Good morning, ladies and gentlemen. I have the pleasure to welcome you at Investor Day, organized by Echo Investment and Archicom, the first event of this kind, a joint event. My name is Weronika Ukleja. I represent Echo Investment, and today I will be facilitating our joint meeting. What is ahead of us? A very interesting presentation full of interesting data. Let's start with the Archicom presentation. First of all, I would like to thank you for being here with us today. Welcome in this venue, and welcome to our participants who are online. Let's present Archicom. I know it's just a formality. We have with us Waldemar Olbryk, the CEO, and Agata Skowrońska-Domańska, the Deputy CEO of Archicom. The floor is yours. Thank you very much. Thank you for this introduction. Thank you to you all for being here in this very particular venue. I would like to welcome also people who are with us online. We will be presenting what happened in Q1, and we will touch upon what started already after Q1 in terms of reporting. What we would like to tell you today is what is the state of play after Q1 of 2021. Standard message, a couple of slides, plus some pictures from our investments. Stacja Wola. The first picture, why I am talking about it. It is one of our first investments. We would like to strengthen the message concerning the quality of life, greenery, and so on. The functions of this project make us think that it is a very friendly space where people can meet in small gardens. Let's not dwell on that anymore. We have already been introduced. I will not dwell on the agenda. What I would like to stress today is that, on the one hand, we have an opportunity today to be in touch with you, to tell you what has happened, and there will be also an opportunity to have a Q&A. Here is Wrocław, another project. You can see beautiful views and contact with nature. Q1 was very particular for us because the whole market witnessed many difficulties, and we will not hide that we got very well prepared for this situation. Even though the market saw some comments, voices, or some voices saying that this did not meet the expectations, quarter on quarter, we sold 530 units. I will discuss it a bit later and a bit more in detail, presenting what is our offer. In Q1, more than 1,000 units were delivered, were now in our offer. I will tell you what are our targets regarding our offer all over Poland. For example, regarding Kraków, 400 units. As regards the land bank, about 12,000 units, some of them already bought and some of them secured. What is really of importance is, on the one hand, what is important is to plan, to keep planning, and to correct our plans. As the whole organization, we've been checking whether our plans worked out. All the results were, for example, that we have 3,000 units in 2025. With this trajectory going on, looking at consolidation step by step, we would like to reach the result of 4,000 units sold per year. What is very important in this message is organic growth concerning optimization, optimization of internal costs, optimization of organization as such, and optimizing market opportunities, looking at those opportunities from operational cost perspective. After Q1, some important events happened. We did not include them in our reports. For example, the dividend, which the message has been already communicated. There is information about the dividend from 2024 and information about a transaction that allowed us to invest money from this transaction at the level of PLN 96 million. This divestment allowed us to invest in building our new offer, as I said, namely in Kraków. What's important, we communicated all this as of the end of the year. We got the occupancy permit, and we will be handing over the projects that I will discuss later. It became possible, namely in Łódź. From last week, latest news, Browary Wrocławskie. This is a historical project with great potential. We got a reward this time from Wrocław Brewery, Browary Wrocławskie. This has proved that we are able to create really destination places, exceptional places. The award was handed over last week, and this makes us feel really responsible as a developer, as a developer who co-creates the most important spaces in cities. We've seen growing competition at a market that does not allow us to rest and to take everything for granted. We are active in our 31 projects. I'd like to remind you that we've just become a national organization. We have representation in all big cities. The 31 projects that we've been implementing have been strongly based on our competencies in Wrocław, in Kielce, and in Warsaw. We keep working within the group, so it's been supported by the competencies of our teams. They are not seen maybe on our construction sites, but they are there. We've been present in all segments. There is this popular segment we talked about. I will get back to that. The market share per market, we will show you this step by step because we will be having an offer which will be adapted to what is needed on the market. As a whole organization, this will be shown in the second part of the presentation. We are a very stable organization in terms of finances. Step by step with Echo Investment, we will be looking at real estate, which will be a reference point on the markets that will contribute to creating quality life in cities, in cities where residential products are important. Once again, 3,000 units. Step by step, we will continue with this orientation. We will keep building more and more units every year. The growth strategy, this is very important. On the one hand, we want to grow, but let's reflect on that, of course. We need to take into account what happened in the past, but also check our decisions. We communicated already that we wanted to be present in this popular segment. We have growing competencies, and we are aware of the real estate that we can buy, what can be developed in this segment, looking at what's going on in the market. Looking at the market, we can see a growing interest from people who would like to take a loan, especially when it comes to the second part of the year. This market will grow because from May, people keep asking about credits, about loans, what is happening with interest rates because they are looking to have a better creditworthiness, and they want the credits to be available. As the Polish economy is becoming more and more stable and prices are becoming more and more stable, this is favorable for us. We are looking at the project margin. We want to maintain them. What is important to us is also to work within our teams to implement competencies that are very important at every construction stage, regardless of location. They are transparent. They have been implemented in a very transparent way so far. This is how we would like to implement our projects on a market that, as I have already said, is a very competitive one. As we can all see, we have seen that the demand in terms of investment has changed. All the investors are looking for new investments. Maybe the credit loan market will correct prices. We know that statistically the supply has grown city per city. We can see in a detailed way how it got stabilized. When the prices got stabilized, we modify our offer. We extend our offer, concentrate on the margin, but we implement not only the popular segment, but also technologies. Thanks to our technologies, we will be resilient to some crisis scenarios in the future. And precast, precasting, this is also something important. Projects are based on this technology, so this technology will be applied in the future. When it comes to sales, we'll get back to that. Let me remind you that the economic forecast for Poland is very good. Another very important thing from our perspective, especially when we talk about Archicom, we are a stable developer, trustworthy developer. We collect ideas, and we look at our customers, what kind of decisions they would like to take, even though they tend to wait a bit more because they want to invest rather in the second part of the year. We do hope that the second part of the year will be more optimistic for our market, for the residential market, and we will be better prepared for that. Let's get back to what was said at the beginning. A very good growth quarter on quarter. I think it is related not only to a better offer, to the fact that we are present all over the country, but it is also related to the fact that we have learned how to better understand our customers. We understand that as we are all over Poland, we keep building a new brand. It used to be a brand based only in Wrocław. Now I can confirm it's already a brand which is recognized everywhere in Poland. From the operational point of view, what's going on? This is very important. Without operational results, nothing will change. We introduced more than 1,000 units into our offer: Kraków, Warsaw, Łódź, and Poznań, for example. This is a very interesting and stable market. Essenza project has completed this quarter. The previous project was already implemented within Echo's activities. Now it's an Archicom project, and it's a very beautiful project, a very beautiful view on the river, many reservations, and many developer contracts already signed. Historically speaking, we are aware of the fact how to manage our offer, and we see that quarter on quarter, the sales have been growing, having 3,500 units in our offer. We are very well prepared, and we will keep extending the offer, and we will keep informing you what about this portfolio, which is still a portfolio shared by Archicom and Echo, and how it will be sold and how we will approach the result of 3,000 units sold per year. A very important slide for us today to tell you on what market we are present, how quarter on quarter the results are spread city by city. I don't know how well it's visible here, but those great projects are Echo projects, but now managed by Archicom and the blue ones. And there are more and more such projects that are Archicom projects. You can see step by step, the offer has been completed and extended: 410 units sold in the last quarter of the last year and 530 of Q1 in Q1 of 2025. The handovers now, the result of Q1 will contribute to building the result of the next quarter. What about the previous ones? Let me tell you that this is a very good result and a very good result. Let me compare to the result from 2023. We are now getting ready with our teams. How this target, which is, for example, October or December, how to plan all this from the point of view of sales so that the yearly result approaches 2,400 units, so that we take advantage of our potential of our projects in pipeline that will be handed over soon. Our sales model is based on the fact that 80% needs to be sold before being handed over and the rest after handover. Now we can say that already 70% of our projects have been sold. have been maintaining a sound balance between what is in construction and what has not been sold. 3,090, 43, and more than 3,000, this is what is in construction. This is a production process where we have new projects in pipeline, and we can use our land bank, but we have also new projects. We are only waiting for decisions to be implemented. This offer is a complex offer, but also you can see it is spread into cities, and we started managing our standards. We would like to have more and more units which are a response to our targets. Apart from volumes, those units, those flats are in line with our philosophy, Archicom's philosophy. Along with those popular ones, there will be also other types of apartments. This presentation will be made available to you, and you will have the opportunity to ask questions about specific projects. What's very important is the land bank. So far, what lacked were offers in Kraków. We keep building on offer there, not forgetting about Poznań, Wrocław, and Warsaw. Those are projects which are both in construction and in land bank. We are trying to make decisions on a market that, as I've already said, is a highly competitive one, but a developer with good financial standing, with good business skills, may make good decisions and decide not to do what to do and not what not to do because our expertise has shown that some projects shouldn't be implemented. Let's move on to financial results. We're starting our financial results with our sales revenue and sales results. It's from handovers of five units. What we focus on now is the handovers to occur in Q2, 3, and 4, with particular focus on Q4. In the current plan, we have 2,400 units at 60% within Archicom potential. Hence, all our activities and projects are within our strict control in order to meet the target. As for the results, what matters is that these five units that were handed over yielded us quite a high gross result, while the margins for the whole year remain within the target range between 30-40%. Like we said already, we're maintaining a very strict cost control. At this point already, we can see the results. The general costs went down by 4% quarter to quarter, while the issues related to sales and marketing costs are treated as an investment. We introduced 1,000 units in Q1. We have our Collection brand. All these activities both contribute to our sales volume and sales value. As to the structure of our balance sheet, it supports our growth strategies. This is 3,000 this year, 4,000 as an overall target. Building our stocks, building our assets in the form of stocks, both by purchasing land and introducing new units to be built. 132 units are being processed these days. These all contribute to the increase of both stocks and fixed assets. For our financing structure, it's balanced. We are getting more and more prepayments for clients in terms of long-term liabilities. We have M11 emissions contributing to the increase in Q1. The M11 issue confirms our foothold on the financial market, as well as the interest this market exhibits in our company. For financing, its structure matches our growth strategy. Just like I said earlier, we are receiving more prepayments from our clients. This is PLN 210 million. The debt ratio, it's 0.67 for Q1, while in the short run, around April 10th, it got back to our 0.5 level, where we kept all our activities within predefined limitations. Handover of the Zenith project, sales of the Hłodna project that we mentioned earlier, all contribute to that. Now, sources and the use of our revenues. Ever since 2023, the company has acquired over PLN 900 million. We're using the funds to implement our growth strategy. As of today, this is shown through land purchases at a total value of PLN 624 million. As you can see, the bond repayment and buyback at PLN 136 million. The land purchases in the pipeline at PLN 236 million. As to maturity dates for our bonds, the first date falls in Q1 2027. What is very important, like you saw earlier, the funds are converted into activities leading us along our growth trajectory. Like we have shown earlier, board recommendations as to dividend payments out of profits for 2024, that is PLN 3.37 per share. The advance has been paid in 2024 already. In November this year, we plan to pay out PLN 1.96 per share, totaling dividends for 2024 at PLN 197 million. In total, ever since 2018, we have paid out over PLN 500 million to our shareholders in dividends. This is an example of our strategy that is paying out stable dividends, which is an aspect that we pay a lot of attention to. Now, if you would let me say a few words about what happened after Q1 finished already. I mentioned it to an extent, but we're mentioning, for instance, this use permit matter because there were some doubts as to the scalability of these shifts and growth phase. We mentioned dividends, we mentioned Hłodna project, but what is essential is that acting within a group and, adding to this slide as a fourth thing, we're developing our spaces step by step, be them Archicom or ones that we work with as a group. We pay a lot of attention to the ground floors and the quality of units there to contribute to destinations or walkable cities. This means that Grzybowska or Hłodna fill up with really interesting businesses that improve the space quality both for the tenants and for the investors, letting them achieve products that are very resistant to market moves. Now, what lies ahead? Going through the last developer phase both in Warsaw and in Wrocław, we are aiming at putting more and more projects on the market ASAP, but we're also developing urban quality, a lot of green areas, and we're doing our best to implement revitalization projects and to merge our projects with the surrounding urban spaces. At the very end, we are at an advanced stage discussing new products. We're looking at the market much more optimistically than last year. This City two project is now fully leased out, and I hope I'll be able to share even more interesting information with spaces for new investment projects within our core business, that is residential development. To recap, like I said at the start, in spite of a difficult overall market situation, this quarter has been unique to us because we were able to take advantage of the offer that matches the market needs. This is both related to topping up our land bank and providing more and more units to the market. Weronika will be ready to add more to that, and now we're ready to answer whatever strikes your attention. If you could sit in the first row and take a bit of a break. At this point, we're going to start our next part related to Echo Investment. At this point, let me invite Nicklas Lindberg and Maciej Drozd, President and Deputy President of Echo Investment. In order to make it a bit more attractive as a format, we're going to switch to English now. The presentation will be held in English. Yes, this part will be held in English. And without further ado, Maciej, the floor is yours. Thank you. Welcome, everybody. Let's start immediately. I would like to start from the slide, which was actually the last slide of the previous annual presentation, which is summarizing our strategic focus. The purpose of that is to remind you what is our big picture, what is our strategy, and what are the most important issues and targets we are focusing on. In the commercial sector, which is, of course, very important for Echo, we are focusing mainly on disinvestment of existing operating assets. Of course, we'll speak more about that today. In terms of new investment, we focus on Warsaw, on CBD Warsaw, where we believe there is strong potential for new projects. Of course, we do have projects there, and we are looking for new projects. Nichlas, I'm sure we'll speak more about that. In the living sector, we just talked about Archicom, Waldek, and Agata, but we also have other activities in the same sector, which is a student space platform, which is very interesting and growing quickly. We have, of course, the Resi4Rent platform, which is maturing, where we already have focused not only on the growth of the platform, on new projects, but also on disinvestment. We look, according to our strategy, on disposals of the assets of the platform, all the platform. Finance. This is, of course, extremely important, and it's very strongly linked to the first point, the first bullet of this page, which is disinvestment of yielding assets, because that process will not only provide cash, but will also reduce debt by itself, the project debt, and will create a surplus that we will be able to use for further reduction of corporate debt for dividend. Of course, last but not least, investment in the growth of the new businesses. That was the introduction to remind you what is our strategic focus and what are the most important elements of our business. Obviously, as the first bullet point was about disinvestments, I would like to give you a quick update and remind you which are the assets that we are in the process of selling. This is Galleria Libero, Brain Park 1 and 2. These are two buildings, two connected buildings in Kraków. City 2, obviously in Archicom in Wrocław, and Towarowa 22, which was just completed. Again, we'll speak a little bit more about that process. We are very proud of this project, and we are sure that it will be sold quickly. Towarowa is our destination project, and the first building of that project was just completed, office building of more than 30,000 sq m, a beautiful project, already around 90% leased just after completion. It is just a proof of the strength of the market in CBD Warsaw and attractiveness of this segment. Generally, office market perspectives are interesting, and the summary that we would like to give to you is really that Warsaw remains interesting as an investment market, that all cities where we are active, like Wrocław and Kraków, we are able to lease these projects very well. From an investment perspective, really Warsaw is the most interesting at the moment. What were the highlights of this quarter? Obviously, the sale in the residential segment. We are proud of the growth of Archicom. This 29% year-on-year growth is really impressive, and we believe it's a proof that we are on the right track, and we go quickly in the right direction. We do have interest, a strong interest in our office buildings, so we focus on the disposal. They are very high-quality projects, fulfilling ESG criteria, energy criteria. They are fully leased. This is the focus that we have and we continue to have in the following quarters. We refinanced Galleria Libero, which is a proof of the quality of this project. We also repaid debt in Echo. In Echo, we continue to reduce corporate indebtedness. Archicom issued not only repaid, but also issued new bonds. That's, as it was explained already, the purpose of that was to finance developments. We do not have plans to increase indebtedness in the near future. On the contrary, as it was explained, our strategic focus is to use the cash coming from the disposals to reduce the corporate debt. After Q1, we had one interesting transaction, which was disposal of the plot in city center of Warsaw with immediate reinvestment of this fund, strategic reinvestment in Kraków. We did receive occupancy permit for Towarowa 22, building B, which is an important milestone on the way to sell this project. We already had as well on the dividend recommendations. In Resi4Rent, I think it is something that we also would like to remind you that we continue to finish projects, to end construction, and to introduce to the portfolio of apartments, new buildings. Just after Q1, we delivered another 400 flats. Now, going a little bit in the market outlook and what we do about that, the situation in the residential for sale market is, I think, well known to everybody. The way we look at this is simple. Although the offer is high at the moment, we see less and less construction permits. We believe that the new offer in the coming quarters will be weaker and weaker, and the demand should pick up because of the continued process of decreasing of interest rates. We believe that the situation in the market will be relatively stable or going to stability in a sense that the relationship between offer and the sales will go in the opposite direction that it was going last few quarters. We continue with our strategy, and I think it was well explained, so I will not focus on that a lot. In residential for rent, we are definitely by far the largest operator in the segment. We continue to build. There was nothing in the last quarters that changed the outlook for the segment, which continues to be favorable. Our projects are leased with very high occupancy. When we deliver new projects to the market, they are being commercialized. They are being rented according to plans at the right rents and with the right speed. We take it as a confirmation that the market performs strongly. We are in the process of disinvestment. We started last year the process of selling unit by unit in Browary Wrocławskie and River Point in Wrocław. The process is being continued. Of course, we are looking at, according to our strategy, the opportunities to exit from Resi4Rent. Again, our target is 2026. We are looking at the market. We see the interest, and of course, we will be coming back to this point in the following quarters with you. I already mentioned that the student housing market is attractive. We see very big demand. We focus on starting new projects and on delivery of first buildings still this year. Nicklas will tell you a little bit more about that. In the office market, I already gave you an outlook, so there is no point to repeat it. I would like only to repeat again that we believe that we have very good projects, and they are attractive from an investment perspective. In retail, we continue to operate successfully. Libero and Młociny, these are the assets that perform well. Obviously, as you have seen, Libero is on the list of projects to be disposed. We are happy with the performance, and we believe, again, that this is an attractive asset to be acquired. Construction market continues to be favorable from the developer's perspective, meaning that expectations that the construction activity will increase in 2025 is yet to be materialized. We see that actually the construction companies are still very much looking for jobs, which is favorable from our perspective because we are able to construct within the budget or have savings, which is good. So far, we are happy with the availability of the construction companies with the pricing and, as a result, with our overall construction costs. Key financial data. I think two things that I would like to highlight. First, that the result is definitely better than what was expected by the market. Second, of course, it is worse than a year ago. I would like to quickly explain what were the drivers in this quarter and to do this by comparison to Q1 last year. We did have, as Echo Group, 24 handovers in Q1 compared to over 400 a year ago. This is actually what is explaining practically fully the variance and the result. Lack of handovers in Q1 is around PLN 80 million negative variance compared to a year ago. Otherwise, we have some good news when we look in more detail year on year. I think the first one is that we have higher margin, higher revenues coming from other areas than residential in Q1. This is student business, this is PRS, this is rental. That is very good because this is the business that we are, of course, actively growing. Also, G&A, actually, we have an improvement. Of course, selling costs are, from our perspective, an investment, and they did increase year on year, but this is completely understandable because first we target to sell more in terms of residential. 3,000 is much more. Also, we started Archicom Collection, which is a different product, and to introduce that brand, obviously, it's an investment that we need to take, and it was mainly taken in Q1. This year, of course, it will be a year when we promote this brand strongly. The question is what we should expect in the following quarters. I think the main answer that I would like you to look at is the profile of handovers, which is not unfamiliar, of course, with most handovers coming in Q4. Overall, I think what is very important is that obviously our handover number this year is by far bigger than a year ago. We have a very strong growth, and of course, this is also what we expect in the future years, not only to increase sales, but obviously to increase handovers year on year. If you look at the following quarters from the perspective of our continued business and our most, I would say, at the moment, important segment, residential, we see a very big increase in handovers and, of course, resulting increase in gross margin and, of course, impact on net profit. Another look that we do each quarter, which is the look at the fair value of our business. Obviously, if you think and look at the market price of Archicom and market price of Echo, and if you reflect, as we do on this slide, market value of Archicom replacing with this number what is in our consolidated accounts shown at cost because this is how residential business is presented. Obviously, you see a big difference between the book value that we have done in a way where we present residential business at cost and if we value this according to the share price of Archicom. So we go from PLN 385 million to PLN 677 million. I think it is just for your consideration. It is an observation that we would like people to think about, but of course, the conclusion each of you can and should do on your own. Now we go to the segments that, of course, this is the part where Nicklas will guide you. Thank you. We already went through Archicom before this, but to come back to this, we see a big potential for future growth in residential. This is one of our main pillars of our growth. It's super important for us now to have the right projects in the right locations, which I think we have now, and also we continue to grow our land bank because it's important to have a big land bank. Like Waldemar highlighted before, we start a lot of projects, but most of all, we secured a lot of new land across the different cities that is strategic. Here I want you to look back to a quarter ago where we had a very low land bank in Kraków, but we said at that presentation we are focusing on growing Kraków. Now we have grown Kraków, and we are focusing on continuing growing in the cities where we see potential to continue to grow our business. If you look at the market, what we see as a big picture, the bigger developers are getting bigger. The smaller ones have problems in their way of financing and surviving the future growth. I think what we will see going forward in the market is further consolidations. I think we see already the first steps on that happening, and I think it's just going to accelerate as we're going forward. The increased stock that we see today is an effect of 12-18 months back in time where all these projects were planned and started. What we will see now is less project starts from smaller developers that are now also even considering what they're going to continue doing with the existing projects that they have in the pipeline. We are continuing to grow up to the 4,000. We will this year hit the 3,000, and then we will continue growing. That is an effect what you've seen of the growth in the earlier years is what's coming in this year in the handovers. This is going to what we're doing now is clearly affecting the results for the coming years ahead of us. We think what's important for us as a company here is to keep the high margin we're having on a project because we're not going to continue growing if we sacrifice the margin that we're having on a project. We are still sticking on the profitable growth, staying on the margin, and continuing to grow our business. Here we see strong quarters both in Q1, but we also see now in Q2. We're continuing to see strong quarters ahead, and we see May will be a very strong market from a sales perspective. Now the screen went off. Yep. I can continue anyway. If you look from the group before, we have seen these slides before. It's from a residential perspective. We continue seeing that the sales is stronger versus last year. We're going to see the same trends going forward. The different trend you're going to see now is on the handovers. We're going to continue handing over much more projects than we've seen before. This is something we need to do to get to the 2,400 apartments sold by year-end. If we continue looking at what we're doing, we're focusing on the bigger cities where we're going to be present. We have Warsaw as an important market, Wrocław, Kraków, Poznań, and Łódź. Both Poznań and Łódź are important markets for us. We continue selling. Even if there is a very strong supply on these markets, we continue delivering projects to these markets, which is for us important. We have a strong market presence. We are going to continue growing our business. The handovers, we're going to continue focusing on handing over more and more quarter by quarter. The offer in the group is strong, and you've seen what we focused on here on this slide. We are going to have a strong offer equally spread over our markets. If we are going to continue selling, it's important that we have something to offer in all the different markets where we are present. We cannot only have a strong offer in one of the markets. Strong focus that you see here is Warsaw. We want to be bigger in Warsaw than we are today. This is a market that's constantly delivering. If any one of you has not been to the old M-Park, go out there and see. It is a massive development, and it is really beautiful to see how we are transforming the city of Warsaw. Here we also are shortly handing over the first school to the city, a beautiful school of 450 students going to study there going forward. This is, I think, really a role model of the cooperation between the city and the developers. We are going to be active on the six markets. Katowice, we have one project ongoing. This is not a market that we are going to continue growing in. We are going to continue focusing on growing in the markets where we already have a strong market presence and continue growing that presence. We are still analyzing Tri-City. From a Supervisory Board point of view, we have not found anything that is attractive enough versus continuing to grow in the markets where we're already being present. We are continuing to analyze this, and once we see the right opportunity, we will, of course, then both notify you and go also further ahead with our plans. Like Maciej said before, residential rent, we have constantly been between 98%-99% leased in the portfolio. We constantly see rental growth. We're seeing that we are having very effective operations to continue running the business. We put out for sale individual units in Warsaw Brewery and River Point in Wrocław. I know it's named River Point today, but it was named Kępa when I started it. Here we are selling well. We are selling between six to seven apartments weekly on this project, which is very, very strong based on the markets where we are today. We continue to see a big interest, and this is something that we're going to continue selling these assets. This is not a long-way strategy going forward. Like Maciej said, we are analyzing the right timing to exit the portfolio when we see the right point of the market. We are going to continue updating you about this in the coming quarters. For now, we have it in the plan of 2026. Here you see our market share continues staying around 25%, which is a very, very strong part of the market. We have secured plots. We have more than 10,500 units already secured. We are continuing building in. I think by this year, we will have all these 10,500 units either completed or in production. Student housing is another segment we went into last year. What I think is important for you to remember, we went into this business last year. In September this year, we're going to open up 1,200 student rooms, which is a record speed in construction. Later on, you're going to hear Edward talking about Prefab. That is an important element for us to continue growing this business in a rocket speed. Here, it's for us to be the first one to the market, delivering projects that are really up to the standards. Also here, every room is equal in size, which means we can do very repetitive construction, and we can save a lot of cost on these ones. Here we are already today having 3,000 beds secured. We are targeting to get up to 5,000. We are going to start another 1,200 beds in 2025. It really shows here how much we are going to continue growing our business. Here you see the pictures of the projects that we have either in pipeline or we are going to hand over now in 2025 and in 2026. They look beautiful, and I am really happy that we went into this business, and I see a really big potential for further growth. Here you see the pictures of the projects that is like two to three weeks ago. In the next presentation, when we open up, we are going to show you how they look when there are 1,200 happy students walking around in this project. This market is heavily undersupplied, and here we are going to take a really big market share in this one. We are targeting to be the same market leader as we are in residential rent. By the pace of construction, the pace of acquisitions, we are hoping to get there in that position in the coming years. Already by 2026, 2027, we will be one of the bigger players on the market. Here we show the data. I think it is a really, really interesting market. With the strategy we are going in compared to others, not doing one or two projects, we are going in to build a portfolio. We are going in focusing on Warsaw and Kraków, the two biggest markets, and where we are going to take a leading market share in those two markets, which is different from what we did in the residential rent when we went to all the markets that are on the six or seven regional cities. We are also analyzing to do one or two projects in Wrocław, but this is the three cities that we're going to focus on. Commercial, Towarowa has been opened, the first project out of many in Towarowa. We have a residential part of Towarowa ongoing, and we are continuing starting up the next phase shortly of the tower that we're going to build on Towarowa. We have more leasing interest than we have square meters to lease. We are now 91% leased. If we would have more space, we would lease more space. The problem we're having now is that we only have small units left, so we cannot accommodate the big tenants that are looking for more space. We will soon accommodate by starting up a tower that is going to be above 52,000 sq m, which is another thing that we are doing now on Towarowa. Here we have AFI, that we had talked about before, where we have the right, and we are now going to find a deal for how we are going to do together to sell the 30% stake in the first building to AFI. That is already discussed between the parties, and we are now proceeding ahead with the discussion. You see here in all markets, there are fewer offices being started. Tenants still want to move into new or modern offices. You still have the mix between working from home and working in the office. If you come back to the office, you need to come back to a destination project. You need to come back to something different. That is what we can give in all our different projects. You see, in Warsaw, we are fully leased. In Wrocław, we are already now 40-50% leased. In Kraków, we just went up on the ground, and we're now signing our first lease for up to 20% of the total space. Here what we see, it's interesting, in all these three markets, we see rental growth. Here we see Towarowa that is really going to be a fantastic project. This is one of the things that I am super proud of to be part of developing and really making Warsaw even more beautiful. This project we're going to complete by the end of 2028, where we have done the whole area. It's up and running, 200,000 sq m delivered to the market, and a park of two hectares that's going to be the biggest park in this part of the city. Here you see about Vita and about Swobodna. There's supposed to be a video here. Yeah, there's supposed to be a video here, but we wanted to show you Office House, the building from the ground, and how it looks right now after obtaining permit of use. Can we run the video, please? Thank you. Thank you. Take your chance and visit this project because this is something out of the normal. That's also why Netflix chose that for the new location in Warsaw, just to show that this was something that's not a normal project. Here you see both the two destination projects we have going, Vita and Swobodna. Vita is also going to be the mixed-use where we're selling residential, and we have student space, and also we have offices. On Swobodna, which is next to Midpoint, we already now have secured tenants up to 50% of the building. In Q1, when we will open up next year, we will be slightly above 80% in that building, which is really showing that the office market is working. We see rental growth. We see tenant interest. It is all about doing the right locations in all this area. Also for us, like Maciej talked about before, with construction costs that we can see that we can continue pushing down, we are still making good deals in the offices, also in the regional cities. CitySpace, we continue growing across the markets. We have a strong focus on doing more in Warsaw. This part of co-working will be a bigger, bigger part as these people are coming back from the office, and it's going quicker than anybody thinks. When you come back, you want to have new office space that is delivered to you. I think CitySpace is that bridge that can do this for many of these occupiers in all the different spaces we're having. We see the requirement in all new office leases of having co-working in the building. Galleria Libero, like Maciej said, this is our retail that has been growing for the last three to four years. It is now up at a very good level where we see it's a time to analyze, to divest the project. We are now just now opened up with Vita and about Swobodna as another tenant opening up in the building. Here we see constant rental growth. We see constant NOI growth, and we see footfall growth. This project is now up to the level where we have said before that we will consider divesting it. Galleria Młociny is not at that level yet. It is growing in NOI with PLN 1 million-PLN 1.5 million per year. We have another one, two, three years to stabilize it, and at that point, we will then look also at divesting our share in Galleria Młociny. There is still a very positive trend going in the retail market. We see a strong footfall. We see a strong NOI growth, and we see our project is really attracting people to come on a regular basis. If you look from ESG, it is an important part of our group strategy. We have a very, very strong focus on ESG. We want to do the ESG, but it's not in the reporting only. Only the ESG that makes a difference on the real-life basis. We are focusing strongly on ESG. We also focus on ESG both on our buildings, but also in the surroundings around our buildings, and how can we make sure that we take care of the planet going forward. Maciej. Once again, look at the financials. I think we already looked briefly at Q1 result. Again, I think the margin and the revenue was coming from a low number of handovers, and that's the main driver here. We also have, obviously, a negative FX impact, which is important for us because we have a big part of our assets valued in euro. This is the entire commercial portfolio because zloty was stronger at the end of Q1 than at the rent. Obviously, that had a negative effect, which was partly reversed already now in Q2. We have higher costs of residential sales, so that's important. That's an investment in the future, mainly in the Archicom Collection brand, but not only. Obviously, selling 3,000 in a difficult market requires also a bigger effort than a year ago. We had a negative revaluation of Muschini, partly driven by FX, but we do have growing profitability and growing revenues from residential rent and from student space. That's important because this is the growing part of our business. We really focus in our analysis on looking at how we can improve profitability and size of the living segment both on our balance sheet but also in our P&L. We did not sell, obviously, any office building, but we continue to focus on that. Obviously, that will have impact on our result looking forward. If you look at the total balance sheet, what you notice is the growth of inventory, which is, of course, driven by Archicom, by growing pipeline, by more land, more projects under construction. This is the biggest change that we have compared to the end of last year in terms of the assets. If you look at the debt, we did extend maturity. We have a little bit less of short-term debt. Our net debt ratio is monitored by us. As I already started this presentation, we are focusing on decreasing net debt as a result of disposals. Of course, disposals will happen first, and then net debt will decrease. Just repaying project-level debt on these disposals would push our ratio to 35%. Obviously, our focus is to reduce also corporate indebtedness as a result of these disposals. Our corporate debt and our bond maturity profile looks in the way that we have nothing maturing in 2025. Everything that was maturing was already repaid. In 2026, a small amount, and obviously, we have normal levels of maturities in 2027 and 2028. Before that, obviously, we have our asset disposal program. We will manage this debt looking forward in an active way, depending on the timing of the disposals. Basically, that's it from me. I think, Weronika. Thank you so much. Thank you for the presentation. Now we'll go to the Q&A session that will be held both in Polish and in English. To do that, I need to reinvite Waldek and Agata back to the stage. Thank you again. I will now take a seat here. Thank you. Żeby nie przeszkadzać, ja zejdę [Foreign Language]. In order not to interfere, I'll step down myself. Now, ladies and gentlemen, let me start with the questions that we got from our live streamers. There is a microphone in the room just as well, so feel free to ask the questions if you're here on site too. Waldek, sales targets for 2025 include 3,000 units, but Q1 gave us 530. Is this target realistic? I used to have this friend, a sports rally winner, who told us you only learn who won at the finish line. I agree. Also looking at how the market responds to our offer and how it happened in the previous years. As long as we never deviate from this rational point of view, our whole organization is prepared in terms of product, competence, and finance to meet this target. We're adding to our offer. We're ready to implement new units. In the second half of the year, I believe the market will be able to take advantage of more attractive mortgage offers that will allow more people to take out mortgages that will let them buy those units. I believe we're going to learn more step by step. Historically speaking, our sales always used to improve quarter by quarter. We have products. We have people who are determined. We're going to do our best to meet that 3,000 units target. Yes. The finish line is important, not the start. Another question to Agata. Agata, how much did we spend on land in Q1? And what purchasing plans do we have for the remaining part of 2025? Q1 had us spend PLN 100 million on land. As to our plans, just like we said earlier, adding to our offer is very important. Given that our sales target for this year is 3,000 units and we have 3,500 available, we are planning to buy at the level of 4,000 units worth of land a year. Of course, it is an active purchasing program. We are looking at all kinds of opportunities offered by the market, and we participate in these processes actively. Thanks so much for your answer. On this occasion, let me check if there are any questions from our guests here on site. Good morning, Michał Majewski. I wanted to ask about your sales plans for the coming years. Taking these 3,000 units this year, what ratio do you need for that? We used to be able to sell one-to-one, but now some of your competitors tell me you need 50% more units available to sell. In the context of your 2026 target, what offer do you need to achieve it? I believe that each and every time you've got this interplay of the markets and the standards. Of course, there's not going to be 3,000-3,000, but the ratio is what we are testing at each and every point in time. There are some projects actively in the pipeline. They are not shelved and forgotten. In our land bank, we still have 11,000 units worth of property. Some of them secured, some of them negotiated. We're working very strongly on permits in order to speed up this pipeline. Whether we are going to need 50% more or more or less, we are verifying that on a running basis. Of course, we are going to need more than the target. This market is much more demanding. All kinds of marketing mix activities also modify the market sensitivity both to small units and large units. Sometimes these trends change quarter by quarter. This is some kind of a bet on one hand, but our organization is agile enough to match the product sizing and to plan what we are going to launch every next quarter and all kinds of other marketing mix activities. We are going to need more than 3,000. I fully agree. Just to add, our sales model is very important here. 80% of a given investment sells until the occupancy permit is achieved, and the remaining 20% no later than six months after. This resounds very loudly today in our offer. We mostly have products that are still under construction, while 70% of what we plan to hand over is available, is up for sale already. This needs to be topped up with a certain surplus in order to continue offering a diversified proposal to the clients. I also wanted to ask about your handover targets for this year and for the next year, if I may. This is all indicated in our report. If we could please cut back to you with the details. Thank you. This is also on the slide. Are there any more questions from the room? Feel free to speak up. Yes, Cezary Brand. Good morning. I wanted to ask about your plans to finish projects in 2026. You have two key projects, one in Mokotów, another in Towarowa. Are you in line with your time schedule in terms of sales plans just as well? You mentioned two projects, and I only heard Towarowa. Mokotów and Towarowa. When talking about the construction, yes, we are on target. In particular, these Archicom Collection projects require a lot of attention. We are monitoring that very closely, also in terms of meeting the quality expectations. What we also saw is that a lot of sales in Mokotów and Towarowa happens just as the projects start. Those most interested clients started very early. Now we are also seeing an increased interest in our sales offices. These projects sell at various stages. We are monitoring that very closely, but we are pretty confident at this point. Okay. Another question to Echo, if I may, in the context of office project sales. I saw in your presentation that Brain Park 2 is planned to be sold, but Brain Park 1 is not. Why is that? About what we are saying, about where we have ongoing discussions. This is basically where we have ongoing discussions. That is the simple answer. It is not about the quality. I mean, just to give you a little bit of a background, it is simply a smaller project. It is easier. Brain Park 1 is a bigger ticket. That is why it is not going to—I mean, of course, that is ongoing. I do not want to make a guess or prediction. The simple answer is it is a smaller project. We do have ongoing discussions. Thank you. It does not say that we will not have ongoing discussions on the next one in next quarter. This is what we're having today. Coming back to, if you look at M-Park and Towarowa, it's two totally different projects. M-Park has a different volume. That's 1,600 apartments. Towarowa is a much smaller, high-end luxury project. We're selling them at a different strategy where Towarowa is going to be a once-in-a-lifetime opportunity to buy in this kind of unique location with this. Towarowa is much more similar to Flara, but it's on Grabowska, but it's high-end, but we're selling at a different—we want to sell them at the same pace as we're selling that we are building construction. Because as you go along, you will get much better paid. M-Park is selling very well and going to continue selling very well. I think Towarowa, you remember, Nicklas, how Browary looked when we started, right? It just strikes me that in a way, it's similar, right? Because if you are looking at Browary, which is finished and completed, and nobody remembers how it looked when we started, right? And we started to sell first apartments, etc., that was just a construction site. Of course, this is what Towarowa is today. What we tried to do, and I think we do it more and more successfully, is to show you and everybody the end product. Because I'm sure that if people see this completed, everybody would be really extremely impressed by the quality. Because this is unique. This is over six hectares in the city center with park, combining different functions. It will be really very, very beautiful and a part of also we will be proud of. Now it's a construction site. I think it's a big leap of faith. This is what David will explain later. We are doing something unique from the ground. I think please focus on that because it will be really a success story of also, I am sure. Completely agree. Thank you so much. I will take this opportunity to ask one question from our online viewers. I think this one goes to you, Nicklas. Does the Resi4Rent platform see a slowdown in the rental market? Depends where you compare to. Of course, directly after COVID, it is a slowdown. Still today, we are growing more than inflation. We are having a 99% occupancy rate. We are opening up more and more new locations, which gives us even more and more synergies of running the platform. We are very happy with the platform. We see a big investor interest coming back now looking at this kind of project. Because what you've seen since COVID until today, these kind of projects perform well no matter where you are in the market cycle. Thank you so much. And one more. Sticking to Echo Investment, Maciej, will Echo be present on the bond market as an issuer in 2025? No, I think I thought that I already answered that question. We do not have such plans. On the contrary, we are looking at continuous reduction of our corporate-level debt. Again, I just want to repeat this so the message gets across that this is to follow disposals of commercial assets, right? This is the logic. We are disinvesting from this segment. We will have less equity in this segment. As a result of disposal, we will reduce project-level debt. As the next step, we will also reduce debt at the corporate level. We do not have any plans for 2025 to issue bonds. Okay. I think we should be clear. We are not leaving the segment. We are just leaving the completed buildings. That is not in line with our strategy to keep completed buildings on a balance. We continue staying in the commercial segment. We believe that is a big part of our strategy. Especially in Warsaw CBD, where Towarowa is a great example of that. Thank you. It is super clear. We have a question. Thank you. Y es. Good morning. Stanisław Borawski, Bulls Business. I have a question for Echo. You created a dividend fund to which you transferred PLN 195 million, or you plan to transfer PLN 195 million. My question is from net profit, at least from previous years. My question is, how much of that is in cash? And might the investors expect an interim dividend this year? Okay. Sorry, I caught you by surprise. No, no, no. But initially, I just because you used the word fund, and I was thinking, what is the sort of investment fund that we created, which we did not? Dividend fund. Sorry? Dividend fund. Yeah, yeah, yeah. You refer, of course, to the fact that in our reserves, we do have really a reserve, the amount that is earmarked for dividend. Of course, yeah, this is consistent with what I said. We clearly have, and this was, I hope, made explicit that one of the objectives, one of the uses of funds coming from disposals of commercial assets will be payment of dividend. Obviously, because we did not have net profit last year, that would not be the source. Looking forward, we do have, and we will have this fund for dividends. You are right. When the decision is taken to pay dividend, it will come from that fund. Again, the money for that, obviously, will come from disposal of commercial assets. I do not want to talk about timing. It is quite clear that this is the process, selling. Of course, dividend will be happening, obviously, after that. Your observation is very accurate, and I am impressed by the level of scrutiny. That is my job. Thank you. Thank you. Thank you. Do we have a question from the audience? Hello, I have a question to Archicom. You said at the beginning that the prefab as a technology will be applied. Will this apply to whole buildings or just parts of buildings? What is the approach of your customers towards this technology? Thank you. In the second part, there will be more information about it. Prefab elements as such may be part of some buildings, staircases, stairs, and so on. What we have already tested historically within Echo and Archicom and what we are now applying in our whole project, this is what we do now, not only in Archicom, but in the whole group. We have a competence center which is dedicated to this technology, and that worked out a unique technology with all the guidelines how to use this technology for what kind of buildings and what building shapes could be taken into account so that it is done efficiently. I must admit that as regards our customers, many people did not pay attention to what we thought would be something people would be worried about. They did not pay attention to that. It is like Lego bricks. Thanks to that, we can build quickly and predict our budget, and everything is done in a very ecological way. We keep explaining to our customers what their flats will look like. Looking at our previous projects, for example, in Poznań and Echo projects, only maybe one customer did not want to buy when he knew that it was done thanks to the prefab technology. In the second presentation, we will show you pictures from the residential projects and the students' living projects and so on. Thank you. I looked at my online list. No questions. What is left is that we should now wrap up. Let me thank you to you all, to all the people who are here and in front of their screens. Thank you for being here. Let's see each other after holidays. Thank you very much.