Dear ladies and gentlemen, welcome to the SYNLAB Q1 2021 financial results call. At our customers' request, the conference will be recorded. Today's call will be hosted by Mathieu Floreani, CEO of SYNLAB, and Sami Badarani, CFO of SYNLAB. After the presentation, there will be an opportunity to ask questions. I now hand you over to Mathieu Floreani, who will lead you through this conference. Please go ahead, sir. Thank you. Good afternoon or good morning to all, and welcome to our first call as a listed company. We will present today, together with Sami, our Q1 2021 results. I will kick it off with a few slides to summarize our very strong quarter. Before jumping in, the highlights are that this quarter, again, we're able to, number one, continue rolling out our FOR YOU growth strategy. We made very strong progress on each of the four pillars and amongst others, key organic growth and M&A. Number two, at the same time, we fully leveraged our strengths on COVID-19 testing, marking and making clear our leadership again in the industry. Good news is that all this progress also translated into our numbers, and I can only have immense gratitude and pride for our more than 20,000 employees. With that, let's start with the financial highlights on page five. The summary is our financial results were extremely strong. To keep it simple, just comparing with Q1 2020, we doubled our revenue, multiplied our adjusted EBITDA by almost four, our unleveraged free cash flow by 16, and as a consequence, we saw a major organic leverage ratio reduction to 2.3 x pre-IPO. Moving to page six and the operational highlights. Here the summary is our FOR YOU transformation is progressing steadily. For those who are not yet familiar with our FOR YOU strategy, this actually is a transformation journey we initiated in 2018. It is based on four pillars, and it aims at leveraging both our customer centricity and our medical expertise to accelerate growth. Q1 was good progress on all pillars, and if I start with organic growth, the first pillar. You will see later we achieved an underlying organic growth of 3.7%, and that is actually translating our initiatives into results. The highlight is the preparations we had for the South East London contract, which is a major hospital outsourcing contract we won in Q4 of last year. On this, the team is assembled, the roadmap is clear, the lease for the new future lab is signed, and we started on time on April 1st. Other on the first pillar, our initiatives around the blood collection points are also progressing well, with new ones opened in many countries as Colombia or Italy, just to name a few. We progressed also as planned on our second pillar of operational excellence with, for example, SALIX. These are savings initiatives, and they are on target. All the LIS harmonizations, which are also continuing. To be noted, our plan to renew all of our core lab equipment, after having already completed hematology and microbiology last year, is also on track. M&A, that's our third pillar. It resumed strongly since the beginning of the year with 10 acquisitions in five geographies for EUR 44 million enterprise value, which is already more than the full year of 2020. Finally, on the last pillar on the employee engagement, which is also one of our key ESG metrics, we performed our annual survey with a 65% participation rate this year. I'm happy to report that we increased our score by 13 percentage points, and that demonstrates that our transformation is also well underway in this managerial area. On to page seven. The summary is we are progressing well on our ESG journey. We published our first ever ESG official report, where we laid out our roadmap. While it is ambitious, I would say it is industry-leading, and it is structured around three pillars: SYNLAB Green, SYNLAB Care, and SYNLAB Citizenship. There we gave ourselves measurable goals on a set of KPIs, and to name a few, becoming carbon neutral by 2025 or surpassing 30% share of women in our board, in our supervisory board and ExCom combined by 2023 or increasing our scientific publications. We also now have a very structured governance to pilot this roadmap. Moving on to page eight, summaries. We again demonstrated our industry leadership on COVID-19. There, I would say our geographic diversification played very favorably for us once again, and we reached our highest levels of PCR volumes in March, close to 3 million tests. We also reached all-time highs in several countries, which to me demonstrates the continued and evolving need for testing. Speaking of which, actually antibody testing is now steadily increasing in many countries, and sequencing for variants of concerns or of interest is well established in some others. We have also, on another side, seen a constant growth of demand for our offering, Safe at Workplace, and there with milestone clients like Radisson Hotels, Amazon in Italy, Barça, and actually 7,700 or more other companies. We completed our offering with PCR pooling, and this is to help schools or companies with a solution that is medically better and very often cheaper than rapid antigen tests. I would say in a nutshell here, we demonstrated our customer centricity, our entrepreneurship, and our medical capabilities also in this COVID-19 leadership. Finally, on my side on page nine, our successful IPO will enable further growth. I won't repeat all the technical details, which I'm sure you know. The interesting part is it is made in majority of leading long-only investors with a very good balance across geographies. I will now hand over to Sami for the Q1 2021 financials. Sami? Thank you, Mathieu, and good afternoon, everyone. I am very pleased to walk you through the Q1 2021 financial performance of the SYNLAB Group, and these are the non-audited SYNLAB Limited financials. SYNLAB Limited was the top core of SYNLAB Group pre-IPO, and now it has shifted for Q2. We will have SYNLAB AG from Germany. Let's start with the revenue on page 11. Q1 2021 reported revenue stands at EUR 938.2 million, with 96% revenue growth, nearly doubling the revenue. The pro forma revenue includes the additional revenue as if 2020 and 2021 acquisitions had been consolidated on the 1st January of each year. The impact of acquisition is marginal this quarter, EUR 6.5 million, but should increase with the strong M&A activity ongoing and with the M&A pipeline, the strong M&A pipeline that we have. The overall FX impact is negative, EUR 9 million, primarily from Latin America and emerging markets, still weak currencies. The bulk of the growth, EUR 462 million, comes from the organic growth at 96%. 96% organic growth, one of the highest organic growth in the industry, if not the highest. Page 12, explaining the organic growth, detailing the organic growth now, the Q1 organic growth. Three elements to explain the build-up of the organic growth. The underlying organic growth first, which exclude COVID-19 testing as well as the attrition, the confinement impact, and it's excluded from current year and last year. This underlying organic growth is at 3.7% and is consistent with our 2020 estimated growth that we have communicated during the IPO process at 3.5%-4% last year. We are still on the same track. We have a slight positive price effect in Q1 and the delivery of the FOR YOU growth initiatives. The COVID-19, the second bar here. The COVID-19 confinement or attrition effect is double. We first have a positive effect from the reversal of the Q1 2020 negative, and Q1 2020 was negative EUR 46 million. We still have a negative effect in Q1 2021 that we have at negative EUR 24 million. We still see a continued nominal effect of EUR 5 million-EUR 10 million per month with fluctuation country to country, depending on the months. The net impact is a positive EUR 22 million. Then we have the COVID-19 testing activity, still primarily PCR testing. 7.1 million PCR tests in Q1 2021, with an average price of EUR 58 per test, compared to the EUR 61 per test in Q4 2020 and the EUR 65 per test for the full year 2020 that we have been publicizing previously. The total COVID-19 testing revenue stands at EUR 431 million, which represent 46% of the Q1 2021 revenue. Excluding the COVID-19 testing, but keeping the impact of the confinement in each year, the revenue organic growth is at 8.7%. The key takeaway on this page is obviously a huge organic growth across the portfolio from our ability to respond to the COVID-19 testing demand while keeping the focus on developing the underlying business. Moving now to page 13 on the EBITDA performance. The Q1 2021 reported adjusted EBITDA stands at EUR 324.1 million. The EBITDA organic evolution explains the bulk of the growth to EUR 39.5 million and more details on the drivers of the organic performance will come on next page. The Q1 2021 EBITDA margin of the group is at 34.5% compared to rounded 32% in Q4 2020 and 26% for full year 2020. This is another evidence of our financial model. Strong organic growth drives margin improvement. Moving now to the drivers of the EBITDA on page 14. I mentioned earlier a nominal positive price impact with no negative price in France in Q1. On the gross profit, we still experience a negative impact from the mix, PCR test reagents still more expensive than the reagents on the average of the other tests that we have. Even though in Q1 we see that the PCR test reagent cost is dropping more than the price drop mentioned earlier, which means that our margin on the PCR activity is improving. Personnel cost and other operating expense are growing at around 30% versus 96% revenue growth. This is the volume leverage impact. A significant portion of this increase is overtime related and bonus related. The increase of FTE year-over-year is around 17%. In addition, our inflation is contained and is more than offset by the impact of our SALIX program. Again, procurement and productivity savings from initiatives executed across the network and in the countries. The rest of the business line, EUR 237 million. This includes, by definition, all the rest, the underlying volume, the acquisition synergies, and the impact of COVID-19 testing and attrition. Again, Q1 2021 performance helps us demonstrate that the key profitability driver in our industry is volume leverage. As our cost structure is mostly fixed on the short term, any incremental revenue drop to the bottom line with a high flow-through. Page 15, the P&L. The bridge from the EBITDA to the net profit, as well as the bridge between reported and adjusted financials. EBITDA first, we have EUR 9.7 million of adjustment here to our EBITDA to get to our adjusted EBITDA. Two key items to highlight. A nominal EUR 3 million of IPO cost and around EUR 5 million of revaluation, and it's called under the acquisition here, EUR 4.9 million. This is a revaluation of the options that we have to buy our minority shareholders in Nigeria, considering ongoing discussion on the topic and the positive development of our business in Nigeria. Nothing specific to highlight on the operating profit line. The adjustment between reported and adjusted is related to the customer lease depreciation. The strong reduction of Q1 2021 net finance cost, mostly from lower interest rate and from reimbursement of unsecured senior notes back in Q4. The net profit reflects the positive impact also from the residual sale of A&S business in January 2021. We still have one business in Germany that was not sold to SGS. It was a minority-owned business, and it has been done in January. The Q1 2021 adjusted net profit stands at EUR 190 million. Cash, page 16. The Q1 2020 operating cash flow of the group is at EUR 231.4 million, rounded EUR 180 million growth versus last year from EBITDA growth and despite an increase of EUR 60 million in net working capital. This increase come from an increase of accounts receivable from timing of COVID-19 ramp-up. The DSO is at 73 day with a slight decrease of four days from Q4 2020 level. Nothing else to highlight on the other items of the cash flow. CapEx is slightly increasing year-over-year with EUR 3.6 million of COVID-19 related CapEx in the quarter. Total to date since last year, we have spent around EUR 27 million of CapEx for COVID. EUR 182 million of unlevered free cash flow, 56% conversion of EBITDA. Just as a reference, the unlevered free cash flow of the group was EUR 258 million for the full year 2020, and EUR 165 million for full year 2019. We are generating a lot of cash. Strong balance sheet, page 17. Here it's expressed with a simple view, capital employed and capital resources. The change versus December is mainly driven by the addition from the seven acquisitions completed in Q1, and the impact of COVID-19 testing on the net working capital and on the income tax liability. The net debt of the group includes EUR 435 million of leases and is at EUR 2.1 billion. It's down EUR 132 million versus December 2020. As of March 31st, the group had EUR 487 million of cash in hand and the RCF was undrawn. The group has a strong balance sheet. Page 18, the leverage. The adjusted net debt for capitalized transaction cost is at EUR 2.127 billion at the end of Q1, and the LTM pro forma EBITDA stands at EUR 921 million, an increase of rounded EUR 236 million to year-end 2020. The leverage ratio debt to EBITDA stands at 2.3 x, down one point compared to year-end. The impact of the gross EUR 400 million primary raised at the IPO is not yet reflected in this calculation. On page 19, active debt management, talking about post Q1 activity. We had a very strong activity in refinancing post IPO. We had the yearly reimbursement of the last bond, EUR 850 million. We had the yearly reimbursement of around EUR 300 million of Term Loan B. We have cancellation of our RCF and set up of a new RCF of EUR 500 million for five years. We have issued EUR 735 million of Term Loan A for five years. In all, significant interest rate reduction with no debt repayment due before 2026. This concludes the financial section of the presentation, and I will now hand it back to Mathieu for the business review. Thank you, Sami. Let's cover our four main geographies for the Q1 period. The summary here is that each of the four segments fired on all cylinders with, I would say, amazing levels of performance. This of course comes with a lot of effort, entrepreneurship, and skills. If we start with page 21, starting with France. Sami already spoke about this strong volume leverage that we have, and you can see it here at play in France, right? Our AOP was multiplied by more than three as our revenues almost doubled. Growth there was driven by, I would say, historically high COVID-19 volumes, also against the Q1 2020, which included confinement effects in March last year. The underlying growth also is robust at 2.2%, and that is pushed by FOR YOU initiatives with stable prices as Sami mentioned. Two remarks for all, say, four charts on the segments. The underlying organic growth is always excluding any confinement effect of 2020 or 2021. It is really the underlying. We included also, you can see the bar, the midterm organic growth assumptions for each segment, to give you transparency. Still in France, prices were reduced by 2.85% in April this year, and this is as expected in our three years contract. Finally, we closed also three bolt-on acquisitions since January, which will bring EUR 14 million of revenues on a full year basis. Page 22, Germany. We also achieved a very strong volume leverage there, multiplying our AOP by more than seven, with revenue increasing 58%. There, also COVID-19 volumes were again strong, but slightly below Q4. The difference here is the underlying business grew moderately, and this was hampered by a negative calendar effect, and also some temporary resources constraints. We operated significant sequencing of variants of concerns and are number one in the market for this service. Here also, we closed a bolt-on acquisition that will bring EUR 2 million revenues. On to page 23, South Region. Again, similar picture on the AOP, multiplying by seven with revenue growing 85%. This was due both to high COVID-19 across all geographies and also a strong underlying growth, organic growth of close to 6%. This organic development was mainly driven by Italy and LATAM, and they compensated for Switzerland, where we have rollover effects of our 2020 lost customers, and to a minor part, also a price reduction. Since the beginning of the year, we closed four bolt-ons in Italy, one in Colombia, one in Spain, for a total of EUR 5 million of revenue. Page 24, North and East region. This is probably the good extreme picture of our commercial and operational capabilities with an AOP multiplied by 11 on the back of a revenue multiplied by 2.5. This was driven by very large COVID-19 contracts, coupled with strong underlying organic growth of 5% across all the sub-segments. FOR YOU also there is delivering very nicely. Finally, as already mentioned, we started our Southeast London contract successfully on April 1st. To conclude, we can move to page 26 for the outlook. Again, as I said, sometimes before, providing a view for 2021 remains obviously highly challenging because the situation also continues to evolve permanently. With volumes at the elevated levels we have seen since the start of the quarter, we anticipate for this Quarter 2, again, sustained COVID-19 testing activity, solid organic growth, also with our SEL contract starting, and good continued M&A activity. To be noted also, the second quarter of 2020 was the one with the strongest confinement effects, especially in April and in May. For the full year, based on the very strong start of the year above our anticipations, we confirm our expectation to comfortably exceed EUR 3 billion revenue, and we confirm both our organic growth of about 10%, as well as our unlevered cash flow to reach EUR 300 million to EUR 350 million. In conclusion, well, let me express again my gratitude and admiration to the whole SYNLAB team, who despite one year now of very intense efforts, continues to be relentless serving our purpose actually. We were able to continue our transformation and at the same time deliver an outstanding performance against the pandemic. I could add, to complete also a successful IPO. With this kind of strength, I look more confidently than ever into our future. This concludes our presentation. Thank you for listening. We'll now open the floor for questions. Thank you. We will now begin our question- and- answer session. If you have a question for our speakers, please dial zero one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. If you find your question is answered before it is your turn to speak, you can dial zero two to cancel your question. If you're using speaker equipment today, please lift the handset before making your selection. One moment please for the first question. The first question is coming from Mario Perkovic from Marathon Asset Management. Please go ahead. Hi, good afternoon, thank you for the presentation. I have three questions. The first one is more high level, I wanted to just get a better sense of the reduction in pricing that you have seen, one, in France you mentioned 2.5% is that due to the triennial plan agreement in France? The COVID testing dropping from 65%-58%. Is that kind of expected and do you foresee further price decreases there? That's question one. Question two is really more on the balance sheet and the credit side. The term loan, the EUR 735 million, have you issued that what is the margin on that? Lastly, on your existing term loans due 2026 and 2027, I wanted to ask you what is the current margin on the back of the reduced leverage level? Thank you. Good. I think this is a nice package for Sami Badarani, of three questions. Okay, first question on the France price. The France price will reduce in Q2, as per the three-year plan, and it's around the 2%- 2.5%, depending whether we look at it on a yearly basis or on a 12-month basis. The rest for the price drop on the COVID, last year, EUR 65 average. Year- to- date, EUR 58 per test for PCR and from EUR 61 in Q4. The price that we have here will continue to drop progressively. Our assumptions in our planning is a more drastic drop, we don't see any major impact from this drop or if any, a positive impact versus our plan. As mentioned also previously, we have reduced our cost of goods sold on PCR at a quicker rate. That means our margin on PCR is improving. For the term loans, I think we have a variety of different elements here. The one that has been just issued, the 735, is at base rate at 2.5% today, but it will reduce drastically based on the leverage reduction, and it should be around 1.75% in the coming months. For the existing one, it's the same thing. I think we are at 2.5%, and it will also reduce because we have agreed here, and it will reduce to the same level. We may have to refinance in the future the legacy Term Loan B that we have to get even better rates. We will do this in the future once we feel the right time happen. Okay. The current one is 2.5%. Reduce to 1.75%. Reduced. Yeah. Yeah. Okay. Got it. Okay, thank you. Yeah. We have communicated overall that our 2021 average interest rate will be around 2.9%. It will be dropping to 2% or less in the future. Right. Okay. Received. Thank you. As a reminder, if you have a question for our speakers, please dial zero one on your telephone now to enter the queue. The next question is coming from Laurent Roux from Exane BNP Paribas. Please go ahead. Hi, guys. Thanks for taking the question. I have a few. Can you please remind us the phasing of the revenues for the SEL contract, please? An update on the DSOs as well. I know you expect that to evolve during the rest of the year. Lastly, on Switzerland and the effort that you've been deploying in the region despite the negative impacts in Q1. Thank you. Sami, you want to take them? The revenue of SALIX, obviously, we have a start of the activity in April, and we've communicated that this contract will be around EUR 150 million per year on an annualized basis. We should see a slighter lower level in 2021. I mean, three quarter out of four. No element of surprise here. It should develop, and if any, it will be on the positive side. So far, so good. On the DSO, I mentioned the reduction of four days in Q1 versus Q4. This will continue. When we analyze our receivable, we don't see any risk here. It's purely a timing of the receivable and the revenue ramp-up of COVID-19. When we were excluding the COVID activity, our underlying DSO is at 56 days and is stable. That's our current understanding, and so we have no risk here. The payers are the health systems, the insurances, and we don't see a major risk. For Switzerland, there is, as Mathieu mentioned, the rollover effect of the contract termination that we had last year for some of our customers. There is nothing abnormal here, significant to happen. There is a continuous effort now to regain new customers in Switzerland, and we're confident about this on the midterm. There is nothing else to highlight. No significant development so far. I think your question was also brought on the region south, if I understood well. The efforts there continue in opening a significant number of blood collection points, even in the middle of the pandemic. That's what we did, for example, in Colombia with several dozens and in Italy. In other parts of the region, we also develop our, say, specialty tests. Overall, that's how you see at the end, the strong underlying growth, organic. As a reminder, if you have a question for our speakers, please dial zero one now to enter the queue. There seem to be no further questions or closing remarks. Oh, one question coming in again from Mario Perkovic from Marathon Asset Management. Please go ahead. Yeah. Hi again. Since there are no further questions, I want to follow up on the one on the price drop. Can you give any guidance or any expectations around what COVID testing will look like in terms of pricing and margin going forward? What are you budgeting in terms of that EUR 58? Where do you think that will drop further and the margin related to that? Sami? I think this is pure internal data. It has not been yet confirmed by the announcement from the different regulator in terms of pricing. We have taken a very conservative approach in our modeling so that we don't get negative surprises. We've assumed, and we've already mentioned this, around EUR 45 per test in 2021. I think we will not reach this level on an average basis this year, obviously. Now, the consequence that you've drawn, saying that a drop of price mechanically translate into a drop in margin has not been so far the case for us, and I mentioned it in the presentation. In Q1, we have seen the opposite. We have seen an improvement in margin in our PCR activity. What is important besides, say, the regulated price. What is also important to understand is that we have developed an activity that is non-regulated with additional services around the activity for enterprises. Also we have separate contracts with states that tick a bit differently. That's on the pricing side. It's a mix, and we play positively also on the mix. Then onto Sami's point about the margin. We have also, early on last year, taken the bet, I would say, to build automated factories. Build a network of automated factories together with spokes close to the client. This helps us to generate tests at a low cost of say, manufacturing or processing rather, which shelters us a bit also against these price reductions. Understood. Thank you. Is there any kind of push in terms of insurances and, or should I say the public authorities, in terms of reducing that further, or do you see any pressure heightened now in Q1 or coming to April, May? As that volume is obviously very materially high. Do you feel like given the critical nature of this type of testing, it's good that you're doing it and appreciated, so? No, I don't think we see any specific particular heightened pressure or whatever. I think the regulator does what they always do. They look at it over a period of time, and it's, I would say, quite predictable, right? There is not big ups and downs to be expected. That's not how it works usually, right? Okay. In terms of Well, from what I've seen in your, I think, IPO and some of our lab operators, COVID testing will remain a component into the foreseeable future going to 2023, 2024 onwards. Do you continue to share that view? How much do you think COVID testing, obviously, it's very far out, but do you think there is a number of, let's say, 10%-15% that COVID testing in terms of revenues will be part of that mix going forward in 2023, 2024? Do you think that'll be even higher than that? Well, I would guard myself too much on revising predictions so far out. What I can tell you is that we based also our assumptions on a modeling we asked BCG to help us doing, and we took rather the bottom end of the range that was provided. This could well swing higher. We remain very confident on what we have predicted for the coming years. I would say based also on what we see happening, right? If you read the news in the Seychelles, where, of course, it's a small island, you can argue, but they had vaccinated 60% of the population. They have a surge in the pandemic. Now 37% of the people that are contaminated had been previously vaccinated. That shows you that it's quite complicated to fight this virus. That we will at least need to have enough surveillance, meaning PCR testing, to be able to sequence the different mutation of the variants, to be able then to adapt the vaccines. The states will not fly blind, right? You can see what the U.K. is doing, what Germany is doing, what France is doing. The U.S., they have, I think, given EUR 1.7 billion for just sequencing, made available as a budget. That is only for this reason of surveillance of the mutations so that you can adapt the vaccines. That's why at the end, there is nothing new that would be changing our assumptions. Understood. Okay. I didn't know all of this. That's very interesting. Thank you. There seem to be no further questions right now. For closing remarks, I give back to Mathieu Floreani. I think we can still maybe wait one or two minutes. Sometimes it's a bit tricky to get it dialed in. Let's wait. Okay. Good. It looks like we have stunned you, I hope positively. Thank you very much for your attendance and your listening. The next time we meet in this setting for our Q2 and H1 result will be on the 12th of August 2021. You have the contact details for Investor Relations with Mark Reinhard at the end of the presentation. With that, I wish you a very good rest of the day, and thank you again for your attention. Goodbye. Ladies and gentlemen, thank you for attending. This conference has been concluded. You may disconnect.