Good morning, ladies and gentlemen. I would like to welcome you very cordially to the results conference for H1 2026. My name is Bogusław Oleksy, and I am the CEO of the company. I am joined today by Madam Jolanta Gruszka, as well as Tomasz Gawlik, as well as Adam Rozmus. We would like to present to you the results of our capital group, of our group. In the latter portion of today's presentation, we want to present some information about our Remedy Program. Ladies and gentlemen, when it comes to the core numbers, the core figures that characterize the most recent period of operations, we are talking about coal production in this period with respect to Q1, and we can see that production was more or less flat. In terms of coke production, we can see that coke production was down by nearly 11%. Sales revenues were up by more than 7%. If we look at the revenue, we will break that down in detail. The average prices of coal and coke exerted the biggest impact. In coking coal, it was 6%, and it was more than 7% in coke. The net result we achieved versus Q1 is more than 30% higher than in Q1, and our EBITDA is positive. It is in the black, and it is at PLN 51 million. Our CapEx has been reduced in Q2 by a little bit more than 28%. The main thing that is one of the most important objectives is linked to cost of mining cash cost. This has been reduced in Q2 by 7%. Now I would like to ask for an introduction of the operating results, a presentation of the group's operating results. Ladies and gentlemen, if we look at coal and coke production in Q1 and versus Q2 of this year, we can see that it is at the foreseen level, predictable level. When you compare the first half of 2026 to the corresponding period of last year, there is an increase in production by 4.2%. We have seen a significant spike in coking coal production with a lower level of thermal coal, and this is linked to achieving our targets, and that is why we are increasing the level of coking coal. If we look at active long walls, this is not something that you can directly have a knock-on impact. For several years, we have been ranging between 19 and 23 active long walls. As we show this slide, we can see the rotation in terms of the necessity to set up new long walls, shut down older long walls. If we look at core works, we are talking about the ventilation optimization and making sure that we are going to be able to extract future production in future years. Then we are looking at the ability to limit corridor works, and it is down by more than 13% quarter-on-quarter and roughly 9% half year-to-half year or interim period to interim period. If we look at coke production by quarter, it is down by 11%, but if we look at the two six-month periods in 2025 and 2026, it is very similar level of production. I will ask Mrs. Gruszka to tell us a little bit about the market environment. Thank you very much. We'll begin with the sales summary and look at the trends in the various areas of the market segment where we're active. If we look at steel in the first half of the year in the E.U., we can say that as of January, a full adjustment mechanism was implemented because of CO2 emissions, and this is called the CBAM. We're also waiting for the new tariff quota system, which was introduced as of July of this year. These regulations to protect the market have stifled imports and have ensured that production has been boiled in European Union. In the second quarter of the year, we can see that production is up by 6.3%, and so it was 3% down. We also see steel production being up across the world. If we compare six-month periods, we can see that it's down by 0.7 of a percentage point across the globe. The production decrease in China was the biggest impact, and then it was offset a little bit by India, and they had an increase, and also the United States, up by 6% in the U.S., in Germany, and it's up by nearly 9%. If you look at prices for steel on the European market, we can see that they were up by 4.6% for HRC, and for rods was up by 8.6%. If we look at coking coal spot prices, there were two trends that were opposing one another. On one hand, we saw a limitation in China as a result of an accident, and then safety controls that were implemented thereafter, and then soft profitability, what meant that buyers weren't really willing to accept higher coking coal prices. We've also observed some divergent trends in prices in terms of different types of coking coal. We can see that in the presentation. Premium Low Vol has strong demand in Q2, and that's why we've seen consistent price growth. The case is different with respect to lower quality coking coal. If we look at Australian coking coal prices, PLV, quarter-on-quarter, it was up by 1.5%. Whereas it was up compared to the corresponding period of last year. It was up by 28%, so a major difference there. If we look at the lower quality coal, semi-soft, the average price for Australian semi-soft coking coal was down by 1.5% from Q2 to Q1. Over the six-month period of this year compared to last year, it was up by some 31%. As we can see in the presentation, in Q2, the strongest impulse for imports were for coke and so higher prices for coking coal, as I said previously, especially in internal markets in China after the Shanxi accident. That meant that the prices had to be pushed up. Prices were up despite the major resistance amongst buyers. We can see that coke prices from other suppliers are growing, also from Indonesian suppliers. If you look at the Chinese FOB, this is 06707, and so it was up quarter-on-quarter by nearly 16%. Compared to the six-month period in this year to the six-month period of the previous year, the first half of the year, the price increase was some 12%. According to the McCloskey data, if we look at blast furnace coke imported to Europe, here we are talking about higher CSR parameters, so 65%-67%, it is up by 14.3%. If we compare the two semiannual periods, interim periods, first six months of the year, if we are looking at it is up by 8.5% if we are talking about imported coal. What is important, we frequently mention this, it is worth reminding yourself this. We have also seen improvement in the ratio between coke prices and coking coal prices for PLV. It is 0.95 up to 1.15. In the second quarter, it was on average 0.94. In the first quarter across the period, it was below one. In some cases, it was down to the lowest level in history, which was 0.82. It is worth mentioning that in Q2, we had the market waiting for information about the Indonesian authorities' decisions in terms of anti-dumping prices for coke. This was for customs duties that will be enforced until the end of 2030. They were approved at the beginning of July, and it is going to be imports from Russia, Australia, Japan. Polish coke is not subject to these anti-dumping prices. I think it is worth mentioning that the customs duties depend on the country of origin, and they range from $43 - $129 per ton. That is the range of the customs duties. At previous conferences, I frequently talked about protectionism as well as commercial wars, which has an impact on the trade of raw materials. This is a major challenge. The regionalization of the market means that there are new indices which take into consideration the quality of coal, as well as the more deepening regionalization of the marketplace. On the subsequent slide, we present, as a matter of tradition, the prices of JSW products to market prices in Australia. We can see what is happening in individual quarters. In Q2, the benchmark price was on the way up over Q1. This is an increase of more than 9%. We are talking about a very distinct period where we are comparing the prices from January to May, as opposed to October 2025 to February 2026. This is the distinct period that is being compared. If we look at PLV, so premium low- vol, it is 93%, that was the case in Q1, and then it was down to 89% in Q2, and this decline is due to a few factors. We have volatility in coking coal prices, and you can see that on the graph below, and that had a varying impact on the quarter prices. What is the volatility of the U.S. dollar exchange rate, as well as the production volatility. If we look at coke prices, we can say that when we were negotiating prices for Q2, we had observed in the marketplace diverse trends for what was going to happen with blast furnace coke. Compared to Chinese coke, prices were falling, but at the same time, we saw increase in the ARA ports. That increase in the ARA ports was primarily due to freight cost moving up as a result of the war breaking out in the Strait of Hormuz. We are talking about all of the grades produced by JSW. This was a 98% ratio of coke prices to blast furnace coke in ARA ports. If we look at the steam coal price, we can say that there was a slight decline in prices. If we look at our sales increases, this was a matter of having higher calorific value as opposed to the 2024 range, which is the basis for defining the PSCMI 1 price index. On the next slide, we have a summary of sales of coal. As we first have the sales of coal to external customers, we are up by 15.7% compared to the previous quarter. We had a higher sales volume that was up by 8.7%, then thermal cost was up by more than 23% in coking coal, by more than 4%. We had higher coal prices, so it is up by more than 31% in coking coal, was up by 6.2%. Despite the growth seen in Q2 across the full six-month period of the first half of the year, it was down by 6.7% compared to the previous year, so the half year to the half year. This was a result of, because we had the volume of sales down by 4.6%, coking coal was down by 9.4%, while the sales of thermal coal was up by 12.7%. The coking coal price increase is 4.3% and it was up by nearly 1%. This average selling price, this was not able to, let us say, overcome the decline in volume. As we operate on a volatile market and having in mind what is happening with deep shaft mining, the company has to manage sales actively, and that is one of the reasons why, having in mind the limited capability to obtain financing, we have to have certain priorities, so liquidity is the priority for us. Having in mind the dynamic reactions to the market situation with respect to liquidity as well. We have basically, so the lower quality coking coal is then reclassified to thermal coal. Having in mind what Mr. Rozmus said previously, this does not mean that we have a change in our strategic goals. We will continue to maximize coking coal as a percentage of our output, but we have to react to the liquidity concerns as well as to what is happening on the marketplace in general. Let me give you a short commentary on this slide in terms of sales of coke produced in the JSW, which are down by 12.6% over the earlier period in the year. The sales of coke, so the revenue and hydrocurrents were down in Q2 over Q1 by 1.7%. There are PLN 803 million in Q2, and this decline was as a result of having a lower volume to sell. It was down by 10.7%, but the average coke sales price was up by 7.6%. In the first half of the year, the revenue was down by 8.5% in the first six months of this year compared to the first six months of last year. So basically, we can say that the average sales price was down by 8.5%, whereas the decline in the volume was down 1.6%. Let me give a commentary about our inventories. At the end of the half year, we are up by 17.5%, so we're at 1,561,000 tons. The coal inventory was more or less similar. We had the bulk was coking coal, so 1.4 million tons. A portion of the inventory is technological inventory, which is something that we always maintain to ensure that the coking batteries can operate without disruption, as well as for financial transactions, having in mind our liquidity activities. The coke inventory is at the level that we need to send out coke overseas. At the end of the first half of the year, we had 132,000 tons, so it was down by nearly 11% compared to the previous quarter. Thank you very much. That would be it from my side. Then I'll ask Mr. Rozmus to tell us a little bit about the group's investments. Ladies and gentlemen, the unwavering execution of the Remedy Program, as well as deliberately reducing our CapEx, you can see that on the slide. As a matter of my commentary to this, I would mention the trend, which is highly visible in the first half of this year compared to the first half of last year. If we look at CapEx in the group, in this period is down by PLN 440 million, which is a decrease of 24%. This is primarily for investments in JSW itself, and this decrease took place in investment construction as well as the purchase of goods, property, plant, and equipment, and the expenditures related to expandable mining pitsbids. We were deliberately reducing the CapEx, because we want to utilize and optimize the production assets we have, and we want to utilize the equipment we have to the maximum extent possible. If we look at the capital expenditure across in terms of coke, this is important. We have higher CapEx of PLN 41 million because we're modernizing a battery in the Przyjaźń Coking Plant. What's important here in Q2, so the end of the first half of the year, this is when Coke Battery No. 4 was launched. The investment period that's been going on for many years has been brought to an end, and so we've launched Coking Battery No. 4. It's utilized at 80% now, having in mind the targets that have been embraced. One other thing that's worth mentioning was the launch in Q2 of a power block in Radlin. So we're synchronizing this system with the national energy system. These are some things that we should mention, and this is a deliberate execution of our plans. The final thing, our investment outflows under the group. This is a matter of what's going to happen with CapEx and how we're going to execute the optimization plan as a matter of our operations. Thank you very much, and I'll give the floor back to the CEO, Bogusław Oleksy. Thank you very much. We have financial highlights that I would like to present at this time. This is relatively simple because you've received information previously in terms of the market environment and the production environment. They have a direct impact on the group's financial results. What I can say in terms of our sales revenue, if we measure it quarter-on-quarter, we have an increase of revenue in excess of 7%. If we look at H1 to H1 in 2026 and 2025, the revenue on sales has fallen by more than 5 percentage points, or 5%. If we look at EBITDA, we should note that the group level EBITDA in Q2 is in the black, so it's slightly above zero. Since it's in the black, it's a value in excess of zero, and that's why I wanted to mention that level of EBITDA. This is something we note with a measure of satisfaction. When I showed you the EBITDA level of JSW, it's more than PLN 51 million, as I said. If we look year-on-year, there's a major change, of course, because we had a negative EBITDA of PLN 1.6 billion. Now we're at PLN 236 million. Unfortunately, it's still got a minus in front of it. But we are consistently implementing our intentions. If we look at networking capital, we still present that with the closed-end investment fund. We still have some money in that closed-ended investment fund. But the level of working capital shows how it's changed, if we have in mind basically the contributions made by the fund. In Q2 of last year, we had PLN -200 million. Now at the end of June of this year, this net working capital is negative in excess of PLN 5 billion. The net result for Q2, we have a loss of PLN 427 million. This is a result that's better than in Q1, which also shows that our efforts, our activities, the measures we're taking are delivering results, producing results. If we compare that H1 to H1, we can see that there's a fundamental difference because last year, at the end of H1 2025, we had a total of PLN -2 billion. Now, at the end of H1, in the H1 period, we have a net loss of PLN 1 billion. There's a major change in terms of absolute values, but this is not yet the level that would satisfy us, and I think that's quite obvious to say. If we look at the change in sales revenues, what are the contributing factors? We can see the bridge here. Most of the line items are green, so they have a positive impact as they contribute to sales growth. The major factor that actually detracted from or reduced the level of sales revenues is the volume of coke sales. Madam Gruszka mentioned that the decline in the coke sales volume. If we look at costs, this is in fact one of the things that we've been dealing with primarily for many months now. If we look at the costs in Q1 versus Q2, we can see that we've reduced the costs by nearly 11% year-on-year, so H1 to H1. We can see that the decrease in costs is some 18%, and this is what we promised nearly a year ago and what we promised a year ago has been delivered. We'll look at the major contributing factors on the next slide. This is a reduction of employee benefits, amortization, materials. If I look at those individual cost change drivers, you can see the depreciation, amortization. We've reduced that cost, and that's a positive improvement of PLN 74 million. If we look at the consumption of materials, we've been able to save PLN 100 million, in excess of PLN 100 million. We have savings on the consumption of energy at some PLN 44 million. External services are down by nearly PLN 68 million. Employee benefits, PLN 71 million. What I said, this is one of our top priorities, is to reduce costs. It's not so much the reduction of costs per se, but to generate a profitable return on our operations. We can see that the efforts we've taken are producing results. Maybe in the initial period, they're easier to achieve. Later, it'll be more difficult. But the first meters, seconds are possible to improve more easily, but we have to be consistent, unwavering in our execution in terms of the implementation of a Remedy Program. The structure of our costs has an impact, and we can show you that in the form of our mining cash cost. With respect to the overall volume, what is the mining cash cost? Quarter-on-quarter, we've been able to reduce the MCC by 7% on a year-on-year basis. H1 to H1, the decrease is in excess of 20%. This shows you the outcome and the determination we've shown to reduce mining cash cost. Then if we look at the unit mining cash cost, we can see this is also improved. In Q2, we have the unit mining cash cost at PLN 587 per ton. We're showing you that on this slide. Our goal for 2026 is to have MCC of PLN 588 per ton. We can say that the goal has been achieved, but we have to achieve it, of course, in the latter half of the year as well. If we look at the cash conversion cost for coke, here we can say, unfortunately, we've not achieved the success we had anticipated. Quarter-on-quarter, we have an increase of nearly 20% for the cash conversion cost. But if we look year-on-year, H1 to H1, we can see that we've been able to reduce the cost by more than almost 19%. But if we look at the unit cash conversion cost, in Q1, we were at PLN 274 per ton, whereas in Q2, we came in at PLN 328. Here the major factors is the cost impact, but this was also affected by or driven by what happened with volume. Now if we break that down into the various drivers for the unit mining cash cost, consumption materials and energy has a savings of nearly PLN 25. Then we have external services more or less flat. If we look at employee benefits, we have reduced them by nearly PLN 20. Taxes and charges are more or less flat. Other costs by nature are more or less at 1%. We can say, and we are showing you that the unit mining cash cost, well, the reduction is taking place in these areas and those are the areas that are the subject of our, or the object of our consideration. We will talk about that in just a moment when we get to the Remedy Program. Sorry, it was just a minor bug there as I switched slides. Now we can look at the unit cash conversion cost. Here are the major elements that have led to an increase in Q2 over Q1. Well, these are external services in excess of PLN 9. Then we have taxes and charges are up by PLN 12, and then the impact of volume, which is the biggest impact. Madam President Gruszka already mentioned that. These are the three elements that drove this situation. That is why the unit cash conversion cost grew. But primarily, this was due to volume impact, and that is the axis of our efforts. It is a matter of extracting the right type of coal, and that will lead to an increase in the coke production in our coking plants. Now, if you look at the JSW Group's EBITDA drivers, as we mentioned previously, EBITDA is now in the green or in the black, as we would say. We can say the major drivers are volume and sales figures. Then we can say the cost savings make a major contribution here. Some of the other items have an impact, the cost of depreciation and amortization. Mr. Rozmus already talked about the reduction there. So those figures are lower. We can also see the impact of the result of other activities. This has made a positive impact as well. So we are getting better results on other operations. Then we have impact of impairment of non-financial, non-current assets, which is PLN 64 million. So we can say relatively small impact or small share of what was happening here. So what we can say here and emphasize once again, is that our EBITDA is currently in the black. We have achieved a positive value. Now we can look at the contribution made by the various segments to the EBITDA change. So, Mrs. Gruszka already referred to that. The major positive impact was delivered by what happened in the coal segment. We continue to have some, or grapple with the negative impact of the coke segment. So at present, that is one of the important objectives we have. What we are endeavoring to do here is to basically take control of that situation. Some of the market factors referred to Mrs. Gruszka are not helping us, but we want to make sure that the impact of this segment, we want to change entirely the negative impact of that segment. I am sorry, I have gone a little too far. It is good to have a quick hand if you are a six shooter in a shootout, but it is not something that is the best to have when you are delivering a presentation. So networking capital is something that I have already mentioned, talked about, as I give you a composite view so you can see it being broken down into the individual components or drivers of our networking capital. So of course, our trade and other liabilities are the biggest burden here. Then we have loans and borrowings, and then employee benefit liabilities. These red bars illustrate the major drivers of our working capital. What is important here, and Mrs. Gruszka already referred to that is when we look at our inventory, the utilization of other working capital elements, and we are utilizing those inventories to deal with our liquidity position. We are proactively working on our networking capital. We want to utilize those assets, current assets, the best possible way in order to achieve the maximum impact. As we wrap up, we can look at the group's cash flows. At the beginning, at the end of last quarter, we had PLN 234 million. Then if we look at what has happened with our liabilities and inventories, depreciation, amortization, investment flows, at the end of the day, we have cash at the end of the period as of 30 June 2026, we have basically PLN 117 million in cash. This shows what, it is not right now, but it shows what we have been dealing with for several months now. We are trying to maintain liquidity, improve the liquidity of the company, and this is one of the goals which form the foundation of our Remedy Program. At this point in time, we would generally break for questions-and-answers, but as I said at the beginning, what we would like to do today, before we go on to the Q&A section, what we would like to do is present a document that we prepared recently, and this document is very important to us. Its preparation entailed a lot of work. We have been working on that for nearly a year. We have been working on a variety of program-related documents that would enable us to stabilize the situation, the position of the company through a variety of actions. The fact that we have embraced this program, approved this program, is very important. What is even more important is its execution, and we treat this as the first step, the embracing of this program, the approval of this program as the first step. What is going to be critical, however, and crucial is its execution. You will see in just a moment that our determination in terms of executing this program is enormous. Nearly one year ago, when we commenced our work with my colleagues from the management team, there were a number of things, factors in fact, that made the situation critical. We had problems with extraction. We had a decline in prices on the marketplace. We saw some dramatic price declines in the market of both coal and coke. This is something we need to reference. The parameters were much more demanding in terms of the FX rates, and as you know, our business is denominated in U.S. dollars and euros. That meant the situation was changing for the worse. We also had cost-related elements, which we were affected by. Inflation was quite high in our economy, so the internal problems, previous high CapEx, high employee benefits or salaries, employee guarantees, all of these things meant that the starting point was very difficult. The fact that we still had funds in the closed-end investment fund, we had money there, it seemed to everybody that that would be a period, a time in which we could easily complete that period. Unfortunately, that did not happen. The cash was burned. The determination linked to the fact that we have to prepare ourselves to regain profitability, stability, and credibility on the marketplace, that was one of the things that we held in mind from the very get-go. That's why this document has been penned, has been drafted. I think it's worth mentioning here that the social partner made a major contribution to the drafting of this document. We were able to strike a compromise with them in terms of employment guarantees as well as the costs of employee benefits. What's very important here, and this is something that should be highlighted, the Remedy Program has been created by the company, by the employees of this company. This is not something that's been prepared for us by advisors. We were the ones who prepared this program, and this is something that's very, very important, because nobody knows the company better than we do, so the employees of this company. Of course, there was participation of our colleagues from the Supervisory Board. So many hours of work, analysis, deliberations, and the program leader, we've named a person who has experience, has already lived through one minor episode in the history of the company when it was very, very tough. So this is President Tomasz Gawlik. He's the leader of this undertaking. What happens with leaders? You have splendor and you have accountability. But we're all aware that as we sit here, we're all abundantly aware that this is not an easy undertaking. It will require many difficult tasks. It will require sacrifice. But the company here is the most important for us, and we were assisted by other stakeholders, because it's not just the employees, not just the corporate bodies of the company, but also the Ministry of State Assets, the Ministry of Energy, the Social Security Institution, we can't forget about them, and the banks, our business partners. This is also very important. All of them took part in this process, and I bow very low to them. Without these stakeholders, it would've been difficult for the company to prepare for this. What I've said is quite lengthy, but the value I see in that is emotional. This has taken a long time. The expectations were there, but the document does exist. The remedy document, the Remedy Program is here in front of us. Now I'd like to ask our leader to present what we want to do, how we want to do it, and then we, with full determination, will deliver. We will execute, because we have to. So thank you very much. Tomek, please take over the floor. Thank you very much, Mr. President. I'd like to welcome you, ladies and gentlemen. It is my pleasure to present the fundamental or the core assumptions on behalf of JSW for the period from 2026- 2035, having in mind the entire group. When we talk about the Remedy Program, the CEO already mentioned as part of his introductory remarks how difficult a situation is we find ourselves in. When we talk about the Remedy Program, we have to have in mind the various factors that led the company to the position where it found itself, and there are several factors. There are external factors and internal factors. If we think about the external factors, we should mention that there was a major decline in prices in the period from 2022- 2025. We are talking about a decrease of prices in excess of 50% for premium coking coal prices. We also saw decreases in coke. Here, the decrease is nearly 60%. We also, in this period, 2022- 2025, had other important factors. Mrs. Gruszka already mentioned the decline in production in the E.U., then the war breakout, then the temporary increase in prices to a level that had never been seen in the history of the company. Those are the most important things in terms of the factors in the external environment. If we look at the internal factors, here we should have in mind some of the extraordinary factors that affected the level of production or output. We saw a major decline in 2024. We should also mention that we had a very high level of capital expenditures that was done primarily in 2023 and 2024. Unfortunately, this did not contribute to improving the coal production efficiency. Another very important element which had an impact, this is what I mentioned, this is the mining cash cost. You see that the mining cash cost grew substantially, even though we also had the CapEx that was increased, then we had the one-offs. The cash benefits in excess of PLN 6 million, then the famous windfall tax, which was incurred in 2023, which is PLN 1.6 billion. These factors, taken together, led to a very difficult, precarious situation of the company, as the CEO said, my predecessor spoken. That is why we had to embark on a Remedy Program. What is important here, that work on this program has been underway for nearly a year. In the meantime, the management team, supported by the majority shareholder, which is represented by the Ministry of State Assets and other stakeholders who got involved in this process, including the social partners. So activities were undertaken to maintain the liquidity of JSW as a company and as a group. We have the agreement signed with the social partners in November of 2025, then in February of 2026. On one hand, this meant that there was a limitation on the employee guarantees. This applied primarily to admin employees. Then we had other aspects linked to salaries. Then the law was amended, which gave the opportunity for the employees of the company to utilize certain instruments under that new law. Here we are talking about cash severance benefits for severance and some of the stakeholders that have been supporting the company in terms of maintaining liquidity. That was the ARP, so Industrial Development Agency. Then we were able to sell a couple of companies to ARP. Another important event that took place was the amending of the law in terms of development. That means certain loans could be made, and those opportunities did not exist previously. As a result, in August of this year, there was a loan of PLN 824 million, then an application for another loan of in excess of PLN 1 billion. This was to replace or sub in for the sale of JZR and PBSz. This was something that the amendment of the law allowed for. Then we get to September of this year. After all of this initial legwork was done, and the work done by the employees, as the CEO mentioned, the Remedy Program has been adopted with the participation of the employees of the company, and this program has been approved by the Supervisory Board of the company. As part of that Remedy Program, we have defined priorities or objectives. Basically, we want to build a company capable of effectively competing on the global markets while maintaining stability. We are operating on a global market, not just in the E.U., and we have certain six fundamental sub-objectives that we want to achieve. We want to rebuild the cash position as the foundation for the group's financial security, and in particular, we want to rebuild or regain the credibility and stakeholder trust. We want to raise external financing to carry out the restructuring process. We want to gain balance and have an ability to generate a sustainable cash surplus. The next general objective is to stabilize our production, the quality and operational efficiency as pillars of the potential of the JSW Group, and in particular, we are talking about stabilizing production levels, the quality of coking coal and coke. We want to reorganize the operation of mines to ensure that we optimize resource utilization and have integrated organization. We want to eliminate those assets in areas that fail to meet efficiency criteria. Another general objective is to achieve cost flexibility as a prerequisite for sustainable competitiveness, so we want to actively manage our unit cash costs, so MCC and CCC, both for coking coal and coke. We want to utilize synergy to the fullest extent with our subsidiaries, as well as they can support us in the restructuring process. We are talking about our renovation plant as well as the shaft driving company. We also have JSW Szkolenie i Górnictwo, JSW Logistics, ELPP and PGWiR. We want to maintain investment discipline and effectively allocate capital. As we mentioned in previous years, there was a very expansive policy of investments, which did, unfortunately, not contribute to any improvement in efficiencies in the company. That is why we are talking about investment model, where we would pool assets and then allocate capital, and to make sure that we can maintain conformance with regulations. This is something that we want to improve our costs. Profitability is the next objective as the foundation for rebuilding the value of the group. This is a matter of our capacity to operate as a group in a cyclical market environment. We have the sustainable development. We want to maintain our environmental targets, while at the same time abiding by the highest standards of employees' safety for employees in mine operations. This is very important in terms of what we are doing in mine operations. Mr. Oleksy mentioned, it is one thing to define those goals, but now we have to break them down into individual areas. In terms of the Remedy Program, we have an implementation program that has been prepared. Those goals or objectives have been decomposed into various areas across our company, and we have a separate project here. As you can see on the slide, we have mining and costs, investment, energy procurement, HR, coke, trading, subsidiaries, and finance. In those areas, we have leaders appointed and working teams, and the leaders are key employees of our company. The goal of these leaders and their teams is to define initiatives and projects that will enable us to achieve the intended objectives that were defined in the overall Remedy Program. The work has been done, so we have defined those efforts. In JSW, we have more than 58 initiatives. In terms of the group, we have more than 140 initiatives. Since these projects are being done not only in JSW, but in all of the companies belonging to the group, we are saying that all hands are on deck, and this is a good slogan, it is working. We are extraordinarily determined to achieve our objectives. The initiatives have been, as I said, defined in the various areas, and we have put parameters on them in terms of finance as well as the deadlines for their achievement. Then we are monitoring the execution of initiatives to make sure that we can react proactively to any type of divergence that could appear in the execution of initiatives. If we look at the stability of production as a pillar of our group, we assume that our production, our run rate, will grow from 13 million tons in 2025 to 14 million tons by 2029 and all the way through 2035. We want to maintain that run rate of 14.1 million tons per year. What is also important here is we will have a stable increase. The share of production to be held by high-quality coking coal from 85% to 94% in 2029. Then we want to maintain that level in subsequent years, as Mr. Rozmus said. We will limit or curtail production of steam coal, thermal coal. We want to concentrate fully on the most economically viable portion of our deposits and generate money through that CapEx to extract that type of coal, and we want to utilize those instruments. We have the mining leaves as well as the cash severance payments. This should generate a positive impact, and we want to make sure this is done while having in mind a high level of employee safety. We have a similar plan for coke production and how we will utilize coke production in our JSW KOKS subsidiary. We want to have a stable production all the way through 2029, which will be around 3.4 million tons per year, of which 2.7 million tons will be blast furnace coke. We want to move up the production utilization ratio from 86% to 96% in 2029. The next major element that requires our activities, that is the cost flexibility. Here we assume that the unit mining cash cost will decline quite substantially from PLN 738 to PLN 560 in 2029. Of course, this will be done through reorganization to optimize HR resources, and we want to be more efficient and have greater flexibility. At the same time, we want to utilize the maximum extent possible the competencies of our renovation plant as well as our shaft driving company, which are subsidiaries. We have made a similar assumption in terms of unit coke cash conversion cost falling. We want to drop from PLN 347 per ton to PLN 227 in 2029. Of course, discipline is an issue. As I said previously, the capital expenditure policy was quite extensive. A lot was spent. It did not improve efficiencies. We want to reduce the level of CapEx, as Mr. Rozmus said. Compared to 2025, when it was in excess of PLN 3 billion, we will see our CapEx fall to slightly below PLN 1.8 billion in 2029. Of course, we are talking at the group level. From a little bit below PLN 3 billion, we will have PLN 2.5 billion at the group level. At JSW, this will be around PLN 2 billion. Naturally, in terms of CapEx, we should mention that our assumptions in production uplift, run rate uplift, that means we have to do certain corridor works and have a certain intensity ratio there. We want to stabilize that ratio, but we want to be around 65 km of corridor works, and that should be stabilized and the ratio as a result. Then we have the matter of utilization of the expenditures made in previous years, and we want to utilize those assets effectively. We want to focus on those investments to open up new resources. We want to extend mines both vertically as well as horizontally to gain access to new deposits and set up new fields where we can extract that, and that would extend the life of mine in Borynia and Zofiówka. Then we want to complete some key investment projects at the Budryk Mine as well as the Pniówek Mine. Then gradually, we want to open up new development projects, but that would be done after 2030. Mr. Rozmus also mentioned that we have wrapped up the investment process of Coke Oven Battery No. 4, as well as the coke oven gas-fired power unit at the Radlin Coking Plant, which is a subsidiary of JSW KOKS. Ladies and gentlemen, we cannot forget about sustainable development. We want to achieve our environmental objectives, and this is part of the overriding objective, which has been laid out in the Remedy Program. We want to support those initiatives and under the environmental policy and utilize that in the Remedy Program. The CEO mentioned during the preparation of the Remedy Program, we were working heavily on maintaining our liquidity, and there is a wide body of stakeholders participating in this process. We would like to present certain stakeholders who supported us, and we can begin with the employees. Those agreements that we made with the employees will lead to substantial savings of around PLN 1.2 billion in 2026 and 2027. Then we have the Industrial Development Agency, which is PLN 1.22 billion, and that also includes a PLN 400 million advance towards a potential transaction, because I said recently we want to change that transaction and convert it into a loan. Then our contractors, Mrs. Gruszka and her team, did a lot with our contractors that delivered value of PLN 1.3 billion. Then we have the Social Insurance Institution where deferrals and installment payments, and that gave us an impact in excess of PLN 1 billion. If we look at production in the first half of this year, during the preparation of the Remedy Program, we've defined certain things, and you can see some positive impacts on the production side prior to the approval of this Remedy Program. The level of production is at 6.5 million tons as opposed to 6.2 million tons. The mining cash cost is PLN 609 per ton as opposed to PLN 778 in H1 2025. The CapEx is at PLN 1.38 billion as opposed to PLN 1.82 billion in H1 2025. The same is true in the second key area, which is coke production. It's flat at 1.4 million tons. The cash conversion cost will fall to PLN 300 per ton from PLN 368. If we look at the number of active longwalls, it's 21.3 versus 19.9. If I could add, because we've shown the major stakeholders and those entities that have provided support, but we cannot forget about our suppliers and service contractors, because we received support from them as well to assist in our liquidity. It's not shown on the slide here, the support they gave, but we owe them that. Because of our good cooperation with them, we've been able to maintain our liquidity thanks to their participation. Yes, that's exactly right. The level of internal participation, so employees, the management team and the employees, but we can also say that all of our stakeholders in our surrounding environment have shown a lot of understanding, appreciation, given support in terms of the difficult position that JSW is in. Ladies and gentlemen, our shareholders, our stakeholders. Now, ladies and gentlemen, in terms of the Remedy Program, we can say how important the JSW Group is as the European leader for the delivery of coking coal and coke. We have a strong position. We're the sole producer in the E.U. after production was wound up in January of this year in Czech Republic. The largest merchant coker in the E.U. and the entire time, coking coal, which is a critical raw material, and it's on the CRM lists without interruption since 2014. In terms of the stable support from customers, stable demand from key clients. Mrs. Gruszka and her team means that we have very stable cooperation with our customers. 95% of the coal segment's external revenues come from E.U. customers. In terms of coke segment, they account for some 59% of our revenue. We're an important supplier of coking coal and coke to the largest steel concerns in Europe that don't have their own captive coking plants. We have a 30 - 50-year outlook. For the life of mine, we have recoverable coal reserves of 1.2 billion tons. We have Coke Oven Battery No. 4, where we've completed the investment there just recently. As a result of the events that took place in our environment and how important the JSW Group is, we're able to secure the safety of the European Union. Recent months have shown how important it is to have your own raw materials, to have that raw material security and to be independent and to mitigate any risks in terms of disruptions in the value chain. Of course, JSW as a coking coal and coke producer is the fundamental supplier for steel mills. 70% of production of steel is in the current production. It is blast oven, furnace, coke. Nothing is changing here. If we look at hydrocarbons, they are a component of synthetic graphite and batteries, energy storage, advanced materials, and generally for the steel industry. As I sum up, let us bring this all together, if we think about the fundamental or core assumptions, we have the coal segment. We want to grow production from 13 million tons to 14.1 million tons. That is our long-term target. The second thing in coal segment, we want to increase the share of high-quality coking coal to 95% of total production. Quarter works in the meantime will be roughly flat or stable at 64 km per year. In the coke segment, we basically want to increase coke production to 3.3 million tons in the long term, with 7.2 million tons of that being blast furnace coke. We want to utilize the capacity at 94%, so we are going to increase that from 86% in 2025. We want to utilize the production assets to improve operational efficiency and cost competitiveness. Then we will analyze potential divestments in the coking segment. Then we mentioned we have completed certain investments in Coke Oven Battery No. 4 and the Radlin CHP plant. In terms of CapEx, we have made major efforts to ensure that our CapEx can be reduced to secure our liquidity. It is going to be below PLN 2 billion per year in the period up to 2030 and subsequent years. The increase in CapEx will be within limits that support stable growth and that will be backed by optimization initiatives in terms of employment and productivity. We want to reduce headcount across the group and in JSW. We want to utilize instruments from the act or the law on the functioning of the mining industry. That should improve our productivity significantly. Our efficiency should be improved on top of that by the execution of initiatives in our key areas of activity. If we look at the mining cash cost and the cash conversion cost, as a result of our business restructuring, we want to drop that from PLN 738 per ton in 2025 to PLN 588 in 2026. Our long-term target is to drop it to PLN 559 per ton. In terms of the cost conversion cost, in 2026, our plan is to achieve PLN 286 per ton compared to PLN 347 in 2025. The long-term target is roughly PLN 317. We want to rebuild our cash position and competitiveness. Ladies and gentlemen, this is a key matter in terms of executing the remaining program. In the near future, we want to rebuild our liquidity. In the midterm and the long term, we want to be profitable and competitive. This should enable us to operate in a stable fashion in a cyclical market environment. At the same time, we want to be a stable employer and ensure that we have jobs for our employees. It is not just a matter of giving them jobs, but also making it possible for these employees to grow. That would be more or less it from my side. Thank you very much for your attention. I'll give the floor back to the CEO. Thank you very much. Now I'd like to say a few words myself, or I'd like to add a few words, if I may, because this presentation was exhaustive and comprehensive in terms of the objectives we incorporated. First thing, I've already mentioned this is our own proprietary program, and this program was written by those people who will execute this program, and they'll be subjected to this program. Second, this is an ambitious program, but it's one that's achievable. It's feasible. In many areas, it is difficult, because we're grappling with the market, with nature, and Mr. Rozmus mentioned that as well. But it's something that can be done, can be delivered, and we believe it's a feasible program. At the same time, it's a tool that's consistent. All of the initiatives, all of the areas mentioned by Mr. Gawlik, this is something that's cohesive, it's coherent, and it's internally consistent, and this is something that we drew attention to. It's hard to talk about production without cost. You can't talk about production without employees. This is something I'd like to emphasize and highlight. The next thing, our program is flexible and open. We will incorporate and absorb new ideas. We will react to what's happening on the marketplace. This is not a document to be put on the shelf. It's something that will live with us. At the end, what's also important, it is evolutionary, but at the same time, it's transformational. Mr. Gawlik said that in many areas, things that will be changed in this company in many areas, and these changes have to transpire. At the end, this is something that will interest you, I'm sure. This program is highly transparent. We will communicate this program, as the CEO mentioned. We assume that we will be monitoring this on an ongoing basis. We will be held to account on an ongoing basis, and we will communicate with you about how the execution is moving forward, how the implementation is looking, what our progress is. We, as we sit here on this side of the table, we are convinced that we are capable of implementing this program, and we are confident that we can say that we can do this. Since I said that we've broken the convention, but that's because of the significance of this Remedy Program document. Now I'd like to open things up with the Q&A session. This can apply both to the Remedy Program as well as to the results of H1 2026. I now ask for those questions to be posed. Ladies and gentlemen, let me read the questions that have been submitted to the company. First question, the decrease in headcount of 4,248 persons, will it be completed by the end of this year? If so, the headcount in JSW S.A. will be slightly below 16,000 employees. 20,000 at the end of March 2026, minus the 4,248 people who are leaving the company. Have I understood this correctly? Yes, this is a correct understanding. We, as I said, when we were mentioning or showing you the document in the internal aspects, we've been analyzing individual items, but logically speaking, that's correct. Thank you very much. What is the breakdown in declines of headcount by quarter? In Q2 2026, you mentioned that in May, you would have 520 people leaving. Can you assume then that you have 526 in Q2, 1,122 in Q3, and in Q4, you will have another 2,600 employees leaving the company? The response is a little bit different from those numbers. We, in this process, have to follow the interests of the company, so we need to maintain the continuity of our business activity. It is not simpler arithmetics that we can divide the 4,000 + people, divide that number by four or three quarters, because we had three quarters in which to do this. Basically, we assume that in Q3, the decline will be roughly 2,200 people, whereas in Q4, it should be around 1,400 people. Thank you very much. Next question. The data above suggests that the major decline in headcount will not have a big impact on the level of production. Basically, you will not have an increase of efficiency to 200 tons per employee per quarter, so 800 tons per annum. JSW has never delivered that result. The highest ratio was 710,000 tons, 730,000 tons per person per year, and that was in 2016, 2018. These levels in the future would suggest that in previous years, the company was highly inefficient. Having 16,000 employees at JSW and an efficiency of 800 tons per year per person, that means you would be able to have 12.5 million tons as opposed to 13.3 million tons in 2026. Let me follow the same question. We have an increase in efficiency in the company that has never been seen before, and it should be nearly 900 tons per year, where the highest in the past was in 2026, 2010, which was a little bit above 700 tons. How can you make such a major improvement? Ladies and gentlemen, the assumptions for the Remedy Program are not based on a single factor like reducing headcount and improving the yield per ton of yields in tons per employee per year. This requires a number of activities to optimize our work. We will make organizational changes, and CapEx will change. We have to improve the utilization of time of work. Both of people and equipment, we have a lot of equipment underground. We want to focus extraction, and this is something that we are looking at quite heavily. Then we want to change the model of how individual mines work. At Budryk, and this mine was shown as a four longwall. Now it is going to be a three longwall mine. That means we will limit the amount of equipment and also limit the number of people to do the mining efforts. But at the same time, we have to change some organization. We have to accelerate the process of laying out the equipment and utilizing that equipment better. A similar argument can be used in terms of the Krupiński mine. We will have a three longwall mine as opposed to two longwall mine. Another important factor is that employees are leaving us, not only on longwalls or production, but also in administration. These are things that are not directly linked to production itself. To sum up, we would say that we are only going to touch one element. Then why would you need a Remedy Program? It would be enough to change the headcount while maintaining the same run rate. That would suggest that we are a land of milk and honey. No, we have to focus on a large number of initiatives. We need to change our approach in many areas, and we have to adapt to what the market requires of us. We have to make several major changes in how we approach things. Thank you very much for this exhaustive response. The next question. The employee safety measures, like mining leave and these one-off severance pays, will they be continued in subsequent years? This question seems to be quite simple, but the response is not so simple to give. We assume that we have an instrument, which we can use, but we have to observe closely the organization itself and technical and engineering factors. We will mine as long as we can do that safely and reasonably. Safety, my colleagues have mentioned safety. Perhaps they mentioned that briefly, but because of the time limits of today's meeting, safety is a top priority for us. That is why other groups that could utilize the benefits of the mining law, first, we have to do a profound analysis on that before we can respond to that question. The most important thing is that the instrument exists, but if we want to utilize that instrument, we have to do the initial legwork. Basically, we assume that, yes, this is a possibility that we could do that, but we have to factor in safety and business continuity, as I have referenced earlier. Thank you very much. Recently, we have seen a spike increase in coking coal prices. In the opinion of the management board, have they peaked? Ladies and gentlemen, we see the Australian coking coal grades prices increasing in August of this year was not a result of market conditions. As I mentioned during the presentation, we have observed this increase because of decisions made by the Chinese authorities linked to major catastrophes in Chinese mines, and that means that safety controls where guardrails were increased, and that led to a decrease in production. This means there were less deliveries from Mongolia to China, and that means that there was many more purchases done by Chinese buyers, and that in parallel then prices spiked. These high prices, if we look at the margins of steel mills, I will emphasize once again, those prices were difficult to stomach by other buyers, including buyers from India, who could not transpose those higher costs onto steel. Basically, they decided to start buying less Australian-grade coal. In mid-September, the Chinese authorities once again ordered a summary to open up those mines, and that has led to a change in the prices for Australian coal. There is a change in trend. It is a decline, not a major decline, but there is a decline. As I said in the presentation, there is protectionism, there are price wars, regionalization of the marketplace. This is a challenge for the company. Here we should remember that American coal grades saw a much smaller price increase. The situation in China had an indirect impact on American coal prices compared to 2025. There were customs duties on Chinese products, and the Chinese added a 25% customs duty tariff on American coal grades. We can say, basically, that Chinese stopped buying American coal grades. In recent days, information was published about an agreement being reached at the government level between the United States and China about a mutual trade agreement to reduce customs duties, and Chinese authorities, under the declarations, will restart imports of coal from the U.S. And they are talking about 10 million tons per annum as of 2027. This means that competition for American ships will grow and could have an impact on the global situation, and could have an impact on the price quotations. We have seen Australian coal prices gradually ebbing. This is more of a waiting period. Buyers are waiting to make their purchases. They are observing and tracking the market to see what the impact is going to be on prices. Thank you very much. Next question. On 17 August 2026, the Management Board adopted a resolution to give consent to submit a motion to the Industrial Development Agency for a loan of PLN 1.066 billion. Has a decision been made about granting that loan to JSW? What are the next stages of this process? Ladies and gentlemen, to be brief, that decision has not yet been made. Work is underway to determine the term sheet for such a loan. The major issue, or issues, or topics are pertinent to collateral. Because a loan that can be given by ARP, these are new instruments, because the amendment to the law for development institutions, well, they had this opportunity in place as of April. Since this instrument did not exist in the past, we had decided to sell or divest some subsidiaries. But since this loan instrument has appeared as an opportunity, we made the decision that we would submit an application for a loan. Collateral is related to the bank financing we hold. And since that bank financing is secured or is collateralized, we have to talk about the split of collateral, and that is something that is being negotiated. After agreeing those elements, we will follow our corporate path. We will submit applications to obtain consent from the corporate authorities according to the articles of association, and then we will also have to obtain the consent of the financing institutions consortium, which has been financing us up until now. This process is underway. It is not easy, but it is being executed or implemented step by step. Thank you very much. The next question: Does this Remedy Program incorporate the sales of two companies to ARP, so the Industrial Development Agency, this being the mine tunneling company, sinking company, and the renovation company? The program itself incorporates those issues linked to optimizing the structure of the group. We must, for a variety of reasons, optimize the operations of the group. Optimization is taking place at a number of different levels. One of the major elements of that optimization is the ability to de-invest, so divest. So whether or not, as Mr. Gawlik said, we sell these entities, and we convert that into a loan, that does not mean that we will not want to sell them later if we do not do that, if we stop that. This is an open question, an open issue. As you know, we issued current reports on that process, so the closing of the sale has not taken place yet. Work is underway that would address both outcomes. This does not mean, however, if we make the decision to take out a loan, that we will not want to divest. The areas presented by Mr. Gawlik, well, these companies have a role to play in this Remedy Program. They have a certain value attached to them. But we'll talk about that once we complete the process of obtaining a loan. Thank you very much. Next question. Why are employee benefits going to grow again in 2028? Well, if you look at the collective tables and you look at the overall costs of employee benefits, we can see that there is a bit of a distortion here with respect to a disruption in the previous trend. If we think about certain employee benefits being suspended, this is for a temporary period of time, and the temporary period is for two years. That is the outcome of the negotiations, and the labor code makes it possible to do something like that. The suspension can last for a maximum of three years. But after those two years, we'll have to reintroduce the original agreements. But the level of employee benefits should be seen with respect to previous questions concerning the overall process of utilizing the guardrails or the safety net for the mining industry. These employees will no longer be a cost to our business. If we look at that line item, which is employee benefits, we have to incorporate a number of other factors that contribute to that value. I think Mr. Rozmus mentioned that. It's not just this law that's at play. We also have natural attrition, so retirement. This is a process of employee benefits, and the timing of it is very dynamic, and Tomek mentioned this as well. This is change in the organization, transformation of the organization, how it operates, and this will affect the level of employee benefits, the amount of employee benefits. That return to a higher level of employee benefits is a result of the agreement that we have in place for a two-year period. Thank you very much. Now, having in mind the limited time, I think we'll wrap up the Q&A session here, and the Investor Relations team will respond to your questions later. We would ask you to put forward your questions, and the Management Board and our Investor Relations team will happily field your questions and respond to them. In that fashion, we have arrived at the end of our presentation. I would like to thank you cordially. We want to thank all of our stakeholders. That's why I have the last slide displayed on the screen right now. It's thanks to you our work is sensible. The support, the credibility we want to build and regain, these are fundamental values, and we'd like to thank you, express our gratitude. If you allow us, we'd like to wrap up today's presentation about the H1 2026 results and the Remedy Program. Once again, we thank you very much.