Morning, ladies and gentlemen. Welcome to our Q1 2024 Results Conference Call of ProSiebenSat.1 Media SE. Today's conference is being recorded. Today's call is hosted by Mr. Dirk Voigtländer. Please go ahead, sir. Yeah, thank you, operator. And good morning, ladies and gentlemen, also from my side a nd welcome to ProSiebenSat.1's Q1 2024 Results Conference Call, which will be hosted by our CFO, Martin Mildner. During the presentation, Martin will take you through the financial and operational performance of the group and comment on our full year outlook. As you probably know, we already published preliminary quarterly figures on May 14, which have been confirmed by our actual results today. As always, the presentation will be followed by a Q&A session. With this, I now hand over to Martin. Yeah, Dirk, thanks a lot. Good morning, everyone, also from my side. Thanks for joining our Q1 2024 results call. Before we go into the details, let me give you a quick overview of our key financial highlights in the first quarter, which we summarized on Page 4 of our presentation. As expected, we closed the first quarter of 2024 with revenue growth across large parts of our portfolio. Overall, our group revenues increased by 6% year-over-year to EUR 867 million. Our entertainment business and our non-core activities each contributed about half of the group's revenue growth, while the ongoing strong growth in our segment commerce and ventures offset the unsatisfactory performance of our segment dating and video. The advertising business, which is particularly important for us, continues to recover. This positive trend was driven by higher TV core advertising revenues on the one hand and the continued strong growth of our digital smart advertising business in the DACH region on the other hand. Especially, Joyn has continued to grow strongly. Joyn's AVOD revenues increased by 50%, while advertising revenues across the entertainment segment grew by 5%. This shows that we managed to monetize our digital reach better and better. Group's Adjusted EBITDA increased by 35% to EUR 72 million despite significant higher program expenses. This increase is not only a result of our revenue growth. We are also seeing clear effects of our efficiency measures with respect to our cost structure. At the same time, the commerce and venture segment more than quadrupled its Adjusted EBITDA driven by the digital platform and commerce assets, Verivox and Flaconi. To sum it up, in 2023, we set a new course both operationally and strategically. These measures are now paying off. We are developing fully in line with our full year targets, and therefore we are able to confirm our outlook for 2024, which we communicated already in March. With this broader summary, let me now guide you through all of our financials for the first quarter of the year. Let me start on Page 6 with our group level. As already announced on April 15, when we published preliminary figures, the start of 2024 has been very promising for ProSiebenSat.1, underscoring the effectiveness of our strategic approach. Group revenues increased by 6% to EUR 867 million, reflecting the continued positive trend in our DACH advertising business and the strong growth in the commerce and venture segment. As I already mentioned before, our non-core activities, i.e., commerce and ventures and dating and video combined, contributed about 50% to group revenue growth. On a currency and portfolio adjusted basis, we saw a revenue growth of 7%. The group's Adjusted EBITDA grew by 35%, or EUR 19 million, to EUR 72 million despite the announced significant increase in our program expenses. This significant development in earnings reflects both the group's revenue growth and our consistent cost management. Last year, ProSiebenSat.1's group took targeted cost measures to make the organization leaner and more efficient. The cost program was fully implemented at the end of October last year, meaning that the resulting savings effects will materialize in the course of 2024 and were already clearly visible in the EBITDA of this quarter. Our adjusted net income has significantly improved by EUR 22 million, mainly reflecting the development of the Adjusted EBITDA. Our adjusted operating free cash flow saw a significant increase of EUR 63 million to EUR 38 million. Let's turn to Page 7 and take a closer look at our entertainment business, which is our most important segment. Revenues in the entertainment segment increased by 5% both on a reported basis and on a portfolio and currency adjusted basis. Entertainment advertising DACH revenues increased by 5% in the first quarter of this year. TV core advertising revenues grew by 4% in Q1 2024 after already being close to the previous year's level at the end of last year. At the same time, digital and smart advertising revenues continued to grow by 9%, mainly thanks to our streaming platform, Joyn, which contributed the lion's share of these revenue streams. Joyn increased its AVOD revenues by 50% year-over-year in Q1 2024. This shows that ProSiebenSat.1 is increasingly monetizing its digital reach. Our distribution revenues grow by 9% in Q1 2024 due to a higher reach and increased HD penetration through full coverage on all major distribution platforms, as for example, our most recently announced deal with Deutsche Telekom on the MagentaTV. Revenues in AVOD's business grow by 18% in Q1. This increase was mainly driven by the SVOD business of our streaming platform, Joyn. Adjusted EBITDA in the entertainment segment improved by 47%, or EUR 14 million to EUR 45 million despite the announced increase in programming expenses. At EUR 242 million, programming expenses in the first quarter were 8%, or EUR 18 million, higher than the same quarter of the previous year. With a clear focus on exclusive local content and the associated increase in programming expenses, we aimed to strengthen our market share in linear TV and the growth of Joyn. The negative cost effect was more than offset by the positive revenue development of the high-margin advertising business and lower costs due to the efficiency program implemented last year. Please now turn to Page 8, where we are now coming to our segment Commerce and Ventures. This segment recorded a very dynamic revenue growth of 20% on a reported basis and even 23% on a portfolio and currency adjusted basis. Thanks to an improving market environment, our advertising business within this segment, especially Seven Ventures, increased by 4% in the first quarter of 2024. The digital platform and commerce business, which is mainly related to the NuCom Group, grew by 23% in the first quarter. The main growth drivers were the beauty and lifestyle business with Flaconi and the consumer advice business with the online comparison portal, Verivox. Both businesses achieved significant double-digit revenue growth. Verivox grew dynamically in a healthy market environment following the easing of the situation on the energy markets, while Flaconi also developed very positive despite continued consumer restraint. I'd like to mention again that this development has to be seen in light of the already strong revenue growth developments of both companies during the last year, 2023, where Verivox was growing over the entire year by more than 100% and Flaconi by more than 20%. The decline in the experiences business is due to the deconsolidation and its following exit of Regiondo in June 2023. Its contribution to revenues in the first quarter of last year was EUR 2 million. Looking at the development of adjusted EBITDA, commerce and ventures increased its previous year's figures from EUR 4 million to EUR 17 million, which is an increase of more than four times. This was mainly driven by the revenue performance of Verivox and Flaconi. Another positive factor was the deconsolidation of Regiondo, which had contributed a negative result in the previous year, 2023. Let's now have a look at the performance of dating and video on Page 9, which was, as I already said at the beginning, again not satisfying for us. Revenues of the dating and video segment totaled EUR 107 million, which means a decrease of 9% on EUR 10 million. Dating revenues decreased by 12%, partly due to the challenging competitive environment. But in addition, revenues were impacted by the effects from the German Fair Consumer Contracts regulation, which was introduced in March 2022. This particularly affects the subscription models of the Parship and ElitePartner platforms and had not yet had its full impact in the same quarter last year. At the end of the first quarter of 2024, we assume that all affected contract terms will now reflect the effects of the German Fair Consumer Contracts regulation. As of today, we do not foresee any further effects resulting from regulatory decisions. In the video business, we managed to narrow the year-on-year decrease to 4%, representing an 18% sequential growth compared to the last fourth quarter of 2023. Focusing Livebox on our owned and operated brands has had a good start to the year, with revenues from virtual goods growing by double digit year-on-year. The Adjusted EBITDA of the dating and video segment decreased by 21% in Q1 of this year. This year-on-year decline reflects the segment's revenue performance, in particular the high-margin subscription model in the dating segment. The ParshipMeet Group had already responded to the revenue situation last year with cost adjustment and measures to increase efficiency and was therefore able to somewhat counteract the revenue decline, especially in the video business. Here, advertising campaigns and promotions for owned and operated apps, MeetMe and Tagged, supported growth, while streamer incentives lead to higher broadcaster fees. However, the already mentioned efficiency measures helped to mitigate the decline in revenues. So let me continue with comments on the financial leverage and net debt development of our group on Page 10 of the presentation. At the end of the first quarter, the group's net financial debt amounted to EUR 1.553 billion, which represents a reduction of roughly EUR 130 million compared to the end of Q1 last year. Our financial leverage ratio improved to 2.6x at the end of the first quarter and is therefore at the lower end of the targeted range of 2.5x-3.0x for the financial year 2024. On the right hand of our presentation, you can see the debt maturity profile of ProSiebenSat.1. As it shows, we use various debt financing instruments for the purpose of the group financing. This group financing is regulatory adjusted with respect to volumes and maturities. In this context, in April 2024, we extended the maturity, i.e., EUR 353 million of the term loan tranche of the syndicated loan, which previously matured in April 2026, by a further year until April 2027. The remaining part of this term loan tranche of EUR 47 million remains still due in April 2026. Let's now take a closer look at the operational performance, starting again with our core business, entertainment, and Joyn. Our entertainment platform, Joyn, performed quite well, or very well, I would say, in Q1 and set a new record for the second time in a row. Joyn once again showed double-digit growth in all KPIs. First, an increase in monthly video users of 42% to 6.5 million. Second, the video view time in minutes grew by 21% to 9.2 billion. Thirdly, Joyn's AVOD revenues increased by 50%. On the one hand, this success is driven by distribution deals, such as with Magenta, as already mentioned. These deals are increasing Joyn's reach. On the other hand, the performance of Joyn is driven by lighthouse formats that attract large audiences. One example here is, of course, Germany's Next Topmodel. The format has been watched on Joyn more than 1 million viewers in March. We won't stop here. We continue to focus on our ambition to establish Joyn as a leading, freely available entertainment platform for everyone in the German-speaking countries. The upcoming launch of Joyn in Switzerland in June of this year marks the next step on our way forward. Our strategy is paying off. Joyn is in the center of our digital activities, and we are working with full speed on its expansion. This is why we are investing more in local and live content. With exclusive programs, we are sharpening our brand profile, and we are strengthening our market position against multinational streaming providers. Over the course of the year, we will, as already indicated and reflected in our full-year outlook, increase our programming expenses by around EUR 80 million. In the first quarter, the programming expenses were up by EUR 18 million. Our investments in local content are already showing results. In prime time, which is particularly relevant for the advertising market, the audience share improved to 20.1%. At the same time, we recognized an incremental increase in net reach with our top programs via Joyn. So please turn to the next page. What's truly important: our local focus is appreciated by our viewers. We want to build on this success by introducing new reality and comedy formats in the upcoming months, such as the vampire comedy series, Der Upir with Fahri Yardim. We offer several successful formats, such as Die Landarztpraxis, now already in the second season. However, we also have to try out certain local formats first in order to know how they are received by our viewers, and we realize that some of them are less successful, like Das Küstenrevier, in English, the coastal area, or Gestrandet in den Flitterwochen, in English, Stranded on Honeymoon. Both formats did not perform as well as expected by us, but we are consistently working on it. Our content pipeline is full of great new formats. We will show them on our TV channels as well as on our streaming platform, Joyn. On Joyn, they add significant reach, and they also allow for platform-independent consumption no matter where and when our viewers want to watch their programs. Let's now move again to our commerce and venture portfolio. Over the last year, we have transformed our portfolio in order to increase revenue but also Adjusted EBITDA. We did this with a clear success. Today, we see a positive trend across the commerce and venture segment. In Q1, the segment grew very significantly and profitably. Especially, the digital platform and commerce portfolio with Verivox and Flaconi is performing really strongly. Both assets generated double-digit revenue growth. While Verivox developed profitably in a sound market environment, Flaconi outperformed the growing online beauty market in Q1. This was not least supported by a brand campaign and improvements we made to our products. Based on the last 12 months, Verivox achieved revenues of EUR 179 million and Flaconi exceeded the EUR 400 million mark for the first time with EUR 410 million. This represents a record figure for both companies and reinforces our belief that the sale process we have initiated will be successfully implemented. As you all know and as discussed heavily before our annual general meeting last month, we are pursuing an active portfolio management with a clear aim of realizing synergies within the group on the one hand and realizing the value of our large majority but non-core business-related investments, such as Verivox and Flaconi on the other hand. The proceeds from these kinds of disposals would significantly reduce the group's net debt and our financial leverage ratio. At the same time, this balanced financial situation will allow us to invest even more in our core business activities. With this, let's turn to the dating and video segment. In our dating and video segment, the focus of our live streaming business helped us to a good start to the year. After two challenging years, we saw an improvement in our owned and operated apps business in February and March. This growth in our video revenues is driven, in particular, by a significant number of streamers who have switched from competitors' platforms to our own apps. So let me conclude the presentation with our outlook for 2024, which you can see on Page 18, I think. When we look ahead to the following months, we have to take various effects into account. For example, the major sport events, the Summer Olympics, and the European Football Championship. They will not be broadcasted by ProSiebenSat.1. In addition, there's a seasonality resulting from the different comparative figures for the previous year. After a weak first half of 2023, ProSiebenSat.1 has gained significant momentum towards the end of the year 2023. Even though the market and economic environment remains challenging, we are confident about the year 2024. Our strategy works. We close the first quarter in line with our full-year targets. After a strong start to the year, we will continue to focus clearly on the strategically relevant business areas relating to our entertainment portfolio, and we will continue our consistent management of cost, cash flows, and last but not least, the management of our portfolio strategy. What does it mean to our numbers? We continue to aim for a full-year consolidated revenue of around EUR 3.095 billion with a variance of ±EUR 150 million. At the same time, we expect an adjusted EBITDA of EUR 575 million with a variance of ±EUR 50 million, therefore on the midpoint of the previous year level. As a conclusion, we therefore confirm our outlook for the revenues and earnings, and the same applies to all our other important financial KPIs. Needless to say that our outlook does not include any potential impact of our portfolio strategy with respect to any divestments and any other acquisitions. I'm now looking forward to your questions and hand over back to Dirk, I think. Yeah, or back to the operator. Please go ahead. Sure. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We will pause for just a moment to allow everyone an opportunity to signal for questions. We will take our first question. Annick Maas from Bernstein, please go ahead. Good morning. My first question is if you could give us a bit of an indication of what you see in terms of TV advertising trends in the second quarter. My second question is so I guess Verivox and Flaconi are among the assets to be sold soon. Can you give us a idea of if you're talking to someone at this stage? And then my third question is you talked about dating. Dating is still weak, particularly, I guess, in Germany. So can you confirm that actually eHarmony and Meet are growing? Yeah, if you could give us basically dating trends per brand. Thank you. So with respect to your first question regarding the trends of the TV advertising market for the second quarter, I think what we can see is that we had a little bit weaker April, which is from our point of view clearly related to the Easter time, which was last year in April and this year in March. We see a clear good trend, even a better trend in May and also in June. So therefore, we would assume that the second quarter is in line with the first quarter from the TV advertising business. Regarding your second question, whether we are in talks with potential buyers for Verivox and Flaconi, and I think my answer, you can assume that we are here in a process, and we would not give any details to the process so far. But as we stated also in the AGM, we are in a process, and of course, at the right point of time, we are also talking, of course, to potential buyers. And Enig, this is Dirk speaking. Maybe a quick comment also on the performance of the dating and video portfolio. We are usually not disclosing the performance on a per-brand basis, but it's fair to assume that eHarmony also was not performing as good as in the past. The U.S. market is also very competitive, as you might have seen also in terms of the results of our larger peer Match Group. And in terms of the video business, I think it's interesting to have a look on page 16 in our presentation, where you can certainly see that video revenues have declined from EUR 53 million last year to EUR 50 million this year. However, what is really important here is that our owned and operated business has shown growth of 8%. So we have here benefited from the streamers, which have moved to our platforms and have contributed quite good growth. And it's maybe too early here to call this a trend, but it's definitely a helpful development and might further limit any potential future decline in the video business. Thank you. We will take our next question. Julien Roch from Barclays, your line is open. Please go ahead. Yes. Thank you for taking the question. The first two ones on Joyn. On page 12, you gave us 9.2 billion minutes for Joyn for Q1. Could we get total minutes linear and non-linear in the DACH country? And then the second question is you highlight that Joyn revenue is up 50% in Q1. How much is it of the EUR 66 million of Digital and Smart in Q1? And if it is up 50% but Smart is only up 9%, what is declining or not growing a lot? And then last question on Verivox and Flaconi. I get your answer. You're in the process. You won't comment. But is there a minimum price you want? Are you willing to walk away from selling those assets if the price is not good enough? And what would be plan B in that case? Thank you. Julien, let me maybe take the first question in terms of Joyn's video performance. The 9.2 billion or we are not disclosing the share of total video viewtime. However, I think it's interesting. What I can say is that the total video viewtime of all of our digital video platforms has contributed a mid to high single-digit share to the total video viewtime of the group. Joyn is obviously one of the major contributors to this performance. But as you know, this is something we are working on, and maybe in the future, we will also provide more details. But for you, I think it's important to know that Joyn is a main driver of our digital video performance, and will likely continue to do so. Can you take the second question as well, Dirk? Yeah. Maybe let me also take then the second question in terms of revenue share of Joyn. You are right. Obviously, the digital and smart advertising revenues are not up as much as Joyn. This is due to the fact that Joyn last year only contributed 15% so far. However, of the total digital and smart advertising revenues, however, with a 50% increase, we have now exceeded a level of 20%. Also here, it's still not the lion's share of our digital and smart advertising revenues, but it's the main revenue growth contributor. What you should also keep in mind is that last year was still benefiting from digital advertising revenues, which were related to the NHL. As you might know, we lost the rights to our key competitor, RTL. And last year, this was still quite an important business also for our digital operations, which has led to a decline in, let's say, non-Joyn or non-addressable TV advertising-related revenues. Okay, Dirk. Then let me take the third question, which is really a strategic and relevant question, Julien. But I think you asked whether we have a minimum price and what's happening if the price is not reached and what are our fallback scenarios. I would really like to give you some more flavor on this. And because first of all, we are talking about two companies with Verivox and Flaconi, which are really developing quite well. And I stated several times that these companies are not loss-making companies. We are not talking about fire sales. They're contributing to our earnings. So therefore, we are, first of all, really happy with it. We always said clearly that they are not in our core strategy, that they are non-core assets, and we like to sell it. In fact, we like to concentrate on our core business in the entertainment segment. We also stated during our preparation of the AGM that we are clearly thinking from a commercial point of view. Our net debt is really related or can be seen as an acquisition financing for these kinds of three assets, including also the ParshipMeet Group. If you then look at our refinancing structure and our maturity, I think it is clear that this will become relevant in 2027 so that we have now a lot of time for a clear and structured process. We are, due to the environment and due to the performance of the business, really confident that within this time frame, we are really happy and seeing a good way to exit on these companies for a fair valuation. I think this is what we like to achieve, a fair valuation. I always saying a fair valuation is if the buyer is saying he pays a little bit too much, and we are saying he was getting a little bit not enough. Yeah? So therefore, this is what we like to reach, a fair valuation. And during the process, we will find out what a fair valuation maybe means. But currently, it is from our point of view too early to give any indications on it. And last but not least, I'd like to highlight again that in all of the three assets, we agreed with General Atlantic on a preferred share mechanism where we have in total more or less 700 million preferred shares. That means from every euro we were getting in from the proceeds, EUR 700 million are first going to us. So therefore, this has also always taken into account that you cannot only look at our stake at NuCom and ParshipMeet Group, but that you also have to always consider the preferred share mechanism on this. In fact, that there's no catch-up or whatever, that these kind of proceeds are always going firstly to us. I hope this was a long answer, but hopefully a little bit more clarity for you. Yes, very clear. Thank you. Once again, press star 1 to ask a question. We will take our next question. Conor O'Shea from Kepler Cheuvreux, your line is open. Please go ahead. Yes. Thank you. Good morning. Thanks for taking my questions. Three quick questions from my side. So firstly, just to clarify, when you said that the second quarter, you expect the second quarter advertising to be in line with Q1, do you mean by that the growth should be in line, year-on-year growth? Is that what you mean? So we should expect mid-single digit for the overall quarter, second quarter, let's say, in German advertising at least. Then the second question, I wonder if you could give us some more details about the Magenta distribution deal with Deutsche Telekom. When it was signed, was it a factor for the whole first quarter, and which revenue lines is it improving overall? And then third question on the dating business, now that you say that the regulatory drag should be fully cycled through in the first quarter for the German business, would you expect the German business to be broadly stable from the second quarter on or other factors dragging revenues down? Thanks for your questions. Maybe I'll start with the first one regarding the development of the second quarter and our linear advertising revenues. So it was percentage-wise or percentage perspective, not on a total number perspective. So we are assuming that from a growth perspective, we are growing in the same percentage as in the first quarter, probably. On your third question regarding the regulatory impact on the dating and video business in Germany, yes, of course, we hope and we think that it is now washed out after the new law is in place for at least 24 months and that we are then stabilizing the business again and hopefully also growing with the business again. But of course, on a lower level than before. But this is clearly what we envisage, that due to the new regulation, that the level is lower, but that we are then able to grow again. And maybe the third one is taken by Dirk. Maybe on the second question regarding the exactly. Yeah. Hi, Conor. This is Dirk speaking. Let me comment on your second question regarding MagentaTV. So Joyn has been included on the platform mid-February. This is primarily an AVOD deal, which means people who are MagentaTV subscribers have free access to Joyn's content, which belongs to ProSiebenSat.1, which also means that the revenues related to this deal will primarily become visible in the digital and streaming ad revenue lines. So this is really about increasing the reach of our digital platforms and will therefore increase also the ad revenues we are generating on that basis. However, there is also currently some tailwind for the distribution business, which you might have also seen in the first quarter, an increase of 9%. This, however, is more related to the elimination of the so-called ancillary cost privilege here in July, which leads to the fact that many cable households now have to look for an alternative for their previous cable subscription, which was included in the rent. So households which now reach out to their cable operator or IPTV provider, they often sign up to a somewhat more expensive product, which also often includes HD or catch-up and things like that, which leads to incremental distribution revenues also for us. And what is also interesting, the fact that Joyn offers a large number of free live TV channels, it's actually also a free alternative for some of the SVOD or subscription-based products, i.e., even if people will not sign up only for that reason, it's an opportunity for many households to continue to watch linear TV without signing up for any other service. Great. So the second effect is permanent. And then the first, the boost, AVOD was a factor for half the first quarter. So in theory, it should be even more of a boost to second quarter. No. I think I would not expect here already a meaningful contribution from Joyn in the first quarter only because of the MagentaTV deal. But I think an increasing awareness, so the more MagentaTV users know that there is now Joyn also on the platform and that all of our content can be accessed, this will over time then increase the usage also on MagentaTV. I would not say that a significant share of the revenue growth in Q1 was driven by this particular contract. Okay. Understood. Many thanks. Again, press star one to ask a question. We will take our next question. Nizla Naizer from Deutsche Bank, your line is open. Please go ahead. Great. Thank you. I have two questions. The first one's on Flaconi. Impressive growth in Q1. Could you give us some color on how you expect the growth trajectory to evolve over the rest of the year? And has Flaconi reached profitability? Could you give us some color on what the margin profile is like in the business? That would be great. Secondly, could you give us some color on how you view the recently concluded AGM and the final decisions? It would be really interesting to hear your perspective on the final outcomes and, I guess, the future of the business. Thank you. Nizla, thanks for your questions. Your first question with respect to Flaconi, I think from a growth perspective, we really anticipate that we have probably the same momentum as in 2023 on an entire year perspective, so growing hopefully in the same range as last year. And from a profitability perspective, last year, we were already on adjusted EBITDA level positive. And this trend hopefully will also continue and that we are having also there improving cost measurements, which then also increasing the margin. But to give you numbers, I think this is a little bit too early to reflect on this. But I think we are really, really happy about the revenue growth perspective. And from my point of view, especially in this online computer segment, the revenue growth is still the most important part for the business. And last year, we already shown that we are able to run this business profitable. And if we are able to show this this year again, I think then everything is really on a green light for an excellent performance of Flaconi. Your second question regarding the AGM, I'm not quite sure what you mean with the final outcome. I think there are different topics in the AGM. Probably you're relating to the most relevant counter proposals or proposals by MFE. You know that the spinoff was or that the AGM decided not to go for the preparation of the spinoff. We clearly said that we, from a company perspective, thinking that this is not in the interest of all shareholders. If you do the math, MFE have slightly below 30% shares. PPF is close to 15%, so in total, 45%. But we still have remaining 55% outstanding shareholders. And we as a company thinking that we have to keep all interests of all shareholders in mind. And we are clearly of the opinion that the way to make the disposals within ProSiebenSat.1 is a better way to reduce our net financial debt and also the financial leverage ratio. Therefore, we are thinking that we have the backing of the majority of the shareholders. Also, MFE clearly said that the disposal is still a way they can think about even if they'd like to see the preparation of a spinoff if the disposals are not taking in this year or next year. Therefore, we are happy about the outcome on the spinoff. With respect to the new members of the supervisory board, I think this is clearly a way where we are absolutely supportive to work in a really close relationship with the new members of the supervisory board. We had also our first supervisory board meeting. Therefore, we hope that they can contribute to us. It is clear that the administration made a different proposal, but the AGM clearly said that they'd like to have the new members on board. And we are absolutely supportive to it. And we are looking forward to work together with them in a close manner because we have a lot of things to do in this year with respect to the strategic view of bringing Joyn and our TV channels back on track and also with respect to the disposals. So therefore, we are really looking forward to it. And therefore, it was not what we wished before the AGM, but now we are really looking forward. And I'm happy that we are now able to fulfill our strategy. Great. No, thanks. That's very helpful, Martin. Once again, if you would like to ask a question, please press star one. There are no further questions at this time. Mr. Dirk Voigtländer, I will turn the call over to you for any additional or closing. Yeah. Thank you, operator. Thank you, ladies and gentlemen, for participating in today's call. As always, my colleagues in the investor relations team and myself will be available for follow-up questions shortly. Thank you very much, and goodbye. This concludes today's call. Thank you for your participation. You may now disconnect.