Thanks for joining today's webcast for talking about full year and Q4 results 2025. I'm very happy to be here with Ivo and Lars to talk about the positive development of EuroTeleSites. As you know, you see the question mark on your screen. Please, in case you have a question, feel free to already submit them yet, and we will come to that after the presentation. Ivo, please. Thank you, Moritz. Good morning from my side, everybody, and thank you for joining on this presentation for the full year results 2025. We're pleased to report that, we have delivered, solid organic growth. If we look at the normalized growth versus the reported figures 2024, the story is even stronger. On the organic revenue growth, we are over 5.3%. Very pleased to report even the organic third-party revenue growth is, which is, on the 18%, details that Lars will explain a little bit further. This is a story that is, delivered by growth of the network, by contractual escalations, technology upgrades, and, attracting third-party tenants to existing sites as well as very important to the new, very precisely selected sites that we are building for the anchor tenant. Overall, the Capex was EUR 53 million with very much focus on the rollout activities compared to the mandatory upgrades that we had in the previous years. We were able to deliver more sites this year, 255 new sites rollout on the net adds that comes to 183. But overall, what we again need to emphasize is the third-party tenants, and we have over here 155 third-party tenants, which is the reason why the third-party revenue growth is double-digit. We continue to rollout for the anchor tenant A1 Telekom Austria, but it's a very important milestone that we have achieved in 2025 that we actually have three more new anchor tenants where we have rolled out sites in different countries that new telco who is very long time on those markets have decided to give us the order that we started rolling out sites, macro sites, for them. And this is something that we are pleased because we are recognized on the markets that we are a serious tower company that can deliver quality and they can deliver on time. One last remark on the asset sides is that in 2025 we were able to purchase 14 sites in North Macedonia from A1 Telekom Austria. This is something that we have done in the prior years. These are sites that are still with the telco, and as there is opportunity, we are trying to bring them in our portfolio. I will stop here, and I'll give the floor to my colleague Lars. Thank you, Ivo. Let's look into the recap old guidance from last year. You all remember that at the beginning of 2025, we set up the following guidance, and you can see that we can actually mark a lot of those guidance points that we had initiated last year with a green mark, which is a good sign. Ivo spoke about the double-digit increase of the third-party revenue, also about the new-built sites. About the ESG, we're still very strongly committed to continue working on measures about the ESG. However, the EU and the Omnibus regulation has eased a little bit the reporting. That's why the arrow is orange and not green. I think we're very happy to report that our digitalization of the company is ongoing. So, our internal processes are becoming more efficient, more digital, and here is mentioned that we have introduced the asset management software Sitetracker in May on time. And, we're very satisfied with the processes that we use in our daily lives across all six countries. But in addition to that, we also have improved our processes in HR, for example, implementing HiBob as a new software, and in controlling implemented Farseer here. So you can see a lot of digitalization things are internally ongoing. On the financial guidance also, you see the green arrows. I can just remind you that, when you compare 2023, the first year after the spinoff, to 2024, we had a significant increase of 8% revenue growth with, with what, what also was driven by one-time effects, that, of course, kept us a bit conservative, on this year's guidance. But we, of course, fulfilled, and even excluding the one-time effects, overachieved the growth for 2025. Capex, we were very close with 19%. We had the expectation of 20%. So we had a small Capex shift from 2025 into 2026. We will explain it later. And the rest is also ticked green. Maybe nice to highlight that, Fitch has upgraded their rating into positive. So that was, we were thankful to see the trust that, the rating agencies gave us also in the year 2025. This page is very nice just for you to have it as a summary, but, I would prefer if we continue to the other sides because, we will discuss everything in more details. On this slide, we talk about the full year financials 2025. We compare them to the actuals 2024. I think it's relevant to mention that both numbers have been audited already. Here you can see the strong revenue growth coming from EUR 270.2 million in 2024 up to EUR 280.2 million, so exactly EUR 10 million increase, which equals the 3.7% increase, including the one-time effects and excluding even 5.3%. Ivo mentioned the double-digit increase in the third-party revenue. I think it's very important to mention that we achieved 10.4% increase and even 17.7% without one-time effects, which we see as a strong effect and a strong target for us also to manage the company to become a neutral infrastructure provider serving, of course, our anchor tenant, but in addition to that, generating and monetizing our infrastructure further in the future. On the EBITDAaL, you can see an increase by 6.6% up to EUR 161.3 million in 2025, which also equals EUR 10 million. I think it's relevant to say that overall, overall balance sheet has also increased, driven by the asset revaluation that we have done, and we now can look into a balance sheet that overreaches EUR 2 billion. On the cash flow operations minus Capex paid, we can see a similar increase reaching EUR 171.5 million in 2025. On the leverage side, you can see our target fulfillment to deleverage according to our plans, even overachieving slightly the reduction. We have started in 2024, which was already a reduction coming from 2.3x down to 6.2x. For the full year 2025, we have even reached 5.5x. We want to mention that the leverage decrease is, of course, one of the most important financial targets that we have. So we will strive to continue to deleverage. Our midterm target, as you are aware, is 5x. We also have to mention that we had, driven by the Capex, spillover from 25%-26%, and also some further effects in 2026. We don't expect that the deleveraging is continued in this exact amount, but still on track. So having said so, handing back to Ivo. Thank you. Just a brief update on the rollout of sites and the tenants. As you can see, quarter-over-quarter with the end of 2024, typically in our business, Q3 and Q4 are the strongest quarters for rolling out sites. Typically, the first six months is the permitting process, and the last six months is when we see a high completion of sites. That is what's happening. We have 183 net adds. So we rolled out 255 sites, but the delta is that some sites are in the process of being of finding a new location. So we are dismantling and then putting up. Then on the tenant side, again, very great job for our teams that have been able to attract 155 third-party tenants. This is something that we are very much aiming for because with that is the reason why the solid revenue growth on the third party is actually this net adds that we're doing with the contractual escalations and the renewing the contracts that we had in 2025. So on the left side is by quarter the number of net adds. On the right side, you can see the anchor tenant and the third party. So next, please. On the CapEx, I briefly mentioned that 2025 we had a much higher rollout CapEx. This is the red part. We were almost close to EUR 21 million. That is why you can see that 255 sites were actually built. On the mandatory upgrades is the blue portion. It's EUR 27.2 million, and the maintenance is very low. We are keeping it that under control. So overall, the CapEx was 19% of the revenue compared to the previous year, 2024. And this is something that, we will continue the trend like this, moving forward, but we will mention the guidance for 2026 at the end. Next, please. If we look at the revenue versus quarter-over-quarter, Lars. Yeah, very brief. I think just looking at the Q4 2025 result as an overall sum of the year, we compare mainly Q4 2024 to Q4 2025. And you can see, as in the yearly results, a very stable development on the revenues. Just keep in mind that in the Q4 2024, we had a one-time effect of EUR 3 million. If you deduct this, we have a very, I would say, stringent development over the different quarters. The EBITDA as well, is growing accordingly, and the EBITDA after leases, likewise. The cash flow operations minus CapEx paid, you can see that in the fourth quarter, it's always a bit lower for the reason that Ivo has mentioned. So more CapEx has been spent to fulfill the projects. And now I think we go to the guidance 2026. So briefly on the year ahead of us. So again, on the operational side, of course, the increase of the third-party revenue is something that we are always aiming for, drive innovation for a tower of the future. We're trying to find and, always innovate and upgrade the existing towers to be more green, to be lighter, to be more efficient, to be more environmentally friendly. The continuation of the digitalization, including the AI tools, is happening in every segment. We are observing and testing some proof of concepts in, HR, in finance, in rollout. But something that maybe sticks out from this, operational guidance is the rollout of, 400 macro sites. So this is a special project that we have in Austria where in the next 2 years, we will see a higher demand from our anchor tenant due to the coverage obligations. That is why, looking on the right, the CapEx will move to 25% of the revenue. This is mainly due in Austria. In the rest of the countries in the CEE region, the CapEx to the revenue and the rollout are very much alike. We are still have a few build-to-suit to do in this year, which is for another anchor tenant. That is a story that we will continue to push to present to the world that, in every country, we are a tower that can serve all the mobile operators. On the financial guidance, yeah, revenue growth 4%-5%. Annual net results used to be for the debt reduction. We are still very much focused to lower the debt to achieve the targets, as we've always said, close to 5 x in the midterm. The priority is to keep the investment grade ratings from Moody's and Fitch. Thanks to everybody who has been on the call. I would really like to thank the team in EuroTeleSites. Very much thanks to our customers. From the perspective, they continue to believe in us and to give us the orders. We will make sure that we deliver on time and we execute in a very efficient manner. Thank you, Moritz. Thanks, everybody. Then maybe go to the questions. Thank you so much, Ivo and Lars. We see a couple of questions. As you know, I will read out the question loudly and will then hand over to, to Ivo and Lars. So the first question, which I see is, how are you thinking about refinancing the bond? Given that the yield you are paying is 200 plus bps higher than the rate at which your bonds are trading in the market. First of all, I think we have to mention the success we have been doing in refinancing the loan since the spinoff, which has given us several million EUR in interest reductions since then. So this proves that we are very well aware of what we pay for interest. And the bond gives us security until 2028. So too we also want to, from a bond investor perspective, be a trusted partner. And therefore, we believe that, also looking into the cost that potential refinancing would bring with it, for us, the most efficient way is to keep it that way for now. Thank you, Lars. Then one question regarding capital allocation and also dividend policy. Once the 5x EBITDA leverage is reached, what will the dividend policy look like? Our midterm guidance is 5x, and we first want to reach it, and then we will rediscuss. Thank you, Lars. Next question. Good morning. Thank you for the presentation of the results. Four questions from my side. If I may, if I may, thank you. What was the reason that there was a slight miss in the net increase in macro sites compared to the guidance in 2025? Good morning, Nora. I believe I covered that in my presentation. So we had actually rolled out more sites than previous year, 255, with a CapEx that was very similar to the previous year. However, the dismantle sites, the relocation of the sites, was a bit higher. This is typically in the big metropolis such as Vienna, Sofia, and even Zagreb, where the rooftops are being converted into penthouses, and then the tenants, the landlords, are requesting for us to remove the site. We have not actually lost any tenants. We are just in the process of relocating those rooftops. That's why the net add was smaller. Thank you, Ivo. The second part, if net debt EBITDA after leases goes below 5x in 2026, can we expect a dividend proposal afterwards? I think Lars already covered that. Could you share your expectation for third-party revenue growth in 2026? I believe if we stay consistent with the current tenants and the prospective incoming tenants, I think we'll still be solid, but I don't believe we'll be as solid as this year. Okay, thank you. And another one on the third parties, could you perhaps also share how many new sites are contracted with the three new anchor tenants? that is a single number. So in every country, we are still having a single number due to the major Capex needs in Austria with its 400 sites. In order to stay positive on the free cash flow, we had to be very selective. So at the moment, it's not a significant number. Okay, thank you. Then another one. Are there any concerns on customer consolidation in any of your geo markets? Are there any non-organic growth opportunities in new geographies or in current ones? So non-organic growth opportunities, meaning M&A, at the moment, we are not looking into that. I think we spent enough time saying that we will deleverage first and make sure we keep investment grade ratings. And on the customer consolidations, at the moment, we don't see much happening outside of Austria. In Austria, maybe there are some rumors of what is happening with Hutchison Drei. But on the other markets, there is nothing significant. So I would say no. Actually, we even have a new entry coming into North Macedonia, which is 4iG. And that's something that we are working to bring them on our sites. So it's a potential opportunity for even higher growth on the third-party revenues. Okay, thank you, Ivo. The next one. Can you comment if there is a difference in the cash lease payment versus accounting lease payment, EUR 78 million? I believe the actual cash paid for leases is lower than P&L lease expense. That's correct. Cash lease payments are usually lower than the P&L lease expenses. Okay. Then let's take the one from Omar. Given the plan to ramp up BTS deliveries by over 50% year-over-year, from 180 to 400, the 4-5 revenue guidance feels conservative. Is the guidance kept primarily by lower inflation indexation expectation for 2026, or are you assuming a backloaded commission schedule for these new sites? Well, a specific unique project in Austria is for the coverage obligations for our anchor tenants. So meaning that the majority of these sites that we have to roll out, let's call it 200 in Austria, will be very challenging to attract a third party in the near short term. That means that the other telcos have similar white spots to roll out for the coverage obligations. And that is why we are staying on that revenue guidance, 4%-5%. With the other 200 sites, it's a similar story as 2025 or 2024. So these will be the sites that we see opportunity for a higher percentage of third-party tenants and as well the rest of the infrastructure. Thank you, Ivo. What was the reason EBITDA after lease margin, margin expansion in 2025? Can we expect further margin expansion in the future? Thank you for that question. First of all, I fully agree. I think we can be proud that we, from the beginning onwards, achieved very high margins. I'm just remembering that the EBITDAaL margin is already reaching 85%, so it proves our efficiency. The expansion that we saw comparing 2024 to 2025 is mainly driven, and you can see it in our data book as well, that we have been very strict on the cost side. So OPEX has been approximately EUR 2 million lower than in 2024. Can we expect further margin expansion? We believe not at the moment. We will keep up with the very strict cost management with the maintenance costs that we keep low. But of course, being already on a very, very high level, it will, of course, we expect OPEX to grow according to the revenue but below the growth scenario. We keep a strict eye on it. At the end, this further expansion, we don't see it as realistic at the moment for the reasons given. Thank you, Lars. Another one. Can you comment on the competitive dynamics in the Macedonian market, e.g. for 4iG entrants? Thank you, Luca. Yes, we are working very closely with 4iG. We have been discussing with them and negotiating that they can use our assets, which are very attractive. And we hope that we will be able to close the deal soon. Nevertheless, for 2026 and their coverage obligation for Macedonia is not that significant. So we will not see such a big number, even if they decided. For the what is the second one? Yeah, that's a different question. The second one. What drove significantly higher D&A depreciation amortization in Q4? That's probably something for Lars. Thank you. The depreciation was driven higher due to the fact that every year, as you are aware, we need to do the revaluation of our assets, which we did, likewise. And we have slightly adjusted for some of the asset groups the useful life, which we linked to the economical usage of those assets, those specific assets. And this is the reason behind. Okay, thank you so much. Could you comment on where we are in the upgrade CapEx cycle? Thank you, Luca. You mean the mandatory upgrades. We are overall in the whole group, close to two-thirds of the mandatory upgrades achievement. I believe Austria is, the site the country where the mandatory upgrades, maybe close to half of it still need to go. And that is due to the 2024 demand by the anchor tenant to not roll out so many mandatory upgrades due to what I mentioned, this special project for the new sites of coverage obligations. But in the rest of the countries, we are very much advanced. And in some countries, we probably in 2026, we will close the mandatory upgrades Capex, even though the deadline was eight years from signing the lease agreement. Thank you, Ivo. What is the long-term leverage target you are comfortable with? Luca, I think we talked about that, it's unchanged 5x. What share of third-party tenant additions did you capture comparing 155 of net adds to a total adds in the market? Look, that's very difficult to compare because many of our competitors are privately owned, and they're not reporting the numbers. So I cannot tell you a very good answer on that. But we feel that we're doing a good job compared to what we see on the market dynamics. Thank you. Could you provide more color on the high demand and partial shifts mentioned in relation to the increased 2026 CapEx target? I think we covered that. Yeah. Good. Okay, then we have some questions more. Last piece of deleveraging. This will take you to approximately 5x end of 2026. How do you look at the dividend payout? Can you discuss potential, sorry, payout? Would you add anything? I think. I think as mentioned on the slide, I think we have to the number that we have presented, 5.5x for 2025, is a real success. Secondly, we're on track of the deleveraging, but we need to also keep in mind that we will have, or we expect for 2026, a little bit higher cash out for the reasons I briefly mentioned. So higher CapEx, of course, but also the spillover effect CapEx from 2025 to 2026. And therefore, we don't expect the path that you describe. And about dividend payments, I think, we keep our word since the beginning. So in the first four years, the focus is on deleveraging, and then we see how we go. Okay, thank you, Lars. Another one, which we get regularly. Can you discuss potential impact Starlink or satellite on tower business model, any impact on ETS? Thank you. No, we do not see anything in the short-term and mid-term impact. As a matter of fact, we might have positive impact. We are in discussion with all the LEO providers for usage of our infrastructure, terrestrial infrastructure, for their needs because they all need to have some kind of equipment on Earth. But overall, if you're hinting as a competitor to us, I think the quality of the technology is not there yet as much as the citizens, the users, are used to with the 4G, 5G, and whatever technology might come up. This is very good technology for the rural areas, but for the urban areas, for the cities areas, metropolis, still the tower companies, we will be here for the next five years. Thank you. Your guidance for small top-line acceleration in 2026, what's driving this? More new builds? If top-line accelerates slightly, should OpEx stay flat? Definitely. I think we mentioned, we have very ambitious rollout plans of 400 new sites. And then, on the OpEx, we are very disciplined. So we always have mentioned a 2% guidance on the OpEx side, and we will continue to be with that. So the 400 new sites, once again, I emphasize that many of those sites for the coverage obligation in Austria, which are very challenging to attract a second tenant on the short term. On the midterm and long term, will be a different story. But the other 200 sites are somewhere very more applicable that we will see a third party coming soon. Thank you. I see one more question at the moment. Want to understand this better. You have suggested that net debt declines by net income, but you have done better than in 2025. Am I misunderstanding anything as you have suggested the same for 2026? Thank you. Congratulations on the execution. Thanks for the question. I'm just thinking how to rephrase it in a way that it maybe is understandable. So you're right. If you look at the mechanism, you can see that the path is as expected or even a bit better than expected. And yes, we will continue to use the net income actually to lower the debt as far as possible. But at the same time, we have to be careful about the 5.5 for the given reasons. So we also have to mention the spillover effects from 2025. And this is what you need to consider. And also for 2026, of course, the high Capex leads to a high cash out, which helps us on the revenue side in the future, of course. But at the same time, the investment phase is now, and therefore the net income for 2026 is lower. Thank you, Lars. Thank you, Ivo. For the moment, I don't see any further questions. But as you know, you can just reach out to myself, and I will get back to you if there are any further questions. Thank you to everybody for the nice words and the congratulations, and thank you for joining our call. We really appreciate that you have so much interest in EuroTeleSites, and we are happy to deliver solid results, and we will continue to do so. So thanks for the trust in our team, and big kudos goes to all the employees of EuroTeleSites who have delivered this solid results for 2025. Thank you.