Euroseas Ltd.

C's conference call on the second quarter 2025 financial results. We have with us Mr. Aristides Pires, Chairman and Chief Executive Officer, and Mr. Tasos Estlides, Chief Financial Officer of the company. At this time, there will be a presentation followed by a questionnaire. BOCs will be making forward-looking statements. These statements are within the meaning to beat us. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me stands our chief financial officer. The purpose of today's call is to discuss our financial results for the three and six month period ended June 30, 2025. Please turn to slide three of the presentation for our quarterly financial highlights. For the second quarter of 2025, we reported total net revenues of $57.2 million and a net income of $29.9 million, or $4.29 per diluted share. Adapted net income for the quarter was $29.2 million, or $4.20 per diluted share. Adjusted EBITDA for the period stood at $39.3 million. This refers to the press release for a reconciliation of adjusted net income and adjusted EBITDA. Our CFO, Tasha Slevis, will go over our financial highlights in more detail later on in the presentation. The company has declared a quarterly dividend of $0.70 per share for the second quarter of 2025. which will be payable on or about September 16, 2025, to shareholders of record as of September 9. This reflects a $0.05 increase, or approximately 7.7% growth, in the quarterly dividend payout compared to the $0.65 per share distributed in the first quarter. This highlights our confidence in UBC's operating strength and sustained cash flow generation. At the current rate, the increase to $0.70 per share corresponds to an annualized dividend yield of about 5.5%, which we believe is attractive and competitive within the container subsector, reflecting our ongoing commitment to deliver value to our shareholders. Based on our charter coverage, We are very confident that our current dividend yield may be maintained comfortably for the next couple of years at least. Since initiating our share repurchase plan of up to $20 million in May 2022, we have repurchased 463,000 shares of our common stock in the open market for a total of about $10.5 million as of August 13, 2025. We will continue to utilize our research program in a disciplined manner as our management team may decide that enhances our long-term shareholder value. Moreover, we are excited to announce the publishing of our 2024 ESG report, which is available on our website under the sustainability section. This is the fifth consecutive year that we publish such a report. We are pleased to say that we feel the whole office is taking pride in our developments on all aspects of ESG, and that the various KPIs we use to monitor our performance are mostly showing positive signs. Please turn to slide 4, where we discuss our recent developments, including an update on our sales and purchase, chartering, and operation highlights. During the quarter, as already announced in May, we agreed to sell our motor vessel Markos V for 50 million with delivery within October. Whilst we continue to have faith in the market, the price offered was simply too good to resist. The proceeds from the sale will thus eventually be used to further renew the fleet with younger vessels. Also, at the start of June, we were able to charter our motor vessel Emanuel P for three years at a highly-priced, profitable level of $38,000 per day. On the operations side, there were certain planned repairs for motor vessel Evridiki G and motor vessel Yem Kofu, which resulted in not-high periods of approximately 12 1⁄2 and 10 days, respectively. This upgrading work was deemed necessary for our two elder vessels to be able to seamlessly perform the very lucrative charters that we agreed upon during Q1. The fleet experienced no other idle periods or commercial off-hires during the quarter. Please turn to slide 5. Here you can see that the company has a fleet of 22 vessels including 15 fitted container ships and seven intermediate container ships, with a cargo capacity of approximately 67,000 TEU, and another at rates below 13 years. As already disclosed, we expect the delivery of our two intermediate container ship new buildings in the third and fourth quarters of 2027, each with a capacity of 4,300 TEU, which will further increase the size and reduce the average age of our fleet. Please turn to slide 6 for a further update on our fleet employment. We continue to benefit from the strong forward coverage we have achieved. For 2025, very close to 100% of the company's available days have already been secured, at an average rate of approximately $28,000 per day. Looking ahead into 2026, approximately 67% of our available days have been fixed at an even higher average rate of $31,600 per day. As can be seen on the chart, we only have one vessel opening up for the Charter within the year, And we are optimistic that this will be affected at a very satisfactory rate, too. Moving on to slide A, we go over the market highlights in general for the second quarter of 2025. In the second quarter of 2025, one-year time charter rates continued to strengthen during the quarter, supported by limited vessel availability and sustained demand, particularly in the smaller segments. In the 3D segment, rates rose by 8% in the second quarter of 2025, compared to the first. Market activity was primarily concentrated on contract extensions that were concluded at or above prior benchmarks, a trend that carried over into July and has continued through the first weeks of August. New contracts remained fairly limited, primarily due to lack of vessels. As we move through the second half of 2025, the operating environment remains complex and volatile. Geopolitical tensions and ongoing conflicts continue to disrupt trade patterns, while protectionist measures may create further inefficiencies. These dynamics have received global flows, and the level of uncertainty remains elevated. Consequently, forecasting the The average second-hand price index rose by about 4% in the second quarter of 2025 compared to the first. Supported by limited vessel supply, an ongoing competition among buyers looking to expand their fleets. The new building price index remained stable in the second quarter. Demand for new buildings remains firm despite heightened market uncertainty stemming from the geopolitical tensions and the threat of even more tariffs. Notably, Korean and Japanese shipyards have begun to command higher pricing relative to their Chinese counterparts, probably due to U.S. trade measures and fees recently imposed on Chinese shipyards. Meanwhile, the idle fleet, excluding vessels under repair, has continued to shrink, standing now at a negligible 150,000 TEU as of the end of July, representing just 0.5% of the global fleet. This marks a significant decline from the peak of 850,000 million TEU that was observed in February 2023. In parallel with a strong market, recycling activity also remains subdued, with just eight vessels totaling 4,000 TEU sent for demolition here today. Scrub prices have reached slightly to $430 per lightweight ton as of August 8, 2025, in parallel with lower steel prices generally. And last, the global container ship fleet has already expanded by 4.1% year-to-date. Please turn to slide 9 for our broader market overview, focusing on the development of 6- to 12-month time charter rates over the past 10 years. As illustrated in the graphs on this slide, container ship charter rates extended their upward trajectory through the second quarter of 2025, standing comfortably above their 10-year average and median rate. underpinned by constrained national availability and sustained demand for strength across all segments. Please turn to slide 10. The IMF July 2025 update presents a slightly more resilient global economic outlook than the previous report in 18, with global trade developments continuing to dominate the forecast developments. The global economy continues to exhibit stable yet underwhelming growth. Global growth, GDP growth, is projected at 3% for 2025 and 3.1% for 2026, with the 2025 and 2026 projections revised upwards by 0.2% and 0.1%, respectively, compared to the April 2025 reference forecasts. At these levels, the forecasts are below the 2024 outcome of 3.3% global GDP growth and the pre-pandemic historical average of 3.7%. Global policy remains highly uncertain. Trans-New York took effect on Tuesday, August 7, with higher rates for most U.S. trading partners, but some are still to be decided upon. Take them all together, these tariffs have pushed the average U.S. tariff rate to 15.2 percent, according to Bloomberg Economics, well above the 2.3 percent last year, and this is the highest level since World War II. The short-term impact of this change, however, will probably not be huge. The United States economy is projected to grow by 1.9 percent in 2025. and accelerate slightly to 2 percent in 2026, according to the IMF. U.S. growth forecasts were revised upwards due to the easing trade tensions, improved financial conditions, the weaker dollar, and the recent tax incentives aimed at stimulating business investment and consumer spending. In Europe, GDP accelerated, driven by investment and net exports. Growth in the area is now predicted at 1% for 2025, up 0.2 percentage points from April's projections. However, many European countries continue to face subdued domestic demand, manufacturing weakness, and the lingering effects of the energy shock. Global inflation is expected to continue declining with headline inflation projected to fall to 4.2% in 2025 and 3.6% in 2026. In the euro area, inflation has gone down significantly, but in the U.S. it is still elevated as unemployment rate remains low. Emerging markets remain the primary drivers of global growth. India, for example, is forecast to expand by 6.4% in both 2025 and 2026, fueled by strong investment, robust agriculture, and a dynamic services sector. The ASEAN five countries are also projected to post health gains. Also in China, growth has been revised upwards, driven by stronger-than-expected economic performance in the first half of the year. tariffs between the U.S. and China, at least today, and the positive impact of fiscal stimulus and reforms aimed at clearing local government areas, which have all boosted domestic demand. Turning to the container ship demand outlook, Clarkson's latest estimators of July 2025 project container trade to grow by 2.7 percent in 2025. This upward revision reflects the assumption that Red Sea disruptions will persist in the near term, resulting in longer voyage distances and increased on-mile demand. For 2026, Claxton assumes gradual unwinding of these effects, projecting a contraction of 3%. Sudra-routed volumes return to the Suez Canal, voyage distances will shorten, despite underlying cargo volumes remaining relatively stable. Turning on to slide 11, you can see the total fleet age profile and container support. The container ship fleet is relatively young, with most vessels under 15 years old, and only 3% of the fleet over 20 years old. Deliveries as a percentage of total fleet stand at 7% for 2025, 5% for 2026, 7.5% for 2027, and 13% for 2028 onwards. As of August 8, 2025, the order book stands at 30.7% of the existing fleet, reflecting the ongoing wave of new bid activity across the sector. Anyone's slight wealth, however, we take a look over the fleet age profile, an order book for ships in the 1,000 to 3,000 TEU range only. The sizes we mostly operate in. The order book here stands at just 5.4% as of August 2025. A completely different picture, as you can see, than the overall order book. According to Clarkson, new building deliveries for feeder container ships are expected to remain limited over the coming years. In 2025, deliveries in this segment are projected to amount to 2.1% of the total fleet owned. This already modest delivery schedule is expected to slow further to 1.5% in 2026, followed by 2.5% in 2027. A similar positive pattern also holds for vessels in the 3,000 to 6,000 TDU range. Let's move to slide 13, which shows the different supply fundamentals across the various containment subsizes. As you can clearly see, the global order would remain heavily concentrated on the large vessels servicing main lane routes, with significant capacity growth expected there. However, feeder and intermediate vessels, which are essential for regional distribution, face a very different supply outlook. Their order books are extremely limited, and the existing fleet is relatively old, with a large percentage of vessels over 20 years of age. These aging units are prime scrapping candidates in the short-term market, particularly as environmental regulations tighten. As a result, it is quite possible that the fleet capacity for feeder and intermediate container ships will actually decline, even as the overall container ship fleet continues to grow. This evolving supply backdrop supports a structurally tight market in our operating segments, with favorable implications for best utilization in charter rates. Moving on to slide 14, for the remainder of 2025, rerouting away from the Red Sea is the major factor affecting the market. The other factor that may also have a significant impact, as already said, during the year is, of course, the U.S. administration's packages that mostly took effect last week, but we still have things to see there. Following renewed attacks on cargo ships in the Red Sea in early July by Yemen's Houthi rebels, fears of further escalation have delayed any meaningful return to the Suez route. As a result, our revised assumption is that the routing will persist to the end of 2025, with a possible reversal sometime in 2026. With the implementation of the new U.S. tariffs, following further negotiations with key trading partners, ranging from 10% to 50%, depending on product and origin, trade flows could be disrupted further. At the moment, we expect their impact on global GDP and demand to remain relatively neutral. Against this backdrop, we therefore anticipate time-sharper rates to remain exceptionally strong for the remainder of 2025. Looking into 2026, market conditions will hinge primarily on the status of geopolitical and economic events. Should the passage through the Suez Canal remain restrictive, we expect the market to hold firm, with only a modest decline. However, a faster-than-expected reopening could prompt a more pronounced market correction. Container ship-ordering activity continues to accelerate, further inflating an already elevated order book, and posing longer-term supply challenges from 2027 onwards. Energy transition is gaining more and more traction in the sector, with a clear industry shift towards alternative fuels, and in particular the medium the medium-term solution of LNG. Most new building orders encompass at least an LNG-ready option. That said, technical and economic headwinds are expected to keep the pace of adoption slow. Eco-efficient vessels are, of course, increasingly commanding a charter rate premium as charters and regulators intensify the focus on emissions compliance and sustainable transport solutions. The recent shift in U.S. energy policy under the current administration, marked by a more fossil fuel-friendly stance, is likely to delay, but definitely not derail, the overall transition. Now please turn to slide 15. The left-hand side slide graph shows the one-year time charter rate for 2,500 EU container ships over the past 10 years. As of August 8, The one-year time charter rate for these container ships stood at just above $35,000 a day. While below its recent peak, this level remains exceptionally high and is well above both the historical average and median. In parallel, new building and second-hand vessel prices have also risen over the past year and remain significantly above their long-term historical averages too. We have a significant amount of free liquidity, which we are constantly evaluating how to best use. We are returning part of this to our shareholders through our dividend and our stock repurchase plan. We are committed to offering our shareholders a good dividend in both good and bad times, and therefore we are maintaining necessary reserves to cater for a possible downturn. At the same time, we are keeping most of our costs available to help grow the company further. In this environment of extremely high prices and similarly high charter rates, we are not thinking of buying second-hand vessels unless we can simultaneously secure a charter rate that will bring the residual value of the vessel at the end of the charter to a median level. This is proven difficult to find, though. New building prices have also increased substantially during the last five years. However, we feel this is a structural increase that will be very difficult to reverse. Prices will probably not drop, at least significantly. We are therefore seriously considering options along this front. And with that, I will pass the floor to our CFO, Tassos Asplidis, to go over our financial highlights in further detail.

Good morning from me as well, ladies and gentlemen. As usual, I will use the next four slides to give you an overview of our financial highlights for the second quarter and first half of 2025, and again compare them to the same period of 2024. For that, let's turn to slide 17 to review our results for the second quarter of 2025. During that quarter, the company reported total net revenues of $57.2 million, representing a small decrease of 2.5% of the total net revenues of $58.7 million during the second quarter of 2024. The company reported a net income for the period of $29.9 million, as compared to a net income of $4.75 million for the same period of 2024. This was the result of a gain on a sale of a vessel recorded during the same period of last year, and the lower time chart rates of vessels earned in the second quarter of 2025 compared to the previous year, the same quarter of the previous year, partly offset by the increase in the average number of vessels owned and operated during the second quarter of this year compared to last. Total interest and other financing costs for the second quarter of 2025 amount to $4 million compared to $2.1 million for the second quarter of 2024. Capitalized interest charges on the cost of our new building program was $1.4 million for the second quarter of 2024. And that was a reason that we recorded lower interest expense taking into account the interest income. This increase Part of the increase, though, in addition to that, is due to the increased amount of debt we carry in the current period over the same period as last year. Adjacent to BIDAN for the second quarter of 2025 was $39.3 million compared to $42.3 million achieved during the second quarter of 2024. Basic and ideal sterling fair share for the second quarter of this year was $4.32 and $4.29, calculated on about $6.9 million and $7 million diluted where the covered number of shares are spending, compared to basic diluted earnings per share of $5.89 and $5.84, respectively, for the second quarter of 2024. Again, calculated on $6.9 and $7 million work covers a number of social standards. Excluding the effect on the income of the unrealized loss of derivatives, the amortization of below-market time charges acquired and the portion of the vessel depreciation allocated to the below-market time charges, the adjusted earnings per share for the quarter and the June 30, 2025, which has been $4.20, 3 cents basic and $4.20 diluted, compared to adjusted earnings of $4.95 and $4.92 basic diluted, respectively, from the same quarter of last year, with a later figure still including the recording of deferred revenues that we had to record due to rate averaging and So we had to recognize the result of the charters of the relevant vessels being free. Let's now look at the numbers for the corresponding six-month period and the June 30, 2025, and compare it to the same period of last year. For the first half of 2025, we reported total net revenues of $13.6 million, representing a 7.7% increase of the total net revenues of 105.4 million during the first half of 2024. We reported the net income for the period of 66.8 million, a marginal difference, a marginal increase over the 60.8 million for the first half of 2024. Total interest and other financial costs for the first half of 2025 amounted to 7.9 million, Capitalized interest charges on the cost of our new building program was $0.1 million for the first six months of 2025. For the same period of 2024, interest and other financing costs amounted in total to $3.9 million, which was inclusive of capitalized interest charged on the finance of the new building program that was recorded as interest income of $2.7 million for the same period of 2024. Adjacent EBITDA for the first half of 2025 was $76.4 million compared to $66.9 million achieved during the first half of last year. Basic and diluted earnings per share for the first half of 2025 were $9.63 and $9.60, respectively, calculated on, again, $6.9 and $7 million, this figures around it, diluted weighted average number of shares outstanding, compared to basic diluted earnings per share of $8.77 and $8.71, respectively, for the same period of last year. Again, excluding the effect on the income for the first half of the year of the unrealized loss of gain on derivatives, the gain on sale of assets, and the amortization of below-market time charges acquired and the portion of depreciation allocated to the below-market charges, the adjusted earnings per share for the first six months of this year would have been $7.99 basic and $7.97 diluted compared to adjusted earnings per share of $7.63 basic and $7.57 diluted for the same period of 2024. Now let's turn to slide 18 to review, again as usual, our fleet performance. We'll start our review by looking at our fleet utilization rate for the second quarter of 2025 and 2024. Our fleet utilization rate is broken down into commercial and operational components. During the second quarter of both years, our commercial utilization rate stood at 100%, while our operational utilization rate also was similar in both quarters and stood at 99.9%. 22 vessels were owned and operated during the second quarter of 2025, earning an average timeshifter equivalent rate of $29,420 per day, compared to 21.6 vessels for the same period of last year, earning an average $31,639 per day. Our total operating expenses, including management, and G&A expenses, but excluding dry docking costs, were, for the second quarter of 2025, $7,594 per vessel per day, compared to $7,193 per vessel per day for the same period of last year. If we move further down on this table, we can see the cash flow break-even rate, which also takes into account dry docking expenses, interest expenses, and loan repayment. Thus, in total, for the second quarter of 2025, our daily cash flow break-even level was $13,262 per vessel per day, compared to $13,698 per vessel per day for the second quarter of the year before. Let us now review the same figures for the six-month periods for both years. During the first half of 2025, our commercial utilization rate was 100%. Our operational utilization rate stood at 99.6%, compared to 99.9% commercial and also 99.9% operational for the same period, the first six months of 2024. During this period, the six-month period of 2025, we operated 22.83 vessels, earning another time charter equivalent rate of $28,468 per day, while for the same period, the first six months of 2024, we only operated 20.43 vessels, earning on average $29,836 per day. Again, our operating expenses, including management fees and DNA expenses, but not dry docking, were $7,454 per day in the first half of this year, compared to $7,563 for the same period of 2024. And again, looking further down on the table, our cash flow breakeven letter for the first six months of 2025 was $13,164 per vessel per day, compared to $15,000 $372 per vessel per day, mainly the result of lower loan repayments that we had during this year. At the bottom of this table, we can also see how our common dividend translates on a dollar per vessel per day basis. And you can see that during the second quarter of 2025, that amounted to $2,275 per vessel per day. while for the first six months of 2025 that amounted to $2,196 per venture per day for the dividend payments. Moving on to slide 19, to review our debt profile, as of June 30th of this year, our total outstanding debt stood at $229.4 million, with an average margin of approximately 2%, which, if you add a three-month soft rate of about $4, 4.23%. The overall cost of our senior debt is around 6.24%. And, in fact, it's a bit lower because part of our debt is swapped at a lower software rate. So the overall cost of our debt on average is below 6.2%. The remaining loan repayments for 2025 amount to about 10.8 million, on the top of loan repayments of almost 30 million already made in the first half of the year, during which we actually repaid the balloon of a loan that matured. With these repayments, our debt at the end of the year will be 218.6 million. In 2026, we have scheduled loan repayments of about $19.5 million with no balloon payments due, while in 2027, we anticipate to make $16.9 million in loan repayments alongside about $20 million of balloon payments, resulting in total payments in 2027 of $36.9 million. You can see the loan repayments for the outer years in this chart that we have on the slide. I would like to draw your attention to the bottom of this table, of this slide, where we present our cash flow breakeven level for the next 12 months, broken down by its components. Overall, we expect a cash flow breakeven level of approximately $20,300 per person per day, a level meaningful below the current daily earnings of our fleet. Any information on our balance sheet and asset values is shown on slide 20, the last slide of my brief presentation of the financial results. As of June 30th, our cash and other current assets in our balance sheet amounted to $126.8 million, while we have made advances for the new building vessels of 18.1 million. And here is the book value of our fleet on our books, 517.3 million, including in this figure the vessel that we have agreed to sell at the end of its current charter. Our overall book value of our assets stands or stood at the end of June at 662.1 million. On our liability side, our debt, as I mentioned, stood at 229.4 million in June 30, representing about 35 percent of the book value for our assets. We have other liabilities amounting to about 30 million, thus leaving us with a book shareholder's equity of a little more than 400 million, or about $57.5 per share. It's also important to mention here, as I do in every earnings result, that the market value for our blitz, adapted for the charters currently in place, is significantly higher than its book value, and is in the range of 680 million, based on our own estimates. If you recall, the book value was 517 million. Thus, as of the end of June, we estimate the charter-adjusted net asset value of our company to be around $565 million, resulting in a net asset value per share in excess of $80. Despite our stock trading at higher levels during the last several weeks, of around $50 per share, this level still represents a significant discount of the order of 35% to 40% to our net asset value, and that is happening despite our revenue and earnings visibility, making it evident that our stock will still offer further upside potential and prospective gains for our shareholders and investors. With that, I'd like to turn the floor back to continue the call. Thank you, Tasso.

Let me open up the floor for any questions you may have.

One moment, please, while we poll for questions. Our first question comes from the line of Kate Sullivan with Maxim Group. Please proceed with your question. Thank you. Good day.

With most of your days contracted for a year, more than a year, I'm looking at the potential variability in the results. Do any of your container ship contracts have different rates based on the voyage? Are they all fixed regardless, please?

I think they're all fixed. All our converts are fixed rate converts. Okay.

All right. And no dependability on the voyage. Okay. Thank you. And then on this... Okay. And then on the planned sale of one of your ships, and if you do decide to sell other ships in a good market, are there any trends in terms of the potential buyers? Are they from specific countries or specific entities? And have you disclosed the buyer of the ship, please?

The buyer of the ship is MFD. They are, as you know, the biggest buyer around over the last few years, buying elder tips. I don't anticipate that we will be selling anything else, you know, within this year. You never know, obviously. We have fixed all the vessels and I don't need to do anything. Thank you very much.

Thanks.

Well, always nice to see another strong quarter. I just had a few questions. The feeder and intermediate container ship segments have small order books. You mentioned the fleet's relatively old and the shift towards adopting new fuels remains slow. So how are you thinking about your fleet in terms of growth in the number of intermediates versus feeders and you know, new builds versus secondhand. I think you've mentioned you're not really interested in secondhand, but just kind of interested in your thoughts there.

Yes, sure. We don't think, I mean, we would buy, you know, 10-, 15-year-old vessels if we could... find a suitable charter that would bring the residual value down at the end of the charter. But this is something that we have been trying to do, and without much success, because, you know, the asking prices of the ships are too high. So I think it's rather difficult that we invest now in ships that are, you know, in the water We like both sectors, the feeder sector and the intermediate sector. Their dynamics are very, very similar. Order books of, you know, below 7, 8 percent, and ships over 20 years old in excess of 20 years, of 10 percent. So the dynamic is very nice over there. We look at potential projects and we will see how we will, you know, move ahead.

Do you think the supply-demand characteristics for these segments provide a relatively high level of durability to the rate outlook despite the uncertainties that you mentioned?

It provides some durability. I mean, we all know that the cascading effect is quite significant with container ships, which means that, you know, if the rates for the bigger ships drop substantially, we will naturally expect to see a drop in the smaller vessels as well. However, we do feel that this supply-demand fundamentals

as may happen. Okay. And then just the last question was the dry docking expenses were $3.5 million for the first six months of 2025. But based on the information on slide 19, is it fair to say that dry docking activity will be light over the next 12 months?

Yes. I think so. I think we had two vessels that died in the first part of the year. I think our schedule is light there. for the next six or 12 months.

Okay. Well, thank you very much. I appreciate it. My pleasure.

Thank you. And again, as a reminder, if anyone has any questions, pressing star one will join you into the queue to ask your question. Our next question comes from Clement Maldon with Value Investors Edge.

Please proceed with your question. Hi. Good afternoon. Thanks for taking my questions. Most has already been covered. Most has already been covered. But I wanted to ask whether you have any plans on what to do with the proceeds of the sale of the Marcos 5 or Marcos V. Could you comment on potential avenues to allocate that capital? Could special dividends be in the cards? Or would you prefer to make a debt prepayment or allocate it towards a new built-on order?

We are considering the various options. The vessel will be delivered within October and we are looking at various options. We will let you know more when we next talk.

I think our board will meet sometime in November and we'll make a decision on how those procedures will be best utilized. How long are the options you mentioned?

All right. Makes sense. That's all from me. Thank you for taking my questions. Thank you.

Thank you. And we have reached the end of the question and answer session. I would like to turn the floor back to Mr. Pitas for closing remarks.

Thank you very much all for attending today's call, and we will be back with you in three months' time. Thank you. Thank you.

Bye, everybody.