Ladies and gentlemen, thank you for standing by. I am Maria, your chorus call operator. Welcome, and thank you for joining the Koç Holding conference call and live webcast to present and discuss the first quarter 2026 financial results. At this time, I would like to turn the conference over to Mrs. Helin Çelikbilek, IR coordinator at Koç Holding. Mrs. Çelikbilek, you may now proceed. Welcome. Thank you for joining us today for Koç Holding's first quarter 2026 earnings call. This is Helin, IR Coordinator of Koç Holding. Today I'm joined by our CFO, Doğan Korkmaz, our Finance Coordinator, Özge, our IR Managers, Cansel and Ismail, to take you through our presentation and answer questions during the Q&A session. Our presentation covers the company's unaudited financial results for the first quarter of 2026, prepared in accordance with Turkish accounting and financial reporting standards, including the application of IAS 29, inflation accounting. Please note that our presentation and Q&A session may include forward-looking statements and assumptions based on the current business environment, which are subject to change. As a reminder, a replay of this webcast will be available on our website following the call. There will be a Q&A session at the end of the call. With that, I'd like to hand the call to Doğan to begin the presentation. Welcome, everyone. It's a pleasure to reconnect with you this time through our holding company. I'm very pleased to have taken on this role and to continue building on the strong foundations already in place. I look forward to meeting many of you in the period ahead. I would like to begin with a brief overview of the macroeconomic backdrop that defined our group's operating environment in this first quarter. The year started on a relatively strong footing. However, beginning in March, geopolitical developments have introduced volatility and weakened the outlook both globally and in Turkey. While the disinflationary economic program remains in place, tighter financial conditions and renewed inflationary pressures have emerged in this environment. The central bank has responded with a more restrictive stance, supporting stability but increasing funding costs. Meanwhile, the real appreciation of Turkish lira continues to weigh on exporters' competitiveness. In this setting, we remain focused on disciplined execution and prudent risk management. As Koç Holding, we proudly mark a key milestone with 2026 as our centennial year. As Turkey's largest industrial and services group, generating around 7% of country's GDP, our diversified portfolio and strong balance sheet continue to underpin our resilience. This strength, supported by disciplined execution, is clearly reflected in our first quarter results. On slide five, we highlight key takeaways for the quarter. Our diversified portfolio spanning defensive and growth sectors supported performance in a mixed environment. Our solid net cash position provided financial flexibility alongside the distribution of 2025 dividends. At the same time, both Koç Holding and our subsidiaries continue to take strategic steps to unlock value across the group. As we show on slide six, our combined revenue exceeded TRY 1.2 trillion in the first quarter on a 7% year-on-year basis. Our combined profit before tax was up by approximately 66%, reaching to TRY 30 billion. On a consolidated basis, profit before tax more than doubled to reach TRY 21.8 billion. Our consolidated net income was TRY 522 million, significantly higher compared to last year's net loss. In the consolidated financials, a higher effective tax rate limits the translation of strong pre-tax before performance into net income. Tax expenses this quarter are mainly driven by Yapı Kredi and Arçelik. The increase in the effective tax rate is primarily due to banking taxes calculated on nominal statements at a 30% rate. No n-deductible inflation accounting adjustments in IFRS, particularly for companies with high monetary losses, and rising deferred tax expenses following the end of inflation accounting in subsidiary financials. This quarter, Finance segment was the largest contributor with TRY 2.8 billion, followed by the Automotive and Energy segment, each contributing approximately TRY 1.6 billion. These offset the dilutive impact of Consumer Durables and Other segments. On slide eight, the chart on the left presents the sectorial composition of our diversified portfolio net asset value at quarter end. The Automotive segment accounts for 34%, followed by Refining at 23% and Finance at 19%. Our portfolio diversification extends beyond sectors to include international exposure. On a combined basis, 32% of our revenues from international sales in the first quarter. Hard currency index commodity businesses, approximately 47% of our revenues can be considered hard currency based. Moving on to slide nine. At the holding level, we ended the first quarter with a net cash position of $969 million. In TL, it's TRY 46 billion. We received the TRY 18.8 billion as dividend income on a nominal basis and distributed TRY 18 billion in late March. Other cash inflows include the proceed from the 2.1% share sale in Tüpraş by ABB in late March. Meanwhile, major cash outflow was our participation for the capital increases in two of our businesses. On slide 10, you can see the main pillars of our balance sheet. We strictly apply and regularly monitor our prudent risk management policies at each underlying company and on a combined basis. In terms of liquidity leverage and foreign exchange position, we preserved our conservative levels. Around 84% of net cash is in hard currency. After this natural hedge, we had a consolidated loan position of $159 million as of at the end of the quarter. On a combined basis, our current ratio is 1.16 x, and our net financial debt to EBITDA excluding the finance segment is at 1.5 x. Subsequent to the quarter, we drew down the $600 million club loan as previously disclosed. With that, I'll hand over to Helin to walk you through the key sectoral development in the first quarter. Thank you. Let's begin with the energy sector on slide 12. The energy segment contribution to our consolidated net income in the first quarter was substantially higher at TRY 1.6 billion compared to TRY 100 million in the same period of last year. Refining operations navigated a highly volatile quarter, with geopolitical tensions tightening global supply balances and driving sharp movements in crude prices and boosting crack margins. The demand in Turkey grew by 2.4% in the first two months of the year, driven by the 13% increase in gasoline and 6% in jet fuel demand, while diesel demand remains flat. Within this landscape, Tüpraş delivered strong operational performance, which record high first quarter utilization of 95%. Higher production volumes supported value generation. This translated into robust financial performance and a strong balance sheet, reinforcing overall financial resilience. Net refining margin of Tüpraş reached $9.4 per barrel, well above its guidance range of $6-$7. However, the company maintains its guidance given the ongoing global uncertainties impacting the sector. On the LPG side, domestic demand remains soft in the first two months of the year, with total consumption declining by 5% year-on-year. Despite the weak market environment, Aygaz achieved 5% year-on-year growth in domestic retail sales volume. Including wholesale and operations in Bangladesh, total sales volume increased by 2% in the first quarter. During this period, Aygaz further strengthened its position in Turkey, reaching a market share of 27.3%. Let's move to slide 13 and discuss the developments in the automotive segment. Automotive operations faced a tough quarter with lower volumes, a more competitive market environment, pressure on export profitability and rising cost dynamics. The domestic automotive market contracted by 4% year-on-year, mainly reflecting a high base and calendar effects. Weaker consumer sentiment and rising macroeconomic and geopolitical uncertainties weighed on demand and slow fleet renewals. Despite these headwinds, we maintain strong positioning both domestically and in export markets, supported by disciplined execution. Ford Otosan accounted for 33% of Turkey's total vehicle production and 75% of commercial vehicle output, while Tofaş continues to contribute around 11%. Our combined share in the domestic market reached 34%, up by 5 percentage points since year-end. On the export side, the European passenger car, which is EU plus United Kingdom, grew by 4%, while the commercial vehicle market expanded by 3%. Against this backdrop, our group export share increased by 6 percentage points to 49%. Ford Otosan export sales volume remained broadly flat at 140,000, accounting for Turkey's 41% of total vehicle exports. During the quarter, Ford Otosan announced acquisition of Koçfinans, which is a group consumer finance company, to centralize its financing, aiming to enhance sales support and efficiency through integrated solutions. Meanwhile, Tofaş export volume increased by 155% year-on-year, driven primarily by a tripling of K zero model exports following the launch of the combi version in late last year. The company continues to progress on the K9 model with production scheduled for September, while also advancing preparations to unveil a new passenger car model. TürkTraktör revenues declined 40% year-on-year, primarily reflecting a sharp 68% drop in domestic tractor sales volume, partially offset by a 14% increase in exports. The domestic tractor market contracted by 59% in the first quarter, primarily due to constrained financing conditions. Despite this challenging backdrop, TürkTraktör strengthened its competitive position, increasing market share by 6.3 percentage points to 44.7% over the past three months. Otokar, our leading bus and defense company, recorded 8% year-on-year decline in revenue, mainly due to the missing of compensation related to the Romania contract. Following the completion of 194 vehicles delivered in Q4, the company delivered a further 82 vehicles in the first quarter as part of this contract. The backlog stood at EUR 671 million at the end of the quarter, and this supports its medium-term visibility. In late April, Otokar signed an SPA to acquire Romania-based defense company, Automecanica, subject to closing. On slide 14, let's switch out to consumer durables segment. In the 1st quarter of 2023, Türkiye's white goods market remained subdued, with demand constrained by pricing pressures and an unfavorable product mix despite some promotional support. White goods unit sales declined by 10% year-on-year, while exports fell 23% amid soft external demand. In this environment, Arçelik's domestic revenues contracted by 12%, reflecting an unfavorable product mix and pricing headwinds, while international revenues, which account for 66% of total, declined by 7%. Despite underlying pressure, proactive procurement initiatives and disciplined execution supported Arçelik's margin improvement, both sequentially and year-on-year. In April, Arçelik divested its 60% shareholding in Arçelik Hitachi Ltd, to Hitachi, in line with its portfolio optimization strategy. This transaction remains subject to closing. Arçelik remains confident in the long-term growth potential of Asia and will continue to operations across India, Pakistan and Bangladesh. A few words on finance segment with a particular focus on Yapı Kredi on slide 15. The finance segment turned strongly as we said, supported by robust revenue growth, margin expansion and strong trading income, marking a clear shift from its past three-year value trend path. Before I go into the details, a reminder that the reference to Yapı Kredi's KPIs are based on its consolidated BRSA financials, consistent with the bank's disclosures, where banks remain exempt from IFRS accounting. In the first quarter, Yapı Kredi's net profit in BRSA financials increased 78% year-on-year, driving the return on tangible equity to 31.5%. Revenue growth was supported by solid core banking income and strong trading gains. Net interest margin expanded by 56 basis points quarterly to 3.2%, underpinned by widening loan deposit spreads and effective funding management. Fee and commission income remains robust, supported by diversification. Fee generation continued to provide a strong natural hedge, covering around 90% of the bank's operating expenses. At the same time, Yapı Kredi maintained cost discipline while committing to further efficiency gains through data analytics and AI-driven cost optimization initiatives. On asset quality, Yapı Kredi maintained a stable performance despite challenging macro environment. Net NPL ratio declined 13% quarter-on-quarter, while cost of coverage improved further to around 4%, reflecting the bank's continued prudent provisioning approach. Cost of risk stood at 176 basis points, in line with guidance. The bank's diversified loan portfolio, low external exposure and conservative staging framework continue to support asset quality metrics. The bank preserved its capital strength, supported by internal capital generation. Its consolidated capital adequacy ratio was 14.1% and CET1 ratio at 9.7%, positioning the bank well against potential market volatility. In the first quarter, Yapı Kredi also strengthened its presence in the fintech universe. They finalized the establishment of a dedicated crypto trading platform company and announced their decision to establish a payment institution rather operating the payment services area. On slide 16, which is our last slide, you see a snapshot of our first quarter group financial performance on a segment basis. To recap on what we already touched in the first few slides is, on a combined basis, we registered TRY 1.6 trillion in revenues, on a 7% increase, and TRY 37.9 billion in operating profits on a 33% growth year-over-year. Our consolidated net income after non-controlling interest, as always, is. At, TRY 500 million was substantially higher compared to last year's also, mainly on the back of improvement at the operating profit level. Thank you for listening. Now we can open the floor for your questions. The first question is from Maxim Nekrasov with Citi. Please go ahead. Yes, good afternoon or good evening. I have a question regarding the overall consolidated net income because we see a significant increase in the net loss coming from the other segment, right? Despite an improved profitability in all kind of other segments. Just wondered, yeah, maybe you can provide any more color on that other segment loss. I think it is TRY 4.3 billion, which is larger than in the whole year of 2025. What is the outlook going forward? Were there any out-one-offs affecting first quarter profitability? And whether we should see a more pronounced recovery in the consolidated net income. Thank you. Thank you for your question. I'll take this. The loss recorded in the other segment is mainly driven by the monetary loss associated with the net position held at the Koç Holding level. It is a standalone effect coming from Koç Holding. In addition, we, I mean, only secondarily is this. We saw operating losses across several companies in the retail, services and healthcare sectors. Also these are largely obviously reflecting the seasonality in these sectors. Compared to last year, our cash mix at the holding level was more dollar weighted rather than TL heavy. This also resulted in lower interest income and FX gains, which further amplified the monetary loss. In the current volatile environment, we also view this cash position in the Koç Holding level as a important strategic buffer, kind of a war chest that provide us with flexibility and resilience. This also allows us to act opportunistically when attractive investments arise. Going forward, obviously the seasonality in other segments, as I mentioned, the retail services and the healthcare, that negativity will diminish because of going into season in hospitality, in tourism, in services. The effect coming from having a bit more cash on the holding level will take its toll, probably on a decreasing trend, depending on obviously the inflationary trajectory. Thank you. Okay. Understood. Yeah. Thank you. We have a written question from a webcast participant, Cenk Orcan with HSBC. Thank you for the presentation, and congratulations, Doğan, for your new role. Is your recent formation of a healthcare group because you think there is now critical mass in your portfolio justifying such separate classification or an indication that you have appetite for more growth in this field? Thank you for your question. You know, we already have a number of investments in the healthcare space and this organizational change is about bringing them all together in a more structured way under dedicated leadership at the holding level. This also obviously will help us manage the portfolio more strategically, capture synergies and leverage our existing expertise. It is not only a classification arrangement, not only because we have reached the critical mass in our initiatives within the healthcare space. Obviously, we have, I mean, high expectations for the future. At this point in time, it's only arranging what we have in hand. In the future, we might come up with more, I mean, long-term plans on that space. Obviously this chart is all about, dedicated leadership being selected, and consolidating all those efforts, centrally in Koç Holding. At the same time, this should be seen as a natural, evolution, in how we organize and oversee a sector, where we are already active, rather than any indication of a significant shift, in our near-term priorities. It just reflects our intention to manage our existing, footprint more efficiently, effectively at the moment. We will continue to pursue opportunities in a measured, obviously in a disciplined way, as we always do. Ladies and gentlemen, there are no further questions. The conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.