I'm Diana Várkonyi, Head of Investor Relations at Magyar Telekom. It is my pleasure to welcome you to our third quarter 2022 results conference call. Please note that today's presentation is also available on the investor relations section of our website. This event is being recorded for internal purpose only. By joining the presentation, you give your consent to being recorded. Throughout the presentation, your lines will remain muted, and once we have commenced the Q&A session, you will be able to ask a question using the Raise Hand function. Before we start, I would like to draw your attention to the disclaimer on the second page of the presentation. Information in this presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. It is my pleasure to welcome Mr. Tibor Rékasi, our CEO, and Ms. Daria Dodonova, our CFO, who will take you through the presentation and answer any question you may have. I would like to hand over to Tibor to open the presentation. Thank you, Dia. Good afternoon, everybody. I'm pleased to report that during the third quarter of the year, we continued to witness strong demand for our services, reflecting our efforts to provide outstanding customer experience summarized on slide three. Given the importance of reliable networks and uninterrupted servicing capabilities, we progress our selected network upgrades, namely the gigabit fixed network rollout and the radio access network modernization. Both initiatives reached further milestones during the quarter. Three-quarters of our Hungarian fixed network is now gigabit capable, whilst over half of the mobile network has gone through the modernization process. These upgrades are vital for allowing for significantly higher throughput and capacity, which is key to meeting the accelerated demand for data that is reflected in the growing customer base, data usage and ARPU. To further monetize these investments, we introduced a new fixed and mobile service portfolio in September, both based on our More for More pricing and designed to provide additional flexibility, such as the very reliable add-on options now available in three unlimited mobile data packages. We expect that these measures will help us further improve customer satisfaction and maintain positive momentum in customer and ARPU trends. In parallel to this positive commercial development, however, the external headwinds driving cost inflation intensified further, making our efficiency measures vital for protecting our profitability. In this context, we implemented a price increase across certain residential, fixed and mobile and business mobile contracts as of 1st of September, whilst the company's right to inflation-based price correction to be first implemented in 2023 is now in force across all customer contracts. We also concluded an agreement with the trade unions, including a one-off employee compensation of HUF 3 billion, which was accounted for in the third quarter. The agreement also sets out the terms of the next year's wage increase for the parent company and T-Systems Hungary employees, which will be around 7% on average, with a higher rate applied to the lower wage levels to provide additional support for the ones most in need. To ensure uninterrupted energy supply and mitigate risks associated with energy price volatility, we took further steps to diversify our energy sources by securing both traditional and renewable energy contracts on a short and long-term basis. An additional significant step taken to increase operational efficiency is related to IT servicing. To further improve integrated ICT capabilities, we decided to both increase cross-functional cooperation further between the parent company and T-Systems Hungary, and also grant services provided to the corporate public sector from the current T-Systems from next year on. With this, by capitalizing on our existing competitive advantage, we would like to improve our convergent digital business offerings, as well as increase the sales efficiency of our standardized IT product portfolio. Once again, we received external recognition for these efforts. Scope Ratings reaffirmed Magyar Telekom as BBB+ with a stable outlook, reflecting their view of our strong and stable position in the domestic, mobile and broadband market and moderate leverage. We also received further recognition for our efforts in the sustainability sphere. Our AA ESG rating was reaffirmed by MSCI, while ISS Corporate Solutions ranked the company among the best performers of the telecom sector globally with respect to its sustainability credentials. Turning to slide four, let me highlight some of the most important elements of our operational performance in Hungary. In a highly penetrated mobile market, we were able to further expand our SIM base, thanks to increases in machine-to-machine SIMs, as well as further growth in our postpaid customer base, driven by successful pre- to post-migration and acquisition efforts. In parallel to the number of customers opting for mobile data packages continued to grow at pace, whilst average monthly mobile data usage is now at almost 10 gigabytes, again, a significant increase from previous periods. These developments yielded positive financial contribution reflected in further ARPU growth, which we aim to further capitalize on with our new portfolio first featuring unlimited data options. In Hungary's fixed market, we also continued to With the share of double-play packages increasing steadily. In parallel, the favorable trends in broadband and TV ARPU were also maintained in the third quarter, driven by customer migration to higher bandwidth broadband packages, the success of our More for More pricing strategy, and the targeted price increase measures we introduced over the past year. To build on these positive trends, in September, we launched a new residential fixed service portfolio with simplified discounts and flexible pricing. I'm pleased to report that the initial feedback from customers has been positive, which is reflected in growing take-up. With that, I'd like to hand over to Daria to take us through the financial results. Thank you, Tibor. Good afternoon, everyone. Before I get into the detail of our quarterly revenue performance, let me draw your attention to a change in our basis of preparation and highlight an accounting policy change. Based on the principal versus agent software agenda decision by IFRS Interpretations Committee, the Group had to reassess the control in-run software reselling and provided streaming services, whether it is an agent or principal position. This reassessment was completed in the third quarter of 2020 and concluded that agent accounting should be adopted. This resulted in accounting policy change and restatement in the presentation of these transactions. With a decrease in revenue, data cost, and ARPU, while EBITDA AL, net income, statement of financial position, and free cash flow remained unchanged. Our presentation includes restated 2021 figures to facilitate a like-for-like comparison. Let me continue with the main drivers of our quarterly revenue performance, as shown on slide six. The primarily contributor to revenue growth in both periods was the strong increase in mobile data revenue, fueled by continued growth in our subscriber base, as well as higher usage levels in both Hungary and North Macedonia. This sharp increase offset the moderate decline in mobile voice and messaging revenue, resulting in an overall increase in mobile service revenues. The increase in fixed service revenue was driven by growth in broadband and pay TV services. On one hand, our fixed broadband revenue increase was driven by the positive impact of the continued customer base expansion in both countries of operation and migration to higher bandwidth packages in Hungary. On the other hand, our TV revenue was up thanks to further expansion of the IPTV customer base, coupled with the positive impact of the targeted price increase measures in Hungary. With regards to equipment revenue, both the general increase in handset prices and the weakening of the forint resulted in a rise in average smartphone prices. Our SI/IT revenue decreased year-on-year as a result of the absence of revenues formerly generated by the Hungarian healthcare business unit, including Pan-Inform LLC, and lower project volumes in North Macedonia. In underlying terms, SI/IT revenues at the Hungarian operation showed positive development, thanks to higher project volumes. Turning to slide seven and our profitability. The sustained improvement in gross profit is thanks to positive underlying telecommunication service developments, with strong demand for data among the key drivers of our performance. Despite this positive trend in our gross profit, the EBITDA after leases declined by 2.8% year-on-year in the third quarter because of the recently introduced supplementary telecommunication tax, which negatively affected our profitability in the third quarter to the tune of HUF 6.5 billion. In addition, our employee-related expenses increased by 3.6% year-on-year, driven by the 2022 wage increase and one-off compensation to employees, which were partially offset by lower severance expenses and headcount reduction. Other operating expenses, ex the additional supplementary telecommunication tax and employee-related expenses, was by 16.6%. We witness a negative impact of rising cost inflation and a weakening forint. Higher energy costs put extra pressure on us with respect to both fuel and electricity, with the latter putting particularly strong pressure on results of the North Macedonian operation. Slide eight shows the year-on-year changes in net income, both on quarterly and year-to-date basis. As illustrated by the chart, in the third quarter, a decline of 4.5% was recorded, as lower EBITDA year-on-year was coupled with a deterioration in net financial results. The latter is the combined result of higher interest expenses related to lease liabilities, high average interest costs, and unfavorable change in other finance expense due to higher losses related to the significant weakening of the forint during the period. These were partially offset by gains on the recognition of derivatives at fair value caused by the upward shift of the relevant yield curves. Income tax expenses increased in the third quarter due to an increase in local business tax in line with a high related tax base, which offset the saving related to the year-on-year lower level of the profit before tax. These impacts could only be partially offset by lower D&A expenses driven by lower depreciation expenses in Hungarian operations, thanks to full copper network retirement in some of areas in Hungary, lower software-related depreciation expenses thanks to the optimization of the IT infrastructure, and the proportionally lower amortization of the spectrum licenses that expired in April 2022 and were since reacquired. Looking at the first nine months of the year, I'm pleased to report that EBITA improvement, driven by the favorable gross profit and lower D&A, could fully offset the higher financial and income tax expenses, leading to a 14.4% year-on-year improvement in net income. Let me also briefly reflect on our recently introduced KPI adjusted net income, which amounted to HUF 40.5 billion in the first nine months of 2022. Adjustments versus reported net income were minor in the period. The non-realized loss on measuring derivatives at fair value, particularly related to book lease liabilities, offset the positive impact from the continued rise in the Hungarian yield curve over the periods. Turning to the slide nine, we represent the development of the group's capital expenditure and an update of the rollout of our gigabit-capable fixed network. In the first nine months of 2022, capital expenditure after leases without spectrum licenses increased by 16.2% year-over-year to HUF 83 billion, reflecting different timing of investments and external pressure because of the weakening forint versus last year. In Hungary, increases were primarily driven by further strong progress in radio network modernization, continued expansion of the fiber network, and higher spending on CPEs. In North Macedonia, capital expenditure after leases, excluding the successfully secured spectrum licenses in the second quarter, rose by HUF 2.5 billion year-on-year, driven by the nearly completed RAN modernization. On slide 10, we present the year-on-year development of our cash flow generation in the first nine months. The underlying improvement in free cash flow is attributable to strong operational performance in both Hungary and North Macedonia, which generated an over HUF 25 billion increase in gross profit. The positive change in the working capital was thanks to the fact that the payment of the supplementary telecommunication tax, which was accounted for in our first nine months results, will be due only in the fourth quarter of the year. The cash flow from the disposal of Pan-Inform positively impacted our performance and fully offset the deterioration related to higher income tax payments, Forex losses reflecting on the weakening forint, and cash flow impact of the fiber network acquisition covering 110,000 access points in Hungary. Overall, free cash flow was also impacted by the payment of the spectrum fees related to the acquisition of 900 and 1800 megahertz spectrum licenses in the amount of HUF 44.3 billion in Hungary, and HUF 3.1 billion in relation to the secured frequencies in North Macedonia. Finally, let me summarize how we are delivering against our updated targets shown on slide 11. In the first nine months of 2022, as detailed in the first part of the presentation, we achieved strong commercial results reflected in the year-on-year revenue growth of over 9%. This performance allowed us to upgrade our revenue target for the year from a growth rate of 1%-3% projected, to that of around 5%. Regarding EBITA after leases, while in the first half of the year, the strong business performance coupled with one-off gain on the disposal of Pan-Inform could fully mitigate the impact of the additional tax. In the third quarter, the negative impacts of the cost inflation have started to have more of an effect on our results, mitigating these advances. Looking ahead, we expect the inflationary pressure, weakening of the forint, and the additional tax to put further pressure on profitability, which is to be partially mitigated by the higher rate of revenue growth. Regarding CapEx after leases and free cash flow performance, you can see the seasonality differences that impact our performance against our targets. In terms of CapEx after leases, the year-on-year increase is attributable to a more even delivery of projects throughout the year, which resulted in more balanced spending compared to 2021, with an additional negative effect of the forint weakening. With regards to free cash flow, the difference in the performance compared to last year is mostly driven by the better business performance and temporary boost from the shift in the payment of the supplementary telecommunication tax to the last quarter of the year. This concludes our presentation, and I will now hand back to Dia. I am happy to now take any questions you may have. Please use the raise hand function, following which I will ask you to unmute yourself and ask a question. You can ask your question, please unmute your microphone. Thank you very much. Good afternoon to everyone. First of all, I would like to congratulate to the company and the management for this quarterly results. I think these are very satisfactory results given the fact of this extra tax the company received. It's well done. Thank you very much. The question I would like to ask you is about your guidance and outlook. In your quarterly results, you give an outlook for 2023 and 2024. There you state that your EBITDA is targeted for a moderate annual growth. I would like to just have some more flavor on that, especially focusing on 2023, next year, because this year, as I understand, will be quite a challenging year, especially because of the significantly increasing electricity prices. This guidance on indication, I just would like to better understand. This way, you try to indicate that you are striving to increase EBITDA next year even with these cost challenges, or it's rather trying to give some midterm indication where you strive to be in two years' time. Let me take the question. Daria speaking. First of all, Tamas, thank you very much for the congratulations. We also consider this quite an achievement in these turbulent times. When it comes to the outlook, I would like to highlight, we tend to call the next year and the year after expectation and outlook. We normally keep the practice that we formulate the guidance for the current year, and if we adjust it, we adjust it in the course of the year. When it comes to the outlook for the next year and years after, we do it only once a year. Building up on that practice, we're planning to either reconfirm or reiterate this outlook in the expected annual results. I'm currently not in the position on giving any confirmation or comment on the outlook for the next three years. Okay. Thank you very much. You can unmute yourself and raise your question. Pavel, you raised your hand, so if you have any question, you can ask now. Yes. Hello. Pavel Vyslan, Santander here. Well, part of my question has just been answered. Well, once again, I'm looking at your 2022 guidance. The pressure of both inflation and FX negative changes must be really tough in fourth quarter because based on what you are presenting as official guidance, well, I'm looking at your fourth quarter EBITDA after lease at some HUF 40 billion, which is rather poor outlook for the next quarter. Am I missing something here? Fourth quarter outlook could be a good proxy for quarters in 2023? Daria speaking. First of all, referring to a couple of your comments about our outlook, or better to say, guidance for 2022. This is the guidance of all the EBITDA was adjusted in the previous quarter. We kept the moderate decline as the guidance for 2022 unchanged now. The reason of this unchanged guidance for the moderate decline in the fourth quarter, despite the fact we are changing our revenue, is increasing inflationary pressure, increasing pressure from the weakening of the forint, increasing pressure coming from the energy costs, in particular in our operations in North Macedonia. Actually, a big pressure of the supplementary profit tax. This is when you compare the guidance. The moderate decline EBITDA guidance for 2022, the first quarter guidance indirect with the results of Q3. When it comes to 2023, as I've just explained, I'm not in the position to give you an outlook, which would be not the guidance for the 2023. Following our normal practice, we do it once a year for the upcoming year or years. We adjust our guidance only for the current year. Thank you very much. If I might, well, ask my question differently. You mentioned increasing pressures from inflation, FX, North Macedonian operations, Supplementary tax, et cetera, all having impact on your fourth quarter results. My question would be, shall I expect any one- off extra item depressing your fourth quarter results or no unusual items should be booked in fourth quarter? Please remind me. We do expect the increasing of the negative trends from the effects, what I have mentioned in the fourth quarter, these three impacts, and we expect that the pressure from this one will be slightly unproportionately high in the next quarter than it was in the Q3. Thank you very much. Good afternoon, Peter. You can ask now your questions. Hello. Congratulations on strong results. I have a question about CapEx going forward. As you are showing in the presentation that the gigabit-capable network is now getting quite significant share of total network, maybe you can guide us what we can expect in terms of CapEx in the 2023/2024 horizon, what will be driving it, and whether there is a chance that the annual figures will be smaller than they have been in the past years. Secondly, maybe if you can also comment on what will be driving the dividend decision that you propose and whether it will be split in similar manner as last year between ordinary payment and share buyback. Thank you. Let me start, Daria, again, answering your first question about our CapEx investments. Starting maybe with the strategy which the company follows since many years, the gigabit-capable rollout in the country, and building additionally on the fully modernized mobile network. These two important elements of our strategy, which on one hand allow us to increase customer experience, on the other hand, especially when it comes to the network modernization, become more efficient. These elements will stay the substantial element of the strategy for the future years. When it comes to the precise outlook or the guidance about the CapEx, we are not in the position to give it. Also this year, you might remember we were guiding for the CapEx for this year, but we were not giving an outlook for the capital expenditures for the two, three years. When it comes to the dividend, just to remind ourselves, based on the introduced shareholder remuneration framework beginning of the year, you can expect the share remuneration payback or payout in the magnitude of 60%-80% of the adjusted net income. This is what is stated in our policy. When it comes to the exact split between the cash dividend and share buyback, this is a decision of the board of directors, which obviously is still to come beginning of the next year, and I cannot comment what will be the final outcome for the payout related to the earnings of the year 2022. Follow-up questions or your hands remain raised? Good afternoon, Nora. You can unmute yourself and ask your question. Hi, good afternoon. Thanks for the presentation and the possibility to ask questions. Two from my side, please. Firstly, what's your perception? How do customers react to your recent price adjustments? Secondly, you've mentioned earlier that you are targeting to diversify the energy sources for next year in Hungary. Are there any plans for North Macedonia as well, or it's only valid for the Hungarian operation? Thank you. Let me start with the second question, Nora, about the diversification of the energy sourcing portfolio. We are closely monitoring the opportunities not only in Hungary, but also in North Macedonia. However, the current opportunities available in North Macedonia are rather limited. We are also looking rather positively for the future and also from the perspective of the sustainability and increasing the portion of the green energy we're using in the group. Obviously, North Macedonia will not be an exception, and we are closely monitoring the opportunities there as well. Your first question about the reaction of the customers when it comes to price increases. Can you kindly specify the question, what you are precisely looking for? Yeah, thanks. Whether you see any change in customer demand after 1st of September. For example, if customers moved or upgraded their packages. For example, from the older ones where you increased the prices. Yeah. Let me take this question. It's only been two months, but we have not witnessed any negative perception from customers following the pricing increases. I see. Thank you. Maybe if I could also then ask a follow-up question on customer demand so far for Q4. Is there any change in equipment sales versus Q3? What do you mean on the change in terms of the policy or in terms of the Christmas packages, Christmas offers? Can you please specify your question? Yeah, sorry. No, truly. I'm rather curious about the customer activity. That it's still at the level where you've finished at Q3. Well, obviously, we are not even in the middle of the Q4, so it's difficult to comment on the customer's behavior on that one. Please accept that we cannot give the precise comment on the whole fourth quarter traditionally, and this quarter will not be an exception, that it's always a strong quarter connected to the Christmas sales and Christmas offers. Talking about the current figures, it's simply too early. It's less than half of the fourth quarter. Okay. Thank you. Question. Thank you again for joining us today. Please note that a transcript of this conference call will shortly be available on our website. If you have any follow-up questions, please don't hesitate to contact us.