a more cautious stance with evolving market risks, while EsG-related scrutiny softened slightly at board level. For many companies, this translated into a wait-and-see posture rather than an abandonment signs of cyclical slowdown, and heightened geopolitical risk - concerning US tariffs. The pause is therefore best understood as tactical and potentially temporary. In contrast, utilities continued to play a stabilizing role in the market. Utility offtake volumes increased sharply in 2025, up more than 125% compared to the previous year. Better equipped to manage price, when corporate participation became more selective, reinforcing the intermediary role of utilities in the