Good morning. Welcome to the HIAG Immobilien Holding AG half-year results 2026 telephone conference and live webcast. My name is Sandra, your conference call operator. Please note that during the presentation, all participants are in a listen-only mode and that the telecon is being recorded. After the presentation, you can ask questions by pressing the star button and one. Should you need the assistance of an operator, please press star and zero on your phone. It is forbidden to record the conference for publication. Now to you, Marco Feusi, Chief Executive Officer. You have the floor. Thank you very much, Sandra, for organizing this and giving the introduction. Good morning, ladies and gentlemen. I would like to warmly welcome you to the presentation of the half-year results 2026 of HIAG Immobilien Holding AG. My name is Marco Feusi. I am joined by our Chief Financial Officer, Stefan Hilber. We are delighted to see so many of you here today. Stefan and I will be guiding you through the key developments of the first half of the year today. As usual, we will be available to answer your questions at the end. HIAG can look back on a very successful half-year. We were able to build on our record year of 2025 and once again achieve a very strong result in the first half of 2026. Our refined strategy is proving effective. We are performing very well operationally. Net profit rose significantly compared with the same period of last year to CHF 85 million. Even excluding revaluation effects, the result was very encouraging, reaching just under CHF 37 million. Key drivers were the strong promotional business, successful sales as part of our capital recycling strategy, and good progress in our project development. In the letting business as expected, the rental income fell by 3.3% in the first half of the year due to various property sales. Like-for-like rental income, however, increased by 3.8%, and the vacancy rate fell once again to a very low 2.8%. This demonstrates that our portfolio is of high quality, that our project developments can be successfully positioned in the market, and that our asset management and in-house property management are operating very successfully. We have achieved key milestones in our project pipeline. I would particularly like to highlight the successful completion of the Elcho project in Zurich, Altstetten in March, and the fact that it was fully let shortly afterwards. Our other development plans are also progressing according to plan and form the basis for future growth. Overall, the first half of the year confirms the success of our strategic direction. We continue to have a robust balance sheet, an attractive project pipeline, and a high-quality portfolio. We are therefore looking forward with confidence to the second half of the year, and are convinced that we will once again be able to achieve a very good result for the full year 2026. For a detailed explanation of the financial particulars, I will now hand over to Stefan. Thank you very much, Marco. Good morning, ladies and gentlemen. As you heard, HIAG was able to build on its record year of 2025 and once again achieve a very strong result in the first half of 2026. Operating income more than doubled to just over CHF 159 million. A key reason for this are the revaluation effect and the income from the condominium ownership project in Cham. Accordingly, the associated direct expenses for the condominium project have also risen. Operating and administrative expenses therefore rose from around CHF 20 million to CHF 52 million. The bottom line was an EBIT of just under CHF 106 million. This represents an increase of around 93%. Despite the higher volume of financing, finance costs rose only slightly due to the favorable interest rates. Tax expenses, on the other hand, reflects a base effect. In the previous year, we were still able to utilize tax loss carry-forwards. These have now been exhausted, which is why we expect to return to normal tax rate from 2026 onwards. Net profit thus rose about 90% to CHF 85 million. It is particularly encouraging that net profit, excluding revaluation gains, also went up significantly, namely by 80%, around CHF 37 million. These profit figures resulted in return on equity on 13.3% or 6.0%, excluding revaluation effects. In the following slide, I will go into more detail into the key income and expense items. This reconciliation of changes in rental income shows which factors increased or reduced rental income in the first half year. As expected, disposal had the greatest negative impact. This resulted in a reduction of rental income of CHF 2.7 million. New lettings and project completions, together with contributions of around CHF 2 million. But we were not yet able to fully offset the impact of the divestment in the first half of the year. Rental income thereby fell by CHF 3.3 million- CHF 38 million from an operational perspective. However, the picture is different on a like-for-like basis, i.e., excluding transaction effects, rental income rose 3.8%. The completed ALTO residential tower in Zurich-Oerlikon adds a rental flat income, which, nearing completion, will begin to contribute to earnings primarily in the second half of the year. We, therefore, continue to expect a slight increase in rental income for the full year compared with the previous year. The vacancy rate across the entire portfolio once again ended at 2.8%, has reached a new low. Excluding the spaces still vacant in the new commercial development, Aarberg in Winterthur, the rate would be even below 2%. This underlines the strong letting performance across the rest of the portfolio. The higher property values led to a slight reduction in the gross yield for the existing properties from 5.3%- 5.1%. However, thanks to low property expenses, the net yields remained stable at 4.2%. The average remaining term of the fixed term tenancy agreements, the weighted average lease term, remains a solid 6.3 years. From the 15 last tenants involved is as high as 6.8%. The proportion of open-ended leases has risen from 19%- 37%. The main reason for this is the completion of the 149 rental flats in ALTO. Just under 60% of the open-ended leases relate to flats. Of the leases due to expire in 2026, 56%, measured by rental volume, are of a strategic nature. Due to the mixed status of the development of the remaining leases, over 80% have already been renewed. Overall, the rental maturity profile therefore remains comfortable. This slide shows the development of the portfolio value over recent years, and on the right, the changes in the first half of 2026. Investments in our projects and existing properties totaling around CHF 70 million, together with positive revaluation, have more than offset the disposals arising from the sale of condominium ownership and investment property. The portfolio value thus rose to about CHF 2.1 billion. This slide also clearly illustrates how our capital recycling strategy works. We sell properties at a profit that is well above book value, and reinvest the proceeds in our project pipeline, which in turn leads to further increases in value. In this way, we create additional value whilst maintaining a sound balance on the balance sheet. Here you can see the revaluation effects in a multi-year comparison. It is noteworthy that the development portfolio delivered a positive contribution to value even in 2023, in an environment of sharply rising interest rates. In contrast, the higher interest rates at that time led to write-down in the existing portfolio. In the first half of 2026, the development business was also the key driver overall. This resulted in revaluation of CHF 53.4 million or 2.6%. Of this, just under CHF 40 million was attributable to the development portfolio, which has appreciated by a net 4.9%. The existing property portfolio increased by around CHF 40 million or 1.1%, with the residential sector once again making a significant proportion. This trend shows that our own project performance makes a substantial and recurring contribution to value creation. The average real discount rate used in external valuations fell by nine basis points to 3.16%. This trend is in line with the recent market trends, where lower interest rates and strong investor demand are leading to falling yield requirements for property investments. Demand for the owner-occupied flats in the second phase of the Chama site in Cham remains very high. As the reporting date, 95% of the flats had been notarized. Combined with the construction process of 86%, this resulted in a contribution to earnings of CHF 20.3 million in the first half of the year. The comparison with the previous year is characterized by a one-off effect. Due to capacity bottlenecks at the relevant authorities, no deeds of title could be registered at the time, and consequently, no profits were recognized. For the upcoming condominium ownership project, for which we are currently awaiting planning permission, marketing has not yet begun. However, this means that we will be able to book corresponding income from property development in the future. Excluding direct costs for the condominium ownership project in Cham, operating expenses fell by around 24% year- on- year to just under CHF 15 million. The previous year's figure was, amongst other things, impacted by the extraordinary renovation of a roof of an industrial building in Kleindöttingen. In the current half year, property expenses stood at a very low level, accounting for 9.1% of Property income. As various maintenance works are planned for the second half of the year, we expect to see a certain catch-up effect here. For the year as a whole, we anticipate a ratio that is more in line with previous years. The transfer of the metal recycling business to the Thommen Group, which was completed in mid-2025, also had a positive impact. Other costs, in particular staff costs, are in line with the previous year and our expectations. Despite continuing growth, our capital structure remains very good. The equity ratio stands at 56.4%, while the net LTV is 39.2%, well below our self-imposed limit of a maximum of 45%. This gives us sufficient financial flexibility to implement our current pipeline and capitalize on additional growth opportunities while remaining focused on our conservative balance sheet targets. The volume of financing increased by CHF 50 million- CHF 830 million in the first half of the year. We primarily combine two financial instruments for our financing. The syndicated credit facility mainly covers short-term liquidity requirements. We use bonds to lock in interest rates over the longer term and ensure balanced maturity profiles. At the beginning of the year, we successfully placed a green bond worth CHF 100 million, maturing in 2033 and carrying a coupon of 1.34%. This extended the average fixed interest period from 2.2 years- 2.4 years. At current interest rates, we are able to refinance at very attractive terms in the short and the long term. The average interest rate paid remained constant at around 1.7% during the reporting period. HIAG, with its sustainable initiatives, remains one of Switzerland's leading property companies. We are focusing on three areas where we can make a tangible impact through our portfolio. Firstly, reduction of greenhouse gas emissions. Secondly, tenant satisfaction. And thirdly, expansion of our own renewable energy generation. On the next slide, you can see how we are translating these priorities into concrete measures. In several properties, we are replacing oil and gas heating systems with lower carbon alternatives, such as district heating or heat pumps. The conversions will take in stages between 2026 and 2027. In addition, we are investing in energy-efficient new building. In future, we plan to meet the Minergie-ECO limit 1 for construction emissions. Although compliance with the limit is an ambitious target. We are also seeing a positive trend in tenant satisfaction. This confirms that we are on the right track and that we maintain close ties with our tenants, partly through our in-house property management. We have also made progress in expanding renewable energy. With the new photovoltaic system, the total solar capacity has increased to 9.0 MW peak. Of this, 8.1 MW peak is operated by our joint venture, HIAG Solar. I will now hand back to Marco, who will provide you with further insights into our project developments. Thank you, Stefan. I now move to the site development and give you an update on our key projects. First of all, our projects are progressing according to plan and remain within our cost and schedule targets. A particular milestone was the completion of the Elcho in Zurich-Altstetten. Just a few weeks after completion, all 149 flats and all commercial spaces had been let. This confirms the high appeal of our site development in well-connected locations. The ongoing project in Cham, Hausen, Lupfig, Frauenfeld, and Meilen are also progressing well. We anticipate further investments of around CHF 80 million for these projects. From this, we expect additional rental income of around CHF 10.5 million. Added to this are the sales proceeds from the owner-occupied flats in Cham of at least CHF 154 million. From today's perspective, the outstanding development profit from these short-term projects stands around CHF 50 million. We expect the medium-term projects to be completed by the end of 2028 and during 2029. For the Schönau site in Wetzikon, we have received the planning decisions from the city for the first phase, comprising 79 rental and owner-occupied flats. The legally binding planning permissions are expected to be issued in the coming months, so that we can soon start the construction. In Niederhasli, we also expect planning permission for the first phase of the development, comprising around 100 flats and approximately 2,000 sq m of commercial space to be granted shortly, enabling us to commence construction work next spring. For the property on Kelchweg in Zurich-Altstetten, a planning application has been submitted for 29 owner-occupied flats. We expect the planning decision by the end of the year. Construction is currently scheduled to start in mid-2027. These medium-term projects involve a planned open investment volume of around CHF 198 million. Annual rental income amounts to about CHF 5.2 million. We are targeting proceeds of CHF 200 million from the sale of condominium ownership units. We anticipate further development gains of around CHF 50 million to CHF 60 million from these projects. On the Kama side, finishing works and landscaping are currently underway on the six Kama blocks in phase II. The first owner-occupied flats have already been handed over to the buyers. The rental flats will follow in November. Demand is very strong. All 67 rental flats were fully let months before occupancy. Of the 73 owner-occupied flats, only three units are currently still available. This marketing success highlights the high demand for housing in attractive locations and confirms our development strategy. On the Campus Reichhold in Hausen, Lupfig, the buildings for OC Oerlikon are currently in the outfitting phase. Handover to the tenant is scheduled for the end of the year. At the same time, the infrastructure works for the GTR data center project to GTR will be completed in the coming months. The campus address is continuing to develop into a key location for modern production offices and data center users. Work on the renovation and conversation of the listed instruction building, the historic Walzmühle in Frauenfeld, has been underway since the end of 2025. With this project, we are implementing the final phase of the long-term site development. 30 flats are being created, along with additional studio and commercial spaces. Structural work is currently underway. The spaces are due to be available to future residents in summer 2027. In Niederhasli, we have signed a lease agreement with NorthC Switzerland for more than 30 years for the new HIAG Six building. The building is intended to be used as a data center with an IT capacity of 4 MW. Construction began in March 2026, following the work to secure the excavation pit. Earthworks are currently underway. Handover of the building's shell is scheduled for the end of 2027. The project is another important milestone in the development of our site in Niederhasli. Now to our transaction business. We were also able to successfully implement our capital recycling strategy in the first half of the year. We sold further properties that no longer aligned with our strategy, taking advantage of strong market demand. Specifically, three development sites in St. Maurice and Esch, as well as two small properties were sold, which resulted in sales proceeds of over CHF 20 million and a gross profit on sales of around CHF 6 million. The sales prices were again significantly higher than the book values at 39%. Over the last four and a half years, we have sold over 30 properties, generating sales proceeds of almost CHF 300 million, and thereby achieving a gross profit of around CHF 54 million. The sales prices were on average around 22% above the most recent valuations provided by the external valuer. This confirms the strong performance of our transaction business and at the same time creates additional financial flexibility for HIAG's continued profitable growth. As usual, I am pleased to provide you with a brief overview of the current sentiment in the Swiss property market. The Swiss economy is developing in a general stable manner, albeit with moderate growth despite geopolitical uncertainties. The low interest rates, population growth, and the limited supply of land continue to underpin the property market. In our target segments, we continue to observe good to very good demand. The residential market remains particularly strong. We are also seeing solid letting activity for commercial and logistics space, particularly in well-connected locations and in buildings offering flexible use. In the transaction market, we continue to expect intense competition due to high investor demand and consequently, stable prices that are likely to rise even further. For HIAG, this means we remain disciplined, focused on quality, and consistently pursue our strategy. Regarding the outlook for the full financial year 2026, we can fully confirm the targets communicated in March. We are able to slightly improve our guidance on vacancy rates and development sales. For 2026 as a whole, we continue to anticipate a slight increase in rental income compared with the previous year. From next year onwards, we expect rental income to rise significantly again, primarily thanks to the completion of several development projects. The vacancy rate should remain low at around 3%. In the second half of the year, we will invest a further CHF 60 million in our ongoing construction project. Progress on these projects is likely to contribute once again to noticeable increases in sales. As with the [inaudible] development project, we anticipate that 98% of the flats will have been sold by the end of the year. We expect this to contribute a further CHF 12 million to gross profit in the second half of the year. In our transaction business, we do not plan any further sales for the remainder of the year. However, as usual, we are preparing for further potential divestments in the coming years. At the same time, we are continuing to actively explore acquisition opportunities. However, the high demand in the transaction market means that only a few properties meet our quality and yield requirements. We remain highly selective and disciplined. In terms of sustainability, we are focusing on the key areas outlined by Stefan. Our aim remains to further improve HIAG's already high standards in all relevant areas of sustainability. As previously communicated, our dividend policy remains unchanged. On the September 21st, we will also be holding another capital market day. As part of Property Tour, we will be showcasing the sites in [inaudible], Luckenwalde and Zehlendorf. The executive board and the project managers will guide you through the day and provide insights into our business assets. We would be delighted if you could join us. You can simply register using the event station you received by email last Monday. In summary, we expect good operating results for all business divisions for the second half of the year as well. We continue to anticipate a positive capital market and are confident that following the record results in 2025, we will be able to achieve another outstanding result in 2026. That concludes our presentation. We're looking forward to your questions. You can submit them now via Chorus Call. Let's start with the question-and-answer session. If you want to ask a question, press star and one on your phone. You will hear a sound confirming that you are on hold. Should you wish to retract your question, please press star and two. Please use your telephone handset for asking questions. Should you have a question, please press star one on your phone now. Our first question is from Volker Wisch from Reichmuth & Co. Good morning. Thank you for the presentation. I have two questions. First of all, the project ALTO. You mentioned CHF 220 million and 24% more. So what are we talking about? Thank you for answering those questions. Good morning. There were further costs. We had to have costs. We had the CHF 24 million was a further improvement, and the other costs are due to the market because the rental income was stable. As far as we value the development project according to yield and cost, and as far as the development projects are concerned, the risk has to be paid from cash. Then we also need an addition on these components. We put them a bit more stringent because we were able to complete all these things successfully. Thank you very much. I have another question. Of the 0.44, CHF 102 million cash flow, indirectly. At the end, only CHF 220 million. What has changed and why do we have these changes? Are they just calculations or what are they? Please, could you repeat the questions? I didn't quite get it. What does it do with the cash? So cash flow. In terms of divestment, CHF 102 million are included. Yes. In 2025, you said CHF 200 million. What has changed? A part was implemented. We had sales in the first half year. The other part went well. This is to say we had other projects which we postponed a bit, but those were investments that we did. Okay, good. My last question. Mortgages. You said CHF 70 million. Do you have an idea how that will go? Will you extend the mortgage or will you pay it off? Basically, we would like to finance ourselves in future that we no longer need classical mortgages on our properties. We will pay them off with a bond and also a syndicated credit facility, and when the time comes, we will decide what we will do. Thank you very much. Great. If you have other questions, press star and one on your phone. The next question comes from Philip Herron of Flex KB. Good morning. Thank you for the presentation. I have a couple of questions on the rental. The exact point in time of handover, I would be interested in that. Yes. Good morning, first of all, Philip. One question after the other please. Occupancy will be end of October or November. That's at least what we plan. There is a bond due in 2027. Is that time of the existing portfolio, or what is it that you mentioned? Due in 2027. Extensions. Sorry, the sound is very bad. That's why I have to ask you again. I couldn't hear you properly. Not a problem. At about 8%, we think that then it becomes due, and for 50% we have current negotiations. Those 33% are of a strategic nature and about 5% will be let. The last question. Possible sales or contracts. You mentioned a figure, 2026, what this costs. CHF 25 million book value. You are saying you want to sell that. CHF 25 million. Those are sales proceeds, gross sales proceeds. In the market. That brings cash flow. We have sales above the book value. We have CHF 27 million and 30%. We have what we said for the first half year. We are thinking of one or two small projects. We hope we have about CHF 10 million residential income. Thank you very much for your explanations. Thank you very much for your questions. If you want to hold other questions, please press star and one on your phone. Next question is from Gerhard Schwarz from Baader Bank. Please, good morning. Thank you very much for the possibility of asking questions. I would like to know the following. The tax that is normalized, 15%, is that about the figure that we can expect in the next couple of years or a bit more or a bit less? That is my first question. My second question, emissions. It hurts that you only selectively reduce emissions. Is that due to the market environment? We actually went down from the original target values, especially the residual value. Tax. In Switzerland, if you are real estate properties or such a thing with the tax, it can vary depending on what we sell. Whether we see revaluations, whether we see gross profits. For your calculation, I would think 18% on average to be on the safe side. 18%. Thank you very much. Acquisitions in Switzerland. There is a very high investor demand, and there is a lot of liquidity in the market, so I would assume that new acquisitions might be possible. It shows the pressure on investors. Because prices in last month really rose. We have, of course, an existing portfolio, residential and commercial. The price increase is also due to the market environment, also to new measures. We do not plan to buy more residential properties. We have our own very exciting residential projects, and we think that the values will rise. Because there is more population and there is a high liquidity in the market that actually accounts for an additional demand. Then we also have some revaluations that we can use. Thank you. Ladies and gentlemen, that was the last question. I give the word back to Marco Feusi. Thank you, Sandra. If there are no further questions, we would like to thank you very much for your time and your interest in HIAG. We look forward to the one-to-one discussions over the next few days and wish you all the best. Take care and see you soon. Ladies and gentlemen, the phone conference has ended. We would like to thank you for joining. Goodbye.