Good morning, everyone, and thank you for joining our Analyst and Investor Call for RTL Group's Full Year Results for 2023. The speakers for today's presentation are Thomas Rabe, the Group's CEO, Elmar Heggen, our Deputy CEO and COO, and Björn Bauer, our CFO. Our management team will first guide you through the presentation. Afterwards, we will take your questions. The presentation for this call is available on our corporate website, rtl.com, following the link included in our press release under Download. The agenda on slide two shows the areas our management team will cover today, and with this, over to you, Thomas. Yeah, thank you, Oliver, and good morning, everyone. Thank you for taking the time to join us on this call. Today, we'll talk about our full year results for 2023, the outlook for 2024, and we'll give you an update on our strategy and growth plans. And after that, we're happy to answer your questions. So let's start on slide four with the highlights. In 2023, we demonstrated the resilience of our business in a particularly challenging environment. The second half of 2023 was one of the most profitable half years in the history of our group, despite weak advertising markets and significant investments in streaming, in particular. Our streaming services continued to grow strongly. With our market leadership in linear TV, with RTL and Vox now being the two leading commercial channels in the target group. Our content business, Fremantle, released globally celebrated productions in drama and film, entertainment, and documentaries. Fremantle's film, Poor Things, was one of the big winners at this year's Academy Awards. Last weekend, the film won four Oscars, with Emma Stone winning in one of the main categories, Best Actress in a Leading Role. Fremantle's recent acquisitions put it on track to reach its EUR 3 billion revenue target, effectively doubling our global production business within 5-6 years. We have repeatedly said that market consolidation in the European TV Industry is necessary to compete with the global tech giants. After our in-country consolidation strategy, the planned merger of RTL Nederland and Talpa Network was blocked by the competition authorities last year, we concluded that the sale to DPG Media for EUR 1.5 billion is the best strategic option for RTL Nederland and all its stakeholders. We're looking forward to the strategic partnership with DPG Media to work together on European advertising and streaming technology solutions, international ad sales, and joint content development. End of February this year, we announced another partnership, RTL Deutschland and ProSiebenSat.1, will bundle the advertising technology businesses, Smartclip and Virtual Minds, to provide a comprehensive advertising booking solutions to our clients. To summarize, our 2023 results demonstrate our resilience and confirm the benefits of investing through the cycle to grow and transform our businesses. The results enable us to pay an attractive dividend of EUR 2.75 per share to our shareholders. Over now to Björn, who will take you through the group's financial results in more detail. Yeah. Thank you, Thomas, and good morning, everyone. Before we run through the numbers in more detail, I'd like to clarify one point. We announced the envisaged sale of RTL Nederland to DPG Media at the end of December last year. The operating segment, RTL Nederland, is therefore classified as a disposal group held for sale and presented as discontinued operations in our consolidated accounts for the year 2023. In accordance with IFRS 5, discontinued operations are reported separately from continuing operations. If not indicated otherwise, all figures in this presentation refer to continuing operations, i.e., without RTL Nederland. However, as RTL Nederland was included in our guidance for the full year 2023, we'll also provide selected pro forma figures, including RTL Nederland. Let's start with a close look at these pro forma figures on the left-hand side of slide six. With full-year revenue of EUR 6.9 billion and an adjusted EBITA of EUR 927 million, our results are in line with the guidance we communicated at the beginning of November last year. The adjusted EBITA includes streaming startup losses of EUR 179 million, our guidance, and below the level of 2022. As communicated before, streaming startup losses peaked in 2022 at EUR 233 million. Please note that our streaming KPIs include, for the first time, our French streaming service, 6play, which will be rebranded to M6+ in May. On the right side of the slide, you can see how these pro forma figures compare to the group figures on a continuing basis, i.e., without RTL Nederland. Moving on to the next slide. If you break down our 2023 revenue for continuing operations by revenue stream instead of business unit, you can see our total revenue is well diversified, with 38% from TV advertising and 32% from content. With excess portfolio management and investment in our growth businesses, we have significantly reduced the group's dependency on TV advertising revenue, which is more cyclical in nature. Just two years ago, in 2021, more than 46% of our total revenue came from TV advertising. Revenue from other rights exploitation captured SVOD revenue from our major streaming services and among other Groupe M6's, Audiovisual Rights business, SND. Total streaming revenue includes SVOD revenue, digital advertising, and distribution revenue. This variety reflects the hybrid business model of our streaming strategy. Moving on to slide eight. In 2023, RTL Group's revenue decreased by 5.4% to EUR 6.2 billion. Adjusted for portfolio changes and at constant exchange rates, group revenue was down 4.1% organically. The decrease is mainly due to significantly lower TV advertising revenue from our broadcasting businesses and lower Fremantle revenue. Our full year Adjusted EBITA declined to EUR 782 million, mainly due to lower profit contributions from RTL Deutschland, as the German TV advertising market decreased significantly in 2023. One point I want to draw your attention to is the strong performance in the second half of 2023. One of the most profitable half years in the history of RTL Group. Cost savings in programming and overheads played an important part in delivering high profitability in the second six months. Overall, this development was broadly in line with our internal expectations we had for 2023. Please remember that we said one year ago that we expect a more backloaded full year 2023. The same is also true for 2024. Total group profit was EUR 598 million, with EUR 483 million coming from continuing operations. The decrease compared to 2022 is mainly due to lower adjusted EBITDA and higher capital gains in 2022, which were driven by the disposals of RTL Belgium and RTL Croatia. Moving on to slide nine. Now looking at the main items below, adjusted EBITDA, down to group profit. The EUR 125 million significant special item mainly reflect restructuring measures at RTL Deutschland and Fremantle. The RTL Group recorded capital gains of EUR 40 million in 2023, mainly due to the dilution of our stake in Global Savings Group and an equity investment held by Groupe M6, the disposal of Groupe M6's thematic online media and service unit, and the sale of various magazine titles at the level of RTL Deutschland. The financial result was -EUR 13 million. The improvement compared to 2022 was mostly driven by the re-measurement of existing put call options and the higher interest rates. The group's tax charge came in at EUR 124 million. The implied tax rate in 2023 was 20%. Moving on to slide 10, and with a closer look at our cash flow. Until the closing of the planned sale of RTL Nederland, RTL Group will continue to benefit from all cash flows and profits generated by RTL Nederland. On this slide, we present pro forma figures for our cash flow. Total net cash from operating activities, including RTL Nederland, increased to EUR 537 million. The operating cash conversion rate for continuing operations was 68%, an improvement from 49% in 2022. At the end of December, RTL Group had net debt of EUR 291 million. Our net debt to adjusted EBITDA stand at 0.24x. Let's move on to slide 11, the dividend proposal. Our dividend policy is based on the group's full-year profits attributable to RTL shareholders and adjusted for any material non-cash impact. We target a payout ratio of at least 80%. In line with this policy, our board has proposed a dividend of EUR 2.75 per share for 2023, corresponding to an 86% payout ratio. Based on the average share price for 2023, the proposed dividend represents a dividend yield of 7.2%. The dividend proposal does not yet include the significant value crystallized by the envisaged sale of RTL Nederland, which shareholders are expected to benefit from in 2025. With an expected capital gain of around EUR 0.8 billion, which will be mostly tax-free, the sale of RTL Nederland alone would result in a dividend of EUR 4+ per share next year. For the business review, I will now hand over to Elmar. Thank you, Björn, and good morning. For the business review, I will start with RTL Deutschland on slide 13. In 2023, our largest business unit significantly advanced its market position, yet faced strong advertising effects on financial results. Let's look at the business first. RTL Deutschland reached a combined average audience share of 27.4% in the CA target group of viewers aged 14 to 59. Compared to 2022, our share was up 4.6 points. Our German family of channels increased the lead over our main commercial competitor, ProSiebenSat.1, from 4.5 to 5.8 percentage points. This is the biggest lead in the past 10 years. RTL and VOX were the number one and number two commercial channels in Germany in the target group. The strong audience performance of our family of channels continued in January and February this year. In streaming, RTL Deutschland launched its all-inclusive entertainment offer in August 2023. Alongside video content, RTL+ now offers music, podcasts, audiobooks, and magazine content in one single app. RTL+ enjoyed significant growth in 2023. Paying subscribers were up 23% year on year to more than 4.9 million at the end of December. Looking now at the financials of RTL Deutschland in 2023. In the reporting period, we estimate that the German net TV advertising market was down between 9.5% and 10.5%, with RTL Deutschland significantly outperforming the market. Total revenue of RTL Deutschland was down 5.3%, EUR 2.62 billion, due to significantly lower TV advertising revenue. This was partly compensated by higher streaming revenue. Adjusted EBITDA decreased to EUR 321 million, mainly due to lower TV advertising revenue and significant still. Moving on to Group M6 on slide 14. The French net TV advertising market was estimated to be down 4% compared to 2022, with Group M6 performing in line with the market. Total revenue of Group M6 was down by 3% to EUR 1.32 billion, mainly due to scope effects and lower TV advertising revenue. Adjusted EBITDA was up 2% to EUR 311 million, mainly driven by M6 diversification businesses, and partly offset by lower contributions from TV advertising revenue. Overall, the adjusted EBITDA margin increased to 24%. Following the failed merger between Groupe M6 and Groupe TF1, M6 will invest significantly to accelerate the growth of its streaming service. In 2024, of the Euro 2024, including the final, 1 semifinal, and 2 quarterfinals. This will drive audience ratings for the main channel, but also comes with a significant impact on the company's operating profit this year. Nicolas de Tavernost decided to step down from his position as Chairman of the Executive Board of Groupe M6. On 23 March 2024, David Larramendy will take over and lead the company into the next phase of growth and transformation. Nicolas has shaped M6 from a small TV channel into one of the most profitable and diversified broadcasting groups in Europe. David Larramendy has been with the company for over 16 years. He has an excellent track record, in particular, as managing director of M6 Publicité, the company's advertising sales house. We wish, David, lots of success in his new position, and Nicolas, all the best for his future endeavors. Let's now turn to our global content business, Fremantle. In 2023, Fremantle delivered almost 90 scripted productions, including high-end series, daily dramas, and 18 films, many of them to critical acclaim. Most notably Poor Things, which was awarded four Academy Awards, five BAFTAs, two Golden Globes, and the Golden Lion at the Venice Film Festival. C'è ancora domani won three awards at the Rome Film Festival and was Italy's most successful film of the year. In total, Fremantle, 145 awards in 2023, underlining the company's outstanding creative success. However, the global content business faced increasingly headwinds in 2023 due to budget cuts of streaming services, the challenging TV advertising environment, and the strikes in the U.S. These factors also impacted the financial results of Fremantle in 2023. Fremantle revenue was down 3.5% to EUR 2.27 billion, mainly due to timing effects and negative foreign exchange rate effects, which were partly offset by positive scope effects. Adjusted EBITDA decreased 14% to EUR 139 million. I will now hand back to Thomas, who will take you through the strategy update and the outlook for 2024. Thank you, Elmar and, John. Before I dive into our strategy, I want to share some details on the sale of RTL Nederland to DPG Media. A year ago, I expressed my disappointment that our consolidation moves in France and the Netherlands were blocked by the competition authorities, who failed to consider the speed and extent of the changes in the media industry, changes on European media companies. Last year's developments in the media landscape once again underlined the necessity for consolidation to compete with the global tech platforms. After carefully weighing the strategic options for RTL Nederland, we concluded that the sale to DPG is in the best interest of RTL Nederland and all of its stakeholders. What makes this deal special for RTL Group? The deal terms are highly attractive, with a total consideration of EUR 1.1 billion in cash and some additional payments. The expected capital gain is around EUR 800 million, mostly tax-free. Second, the deal includes a strategic partnership comprising technical services, streaming technology, advertising technology, advertising sales, and first look rights for content developed by RTL Nederland. This perfectly fits with our priority of building European alliances and partnerships. We continue to expect the closing around mid-2024. Slide 18, our strategy framework remains unchanged. It is based on three priorities: core, growth, and alliances and partnerships. Core means investing in premium content, strengthening our family of channels, as well as cost and portfolio management. Growth areas, our streaming services, advertising technology, and addressable TV, as well as content production with Fremantle. Alliances and partnerships span from advertising sales and content production to technology and data. Moving to slide 19. Investments into premium content are key elements to strengthen our linear TV channels, and to gain and retain subscribers for our streaming services. When it comes to live sports events, we are investing selectively with a clear focus on premium sports. For example, as the exclusive TV partner of NFL in Germany, RTL Deutschland increased its audience shares in the 14-59 and 14-49 target groups in comparison to the previous season. The NFL was particularly successful among younger men, allowing us to reach viewers which are particularly important for advertising clients on linear TV. Another example is Groupe M6, which announced last week that it has acquired the exclusive free-to-air TV rights for the majority of the matches, the next football World Cup in 2026 and 2030, representing 54 matches for each tournament. Slide 20. Elmar already highlighted the strong growth in paying subscribers for RTL+ in Germany. The ability to run linear TV and streaming together under one roof, gives us a massive competitive edge. Take the examples of Das Sommerhaus der Stars and I'm a Celebrity... Get Me Out of Here! For both formats, streaming shares increased significantly over the past two years. Most importantly, the total number of viewing hours has increased, underlining that streaming and linear TV address complementary viewer groups. In November last year, RTL+ was the most used streaming service in Germany, ahead of all major streaming, based on usage time per user. Both our broadcasting and streaming services operate on the one well-established brand, and successful TV formats and brands drive subscriber inflow and retention. We source and share content, which improves our access to attractive content and positions us as a partner of choice for studios and content right holders. But cross-promotion and advertising for our streaming service on our linear TV channels, we optimize our marketing spend. And finally, our streaming services benefit from synergies across the group, be it from our joint streaming technology platform, advertising sales, or access to content beyond video via Bertelsmann. Slide 21. In France, Groupe M6 has laid out plans to expand and rebrand its streaming service from 6play to M6+. This service, as you know, will launch in May this year on all screens. M6+ will be primarily advertising funded, complemented by premium subscription tier. The additional investment of EUR 100 million per annum in content, technology, and marketing, will ramp up over time. Now, considering the expected state of RTL Nederland and its streaming service, Videoland, as well as the investments into M6+, we have updated our long-term streaming targets for streaming service, RTL+ in Germany and Hungary, and M6+ in France as follows: Our new targets for 2026 are around 9 million paying subscribers, around EUR 750 million of streaming revenues, EUR 500 million of content spent, as well as a positive operating result. Moving on to our global content business, Fremantle, on slide 22. As part of Fremantle's boost plan to reach full-year revenue of EUR 3 billion by 2025-26, we continue to invest significantly. Over the past years, Fremantle has grown its portfolio across all genres and regions, with acquisitions in the Nordics, the U.K., Italy, the U.S., and Australia. Fremantle continued its acquisition strategy in 2024, with the recently announced acquisitions of Asacha Media Group and Beach House Pictures. Asacha Media Group complements Fremantle's European footprint with eight labels, while Beach House Pictures strengthens Fremantle's position in Asia. After integrating the acquired labels into Fremantle's network and reducing overhead, Fremantle's adjusted EBITDA margins is expected to increase to around 9% by 2026. Let's turn to slide 23, AI. Last year, we saw comedy commercial breakthrough of generative artificial intelligence. AI has the power to fundamentally transform our businesses by enhancing creativity and driving productivity. So far, our teams have identified over 100 commercial use cases via across our value chain, from content to sales and efficiency measures across the board. AI will enhance personalization of content and advertising, and help to better monitor trends, translate and summarize content, and transform content to co-create scripts, virtual backgrounds and narrator voices, AI-generated dubbing and subtitling. Turn to slide 24, our alliances and partnerships. We continue to actively build alliances and partnerships. In addition to the strategic partnership with DPG Media in the context of the planned sale of RTL Nederland, I would like to highlight two additional examples. First is our content partnership with Sky Deutschland, which comprises premium sports rights across free-to-air TV, pay TV, and streaming. For us, it is a major step forward for our all-inclusive entertainment promise, that complements our offering with Formula One races and English Premier League football, as well as attractive fiction formats. And then, just three weeks ago, we announced a partnership with Groupe M6 to join forces in advertising technology. We plan to bundle the service to our ad tech company, Smartclip and Virtual Minds, on a contractual basis, to enable advertisers to book advertising campaigns across all inventories, linear, nonlinear, including the streaming services, RTL+ and Joyn. Many more partnerships are currently under discussion and will be announced in due course. Now, let's turn to at the end of this presentation, to our outlook for 2024. I think we all agree that the geopolitical macroeconomic environment continues to be volatile, and therefore, the impact on RTL Group's business hard to predict. Assuming a slight recovery of the German TV advertising market and broadly stable advertising market in our other territories, we expect full year revenue for 2024 to increase around EUR 6.6 billion, based on particular higher revenue from RTL Deutschland, mainly driven by the growth in streaming and from Fremantle, mainly driven by recovery, US market after the strikes and by acquisitions. Our adjusted EBITDA for 2024 is expected to be around EUR 750 million, with a variance of ±EUR 50 million, depending on the advertising markets. This adjusted EBITDA outlook includes three main factors. The first is higher content costs, primarily for the broadcast of Euro 2024 matches in France and Germany, and higher streaming startup losses for around EUR 200 million in total, primarily due to the investment in M6's in France. Secondly, lower non-recurring items, and thirdly, higher profit contributions from Fremantle and RTL Deutschland. As mentioned by Björn earlier, we expect, once again, a backloaded year, meaning that the second half, and in particular, the fourth quarter, will determine the full year results. Finally, our dividend policy remains unchanged. RTL Group will continue to pay out at least 80% of the adjusted full year net result, thus maintaining the balance between investing in the transformation of our businesses, while ensuring attractive cash returns to our shareholders. This brings us to the end of our presentation. Thank you for your attention, and we will now happily take your questions. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you are using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. And the first question comes from Conor O'Shea from Kepler Cheuvreux. Please go ahead. Yes, thank you. Good morning, and thanks for taking my questions. Three questions, please. First question, on the German ad market. So far, this year, I think your direct competitor set up low- to mid-single-digit. Is that what you're seeing on your side as well? And maybe, if you could just clarify what rights you have for Euro 2024 in Germany, and how much that might, that could potentially add in second and third quarter. That's the first question. Second question on Fremantle. I think you mentioned, Thomas, a recovery built into guidance in 2024. I wonder if you could give us maybe a range of outcomes in terms of revenues that you're looking and that you've now built into your guidance. And then, final question, just yes, if you have any other plans in terms of disposals of assets that are remaining in the portfolio. Thank you. All right. Well, on the German ad market, we expect to be up, I mean, at RTL, about 7% in the first quarter, outperforming the market. We have 12 matches of the Euro 2024, in our partnership with Deutsche Telekom. We do expect a recovery of the Fremantle business, as I mentioned, in the U.S., in particular, which was severely hit by the advertising market and the strikes. In addition to that, we will, once the transaction is closed, fully consolidate the Asacha Media Group business. So, the way to look at Fremantle is as follows: As I said, EUR 3 billion of revenue targets for 2026, approximately 19%-20% growth margin, and approximately 9% EBITDA margin. That requires integration of the business, which is required and stable overheads, but that would then lead to a margin which is in line with our expectations, and we believe, taking into account the business mix, also in line with the market. No further disposals planned at this stage. We're fully focusing on the disposal of RTL Nederland. We're going through the regulatory approval process. Confident to obtain regulatory clearance in summer, just before, just after summer, to be seen. But that's our current focus. In addition to that, we're fully focused on the transformation of our TV business and the profitable growth of Fremantle. Did I miss anything, Björn, any questions? No, further- I think, I think that's it. Many thanks. Thank you. The next question comes from Tom Singlehurst, from Citi. Please go ahead. Oh, can you hear me properly? Yes, we can. Yes, perfectly. Perfect. Thank you. Tom Singlehurst here from Citibank. Thanks for taking the question. Thanks for the presentation. First question within RTL Deutschland, I mean, obviously, your main commercial competitor is stepping up investment in local programming. I'm just interested in whether you think that will sort of lead to any change in the sort of competitive landscape, or is that neutralized by your investment in sort of sports? That was the first question. The second question on, I mean, coming back to Fremantle, actually, just trying to gauge how much of a sort of hangover in terms of growth is expected to come from the Hollywood strikes. I mean, I presume sort of commissioning was disrupted, as well as sort of active production. So does that, you know, does that mean that in underlying terms, real recovery doesn't come through till 2025? And then the final question, coming back to our friends in ProSiebenSat.1, you've got, you know, a bit of a frenemy situation in the sense that you're doing more together on the ad tech side. I'm just wondering whether you could sort of map out, you know, what the, what the opportunity is from, from that partnership over time. Thank you very much. Yeah. Well, first, on local program, you know, we started to significantly increase our investment in local program 10-15 years ago. If you look at the program grid of RTL Germany today, you'll find a lot of local programming and formats which we actually own. Just, so look at the lineup, you know, on a daily basis, with 3 consecutive daily soaps, including Good Times, Bad Times. You know, this has been, you know, the bedrock of RTL for many, for many years. In addition to many other local productions, we're investing increasingly in local drama series, very successful, successfully with very good audiences, and subscriber inflows at RTL, RTL+, so I don't think that the shift in strategy at ProSiebenSat.1 will have any impact on us. On Fremantle, we do expect to recover in the U.S. As we said, it really is very hard to estimate the U.S. I mean, I mentioned the strikes, one important factor. Second is advertising market, and the third is the investment, in particular by the streamers in content. And as you know, many of the streamers in the U.S. are under pressure to break even in 2024, and that's has an impact on the, on the content budget. So our current assumption is that that the Fremantle revenue will grow from a bit less than EUR 2.3 billion last year to more than EUR 2.5 billion this year. That includes a 2%-3% organic growth, so slightly below the long-term market growth, which we expect in the content market, which we operate, and the effects of the full consolidation of Asacha. On the Adtech partnership, I mean, just to avoid any confusion, we will continue to compete with ProSieben, the advertising market and for advertising market, market share. What the Adtech partnership will give us, and in particular our customers, is the ability to book across inventories. This has been a request of our advertising customers and agencies for many, many years, and now we've found a way to respond to this request. So we believe that this will increase the attractiveness of TV advertising from a customer's point of view, but it's not going to reduce in any way the competition between RTL and ProSieben. That's very clear. Thank you very much. You're welcome. The next question comes from Nizla Naizer from Deutsche Bank. Please go ahead. Great, thank you. I have a couple of questions as well. Firstly, on the sale of RTL Netherlands, are there any dyssynergies as a result of this sale, for want of a better word? Given, was there an advantage of having, you know, an excess amount of streamers on your platform, and now half of them, you know, would have to go to a third party. So just trying to understand if there are some, you know, economies of scale that you lose as a result of this and how you're trying to mitigate that. And secondly, back on the partnership with ProSieben, given, I mean, from a regulator's perspective or competition authorities' perspective, did this have to sort of go through approvals as well? Or, as you mentioned earlier, was it, you know, it's clear that they're two very different businesses. Some color there would be great. And lastly, maybe on the RTL+ app with the multimedia offering, what have the KPIs been like in terms of subscribers who want the full offering? Is it in line with your expectations, and how do you expect to drive this going forward? Thank you. All right, well, on RTL Nederland, there are no dyssynergies, and it's largely due to the fact that we're entering into a strategic partnership with DPG. So the transaction, as I tried to explain in my opening remarks, is the best of all worlds. On one hand, we get a, what we consider to be a strategic price for the assets, and at the same time, the group and potentially extend them to other territories in which DPG operates. So no dyssynergies here. Quite the contrary, if we make the partnership work, then there's opportunity for more synergies. On the RTL ProSiebenSat.1 partnership, we informed the competition authorities. They didn't raise any concerns. Of course, on the basis, you know, we continue to compete, based on price, based on volume, based on, you know, deals, which we agree with, with the advertising customers and agencies. So, it's purely, it's a purely technical solution. As I said, responding to requests and requirements of our customers. This is not a market consolidation beyond the technical aspects I mentioned. RTL+, as I said, the RTL+ subscriber base grew by 23% in Germany last year to just below 5 million. The strong growth continues in the first two months of this year, so we're very happy with the results. We don't disclose separately how the various packages which we offer, the RTL+ packages, perform. There's a video package, and then there is a different price point, and then there's the Video Plus package which is the all-inclusive app. What I can tell you is that we're happy with the start. It's a new product which needs some explaining. This is why we launched a comprehensive marketing campaign to explain the product. What we do see, you know, on the basis of cohort analysis, is that those who subscribe to the all-inclusive app stay longer on the app, and the churn rates are lower. And that was always the thinking behind the all exclusive app, not only to a market beyond video, and therefore to significantly increase our growth opportunities, but to have a positive effect, combined effect on usage and therefore churn reduction. And what I'm seeing so far, but as I said, really it's early days, goes in the right direction. Great. Very helpful. Thank you. Thank you. As a reminder, anyone who wishes to ask a question may press star followed by one. The next question comes from Christian Kiolbassa from Credit Suisse, Germany. Please go ahead. The investments in Atresmedia and Groupe M6, are there any considerations as to increase? How do you mean? In a significant- You're breaking up. Could you, could you repeat the question? Sorry, it broke up, and then we were interrupted. If you could, start with your question again. You have your investments in Groupe M6, and you have your investments in Atresmedia, both being publicly listed as well. Do you have any plans in terms of adding or reducing your current stake in either of those two companies? No, we don't. We've been loyal shareholders of both companies for many, for many years. At M6, our shareholding is just below the 49%, which is the regulatory maximum, as you may know, in France. And so that sets our shareholdings just below 19%. So there's no current plans. Doesn't mean that these plans could not change in the future. But as I said before, responding to the question from further disposals, we're currently fully focused on RTL Netherlands and have no other disposals or reduction of shareholdings on our agenda. There are no further questions at this time, and I hand back to Oliver Fahlbusch for closing comments. Yeah, thank you very much for your interest in RTL Group's full year results 2023. If there are further questions during the day, we are available to answer them. Apart from that, I wish you all a very good day and a good start into springtime. Thank you very much. Thank you.