Thank you for joining us for the presentation of Cofinimmo's result for the full year 2025. I'm joined by some of my colleagues, Jean Kotarakos, CFO, Sébastien Berden, COO, and Sophie Grulois, General Counsel and Secretary General. As usual, we'll keep the presentation focused, and we look forward to your questions at the end. I will start with a brief update on the contemplated combination with Aedifica through a public exchange offer that we addressed in our several press release, available on our website and published between the first of May 2025 and the twenty-ninth of January 2026. On the third of June 2025, Aedifica and Cofinimmo reached an agreement to unite and create Europe's leading healthcare REIT. The combination of both company will be realized through a voluntary and conditional exchange offer for all Cofinimmo shares launched by Aedifica. After approval of the Aedifica shareholders in July 2025, the Dutch and German competition authorities also granted their approval. On the 21st of January 2026, we were informed that the Belgian Competition Authority granted clearance for the proposed combination, subject to the commitment offered by Aedifica to dispose of healthcare assets located in Belgium over several years, with a total value of EUR 300 million. On the 29th of January, the offer prospectus of Aedifica and the response memorandum of Cofinimmo were approved by the FSMA. Subsequently, the initial exchange offer for acceptance by the public was launched on the 30th of January 2026. This offer is currently ongoing, as you all know, and will be closed on the 2nd of March of this year, with the announcements of the result in the following days. Beyond this brief update, you will understand that today's discussion will focus on Cofinimmo's standalone performance and outlook. Let's begin with the key highlight from the year on slide three. Despite a volatile macro environment, 2025 has been a year of strong operational and financial performance for Cofinimmo, which leads to result higher than the outlook. Those good result arise from an excellent operational performance. A gross rental income of EUR 355 million, up nearly 3% like-for-like, a high occupancy rate of 98.4%, and long residual length of 13 years on average. The solid financial foundation on which Cofinimmo was built also explained those good results. For example, cost of debt of 1.5%, one of the lowest level for REIT in Europe, and a low debt-to-asset ratio of 42.8%, reflecting disciplined portfolio management. Sustainability has remained a core focus through the year. I'll come back on that later. The net result from core activities, EPRA earnings, rose by 0.7% to EUR 246 million, above guidance. The net result group share reached EUR 213 million, up EUR 150 million year-on-year. Healthcare real estate market up 77% of our EUR 6.1 billion portfolio. The office segment has largely been recentered on the best area of the Brussels Central Business District. I will comment on our investment and divestment 2025, and on the outlook 2026 later in the presentation. All those elements allow the board to confirm a growth dividend of EUR 5.20 per share for 2025, payable in 2026. Our company profile and strategy already well known by all of you, so I suggest to go directly to slide number 8, which also reflects something you know quite well, which is the evolution of over time of a different segment until 2025. Let's move on, on slide ten. So last year, we achieved gross investment of EUR 111 million, essentially linked to the execution of development project in healthcare. We also continued, on the right bar chart, our asset rotation, mainly in healthcare, ending 2025 with EUR 82 million of divestment. Divestment were all made in line with the latest fair value. Those of distribution network assets were even done above fair value. Slide 11 summarize for you the active portfolio rotations since 2019. We have transformed what was still dominantly a Belgian office player into a leading European healthcare REIT. Over 20 years, the group completed EUR 4.6 billion net investment in healthcare, with a clear acceleration since 2018 and a slowdown since 2022. Over the same period, we managed to realize net divestment amounting to almost EUR 1 billion in offices. Slide 12 illustrate the solid portfolio growth since 2018. You can witness our investment base and the expansion path in healthcare real estate despite change in market condition. This result in a portfolio growth of 7% on average per year. Over the same period, thanks to our proactive management, we kept our debt to asset ratio at an adequate level, as shown on the right-hand chart. The outlook for the end of 2025 was around 43%, and we managed to close the year in the lower end of this outlook at 42.8%. On slide 13, I'd like to comment on the Cofinimmo share performance on the stock market. Since our last call in July, we gained approximately EUR 700 million in market cap, which oscillates now between EUR 3.5 billion and EUR 3.6 billion. After several difficult years, European healthcare real estate, in general, performed well on the stock market during the 2025 financial year, and this was even more true for Cofinimmo in particular. Three distinct periods can be identified. Firstly, the adjustment to the 2025 dividend outlook, payable in 2026, announced in February 2025, and that was well received by the market. The share price rose 8% between the close of the trading on the 20th of February, and that on the 2nd of April 2025, in the context of a boost M&A activity in the UK. Secondly, the share price also performed well after President Trump announced Liberation Day, climbing 30% between the close of trading on the 2nd of April and the 29th of April 2025. It was due to the fact that healthcare real estate is not directly affected by tariffs. Thirdly, the share price accelerated from 30th April onward, stabilizing at a level reflecting the proposed combination with Aedifica through a public exchange offer. After a new acceleration in the last weeks of the year, the share price reached 79.20 on the last day of 2025, up 18% since the end of April. The total gross returns for shareholders this amount to 45% cumulatively over 2025, and even more than 82% until the 18th of February of this year. Going to sustainability, I'm on slide 15 to 19. You see that, as usual, sustainability is at the core of our strategy and embedded in all operation. Let me give you some recent example. Cofinimmo improved its ranking in the Europe's Climate Leaders list, issued by the Financial Times, now at the fourth place among 39 European real estate company. In 2025, we achieved 10 new BREEAM certification across healthcare and office assets. Two days ago, another good news, we were included in the S&P Global Sustainability Yearbook 2025. We renewed our Great Place to Work certification in Belgium and Germany, and the scope of our ISO 14001 certification was extended to Spain, and we received the EPRA Sustainability Gold Award for the 12th consecutive year. I'm on slide 17 now. As a reminder, our 30³ project design, in agreement with Science-Based Targets, foresees a 30% reduction in energy intensity of our portfolio by 2030. At the end of 2025, the energy intensity has already been reduced by 26% since 2017. You have, as usual, on slides 18 and 19, the list of sustainability benchmarks and awards, which show that our efforts have positioned us as a very credible player in the industry. Now, let us turn to the property portfolio. I'm on slide 21, where you see that our property portfolio maintains a very high occupancy rate of 90.4% at the end of 2025. On the same slide, you see the top 10 list of our tenants. Our tenant base is diversified, with the top 10 tenants accounting for 62% of contractual rent. Moving to slide 22, the overall weighted average residual terms remain quite long, at 13 years and even at 14 years for healthcare. These maturities are well spread over segment and geographies. On the next slide, we see that over 2025, gross rental yield at 100% occupancy stands at 5.9%, which with net yield at 5.6%. Overall, our average net yields are closer to 6% than to 5%. Also, yields are stable across segments, reflecting disciplined asset management and resilient demand. Sébastien Berden, the COO, will now provide insight into our segments. Thank you, Jean-Pierre, and good morning to all of you. Since 2018, we consolidated our position within the healthcare sector in Europe. I'm sure you remember, we achieved this through geographic expansion, but also by diversifying in the different types of healthcare buildings. As illustrated on this slide, our portfolio spans nine countries and includes eight different types of healthcare assets. Next to nursing homes, which still form the majority of our assets, we own acute care and rehab clinics, as well as primary care and facilities for disabled people, to mention only a few. Moving to slide 26, this is an overview of our portfolio. The fair value amounts to EUR 4.7 billion and represents 77% of Cofinimmo's overall portfolio. After some selective divestments, we own now 304 assets, representing more than 30,000 beds and supplying 1.9 million sq m to many clients. On slide 27, we present a little update of the statistics on underlying occupancy that soon became a habit in the market. The trend in the evolution of underlying occupancy is good. You'll recall that in 2023 and 2024, we saw a continued improvement in occupancy rates in most countries. Well, now, this same trend continued as the average occupancy in our portfolio stands at 93% in December 2025, up 1% from last year. I'm sure you also remember that we compiled these statistics from our observations during visits, and we will reconfirm this figure within a couple of months when we also receive the reports from all our tenants, for all our assets, likely somewhere in June or July. On slide 28, we also like to remind you of the many projects and buildings under construction we managed in 25. Although the list is long, we actually reduced it with 5 projects that were completed in 2025. These were projects in Spain, Belgium, and the Netherlands we had in our running pipeline six months and are very happy to, have now been delivered. Maybe I'd like to draw your attention this time also on a series of investments we did in nursing homes and care facilities for disabled people in Finland. We're very happy with this, as we strongly believe in the Finnish market, and could agree on a gross rental initial yield of approximately 7%. As you know, when Cofinimmo invests, Cofinimmo also divests, and this is a summary on our divestments in slide 29. These were primarily all the nursing homes in France and a series of smaller assets and medical office buildings in the Netherlands. We disposed them in the context of our asset rotation program that we set up since a couple of months now. Let's now move to the Pubstone portfolio and move to slide 32. This slide is a quick reminder of the portfolio that represents 800 pubs and restaurants for a fair value of EUR 500 million. Slide 33 reports on the activity of the Pubstone team. Well, the activity was one of active divestment in 2025, with a disposed volume of approximately EUR 9 million at excellent conditions, since all disposals were sold at prices about above fair value. Worth mentioning also is a disposal in our Pubstone portfolio for a police office near Antwerp. Finally, I'm also asked to provide you with a short update on our office portfolio, and suppose we move to slide 35. This portfolio represents a fair value of EUR 925 million, with 25 properties supplying 250,000 sq m to many clients. Slide 36 reports on the activity of the office team and their excellent work and performance again in 2025. The team worked further on the optimization of this portfolio, keeping almost three-quarters of the square meters within the European district of the CBD. This segment, where we can observe the highest average rents and where the prime rent was observed. Then finally, on slide 37, we report on one of our milestone in 2025 in this portfolio. It is a reminder of the renovation of an office building in Mechelen, city between Brussels and Antwerp, offering 10-15,000 square meter lease, and leased to the Flemish Community for 18 years. I will now pass the floor to Jean Kotarakos, our CFO, who will delve into the financial specifics of our company. Thank you, Sébastien. Good morning to all. We can go to slide 39. Here, we observe that our overall portfolio has experienced a like-for-like rental increase of almost 3%, primarily fueled by indexation and new leases. Besides this, the -1.1% year-on-year change you can see in rental income is mainly due to changes in the scope. We can move to slide 40, where we see a 0.07% growth of the EPRA earnings compared to 2024, at EUR 246 million, which is higher than the outlook. Please note that this figure excludes non-recurring effects arising from the proposed combination with Aedifica over the year, and the divestment of a finance lease receivable in Q3, which partially offset each other and represent a net expense of EUR 1.4 million, recorded as result on the portfolio below EPRA earnings. The EPRA EPS reached EUR 6.45, which again, is higher than the outlook... On slide 41, we present the IFRS net, net result, sorry, which stands at EUR 213 million at the end of 2025, or EUR 6.61 per share. The increase of EUR 150 million compared to 2024 is due to the increase in the net result from co-activities of EUR 2 million, combined, sorry, with the net effects of the changes in the fair value of hedging instrument and investment properties, which are both mainly non-cash items between the end of 2024 and the end of 2025. The net result group share per share at the end of December 2025 takes into account the issuance of shares in 2024, as illustrated by the increased denominator, which increased from 37.5 million to more than 38 million rounded. Drilling down into the portfolio result, we see a figure of -EUR 23 million, compared to -EUR 152 million at the end of 2024. This encompasses the following key elements. The gain or losses on disposal of investment properties and other non-financial assets amount to +EUR 4 million, so it's a gain, at the end of 2025, compared to -EUR 16 million at the end of 2024. The item, changes in the fair value of investment properties, is positive at the end of December 2025, +EUR 3 million, compared to -EUR 123 million at the end of 2024. Without the initial effect from the changes in the scope, the changes in the fair value of investment properties during the first quarter of 2025 were positive, putting an end to 9 consecutive quarters of decrease, and they remained stable in the second, third, and fourth quarters. In total, this change was +0.1% for the 2025 financial year, and is mainly due to, firstly, a change of +0.1% in the commercial real estate, which arises firstly from a negative change in France, mainly due to the increase in the registration fees following the Finance Act implemented on the first of April by certain local authorities, as well as downward revision to inflation forecast in that country. And secondly, a positive change in the Netherlands derives from the combined effect of indexations and the increase in estimated rental value, reflecting an increase in operators' public financing. All this is combined with a -0.8% change in the office segment, representing only 15% of the consolidated portfolio, and partially offset by a change of +1.8% in the property of distribution networks. Turning to slide 42 and looking at the balance sheet, we observe that our total assets are valued at approximately EUR 6.4 billion. Investment properties at fair value represent nearly 95% of this figure. Those assets are financed by roughly EUR 3.5 billion in equity and less than EUR 3 billion in liabilities. Slide 43 offers an analysis of the evolution of the debt-to-asset ratio from 42.6% at the end of 2024, to 42.8% at the end of 2025. This stability can be attributed to several factors. First, the 2024 dividend paid to our shareholders last May, has led to an increase of 3.7%, which was offset by the cash flow produced during the full year 2025, generating a decrease of 3.8%, while the net investment of 2025 had a global effect of a mere 0.2% positive. On slide 44, you can see that the EPRA NAV... No, sorry, that the NAV is somewhere between 92 and 101 EUR per share, depending on the concept you like most. I will comment on the evolution of the IFRS NAV between 2024, where it stood at 92.84 EUR per share, versus 92.2 EUR per share at the end of December 2025. This very limited decrease of 0.6 EUR per share has two drivers: the payment of the dividend 2024 in May 2025, which still amounted to 6.20 EUR per share, partially offset by the net result for 2025, being 5.61 EUR per share, as seen on a previous slide. Let's now move to the financial resources at our disposal. In 2025, there was no equity raise, as there was no option of dividends. I'm on slide 47. Our S&P credit rating, a BBB with a stable outlook, was confirmed in March 2025, with the report being published in April. It's also worth mentioning that S&P improved its outlook early June 2025, following the press release related to the proposed combination with Aedifica, and reiterated this outlook early November 2025. This means that the combined entity rating could improve by one notch after completion of the combination. Cofinimmo continued to proactively manage its financial maturities, as you can see on slide 48. In this context, Cofinimmo signed new long-term credit lines for EUR 185 million and extended a cumulative amount of EUR 494 million for one year. Slide 49 reminds you that Cofinimmo holds EUR 2.6 billion in sustainable financing, comprising various instruments, including a sustainable commercial paper program. Can you go to the next slide?... And on this slide, slide 50, we show first the breakdown of the long-term committed financing instruments, split between bonds and similar instruments, which represent almost one third of the total, and bank facilities representing more than two third of the total. This includes a headroom of more than EUR 1 billion of available credit lines after the deduction of the backup of the commercial paper program. The second chart shows the breakdown of the drawn financial loans. Going now on slide to slide 51. Due to the passage of time and the weight of the 2 benchmark bonds of EUR 500 million each in our maturity table, the average debt maturity, after it remains stable at 4 years in 2023, 2024, stands now at 3 years at end of 2025. The average cost of debt is still very low, at 1.5%, which is one of the lowest across European landscape and in line with the outlook. On the medium term, we anticipate a gradual increase year on year to reach around 2.3% in 2028, when the first benchmark bond will mature. Looking at the maturity table on slide 52, we can see that the operations recently carried out provided that the long-term financial commitments maturing in 2026 are now reduced to EUR 267 million, versus EUR 781 million at the beginning of 2025, and EUR 695 million at the end of the third quarter, 2025. Most of the credit lines maturing in 2026, representing, sorry, EUR 207 million out of the mentioned EUR 267 million, will not be refinanced earlier since they have been concluded at attractive conditions. And finally, slide 53 reminds us the high hedging ratio foreseen for the coming months. I will now hand over to Jean-Pierre, who will give you an update on the 2026 outlook. Thank you, Jean. Thank you for this financial overview. On slide 55, you will find a breakdown of net investment estimate for 2026. Turning first to the investment column on the left on the slide, we are considering at this stage gross investment for a total of EUR 210 million for 2026, split between committed development project files under DD or being contemplated other healthcare investment, and limited CapEx for offices and distribution networks. Secondly, on the divestment aspect, on the right side of the slide, we foresee a total of EUR 110 million, the lion's share of it being files already done or under due diligence, and EUR 6 million of other potential divestment file. With this projection, net investment would reach around EUR 200 million at the end of 2026. I will end this presentation with an update on the outlook for this year on a standalone basis. Cofinimmo expects, barring major unforeseen event, to achieve a net result from core activities group share per share, which is equivalent to EPRA EPS of EUR 6.35 per share for the 2026 financial year, leaving aside the non-recurring effect arising from the proposed combination with Aedifica. The debt-to-assets ratio, as at the end of 2026, would then amount to around 44%, compared to 42.8% at the end of last year. We appreciate your attention. We all know that mindsets are more in the direction of the future deal with Aedifica, for which all the team of Cofinimmo are very supportive and already working on it. But of course, we are, as usual, at your disposal for any questions you might have. Thank you. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six. Our first question comes from the line of Charles Boissier at UBS. Your line is open, please go ahead. Yes, sir. Good morning. Thank you for taking my questions. Two questions from my side. So first on healthcare tenants, and second on offices. On healthcare tenants, I think back in 2024, the write-downs amounted to EUR 0.5 million, and now you have mentioned some write-down on receivables, termination payments in the order of EUR 6 million offsetting each other. So it's 12 times more than 2024. So I just wanted to know about the context behind these write-downs, and how much annualized rent does it correspond to, and to what extent this is also in the 2026 guidance as well? Yeah. First... Yeah, thank you, Charles. First, on the numbers, Jean? Yeah, Charles, I would like just to precise two things. The amount of offset each other, in fact, so we have a write-down indeed of EUR 6 million on receivable, and then indemnities of EUR 6 million, which is a positive amount. So it's not an add-on? Yeah. It's a- Yeah. Yeah, yeah. Plus, plus a minus. Yeah. So, but anyway, it's you know, your second question about the context. So, you know, as you know, the global context for operators is seriously improving... with some variation regarding the speed depending on the size of the operator on the geography, as also known and reflected in the press including at the you know, in the last quarter of 2025 and the beginning of this year. Some of them are still finalizing the restructuring of their balance sheet. You know, I would say for some of these operators linked to activities that have nothing to do with healthcare, which means that healthcare assets are very sound, and this is still the view that we have for all assets. And basically, these write-down have been indeed taken, but they might lead to credits in future periods, and that's basically the position we have preferred to take, especially in view of the common deal for the future. So you know, this is basically the end of for some of the operators some difficult periods. Some of them tackle a problem at the beginning. Those who had problem outside of the healthcare, you know, started to restructure their balance sheet a bit later, but basically, nothing very worrying. As far as Armonea is concerned, you are also reading the press. We have an agreement with them in agreed form, not yet signed, but it's, you know, as we speak, it could be in the signature, could be received, as we speak. So basically, this is the situation. As far as offices is concerned, I guess that your question is about the evolution of the occupancy ratio. Again- Yeah. You know, the office portfolio with much more tenants is leaving. You have, sometimes, you know, up, sometimes down, depending at the time where you take the picture. So we have also some divestment. Again, is it just the portfolio leaving? It's not reflecting, you know, a structural deterioration or anything else, but just the portfolio, but the portfolio going through its normal life, I would say. And you know that we have seriously upgraded the quality. So, now for a buyer to buy everything, I think the not only the upgrade of the quality, but also the refocus on the CBD, are all asset that make it even as a whole, an attractive portfolio. If I hear you, then based on your leasing conversations, you wouldn't necessarily expect 2026 occupancy in offices to significantly deteriorate from here? It's, you know, from what I know today, no. And, you know, the CBD remains the best area in Brussels, so especially we are in the best part in the Leopold District, as you know. And today, there is no sign that this was deteriorate. I'm telling you this because we all have in mind what happened a few weeks ago, with, you know, there has been some headwinds some years ago with the basically working from home. And then since two months, some people saying, "Oh, with AI, the occupancy will go down." But from in all markets, you know, the Brussels market has always been qualified by some international investor as a bit more boring because more resilient. But resilient is also very positive, and we don't see anything related to that, coming as we speak. Very clear. Thank you. Our next question comes from the line of Vivien Maquet at Degroof Petercam. Please unmute your microphone. Yeah, good morning. Thank you for the presentation. A couple of questions on my end. If I may start with the first one on the divestments target. Could you maybe share how much of this EUR 110 million relates to offices? Because I think that most of it is now under due diligence or has been completed. So I think that you have a good, I would say, idea on the share of offices. Could you share it? Yeah. Well, you know, as we are only in February, as every year, the allocation between healthcare and offices that we have in mind in February might be quite different when we land at the end of the year. Especially as you know that as far as offices is concerned, everything is for sale. So, you know, to tell you that in 110 there is you know 50% of offices and DPN, which is more or less what we have in mind. Of course, the offices divestment could be much more significant. So the guidance about allocation has to be taken with a bit of caution, especially when we are in February. I think, around September, then the allocation becomes a bit more relevant. ... I don't understand, but for, if it's on due diligence, I mean, you have how much is offices under due diligence there? I don't know if- Under due diligence, let me give you. We have offices in due dil. Yes. Yeah, indeed, we have offices in due diligence. I prefer not to give you the amount because we are talking of, you know, I would say not small assets. If I give you an amount while we are still negotiating, we still, you know, don't want to basically leak information about how much we have in our accounts compared to the discussion we have. Understand. Thanks. Then maybe another question on the first disposal you have completed to this date: was the nursing home in Brussels. I understand you cannot disclose information on the price, but just want to understand a bit the rationale behind it, because last year you mostly sold none in Belgium, and here you are selling in Brussels. Yeah. Well- Was it surprising? No, we have completed an asset rotation plan based on several criteria: real estate criteria, commercial criteria, and then climate and energy intensity. And rotation, asset rotation is part of any core business as all business. And we also like to have asset rotation within the healthcare portfolio. And if you look at our track record in the past, it's consistent. So, it's nothing more than executed a sound and well studied asset rotation plan. You should not see anything more than that. Okay. And then one last question, with the others. Could you share your view on where we stand for the healthcare in Germany? How do you see the market? Do you see it as bottoming out, and do you see increasing opportunity for you, thanks to increased profitability of the tenants, to commit to new projects there? Do you believe it's the right time to look at that market? Yes, I think, you know, the... You have to make a distinction between standing assets and a development project. For development project, you know, given the position of certain developer and so on, you know, operators are thinking again about it and are studying it, but it might still take some months before you see, you know, large portfolio of new assets being constructed. But again, depending on the geographies, we all know that south of Europe is quite dynamic. The UK is quite dynamic as well. So, I think the overall climate is positive. Certain operators are looking again at growing, not necessarily by owning their real estate, but by looking at consolidation. So clearly, the atmosphere is more positive and more dynamic, especially with the, we'd say, sharp need for infrastructure that has been highlighted during the COVID period. So, we all know that there is a structural lack of infrastructure which may differ from one country to the other, which make it a necessity in many of the geographies in Europe. Thank you. That was it. Thank you for the answers. You're welcome. Our next question comes from the line of Veronique Meertens at Kempen. Your line is open, please go ahead. Hi, all. Good, good morning. Thank you for the presentation and taking my questions. For me, some questions around the guidance, and maybe as a follow-up on Charles' question. So do I understand correctly that for 2026, you do not expect further issues on delayed rental payments from some of these operators? And secondly, on the guidance, could you give some additional color on you being a net investor? Obviously, there are still some CapEx for the pipeline, but what is included in your guidance in terms of the other investments that you pencil in? How big of a share do they have in the rental growth for 2026? Thank you. Thank you, Veronique. First on the guidance, remember last year the guidance was 620, and we ended up with 645, and you know us, that's basically the way we usually approach things. So the 645 includes already you know, many of the expectation we have regarding certain operators. So for those distributions that are known to us, that's you know, already included in the budget 2026 based on the discussion we continue to have. About the investment, well, I think it will depend also you know, about the future combination and how it will be played. You know, that basically we are confined to financing or investment with debt only. We also want to have our LTV under control. Of course, the coordination with Aedifica is and will be even more important. There are opportunities on the market. I think that also has been highlighted by Steven on many occasions. Of course, you know, 2026 is a bit of a special year for Cofinimmo in terms of ability to basically harvest, as long as the two companies have not been completely unified. Of course. No, I understand. Maybe then on those discussions with some of these operators that are struggling, can you elaborate on, are those discussions around rent levels? Are those discussions around maybe changing to a different operator, or yeah- No, uh- What are you actually discussing with them? It's basically not about changing operator. It's you know understanding to what extent problems outside of healthcare are impacting the healthcare operation, why, and what are their plan, since the healthcare operation are sound, what are their plan basically to basically solve this issue, which are not related to healthcare. So it's not about self-finding any operators because the operators or certain homes are in distress. So we are a responsible partner, but there must be a responsible also group, and it's more you know finding a win-win than any dramatic move. Okay. So indeed, it's not per se worries about the actual rent cover ratios of those specific assets? No, no, because we, you know, the, there has been a discussion, as you know, with Armonea and all landlords in Belgium showed a certain, we'd say, I would say, flexibility to basically ensure the future. This spirit tries to be maintained when there are, I would say, discussions with operators. Okay. That's very clear. Thank you. Our next question comes from the line of Steven Boumans at ABN AMRO ODDO BHF. Your line is open. Please go ahead. Hi, good morning, and thank you for taking my questions. So first one is on the, what is it? EUR 12 million loss, share, in the result of associated companies and joint ventures. Could you give a quick background and especially tell us what we can expect for this line item for 2026, please? Yeah. Hello, Steven. The loss in the associate is mainly stated in the press release, comes from some amounts that we had to take regarding the development project in Germany. So it's-- we have published there a loss of EUR 8 million in the press release. Yeah. Yes, and is that then... Well, is that issue fully gone, so nothing to expect it in this line item for 2026? Well, not for this year, and normally we are on the safe side for the upcoming year. Okay, clear. And then maybe on the healthcare investment markets, for the potential investments that you see, could you provide some background on the yields you are seeing? How do you expect to transact those investments, and how that compares to, let's say, 6 months or 12 months ago? Well, you know, I would say 6 and 12 months ago, you had not many transactions. So the few transaction that have been done at that time, in terms of yield, you know, you could dispute whether they were representative because there has been some, we'd say, a very attractive portfolio that have been sold, some more. So, it's very, challenging to say, "Okay, yields have evolved, compared to 12 months ago." I think, that, what is well appreciated is that, the time where money was free, with very low interest rate is over. This has been basically translated into the valuation of the various players. Which means that today you start to see, yields that, basically reflect this new, interest environment, which we believe is there to stay and not to go back to, quote-unquote, "the good old days." We know that there are certain, owners that are still dreaming, that, this could, come back. The liquidity is coming progressively because you don't have, a lot of forced seller. If you look at, I think, the, the larger, seller of healthcare assets, during the last two years has been Emeis, and you see the very impressive amount of the investment they have said—they have done... with, you know, them as operators, which in the mind of, certain people raise still a question mark, and they have done it at, still a good yield. For me, it's not necessarily that much a big evolution of a yield. It's just that basically the dream of going back to the zero interest rate environment is basically almost disappearing, and today you see yields that make more sense considering this environment that we have today, and corresponding liquidity, more liquidity compared to, I would say, the last two years. Okay. Clear. And to be expect, you expect from what you see today, that the yields on your book value reflect what of the deal sets you expect to happen in 2026 too? Yes, we- Absolutely, yes. Yeah, I think, you know, regarding evaluation, we, you know, are comfortable with what is happening today. Yes. Clear. Thank you so much. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. Our next question comes from the line of Frédéric Renard at Kepler. Your line is open. Please go ahead. Yes. Hi, good morning. Just a follow-up on the office portfolio. Just wanted to know a bit what is the percentage of leasing which are coming from for renegotiation this year? How much have you been able to achieve and at which level of rent? We need to follow up on that because I don't have the information in front of me. There is not a wall of refinancing. Usually, we secure a big chunk, but it should be very marginal. We will follow up on that, Lynn, with Lynn, Frederick, to give you a more aligned on this. All right. Thank you very much. Maybe just follow up. All right, understood. Maybe just follow up on the Armonea discussion you mentioned and you were referring to. Just, you mentioned that you had a good discussion, but does it—do I understand that actually you had a discussion already on your facilities and that you actually conceded some rent relief? Should I understand that? Well, basically, there has been, Armonea has done bilateral discussion with all their landlords or not, the big vast majority, I would say, of their landlord in Belgium. And the basically focus was to have equal treatment for all of, the Belgian landlord. So, you know, that was basically, the rule of thumb, for all the discussion and, you know, to the extent that they had were valid argument, you know, the various Belgian, landlord have shown temporary, flexibility, given, you know, the global relationship, but also based on a recovery plan and measure, to be taken, by the operator themselves. So basically, the discussion were quite similar, in order to ensure equal treatment. Okay. And on Colisée, remind me, you have also some exposure in Spain, right? The exposure is very minimal in Spain, but I'm even not. No, it's in France that we have 2 assets with Colisée. Okay. And, and- And the other- Two in Italy, not in Spain. We are- All right. We are going to a granularity, so I need to verify my note given the asset rotation, but two assets in Italy and two assets in France. There, the discussion were also the same or? No, because the discussion was Armonea, period, not Colisée. Okay. Okay. Okay, understood. Thank you very much. Our last question comes from the line of Lynn Hautekeete at KBC. Your line is open. Please go ahead. Good morning, everyone. I have a follow-up on the healthcare campus in North Rhine-Westphalia. I'm trying to reconcile the movements on your balance sheet and the cash flows. On page 11 in your footnotes, you say that you had EUR 40 million investments in the fourth quarter of 2025, and that is a net result or a net amount of EUR 56 million and EUR 17 million coming from changes in participations. I'm just wondering, that EUR 17 million, what is it exactly is that figure? Is it CapEx that was supposed to be spent and then did not go out because you sold the participation? Well, Lynn, I think it's a very detailed question. We can discuss that after the call if you want. We can reconcile everything. We will give you a full reconciliation. Yes, nothing to hide. Okay. Yeah, yeah. Because it's, it's- Okay. Technically, there are various flocks, so we will give you detail on that. ... Yeah, perfect. It's not an easy one. And then maybe second question is on the, on the CapEx of the offices. I was just wondering, is that yielding CapEx or is it just the order of re-refurbishment? With refurbishments, yeah. Mostly refurbishments. Okay. So, okay. And then maybe a third one, a quick one is on the headroom that you have on your facilities. So that's around EUR 1 billion, and you're not going to replace EUR 270 million of it. Is it possible that that headroom goes down even further in the future? Because right now, it's quite expensive to keep the EUR 1 billion there. Well, you know, the future is the combination with Aedifica. So, I think we are all waiting that it become real to benefit from the combined, the combination. And you know that the combination will have a positive impact on the cost of capital, including on the abilities basically of financing and, you know, what S&P also has said. So, you know, we don't do reasoning on a standalone basis for the future, but more on the combined and the news will be good in this respect. Okay. Thank you. Thank you. There are no further questions at this time, so I hand the conference back to the speakers for any closing remarks. Thank you. Well, as usual, I will tell you that we are at your disposal. I think we are all looking at March second in our agenda. But in the meantime, if any questions regarding the past, don't hesitate. We have well noted two follow-up that we will do regarding questions that were raised today, and of course, we will follow up on that. But if anybody has any other question, always pleased to answer them, and you know us, you know who to contact, and we will follow up. Thank you for your attention, and thank you also for those years of dialogue. This is not the end of the story. There is an exciting operation in sight and, for sure for the future leader in European healthcare, there will be interesting times. Thank you, and, we'll be in touch.