment has already reached our facilities in Alūksne and Preiļi, and we are proceeding to the assembly of equipment together with our equipment suppliers, most of which comes from Western Europe-based countries. As I mentioned, we will add 375,000 additional laying hens in Alūksne, and we will add a capacity to grow up to half a million pullets per year. Also quite important to mention that once the current investment phase is completed, the share of our cage-free egg production will be almost 90%. Agrova Baltics is already the largest industrial-scale cage-free egg producer in the Baltic region. By completing this investment program, we will even more, so to speak, cement our leadership positions in the high animal welfare standard production. The export market expansion is very high on our agenda. Obviously, as you have seen from Mihails slides, the share of the exports continue to grow. It is also quite important for us to strengthen our presence in the export markets, because as you may appreciate, the new production capacities that we are adding, these are not meant to satisfy demand from the Latvian or even Baltic markets. Both in Latvia and in the Baltics at large, we are already more than self-sufficient as nations. All this additional capacity is going to boost our export sales. The efforts of the management team are very much focused on extending the export client base, on which we are working as we speak. This brings us to the end of our presentation, of our slides, and we will be happy to take on your questions. Thank you. Many have come in already. Participants, to add yours, please type your question in the Q&A box that you see below the presentation. We will start with the first one. What is Agrova Baltics' dividend policy? What, if any, dividends should shareholders expect moving forward, including 2027, based on the profit earned in 2026? Obviously, this is a very important question for any shareholder and investor. Our dividend policy remains intact. In other words, it remains exactly the same as it was prior to IPO, where we communicated that our intention is to pay up to 50% of the net profits into dividends. Why up to 50%? Because Agrova Baltics is a growth story. We will continue to invest both in the egg and egg protein business and also in the adjacent businesses, and pretty much everything that is related to the processing of the by-product that we have. For example, some of you probably have also noticed in our previous announcement, we are also working on the organic fertilizer plant. We also have biogas and biomethane plants in the pipeline. Actually, we still do have quite ambitious investment plans beyond the current investment program, which is currently being implemented. That explains why we believe that 50% of the profits need to stay within the company to support that growth. Speaking of possible payout in 2027 for the profit earned in 2026. As I said, the policy remains intact. What the shareholders need to understand, that even the dividend payout this year was a function of two things. One, obviously, we need to have a net profit that can be distributed. Number two is we have creditors, and obviously, creditors need to approve any dividend payout, and that is always a function of financial covenants being met. Once again, if at the time of the distribution of the profits next year, we will be in compliance with financial covenants set by our creditors, then we will be in the position to do exactly as we did this year. Thank you. Why Fiteg² results are not specifically shown in the financial results? Two reasons. One, first and foremost, is that the Fiteg² business, in terms of its scale and financial contribution, remains immaterial. Number two, we believe it represents a commercially sensitive information that can be used to the benefit of our competitors, which therefore, we believe that the current level of details is sufficient. Is Fiteg² part of Agrova Baltics or Agrova International? Fiteg² trademarks are owned by Agrova Baltics. Therefore, Agrova International is not benefiting from this business. Mm-hmm. Will it be possible to order a larger size of Fiteg² protein packages? This is a question we do decide from time to time with our Fiteg² team. But so far, we have not seen that the demand for larger packaging is sufficiently strong to justify a large-scale production. So for the time being, we will be sticking with the current sizes. Plus the smaller sizes. Actually, a few months ago, we introduced sachets. So they are small portions that health-minded consumers of protein can take small packages on the go or they travel or practice sports outside and just need ready-to-serve packages. Are there any plans to sell liquid egg whites in public stores like Rimi, Maxima? We actually do sell liquid egg products to large B2B accounts, including some of the largest retailers. But currently, most of it goes into the food service department of specific retailers where they produce ready-made food. Our liquid egg white offering, for the retail consumers, is currently limited to the egg white proteins, which are sold under the trademark Fiteg² and are available in quite a few supermarkets across the Baltic States already. Mm-hmm. Now, from products to projects, are there any updates on natural gas project that was mentioned when preparing for the IPO? Yes. Actually, as I mentioned, it is in the pipeline. Due to the geopolitical situation and lack of financing for all our investment projects, we decided to postpone it a couple of years ago. Now it's back in the pipeline. We're working on the technical and engineering paperwork. Depending on the progress and availability of funding and the price of that funding, we might decide to pursue this project in 2027. Mm-hmm. Are there any plans for public listing of Agrova International on the stock exchange? The fair answer is yes, but not in the short term. As was communicated publicly when Agrova International was established and Agrova International acquired a business in U.K., we have a new institutional partner at the Agrova International level, which is an Austrian Private Equity and Mezzanine Fund called Accession Capital Partners. As any institutional money manager and private equity fund, they have an investment horizon, and they're bound to be exiting after five plus years. Obviously, one of the exit routes could be a listing of Agrova International, but it's obviously premature to be discussing any specifics at this stage. Mm-hmm. Could you provide some color of your preferred performance measurement adjusted EBITDA? Why use adjusted, not clean EBITDA? Yes. Our adjusted EBITDA can be significantly impacted by a number of other positions from income on the expense side, which are of one-off or long-term nature. Let's say we are very much reliant on public grants and support that we receive from time to time. When developing, we are also selling or writing off some of real estate fixed assets that we have, or hen changes in value related to its laying cycle of one point five year, which is more than a year, and it is irregular. It all can significantly disturb our EBITDA measurements. We do adjustment EBITDA to compare better month-to-month performance because we follow our performance on a monthly basis. Mm-hmm. Thank you. What new product should look out for in the near future from Agrova or Fiteg²? What kind of new products could come? Our marketing team is working on the new offerings on both fronts, meaning Agrova and Fiteg². On the Agrova end, we will be adding new SKUs with new packaging and different egg quantities. Our local, by saying local, I mean our clients in the Baltics who shop in the largest Baltic supermarkets will be seeing that shortly. On the Fiteg² side, assuming everything goes well, we will launch new food supplements based on egg protein, either in December or later in the beginning of 2027. Mm-hmm. Regarding poultry rearing facility, what is the expected financial impact on costs of previously acquiring laying hens, and now with the expectations to grow them in your own facility? Well, this is quite a tricky question. One can argue, and that was also our initial expectation, that once you grow the birds inside, in-house, you should be in a position basically to control the cost inputs. This is a whole separate sub-sector of the poultry industry. You could take that margin from your suppliers and that could be essentially your cost saving, right? That was our baseline assumption when we took that investment decision. Having said that, for example, in England, in our Agrova U.K. operations, we are pretty much fully self-sufficient. We grow our pullets ourselves in England. What we learned in now almost one year into the business in U.K. is that your costs actually can be very similar as opposed to buying ready-grown pullets. What you are getting is you are getting a healthier bird, a more resilient bird, a bird that lasts and lives longer, and a bird which performs higher in terms of the laying rates. Your production costs are not necessarily going to be much cheaper as opposed to buying the pullets in the open market. Since you control the process fully, and if you do anything right in terms of the feed, nutrition, veterinary requirements, you should be in a position to have a stronger and more productive flock, which should translate into more eggs being produced and hence, more revenue. Thank you. First of all, impressive results and good luck going forward. The question: what has been the greatest challenge in executing your strategy to increase production capacity? Well, first of all, thank you for the compliment, and that is much appreciated by our team. The greatest challenge, well, probably the fundraising was the hardest part because in terms of executing the construction itself, selection of equipment suppliers, subcontractors, et c. This is not the first investment project we have executed, so the team does have a positive track record of delivering large-scale CapEx projects on budget, on time. I think it is really the fundraising, as we have seen that the appetite of conventional financial institutions was not really there and the trust in the growth ambitions of a regional remote, so to speak, manufacturer is there. Now we see that is changing. It is shifting, largely driven by the results that Agrova Baltics has shown, that if I would have to pick one, it is really the fundraising part. When are you planning 100% finished fifth investment phase? As I said, the construction part is going to be largely completed in November. Then we move into the We've already started the assembly of the equipment. That's actually technologically a much more complicated part, because it might look as a very simple building in terms of construction. But when it comes to the equipment, assembly of equipment, just to give you an indication, three new barns we're currently building, they have roughly 60 km of electric wiring. There is a lot of automation and machinery that is being installed that guarantees animal welfare and climate control, egg collection. There's quite a lot of machinery, and that requires time. The answer to this question is, we aim for the first quarter of 2027, when it comes to the completing three new barns for the egg production. We also have and also the poultry rearing will be fully completed by then, and we'll start growing our own birds. When it comes to the remainder of the investment program, we also have organic fertilizer plant as part of it, so that is most likely going to be completed in the second quarter of 2027. We're also going to extend the sorting facility and the packing center, and that's also most likely going to happen in the second quarter, as currently, the delivery equipment is scheduled for the March of 2027. We'll need a couple of months for assembly and launch. Entire completion of this investment phase, I would put middle of 2027 as a hard stop. The financial implications, I guess, the next logical question will be when should it translate into the increased revenue? Most of that additional revenue would start to kick in the second half of 2027. Thank you. We have covered all the questions. That concludes our call. Participants, thank you for being with us today. We'll be looking forward to seeing you next time. Thank you very much [inaudible] Thank you.