Ladies and gentlemen, thank you for standing by. I am Mina, your Koç Operator. Welcome, and thank you for joining the Koç Holding Conference call on live webcast to present a discussion of third quarter 2024 financial results. At this time, I would like to turn the conference over to Mrs. Cansın Batak, IR Manager at Koç Holding. Mrs. Batak, you may now proceed. Cansın Batak, IR Manager of Koç Holding. I have here with me our CFO, Polat Şen, our IR Coordinator, Nursel, Finance Coordinator, Özge, and our IR Manager, İsmail, to go over the presentation and answer your questions during the Q&A session. Our presentation on the first nine months' financial results contains the company's unedited financial information prepared according to Turkish accounting financial reporting standards by application of IAS 29 inflation accounting. I'd like to note that our presentation and the Q&A session might contain forward-looking statements and assumptions based on our business environment as we see it today, and they might be subject to change. Please remember, you can access the replay of the webcast on our website after the call. Now, I'd like to hand it over to Polat Bey to start the presentation. At the end of the presentation, we'll have a Q&A session. Polat Bey? Thank you, Cansın. Welcome, everyone. I'm delighted to share with you that this year is the 101st anniversary of our Republic of Turkey. We acknowledge once again, with all our hearts and souls, that the Republic of Turkey was established not by chance, but through the fierce determination and wisdom and courage of our great leader, Mustafa Kemal Atatürk. As Koç Group, having witnessed the century-long history of our Republic, we will continue to be at the forefront, and we consider it our greatest duty to carry our Republic ever forward. I'm going to start with moving on to slide three. You'll see today's agenda. I'd like to start by giving you a quick overview of our position in the current environment. In the third quarter of 2024, several global trends have shaped the economic and market conditions, slowing but manageable growth, monetary easing and interest rate decisions, and rising geopolitical tensions and uncertainties. The global economy seems to be slowing, but risks of recession remain low, suggesting a soft landing for many regions. In Turkey, the economy continued its controlled growth and recorded a growth of 3.8% in the first half of 2024 compared to the same period of the previous year, with the support of both domestic and external demand. Leading indicators suggest that domestic demand slowed down in the third quarter, contributing to the disinflation process. With the tight monetary policy implemented to control inflation, a slowdown in growth is expected for the rest of the year. However, the deteriorations in pricing behavior and inflation expectations are delaying the reduction of inflation to desired levels. I believe, as Koç Holding, we have proven a track record of successfully managing the volatility. Our resilience, strong financials, and intact fundamentals are the reflection of our diversified portfolio, agile management, and prudent risk policies. Let's start on slide five with some key indicators of Koç Holding. On the left, you can see the sectoral breakdown of our diversified business portfolio as of the end of September. On the right, you can see the revenue breakdown. Our portfolio diversification is not limited to sectors but also includes international positioning. We are the largest exporting group in Turkey, with our exports accounting for around 7% of Turkey's total exports. In terms of the composition of our revenues on a combined basis, in the first nine months of the year, 29% of it comes from international sales. If we also include Tüpraş, which is an FX-linked commodity business, approximately 48% of our revenues can be considered in hard currency. Moving on to slide six, you can see the evolution of our net cash in 2024. At the end of 2023, we had $795 million of net cash position, including YKB AT1 investment at the holding level. In 2024, considering items such as dividend income from underlying companies and the dividend payments from Koç Holding, management fees, operating and financial expenses, and currency conversion impact, along with other developments, our net cash position at the end of September 2024 became $853 million. In the first nine months, our dividend income, in nominal terms, amounted to approximately 29.7 billion Turkish lira, amounting to $903 million, including dividends from our unlisted companies, yet excluding dividends from the remainder of the year. Ford Otosan and Tüpraş already announced second dividends, totaling 8.8 billion TRY, around $260 million as Koç Holding share. Accordingly, Koç Holding's dividend income will reach 1.2 billion at the end of this year, $1.2 billion, by the way. On slide seven, at the end of September, you can see that around 87% of our 1.6 billion gross cash is in hard currency. At the holding standalone level, we like to keep some liquidity to serve as a war chest, again, against volatility, as well as firepower in case of any investment opportunities. In terms of our funding at Koç Holding level, the only debt we have is the $750 million Eurobond, which is due in March 2025. We strictly apply and regularly monitor our prudent risk management policies at each underlying company on a combined basis. In terms of liquidity, leverage, and foreign exchange position, we preserved our conservative levels. On a combined basis, our current ratio is 1.3x, and our net financial debt to EBITDA, excluding the finance segment, is 0.9x. In terms of FX, we remain well within our risk management rules. Now, I'd like to hand over to Cansın. Thank you, Polat Bey. Let's move on to sectoral developments in the first nine months of 2024. We'll start with energy on slide nine. The energy segment's contribution to Koç Holding's consolidated net income was strong in the first nine months of the year, mainly supported by strong utilization, higher sales, and lower energy expenses, despite the softer crack margin year-over-year. The domestic demand for refined products grew around 3% in the first eight months of 2024. Gasoline sales surged 21%, jet fuel sales increased 7%, and diesel sales remained flat year- on- year. In the first nine months, Tüpraş's international sales volume was up by 24% year- on- year, while the domestic sales were 1% down, resulting in 4% year- on- year higher total sales volume. Looking at the crack margins, Tüpraş's weighted average crack margin amounted to $11.7 per barrel. Even though cracks are softer, they remain above the five-year averages. Tüpraş's capacity utilization rate was 92% in the first nine months due to operational efficiency, even at a time when the refinery maintenance was held. On the LPG side, in the first eight months, consumption was weak, decreasing 7% year- on -ear. Aygaz's domestic retail sales volume was down 9% year- on- year, and including wholesale as well as contribution from Bangladesh, total sales volume decline was 8% year- on year in the first nine months. Let's move to slide 10 and discuss the developments in the auto segment. The auto segment was the largest contributor to consolidated net income in the first nine months. The main drivers of the performance were pull-forward domestic demand in the first quarter, solid export contracts, despite heightened competition in the domestic market and the lower pricing ability with sales campaigns and increased vehicle availability. The domestic auto market reached 884,000 units at the end of the first nine months of 2024. The Turkish auto market experienced a shift with a 3% growth in the first half, turning to a 1% decrease in the nine months. The normalization has been experienced following strong performance in the first quarter. Since then, the domestic auto market has been slowing down, and the domestic sales are down 11% year- on- year, excluding the first quarter. The increase in the base price of the Special Consumption Tax exemption applied to disabled citizens, the sales campaigns ahead of general safety regulations, the rise in domestic demand ahead of the end March 2024 elections, despite the continuation of tight monetary policy and the reduced availability of LCVs in the market, were effective in the market share performance. However, an end-to-election risk, the high base effect of 2023, the transition from the supplier market to buyer market, and the early consumption of the pull-forward demand resulted in a correction after the first quarter. All in all, our market share in the domestic market for the first nine months of the year decreased around 6 percentage points to 20% compared to the same period of the previous year, which was mainly due to fierce competition with new entrants, especially with passenger cars. On the export side, the European passenger car market grew 1%, and the light and medium commercial vehicle market realized 8% of growth. Our group market share in the exports remained flat at 37%. In the first nine months of the year, Ford Otosan's export sales volume was 8% higher year- on year. Tofaş witnessed a 33% decrease in its export volumes, mainly due to transition with phase-out of Fiorino production models and regulatory setback at one of the main export destinations in the MENA region. Weak volumes in Turkey and exports, combined with a challenging pricing environment, especially after the first quarter of the year, impacted the financial performances of both Ford Otosan and Tofaş. TürkTraktör recorded a 16% decrease in revenues due to 10% lower volumes, owing to the weakness in export markets. The domestic tractor market was down 18% in the first nine months in an environment of increasing interest rates. Otokar, our leading bus and defense company, realized a 7% year-on-year decrease in revenues, and the share of international revenues constituted around 64% of total revenues in the first nine months. On slide 11, let's look at the consumer durable segment. Consumer durable segment's performance was supported by slightly improving international demand, while slowdown in demand in Turkey, challenging pricing environments, increasing raw material costs, and higher financial expenses continued to be reflected on financials. The completion of the Whirlpool transaction at the beginning of the second quarter continued to contribute to revenues but diluted the margins. Turkish white goods unit sales increased 4% year-on-year in the first nine months, while the export sales decreased 6%. Looking at Arçelik figures, Turkey revenues increased 2% year-on-year. On the other hand, international revenues, constituting 66% of the total, increased 22% year-on-year, primarily due to inorganic growth stemming from Whirlpool's contribution. Finally, let me also briefly talk about the finance segment and the developments at Yapı Kredi on slide 12. The finance segment's contribution to our net income was negative in the first nine months of the year. Please note that in our consolidated financials, we used Yapı Kredi's inflation-adjusted financials, which is affected by monetary loss due to the net monetary position of the bank. As a separate note, Yapı Kredi's contribution to finance segment results may differ from the bank's IFRS results, which is mainly due to purchase price allocation adjustments regarding Koç Holding's additional share purchase transaction in February 2020. Here, when providing the main KPIs of the bank, I'd like to switch to BRSA financials, as banks are exempt from the inflation accounting for 2024. In the first nine months of the year, total performing cash loan growth was around 35%, and the total customer deposits growth was 25%. The bank's strategy to focus on small tickets in deposits gathering and contribution of efficient customers continued, and the share of demand deposits in total customer deposits became 44%. In the first nine months of the year, TL loan to deposit spread was under pressure due to the high interest rate environment and narrowed by 32 basis points compared to the last year. However, thanks to the ongoing loan repricing, the controlled increase in the cost of deposits, and the strong demand deposit base, TL loan deposit spread widened by 236 basis points compared to the previous quarter. Net fees and commissions registered a significant 132% growth year-on-year, while the cost growth was 77% year-on-year. As a result, the fee coverage of operating cost ratio realized as high as 98%. During the period with the contribution of the strong collection performance, net cumulative cost of risk, including currency hedge, was at 23 basis points in the first nine months of 2024. Conservative coverage levels were preserved, and the total coverage was 3.5% on a consolidated basis. Yapı Kredi preserved its strength in capital and liquidity ratios. The FX liquidity coverage ratio was 333%, while the total liquidity coverage ratio was at 127% levels. In terms of capital, Yapı Kredi continued to operate with 318 basis points buffers on its capital ratios compared to the regulatory requirements. The capital ratios continued to remain comfortably above regulatory levels, and the adjusted consolidated Capital Adequacy Ratio and the Tier One ratio was at 14.8% and 12.3%, respectively. Now, I'd like to leave the floor to Polat Bey. Thank you, Cansın. On slide 13, I'll walk you through the overall results of the group in the first nine months of the year, incorporating all the segment trends we just discussed. Please note that all figures in this slide are inflation-adjusted due to the application of inflation accounting. Accordingly, on a combined basis, Koç Group registered TRY 4.9 billion in profit before tax and TRY 14.7 billion in net income. Consolidated net loss, on the other hand, is amounting to around TRY 1.9 billion. In the first nine months, we faced monetary losses in our companies that have high monetary asset positions, like Tofaş, Tüpraş, and Koç Holding. As a reminder, Yapı Kredi already reported its financials according to BRSA, and banks are exempt from inflation accounting there, but we must consolidate the bank applying inflation accounting, which is resulting in monetary losses and marked it as the main contributor to the negative results. Moving on to slide 14, you can see our third quarter results. If we move to slide 16, you will see the evolution of net asset value discounts. Our weekly average NAV discount so far in 2024 has been approximately 22%, comparatively better than the 31% average NAV discount in 2023, and long-term average discount is around 12%. As Koç Holding, we benefit from our market proxy status, and we observed our NAV discount narrowing down to low teens throughout the year, when supported by sentiment and return of foreign investors. Unfortunately, considering approximately 90% of our NAV is composed of our listed assets, the share price performance of most of our listed companies recently is not reflected to Koç Holding's share price. Besides, the intrinsic value of our unlisted companies is much higher compared to their book values, which is obvious in an inflationary environment. In summary, our balance sheet is strong with a solid net cash position, which furthered cash inflow in the fourth quarter, and our portfolio structure and diversification ensures resilience against volatility. As the leading investment holding company in Turkey, we are focusing on managing our portfolio dynamically. We will continue to create value with our leading practices in the fields of environmental, social, and governance. Value creation, extending our global footprint, and diversifying our businesses further are always the key priorities for us. We have the potential to further diversify our positioning both domestically and internationally through our investments while sustaining an efficient level of liquidity. Thank you for listening. Now we can open the floor for questions. The first question comes from Elena Bystrova with Barclays. Please go ahead. Hello, good evening. Thank you very much for the presentation. I have two questions. So my first question is regarding the outlook for 2025, given that 2024 seems to be challenging, especially for exporters amidst strong lira and weaknesses in the export market. What is your outlook for 2025, maybe first half of the year, for some of the key companies in your portfolio? And my second question is also, how are you viewing the maturity coming up in March and potential refinancing or issues of another bond? Thank you. Thank you, Elena. The first question is about outlook. I think we have started to see the effects of monetary tightening, especially in the second half of this year. And our expectation is that we are going to keep on seeing those effects, at least in the first half of next year as well. When I'm talking about this part, I'm talking about the domestic demand. So therefore, in all the areas that we are working on, I think that we are going to be suffering from demand retraction. But again, there are sometimes positive surprises because of this Special Consumption Tax issue in January. If there's not going to be any change in the next two months, again, January and February could be a positive month for automotive, which is going to be helping or contributing positively to the results. But in terms of energy, especially refinery business, Tüpraş, we do not really expect a big change with the crack margins. So we expect to see the same performance on Tüpraş side. So automotive, I think it's going to be a bit better for the domestic market. On the banking side, the challenges will continue unless there's no change in the regulatory environment. And most probably, we are going to suffer from the same things that we are suffering now. On the appliances side, I think the first half of next year is going to be we expect to see a better first half than the year before, especially not only in Turkey, but also especially in Europe, which is our main market. On the automotive export side, half one, as you said, yes, the strong Turkish lira has been challenging for all the exporters. It's also affecting our automotive and white goods business as well. But at the same time, this is keeping us working on being more cost-effective producers. So all our teams in the factories are working on to offset the effects of this strong Turkish lira. So we do not expect to see further, let's say, market loss or something like that in the export markets. The most important thing that we are expecting for Europe, of course, Europe has been going through a very, very rough time, but it has been the case for a long time, and in appliances, Europe has been shrinking a lot. On the automotive, things are changing. All the story is changing. In the next year, we are going to see better, but on the appliances side, I think we should be expecting a small growth next year. We do not expect any further decreases in the market. The second question about the bond, Eurobond, that we have March 2025 maturity, we didn't decide on anything yet. We are cash-rich right now. So we would like to see the conditions in the first quarter of next year. And according to if there will be a cash-out or cash-in, our dividend expectations, and also some opportunities that we are looking for investment, things can change. So it's really hard to make a comment from today, but it will be much more clear on the January time period. Thank you very much for the detailed answer. One follow-up. So in terms of the potential wage increase, minimum wage increase, do you expect that to help the domestic demand? Yeah. It's a tough question. It's really hard to predict from now on because it's not only an economic decision from now on. It's a political decision at the same time. So there are a lot of increases, percentage increases being talked about. So to be honest with you, it's really hard to say from now on. But of course, there's going to be a minimum wage increase at the end of today compared to today, regardless of what it is going to be. So generally, these kinds of increases are making an effect on demand. So we should be expecting some, at least, demand rise in the first quarter because of that. Thank you. Thank you. Ladies and gentlemen, there are no further audio questions at this time. We will now move on to a written question from our webcast participants. Our first question from our webcast participants is from Umut Öztürk from Ata Invest. And I quote, "Thanks for the presentation. I have two questions, if I may." Question number one, how do you see the outlook of fourth quarter 2024 for each of your business segments? For which segment do you think the worst has been left behind? I'm sure that you have already seen all our group companies, listed group companies, announce their guidance, making adjustments after seeing the nine-month results. You can see their guidances on page 29 of our earnings presentation as well. But the key messages are the same. The slowdown in the domestic market will continue, and exports will differ according to companies. So these tight monetary policies seem like it's going to continue, especially for the next quarter. If we are talking about Q4 of 2024, I don't think that it's going to be so much different than Q3. So we are not expecting any major changes in Q4. Second question from Mr. Umut Öztürk from Ata Invest. And I quote, "Do you expect 2025 to be a better year, assuming some easing in the interest rate and inflation?" Thank you. Yes. I have already answered, I guess, to this question before. But in a nutshell, what I can say is 2025, especially the first half, the first quarter of 2025 could be a little bit better because of the regulatory environment in the automotive industry. And on Tüpraş, we are not expecting a big change, actually. But banking will continue if nothing changes on the regulatory side as it is. And also, we are expecting a better result, especially on the export side of Arçelik than compared to last year. Thank you. Our next webcast question is from our webcast participant, Gregor Jan, with HSBC. And I quote, "Your net cash will exceed the $1 billion. Do you think this can facilitate a high dividend payout ratio? Is there an obstacle to paying any dividends regarding profit status? We are still working on our company's 2025 budgets, and we didn't decide on any dividends for 2025 yet. I'll be able to provide you more color at the beginning of next year, hopefully. But despite the losses, we have significant reserves that will enable us for dividend payments. But I have to say that dividend payments is not only about the amount of cash we have, also the projects that we are planning to pursue and the investment plans that we have in all our companies also are going to be the decider rather than the cash in hand. Our next webcast question is from Hanzade Kılıçkıran with J.P. Morgan, and I quote, "Most Turkish companies have failed to keep their guidances this year. This also includes group companies. What is the main challenge in guidances? Actually, I think the main issue is the first half of this year, and the second half of this year has been kind of Jekyll and Hyde. The first quarter has been much better than we expected when we were making the 2024 budget. And for the second quarter after the elections, we haven't seen the effects of monetary tightening. And in quarter three, we started to see them. So it really has changed the situation, the picture a lot. And to be honest, we want our companies to guide correctly. So we wanted them to really reflect the right picture for the end of the year and not paint a pink painting, let me say. And this is what we see right now, and we wanted to share. But when you compare Q2 and Q3 only, you can see that there are big changes in almost all of our companies. And it's mainly because of the demand and this situation in the domestic market. That is the main reason that I can share. Second part of Mrs. Kılıçkıran's question is, "Is this accounting issue or market environment worse than expected? I think I've already answered. There is an accounting issue. But the accounting issue that we are talking about here is the inflation accounting. And in terms of cash, we are not seeing a problem because all this monetary gain and loss does not reflect any problems on our cash flow. So yes, the profit and loss statement is very important in terms of inflation accounting. But we are also equally keeping an eye on our cash situation, which looks positive for almost all of our companies or in group in general, let me say. Thank you. Our next webcast question comes from Dejan Kocevski with Robeco. And I quote, "Question number one, could you share your expectation on two key cost items for the group, wages and electricity prices? Yeah. This is too early for me to answer because we are still in the budgeting process. And we do not really see that. But the only thing that we are hearing about is the electricity increases to be happening. The expectation is that to happen in the beginning of the year rather than April. So this is what I can say. But in terms of how much it's going to be, I don't have enough information on that as of today. Second question from Mr. Kocev. And I quote, "Given the increased discount to NAV, could you give us an update on your appetite to do buybacks? Yes. This is always an issue. At the end of the day, the buybacks mean for us, for all our companies and ourselves, as Koç Holding as well, to use our cash. If we feel that this is the best way to use our cash, we can always consider that. But as of today, we do not have any short-term plans to use our cash for buybacks at Koç Holding level. Thank you. Our next webcast question is from our participant, Maxime Negre with BNP Paribas Exane. And I quote, "Thank you for the presentation. Considering strong cash position and given recent share price pullback, would you consider doing a buyback program? I just answered, I guess, this one. Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you. Okay. Thank you very much. Thank you for everyone listening to us. If you have any further questions, please contact our IRT.