The Q1 2026 results call. My name is Adam, and I'll be your operator for today. If you'd like to ask a question at the Q&A portion of today's call, please use the Q&A box provided via Zoom. Please note that we will only be accepting written questions today. I will now hand the floor to Michał Kuzawiński to begin. Thank you, Adam, and good afternoon, everybody. Welcome to GTC Q1 2026 financial results call. I have the pleasure to welcome our CEO, Botond Rencz, who is here with us today, and our CFO, Jacek Bagiński. Hi, good. Thank you, Jacek. My name is Michał Kuzawiński, and I'm head of investor relations. Just a short note that as usual, this presentation will be followed by a Q&A session. If you would like to ask a question, please type your question in the box provided on the bottom of your screen. Now, without further ado, let me hand over to Botond. Thank you very much, Michał. Very welcome to everybody on the call today. Hopefully, everybody can hear me well. If not, please let us know. We are meeting again only a month after we discussed our 2025 annual results, this time to discuss our Q1 2026 results. I am very pleased that we can sit again together here with Jacek, and I am actually looking forward to this one because for once, I think we have now quite a positive story to share. I will give you a brief framing of our quarter's highlights, and then I will hand over to Jacek, who will walk you through the portfolio and the financials in detail. After that, before we open up for questions, I would like to make a brief statement on the matter of investigation we announced on the 13th of May. Michał will take us through the Q&A session. Let's look at the slides. Let me start with the headline picture. I have to say it's looking quite good. Q1 2026 is one of the better quarters we have reported in quite some time. Revenues from rental activity came in at EUR 53.3 million, up 7% year-on-year. Underlying like-for-like growth was 4%, which is solid and reflects both a genuine operational improvement in our core markets as well a reconciliation for infrastructure rental with a company which supplies most of our tenants with power. Gross margin from operations grew 16% year-on-year to EUR 37.4 million, and this is really a highlight for us. Reflecting some strong NOI improvements, adjusted EBITDA was up 19% year-on-year to EUR 33.4 million. Across the board, the operational metrics are pointing in the right direction. I want to be transparent here because the context matters. Part of the Q1 uplift reflects a final service charge settlement in our Polish assets in respect of 2025, as well as some corrections to income due from prior periods that we managed to collect in the quarter. These are real items, cash we are fully entitled to, they are by nature timing effects rather than a new permanent run rate. When you think about the trajectory for the first half as a whole, we expect the positive trend to continue, but at a somewhat more moderate pace as the settlement's effects will normalize. The underlying business is improving, that part is real and sustainable. On occupancy, the commercial portfolio held steady at 87%, unchanged from year-end. Total leasing activity was up 7% year-on-year, that's a good momentum. EPRA NAV per share stands at EUR 1.96 or PLN 8.41. Net LTV moved up modestly to 57.7%, primarily reflecting our increased loan to Galeria Północna. That is worth highlighting that we completed the repayment of the remaining EUR 299 million of old unsecured bonds in Q1, and this closes the chapter on that legacy debt structure and confirms that the refinancing effort of 2025 delivered exactly what we intended. The headline is the first quarter is a strong start to the year. The business is improving operationally and financially, and we enter the rest of 2026 with a cleaner balance sheet. With that, let me hand the floor to you, Jacek. Thank you, Botond. Guys, a very good afternoon for everyone. Let's flip to the slide with profit and loss accounts. Before the general info, guys, on the portfolio. Really on that slide number five, not much has changed from the end of 2025. As you can see, at the end of March, total investment gross asset value stood at EUR 2.8 billion. Very little change since last year. Basically, as I said, not much has changed. If you look at the right side of that slide, also, the composition of the assets is similar. 90% of adjusted total portfolio is income generating, 50% is office, 31% basically is the retail, and 19% residential. The weighted average unexpired lease is 3.5 years. This didn't really change from the end of 2025. Can you please Romania 86%, and more importantly, Poland, where basically we leased only 78% of our space. Can you please flip on slide number seven or eight? Here, guys, as Botond was reporting to you, we are seeing, I would say, the first signs of improvement, both in regard on the NOI, as you can see, but also more importantly on EBITDA level, which you can see the growth was 19% on adjusted level, and without adjustment is 22%. Obviously, this probably will not continue in that strong pace in following quarters. I think that we built a pretty strong foundation, meaning introduced proper, let's say, tools of management, reorganized the company, employed new people. That slowly gives some positive effect, which you can see on the profit and loss accounts. Going line by line, just for you to understand what happened better, is on the revenue from rental activity, it's, as you can see, EUR 53 million in Q1 is 7% up comparing to Q1 2025. Germany is stable. It's plenty to do there. We probably will see a stable performance in next quarter, but towards the end of the year, we should be seeing a slight improvement performance of that portfolio. Cost of rental operations went down by 9%, which again, is a consequence of the, I would say, negotiation of the contracts with suppliers of different services and reduction of the maintenance costs of our properties. Gross margin on the operations, which is more or less NOI went up by 16%. That growth was increased by savings on G&A. Administrative expenses went down from EUR 6 million- EUR 5 million, so close by EUR 10 million. That, again, it's a result of reduction of employment and reduction of the consulting costs, other costs. Obviously, we are reviewing these costs permanently to see if there are some more potential for reduction. All in total, as you see here, is 19% growth of EBITDA on adjusted level. That obviously is partially mitigated by the write-offs related to the impairment of the assets, which is EUR 11 million, and then obviously, we have a higher interest cost, which is resulted from the overlap on the bond cost. What happened in the first quarter of this year, we had still outstanding old bonds and the new bonds or the cost of new bonds that were already incurring. The refinancings, as you remember, took place in the second half of March, but since then, we have only, I would say, one set of bonds outstanding on the market. That basically the increase from 16 to 21, this was the main driver. Obviously, we have some deferred non-cash tax charges in the P&L. Overall, the company, although strong, I would say, performance on the operating level, because of these write-offs and the finance costs and debt tax, ended up with a loss of EUR 4.6 million comparing to a profit of EUR 1.6 last year. Next slide, please. On the cash flow, also on the operating activity, we are better comparing to last year, EUR 21 million of cash flow from operating activity versus EUR 17 million, is driven by EBITDA, as you can see. Which is cash flow from operating activity, which was partially at the end, the increase was partially offset by the more negative change in the working capital. The taxation, the cash pay taxation was better, EUR 21 versus EUR 17 is a good result. On the investment activity, the big changes, mainly results, and also if you can see on the financing activity from the refinancing of the bonds, which occur, as I said, in second half of March. We simply used cash that we had on the escrow accounts to repay the outstanding bonds. Obviously, we used also some of our cash to pay the balance. The refinancing was successfully completed. Next slide, please. On consolidated balance sheet, not much happened. Perhaps it's worth to notice that our short-term financing went down from EUR 890- EUR 580. We further decreased that short-term financing balance in April following the refinancing. It's a great achievement on company side. Besides of that, obviously, you see that the decrease of deposits and cash, but it's mainly driven by the fact that we refinance the bonds. We use the cash on the deposits and the own cash to fully repay outstanding bonds in March. That's all on my side. Michał, I'm just looking at you right now, please take over. Thank you, Jacek. Before we start Q&A, there's one more update from Botond. We can stop sharing slides, [Przemek]. Thank you. Botond, we cannot hear you. You have to unmute yourself. Thank you for reminding me. Thank you. Before we open the floor for the questions, I wanted to take a moment to address the topic I referred to at the meeting. Our current report, published on the 13th of May, relate to primary findings of an internal investigation connected to the acquisition of assets in Germany. I know some of you will have questions about this, and I want to be as clear as possible, but also as helpful as I can, but we need to be very open and upfront with you that there are real constraints on what we can share at this stage. Here is what I can tell you, that this investigation has identified indications of irregularities in connection with how this portfolio was acquired. This is something historical. It relates to the acquisition process itself, not to the current condition or management of the assets. In this matter, GTC is effectively the party seeking to understand what happened and to work out where we are in terms of our legal rights. The internal investigation is ongoing, supported by external legal and forensic advisors, and no final conclusions have been reached. Unfortunately, there isn't much more that we can share at this moment. Hence, no questions will be covered on this topic. This is it, Michał, so please take us to the Q&A session. Thank you. Thank you, Botond. Then once again, a reminder, if you would like to ask a question, please type your question in the Q&A box provided. There will be a brief pause as you can register your questions. We have the first question from Andrew Edmondson. The question is, what is the run rate of interest expenses now that the old bond has been repaid? What is the quarterly run rate, I guess you need, Andrew, or the annual run rate of interest expenses now that the old bond has been repaid? Andrew, just a second. You see we incurred like EUR 21 million, which is a combination of the old and the new. Obviously, the number will be somewhere between EUR 16 million and EUR 21 million, the reason is that obviously in course of 2025 and the beginning of 2026, we refinanced the short-term debts. As you saw, the balance of short-term debts went down substantially. We further refinanced those debts and extended maturity in April. As I said, the number will be somewhere between EUR 16.4 million and EUR 21 million. I don't have a precise number right now, that would be a ballpark number or the range. Thank you, Jacek. Now we have a question from Anders Skovgaard. Revaluations of assets continue to be negative, despite the general market statistics have stabilized. Is this driven by any specific vacant properties? What is our expectation in the coming quarters on revaluation of assets? You see, that revaluation is mainly driven by the fact that we written off a part of the fit-out investment that was incurred to lease the vacant space in our properties. What is going to happen, guys, as you may remember, we do the valuation for the company for all the assets twice a year, as of end of June and as of end of December. Really the checking point will be 30th of June, where we will run a proper valuation of all our assets and compare those valuations with the valuations as of end of December last year. Obviously, we are at the position, or we are of the opinion that because we are increasing the occupancy in our properties by spending the fit-outs, we have a valid argument to discuss with our valuers certain increase of valuation at that stage. As I said, really, we will look at the valuation as of end of June, talk to valuers and present the arguments supporting basically our thesis or actions that we obviously intend to increase that value of the assets at least by the amount of CapEx or fit-out spent related to the decrease of the vacancy levels. Again, answering to your question, try to minimize, obviously, these write-offs to the possible extent, and obviously, in consequence, increase the gross asset value of the properties. Thank you, Jacek. There are no more questions at this stage. Maybe let's allow a few more seconds. Oh, there is one more question from Andrew. Okay, Andrew asks, on slide eight of our investor presentation, we have a note saying temporarily lower year-on-year service charges. Andrew asks, does that mean this will reset to a new higher level from the current level? Basically, Andrew, obviously, we benefited, fortunately, from the, let me call it, reconciliation of the service charge expenses that were incurred in course of 2025, and then reconciled with the tenants in Q1 2026. It occurred that basically we have, I would say, we are entitled to greater refund of that, let's say, costs that we forecasted at the end of 2025. There is an, I would say, an upside related to that, let's say, reconciliation of the service charge expenses. This is the factor that resulted in the decrease of the service charge or the cost of rental operations. Going forward, we will see certain decrease of the cost. They will not reset completely to the level of 2025. We introduce certain steps to decrease those costs, comparing to last year. Thank you, Jacek. Any more questions? Please type them in the box. I can see no more questions. Oh, there is one more. Unless there will be more, let's take this as the last one. Are the remaining 2026 to 2027 maturities, e.g., bank loans to address, and what is the plan for handling these? Anders is also asking us to provide what is the remaining covenant headroom on the key metrics such as LTV and interest cover after the Q1 refinancings. How close are we to any limits? Okay, on the refinancing of the remaining balance of short-term loans, as I said, perhaps you can look at slide number 11, which we didn't present it, but I'm sure you can see it. Out of the EUR 560 million of the short-term debts that we had on the balance sheet as of end of March, already EUR 220 million were refinanced in April, right? Basically, we are substantial. We are down to what? EUR 340 million already. Obviously, we will normally work on the further extension of these short-term debts towards the end of the year. I do not see a substantial risk related to the extension of the short-term financial debt falling due within the next 12 months. This is on refinancing. In terms of covenants, we obviously have on the, let's say, consolidated level. Obviously, as you can imagine, there are covenants in each of the loan agreements, and they are driven by the profile or defined by the profile of individual properties. We do not see any risk related to the default on these covenants. We have also a set of covenants that were incorporated in our bond documentation. This is basically LTV, which is 60% covenant and debt service covenant, that is also in the documentation included. For now, obviously, we do not forecast any default on those two covenants, at least until the end of this year. We have no more questions. I guess this was a self-explanatory quarter, not too many questions from you. Thank you for joining us today. Thanks for your time, for your active participation, and for your continued interest in our company. Thank you. This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.