We meet our growth expectations in Q1 2025. Good morning from the We meet our growth expectations in Q1 2025. Good morning from the EuroTeleSites headquarters. Today I am with Ivo and Lars, and we will present you the Q1 results from 2025. As you're aware of, you have the opportunity to raise questions after the presentation, so you can already press the question mark and enter your answer so we can come up to the Q&A once we're done. Now I would like to hand over to Ivo to give us the results. Thank you, Moritz. Good morning from my side. Good morning to our shareholders, to the analysts, to Nicole, potential shareholders, and all the rest who are joining us this morning. It's really a pleasure that this time we will see Q1 results that we can actually compare to the actual Q1 results of the previous year. Going into the management summary, we have achieved a nice growth of revenue of 5.9% versus the Q1 results of 2024. We have achieved an EBITDA growth of almost 10%, EBITDA after lease of a little bit over 10%. For those details, Lars will have the pleasure to explain to all of you how we've reached those nice targets. We have continued with portfolio development, the number of new tenants, and of course, the third-party tenants, which are very important to us, is growing according to the plans. When it comes to the CapEx, with the EUR 12.3 million, we have done the standard mandatory upgrades of the existing sites that they can support a new tenant and the 5G equipment from our anchor tenant, as well as been able to roll out the 36 new sites. On the refinancing part, exciting news that the EUR 255 million has been done through a private placement from A1 Bulgaria. I can share another good news that in North Macedonia, there is a potential for a third MNO to enter the country. This case is for 4iG from Hungary. We have signed a letter of cooperation. Most likely, if they bid on the call that the Agency for Regulatory has published, which goes through mid of May, most likely they will be coming to our towers, which is a nice growth of tenancy for our small market of North Macedonia. Another very good news, good milestone for us, is that we have received the two orders that we do build-to-suit for mobile operators who are not part of A1 Telekom Austria Group. It is a symbolic order, but it is a major achievement for us that we have been already recognized on the markets that we operate as a quality provider and a tower company that anybody can account for. Coming to the results, just one previous, yeah, the sites are growing according to the plans. The tenants are growing even better, which we are very pleased. Looking to the margins, year- over- year, quarter- over- quarter, we have seen a nice EBITDA growth of a little bit over 3% compared to the previous year, 88%- 85%. Same on the EBITDA after lease, which is even better, almost 4%. The rest of the numbers are self-explanatory and everything's publicly available. What I would like to make a point of is that quarter over quarter, we have 166 net adds of total sites, but the tenants are 361. We can almost see that we have double tenants than what we are rolling out. This is what we would like to stress out once again, that the rollout of the new sites is more and more attractive to the rest of the players. We are seeing a very high and very nice tenancy development on those particular sites. Even though group-wise, we are still on a 1.24 tenancy ratio, on the new sites, we are almost double that. The net adds March 31st, 2024 of new sites was 31 versus the March 31st, 2025 is 25. I will explain when we come to the CapEx page a little bit of how that has developed. Next, please. On the CapEx, again, the blue part of the bars is the mandatory upgrades. These are upgrades that we have to invest according to our master lease agreement with our anchor tenant. For Q1 2025, this was EUR 8 million, almost 65%, where the rollout, which was EUR 3.2 million, a little bit over 40%, is that, sorry, 26% is for the new sites. If we compare quarter over quarter, year over year, we see more rollout CapEx. If you see on the net adds of the sites, it's a little less. If somebody would question how is that possible, the answer is that when we were spinning off from A1 Telekom Austria Group in 2023, the spin-off happened in September, there was a very large order during 2023. The rest of the towers, which were not completed by the spin-off, were finalized Q1 or Q2 in 2024. Typical duration for a rollout of new site according to a master lease agreement is 12 months-18 months. That is why there is some delay and there is a spillover of rollout. If you go, if somebody would like to compare the rollout CapEx versus net adds, it is a little bit challenging to compare apples to apples. We will see that in the next quarter, we will continue with our targets that we have for this year. Since we achieved on the spot the rollout targets from our anchor tenant for 2024, I'm very confident that we will also do the same thing in 2025. With this, I would like to give the floor to my colleague Lars to deep dive into the financials. Thank you, Ivo, and a warm welcome from my side as well. You see us in a good mood in that sense that we are going in the direction that we expected to go. If I compare the numbers also not only towards the previous year, but also towards the guidance that I briefly also will mention in the later part of the presentation, we can see that we are on track, which is very good. It is a strong first quarter. I think we are in line with what we had actually planned to implement. You know that our main driver is, of course, how to monetize the existing infrastructure, but also how to increase the infrastructure. Those are the focus points. Having said so, you can see, and it is reflected in the revenues, we can see a growth in revenues between Q1 2024 in the amount of EUR 63.9 million, up by 5.9% to EUR 67.7 million in Q1 2025. Don't be surprised if you see Q3 and Q4 in 2024 a bit higher. You might remember our last video call in which we have presented that we had some historical topics to fulfill if you wish. We have some one-time effects in Q3 in the EUR 68 million, but also in the EUR 71.4 million. Therefore, the comparison is really straight if you also go between Q1 and Q1 2025. Having said so, the EBITDA itself increased by 9.5%, which means reaching EUR 59.6 million, coming from EUR 54.4 million in Q1 2024. As mentioned, I think there are three main drivers that help us to develop and to increase the revenues. It's mainly driven by the so-called portfolio management, portfolio development. This is what Ivo mentioned through the new sites that we are developing and inaugurating. Secondly, the new tenants, also on the existing towers, of course. Lastly, also according to the MLA, the price increase that we can apply through indexation pass through. You all know that it's capped by 3%, but this is exactly what we've done in April 2024. Next slide, please. Also on the EBITDA after leases, it looks quite promising and in a growing direction. We see a plus 11.3% increase up to EUR 40,200,000 in Q1 2025, coming from EUR 36,200,000 in Q1 2024. If we also look at the overall cash flow, and here we state the cash flow from operations minus CapEx paid, you can see a slight increase in Q1 2025, which is driven also by the fact that Ivo mentioned the projects are ongoing. The spend of CapEx is in line, aligned with what we plan to implement. You all remember that we are actually planning to reinvest approximately 20% of our revenues this year again into CapEx. I think there we are on track as well. The number that you can see here, the reason for the slightly higher cash flow is that you can see here CapEx paid. Not all of the ongoing projects are yet paid. This number might vary through the next few quarters as well. We would also like to give you a quick update on our financing situation. You all remember that we started with EUR 1 billion of debt, EUR 500 million loan, EUR 500 million term loan. Of course, during the IPO time, you all remember that we had quite high framework interest rates, and we constantly strive to optimize those interest rates. Last year, we have paid overall EUR 54 million in interest. The clear goal is not only to deleverage, to bring it down. You remember when we reported on Q4 2024, we could present already a much better leverage of 6.2. The other, of course, goal is to really reduce the current payments. What are we doing at the moment? Because what we have implemented is that we, out of the term loan portion, we refinanced EUR 255 million through a private placement. The maturity of this private placement is Q4 2026. It is fixed with 3.029%. Those of you who have already looked at on our web page, we also mentioned the details. You can see all of the details transparently online. In addition to EUR 255 million, we also have still in place the private placement from last year, which lasts until July 2028 in the amount of EUR 180 million. Last but not least, of course, the untouched EUR 500 million five-year bond. The RCF is still in place, as you know. We use it as a buffer. If you do the math, of course, you can see that last year we have already refinanced EUR 30 million of debt, which was the net income of last year's result. Therefore, we keep also our promise. We do not spend the money elsewhere. We really use it to reduce the debt. A similar situation occurs in 2025. Since it's Q1, it's early in the year, but I think you all are aware and you all remember our guidance for 2025 and midterm. We stick to what we have promised before. We expect revenue growth until year-end at around approximately 4%. You all remember that we have slightly reduced this expectation driven by the fact that the previous year with 8% or even higher, if you add the one-time effects, was very successful. Therefore, of course, currently we're taking up with the revenue growth. All the other parameters stay the same. CapEx is mentioned. I think also on the operational side, we are continuing to implement what we expected. Having said so, this was a strong, challenging, but I think a very positive first quarter for us. I think we're happy to answer any of your questions in case there are any. Many thanks, Ivo and Lars. Let me see if we already have some questions. I see one question. I will read out loudly so that everyone knows what we are speaking about. Can you please comment on the cost of service in Q1, which declined significantly? Part of that was expected given previous one-offs, but EUR 5 million is even lower. Can you give us a normalized run rate estimate per quarter or for the year? I think, first of all, it's important to mention that you rightly commented that the comparison therefore needs to consider also the one-time effects, not only on the revenue side, but also on the cost side. Therefore, this is the major effect, of course. The run rate now will be approximately on the level that we expect at the moment. You all know that we are operating very efficiently already. We are managing these almost 14,000 towers with approximately 200 FTEs. We're very actually efficient also on the maintenance side. Those are the two aspects in our costs. Having said so, we expect that the growth that we are at the moment generating does not rely actually on growing also on the OPEX side. Therefore, we always try to keep OPEX as stable as possible. There are inflation facts that we need to consider. I think to give you a precise runway is a bit too early in the year. The indication that I just gave is that we really try to keep the margins. Ivo has mentioned them. They are already on a very high level, also compared, by the way, towards our peers. Many thanks, Lars. At the moment, I do not see any further questions. We will wait 30 further seconds. Maybe let me use the time to also highlight that we have our second AGM on the 4th of June. Everyone who has the chance, we are welcoming you to join our second AGM at the headquarter in Vienna. All right. Since I do not see any further questions, we say thank you very much for your attention. There is one more question. We will, of course, speak about that. The first question is, could you please share the names of the two MNOs from which you received build-to-suit orders and the size of the orders? Unfortunately, I cannot share the names. As I mentioned, the size of the orders is symbolic. For us, it's a big milestone that we can get orders from others. The second question is? The second question, could you please share the tenancy ratio for the new sites? The tenancy ratio, there's a new, okay. The tenancy ratio is a little bit above 1.4. Are the order changes at the request of the anchor tenant included in the CapEx guidance for 2025? Yes, they are included. Okay. Thank you very much. We have one more question. Could you also please share how big the interest savings after the refinancing? You're aware that, of course, it depends a little bit what are our joint predictions until year-end because the variable part with the term loan was linked to the Euribor. We can only predict actually what we would have paid until year-end. To give you a very broad number, we assume that through the refinancing, we save something at around EUR 800,000 until year-end. There is, of course, another effect expected in 2025 because the maturity is lasting until the end of 2026. Next year, there will be a second effect as well. Okay. Thank you very much, Lars. I see one more question. You have switched from a term loan, which required principal payments and could be prepaid, to private placement, which appear to be a bullet payment. How can you deliver and not just build cash? Can you prepare these placements without penalties? You can find any details on the private placement online, as mentioned. Also with the contractual details that you might need to assess the private placement. Of course, we will have a P&L effect for doing the prepayment of the term loan. You will, at the end of the year, see a negative financing effect because we need to write off the remaining actually asset side for the financing cost of the term loan. Nevertheless, from a cash perspective, it made sense to really implement the new financing. Having said so, this gives us two advantages in addition to the lower interest payments. The first one is that we shift a little bit further towards a fixed rate. We now have 80% secured. Secondly, also, it gives us the opportunity to do a refinancing and to consider also a bigger refinancing until the end of next year. Here we talk, of course, about mainly the private placement two, which is the EUR 255 million. Thank you so much. Thank you so much, Lars. For the moment, I do not see any further questions. If that is the case, then thank you once again. If there are any further questions, please just feel free to reach us out. We will come back, of course, to answer to you. Many thanks. Thank you. Thank you.