Prosiebensat1 Media U/Adr

Good morning, ladies and gentlemen. Welcome to our full year 2025 results conference call of ProSieben Z1 Media SE. This conference is being recorded. Today's call is hosted by Mr. Dirk Volkshänder. Please go ahead, sir.

Good morning, ladies and gentlemen, and welcome to ProSieben Z1's investor and analyst conference call on the occasion of our full year 2025 results published today. The call will be hosted by our CEO, Marco Giordani, and our CFO, Bob Rajan. Marco will begin with an overview of the key developments in 2025. Bob will then take you through the group's financial performance and present our dividend proposal for the past financial year. After that, Marco will return to discuss Prosimset 1's new strategic direction and share the outlook for 2026. Following the presentation, we will open the floor for your questions. Before we start, allow me a brief personal note. Today's call marks my last one as IR at ProSiem Z1. As you might be aware of, I will be taking a new role within our parent company, MFE Media4Europe, in which I will be responsible for a digital innovation strategy, a position focused on accelerating digital transformation and advancing the use of latest technologies and AI across MFE's broadcasting companies, Mediaset, Mediaset Hispania, and ProSiem Z1. Going forward, my wonderful colleagues from the IR team will remain at your disposal for any questions or discussions related to proceedings at one. I've greatly valued our collaboration over the years and sincerely look forward to continuing our exchange and hopefully to see many of you again at future conferences. With that, I'm pleased to hand over to Marco. Thank you, Dirk.

It's a shame to lose you in a so important position. But I'm very pleased that you will go on in collaborating with us and taking your contribution to the future of ProSieben and to the MFE group. So really thank you for what you did and good luck for the new job. And good morning also from my side. As Dirk said, our presentation will be composed by two main parts. The first one will be regarding 2025 with Bob taking you through the main financial and the second part where I will try to guide you on the future of ProSieben and exactly explain what we are doing. Last year has been, let's say, a year that ended as forecasted with our communication at the beginning of January, and Bob will take you through the numbers. Maybe it's important to say that Bob and I joined ProSieben Satines in October. And already in the last part of the year, we were able to, let's say, adopt some actions that, in our opinion, will be crucial for our future and our future growth. We, as you can remember, we structure a new organization in the sales house. Revenue will be crucial for the future, and that was the first action we took just for that purpose. We clearly started to fix the base and the foundation of Procipient Satines. and trying to also put everything we could in terms of growth opportunity and project. The last point we were immediately put in operation was a very strong and strict cash discipline. That are all actions that we undertook during the last part of the year that will be crucial for the future. Looking at 2026, clearly uncertainty and volatility will be part of our future in terms of top line, but we will focus on everything we can do by our own that are shares, so shares of the market, and also whatever we can do in terms of cost control and improved profitability and putting all we can for growing the business and growing the value of this company. That will be our priority. Clearly, the shift of focus on entertainment will be another important element. We will speak about that later on. But, I mean, we can say that in terms of outlook, we are expecting a 2026 where EBDA will grow, and that will be our main focus even in a so volatile and uncertain period. That's all for the first part of the presentation. I hand over to Bob, and I'll then take back afterwards. Thank you, Bob.