Okay, ladies and gentlemen, welcome to the conference call of TK Elevator. At our customers' request, this conference will be recorded. As a reminder, all participants will be placed in listen-only mode. May I now hand over to Christian Schulte, Head of Investor Relations at TK Elevator. Please go ahead. Yes, thank you very much. Hello, everyone, this is Christian, and on behalf of the team, a very warm welcome here from Düsseldorf to our Q1 earnings call. We released the slide deck for this call yesterday afternoon, and you can find it on the investor section of our website. Joining me today are our CEO, Uday Yadav, and our CFO, Phil Mueller. Today's agenda, Uday will start by highlighting our key financial and strategic achievements since our last call in November. Phil will then take a deep dive into our financials, and Uday will then return to wrap up. After that, we will address the questions you submitted to us in advance of this call. With that, I would like to hand it over to Uday. Uday, please. Great! Thanks, Christian. And a warm welcome to all of you. I know we're six weeks into the new year, but a belated Happy New Year. So really building on our progress over the past three and a half years, I think we delivered a strong start to the fiscal year with broad-based order intake and earnings growth, record Q1 and LTM margins, and continued EOX platform expansion, along with, you know, disciplined execution on our key growth initiatives and scaling our digital operations to support our new service delivery model that we've talked about in the past. We feel very good about where we are today and are well positioned to continue our profitable growth and transformational journey. So let's dive right into the key highlights of the quarter. Order intake was a highlight this quarter and increased 10%. We recorded broad-based order intake strength with growth across all business lines and every region. We recorded double-digit growth rates in new installation and modernization, and the 20th consecutive quarter of organic service growth. I think as you take a step back and think about the industry, it's important to note now for five consecutive quarters, five consecutive years, sorry, we have generated positive service growth in every single quarter, a level of consistency seen only in a few other selected industrial service companies with superior, stable growth. This performance, I think, underscores the strength of our business model and focus strategy, balancing unit growth, portfolio quality, and of course, disciplined commercial execution. Our backlogs actually increased both sequentially and year-over-year, giving us strong visibility and positioning us well for the quarters ahead. Now, regionally, Americas' orders increased 5%, growing across all business lines, led by double-digit growth in mod and in the U.S. overall, which includes more than a 30% growth in new installations. We very much capitalize on a growing U.S. market and recorded particular strength in the important healthcare, hotel, and entertainment segments, as well as in office. Activity in the New York area was particularly robust in both NI and mod, supported by the ongoing return-to-office trend and tight Class A space that we see. Europe, Africa recorded a 9% growth to a new quarterly high, with growth across all business lines, led by 20% growth in mod, as well as growth across all regions and end customer segments. This includes actually double-digit growth in private residential, as well as across virtually all commercial segments and in the metro-related infrastructure. And I just by country, Germany actually recorded double-digit growth in NI and mod in a very difficult environment. Spain led the region with double-digit growth across all business lines, and we capitalized on the traction, of course, and increased market coverage of our EOX platform, our strengthened infrastructure, and of course, our leading mod positions, and then the modernization repair opportunities created by the Spanish ITS regulation. Orders in Asia Pacific increased 17% overall. This reflects order growth across all regions, including growth in China overall, as well as in China, NI, and was led by mid-double-digit gains in the Middle East. So new installation orders actually increased more than 10%, and this includes growth outside of China of around 25%, led by double- triple-digit, actually, growth in the Middle East, driven by Saudi Arabia, UAE, and Egypt. Our mod backlog increased, driven by strong gains in China, offsetting lower orders in the rest of Asia Pacific. That's, of course, for mod. We recorded pronounced strength in the mod residential segment in China, private residential in India, and broad-based gains across virtually all residential and commercial segments in the Middle East. And infrastructure orders were more stable. Now moving to revenue for the group, we were up 2% to EUR 2.2 billion. Continued growth in service and mod more than offset the lower NI sales, mainly in China. And in Korea, NI and mod sales were still significantly impacted by weaker construction activity, delayed project starts caused by a sustained high interest rate environment, constrained financing, and the after effects of the political turmoil we saw earlier. In mod, we recorded a 22nd consecutive quarter organic growth. Sales picked up to 8% despite being weighed down by Korea, and Mod growth was driven by the US, Spain, and China. In service, we grew about 3.5%, with growth across all regions, led by Europe, Africa of course, and portfolio units increased around 2% globally, complemented by a further increased value per service unit. EBITDA increased 9% and margins expanded 90 basis points to 16.8%, a new Q1 high and a good start to the year. We are pleased with the continued execution discipline and operating rigor across all the regions. The Americas, Europe, Africa, and Asia Pacific, excluding China, delivered significant margin expansion, more than offsetting the lower contribution from China. Operating cash flow increased 15%, and we continue to maintain a strong liquidity position of EUR 1.5 billion. So let me briefly put our Q1 results into the broader context of our multi-year transformation journey, which is driving long-term value creation. We continue to make solid progress by installing a mindset of continuous improvement, leveraging a trusted playbook from other industries, and creating a high-performance culture embedded in our best-in-class leadership teams around the world that I believe are making a real difference. As a result, we continue to remain strongly positioned, both operationally and strategically. And as shared previously, we remain absolutely laser-focused on performing today. We continue to build on our longstanding focus and strength in modernization and service, our fastest-growing and highest margin lines of business. This focus has resulted in a margin accretive change of mix by 8 percentage points over the last three years, with now 66% of our sales coming from Mod and service, which together generate over 90% of our profits. I think it's important to note for additional context that about 2/3 of this shift is driven by strong Mod and service growth across all regions, and in the spirit of transparency, 1/3 of the shift is also explained by lower China NI sales. It's also important to note that sales to NI customers in China have gone down to now less than 7% of our group sales, so less exposure. Over the last three years, our intentional strategy of balanced portfolio growth, commercial rigor, and portfolio quality globally, coupled with improved spinner ratios, have resulted in a 15% increase in value per unit. This has been further supported by reducing complexity, reducing our SG&A levels by 300 basis points since the carve-out to below 13%, while also investing in R&D as a percentage of new installation revenue, at levels above industry norms. Over the last three years, our adjusted EBITDA margin has expanded 480 basis points to 17.8%, and EBITDA has increased by 60%, with significant positive contributions across all business units, led by more than 70% of that growth in the Americas. While we have been focused on performing today, we continue to build for tomorrow. To grow in NI, we have invested and launched EOX, our new global elevator platform for the low and mid-rise high volume segments. These segments represent roughly two-thirds of total market demand, areas where we had limited presence in the past. EOX order intake units have now increased 30% over the last 12 months, especially in Europe, while we continue to expand market coverage from residential to commercial applications. We continue, of course, to invest in Mod and service capabilities around the world. In Mod, we just launched our first EOX-based full and partial Mod solutions in Europe and the U.S. respectively, while investing in tailored Mod solutions and go-to-market approaches to capitalize on the growth in China. In service, we are deploying a new state-of-the-art integrated service delivery model in North America that will be scaled globally. And we will share more details of this, of this entire model at a future time. But one element of this service model is AI-supported Digital Operation Centers, where we are seeing early benefits. So we're raising execution standards and performance expectations across our global footprint through deploying Branch Excellence, consistent with how contemporary industrial companies operate. And finally, we are investing to unlock new regional growth opportunities in the Middle East. Our strategic partnership with Alat, now a long-term shareholder and JV partner, positions us at the center of Saudi Arabia's smart and sustainable cities agenda and Saudi Arabia's construction super cycle, with early, early traction already translating into strong order momentum. Now, the bulk of the investment into the EOX platform have been made, but we are not standing still and continue to build on our momentum with recent product launches, EOX extensions, and initiatives to capitalize on growth opportunities, as I said earlier, in modernization as well as new installation. In new installations across Europe and Brazil, we expanded our EOX portfolio with higher speeds of up to three meters per second and increased load capacities up to 2,500 kg. The enhanced offering now supports travel heights of up to 120 meters or 40 floors, significantly expanding our addressable market in non-residential segments, which of course include office, hotel, and healthcare buildings. Our strategic partnership and joint venture with Alat is progressing well. We are finalizing the site selection for manufacturing and are ramping up resources in sales, and we are seeing the early benefit. NI orders doubled in the Middle East and tripled in Saudi Arabia. In North America, we launched our EOX-based partial modernization solution at the end of the last fiscal year, and in Europe, we followed with our first EOX-based full replacement solution in the first quarter of this year. So, taking a step back here and putting this into context, we're extending the EOX concept from new installation into modernization. In new installation, EOX has already demonstrated how our configure-to-order platform-based model can drive scale, reduce complexity, and improve competitiveness, and also drive share gain. We are now applying that same logic to modernization, complementing our predominantly engineer-to-order-driven mod model to a more industrialized CTO approach or configure-to-order approach built on the EOX platform. The benefits are clear: lower complexity and execution risk, cost and margin improvements from the platform scale and fewer [variants], faster delivery and installation, and better global scalability. Then in China, we are investing to capture in the treasury bond-supported mod market in China, of course. This includes an effective, local adaptation, a targeted sales approach, optimized lead times and installation processes, and strengthening our B2C brand visibility. This subsegment of the market remains a significant opportunity as the government continues to fund residential retrofit and upgrade program to support domestic demand. In Q1, our treasury bond mod order intake tripled year-over-year. Let me briefly now expand on one key element of our digitally enabled integrated service model and how it is elevating efficiency, quality, and customer experience. Our new service delivery model has been developed based on best-in-class service companies, and while many of the elements have existed previously, for the first time with the adoption of AI, we are able to integrate all of the elements to create a fully connected AI-supported ecosystem behind every technician. The real value of leveraging AI is integrating our deep, deep domain knowledge into the workflows of the service organization, and we have done this. Having real-time visibility into technician location, health of the elevator, and connecting it to how we interact with our customers and how we drive our own operations is critical to drive uptime, customer satisfaction, and productivity. Now, one key element, I must stress, one key element of this model is our Digital Operation Centers, or DOCs, as we call them. Similar to Branch Excellence, we are transferring a proven concept used by leading service companies in other industries into TKE as part of our journey to become a best-in-class industrial company. The Digital Operation Centers operate as AI-supported expert hubs, where specialists from elevator engineering, field operations, and data engineering work side by side, and they combine deep domain expertise, brand-agnostic technical capabilities, and market-leading engineering know-how, along with our rich data assets, to transform vast IoT and commercial data into actionable insights for our technicians. And in the United States, where we launched the concept, this has saved roughly 20,000 unplanned service visits, callbacks in our last fiscal year, that is, with callback rates declining more than 40% per units, where AI-supported structured service action packages were executed. Today, Digital Operation Centers are now live in seven countries, with three more centers to launch this fiscal year. They are only one element of our AI-supported service transformation, but a powerful one, and leveraging the power of one TKE and position the company for long-term sustainable success. You'll hear more about this later in the coming times. Let's turn to some exciting recent project wins, representing broad-based order intake across all of our regions and business lines and highlighting our core strengths. With the industry-leading multi-brand capabilities, differentiated technical solutions, and this proven execution track record, along with long-standing customer relationships with our strong ambition to win. In France, we extended our nearly 25-year partnership with SNCF, France's national railway operator, through a new multi-year service agreement. The contract expands the scope to 700 TKE multi-brand units across the Paris metropolitan area, and the other major cities. In Manhattan, we secured a significant win across both service and new installation, further strengthening our position in the attractive North American healthcare segment. We will service more than 150 multi-brand units at Memorial Sloan Kettering Cancer Center, one of the world's leading oncology institutions. Building on the service win, we will also supply 26 elevators for the campus expansion, featuring our agile digital solution and reflecting our strength in oversized capacity products… a segment seeing increased demand in the healthcare environment. In Karlsruhe, in southwest Germany, we secured a major project win for a 92-meter office tower, consolidating multiple government services into a modern, energy-efficient building. This project really combines our differentiated TWIN and EOX solutions, enabling, you know, optimized shaft layout and efficient traffic flow, leveraging the very unique TWIN technology and our first deployment of the extended EOX platform with speeds of three meters per second. Then in China, we secured several major modernization orders covering more than 100 residential elevators in Chengdu and just about 50 units in Zhongshan under the National Treasury Bond Funded Program, contributing to strong growth we have seen in this quarter. So moving on to the industry outlook for the current financial year before Phil provides more details on the financials. For service and mod markets, which are relevant for two-thirds of our revenue and more than 90% of our profits, we continue to have a positive view across all regions, driven by continued growth and the aging of the installed base. So we've slightly upgraded our industry outlook for modernization to reflect an overall strong market development in the first quarter, benefiting from systematic modernization programs and evolving regulatory requirements, as well as the effective government incentives for mod in China. And we're increasing the expected global mod growth from mid- to high-single digits to high single-digit growth. And in new installation, we slightly reduced our global industry outlook from stable to low single digit to low single-digit decline. This is mainly, of course, driven by the continued weakness in China, where the decline in new construction is easing, though at a more moderate pace than originally anticipated. We now expect a market decline of around 10% for NI units in China, and this is partially offset by stronger growth expectations with Asia, excluding China, particularly in the Middle East. Amid the uneven market dynamics and continued volatility, our priorities remain straightforward: maintaining aggressive cost control and commercial rigor, directing investments and resources for faster-growing and high-margin segments and regions, including capitalizing on and extending our service, our strength in service and mod, with a focus on digital and the new service delivery model. Further ramping up EOX market coverage in NI and in mod, and capturing regional growth opportunities with India and especially the Middle East and Saudi Arabia as key priorities. With that, I'll hand over to Phil for a closer look at our financials. Thank you, Uday. Let me start with the first quarter overview on the slide here. Order intake in the quarter was EUR 2.4 billion, up 10% year-over-year, and included, like Uday said, broad-based growth across all regions and business lines. We saw a double-digit growth in NI and mod, with book-to-bill above one in NI and mod in every region, and continued positive organic service growth across all regions. So a solid start to the year. Order intake and order intake growth for the first quarter reflect a minor positive impact resulting from an update to our order intake recognition policy. The vast majority of this minor impact affects order intake in Asia Pacific. Under this revised approach, dormant orders from fiscal years prior to the current fiscal year are no longer recorded as negative order intake, but are instead directly adjusted against the backlog. We believe that this update further aligns our policy with prevailing market practices. Again, a minor impact. Importantly, our backlog increased across every region and every business line in the quarter. Sales organically increased 2% to EUR 2.2 billion, driven by continued broad-based growth in service and modernization, and regionally led by Europe, Africa. Foreign exchange was a headwind of EUR 130 million in the quarter, driven by the strength of the euro, particularly against the US dollar and the Chinese RMB. Adjusted EBITDA of EUR 375 million was in line with our expectations and what we indicated to you during our call last November. Profit increased 9% year-over-year, with margins up 90 basis points to 16.8%. Adjusted EBIT margin was 13.9% in the quarter. Over the last 12 months, EBIT margins are up 140 basis points to 15%. Operating cash flow before cash interest and taxes increased 15% year-over-year to EUR 165 million, driven by higher earnings and lower cash special items. With that, let me take a more detailed view of the performance by division, starting with the Americas. Orders increased 5%, up across all business lines, led by double-digit growth in modernization. In NI, we saw continued strength in high-value projects and captured share gains in select low-rise residential segments, which we serve with the EOX platform. EOX represented more than 40% of the elevator order intake units in the quarter. In Mod, we executed well in a growing U.S. modernization market, leveraging our leading position and installed base, and our strong Mod packages and solutions for the hydro segment. Revenues were up 4% to EUR 969 million, driven by growth across all business lines, including NI, which was up 9% and was in line with what we indicated to you previously. EBITDA increased 12% to EUR 250 million, with margins up 160 basis points to 22.2%, driven by better gross margins, including a major performance improvement of our U.S. factories, as well as lower SG&A. Over the last three years, margins are 790 basis points. In the Americas, we continue to invest in profitable growth, just like in other parts of the world. We're expanding EOX's capabilities and market coverage. We're leveraging our modernization leadership, adding specialized resources to our mod and service operations. As Uday has described, we're advancing our AI-powered next generation service delivery model. These initiatives are positioning our Americas business for sustained and profitable long-term. In Europe, Africa, orders were up 9% to EUR 710 million, with broad-based growth across all business lines in every major country, led by strong double-digit growth in mod. In NI, EOX units increased 12% after having doubled in the prior year quarter and represented more than 80% of the elevator order intake units for the last 4 consecutive quarters. Overall, NI order intake units reached a new last 12-month high. Sales in Europe, Africa increased 7% to a new quarterly high of EUR 671 million. Double-digit mod and high single-digit service growth more than compensated for low- to mid-single-digit lower NI sales, which we expect to inflect back to growth in the second half, driven by the improved order intake that you've seen. Adjusted EBITDA increased 16% to EUR 101 million. Margins expanded 120 basis points to 15%. This is a new high for us for the first quarter. Our pricing actions, positive volume, and the systematic cost-out actions we've been executing more than offset material and labor cost inflation. In Asia Pacific, orders were up 17%. This includes strong double-digit NI growth, ex-China, led by 2x growth in the Middle East, and strong double-digit modernization growth in China as the team capitalized on the treasury bond-driven modernization opportunities. Sales in Asia Pacific declined 6%, driven by double-digit lower NI and mod sales in Korea, and double-digit lower NI sales in China. This was partially offset by double-digit growth in the Middle East and India, and 80% growth in China mod, benefiting from the quick turnover bond modernization business. Service sales were up mid-single digit, as negative price in China was overcompensated by double-digit service growth in Asia Pacific, ex-China. Overall, EBITDA in Asia Pacific was down 7% to EUR 61 million, with margins nearly stable year-over-year, despite, as you know, the challenging market conditions in China and Korea. We remain rigorous on costs, we'll continue to do so, but we're also continuing to invest in structural growth and modernization in services. We're expanding in key markets such as India and Saudi Arabia, and as we've described previously, we expect the important Korean market environment to stabilize and improve over the next quarters, which already starts to get reflected in the improving order intake activity in the past quarter. With that, let me take a quick look at our long-term profit trajectory. You're familiar with this format. A rolling twelve months adjusted EBITDA and EBIT continued to improve to EUR 1.63 billion and EUR 1.37 billion, respectively. That's an FX-adjusted increase of around EUR 30 million compared to the end of September. EBITDA is up 60% and EBIT up 65% over the past three years, driven by the decisive pricing actions, strict cost-out execution, and the mix shift we delivered through continued growth in service and modernization. With that, just a couple of sentences on our pro forma financing, EBITDA, and leverage. In line with our credit documentation or pro forma financing, EBITDA of EUR 1.75 billion reflects our EUR 1.63 billion LTM adjusted EBITDA, plus EUR 125 million of run-rate savings from our service delivery transformation and SG&A initiatives to be realized within the next 21 months. And then on our financial position and net debt. At the end of December, net debt was EUR 7.8 billion, resulting in net leverage of 4.5 times pro forma financing EBITDA. Total liquidity was EUR 1.5 billion, and we had an undrawn, excuse me, undrawn revolver of EUR 1 billion and EUR 500 million of cash on hand. We continue to have a solid financing structure. As many of you know, we have $2.4 billion of debt maturing in July 2027, and debt capital markets are generally supportive at the moment, so we're looking to execute our next refinancing steps here in due course. And with that, I'll hand it back to Uday before we do the Q&A. Great. Thanks, Phil. Let me quickly wrap up for the first quarter, and then we can get into the questions. We delivered, really, when you think about it, a strong start to the fiscal year, extending our profitable growth and transformation momentum. Broad-based order intake and profit growth, together with continued margin expansion, drove EBITDA to a new Q1 high, reflecting disciplined execution across all regions. At the same time, we are building for the future, rolling out our AI-supported service delivery model, scaling Digital Operation Centers, advancing the EOX platform across regions and business lines, and driving Branch Excellence to continually raise our execution standards and performance expectations across our global footprint. We are executing on our partnership with Alat and are in pole position to capture the Middle East development super cycle, with early benefits emerging and significant upside ahead. We are really combining, if you think about it, strong geographic positions and a high-value portfolio with targeted investment in capabilities, platforms, and high-growth segments to drive resilient, long-term, profitable growth and sustained value creation. Thank you very much, Uday. Thank you very much, Phil. Let's now move on to the questions that have been submitted to us in advance of this call. The first question was on operational improvement initiatives, and the question was: Given the strong profit growth and margin improvements, especially over the last three years, what is left in terms of operational improvement initiatives? It's a good question. I, I think the question makes certain assumptions. And I think the way to think about it is that this, our company has developed a mindset of operational improvement, of continuous improvement, so we're never done. We will continue to drive improvement. That's the mindset of companies that are best in class, that have operated for years. So that mindset of continuous improvement, increased productivity will continue. And while I say that, the leadership team has done a tremendous job in executing our multi-year, multidimensional transformation program. The mix improvements with a higher exposure, as you know, to the faster-growing segments, higher margin modernization, service lines, and then the upgrading or high grading of the portfolio with increased value per service unit, and then driving SG&A ratios down to all-time LTM low levels. And of course, at the same time, addressing the high-cost elevator manufacturing footprint in Germany with 60% growth over the last three years. So I'd say, you know, we have executed with discipline, precision, and focus on performing today, and we keep on also building for the future profit growth and value creation. So we've spent almost EUR 400 million on EOX under our PE ownership. So investing for the future, simplified our product offering and reduced complexity significantly by, you know, almost 80% of our platforms. Really improved the installation methods, reducing installation hours. With EOX, we've gained almost 4 points of share in Europe since the introduction of EOX. And EOX in North America, we've gained share in the 2- to 3-stop MRL segment, and we are already serving with our EOX platform. But there's a lot of upside left in these other subsegments that still need to be covered with future EOX extensions and releases. So a lot of upside and potential in the future. And as you know, I'd say EOX, we've really kind of outgrown the slower NI market. It's been a proof point for us. There's still a lot of upside left from EOX, also expanding it into Mod. And in service, we've only just started to launch our new fully integrated AI-supported delivery service model. In the US, we see significant growth and efficiency upside, and this model will be rolled out. So, you know, it's the mindset plus the initiatives that will continue to drive performance improvement. I don't know, Phil, you want to expand on anything, maybe? No, I think you hit them. I would say in general, we're obviously doubling down on all of the future growth opportunities that we're seeing. We've talked about we're developing new products and solutions for the fast-growing modernization space. So very frequently, these will be regionally tailored and have to adjust to that. You know, you guys know about the partnership with Alat, and you saw us grow, you know, 3x in Saudi, and, but still early days. You know, we've talked about, Uday has talked about how we're utilizing technology and NI, AI to continue to drive SG&A improvement. So I think all of those we will continue to double down on different shapes and so on, but still a lot of improvement opportunities and levers that we see inside the company. Thank you. Then the next question was on top-line growth and whether you could provide additional color on our growth outlook for the rest of the year. Sure. Sure, very good question. You know, we had a good start to the new fiscal year, from an order intake point of view. You know, sounds a little repetitive, but broad-based order intake strength across growth across all business lines in every region, double-digit NI and Mod growth, and real strength in Europe, of course, we allude, we shared. Positive price and volume growth in all all business lines across Europe. NI units were an LTM high, driven by EOX, then strong Mod growth, winning in strong Spanish market and, and as, and even in a softer German market environment. And in Asia Pacific, China, NI obviously continues to be challenging, but generated positive NI growth in Q1. Capitalized, of course, with the three-time growth on the treasury bond modernization, that really helped. Orders in Korea are recovering in NI, and of course, we saw strong growth in India, especially three times NI growth in Saudi. Then in Americas, we continue to capitalize on our strength with growth in NI and the high-value projects in the EOX subsegment, where we have good product coverage, double-digit growth in Mod, that you saw earlier, and then leveraging our leading position and large installed base, especially in the hydro segment, where we have great strength. And at the same time, you know, sales growth itself has been a little bit more limited, with just 2% growth. But, you know, weighed down by negative NI growth, but that is to some extent backward-looking, and we do not expect negative NI growth for the year, overall for the company. NI growth is negative in China for sure, but exposure, as we said earlier, to the NI market of the NI China market, is down to less than 7% of our group sales. And I'd say compliments to our China team, they're really capturing good export growth opportunities. I think we saw strong double-digit export sales, up almost 26%+. And then Korea NI growth has still been substantially negative, but the market is starting to stabilize, and we recorded a couple of consecutive quarters now of strong order growth. And then European NI sales growth was also still negative in the quarter, but rolling LTM, new order intake for Europe, Africa, was already turned positive by the end of the last fiscal year. So quite an achievement by the team in a soft market and is now up almost 20% LTM. This should bode well for sales in Europe as we go through the year. Overall, we expect, you know, continued solid and structural growth in modernization and service sales, and certainly improving prospects for new installation sales development. Overall, that's what I'd say about the outlook. Yeah. Thank you, Uday. The next question was on service and whether you could provide additional color on service growth in the quarter and on future service growth. So that's a good question. You know, let me start and frame it a little bit, and then maybe, maybe Phil can build on it as well. But, so service growth was around 3.5%, with growth in both maintenance and repair. Overall growth certainly was a bit more modest than prior quarters, that's very clear, with softer repairs. As you know, repairs can be a little bit lumpy quarter by quarter, but we certainly expect this to normalize over the medium term. Overall, we continue to feel very good about the trajectory of our service business. Our ability to price for value continues to be a hallmark of the team's efforts, and we are starting to see really the positive impact from our focus, I would say, on sustainable portfolio growth. We expect to continue to drive value with our repairs business going forward. I don't know, Phil, you want to expand or anything? No, I would just add, maybe going back to what we talked about on the last call, because it reflects some of the key strategic initiatives that we've driven inside the company, the decomposition of the service growth. So you have seen us grow the portfolio consistently between 2%-2.5% over the past couple of years. We've also said that as retention rates improve, and EOX and the activities in the Middle East kick in, we're expecting that we're going to be able to grow the portfolio above that range in the medium term, right? But then, very importantly, we've been able to grow service revenues well in excess of that portfolio growth rate. And this is. That's the reflection of the strategy and what we've been talking about. It is reflected in our strategy to drive value per service unit. You saw that value is up 15% over the past three years, and is really a function of what Uday mentioned, pricing, a very differentiated and disciplined approach to pricing, well above the inflation levels that we're seeing. The focus on repair growth and driving spin ratios across the portfolio and generating additional growth through that. So we feel very good about our service prospects and this strategy that focuses both on volume and value, and we're going to continue to execute that playbook. Thank you. The next question was related to our new service delivery model. As we had touched on the new service delivery model several times in the past calls, the question was whether you could provide additional color on the new delivery model. So it's a great question, given the strategic relevance, it's a key driver for us, key value driver for us going forward. And quite frankly, you know, we could speak about this for half an hour straight or even longer to demonstrate what this really is, and a call like this, we can't really cover that. But as we move down the path, we'll provide much more granularity in the future. But for now, just suffice to say, this is a game-changing transformation. You know, really game-changing. Discussion was so far, you know, limited to what I would describe as individual, isolated elements of, you know, connectivity, route optimization, predictive maintenance, AI-supported troubleshooting, Digital Operation Centers that I touched on earlier. And that's really important. It's not about repackaging. The real difference in value from bringing all of these elements together in one integrated, fully connected, AI-supported ecosystem behind every branch and every technician. And it's a big, you know, leap forward that our team in the Americas is taking. It's very similar in approach to Branch Excellence, where we are transferring a proven concept from leading service industrial service companies in other industries to the elevator industry. And in simple terms, it really enables end-to-end operational visibility, standardized scalable processes, AI-optimized dynamic workflows, and then higher uptime for customer satisfaction and technician productivity. This is really changing the central nervous system of this part of the company. And so it's massive. It's massive transformation. And ultimately, the goal is to deliver best-in-class industrial service delivery, and most importantly, at scale globally. We think it's a differentiator versus other smaller players in the market. And, you know, credit to our US team, they've launched it first in the US, given its strategic importance, which is where we have a large part of the company's service revenues and a higher cost to serve. So it makes a lot of sense. And the gradual sort of rollout across the branches is ongoing and has deep operational and organizational transformation. I would say without significant heavy lifting by our North American team, this has been work that's been going on for a few years, we couldn't be more pleased with their energy, dedication, and commitment. Really pleased with it. And just to be clear, we are in the very early innings, and we'll first scale this in the US and North America and then roll it out globally. Thank you, Uday. The next question was on foreign exchange, and, given the strength of the euro versus most major currency, whether you could provide additional color on the FX effect in the quarter, expectation for Q2 and for the full year. Yeah, sure. Maybe I'll take that one. So we talked about the FX headwinds, about EUR 130 million or 6% of revenues in the first quarter, obviously driven by the U.S. dollar and the RMB. When you look at that, I think for the second quarter, maybe a slightly higher, similar or slightly higher headwind, maybe 7%, given where the U.S. dollar is trading today. Obviously, very difficult to forecast. If you think about it, obviously, those FX headwinds will go down substantially in the second half, remembering where rates were trading, where currencies were trading in the second half of last year, so the comp will just change. And so for the full year, the effect should be substantially smaller than what we've seen here in the first quarter. Always, when you know, I get asked that question, I go back to—it's critical to mention that our debt structure, obviously, very closely mirrors our earnings mix, and so we have this natural hedge in place, and there's no material impact from foreign currency exchange rates on our leverage position. So I think that's always important to note in that context. Thank you, Phil. The next question was on new installations and whether we could provide an update on new installation markets and how we are holding up versus the market. Yeah, I mean, I think overall, obviously, a hot topic. I mean, overall, for the NI market environment, we really do see a mixed picture across the regions, and very different by subsegments of the market that we look at very closely. So overall, what we expect, we expect the relevant NI market, which for us actually excludes Japan, to be low single digits, down in the current financial year. And I think, as I said before, really, the continuing NI, declining NI market in China is partially offset by low single-digit growth from the lower base in the Americas and Europe, and high single-digit growth in Asia, outside of China, of course. So when you think about NI in the Americas, or more specifically, North America and the US, we see actually selective pockets of strength, especially in the premium office projects, benefiting from the return to office trends, visible RFP uptake in all major urban hubs, and strong sort of post-election momentum in New York. Data center growth trend continues, of course, to be positive. And why is that, why is that the case for us? The trend is to more vertical structures, moving from original 1-2 floors to 3-5 floors. That obviously helps us. And then the continued sort of post-COVID strength in the importance and relevance relative E&E intense healthcare segment. So there are subsegments where we see continued growth for NI. And then I think Europe, in general, is still very much of a mixed picture. Slow, stabilizing German residential market. We've seen permits improving, though completions obviously are still weak, offset by a continuing strong performance in Spain, driven by obviously population growth with the migration from Latin America, and then supported by public and private infrastructure investment. So pretty strong in Spain. And then in China, we shared earlier, this decline actually in new construction is easing. Not that it's a great thing to write about, but still, we still expect the NI market decline of 10%. And the challenge in China is this continued strong price competition, deflationary environment that we continue to fight. Commercial and infrastructure subsegments are holding up better, versus residential, so that's positive. And then when you look at the tiering of the cities, actually higher-tier cities are now a bit better than the lower-tier cities. So, you know, good differentiation there in China. And then outside of China, where we expect high single-digit growth, you know, India, the Middle East, continue to be strong. We're expecting gradual recovery in Korea after the sort of sharp correction in the prior year caused by the high interest rates and what I alluded to earlier. And then, you know, strong growth momentum in India. I just returned from a pretty intense and energizing visit. Team are very pumped up. Customers are really keen to give us business, so, very positive. And then a lot of growth opportunities in the Middle East and Saudi, as you just saw. The Saudi smart and sustainable cities agenda is really important for us, and as is the construction super cycle, particularly in Riyadh and all the infrastructure developments that are taking place there. So overall, I'd say, you know, while we see an uneven NI market, but we're very happy how our team has capitalized on where we do have growth opportunities. It's a very segment-oriented approach in a very competitive environment. And so, just to be clear, I mean, orders in the quarter were up 17%, with growth across all regions. We just talked about that. We saw very strong growth in the U.S. in the quarter, 30%, but more importantly, gaining share in the EOX, EOX subsegment, where we have a product offering. And then order intake units are up to a new all-time LTM high in Europe, again, driven by EOX. So I must highlight how important the EOX investment has been, that's now playing through in our order intake numbers, and then positive NI growth in China in the quarter on orders, and then the 25% growth outside of China, led by the growth in Saudi. So very good. NI backlog is up, as Phil mentioned earlier, up across all regions, including China. The backlog margin, as always, a focus for our company, is up year-over-year. Thank you, Uday. There was another question on the business lines, now on the modernization market, whether you could give us an update on the markets and how you see our performance versus the market. Yeah, a good question. Obviously, it's a growing line of business around the world. As expected, we returned to strong mod growth in the quarter, you know, after several years of good growth. I'm pleased. I'm really pleased, actually, how the team has, I think, leveraged our leading position in key American and European countries, you know, and capitalized, I think, on the growth opportunities in China. So feel good about the market. I think the overall double-digit order intake growth for the company in the quarter was solid. Orders in every region, book to bill is greater than one in every region. I think Phil may have mentioned that again, not wanting to be repetitive. Double-digit growth in the Americas. I would say that the team has done a great job on capitalizing on our strong position and solutions for the high-growth segment, where we're a leader. Then we saw 20% growth in Europe, with double-digit growth across all the main countries, led by really strong mid-double-digit growth in Spain. Of course, we're seeing the growth in China that I talked about with the bounce. We feel very good about the market. Margins are healthy. Again, I'll emphasize for our company, we may put a lot of effort in from three years ago to making sure our margins were healthy on these in the backlog. The backlog will actually increase across all regions in mod as well. So very stable margins across all regions in the quarter. I think we've done a good job capturing the mod market. Without going through every region, just feel very good about the market overall, and the opportunities. I mean, if you really think about the Americas more, specifically North America, the U.S., a lot more return to office, positive impact from sports and entertainment sectors. Obviously, the Olympics and World Cup prep is underway. There's regulatory changes taking place that have driven, you know, requirements in New York, which create more opportunities for us that we'll benefit from. Europe, similarly, regulations in Spain are helping with the mod and repair demand. And then, of course, we see a gradual recovery in Korea. And then China, of course, we've already talked about the market there. So overall, we feel very bullish about the mod market in general, and the team is very much lined up. And our track record over the last three years, we've grown at what? 14% a year, CAGR, and we feel good about what we see going forward. Thank you very much, Uday. There was another question, now, more on the, financials and special items, and whether we could give, a bit more details on the special items booked in the first quarter and the outlook for the current fiscal year. Sure. So we had EUR 32 million in special items. Just about 50% of that relates to the product and manufacturing transformation around the EOX. We are getting closer to the finish line here, as we've described, as we're really starting to hit our stride from a commercial standpoint. About 20% is restructuring, and then the rest is some consulting, but specifically, we had some divestment-related one-off items as we're. We continuously optimize the portfolio, and in this case, there is the impact from the divestment and the deconsolidation of a sold entity included in that, and that's obviously something we're expecting to continue to do. For 2025, 2026, you know, we've talked about a very substantial year-on-year decrease in those transformative special items. The big transformation efforts were really. We're sort of in the closing innings here. And then, we're also expecting a decrease in the restructuring expense, but that's a little bit harder to predict. I would put it in the context of the, you know, the continuous improvement mindset and the mindset that we've instilled in the company of driving annual total cost productivity will, to an extent, not always, but sometimes require certain restructuring investments, and we're willing to do that if they have the right payback. So a little bit harder to predict, but you've seen us obviously generate the value from those investments. I think it's gonna be much more surgical than broad-based in reacting to certain market realities, but I think that's the overall outlook. ... Thank you. There was another question related to the financials and financial outlook, specifically relating to the cash flow outlook, and whether you could give an updated view on the building blocks for cash flow for the current fiscal year. Okay. Yeah, I think I did that last time as well. I would say it's pretty much unchanged to what we said in the last quarter. So, obviously, we think about ourselves largely working capital neutral as the company, regular CapEx. You know, without the M&A and IFRS 16, and for the moment, also excluding the CapEx, which is related to the Alat joint venture, is going to be down year-over-year from about EUR 255 million that we spent last year. As a reminder, the CapEx that's related to the Alat joint venture, Uday mentioned earlier that we're closing in on a site selection, that was obviously pre-funded through the investment into the joint venture last year. Cash special items we talked about will be down significantly year-over-year. Tax will be up slightly, maybe EUR 300 million, maybe slightly above EUR 300 million. And then cash interest in the current capital structure, we'll continue to expect between EUR 600 million and EUR 620 million for the year. Thank you, Phil. There was another question on a more regional oriented question, and whether we could give an update on our views on the North American market and our performance within the North American market. So I think I touched on many aspects of this earlier when we discussed the market outlook across the different business lines. But overall, as we saw a positive development in the first quarter, very pleased with how the team, frankly, has capitalized on the growing U.S. market. We were very successful with this double-digit NI growth in the U.S., with the high-value projects, including some marquee wins that you saw earlier as well in healthcare. I think we gained... No, I think we gained share in the two to three-stop MRL segment, very specifically where we're serving with our EOX platform. And so, you know, with upside left in other subsegments still to be covered as we expand the EOX extension releases. Then in Canada, actually, orders were down versus a very high comp, and then we were successful. Remember, we had 84% growth in NI last year, so the orders were down against a much, much higher comp. Well, we're successful, certainly in the U.S. mod market, as I said, outstanding quarter in the hydro segment. And our leading pre-engineered hydro power mod packages are really enabling quicker installation, shorter turnaround, of course, minimum disruptions that matter to our customers, and then really good performance in the glass-to-glass segment, benefiting from the lower tier office space conversion. So we feel the market is solid, team is performing well, performance is good. Feel very good about it. And obviously, the financial performance Phil talked about, I won't go through that again, but very strong margin expansion and EBITDA growth for the company in the Americas. North American market, sorry. Thank you very much. Maybe one final question, also on the region. The question was whether you could also give an update on your views on the Chinese market and how we've held up as a company in the market environment. Yeah, you know, I think we've already provided quite a bit of color, but the development, again, just like anywhere else, it remains uneven across market segments, with NI clearly the challenge, for us and others. Important to note, though, exposure is further moderating. External sales of customers in China are down to 10% of the company sales. And China NI, as I said earlier, I think I've said it three times now, but say it again, down 7%. Less than 7% of our total revenue. I would say that, I'm really pleased with how our China team is consistently battling through a continuing tough environment, with declining NI volumes and intense price competition, aggressive product cost out. I mean, great margin performance for our NI business, really strong. Team has not hesitated, as Phil discussed earlier as well, to reduce, you know, reductions in force. I mean, we had a greater than 20% FTE reduction year-over-year in the NI sales and operations. So we don't hesitate, our team doesn't hesitate to take action, and that's really the hallmark of a company that's willing to move fast on these matters. And while certainly capitalizing on the growth pockets within China, I'd say export markets, and especially the shift from NI to mod, have all been helpful and supportive. We're seeing real traction there, leveraging the China capability. And then, you know, we had a solid start to the year on order intake with growth in NI and mod, so I feel good. And solid, solid start with sales as well, with obviously the lower NI being offset by mod. But overall, in Asia Pacific, you know, EBITDA margins almost just about stable, slightly down 10 basis points on 6% lower sales. But, you know, the team is doing everything. I always look at what is the team doing. They're laser-focused on returning to year-over-year improvements. And I give them a lot of credit for battling through this, this, the situation here. Thank you very much, Uday. Thank you very much, Phil. As we conclude today's call, I would like to thank everyone for participating, for dialing in, and for sending us the questions in advance of this call today. We've aimed to address all of them, but should there be any outstanding queries, Nicole and myself, we'll make sure that we'll follow up over the next couple of days. And as information, we will release our Q2 financials in May, and should you have any further questions in the meantime, feel free to reach out either to Nicole or myself. And with that, we wish you all a very rest of the-- a very nice rest of the day. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.