Good morning, ladies and gentlemen, a warm welcome to our Q1 analyst call. We released our figures of Q1 2024 already via ad hoc announcement on May 3rd because our figures are fairly below previous year's level, although we are convinced that none of you will be surprised by that, that the negative deviation was there because with the guidance already we announced that the 2024 figures will be, many of them, fairly below 2023, having in mind the big impact of high power prices of previous years, which fortunately cannot be repeated this year. But these figures are approximately on target, so therefore we are still positive regarding our guidance. Today I'm here together with my colleague Mario Schirru, CIO and COO of Encavis. We will guide you through the figures, and then afterwards we'll be available for your questions. Ladies and gentlemen, well, one of the highlights certainly in Q1 2024 was that KKR launched a voluntary public takeover offer. The process is progressing, and we have already now the investment agreement signed, which was released on the 14th of March. KKR launched the public takeover on April 24th with a cash consideration of EUR 17.50 per share for every shareholder, and the first offer period will end in two weeks from now. The management board and the supervisory board of Encavis AG recommended that offer in a joint reason ed statement, which was published on May 2nd. But at the same time, we are not only working on the progress of that process, but we are building up the business of our company at the same time. So in the meantime, we started the construction of a 114 MW solar park in Borrentin in Mecklenburg-Vorpommern, as well as we did some, next page, please, refinancing of two parks in Spain, Talayuela and La Cabrera, which is in a total amount of EUR 203 million, setting up better financial positioning of these two parks. We signed for Encavis Asset Management a power purchase agreement for 80% of the electricity of our 216 MW solar park Bartow in Germany. Ladies and gentlemen, next page, please. Ladies and gentlemen, if we have a look into our figures, then we see that the energy production, our existing portfolio, has decreased by 59 GWh by 8% to 694 GWh, GWh, sorry, GWh. Two-thirds of that deviation of 59 GWh is due to meteorological conditions. One-third of it is due to two wind farms, which we sold at the end of last year before they were pretty much at the end of their feed-in tariff and were up for repowering. Certainly, that last effect was recognized in our guidance. The total energy production decreased by -2% or 12 GWh. So obviously, we acquired 47 GWh of additional power production last year, which we are now producing, which were wind farms in Germany and Finland. These -2% of reduced energy production in total boiled down to 12% negative deviation in revenues or minus EUR 12.2 million. These are predominantly, firstly, it is EUR 8.1 million special effect, which we announced Q1 2023, which was the cash-in under the accounting for a performance imbalance factor in the Netherlands and the Dutch SDE Plus system, which we received last year and certainly which we could not repeat this year. This was planned for as well. And we have approximately EUR 5.3 million negative revenue effect out of lower prices. Maybe you recall that Q1 2023 was impacted by pretty high price levels still, and that could not be repeated this year and was certainly reflected in our guidance as well. And lastly, it is Greußen-Sohland sale of two wind farms, which I already stated. This is minus EUR 1.5 million, which was reflected in the guidance as well. So therefore, we were not surprised by the negative deviation of the revenues by minus EUR 12.2 million. This was reflected in the EBITDA development by minus EUR 15.8 million, where first of all, these revenues are missing. Secondly, we have additional cost for the growth of the company for personnel as well as cost for the new projects, the two wind farms in Germany and Finland. That is then further reflected in the EBIT as well, where we have additional depreciation. At the end of this table, you see that we have an operating negative EPS of minus EUR 4. This is not unusual for solar companies since we have fixed cost in every quarter but low irradiation and therefore low revenues in the first quarter. That is in some periods, as we will see on one of the later charts, overcompensated by unusual high prices like the last two first quarters of 2023 and 2022 and high wind performance. Ladies and gentlemen, if we go into the segmentational report, then we see that we have a decline of revenues in three out of four segments. Only the PV services are growing. We see here the impacts of the specific issues, which are already raised. So in solar, we have negative meteorological effect and price effect. In the wind farms, we have the sale of the two wind farms, Sohland and Greußen. And in asset management, we just have a shift of business to the second and third quarter, PV services growing, but overall, all of them developing in a way as expected on our side and in line with guidance. If we go to the specifics, first of all, we see a decline of revenues in the solar segment by EUR 10 million. This is firstly EUR 8.1 million of the performance imbalance factor of the Netherlands, then EUR 1.7 million of price effect, and only EUR 600,000 of lower production than previous year. We see that in the overall portfolio, we have a decline of power production by 9%, but that only leads to the EUR 600,000 of lower revenues due to the fact that most of it, or almost 50% of it, is from Spain, where on average, the minimum operation per kilowatt hour is one of the lowest within the group. So the impact from the bad weather situation in Spain is not so much reflected in the revenues. As you see here very well, that we have a fixed cost system because the EUR 10 million gap in revenues can be seen within the gap of the EBITDA and in the EBIT. If we have a look into the wind segment, then we see a decline of revenues by EUR 3 million. Here we have two compensating effects. One is we have minus EUR 5.1 million revenues in the existing portfolio, which is partially due to the sale of Greußen and Sohland wind farms of EUR 1.5 million and meteorological effect of minus EUR 3.6 million and a positive effect of EUR 2.6 million from new assets, the wind farms in Finland and in Germany. If we have a look into the PV services, here we see a growth of the business, half of it internal growth, half of it external growth. You see that here because the net revenues grow by EUR 1.2 million and total the revenues by EUR 2.5. So half of it is consolidated because it's internal. With that growth of the business, the margin is coming back, is improving. That's positive and should be seen during the course of the year in a further positive way. Next page, please. In the asset management, we have a decline of revenues. The issue is that last year we suffered somewhat from high interest rates because some of the investors were reluctant to invest into such funds because firstly, they want to see that the returns are coming back. This could be shown now, but now the business is restarting. There's more committed equity, and so we see that the business, which shifts more to the second and third quarter, and honestly said, in the first quarter is always pretty weak in the asset management. If we have a look into consolidation and headquarters, in the first line, the revenues are just the consolidation of the internal works of Stern. The operating EBITDA is increasing from -EUR 2.7 million to -EUR 3.4 million. These are increased costs of the team for the growth of the company. Ladies and gentlemen, if we then go to the guidance, and here we have to have a look on the relation of the first quarter results compared to the guidance. As you might see here, the Q1 2024 figures are not unusual. You have seen that in Q1 2021 as well, in Q1 2018 and Q1 2016 as well. Here we have seen negative results, but you might argue that they are increasing. Well, just only for a simple rule of thumb, the more solar you have, the more fixed cost you have, but the irradiation in first quarter is always bad. You make your profits in second and third quarter. So the bigger your solar portfolio is, the bigger the losses in first quarter should be. In some of the quarters, that trend is overcompensated, specifically in Q1 2022 and in Q1 2023 due to the war in Ukraine and the high power prices. In combination with high volumes, we had a positive effect, but that was quite unusual. In Q1 2019 and Q1 2020, we had good wind, and therefore this negative was overcompensated. Wherever you look, whether there is in the first quarter a profit, a loss, or a zero result, it is always the case that the guidance was reached, was fulfilled, and was on the level above previous year. So ladies and gentlemen, therefore, it is that, and now I would like to go to page 16, we stick to our guidance and emphasize that we are heading to revenues of more than EUR 460 million, of EBITDA of more than EUR 300 million, EBIT of more than EUR 175 million, and operating cash flow of more than EUR 260 million. Let's talk lately on then the carbon footprint on page 19. Yes. In the year 2023, and you might have seen that because we released our ESG progress report and our ESG Plus report recently, you have seen that we again could reduce the Scope 3 emissions. So the Scope 1 and Scope 2 emissions are not of that importance to us. They are pretty small anyhow. Yes, there is an increase here. Unfortunately, it is first of all that the direct carbon emissions, for instance, the fuel consumption of the company vehicles, are increasing. But this will, as you might recall, be abolished, that Scope 1, because we are currently changing all company cars to full electrified cars. But this with the existing lease contracts will last some time. The Scope 2 emissions, which is mainly our purchased power, with the bigger parks and more parks we have, there is an increase. This cannot be prevented, but we are, as you might recall, switched that to full green electricity. So let's focus more on the Scope 3 emissions. The Scope 3 emissions could again be decreased by 13% compared to 2022. 98% of our emissions are in Scope 3, but this quarter will be stable because the other ones will be abolished, but was in total over the last three years decreased by almost 50%. Here we were pretty active in, well, by increasing the use of recycled materials as well as the increase of use of low emission means of transport with the construction of our parks. We are heading here as well, and we are on plan here as well. Ladies and gentlemen, that was a brief introduction into our figures of Q1 2024, and now we are available for your questions. Thank you very much for your audience. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may click the Q&A button on the left side of your screen and then raise your hand or submit a question. If you are connected via phone, please press star followed by one on your telephone keypad. If you wish to remove yourself from the question queue, you may press star followed by two or please press the lower your hand button. Anyone who has a question may click the Q&A and raise your hand button or press star one followed by one at the time. The first question is from Teresa Schinwald from Raiffeisen Bank International. Please go ahead. Hi, good morning. Thank you for the presentation. I'll ask my almost usual, can you give us an update on the investment cost for a new project on the development here? What's going on with the wind and solar panels? Thank you. Yeah, that's, I think, pretty easy. Prices have been quite stable over the last months. Last time, I think we mentioned figures around 11-12 cents per watt peak. I don't see significant decrease in these figures. Things seem to be stable. Actually, same holds for the other capital expenditures when constructing new plants. Thank you. For any further question, please click the Q&A button on the left side of your screen and then raise your hand or submit a text question. The next question is from Harrison Williams from Morgan Stanley. Please go ahead. Hi there. Good morning. I was hoping you could maybe provide a little bit more color on what you're seeing in the European PPA markets in terms of latest demand trends, given we have seen power prices fall quite significantly this year. So any overall color you can provide and anything specific you can say by geography would be particularly useful. Thanks. Yeah, happy to elaborate a little bit on that. We see still a strong demand. So when we reach out to offtakers to sell the power from our plants, there is a lot of interest. There is, of course, people are careful in terms of pricing because everyone has seen this huge decrease in prices. Actually, none of us were expecting it to be that significant. We also were a little bit surprised. Over the last weeks, we've seen a slight recovery. There are sort of different factors that are now playing a role. In general, yeah, I think it is sort of the toughest thing is really to agree on pricing. And for us, it's important to find and to look for offtakers that are currently more looking for sort of or basing their decisions on strategic rationales rather than on sort of optimizing their own energy costs because this is, again, I feel like there is a little bit of an uncorrelation between sort of the price that we see on the market on the spot and what is expected to happen on the long term. And this is the challenge. Again, volumes have been still high, so there are a lot of contracts being signed. Again, we see that the price finding discussions are a little bit more difficult than in the past. Let's wait and see. Thanks. And maybe if I can ask one follow-up to that, are you seeing any change in the structure of these PPAs from the demand offtakers? And I mean that both in terms of the length of the PPA and also in terms of the sophistication. I mean, are offtakers still happy with pay-as-produced PPAs, or is there a shift towards more baseload as the preferred option? Thanks. Yes. Well, this is sort of a discussion which I think will stay with us for the next years because ultimately, yes, there are a lot of buyers who wish to buy baseload, but there are a lot of sellers and producers like Encavis who know that sort of producing baseload from single assets is nearly impossible and can be very, very dangerous. So I think that sort of as soon as everyone will start looking at portfolios, meaning offtakers and producers, there might be sort of discussions going in that direction. As long as everyone's still looking at the assets, at the single assets, I think that it will take, I don't know even if it will ever happen, that a significant amount of baseload PPAs are signed. So long story short, we still see enough interest from players to buy on a pay-as-produced basis, which is, of course, our preferred sort of structure, and this seems to still work well on the market. So again, everyone's talking. A lot of players are sort of pretending that that's the only thing that they are willing to sign, but in the end, there are a lot of pay-as-produced PPAs being signed. So nothing to be worried about in this regard from us. That's very useful. Any color on the length of these PPAs? Has there been any change there? No, no, no. The length, I mean, again, it's a little bit about the price. So we have seen a couple of months ago that there was a significant spread between the 5-year and 10-year contract. So on the 5-year, people were willing to pay sort of disproportionately more compared to the 10-year. This is not as acute as a couple of weeks or months ago. In general, we still see sort of strong demand also for longer-term PPAs. So again, I wouldn't say nothing really fundamentally changing at the moment. That's very helpful. Thanks very much. Any further questions? Please click the Q&A button on the left side of your screen and then raise your hand or submit a text question. If you're connected via phone, please press star followed by one. There are no more questions at this time. Okay. Sorry, sir. We have a last-minute registration from Anis Zgaya from ODDO BHF. Please go ahead. Yes, sir. Good morning. So do you hear me? Yes, you can. Yes. Good morning, gentlemen. So I have two questions, if I may, two follow-up questions. So on PPA, could you please give us an idea on the level of current PPA prices in main geographies? I mean, in Germany, Italy, Nordics, and Netherlands. And do you still see tech companies and data centers as main offtakers in the market? Thank you. In terms of prices, I would say that they are quite stable. Of course, they have gone down compared to one year ago. Just to give you a couple of figures, in Spain, again, we always talk about 10-year pay-as-produced. We see prices between EUR 30-EUR 35. In Germany, we see something around EUR 60-EUR 65, which is the same. Yeah, maybe around 60. In Italy, still a little bit higher. Can be around 60-65, more on the upper end. And these are sort of the countries where we are currently being more active in terms of sourcing. So again, maybe a slight decrease, but marginal compared to the last quarter. This was the first one. The second one was on offtakers. The offtakers, yes, tech companies are still keen to source green power. I think that the evolution around AI is sort of putting pressure on them. It seems like AI is going to significantly require more energy than sort of the traditional business. So this is definitely a good thing for us. But to be honest, and as I mentioned before, we are more looking for players who are a little bit less price-sensitive, maybe, than the big corporates who actually reach out with their power and can negotiate sort of hard. So we see SMEs. We see sort of a lot of industrial players. Again, not the biggest ones, but I would say the small and medium enterprises who still want to procure the power to stabilize their cost positions and want to also have a good visibility on their costs in the long term. And these guys, these companies are somehow easier to deal with because, again, they are not putting the price sort of on the list of their top priority when negotiating. They are more interested in sort of having the right party and sizing the PPA in an appropriate way. So this is what we're currently seeing, and we are focusing more on industrial players, I would say, than in the past to sell our power. Thank you. Thank you, Mario. That was the last question. I would now like to turn the conference back over to Dr. Christoph Husmann for any closing remarks. Yeah, thank you very much for dialing in. Thank you very much for the interest in our company. Well, whenever you have questions, you can.