Good afternoon. We are glad to see you for our corporate call for first-quarter results. For the next one hour, we are going to present our both financial and commercial results. Before doing that, we should mention that our existing conference may include some forward-looking statements, which are based on current expectations and assumptions. Of course, this could involve some risk and uncertainties. That being said, we kindly advise you to review all relevant information before making any investment decisions. Moving forward, I want to present our today's speakers. First of all, it's Alexandru Filip, our CEO, and Anatol Belibov, our Chief Financial Officer. Of course, in this call, there are other senior management team members who will be here to answer your questions. That being said, Alex, the floor is yours. Thank you. Thank you, Eugeniu. As always, in our recent calls, I always like to start with the purpose: what are we trying to do at Purcari Wineries Group? As communicated last fall, our purpose is to build a global winemaking champion out of what we consider New Europe territory, so Central and Eastern Europe. We work every day to achieve this. Our focus is dual: delivering short-term results in line with the guidance, but also building this champion in line with the ambition that we also set out for 2027. Going to the concrete details, just to recap, what are we trying to do? We are trying to double 2023 results, both in terms of revenues, but also all the way to the bottom line in terms of dividend per share. In order to do this, we have communicated and started implementing a comprehensive strategy going from winemaking to commercial excellence. We have a number of initiatives underway. It is important to recap this because our results are both a reflection of short-term momentum, but also the midterm plans that we have. If we move on. When we talk about Q1, some of the things that we are proud of, going from commercial to M&A updates, we continue to expand our product and market footprint. We have launched one of our best wines yet, Negru de Purcari Amphora Edition. It is both a reflection of our heritage, but also a reflection of our constant innovation. This is a Negru de Purcari wine that is matured both in amphora and in barrique. We continue to adopt novel winemaking practices to constantly improve our wines. We are also very proud that we have signed Mr. Mircea Lucescu, Romania's head coach, and probably the most or the best football coach in Romania's history as our ambassador. We launched a large-scale communication campaign in Romania and Moldova at the end of March, running also into Q2. In terms of commercial performance, strong performance in terms of revenue sales, EBITDA, net profit margin in line with our historic performance in relative terms. One important thing, and we will go into explanations further down the road, several adjustments have been made to the, let's say, accounting or reporting standards for our quarterly reports versus our previous years. We will explain this with all the needed details later on. Anatol will do this. In terms of IR, we have set the AGM date for May 23rd. We also have online voting available. Proposed dividend, RON 0.65 per share, ex-date September 1st. We have received, we're very happy to see a positive coverage report and recommendation from Auto BHF. Target purchase price, RON 18.41. Also, in line with our commitment to ESG, we have received two awards for our agricultural practices. Very, very important topic for us. We continue to expand our production capacity, our vineyards. We have acquired another 17 hectares of vineyards organically grown in Stefan Vodă IPG. This is an important addition to our footprint in Purcari. Commercial updates, in addition to the communication campaign with Mircea Lucescu, we're also happy to communicate that we are again sponsors of the Jazz in the Park Festival in Cluj. Also, we will sponsor the Electric Castle Festival, which will take place in July in Cluj, which is probably the largest festival, one of the top three largest festivals in Romania. 300,000 spectators are expected to attend the festival and will be the exclusive wine provider for that festival. Otherwise, if we move on. Yes, this goes into more details. Also, we will sponsor George Enescu Festival, and we have also continued to win multiple awards in the, I would say, the best winemaking competitions in the world: Mundus Vini, Berliner, Vinalies. Very important for our wine quality, which is an important element for us. In terms of financial performance, as mentioned, I mentioned before, total revenues up 11%. This includes still for Q1 2025 EcoSmart. When we focus on our core wine revenues, we see a growth of 17.7% of our sales. We have an improved margin, gross margin, EBITDA margin in line with our historic performance. As those who follow the company know that our EBITDA margin ranges between 25% and 30%. We will explain, as I mentioned, the adjustments to the cost recognition for the first quarter. Also, net profit, 9.9% margin, RON 9 million for the first quarter. If we move on. Yeah, we've tried to combine what we previously shown on multiple slides, how our growth is broken down between the core markets and the core brands. As you see there, Romania has grown by 26%, Moldova by 13%, Bulgaria by 25% this quarter. In terms of brands, the key growth drivers are Purcari, Bostan, and Angels. Very good combination of volume growth combined with improved mix and pricing effect. We have also implemented selective price increases throughout Q4 2024 that are now fully reflected in the Q1 results, but also additional price increases throughout Q1 that we will expect to show an impact throughout the year. For those of you, again, who have followed the company for some time, this is the best quarterly growth for the first quarter for the last five years. We're very happy for this. I think important to show and to look that fundamentally all our European markets have grown throughout this quarter. The only territory, if you want to consider it as an integrated party, is the rest of the world, where also our sales are more sporadic depending on the delivery times and the ordering cycles from each of the different markets that we include in the territory. We're developing strong partnerships, and we expect a rebound in the growth rate for the rest of the world. If we move on. Yeah, as I was mentioning before, so when we look at the revenue structure, we see the growth in volumes, but then also the additional impact from pricing and mix improvement with a reduction if we deduct the non-wine revenues, fundamentally EcoSmart, which delivered growth in Q1 or contributed to our sales in Q1 2024 and are zero this quarter. In addition to, again, for those who may not have all the details, we also have non-wine revenues from our hospitality business, the hotel and restaurant that we run in Purcari, and the wine bar that we run in Chișinău. If we move on. Yeah, financial results, and this is a part that Anatol will present. I pass on the word to you, Anatol. Thank you, Alex. So dear investor, the financial analyst, welcome to our Q1 result call. Yeah, I will try not to repeat what already Alex mentioned, that we have very strong top-line performance for quarter, yeah, 12% for total revenue and 19% for wine-related business. Yeah, and all this helps us to deliver very strong also gross margin. Yeah, overall, it's 14% increase year over year and 80% increase. Our growth path in gross profit, it's similar like in the revenue, which means that, yeah, we manage very well the cost of sales, yeah, enhancing production capacity in order to keep gross margin stable, like percentage in revenue at 45%, yeah, an increasing absolute number. Going more down, yeah, we can see that sales channel and admin expense increase also by 32% in wine business segment and in total Purcari Group by 27%. Yeah, here is different factor, which, let's say, lead to this increase. I would like to start with marketing and sales or, let's say, commercial cost, which is mainly driven by increase in our trading market expense up to 23%, yeah, which reflects our focus to sustain brand awareness, yeah, also to improve our trade execution. Yeah, we are trying to manage very careful promotion, yeah, because, as Alex already mentioned, we execute several ways of price increase. Yeah, that's why for us it's very important to manage the execution very well. Yeah, another important aspect, it's increasing salary-related cost, yeah, close to 90% year over year. Here we are speaking about driver-like inflation, yeah, extension of sales mainly export sales team, yeah, and also impact from the approved management incentive plan, yeah, which have no impact in Q1 2024. Logistic cost also increased, yeah, and this increase is driven mainly by volume, yeah, volume increase, and also by channel mix or the export, yeah, especially in Africa, in China, became more expensive. One very important point, which I would like to mention when I speak about marketing and sales, it's the impact coming from SGR retur system implemented in Romania, yeah, in Romania, which, let's say, accounts for 28% in absolute increase in marketing and sales cost. Or now we are fully, let's say, covering the bottle waste management via SGR retru. Prior year, yeah, it was part of the EcoSmart scope of service, which for sure, let's say, were affected not in the commercial cost line. Going down to general and admin expense, yeah, here is the highest increase, 35%, yeah, and for sure there is a lot of question why so big increase, yeah, and I will try to explain. First driver, for sure, it's salary-related cost, which achieved level of RON 6.1 million and reflecting approximately RON 2.3 million increase year on year. The main driver, it's also team expansion, yeah, salary review, the management incentive plan, but also the change in accrual accounting posting, yeah, switching from quarterly or, let's say, switching from year-end posting to quarterly posting in order to have, let's say, proper recognition of the expense throughout the period of time. I will explain more in details in the next slide. Also, yeah, when we speak about general and admin expense, we need to mention about increase in professional fee, yeah, which is driven by higher audit-related cost, advisory support, and here it's also important to mention that in Moldova, it became mandatory transfer price rules, yeah, and we need to, let's say, to contract company in order to support us with transfer price this year. Depreciation and travel also increase, but let's say the absolute delta, it's not so material. Going to the last, let's say, line before EBITDA, it's other income, so it's no significant change, just some adjustment in terms of customer rebates and correction of some provision, yeah, posted at the end of Q4 2024. Now, yeah, speaking about EBITDA, so let's say at the group level, yeah, EBITDA is close to 24%, yeah, and at margin of 26.2%, increasing by 3% year on year. But once again, if you speak about this, let's say, change or changing the ways of posting the accrual, like for like, yeah, EBITDA or let's say adjusted EBITDA is close to EUR 26 million or 29% margin. Similar, yeah, you can see that net profit is at EUR 9 million, yeah, and here it's important to mention two main factors, yeah, which lead, let's say, from this decrease from EBITDA to net profit. First of all, it's Forex, yeah, in Q1 2025, there is a big depreciation of two important currencies for us. First, it's Moldovan Leu, especially at the end of March because of, let's say, volatility in the region and across Europe. Second one, it's about Turkish Lira, yeah. We start the operation via our subsidiary in Türkiye, yeah, HTA. That's why Turkish Lira, let's say, starting from first quarter, will have impact on our finance cost. Second one, it's interest, yeah, which increased by close to 32%, yeah, and this is driven by higher, let's say, exposure to the bank loans in order to finance our operation, but also capital investment and depreciation amortization. It's approximately 7% increase year on year. From EBITDA close to 24-29%, all these factors have this impact. Eugeniu, if you can move to the next slide in order to explain the difference between net profit and normalized net profit. As I already mentioned, yeah, we have very strong top-line growth, yeah, which supports us to deliver gross profit for core wine close to RON 5 million on top, million RON, yeah. Also other operating income is approximately RON 0.3 million. All these have been, let's say, offset by impact from OpEx, yeah, purely OpEx without all this like-for-like adjustment, which is approximately RON 3.1 million, yeah. Interest finance cost, yeah, accounts for approximately RON 3.1 million, yeah, from which Forex RON 2.4 million, let's say, it's mostly unrealized exchange rate loss, yeah. We expect that with stabilization of, especially of the Moldovan Leu, this loss will be reversed. Normalized net profit, yeah, with all this plus and minus, it's close to RON 11.1 million or 12% margin, yeah. As I already mentioned, we take the decision starting from Q1 2025, yeah, to book in our accounting records prorata of the expense, yeah. Here it's about prorata for incentive plan cost, yeah, and performance bonus for management, yeah. That's why in the accounting records under the line net profit, currently it's RON 9 million, but normalized net profit, it's at level of RON 11.1 million. Eugeniu, if you can move to the next slide, please. Yeah, once again to, let's say, to reemphasize what Alex mentioned, yeah, we have very strong compound growth rate, yeah, both in terms of revenue, which is 16.1%, and with the highest level of growth in Q1 2025, keeping strong, let's say, growth in gross profit, absolute number. Also, yeah, EBITDA with lower path of growth, yeah, for sure, impacted by investment, yeah, but still, yeah, keeping a double-digit growth rate for the last five quarters. Eugeniu, please move to the next slide, yeah. The last one would show us, let's say, the company balance sheet situation. So yeah, we are keeping a strong cash position, yeah, approximately 22% increasing versus previous Q1. Yeah, net debt for sure increasing, yeah, but it's important to mention that it's flat versus Q4 2024. Once again, we start a cycle of investment, yeah, capital investment. Also we make several acquisitions, yeah, prior you started starting with Timbrus and also acquisition in the Dealu Mare. For sure this has impacted our net debt, liquidity, and cash position more or less stable, yeah. Net debt to EBITDA increased to 1.77, once again flat versus Q4 2024, in line with our, let's say, strategy to increase production capacity, yeah, and to extend our vineyards area. Now, Alex, I pass the word to you. Thank you, Anatol, and I trust that the details you provided are sufficient for our participants, which were open for questions. I do not know if we have already received questions, Eugeniu, or we can ask participants to start submitting them through the chat if they have not done yet, or be prepared also to ask them as soon as we finish the presentation. We will have a Q&A as always. In terms of guidance, where are we? We communicated the guidance in terms of revenue growth, EBITDA margin, and net income margin. As you see, we are in line with the revenue growth and the EBITDA margin in line with the guidance. We are slightly below the net income margin due also to the reasons that Anatol explained before. We maintain the guidance that we provided. We believe that many of the measures that we have implemented will show full results throughout the year. We also are aware of the seasonality and the implications of seasonality in our business and our financial results. We remain committed to delivering the indicators and the values that we communicated when we presented the full year results. In terms of revenue growth, you know, from Q2 onwards, we will not have the distortion of EcoSmart results as EcoSmart was discontinued in April last year. Core wine revenues, as we described earlier, are growing at close to 18%. EBITDA margin, as we explained, we see reasons to remain within the interval that we described and also to rebound on the net income margin. If we move on, Eugeniu, do you want to quickly cover this part? Thank you, Alex. Indeed, we had a very strong quarter, both on operational financial part, but as well from an investor relation perspective. We have a very diversified shareholders, both including institutional and retail. Approximative numbers is 80 to 20%. You may see on this slide the main shareholders who are backing us up. Most of them are with Purcari since by IPO. Meantime, we have received an updated coverage report from Auto BHF, XRI, Raiffeisen. We have been maintained in all the indexes like BET Index, FTSE Russell Microcap, MSCI. Alex already mentioned about our awards from AMCHAM, which underlines our efforts in sustainable agriculture. As next events, a very important one going to be next week on May 23, the annual general shareholder meeting, and you are invited to attend as well. Our IR team has been nominated to IR Europe Awards in June for two categories: Best Investor Event and Rising IR Star. To go forward, I think I will put the slide with our eight topics from the agenda. You may see like first two points are related to this rotation of non-executive directors. It is a standard point. The same is the item number three with appointment of an auditor. I will not go through all the points because you may see them both in the notice on this slide is to be mentioned, but we will submit for approval the dividend amounting RON 0.65 and the ex-date will be in September. That being said, I propose to open the floor for the questions. Yeah, before we do this, just on the AGM, warm invitation to all of you. If you're in Bucharest a week from Friday, please, and you want to meet both the board of directors or also most of the senior management team, we will be in person attending the meeting. If you want to stop by, especially those of you who are not able to attend our investor day in Purcari last October, you're welcome to come and meet us. We picked a downtown location in Bucharest, it should be easy to reach. Do let us know. Okay, let's go with questions, Eugeniu. Sure, and we already have two questions in the chat. Alex, shall I read them or you can? I can read the first one. There is a question from Dalius: how much volume growth do you expect to achieve by 2027? I mean, if you look at the slide that we showed earlier for Q1 in terms of the breakdown between volume and mix and price, I think it is a good indication of what we are trying to do, meaning that we are trying to improve growth value faster than volume. I think this will be our aim. I would not go necessarily into a specific number for the volume, but let us say, you know, 85-90% should come from volume and the rest of the growth should come from value. Yeah, and we are working across multiple product ranges and markets to ensure this happens. There is a question from a very long question from Kai for a very long comment. Thinking of, I will read it out. Hello everyone, nice to see you. Thank you for the presentation. Question: since you're all well-versed economists, thank you for the compliment. Thinking of what is going on to happen in your main market, Romania, in the second half of the year, a pretty serious decline possible in purchasing power, but also possible depreciation of the currency. How do you think this is going to impact your goal of doubling the business by 2027? To me, it seems that especially considering the premiumization, your products may be hit more than the lower brands. Thank you for the optimism. We actually, so first of all, as everyone, we're expecting the results of the elections on Sunday, and then we will see how the political instability comes to an end and what majority is formed and what type of fiscal measures are to be implemented. The nature of those measures will affect the impact on consumer sentiment. What we believe, and we have seen it also through previous crises, including COVID, we've seen that consumer behavior can be predicted, but the impact, it's not necessarily obvious, meaning that consumer confidence may be reflected in the reduction of the Horeca segment, but consumers who go less, you know, often and eat out might reward themselves with a slightly better wine at home. We have a very strong presence in what we consider to be modern trade. If you think of our average wine, and to give everyone a sense, average consumption of wine per capita for an adult is one, roughly half a bottle per week. At an average price of RON 35-40, going for our wine or someone else's wine is less than a euro worth of decision per week, if not less. We do not believe that we are necessarily going to be seriously affected by a drop in consumer sentiment. Also, what we've seen is that stronger brands actually come out of crisis better than smaller ones. We might actually see our share of the market growing despite the stagnation in the overall market. This is our belief, let's say, short to midterm, and we believe that Romania has the fundamentals to continue growing and to catch up with the EU midterm. If you take the 2027 landmark, we remain confident that Romania will stabilize as an economy and will continue to grow. Another point that I made, I think several times in our previous calls, when you think about addressable market, you need to think that it's a subsegment of the total wine consumption in the country. You still have a secular trend away from homemade wine to industrially produced wine, and then within this industrially produced wine, there is a drive towards less consumption of higher quality wine. We have been the beneficiary of this secular trend, and we expect this trend to continue. What CapEx and what investments will be required to achieve the 2027 targets? Anatol, I think you can comment on this, and then I think you can also take the wrong depreciation from. Thank you. So yeah, about the CapEx, as it was mentioned in our investment strategy presented by Purcari previous year, yeah, our view is to allocate between 15%-20% from total revenue, yeah, in investment for the cycle 2025-2026, yeah, in order to increase our capacity. So the answer is between 15%-20%. For sure, it depends on how our revenue outlook will develop. We are looking for this range in terms of CapEx investment in order to enable, let's say, production capacity, yeah, and to achieve our growth target 2027. About working capital, yeah, what investment into working capital, in what size will require to achieve. About working capital, apart from this close to 20%, we are looking for additional 5% in order to support working capital. Once again, 2024, it was very, let's say, not good year, yeah, when we have very low level of yield, yeah, in special vineyards. That's why if 2025, let's say, will be very good in terms of yields, yeah, there is no any issue in terms of supporting working capital, yeah, an additional 5% will be needed. Yeah, if 2024 will repeat, yeah, like it was prior year, we need to find close to additional 5%, let's say, found in order to finance acquisition of grapes. I hope I explained the range, let's say, close to 20 for capital investment and between 5-10 to finance working capital. The second one, thank you for the answer, more specific on RON depreciation. Once again, RON, it's not driven by RON depreciation, yeah, or in Romania, we do not have any exposure in terms of RON. In Romania, let's say, we have very low level of bank loans, yeah, the Forex depreciation is coming from Moldova and Türkiye, yeah, biggest part of our loans, yeah, especially in order to finance investment, it's in euro, but in Moldova, yeah, and denominated in Moldovan leu, yeah, end of March, yeah, and due to depreciation of Moldovan leu, we register a loss, yeah. This is first point. Second one, we started operation in Türkiye, yeah, as we mentioned in the financial statement. Now HTA, it's functionable, yeah, we start the new route to market to Türkiye, yeah, and because we have to finance the activity in Türkiye, yeah, we make intercompany loans, and this is euro denominated loans. During the entire first quarter, the Turkish lira has been depreciated, let's say, month over month. We have close to EUR 0.8 million unrealized Forex loss. Alex, to take the next question about the margin? Yeah, I can answer. I was just trying to read out. Would you agree that margins may be under pressure in 2025-2027, similarly to first quarter 2025? Actually, not necessarily. I think there is also, we believe that margins can remain in the range that we have historically operated with, and this is our plan. As I was explaining earlier, our focus to improve the share of higher added value products in our sales will continue throughout the next year. One of the things that we're trying to do, we're trying to distribute the wine that we produce and we secure to the most profitable destinations in terms of wines and countries. Apologies. Our margin optimization remains an important objective next to the growth. Why has there been a slowdown in sales in 2024? I think the main, if we want to look historically, the main slowdown was coming from international markets where we have also now extended our execution capacity to compensate and reignite the growth. Romania, Moldova, Bulgaria, the core markets delivered very strong results. I think one of the things that we communicated constantly throughout 2024 is that in some of the more competitive markets where margins were under pressure, we made careful decisions as to whether to enter into promotion wars to secure the volumes or protect the margins. I am referring primarily to Poland and to CE. In terms of expectation, that is where the gap was. CapEx. What will, in particular, will you invest? Fundamentally, it covers the whole supply chain. Fundamentally, vineyards, and this is, I think, one of the important things for everyone to remember, our business, it's a relatively mid to long-term investment cycle business. Vineyards take five years to generate fruits from the moment you plant to the moment you bottle the wine that you produce from the grapes that the vineyards generate. The same thing, the production winemaking facilities cannot be added and expanded linearly. When we increase capacity and when we think, look forward as to what capacity we will need if we continue the sales trend, we need to do it in, you know, increasing at significant levels, the available capacity. We're talking vineyards, we're talking winemaking capacity, we're talking also internal capabilities in terms of digitization, team expansion, if you want to consider, it's not pure CapEx, but this is the type of investment that we make to ensure that our business continues to grow. Certain areas of Romania were hit by a freeze in April. I mean, for everyone to remember, at the moment, we own only 100 hectares in Romania. Our level of exposure, it's relatively limited to Romanian climate directly. Of course, we secure a lot of grapes from third-party growers. Our vineyards have been selected, but not, let's say, not in a drastic manner. At the moment, no problems from, or let's say, marginal problems in Moldova and Bulgaria. Okay. Anyone else? Other questions? We can also take them over the voice line. Hi, it's Adrian from BT Capital Partners. I would also have a question on the financial expense. I saw that in the first quarter, it had put a lot of pressure on bottom line. I think Anatol mentioned that this cycle would be reversed. Do you expect it to be reversed starting the second quarter, or can we expect further increases of the finance loss in the second quarter? Yeah, thank you for the question. In terms, the biggest contributor to Forex, let's say, once again, this is unrealized Forex loss, yeah, it's Moldovan leu. There is already a sign in the market that Moldovan leu is appreciating. We expect that if this trend will stay in place till 31 of June, yeah, a big part of this loss should be reversed. In terms of Turkish lira, here it's still unstable, yeah, fluctuating, let's say, on a daily basis. Honestly, for this, for Türkiye, currently, we are not sure if this trend will reverse or not. Once again, if Turkish lira will stay at this, let's say, level of exchange rate versus euro, at least impact from second quarter will be zero. Yes, we expect some reversal from appreciation of Moldovan leu and at least zero impact for Q2 from Turkish lira. Thank you. I think an important point just to make sure everyone gets it. What we're talking about, Türkiye, this is an accounting impact in the moment. We own the stock of wine that we imported into Türkiye. We sell them to our Turkish partners on a euro denominated basis with relatively short-term collection period. We're talking 30 days. Our exposure in real terms to Turkish lira depreciation is limited to 30 days. Once we collect the money, our Turkish entity can reduce the amount of credit from Purcari, and hence the loss that has been currently recognized would be reversed to the extent that we return the loan. Okay? This is just an accounting impact for now. Any other questions? All clear. Thank you so much. Super. Anyone else? I think there are no more questions. So dear investors, should you have questions, you may put them down in the chat section or address them directly. That being said, Alex, final notes from your side? No, thank you very much for joining in such large numbers to our call. I think it's good to see that it pays off. Vasile, you're not smiling. You need to explain why you're not smiling. No, but I'll give the word to Vasile if he wants to say something. Thank you very much for joining. I think our effort to release the results earlier are paying off, and more of you have the time to join this call. We trust that the explanations were sufficient, and we provided all the details required, as Eugeniu mentioned, were available for any other questions. We're also excited if any of you want to join us for the AGM, and we can also talk in person. Yeah, looking forward to our next call. Vasile, the word to you. No, a very, very short word to say that I really look forward to seeing as many of you at the AGM as possible. I will say something that I really mean. I have never been more excited to be a shareholder in Purcari. We are working hard for the benefit of our shareholders. In that sense, I think we are in a very good position now, and I think the results of the following period will show that. Thank you very much for your trust. Thank you, Vasile. Yeah, thank you, everyone, for joining. Thank you. Thank you. Take care. Bye-bye. Bye-bye.