Good morning. Welcome to everybody to our nine-month results call. On behalf of the Executive Board, I would like to welcome you. During this call, our CFO, Sascha D'Avis, will present to you the results for the first nine months, followed by the guidance and the status of our 1&1 mobile network. Before I hand over to Sascha, please pay attention to our usual disclaimer, which is part of our presentation. Thank you very much. It is my pleasure to hand over to Sascha. Thank you, Oliver. Good morning. This is Sascha D'Avis, CFO of 1&1 AG. Welcome to our call today. As Oliver has already mentioned, I would like to provide you with an update on our performance in the third quarter, as well as our financials at the end of September. Let's start with the customer contracts. As of the end of September, we had a total of 16.34 million contracts in our base, 12.48 million mobile internet contracts, and 3.86 million broadband contracts. This represents a decrease of 50,000 contracts in the first nine months of 2025. While we recorded a decline of 90,000 contracts in the fixed-line segment, we were able to increase our mobile contracts by 40,000 after a flat development until the beginning of the third quarter. We continue to experience intense competitive pressures in all areas. In the mobile business, we saw an increase in contract cancellations due to the now successfully completed migration of all mobile customers to the new 1&1 network. However, in the third quarter, we managed to increase the number of our mobile contracts again. Please allow me to say a few words to conclude the migration. Less than two years after launching mobile services on the 1&1 O-RAN, we have completed the largest customer migration in German mobile communication history. All 1&1 customers now use the modern 5G network. This means that 1&1 has fulfilled the competitive independence requirement imposed by the Federal Network Agency ahead of the set deadline. On the next slide, I will move to revenue. Total revenue for 2025 amounts to EUR 3.016 billion, roughly in line with the previous year's level. Service revenues have remained stable as projected, while other revenues, mainly from the low-margin hardware business, declined by 0.3%. This part of the business is subject to seasonal fluctuations and depends largely on the appeal of new devices and the product cycles of the manufacturers. Let us move on to EBITDA by segments. In the access segment, we achieved an EBITDA of EUR 611 million in the first nine months, representing a decrease of 3% compared to EUR 630.1 million in the comparable period in 2024. The decline is mainly due to higher wholesale costs resulting from Vodafone's slower-than-expected network expansion, as well as the switch of the national roaming partner from Telefónica to Vodafone. Under the commercially equivalent national roaming agreement with Vodafone, the capacities used by 1&1 are fully recognized and affect EBITDA directly, whereas under the national roaming arrangement with Telefónica, they were partly capitalized and depreciated as planned. The negative EBITDA of EUR -201.2 million in the 1&1 mobile network segment reflects our activities related to the expansion and operation of the mobile network. It also includes the cost associated with the successfully completed migration of existing customers. Now, let's move on to investments, CAPEX. In the first nine months, we invested EUR 228.7 million, of which EUR 11.2 million were allocated to the excess segment, and EUR 217.5 million were dedicated to the expansion of our mobile network. Now, let us move to the current status of our mobile network, Europe's first open RAN. The slide shows the already familiar network architecture. In addition to the four central core data centers and the 24 decentralized edge data centers that have been completed for some time, as of September 30, 2025, a total of 297 regional four-edge data centers and around 1,500 antenna sites are in operation. Another 4,500 antenna sites are currently under development. Network expansion is therefore continuing to progress well. Our O-RAN offers significant advantages over conventional network architecture. On the one hand, it features an open system with standardized interfaces supported by a partner ecosystem of nearly 100 companies, providing independence from dominant vendors. In addition, we are ready for real-time application as all antennas are connected via fiber. This enables data processing directly on-site in the four-edge data centers. The open network architecture also creates potential energy savings of between 10% and 30% compared to a traditional network. On the next slides, you can see that our strength stems not only from our people but also from a broad and resilient ecosystem. With more than 3,100 dedicated employees across eight locations in Germany, we provide the foundation for innovation and sustainable growth. At the same time, our success extends well beyond the boundaries of our own organization. More than 100 partners are part of our network, roughly half based in Germany, 40% from other European countries, and the remainder from global markets. This diversity enables us to respond swiftly to new demands and to develop forward-looking solutions in close collaboration with strong partners. We have chosen to operate entirely without Chinese suppliers. Let us now turn to the financial figures, starting with the earnings situation. Total revenue in 2025 stands at approximately EUR 3.016 billion, roughly at the same level as the previous year. Service revenue, as forecasted, also matches the prior year's figure. The cost of sales increased from EUR 2.191 billion in 2024 to EUR 2.301 billion in the first nine months of 2025. The increase is primarily driven by the 1&1 mobile network segment. In particular, depreciation on network components has risen due to the ongoing expansion of the network. The gross profit in the operational excess segment decreased from EUR 1.046 billion in the first nine months of 2024 to EUR 1.030 billion in the first nine months of 2025, representing a decline of 1.5%. This includes the connectivity costs for the fixed-line segment, which remain largely at the same level as the previous year. Connectivity costs for mobile internet have risen moderately. The prices for Vodafone national roaming were slightly above our expectations, which is due to slower growth of the Vodafone network. The cost of goods sold has decreased in line with a decline in hardware revenue. The gross profit from revenue consequently decreased from EUR 826 million in the third quarter of 2024 to EUR 715 million in the third quarter of 2025, representing a decline of 30.5%. Distribution costs increased from EUR 390.6 million in the third quarter of 2024 to EUR 392.4 million in the third quarter of 2025, representing a rise of 0.5%. This is primarily due to the intensified marketing of our unlimited plans during the first half of 2025. Administration costs amounted to EUR 89.2 million in the third quarter of 2025, slightly above the prior year figure of EUR 86 million. The balance of other income and expenses amounted to EUR 34 million, exceeding the prior year's figure of EUR 27.6 million. This change is primarily attributable to improved results from the collection process. Impairment losses on receivables and contract assets increased from EUR -89.9 million in the third quarter of 2024 to EUR -91.9 million in the first three quarters of 2025. A portion of this is offset by the four mentioned higher income from the improved collection process. The operating profit, EBIT, amounted to EUR 175.4 million in the first three quarters of 2025 compared to EUR 287.5 million in the first three quarters of 2024. The decline is primarily attributable to the increased number of antenna sites in the 1&1 Mobile Network. The financial result in the first three quarters of 2025 stood at EUR -16.3 million compared to EUR -1 million in the previous year. This is due to the financing expenses of EUR 27.5 million, up from EUR 30.8 million in the prior year, and financial income of EUR 11.2 million, down from EUR 12.8 million in the first nine months of 2024. The increase in financing expenses is partly due to the accounting of lease agreements for our growing number of antenna sites. Additionally, since the beginning of the 2025 fiscal year, there have been additional interest expenses from the loan taken out at the start of the year from the Japanese development bank, JBIC. This loan is being used to co-finance strategic investments as part of the network's expansion. Formerly, the loan was taken out by United Internet and passed on to 1&1. Financial income amounted to EUR 11.2 million in the first nine months of the 2025 fiscal year, and as in the previous year, was primarily derived from interest on investments with United Internet AG. The decline is attributable to the lower interest rate level compared to the first nine months of the 2024 fiscal year. Of the total EUR 800 million credit facility, we have so far drawn EUR 290 million, resulting in interest expenses of EUR 6.2 million in the first nine months of 2025. The interest income, primarily from the investments of free liquidity with United Internet, decreased by EUR 1.6 million due to lower interest rates. As a result, earnings before taxes amounted to EUR 159.1 million in the first nine months of 2025, compared to EUR 286.5 million in 2024. Correspondingly, tax expenses decreased to EUR 48.4 million in 2025, down from EUR 90.2 million in the same period of 2024. Consequently, we achieved a consolidated net income of EUR 110.7 million in the first nine months of 2025, compared to EUR 196.3 million in the third quarter of 2024. Let's now turn to the balance sheet. The total assets increased from EUR 8.13 billion at the end of 2024 to EUR 8.55 billion as of September 30, 2025. The increase of +5.1% is primarily attributable to the following effects: current assets amounted to EUR 1.84 billion at the end of 2024 and increased by 17.6% to EUR 2.17 billion by the third quarter of 2025. The increase is primarily attributable to EUR 447.8 million invested as free liquidity with United Internet AG, which resulted from both positive operating cash flow and the disbursement of the JBIC loan. Conversely, current contract assets decreased by EUR 78.1 million due to the recent decline in hardware revenue. Non-current assets increased by 1.4% from EUR 6.29 billion at the end of 2024 to EUR 6.38 billion as of September 13, 2025. This increase is primarily due to the rise in property, plant, and equipment by EUR 177.6 million, driven by the continued ramp-up of the 1&1 mobile network. The increase is mainly attributable to capitalized usage rights for antenna sites. The decline in intangible assets by EUR 78.1 million is largely the result of scheduled amortization on assets capitalized during the purchase price allocation following the merger of Croatia and 1&1. Current liabilities increased from EUR 730.6 million as of December 31, 2024, to EUR 739 million as of September 30, 2025. The decrease in liabilities to related parties and the increase in current other non-financial liabilities are primarily related to the reporting of our VIT liabilities. Until December 31, 2024, 1&1 was part of the VIT group of United Internet, so our VIT liabilities were reported under liabilities to related parties. Since January 1, 2025, 1&1 is no longer part of this VIT group, and VIT liabilities are now reported under current other non-financial liabilities. The increase in current other financial liabilities is mainly due to the short-term payable installments for the frequency cost auctioned in 2019. The first installment for the 2 gigahertz frequency block is due on January 1, 2026, thereby increasing the short-term portion of frequency liabilities. Non-current liabilities increased from EUR 1.305 billion at the end of 2024 to EUR 1.607 billion in the third quarter of 2025. This increase is primarily due to the loan taken out to finance investments in the 1&1 mobile network. Additionally, lease liabilities rose as a result of the continued expansion of antenna sites within the 1&1 Mobile Network. Conversely, non-current financial liabilities decreased due to the reclassification of the short-term portion of the frequency liabilities. Equity increased from EUR 6.094 billion to EUR 6.199 billion due to the positive consolidated net income. Let's now turn to cash flow. Net cash flow inflows from operating activities amounted to EUR 432.7 million in the first three quarters of 2025, compared to EUR 133.8 million in the first nine months of 2024. The positive change compared to the previous year is primarily due to the advance payments made in the prior year for the contingent contract with Deutsche Telekom, which no longer apply in 2025. The operating cash flow for the first half of 2025 includes the following key components: EUR + 31.8 million from the reduction of inventories, EUR -43.1 million from changes in receivables and liabilities to related parties, and EUR + 55.6 million from changes in other liabilities. These changes are primarily due to adjustments in the VIT group structure: EUR -60.6 million from changes in trade payables, EUR + 70.3 million from changes in contract assets, EUR + 29.7 million from changes in income tax receivables and liabilities, EUR + 0.7 million from changes in other working capital. The cash flow from investing activities amounted to EUR -673.8 million in the first nine months of 2025, compared to E UR -73.7 million in the same period of 2024. This is composed as follows: EUR -228.7 million in cash CAPEX for 2025, primarily related to investments in the 1&1 Mobile Network; EUR -4 million for the acquisition of AINS Marketing Communication and Neue Medien GmbH; EUR -450.5 million from the investments of free liquidity with United Internet; EUR + 9.6 million in interest income from the investments of funds with United Internet. The cash flow financing activities amounted to EUR 240.2 million in the first nine months of 2025, compared to EUR -59.3 million in the prior year. This is broken down as follows: EUR -14.5 million from the repayment of lease liabilities, EUR -8.8 million from dividend payments, EUR -5.8 million from other interest-related payments, EUR + 290 million from loan proceeds, EUR -20.7 million in interest payments. As a result, we achieved a free cash flow of EUR 204 million in the first nine months of 2025, a significant increase compared to EUR 63 million in the same period of 2024. On the next slide, we present the bridge from EBITDA to free cash flow. We start with an EBITDA of EUR 409.8 million. Change in inventories contributed EUR + 31.8 million. The decrease in contract assets amounted to EUR + 70.3 million. Changes in receivables and liabilities to related parties resulted in EUR -43.1 million. The reduction in trade payables had an impact of EUR -60.1 million. The increase in other liabilities contributed EUR + 55.6 million. Other working capital changes amounted to EUR + 4.3 million. Tax payments totaled EUR - 35.4 million. Investment CapEx amounted to EUR -228.7 million. This result is a total free cash flow of EUR + 204 million. Let us now conclude with a forecast for the 2025 fiscal year. With a stable contract base, service revenue is expected to remain at the prior year's level of approximately EUR 3.3 billion. EBITDA is projected to decline by approximately 7.7% to around EUR 545 million compared to EUR 590.8 million in 2024. Segment-specific expectations, exit segment, EBITDA is expected to decrease to approximately EUR 810 million, down from EUR 856.1 million in 2024. The decline is primarily due to higher-than-planned primarily costs for national roaming with Vodafone, resulting from slower-than-expected network growth at Vodafone and approximately EUR -20 million related to the transition to a new national roaming provider, which has no impact on EBIT. 1&1 mobile network segment, EBITDA is expected to be around - EUR -265 million, 2024 EUR -265.3 million. This includes approximately EUR -100 million in migration expenses and temporary network prepayments, which will no longer apply or will be reduced after the migration of all customers. Investment volume, cash CapEx, is projected to be approximately EUR 400 million. In 2024, it was EUR 290.6 million, primarily driven by the network expansion. The initial forecast of approximately EUR 450 million has been revised. Thank you for your attention so far. I would now like to hand over to the operator to open the Q&A session. Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. Once you've asked your question, please ensure you mute your line to prevent background noise. To withdraw your question, please press star 1 and 1 again. We will now go to the first question. The first question today comes from the line of Ganesha Nagesha from Barclays. Please go ahead. Thank you for taking up my question. A couple of questions from my side. The first one on the CapEx guidance. Your CapEx guidance cut implies like EUR 50 million CapEx guidance cut. Is that moved to next year, or how should we see the CapEx trajectory ahead? My second question on the fixed segment. Could you please provide some color on the competition in the fixed market? The broadband net adds have been weak in the recent quarter. How do you see the trends ahead? Thank you. Thank you. To your first question, to the CapEx, we have reduced our CapEx guidance by EUR 50 million because there will be some projects that will be finished in Q1 2026, not in Q4 2025. We will therefore postpone EUR 50 million to the coming year. We will make up for these expenditures in the first and second quarter of the next year. To your second question, we continue to see aggressive competition in the mobile business. The level of competition has not eased, but nor has it intensified compared with recent quarters. In the fixed line business, the competitive situation has remained unchanged compared with recent quarters. Let me say this in a matter of principle. We will stay rational and balanced, and we will always keep an eye on our profitability. Thank you. Thank you. We will now go to the next question. The next question comes from the line of Dhruv Hashar from UBS. Please go ahead. Hey, morning, and thanks very much for taking the questions. I have two pleas. The first is just on competitive dynamics and how you're seeing the German competitive landscape, primarily in mobile, but also you already touched upon broadband. Now that your migration over to your own network is now complete, should we expect a return to more than 100,000 net adds on mobile per quarter as seen historically? Could you give us any indication of when you may expect the broadband net add base to stabilize? The second question is just a follow-up because you mentioned that EUR 50 million lower CapEx expected this year is going to be pushed out into 2026. Does that mean that 2025 will still be a peak CapEx year? Just linked to that, is it being pushed out because you're going slower on the network build? Do you still expect to reach the 25% population coverage requirement by the end of the year? Just linked to the network build, if you could kindly give us an update on how any discussions with the other operators are going with regards to them giving you low-band spectrum, that would be great. Thank you. To your first question, as mentioned before, we continue to see aggressive competition in the mobile business level, competition net north east. It's like in the recent quarters. Because of the CapEx, we have reduced the CapEx guidance by EUR 50 million because there are some projects that will be finished in Q1 2026, not in Q4 2025. That's the only reason why we reduced the CapEx. If it is peak CapEx in 2025, it's hard to say at this moment because we are not having a detailed budget for 2026 at this moment. I would expect that the CapEx will be in 2026 in the range of 2025. Because of your broadband question, broadband remains challenging. Although fiber optic expansion is progressing in Germany, overall progress is rather slow. This is compounded by strong competition, including from around 200 alt-nets in the fiber optic segment, which blocks customers from switching to us during the initial two-year contract period. In addition, sales approach is door-to-door in contrast to our traditional online approach. The market is increasingly becoming a switching market. More and more contracts run out of the two-year initial contract period, and we are preparing for this in order to gain a fair share in this segment in the future. However, this is more an issue of 2026 and 2027 onwards. This year is and was a transition year for us. I think next year we should see better broadband performance as in 2025. Thank you. Thank you. Thanks very much. Sorry, sorry, sorry. I forgot one question, the 25% coverage. It is important to distinguish how many antennas are needed for a high-performance network that reaches into areas and homes and how many antennas are needed to meet the coverage requirements in the Federal Network Agency measurement procedure. We expect to use up to 2,000 antennas to achieve this. The coverage will be measured outside the building to cover the requirements, and we will have 25% coverage by the end of December 2025. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star 1 and 1 on your telephone keypad. That is star 1 and 1 to ask a question. We will now take the next question. Your next question comes from the line of Florian Treisch from Kepler Cheuvreux. Please go ahead. Florian, your line is unmuted. Florian, is your line muted? Due to no response, I will now hand the call back to Oliver. Thank you very much, Sharon and Florian. In the case your line is broken, and we, of course, can settle your question in the aftermath. I thank you very much for your attention, and as usual, we will be available for further discussions, but not over the next two days. That will be difficult because we are attending the Barcelona conference to present our success story with the 1&1 Open RAN. I may now return to the operator, and after a short break, wish you an interesting meeting and the call with our parent company, United Internet. We wish you all the best. Stay healthy. See you soon. Thank you very much.