Kghm Polska Miedz Sa Ord

Good afternoon, ladies and gentlemen. A very warm welcome at the conference at which we will present the results of KJ General Group for 2025. Ramińsz Paszkiewicz, CEO. Joanna Sobieraj-Kozakiewicz, Vice President for Foreign Assets. Zbigniew Breja, Vice President for Development. Piotr Krzyżewski, Vice President for Finances. and Miroslav Laskowski, Vice President for Production. We also have Janusz Krystosiew, Director of Investor Relationships Department at KGHM. I would like to inform you that our conference is broadcast online. In the second part, you will have a Q&A session, and the questions can be asked both here in the room or by e-mail. All answers will be published on our website in the results section. Now over to the CEO. Good afternoon, ladies and gentlemen. Once again, a very warm welcome at the annual conference, summing up the results and, above all, the efforts of the entire KJJ group throughout 2025. If I were to summarize the year 2025, I could say that it was a good year for the entire group. I'm talking not only about KJJ, Polska Miecz S.A., But I would also like to focus on the Polish group and its foreign assets, which contributed very significantly to excellent results achieved by the group globally. both in production, processing, and first of all, sales, which translated finally into financial results, which again translated into a significant increase in the value of the entire group at the end of 2025. The company and the group had excellent results thanks to a number of factors which we will talk you through in a moment. I would like to say that those good results were achieved against the background and under the pressure of changing macroeconomic environment last year, as well as in the context of additional factors which are more global, geopolitical. When we talk about stability with regard to mining output, in particular in Poland, which was a major achievement and brought excellent results, I would like to mention something that was not noted by everyone last year. It was somewhere on the margin, while in fact it very much helped us in defining the future of mining in Poland, mainly minimizing the risk of mine flooding in Poland. I would like to emphasize that under a longer period of omissions, or even negligence, if I can put it bluntly, the management board of KTHM and an entire group of employees engaged in projects which minimized virtually to zero the risk of mining waters, destroying the mines. And those projects were finalized in 2025 as a result of which we can now look at mining output in Poland without this risk. But coming back to this broader context which we operate in 2025, the macroeconomic volatility was characterized mainly by the impact of a greater demand, which was reflected in the quotation of our core products. Let me remind you that at the beginning of 2025, for example, the quotations of copper, $8,500, and At the end of here, on the 30th of December, that was already 12,500. And this stable, high level of increased quotations continues, meaning that we are... in the conditions of higher than last year quotations for both copper and silver. As you can see in the annual report and financial statements published yesterday that also contributed to an excellent result for the entire group for last year. As for more geopolitical environment, I think for the first time in many years, we have experienced deep destabilization of tariff policy, and it is not only about the U.S. or response to the U.S. actions in key markets in which we are active. Those countries, in response to the developments in the U.S., modified or changed completely the tariff policies. In spite of that, KGHM responded very well, And the major reaction was the diversification of sales markets, somewhat deeper diversification than in the previous years. But also, I would like to mention not sales, but also the production that makes sure that we have what to sell. and what to trade in. As for production results, in mining and metallurgy in Poland, we had very good results, and I will allow Mr. Trzyzewski to discuss specific numbers. But you can see them in the slides, and you probably had an opportunity to get acquainted with them. We also faced turbulences on the part of our competitors. There were some industrial accidents. There were some weather issues in certain parts of the world, which decreased the supply of raw materials, including copper concentrate. with high utilization of the concentrate by China. As you know, China concentrates large part of copper production. But we returned with a better margin to some customers on corporate concentrate. After a certain break in trading with customers, we were able to return to them offering better margins.

So the global situation in the market helped us.

that was also driven by changes in the policies of key countries worldwide. We were also helped, apart from the increase in quotations, we were helped by major demand for gold. Maybe it is not the major or the most important item in our production, but we know what happened was pursued not only by the National Bank of Poland, but also by other central banks and private investors worldwide. We also experienced volatility in foreign currencies market. Dollar and PLN prices changed. PLN grew. in value versus the U.S. dollar, and thanks to our stable policy of hedging the prices of core products as well as forex hedging and securing our energy from materials, including fuels, All that had a positive impact on our operations because we were able to avoid turbulences or negative impact of those factors in 2025. I mentioned three parts of our group, all this division into KJJ and Polska Miedź, Capital Group in Poland and Foreign Assets. And I would like to stress now that for the first time in the history of the group, foreign assets, our foreign companies became financially independent. It is also worth adding here that we saw the first major repayment of loans to the mother company from those foreign asset businesses and that came from U.S. and Chilean assets. At the end of the year, we revalued Sierra Gorda assets, and after the test, the result was positive $504 million. That's an important aspect because there was a checkered history of that part of operations over the past years, even the past decade. There were varied opinions about the value of those investments, the exposure. Now we can say, however, that this stage is over. Foreign assets started generating appropriate profits. And I would also like to stress here that in the near future, we would like to utilize those profits in the investment program that we plan for. for the future for the upcoming years starting already in 2026 also we cannot forget about building a foundation that will consolidate the position of KGH worldwide. That is the base of our resources. Of course, at a time when the quotation of our resources metals are high, this building of the base is difficult because there are few opportunities to do so. There are few well-developed investments with regard to the mining of copper or metals that we deal with on a regular basis. That is why this is a very cautious, very prudent search, not so much for opportunities as for things that can help us develop and increase value of the entire group. We also have a Victoria project in Canada. 2025 was the year of intense investing and development of this project. And our drilling went down to 1,400 meters. Now we are starting lateral drilling, which will allow us operationalize not only the deposit, but also its surroundings. We want to operate it in a foreseeable period which is now longer according to our estimates than initially expected in the project and that has a very positive impact on the projections here. Among the factors that I would also like to mention as the ones that contributed to the 2025 results I would like to say that in the context of our foreign assets, I talked to the CEO of our Chilean partner. It's a very good relationship, a partnership based on last year's experiences. is going to be developed. We will increase our efforts looking for opportunities abroad. And also we made some decisions regarding the development of Sierra Gorda Hotel. There is a fourth line of processing and preparation of the concentrate. Ms. Sobieraj-Kozakiewicz, I do apologize, Madam President. That's because of my today's presentation. The stage fright made me confused, and I do apologize. stable hedging policy. That's something I have already mentioned. The beginning of this year was marked by turbulences in the market of gas and fuels. But thanks to those previously prepared and proven solutions, we were able to go through this difficult situation, maybe not completely unharmed, but we felt better than those who are more heavily dependent on I think maybe I should mention some extra things. The first view of what we would like to do this year and in the following years, building on what was achieved in 2025. We would like to focus on preparing the entire capital group. strengthening some key companies in Poland so that they can develop, so that we can benefit from the potential even more. We would like to enhance their capacity to be able to better use the capacity and potential of those companies in Poland. This already was reflected in 2025 and was true in early 2026. That is the cooperation and mutual respect with the social actors involved. And towards the end of my preliminary remarks, let me extend my gratitude to a large group of over 34,000 people who work throughout the world for our group. this is an effort of all of them all of our colleagues across the group not just in Poland let me reiterate that so they're the ones that have done it so once again many thanks for that we're hoping to continue our great successful cooperation not just in the current year but also going forward because I want to announce that towards the end of quarter two we will be announcing our strategy. Work has been completed. There are some pathways that we want to emphasize again that have been addressed already adequately and i think that the ending of quarter two will be a good time for us to announce the strategy the baseline also will be the experience from early 2025 and early this year and i think that will be the baseline for the final touches to the strategy and now over to Vazkovsky for the production part, that's the baseline and the core of our operations. Indeed, you spoke about the water risk. Let me just perhaps bring you closer to what has been done over the last two years in KTHM to mitigate this natural threat. First of all, extending the two mines, Rudnáv, Borkovice, Siatusovice, water draining system injections to the leak site and those injections have allowed us to sterilize the water flow to the mining fields at the phase of 36 cubic meters per minute. And then the Lubin mine dedicated for not so low mineralized water from the Rodna mine and what was our biggest concern was the water management on the Gelazny Most retention and we started work there on the 20 on 2024 the capacity of this container was 14 million cubic meters. Right now, the latest measurements show us that there's only just over 5 million cubic meters of water in this location. So a lot of work there, and a lot of work has been done. We managed to get We managed to get a permit to extend this location which will allow us to stock floating deposits. in this tank and before I Describe our results for 2025 Let me just say that we have managed to perform all our production goals in all our production segments starting from mining but also copper processing This is not mentioned in my presentation. However, it's important to say that our budgets have been fulfilled and exceeded so now regarding the results that you can see in the screen here let me just comment on 2025 from the point of view of our production schedule it was not quite so favorable to us compared to 2024 2025 is just 28 working days in February compared to 29 the year before 2024 and also an additional day of which is Christmas Eve, and that was the first historically in our country. This is specifically meaningful for mining production because our crew and ourselves, we do not systemically work on public holidays. So this is based on voluntary basis. Despite the unfavorable calendar, let's look at the bars here comparing 2025 to 2024. You can see that the output was quite similar or even better. So let me go back to what I said initially. This will allow me to comment the production results of 2025 in three words. Stable, solid. and good. And now going to details, the output, the first mining segment, over 30 million tonnes, but that perhaps might not be quite as important as the fact that we have already been able to get 1.49% of copper in the output and silver is 51 grams and that directly translates to producing copper and concentrate which was high in 2025 then 2024 by about 1,000 tons and it attained the level of one four hundred and one thousand tons and the cu and concentrate is 22 and six The production of silver is stable, over 1,300 tons in total, together with the silver in our overseas assets allows us to keep in the top three silver producers in the world. And the electrolytic and copper production, you can see a slight decrease vis-à-vis 2024, but we already communicate that on multiple occasions throughout the first semester of 2025. we were conducting some refurbishment work in electro-refinery hall in Guadalstú, but already in quarters three and quarter four, the work showed us that the capacity was being used to its maximum extent, and the production of the electrolytic copper was over 50,000 tons per quarter. I also would like to say a few words about copper processing. In 2025, we produced over 262,000 tons in Sardinia, a copper mine, and then 17,836,000 of wire. Why am I saying that? Because this is the biggest figure in our over 45 years of history of the copper plant in Sardinia. Now, early this year, this was a very good result. We already announced them for two months, and they are also over the budget over the assumed budget and the production in our national assets stable, solid and good. Again, the same three words apply. Ladies and gentlemen, let's move on to the production results of our overseas assets. Now, regarding Sierra Gorda. 55% of the share that we have in this enterprise. The production results for the extraction of copper were very good and they went according to the budget and that was 86 and 8,000 tons of fake copper and that's 8% higher year on year. We were able to obtain that thanks to a higher copper content in the ore, but also a higher output, despite lower volume of the ore extracted. Now for silver production, we also see a 3% growth year on year. For silver production, we were able to produce 24 tons. And for gold, we can see a 15% decrease year on year, but you must remember that silver And precious metals only account for 11% of the revenue of Sierra Corda. And this is mostly due to the metal content in the ore. Now, we can, however, proudly say that we had a very good year for molybdenum. The value of the production was 5 million pounds and that's a 52% growth year-on-year, which also results from higher content of this metal in the extracted ore and higher output despite a lower volume. Now, to comment in just a few words about Sierra Gorda, Last year, we managed to stabilize the copper production on the processing plant and we managed to maintain high cost discipline. Thanks to that, of course, thanks to the support from metal prices and other macroeconomic indicators, Sierra Gorda may actually was able to close the year with very good financial results. This was a historically good year for Sierra Corda in terms of production, but I will talk about it further on. Now, for the international segment, Let me initially remark that because we disposed of the assets in February in Canada, in early March we stopped actually commenting on the production of copper, gold and silver, which lowered the balance of these metals in the KGHM International. We are remarking here that there is a decrease by 14% of paid copper year on year to the level of 52,500 tons, lower copper content despite higher output. But there is a slightly higher production of copper in the mine, but due to very low volumes, This is a Carlotta mine, of course, but due to low volumes and copper production, this is not really meaningful for the whole segment and this asset's financial results. For silver production, we're also remarking that there is a drop 87%. similarly to gold, 19%. But like I said, it is mostly due to, first of all, disposing of the assets in the Sagbury, but also lower content of precious metals in Nadava and the Robinson mine. The Robinson mine is our main asset. in the United States in the KGHM international segment. But ladies and gentlemen, we may also say that molybdenum is increasing up to 43% thanks to higher content of this metal in Nadava. Now, a brief comment. Let me go back to the fact that we were able to complete a lot of work in terms of optimizing the costs We also need to be clear about the fact that last year we had very good conditions in our mines in Chile and in Robinson. the metal content in the ore extracted was very high and thanks to that also we were able to use the favorable macroeconomic conditions and the TCRC premiums that our overseas assets positively contributed to the whole cattle group of Indus and they in total accounted for 48% of the adjusted EBITDA of the whole capital group. So from that point of view, this was a record year, and I think that we can perhaps cover potential development plans further on. And to sum up, last year, overseas assets paid into the budget of the group $379.7 million, Sierra Gorda over 300 of that. In total, Sierra Gorda has repaid over $1 billion to Polish copper. Thank you. Thank you very much, and now let's hear about our development initiatives. Good afternoon again. Rational and responsible investment programs. This is a slogan that best illustrates what we're trying to do for CAPEX for two years now in our company. On the one hand, we need to sustain production. We need to replace the machinery part, which is naturally getting old and, well, is devalued every year. But we need to think about the future, look forward, not just maintaining the volume, but we need to think ahead of what we are going to do in 10, 15, or 20 years, or even perhaps further from that. We have adopted an investment plan for this year at CAFEX on the level of 3.8 billion zlotys, 126 million of a reserve fund, 3.563 billion was actually performed, adding on top of that external financing. On the right-hand square, you can see 3,829 plus leasing 3,926. Now, what has been in the books is 96% of that. The slight difference results from the fact that many of our investments are still in the pipeline due to some delayed contracting processes. A very good result, a large discipline, and you must say that all our services have really done their job excellently. As this circle on the right-hand side and analytical categories, we generally have three areas. Recovery, maintenance. Recovery is this replacement of the machine park. Development is everything that stands for the future, which is slightly more distant. Here, year by year. Last year we started development of three shafts in KTHM area. Those three shafts in the future are supposed to pump in additional air to the mines. This production will grow. Now we are at a very early stage, but very soon the proportions will change significantly. Annually we have about 500 investment projects of smaller and bigger size. So the discipline in spending capex here is very important to us. Here, in this amount of 3 billion 14 million, we are looking at the split of funds for mining. Both here and at other conferences I mention that mining is the kind of enterprise, whatever name you give to it, it's an enterprise that every day consumes part of its resources and every day has to prepare another portion. Hence, expenditures stand to 70%. That's nothing out of the ordinary. That's a natural way of investing. Out of those 3.14 billion PLN, 17% goes to maintenance of mining areas. They were partially handed over for operation, but they need some fine-tuning, like extension, of conveyor belts and minor improvements that guarantee our ability to keep production at a high level. Another big area of expenses is replacement of machines. We bought new machinery and this is the level which we also kept in previous years. We watch closely the lifetime of our machinery. Maybe in the future we will readjust the number of machines. Now this is the minimum necessary for our operation in mind. Another area is water removal, water drainage in mines. Mr. Paskowski mentioned this task that we dealt with two years ago when we found the company maybe not in a disastrous situation but in a difficult one. The tank which is our tank for retention of our technological waters was practically completely filled. The condition of pipelines, retention of water in underground corridors did not give us the peace of mind necessary for regular operations, in particular in the context of the other flying. So we had to apply for repairs development of redundant pipelines and all activities needed for water drainage, both up and down. So this explains this high item in expenditures. Then extension of the Želazny remast tank. elevation of the embankment and we started intense work here at the end of 2024 then in 2025 we continued this work we changed the parameters of the land around the mine to change the hydrostatic pressure conditions Then a recovery of mines and hydrotechnical plants. We had shafts, relocators. This was not really maintenance, but a recovery of obsolete machinery park. And the next item, exploration. This is the output from the deposit that we are only going to operate. Thanks to good planning, we are able to... carry out our operations in the right way and there is a dual mode of performing this exploration here the trend is constant we are ahead of time so that our geological knowledge about the relevant sections of the deposit is up to date then the next item maintenance of the shaft now this is mainly an sw4 shaft which has no casing And now the plan is that 160 meters of salt section will be cleaned of salt regularly. 73 million out of 170 was spent on this task. Then the next item, the program of making the deposit available for operations. In fact, I should have started with that. This is the largest portion because out of the... 3 billion, 14 million, 1.3 billion goes to this program. That is preparation of deposits for future operations, future shafts, identifying subsequent sections that will be handed over for operation. But it is also the construction of shafts. In a moment I will go to the slide that will show you The DG1 shaft works and we will be soon starting the construction of one more shaft. We were 300 meters short to get 800 million PLN, which is a very significant amount. which contributed to this one billion result in the program of deposit availability program. In this slide, you can see our favorites. showing the areas on which we have licenses, where we work, this dark circle, that GG1 shaft, Głogów, the deepest shaft in Poland at the moment, definitely our deepest shaft, 1348, then Rydków, In June last year, they were identified in the field, geological studies started. We had three drills done, including one down to 1,370 meters. This is where we are now drilling, and we are able to start drilling in GG2. Let me remind you that GG2 is where we started drilling, but the previous location was not fortunate. We had to change it. It took us a year and a half. Unfortunately, the planning procedures, finalization of the blocks, purchase, and so on. In GG1, we started utility connection, and now we are eliminating the structures from the transition parts when we were just building the shaft. Now we are getting ready to hand over the infrastructure with all necessary installations. The moment of handing over the shaft for operation is September 2029. I would like to draw attention to the bars at the top. The ones that we showed previously showed very significant differences. That was joined with underground areas. Now our crew is working regularly there. Last year we had ups and downs at 38, 40 percent. That shows how very important it is. It is something extremely relevant to us. And then the next slide. 3 billion, 14 million was mining. Now we move on to foundries. This is... mainly recovery investments or maintenance investments, but also to some extent development. If we go from the top, components and significant renovations, M, S, R's. These are renovations with the Gwob and Lignita foundries, rectilisers, convectors, anode furnaces. Then we have grinders, that are renovated. The next major item is the recovery of the foundry. Again, 34% of capex. That is the money that was spent on preparatory works, mainly purchases and preparation of some elements that will be necessary to renovate Kłogów II foundry. At the end of June we will start a major renovation program of World War II. We wouldn't be able to buy everything this year, hence we started expenditures already last year as part of this project. Then we have this major furnace and recovery, that is dispatch boards, purchases of new mills classifiers and new type of engines with permanent magnets. That is an element that... Then the alignment of the functioning and the operation of the foundry with current regulations. We have storage boxes of modernization of ventilation in the lead hole. That accounts for about 8% of CapEx spend on foundries. Then we have modernization of those furnaces in Legnica, change of the refinement methodology. The project has been running for over 30 years now. believe that this year it is likely to see the completion of a major part, but then preparation of anodes for Guagul 2 and development of machine part for Portland Casanova in Guagul 3. This year we spent 3.8 million on documentation of a new concierge line for Sardinia. And that's it from me. Thank you. Thank you so much. Now the financial part of our presentation, Vice President for Finance, Piotr Krzyzewski. Good afternoon, ladies and gentlemen. It's good to be the last one making the presentation, so I will be able to refer to what my colleagues have said. And almost the entire first quarter of 2026 have one common denominator, namely high volatility in the raw materials industry, which we represent. This volatility is even greater. So our major objective, something very clear to us, is focus on efficient production of which we are able to translate into sales, and that can translate into cash, while cash translates into investments, all that building value for shareholders. If you look at production on its own, Major facts about 2025 have already been stated. I would like to stress some elements relevant to 2026 that you might have inferred from your reading of the report. I would like to draw your attention to silver. Mirek, I extend a great thanks to you and your team for the fact that we were able to produce more silver than planned and I was then able to sell the cinder. It was excellent placing because the silver prices in January and February were very high. So that was our very intentional action and informed decision. We left more silver in storage for the end of the year and then we were able to sell that in the first quarter. This is not random. This is based on our informed decisions. And as you can see, the actions from 2026 translate into our actions and prices at which we sell this year. I think this is the right moment now to thank our entire sales team, both in Poland and Toronto, Santiago and Shanghai. Just to remind you, 2025, 2nd April, Liberation Day, we had a breakage in part of our standard connections between China and the U.S. The U.S. and Canada also faced some challenges. Europe, U.S. also faced some difficulties with delivering our products. Nevertheless, as the CEO said, diversification, diversification, and change of directions. We also needed to recognize higher prices ultimately. It's very difficult probably for all of us to say what tomorrow is going to bring, but we have built our organizational resilience. We are prepared to find our way through the volatility. However, we would probably much prefer for it to be more stable and calm. It's something that everyone needs to be able to better plan investments. Also, what has already been said, let me remark what has been said about South. We are 100% responsible for Sierra Gorta sales, but the decision that's taken there and then is something that we sometimes agree and sometimes disagree with, so I'd like to thank our partners for that, because this creative discussion, which is sometimes quite powerful that we have with them, always allows us to develop a common ground, and it's optimal from the point of view of the output and results. Going to cash flow, what you're seeing in our slides, equity and cash flow, we have put some of the copper and some of the silver into the inventory, 36,000 tons, I understand, of annals, 38 actually. Why we do that? The goal is simple but also very ambitious, 90 days. of interruption for the Guogu plant, but we want to have a higher production than last year. Higher by 20,000 tons, exactly. So this seems logically not an easy thing to do. It will not be simple, but we know how to go ahead to do it. So the animals will be growing, and I know that their use We will get to 50,000 tons probably in annums, but that's only so that in quarter three and four we can strengthen the production. There will be a lot of cash there. We don't know what the macro will be like, but I can say that the end of the year will be very aggressive on our side in terms of production and sales, which is something that we are prepared for. Now, referring to what Mr. Freer has said about the shafts, yes, they are a priority. But again, this is our ambition, and I think we will attain it. It's not easy to add the CAPEX of the shafts and to produce the total CAPEX. No, it is our ambition for the total CAPEX to be smaller. Of course, it will be slightly larger than now, but it won't be one plus one. We want it to be one and a half. It's not going to be simple, but seeing that we managed to do that when we tried to optimize costs, I will show you the details soon, I think that this is also something that we can do. And the last component for building value and flows it's a very important asset for you, is the dividend. It is too early yet to talk about its value, but we can see grounds to be able to pay the dividend. So from that point of view, I think it's a component that's worth discussing. And we will be making that recommendation to the shareholders meeting. Now, with reference to two components that are a day-to-day item right now is energy and gas. From the point of view of energy, we are the biggest consumer, industrial consumer of energy in Poland. Now, for gas, two, two and a half terawatt hours, one of the big ones as well. What we have done and what the CEO has mentioned is focus on our basic goals. Whenever we have some unknown data, we are trying to make sure that we have informed risk management processes in place. We are secured for gas supplies, 50 percent at least, for this year. It's not a coincidence. It's an informed choice we made, looking at our toolbox here in Poland and seeing that gas is being delivered by Orlin. We have been actually contracting deals with Ireland. We have hedged some of our exposure in gas, TTF listed in Amsterdam. So we can manage this exposure to make sure that it's beneficial at the end of the day for our shareholders. Now for gas, one more point here. As you will know, We have gas and steam engines as one of our production equipment. This is also arbitrarily launched. Sometimes we reduce the power, but we have also launched carbon engines. carbon units as well, and they were going to support us slightly, but also from the point of view of purchasing energy and gas. And one more thing about energy is the transaction from BGK, 94 megawatts of photovoltaic installations This will be something powering our units directly. There is a subsidy included in there, but to illustrate that to you, the ultimate cost of producing this energy should be even below 200 zlotys. So this project will be supporting us. We will have our own sources. We will be more resilient, but also the purchasing cost of this energy will positively contribute to our EBITDA. And the last topic, managing risk. from the point of view of revenue. As you can see in our financial statement, we are well secured from copper, 20%, silver at 32%, and that's an informed choice and a strategy of ours. We put in more building blocks, which you cannot yet see. We will show you after quarter one. We have added some components here, small ones. Well, if I were to say what transaction they are, They're mostly silver and copper with higher exchange rates, and they will contribute a few hundred million zlotys to our results. But that's not the way we look at it. We implement some strategies step by step, focusing on the elements that I mentioned earlier. Now let me move on to our presentation to some of the key components. On the side of the revenues, as you can well see, 3% increase in the capital group. A lot of attention attributed to costs. I will show you that, but you can see the outcome here on the slide from the point of view of the EBITDA. All of these segments, both Poland, PDHM International and Sierra Col de have a positive contribution to our EBITDA. Let me just remind you that already last year, when we were looking at 23, 24, the growth of EBITDA was 58, 28 this year. 2023 was by something, so we tripled over the last two years. We have had some favorable contributions from the microeconomic circumstances, but it's not just that that did the job. There was a lot of work put into that, but a lot of work is still ahead of us. Now, from the point of view of revenues, one thing is the volume that negatively impacted that. electric refinery and some of the refurbishment in robinson that was according to the plan we got some support from the market the dollar to zloty rate and the negative valuation uh impacted our revenue the adjustment of the from the derivative is around 670 8 million this year. Well, we have the securities in various places, but when we take into account all of them from 2025 was more than 250 million zlotys in plus that we actually got as a company. Now, in-kind costs, 8% about, but if we were to list two,