Ladies and gentlemen, welcome to the conference call on the results of the first quarter of the business year 2025-2026. I'm Sergen, the cross-call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing Star and then one on your telephone. For operator assistance, please press Star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Attila Dogudan, CEO. Please go ahead. Thank you very much. Good afternoon, ladies and gentlemen in Europe. Good morning to the U.S. Welcome to our Q1 results. Our team today is twice: Johannes, Attila Junior, and Bettina. In general, I think no more to say than that we had a very good Q1 and believe that we have hopefully met all your expectations. Revenues increased by 11%, and more important, profits increased significantly higher. We've improved in all divisions and markets, which we are proud of. The team, I think, did a great job, and I think we do the right things and go into the right direction. We have already mentioned a few times that we have clear goals for this business year, which was smart double-digit growth, I think, which we are completely in line with. One of our clear goals is to improve our margins step by step in the next couple of years, and I think we did another step now. We have to do this year some homework to prepare ourselves for the next step of growth. It means focus on people, education, product innovation, efficiency, internal processes, and do organizational changes to go to the next level, which was always, as you know, the $3 billion within the two- three years' time, which we always said. I think the goal is obviously to be in the right shape to be able to digest and manage these sizes of business on a global scale, and at the same time, further improve the margins. Overall, the team is in a very good mood. The business case is great and unique. We see good demand and incredible market opportunities in all divisions, as you can see in Q1. I think it's very important to say, and it makes us safe, secure, and confident that we are financially very healthy now. As one of the few ones in this industry, I would say, it means that DO & CO Aktiengesellschaft is not only far more resistant in bad times, whatever comes, it means that we can attack the market at the right time while maybe other competitors might have not the opportunities at that time as we could have. We are now going to the next level. Let's go quickly through the presentation. I give you a quick update on the divisions. As you already know, the revenues of $611 million mean an increase of 11%. EBITDA $73.2 million means 33%. EBITDA $52.5 million means an increase of 43%. Net result is $26.8 million, 44% increase. I think the most important part, as we always mentioned, is our long-term business case and profitability. EBITDA margin has increased to 12%. EBITDA margin from 6.6%- 8.6%. Net result from 3.4 to 4.4. This is all because the business case is a unique business case. It would not work with one of the divisions. It's only working because of the combination of these three divisions. You see on the next page the three segments: airline catering, $467 million, event $100 million, and $44 million on the restaurant/lounge/hotel. We always promise you that the restaurant/lounge/hotels will improve, and I think we are there now. All the other divisions are in line where we are and how we deliver, so to say, in the single area. As I said earlier, it's always a mix of all of them. If you look to the highlights, the free cash flow of $23 million in comparison to minus $5.8 million in last year is, I think, great. The net debt/EBITDA ratio, we might be a little bit old-fashioned, but the 0.5 we like very much, as much as the equity ratio of 37.8%, which is a great improvement in comparison to last year, where it was 27.9%. All the divisions, strong demand. I think we are the right partner for all the quality-focused global network carriers. We see this kind of relationship is unique because it's very difficult to deliver all this setup, what we have, in terms of R&D, in terms of product, in terms of having a routine and how to serve, what to serve, when to serve, and these kinds of things. We learn in the restaurant and we learn in the event catering, as you see. We do the most prestigious event in terms of sport. At the same time, we see that the starting point and the learning curve always starts in the restaurant business and the lounges and hotels, where we have an EBITDA margin of 10.0%, meaning it's B2C. This is definitely an area we'll go ahead for the next level, so to say. All the ingredients are people, quality, and innovation without any compromise. It's all about customer satisfaction and guest experience. This is where we start from. We are not starting at the logistics side. We are starting on the experience side and then end up what is right and wrong. If you go to the divisions, we mentioned already the numbers. I think it's quite satisfying, impressive. If we go now quickly to the countries, Turkish Airlines and the other clients, it's incredible what kind of hospitality approach this kind of airline, especially Turkish Airlines, has. It's all about satisfaction of the client. It's all about innovation. We won, again, twice the Skytrax Awards for the best airline in Europe and for the best business class catering worldwide. We're talking significant volumes of 500-plus flights a day, which means 250,000- 300,000 meals which are produced every day with fresh ingredients as much as possible from the local market, with a clear proposition, with a clear product and market position for Turkish Airlines. At the same time, we are very strong in this third-party business. The growth in the third-party business was really, really good. As you know, the big kitchen, which will be, I think, the biggest in Europe, is one of the biggest in the world, is going to hopefully go in operation end of 2027 or beginning of 2028. Next area is the IG group, so to say, British Airways and Iberia. We are very proud of the close relationship and partnership. We have very good operational performance in both locations, London, Heathrow, and Madrid, Barajas. I think it's, again, it's in all cabins, very positive customer feedback. Iberia won awards and is a kind of ambassador of Spanish gastronomy. On the BA side, I think it's getting always better and better. We are everywhere kind of tailor-made concept for an airline, which we do not replicate somewhere else. The only thing which is the same is the focus on quality, fresh ingredients, and the focus on detail. Delta and another strategic partner on the US market, as much as JetBlue on the next page, you will see. We have managed now to do our startup or to solve our startup problems in New York. We have a smooth operation after one year now. As you know, it's one of the biggest hubs of Delta in the world. We have more than 220 flights a day. This is now a significant place where day by day we are getting better. We are no more bleeding as we did a year ago. I think that's good news. The same is on the JetBlue side. For us, it's another strategic partner with a contract extension for another two years on the JFK location, which is one of the main hubs as well. We do long haul and short haul, up to 180 flights. If you count this, and if you go, if you land in JFK, you see a lot of DO & CO trucks, which shows you basically the market share we had there. Other locations, Miami, Chicago, Detroit, we get here and there more and more clients, which then end up in this mix where you improve your margin as your, let's say, base cost stays the same, and then you go on incremental. If you do a great product, then you make someone happy and get them in a different location. You see on the further pages, new contacts for the rest of the world: Air Canada, All Nippon, Cathay Pacific, Etihad, Eva Air, Oman, Scoot, and Vietnam Airlines. I think it's very important that you see the portfolio, which is super rich, and that makes us very proud that it's not focused in an area. I think we are a good partner for all of these clients coming from different regions, regardless if they came from Asia, Middle East, U.S., or European carriers. Event catering, very good season start with Formula One. All races have a great demand. Champions League final was great at Allianz Arena, which is our home base in Munich with Bayern Munich. We did first time some jobs in Miami and New York for the FIFA World Cup, only in the VIP area. I think we delivered in a very proper way, and we'll see what's going to happen with the tender, which is still not done, not finished. We are in a tender process. We'll see what's going to happen. We decide for Formula One on the next page. It's all about, again, customer experience. We have to deliver something people talk about. I think we are proud. We are a very proud partner of Formula One. For us, it's an incredible platform to deliver something hopefully others cannot deliver. It's an ongoing push on innovation and getting things done others cannot do in terms of events. This is one of the triggers where you learn a lot and go to the next area. Allianz Arena, you know it anyway, this is kind of one of the best stadiums in the world, I would say, and not only in Europe. Getting more and more Olympiapark in terms of concerts and public events, so to say. The same is with SAP Garden, which is half basketball and half ice hockey with Bayern Munich on one hand and Red Bull on the other side. Tennis, the usual game, FIFA I mentioned already, and Rathausplatz is one of the biggest open airs in Europe, which we do for, like since 1992, I guess. Revenue in terms of restaurant business is $44 million, which is an increase of 8%. Obviously, in this division, you cannot do 30% if you don't open more restaurants or shops or whatever, which we will do. In a, let's say, more reasonable size, the profitability has increased in EBITDA numbers in 35 and 57%. It shows that our TDNA, where we come from, really makes sense. I think this is one of the triggers why we do good and better in event catering and especially in airline. I would say the majority of products, food, recipes, and meals which we serve all around the world basically always come from the restaurant business and from the event business. If you just imagine that we go every two weeks and sometimes every week in a different country with Formula One or big sport events, you always have to adapt to these kinds of, let's say, demographics. People eat obviously different in the U.S. or slightly different in the U.S. than in Budapest, or we go to China or we go to whatever country. You learn a lot of these authentic kitchens in these regions and then bring this know-how to the other DO & CO network. It is a know-how of people who do authentically their own food and they do their own hospitality, which we then can mingle and mix and create new products. Others, I think, have simply not the access like we have. Since, funny enough, since Corona, an incredible story with the Kaiserschmarrn, which is the Austrian pancake, is it's still attracting an incredible number of people queuing and getting these kinds of affordable branded luxury. Additionally, obviously, we do far better in our sales, not only in the coffee shop. We do better with all these merchandise products and all the chocolates and any kind of candies, sweets, whatever you call it. The brand goes up and out. The restaurants are doing well in all locations. The hotels are doing fine. We got from Michelin and Michelin Q. We are one of the best kind of newcomers hotels in Germany with our boutique hotel. Is this something which is changing our balance sheet at the end? No, but it changes or improves our DNA, which then is scaled in all the other divisions to achieve all these results. Airport gastronomy, on one end in Vienna. I think we're going to go step by step now to other countries as well. We were simply not able after Corona to digest all of this, and now we can go step by step to increase this business segment. In lounges, you obviously know, Turkish Airlines lounge, one of the biggest and best in the world. We're going to have another relaunch now of the product together with Turkish Airlines. We are very proud that there are good airlines like Turkish and sometimes Middle Eastern airlines which are really focusing on an add value for passengers. I think it really makes sense to work in such an environment. In a nutshell, this was, let's say, the presentation. I hope that these numbers and the business development make all of you very confident that we are at the right path and we do the right things in order to prepare ourselves for the next round of high growth, so to say. We focus on these ingredients this year to get the right people in, to put all efforts in education, attitude, company culture. These are the intangible assets which make us different. Innovation is something which I think we are really strong in comparison to all the others. I think we have, on the other hand, and we touched already some efficiency improvements. This is one of the reasons why we had more profitability increase than revenue increase. We even did not start on a bigger scale on robots. This is one of the next steps on the logistics side, which does not affect any guest experience. In total, I think we'll end up in a competitive advantage at all these markets and areas. That's the reason why we are confident to get better margins for the future. Flexibility will be another crucial tool for the future. Markets will change quickly. We are fully aware, and we are thinking in three, five, and 10 years ahead. What can change? How can it change? What is what we have to be prepared? I think this really makes sense. DO & CO is so far, at least so far, in a lucky position that demand is higher than what we can deliver, which is good. The part of the luxury, the secret of a luxury business, desire always is good for margins, so to say. If we stay unique with our proposition and question daily ourselves and our business case, we'll be always ready for quick adaptions at the market. Overall, we are facing a positive outlook. We have very good reasons to expect a very good business year. So far in Q2, we do not see any changes, and the pre-bookings are fine. I hope this update and our short and midterm strategy makes sense for you. I would like to say thank `you for listening. I will hand over now to Attila Dogudan Jr., both Johannes and Bettina. Many thanks for listening. Thank you. Good afternoon and good morning also from my side. I would like to start with our income statement on slide number 27. Mr. Dogudan has already highlighted the margin development compared to Q1 last year. Part of the increase comes from our startup cost in JFK. Plus, we also made additional improvements in all our units and in all our divisions. Once again, I would like to point out as well that these figures are the result of the unique interaction between our three divisions within the group. The other income statement items are in line with our expectations. Depreciation is up by 11.6%. In absolute, the financial result is slightly affected by FX. In absolute numbers, only an impact of $1.7 million. Financing income higher than financing expenses by $1.3 million. The tax ratio of 24.2% is consistent with the previous full fiscal year when it was also 24%. Guidance for this full year is between 24% and 26% for the tax ratio. On the next slide, number 28, we see the financial development of our group over the last few quarters. As you can see on that slide, we continued our successful path of sustainable margin development. After achieving an EBITDA margin of only 6.6% last year in Q1, we increased it to 8.1%, 8.7%, and 8.4%. This year in Q1, it stands at 8.6%, slightly above Q4 of the previous year, which is a very encouraging progress. I would like to direct your attention now to page 29, where we'll be focusing on the results of our divisions. We are pleased to report that all areas have performed strongly in the first quarter. The division airline catering is benefiting from a strong US business, a strong demand from new customers, especially in Turkey, as well as other locations. This leads to a top-line growth of $11.3 million, amounting to $47.6 million. In airline catering, we see a significant improvement in the EBITDA margin from 6% to 8.2%. As already mentioned, I would like to point out that last year was impacted by startup costs in JFK. For international event catering, Q1 closed with a strong revenue growth of 10.2%. Last year, in the first quarter, we received a portion of the revenue from the EUR 24 in Germany, which kicked off in mid-June. This reduction in Q1 this year was compensated by Formula One with a strong start of the season with one additional race, a successful ATP tennis tournament in Madrid, which attracted more visitors than last year. Next, the operation at SAP Garden in Munich was conducted in comparison to last year. In June 25, we had the privilege of hosting the Champions League final at the Allianz Arena in Munich. All in all, the EBITDA margin in that division increased from 9.4% to 9.8%. In our last division, which includes Restaurants/Lounges/Hotels, there has been a significant margin improvement from 6.9% to 1 0%, highlighting the substantial potential within this division. All areas of this division have shown improvements in profitability, which is a result of focus on efficiency and sustainable growth. If you refer to the absolute numbers in the boxes, you will see that there was a revenue increase of plus $3.3 million, of which $1.6 million ended up in our EBIT. Moving on to the balance sheet on page number 30, total assets decreased by 1.7%, mainly from PPE, with a slight offset from higher trade receivables. Property, plant, and equipment decreased by $27 million. This is mainly due to foreign currency effects resulting from the weak dollar and lira. Please note that we have very high fixed assets in the U.S. Trade receivables increase is driven by the business growth. Moving to the liabilities on page number 31, the equity ratio increased by 2 percentage points to 37.8%. The reduction in other financial liabilities of $18.2 million is an effect of fixed transmission losses, approximately $11.9 million, $2.1 million repayment of loans, and $11.7 million repayment of these liabilities. At the bottom of the left, you can see our outstanding loans amounting to $74 million, which will be repaid now in the coming months. The cash flow statement on page 32 also demonstrates a clear improvement compared to last year. The cash flow from operating activities increased by $19.8 million due to higher gross cash flow and changes in working capital. Our free cash flow stands at $23 million. You can see again a repayment of financial liabilities of $10.1 million. The overall cash is at $170.9 million, which is also a very high level. Total cash decreased by $83.8 million compared to last year, especially driven by the bullet loan repayments of approximately $164 million last year. Finally, on page number 33, the new net debt/EBITDA ratio is decreased to 0.5. I would like to highlight here the reduction of our net debt to $151.4 million compared to $232.6 million last year and the increase in EBITDA from $214 million to $280.4 million. Thank you for your attention. I would like to hand over and start with the Q&A session. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press Star and then one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press Star and two. Questioners on the phone are requested to stay in the loudspeaker mode. Anyone who has a question may press Star and one at this time. We have the first question coming from Vladimira Urbankova from Erste Group Bank. Please go ahead. Yes. Hello. Good afternoon. Thank you very much for taking my questions. Of course, after such an excellent quarter, I would like to know if you are going maybe to raise your guidance or to stick to it for the fiscal year 2025-2026 in terms of revenues, revenue growth, and EBITDA margin. Also, if there is any change or what are the current midterm targets, both in terms of the revenues and profitability margins by segments. The next area would be the FX. Of course, we have seen in the past Turkish lira. We have got used to it. Maybe now US dollar is another element. What were the FX effects in the first quarter on your revenues and financial result? If you have any crystal ball to see how the situation might look like for this fiscal year. This would be my question for the time being. Thank you. Okay. Thank you, Vladimira. Let me start with the first one. Regarding the guidance, our guidance for sales remains between 8% and 10%. Like last time, the target for the EBITDA margin this year is 8.5%, which should be coming from efficiency gains step by step compared to last year, but also operational leverage. Regarding FX, yes, you're right. On sales, we were impacted by the 4% US dollar devaluation, approximately $6 million. Turkish lira was minus 12%, amounting to approximately $20 million. As you can see in our numbers, there was no impact on our margin. I think that's very important information due to our natural hedging. The financial result was impacted by approximately $3 million, as I mentioned before. With regard to the outlook, in our last call, we mentioned that we expect a 15% lira devaluation. Of course, we had to adjust this. However, our guidance remains unchanged because we believe that we can compensate for this. In dollars, to be honest, we only expect minor changes. The same for the hyperinflation, we expect 30% to 35%. That's what we expect at the moment. As I mentioned, no change in the guidance. Our target for the EBITDA margin is still 8.5%. Thank you. Maybe some midterm targets? Yes, of course. Regarding midterm targets, I think organic growth should also be between 8% and 10% in the midterm, as Mr. Dogudan mentioned. $3 billion in the next two- three years on top line is possible for sure. Regarding margins, as you can see also in our numbers, our target is sustainable margin growth, leading us to double-digit EBITDA margin. I think we are on the right way. Yeah, let's continue this path. Thank you. As a reminder, if you wish to register for a question, please press Star and then one on your telephone. We have the next question coming from the line of Henry Vendisch from NuWays. Please go ahead. Yes. Hi, Johannes, and thanks for the presentation. I have, I think, a bit more interest on the material cost ratio. Was this margin increase, or the cost ratio decrease actually from 42% to 40.7% now in Q1, is it solely due to the JFK ramp-up cost, or is there anything else that you also were able to get better prices on, for example, material expenses such as ingredients, or is there anything else that we might be missing? Thank you, Henry, for your question. Yes, you're right. That's mainly due to our ramp-up cost at JFK. We significantly reduced our ESG staff costs, not only in JFK but also across the organization. As we mentioned in our presentation, we are working on efficiency gains in all our stations. We are tracking our personnel costs on a daily basis, which was also leading us to the significant decrease here. You are right, ESG staff is included in material costs. Yes. Great. Yeah, we should not expect sort of further developments like this in the coming quarters because the base effect obviously is gone then. Yes, correct. Great. Maybe also going into a little bit more detail on the Restaurants/Lounges/Hotels segment. I think the margin expansion was very quite strong, and the incremental margin, as you mentioned, was also very, very big, coming, I think, mostly from stronger utilization rates. You said already that you also plan to open up new restaurants, new hotels, and whatsoever. On the current status, I think your utilization rate, is there still room to grow based on the current setup that you have? Also, what does it mean for margins? Should we expect a further margin improvement there, or is this sort of the cruising altitude of margins that we see in this segment? Let me start. We believe that we still have room, to be honest, for further margin improvement in that division, especially in retail. You know that we had 0% EBITDA margin two years ago. Now we increased it to 10% already. As you have seen, out of $3 million revenue increase, $1.5 million was in our EBITDA due to very low fixed costs. Yes, we still have room for further improvement here. We believe in that division. We see the great potential. From my side, I would be happy to increase our business there because it's doing really well across all our units. It's not only one or two outlets. It's really across all our units in that division. I think it's not the end of our level, to be honest. There's further improvement for sure possible. That's great. That's great. Let me maybe add. I think this year it's in line with these 8%, 10%, 10%. I think next year, once we are ready to deploy in this area, you can expect like 20% or something like 20%, 25%. This is what we believe is possible because especially the one is the retail business. The other one is any kind of food production, where you sell then components to the market. This is something what we see, which really makes sense. That's giving a bit more color. That's very interesting. Thanks a lot. My last question for today, the debt repayment that you mentioned, the $10 million, is that sort of according to your general debt repayment plan, or is there anything that you sort of went ahead and repaid that early? Is it, and where is it coming from? Is it the classical debt? I think the German word is Darlehen, or was it also principal payments for leasing? Maybe to give you a bit more color on your debt situation and going forward also, how far further you want to go down in debt and what's your sort of your optimal level of debt? Yes, of course. Repayment of financial liabilities, according to our cash flow statement, was $10.1 million. Thereof, $2.1 million in Q1 was a loan repayment, and the rest IFRS 16 liabilities. Regarding the open loans, we included this as well in our presentation. By the end of June 2025, the remaining debt was $74 million. Thereof, $64 million are paid back this business year. The remaining debt by the end of this business year is only $10 million. That's our plan at the moment. Great. Thanks a lot. That's very helpful. The next question comes from the line of Patrick Vermeulen from Escort House Advisors. Please go ahead. Hi there. I've got a question regarding the capital intensity. You've got this ambition to grow your revenues by 8% to 10%. My question was, how much do you need to invest for that year in, year out to achieve that growth? At what level would you situate your sort of maintenance investments to keep the business performing as it is now? If you could give some color on that, it would be great. Thank you very much. Yes, of course. Thank you for the question. CapEx guidance in the past was 3%, especially last business year. I think we achieved $68 million, which was 3%. For this year, our guidance in our last call was between 3% and 4%, slightly higher, because we have to invest, we want to invest in our units, but not only in our units, also into innovation, people, education. That's why the CapEx guidance for this year is slightly higher, between 3% and 4%. In absolute numbers, between $75 million and $95 million. In Q1, CapEx was around $16 million, maybe slightly below your expectations. Last year was quite high with $22 million due to the Delta Air Lines startup at JFK. For this year, you can expect higher numbers in Q3 and Q4. The guidance for total year is still the same, like in our last call, between 3% and 4%. That's, to be honest, what we need to invest into our units and to be able for further growth. When you talk about those, that 3 to 4%, is that all going onto the balance sheet or does it include sort of investments which are being expensed like software as a service and things like that? Sorry, yeah, that's only CapEx, so that's only related to the balance sheet. Maintenance, you know, it's in our P&L, so that's not included in that number. You're right, yeah. Thank you very much. You're welcome. Once again, to ask a question, please press Star and then one on your telephone. There are no last minute questions coming from Christoph Gröllich from Berenberg. Please go ahead. Yeah. Good afternoon and thanks for taking my questions. It's three from my side, please. First one, it's regarding the FIFA World Cup next year. I'm just wondering if you could give us an update what are the latest developments here and if you could remind us of the scope of what you're tendering for, what it could mean in terms of additional revenues and event catering. The next one is a follow-up on the balance sheet. Obviously, the leverage has come down to a very, yeah, comfortable and low level. Maybe if you could give us your latest thoughts about how you might plan to utilize this financial flexibility in terms of potential M&A or also increased shareholder returns. Lastly, on the tender pipeline in airline catering, in the press release this morning, you described it as flourishing. Maybe you could give us a bit more color on what exactly that means for you. What would be a realistic assumption of additional revenues that you might win this year? Is there anything that stands out size-wise in terms of the upcoming tenders? Christoph, thank you very much for the question. Let me give you just an update on the FIFA side. We had as a kind of trial for this FIFA Club World Cup this year, just a month ago. We did Miami and New York. We did Miami for seven, eight matches, and I think we did four or five for the finals in MetLife Stadium. This was, I think, a good performance to show to the organizers how we could do it. The tender process is currently in place, and there is, I think, end of August or beginning of September, the next round. It's quite tight in time. I can't tell you anything of size and these kinds of things. I would be careful in terms of what's going to come because it depends very much how much the VIP package on one end and the other one is the commercial package can be combined or not. It depends very much how the contract situation with the local stadium caterers is and how much it's allowed to bring in other business or other partners, so to say. It could be anything, I don't know, from $10 million, $20 million up to $50 million, $70 million, $100 million. It's an open book. I think for the next call, we'll know far more. In any case, it does not reflect this business year. It's going to happen in June, July. It's not 2025, 2026. This is the only thing I can say to the FIFA because we don't know. We didn't get any better information than that they liked what we did. At least we have a business card there and everyone likes it, and FIFA, I think, likes it. It depends on the local organizing committee how it's going to work. Maybe balance sheet-wise, Johannes, you can continue. Yes. Regarding balance sheet, you're right, Christoph, of course. Thoughts about M&A, shareholder returns, those are topics that we discuss internally on an ongoing basis. We don't have anything to announce yet. Of course, we are thinking about how to use our strong free cash flow effectively, which would be slightly higher than last year. That is an ongoing discussion. I think you know that our target was to strengthen our balance sheet in the last two years. That's what we did to grow sustainably our margins. That's what we're working as well on. Regarding M&A, shareholder returns, I hope that we can tell you something more in our next calls. Christoph, from a tender pipeline perspective, we're basically, as to my father's comments and Johannes's comments, we're seeing the same type of demand, the two, three, four flights across individual locations and broadening the collaboration with newer, but also existing customers. Great. Thanks, Lon. We have a follow-up question from the line of Vladimira Urbankova from Erste Group Bank. Please go ahead. Yes, hello. I would have really a follow-up question related to all this. What are the current plans for expansion on the US market first? Secondly, is also other territories, let's say Asian markets or Latin America or something else on the agenda where you would like maybe to expand in coming years? Thank you. Yes, Vladimira, maybe let me say for the US market, I mean, we see on the US market definitely a great opportunity. I think in the next three years, we are going to open another three, four units for sure and get our footprint in a better way as clients ask us to go to other locations. The beauty of this business is that we are not going to go to one location and then wait until someone comes. If we get kind of indication from potential clients, if you go there, then we will join you within the next two years. This is exactly what we need. For that, we have a clear expansion plan for the next two or three years to at least have another three, four locations. Combine this one with a central production unit where you can distribute food throughout the whole United States, gives you a business case, which I think honestly is in this case unbeatable. I think this is the plan in terms of airline catering. Additionally, as we have learned now how to make some money on the B2C business with the coffee shops, demos, and these kinds of things, we will try to go to the next step, which, as you know, took us some time until we are there. Now I think we know the recipe, how to make it, and we will do it. I believe that the US market in the next couple of three years, four years will definitely double in revenues. For any further questions, please press Star and then one on your telephone. We have a question coming from the line of Guillaume from LeafDog Partners. Please go ahead. Good afternoon, and thanks a lot for the good set of results. I have a question when it comes to the MotoGP that has been involved by the same owner of Formula One. Any idea when they will put the tender in place, maybe to organize the same type of paddock club as Formula One, as there are three appeals of what you are doing? Just wondering on that front, how does it go? Thanks a lot. I mean, as you know, MotoGP just was recently signed off that Liberty can get it. The new owners, first of all, I think we're the wrong party to ask. Are we willing to help to work in this environment? Definitely, we would do. See what's going to happen now as a next step. I think there is some logic behind. It will not be exactly the same like the Paddock Club, I'm pretty sure, because the product of MotoGP is different than the one which is in the Paddock Club. We'll do our best to perform in Formula One and to be a super partner for Liberty that they, I think, at least will think about us. I hope that we'll have then the opportunities to do something. I cannot give you like a guarantee today. It just happens. We proceed with the next question. We have a follow-up coming from Patrick Vermeulen from Escort House Advisors. Please go ahead. Yeah. Hi there. I just want to talk to two questions. One is, can you give us a better idea of what the earning opportunity is and how that's evolved sort of in recent history? That's my first question. My second question is, in terms of new business opportunities, are you considering, for example, doing the catering in the airport terminals themselves in other locations than just for Turkish Airlines or even for the restaurants that are in the airport? Secondly, there's also a lot of festivals happening all over the world, which have an increasingly VIP component. Is that something you've looked into that you would consider and so on? I'm sure there's other opportunities, but if you could talk to those two, that would be great. Thank you. Yeah. Thank you for this question, Patrick. That's, I mean, the reason why we want to have a strong balance sheet is exactly what you said. We're pretty sure you will get some opportunities whenever. We don't know when it's going to come on M&A. Definitely, you have to be on the spot when something really makes sense. We don't want to buy business which is low margin and which has no cultural impact, so to say, from the product they have because it's more headache to convert such a business than invest on our own. In terms of airports, obviously, after these post-Corona times, so to say, when it was very difficult for us and with all the business not knowing what kind of business is going to come, now the company's consolidated. Now we have the right approach for this year to invest in people and in all the infrastructure and all the setup I have mentioned in the presentation. Definitely, we're going to go for airports. The same is valid for festival. You're right. What we see, we have been recently in London in Hyde Park in a festival where, I mean, you know better, I guess, where for weeks you have events and big companies are buying compounds and chalets and whatever you call them. I think there is super potential to grow this kind of business out of the existing units because it's basically food production and logistics comes from the existing back office or gourmet kitchen, you call it. This is, let's say, the rent is paid by the regular business of airline. Then you start to go in in these kinds of, regardless if it's airport or it's retail or it's festival. Now we have, I think, the right setup to go exactly in these areas. I think we have in the free wire with super brand and all big event organizers in the world know that we can handle on different locations in a quick way, scaling up and down. Not only this, giving them the right concept to sell the right tickets for the right experience. Yes, all three questions are clear. Yes, which is one of the drivers for the future to achieve $3 billion. You're not going to achieve $3 billion just for organic growth. Okay, thank you and good luck. Thank you. We need. The next question comes from the line of Youssef Loubokhidi from Emerald Gas Shell. Please go ahead. Mr. Youssef, your line is open. You can ask a question. Mr. Youssef? Ladies and gentlemen, there are no more questions at this time. I would now like to turn the conference back over to Mr. Attila Dogudan for any closing remarks. Thank you very much for your time. Thank you very much for the Q&A and the questions. I hope that we can convince you once more that we are working hard as a team and all team members of the world, to be honest, the 16,000, 17,000 now going a direction to create a unique product, which is not easy to replicate. We think about all these market changes. We think about innovation. We question ourselves every day, are we doing the right things or not? How can we react if something changes quickly, which you always have in these industries every five, seven, eight, nine years, whatever, all these up and downs. We're preparing ourselves definitely for further significant growth, but with the right pace. This year, if we end up with a delivery, we'll see what's wrong with and what's really. If we don't do see the margins, then I think we then do the right thing. Thank you very much for your time. Hope to see you soon. Always ready whenever we can do something for you. Thank you very much.