Good morning, ladies and gentlemen. I'm glad that you are able to join us at the Echo Investment Financial Results. Today we're going to summarize 2024 and talk about our plans for 2025. My name is Weronika Ukleja. I'm the company spokesperson, and I'm here with Nicklas Lindberg, our CEO, and Maciej Drozd, our CFO. Good morning, gentlemen. [crosstalk] Good morning. As usual, we'll start with a presentation within a second. Just a quick reminder that we have a Q&A session at the end, so stay with us. Without further ado, Maciej, the floor is yours. Thank you. We will start, as usual, with the highlights. I think it is very important that we have sold at the year-end a great asset in Łódź, a React office building, which is fully leased to international tenants, has a great location, and very high technical quality in terms of all ESG requirements. What is also important is that we sold it for a good value at the right price. We are very happy with this result, as it shows that we can transact on the investment market even when it is difficult for most of the players. We will talk much more about that later. Łódź is also a special city for us because of another event. We have been awarded two awards on the greatest real estate fairs in the world, on MIPIM. We got two awards. The first one for Best Urban Regeneration Project for Fuzja, and we also got a special jury award. We are very proud. Again, I want to stress that Łódź is not only an important city for us in terms of business, but it is also rewarding. I mentioned the sale of REACT, and obviously the sale of investment properties, the sale of leased assets fully operational is very important and is on the top of our agenda, on top of our strategy. I want to remind you that we have currently five buildings that are ready for disposal. Four of them are already fully let. Towarowa is very close to the end of construction. It has also a very high leasing level, and it is planned to be operational. It will receive an occupancy permit at the beginning of the second quarter, very, very close from today. Obviously, the value of this transaction is very material from our balance sheet perspective. I would like to stress two elements that will be triggered by these transactions. The first one is that, obviously, on these assets, we carry quite a lot of project debt. It is in excess of PLN 600 million. Also, when we dispose of these assets, and we are very confident that we are close to that, much closer than a year or two ago when they were completed, the market was difficult, and we will talk about the change in the market shortly. We are close to that. It will not only cause a reduction of the debt in terms of repayment of project debt, but it will create a lot of liquidity in excess of PLN 500 million. Obviously, we already have plans on how to spend this money wisely. First, we would like to further reduce the corporate debt of the group. We obviously would like, and we really invest in new projects, especially in the living sector, but also in Warsaw CBD offices. Last but not least, we will pay dividends out of the funds generated by these transactions. Residential is extremely important in our strategy because it is a growing segment. A couple of years ago, Echo was not an important player. Now, with growing sales and growing land bank, growing offer, we become one of the key players on the market. Our strategy is to grow this business and also to grow compared to our competitors. The numbers that you can see right now have already been published a day ago, and you may have seen them on the Archicom presentation. I believe they are very impressive. You can see that not only do we have stronger and stronger sales, that we have added 3,500 units to the offer in 2024, but that we have a strong land bank, and we continue to grow. Of course, there will be much more later in the presentation on the residential segment. I will not stop more on that slide. Towarowa 22 is our largest single project. Of course, it has many elements. The first office building of Towarowa is, as I mentioned, almost completed. You can see this on the photos. It will start to be operational within a month or so. It is a beautiful and greatly located building in the city center of Warsaw, but it is also surrounded by the rest of the project. In front of this building, Archicom is already building its first residential building, and there will be two more. We'll soon start Park, which is between this office building and Archicom building. In this year, we also plan to start other buildings which are part of this project. I already mentioned office projects that are close to completion, and I mentioned that we successfully sold REACT at their end. It is really important to understand what is the dynamic currently of the office market. That is also one of the highlights because we believe that we are in a special time because, as a result of the slowdown on the office market, less and less is being built. You can see on the slide that the volumes are very low compared to average volumes from the past, and they cannot be increased rapidly. That's the nature of this market, that changes happen slowly. What we know for sure is that there will be not a lot of new product on the market. Tenants who need to look for a quality product for great locations will need to pay higher rents. We already see that the projects which are located in the city center of Warsaw, Kraków, or Wrocław, where we are building our projects, enjoy rents which are significantly higher than before. We also see increased investor interest, which is proven not only by the sale of REACT in Q4, but also by some other transactions. We see more active investors. We see more interest, more future liquidity. We believe that we are in a turning point as far as the office market is concerned. Of course, we will act cautiously. We will focus mainly on Warsaw CBD in terms of new projects. We really see that the sentiment is turning, and there is a lot of interest coming from investors for the finished product. Just to sum up again, what are the Q4 highlights? We had strong sales of residential apartments, over 700 apartments, and that's very, very impressive, almost a 40% year-on-year increase on the market, which overall was shrinking because if you look at the entire residential market, it was not performing strong in 2024, contrary to Archicom and Echo Residential, part of our group. REACT sale, of course, I already mentioned. This is all on the back of strong leasing in office and retail assets. We'll talk about that a little bit more in a second. What is important also is that in Q4, Echo repaid over PLN 200 million of bonds, not refinanced, because it is part of our plan to gradually reduce our corporate indebtedness that I already mentioned before. What is important is that in Resi4Rent, we continue to open new projects. We continue to start leasing, and the leasing is very successful. We will continue to develop and provide to the market new PRS buildings. In 2024, the residential sales continue to be strong. We are satisfied with the level of sales. Of course, most of the year is still ahead of us, but the beginning of the year is promising. We refinanced Galeria Libero on very good terms, which also we believe shows confidence of the banks towards Echo, towards these assets, but also proves that this asset is performing very, very well. We continue to repay the bonds. We reduced by further PLN 50 million in January, but we issued new bonds in Archicom, and that's part of the plan where we decrease indebtedness on the commercial part, but increase on the residential part, which is growing and which needs funds for development, for growth, for building the land bank. Let's look on the segments, as we usually do during these presentations. In the residential sale market, I think everybody is very well aware of what is going on, how the year worked, meaning that the offer was increasing quite rapidly. It flattened, so it's no longer increasing rapidly. We believe that it will stabilize and it will start to go down because, again, real estate markets react in a little bit delayed way to the demand, but the reaction will come. We see, of course, very strong growth year-on-year, 2024 to 2023, in terms of sales, but this growth flattened in Q4, so it was no longer strong quarter to quarter. We believe that the prices will overall remain stable. Of course, there is competition, there are promotions, there is a lot of activity in the market. Overall, the level of offer, of inventory, and especially in terms of what we are doing in Archicom, is fine. We continue to add to offer. We continue to grow our pipeline because we are successfully increasing sales. We focus on selected geographies like Kraków, where we are expanding, and we want to, of course, keep our competitive position in other cities where we are already strong, especially in Wrocław. We are committed to the target of 4,000 units to be achieved in the coming years, and we see how to do that on the more challenging market than a year or two years ago. We are confident that that target will be achieved. Residential for rent, I already mentioned that the rental, the leasing is very strong. We are fully let in the assets that have been opened a year ago. Earlier, the assets which have been opened now have leasing paths, the increased leasing, which is going according to plan or better. We are still by far the largest operator of the PRS market in Poland, and we continue to focus on that. To start new projects in the cities where we are particularly successful, which is Wrocław, Kraków, and especially Warsaw, we are looking for projects in Warsaw continuously because this is by far the best market and the strongest market we operate on. Student housing, we are in the process of building three buildings over 1,200 beds, which is going according to plan. We have a target to operate around 3,000 in 2026 and 5,000 in three to five years. We are definitely on the path to do that. The land that we have secured is of very, very high quality in great locations. We are very confident that on the market, which really needs a product because there's not much institutional student housing facilities in Poland, what we are doing is very, very needed and will be met with strong demand. I already spent quite a while on the office, so I just only want to stress again that the new supply is very limited. Tenant activity is strong, and we see especially that tenants are looking for high-quality buildings in good location. Whenever we are close to finishing the building, we are finishing the leasing, we really see that there's a lot of unmet demand, people who wanted to talk, to negotiate the lease, but still we have no space. It is very interesting because there's a big difference between demand for the quality space and demand for a more, I would say, cheap but actually obsolete offices that are no longer really demanded by the tenants. We see really a gap and also an opportunity because, as you know, we from time to time, and it may happen again, are buying these old office buildings to demolish them because we actually buy for the price of the land. Retail continues to work well. We have been increasing both footfall and sales of our tenants. We are very happy how both Młociny and Libero are performing. Also in retail, we see signs of investor interest. It is not by accident that we put Libero also on the list of assets to be disposed. We believe that with the strong performance of this asset and with the interest of investors, we have a very good chance to close a transaction this year. The construction market remains to be supportive, to be favorable actually to developers because the level of activity from the perspective of construction companies is low, meaning that they actually have resources. They are looking for work, and we have absolutely no problem to find quality contractors, to find them at good prices, so to keep our costs in the budget under control. This situation for us is favorable, is stable, and we are therefore happy with the way that the market works for us. Key financial data. Of course, there is another section, another larger section towards the end of the presentation where we can focus a little bit more and go a little bit deeper in the numbers. Here, I only want to highlight that we are, compared to the consensus, to market expectations, we are more than fine. Our numbers are better than average, significantly better. It is fine. Of course, we would like them to be better. We will talk a little bit more about that later. I would like to move now to the slide we also present each time, which is explaining how we look at the valuation of our business. As you, of course, are aware, we are valuing to fair value most of our business lines. In particular, all commercial business, Resi4Rent and student space. We do not revalue rent, but we revalue projects that are ongoing. Of course, we revalue finished product. We can say that we are relatively close to fair value in terms of all businesses except residential. In residential, accounting principles do not allow to recognize any profit or evaluation during projects or before handover. That is why we are looking for a different way to reflect the value of the business. Because Archicom is a listed company, we are looking at the market value. If we make this correction to our book value, and if we replace value, not asset value of Archicom assets with its share market price, then we can see that our value adjusted in this way would grow from PLN 4.06 per share to PLN 6.73. We believe that this is the good way, the important way to look at what we are doing. Of course, it is up to everybody to make their own judgment, but this is how we are looking at the value of our businesses because we are diverse. We have many segments, and I think it is important to see how they all play together and how they create value together. Now, Nicklas, please, if you can explain what's going on in the segments. Thank you, Maciej. If we look for our residential business, like Maciej talked about, we see an increase of 39% year on year, which is really showing that we are to continue growing. Even if the market is continuing to decline slightly, we are growing our business. If we look for 2025, we have a target to exceed 3,000 units, which means we will have a further increase of 36% from the increase we had in 2024, which shows we are continuing to grow our business, we're continuing to grow our land bank, we have strong sales, and we will have strong handovers. We are really bullish about the residential market. We think we are on the right market and that we will continue growing on these markets. Important thing here, we have the mix of apartments that we were selling as right for the market. We are now moving down, doing much more in the popular segment to be able to attract all the buyers on the Polish market. We see here, like Maciej said before, during 2024, you saw an increase of supply. We see it stabilizing, and we are assuming during 2025, it will slightly decline from today. This is a very strong sign for us. We just have a lot of projects in the pipeline. We will continue starting new projects. Also what you will see, like Maciej mentioned, now in Q1, we started a lot of projects in Kraków, which is a strong market for us. The growth is important for us. We will continue growing to our target of 4,000 units we delivered in a single year. This year, we will break the barrier of 3,000 units, which is an important milestone for us. That will not stop us. We will continue growing. What is important, we will continue growing and defending the margin that we have because we have a very strong margin in all our residential sales that we're doing all over Poland, which is a combination of having the right product, selling at the right pricing, but most of all, we're building it at a very attractive pricing. The apartment sales you see here are spread over the different markets. We are going to continue growing in our key market, which is Warsaw, Wrocław, Poznań, Łódź, and then Kraków that we are focusing on now on increasing the project starts, which you will see when we meet again next time, that we had a lot of project starts in Kraków in Q1, where we had only in Q4 last year, we only had one project ongoing, which is too little for us on a strong market like Kraków. Handovers in Q4 were sliding, and those handovers, we will now hand over in Q1 instead. It is just a matter of where in which quarter it is happening. We see in all the projects that we are delivering, we have sold all our apartments that we are having there, and we continue seeing strong sales in the ongoing projects for 2025, 2026. The offer is important for us. If we're going to get up to 3,000 sold this year, we need to increase the offer. So what you will see now, now we have an offer of 3,000. You will see when we come up to the Q1 presentation that our offer has been growing. This is important for us to continuously have a big offer in all the different markets where we're being present because when you have a strong offer, it will mean you have strong sales in all the different projects. We are still sticking to the same strategy that we have always had in residential. Upon completion, we should be 80% sold in the project. Six months after completion, we should sell the remaining 20% of the project. Looking from us, from a sales, from a land bank perspective, we are happy with what we have achieved. We are happy that we continue growing our land bank. We see the offer of residential land on the market is increasing, and we can do pretty attractive deals at the market at the given point of time today. At the moment, there's a lot of land deals that are passing by our table, and we do quite a lot of deals on a monthly basis. What we are going to see here, which is an important slide to show, is that in Kraków, we have a very low offer at the moment, which you will see increasing next in quarter one this year because that is an important market for us to be in. In Katowice, we only have one project that we have converted. We are still analyzing the market. We are selling very, very well in that project, but we are still going to look forward for that market to make sure that we're doing the right things when we're entering a new market. We are still, as you all see here, having Tri-City as an empty hole on the map. We continue analyzing Tri-City, but we will always do the deals in the market where it makes most sense for the company. When we see the right time to enter the Tri-City market, we will do it. As of today, we have seen it makes more sense growing in the existing market than to enter a new market. This is something that we continue monitoring. We will continue looking at it. When the right opportunity comes, then we will be sure that we are there. Living and residential rent, we are by far the biggest living provider in Poland, and residential rent is a huge example of a success for us. We're having over 5,400 apartments up and running. We are over 98% leased to them. We have handed over another 1,000 apartments, and we continue having a lot of apartments under construction. Here, we are very, very strong in continuing offering a product on the market that is unique. We attract a lot of new people renting in all the different markets. What's also important that we took a strategic decision during 2024 is to sell off two of our projects as individual units, which is Kępa in Wrocław and Warsaw Brewery in Warsaw. Here we see a very, very strong sales base in both projects. We're selling it at very attractive pricing, and this we're doing to bring home more cash to the residential rent platform and continue investing that money in further growth of the business. We will always do the deals that make most sense at the given point of time to continue to grow our business to be even further the market leader on the Polish market. What you see here, we're being present in all the different markets. We have a very strong pipeline under operation. We have a very strong pipeline under construction. Most of all, we are continuous buying. We are now looking to further increase our market presence in Warsaw, where we are now going to, during this year, start up quite a few new projects. We have here a land bank that is exceeding 10,500 units. We will continue growing that land bank. We will continue growing in the segments where we see further growth, which is important because you can see here, we already for a long time talked about the 10,000 apartments. We are getting there. If you look at what we have in the pipeline and what we have done on construction, but we will not be satisfied with the 10,000. We will continue growing after that one. This is a huge market opportunity that we have only seen the beginning of. The rental market will be only growing for the coming years in Poland. Another market that we believe a lot in is student housing. Here we did the JV, like we talked a year ago that we started the first time. We are already now up and running with three projects that will be delivered in 2026, which is really a strong sign to the market. We are continuing starting up new projects already now, where we're going to focus on starting up new projects in Kraków, and you will see already soon they are getting up on the ground to be delivered for 2026. You will see in this year or the year before, we started in Kraków to be delivered in 2025. Now we're starting in Warsaw to be delivered in 2026. Here we are focusing on the two biggest markets, Warsaw and Kraków, where we see the biggest potential to continue growing our business. Here you see the pictures of the buildings already up and growing, which is an impressive pace. Here we're doing it both in traditional construction and also in prefab to deliver really the top-of-the-art new student housing buildings in Poland. I think this really will change the student housing market in Poland in the same way as we changed the residential rent market in Poland historically. We will quickly be up to be the market leader in this part of the market. This is a market that continues growing. You see there's a lot of old stock that is not really up to today's standards. We will deliver totally new buildings with totally different standards, and we see already now a big interest for renting in these locations. I think here, if you look at it compared to other markets, Poland is still way behind, and we are really now seeing this growth is something that we think we're going to be a big part of and also taking out of the older stock. We are also going to take our people that are living from the residential rent market today to go into the student housing market. This is something that we have just started to see the beginning of, and it will continue growing in the same way as we have seen on our residential rent market. If you look at our commercial market, Towarowa, we have leased 90% of the building, and at opening in a month or two, we will be close to 100%, which is really showing that we deliver a state-of-the-art building in a market where, as Maciej said before, we are having more tenants looking at space than we can deliver. Both in Wrocław and Kraków, we see big interest for our city center locations. We have 6,000 sq m leased around LOI. In Kraków, we have just got out of the ground. When we present it in another presentation, we'll see that there we have even further grown our leasing. We signed the sale agreement of Łódź, and we also refinanced Libero. The commercial sector is really now seeing uplift in 2025 versus 2024. I think what we're seeing now, we see further transactions happening in the market. We see a shrinking amount of new space being delivered, and we will see rental growth. Here what you will see, which is a very strong point of the group, is that the mixed-use functions is really where tenants are looking for. Go back to 2024, that was 61% of Echo's ongoing project that was in this mixed-use sector. This is really a unique part of the Echo Group, and this is where we think there will be a lot of big interest in getting into these mixed-use locations. Because after COVID, the traditional offices is not what you're coming back to. You come back to the offices that give you something more, and that's exactly what we're delivering in our mixed-use locations. Towarowa, that we have a picture in front of you here, is really a project that is fascinating. I'm super proud of being a part of this project. Also what we see here is now we are changing to more residential in this project because what we see in this location, there's a need for more residential. What you will see here coming back to what we had before, we had more PRS. Now we will have more offices, more residential. This is really a strength of the group that we will adopt to where the market is turning, and we see the need of more offices and the need of more residential is strong in the city center of Warsaw. This will also, as changes, increase the profitability of the project, and we will continue always analyzing when we're building what is the right mix of project depending where we are on the market. Towarowa is Office House. We're talking about we have the apartments ongoing, a beautiful apartment, and if you have not seen the M7 around Warsaw, go and look at it now. It will really be a fascinating residential development. Soon we're going to start up the tower, and there are going to be two towers, one residential tower and one office tower, which is really showing that we are delivering new projects on the market. This office tower will come in the part of the market where there's very, very few offices being delivered to the market. We are also now in the pipeline of delivering both the public park and Dom Słowa Polskiego, which will be the historical element of Towarowa. By next, already by this summer, when you come and visit Towarowa, you will see a lot of greenery, a lot of things happening there, and this will be the next destination project after brewery, and it will be even more fantastic when the brewery and the brewery is really awesome today. If we look at construction and leasing, we see both Swobodna and Wita. Both projects are performing very well. They are in the city center of the regional cities. There is not much being built, but we see a big interest for these locations. All of them fit into our destination strategy because around there is residential, there's retail, there are offices, there's everything in one area. We see this is, like I said before, this is the future of commercial development. Here you see the picture of Wita, where we already this year will be, end of this year, all the projects here will be done and up and running, which is amazing. This is a fantastic area in the city center of Kraków that we are really converting from being a deserted area to really being a new part of the city center. City Space continues growing. The coworking is really being a much more integrated part. You see now that people are, the tenants are looking for new flexible solutions, and we are focusing here in Warsaw, where City Space opened up a new office in Warsaw. You see here there is a lot of locations focusing on Warsaw, Wrocław, and having smaller in the other areas. Galeria Libero is now continuously growing the footfall, but also what we are seeing here now, there is a huge need from tenants to get into our shopping center because they see all the great works we have done, all the footfall increase, all the turnover increase. That is now where we replaced MediaMarkt with TK Maxx. Over the years, you will see even more changes because we are seeing now this is a center that is now stabilized and taking the next level to be really the best convenience center in that part of Katowice. We are getting that by getting renowned names like TK Maxx and others opening up in this location. Młociny is doing the same. We are now getting it stabilized. We'll continue getting the tenant mix upgraded, and we'll continue making sure that we have the best offer in Warsaw. If you look at the fashion offer of Galeria Młociny, it's unbeatable in the Warsaw market. This is the place where you're going to get all the different brands in one area. ESG is always an integrated part of our business. We are focusing how can we continue delivering better places on the planet and delivering buildings that are using as little energy as possible. We reduced the scope one and scope two by 35%. We are continuously working on further decreasing of this. This is very, very important and deeply rooted in the DNA of our company to continue being a very, very profitable company, but also being a company that takes care of the planet and how we continue maintaining our offices for a long time going forward and our residential and the whole living sector that we're developing. I will now leave over to Maciej and deep into the financials. Thank you. Right. Once again, we have delivered results for the quarter, which are better than the consensus. I think you can see on the slide that our margins remain strong, especially in apartment sale. That's a very, very healthy margin, which is good. We have shown a fair value gain on investment properties, which is quite a thing to be stressed because, as you remember, the market was difficult, and most of the time we have not shown the gains on investment property valuations because of stronger euro, because of the yields. Despite the good performance of the leasing market, that was not easy to maintain or improve valuations. This quarter was different. Looking at the balance sheet, I think, and this is where we focus most at the moment, and I will explain why, because we have presented to you a number of assets to be sold. I already mentioned that, of course, there are assets on the balance sheet, but there is also debt, which is associated with these assets in excess of PLN 600 million. Our plan is to dispose of them, to repay the debt, and to use liquidity in an appropriate way. You can see that out of PLN 1.5 billion that we have on the balance sheet as investment properties and assets held for sale, a very big part is Libero, Brain, City 2, and there is also Towarowa shown in a different line because it is a JV. We do not show the full value of the asset. We only show the value of equity that we have invested in the business and how we value it currently. What you will also notice is that we had a significant increase in inventory, which really means the growth of Archicom because inventory is really a residential business. It is land and projects under development. You can see that this part is growing very, very significantly, like also JVs, because we're not only growing residential rent JV, but we also started a new JV in student housing. This part of the balance sheet is going to grow in the future. Once again, inventory and JVs are for sure to grow in the future while we'll have less and less of investment properties to the point where we achieve a new stable level, which is lower than historically was the case. If you look at our debt and short and long-term debt, you can see that the short-term debt decreased quite significantly compared to a year ago. Long-term debt increased, and most of this increase happened in Archicom. Again, this is due to the fact that Archicom is growing and investing in the land. The rest of the increase is our proactive bond issues that we did in order to refinance the debt that is expiring also, that was originally expiring also in 2025 and later. We refinanced all that debt. I will talk about this when we look at the next slide a little bit more. Again, disposals of commercial assets will trigger also repayment of project-level debt. Debt, if you take this alone into account, you would see that our net debt ratio would be decreased by around 600 basis points. From around 40% to really below 35%, which is the number very well within the range that we always said we want to be in. Obviously, when we repay on top corporate debt, that ratio would go even lower. This is our maturity profile of the bonds. You can see that nothing is really maturing in 2025. In 2026, the volume is low. It is only in 2027 when it becomes, I would say, higher on a more stable basis. Our situation from that perspective is very, very comfortable. As I mentioned, we will continue to reduce the debt. Of course, from time to time, we will refinance. We will issue new issues in Archicom if needed. Most of the time, we will be reducing the debt encumbering commercial business. I would like to end up this part with a summary. Once again, actually to repeat most of the points we already touched upon during this presentation, just to collect them all on one page. Again, in the commercial sector, we are selling, we are disinvesting of operating assets in office and retail. We do this on the investment market, which has become more active, is more liquid, shows more interest. The effect of that will be to reduce that part of the balance sheet and to increase liquidity. We will focus in commercial business in offices really on CBD Warsaw because it is the most interesting market. It is the market where investment liquidity is always the highest, but also tenant interest, as Nicklas mentioned before, is very strong, as proven by what we experienced with Towarowa 22. Living sector is the area of growth for us. Not only from the balance sheet point of view that I just mentioned before from inventory, but mainly the sales and handovers. We are already growing sales quite dramatically. This happened in 2024, and we will continue in 2025. This will be followed by handovers. The margins will also be reflected on P&L already this year, but mainly in the future, where the full size of our increased business will be visible. We will continue to develop a student space platform that we are confident that will be very successful. We obviously continue to develop new PRS projects, also in parallel, we are withdrawing capital from more mature PRS projects, like mentioned Brewery and Kempa, where we are selling these projects by units, also through refinancing that is also happening. When we finish the construction, when we improve the sales, we are able to refinance on better terms and withdraw part of capital and through other ways of disposals as well, because these assets are mature. We want to stay in the sector. We want to develop new projects, but we are developers, so we do not have an intention to keep these assets on our balance sheet forever. The last point is really the finance. The result of disposals will be repayment of project-level debt and the surplus liquidity that will be created as a result of these disposals. We plan to apply to reduction of corporate debt, to investment in new business. It is mainly living segment, but also Warsaw CBD office developments, and obviously payment of dividend, which we want to continue according to our policy and to reward investors with these payments and to share the successful disposal of the assets, the result of that with our investors. That is all. Thank you. Thank you, gentlemen. Thank you for the presentation. We will now go ahead with the Q&A session. Let's start the Q&A session with the commercial sector, because as you already mentioned, this is already a good year for the commercial sector. You stressed a lot that we are focusing on CBD in Warsaw as an interesting part of our activity. Could you give broader information? What's our game plan regarding the commercial market? When can we expect new office projects in Warsaw to commence? Niklas? If you look for the Warsaw office market, what I said before, we are very happy with the development of Towarowa and the building we have started. We are now going to start shortly another tower that is 52,000 sq m. We are redoing part of the Towarowa to be further offices. We are also looking for more office space to be bought in CBD Warsaw. We are going to start quite a few new offices in CBD Warsaw because we see there is a very big supply gap. This is something that we are focusing on very much together with AFI to be able to deliver that in the best possible way. Parallel with this, we're looking, like Maciej is saying, to further grow our offices in Warsaw because our strategy is to rather focus on doing more Warsaw properties in commercial and less in the regional cities. Okay. There is a question about regional cities, so I will just ask it right away because we understand that, okay, the liquidity is always higher in Warsaw. However, our viewers are really curious about our projects in the regional cities. Are there any plans? What is going on? We have two projects in the cities that we're doing very well with, both from construction and also from a leasing point of view. Looking for us today, we see a bigger potential to continue growing in the living sector, and we see a bigger potential to continue doing more CBD Warsaw, where we see a bigger demand, more investors, and a bigger profitability. That is what we're going to do at the moment. A year from now, we don't know how it will look like. Maybe we will come back and do more in the regional cities. We should never say never. At the moment, we are now focusing on these things because that is where we see the trends on the market changing at the moment. Okay. Thank you so much. This is clear now. Let's change subjects for a second. Maciej, this question goes to you. Do you expect yield compression on our standing assets in 2025? If you care to answer, maybe Nicklas will take this one. We see that the gap between investors and developers has been shrinking dramatically during 2024 and now in 2025, when interest rates are going down, we see that it's getting closer and closer. We see now that based on where the market is, the yield expectations between investors and developers are very close now. From our point of view, coming back to the questions right before, how sure are we about our sales? We are already now having three of our projects in very advanced discussions with buyers, but we have found a way to get closer in the expectations and also for us to be able to continue reinvesting our money into new investments. We see yield compression. I don't believe it will be a quick yield compression. We see that the expectations on the market have been much, much closer, and we see a big potential of doing a lot of transactions in 2025. Our development activity is bringing a lot of questions from our viewers. Let's get into this one because we have one question about Galeria Młociny. What is our general outlook for the sale of our stake in Galeria Młociny? Can we talk a little bit about this one? Yes. Galeria Młociny is not at the level where we will consider to exit our 30% stake. Based on that, if you look compared to Libero, Libero has been a smaller center. It takes quicker to stabilize it. Now we're up at the NOI level, that is the NOI level we are confident of being going to the market. On Galeria Młociny, we see a constant growth of footfall. We see a constant growth of NOI. We see a growth of the turnovers of the tenants. If you look from Młociny, it needs another two years until it is stabilized enough for us to then divest it on the market. Saying that, we constantly get approached by people who would like to buy into Młociny, but for our reason, we think that we are not ready, and it is not the right time for us to exit because we think that then we will not get the full potential out of our investment for our shareholders. Okay. If we are not ready to exit this investment, but are we ready to exit Resi4Rent? There is a question. Let me elaborate regarding the ever-growing Resi4Rent pipeline. Could you please provide us with the update on potential Resi4Rent exit? Like Maciej said before, I think it's important to be clear. We have no intention of staying as a long-term holder in any of our investments, but we will always stay as long as we think we get the full potential out of it to our investors. During 2023, 2024, we continue to grow our market. There were not as much investors on the market as we see now in 2025. We decided then to refinance the stabilized asset and in that way get more cash to continue growing our business. We also took a decision to sell off two assets that were very well valued on the residential market, which was extremely strong, which meant that we created much more shareholder value by doing that. In 2025, we are already now seeing both a lot of interest from investors going into the commercial segment, but also a lot of interest for buyers to go into the Resi4Rent segment. This is something that we'll continue keeping you updated on and continue monitoring the market. As soon as we see the right opportunity, of course, we will then do a full exit or partial exit, continue growing our business. Because it's important to say what Maciej said. No matter if we will exit, we still think this is an interesting part of the market that we would like to continue being a big part of. Okay. Thank you so much. Maybe a shift from future sales to current ones. I'm focusing on Nicklas today, but this question I think goes to you as well. Could you please provide a little bit more color regarding the Chłodna plot sale? Chłodna plot sale is developed next to a brewery that we have been working on for some time. At the end of last year, there came an opportunity for us to divest Chłodna. At that point, we got what we considered to be the right pricing for us to exit. Most of all, we had an opportunity to put that money into use at other places. The problem for us, which is the opportunity for the buyer, is that this project is only 6,000 sq m, which is a little bit too small for us with the big platform we are having. We decided to divest this project and reinvest that money into Kraków, where we had a great opportunity to do new projects and also where we had a shortage of projects to be started now in Q1. This was a strategic view from us where we saw an opportunity to be able to further grow our business and doing a deal that was beneficial both for us and for the buyer. Thank you so much. I will give you a short break. I have one question for Maciej regarding the levels. What levels can debt reduction be expected at what levels? Does the company have set target levels for indicators? I think our guidance for indicators was that we would like to be between 30-40% net debt to assets. Actually, as our residential business is growing and more and more of our balance sheet is really focused on residential, residential companies have normally lower leverage than the commercial, especially developed commercial assets. Currently, we are focusing at the lower end of this range, so around 30%. I think this is the right guidance. Of course, that would take some time to get to this level. That is a result of disposals we talked about, but also disposals that are potentially in 2026, not in 2025. We should be aware that, of course, this process may be spread over time depending on how quickly these disposals actually happen. I think what is very important is that we communicate in a clear way the direction that we are taking. The level, I think, is the right thing to say that it would be 30% or potentially lower. 30% or potentially lower. Thank you so much. Towarowa 22 is bringing a lot of emotions, our project that we are delivering with AFI and Archicom. Could you tell us a little bit more about the change function? Do we plan to change on Towarowa 22 any other function? What's the plan? What are we focusing on? We're focusing on doing the best possible project in that location. You should remember from when we acquired the project, we were planning to do a big shopping center. It turned into being more of a mixed use. At some point, we had a PRS sector, we have a resale sector, we had an office sector. What we see now is, and this is important for us, this PRS part of it does not belong to us. It belongs to our JV partners. It is not the PRS that we call under Resi4Rent. Here we have now taken a decision to convert partly of this PRS part of the business into being offices and residential part of our business. This is something that we continue to evaluate on a day-to-day basis and see where we get the most of the returns. All the reasons for those changes are because of the returns to the shareholders. We will always do what gives the best return to the shareholders and what we think the market is really looking for. It is important to highlight that in these kinds of locations, usually the Resi4Sale is generating a much higher value than you are doing in a Resi4Rent part of a business, which is also coming back to why we are selling off our part in the PRS on brewery because it is generating so much more value to sell it off as an individual unit versus keeping them as a rental platform and the yields you are getting on the rental platform. Thank you. Today we had a lot of questions about Resi4Rent, and maybe let's finish with the PRS sector as well because we have a question regarding our plans for development in the PRS segment after reaching the 10,000 apartment Resi4Rent. Maybe also a part from Resi4Rent. Resi4Rent, we have always had a target of exceeding the 10,000. What you will see now, part of it is we're now selling off as Resi4Sale, which will then decrease. It will take us slightly longer to exceed the 10,000. We are also constantly monitoring the market, like I said before. When we will see an opportunity to do some kind of exit of it, we will, of course, then do an exit and continue growing our platform, growing further. That is also why we talked before of doing refinancing of existing assets that will bring more cash into our business. Looking at today from our portfolio point of view, we are not investing more equity into the business. We're getting that money out either by sales of individual units or refinancing or in an exit point of view that will happen going forward that will generate a substantial amount of liquidity to Echo and to their shareholders. Thanks. Staying in the PRS sector, but from a more pricing perspective, maybe can we briefly talk about pricing of PRS deals and how they do compare to yields on individual apartments? If we look at the yields on PRS versus offices, there's always better yields on PRSs versus the office deals if you look at across the portfolio. This is something that we still see that there is a lot of there's still a difference between these two and will continue being a difference between these two. The reason why we went in to sell off the individual units in these two projects is because we saw a big spread gap between the yields that we can get selling them as individual units and selling them as unit by unit. If we go back to that, we saw that spread being around 200 basis points between those two, selling them either as a PRS versus selling at a Resi4Sale. That is why it was a pretty simple decision for us to take to go that way and selling them off unit by unit. Thank you. Thank you, Nicklas. Thank you, Maciej. I think that we have reached the full hour of our presentation. We are going to end now. I really hope that you enjoyed the content of the presentation. I really hope that you liked the new layout of it because I did. We will see each other in May on the quarterly results. See you soon and have a good day.