Good morning from the Vienna Head Office. Today we are here to talk about the Q3 2025 results, about EuroTeleSites. Thanks already for dialing in and joining in. As you know, you see the question mark on your left side. Please feel free to already raise your questions, and once we are done with the presentation, we come to your questions after that. I'm here with Ivo and Lars, and we'll hand over the word right now to Ivo. Thank you, Moritz. Good morning from my side, and thank you for dialing in. I think just last week we had celebrated two years from being listed on the Vienna Stock Exchange and from the spin-off from Telekom Austria Group. I'm happy to continue reporting the strong growth that we had while delivering all the expectations for our customers, and hopefully you as investors will continue to trust us as a management. Getting into the numbers for Q3, we had 3.6% growth in the revenue, a little better on the EBITDA and EBITDA after lease, which we will discuss on the next slides. This growth is mainly due to the portfolio growth that we had, plus the indexation that we have with our anchor tenant and the third-party tenants. It is very important that we continue to grow on the third-party tenants, which is better than what we have with the growth with the anchor tenant. It's something that we are proud of our teams from all the countries that they are delivering very good third-party tenants and third-party revenue. Congratulations to all of our guys who are working hard on this part since we are all aware that the third-party revenue growth is a very significant KPI that everybody is following. On the CapEx side, we had rolled out 47 new sites, which resulted with 39 net adds. When we come on the mandatory upgrades, just to refresh our memories that we have mandatory upgrades where we must invest in the existing towers that were part of the spin-off in order to prepare them for 5G and as well as strength for a second or a third tenant. These updates are coming from our anchor tenant, and based on their demand, we roll out and prepare the sites. If there is no request, then we delay that for down the road. In our mass release agreement, we have eight years to finish all of this. We are negotiating every year with our anchor tenant, and at one time we were thinking that we might finish everything in five years. That was the demand from the anchor tenant, but this year the strategies have shifted from them, so we are procrastinating, prolonging again within the mass release agreement for a little bit later stage. On the tenant side, 77 new tenants for Q3, with 38 being the third-party tenants. Quickly on the market environment, Serbia will soon have the 5G frequency auction, which is very important for us. Inflation across all the countries is expected to remain below the inflation cap for the fiscal year 2025, and Austria as a market is still being very challenging, especially with all of the telcos struggling to have growth. Very important, very pleased that we have received a new rating confirmation from Fitch Ratings where they revised their outlook to positive. That shows that we're delivering on our promises and we will continue to do our best in order to grow the company. Next slide, please. Quickly on the numbers, I mentioned the revenue on the EBITDA. We are doing about 86%. The EBITDA after lease 58.3%. The number of sites has gone 17,120, and the number of tenants, I apologize, and the number of sites are closely reaching to 13,800. If we go in a little more detail of the rollout, how it happened, as Q3 is always the most, is one of the most challenging quarters, especially for the summer months in the countries where tourism is very important and construction is prohibited or limited to unusual hours of the day. We had been able to grow with a number of sites. If we see from year over year to + 171, or just strictly for this quarter, 47 new sites rolled out, which means that 39 are net adds. The other eight sites are in the process of being relocated, and the third-party tenant has done nicely, is growing, as we see on the bottom right corner, from 39 now to 38, and this is the trend that we hope we will keep quarter over quarter. On the net adds of the sites, as I mentioned, 39. Keep in mind that Q4 for us has always been the strongest rollout. If we look even last year, the net adds were 69, and that is because during these months we have most likely received all the permitting in every country. The preparation has been well in advance, and the rollout happens in the Q4. If we look at the Q3 2024, where we had only 16 towers of net adds, versus Q3 2025, we have 39 towers of net adds. If we look at the CapEx, which we'll discuss on the next slide, we will also see the similar trend in results. Here is what I briefly mentioned in our introduction. The blue part is the mandatory upgrades. This is the CapEx that we're doing for the preparation of the sites. The revenue is already coming from day one, and the red part is the actual CapEx for rollout of new sites and growth. $2.6 million less if we compare Q3 2024 versus Q3 2025. If we look at the distribution of the CapEx, we see that we are 55% for mandatory upgrades. If we look at Q3 2024, it's 70% distribution for mandatory upgrades and 30% was for growth. In Q3 2025, we have a little better distribution where it's 54% with 46%. This 46% is the one that is delivering growth for us. If we continue with the similar trend that we had in 2024, we will see that Q4 is where most of the CapEx will be realized and most of the projects, or a large number of the projects, shall be concluded. Year to date, or the nine months on the right side, we can see the distribution again for 2025 is a little more on the mandatory upgrades, but much better of the rollout of new sites, the red part versus the red part of the first nine months in 2024. I will give the floor to Lars, so we can discuss a little more on the financials and we can answer questions. Thank you, Ivo, and taking over, warm welcome from my side as well. Ivo has mentioned the growth already. Let's first speak about the revenues and the revenue growth. If we compare €68 million in Q3 2024 to our current revenue, we generated this quarter €70.5 million, which is quite in line with all the quarters that you have seen before. Overall, this is an increase of 3.6%. Just keep in mind that at the beginning, after the spin-off, we had a few one-time effects that you can see on the left side, which sums up to €4 million overall. This leads to an even slightly higher increase in the EBITDA. You have seen our EBITDA and also the EBITDA after lease margin, which is growing steadily also on a very high level. I think we can be happy to see that we are sufficiently working also on the costs, which is reflected in those margins as well. The EBITDA has grown from Q3 2024 in the amount of €58.4 million up to €60.6 million in Q3 2025. The performance is mainly driven, as Ivo mentioned in the first part of the presentation, about the inflation increase that we can pass through according to the MLA. Secondly, also of the growth that is nicely coming and coming also in line with our expectations. I think that's very important to mention and also that the third-party expectations are growing accordingly. Having said so, on the next slide, we briefly speak about the group EBITDA after leases. You know that the leases themselves are the highest cost portion, and that's why this KPI is, of course, important and relevant for us as well. There we can see quarter- over- quarter an increase of plus 3.9%, reaching €41.1 million in Q3 2025. Finally, let's briefly talk about the cash flow in Q3. We have received or generated €44.5 million, which is slightly higher if you compare it towards Q3 2024. This is, of course, driven by, first of all, the higher revenues and then the slight demand delay on the CapEx side. That is, of course, reflected in the cash flow. The cash flow, as mentioned and defined here, is the cash flow operations minus the cash flow paid. By the way, for all of you who are interested in more details, we always publish also the data book where you can see the details behind. Of course, we are reachable as well in case you have any further questions. Finally, we're getting closer and closer to Christmas, so we most likely soon will speak about the full year results 2025. We have looked through our categories in the guidance for this year. So far, I think we can tick the box at several of those assumptions we have given us for this year. First of all, for example, as you might remember, we have already introduced on the left bottom the asset management software. The Sitetracker software that we're using since May this year is working, is in place, and is used by all of our colleagues in the six countries. That's good news. I think it was very helpful to digitalize the company also from within and to try to be as efficient as possible. Secondly, in the middle column, you can see that we had the guidance to keep the investment-grade ratings with Moody's and Fitch. Fitch has just reported their upgrade that they now switched to positive. The investment-grade itself stays as it is. That's good news as well. We're in constant and regular contact with both of the rating agencies. If we talk about the revenue growth, you could see also if you do the math yourself that I think we are well on track for the expectation that we have set ourselves for the end of the year, for the overall year. CapEx, Ivo mentioned, we have to observe a little bit the potential delay, but for now, and that's maybe also a clear sign, we keep the CapEx guidance as it was at 20% of the revenues. Having said so, also the annual results at the end of the year will lead to the debt reduction and coming to the leverage that we always talk about. You know that we started with a high leverage of 7.3. We already achieved a leverage of 6.2 by the end of 2024. Looking forward, next time when we publish the leverage, it will be for the final financial year, full year 2025. Also there, we expect actually to continue the growth, to continue the path that we have proposed and that we have achieved so far. I think we can also slightly tick the box there. I think that's it for now. Very brief Q3 report and up to you, up to your questions. Thank you very much. Thank you very much, Ivo, Lars. Let's come to the first question. I will read out them loudly so that everyone knows what we are talking about. Could you elaborate more on the current demand delays to CapEx? Would you add anything else, Ivo, because you mentioned that clearly, I think? Yeah, I think that's exactly what I covered in my introduction. If there is anything else, please put another question on that. The second part of the question, are employee benefit obligations at cash flow statements related to stock-based compensations or not? They are not linked to stock-based compensations. They are recognized, of course, but not linked to stock. Okay, many thanks for that. One question probably for Lars. If I do the maths, I come to a net debt leverage of around 5.8 times at the moment. Any news on the capital allocation? As briefly mentioned, I think we are on track coming from the already lower basis of 6.2 at the end of 2024. Next time we publish will be the end of 2025, expecting no surprises on that side. Okay, thanks so much. Another question, what I see is next year in Q4, we need to refinance €255 million. Do you already have any ideas how this will look like? We have already, and reported here, refinanced 2x for the reason that we actually try to decrease our interest costs year over year. Having said so, I think if we look until the end of next year, which is the date when we need to refinance €255 million minus the results we expect for the net income by the end of the year, we're well positioned. We're in constant discussion also with different banks and investors on that side. There are some indications, but the clear goal is actually to, of course, optimize the interest if that's possible at the time when we refinance. Thank you so much. We have right now a little bit of a longer question. I will split it up into several parts so that you can follow me. Good morning. Thank you for the presentation and the opportunity to ask questions. I would have three questions. Please see them below. First question, given the top line growth in nine months 2025, is it reasonable to assume a higher revenue growth rate for full year 2025 than the guided 4% on an adjusted basis, or do you expect a decline in sales growth in full Q4 2025? Thank you, Nora. Good morning to you. I believe for 2025, we will be on the target, as we have said in our guidance. We do not expect any decline in the sales growth. I think the answer to this part is yes, will be what we have said at the beginning of the year. Okay, thank you so much. The second question from Nora, do you confirm or potentially upgrade the guidance tenancy ratio of 1.25 for full year 2025 as it was achieved in Q3 2025? If that is not the case, then I think the 1.25 is very much achievable. We can only hope that no third-party tenants will shift during Q4 2025. Okay, thank you. The third question, when do you expect the delayed demand for mandatory upgrades to recover? Okay, then give me another minute to explain the process. I see others are asking on this mandatory upgrades. Again, we have eight years to achieve the number of mandatory upgrades in each country. In some countries, we have well advanced. We are almost 90%. In other countries, we are right on target. There is efficiency when we do the mandatory upgrade and our customer brings his equipment. There are some synergies. We can do the mandatory upgrade, but if the customer doesn't have the equipment, we lose some of that efficiency. In order to have efficient resolution, we are procrastinating these mandatory upgrades for a little later stage when our customer explains to us what sites are for them priority for the Q3, Q4, or Q1, or Q2 for next year. Due to this shift, we will be able to recover as soon as the customer flags that site that they are ready for the equipment to be swapped because this is mainly the C-band or the 5G, let's call it the equipment. We are well in advance. We initially wanted in the first five years to allocate all the CapEx necessary for mandatory upgrades. Since we have now three more years to go, actually in the period of eight years, this is not a strong concern for us. For us, the major growth is when we put the CapEx in the growth areas. Many thanks for the clarification. One more question. Can you talk about options to refinance your debt? I think Lars, you already mentioned that. Anything you would like to add here? Maybe a brief look at the big picture. You are aware that we are very well and very solidly financed until the year 2028. The bond, as well as one private placement, will carry us all the way through until 2028. Therefore, the €255 million that needs to be refinanced by the end of this year is just the first step. I think we are well on track to look for the best options. Thank you. The second part of the question, how do you feel about the growth momentum? Can it accelerate next few years? I think, yeah, thanks for the question here. You have seen our midterm guidance, which is ranging between 3%- 5%. You also maybe remember the history that we had some very positive one-time effects in the starting periods. That's why we are keeping this 3%- 5%. Also, to cover maybe already the next question that is linked here, the guidance itself will be updated once we see the final results for 2025. At the beginning of 2026, you can expect an updated chart for the guidance 2026 and beyond. Ivo? One point. We have in the mass release agreement November 1 as the date when we will receive the orders from our customers. Before November 1st, we cannot confirm or give you a better guidance what will be the potential for next year. Okay, thank you so much. Maybe you can also comment, and are you considering to update your leverage targets and dividend policy? I mean, the leverage I think I've covered, so let's wait for what we will have at the end of the year. Of course, we always said, and we still stick to this, that we want to target five times as a leverage, which is reasonable for the refinancing that I just mentioned that is upcoming, but also for any other potential, I would say, measures we could take if we don't have to fully deleverage all the final results that we generate year over year. Please, let's be a bit patient on that part. Let's also discuss such things at the annual general meeting. I think that's a good place where all of your shareholders can speak out and nominate also their thoughts. For now, we're well on track. We're even a bit ahead of our previous expectations. That's a very, very positive sign. We have not fulfilled yet the target of 5x. That's what we should keep in mind. Thank you. The last part of the question, what part of the mandatory upgrades are done now, and when should this be completed? I think we covered this many times. Hopefully, we can go to the next question. Thank you so much. Let me scroll up. I think that were all the questions we have for the moment. As usual, if you have any further questions, please just reach out directly to me or ourselves, and we are happy to answer your further questions. Thanks for joining and have a nice day. Thank you very much. Bye-bye.