The pattern of gas prices over time did not allow for the sensible purchase of gas storage capacity for the 2025 season, so we focused on purchasing capacity for the years 2026–2028. We hope that by then it will be possible to monetise this type of flexibility.

Despite the unfavourable conditions for us, we covered our costs. Although we did not achieve the planned result, I still consider 2025 to have been a solid year, given the circumstances.

However, I would like to highlight a few positive developments. The geographical and product breadth of our activities enabled us to absorb the risks described above and profit in markets where local factors predominated. We performed well in the Hungarian region (electricity) and in selected oil products. We succeeded in concluding an annual contract for the purchase of liquefied natural gas (LNG) with delivery in Germany.

A major achievement was the decision to develop our own trading software system, known as ETRM, which we use to record, display and evaluate trades. We had long been dissatisfied with our current service provider. We will switch to the new system during May 2026. Not only will this reduce our operating costs, but it will also increase flexibility and reduce our dependence on suppliers.

Another significant initiative involved projects to build battery energy storage systems (BESS) and prepare the entire trading infrastructure around them – from communication methods and modelling of results to the finalisation of AI models for optimisation. We expect to begin commercially managing the first BESS sometime from March 2026. Further BESS from the MND portfolio in the Czech Republic and Germany will be added gradually.

2026 will be characterised by AI models and their application to new markets. Towards the end of last year, we activated them on the electricity market in the Netherlands. In the first half of 2026, we will deploy them in markets in Hungary, Austria, Poland and Italy.

We have commenced cooperation with developers and investors in BESS with the aim of offering our services for the optimisation and monetisation of their flexible resources, primarily battery storage and photovoltaics. Our goal is to expand this service into the aforementioned countries. We are also prepared to focus on other countries offering such potential, such as Romania or Sweden.

We would also like to finalise further LNG contracts for delivery to the Netherlands. Right at the start of the year, we began negotiations with the Norwegian company Equinor regarding gas supplies to Germany and the Czech Republic.

We are also discussing with colleagues from the E&P division the possibilities for cooperation in the Ukrainian market. Interesting opportunities for trade and synergies are emerging there, both in the gas and electricity sectors.