A clean sheet across the board. An EPS of 0.75 plus 6% year on year, fully in line with expectations. And the full year guidance of 1.53 can also be confirmed. All of this supported by a strong balance sheet with liquidity and auto financing in place. We continue to demonstrate the strength of our commercial platform. 300,000 square meters of new leases signed across existing portfolio, ongoing pipeline, and new developments. An occupancy of 97.3 in slightly above expectations With all maturities in '25 resolved, 90 renewed and 10% released or in current vacancy rate. So '25 is done. And above that, an investment activity of €440,000,000, bringing the total investment pipeline in execution to 800,000,000 at an NOI yield of 6.785 preleased. So now we have all the building blocks in place to realize blend 27 and confirm our 27 guidance of 1.7. Now we have to build the house with the blocks we have, and this means executing and letting. And even more important, for those who doubt, let us be clear, Blend '27 is not the end. It's not the finish. Our ambitions to create profitable growth with strong total return goes far beyond '27 based on the following foundations, a solid long term fundamental solid long term fundamentals of the logistic real estate sector and internal value creation, especially through the e in blend, extracting value out of the portfolio, the land bank, rent reversion, indexation, and so on. But, yes, the $1,000,000 question. Is demand still there? And we can confirm absolutely. 300,000 square meters of new leases, a balanced 150,000 per quarter. This proves that there is still demand, and more importantly, that way that pay can capture us across all the segments and the countries in the existing portfolio, in the pipeline in execution, and in new developments. This in a stabilizing European market with today, of course, still lower than normal activity due to clients postponing decisions. But the good thing is that the European economy is ready to recover and just waits for more clarity on the geopolitical and macroeconomic environment. As an example, for the first time since quite a long, we see some big new tenders again. And, yes, we have also new positive strategic talks with our big clients about their future needs and strategies. The question is, of course, when will they be concluded? But those signs, they are the early birds we like to see. Let's hope that we get clarity on the tariffs soon. But in any way, we are ready to capture that demand. So, Alexander, it's now time for q and a. So good morning, everyone. So if you wish to ask a question, there are two options. Either you can send us a question via the chat. Alternatively, if you use the phone, please pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw the question, please dial 6 on your telephone keypad. And we have the first question in line coming from Mario Espastu from Bernstein. Great. Thank you very much for taking my questions. Hopefully, you can hear me? Yes. Great stuff. Thank you. Thanks for the additional comment as well regarding the occupier demand. So taking those comments and also the comments in the release itself, you mentioned current soft demand, cautious decision making. It feels incrementally weaker compared to your comments for the first quarter. You seeing a step change in your discussions with occupiers? And then secondly, your retention rates seem back in line with prior averages for 2025. Can you maybe comment on how discussions are progressing for 2026? Maybe any risks to maintaining that retention that we should be aware of? Thank you. Let's say on the retention, indeed, this or there, we are up to the normal level again. And we just finalized '25. But it's too early to say something about '26 because, let's say, those discussions just starts now. And you can look six months ahead, and now everybody finalized '25, and we are just starting discussions with our clients about '26. So but there are no signs that, let's say, that fundamentally, they are changing things, but it's too early to say something about that. And indeed, about the demand and the difference between q one and q two, I think there, we are not more cautious. There and we said, yes, there was a little bit less activity in q two. But let's say, we were able, as WDP, to get the same result as in q one. But the difference is that we see, let's say, in the future, and we have, again, positive talks with our clients about new concentrate new consolidations, new opportunities. But, of course, everybody waits for the recovery of the European economy, and indeed, clarity on the tariffs would help that recovery. But let's say if you compare it to last year, then indeed now everybody has and there is again positivity. In Germany, in France, you feel that European spirit again. But, yes, I think there are some clarity some clarity on the tariffs would help us, and there we wait for the recovery of the European economy. Thank you very much. The next question is coming from Vivian from Degroof Petercam. The line is now open for you, Vivien. Good morning. Hope you can hear me. Couple of questions, if I may ask them one by one. Coming back on the demand, I do understand your comments on demand in the 300,000 square meter, but there was quite some driven by Romania. Can you maybe just give a bit of color on your view on the different trends in between what you see in Romania versus what you see in Western Europe? Because in that, polarization is increasing. So I just wanted to get your view there. Let's say, indeed, this the spread is very well across let's say, it is really about everything in all the countries in the existing portfolio, in the development pipeline, in new developments. But, yes, let's say and that was indeed one of the reasons where we went to Romania more than fifteen years ago. There is always a complementarity between regions. And, yes, there is a complementarity between the regions, and Romania is still more in a growing mongoose. So there, you see some more new developments. And here, you see the rents in the existing portfolio and and the projects in execution. But let's say, in general, it is well spread over all the countries and all the segments. Segments meaning clients and on how big they are. So it's well spread, and there is no real one element jumping out of of that portfolio. And let's say so no. Well spread, but indeed, the European the Romanian economy is in, let's say, a different modus and in a different phase of its growth. Clear. Thanks. Then moving to the occupancy rates. So indeed, bit better than what you guided, so slightly above. I also see that you commented that all the leases that were to mature in 2025 were either renewed, relet or part of the lower occupancy rates. Does that mean that you are still confident about improving this ratio by year end? I think that your guidance assume '97, but it seems that there is some potential to to to beat the expectation there. Yeah. But let's say, there, you kept indeed the '97 what we mentioned before. But indeed, today, let's say, without, of course, a client going bankrupt or any accident, let's say, there everything is included and the occupancy should stay where she is now. Yeah. And it's difficult. We can outperform, but the thing is that we say and there is still unclarity about the direction of the European economy. But and therefore, the short term, we say this is now a floor at the 97%, and we feel comfortable in releasing by within the next eighteen months to be income generating again by '27. And that's the big scheme of things to achieve the 1.7, and that's we feel confident in. All right. One final question, leave the floor to the others. Just on your ambition for Germany, in that with now a team in place, just wanted to get your view, is this the I would say the acquisition of a core platform no longer the preferred route? Is there yields too low for that one and therefore you're shifting into sourcing like go plus value add and development. Can you comment maybe on your on your vision in Germany? Because I think that was quite interesting, I mean, that you have put the team now into there. I think our strategy in Germany is not different than in the other countries. And the country managers, let's say, starts at September 1, and he has also specific development knowledge. So and let's say we are looking to Germany like the other countries, and indeed, we want to create value. And then, let's say, buying at five or 5.3, let's say, that is not generating value. So that we don't need. So and we have that now with the team, and then we will look at it to value add or with add on potential or new developments. But let's say we have time, and and we want to do it in a value creative way. Very clear. Thank you. Thank you, Vedian. The next question is from John from Vollansworth Kempen. The line is open for you. Hi. Good morning. Hope you can hear me well. Just on the you mentioned that you're seeing clients back at the table to talk about strategic investments. So what what exactly has changed in their minds? And just how often do they actually talk about tariffs in in your discussions? Or is it more about the path to economic recovery? It's more let's say, it's more about economic recovery than tariffs since, indeed, most of our clients and most of the activities in our portfolio and in our, let's say, warehouses is for the European economy and the European distribution more than just the transnational and the transatlantic business. But indeed, let's say, tariffs would let's say, will give some confidence that and some confidence that the economy can grow, but it is more let's say, is about the recovery of the economy, and they are preparing the future. And while, let's say, a year ago, every bus everybody was looking and thinking, okay. How will I get, let's say, through the end of the cycle? And now people are preparing the the future saying, okay. This is how we now see our growth, our and we want to grow there on specific locations. And let's say they are looking and talking with us where we can help them so they are also preparing the future, which was not the case, let's say, during one year and which is now recently from, yeah, I would say, from from June, like, the big logistic conference in Munich in June. Their client starts to talk about the future and how the possibilities how we can cooperate together. Okay. That's clear. Could you be if it's also maybe provide some color on on what square meter size then we're talking about for for these discussions and and what type of customers are essentially you're talking about? Then we are, let's say, talking more today to the three PMs who are let's say, where for them, it is also a core business. And, normally, end users, they are doing first business and then looking for warehouses. This is now let's say, here we talk. If we speak about those talks, then it is with the big three p l's who are preparing the future. And the sizes are, let's say, again, the normal sizes. Not only, let's say, I would say, in the 10 to 20,000 square meter area, but more around the depending on the countries, of course. Belgium is other than France. And if you say 50,000 in Belgium, then it is probably even the double in France. But let's say, also, again, about the bigger the bigger number of square meters. Let's say, take give or take 50,000 square meters. Okay. That's clear. Thank you. I will first cover a few questions from the live chat coming from Frederic Renard from Kepler. Frederic, some of them are already covered on tariffs versus European economy. Just to follow-up on this question is reading the press release, it seems that your comment softer than q one. Do you still call the h one as a trough in terms of tenant demand, or would you revise that comment right now? Appreciating that, of course, there is no crystal ball. Yeah. I think, let's say, it's not more the question was the Whether we are traffic in terms of We are still I think we are still at the trough. And in but at that lower level, yeah, I think they're stabilizing. We are not more negative than q one. And I would say forward looking even more positive. But indeed, we are stabilizing. And let's say, we did not get enough. The economy stayed in wait mode. We stayed, let's say, at the bottom. But for me, the message was, let's say and and the idea is that to give the same to say that q two was, let's say, the same as q one, but indeed still at the bottom and indeed now waiting for a recovery. But even, let's say, in a quarter where there was even a little bit less activity, we could be important there was that we could capture the same amount of square meters, and we could realize the same activity, which is also very important. And he has another follow-up question on tenant demand in terms of we have seen Amazon being more active in The UK. Anything specific on online players in Europe that you might have seen recently? I think in general, it's the same. Yes. We also have Amazon signed also a smaller unit in Belgium as a subtenant in one of our existing buildings in q two. There there is also so, indeed, there are small things, but I would say it's in the same line than the three PLFs. It's not that there is a difference in ecommerce versus other, let's say, physical retailers. But they are also but they stay active. Thank you. Then we have a next live question in the queue from Pierre Emmanuel from Jefferies. You're now unmuted. Please go ahead. Yeah. Good morning. Can you hear me well? Yeah. Yeah. Good morning. So very quick one to start with. So what has been the reduction achieved in H1? So it's 10% on the new leases. So all new leases at 300,000 square meter have been signed at ERV, and that's a combination of rents in the existing pipeline, rents new rentals in the on the land bank and then the rentals in the existing portfolio. So everything at ERV and where you have a real comparison with before, of course, is with the plus 10% for the new leases signed for the vacant units. Okay. Thank you. On acquisitions, so it it was reported that you have been shortlisted to to acquire the Nest Logistics portfolio from the French developer, Arifim, for EUR $330,000,000. And you offered the shares to finance the deal. So if you can give us more color on this deal and what proportion of shares has been further to our team, it would be would be useful. As mentioned earlier, we are we have to sign NDAs, and I think some parties don't have to sign that because they say all kind of things in journals. But we have to sign NDAs on all files where we are looking at. But so I cannot comment on any of this or on any other specific deal. But in general, I can confirm that today, WDP is not looking into detail or negotiating any detail of in more of our markets of, let's say, the amounts you mentioned. So those kind of files, we are not negotiating for the moment. That's a clear answer. Okay. Okay. And a follow-up question on your capital allocation. So your LTV is slightly above your target. You have a pipeline to finance, and you are still willing to be dynamic, to remain dynamic on acquisitions. So how should we see the debt evolving towards the end of the year in 2026? And do you think that the current share price is a decent level to raise equity today or not? Yeah. First of all, on your target LTV, so the l t so our overarching metric is a debt to EBITDA, which we target around eight times. That's the most important metric. And on the LTV, we say it should be structurally whatever happens at all times below 50%, which in which then in reality translates to that you operate as a company between 3545%. We have said that we have guided for that, that in the execution of the growth plan, it would be broadly capital structure neutral with €1,000,000,000 investments at the start of the year with 100,000,000 again, 600,000,000 of equity coming in and 400,000,000 of debt, a bit more debt loaded in the beginning and then equity loaded in the second part. Where will LTV move from here? Well, actually, the good thing is when you take big picture, the numbers from the investment pipeline, that's 800,000,000 investment pipeline, cost to come of 650,000,000. I deduct the battery project, which is only CapEx in '28, then you end up around €600,000,000 of CapEx to to be be spent in the course of the growth plan from now till end twenty seven. And in that exact same period, we will have the 600,000,000 of retained earnings and scrip dividends coming in, which is then fully equity funded for apart from quarterly differences, of course. But the remainder of the growth plan, that 600,000,000 CapEx to finalize is, again, is fully equity funded. And that alone will bring down our LTV by the '27 automatically from 7.7 now to seven, and our LTV below 40, and it's well done be at a in at the end of this year, LTV should be around 40% and then the debt to EBITDA around 7.5. So that's a bit on where where we're headed for. But what is the underlying message is that do not underestimate the size of the balance sheet and the strength of the cash flow because if we each year have 200,000,000 of retained earnings and scrip dividends coming in, plus each year, a couple of smaller contributions in kind like we do already for more than a decade each year, then each year, we have an investment capacity of €500,000,000 without impacting our capital structure. So I think that's a clear answer on the potential. And then there was one last part of the question. Can you repeat that? Yes. So it was about the level of the current share price. Does it make sense today for you to raise equity if there is a very nice opportunity arising in the market? Well, I can you know that we are always very much focused on good, strong fundamental total returns on each project, generating a strong risk adjusted return and on aggregate, generating earnings per share growth. So we are very conscious of our at each moment in the cycle of our cost of capital. And our marginal cost of capital, debt and equity combined is now between five and a half to 6%. So then you know the minimum NOI we need to generate to achieve earnings per share growth. Okay. Okay. That's clear. Thank you very our cost of capital and the capital discipline in allocating. K. Thank you. Thank you, Pierre. The next question in line is coming from Steven from Aben. Please go ahead. You're now unmuted. Hi, good morning and thank you for taking my questions. I have three questions on the future investments and developments. So first, to start on the rent potential bridge, do you expect the rent potential to grow materially in H2 or remain flat like this quarter? Just can we take one by one? One by one. Sorry. We do one by one. Fine. Your exact question is can do will we improve the rent potential in h '2? Yes. Indeed. Depending on new developments, of course, but that's too early to comment on. We we it's a dynamic figure, and we update it each quarter. And the goal our goal is to continuously replenish what we what we finalize, and we have also capacity balance sheet capacity to grow further. Okay. Okay. And maybe also second one on the bridge. You added the letting activity potential in the long term potential. What do you mean exactly with that? So on the right? Yeah. Yeah. We we added that because before, yeah, our occupancy rates was at around 99% in the in in the past. So and now the rental bridge, the big and I would like it's on the slides. The orange blocks are calculated from the starting basis from the contractual rent, which is there. And then so including so after deducting, of course, the the the the the vacancy, and we added that as the potential also that there is also potential now in the portfolio to to relet existing vacant space, and that is the theoretical full potential of the portfolio. Nothing nothing specifically behind it. It should be mathematically correct. And, of course, there is a certainly reletting assumption in the '27 guidance, which is, yeah, bringing the occupancy back again where it was at the start of the growth plan. Okay. Clear. And the last one, do you have any updates on the permit in Dunkirk? No. Not specifically. Still wait. We still have to wait, and it takes a long a long time. No. Not no specific updates. Okay. Clear. Thanks so much. Then the next question in line is coming from Suraj from Green Street. You're now unmuted. Thanks for taking the question. So appreciate your comments on Germany, but you're one point five years on from communicating your Blend 2027 program and your desire to allocate capital towards France and Germany. I understand the dynamics have been different between the two leading to the acquisitions in France, but or more acquisitions in France rather. But would you say your hurdle rate has increased for German acquisitions? Or would you say you're less constructive on German fundamentals as a whole? Because I would have thought that the industrial economy is seeing tailwinds given the lifting of the debt break and result on increase in defense and infrastructure spending. Can you hear your thoughts a bit about the dynamics there, especially between the two countries? Let's say in a perfect world, we should have invested in both markets, a portfolio up to 500,000,000, but it went more in France and less in Germany. But that was not intended. It is just because, let's say, the market in France was faster open and liquid at the right prices, and Germany was longer closed and their prices stays very high. Indeed, I think there is, again, a positivism about Germany. And let's say, with the basis we have there, we hope we can participate to that, but it needs to be in a value creative way, And we will not buy even when, let's say, the economy or the atmosphere about Germany is more positive than one year ago. This does not mean that we will buy at 5% yield. So it's all about value creation. And, yes, so we take the opportunity where it comes. But for us, it are the same markets with the same priority. Perfect. That's clear. Thank you. Then we have the next question in line coming from Anna from Morgan Stanley. You're now unmuted. Yes. Hello. Maybe something a little bit more specific on Germany, even if you have already commented a lot about what's going on there. But recently, in the PMIs, we've seen that manufacturing employment has gone up significantly. And we are hearing companies willing to expand their production capacity in the country that this made for Germany initiative announced earlier this week. Is that something that you are seeing? And is that something that is reflected already in tenant demand, or you are not getting any any impact from this yet? I think the, let's say, the more positive is the higher production Germany, let's say, therefore, they use, let's say, the idle space in production that was there. And there was idle space in production. And if you hire your production, you don't need, let's say, directly more warehouses. It's about the production. It's it's about throughput in the factory, and there is no impact yet on, let's say, real new demand. It's a for the moment, it's about throughput in factories. But it is positive in general for the European industry. If the German engine, let's say, starts turning again, that's positive for European subcontractors for European. So that will help later on, and it will help the European industry. And so then as a second derivative, also the European economy. Thank you. Now we have a few more questions in the live chat. Many of them have been covered, so I'm just gonna focus on those that are not covered just yet. So a question coming from Michita from Deutsche Bank. So we commented already on the rental uplifts over the first half, which was plus 10 on releasings in the existing portfolio for new developments or in the ongoing development pipeline that was at ERV. A follow-up question on that was, do we see any softness in the releasing rent uplifts going ahead from here on? No. It's every it's everything is at ERV. That's the discussion is not about the price. The discussion is about when does the client sign. And if he can, in this volatile and uncertain climate, still postpone a decision, then he will do it. It's about really converting the client and getting the signature. Then another question coming from Frederic from on the like for like. The the change from q one to q two, is that purely driven by occupancy rate? And is there any revised guidance on that? Yeah. It's a bit technical comment, so I'll try to make it clear. So the big picture for the year is that for the full year, we guide for like for like growth of 2%. And there, the building blocks are unchanged versus the start of the year. It is 2.6% indexation, 40 bps coming from the entry versions we signed last year, and then it has 3% minus around 1% for the average drop in occupancy from which is consistent with the guidance on occupancy rates and we're making a trough at 97%. So on average, 1% lower, which translates into 2% for the full year. And that is still intact. What you're seeing, the difference between like for like q one, which was then a bit softer than q two, which was a bit better. These are really temporary differences between the quarters in terms of frictional vacancy relating to tenant movements. So, yes, it was the it's needed to be allocated, Fredrik, to the movements in occupancy. But on on average, we will generate like for like growth this year of 2%. Then we have one more question on the marginal cost of financing, which is currently at 2.3 and a five year debt maturity. What would be the incremental cost of debt if you were to take new financing? Well, for a five for a five year for a five year loan or bond, it would be around $3.03 25. Let's say, $3.25 or a bit higher. And there is one more question from Vin from Credit Suisse Securities on the pre letting in the development pipeline. Is that does that have anything to do with the brownfields in the pipeline? Not specifically, Wim. Let's say the pipeline and execution is a combination of greenfield and brownfield, and there is no difference in pre letting if it is a brownfield or a or a greenfield. Let's say, it's just about the location and the moment when the building is ready, but not about if it's green or brownfield. Yeah. The difference is that the the pre lettings were in the buildings, which are already there or in In finalization of the concept. And then they were I will let in during the course of the developments. That's the big difference. There are currently no other questions in line. So with that said, I will give the word back to you, Joost. Thank you. And let's say, as concluding remarks, I just want, let's say, to repeat our forward looking long term strategic pitch. And, yes, we are fully on track to create a €10,000,000,000 plus logistic real estate developer and investor in Western Europe with an add on in a in the complementary Romania, which is, like we said before, it is good for investors, the big, safe, liquid play in Western Europe, and good for our clients where we were able to offer more cross border solutions. And it's like we mentioned more than once in this call, it's not about growth, but it's about profitable growth. And, yes, we can grow organically, but we want to do it in a profitable way. And today, you have still a very interesting entrance point at the 7.5 earnings yield with a foreseen 15% growth in EPS. And all of this is indeed only possible thanks to the long term good fundamentals of the logistic real estate sector, which we always and also wanted to stress in this call. And, yes, there is a limited cyclicality in our business as usual, but we can handle that. And we have shown again that we can do that. But in the meantime, and in all the discussions on the geopolitical level, the importance of the worldwide supply chain infrastructure came above every day again. So supply chain is key and will stay key, future proof within the continentalization and important there even beyond '27. We go further, and we can create value further than '27. Thank you. Enjoy your summer. And if you still have any question afterwards, Alexander is still available to answer all your questions. Thank you, and enjoy the summer. Thank you. Bye bye.