Good morning, everybody. For the first time, we are not all together in the same room for an Investor call, the proof of our growing European platform. Too much business to do, so we have to spread our spendable time better between clients and investors. Yes, our new 2030 vision, announced with the full-year results, landed very well internally and externally within team WDP, our clients, and our investors. It boosted our enthusiasm to build out the EUR 10 billion+ platform for tomorrow. Yes, we made a perfect start by gathering already new building blocks towards 2030. One, by enforcing our international team and also by assembling on building out, in the short term, a new unique land bank from Zwolle to Marseille, together with interesting add-on acquisition developments, redevelopments in all our countries. All of this is fully supported by more and more clients asking to do business with us in more countries. Since my statement, we can now offer solutions from Helsinki to Madrid and Rome. All of them will be realized step-by-step the coming quarters. Of course, all fitting within our EUR 500 million investment envelope per year. I can say with confidence that we are seeing a lot of activity in the different business segments we are in, even though we are still living in volatile times. This is really a big difference versus a year ago. Back then, almost everybody was waiting for more stable times. Today, people are increasingly accepting that volatility is there to stay and that we have to handle with it. For the short term, Q1, of course, can never deviate really from what we announced two months ago with the full year results and the outlook. Yes, we can of course confirm our EUR 1.6 earnings per share guidance for 2026. The most important news of this report is that we replenished the investment pipeline with EUR 140 million new investments, consisting of four new pre-let developments and an add-on acquisition at an NOI of 6.9%. We keep the pipeline in execution at EUR 700 million. We also signed 100,000 sq m of new leases across the developments and kept the occupancy within the normal foreseen levels of 97%-98%. A clean sheet to steer even with all the volatility around us. Time for Q&A. Alexander, the floor is yours. Good morning and welcome to the Q&A. If you wish to take a question, there are two options. One via the chat, and the second option is to press pound key five on your telephone keypad, and if you wish to withdraw, it's pound key six. We already have a first question in line from Marios. You're now unmuted. Can you please take your questions one at a time? Great. Thank you. Good morning, and thank you for the update. I've got two questions on my side. I'll ask them one by one as mentioned. Firstly, you mentioned this morning that you see demand broadening. You've got larger space requirements, selectively coming back to the market. If I look at your leasing volumes and the proportion of leases renewed, through Q1, I think this was running lower year-over-year, and of course, we've now got the renewed uncertainty around the conflict. How are you thinking about leasing volumes through the year? Should we expect an improvement, and are we on track to get to that 90% renewal rate? Well, first, indeed, demand and the renewal rate is also depending on, and can differ from year to year, on the moment when the renewals will be there. There can be a lot of renewals in the beginning of the year or in the end of the year. In general, let's say like we said, we see a lot of activity. There is more and more demand in the smaller spaces. Let's say there we have already since last year, a normal market and the market up to 10,000 sq m. As from September, then we have seen new strategic partners and strategic decision-makers coming back to the market because they said, "Look, we can't wait for more stability. We go for it. We have a vision. We think that we can also use the moment versus our colleagues who are still hesitating. Now, and since the beginning of the year, we also see new tenders for bigger spaces. More and more, everything is normalizing. I think if we are still missing one thing, then indeed you can say, okay, there is no economic growth yet. Let's say the normal daily extra square meters that we have when economy goes up. The cyclical square meters there, let's say, people are still hesitating because economy is not yet retaking. We are confident about the demand and the occupancy. Very clear. Thank you. Just secondly, on country managers now in place across Italy, what are you tracking there in terms of portfolio opportunities to ramp up exposure, and how should we think about the timing of this coming through? Thank you. Well, we always said that the new countries are part of our 2027, 2030 plan, but that we will engage them now in order to prepare the future. They are just engaged. Spain started the 1st of March. Italy starts the 1st of May. Let's say now we are onboarding them. They will make a plan about the market, about how the competition is handling, about where are the possibilities, the opportunities for us. Now they have the time to prepare, and then at the right moment, they will come with a development or an acquisition. Let's say we did it now instead of waiting and having a portfolio. We hire them upfront, but give them also a little bit time to get and to learn our DNA and to learn the markets and go forward. It is indeed within the 2030 plan. Great. Thank you very much. The next question is coming from Frederic Renard from Kepler. You're now unmuted, Fred. Hi. Good morning. I hope you can hear me. Just one question on the renewal on existing lease. I'm not so sure you mentioned at which level of rate these were realized. Can you comment on that, and maybe can you give a comment on the ERV growth on your respective market for Q1? That would be the first question. Mick, will you take this? Yeah, I'll take that one, Frederic. The lease renewals were done at the ERV, so at levels in line with the spread between contractual rents and ERV. Let's say between 7% and 9%, that was but we can confirm those ERVs. Then the second part of the question was the ERV trend across the markets was flat, which is also normal with a bit of market volatility. The good thing is we are capturing the spread. Yeah. The fact that we are now on 7% instead of 10% means that we can capture the potential. Mm-hmm. It can go up again. Can you maybe comment a bit about it, because you are referring to the fact that you are seeing more appetite for larger units? Can we conclude that for the upcoming months, you should be announcing something relatively large, a bit to the same extent as what you have been announcing in Antwerp, for instance, in your development pipeline? We have to see. We have to stay cautious. Yes, we see people, we see big demand like indeed the Antwerp development is a very nice one. I think this is a good example. Yes, of course it will not be the last one, on the contrary. Let's say too early to say when. It's still to be before summer. Interest. We see much more activity, and there will be very nice things to come in the near future. Okay. Thank you. The next question is coming from Suraj Goyal from Green Street. You're now unmuted. Good morning. Just one question from me. Can you please provide some color on how construction costs are trending in real time across your key development markets, given the conflict in the Middle East? It'll be interesting to hear your thoughts on that. Let's say it's a combination of two factors. First of all, indeed, there is some nervousness with our contractors about those elements of their materials who are linked to oil prices, like insulation, of course. On the other hand, there is also not a lot of work. That is the difference versus, I would say, the post-corona time. You had indeed prices exploding of materials, and there was a lot of work. Indeed, the total construction cost went up. Now, there was still a downward trend since there was less activity. Yes, there is now. They are thinking, Have I still stock? Can I already reinvoice extra price? They try to, let's say, use those elements. On the other hand, there is not so many work. I think today prices are flat and at a low level. Yes, depending on how long it takes, depending on the problem in the Middle East, there could be, for some elements, a little higher part, but it's not the same like after COVID. There is still less demand. For new buildings, the margins are lower. I think today it's compensated and prices will, let's say, at least very well and not a problem to do profitable projects. Thank you. Thank you, Suraj. The next question is coming from Vivien Maquet from Degroof Petercam. You're now unmuted. Yes. Good morning. Thanks for taking my question. I had a question on the investment market. Just wondering what you've seen in terms of new asset portfolios put for sale. If there is still, I would say, a new portfolio put on the market since the conflict, or do we expect some, I would say, lower liquidity, and therefore lower opportunities for you to acquire assets on the market? I think no. I said the contrary in my intro. There, I said that we see a lot of possibilities, a lot of activity, that we are negotiating some very interesting acquisitions, let's say in all the countries. No, I cannot say that there is less liquidity. On the contrary, let's say since the beginning of the year and since last year, I think there is more and more liquidity, and that didn't stop, let's say, the last month. No. Yeah. Thanks for repeating. More than enough possibilities. Yeah. More than enough possibilities for us in all the countries. Perfect. A second question was on the contribution of solar energy. You make some comment in the press release. Just wanted to get a bit more detail there, and if you could provide any guidance on what to expect in the future quarters and the contribution to the top line. Mick, you will take this? From energy, you mean, Vivien? Yes. For the income from energy, we look at the full-year number, and then we can still confirm what we have in our budget. In the guidance, you can also see the details in the annual report in the order of magnitude of EUR 26 million for the full year. All right. Thank you. The next question is coming from Paul May from Barclays. You're unmuted, Paul. Hi, guys. A couple of quick ones from me. First one on the vacancy rate movement and the disposals you've done. Do the disposals have an impact on that vacancy rate in terms of how they've moved that, or is that purely just an underlying operational movement? That should be quite a quick one. I've got a second question. First of all, on the disposal, no, that didn't have an impact because that disposal already happened. The Belgian side happened in Q4. In Q1, it was the normal, usual movement of tenants, and it's fully in tune with our budget and which we guided for at the start of the year, that we see a normal occupancy rate in a normalized market of between 97% and 98%. This small quarterly movement just reflects the usual tenant movements. Okay, perfect. Thank you. Second one, you mentioned, obviously, in the opening and the last question about acquisition opportunities definitely being there, and I think if anything, potentially increasing given higher rates for some of the owners of those assets. How would you look to fund those? I think at the full year, you mentioned if there was a large transaction, you'd happily equity fund it, but obviously, your leverage position has been creeping up and just wondered how you're thinking about that with these increased opportunities on the acquisition side that you mentioned. Well, first of all, Paul, I mentioned that we see indeed acquisition opportunities, but that they all fit. I added that clearly, that they all fit within the EUR 500 million investment envelope we have every year. Today, they are perfectly fitting in. Like we mentioned at the full-year results, if there is a special extra transaction at a certain moment, then we will investigate it, and we will put it against our cost of capital at that moment. Then, let's say we can see what we do. The most important thing is the fact that we have EUR 500 million a year, and let's say this is as from 2027- 2030. Even EUR 2 billion we have during four years to invest. Everything today fits perfectly within that EUR 500 million envelope. If there is more, like we said, then we will investigate it. If we can create value, we are open to do it, and if not, we will not do it. Perfect. Just to check on the created value, is that more an income-led view or is it an asset value, sort of NAV-led view? I think in the past, you've been more income-led, but just to check. Income-led. Our main metric is earnings per share creation and having on all the assets a solid, correct risk-adjusted long-term total return, property return. That's how we look at it. Perfect. Thank you very much. You're welcome. Thank you, Paul. The next question is coming from Anna from Morgan Stanley. You're now unmuted Hi. Good morning. My question is on your outlook for market rents, so ERVs. I believe that in the full-year results, you mentioned that you were expecting market rental growth to come back in line with inflation and in the long term, maybe above inflation. However, the first quarter, we've had another quarter of flat ERVs, roughly, and therefore, your reversionary potential is compressing. Yeah, I just wanted to know how are you thinking about this, particularly as with inflation going up, you would probably eat a little bit more of this reversionary potential in the absence of ERV growth. Yeah, but that's never followed so fast. Yes, there is again a little bit more inflation. Yes, that will be. We still believe that ERVs will grow at least for the short term with inflation. Let's say that has to take some time. It's not quarter-on-quarter. We have to see that in the. Indeed, that takes. Let's say the inflation went up just the last month, and then that. Let's say ERVs are not following month-on-month on that, but that's on a yearly basis more. You have to look at that on a yearly basis and in a longer term. Mick? Yeah, absolutely confirmed. Okay. Thank you very much. The next question is coming from John Vuong from Kempen. You're now unmuted. Hi. Good morning. Just one on the like-for-like rental growth. I noticed it dipped a bit over Q1, but guidance for 2% is still reiterated for the full year. Is there a timing or base effect in here or to bring it back to this level, or do you expect occupancy to really materially improve here? Well, I think this figure we show is broadly in line with what we guided for at the start of the year. There we set a like-for-like rental growth expected for the full year around 2%, and we at that moment set within indexation will be a bit less than 2% for the full year. We have around 50 basis points coming from reversion, and that would be then partially offset by the impact of temporary vacancies related to tenant movement. What you see is actually in tune with that guidance. Okay, that's clear. Thank you. We also have one question for you, Joost, in the chat, coming on cold storage. Can you give some additional feedback on the exposure to cold storage and the attractiveness that we see in that sub-market compared to conventional warehouses? Well, indeed, it has always been a very interesting segment within our business, since indeed, you need to, let's say, you can make better warehouses. There is more equipment in. Then indeed, let's say in those warehouses, people stay longer and more and more, let's say, more and more products needs to be in cold warehouses, and the legislation everywhere in Europe is getting stricter. The requirements are indeed more severe. Let's say more and more goods needs to be in cold storage. There is still, let's say, in a cold storage, there is less activity, and I would say less buildings available. There is almost always full occupancy in cooled warehouses. Cooled, meaning then, let's say, positive between two to four degrees or around 10 degrees. Of course, then you still have the deep freezers too. Also, a very interesting segment, since indeed there is less supply in those things, and we are able to develop them, and more and more clients are wanting it. It's a very interesting add-on segment in our business and growing. Thanks. As a reminder, if you want to take a question, please press pound key five on your telephone keypad. In the meantime, also to highlight, there are no further questions. Some of them have already been covered, so we can cover them again offline if need be. That said, there are no other people in line to ask a question, so I will give the word back to you, Joost, for any concluding remarks. Okay. Thank you, Alexander. Indeed, we are only two months further than the announcement of our new vision, and so that cannot deviate. I think I can just repeat two things indeed, that we have a clear ambition towards 2030 with a very clear goal. We want to create a fully integrated EU platform providing total supply chain infrastructure solutions. Above that, and again, based on Q1 and the long term where we are already building forward, we can say that we are delivering today with a vision for tomorrow. Above average growth with a below average risk profile. Thank you all, and we stay, of course, always available for all your further questions about this and about the future towards 2030. Thank you all, and have a good Friday.