Okay, I believe we can start, right? Yeah. Excellent. Welcome everybody. I think recording, Monica, recording is on, yes. I assume. I hope so. Welcome, everybody. Traditionally, Q4 and whole year results with some prospects and assumptions for 2026, as we'll mention by the end of the presentation, and we will present everything in traditional format as usually. Short summary or highlights for 2025. Yes. If we take away one-offs, we had quite solid operating profit growth, yes, adjusted by one-offs. The biggest growth has been seen in dedicated solutions, mostly in the energy sector, billing solutions, and utility sector, as well as the highway tunnel software monitoring company. This was very, very big growth and very dynamic. Banking has performed better than expected, and we are very happy from it, and we do expect similar performance in 26. This contributed highly. In payment, we had some slowdowns and disappointments because in Turkey, two of our big customers decided to go in-house with their gateway systems, which reduced number of transactions, and this will impact also 26, even though we try to compensate this with other business to keep the results pretty flat in Turkey. In India and UAE, as you are aware, we did not like the investment we've made, so we were performing some write-offs. A lot of things were written off. Still, there is some things on the balance sheet we will see in 2026 if there is any hope for these companies or not. The independent ATM network has been performing reasonably, but in Albania, where competition aggressively entered, compared to 2024, 2025 was weaker by around EUR 800,000. Direct merchant payment lines were performing much better. ECR business and independent POS business has grown by almost EUR 1 million, as well as traditional POS ATM business also grew a bit by EUR 500,000. Cash generation very much improved compared to 2024, and is back on track, and the conversion of EBITDA to cash is good. Michal will show the details later. In transactional business, as mentioned, e-commerce drops, mostly due to Turkey, and IPD business grew by 53%, a big contributor from Romania, and processing of physical cards also nicely grew by above 20%. Let's look at the numbers now. Let's start with Q4 numbers. For those who know, I will recall, for others, we'll explain the slide. For first 2 columns on the left, are total numbers as they are reported in our financial statements, and then following 2 are excluding hyperinflation reporting in Turkey. We will focus on those excluding hyperinflation effects. On top line, 13% growth, pretty nice, but a lot better on operating profit level, 62% growth year-over-year, and 23% on net profit level. This difference between operating profit and net profit results mostly from 3 elements. 1, EUR 3.7 million is goodwill write-off, related to India and Dubai. This what Piotr mentioned, we are not satisfied with performance, and we did additional write-offs in Q4. We have EUR 3 million effect of restatement or recalculation of put option liabilities related mostly with the companies in Bosnia and Herzegovina. As you will see on following slides, these are companies which generated huge growth year-over-year, and this is why we need to revaluate those liabilities. The last from those big impacts is around EUR 1 million increased taxes in... but it's not like regular tax our subsidiaries pay, but additional tax related to Pillar Two taxation. Again, quite a big part of this value is related with Bosnian operations. For you to understand, in Bosnia, corporate income tax is 10%, whereas this minimum requested by Pillar Two is 15. Of course, this is not that simple calculation, some additional tax to Bosnian operations will be generated. If we look at results excluding one-offs in Q4 on operating profit level, difference is not big, 600K only, but on a net profit is bigger, EUR 4.3 million, and this is mostly this write-off of goodwill, which I already mentioned. If we exclude this write-off, year-over-year growth of net profit is pretty close to operating profit and is around 60%. Okay, let's move to results by segments, by business units. As already mentioned, dedicated solutions results are very good. EUR 11 million growth of revenues and EUR 9 million growth of operating profit, mostly thanks to operations in Bosnia and Herzegovina in area of solutions for utilities, billing, and ERPs, and intelligent traffic solutions. A bit weaker, Serbia, Romania, and Macedonia, if you look at Q4 only. Another good quarter for banking, EUR 1.7 million higher result year-over-year, and here it is mostly thanks to operations in Serbia and Macedonia. Payment, pretty flat in Q4, EUR 500,000 higher revenues, EUR 600,000 lower operating profit. If we look at the by business lines, you can see this drop in eCommerce, drop of revenues. Here we have effect of problematic India and Dubai and Turkey, where we lost two clients, then they moved to in-source solutions. If we go to geographies, as already mentioned, Bosnia, very good performance and significant growth of result, more than EUR 10 million higher, mostly in dedicated solutions. In Macedonia, this increase is thanks to banking mostly, and Central Europe, decrease of result, it is in banking and dedicated solutions. Western Europe, good performance increase by EUR 1.2 million, year-over-year in payment, both in e-commerce payment gateway solution, and in a more traditional POS-related business. Turkey dropped by EUR 1.5 million, as already mentioned, related to eCommerce and lost clients and of course, problematic India and Middle East. Let's move to results for whole 2025. This looks good. It's quite similar to Q4, only lower dynamics year-over-year. Revenues, 9% growth, operating profit, 16% growth, and net profit, a slight decline year-over-year, 4%. Reasons? I can say the same as for Q4. We have goodwill write-offs, which were netted by earnouts reversal for India and Dubai, not big impact. EUR 7.5 million effect of revaluation of put liabilities, mostly related with Bosnian subsidiaries, Dwelt and BS Telecom Solutions. The tax impact of Pillar Two, exactly the same, because we booked this in Q4, and additionally, beginning of the year, we sold one entity, and it generated some accounting loss. If we look at results by first one-offs, so what would be if we exclude those write-offs related to India and Dubai and some reversals? On operating profit, EUR 5.6 million of is total effect of one-offs booked mostly in Q4. On net profit level, it is EUR 6 million, and here it was partially booked in Q3, and as we already heard, partially in Q4. Okay, let's move to segments. Banking, very good year for banking, despite beginning of the year, we were a bit more conservative. We didn't have huge projects as in previous years, but still we managed to deliver a lot of smaller projects, mostly in area of core banking. We generated pretty nice increase of operating profit. Spectacular dedicated solutions. Revenues growth is only EUR 10 million, whereas operating profit EUR 15 million, this is related to change of structure of business. This growth was generated on own solution, we have drop of third-party solutions, where profitability is significantly lower, we have this component of third-party costs. Revenue drop does not translate that much into drop of operating profit. In payment, EUR 50 million growth of revenues, but drop of operating profit, EUR 15.5 million. If we look at structure by business lines, all of them are growing. The biggest one is direct-to-merchant business in area of ECRs and IPDs, or electronic cash registers and independent POS network. Both it also translated into growth of operating profit as mentioned before. In e-com, we did have growth of revenues, but a quite significant drop of result. India and Dubai, which generated operating losses, and this drop in Turkey by more than EUR 3 million, what you will see also in a moment on another slide by two graphs. POS and ATM pretty stable and growth of revenues and slight growth of operating profit. If we look by countries, Bosnia, again, the biggest growth, EUR 17 million, more than EUR 17 million year-over-year. As we already mentioned, mostly dedicated solutions and those projects for utilities and related with intelligent traffic solutions, so tunnels and highways. Good Macedonia, growth in mostly in banking. In Croatia, weaker banking, but a lot stronger payments and in total growth. Slightly weaker Serbia, but with growing banking and dedicated solutions. Central Europe growth by EUR 600,000, mostly thanks to banking. In Western Europe, as you see, result is pretty flat, but there is change of structure, growing eCommerce and independent networks, mostly ECRs, and drop in the small traditional, POS-related business. India and Dubai, already mentioned the challenges we had there, and drop in Turkey is mostly related with eCommerce. Let's move to cash flow and liquidity position. Cash flow, as Piotr already mentioned, was good. Almost EUR 75 million generated operating cash flow. This gives co-conversion operating cash flow to EBITDA 83%, we can say we are back on track after weak 2024. Investments, those related with fixed assets and intangible assets, project-related parts or equipment for outsourcing, mostly in payment business unit and partially in dedicated, very similar to the ones in 2024. M&A expenditures, they are lower this year. They were lower this year, EUR 11 billion, almost half of this, or over half even, of this in Q4, when we acquired minority stake in Necomplus operations in Western Europe, and now we have 100% there. Let's move to balance sheet position. Pretty good cash, EUR 74 million cash in the group, EUR 10 million more than end of 2024. External debt from banks, short-term part is slightly lower by EUR 2.5 million. Leases and dividends, standard changes, nothing spectacular. M&A liabilities, here we have growth, but this is mostly not due to new acquisitions, but just moving M&A those liabilities from long term to short term, and the restatement based on a better performance of subsidiaries, as I already mentioned when I was commenting PNL and effect impact on net profit. Net cash, EUR 25 million. When talking about other short-term assets, receivables, they increased a bit more than liabilities, and this is related with again, operations in Bosnia and Herzegovina, mostly. At the end of the year, we received acceptances from clients. Invoices were issued but not collected before year-end. Inventory, in line with expectations, so balance decreased from this huge one at the end of 2024, and now it's around EUR 60 million. As usual, it is mostly related with POS and ATM business. Okay, this is all, and let's move to outlook for 2026. For 2026, the backlog dynamics for the whole group is 8 Q1, 6% for the whole year. It's bigger for asset part, dedicated solution in banking, and smaller for pay part, mostly, Turkey probably being the reason with the issue that we had in 2025. Overall, we have quite positive outlook. We expect growth in operating profit, something in high low digits or low double digits. So far, we don't have bad signals of this, but this growth in profit will come not only from organic growth. It will come from organic growth, but not only from the net revenue growth, but also from the increase in efficiency and productivity of our teams, which we have many projects that were initiated in that area, and we expect some very positive re- effects in that scope. Having said that, we are open to questions. Anybody has any questions, please feel free. We'll unmute you, and we can discuss. There are questions always about acquisitions. We continue to do acquisitions. We have in the pipeline a couple of companies, but we cannot say until we finalize due diligence and go for the internal group approvals, if we will pursue these acquisitions. My personal judgment is these are small and mid-sized companies, and probably, two, three companies might be acquired in 2026. Well, some questions? Yeah, yeah, we have something in chat. You can ask on chat the questions also. Please feel free. What do we think about the interaction between AI and software? Well, AI is a tool. It's a very attractive tool, and like any tool, it helps to be better. Yes, but it's not a remedy to build, produce things. I've given earlier today an example on the Polish conference, that you can compare to the construction segment and sector, where many materials or processes were automized and improved, and it's being over time. It doesn't guarantee you build a good house or proper apartment house, thanks to these new materials, but if you don't use them, definitely you will be too expensive, and you will fail, or the quality will not be as good as it could be. AI is a must. It's one-way ticket to use it. It will reduce cost in many areas. It will increase efficiency in many, many areas, it will not replace the whole development, delivery process of the teams, as our intelligence, not only artificial, but human, will be desperately needed also to use in intelligent way, the AI tools. I think there's other chat questions. What are the reasons why some of our customers decided to do it in-house? What are usually the key considerations for customers in deciding to go in-house? Okay, this applies actually to the gateway, eCom gateway solution in Turkey, these customers were very big banks, one of the biggest banks in Turkey. We have here two aspects overlapping. One is very specific for Turkey, culture of doing things in-house. Overall, I would say it's over proportionate compared to other markets. Second, big institutions who can afford to do so and who can risk delays and bigger budgets in this type of projects. Smaller institutions would not do it, or if they do, they cannot bear the failure. Yes, we have such cases also in Turkey. This is only for the big customers in Turkey, and the reason is, as mentioned. Any other questions, please? We have four such customers in Turkey. Two of them are going in-house. It might be that 2 others will also go in-house, like that, but we are getting prepared for that, and this is something we expect to happen within the next couple of years to expand this answer. If there's no more questions, we invite you to direct contact. We are very. Is there any more? No. Are you actively investing into agentic AI for bank-indicated solutions? Yes, we have agentic AI tools, our own, and we are selling them to the banks, and not only banks, offering them. This is something we are doing, using, or connecting it to our solutions. Would AI lead to lower cost or hurdle in developing some good enough software in-house, or it's vice versa, as our cost of providing services also gets lower? Well, AI helps us to develop things cheaper, quicker, and in reasonable quality. Not only develop, but also test it and verify it. It requires good operators. It will lower the cost, or if not lower the cost, but this is de facto the same, allow us to produce or deliver more. We are in process of doing it, verifying. What kind of agentic AI tools do you use? Yes, we use Claude, we use many others. Yes, we are not restricting our people as to the tools. The only things, restrictions we have as to the privacy policy, confidentiality, to make sure we are not disclosing customer data or some sensitive information, but there's many tools that are being used. What drove the strong expansion in gross margin in Q4 and the massive reduction in CapEx? Margin expansion, it's mostly dedicated solution recognition in the energy sector that accelerated. Delivery was in course of the year, but because of accelerated acceptance by the customers of projects, mostly Bosnia Herzegovina, wind utility sector, energy sector, this has been the major impact. Usually Q4 is stronger every year, but this one effect that I mentioned now, it was different than other years, and it contributed on top of the other traditional cumulative effects, year on year. As to the reduction in CapEx, Michał? If we look per whole year, and there is no big reduction of CapEx, yes? It's. Q4. seasonality, yes. Some seasonality, yes. Yeah. More things were bought earlier and nothing's spectacular. If you think about this M&A CapEx, we simply didn't have. M&As ... next new M&As. In Q4. Yeah, or whole year. Yeah. Should we? Wait. Do you think one of the key moat value of us in our deep understanding of clients' workflow? If not, what do you think is the key value added from us to our clients in the long term? From us, I mean, this is probably from one of our employees. Yes. I mean, the answer, yes. Understanding the customer business processes, if I understand the question rightly, and being able to tailor and translate not only solutions, but technology overall, and tailor it the customer needs, is something that is a huge value added on our side, but something where we can provide big value added is how to communicate to customers. In other words, I think we are heavily undervaluing what we provide because we are. Yeah. We are positioning ourselves as commodity providers very often, instead of a value provider, solution providers to the customers with more proactive approach. Well, may I add? I think we have to mute somebody. Somebody is. No. Okay. Should we anticipate that segments to remain at elevated margin levels? Are these figures sustainable? Should we read this as a change in strategy or just a quarterly timing impact? When it comes to dedicated solutions and this utilities billing thing, it was a one-time effect. This one company is very well, but they have in BH recorded a record of over EUR 12 million-13 million operating profit, yes. Where this year we expect closer to EUR 5 million for them, yes? Will be much lower, whereas other dedicated solution operations, we expect to grow significantly, yes. This will compensate for this drop in this one company in business. There was one big effect in Q4 2024-2025, and which I just described. What are the thoughts on the ATM business? Would you sell any of your PP&E? fixed assets. Okay, fixed assets. It looks like gross margins went up at Tonec. How? If you can't answer this now, maybe we can hop on a call later. I can answer generally. You know, in traditional ATM business is more and more becoming competitive commodity business. The pressure on margins will be growing here. Yes? But again, as you see in many other industries, not this payment or other, the commodity business are phasing out much longer than others expect. Yes? We treat this as a cash cow. Yes? We don't believe in dynamic growth here long term, yes, but we believe in protecting the positions and generating value-added services around it using our market position. As to the sale of the fixed assets, you know, people in commerce say, nothing is for sale until the price is right. Yes? We are not actively searching to sell it, and we are not thinking about it at all. Yes, but never say never. What kind of pricing framework are you using for agentic AI sales? That's a good question. Listen, in all, not agentic AI, for all our business, we are looking and trying to redefine our price carriers. Yes? A lot of our business has had traditional price carriers, or none of them, actually. They were like fixed price with some indexation, yes, for a solution. Yes? Now, we are looking how to connect it to the business process of the customer to grow together with the customer, providing value for the customer, but also benefiting from the growth. It depends very much on the usage, but here we are very flexible, but we are also having internal exercises. We started how to redefine this, not only for agentic AI, but for all the solutions. Any other questions? If I missed some question, let me know. Looking, reading the chat. I think that's it. Let's give ourselves a few seconds if there's any more questions. We really invite you to direct contact. The close period is over, so we can be much more open and direct with you and discuss, and we are looking very forward to this contact with you and to this year, hoping to perform well or make you happy. wait, I heard a click. Is there anything else? No. No message. Yes. Okay, thank you very much. All the best. Enjoy the afternoon. Bye-bye. Thank you. you. Bye, bye.