Our CEO, Balázs Gosztonyi, our CFO, and Zsolt Farkas, our Chief Strategic Officer. We will have a short presentation of the 2024 results and achievements, and this presentation will be followed by the Q&A session. This presentation is being recorded and the fair recording of this presentation will be posted on our website. Thank you very much. Let me give the floor to Gyula. Thank you, Małgorzata. Thank you, everyone. Good afternoon. GTC closed a stable financial year in 2024. Our revenue from rental activity and gross margin went up by 2% to EUR 187.5 million and EUR 130.5 million respectively. Our FFO, funds from operation, remained pretty much unchanged at around EUR 71 million. Thank you, Małgorzata. EUR 71 million, which concludes at an FFO per share value at EUR 0.12. The EPRA net asset value increased to EUR 1.284 billion. Given the fact that there is no significant change in terms of our appraisal, in terms of our asset value, this increase is mainly due to the issuance of the participating notes to the vendor of the German Paula transaction. Our Net LTV increased to 52.7% compared to 49.3% at the end of 2023. If we go deeper, taking into consideration the exclusion of the effect of the German residential portfolio Net LTV, if we exclude it, then the Net LTV would be 47.2%, which is a decrease, and this trend will be achieved upon the realization of the business plan of the German portfolio. The occupancy levels slightly dropped to 86% compared to 87% at the end of 2023. Our cash balance remained stable at EUR 55.2 million. Additional significant cash proceeds have been realized in the Q1 of 2025 from asset disposals. Go to the next slide. Here, we would like to highlight the three asset disposals executed in 2024. The first was the Matrix C office, which is located in Zagreb, Croatia, with a 10,500 sq m and premium office space at a sale price of EUR 27 million. The second was our Belgrade office, with 17.7 sq m at a sales price of EUR 52 million. These two assets were sold at fair value, at book value. The third one is the Wilanów plot disposal, at a sales price of EUR 55 million, realizing almost EUR 10 million gain on the disposal. GTC in 2024 in December successfully executed the German transaction, the acquisition of the so-called Paula portfolio. This portfolio is centered around cities in Germany. These are Kaiserslautern, Helmstedt, Heidenheim, and Schöningen. The portfolio has a comfortable occupancy rate of 83%, with the potential upside in terms of occupancy. The portfolio comprises almost 5,200 residential units with a total area of more than 325,000 sq m. The average unit size amounts to 61 sq m. This portfolio contributes EUR 23 million annual in-place rent to our income stream at a blended headline rental rates of EUR 7 per sq m per month. The strategy of the German Paula portfolio shall be divided into two main milestones. The first strategy implies a near-term sale of assets, single assets or buildings itself to institutional investors or to private individuals. Carefully determine the sub-portfolio with the advisors in order to best suit to this strategy. The sub-portfolio, which is intended to be disposed in a short period of time in one to one and half year period, would mean 130 assets with more than 2,200 residential units and 14 commercials comprising more than 132,000 sq m. The second part of the portfolio. Małgosia, please turn the slides. The second part of the portfolio implies a long-term hold strategy to benefit from the German rental market, shifting GTC's portfolio towards a more balanced and diversified asset portfolio. The sub-portfolio which is intended to be hold as a residential for rent incorporates 114 assets with almost 3,000 residential units and 33 commercial units, with an area of almost 200 sq m. The second portfolio, the hold portfolio, GTC will cooperate with a technological company called Poltek to attract additional tenants with state-of-art energy efficient housing. This strategy, this structure, in order to modernize the heating system will need a very low CapEx requirement in terms of based on the business model and for the remaining ESG related capital expenditure will be 100% financed by state subsidized so-called KfW loan at a very low a little bit more than 210 bps interest rate sources. Magusha, please turn the slides. GTC continues to be committed to its strict ESG strategy. Almost all of the assets, 93% of the assets have green certification. This means LEED Gold and BREEAM Excellent qualification. We have been focusing on green buildings and reducing our carbon footprint in order to mitigate environmental impact and enhance our asset value. The German Paula portfolio fully fits to this ESG strategy of GTC, and it offers the opportunity to improve energy efficiency with the solution of Poltek and other ESG, other environmental, modernization capital expenditures, ultimately enhancing and increasing the asset value itself. Under the second part, this whole strategy, GTC developed a CapEx plan, which will be funded with the attractively low-priced KfW loans. If we go to the summarize the funding of this transaction again, as it was publicly announced, the funding was taken place by three major financing lines. One of them amounted to EUR 186, 185 million existing senior banks which were taken over with the portfolio itself, and it comprises four financing sources with four main banks, four main German banks. GTC, in order to finance the part of the portfolio, issued participating notes at an amount of EUR 42 million, which were issued by GTC to the vendor, LFH company. In order to finance the equity part of the portfolio, a new senior secure five-year loan was granted at an amount of EUR 190 million from a private credit institution. Executing the second main milestone of the acquisition, GTC on the seven exercised the call option to acquire the remaining a little bit more than 10% of the portfolio in order to achieve, in order to reach the ownership of 89.9% in the whole Paula portfolio. GTC executed a milestone acquisition by this transaction, fitting into its strategy of asset diversification and GTC shifted almost one-fifth of the portfolio in a triple A rated Western European country and to, and made a huge step into the residential market with this transaction. If we go further to the commercial portfolio of GTC, this significantly changed due to the Paula acquisition. Out of the total investments, 87% of the total portfolio in terms of gross asset value qualifies a recurring income producing asset portfolio. Out of that 52% recurring income portfolio comprises offices, 29% is retail and 19% is residential. The active development projects amounts to 5% out of the whole portfolio, and 8% are land reserves. 94% of the total portfolio is located in EU countries, and we achieved an increase to 51% located in higher rated countries. As I presented previously, 93% of the commercial assets have green certification and 5% is still under the certification process. With this new acquisition, Poland remained the flagship in terms of geographical-wise, with the 706... 760 million EUR gross asset value, which constitutes 31% of the total portfolio. The second largest country we are in is Hungary. This is all located in Budapest, comprising 26%. The third one, the one-fifth of the whole portfolio is now located in Germany, at 19%. We go further with the analysis on the office portfolio. The occupancy level slightly dropped to 82% compared to 83% in the Q3 of 2024. This is mainly due to the office vacancy trends in the Polish regional cities and Budapest. The average weighted lease term kept at 3.8 years. We have been experiencing improvement in the leasing activity of the company, reaching more than 106,000 sq m in 2024. New lease agreements have been signed of almost 10,000 sq m and prolongation of almost 6,000 sq m in Łódź. Here I would like to highlight our success in 2024 with the five-year prolongation of our anchor tenant in Budapest. This is the Ericsson Headquarters in the Univerzum Asset, with more than 20,000 sq m leased space. Mátyás, please turn the slide. Yes. Okay. The retail portfolio, we managed to kept the occupancy rate at 96% by improving the weighted lease term, the average weighted lease term, to 3.7 years from 3.4 years, compared to the previous quarter. We can see that our main retail tenants have been prolonging in all shopping centers throughout the whole portfolio, resulting in a leasing activity of almost 53,000 sq m in 2024. Here I would like to give the floor to Mr. Gosztonyi, our Group CFO, to continue with the presentation of the financials in details for 2024. Thank you very much. Thank you, Gyula. The financials will be presented in their regular order. We start with the income statement and the cash flow. Later on debt metrics, and we are closing with the balance sheet. After that, we can move on to the Q&A. Coming to the profitability of the company, as Gyula mentioned earlier, 2024 was a stable year for GTC. Gross margin from operations increased over 2%. That was stemming from EUR 5 million of increase of revenue from rental activity, including rental and service charge revenues. The increase was due to indexation of the rental rates, supported by introduction of new capacity in Budapest, Belgrade, and Zagreb. As the cost of operation have been also affected by inflation, our gross margin resulted in EUR 131 million. Below, administration expenses decreased to EUR 18 million, mainly due to decrease in share-based payments, remuneration and fees. For 2024, we recognized revaluation loss of EUR 2 million, much milder than in 2023. The EUR 2 million loss was mainly due decreasing in the value of completed office portfolio in Poland as a result of the before mentioned challenging regional city rental market. Slight decrease in occupancy compared to 2023 explains the reason why the decrease in the portfolio value in Poland. This was offset by the increase in the value of land banks and also our shopping mall segment increased by almost EUR 6 million in value. As we continue the development on Centerpoint one to three, we recognize additional EUR 6.4 million on the office segment that were offsetting the losses in the German, sorry, in the Polish office portfolio. That resulted for GTC before tax and interest at EUR 103 million that underlines the stable profitability of the core operations. As I mentioned earlier, this was underlined with the stable values and no change in or minor change in the portfolio value. Net financial expenses I would like to mention here, where from year to year it increased by EUR 7 million- EUR 40 million in 2024. That includes a one-off item of EUR 3 million interest related to the withholding tax court proceedings, court proceedings. These changes were in line with market conditions, as the increase was mainly due to new drawn loan facilities, resulting in an increase of the weighted average interest rate of 3.45%. That's an almost 1% increase compared to the same period last year, 2023. The tax that we accounted for included current tax expenses amounting to EUR 7 million and deferred tax amounting to EUR 2 million, resulting GTC's profit at EUR 53 million, while the EBITDA reached EUR 106 million. That's a little bit higher increase than 4% compared to the 2023 figures. If we move forward to the cash flow. Cash flow from operating activities remained strong, over 3% increase year on year, backed by the strong revenue and the controlled cost I mentioned earlier. Funds from operations stayed stable at EUR 71 million. Investing activity. Investment in real estate and related has increased, EUR 237 million was spent mainly due to the acquisition of the German portfolio. EUR 172 million was allocated to that. This portion of the investment was 100% financed. These were complemented by investing into properties, core properties in Central Eastern Europe, where we spent EUR 71.7 million, and the purchase of a residential project and the purchase of shares of a solar energy producer company in Hungary took out the remaining EUR 17 million of investments. The change in deposits resulted EUR 14 million improvement to our cash balance. That was due to the closing of the bond buyback before the end of the year. The two disposals that we concluded in 2024 was resulting EUR 15 million cash inflow. This was a sale of a non-operational hotel in Budapest called Lánchíd Hotel and a land plot, smaller land plot in Sofia, Bulgaria. Financing activities were also quite intense in 2024. This supporting GTC's cash flow by EUR 134 million. In 2024, EUR 262 million of new loan facilities were acquired, including the acquisition loan for the German transaction, complemented by senior facilities in Germany as well as in Poland and Bulgaria. The interest payments increased by 10%. That was underlined before by the increase in the weighted average interest rate within the senior loans. Worth mentioning that the cash at the end of the period of EUR 55 million is including EUR 2 million of related to the assets held for sale. That's basically resulting at relatively low EUR 55 million of cash at the end of the period. However, as we already communicated in Q1, we closed several strategic transactions that are improving and that has been improving our cash balance already by Q1. Our cash level in Q1 will be over EUR 110 million. But of course, this cash on balance will be directed towards development commitments as well as refinancing, as well as CapEx spending in the coming quarters. I think we can step over to the debt metrics. Our own total debt stands at EUR 1.66 billion, which is split with EUR 644 million of unsecured debt, and we have a little bit over EUR 1 billion of secured. Out of these facilities, 95% are hedged, so at fixed rate. Throughout the year, our metrics have slightly decreased. Our Net LTV had reached 52.7%. Our weighted average debt maturity is standing at 3.3 years. The weighted average interest rate I mentioned earlier. It is worth mentioning that we were successful in extending or refinancing all of the maturing facilities in 2024. We have partially achieved already the 2025 outstanding maturities, meaning that we closed and refinanced with the same financing parties, Galeria Jurajska financing. We are in an advanced stage to either prolong or refinance the facilities we took over with the Paula transaction. Also want to mention that, in 2026 Q2, the Eurobond of ours, which is the EUR 500 million bond as it's referred to, we intend to get prepared and address the refinancing before maturity. Our other key debt metrics changed over the course of the last year. The annualized consolidated coverage ratio decreased slightly to three times the EBITDA. Mentioned the Net LTV consolidated coverage ratio increased to 32%, while the unencumbered properties in percentage decreased by over 10%. In value, they are still standing at EUR 940 million. When it comes to the balance sheet, investment properties, the investment property value has increased by 18% in 2024 due to the mostly due to the residential portfolio acquisition in Germany. We also executed investments into the properties under construction in the range of EUR 48 million. That means we invested in CapEx and fit-out in completed properties a bit over EUR 36 million. This EUR 2,675 million includes purchase of investment property under construction. During the 2024 financial year, we executed and closed a sale of Matrix C office building as well, while we reclassified two investments of ours into assets held for sale, which was the Wilanów plot and GTCX. These were the transactions that Gyula mentioned earlier that we closed in Q1. We recognize the slight increase in the residential land bank of ours. While you can see the above-mentioned reclassification effect in the assets held for sale line of the, of the balance sheet. Cash and cash equivalents resulted in EUR 53 million and as mentioned earlier, this is there's EUR 2 million of difference compared to the cash flow statement that's related to the reclassification of assets held for sale. The net effect of the year was negative EUR 7 million on cash and cash equivalents. As I mentioned earlier, this is not reflecting the closed transaction. Big improvement is going to be announced or presented in Q1. Deposit slightly increased in all geographic locations, including the newly closed German portfolio. Non-current financial assets increased due to set of investments, increased in their values, while prepayments and receivables decreased as the developments and bond buyback project of ours progressed. On the liability side and the equity side, equity increased due to the beforementioned recognition of participating notes in the amount of EUR 41.7 million issued for the acquisition of German residential portfolio. This was partially offset by the dividend payment that happened second part of last year. The decrease in the value of capital reserves due to the recognition of liabilities arising from the German portfolio transaction. That includes EUR 18.6 million obligation related to the option price for the minority shares of Peach, as well as almost EUR 9 million liability for the minimum dividend payment to these shareholders. Which was complemented by the decrease in the value of hedge reserves, reaching a bit over EUR 40 million. The minorities on our balance sheet increased again just due to the German transaction. Our short and long-term borrowings increased significantly. The majority of this increase is related, again, the German transaction, which includes the acquisition loan of EUR 190 million and the senior loans of EUR 183 million. Beyond these two new financings, we earlier in 2024 secured a EUR 55 million loan on Mall of Sofia in Bulgaria. These were compensated by repayments during the period where we repaid EUR 56 million of senior facilities, and we record- Balázs, I think you can continue. Okay. Would you be able to put the presentation on the screen? Yes, I'm doing that. Due to technical error, I believe I was explaining the short and long-term borrowing increase. As a conclusion, we resulted or we ended up with EUR 1.61 billion of financial debt. Our derivatives increased mostly due to the increase in hedge liability related to the Hungarian Forints bonds due to the revaluation of the currency exchange Hungarian Forint to Euro. Our liabilities for options on non-controlling interests and other long-term payables are mainly due to EUR 18.6 million of liability for the put option for the non-controlling shares of Peach Properties at present value of the redemption amount to be paid to the non-controlling shareholders. On top of it, we recognized EUR 4.8 million liability for the minimum dividend payment of the holding company of the German transaction. On top of it, we recognized EUR 7.3 million of accrual for tax legal case on withholding tax. That's on the liabilities for the options. On the other financial liabilities, we recognize and present a EUR 9 million financial liability regarding retained purchase price for the shareholder loans, which will be paid together with the fee to the call option to LFH, and liability at the present value of the redemption amount to be paid to the non-controlling shareholders under the call option. These are all part of the German acquisition. Due to the reclassification of assets up for sale mentioned earlier, we have an increase in the liabilities related to these assets. That basically takes our total equity and liabilities at EUR 3.225 billion at the end of 2024. This concludes the formal presentation, we are opening the floor to the Q&A questions. To the Q&A session. Please speak up if you would like to ask the question. Hello. This is Lud. Thanks for the presentation. Maybe then I can kick off the Q&A. I would prefer to ask one by one, please. To start with, obviously, you cannot speak for your controlling shareholder, but from the perspective of GTC's equity holders, bond holders, the company itself, could you help us understand what would be the implications in case the controlling shareholder became insolvent by the end of the Q2? Thank you for the question. As, as the management board of the GTC, we cannot state and cannot quote anything on any liquidation, any liquidity problems of the main shareholder. We are not able to stand on behalf of them. What the management board of GTC can assure and state is that GTC has its own diversified portfolio with a stable, robust income stream. GTC is fully independent from the financial situation of the main shareholder. The main shareholder has not taken, guaranteed any financial liability from the, from the, from the shareholder to GTC, and vice versa. GTC has not taken any financial liability towards the shareholder. Financial-wise, we are fully independent from the shareholder, except for the stake the shareholder holds in GTC. Thanks very much. Maybe, we can ask the people who are not talking to mute themselves, so it was a bit difficult to hear. I think I got it. Just thank you. May I also ask about CapEx requirements in the 18 months ahead? Starting with the year-end 2024 and looking into 2025 and H1 of 2026, on developments, on maintenance, on the buyout of the German minority partners and anything else. If there is anything else, could you walk us through sort of what amounts do you expect to need to spend up until the bond maturity? Balázs, can you please reflect on this question? Thank you. We don't really publish forward-looking indications. We basically updating and handling our business plan. We don't indicate during these calls what are the forward-looking spendings per asset or per country. Right. Okay. Understood. On the bond specifically, I mean, it will move into short-term maturity during the mid-year results. Can you give us an update in terms of your thinking about how do you expect to address this maturity as a sort of base case scenario? Well, as of today, we see several opportunities available for us. We have been evaluating the various opportunities in the, well, actually continuously evaluating these opportunities. As the capital markets and the cost of financing in the various facilities are changing and developing. Quite actively in recent months. We do keep our options open as of now. Understood. Thank you. Specifically on the Kildare project outside of Dublin, I understand that the expectation was that by now it already would have been sold. Could you walk us through the process so far? I mean, were there advanced negotiations which have broken down or, I mean, what has been the status up until now? Kildare, yeah, yes. The disposal of Kildare is still on the table. Our 25% stake in the project. Negotiations are still ongoing with the major stakeholder of the project in line in cooperation with the major shareholder, major stakeholder to other investors as well. We are still in sort of advanced negotiation, but it has not taken place yet. I see. Thanks. Final question from my side on the German acquisition. I mean, now, you own it for four months. Essentially it's a roughly half a year since we have learned about it for the first time. Have there been any disposals concluded so far? Also, could you give us an update now that you are definitely more familiar about this than when we spoke about it on the introductory call on the FFO impact in 2025? In terms of the German portfolio, the disposal sub-portfolio, which is intended to be disposed. There are milestones. We closed the deal. We have the control since December, end of December last year. There was a milestone to acquire the remaining a little bit more than 10% share from the vendor, from the seller. Now we are focusing on the execution of the disposal strategy. There are two and three family offices and individual interesting parties we have, we are conducting negotiations with. What we undertake with this portfolio that the disposal strategy will be delivered in one to one and a half year. The management still believe that it is feasible to be executed. In terms of the FFO contribution, as Mr. Gosztonyi mentioned, we are not able to give you forward-looking figures right now. What we presented is that the contribution in terms of in-place rent will be EUR 23 million of this portfolio. Thank you. Anyone have additional questions to the management? Yeah. This is Peter from Man Group. I mean, recently there have been a number of changes to the board of directors. Can you just comment on why that was done? Presumably it was because of the investigation that's taking place at the top co. Any color you can kind of provide on the recent changes to the board would be helpful. Yes. Again, GTC's management board cannot state on behalf of the shareholder. The only information GTC's management board has is that the changes in the supervisory board was purely due to the changes in the leadership of the management, in the management of the foundation and the managing company of the foundation called Optima. I guess given the changes, I mean, Will there be a positive effect from the changes that have been recently made to the board? Yes. I can repeat myself again. As I said, the delegates of the major shareholder have been revoked and new shareholder representatives have been nominated in the supervisory board. The relationship and the cooperation with them, their governance is quite new. I cannot express any opinion or any statement on how the cooperation will goes on. Presumably, the new governance will set up in a short period of time and the major shareholder will represent themselves in the supervisory board in the governance of the company. Maybe it's just to underline what Gyula shared that we as GTC have been having a proper governance of decision-making, and this is not changed due to any new delegates. We stick to the robust governance of the company, and we continue to work along with those internal regulations. Just a question regarding the refinancing the notes? I mean, you know, has J.P. Morgan kinda been providing you know, with? I'm just trying to understand. Is this, is this more of an issue about the cost of capital going forward, or is it related to the structure? I mean, you've got a number of unencumbered assets that you could use. You know, can you help us think about, like, what a refinancing may look like? Could it be a mix of a secured and an unsecured financing? I'm just trying to understand what you're trying to weigh up in your decision process. Thank you. Just to comment on what we are weighing up. The sources of the refinancing can be come from for the company from disposals, from senior financing and then going to the capital market. I believe these are the these options pricing and how available in the coming periods for the management, how available are these, in what form and what size and at what cost, is what's being assessed. As the capital market has been quite fluctuating, let's put it that way, we need to keep a close eye on how they develop. Basically, as of now, this is what I can give you on what is being assessed. Okay. Thank you. No questions? There are no more questions. I'm closing the meeting as of now. I'm remaining available to anyone who would like to get more information or detailed information on the financial results of 2024. Thank you very much for your participation and for your interest. Yes. Hello. Excuse me. I have, like, a really quick couple of questions. I've seen that people before me asked questions about the changes in the main shareholder, so I won't ask about that. I have a quick question about the debt used in the recent transaction, because maybe there was information about the cost of that debt, but I couldn't see that on the presentation. Could you elaborate more on that? We do not publish on individual financing costs. As a one by one item, we do not publish costs and percentages on the financing that we acquired. I believe we had a publication on the transaction, and what was included there is basically what we can share. Okay, okay. One more question about that. Did the board vote on that transaction, and were there any disagreements in the supervisory board? The Board vote on the transaction, we cannot disclose the result of the voting. This is company privileged information. Okay. Thank you. That's. It was approved by the board as this transaction is in the hands of the supervisory board. Any transaction above EUR 30 million has to be presented to the approval of the supervisory board in case of GTC. Okay. Thank you. I understand that there are no more questions. Let me try to close the meeting again. Again, I'm remaining at your disposal if you need any additional information or detailed information. I will be more than happy to answer any questions you may have at this stage. Thank you very much for your participation and for your interest. Speak to you soon. Thank you. Thank you. Goodbye. Bye. Bye.