A very warm welcome on this fantastic day. If you look outside here in Zurich, for those of you who are on the screens, with a fantastic turnout, it is very impressive to look at this. I believe we have some fantastic messages as well for you today. We are going to have a very full day today, and this is what we are planning to do. We start here with a short management presentation followed by Q&A. We can do this both from the web as well as here, obviously, in the crowd. We will then have a visit of Fraumünsterpost. This is the location where we are. We will talk a little bit about it in a minute, on where we are and what makes this building so special. Then we will have a short walk over to FlexOffice, where we show off our managed offices services as we provide them now as part of the group. We will also have lunch there. It is going to be a fantastic flying lunch. Afterwards, in the afternoon, we will visit the Jelmoli construction site. It is really impressive to see how deep we go in terms of the structural work there and what this all entails. We will then continue to YOND Campus and finally come together here at the Paradeplatz with a special tram that will transport us at around 5:00 P.M., for those of you who will join us through the end. The presentation we are giving, Anastasius, Martina, and myself, will be structured as follows. We will start very briefly about SPS at a glance. To no surprise for you, this is who we are, Swiss Prime Site, one integrated platform, two complementary pillars, and it is all real estate. As you know, we are combined roughly CHF 30 billion in assets under management. Pretty much evenly split between our own real estate business with some CHF 14 billion and the close to CHF 15 billion asset management business. The big distinction is that the owned real estate portfolio focuses on prime commercial real estate exclusively, while in the asset management, we focus on residential. The commercial parts are typically yield enhancers, speaking of in the secondary locations and smaller buildings, what we have. Another big differentiator is the difference between capital-heavy, which provides the stability and the core foundation of our business in the real estate division with about 5% return on equity, and the capital-light business, where we invest very little to no money within roughly 25%+ return on equity. All that is based on the very resilient Swiss economy, and I will be talking about that in just a minute. As you know, we have come a long way over the last five years in terms of our portfolio. We have been really focusing on this pure-play real estate for the last four to five years in transformation. I am very pleased to say that the first half of 2026 was the first year where we only had real estate revenues. About 15% stem from the asset management and about 85%, hence, from our own portfolio. And we will talk about how that will continue in the future. One thing I want to spend a little bit of time on to start with is the Swiss economy. I must say, when we did this chart with the respective graphs, I was really impressed again on how well Switzerland is doing. I think this is really something you cannot reiterate enough, the stability of the Swiss economy. We have here four key indicators, but you can do that in many more. The first one being here, the employment growth, and it is always Switzerland is the dark one. EU, as a comparison, is the light one. You see a significantly higher employment growth, which of course helps us as a large office provider, but also as a residential provider, if you compare that to the EU. Even more impressive is you see here, if you base it to 2000, we end up roughly at 135% of that. If you look at the GDP growth, again, we base it for 2000 at 100%. We are more than 165% currently. Speaking of that, we not only increase our GDP by increasing population, but in addition to that, on a per capita basis, we also increase our GDP. Again, look at how EU is performing compared to that. The final one, and of course, very important for real estate is inflation. As a consequence of that, policy rates or prime yields that you can see here on the last two graphs. Inflation in Switzerland is just peaking, and I really have to do that in [Non-English content] at 1%. If you look at the forecast of the Swiss National Bank, it will come back down a little bit towards year-end and then stabilize at around 0.8% for the next two years. If you compare that to EU, where we are currently at 3.8%, expecting a 3.6% maybe year-end, and then pretty much on a flat basis going forward. That, of course, has important implications for real estate and for the policy rates, where in Switzerland here at 0%, and you all know what has been happening in the EU with the respective rate hikes over the last couple of years. This resilient basis of our Swiss economy is translating itself into a continued demand for real estate in our country. That shows across the four important dimensions, the first one being transactions. We really see a very good year. We are probably going to have a record year in terms of transactions in Switzerland. Very strong investor demand, obviously driven by the spread that the real estate industry can generate and kind of the prime yields that you would get from a government bond or from alternative investments. Primarily been driven by residential. Given that yields are really low here, you see some spillover effects into the commercial space as well. Hence, you see further yield compression pretty much throughout the band, and there is no sign of that slowing down. At least we do not see it in our data that we get. Second is lettings. The positive going of our economy, the still growing population also has a very positive effect on the letting. I will give you updated guidance for the end of the year but maybe that in advance. We see a lower, and probably the lowest, vacancy rate at Swiss Prime Site forever since the 25 years that we are in business. That is pretty much a result of this flight to quality and the demand, in particular in these prime locations that we are focusing on. An additional element, just a minute, is we see this convenience as a big trend. You see it probably in your daily life, in terms of how you eat, in terms of how you do vacation, in terms of how you go shopping. We also see it in real estate. This convenience element has an important effect because we see more and more demand from our large tenants to a convenient office location as well, and a convenient office in particular. A convenient office, I mean they want to have a fully serviced office more and more. You see it in London where the trend started, but you see it also swapping into Switzerland. This is hence why we today announced the acquisition of FlexOffice. We will talk about that in a minute. The third element that we see in here is a stronger and stronger demand on the health side. This, again, is a real mega trend, we believe, longevity and all the elements, and we see that here in terms of the demand for space as well. Financing, w e talked about that briefly in terms of that we are still at 0%. Obviously, that provides very attractive financing positions. Those of you who are in the bond market in Switzerland have seen that this year we have had a record year in terms of new emissions. We have seen large American companies coming into Switzerland, taking part of that attractive market, and yet it is not a crowding out of us. We also had the opportunity, and we see that continuously with other real estate companies as well, where you get that very attractive spreads between 60 basis points and 90 basis points, depending a little bit on the length and on the security that you provide. Policy rates still at 0%, as I mentioned before. We do see in the swaps an expectation that there might be a hike, maybe even two going forward. But relative to what we see in the world, I think that is still with very limited upward pressure, given also our inflation rates. Finally, fund flows. Anastasius will talk more about that. Very strong flows still by institutional investors that allocate a significant part of their money into real estate and a very stable one. We will talk about that in a second. On this backdrop and on a very good Q3 of this year, we feel very comfortable now to raise the guidance that we give for the remaining of the 2026 year. We do that by raising it by CHF 0.05 on the FFO I per share now being between CHF 4.30 and CHF 4.35. Honestly, my gut feeling would say it would be on the middle part, maybe even a little bit on the higher part of that, if we continue the fourth quarter like we did in the third quarter. We are confirming our LTV below 39%. As I mentioned before, we now see an extremely good letting situation, where we expect a vacancy rate of 3.5%, previously from 3.7%, for the remaining of the year. Also on the AUM, we will talk about the money inflows, and Anastasius will give more details. We are raising here the guidance from CHF 1 billion to CHF 1.2 billion for the end of the year. That will be roughly CHF 15.5 billion AUM for the asset management business for the remainder of the year. So far the past, so let's focus on the future, because the rest of the Capital Markets Day is going to be on the future. Where do we want to go with Swiss Prime Site over the next five years? First of all, we are building on the strong foundation that we have on our two pillars with the priority of generating resilient growth going forward. In real estate, this will mostly focus on a continued capital upcycling in order to make sure that we further prime our already very prime portfolio, and in particular, help us to capture reversionary potential that we see in the market and in our portfolio. On the development side, we are laser focused on delivering our construction works that is ongoing. Plus, we will announce today three more developments or rather refurbishments. I think an important element for us going forward this year, we are aiming at the 1%-1.5% yield spread. Yield spread, I mean, in the sense of compared to what we could get doing an acquisition of a standing building. That should compensate for the slightly higher risk and make it very attractive in terms of our overall yield that our portfolio provides. Finally, we have a number of elements where we want to capture new demand trends. I talked a little bit about the mega trends just before. In particular, this will center for us around managed offices and healthcare, and the focus of it is to generate an accelerated like-for-like rental growth going forward. On the asset management side, our three priorities are capturing the 15% market share of new pension fund allocations. So it's new allocations of the pension funds. Leverage the outsourcing trend. We have been very lucky to win a number of new pension funds in our discretionary mandate solutions, and we will continue to focus on that going forward. Then we also want to selectively launch new products and strengthen our platform in Germany, where we do see attractive opportunities going forward. All this is based on our platform leverage. When I say platform leverage, I mean three things. First of all, our economies of scale. As I mentioned before, we are now combined about CHF 30 billion in assets under management. Given the size we have and the scale and the different products that we offer, we do believe we have access to the best people in the industry. So obviously we want to leverage those and benefit from these great workforce of ours. Finally, and we will talk about that in the last section of today, we have a couple of interesting things that we can share on data, proprietary datasets and AI, which we believe will help us grow going forward. Translating those into the Ambition 2030 means the following. On the financial targets on the group, we want to grow our FFO per share by 15% compared to the now raised guidance. On the LTV side, we want to maintain our A3 rating. This is very important to us and hence, we want to maintain our LTV below 39% or even more important, I do believe, is an ICR, it's an interest coverage ratio, of well above 6x. On the operational targets, we are targeting CHF 530 million on the rental income side from our standing portfolio at around 3% vacancy rate. As we are further priming, we also see an opportunity to further reduce the vacancy rate, and hence, our ambition will be to bring that roughly down to 3%. Much lower is probably difficult given that you have some fluctuations, but that's a clear ambition of ours. On the asset management side, we want to aim CHF 130 million top line, of which 70% is recurring. The 70% is important to us because it underscores the stability of this asset management as well. That is on the base of CHF 23 billion assets under management. I think with this ambition, we set a long-term strategy, and we want to go into the details now a little bit on how we want to achieve it. Let me first begin with the portfolio strategy and development update of our own portfolio. Basically, the three elements that I mentioned before. I think I can go above that relatively quickly. It repeats our ambition. It repeats the strategic priority, and obviously we're building on our key strength of having the prime portfolio in Switzerland. Let me talk a little bit about this prime portfolio in Switzerland, because when I talk to investors and many of you, then I think a lot of the discussion when we talk about our change in our portfolio over the last couple of years was focused on what I showed before. So closure of Jelmoli, sale of Wincasa, Tertianum, et cetera. I think probably the even larger transformation of our portfolio happened to our real estate portfolio. I want to show you a couple of figures now going forward, what we have done and why we believe we can continue to do that in the future. First is a split of where we are in terms of locations. We focus on Zurich, Geneva, Basel, and a little bit of Bern. This is our core locations. This is the strong locations in Switzerland. This is where the economy is happening. In terms of portfolio split by use, it's about 50% is office, followed by retail, and then followed by a number of smaller elements, in particular, infrastructure, as we call it, logistics, and then also our hotel business. As we mentioned before, close to zero residential. These are only maybe if you have, of a housekeeper, an apartment on the rooftop. In terms of tenants, we have our top tier tenants, and you see a number of them. In particular, those that we have recently gone into new contracts or extended our contracts. Among them, JP Morgan, Lonza, Homburger, EY, et cetera. Now into this portfolio transformation. We've shown this chart before, but I still believe it is impressive and shows what we have been doing over the last couple of years. When I started about five years ago, we had close to 190 properties across Switzerland. You see those on the left-hand side of the picture above here. Today, we are standing at roughly 125. We have a significant reduction in the number of properties, and we only have them in the top locations. You see this here. This is a matrix we usually get from our evaluators, Wüest Partner, and you see it here for June 2026, where 99% of our portfolio is now in the top location. 99% of our portfolio is in the top location. I want to show you pretty much the same picture, but it gives an even better view on how we transformed our portfolio over the last couple of years on the next page. This is proximity to the next intercity train station. You see it here in 2020, and you see it in 2026. I think just looking at it, you don't have to fully understand the picture, but just looking at it, you see two things. The first one is you see significantly less of these small dots. What we have been doing is we mostly sold buildings below CHF 20 million, so the really small ones, where we are certainly not the best owner. The second thing is that you see is now this is much closer to the center. Overall, over these years, from 2020- 2026, we have increased, with the same methodology, the proximity by almost 20%. We want to continue on that path because, and this leads me to the next one, it's really yielding the expected results. I want to show you results on four elements. The first one being here on the left-hand side, like-for-like rental growth, which over the last five years increased from 0.8%, and you see it pretty much on a steady increase to expected 1.6% this year. This is real like-for-like. So excluding indexation and excluding vacancy reduction. This is really the underlying like-for-like growth, not benefiting from inflation or something like that. This is what our portfolio generated, and I think it's a very impressive number, having pretty much doubled this over the last five years. Even better, we didn't do it at the expense of increasing our vacancy, but we at the same time also decreased our vacancy by more than a third, which is now at, as we said, a record low of 3.5%. You also see it if you look at the average contracted rent per square meter, where we grew it in the office by about 13% and on the retail side by pretty much double that, 26%. Why is that the case? We've mostly sold small retail assets. A large part of those small below CHF 20 million assets were retail assets, and we focused here our retail portfolio also now more on the prime retail. That's what we see dramatically here in the numbers, where we grew that by more than a quarter. Finally, what it also does, focusing on larger assets, more centrally located assets, it reduces your cost. You see here we reduced our cost by more than 20% over the last couple of years. That's why we say we will continue with our asset upcycling or capital upcycling because it yields really the respective results and builds the basis for our like-for-like growth going forward. Second element is delivering on our developments. We have here the developments that are currently under construction. Let me just very briefly go through them because we will visit most of them going forward. But obviously, if you're here in Fraumünsterpost, as you can see, we are just finishing up investing about CHF 30 million, mostly in the fit-out and the technology here. So we will have a clean heating system using lake water going forward. Should be done roughly January of 2027 when we hand over to the tenants. The building is going to be 100% AI building, which I think is very cool because you have this fantastic combination of a building that was built somewhere in the 1800s with the most modern technology that you can have. Unfortunately, we're not allowed to talk about the concrete names of our tenants. But you all know them. These are among the major players in that field. Place des Alpes 1 wasn't on the list so far. This is the acquisition that we did from SGS. We eventually got the building permit from the city of Geneva, so we are now building. It's not going to be a huge investment. It's about CHF 15 million, in particular, to make it multi-tenant. Even though we don't need it anymore by now, we have signed rental agreements and an LOI for 100% of the building. It's going to be, on the one hand, a managed office part, and the larger part is in the professional service area. What I really like about this is the 7% return on investment. And when we talk about return on investment here, we mean incremental yield on incremental investment. So incremental rental income that we did not have before we took the CapEx measure. And that relative to the CapEx. And I think that 7% is a really good number. YOND, are we going to see? So I'm not going to talk too much about it, and Jelmoli will bring a separate site, so we'll talk about that as well. But you see for all of them, if you compare to, say, market yields, if you were to buy in that location a new building, a standing building that is rented, we are roughly 1.5%+ higher in terms of the incremental yield. Here's our pipeline going forward. So you want to continue on that. As you can see from here, we will probably slightly more focus on refurbishments, larger refurbishments than actually new developments. This will help us also to achieve this target of 1%-1.5% incremental yield. The next ones that we're going to start is going to be in Stücki Park in Basel, where those of you who have been in the shopping center lately know that the upper floor is pretty much empty since 20 years. We now have a tenant. We will convert it into an office space, and that will be pure incremental space then pure incremental top line that we have. 85% is signed the LOI. On Maag, we informed independently already a half year. No update on that. We are working on the planning. 100% with the University of Zurich. Then we are working on two interesting elements. One is in Geneva, at Centre Carouge, where we are currently developing a mixed-use extension and refurbishment of the building, investing roughly CHF 60 million -CHF 80 million. The same is true in Zurich Oerlikon here, Zurich 11, where we are also developing a mixed-use refurbishment of the building, investing about CHF 50 million roughly, going forward. That should start somewhere in 2029. This gives you a little bit more perspective on how much capital we will allocate going forward. As soon as planning is a little bit more advanced, we can give you then, of course, the respective yields on this. One word on Jelmoli. For those of you who will be here in Zurich in the afternoon, we are obviously going to visit the construction site. You will see it is a heavy construction site. This is not like here. We are doing heavy structural work here. This is also the reason why we see an additional time here and increased cost base. That is it, we believe, from now. We have now 95% contracted in terms of the value of the work that we do. Excluding here is fit-out, which we have not done so. Once we go on the construction site in the afternoon, you will see that we do much more of the structural work than we anticipated in the beginning. Unfortunately, this is very expensive work. We will talk more about that in the afternoon. Having said this, we are still having on the same basis, as I mentioned before, incremental yield on incremental cost, a 3.3% yield on the investment, which is in a building. I look at our evaluator here in the center of Zurich, probably currently yielding 2%. Still roughly in this space that I mentioned before, 1%- 1.5% higher than what you would get for an acquisition in such a great location as it is. Last element here is the structural demand that we are seeing. What we see here in Zurich increasingly is the convenience element that I mentioned before, that companies choose. In particular, say, for about 50- 100 people, employees here in Zurich. They do not want to deal with the heating. They do not want to deal with the cooling. They do not want to deal with the reception or the wastewater, or water in general, electricity or internet, et cetera. They want a plug-and-play office. We are talking here not about small startups, et cetera, but we are talking about the large global firms. We will see a few of them when we have lunch here at FlexOffice in Zurich. This is a trend that has been ongoing for a significant while in London, and it is now coming here to the continent. You see here a number of figures for London, 582% growth over the last five years of this managed office segment. It is about 8% of overall stock in London. That is overall on the City of London in this flexible part, and the majority of that is managed office. So it is not individual small tenants, et cetera. It is not desk sharing, these type of things. It is really large corporates that want to have everything managed. For Zurich, the estimates are about 1%-2% of the market currently, so we can quadruple that. However, the vast majority focuses on the CBD. So in the CBD, it is probably a 5%. This is our own estimate. Over the City of Zurich, this is an estimate Wüest Partner did. It is about 1%-2%, and the market is growing quickly. We see currently about 15% growth per year, and we believe this will accelerate if we see the inquiries that we get from our different tenants. So the demand is Prime location, minimal upfront CapEx, turnkey solutions. I do not want to deal about anything experience, and this does not need to be fully flexible, but instead of the 10 years, I might have five-year contracts. So it provides a little bit of an higher flexibility than it otherwise would. This is the reason, based on this structural demand change, which we see, that we also have announced this morning the acquisition of the remaining outstanding share of FlexOffice. FlexOffice is the number two in this market, with about expected CHF 20 million in top line last year. It has 11 locations in Switzerland, a little bit more than 20 employees that they do this with, and they will become part of Swiss Prime Site going forward. We will not report it separately. It will be part of our real estate division, and we will report it as such. The offering and the reason why we believe this is really adding value to our tenants is the highlighted part, the managed offices. We are not focusing on the fully flexed. We already have the classic lease. This is the managed office part where we provide with the same tenants that we have in our own classic leases. We provide a fully managed them. We believe it is going to be both interesting because we can reach significantly higher yields there, but as well because it is going to be a pipeline for us. For example, the tenant that takes about half of the building here is currently a tenant at FlexOffice in a managed service solution. An alternative example is when Action, the retail chain, entered Switzerland. They started with a managed office solution in Messeturm in Basel. Today, they occupy own offices, again in Messeturm, as a classic lease. So it is not only a provision for companies that want it, but it is also an entry point for some of the larger tenants, which we believe makes this really super attractive. We signed last week. We will close it probably on 1st of November. There are still a number of closing conditions pending, but it should be done by about November 1st. The last element that I want to quickly mention is the health segment. I mentioned that before. It is one of the mega trends wherever you go. Those of you, I see a number of familiar faces who have been to Montreux or the Swiss Real Estate Days. The vast majority was around demographics. So this is all about the demographics because it has increased focus on longevity, on the well-being, mental health, all of those elements, and we see a significant demand for that. No worries. We are not going to buy hospitals. This is typically a type of use that you do in office buildings. So nothing special in terms of the building. Maybe a little bit more water, but nothing that really has any significant CapEx. As a result, it's more a question on how you focus in terms of the sales, of the marketing, and these elements. We have been quite successful over the last couple of months already. We currently, and will show that as of going forward, have about 7% in the health segment. Of this is about 4.5% is Tertianum. The other 2.5% are kind of other uses in the health one. I am going to show you an example of that. The interesting thing is it's not only a mega trend and the huge demand that we see with some special requirements that you need to focus, some special approaches and ways on how to approach it, but we also see a higher willingness to pay up to 20%, as we put it here on the chart. In line of that, just two examples on what we already did. The first one is we signed an interesting lease in Schlieren for general practitioner clinic, 700 square meters of existing office space at a very attractive lease. You see here, this is from another practice of the same provider. It's going to be a very high -class fit -out that they will put in there. It's going to be a general practitioner, as I mentioned before, in a previous office space. Very attractive terms for both of us. The second thing is we also last week acquired a new building in Basel, close to Aeschenplatz. About 40% of that building is health related. The rest is an office space, and I think that does two things. First of all, it adds to our Aeschenplatz cluster here, right in the center of Basel, in the core locations. It's fully let, and it adds to this attractive health cluster. Very interesting yields as we see here, significantly above 4% net yield that we could do. It's a fully off-market transaction, and it's expected to close on December 1st of this year. This was it in terms of our own portfolio. I will hand over to Anastasius in terms of a quick update on asset management. Thank you, Marcel. Dear ladies and gentlemen, a warm welcome from my side. In the next few minutes, I am going to give you an overview of Swiss Prime Site Solutions. I have broken down this presentation in three points. First point is about the market position of Swiss Prime Site Solutions. The second point about our three sub -pillars, and the last point is about the opportunities for the future. Let me start with the market position of Swiss Prime Site Solutions. As Marcel Kucher mentioned before, we have two strong pillars in our group. The first pillar is the Swiss Prime Site Immobilien, and the second pillar is the Swiss Prime Site Solutions, the real estate asset management. Swiss Prime Site Solutions is the leading independent real estate asset manager in Switzerland, with roundabout CHF 14.8 billion assets under management. Our target to 2030 is to have CHF 23 billion assets under management, with roundabout 70% recurring fees. More than 2,600 clients are invested in our seven products. 650 clients are pension funds. This is roundabout 50% of all pension funds in Switzerland. The main investment focus of Swiss Prime Site Solutions is residential, with roundabout 60%. Now let me go through to our three sub-pillars. On the left-hand side, you see the sub-pillar fund management with roundabout CHF 4.6 billion assets under management. In this sub-pillar, for example, we have the products Akara, Diversity PK, or the SPSS Investment Fund Commercial. We raised CHF 280 million in new equity and increased our assets under management by CHF 200 million in the first nine months 2026. The second sub-pillar in the middle of this chart is the wealth management, with roundabout CHF 7.5 billion assets under management. For example, the Swiss Prime Investment Foundation or the Fundamenta Group Investment Foundation. We raised in this section CHF 200 million new equity and assets under management by CHF 200 million in the first nine months 2026. What we would outline here, we extend the contract with the Swiss Prime Investment Foundation on five years to 2031. Finally, on the right-hand side, the mandates pillar, CHF 2.7 billion assets under management. For example, OSKAR or BSF. In this sector, we have gained a new mandate, about CHF 400 million. You can see on all three sub-pillars, we grew the last nine months. It is a strong sub-pillar of the Swiss Prime Site Solutions section. In the first nine months 2026, we grew from CHF 14.3 billion-CHF 14.8 billion assets under management. Only banks and insurance companies with their own -equity portfolio larger than us. We raised approximately CHF 1 billion in new equity. This is a record for our company, with future capital raise of roundabout CHF 300 million expected by the year -end. The transaction volume has reached approximately CHF 1 billion to date. This is a market share from roundabout 10%. You can see it on the right side on this page. Now let me explain how the pension fund system works in Switzerland. Roundabout 4.8 million active employees and employers pay into this system every year. This is not optional. It is a requirement. Roundabout 900,000 people are retired in Switzerland. The pension fund must therefore invest net contribution of CHF 70 billion new equity per year that they can pay the pensioners' pension. The real estate sector is a safe and long-term investment for the pension funds. From the yearly net contribution, CHF 70 billion, pension funds invest approximately 23% or CHF 4 billion -CHF 5 billion on average in the real estate market. Our opportunity for the future and what I mentioned before, our target is to raise roundabout 15% of this CHF 70 billion net contribution, CHF 4 billion -CHF 5 billion. So that's roundabout CHF 700 million should be our market share of new equity from the pension fund market every year. With the leverage effect by 30%, we will grow roundabout CHF 1 billion per year in this sector. As the pension funds increasingly outsource professional portfolio management, significant opportunities can emerge for our mandates division. That was the third pillar on the right side. We're very confident that we will be able to bring mandates on board in 2027 and the years after. We see some potential in the French part of Switzerland and new products, maybe new club deals. We also see some opportunities to expand our already profitable asset management business in Germany. A summary. Swiss Prime Site Solutions is a strong and stable business case. We have more than 70% recurring fees. That means asset management fees or construction fees. Only 30% are not recurring. That means the transaction fees. The EBITDA margin is higher than 65%, and we will grow around CHF 1.5 billion assets under management every year to reach our target in 2030 with CHF 23 billion assets under management with 70% recurring fees. Thank you for your attention, and now I hand over to Martina Moosmann. Thank you, Anastasius. It's my pleasure to be here today. A warm welcome also from my side. One platform, two distinct businesses, all real estate. That's what we are. Before I translate the strategic priorities that Marcel and Anastasius have just elaborated, let me briefly summarize. In the real estate segment, our focus remains on capital upcycling and capturing rent reversion. Delivering on our ongoing and planned developments, I assume this is the highlight why many of you made it here today, to see the construction sites behind all those numbers. This morning's announcement of the acquisition of FlexOffice underpins our drive to capture new demand trends. On the asset management side, we aim to grow with the Swiss market, aiming a 15% market share in equity raisings. We continue to put a strong focus on further expanding our bespoke mandates from pension funds, capturing the outsourcing trend. Further, we selectively complement our offering with new products, as well as growing our profitable, yet small German franchise. Size matters. The SPS platform with 200 ambitious colleagues is boosted by tailor-made AI capabilities, enabling us to flexibly scale and quickly adjust. Closest to my heart in this context is finding the sweet spot between our prudent balance sheet management and establishing profitable growth. More on that in just a few moments. In the years ahead, our focus will be strategy execution. We will do it the proven SPS way. Let me walk you now through how the 2030 Ambition translates into numbers. For full year 2026, we expect the FFO I of CHF 4.30-CHF 4.35 per share, likely towards the mid or upper end of that range, and an LTV below 39%. Operationally, vacancy should come in around 3.5%, and AUM will grow by about CHF 1.2 billion, a significant increase across multiple products and laying the strong foundation for the years ahead. Before we turn to the longer-term ambition, a few words on planning assumptions. We very diligently follow economic developments and prevailing market conditions in Switzerland, but also in the rest of the world out there. Our ambition reflects a prudent balance sheet approach. That means that currently, we foresee the possibility of two interest rate hikes in the next two years. Also, we're not banking on further valuation uplifts. Under those premises, our FFO I, which is our leading KPI, is expected to grow 15%+ with 2026 guidance as a baseline. Meaning we should be able to reach a close to five handle by 2030. Even with our model possibility of an interest rate step in 2027 and potentially in 2028, our interest coverage ratio would still be above 6 x, and we will manage LTV below 39%. The operating targets for our two pillars are CHF 530 million-plus in rental income, with a vacancy of around 3% in the real estate segments. For asset management, we target CHF 23 billion with fees of CHF 130 million total, thereof roughly 70% recurring. The 30% non-recurring fees in asset management are transaction driven. In other words, the materialization of those fees is somewhat binary. Let me now walk you through the main P&L drivers, starting with costs. One platform, two distinct businesses. Scale is a key driver for both segments, as is our focus on costs and efficiency. The downward trending lines in both our businesses over the past years visualized this better than I could do in words. In our real estate segment, the capital upcycling towards bigger objects and campuses contributes to the decline, as does the shift to less cost-intensive assets with our undeterred operational focus. In the asset management segment, as with any asset management business, the marginal cost per billion AUM goes down. As we will see in just a few minutes, the smart usage of data and AI allows us to amplify the work of our real estate professionals across the entire platform. Both pillars share resources and align processes wherever it makes sense for us. Examples are finance, including the funding and the tax function, IT, HR. We keep dedicated teams catering to the needs of our bespoke client needs, client groups, I'm sorry for that. On the next slide, I'm going to show you a bit more detail on the real estate segment, starting left to right. Like-for-like growth, that's our daily business. Optimizing the potential of our existing buildings through a bundle of levers, with rent reversion being a key component. We shared some of the examples at our half-year results. Of course, there's also some indexation. The combination will add around CHF 30 million annual income over the planning horizon. For transactions, we base our ambition on a slightly negative balance between acquisitions and sales. There are attractive opportunities out there, like the one in Basel that Marcel just shared that we signed last week. The transaction market is highly competitive, and we will be very selective on opportunities to follow. Definitely not compromising on the return. On a net basis, we expect CHF 35 million from developments. The ones that Marcel showed and the biggest ones you're going to see over the course of today. You heard a gross number of CHF 50 million from Marcel. I show you a CHF 35 million number. The difference is being some buildings going temporarily offline because of refurbishments. The stage completion of Jelmoli and YOND, including the tenant fit outs and subsequent move-ins, takes time, with the full rental cash flow kicking in 2030. Last but definitely not least, we aspire to add at least CHF 15 million from our new products, managed office with the acquisition of FlexOffice being the most significant one there. Now, let's look at the work for asset management. We will further build on our proven track record, managing real estate assets for pension funds. Aspiring a 15% market share, this will translate to additional fee income of about CHF 25 million by 2030. Then growing our successful mandates business will be supported by the observed trend from pension funds to outsource the management of their real estate portfolio to dedicated experts, which is typically not their core business, but it is ours. Remember, we are all real estate. The third pillar of fee growth will come from selective expansion of products in Switzerland, as well as growing our profitable but currently still small franchise in Germany. How will we fund all that growth amid potentially rising interest rates and a strong commitment to keep our balance sheet prudent? Our liability portfolio is well diversified, with complementary funding sources across long-term mortgages, syndicated bank loans, bank facilities, and multiple pockets of capital market funding. Our guiding principle is an LTV below 39%. Even with the modeled possibility of interest rate steps in 2027 and 2028, our ICR will still be above 6x. I said that before, but I cannot say it often enough. Assuming interest rates do not move, and I would be happy to be proven wrong here, the ICR multiple would of course stay in the eight times region that we are today. Unused credit lines of CHF 700 million allow us to approach the refinancing of our 2027 maturities, roughly CHF 450 million, without time pressure. That is a good position to be in. We diligently follow the economic developments, and therefore, our plan A is to return to the euro market after our inaugural issuance 12 months ago, but we have several options available for us. We will manage our balance sheet to maintain the LTV levels commensurate with our A3 rating and are well prepared to maneuver the volatile market environment. Allow me at this point to introduce Christian Hepp to you, our new Head of Corporate Finance, Treasury and Investor Relations. Together with him, he joined on October 1st, so in a steep learning curve. Together with him, we will fine-tune the market approach in the coming weeks and months. With this, I would like to wrap up the financial part of our Ambition 2030. Our earnings power, measured by Funds from Operations, is expected to grow 15% by 2030. So from the CHF 4.30- CHF 4.35 today. We aspire to get to a CHF 5 number. Our ambition accommodates the potential of two interest rate steps. The growth in both our segments along the discussed strategic priorities, combined with our focus on efficiency across the platform, and increased leverage from data and AI provides a resilient foundation for that. With about 5% contribution to FFO growth from our asset management business, the share of asset management is expected to further grow from around 15% currently. We also confirm our stated dividend payout guidance from 80%-90% of FFO I. With this, I conclude the CFO comments on our strategic Ambition 2030. I got two more points I quickly want to make. As of 2027, we will report our income statement following IFRS 18. We will provide you the pro formas for 2026 in February. That should give you enough time to adjust your models. As always, we are among the first ones to report full year numbers. February 5th is full year. Already please mark July 22nd for the half year, since we are also going to accelerate the reporting of our half year numbers. With that, back to Marcel. Thank you so much. That pretty much completes the strategic update and the aspirations, but we have one more thing, and that one more thing is very close to my heart and to Anastasius' heart and to Martina's heart. We really believe we are in a fantastic position, and this is not just cheap talk, but we'll show you what we did over the last couple of years in order to benefit from data and AI. Why is this important? First of all, we are in an outstanding position to use this. As you can see here, we have CHF 28 billion in assets currently. We'll grow that over the next couple of years to probably close to CHF 40 billion. That gives us a very large view on what's happening in Switzerland, a major view. We see 2,500 transactions a year. We log them all in the same database with all the data that we can have to it, including location, the price that we got, that happened, and the expected yields. We have an extensive tenant base, 10,000 tenants plus, across all the segments and across all Switzerland. We have deep real estate experience. All of this we have live, real time. You see every minute, every transaction that's happening. You see every minute, every new contract that we sign in any of our divisions. What we worked over the last two years. We started with this exactly two years ago. We built what we call a OneLake, where all of this data flows together. Currently, what we have in our data lake, and you can see it here, is an integrated cloud -native, and what is most important, governed database. Governed means everyone within our group only sees what he's allowed to see, what he would see anyway otherwise, without the AI. We are putting in there information from all the transactions, as I mentioned before. We have one database for all of our divisions. They're all separated in terms of what they see, but in terms of how we can actually look at it and extract the data, it's all integrated. From transaction valuations, tenant interactions, property and sustainability reporting, including live energy data we have from most of our buildings. All of our ERP data, all of our accounting data, HR data, everything in one database that we can use. We have an AI-enabled workforce. Since about nine months, we're doing regular trainings and updates. We have user groups on AI and all those elements. What it creates is live market insights. We have a differentiated client experience. We'll talk about this. We aim to provide the best client experience that you can have, including new products. I will show off one of them in just a minute. Additional value add for our products and in particular, of course, for our investors. This centers across three elements. The first one, and always the most important one, is customer. AI for us is not cost reduction. Not at all. AI for us is enhanced tenant experience. We will launch the first products on that early next year, and investor value add. I'll show you what is in the pilot currently and that some investors are already using. The second one is decision quality and speed. We'll show you a quick demo on how this works currently. That is the most important element probably in it. We are much faster, we can look at much more transactions, and we are much better in terms of taking the decision, putting the right price, identifying potential risks, et cetera. Then, of course, what follows from that is best-in-class productivity. As I mentioned before, this is not in the center. We do this on the back of that we have been working on this for a very long time. Since 2023, we canceled all the contracts where we provide data to third-party providers. That includes MSCI. That includes any consolidator of data. That includes even our evaluators, where we have in the contract a rule that they are not allowed to use our data for anything else. That includes our property managers with the same contract. So we have been protecting our data since about three years now. Then we worked on the data lake, as I mentioned before, and business-led innovations. Since August of this year, we have more agents in our group than we have employees. That is not, as I mentioned before, to reduce the number of employees, but to provide better decisions, better services to our tenants. We have now a dedicated AI factory with 10 employees, data engineers, AI specialists, et cetera, that provide really cool elements. I want to show off two of them, of what we did. The first one is, as I mentioned before, we do a transaction in Switzerland about every second day as a group. A sale or an acquisition. In order to do that, we do an enormous amount of due diligence work. As I mentioned before, we see about 2,500 transactions a year. So far, or up to a couple of years, you did the due diligence paper-based. Of course, that is long ago. Took you 40 hours. Now, mostly what people do is we do it obviously searchable, you get an electronic data room, still a day of work, and now we do it automated, four hours, human validation. It is 10 times faster, much better decision, and it is scalable across all of our products. I want to show you quickly how that looks. We wanted to do a real-time demo, but then given that we are on a construction site and that all of these things, we did the video, but it is exactly what it is. This is our asset workspace. As you can see, this is live. This is not something we have some crazy ideas about. This is not a mock-up. This is live. We have three super agents here. Super agent Carla, super agent Dennis, and super agent Vera. They all do different things. What we are going to show off today is Carla, which is acquisitions. So basically what you do here is you take the data room that you get, and you have Carla analyze it, and then you work with Carla in order to come to a decision on whether you see any potential problems with that. Dennis is on the portfolio side, helps you with portfolio optimization, helps you with ideas on where you can work on the cost, where you can work on the top line, all including of our vast own database. Vera is working on reporting and analytics, working, again, with our data to show you where, compared to the data that we have from the same region, we see options, we see possibilities, we see improvement, we see improvement potential. Here comes Carla. If that works. This is not cut. This is Carla. We do a RAG-like due diligence here. We show off here only the tenant database. Otherwise, it is too complex. It takes you roughly 60 seconds for a portfolio to analyze. What you see here is it goes through all the contracts. These are all fake contracts that you go here. You see kind of the different contracts that they looked at. You see here the different colors and where you see potential issues. This is German unfortunately, but it basically says it tells you kind of the type of problems that you might have and the risk, and obviously everything is super detailed, so it jumps directly to the part in the contract where they identified that issue. You can, of course, then once you worked with that, you can ask Carla to summarize this in terms of, okay, now what are my biggest risks potentially here? You see here, Carla is working on that. These are the three contracts that you have, or you see a major issue here with a 30 days notice if the CHF 9.5 million fit-out loan is not compensated or any potential other elements. You can also work with external data here. What probably a lot of people do that acquire assets, they quickly check what is in the market, go on Homegate, go on any of those contacts. We just say here, compare that to any offers that you currently see in the market. Carla is quickly working on that, and you see what it does, or she does, when it summarizes here, you see it is in the line of what you have. If you go further down, we see kind of the offers that she analyzed from ImmoScout24, from Homegate, from Flatfox, and you saw how long it took, not even 20 seconds, that you can do that. This is a small part of what Carla does in order to help us to come to the best solution, and we are the only one that can do that because we have CHF 30 billion in assets, and we have all the data in one database. I want to show you another example because this is our internal element. You will never see that, but the other one you might. The other one is when we talk about reporting, and Martina just talked about being faster and providing you our financial information earlier. But so far, this is still the same than it was 20 or 30 years ago. No, it is no longer printed, but it is electronic, but you get a long report, and you have to work through this, and then you have to do your analysis, et cetera. And what we try to do here is an AI-powered real estate interaction that is personalized with your portfolio that you invest in us. So it is life insights, it is interactive, and it provides a super cool experience. Let me quickly show you how that works. [Presentation] This is live with five pilot investors. So far, the feedback is flabbergasting. It is tremendously good. This gives you, for the first time, an opportunity to work with our data, to interactively have ideas, check it with others, have it simulate elements, whatever you want, and that on the proven back of the real numbers that we can provide from Swiss Prime Site. We will start with the asset management with this. Eventually, we will bring it to all of our investors, and these are just two of the elements that we currently work on in our AI factory. That leaves me with a summary. Yeah, a little bit too long. Here is our strategy of what we are going to do going forward. We continue on our capital upcycling, making our great portfolio even greater, going forward, all in the sense of capturing the reversionary potential that we have. We are working on our developments and refurbishments with an aim to gaining a yield spread of 1%-1.5%. Finally, I think we have proven today that we are fast in capturing up with potential demand trends, including the trend to convenience and outsourcing with FlexOffice. On the asset management side, we have a clear goal to capture 15% market share of the new allocations of Swiss pension funds. We want to leverage on the outsourcing trends, where we gain new mandates with our large pension fund system, and we will selectively launch new products. You will see that over the last time. Strengthen our German platform, all built on our great platform and AI-enabled platform. These are the ambitions for next year and 2030. FFO I, CHF 0.05 up from CHF 4.30- CHF 4.35 per share. Sorry, and 15% over the next five years, through 2030. LTV remains at below 39% for the year-end, about 8x ICR, including potential increases in the rates. We will still stay at a comfortable 6x up, and hence, comfortably in the A3 rating. On the operational targets, by 2030, CHF 530 million in the rental income, around 3% vacancy, with an updated target for 2026 of 3.5%. On the asset management side, CHF 130 million fee income, of which 70% is recurring, underscoring the stability of the business with an assets under management of CHF 23 billion, building on the updated, again here, guidance for 2026 of CHF 15.5 billion. This is Swiss Prime Site. What we are going to do now is we can do Q&A, because we, at least the majority, I hope, will spend the rest of the day with us. We thought we will start online if there are any questions. Hence, I do not know how that works. I hope we can have potentially online questions now to start with. Thank you. We will now begin the Q&A. If you would like to ask a question from the Zoom webinar, please use the raise hand function, which can be found at the bottom of your Zoom screen. Once called upon, please unmute your audio and ask your question. We will pause for a moment to allow questioners to enter the queue. Currently, there are no virtual questions, so I will hand back to Marcel for questions in the room. Good then. I thought so. There might be some questions here in the room. Let us start here in the front. That might be easier. Yeah. Hello. Ana Escalante from Morgan Stanley. My first question is on your 3% vacancy guidance. I think at the moment, you have operational vacancy of just above 3% with half a point of strategic vacancy. Is that guidance comprising both of them, and therefore you are assuming that your operational vacancy will go towards below 3%? Is this a new paradigm for Swiss real estate, or this is just a result of your portfolio becoming more prime and therefore that vacancy going lower just due to a change in the mix? Thank you for the question. It is probably a combination of the elements. The first one is by even becoming more primer, I think that will help because we see this clear flight to quality in terms of our tenants, and we expect this to continue going forward. On the other hand, we also see that our overall development volume will probably come slightly down going forward. You have seen the developments that we announced. If you compare them with the ones that are under construction at this point. This is slightly lower. Hence, that also means we will probably have a slightly lower structural vacancy or strategic vacancy due to construction work. But yes, we do believe this is an overall vacancy number, so including everything, and we do believe that this is manageable going forward. Yes. Thank you. Another question on your funding. As you said, you are now releasing a little bit the developments, but still you have certain CapEx requirements going on. Could you quantify them a little bit, maybe a guidance of CapEx per annum and how you are going to fund that? On whether that 39% LTV guidance, what kind of valuation or revaluation assumptions are underlying in that guidance? On the CapEx, of course, on a portfolio of CHF 14 billion, naturally, you have CapEx. We have shown you, call it the out of the ordinary CapEx type range for the remainder of the portfolio, assuming somewhere in a low triple digit, just below triple digit per annum. If you compare that with a CHF 14 billion, that probably gives you a good assumption on what we do just on maintenance with refurbishments shown separately as you saw on the larger one, as you saw on the slides. Altogether, we will probably stay in the CHF 200 million over the next three to four years until the larger ones are gone, and then that will come down maybe by CHF 50 million or something like that going forward. The funding is the continued capital upcycling, as we mentioned before. That is why Martina said on the whole acquisition and sales base, it is probably going to have a slightly negative impact on the top line, which is why we sell to invest both in our developments, most in forefront, because they have super attractive yields, and anything that we do not invest in, we look on the market opportunistically, as Martina mentioned before. My last question is on Germany. You are saying that you would like to grow your platform there. I understand that means that you would like to raise more capital, raise more funds, and expand your asset management platform there. Does that mean also that you are looking to increase your investment in Germany or in German residential, and how you assess the current kind of risk that is starting in Berlin and could potentially expand to the rest of the market? Look, as everywhere in our asset management, we do not invest our own money. This is a pure service business. We have not a single Swiss franc, neither in our Swiss funds nor in our foreign funds, so Germany. We are not going to change on that. That is an element. When we say we see opportunities in Germany, we mean currently, the market is certainly not on a peak. That provides, on the other hand, opportunities to invest. We see attractive investment opportunities for our clients. We also see some demand on that. Obviously, overall, this is not super high. There is demand in Germany. Plus, we would also not exclude maybe to do an M&A transaction. That is part of it. Then obviously for an M&A transaction, given the current market environment, it is in fact quite attractive. This is going to be small, huh? Do not expect here a multimillion element that we do. It is going to be small, if anything at all. We are looking both at organic and inorganic elements here. Ken. Good morning, everyone, and thank you for taking my question. Ken Kagerer, ZKB. The first question. When will the pickup in new assets under management happen? Is it front end or back end loaded? Currently, I was assuming a more than CHF 1 billion increase per annum, driven also by the currently very strong market environment. What interest rate environment are you assuming until 2030, and what is the associated risk? The 23% real estate allocation of pension funds could, in my opinion, change in a rising interest rate environment. Seeing the limited target operating leverage utilization into the future, do you need M&A growth abroad to reach these targets? I think you answered the last part of the question partially. You said you will only take a small M&A at most, right? Yeah. This is not M&A driven. If anything, M&A might have a small part into that. This is organically driven. What Anastasius quickly mentioned before is that we see this continued growth of CHF 1 billion -CHF 1.2 billion organically. This is what we're going to do. This is what we're going to do this year. In addition to that, we see a significantly stronger focus, more than ever, of pension funds in outsourcing their real estate management. We won a large contract that will come into effect next year. That is not part of this CHF 1 billion. This CHF 1 billion is a normal organic part, as Anastasius showed, part of the allocations that you have in the pension funds. Look, going forward, who knows what the interest rate is going to do. Martina explained the basis for this is that we see two hikes. Potentially. Potentially. Then this will still work out. If you do two hikes, if that were to happen, then you still have an attractive spread between real estate and, say, government bonds of 2%- 2.5% still. Hence, in our view, there's no reason why pension funds shouldn't continue to invest in real estate. So basically, you assume an unchanged interest rate environment, correct? This is based on the current environment, including the possibility of two rate hikes and anything that we believe could follow that. Okay. Anything else, given the interest rate forecast of the Swiss National Bank, the inflation forecast of the Swiss National Bank, et cetera, would, according to us, not make sense currently. Thank you. My second question, does the target yield spread of more than 1%-1.5% mean we will see a massive value uplift with the completion of the Jelmoli building? What would happen with your yield spread target if market discount rates would change into the future? Well, we'll see. We have to ask our evaluators on whether we see a value uplift. But in general, obviously, if you are 1%-1.5% above market yields, then it should result in an uplift once you're done your development. But I think what it more does, it's a guidance for us on what type of developments we do, where we invest our money, and how to make sure that our capital allocation is value adding to our product. Since Karin took over, we have already changed a number of our developments. We've shown now the next phase that's going online, where this was a clear element in deciding which ones to push forward, so that we at least have this 1%-1.5%. Maybe an easy one at the end. What could be the impact of the tough changes around the currently discussed changes around Lex Koller for your two businesses? An easy one. Thank you, Ken. Well, you've been to Montreux, so I've been on the stage there. Look, I've been talking to many politicians lately, including Bundesrat in Switzerland. I'm still very positive that in the end, the rational arguments will prevail. This is not helping the shortage on apartments, and not at all, given the small part that is only affected by any potential change. On the other hand, it might have significant negative impacts that I think nobody wants. So in that respect, yeah, this is politics. We are actively engaged. But eventually, in Switzerland, reason prevails, and I'm very convinced that this will be the case here as well. Thank you. Whoa. Thank you. Good morning, everyone. Matteo Lindauer, Vontobel. I have got a question on the asset management business. You talked a lot about in the past about the EBITDA contribution of CHF 75 million from the asset management by 2027. No word on this today. Do you have any message on this? Let me take that as the CFO. I think when you look across the world, asset management businesses are driven by assets under management. So our guidance is on top line, the fee derived by the assets under management. We will, of course, report EBITDA, but will not, outside of the reporting dates, give targets or guidance on EBITDA. Anastasius mentioned that the margin of 65%-plus will remain intact, and I think we will leave the guidance there. Nothing to add, yeah. We will no longer guide on EBITDA of the individual divisions. We quickly talked about that before. We have now an integrated business model with the two divisions, and hence, our focus is on driving the CHF 4.30 to close to CHF 5. But we will continue to report all the details, and this doesn't mean that we are not reaching it, that we are no longer reporting on it in the guidance. We will report, of course, unchanged in terms of the segment reporting, but we are no longer guiding on it. Thank you. Hi, it's Tom. Does it work? Yep. Yep. It's Thomas from Deutsche Bank. Just one question on the Swiss residential market. Maybe you can provide some update here because it's rather relevant for your asset management growth ambitions, basically. We hear that the market seems rather peakish. I think there are also some initiatives for more regulation. Any update would be useful here. Yeah, we have great immigration. The last five or 10 years, I think it would be also in the future. The demand would be high. The asset management part is not only the residential part, so we have also 40% in office or logistic or other parts. I think for us, we have foundations like Swiss Prime or Fundamenta Group Investment Foundation. Also, we have funds. We can play both sides. If there's more regulation, maybe it could be better for the asset management side, maybe of the foundation side. Maybe it's a little bit not so good for the funds. Yeah. I think with these three sub-pillars, we are really good in the market. We have a really good standing in the market. Also, it's more regulation. Maybe we can get more mandates in the future from the pension funds directly. I think our market position, residential, office, logistic, we are really confident for the future. Yeah. Maybe on the residential part, look, most of these regulations in Switzerland are on a cantonal level, so on a state level. We have two states that are city-states. This is Geneva and Basel. Both of them have introduced regulations. The rest are not city-states. We had a vote in Zurich in summer of this year, pretty much to do something similar, even a little bit less regulated than in Basel. Was voted down by 60% plus. In that respect, we're confident that in terms of the regulation, this is probably about it. Because for the remainder, you need a canton that is not only a city, which obviously are rather on the left side, typically, as everywhere. Hence, we don't necessarily see that. And maybe a last thing, more regulation doesn't mean lower yields. On the contrary, typically. If you have capital and you want to allocate it, and you want to allocate it to a location where you have maybe a little bit more regulatory complexity, let's put it, then typically capital requires a higher yield for that. That's pretty much what we're seeing. That's why we're also still investing in Geneva. Basel is more complicated because the regulation is newer. But in Geneva, you have an established regulation. As a commercial company, you can deal with those as long as you know what the environment are. As I mentioned before, yields are typically not lower. Yeah, the business case for Swiss Prime Site Solutions is only A location. So we have B and C location for the residential part, and that's good for us. Yep. Tommaso Operto, UBS. So I have three questions. First one on the CHF 530 million rental income target. You took in the bridge 2025 as a base, but in 2025, you were quite active on the acquisition side with around CHF 17 million or so, if I remember correctly, of annualized rental income. Is that part of the like for like, or is it part of the development or additional upside? Where does that fit in? In the like for like. Like for like. Okay. Thanks. On the asset management part, a quick follow-up, actually a Matteo's question. [Presentation] Sorry. I'm sorry. I thought I can be smart, but that didn't work. Exactly. On the asset management business, you mentioned recurring income should increase, but my guess is that it's going to be lower margin business, right? With transaction related business being higher margin. Is that kind of just offsetting the cost benefits you're having, and we can assume kind of stable margins going forward? Or what would the mix impact be there? That is a little bit the mix, but we are really stable on the recurring fees. With the growth of the funds or foundation, we go a little bit down, or we are decreasing a little bit the asset management fees. But with the volume and with the new contracts that we have, we will be stable on the recurring fees. On the non-recurring fees, we are in the market. We have transaction, we have capital increases. We are really confident that we will reach this target. In general,No, you have seen we are currently at 35% cost ratio. Yeah. The forecast that we do here, or kind of the ambition that we give here, is 33% cost ratio. Cost ratio goes down further. We can profit from the AI. You said before, the economy of scales will be a big part in the Swiss Prime Site Solutions for the future. Okay, thanks. Last question on FlexOffice. Can you give an indication on what kind of transaction multiple you pay for the take? No, but the overall number is in the low double-digit Swiss francs million. Very low. Just about double-digit. Holger Frisch, Raiffeisen. Just an add-on question on FlexOffice. You are guiding for doubling of revenue by 2030 from the 20 million that the companies are generating right now. Could you share some thoughts on the profitability of that business currently and going forward? Yeah. Look, typically, nine of the 11 locations are Swiss Prime Site locations that FlexOffice operates. So we have a very good comparison in terms of what we can generate on our own. Taking, for example, Bahnhofstrasse, which we had in the market. Then once we put the same location with the same offices with the same fit out through FlexOffice in a managed solution case. What you typically see is you double to 2.5x the top line. What we have seen in Bahnhofstrasse now currently is prices on a square meter basis between CHF 2,400 and CHF 2,600, compared to, say, CHF 1,000, which is already typically a good price for an office space in Bahnhofstrasse. Now, obviously, you have cost associated to that, increased cost. So I think bottom line you see between 60% and 80% higher bottom line. That is also a reason why we think this is super attractive. These are, funny enough, numbers. We visited all three London office players. All three of them, the large ones, the public ones, all three of them have their own FlexOffice division, or managed services division. All three of them report pretty much the same figures, 2x to 2.5x top line, 60%-80% higher bottom line. That is also what we experience through FlexOffice if we look through it. In that respect, it is both driving top line on the one hand, and it is driving bottom line on the other hand. Most importantly, it is a demand that we get from our tenants. Great. Thank you. Then another question on the properties that you are currently looking at for potential sale. You said you are targeting selling properties with market value below CHF 20 million. Could you remind us how many properties there are in your portfolio? What could be the potential? You have seen the small dots. It is not only that. Yes, that is one of the elements, and most of the properties that we have sold were those relatively small properties, but it is also others. Ultimately, we sell properties if we do not see an attractive like-for-like growth opportunity anymore. That is what it is. Plus, the small ones where we are just not the best owner. It can also be, we are with one property in the market, you know that. This is a development. It is a former Swisscom site in Geneva, where we did the development. The best use is residential, and that just does not fit with our pure commercial focus, and hence we are in the market with that property as well. It might be different reason, size, where we do not see the future reversionary potential anymore, or that we develop because that is the best use case for that particular location and that particular building. Then we sell, if that should happen to be residential, for example. I'm Javan from Kempen. Just want to zoom in on Germany. Is this going to be just residential, or are you also looking into commercial real estate? What's the rationale behind growing into Germany? Is that demand driven by your customers, or have you just outgrown Switzerland in terms of low-hanging fruit? No. Latter, no. We have not outgrown Switzerland. As Anastasius showed before, we can still grow here. We do have an attractive platform in Germany. Germany is profitable. It's actually quite profitable. We see other profitable players in Germany. We do get requests from our, in particular, say, German or European investors, to become a little bit larger because we are on the smaller side, so to speak, for a partner. In particular, when we're talking about the second trend that we mentioned here as well, the outsourcing, which you see in a similar basis in Germany. We're a little bit too small. We believe you have to double, maybe triple in size in order to be large enough to be seen as a stable partner, even given that they have the backing of Swiss Prime Site on a local basis. In terms of what this needs to be, currently, I'd say it's all institutional money. First of all, that is the most important thing. We're not planning to do anything in the private environment, et cetera. So the clear continued focus on institutional money. Then in terms of the assets, realistically, I don't see commercial assets, or say office assets currently as a focus. There is some interesting sub-segments in logistics, for example, and maybe light industrial and residential is something we really know in Germany. There's no restriction on that. We'll see what the demand is from our investors. Sorry, just to follow up on that. The institutional money that you're going to manage, that's all going to be Swiss? No. Okay. Also. No, Switzerland currently doesn't make a lot of sense. Given where the yields are in Germany, if you go for good quality, given what the refinancing costs are, given what the Swiss franc does, that's not the case. No. We have probably right now, Anastasius, correct me, a third is local investors, so German investors. And maybe two thirds are Swiss investors. So the focus is clearly to growing the local investors and not the Swiss ones. If there are Swiss ones, some of them want it because of diversification of their portfolio, then of course they're super happy. And we continue to do that. We just recently closed a number of rounds for new investments from Swiss pension funds. But I think as a general trend, I feel more skepticism than excitement currently. Good morning, and thank you for taking my question. It's Alex Totomanov from Green Street. One question on Jelmoli. I think last time we looked at the CapEx spend, that was CHF 210 million. It's maybe the full year. I don't think there was an update at a half year. We are now looking at CHF 245 million from memory. Yeah. I was left the impression that was all signed back at the full year. Seemingly some new things emerged. But I was just wondering, at the time, I calculated a yield of cost on cost of about 3%. Now you're saying 3.3%. To get to the 3% at a full year, I think I was already looking at rents for the office portion above CHF 1,000. Given that demand release is already signed for the retail. Just wondering, what kind of rents are you underwriting for the 3.3%? It must be CHF 1,100? No, it is not. We have not changed that. We also have not changed the top line. The top-line assumption is still CHF 33 million, as we pointed out. Yes, it is going to be the primest office space in Zurich, and we are still expecting this CHF 900 -CHF 1,000 that we did in the past. Yes, we have an increase by CHF 35 million. That is absolutely correct. The last update that we gave on that was in February. We did not really give an update in August, because we had the Capital Markets Day upcoming. Yes, it is more foundation work. The planning is done now. You will see it on the construction site. Pretty much the foundation work, we are very well advanced. Now we have not only the frame contract with Implenia, but also Implenia has their subcontractors to 95% are contracted. Hence, we feel we are now close to stability. It has also not changed, say, over the last two quarters in terms of our estimates. We are stable here. Now we have pretty much seen everything, and the planning is finalized. You will see it on the construction site. The entire building is open. It is open now, and hence we are confident that it will remain on that element. The 3.3%, as I mentioned before, that is for us, the investment that we did or kind of the decision to close Jelmoli and convert it into a multi-use. That is special to the others because it includes operational elements into that incurred recurring losses, so to speak, which are included in this 3.3%. For us, this is the decision to close, including all the costs that we had to close Jelmoli, the cost to refurbish the building, and then kind of the bottom line impact, so to speak, of the new building. That is the 3.3%. Thank you very much. Yep. Thank you, Ken Kagerer again. I have a purely theoretical question now. I am not sure we are the right ones to answer those. Okay. If a real estate company owns a FlexOffice provider and does not show the profitability of this FlexOffice provider, in theory, they could show almost any vacancy rate, correct? We would not know if this is a feasible letting or not for the FlexOffice provider. No, you would know because this is intercompany. We have to show in our top line that we show, we show the top line of FlexOffice as well. We eliminate the intercompany. Of course, but I am inquiring the profitability. This real estate company could theoretically hide vacancy rates if they lease it out to a FlexOffice provider? We look through, just like we did for Jelmoli. It is the same thing. Okay. Thank you. It is all looked through. Thanks. Yeah. Maybe two more questions because we are one minute 17 over time, and we need to get going. Otherwise, we can't look at this beautiful building here and the others. I have one here and then one here in the back, and then we'll be around for the rest of the day, and then we can ask all the remaining questions. Can you share your thoughts on equity-funded acquisitions? Does it make sense currently in the current environment to use the equity markets as a way to fund new deals? Yeah. Look, probably for most of the players, not b ecause in Switzerland, the majority of the players trade roughly at NAV in Switzerland. On the other hand, you see, and we mentioned that in the beginning, relatively low yields that you currently get because the market is active and hence you don't necessarily see that. So typically, I'd say no. The last time we did an equity increase was into a situation of falling interest rates. I think in hindsight, absolutely fucking perfect. Because when you see the falling interest rates, that will typically half a year, one year later translate into also lower yields, and this is exactly what you've seen. If you are fast enough or at the beginning of such a cycle, then you can benefit from the revaluation afterwards. Now we have the opposite. We have increasing interest rates. If anything, maybe flat, maybe in a tendency, probably a little bit of an upward pressure. This generally doesn't sound like the right environment. Now, having said that, we trade at 20% premium, and should there be, for whatever reason, the right asset because of a special situation, we would of course, look at that. But generally, I'd say it's not the right environment to do that. Then the last question, please. We're three minutes 23 over, as this nice screen tells me. Thanks. Just on the managed offices, you mentioned the rents. But if we talk about yields, and you mentioned the U.K. companies as well, and I believe in the U.K., the value is in terms of the managed offices, they value around 80% of the NOI using a traditional yield and 20% Services at an 8%, 9% yield. So in Switzerland, how do the valuers look at that? We will have to figure out that. But, for the time being, it is a relatively small part of our portfolio. You mentioned that even on the 2027 expansion, it is about CHF 10 million in profit, so in top lining increases. It is a relatively small part. Do not expect here a significant uplift. But, in general, we do believe if we manage to get a higher rent and also a higher net income on that, it should have a reflection in the valuation, at least after a certain time when you prove that this is not the one-off contract, but this is a stable business, which FlexOffice has proven. They are in business since 2015, so they have a long track record and experience. But do not expect a major uplift here. But if anything, it should have a positive impact, yes. With that, we come to the next point. Any other questions, of course, we are always here for the entire day. We would now split into groups. You got this fantastic, full included, managed pack. This is what kind of food you get for lunch. No. It is going to be the three groups that we split into now. You see the respective numbers and colors behind. Please follow your group. Otherwise, we are too many. We cannot go through a construction site with almost 60 people. Please follow your group. You can leave all the stuff here. It is going to be safe, so no worries. We will come back here. Before then, we walk over to FlexOffice for lunch. With that, thank you so much for coming. It was a great pleasure to welcome you here in this beautiful Fraumünsterpost. Thank you so much. On the screens. We are very pleased that you are interested in following our company and our exciting developments. We are Swiss Prime Site. Thank you.