Good afternoon, ladies and gentlemen, and a warm welcome to the Investor Update Call of Brockhaus Technologies AG. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to Marco Brockhaus. Thank you, and, good afternoon, everyone. Welcome to Brockhaus Technologies' earnings call for the first quarter of the fiscal year 2024. Before we begin, I would like to point out that the slides we are presenting will afterwards be published in the Investor Relations section of our website, brockhaus-technologies.com. After our presentation, we will open the call to questions from your side. To be fair to everyone, please limit yourselves to one question, plus one follow-up. Thank you very much in advance. Before we present our results, I encourage all listeners to review the legal notice on page 2 of our presentation, which explains the understanding of forward-looking statements. Additionally, please refer to note 6 of our annual report 2023 on page 94 onwards, for a discussion on alternative performance measures, as well as the reconciliation of non-GAAP figures. For information on risk factors that could cause actual results to differ materially from forward-looking statements, we kindly refer you to the section on Risk and Opportunities in the management report 2023, starting on page 65. So flipping over to page 3, to give you a brief summary of what we have achieved in the first quarter of this year. We want to continue our success story in 2024 and confirm our annual forecast. Due to a return to long-term seasonality at Bikel easing, with a high proportion of annual business volume in Q2 and Q3, as well as a solid order backlog at IHSE by the end of April, we expect particularly strong growth acceleration in the coming two quarters. Brockhaus Technologies generated revenues of EUR 40 million in Q1 2024, which represents organic growth of 18% compared to Q1 of last year. Adjusted pro forma EBITDA grew by 4% to EUR 11 million, corresponding to an adjusted pro forma EBITDA margin of 29%. Adjusted pro forma EBIT also increased by 3% to EUR 10 million, corresponding to an adjusted EBIT margin of 26%. Before adjustments, EBITDA amounted to EUR 11 million and EBIT to EUR 5 million. EBIT is especially influenced by PPA amortizations. On the back of this strong development, starting into the year, we confirm our group forecast 2024, with revenue between EUR 220 million and EUR 240 million, and an adjusted EBITDA between EUR 80 million and EUR 90 million. The operating development in Q1, as well as the growth forecast for the full year, clearly underline the resilience of our business model, despite ongoing geopolitical and macroeconomic uncertainties. Lastly, we further reduced the leverage ratio within the group to 0.7x, 0.7 x adjusted LTM EBITDA. This equips us with significant non-dilutive financing capacity for acquisitions and future growth initiatives. But more on this later in the presentation. Let us jump right into the quarterly revenue analysis on page 4. As you can see, we had a somehow mixed start into the year. IHSE, on the bottom of the page, was hampered by overhaul works on the production line at the company's headquarters. This led to a planned production shutdown for two weeks, and in combination with tough comparables, resulted in a decrease of revenue by 12.5%. Bikel easing, on the top of the page, outperformed the comparative period nicely by 29, +29% in revenue. This was despite a slight decline in the number of new bikes brokered. That number was 27,000 in Q1 2024, compared to 28,000 last year. The revenue growth that the company achieved, despite the decline in the number of new bikes, was driven, on the one hand, by the rise in disposal proceeds from leases at the end of the contract. That component of revenue relates mainly to the growth realized three years ago, and therefore, is essentially independent of current developments. On the other hand, over the last year, Bikel easing has converted most of its corporate customers to a variable leasing factor that floats with the current interest rate environment. That means that all other things equal, the monthly leasing rate for a new bike is now higher when market interest rates are higher, and vice versa. As a result, Bikeleasing earned more income per bike in Q1 2024, compared to a year before. To the next chart, we presented in our earnings call already six weeks ago in a quite similar version. We repeat it here, as we wanted to give you an update on the basis of actual Q1. As mentioned before, the number of new bikes brokered by Bikeleasing was slightly lower than a year ago. On the first thought, this of course, does not sound good. However, this development did not come as a surprise to us, and it does not mean harm to Bikeleasing 's growth prospectus. The reason for the slight decline was an extraordinary distribution of seasonality in the past year, 2023. As you know, Bikeleasing 's business has a very pronounced seasonality, with a lot of volume in the warm quarters 2 and 3, and with low volumes in the cold quarters 1 and 4. This, however, was somehow, somewhat flattened out throughout 2023, and especially in Q1 2023. For first reason, the month of January and February last year were very dry, so less rain lets more people go out and get a new bike. The second reason is that back in the beginning of 2023, there were still supply shortage in the bike stores in the aftermath of COVID-19. In anticipation of difficult supply, many Bikeleasing users did not wait for the first sunny weeks to order, go out and get their new bike, but simply ordered their bikes earlier. This also evened out a significant part of the seasonality in Q1. This also explains the growth trajectory during the last year of 2023 compared to 2022, where growth in Q1 and Q4 exceeded 50%. In contrast, growth in the summer quarters Q2 and Q3 was significantly lower. As a result, the share of Q1 2023 came out at 18.7% of the year's total volume. This is an extraordinarily high figure compared to the years before. The long-term average over the past several was only 13.1%. Recently, the supply situation has improved substantially, with many bike stores holding large inventories. As a result, Bikeleasing management expects customers to return to their historical purchasing behavior. Therefore, we expect the business seasonality in 2024 to be even more pronounced than in 2023. That is why in Q1 of this year, we did not expect substantial growth at Bikel easing compared to Q1 of 2023. But we do expect, especially in the second and third quarters, to overcompensate for this effect accordingly. As we also disclosed in our quarterly statement, the April volume of new bikes already outperformed last year's April by 30%. On this basis, we see the long-term seasonality assumption confirmed. I would now proceed to the next page for the regional sales split. First, to Bikel easing. No surprise here, the company does business in Germany and Austria, and growth in revenue was 29%. IHSE had a very positive development in EMEA, where revenue grew by 41%. In the U.S., however, top line was down 61%. This was mainly caused by the delivery of a larger order in last year's Q1, and could not be overcompensated in light of the production overall at the German production sites that I already mentioned. The APAC region business remains on a very low level, mainly due to China's decoupling from the West. Turning to the segment profit and loss table. In the first two columns, we see that Bikeleasing 's gross profit margin was rock solid at more than 65%. EBITDA and EBIT margins were a bit reduced. This is due to the lower new business volume of the quarter due to the effects explained before. The company plans with continued strong growth and needs to expand capacities accordingly. Please bear in mind that the 2023 figures that we present here are performance. Throughout last year, we acquired four sales agencies of Bikeleasing in order to internalize sales activities and to get rid of substantial provision payments to them. For better comparability, the figures shown here for Q1, 2023, present the company as if those sales agencies were already acquired as per beginning of last year. Proceeding to the next two columns, to the right, at IHSE, the gross profit margin was some three percentage points below last year, but such deviations between quarters are nothing out of the ordinary for the company. What is not positive was the margin development at EBIT, EBITDA level, where IHSE was down to 7%. This was caused naturally by the low top line level in conjunction with the fixed cost base in personal and other operating expenses. Also, this effect was intensified additionally by the quarter's lower gross profit margin. Moving to further columns to the right in the central functions, expenses were a bit lower than a year before. In conclusion, and summing up on the consolidated group level, revenue was close to EUR 40 million, showing a strong increase of 18.5%. Gross margin was at 67% and Adjusted EBITDA margin was at 29%, bringing our group to an Adjusted EBITDA of EUR 11.4 million. The group's Adjusted EBITDA of EUR 10 million corresponds to a margin of 26%. Last but not least, our cash balance as per the end of March amounted to EUR 56 million. Turning to the next page, I would like to run you briefly through our financial leverage structure. End of March, the debt from loans amounted to EUR 86 million. Therefore, when subtracting cash of EUR 56 million, we are left with a net debt from loans of EUR 30 million. Furthermore, adding EUR 17.7 million from other financial liabilities and deducting EUR 4 million of net cash from lease refinancing, brings us to EUR 44 million in total net debt. If you compare that to EBITDA, this corresponds to leverage of 0.65x. This is a clear reduction compared to the beginning of the year, when leverage was 0.87x. As our limit for this KPI is some 2.5x, we consider our current financial position as more than conservative. This concludes the financial update, and I now hand over to Paul, who's in charge of our acquisition team. Yeah. Thank you, Marco, and also welcome everyone from my side. As usual, let me start with a brief operational deep dive with a look at Bikeleasing. Even though we keep repeating ourselves, the first quarter of 2024 was another record quarter for Bikeleasing in terms of revenue and EBITDA. In addition, Bikeleasing was able to further continue the growth of its pool of corporate customers that are onboarded to their digital platform. The number of corporates now stands at around 62,000, with around 3.4 million employees behind them. Keep in mind that when we signed the purchase agreement for Bikeleasing in summer 2021, the platform stood at around 25,000 connected corporates. So in less than three years, we have grown the client base by around 2.5x. The number of facilitated bikes as the key driver for our brokerage income, however, was slightly below the previous year's level, with around 27,000, as Marco mentioned before. This was due to a normalization of the already strong seasonality at Bikeleasing. The number of leasing contracts brokered in Q1 last year stood at around 90% of the annual number, while the long-term six-year average only stands at around 13% for Q1. So you see a significant deviation in here. The reason for this was twofold: A, an unusually mild start into the year, and B, an unusually high order backlog, as consumers were still fearful of the long order times observable during COVID, and hence ordered their bikes earlier than is usually the case. The development in Q1 was fully within plan for us and as expected, which is why we early on hinted towards that volume shift already in our full year earnings call, as you might remember, a couple of weeks ago. However, to give you a bit more flavor beyond Q1, April 2024 was already +30%, again, as compared to previous year's April, bringing the number of facilitated bicycles as per April year to date, so all four months, to a +7% in terms of contracts brokered. This, again, was fully within our expectations, so we are very optimistic about the remaining quarters to come. Turning over to the next page 10. After having already accretively acquired four sales agencies of Bikeleasing last year, we once again have been active on the M&A front with the acquisition of a company called Probonio, which you can see here. Probonio is a SaaS, so software as a service provider, for the management of a wide range of employee benefits. Through their own proprietary platform and native app, employers can offer their employees more than 10 different benefits. Benefits, for example, such as non-monetary benefits, meaning vouchers, meal subsidies, corporate fitness offerings, even the integration of providers of bicycle leasing, like Bikeleasing, or occupational pension schemes. So you see a very diverse set of benefits that are available. An example of the user app, as well as the HR Cockpit for the employer or the HR department, you can see here on the right-hand side of the page. But you're all happy to check it out on Probonio's website as well, which gives you an even better demo of the product. As you might remember, from the moment when we signed the SPA for Bikeleasing mid of 2021, we always followed four very simple strategic pillars with Bikeleasing. Let me remind you about them. First, onboarding as many corporate customers to the platform as possible. Secondly, once we have the corporates on the platform, increasing the take-up rates within the employee base of those already won corporates. Third, adding further non-bike benefits to our platform and existing client base. And fourth, internationalizing the business beyond Germany and Austria. The acquisition of Probonio not only supports the third pillar, so adding non-bike benefits, which is quite obvious, but actually all four of the pillars we have pointed out. Firstly, being able to offer nearly all benefits out of one hand will be a key differentiator for Bikeleasing and winning new corporate customers. For example, if you think about tenders, there's no competitor that's able to offer a similar comprehensive portfolio of benefits out of one hand. Secondly, while Bikeleasing on average reaches somewhere between 15%-20% of employees within the firm, and what is quite interesting, smaller companies have a higher take-up rate in their employees than larger companies, because just communication works better. This is nothing compared to Probonio, who usually reaches 90%+ of the employees once a corporate is onboarded. This means for us that we can now reach those customers or those employees within a firm that were previously non-reachable or non-targetable for Bikeleasing, and we can target them with the Bikeleasing offer specifically. And thirdly, whenever we were evaluating internationalization potential, we were so far limited by the availability of a similar corporate bicycle leasing framework as in Germany. Doesn't need to be the same one, but needs to be somehow similar. But now, with a variety of benefits at hand, we can very much more flexibly look at geographies and if they are generally interesting enough to expand to, and then we can start ramping up the team and win customers, customers with whatever kind of benefit works best locally. And once bicycle leasing becomes possible, we are already set up and have a client base on the ground. So to summarize, the acquisition of Probonio pays into all our strategic goals with Bikeleasing at once, which will accelerate our strategic roadmap significantly. Turning over to the next page, to round it up, let me briefly explain to you how we structured the acquisition of Probonio, because that will obviously be a question. So just to remind you, the acquirer of Probonio was the operational Bikel easing group, and it acquired 100% of the shares from the founders of Probonio. The purchase price was around EUR 4.1 million, so it's still quite small company, which was split into EUR 2.1 million in cash and EUR 2 million as a contribution in kind into Bikel easing in exchange for new shares in Bikel easing. So a capital increase in kind or a share swap, if you might wanna call it like this. This means that the founders of Probonio, who are also still the managing directors of the company, have now become Bikeleasing shareholders as well, and the interests of all parties, so Bikeleasing, Probonio management and us, are perfectly aligned following the acquisition. Namely, to quickly integrate the offering and start upselling the Probonio products to our client base. This concludes the update on Bikeleasing from my side, and moving over to a similar update on IHSE, but for that, handing over to Yannick, who heads our operations team. Good afternoon, everyone. After a strong first quarter of the previous year, IHSE revenue dropped by 12.5% in the first three months of 2024. This level is still higher than the comparable first quarters of 2021 and 2022, while at the same time, IHSE had a scheduled and planned downtime for facility upgrade. We still see an unchanged demand for IHSE as a global technology leader in KVM technology, and the growth tailwinds in its market remain intact with a continuing rebound. As seen earlier by the regional splits presented by Marco, this year started with a very strong development of orders received and products sold within EMEA. While the APAC region, especially driven by China, remains more difficult given the continuous decoupling tendencies from the West, the region Americas had a slower start than the comparable Q1 in 2023. Keep in mind that this region had exceptional growth in 2023, including a solitary project contributing more than EUR 1 million in revenue in the first quarter of last year. Overall, the order backlog increased to a very healthy EUR 8.2 million as of end of April 2024, providing the foundation for further growth over the next quarters. This trend is driven in particular by project that IHSE was able to win as a result of the compliance with standards for highly security-critical applications. Moving on to the next page for a quick overview of the facility improvements we executed together with the IHSE management. In March, we successfully completed a scheduled facility upgrade and installation of new equipment with increased automation in our production facility in Oberteuringen, giving us not only additional capacity for continuous growth, but also increasing the quality level of our products by reducing our production cost per piece. While the total target over the course of 2024 and 2025 is to achieve 50% higher potential output in our facility. The first step already gives us around 30% increase as of today. Additionally, by the changes made to manual transfer steps towards an inline system, we will significantly decrease SMD rework by an estimated 60%, which also translates to an even higher level of product quality. With this, handing back over to Marco for the outlook. Yeah. Flipping over to the last two pages of today's presentation, our forecast for the fiscal year 2024, as well as medium outlook for 2025. As already briefly mentioned in my opening remarks, we confirm our group forecast for 2024 on the back of the positive development observable in Q1 this year. We plan for revenue between EUR 220 million to EUR 240 million, and an adjusted EBITDA between EUR 80 million to EUR 90 million in the fiscal year 2024. Which corresponds to a growth corridor of 18%-28% compared to the EUR 187 million in revenue achieved in 2023. Our medium outlook for 2025 remains unchanged. We continue to expect revenues between EUR 219 million and EUR 320 million, and an adjusted EBITDA margin of 40%. Please note that this forecast assumes that there will be no further change in the scope of consolidation within Brockhaus Technologies. The reason for this approach is the difficulty in predicting the nature and scope of future acquisitions. We do not believe that any estimates in this respect are sufficiently reliable, even though we are constantly working towards finding the next hidden gem in the market. That concludes our presentation, and we are now happy to answer your questions. For that, I would like to hand over to the operator. Thank you. Thank you very much. Dear ladies and gentlemen, if you have a question for our speakers, please press nine followed by the star key on your telephone keypad to enter the queue. If you find your question is answered before it is your turn to speak, you may press nine followed by the star key a second time to cancel your question again. So one moment, please, for the first question. The first question comes from Stefan Augustin of Warburg Research. Please go ahead. Yes, hello, gentlemen. I have one question, and it comes actually together with the Probonio acquisition. So, as you outlined, there will be many strategic impacts from Probonio, and I'm sure you're evaluating this. And then, this could also have an impact on what you think in the midterm, what a possible growth could look like. When could we expect some news here? Because I think that certain positive effects are not yet included in your medium-term forecast. Yeah, thank you, Mr. Augustin. I'm taking this question. Absolutely right. I mean, as we always point out in our forecast slides, we don't assume any new M&A in the numbers we give out. So you're absolutely right. With the Probonio acquisition, we would need to provide some additional color on what we expect from it. The reason we have not done this yet is because we want to have a, let's say, a fundament for doing a very thorough projection of what we can expect or want to achieve over the next couple of years. Why is that? Because if you, and that's simple math, go on a Probonio website and look at their pricing. I mean, it's mostly a SaaS revenue mix, so you have monthly fees per employee that is onboarded to the, to the platform. And you take this times 3.4 million Bikeleasing users that we have currently on the platform. That leads you to tremendous numbers that would, let's say, let everything explode. Is that realistic? No, absolutely not, because we will not upsell 100% of our clients. The question is: how many clients will we upsell? And we could just take a number out of thin air and apply this to a projection and give out the numbers. However, that's not how we work. So before doing this, we want to, let's say, back check a realistic number, which we do currently with a customer survey, and let's say, going into deep dive with potential pilot customers within our client base. Once we see their feedback and their reaction to the, to the, let's say, upselling offer, then we use this, let's say, conversion that we see, to also fine-tune our analysis. Once we have that, you can expect from us an update to the market, what we expect to achieve with Probonio in the next years. Thank you very much for these explanations. Then a bit on the technical side, what would be the roadmap to, let's say, make the Probonio software systems and the Bikeleasing platform comparable? Sorry, what, what do you mean with making them comparable? Or let's say integrated. Ah, integrated. The integration work. Yeah. I mean, you could quite easily integrate it by just saying, we have a new offer, you can onboard to the offer. But what, what do you want to achieve where, in such an upselling exercise? A potential or the, the highest conversion rate possible, right? Because highest conversion leads to highest revenue for us.... So what we want to do before launching, let's say, the upselling exercise, is, reduce the friction for our clients as much as possible. I mean, we are offering not only a bicycle leasing solution to, employees or corporates and their employees, but we are offering a, let's say, customer experience. And we have very good, feedback from our customers regarding our product, regarding the scalability of our solution, or automation of our solution. So we want to ideally not have any friction whenever a customer wants to change from, let's say, the Bikel easing world to the Probonio world. To do this, you need to, of course, technically integrate both platforms so that you can change from one to the other as smoothly as possible. This is some really IT work to be done, basically, and that's what we mean with technical integration. How long or when do you think this could be finished? We, of course, have an incentive to do this as soon as possible. But I think we can say this, our aim is to launch, let's say, an integrated offering in the second half of this year. Thank you very much. Thanks a lot. At the moment, there are no further questions, so dear ladies and gentlemen, please press nine star now to enter the queue. Next question comes from Lasse Stüben of Berenberg. Please go ahead. Hi, good afternoon. Just another follow-up on the Probonio deal. I might have missed this in the presentation, so apologies, but, is there any potential, I guess, in the reverse, rather than upselling your Bikeleasing customers, are there any Probonio customers already existing that you can plug Bikeleasing into? So from that angle, is there any other potential for that kind of cross-sell opportunity? Thanks. Yeah, absolutely there is, but it's rather neglectable, to be honest. The company is still very young. It's, it just hits, let's say, two years of existence. So I think they are at around 500 corporate customers, which is a good traction in the first years after founding a business and coding the platform. But it's for Bikeleasing, it's rather neglectable because, I mean, in the summer weeks, we have historically onboarded more than 500 customers per week. So it's, yes, absolutely right, there is also a twofold upselling, but it's neglectable for us. Okay. And just one more follow-up, if I may. You've given out the IHSE backlog of about EUR 8 million. Just as a reminder, that's fully addressable or expected to be fully converted this year into revenues. Is that correct? Yes, that understanding is correct. Great. Thanks very much. Thanks a lot. Next question comes from Matthias Riechert of P&R. Please go ahead. Hi there. Good afternoon. I have two questions, if I may. The first one is, again, with regard to the Probonio deal. I might have missed it on the slide, but, the shares that you gave away from Bikeleasing, what implied valuation, did you use there for the deal? And then I have a second one. EUR 7,795 million. Sorry, for me to understand that correctly. So the half of the purchase price that was in shares, what kind of implied price did you use for that? Or you can tell me also the percentage that you gave away from Bikeleasing. Yeah, certainly. This is Harold, hi. You will find that on the quarterly report. I'm just looking at the page, but what we gave in Bikeleasing was valued EUR 2 million, and it was a percentage, so of the Bikeleasing holding company that owns the Bikeleasing group, the percentage was 0.255%. All right. Excellent. Thank you very much. The second question I have is with regard to upselling. I think that might be a question for Paul. I mean, first of all, it's phenomenal to see a company that is growing so much and has, at the same time, incredibly high margins. So that is amazing. The second part of your strategy to increase the take-up rate within the signed-up corporates. So you've signed up 62,000 corporates. Can you explain a little bit how this upsale works? Because my understanding is that you do not have the individual employee data, right? Except for the ones that have done deals, but you want to reach the other ones that haven't yet done a deal. So how does it actually work from a practical point of view? How do you, you know, target those customers? Yeah. Very, very right, and very important because, as you said, we don't know the majority of employees that are actually connected to us because they have never ordered a bicycle yet. And so unless they have ordered a bicycle, we cannot target them. And that's why we're so excited about Probonio, because you, two things to mention here: Who is our customer? Our customer is always the corporate. So when we talk about upselling, we don't need to worry about upselling a, let's say, for example, meal voucher solution to Mr. or Mrs. Miller within corporate XYZ, and if they accept it or not. That's not the decision maker. The decision maker is the same decision maker as for Bikeleasing, which is the corporate customer, be it the managing director of a smaller company or in larger companies, the responsible HR person, for example. So we need to convince them, and we know them. We need to convince them to implement further benefits for their employees. And then the nice thing is, as I mentioned in my slide, Probonio regularly reaches 90%+ of the employees. Now, you might wonder, why is that? Because not using Probonio, if it's being implemented by your corporate, by your employer, is simply dumb. Because while Bikeleasing is something that you as an employee pay for, right? You can decide to lease a bicycle, and you save a lot of money as compared to a cash purchase, but you don't gain anything from that. It's for people that are interested in getting a bicycle. But if you are not into bicycles, why should you do it? You just lose a bit of your monthly salary. And that's why you will never reach a 90% penetration our employee base. However, at Probonio, if we come back to the example of meal vouchers, not signing up to Probonio and to the app, and not using the meal voucher options at your lunch, you're simply missing out on free cash that your employer is providing to you. That's why they quickly get those high take-up rates for their app, and those high take-up rates can then be used by us to, to do marketing for the Bikeleasing product as well. I hope this, this clarifies it a bit. Thank you very much. It sounds like a big task. With 62,000 corporates, you have a lot to do then. Mm-hmm. Absolutely, yeah, we are busy. Thank you. Thank you very much. As there are no more questions in the queue for now, I'm handing the floor back over to the host. Okay, all right. Thank you all very much for attending today's earnings call for Brockhaus Technologies. I'd like to use this stage and moment, as, as always, to thank our employees for outstanding work and performance, as well as our shareholders for their continued trust and support. Goodbye, and have a great day. Thank you.