Hello from Stuttgart, and welcome to our capital market update. My name is Benjamin Bühler, Head of Investor Relations at TAKKT. This morning, we published our annual report and our guidance for 2025. The main topic today is our new strategy: TAKKT Forward. Today's agenda will start with a very quick introduction to TAKKT before we present our results 2024 and the guidance. CEO Andreas Weishaar will then give an overview on where we stand today and how we move into the future with our TAKKT Forward strategy, both for the Group and for the divisions, and also with a deep dive into IT and digital. To wrap things up, we will then give you more insights into what you, as shareholders, can expect from us in terms of financials. Let's start with a quick overview of TAKKT. We are a leading B2B omnichannel distributor for business equipment, active in both Europe and North America. We are stock-listed since 1999, with over 600 years of combined brand history. We serve more than 500,000 active customers. We offer over 400,000 products globally, and we operate with more than 2,300 employees across 56 locations and 14 distribution centers. In 2024, so last year, we generated EUR 1.1 billion in sales and an adjusted EBITDA of EUR 73 million. This performance is backed by a very strong cash profile. Our cash conversion rate was 120% of EBITDA in 2024, and we've delivered a reliable dividend stream ever since going public in 1999. Today's capital market update will be presented by our CEO, Andreas Weishaar, who joined in August last year, and CFO Lars Bolscho, who will give insights into our 2025 guidance and midterm financial ambition. With IT and digital playing a very important role in the new strategy, Daniel Zapf, our EVP responsible for these topics, will present our IT and digital strategy. With that, over to Lars. Thank you, Ben. Thank you for your introduction, and hello to everyone. We have already presented our 2024 financials in detail during our Q4 call in February. At that time, you know that we had presented preliminary numbers. As you can see in the numbers we have published this morning through our annual report, we had no changes to the numbers anymore after February. Hence, I will keep it short today regarding 2024 and focus more on our expectations for 2025. Looking at 2024 first, let me share some context about the sales development. In 2024, we were operating in a difficult environment, both internally and externally. On the internal side, we were facing operational challenges in our divisions, which we have resolved step by step over the course of the last month, while some impacts of these challenges are still visible now. In addition to the external environment, that was more of a headwind last year, especially in Europe and especially in manufacturing. As a result, looking at sales, this led to an organic sales development of -15.4% for 2024 for the full year. On the positive side, we saw a stabilization of growth rates after a very weak second quarter, with still negative growth rates, but less negative than before. We expect this stabilization to continue in 2025. It is good for us to see that our countermeasures to resolve our internal challenges have proven to be effective. Now, looking at the full financial results for 2024, important for us, we have delivered on our financials at the upper end of our adjusted guidance, which means organic sales at -15.4% and an adjusted EBITDA margin of 6.9%. We had a strong year in terms of cash generation despite the much lower EBITDA. This was driven by structural improvements in our cash conversion cycle, where we saw an improvement from 60 to 48 days year- over- year. This brought us to a free cash flow of EUR 68 million, a cash conversion of more than 120% of EBITDA. This strong cash generation in 2024 provides for us the base to continue with our dividend policy and to propose a dividend of EUR 0.60 per share besides having concluded our share buyback at the end of last year. Now, let's look into 2025, and let me give an update on what we expect for this year. We have already talked about the economic environment and our priorities during our Q4 call in February. Looking at the economic environment, we expect the current volatility to continue. What has changed since we last spoke is that there are some more bright spots visible for the European economy, for example, in the areas of defense, infrastructure, and life science. The overall picture in European manufacturing remains difficult, with not much tailwind to be expected for 2025. In the U.S., expectations for the economy have come down recently, with risks of a recession becoming more likely. Overall, we see a high degree of uncertainty here with respect to the macro environment, to government spending, and also to potential negative impact from tariffs. In addition, this is difficult to predict currently, we are facing the risk of a further escalation of trade conflicts with potential impact on both regions we are operating in. While the economic environment is characterized by volatility and uncertainty, we have very clear priorities internally, which we push for in 2025. We will rigorously execute our new strategy with a clear focus on our attractive core business, I&P. More to come on this in the presentation of the new strategy in just a few minutes. In order to return to growth, we are implementing commercial initiatives in all our three divisions and will improve on our ability to execute. We are working on cost management with focus on structural cost improvements, while keeping the balance between managing costs and investing into process and system improvements, both is needed in our situation. Last but not least, we are further strengthening our cash generation capabilities and will continue to work on improving on DIO, DPO, and DSO. Now, what does that mean in terms of impact on our financials in 2025? Let's start with sales. As already indicated, we expect a continued stabilization of organic sales development over the course of the year. Q1 and also Q2 will still be affected by the internal topics I have mentioned, so we have started into the year with negative growth. Q1 is expected to be better than Q4 of last year, but still below prior year. With improvements in the second half of the year, out of our own commercial measures, we expect organic sales growth for the full year between -4% and +6%. As the environment is volatile, we are giving a rather broader range for sales development this year. On profitability, we expect between 6%-8% adjusted EBITDA margin for this year. Compared to last year, a slight improvement at the midpoint of the range. One driver for this is definitely the sales development, which, as I just said, we expect to be stronger, especially in the second half. As I have already explained, we work on cost management while balancing this with investments into growth. This mentioned invest will have impact on the P&L in 2025. One-time costs will be lower than last year and should come in in the high single-digit to low double-digit euro million range. On cash, we will continue to work on measures to improve our cash conversion cycle, and we expect to be able to reduce another 5-10 days in 2025. With growth picking up over the course of the year, we will also invest into networking capital to support this growth. The cash contribution from release of networking capital will be lower than in the very strong year 2024. With that, absolute free cash flow will also be below prior year, something we should also expect for the first quarter. In terms of cash conversion, we expect this to come in between 60%-80% of EBITDA. In total, we expect improvements over the course of the year in the top line, getting back into growth mode. We expect a slight improvement in profitability while we continue to invest into our initiatives. Finally, we expect further improvements on cash flow and cash conversion, even if the absolute cash flow will not exceed the strong 2024 level. Overall, 2025 is a year to be expected with gradual recovery, especially on the growth side, and an important step for us for the development towards our future. With that, let me now hand over to Andreas, our CEO, to walk you through our strategy and how we will deliver in 2025 and beyond. Thank you, Lars. A very warm welcome also from my side. It's now a little over seven months that I have the privilege to lead TAKKT, work with our experienced team, and serve our great customers. Before I outline our forward strategy, let me take a moment to share my observation on where TAKKT stood in mid-2024 when I joined and how we, together with the team, want to take TAKKT Forward. We're undergoing a strategic change, moving away from heterogeneous divisions and business units towards establishing Industrial Packaging as a strong core. Industrial Packaging is the focus. The industrial sector is our sweet spot. Rather than focusing on single brand consolidations, our strategy aims to leverage the strengths of a robust house of brands. Customers in this core segment are served through omnichannel penetration, supported by an expanded and simplified product portfolio. This marks a shift from a purely transactional e-commerce model, aligning offerings more closely with industry-specific needs and driving targeted portfolio expansion. We are concentrating on transforming legacy structures by shifting away from ad hoc cost management, outdated local tech stacks, and fragmented warehouse setups. Instead, we move towards structural cost improvements, cutting-edge global technology, and fulfillment excellence through consolidated distribution centers, all underpinned by sustainability as a key differentiator and enabler of better customer experience rather than a business mantra. With this, TAKKT is building its way forward on a solid foundation and presents an attractive investment, namely a clear portfolio focus addressing attractive markets with high margin potential going forward. We will strengthen IP as a core, market-leading position with repeat and long-lasting customer relationships, offering opportunities to grow with our customers and beyond. A track record of resilient EBITDA and cash generation with significant upside potential, a clear strategy and roadmap underpinned by targeted investments in our capabilities and a new execution focus, and an extensive and continuously growing sustainable offering providing further growth opportunities, as well as a long-standing track record of attractive and reliable dividends with the shareholder-oriented capital allocation. Today, we serve our customers through three divisions, each operating in attractive markets yet performing differently. Let me start with Industrial Packaging. This division, with EUR 500 million in sales and an adjusted EBITDA of 11.8, is the largest and most profitable part of our portfolio. I&P operates in a EUR 40 billion fragmented market, holding a top three market position in Europe. Through our well-respected brands, we serve customers in a wide range of industries with products and solutions. Our Office Furniture and Displays division encompasses really two separate businesses: NBF on the one hand, where we supply commercial-grade furniture in a fragmented EUR 6 billion market. Our current sales of about EUR 160 million put us in a top 10 position in the U.S. market that still holds opportunities. EBITDA profitability of this business is at 7.1% in 2024. D2G, on the other hand, offers analog and digital displays and product replacement solutions in a relatively consolidated EUR 40 billion, EUR 14 billion market in North America. We hold a notable market position, yet our profitability margin with 5.7% still offers potential. Last but not least, our Food Service division provides food service equipment and smallware in a EUR 17 billion consolidating market in North America. 2024 has been a challenging year with unsatisfactory performance for this division. We serve a highly diversified customer base, which not only opens up multiple growth avenues, but also ensures a well-balanced risk profile as we're not reliant on a single industry or customer segment. Our customer distribution reflects this diversity. 24% of our customers come from the industrial sector. Another 24% are service companies and restaurants. Additionally, 16% of our clients consist of public and nonprofit organizations, while 14% are from the trade sector. Across these divisions, we see significant uplift potential until 2028. Let me walk you through division by division. We do see, as mentioned, significant uplift potential in I&P. In I&P for 2028, we see sales growth above market and a path to increasing profitability from today's 11.8% to 15%. For NBF, we see top-line growth opportunities slightly above market and a profitability uplift from the current 7.1% to 9%. D2G is operating in a competitive market across very different segments, while top-line growth is targeted in line with market or moderate. Yet profitability upside exists from the current 5.7% towards 9%. For Food Service, we plan a growth slightly above market and a turnaround of the current subpar performance to historic levels and beyond towards 7% adjusted EBITDA. Before we talk about our strategy in further detail, let's look at what's most important: our customers. Today, we serve customers that can broadly be classified into two groups: large and medium customers on the one hand and smaller customers on the other. Large and medium customers, such as SBB, French Metro, Bosch Siemens, or the European midsize companies, typically run their businesses in multiple locations with high purchasing complexity. They focus on optimizing their process cost, enhancing procurement compliance and control, and rely on reliable, seamless solutions. They also expect a comprehensive, curated product range, expert consulting, and sustainable sourcing strategies. Small customers have more transactional needs and are typically only employing a handful of people and are owner-operated, as for example, craftsmen businesses. They primarily purchase via our website. These customers are spending their own money when they buy business equipment and are looking for the best value for money product, a quick and an easy ordering process, and intuitive self-service tools. They appreciate a broad assortment, trusted expert brands, and access to sustainable product alternatives. Although the two groups differ in their distinct requirements, they share four common needs in a differentiated form when choosing a supplier. First, finding the right product. Whether it's an industrial shelving system or restaurant smallware, customers expect relevant and high-quality solutions. Large and medium-sized customers seek a pre-curated assortment with an increasing demand for sustainable solutions. Simple and efficient ordering processes. Large customers seek integrated procurement solutions, while small customers want a seamless digital buying experience, all aiming to reduce transaction costs and ensure a compliant offering process. Reliable fulfillment. Regardless of size, all customers demand on-time and hassle-free delivery. Value-added services. From consulting and design services for complex projects to self-service tools for digital buyers, we provide tailored service models for every customer type. In our new strategy, which I'll introduce to you shortly, we place a strong focus on understanding, meeting, and exceeding our customers' needs. This enables us to grow alongside them and build lasting, high-value relationships. Now, let's move to TAKKT Forward. This is how we call our new strategy, TAKKT Forward. Together, we will drive growth and lift performance. Also, we're resetting the course how we create value for our customers and our shareholders. We're doing so along three pillars. First, focus. We will develop our portfolio around the strong core of industrial and packaging. Second, growth. We will unlock growth opportunities in relevant customer groups. Third, performance. We will increase our financial and operational performance through structural improvements in processes, systems, and how we operate. These pillars are supported by rigorous execution, a clear governance and implementation drumbeat, a new leadership team with extensive industry experience, and management incentives that are fully aligned with shareholders' interests. Now, let's look into the three pillars on a group level in more detail, starting off with our first pillar, focus. As part of our strategy work, we analyzed TAKKT's business portfolio, assessing market attractiveness and competitive position for each of our three divisions. The overall objective is to build on our strength and unlock the full potential of our most profitable businesses while ensuring future-oriented paths for others. We concluded to focus TAKKT's portfolio around industrial and packaging as the division that offers the strongest foundation for future growth and profitability, while taking a differentiated approach to our other divisions. Why do we focus on I&P? First, market attractiveness is high, with a projected CAGR of 5% and EBITDA margins of best-in-class peers ranging from 10%-15% within the past years. Second, we already have a competitive edge thanks to scale, brand strength, and operational excellence, which positions us as a top three player for the distribution of business equipment in Europe. We will get there by improving our operational performance and pursuing a built-in buy approach, allocating capital for growth through organic expansion and selective acquisitions. What's our approach to OF&D? While NBF and D2G fall under the same division, they serve very different customer groups and require distinct strategic approaches. On the one hand, NBF holds a top 10 position in an attractive market, which is growing with a solid CAGR of 4% in a relatively fragmented market environment. Among competitors, the EBITDA margins range from 5% to 10% and are on average below NBF. The D2G market, on the other hand, is growing at a CAGR of 3% with EBITDA margins of up to 15%, primarily driven by players with a higher share of digital products than TAKKT. Although TAKKT offers a broad portfolio and a one-stop shop solution with over 8,000 products in various product segments, such as signage and message hardware, merchandise displays and trade show, and event-adjacent solutions, our current profitability does not yet reflect the full market potential. This calls for a reassessment of D2G's role within the TAKKT business. Its future will depend on the ability to drive sustainable, profitable growth through assortment optimization, the expansion of marketing channels, and new go-to-market strategies that more effectively address customer needs to compete in this consolidating market. Now, let's look at the Food Service division. The market itself is attractive, offering stable growth as restaurants and food service operators continue investing in their equipment and supplies. However, our 2024 performance in this division is significantly below expectations, and we're currently performing below the market EBITDA range. We see clear opportunities for margin improvement by resolving the challenges out of the failed commercial integration and system migration. Going forward, we will develop our product portfolio focusing on higher margin categories, and we will enhance customer retention strategies, ensuring long-term stability in the business. The goal is not just to stabilize Food Service, but to turn it into a stronger contributor to TAKKT's bottom line. Let's summarize. By clearly defining the role of each division, we're ensuring that capital, leadership attention, and operational focus are directed where they create the most value. We have the strongest position in the most attractive market, I&P. Given limited synergies across divisions, we're refining our portfolio to build a leaner and more profitable, as well as more focused TAKKT. We've already taken the first steps towards a more streamlined portfolio with the sale of our My Displays business in Europe at the end of last year and with the decision to discontinue our bid contract business in the Food Service area. Both activities were a drag on profitability and led to increased complexity that we are reducing step by step. Customers are at the center of everything we do. Their needs are evolving, and we must evolve with them. Now, let's look at our growth and performance initiatives. Our growth strategy is designed to realize the full potential of our customer relationships by creating tailored omnichannel experiences, enhancing our product assortment, expanding our service offering, and driving sustainability. To unlock this potential, we're implementing five key growth initiatives, each designed to scale our business in a profitable and customer-centric way. Let's take a closer look at these five growth initiatives. One, we will improve our marketing approach to better scale large and medium customers, for example, with a more active sales approach and by leveraging existing touch points to increase our share of wallet. Two, we will continue to also serve smaller customers and will increase efficiency here with improved online shops and self-service tools. Three, we will expand and simplify our product range towards adjacent categories to offer our customers a broader assortment and develop into a one-stop shop. Four, we continue to expand our service offering to add value to our customers with project planning, customized solutions, and other services. Five, we position ourselves among sustainability leaders, especially in the European market. This includes sustainable products as well as a certified supply chain and a very high degree of transparency for our customers. At the same time, we are implementing five performance initiatives across TAKKT to improve profitability and cash generation. First, we optimize our customer data, systems, and processes end-to-end for higher efficiency and better service levels. Second, we streamline our operating model. Third, we see a lot of potential in improving our sourcing and supply chain. This includes better supplier management as well as an optimized logistics and warehousing setup. Fourth, we upgrade our IT and digital backbone. This includes a more harmonized system and infrastructure and more efficient processes. Daniel, our EVP for IT and Digital, will give you more insights here after my part. Fifth, we will continue to boost cash management with further structural improvements in our network and capital management. As the saying goes, culture eats strategy for breakfast. This is why we're focused on both strategy and culture. We're evolving our company culture to ensure the successful execution of our TAKKT Forward strategy. Here, we're guided by four key beliefs. One is customer centricity. We're putting the needs and expectations of our customers at the center of everything we do. Entrepreneurship. We challenge the status quo, are nimble, and empower others to make things happen. This is, for example, why we internally move decision-making to the teams close to the customer, really where it should be. Ambition. We hold ourselves to highest standards, reaching for ambitious goals and pushing boundaries. We're all in, giving our best and following through until the job is done. Last but not least, accountability. We are data-driven, process-focused, and take responsibility for our results. The coming months, we will embark on a deeper discussion to define our company values as well as our purpose. This takes time, and we will involve our global teams. I very much look forward to this process. That said, already today, I'm extremely encouraged and appreciative by how the team is responding and rallying behind our new direction. TAKKT Forward is about focus, growth, and performance, as well as successful execution. Also, it is about delivering tangible long-term value for our business, our shareholders, and our planet. We have set according clear financial and sustainability targets through our plan period 2028 and beyond. A key measure of our success will be organic growth. We aim to grow sales above market, ensuring that TAKKT continues to gain market share. This means that TAKKT will not just follow market trends; we will actively outperform and strengthen our competitive position. Growth is important, but it must be profitable growth. Our goal is to achieve an EBITDA margin of more than 10% in the midterm, i.e., by 2028. Over the long term, we aim to increase this margin to around 12%. By focusing on high-margin categories, optimizing sourcing, and improving operational efficiency, we will continuously enhance profitability and cash generation. Cash flow is the foundation of a healthy, resilient business. We're committed to converting 50%-60% of our EBITDA into free cash flow over the cycle and to accelerating our cash conversion cycle to less than 30 days. This will ensure financial flexibility, allowing us to invest in growth, fund strategic initiatives, and return value to shareholders. With better working capital management, disciplined inventory control, and optimized procurement, we will drive strong cash generation across all divisions. At TAKKT, we understand that investors value stability and predictability. This is why we are committed to reliable dividend payments, ensuring a consistent and attractive return for our shareholders. Our strong cash flow and improved profitability will support this commitment, allowing us to balance growth, investments, with capital returns. This means that TAKKT will remain a financially sound and attractive investment for the long term. Sustainability is not just an obligation for us. It is an opportunity to create value, differentiate ourselves, and future-proof our business. By 2028, 50% of our sales will come from sustainable products, meeting rising customer demand for responsible sourcing and eco-friendly solutions. Additionally, we're targeting a 50% reduction in CO2 emissions by 2030, reinforcing our commitment to climate responsibility. There are already initiatives in place, as for example, we optimize maintenance and system installations, as well as energy-saving measures such as LED upgrades at our facilities. We're a member of the UN Global Compact and undergo regular sustainability ratings, including the EcoVadis rating for I&P and the Carbon Disclosure Project for the entire TAKKT group, that is. By embedding sustainability into our business model, we're not only supporting global ESG goals, but also we're driving commercial success. This is how we translate our strategies into actions and our actions into results. Let me now share how we aim to deliver these targets across divisions. While OF&D includes NBF and D2G, we're focusing the deep dive today on our three largest revenue contributors: Industrial and Packaging, National Business Furniture, and Food Service. Let's start with our core division, Industrial Packaging, which has historically driven TAKKT's growth and profitability. With EBITDA margins reaching up to 17% in the past, we know we can compete successfully in this market, and we're committed to delivering improved results year- over- year. Looking at I&P's most recent performance in 2024, we generated EUR 590 million in sales and achieved an adjusted EBITDA margin of 11.8%. We're currently the third-largest business equipment distributor in Europe, serving more than 60,000 active customers and offering a portfolio of over 170,000 products. Thirty-three of the EURO STOXX 50 and 30 of the DAX 40-listed companies buy from TAKKT, with more than 70% of these using e-procurement solutions as their sourcing method. Our offer ranges from packaging equipment to shop floor office equipment to rack installations for warehouses and everything in between. We serve a wide range of customers from different industries, including manufacturing, process industries, restaurants, and other service industries, trade, logistics, but also nonprofits and public organizations. A very diversified and broad customer base. We care for them, also reflecting in a high customer loyalty and a high customer net promoter score of 56. What sets TAKKT's I&P business apart from other players in the market are distinct key strengths. First, we're an efficient partner, enabling compliant and streamlined ordering and fulfillment processes that reduce complexity specifically for large organizations. Second, we offer a broad and deep product assortment covering different indirect spend categories supported by tailored service offerings and comprehensive solutions. Let me share a great example here that illustrates how we turn this into measurable customer success. One of our customers, Weilo, a smart factory operator, needed a flexible office unit on their shop floor to separate workspace from production areas. We provided a comprehensive consultation to identify the right partition wall system and co-developed 35 fully customized shop floor offices. From initial consultation to installation, the project was completed in just eight weeks with close support throughout the entire process. The result? A fast tailored solution that met the customer's exact needs, positioning TAKKT as a trusted partner for complex industrial workspace challenges. Third, moving on with our key strength, we operate within a strong brand ecosystem built on trusted and well-established brands with high recognition and credibility in the market. kaiserkraft, for example, is celebrating its 80th anniversary this year. Fourth, we provide a scalable omnichannel infrastructure delivering a seamless digital experience that meets both professional standards and modern customer expectations. Having held a leading position in the I&P market for eight decades and counting gives us the confidence to maintain our high ambitions for the years ahead. We are building on that with a focused strategy to unlock the next level of profitable growth targeting sales growth above market, 15% adjusted EBITDA margin by 2028, cash conversion cycle of below 30 days. Through tailored omnichannel approaches, we will scale our existing large and mid-sized customers, targeting a higher share of wallet while even more efficiently serving our small and mid-sized customers. We're strengthening I&P's commercial engine through dedicated growth initiatives. We're expanding our product and service portfolio to address the industry-specific needs of our customers, providing the integrated and seamless purchasing experiences they are used to. We're leveraging dynamic pricing to drive both top-line growth and profitability. Our trusted house of brands enables effective cross and upselling throughout different pricing tiers while sustainability remains a key element of our value proposition. In addition, we plan to establish a future growth platform to further extend product and service offerings and geographic presence through our build-and-buy approach. In parallel, we are unlocking operational efficiencies through a set of focused performance initiatives. We improve our supplier management and sourcing to capture savings and to upgrade our distribution infrastructure to enhance freight efficiency and improve dropship capabilities. We simplify our operating model structures and processes to increase cost leverage. We actively reduce working capital intensity with a target cash conversion cycle of under 30 days, as I mentioned earlier. Finally, we are establishing digital and AI-enabled end-to-end processes to deliver a best-in-class customer experience at scale. Now let's look at the I&P margin walk. By 2028, we're targeting an increase in I&P's adjusted EBITDA margin to 15%, driven equally by focused growth initiatives and structural performance improvements, as previously mentioned. Backed by our strategic focus, a positive long-term market outlook, and a track record of up to 17% EBITDA margin in I&P, we're confident in our ability to deliver on our plan. The greatest potential we anticipate in an optimized I&P portfolio mix, which will drive the majority of I&P's growth and contribute significantly to our margin increase. Additionally, procurement and the operating model offer significant levers to unlock efficiency gains through streamlined processes. Other value levers that come on top represent efforts in improved operational excellence and advanced service, to name one or the other example. Going forward, I will introduce you to our most important value levers, starting with the optimized portfolio mix. That said, it all starts with the customer in the beginning. Let's take a step back to introduce you to our approach to better understand how we serve our I&P customers. At the core of our principle lies a deep commitment to our customers. We strive to serve them the right way through a tailored and future-ready omnichannel approach. We are accessible across all channels, whether in person, via email, phone, our websites and microsites, or through integrated e-procurement and EDI solutions. To meet the specific needs of our customer base, we adapt the journey for different segments, particularly for large and medium-sized customers versus smaller customers. With our large and medium-sized customers, we focus on building long-term partnerships. We offer personalized proactive support across the entire journey, digitally and offline. Engagement starts through personal landing pages, online or offline catalogs, and tailored newsletters, complemented by the offering of customized product and site visits of our salesforce throughout the order journey. Many customers use integrated e-procurement systems or customized websites for product search, giving them seamless access to assortments tailored to their needs. With our EDI software integration directly into their procurement systems, they benefit from efficient processes and customized product feeds. Traditional channels like phone and email are available for added flexibility. Order processing is prioritized, ensuring faster delivery via distribution centers, dropshipping, direct shipping, or full-service project execution. After-sales support includes regular check-ins, digital tools, on-site service, and maintenance. We stay engaged through personalized newsletter and smart trigger systems to drive repeat purchase and grow long-term customer loyalty. For smaller customers, we focus on delivering a direct, efficient, and predominantly digital experience. We reach our customers through targeted online marketing, search engine ads, newsletters, and social campaigns, guiding them to explore our offering via web search and online catalogs. They can use tools on our website for self-help on product configuration and contact us via inbound service lines. Most orders are placed via our website or on external marketplaces, offering a streamlined, intuitive interface built for quick transactions. We ensure fast and flexible fulfillment through distribution centers, third-party partners, or direct-to-customer shipping. Installation and project services are available when needed. After purchase, we stay connected through newsletters, digital self-service tools, and, where helpful, our outbound tailor sales team and general call center. With this omnichannel setup, we create a seamless and differentiated experience across all customer types. It's not only about tailoring the journey to their needs, but also about showcasing the full breadth and strength of our assortment and brand, which I'll talk you through next. To present all of our brands in our offering, we developed our I&P House of Brands, a clear framework uniting all our offering under one roof. By providing a spectrum of brand types, we ensure that every customer finds the right fit within our brand universe. Our current portfolio spans across private labels with a strong price-to-value ratio, for example, eurokraft Basic and Pro, as well as ratioform, offering core industrial and packaging solutions such as shelving, workshop equipment, and packaging materials. Our distribution brands are tailored to specific customer needs. For For example, kaiserkraft provides comprehensive workplace and storage equipment. Gerdmans focuses on ergonomic office and warehouse solutions in the Nordics, and ratiof orm specializes in packaging solutions, including boxes, protective materials, and shipping supplies. Third-party brands serve buyers who rely on established external labels. We distribute a broad range of products in the I&P space, from trusted brands like Bosch supplying tools and power equipment, Topstar supplying ergonomic seating, TCL supplying electronic and display solutions, and many, many more, offering a truly wide-ranging assortment to meet various industrial and office needs. This clearly defined brand architecture is new in our vision and creates strategic value for us. We strengthen customer trust and loyalty, driving up to 80% repeat sales. We unlock cross-selling opportunities, for example, by combining anchor products with high-margin accessories or complementary packaging solutions and could, as an example, realize cross-selling opportunities from packaging to industrial customers. We follow a good, better, best approach within our brands to give our customers the flexibility on different price points. The strategy enhances our visibility into customer purchasing behaviors and enables us to rethink our future pricing strategy. As an example, we could competitively price our private label products to drive volume while selectively positioning higher margin offerings. Having all these great brands on one side and knowing of the various customer segments that we address gives us the opportunity to rethink and shape our existing product portfolio to the better. Expansion in the right customer segments and streamlining the product categories where possible. Let's have a closer look on that. As far as the I&P portfolio is concerned, we plan to accelerate our growth in the MRO segment by expanding our product offering while simplifying our variants. Through this, we're moving from a product supplier to an indirect spend optimizer for our key customers. Therefore, we're placing a strategic focus on indirect spend categories that are essential for our customers' daily operations, where we see clear industry-specific customer needs. Today, we primarily operate in the office, manufacturing, and warehouse space with a focus on equipment, products, and packaging. In the future, we intend to broaden our offering by complementing our offering in the arena we play in already, clearly following customer industry-specific requirements, by expanding into adjacent areas such as general supplies and workplace safety, where demand is frequent and margins are attractive, and by building out our value-added services, some of which we offer already today, like workplace setup, inspections, replenishments. In parallel, however, we will simplify our product lineup following the 80/20 methodology to optimize our assortment and reduce unnecessary and non-value-adding product duplications or depth. This approach will result in a more targeted and more customer-centric offering with a significant increase in operational efficiency from sourcing to inventory to fulfillment. We will intend to realize the extended assortment partially through partnerships and to attract new customers for subsequent upselling by strengthening our value proposition as a one-stop shop. This gave you a brief impression of our key growth opportunities in the I&P space. Let's turn to I&P's performance initiatives, namely procurement, logistics, and our targeted operating model. I&P procurement and supplier management to start off with this. Here we can find a large untapped potential for efficiency improvement. In I&P alone, we manage over 3,000 suppliers, source more than 170,000 products in our direct spend, and we source from about 20 countries. This complexity drives significant spend and also holds massive potential for optimization in procurement. We target up to EUR 6 million-EUR 10 million savings impact and up to 70 basis points in EBITDA uplift through this period by a comprehensive supplier management transformation. What we want to achieve from this optimization is increased supply chain resilience, operational excellence, profitability, and cash flow. We plan to achieve this by scaling analog and digital supplier management, by expanding global direct sourcing, improving supplier diversification and integration, and investing in core development partnerships. By enhancing organizational effectiveness and transparency, by streamlining processes and improving spend pooling, by developing our workforce and organization, by upgrading procurement skills and implementing a better category structure, by improving sustainability and risk management through stronger contract governance and better t ier-n visibility to increase resilience and ESG alignment. These efforts are not only about saving. They are about creating a smarter, more scalable supply engine for TAKKT. We are not stopping here. We are optimizing our logistics setup and redefining our distribution center footprint as well. Let's have a look at that. Over the past years, we have fundamentally reshaped the logistics backbone of our Industrial Packaging division, transitioning from a fragmented and outdated network to a streamlined performance-driven infrastructure of distribution centers. Fewer but smarter modernized systems lead to an annual warehouse cost saving with margin uplift of up to 20 basis points, starting with the number of DCs. So far, we've reduced and consolidated the number of DCs from 22 to 11 within the region, allowing us to better align capacity with demand and reduce redundancies. Looking ahead, we're building toward a balanced setup that combines in-house and 3PL operated distribution centers, giving us both scalability and flexibility to improve delivery times across the entire region. As far as infrastructure and quality are concerned, we're working on improving reliability and inventory visibility, laying the foundation for faster order cycles and push for further automation, strengthening our freight and delivery performance and dropship capabilities. Regarding fulfillment rates, we're aiming for over 90% fulfillment performance through targeted investments and better operational planning and an inventory DIO of only 40 days. This requires our assortment to be cleansed and our planning cycles to be optimized. That we're working towards. This brings us to the final example of our ongoing improvement journey, one that not only supports future progress, but also lays the foundation for continuous reevaluation here at TAKKT. We're working towards a new operating model. With our streamlined operating model, we're expecting up to 90 basis points of margin uplift while creating a leaner, more focused, and more agile organization. We follow three core principles. The first, simplification. We're reducing structural complexity across TAKKT group and I&P by streamlining roles, systems, and organizational layers. Second, automation. We're automating transactional activities to improve speed, reduce error rates, and free up capacity for higher value tasks. Third, outsourcing. We're selectively outsourcing non-core back-office processes to trusted partners to increase efficiency and flexibility. This concludes our key insights and outlooks for the I&P space. Now, let's look at our two large U.S. businesses, NBF and Food Service, that also have solid forward strategies in place. Let's start with a closer look at National Business Furniture, or NBF, a key business within TAKKT and positioned among the top 10 office furniture providers in the U.S. We have a wide range of customers and have long-standing relationships. We're serving small to large offices and businesses, medical practices and hospitals, schools and universities, as well as local and federal governments. In 2024, NBF generated EUR 157 million sales, achieving an adjusted EBITDA margin of 7.1%. With a base of over 36,000 active customers, a portfolio of more than 8,000 products, and a nationwide sales force of over 100 experts, NBF has a leading market coverage and service. This is reflected in a customer net promoter score of over 70, highlighting the high levels of satisfaction and long-standing customer loyalty. What makes NBF stand out in the competitive U.S. furniture market are four core strengths: a wide range of furniture solutions offering tailored to modern office needs, hundreds of products ready to ship, a logistics setup which ensures smooth order fulfillment, hands-on support for NBF customers starting from choosing the right products to the final product installation. Our expert team spans across the nation, no matter the size or footprint of the organization. This is particularly important for organizations that span across states such as fitness chains. With these strengths, NBF is an important part of TAKKT's business in North America, and we see significant potential to develop this business based on its solid market position going forward. To push forward, NBF has a strong foundation to further expand its role as a nation leader in commercial furniture. Looking ahead to 2028, our strategic targets are very clearly defined. We aim to achieve sales growth slightly above the overall market, reach an adjusted EBITDA margin of 9%, and maintain a cash conversion cycle of less than 30 days. These goals reflect our ambition to drive sustainable growth, enhance profitability, and strengthen our financial agility. We will further strengthen our market presence by gaining new customers and retaining our existing loyal customer base through a set of focused commercial growth initiatives, tailoring our go-to-market approach first to better serve both transactional and project-oriented customers. On the project side, we have a differentiated assortment that is focused on systems and strong customization capabilities to meet the unique needs of each customer. A team that is on the ground can work in the physical space and can handhold the customer from speccing to installing the project, supported by back-office teams focused on design, project management, and fulfillment. An example where all of these capabilities come together was for a major U.S. hospital system in Illinois in the U.S. This customer had a looming deadline to pass an inspection of their facilities and needed a far-reaching facility upgrade to pass their inspection. Our team worked with the customer to understand their needs. We coordinated a high-volume refurnishing project for multiple sites, ensuring seamless execution without disrupting ongoing operations. Thanks to our efficient multi-location delivery setup and strong project management, over 500 items were installed within a very tight timeframe with almost no shipping defects. This resulted in an initial order value of EUR 900,000 and a repeat business of EUR 700,000, which outlines the good relationship that we built through this project. On the transactional side, it is about building an easy transaction experience online with personalized help if needed. Now, let me turn to the second point: modernizing our assortment to reflect new ways of work and closing portfolio gaps. This means introducing more on-trend finishes and styles and continuing to expand on an assortment that delivers on the workspace trends like need for privacy, collaboration, and ergonomic options, and into new customer segments that require a tailored product portfolio. Third, building a stronger lead generation engine and drive brand awareness across our channels. This means investment in prospecting, partnerships, and nurturing our customer files, which we have developed over 50 years of history. For instance, we have 360,000 customers that have shopped with us in the last year. An additional 162,000 customers have shopped with us in the past five years. Reactivating them is a fruitful ground for future growth. Fourth, upgrading our offer with advanced services such as workspace planning and design consultation. This is a clear differentiator from e-commerce players in the field. We can turn an idea into a solution, including idea generation and visualization, for example, leveraging 3D tools, as we have just proven for a global jewelry brand. On top of our growth initiatives, we are targeting increased operational performance. We want to upgrade our technology stack to enable a more modern and scalable infrastructure, including completing our Salesforce integration to run our sales team more targeted and efficient, enhancing the functionality of our recently launched new website, which already shows a 14% increase in web conversion and a 17% increase in add-to-cart rate. Second, we want to enhance marketing execution by managing each channel to its own ROI target and eliminating non-efficient spend. Third, we want to strengthen strategic pricing capabilities to reduce our cost profile, for example, through freight price optimization and optimizing our discounting strategy. Continuous negotiation with suppliers to reduce minimum order quantities, cost of goods sold, improve purchasing terms, faster delivery times. First successes show improvements, as for instance, our days payable decreased by more than 10 days compared to the previous year. Fourth, we want to execute efficiently through process optimizations. Last but not least, we want to enhance our cash conversion cycle performance through smarter working capital management. These initiatives will carry us to our EBITDA targets. Now, let's look at the margin walk. To reach our 2028 target of 9%, we see a two-third versus one-third contribution of the aforementioned growth versus performance initiatives. On the growth side, the uplift is driven by growth in our project business via investment in our capabilities and lead generation efforts and by our transactional businesses, including a better site experience, assortment, and marketing execution. On the performance side, the largest contributors are tech enhancements, stronger marketing execution, and also better purchasing renegotiations, which we will also continue to perform together with outbound freight optimizations. Also, we will reduce our warehousing costs and other OpEx, as well as invest in process improvement and enhance our cash management. We're excited about NBF's future in a market that evolves as employers look to make the workspace an attractive place to bring their teams back to. Let's turn to the Food Service division. This is the last division we will take a closer look at today. For Food Service, we're aiming for a substantial turnaround. After After a tremendously challenging year where our EBITDA margin was a very disappointing 0.1%, our clear priority is to reverse the negative trend we experienced last year and return this business to profitability. What sets this business apart in the market versus competition are four key strengths. We have above-market customer satisfaction with our expertise in the market and a customer net promoter score well above 53, which is significantly above the market average of 35. With our recognized brand, Central, we are a trusted partner of more than 70,000 active customers for smallware and equipment with over 250,000 products. This results, thirdly, in a strong market position in the U.S., being the only exclusive end-to-end omnichannel player in the U.S. food service market. Private label products contribute to roughly a quarter of our total sales. This indicates high customer retention, holding potential for expansion. With the number five position in the U.S. smallware market and a number 11 position overall, we see strong potential to reposition Food Service as a value driver for TAKKT in the years ahead. Let us take a look at our strategy and how we plan to drive Food Service forward. As I have outlined before, we already built a strong footprint in the U.S. market for smallware and equipment with our Food Service business. Our goal is to evolve into the go-to-market partner for an extended food services offering, combining customer-centric growth with operational excellence. Looking ahead, we've set the ambition to grow sales slightly above market and adjusted EBITDA margin of 7%, as well as a cash conversion cycle of under 45 days. How do we achieve this turnaround of the food service business? We aim to expand our business with large and medium-sized customers like Sodexo by establishing new EDI connections and dedicated microsites. In addition, we're targeting new customer segments such as emerging restaurant chains with a goal of growing in sync. To illustrate the type of projects we're focusing on, let me share a recent customer success story. A Jamaican-owned fast casual restaurant chain was expanding into the U.S. with 23 new locations. They faced logistical challenges during early store openings, particularly with sourcing and delivery across different sites. We supported them by consolidating orders for several locations, ensuring reliable product delivery aligned with their rollout plan, and assigning a dedicated Food Service project team to co-develop restaurant layouts in close collaboration with owners and franchisees. The result? The customer achieved a streamlined expansion process with consistent support and standardized equipment, securing successful openings. At the same time, we secured a multi-location contract and strengthened our position in the emerging restaurant segment. What a great success. Now, let's look at the third point. Going forward, we aim to extend our assortment from equipment and smallware today to include also higher-margin accessories and parts businesses, supported by an advanced pricing strategy and competitive contract models. We see strong potential in product co-development and already have proven track records of success. For example, through a recent collaboration with a U.S. school district that I want to share as an example. The district needed practical tools to boost student participation in its breakfast program. Through a design thinking workshop with school and industry experts, we co-developed a tailored NSF-approved solution, which was lightweight, modular, branded, and easy to use. The result? Higher breakfast participation, stronger customer loyalty, and the best thing? This solution scaled across multiple schools and has opportunity for hundreds more. Growth is not the single source. For our ambitious targets in food service, we must also strengthen our overall performance. We will do so by enhancing customer service capabilities, driving digital enablement to improve lead generation and conversion rates, not to leave out our improved microsites to better serve our customers. By leveraging our call center as a strategic asset, we could already see increased call activities and improved customer experience towards the end of 2024. Historically, the call center has been a key driver of Food Service's commercial success. Restoring its full potential unlocks the opportunity to deliver a seamless omnichannel experience by enabling an end-to-end customer journey that integrates web, call center, and personalized support, something truly unique in the food service market. Simplifying our product and customer mix following an 80/20 methodology to ensure excellency for the top 20% of customers and 20% of products that generate 80% of sales. This is an area we particularly see performance improvement potential while also seeing potential to even better serve our customers. Strengthening our operational capabilities by focusing on utilizing our geographic reach. Our existing Food Service team demonstrates strong operational capabilities with a wide geographic footprint that still holds untapped potential. Our largest warehouse in Harrison is 500,000 sq ft large and holds more than 25,000 SKUs. In 2024, more than 350,000 orders were shipped throughout the U.S. with a fulfillment rate of 97%. We now will leverage this infrastructure with additional volume. We also will improve our financial efficiency by further enhancing our cash conversion cycle performance and by significantly increasing profitability, starting with an uplift in gross margin, but also a more efficient cost base. To successfully realize the business turnaround and reach our 2028 EBITDA ambition, we need to deliver on these initiatives. We will. Let's take a closer look at how these initiatives translate into our margin outlook in the mid and in the long term. By 2028, as we mentioned, we aim to increase adjusted EBITDA margins from current 0.1% to a strong 7%, which represents a major turnaround. Let's put that into context. 2024 was a year to put aside. Our sales were very negatively impacted by the complexities of the failed commercial integration and, in addition, by a difficult system migration. These challenges weighed on sales and performance, leading to an EBITDA of 0.1%, down from 5.7% in the prior year. While ambitious, the aforementioned initiatives will bring us back to historic levels and beyond. Hereby, half of the basis points uplift will come from growth initiatives, while the other half will come from performance initiatives, especially our 80/20 program, which is already starting. Looking ahead, our focus must shift to gain new business and strengthen customer engagement throughout targeted lead generation activities and optimized microsite setups. This will enable us to capitalize on this rapidly growing market. This concludes our deep dive into our three largest businesses: I&P, NBF, and Food Service, as well as their related initiatives. Across these and across all of TAKKT, there's a further value driver that holds significant potential for our future and that serves as a key differentiator in the distributor market: the seamless integration of IT and digital solutions into our daily workflows. This is not just about technology. It is about creating a backbone for enhanced efficiency, smarter decision-making, and long-term scalability. To take us further into this exciting space, I will now hand over to Daniel, who leads our IT and digital function. He will guide you through our vision and plans to digitally transform our company and transform the way we work. Hi, Daniel. Thanks a lot, Andreas, and very excited to be here. We in IT and digital are strongly contributing to accomplishing our TAKKT Forward strategy with multiple components. In the strategy pillar growth, we strive for an enhanced and differentiated premium customer experience, as well as leading sales and operations capabilities. The major focus in this space is our move to a leading omnichannel capability. In the strategy pillar performance, we enable operational excellence driven by most automated and digitalized end-to-end processes and best-in-class master data management capabilities with special focus on customer and product data as our biggest assets. There is no company strategy anymore without AI. We, as well, are committed to our AI-first ambition, and we have a great portfolio of use cases to boost customer experience as well as to optimize processes and with that generate savings. Ultimately, the access to the right talent, as well as having strong technology partners at our side, will ensure we move at maximum pace and scale. Let's start from where we came from: a traditional single-channel go-to-market approach rooted in the offline world where customers were ordering based on an offline catalog, mailed to them a couple of times per year with a subsequent order coming in via phone, fax, and email. Today, customers do not only expect multi-channel with new digital capabilities, but true omnichannel. This predominantly means two things. A, a customer can freely select their channel of preference for how they want to be served: traditional, remote, or digital. B, customers can at any point in time of their journey change the channels and seamlessly. We believe we will be able to do this very well and provide a personalized and distinguished customer experience. We are enriching this with innovative capabilities like AI-driven search and product discovery and personalized cross and upselling. Technology-wise, this new omnichannel experience is driven by two components: our new customer experience platform on the left side, enhancing our today's more traditional transactional e-commerce experience. The customer will benefit from getting a personalized experience with relevant content and offers with additional functionality relevant, especially for our large customers. Also, experiencing a seamless journey with better support and advice end-to-end. Our digital sales and marketing platform on the right side, enabling a more automated and personalized approach for sales. This is powered by a state-of-the-art CRM and marketing automation system, managing the complete customer journey and providing full data insights. We call it a Customer 360. As a result, this will be multiplying our capacity, the capacity of our physical sales force, being able to cover more customers more impactfully. Same on the marketing side. AI. We use this not just as a buzzword, but as a strong commitment and belief that AI is significantly able to optimize our processes and revolutionize customer experience. Research shows that related industry can accomplish tangible P&L impact through AI in the range of 10%-15% just through productivity increases. At the bottom of the slide, you see a fully evaluated and proven use case as an example of this. Today, over 40% of our orders are received manually via email and other unstructured documents. A sizable internal team is manually entering those orders into our ERP system, taking them in average one business day per order. We brought in a deep learning AI model, which automates the order entry up to 95% right away and equally important boosts customer experience, giving the customer their order one day earlier. Our AI CoE is working on a very exciting portfolio of AI use cases, from AI-driven self-service capabilities in after-sales to smartening up our products to dynamic pricing, as well as having 25% of our code created by AI by the end of this year. Moving on to the third major IT initiative, our TRICX program. TRICX is digitalizing and optimizing our processes and data management practices. TRICX stands for tripling our customer experience through three main processes, or how we call them, value streams. It includes a modern and innovative delivery model with leading agile practices. Our customers are benefiting from an improved operational excellence. If this is delivery times, maximized availability and speed of our after-care support, but also customers making best use of our new digital capabilities, like more self-service and personalized offers. An example of this is that we have improved the onboarding time of new products by 25% in the first six months. On the right side, internally, we now have clear accountabilities for our processes and master data assets and are able to steer the implementation of our overall strategy effectively and with high agility. As an example, we have improved our customer NPS by 15% in just the last six months. Finally, what we all, and especially in IT, still lack is access to the very best talent to drive the before-mentioned initiatives at speed, scale, and quality. To address this, we are partnering with leading technology companies who understand our needs size-wise and as a first-generation outsourcer like we are. With that, we aim to out-partner the competition through anticipated value creation, outsourcing non-strategic activities like an IT service desk, and with that, refocusing on value-added customer-benefiting areas, but also getting access to a whole ecosystem of innovative solutions from the partner with the commitment to co-create future innovation, like in TRICX to supercharge process optimization and for sure in the AI space. One of these partners is Infosys, giving us not only access to over 300,000 professionals globally, but also bringing in innovative commercial and delivery models like the sharing of future risks and benefits. Our approach includes the creation of a digital hub in Budapest, Hungary, to get access to strategic in-house talent at scale and more cost-effectively than today. Overall, I'm highly excited about the step change we can and will accomplish through those initiatives forward to a technology-powered, AI-leveraged TAKKT. With that, back to Lars on Finance Forward. Thank you, Daniel. Let's now look at what you can expect from the new strategy for our financial development. As we look ahead, we are fully focused on improving our financial success. Based on TAKKT Forward, we are setting clear financial priorities. First, driving profitable growth, so sales growth above market growth and an uplift on profitability to more than 10% EBITDA margin. Secondly, converting profit into cash by further improving our cash conversion up to 60% of EBITDA in average. Third, by focusing investments into our business, especially spending CapEx in important tech changes, which will bring our cash-CapEx ratio up to 2% of sales. Fourth, continuing to deliver sustainable and reliable shareholder returns by sticking to our attractive dividends policy. We will continue to pay out a base dividend of currently EUR 0.60 and potentially pay out special dividends depending on leverage and M&A opportunities. All those four priorities based on a solid financial foundation. In the next few minutes, I will walk you through some details regarding those priorities. Let's start with profitability. Our long-term ambition is clear and shared. Today, TAKKT Group stands at 6.9% adjusted EBITDA margin. Our midterm ambition is to exceed it to 10%, and we aim to achieve even 12% on the long term. How are our ambitions reflected at the divisional level? Industrial Packaging is already close to 12%, and we are confident to increase profitability to a level of above 15%. Office Furniture and Displays currently at 7%, and we are aiming to expand profit margin to a level of 9% and above. In food service, in 2024, we had a very low profitability of close to zero. The focus is on turning performance around, as shown before, and return to a profitability of 7% and above. The base for those divisional improvements, which I've shown here, is of course the impact of the mentioned strategic pillars. As you've seen in the divisional updates, we will benefit from both, from better leverage through improved sales, which is linking to the strategic pillar growth, and an improved cost structure, which is referring to the strategic pillar performance. We believe that both aspects will have similar positive impact on our profit margin. In addition, as we execute TAKKT Forward, we will unlock also profitability potential through focusing more on our core I&P, which is then the link to the strategic pillar focus. Besides the increase of profitability, what matters at least as much is converting profit into cash flow. Historically, our average cash conversion across economic cycles was around 50% of EBITDA, of course fluctuating depending on the different phases in the economic cycles. We are committed to further improve our strength in cash management and to increase cash conversion to the upper side of the range of 50%-60% of EBITDA across economic cycles. To get there, we are focusing on the three key levels of cash management: DSO, Days Sales Outstanding, so faster receivables collection, mainly by shortening payment terms and improving the way we collect cash from our customers. Second, DIO, Days Inventory Outstanding, smarter inventory management through optimizing the purchase process and through structurally reducing slow movers in our inventories. Third, DPO, Days Payable Outstanding, letting our suppliers contribute more by enhancing payment terms with our suppliers and by optimizing the way we pay in order to avoid any form of early payment. We have improved our cash conversion cycle over the last two years. At the same time, we still see good potential to improve further by optimizing our underlying commercial processes. Before we now get to the priorities how to allocate the cash flow we generate, let me point out one important strength of TAKKT, which is our solid capital structure. This strong foundation gives us room to maneuver. Our solid starting point can be shown in three perspectives. First, our liquidity position. As of year-end 2024, we had access to EUR 315 million in available credit lines, of which only EUR 61 million were drawn and in use. Second, our equity ratio. We consistently operate at the upper end of our internal target range of 30%-60%. End of 2024, our equity ratio was at 59% after having had ratios even above the 60% level in the years before, showing our strong balance sheet. Third, our debt repayment period, defined as net financial debt over EBITDA, which was for 2024 on a value of two years, while in the years before with stronger EBITDA levels, we were even at a level of below one year. Together, those indicators and covenants just shown demonstrate that TAKKT is financially in a very solid position. A good starting point for going into the new TAKKT Forward strategy. We have the capacity to move quickly and confidently on the different elements of our strategy and the capital allocation. This is also then the next topic, looking at the capital allocation, so how to use the cash flow we generate. Based on the solid financial position I just talked about and the strong cash generation, we allocate capital based on clear and reliable principles across three main pillars, which are organic invest, mergers and acquisitions, and shareholder return. Let's take a closer look at each of them. First, organic investments. We are selectively increasing our cash-CapEx ratio, which will be higher than in previous year. This reflects the fact that we have the need to catch up in developing our systems and processes and is our decision to invest into the future of our business. Those investments are targeted and temporary, and they support our growth and performance programs under TAKKT Forward. More details to follow in a moment. Second, mergers and acquisitions. Where it creates value and where it fits our portfolio focus, we will pursue M&A. Our approach is defined. We look for opportunities that support our core businesses, which we described as I&P being in the core. We look for opportunities which foster our strategic initiatives, the growth initiatives or the performance initiatives. We look for opportunities that are clear that meet our financial requirements, supporting us to get to the financial targets we are sharing today. Doing that, we will remain highly selective. For us, there is no pressure to do deals, but we are ready to act when the right opportunity arises. The third pillar of capital allocation is shareholder return. We are committed to delivering reliable and attractive returns to our shareholders. This includes a base dividend, which we have paid for 25 out of 25 years in the history of TAKKT. It also includes the flexibility to issue special dividends when financial performance is strong and investment need, for example, into M&A is limited. It includes the option to return capital through share buybacks, a more opportunistic instrument for us, anyhow, an instrument we applied successfully with a program which just ended end of 2024. Overall, our guiding principle is clear. We only invest where we create value and always ensure a fair and consistent return to shareholders. Let's now go a bit more into detail regarding our organic investment priorities. Over the coming years, Daniel has talked about that. TAKKT will undergo what we call a technology step change. To make that happen, we are deliberately increasing our cash-CapEx ratio. Historically, as you can see here, from 2019 to 2024, our CapEx ratio remained within a corridor of roughly 1.5%-1.8% of sales. Starting this year and continuing through 2026 and 2027, we are moving into a higher CapEx corridor, approaching ratios above the 2% of sales. Specifically, our CapEx and investment priorities include the introduction of AI-supported application, the automation of key workflows across the value chain, and the upgrade of our digital backbone, including ERP systems and data infrastructure. Important to mention, we view this higher CapEx level as temporary. From 2028 onwards, we expect to return to a normalized CapEx corridor, again back in line with historical levels of up to 2% of sales. Finally, I want to give some more details to one of the most important components of our capital allocation, which is the dividend. At TAKKT, we are committed to delivering a reliable and attractive return to our shareholders, even in times of weaker financial results. Our dividend policy is clear and consistent. We aim to pay a base dividend currently at a level of EUR 0.60 per share, with a possibility of a special dividend when financial performance is strong and investment need limited. This policy combines predictability, so a reliable base dividend, with the opportunity of special dividends in addition and in certain situations. For fiscal year 2024, as you already know, we are proposing a dividend payment of EUR 0.60 per share, which corresponds to a dividend yield of around 7% at the current share price level. This proposal for 2024 underscores our confidence in the business and also our commitment to shareholder value and to paying out base dividend, even in a year of weaker financial results. The lower part of this chart highlights our dividend history. As you can see, TAKKT has an exceptional track record. For each of the past 12 years shown here, we have paid at least to date the base dividend. The same is true also for the 25 years history of TAKKT. Even for more volatile periods, such as the pandemic years 2020 and 2021, we maintained our dividend policy and paid out base dividend at least. In many years, we also paid special dividends on top, further rewarding our shareholders for strong results, with our average dividend yield being at 4.6%. Now, looking ahead, our intention is to maintain this stability. The base dividend is and remains our first priority. We retain the option to increase shareholder return through special dividends or share buybacks when appropriate. Let me conclude the view on the financials by looking at our ambition in a nutshell. From where we were last year to where we expect to be in 2025, to where we aim to be by 2028 and beyond. Taking 2024 last year as the base and looking ahead to this year 2025, we expect, as already shared, sales to increase moderately in line with the gradual market recovery. For profitability, our guidance is an adjusted EBITDA margin of 6%-8%. On the cash flow side, we are targeting an improvement in cash management with some need for investment into growth through networking capital. The absolute cash flow is, as already mentioned, expected to be below prior year level. This guidance for 2025 reflects our cautious optimism on growth and both the initial impacts of performance measures already underway and at the same time the needed invest into our strategic initiatives. By 2028, our financial targets reflect the clear impact of our strategic initiatives. We aim to grow sales above market level, to exceed the 10% EBITDA margin, and to deliver free cash flow with up to 60% cash conversion and a cash conversion cycle below 30 days. Over the long term, we even see profitability heading for a sustained EBITDA margin of around 12%. To sum it up, we are moving from stabilization in the second half of 2024 to gradual recovery in 2025 to strategic delivery by 2028 and beyond. With this expected financial result of the TAKKT Forward strategy, we see us getting back to financial success and building the important base to let our shareholders benefit from our future success. With that, I hand over back to you, Andreas. Thanks, Lars. To summarize, with our TAKKT Forward strategy, we're setting out to make TAKKT a more focused and customer-centric, a higher growing and a more performing company. We are confident to deliver on our initiatives driven by a rigorous execution focus. This underlines the sound investment thesis shared with you earlier in this presentation. Let me wrap up by once again showing and talking to our investment highlights. First, a clear portfolio focus on our most attractive markets and our strongest division, I&P. Second, long-standing customer relations offering growth opportunities. Third, resilient EBITDA and cash generation with significant upside potential as shared throughout this presentation. Fourth, a clear strategy and roadmap enabled by required investments and execution focus. Fifth, an extensive and growing sustainable offering providing further growth opportunities. As Lars mentioned, we remain committed to reliable dividend payments and to a shareholder-oriented capital allocation. Thank you very much for your attention. Now over to Ben for the Q&A. Thank you, Andreas. Thank you, Lars and Daniel, for your presentation and the insights into what we expect for 2025 and how we move into the future with TAKKT Forward. A lot of slides, a lot of content and insights, and I am sure also some early other questions from your side on today's capital market update. We are starting now with the Q&A, and while we use the time for a quick rebuild of the stage here in Stuttgart, I will walk you through how to raise your questions. For a dynamic conversation, we kindly ask you to ask questions in person via the audio line. To do this, please click on the raise your hand button by the lower part of your screen. If you do not have the opportunity to speak freely today, you can also place your question with the Q&A feature, and I will read it out. That being said, we are ready for your questions here in the studio, and I ask Andreas, Lars, and Daniel back on stage. Thanks, Ben. I am checking the questions, and we already have one question from, I think it is Christian Bruhns. Please go ahead, Christian. Yes, thank you very much for sharing the forward strategy. It has a lot of insights, math data, market insights, and also some very detailed forward plans. I think I really appreciate that, and it makes the TAKKT company much more transparent for us. Let me ask my question. If I understand correctly, of course, you are focusing everything on the division, Industrial Packaging as a new strong core, and it's also the star division in terms of market position and also profitability. This is not really understandable. Does it also mean that you put all your capital spending behind this focused division, or could you a little bit tell us more about where to put the increased cash investments? As I always also have in mind, for example, in service, there were some system problems and so on. I think other divisions also need investments. Yeah, thank you, Christian, for your question. As you correctly pointed out, our strategy is around focus. Namely, we will focus around our most attractive division, I&P, that operates in the most promising markets, has among the strongest customer relations in their arena of play, and has long-standing and loyal customer relations with mid to large customers that we see a lot of potential in. We will, as we pointed out, focus on this division from a management attention perspective, from an investment perspective, both internally as well as organically and inorganically. Having said that, National Business Furniture and Food Service are equally important businesses in the U.S. for us, and we have outlined clear growth and clear performance plans that we're committed to executing on while growing even more the I&P business. Okay, thank you. Okay, currently there are no other people raising their hands, but Christian, I see your hand is up again. Please go ahead with your second question. Yes, thank you. Thank you, Ben. Of course, I mean, I do not want to give I also want to give others the opportunity, but I have a lot of questions left. One of the questions is, why do you focus on why do we want to scale the most complex of your customers? I think you outlined that both of your customer groups, the large, medium, complex customers, as well as smaller companies, share similar needs. The main focus, to me, what I got from your presentation was that you want to focus on the larger complex companies. Why are they more attractive? What is behind this? You are correct. We clearly stated that we do see significant growth potential with medium and large customers because they are offering they have complex requirements when it comes to their procurement process. They do have requirements for a pre-curated assortment. They have more repeat business, and they also have a stronger demand for valuating services. All of these are factors that we see us very well positioned in to differentiate us versus competition and to build long-standing relationships with these customers. With many of them, we do have these already. We obviously see opportunity to build on these as we grow I&P. Equally, we believe we can win over additional customers. Do not forget, with many of these, we have EDI connections into their procurement systems, which makes these relationships long-term, if not to say sticky, right? That said, we also value small and mid customers, but we're very focused on serving them to their needs, which is much more transactional, which is much more digital. That means also, from our perspective, more efficiently. Okay, that means that the active sales staff, they should concentrate on the complex customers, and you want to treat these smaller companies in a more efficient, automated way. Is that correct? Exactly. If you take, for example, one larger customer, right? It's a customer that has maybe one headquarter, but 10 different sites across Europe. We're perfectly placed to serve this customer, to serve him or her with a pre-curated assortment, right? There's no Maverick buying in the individual sites. We do have sales teams on site to speak to the local purchasing officers or to the local maintenance teams and help them in their decision-making. That's where we really see our opportunity. It is more complex requirements for these customers, but that's what we're very well established to serve best. If I thank you. If I may, I would also add a question on capital allocation because the company which you did not speak about today was the Displays to Go or D2G. And if I remembered correctly, I think there is still EUR 50 million goodwill with this company. So it is not a, yeah, it is quite a large business. If you would divest it, I think there would also, of course, be financial resources which you could spend for a special dividend or you could use for acquisitions. Maybe you could also a little bit elaborate what you would favor in case there will be a successful divestment of this company. Yeah, thank you for your question. First of all, you have remembered correctly the value, right, on the goodwill. It is a bit above EUR 50 million, which we have left after we had reduced end of 2023. Now, we are talking about reviewing options we have. If we should go into an M&A transaction, of course, we will take care of what is today the profit and cash contribution of the business and what is then the value of the business. That would be a factor. Would we limit ourselves to saying we will avoid any potential impact on booked profits? Probably not. We are fully aware of what is the value of that business we are checking right now. Again, we are reviewing different options currently. It is not just M&A and divestment. Christian, thank you very much for your questions. We have another question from Miro Zuzak from JMS. Please go ahead, Miro. The line is open. Yes. Okay. Hello. Hi, Miro. Okay. Sorry, I was on mute. I have two questions, if I may. The first one is regarding the current environment. You mentioned that Q1 you would still show negative organic growth. It is a clear statement. I would be interested in knowing further insight on what is now really going on because we have tariffs coming. The latest ones announced today. There might be a pre-buy effect on the one-hand side, but there might also be other effects like the businesses stop ordering because of stop investing in general. I hear both, frankly speaking, from different companies. Maybe you can give us further insights into that. I will take them one by one. Okay. Great, Miro. You are correct, right? There is a lot of uncertainty in the market currently when it comes to tariffs. We are exactly seeing what you outlined, right? We saw an overall, in certain product category groups, a pre-buy effect where we actively also reach out to customers advocating that tariffs may come and there's an opportunity to purchase. Having said that, at the same time, we are obviously deploying activities and actions to mitigate any negative impacts from tariff on our margin. What does that mean? We are seeing overall tariffs from products we import out of China, for example, which is for the U.S. roughly 10%. That is something that we're seeing directly. We expect to see indirect impact from suppliers of ours or other companies that source Chinese product and put them into their products in-country. The latter may be even more impactful from an overall economic perspective. That said, on the direct tariffs, what we have done is we have renegotiated with our suppliers' pricing to have them share into the higher tariffs quite successfully, I may say. We have also raised prices as appropriate in order to ensure that our margin profile holds. That is a little bit more mid to long-term, we are obviously continuing to evaluate alternative sources. We are in an industry, specifically in the U.S., where many of our competitors are in the very same situation. What we are seeing is overall market pricing being adjusted accordingly to the impact of the tariffs. This may have an overall impact on demand given product pricing is higher that we will watch very closely and carefully. If I may add another one also regarding Germany because there was not just an election, but the EUR 500 billion, the EUR 800 billion defense, stuff like that. There was like a big move also in all the share prices that you could see. Do you already see a kind of change in sentiment and also bordering patterns from Germany? We do see, as Lars mentioned in the earlier remarks, some bright spots, right? Be it defense, infrastructure, life science, healthcare, where benefits are expected from the EUR 500 billion specifically in Germany, right? Of course, we are proactively addressing customers in those segments because as they intend to increase and grow their business, they have demand for our products. That is the reason why, rest assured, our sales teams are proactively following up on any opportunity that we do see. Okay. The last one I have is maybe an inconvenient question or awkward, but I really mean it in a constructive way. When I looked at TAKKT, I think the first time was 2012, Mr. Zimmermann, the discussion at that time was very much about Amazon, the impact of Amazon, the online players, and the pressure on margin, talk about the catalog and stuff like that. What you can see at the moment is that your margin is very much under pressure. Of course, the top line is, but that's probably more of a different reason. Your outlook and your midterm guidance is very ambitious in terms of guidance. I mean, especially the 15%, but also 12%, you could already say this is very ambitious. I know always that Excel is very, how do you say, tolerant when it comes to modeling. I question myself. The question is, what is different now? Because also your predecessors, they were capable. It's like, at least to my knowledge or to my assessment, what is different? What do you do differently now compared to its predecessors that you really can make sure that you can increase the margin? That margin is such a tough competitive market environment. It is what we just spoke about, right? We are focusing our business on the area that we see the highest potential in, and we're moving into long-term customer relationships, whereas in the past, as you correctly pointed out, we grew transactional business, which did not yield the customer retentions and the repeat business that is yielding long-term results and allows you to hold the margin. Also, picking up on the point I made earlier, as we go into a more complex purchasing environment for our customers, this is where really our sweet spot is from the offering we have. You are correct, right? Excel is forgiving, but we are really confident about the initiatives and the actions we put in place and the initial results we see that we will eventually, over time, grow into this direction of the margin. We have been there, as you know, right, in the past. While the world has moved on and the omnichannel approach has evolved, right, and we are really evolving with it, also with a strong technology stack behind it, that is where we do see the opportunity for us. I do not know, Lars, if you want to add anything. No, I think that was well described. We have plans and initiatives and measures behind that. Also, regarding your question around the positioning, the strength of the positioning and the pressure in the market, focusing more on the large and mid-sized customers is also reflecting more our strength. Our strength is not on the very transactional business, which would be an Amazon business, for example, a marketplace business. That's not where we would be successful. It's also one reason going more, as Andreas had explained, from the more transactional focus to large and mid-sized customers, where we are generating good profitability today. Thank you very much, gentlemen. You're welcome. Thank you, Miro. Okay, to change things up, we also have a question from the chat that I can read out. Daniel, you talked about your plans to increase the use of AI at TAKKT. Why do you think you will be able to differentiate TAKKT in this important space from the competition, and how will you do that? Thank you for the question, which is a good one. First, we make AI a real leadership priority. The direction that Andreas has given with the AI-first ambition, we put to life. Also, investing into complete organizational enablement to make this a grassroots-level movement. Second, we will further invest into our internal data science skills and capacity, also with the support, as I mentioned before, of our digital hub in Budapest. We also will partner with the right companies. For example, Google and the new search on our e-commerce webshop, they know how to do search, obviously, versus we trying to build our own solutions like in the past. Finally, let me say the potential I see being now seven months with the company is just huge. In the past, you were doing a traditional digital transformation program that cost a lot of money and took very long. We think, we believe we can yield good return from the benefits of being a first mover on AI. Daniel, thank you. Currently, there was a raised hand by Christian Bruns. Checking with you, Christian, do you still have questions at the moment? Yes. Sorry, if I may, I would add one because in the beginning of the presentation, Andreas mentioned that we met with the stock management team and they said there would be an idea to bring the management's incentives to align them more with shareholders' interests. I was just wondering if there is anything which we should have in mind in this respect. What we have done is, from a short-term incentive perspective, and we'll speak about it in one of our upcoming calls also when the full package has been approved. What we have done is we have set our short-term incentives very clearly on targets that include profitability, cash, as well as ESG-related metrics. We're reflecting this also in our longer-term planned thinking. What you can expect of us is that we will continue to focus on driving profitability, cash, as well as sustainability targets. Okay, thank you. I think it will not be reduced to the board members. It will be also the extended leadership team, which will be decentralized the same way? Correct. Yes, correct. That is also, it's a good point. That's also something that I personally believe in very much, namely, it takes a group of people to move a mountain, and that is what we're set out to do, right? TAKKT has a strong foundation and tremendous opportunities going forward. We will get there with everyone aligned on similar goals and incentivized by consistent and aligned metrics. Okay, thank you. We don't have any more questions here from the participants. There's one last in the chat that we'll close the Q&A with, and that is given the 2025 guidance that you issued today. On a profitability level, you don't really expect an improvement despite the rather weak profitability in 2024. What's your assumption for the profitability guidance specifically? Thank you for the question. First of all, it's important due to all the volatility we have quite a broad range for this year. There is also the upper range of our guidance where we would indeed increase the adjusted EBITDA margin. Now, looking at the midpoint, I assume the question is related to the midpoint of the guidance, which is 1% sales growth and an adjusted EBITDA margin of 7%, up from 6.9%. Three elements to that. First of all, 1% growth is important for us, especially then getting into growth in the second half. Still, it is not a high growth, which is helping us to really get out the leverage and get into better cost ratios again, like just out of the growth. That is the one piece. The second piece is, yes, we are working on cost measures. We have done 24. We will even more do in 25. This will have a positive impact. At the same time, we invest into our strategic initiatives, into growth, for example. We add more key account managers to our teams to go more for the large and mid-sized customers, for example. We invest into technology. This hits CapEx, but also OpEx in the P&L. There is an amount of EUR 5 million or above EUR 5 million, which we invest into those things, which is then also, of course, impacting the 2025 margin. Third, and I know it's a bit of a technical impact, but it's quite big for 2025 compared to 2024. In 2024, we had some releases of bonus accruals because we have share price-based bonus systems, and then also our financial KPIs were low. For For this year, for 2025, we assume that we can again perform on our targets and then also have higher bonus payouts. This is also comparing the two years, could be something EUR 5 million or above EUR 5 million impact comparing that. Those are reasons, the growth we assume in the volatile markets, then the invest into our business, and then also some technical things between the year, which is leading to having the midpoint of our guidance and profitability on the 2024 level. Important for us to invest into the growth, and then we have shown our midterm ambition for 2028, where we are very confident that we then can increase the profitability again. Thank you, Lars. With that, we are closing the Q&A. Thank you very much for your participation today. Back to Andreas for very short closing remarks. Thank you very much for your continued interest in TAKKT. We very much enjoyed presenting our TAKKT Forward strategy today, putting us back on a path of profitable growth through focus. We will keep you updated on our progress and discuss our strategy and performance in more detail in our one-on-ones with you. Please do not hesitate to reach out in case of questions. We look forward to presenting our Q1 results on April 29. Thank you again and have a great day. Thank you. Thank you. Bye-bye.