Welcome to afternoon, everyone. Please welcome equity investors, bond investors, regulators, and trade rating agencies to PT Lippo Karawaci Tbk's first quarter 2025 earnings call. Today, as a moderator, I'm Randy as the Head of Investor Relations. With me today, we have Pak Fendi Santoso as the Group CFO. We will present our first quarter 2025 results, followed by questions and answers. During presentation, you may drop your question on our chat box. Without further ado, please Pak Fendi to continue with the presentation. Thank you. Thank you, Randy, and good afternoon, everyone. Thank you for joining our earnings calls today. I will walk you through our first quarter 2025 performance at Lippo Karawaci. Let's just jump right in. As an overview, Lippo Karawaci is a leader in fully integrated real estate operations. First quarter revenue, IDR 2 trillion. Our total assets for the first quarter were IDR 61 trillion and equity of IDR 31 trillion. We have a widespread presence across 56 cities and 26 provinces across Indonesia. We have three pillars of business: real estate, lifestyle, and lastly, healthcare. Just on the first quarter performance highlights, overall, we've delivered a positive performance. We started a very good quarter this year. Our marketing sales in the first quarter reached IDR 1.26 trillion, which is about 26% of our full-year target of IDR 6.25 trillion. Revenue grew by 39% year-on-year to 1.74%. This is on the back of early handovers on our residential and commercial units and EBITDA at IDR 321 billion. We've done a few launches in this quarter, which we will discuss a little bit later on the next few slides. On the lifestyle, it continues to perform relatively well, 31% yearly growth, EBITDA is about 69%. This is mostly driven by our mall business, put for average about $11 million per month, an 8% increase, with occupancy improved to 82%, up by 3 percentage points. This is higher than the industry average of about 78%. Our hotel business, however, is facing a little bit of headwinds. We'll talk about this later on the next few slides. Healthcare, Siloam is still currently undergoing a limited review on their financials for the first quarter. As such, they have yet to publish the first quarter results. We will not be discussing Siloam at this call, but we will share the results once Siloam has published their first quarter results. Just on the overall revenue, EBITDA, we booked IDR 2 trillion first quarter 2025. It is lower compared to last year, but this is predominantly because of the de-consolidation of Siloam that happened mid-last year. If we were to compare this on a like-for-like basis, we assume that the first quarter 2024, Siloam were being de-consolidated, then we are actually looking at about a 31% increase on the revenue. This is predominantly driven by our real estate development, which grew by 39%. This is on the back of a much faster handover both in Karawaci and Cikarang with AlphaCo and Cendana Essence projects, as well as a stronger performance from our TNB business. On EBITDA, on a like-for-like comparison, it is downsizing by 5%. This is predominantly because our real estate development margins have come down because of a different product mix, not only because of a lower margin that we handed over for the first quarter, but then because of the larger land swap that we sold last year, which is, I think, amounting to about $425 million for the first quarter of 2024 versus IDR 18 billion that we've sold this year. This is the consolidated P&L. Obviously, we talk about revenue and EBITDA. This is predominantly down because of the consolidations of Siloam. If we were to do a comparison for like-for-like, we are actually up on the revenue by 31%. On the underlying NTAC, we are doing slightly better than last year at IDR 208 billion, 2% higher than last year. This is on the back of a lower interest expense on the back of our liability management initiative that we've done over the last few years. That contributed to a lower net interest margins. After we've taken non-operational and one-off items, we arrived at a bottom line of IDR 169 billion profit this quarter. This is compared to a loss of IDR 179 billion on the last quarter. It is a significant improvement on our bottom line. On the cash position, liquidity, we remained pretty healthy. We started at IDR 5.3 trillion. We have ended the first quarter 2025 at IDR 2.77 trillion. The majority of the cash was used to pay down debt amounting to IDR 1.865 trillion in total. One of the debt payments that we made was towards the bonds. The remaining US dollar bonds that we have amounting to $1 trillion or $3.7 million US dollars. We now, today, have zero US dollar denominated liabilities. All our debt liabilities are in rupiah. We've pretty much eliminated the risk of asset mismatch in our business. As such, we're fully aligned both on revenue and as well as our liabilities from a currency standpoint. We've ended the net debt at IDR 1.9 trillion in the end of March 2025. Moving on to just the business product for the real estate project development sold in first quarter. We've done 18 projects that we sold on the land list residential, on the low to high rights, total of six projects, and then shop houses of eight projects. We talked about marketing sales, IDR 1.26 trillion in the first quarter, 20% of what we targeted for this year. We've made two launches in the first quarter, one in Lippo Karawaci in phase four. We did this in March 2025. Tanjung Bunga, Makassar, we launched our premium product, Black Clay, which received a lot of traction in Makassar, which is something that we are very excited about. On the financial performance, we also touched base on this, IDR 1.74 trillion, 39% increase from last year. Gross profit improved to IDR 577 billion in the first quarter from IDR 321 billion and 18% EBITDA margins. Moving forward, we'll continue with our offering. We've diversified our range of homes and focusing more on the affordable housing. This is just to show you a trend on the marketing sales. Last year, we did six. This year, we are targeting 6.25, which is 20%. The majority of this is coming out of healthcare residentials. Secondly, Lippo Cikarang developments. We still have a lot of land that we can contestate moving forward. To give you a highlight on the breakdown of our marketing sales in Lippo Karawaci, 88% of the marketing sales are landed housing, followed by 8% shop houses in Lippo Cikarang, and 33% are commercial areas. In terms of payments, still dominated by mortgage, 72%, and installments slightly increased to 16%. This installment to the developers with a price point of less than $1 billion, amounting to about 76% of the total marketing sales that we made in the first quarter. This is just to give you a picture to project handover that we did in first quarter. We did some impact upon for 154 units, 33% completed in Lippo Village, Cendana Cove, the highest part two, which is shop houses, Cendana Essence Type A, Area One, Two, Cendana Cove, Cendana Audrey, and Cendana Garden Prisenya. In Cikarang, we handed over two projects, one on Waterfront Estates and Panamera Shop Houses. This is just to give an idea on the product innovations that we recently launched, both in our new launch in first quarter of the Black Lake Homes and Black Star Homes, which is more a high-end premium product. We have price point of $1.82 billion with an area size of 125-130 sq m, and also the Cendana series, Cendana Suites and Cendana Grand Suites, which is more a mid-tier product with price point around $1.1 billion with a size of about 80-90 sq m. These are the photos from our last launches. Pakong Taipuan I mentioned with a title of Fantastic Four. And that is did in March 2025, take up rate of 96% of the MEP. Tanjung Bunga, we did this also on the same day, 15 March, take up rate of about 88%. It is pretty successful launches. Lifestyle and the mall business, we have currently operated 59 malls, nationwide in 39 cities with a total net lease level area of 2.5 million sq m. We have very still a very well-diversified mix. Revenue increased by 30% in the first quarter compared to last year at IDR 184 billion with an EBITDA of IDR 50 billion. Margins remain pretty healthy at 27%. We are seeing the mall visitors coming up by 8% compared to last year. Also occupancy rate improving to 82%. As I mentioned, this is higher than the industry average of 78% that we are getting from the industry report. Lippo Mall Santara continues to perform well. This is the mall that we spent asset enhancement initiative. It is performing well. We have yet to do a grand launching. It will happen in August, but it is continuing to open up more levels. I think the completion will probably be done by July, with a grand launch the next month in August. This is one area that we have opened up, the Alun-Alun Santara, which we have collaborated with Bank Mandiri doing co-branding of this space. We call it Living Alun-Alun Santara. I would encourage everyone just to come to see this mall. This is located pretty close by in the Central Business District of Cikarang, just by the juncture of Semanggi intersections. We are also improving our malls and changing it into a more entertainment center. I think in the past it was more for shopping and then evolved towards more F&B. We are seeing a trend of consumers expecting to enjoy entertainment in malls. As such, we are shifting this kind of mix more towards entertainment. We have invited Peletopia and Tanjung to work closely with us on this effort. This is one of the reasons why we are able to improve our tenancy ratio, occupancy ratios, as well as visitor traffic. As such, you can see here we have reduced down our tenants' dependency from the previous entertainment of supermarkets to more towards the entertainment business. Hotels, we have managed about nine hotels and six leisure places. This year, hotel business generally has been facing headwinds given the spending cut by the government, I think amounting to about IDR 300 trillion that the government has introduced to the state. This is, we call it, a lower banquet business and lower occupancy rate for hotels that have been enjoying governmental business for meetings and so on and so forth. We are seeing this trend across all the hotel industry. We are also seeing this for hotel business that's been enjoying a lot of events from governments. We see pocket opportunities in hotels that are serving more tourists, like in Bali. As such, we have continued to push growth from that particular pockets of business. As you see in the results, revenue comes down slightly by about 2%. EBITDA down by 21%. Occupancy rate comes down from 58% last year to 64% this year. That being said, we managed to improve our average room rate from IDR 569,000 to IDR 640,000, up by 8%. As we see a lot of demands for our hotel that have been done, have completed renovations that we've done the last few months. That's all on the business highlights. I think looking forward, we'll continue to focus on growing three of our business pillars. Real estate, we'll continue to focus on delivering affordable housing across all our real estate developments, either in Lippo Karawaci, Cikarang, or Makassar. Marketing sales, we are still aiming for IDR 6.25 trillion. I think we are on track achieving this. I think this is something that we believe that we will be able to deliver by end of the year. On lifestyle, malls are going to be the forefront of our lifestyle business this year. We'll continue to invest on asset enhancements, renovations in our key strategic malls. Lippo Mall is one of the malls, one of the closing points that we want to replicate the success across all our other malls. On healthcare, we continue to see a lot of demands and growth opportunities. I think we are pretty on track with what we plan for the year. That's all from my end. I'll pass it back to Randy for Q&A sessions. Thank you for being here. Anyone, if you have any questions, please drop the questions into the Q&A box, please. We have none at this moment, but Randy, I think we just wait for another one minute. Sure. Okay. Okay. If not, then probably we can close this earnings call, Randy. Thank you, Pak Andy. Thank you for the participants attending the Lippo Karawaci first quarter 2025 earnings call. We will share the material after the call. See you again in our first half 2025 earnings call. Have a good day, everyone. Bye-bye. Thank you, everyone. Have a good day ahead.