Afternoon, ladies and gentlemen, and welcome to the CTS Eventim AG annual financial report 2025. 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 your host, Dr. William Willms. Good evening, everybody, and a very good morning to all of you dialing in today from the U.S. Welcome to CTS Eventim's earnings call for the full year 2025. Thank you very much for joining in today's call. I'm William Willms, the new Chief Financial Officer of CTS Eventim since January 2026, and I'm delighted to take you through our results, but also our strategic priorities today. From our side is further on this call, Marco Haeckermann, our head of investor relations and business development. Marco. Hello, everyone. Thanks for joining. For today's agenda, I will guide you through our promising full year 2025 results, but also our strategic priorities for 2026 and beyond, and provide you with our guidance for 2026 and our new approach towards capital market communication. I look forward to the discussion with you on our 2025 results and 2026 guidance, and we'll be happy to open the floor for your questions at the end of the earnings presentation. Let's begin. Let me start with a detailed look at our 2025 full year outturn and achievements. Before I, however, turn to a more detailed review, I would like to set the stage for today's call. 2025 has been a year of continued momentum for Eventim. A year in which we crossed, for the first time in our history, the EUR 3 billion revenue threshold and further consolidated our position as Europe's leading live entertainment and ticketing platform. At the same time, we achieved an adjusted EBITDA of EUR 584 million, demonstrating not only strong top-line growth, but also our solid operational execution and profitability. Looking at our operational scale, we marketed more than 1 million events in 2025 in more than 30 countries worldwide. In terms of reach, our ecosystem generated approximately 7.6 billion digital touchpoints, highlighting the scale of our customer interactions and the increasing importance of digital channels across the customer journey. Last but not least, we now have more than 260 million user profiles, giving us direct access to a large and highly valuable customer base. This is a key strategic asset of ours, enabling personalization, improving engagement, and supporting monetization across our platform. I would like to follow with two slides on operational and strategic highlights. 2025 reflected strong operational execution across both ticketing and live entertainment. Let me provide you with some highlights. We delivered major tour successes with international superstars like Ed Sheeran, reaching over 1 million fans and generating around EUR 100 million in revenue. Besides Ed Sheeran, AC/DC, and Apache 207, one of the German superstars, were further highlights in 2025. Our flagship festivals, including Rock am Ring and Rock im Park, achieved record attendance of around 180,000 fans and strong digital engagement. Rock am Ring celebrated its 40th anniversary and Rock im Park its 30th anniversary. Furthermore, last year saw additions of many unique festivals from the Eventim portfolio, such as Hurricane, Highfield, Garorock, and many more. In mega event ticketing, the LA28 Olympic and Paralympic Games launch saw very strong demand, with over 1.5 million registrations within the first 24 hours. This project marks the latest success story in our history with the IOC, who has been entrusting us with the sixth Olympic project since 2006. Finally, our venue business also performed strongly. While I will later zoom in on venues in more detail and the new arena in Milan in particular, Lanxess Arena in Cologne had again a very successful year, hosting more than 200 shows and welcoming over 2.5 million visitors, further reinforcing its leading position in Europe. It ranks number three of all European venues in the latest Pollstar ranking. Next, some of our strategic achievements. 2025 was also a year of strategic progress, strengthening our global capabilities and investing in technology to support sustainable growth and margin expansion. Let me give you and provide you with some examples. We initiated the build-up of global functions with the Eventim Media House as a first proof point. With highly engaged fans, millions of daily visitors on our marketplaces, and a vast base of registered users, we will leverage this rich data pool to deliver innovative media solutions to our global promoter clients and unlock new revenue streams with end customers, the fans. The Eventim Media House develops new creative marketing assets globally, strengthened social media campaigns, as well as new brand partnerships. With this, we will evolve the Eventim brand from a trusted market leader into a global discovery brand. At the same time, we established the foundation for a unified modular global platform, which will enable greater standardization and scalability, improve the fan experience, and increase both innovation velocity and operational success. We also accelerated our investments in data and AI, rolling out enterprise-wide capabilities and building a global data platform, which we expect to materially enhance decision-making and deliver double-digit returns over time. While the use of AI will increase development speed and quality, our global data platform will further enable the flexible creation of new data-driven products. This data platform will further optimize operations and increase monetization as an integral part of our future growth profile. Positive financial impact is expected over the midterm. Finally, as a global ticketing provider, we leverage mega events like the Olympics, not only to drive innovation, but also to prove the performance of new developments in the most demanding high-scale environments such as Milano-Cortina or the LA28 Olympic Games. I hope this gave you some helpful context for our 2025 results. Let me now continue with a detailed review of our full year 2025 financial performance and the respective segment drill down. In 2025, we delivered a strong set of results and achieved all of our guidance targets, not only at group level, but also across both our segments, ticketing and live entertainment. Starting with group revenue, we grew by around 10% year-on-year to EUR 3.1 billion. Adjusted EBITDA increased by 8% to EUR 584 million, and EBIT also grew by 8% to EUR 477 million. Beyond the financials, the underlying fundamentals remain strong too. For example, our fee bearing retail ticket volume increased by 21% to nearly 178 million tickets, highlighting strong consumer demand and continued traction across the platform. This development was further supported by the full year consolidation of our recent acquisitions, France Billet and See Tickets. This strong operational momentum is also reflected in our gross transaction volume, which reached nearly EUR 9 billion, underlining the scale and activity in our ecosystem. Earnings per share, however, declined despite our strong operational performance by 13% to EUR 2.89, driven by external factors, mainly FX effects due to a strong euro against the weaker US dollar. I will explain this later in more detail when we talk about our financial and net results. Let us take a quick look at group level. Over the past years, as mentioned, Eventim has consistently delivered strong growth combined with high profitability. As such, in 2025, we exceeded the EUR 3 billion mark in revenues for the first time. However, this is not just a one-off achievement, it is the result of a long-term growth trajectory. Looking back, it took the company around 17 years from IPO to reach EUR 1 billion in annual revenues. From there, it took only about four additional years to reach EUR 2 billion, excluding the COVID period. Most recently, it took just two more years to surpass the EUR 3 billion mark. Most importantly, however, this growth is broad-based. It is driven by both segments, ticketing and live entertainment, and across all regions. This strong growth trajectory, however, did not dilute our strong margin levels. Our adjusted EBITDA margin remains at around 19%, in line with the high levels of previous years. Looking at the EBITDA more closely, growth is supported in particular by strong contributions from the ticketing segment, both organically and through acquisitions translated into EBIT. Let's have a quick look at Q4. 2025 was again supported by a strong Q3 and in particular, a very strong Q4, which is seasonally still the most important period for Eventim. In Q4, we delivered revenues of EUR 931 million, representing a significant increase compared to the previous quarter and highlighting the strong year-end demand across our business. This growth was again supported by both segments. The strong top-line development is translated into profitability. Adjusted EBITDA in Q4 increased by 12% year-on-year to EUR 246 million, reflecting not only higher volumes, but also the operating leverage in our model. More broadly, this also underlines the strong momentum in the H2 of the year, where both revenue and earnings accelerated compared to the H1. Let me now turn to a drill down into our two segments, starting with our ticketing segment. In 2025, ticketing delivered a consistently strong performance across all quarters, with each quarter outperforming the respective prior year period. A key contributor to this development was the full year consolidation of France Billet and See Tickets, which for the first time accounted for all quarters. These acquisitions not only added volume, but also strengthened our regional footprint and international presence. We aim to scale the traditionally lower scale margin business of See Tickets to higher levels with our tech and product excellence and existing reach. Our broad and well-diversified partner network ensures a strong and reliable supply of events, both through our own promoters or through long-standing relationships with third-party promoters. With See Tickets now being part of the group, we are now able to offer an even wider range of ticketing solutions to our B2B partners, either by offering the Eventim retail platform and the ability to profit from our huge customer database as presented earlier, or by providing more or less serviced ticketing solutions and the partner business and SaaS ticketing. The operational foundation for the just described financial development is a strong and consistent growth in retail ticket volumes, reaching 177 million tickets in 2025, which corresponds to a CAGR of around 29% since 2023. Again, this growth is broad-based across all regions. A key contributor to this development has been the expansion of our international footprint, particularly through the integration of France Billet and See Tickets. As a result, the regional mix of our business continues to evolve. Today, around 2/3 of our retail ticket volumes are generated outside Germany, as illustrated on the right-hand side of the slide. This increasing international diversification is strategically important. By spreading our business across a broader set of markets, we are becoming more resilient to local economic volatility, while at the same time reducing dependency on individual, on sales or specific events. At the same time, this broader footprint allows us to capture growth opportunities across multiple regions, further supporting the scalability of our models. Let me now turn to our second segment, Live Entertainment. Again, record results. For the first time, Live Entertainment exceeded EUR 2 billion in annual revenues. With more than EUR 2 billion revenues in a broad portfolio of events, we have built a well-diversified and balanced promotion business. As the scale of the business increases, the dependency on single artists or tours becomes significantly smaller. This is also reflected in the seasonal profile shown on the slide. From a profitability perspective, we were able to cover H1 year effects by strong momentum in the H2, with EBITDA growth supported in particular by our own venues business and the continued development of our U.S. activities. Altogether, we were able to maintain the EBITDA margin in Live Entertainment above 6% for now three consecutive years. Within the Live Entertainment segment, venues gain more importance in our business model. With assets such as the Lanxess Arena in Cologne and six mid-sized venues, open-air theaters and the Milan Arena, we will further expand this footprint and enhance the Live Entertainment value chain. This is already visible in the numbers today. Our venue operations contribute roughly 40% to the Live Entertainment segment EBITDA, making it a key earnings driver. The profitability, with approximately 46% adjusted EBITDA margin, is comparable to our ticketing business. I will provide you with more details on our financial strategy and overall approach with respect to venues later in this presentation when I talk about our strategy in the next chapter. Let me conclude the financial chapter with the financial result. As you have seen, our adjusted EBITDA, the key indicator of our operational performance, increased by around EUR 42 million year-on-year. However, when moving further down the P&L, we see a notable swing in the financial result. In 2025, the financial result is approximately EUR 100 million lower than previous year, driven by, one, around 50% of the decline is related to negative foreign exchange effects as well as lower interest rate income. Two, a further 30% relates to 2024 effects non-recurring in 2025. Most notably a dividend contribution from the Cartell project. Three, the remaining 20% is driven by valuation effects linked to option valuations. The increase in operating performance is therefore offset by the weaker financial result, leading to a net result of EUR 277 million and earnings per share of EUR 2.89. In the following, I would like to highlight now our strategic priorities for 2026 and beyond. Let me start on a very high level. We define ourselves as the European integrated live entertainment business, a European-centric integrated live entertainment business. While preserving this strength, we have global ambitions. Our business idea is based on the three main business pillars: ticketing, events, and venues, both integrated and open to third parties. First, ticketing. We operate the largest ticketing platform in Europe, serving both the content side, i.e. promoters and artists, and a highly engaged fan base. Beyond ticket sales, this also creates meaningful monetization opportunities through data, personalization, and auxiliary services while helping drive revenues for our partners. The second pillar is events. Here, our own and third-party event network creates a broad and relevant inventory base that continuously fuels the ticketing platform. At the same time, the breadth of our event portfolio attracts more customers to our ecosystem, increasing frequency, engagement, and demand. Therefore, events are the key traffic engine for broadening the platform. Being highly attractive for third parties, around 20% of the ticketing revenue is generated from group promoter content. Combined with our venue footprint, this allows us to support the value chain more vertically when providing full-service event organization and deepening relationships with artists and promoters. Just as importantly, events in our own venues feed directly back into the ticketing engine. This further improves quality, supply, and execution while also creating a more differentiated offering for customers and partners. All three pillars are therefore intended to be mutually reinforcing. Ticketing drives audience reach and demand. Events generate relevant inventory and customer engagement. Venues provide supply, execution, and capability. This integrated model directly translates into a number of structural strengths that set us apart, some of which we highlighted on the right-hand side of this chart. What I just described can be summarized as a fully integrated ecosystem with strong flywheel dynamics, curating a value loop. Promoters provide the inventory. Venues create fan experiences and go-to places for artists. We use the generated data to drive engagement, reactivation, and personalization, which improves customer experience and conversion, and in turn generates more data and better monetization opportunities. Generated insights help promoters and venues to market content more effectively and improve sell-through. Ticketing acts as the marketplace and catalyst that connects the ecosystem. We will continue to invest in this model through strategic growth initiatives and selective acquisitions. We consider a disciplined capital allocation aimed at reinforcing ecosystem dynamics and extending our long-term growth trajectory as essential, creating more value over the entire ecosystem. Having given this context, what are now our priorities for 2026 and beyond? We will continue strengthening our market leadership position in ticketing and live entertainment in Europe while accelerating our expansion in the Americas, where we see significant growth potential. We will enhance our platform capabilities. By leveraging AI-driven personalization and driving higher-margin ancillary revenues, we aim to increase customer lifetime value by continuing to invest in the robustness and scalability of our technology. At the same time, we will optimize and grow our live portfolio. We plan to further expand our venue business and expand into artist management while preserving our asset-light model. Operational excellence remains a key enabler across all of this. We are driving further standardization and scalability across the organization to support profitable growth. Last but not least, we plan to continue selective inorganic growth opportunities. Our focus here is on acquisitions and high-growth opportunities where we can quickly deliver returns and realize synergies within our ecosystem. Overall, these priorities will create a bridge between our near-term execution and our long-term 2030 ambition. Allow me to provide you with some more insight and a short deep dive on our approach towards venues as part of our ecosystem, as I know this has raised many questions last year. First, where will we invest? We focus on structurally attractive regions in Europe, followed by selected market opportunities in North and South America. Doing this, we target underserved metropolitan areas. Second, and how we select opportunities. Every venue must have a strategic fit within our ecosystem. Thirdly, all of this will be done, as I said before, while preserving our asset-light approach. We are currently working on a financial, respectively commercial structure, enabling us to take existing and potential future venue assets off balance sheet. As you all know, such structures are highly complex and take some time due to this complexity, so please bear with us, with me on this matter. To put, however, some more flesh to our venue strategy, allow me to give you some insight on the Unipol Dome in Milan. After approximately two and a half years of construction, the arena successfully opened earlier this year. With the first event taking place on February 5, the Unipol Dome hosted the ice hockey matches for the Olympic Winter Games earlier this year. This venue represents the most modern large-scale arena in Italy and ranks among the most advanced and sustainable venues in Europe. The arena sets new standards, particularly in VIP and hospitality offerings, as well as in state-of-the-art technical infrastructure for live events. Its distinctive design, including the LED facade, establishes a true landmark in Europe and creates attractive long-term sponsorship potential, including Unipol Insurance to be the official naming rights partner. We plan to host around 50 shows this year only, with an average ticket price approximately 10% higher than originally underwritten. Finally, let's have a look at our 2026 guidance and our new capital market communication approach. Eventim profits from strong and unbroken demand for live entertainment. In an increasingly digital world, fans like to get together, celebrating unique live experiences. Eventim will stay a growth asset for the years to come, even though our 2026 budget needs to compensate for a one-time effect in form of a structural income change from a long-term contract. We have set ourselves ambitious midterm targets in both our segments and on group level. We, however, carefully watch the current geopolitical situation. Rising uncertainties might have an impact on disposable consumer income and discretionary spending, and thus might impact us indirectly. Everything else being equal, we expect a structural bottom line growth for the midterm in line with past performance, backed by a strong set of growth and margin measures. While we are planning slightly more conservatively for 2026, it is also possible to reach historical performance levels with these measures gaining traction. With this in mind, we guide for 2026. In ticketing, we expect all KPIs on previous year level, respectively, slightly higher. In live entertainment, we expect moderate growth in adjusted EBITDA and EBIT, whereas the revenues are expected to reach prior year level. Finally, we expect Eventim group level KPIs on or slightly higher level than previous year. CTS Eventim has a consistent track record of returning value to its shareholders. In total, we provided to our shareholders since 2006 EUR 1 billion in dividends. Since 2014, dividend payments have grown from EUR 38 million to EUR 38 million in 2025. This reflects a long-term dividend per share CAGR of 17.4%. We plan to continue our dividend policy of a targeted payout of 50% net income. Hence, Management Board, respectively, the Supervisory Board, is planning to propose to the AGM in May 2026 a dividend per share of EUR 1.44. Being on board now for nearly three months, what are my observations and what are my priorities and focus areas for the year to come? Five focus areas. One, fundamental values, value creation steering. Value creation focused beyond EBIT or short-term payback metrics anchored in a holistic shareholder value-oriented steering. We will follow a framework KPIs, including cash flow generation, capital allocation, and a clear prioritization logic. Two, I will explain this in a minute in more detail. An internal excellence program, a structured initiative to enhance operational performance and global competitiveness. Three, the preservation of our asset-light model. Expanding and preserving this as an asset-light model to increase flexibility and capital efficiency. We will retain the operator role and venues to protect brand returns and ecosystem strategy while having the venue itself off balance sheet. Four, the fourth focus area, investor relations. I plan to further enhance investor interaction and engagement through proactive communication with increased transparency on strategy and performance in capital markets events to strengthen trust. Last but not least, M&A and M&A strategy. We will pursue value-accretive M&A aligned with strategic priorities in clear synergy cases. We have strict financial hurdles, rigorous due diligence, and PMI to ensure sustainable value creation and capital discipline. As mentioned before and indicated, to make everything happen what I just outlined, we will implement a comprehensive operating excellence program to translate strategic priorities into measurable execution. This program brings together our key value creation levers across commercial excellence, tech and product excellence, process excellence into one structured framework. All initiatives will feed into our midterm full potential plan. Such programmatic approach will enable transparency, accountability, and execution discipline for all initiatives across the entire organization. The to-be-developed full plan will define our midterm ambition targets and is intended to prepare the company tech-wise, commercially, and financially to the next level. Last but not least, this call is intended to mark a new chapter in our capital market communication. We are, and especially me, we are excited to announce our first ever Capital Markets Day at the Unipol Dome in Milan, taking place in September this year. Hosting it at the Unipol Dome in Milan, the intersection of our venue strategy will simultaneously give you a first-hand experience of what world-class venue operations look like. During the Capital Markets Day, we will provide you with more details on our strategy, midterm strategic full potential plan, and our excellence program. We will share the exact date in due course, as we would like to combine this with a very special event at the Dome. We are already today looking very much forward to welcoming all of you in Milan. Thank you very much for your attention. I hope this was helpful and insightful. Operator, let's jump into Q&A, and please let's open the line now. Thank you. So, ladies and gentlemen, if you would like to ask a question, please press nine and the star key on your telephone keypad. If you would like to cancel your question, please press three and the star key again. Please press nine and star if you would like to ask a question. And i repeat it again, so if you would like to ask a question, please press nine and the star key on your telephone keypad. If you would like to cancel your question, please press three and the star key. And please press nine and star if you would like to ask a question now. So, the first question comes from Annick Maas from Bernstein. The floor is yours. Good evening. I have a few questions, and I don't see the slides, so maybe this is on the slides. Excuse me if I'm asking it and it's displayed there. The first one is on the outlook. I think just to confirm that you said ticketing revenues and adjusted EBITDA are gonna be on previous year level in 2026. In live entertainment, you said moderate growth in adjusted EBITDA. Just to confirm that moderate growth is still 5%-15%, which is the number that you used to quote in the past, and revenues would be in line with the prior year. That's my first question on the outlook. The second one is, live entertainment was quite strong in the Q4. In the annual report, you're talking about the good lineup coming up. I just would like to understand, is there already any naming rights proceeds in the Q4 numbers of live entertainment or not? Then if you could give us just an indication in terms of the Q1, particularly given reported comps are relatively tough year. The last one is, can you just, you know, tell us a bit more whether this Amplify program is requiring some CapEx or OpEx investments to get going? Thank you. Yes. Thank you for your questions. These are indeed many questions. Amplify program. The Amplify program is a sub-program of the overall operational excellence program. It is, so to speak, the pillar, if you look at the slides in the middle on the tech and product excellence side. Amplify will indeed require certain investments as it's investments in IT, i.e. tech, infrastructure, AI, et cetera. Two, no naming rights in Q4 2025. Then the third question was, in terms of our guidance. The guidance will be comparing on a qualitative basis to last year. As I think you were correct in saying in ticketing, we expect all KPIs on previous year level, respectively, slightly higher. Live entertainment, we expect moderate growth in adjusted EBITDA and EBIT, whereas revenues are expected to reach prior year level. Overall, the KPIs are on or slightly higher level than previous year. On previous year levels could include both directions below our past previous year. By adding slightly higher, we decided to add, you know, the direction. I gave you the context in my verbatim just a minute ago how we look at the world and the, so to speak, economics, you know, globally for the time being. I hope this answered, you know, most of your questions. Yeah. Sorry, just to follow up. Moderate growth, that means still 5%-15%. That's the number you, I mean, you guys used to quote. Moderate growth is moderate growth. We never gave out, you know, an official percentage associated to that. Okay. The Q1, any indications there? No. Not yet. Thanks. Thank you. The next question comes from Ed Vyvyan from Rothschild & Co Redburn. The floor is yours. Thank you, William Willms and Marco Haeckermann. I just had two questions. Could you just elaborate, please, on what you mean by the structural income change from the long-term contract in ticketing? And then the second question is, you know, there are kind of two key concerns which we hear a lot from investors around the stock. The first is the increased competition from Live Nation in Europe, and then second are fears around AI disintermediation. Could you please comment on these two points and maybe give us a bit of your understanding of how Eventim is positioned to tackle both of those issues? Thanks. Okay. I don't see AI as an intermediator, so to speak, or disruptor for our business. AI will help us, but as I, you know, tried to say just a minute ago, AI and the increasing digital world is basically supporting live entertainment. It is supporting the need of people seeking unique, you know, live experiences. AI will be used by us to drive personalization, monetization opportunities, and ancillary revenues. We don't think that AI will basically replace live experiences for human beings. We are fully committed to roll out agentic-first product and software development as I mentioned before. As I said, this will reach the entire value chain by 2026, and we are following an agentic-first approach where we see efficiency and time to market improves by 80% and beyond. Live entertainment is certainly a strong competitor. Just one out of many. We have our own strategy. We follow this strategy, and we are confident that with this strategy, we will return value to our shareholders, whether it's in Europe or in other places in the world. Just that question on you mentioned a structural income change from long-term contracts impacting the guidance. Can you just discuss that a little bit, please? This is where, you know, on this contract where there's less prepayments. It's just on a regular level contract where we have access to tickets. Just, you know, a normal contract, ticketing contract, like with any other, so to speak, customer of ours. The contract expired just by the term of it, so nothing too unusual of it. Okay? Thank you. Thank you. The next question comes from Bernd Klanten from Barclays. The floor is yours. Yes. Hi, William. Hi, Marco. First question on venues. Can you expand a little bit on how exactly you're planning to remain asset-light while pursuing future venue projects? Then in your annual report, you listed risks based on changes in the market through product services, innovations, business activities, and corporate values, and that was changed from low to medium. Can you maybe expand a little bit on that, what the idea was behind that? On CapEx, how much did Milan costing overall when I look at sort of property, plant, and equipment. We've seen quite a significant uptick again with EUR 236 million versus EUR 142 last year. Can you perhaps give a little bit more color there what was driving that? Thank you very much. Thank you. On venues. Venues, as I mentioned, as you put it down on the slide, could mean greenfield as well as brownfield venues. It's not precluded that we go greenfield, but what we will change is the way how to approach the venue. We could bring in partners at an earlier stage. We could use stage or development to core models or structuring projects where long-term capital enters once key milestones are achieved. In terms of venues being on our balance sheet, like the Unipol Dome, as I said, we are still in the process of developing the right structure. This could include partnering with somebody. This could include sale-leaseback financial structures. As you will, you know very well, there's a broad range of possibilities. We are discussing them internally in the moment. We will discuss them with potential partners, investors or financiers in the market in due course, and we'll come back on that later in the year, at latest, at the CMD. How we think about CapEx for venues over the next three years- five years was, I think, the next question. We expect a selective project-dependent capital requirement that will flexibly align with our concrete opportunities and the respective market conditions. I therefore cannot give you now a direct and will not give you a direct number. In doing so and following this approach, we rely both on partnership structures, as I said, and co-investments, as well as where appropriate on the independent execution of projects in order to deploy capital efficiently and realize opportunities in a targeted manner. Now, how much did the Unipol Dome cost? However, after having hosted the ice hockey matches for the Winter Olympics this year, the venue is now almost ready. Just some technical fit-out needs to be realized in the upcoming months. The net amount of total cost over and above what has already been recorded in our financial statements is, however, still depending on various components, including certain subsidies we are pursuing, foreseeing. Thank you very much. On the risks that you've changed in the annual report. Yeah. What we put down on the risk section is the normal, so to speak, risk start-up operations of the Unipol Dome. The normal ramp-up, you know, risk you would consider. We are, however, you know, having hosted Olympic Games, you know, with all these people and with the high standard of Olympic Game in the Unipol Dome. I think this can be considered as a, you know, lower risk than compared to other risks we might face in this world today. Thank you very much. Thank you. Thank you. The next question comes from Olivier Calvet from UBS. The floor is yours. Yes, thanks. Good evening, William and Marco. Thanks for the presentation. Just two questions left. Could I come back on the phasing of the year? Your main competitor has had a very strong, you know, start of the year in terms of the slate they've shown. Just curious how you see phasing and if that's incorporated in your full year 2026 guidance. Just on venues, helpful to see the additional disclosures. I'm just wondering if you could remind us the venues that are included in these disclosures and sort of contract in place for those, anything, you know, that would be relevant, also particularly looking at 2026. Hey, Olivier, it's Marco. Could you please repeat the last question? Yeah, venues. Yeah. Could you remind us what you include in your disclosures, you know, which venues are included on revenue, EBITDA, right, and the contracts that are in place for those. It's LANXESS Arena in Cologne. Waldbühne. K.B. Hallen in Denmark. Denmark. Copenhagen. Okay. Thanks. The first question about the phasing of the year, as you were referencing to Live Nation, right? Yeah. Yeah. I mean, basically, there is at this particular moment no particular phasing which we see and throughout the year compared to what others might say. We expect a regular year in 2026 compared to 2025. Okay. Thank you for your question. We have the next question from Gerhard Orgonas from Berenberg. The floor is yours. Good evening. Two questions, please. One is coming back to this long-term contract that has run out. Could you give us a financial impact from this, the headwind that you have in 2026 compared to 2025? In venues, I'd be interested in what kind of scale you're looking at in terms of adding venues. If you know, are you going to double, triple, or what is the magnitude that you're looking at here? Oh, yeah. On the first question, I understand that question of yours, but we are there bound by confidentiality agreements with the partner. On venue scale, fair question as well. This will be scaled and always put in place with overall investment in CapEx over a year, and our cash, you know, we have available at that year or respective financing. At the end of the day, there's a golden rule, opportunity needs to meet strategy. Now, we will not do anything, you know, stupid. As I mentioned before, rigorous financials will apply as well as due diligence. At the end of the day, it's a selective approach in the geographies, the regions I mentioned. There we talk to partners, there we talk to governments, there we talk to cities. Overall, one thing is clear, you cannot handle, you know, you can only as a company handle a certain amount of venues, which limits, so to speak, the ability, so to speak, to go overboard. Thirdly, as I mentioned before, venues always will basically need to provide the necessary flywheel fit, as I mentioned before, which again puts a certain limitation on where we go. I hope that answers your question. More to be provided later. Bye. Okay. Thank you. There are no further questions. Back to you. Okay. Thank you very much. I hope this provided helpful for you and you are as excited as I am for our upcoming Capital Markets Day. We will talk to each other, of course, during our quarterly results discussion. You know, later we will see each other then in Milan to a hopefully exciting event, music event, as well as strategic and financial event. Many thanks to everybody. Bye-bye.