Good morning, ladies and gentlemen, and thank you for joining our webcast this morning. The first half of the year demonstrated Montea's strategy is working exactly as intended. As momentum picks up across our markets, we see our clients taking strategic decisions, translated directly into leasing activity, investments, developments, and earnings growth. As in every quarter, I am pleased to present these results together with our CFO, Els, and our Investor Relations Manager, Inna. Els and I will take you through the results, after which Inna will lead the Q&A session. Our EPRA EPS remains fully on track with 5% year-on-year increase, underpinned by strong 2.8% rental growth. Our portfolio, as well as our development pipeline, have seen exceptional leasing momentum with 255,000 sq m let, relet, securing an average rental uplift of not less than 16%. This progress means that we have now secured 95% of Track27, bringing us within reach of the EUR 1.15 billion target we set ourself. At the same time, we have fully secured the funding required to deliver this growth. With both investment and financing largely locked in, we have a clear runway for future earnings growth and confidence on future execution of our strategy and our promised value creation. Before diving into results, I would like to give one slide on a market update. What we see is, while geopolitical uncertainty remains a reality that is unlikely to change soon, we see that occupiers are starting to look through that. 51% of occupiers are now looking to expand in the next three years, an increase not seen since 2023. Businesses have increased their confidence with 3PLs, post and parcel delivery, and e-commerce being most optimistic, along with Chinese occupiers that are increasingly active across Europe. I will come back on that later on. Last but not least, we see that occupiers are concerned because of the lack of good quality product. Also on that topic, I will come back later in the presentation. I said 255,000 sq m of letting and reletting, 145,000 sq m of that is in the existing portfolio, but 72% of that 145,000 sq m is leased to new tenants. We were able to increase the rent by 16% on average, in line with our ERV. When we look at the kind of leases we signed, we see that more than half of them were big box above 25,000 sq m with nice names like JD.com and CRG. Going into detail on some of the deals, the JD.com deal is a deal we did on the former Decathlon site. You remember we developed that building in 2017 for Decathlon. The lease was expiring in 2027, and we were already closing this deal today, de-risking the 2027 lease maturity profile already in 2026. Another nice deal we did over the last months was with CRG, the Claes Retail Group. You remember that six months ago, we bought this building empty after the bankruptcy of Euro Shoe. We renovated the building and at delivery it was leased to CRG, a nice deal on a core location. We continue to sustain near full occupancy in our portfolio, outperforming the market by no less than 500 basis points. 95% of the lease maturing in 2026 have now been let or relet, only leaving us 0.6% to renegotiate over the last half year. As I said, the tenants are struggling with the lack of good product, and this is something you see, in my opinion, in this graph, where you see that for good product like our portfolio, you still have an occupancy rate of 99.4%, where the average of the market is now roughly between 94% and 95%. We also see that we are able to catch rent reversion with an average rental growth of 4% since 2022, clearly demonstrating the capturing of the reversionary potential to both indexation and positive reversion. As of today, we still have 7% of rent potential to capture, meaning future rental growth potential. Let me now focus on Track27, our growth plan. As already mentioned, 95% of the EUR 1.15 billion we want to invest is now secured. More than EUR 800 million has been invested. Another EUR 90 million is under execution today, and another EUR 180 million is under exclusive negotiation. A part of this are the remaining directly yielding acquisition we announced in Q1, which we expect to close in the very near future, and at an average yield of above 6.5% on average 6.6%. You know our four growth pillars, but I always want to repeat them. Development, acquisitions, partnerships, and green investments. Developments, 130,000 sq m of new leases signed. I will come back on that. 33,000 sq m acquired in Brussels. And of course, our ongoing partnership with the Weerts Group in Liège. Going to the first pillar, the developments. We were able to win a tender in the Port of Antwerp for the development of a new building for DP World. We were able to sign a lease with Bosch Siemens Hausgeräte for development in Tiel, where we were able to sign a lease for 70% of this building. So 30% is still on the market, but there are advanced discussions for these developments. This is for me a nice momentum to give you an update on the total development of Tiel. As you know, in 2018, we bought 48 hectares of land, which is the former glasswork site. We remediated the site, we developed, and I start from the right-hand side, we developed for Intergamma last year 95,000 sq m GLA, both logistics and a cross-dock platform. In the back of the site, we have a land lease with Struyk Verwo for another longer period for the exterior storage of building materials. The one in blue next to Intergamma is the one we are starting now, the 67,000 sq m, of which 70% is prelet to BSH. The one in green is the one we still have on the market, on the commercial process, where we are actively looking for tenants. Then the two purple ones we developed for Overdie and are starting a development for Arjo. The one in the back, the small one, the yellow one, is a very interesting one. We leased it out. It's a land lease to Milence, and Milence is building a trans-European charging platform for truck charging. This is nice because we will be able to use the energy we produce on the roofs of this park to develop or to charge the trucks that come to the park. So this is really sustainability in action. In short, we have 188,000 sq m now under development in Halle for the Colruyt Group, two projects in Tiel, and of course, our 40% in the JV with Weerts in Liège, which gives us another 220,000 sq m in the near-term development pipeline. After that, even 1.4 million square meters of future development potential in portfolio. Second pillar, acquisitions. We did a very nice acquisition in Brussels, really at the entrance of Brussels. We know that Brussels is struggling to organize the last-mile logistics. You know that we have had great experience in Antwerp with the Blue Gate project, and we really intend to do the same in Brussels. The building is now leased for a long period to bpost, but this strategic plot will only become more strategic in the upcoming years. Talking about the partnerships, the beautiful Skechers project we developed together with Weerts, and we are really proud of this successful partnership. The first three units of five have now been delivered to Skechers, who have now started the automation works in the building. Remaining phases are fully on track for this beautiful, ambitious development. Looking at the pipeline of the project beyond the successful execution, what makes this project particularly attractive for us, it is the earning profile. Through our joint venture structure, Montea has been generating a return on every euro invested from day one, resulting in an immediate positive contribution to our earnings. Last but not least, and you know this is a very important one for me, I always emphasize on it. It is our land bank, where we think it is our most important competitive advantage. We were able to add another 500,000 sq m of land under option in Q2, mainly in France. So we continue to secure strategic land with now close to 4 million square meters under control. Knowing Montea, you know that we always plan with the long term in mind. Our first priority today is the execution and remains the execution of Track27, but we are already preparing the future beyond Track27. One of the key growth drivers will remain this land bank and the in-house developments we can realize on them. With the French land bank now as an anchor where we are in the process of securing 500,000 sq m of permits, we intend to continue the growth on this land bank beyond 2027. To make this very concrete, in our land bank, we see another 75% of rental growth in the upcoming years. But of course, growth just for the sake of growth is not really the game we are at. We want to create value, and we think that there is around EUR 350 million of additional value remaining to be captured through these developments. This, in our opinion, highlights the unique strengths of the Montea platform. A substantial portion of our future earnings growth and value creation is already embedded in the assets we own today. With this positive message, I would like to give the floor to Els. Thank you very much, Jo. All of our growth is backed by a very strong balance sheet. During the first half of the year, we secured and refinanced EUR 207 million of funding. This means that we now have all the means in place to execute Track 27. At the same time, we further improved the quality of our financing. We refinanced all debt maturing in 2027 well ahead of time, while keeping our long-term, well-diversified financing profile with long-term interest rate protection. We also continue to maintain the cost of debt at a very low level of 2.2% on average, well below our maximum guidance of 2.5% under Track 27. In short, we have the funding, the balance sheet, and the flexibility to deliver our growth plans and take new opportunities whenever they arise. Our funding position has been strengthened further. With the refinancing done, we now have no debt maturing before 2028. At the same time, we extended the average maturity to five point five years, creating a well-balanced repayment profile. The funding platform has been strengthened by adding three new lending relationships. Overall, our funding is well spread over time, supported by a broader group of financing partners, and fully aligned with the execution of Track 27. Our financial strength is not only reflected in our funding profile, it is also recognized externally. Fitch reaffirmed our BBB+ investment-grade credit rating with a stable outlook, recognizing both the resilience of our portfolio, as our disciplined financial management. For the first time, we also obtained a strong F1 short-term credit rating, all while keeping our leverage and coverage ratios within the expected levels. We continue to operate within a resilient financial framework. All remaining Track 27 investments are fully funded and covered within our around 8x adjusted net debt on EBITDA barrier. We maintain our financial discipline, and we continue to protect the strength of our balance sheets while keeping the flexibility to capture new opportunities and, of course, market momentum. Based on this strong first half year performance, we reaffirm our guidance for both 2026 and 2027, keeping us firmly on track to deliver the 7% annual EPS growth ambition of Track 27. We have our 2027 EPS target of EUR 5.60 in sight thanks to the strong performance of our existing portfolio, the continued like-for-like rental growth, additional income from recently completed project, and of course, from new directly yielding investments. With our growth pipeline secured, funding in place, and earnings feasibilities continuing to improve, we remain confident about the road ahead. I will now hand back to you, Jo. Thank you, Els. In conclusion, we see strong leasing momentum with 255,000 sq m signed over the last six months. We see significant progress on Track 27, with 95% now secured, and with a fully funded investment pipeline, as Els mentioned, that provide us confidence in the earnings trajectory ahead, with a 7% earnings per share growth over the next years. Backed by a strategic land bank, sorry to repeat it again, but backed by a strategic land bank, deep local market expertise with our local teams, and a high-quality portfolio, Montea is well positioned to translate future market demand into sustainable long-term growth. With this message, I will now hand over to Inna for the Q&A session. Thank you, Jo, and good morning, everyone. As you know, you have two options to ask your questions. If you are joining us via webcast, please feel free to raise your hands. And in case you are joining us through the dial-in option, please press pound key five to enter the queue. If you want to withdraw your question, press pound key six. Our first question is from Suraj at Green Street. Suraj, your line is now open. Hello, good morning. Thanks. My question is just a couple. First one is, it is on the EPS. It just looks like it is lagging a little bit in 1H. I know you reiterated your 2026 EPS guidance. Is it possible just to help us understand how you bridge the gap? Maybe I will ask a second question afterwards. What you mean is actually that we are currently at the 5% growth while the guidance is 7%? Right. Yeah. Yeah. That is clear. Of course, the 2% remaining is the recognition of Montea in the Netherlands as FBI for fiscal year 2024. We are still awaiting that recognition, which will represent roughly EUR 0.08, the 2% that is missing. Okay, thank you. The second one was just on France. You still, I think, mentioned that you are trying to aim for the 500,000 sq m of permitted land by end of 2027, but have 150,000 sq m today. I just wanted to understand, is that still sort of the realistic goal by the end of next year? Is planning maybe the main constraint to accelerating in France right now rather than occupier demand? Well, as in every country, planning and permitting is the main challenge in our projects. We are well on track. We see that when we make that message, it is because we have the visibility to get the permits in place. Let us not forget that a lot of the land in France that we buy is subject to obtaining those permits. That also means that we did not have to invest in the land prior to obtaining the permits. We are well confident that we will obtain these in this year or the beginning of next year. In the meanwhile, they are less difficult for us because we do not have to buy the land until we have the permit. Jo, maybe to add, as of today, we have secured 150,000 sq m already of the GLA that we were planning to do until the end of 2027. We definitely have work ongoing there, and we are confident that we can reach the remaining 350,000 sq m. Yeah. Absolutely. Okay, thank you. Thanks, Suraj. Our next question on the line is from Lynn at KBC Securities. Lynn, your line is now unmuted. Hi. Good morning, everyone. I have two questions. My first question is also on France and the development potential that you have there. I was just wondering if the WDP/Argan combination changes your perspective on the French market, given the potential increase of competitive pressures, and if you would maybe target a different type of tenant or building type in the future going forward. Well, thank you, Lynn, for your question. Let's say that WDP was our first competitor in the Benelux, Argan was our first competitor in France. Them joining forces doesn't really change the needle for us. It's just the same people. It's the same that we were encountering on the current market. No, that doesn't really change for us the dynamics. Of course, it's the DNA of Argan, the DNA of WDP, and the DNA of Montea is in that sense comparable that we all try to capture value by in-house developments. In that perspective, I think Montea is well equipped, as we already mentioned, by the land bank we developed. If you compare it relative to the total portfolio site, we have the largest land bank of all players in the European market. We are really confident that we are able to continue our growth plan on our own land bank, and the merger of Argan/WDP doesn't really change for us on the French market. Okay. Perfectly clear. Then second question is on your operational margin or EPRA cost ratio. Your guidance for 2027 is 90% operational margin, but if I see it actually comes down a bit, and I understand there is some seasonality. Maybe could you elaborate on why it's been coming down and how comfortable you are in reaching that 90% next year? Yeah. Comparing to last year, it's more or less in line. Indeed, we have been speeding up in investing in the teams in the different countries to get the growth done, which has a slight impact on our operating margin or the EPRA cost ratio. This being said, I think with this cost ratio, we are in the top 10 of the EPRA universe with the best performing or the highest occupancy rate. Indeed, the target for 2027 can be reaffirmed to 90% operating margin for 2027. Okay. Thank you. Thank you, Lynn. Thank you, Lynn. Our next question comes from Steven at ABN. Your line is now unmuted. Hi, good morning, and thank you for taking my questions. I have two. I will ask them separately. First, looking at your recent leasing track record, large-scale occupier demand seems to be improving and being better than stated in Q1 and before. What changed most during the quarter? Is tenant decision-making, pricing, sector demand, or anything else? Also, how should we reconcile your leasing and comments with the rising market vacancy that you show on slide nine? Yeah. Thank you, Steven, for that question. First of all, it is not repricing. Let us be very clear. If we were able to increase the rents by 16%, it shows that we have this, when we say there is rent reversion potential in our portfolio, we really show that it is there. It is not about lowering the prices. So let us be very clear on that. I think a lot of the deals we did just take much longer as they did in the past. We all remember those, I would say 2021, after the Corona crisis, 2021, 2022, where parties needed to decide within two to three months because otherwise there was competition and somebody else was taking the space. Now we see that they take their time. It is taking longer to take a decision. That is why there has been a bit of a delay. I think that uncertainty is the new normal. It is a bit of a catchphrase, but I think it is true. Uncertainty is the new normal. Those who said we are going to wait until we have more visibility in the market, they now understand that it is not about to come. Operationally, they were stressed, and they needed to take a decision, and now they start acting again. Maybe last point I want to make, and it is a repetition of what I said during the presentation, we see the clear distinction between the A product, A product being a sustainable new product on an A location, on top location, compared to everything else. And you see that on that A product, there is still a lot of competition. It is much more difficult if you have B product. This can be on B locations. It can be a bit of older buildings, not really in line with current demand, then you are struggling. But luckily, we have this strategic well-positioned portfolio. A lot of people forget that, but 10 years ago, we already did a lot of asset rotation in the portfolio. I have always said that we focus on those strategic long-term leases. And if you look at the first break dates on average in our portfolio, it is above six years, which is quite unique in the market, but it is really because we focus on that prime product. So I think that is, in my opinion, the main reason why you see that difference between our 99.4% and the average in the market, which stands around 94.5%. Okay. Very clear. Maybe a second question, if I may. If I recall correctly, you have started some small speculative developments, something you did not do that much before. Can we expect more of those speculative developments going forward, and to what extent? Well, we've always been very clear, Steven, that for our developments, we would start based on a 50% pre-let. We've done that in France, we've done that in Holland before, and we are doing that now in Tiel. It's 70% pre-let, so we feel confident that there are already ongoing discussions for the remaining 30%. Our strategy is unchanged. Speculative development is part of our scope, but only if there is 50% pre-let. On that, if I can assure you, every time we've done that in the past, we were able to lease out the entire building before the delivery date. We have a very strong track record on that topic. Yeah. Looking at the total portfolio of developments in execution, the pre-let level still stands at 92%. Yeah. That's very clear. Just wondering indeed for the future. That's clear. Thank you. Thank you, Steven. Thank you, Steven. Thanks, Steven. Our next question comes from John at Van Lanschot Kempen. Your line is now live. Hi. Good morning. Hope you can hear me. I wanted to follow up on Steven's questions. Looking at the leases that you signed, the JD leases are reletting with, I suppose, refurbishment, and the BSH one is a new development. At the same time, you are mentioning that occupiers are concerned about the lack of good quality demands. They take longer to make decisions. But once a decision is made, do you sense that where the demand out there really has the patience to wait for the space that they are taking up, or do they want it as soon as possible once they make this decision? Well, we have the advantage in logistics that the throughput time of a project is rather short. Once we have the permit, we can deliver within 9- 12 months. For me, and I have always said that, it is not a reason to do speculative development. Sometimes in real estate, you say you have to do spec in order to catch the demand at delivery. We are not really convinced of that. We really focus on pre-letting. So there, we do not change our strategy. JD, they will start immediately. BSH, they can wait. And of course, DP World, it is a tender they organize themselves. It is a beauty contest they organize together with the Port of Antwerp. So it is a process they manage, so they are well aware that there is a timing of 12- 18 months, including their internal works that need to be done. The timing is not really an issue. Okay. That is clear. Thank you. In Q1, you mentioned that you had four acquisitions signed. I suppose the Brussels one is one of those four, and you closed that. Could you provide a bit more color on the progress for the remainder, and also whether closing these are included in your 2026 EPS guidance? I am always looking ahead. If we are looking back, then I give the floor to Inna. No, John. You are referring to the EUR 90 million to close at above 6.5% net initial yield. Indeed, one of which was bpost. It was an EUR 80 million acquisition that we now closed in June. The remaining mix, it is a couple of acquisitions. I do not think we have confirmed exactly how many we will be doing. But the remaining mix is EUR 70 million, which are now in final stages of closing. So we expect to provide news on that very shortly. We indeed confirm the same target of yield at above 6.5%, which of course will feed directly into our earnings towards the end of this year as well as next. Okay, that's fair. Thank you. Thank you. Thank you, John. Thank you, John. Our next question comes from Francesca at ING. Your line is now open. Hello, good morning, everybody. Can you hear me? Yes. Good morning, Francesca. Hello. I have questions. The first one is escalating a bit the question of Lynn of KBC on sector consolidation. We have an important consolidation trend across the logistics sector. How Montea is looking at this? What is your view and what type of strategic opportunities of strategic risk do you see in the recent deals that we have seen? Should I go one by one? Yes, that is maybe easier, Francesca. I will take that one. Yeah. I agree, but what we see today in the market is definitely a mismatch between the public and the private markets. If we want to buy an asset, the yields we have to buy, and we then look at the share prices on the public market. There is indeed a mismatch there, which leads to more pressure on M&A. From our side, we want to continue to focus on value creation, as I said, through the land bank, through our local teams, through rent reversion. We are not really playing on that market today, and every opportunity that would come by would, of course, have to lead to EPS growth or significant NTA growth. Otherwise, if it is just growing for the sake of growing, we will never do it because it would dilute the potential of our land bank in more shares. We are well aware of that mismatch today, but it is not our first focus today. Okay. Another question for you, Jo. You are always looking ahead, so that is the question for you. Track27 is approaching its completion. Today, you look more confident when it comes to dynamics among tenants. When should we expect an update about your next strategic plan and key priorities, let us say up to 2030? You will understand, Francesca, that I will not give you a date on that. Unfortunately, I cannot give it. But let me assure you that if you look at the land bank, if you look at the potential we are building there, of course, we want to continue the growth story. We want to continue on those strong KPIs, both on EPS growth, on NTA growth. Yes, there will, of course, one day be a new growth plan. It is not for today, unfortunately, but we are working on it behind the scenes. And I think when we say that we have now a land bank of 4 million square meters, that should be the best indicator that we are still able to continue that growth plan. Okay. And maybe another question. We see peers becoming more active, a little bit more active when it comes to asset rotation. Is this something that might be of interest also for yourself? Absolutely. But as I mentioned, we already did a lot of asset rotation back, I would say between 2010 and 2015, between 2011 and 2016. We already did quite some asset rotation, light industrial. I remember some of my competitors saying at the time, "Well, every time you sell a building, you're selling a client," which was partly true. But on the other hand, it gave us the equity to continue the growth and to continue in those strategic long-term assets. We're really happy for the fact that we did that in the past. Now, for me, when the share price is at the level it is today, if I would have to raise capital today, I would have to get hurdle rates above 7% in order to create EPS growth. That doesn't make sense. For us, asset rotation as part of a growth strategy where you say, "I want to create shareholders' value by rotating in the portfolio," that's an exercise we're really making in every individual country, on every individual asset line. It's not our preferred scenario. We would like to continue both growing EPS, NTA, but also the portfolio. It's our ambition to grow. But if it doesn't create value, then asset rotation will definitely be part of the strategy of our future growth, absolutely. It's not our first option, but if we have to do it, we will do it. [audio distortion] We did not understand your question. I think there's a problem with the line, Francesca. Could you repeat it? Can you hear me? Why [audio distortion] Francesca, I think the line was quite bad again. Perhaps I can either ask you to submit the question via the chat, or we can take- Yes. ...pick it up offline afterwards, if that's okay for you. [audio distortion] Thank you, Francesca. Thank you. Thank you. It appears we don't have any remaining questions in the queue. Jo, over to you for the concluding remarks. Thank you very much, Inna, and thank you very much for your questions. I hope that through this call, we were able to prove to you that Montea's momentum is building, and we are confident that there is much more space for growth to come. Thank you all for joining the call. Thanks for your time, and I already wish you a great weekend. Thank you.