Hello and welcome to the alstria nine-month results conference call. Throughout the call, all participants will be in a listen-only mode, and afterwards there will be a question-and-answer session. Please note this call is being recorded. Today, I am pleased to present Olivier Elamine. Please begin your meeting. Thank you very much, and welcome from sunny Hamburg this afternoon. Thank you for your interest in alstria. My name is Olivier Elamine. I'm the Chief Executive of alstria, and I'm joined here today with Maximilian Koch, who is running alstria advisor, which we will be discussing in the presentation. Also, everything which relates to the asset side. Before we start, I'd like to go into the usual disclaimers. If I can figure out how to move the slides. The usual disclaimer about the duty to update and the forward-looking statement. Without undue delay, stepping into the presentation, starting with the reorganization. As you know, the company is preparing to migrate its headquarters to Luxembourg. It has transferred all its operations to a company called alstria advisor, which is headed by Max, who is going to be introducing in a few seconds. Some of you have met him before. The alstria ad visor has been deconsolidated, which is one of the main accounting impacts that we have, as alstria itself does not have a majority ownership in it. We are continuing the preparation for the migration to Luxembourg. This is all, from my perspective, a very big distraction compared to the underlying business. None of this is impacting the long-term strategy of the company. We do expect to have an extraordinary charge of around EUR 3.2 million in our account with respect to all the work related to the migration to Luxembourg. The underlying business, which is happening in parallel, irrespective of what we are doing on the corporate organization, is developing pretty much according to plan. Our revenue for the three quarters of 2025 were at EUR 146.2 million, in line with our expectation and in line with the guidance, which we assume we're going to achieve at EUR 192 million for the full year. Our FFO has also developed pretty much in line with expectation. Currently at. Expected to be closer to EUR 52 million at year-end. The drop in FFO is obviously mainly driven by the increase in interest rate as we terminate some of our legacy loans and then we move into the new normal in terms of interest rate. As you know, we did issue a final bond after the closing of the accounts, and that will basically terminate all our legacy loans. We now have a more stabilized financial structure, which takes into consideration the new normal in terms of where interests are. From a balance sheet perspective, we'll go into that in a bit more detail. We had an improvement in the equity position in the company, which is reflected then in the EPRA NTA and the net LTV, which is pretty much in line with what it was last quarter. I'm not going to dive too much into the leasing and the transactions, which Max is going to touch on in a few minutes. Just one word on the leasing. We're basically having the second best year in leasing since the history of the company. It is a very strong year, 2025, from an alstria perspective. On the transaction side, we have sold so far this year around EUR 26.5 million of assets. Our target for the year, as you know, is around EUR 80 million. We're still confident that we're going to get there, looking at the pipeline that we're currently working on in terms of disposal. We're seeing more transaction activity in the market, but we will also have the opportunity to discuss that a bit further. I'll hand over now to Max to walk you through some of the portfolio data. Yeah, thank you, Olivier. Hi, everybody. Most of you will be familiar with the portfolio, so I'll keep that part relatively short. As you can see, we're diversified across 104 assets in five out of the six largest German office markets. Our portfolio is currently valued at EUR 4.2 billion, and the average asset size is reasonably small, around EUR 40 million or just 13,400 m². You know, we care a lot about the square meter value of our assets, which at EUR 3,000 per m² right now is also reasonably low in the German context. For those of you familiar with our business model, that is essential to us because it gives us a good starting point for our refurbishment process. It also offers a significant margin of safety versus the cost of new-build assets, even after we've modernized the buildings. That, in turn, then allows us to be competitive on the rental pricing for offering the same quality as a new build, essentially. Vacancy and value are also pretty much stable. Our contractual rent is also at EUR 201 million. As you know, that is a significant gap to market rents, which are around EUR 300 million. Through our refurbishment process, we are working to close that gap. All that translates into a current yield of 4.8% on today's low in-place rents. With that, moving to the leasing side of the business, Olivier stole my thunder earlier, but we are having a really good year in terms of leasing. Knock on wood, it will turn out to be the second best year in terms of leasing in the history of the company. As you can see here, that is about double the leasing volume for the same period last year. We are actually on track to do quite well. In a market that still has some uncertainty around the investment side, we actually believe that this proves out our strategy of continuously investing into our assets and is rewarding us for doing that. We can actually see a larger trend that large corporates are back into the market. Whereas the last few years, they postponed the decision to lease new office space, we have signed, for example, 15,000 m² with Hochtief in Essen, 14,000 m² with Wella in Darmstadt, and 12,700 m² with Daimler Truck, and a data center operator in our Sternhöhe campus in Stuttgart. While those large corporates are back into the market, some of them are taking less space, but then in turn, they are willing to pay more for the square meter for quality space. That, obviously. Since we are able to attract those tenants, helps us to make our existing space more valuable in the process. With that continuous investment into our properties, we can then drive up rents in the new lease part that you see here in the green bars and maintain a stable cash flow with the renewals. All of that together is resulting in a 3.3% CAGR that you see at the bottom right part on the page here over the long-term rental growth of the company. With that, back to you, Olivier. Thanks, Max. Moving on to the profit and loss and looking at how the work on the real estate, it's translating on the company P&L. There is usually a bit of a time lag between the moment where we signed the leases and the moment where the income hit the P&L, which kind of explains. The slight drop in rental income, which is mainly linked to seasonality rather than anything else, and also linked to some of the asset sales. Mainly seasonality. The fund from operation is lower, as we discussed before. This is mainly driven by the increase in the financing costs of the company, which is eating up into the FFO. Finally, just spending a bit of time on the SG&A, given that with the deconsolidation of alstria advisors, there is a bit of change in how our P&L is looking for. We're obviously, in 2025, in a bit of a hybrid year where we had the personnel on Atrion's balance sheet for almost six months, and then they move out of the balance sheet. The remuneration of alstria advisors is on a cost-plus basis. Essentially, personnel costs and admin costs are being translated into advisory costs. We will have little personnel costs for the few people who remain within the company. Most of the costs are now on the SG&A, going to be shown as advisory costs moving forward, which is what is reflecting right now. The increase in SG&A year-on-year is essentially reflecting the cost of the migration itself. Those are the one-offs we have discussed before, which I would not expect to resume next year. If we move on the balance sheet, investment property is up. There is a multiple factor at play here. One of them is the fact that, obviously, we have been investing in a portfolio, as Max highlighted. We are still working on our refurbishment project. We still think that investing in the portfolio is allowing us to drive rental income substantially up and drive the value at the company level. One other effect, which is driving the increase in investment property, is the consolidation of alstria advisors. All the offices that we currently occupy, in the room I'm currently in, were booked as property, plant, and equipment before and now have moved back into investment property. This has also a minor impact on the increase in investment properties compared to where we were at the end of the year. On the equity side, we have an increase by almost EUR 100 million, which is driven essentially by two main factors. One of them is obviously the P&L and the net income that the company has generated since the start of the year. The other part is a change in the fair tax liability. You might be aware that Germany has voted a decrease in the overall tax rate applicable to companies going forward. The change in tax rate over time basically generates around EUR 58 million lower the fair tax liability, which then translates into almost an equivalent amount increase into the equity of the company. The net financial debt of the company is broadly stable at EUR 2.4 billion. I'll go back into more detail on that last point in the next few slides. If we look at the financial debt as of the reporting date, we basically had two bonds maturing in 2026 and 2027 and a Schuldschein, an unsecured German security, of EUR 40 million maturing in 2026. The rest of our maturity is short-term maturity within the next three to four years, mainly mortgage debt. As you know, we did issue a bond in July. Was it in July? No, it was in September. In September. In July, we issued the bond at the local level. In September. Part of that bond purpose is actually to refinance the 2026 and 2027 debt. Unsecured debt. We do have the proceeds of those bonds. We went through liability management exercise where we bought back EUR 109 million worth of those loans, of those bonds. The remaining would then be repaid at maturity using the proceeds that we have generated from the bond. The extra proceeds, in addition, will be used for the refinancing of the mortgage debt. We will be using 100% of the proceeds to refinance existing debt and also to hedge our existing debt. As you know, we have an active hedging policy to make sure that the company remains on the right side of the EBITDA level from a covenant perspective. Part of the proceeds of the bond are also used for that purpose. If we look at the credit KPIs, the net LTV of the company is at 55.7%. I think there is a typo, which I would like to highlight here in our press release, which shows a slightly different number, but the correct number is 55.7%. The unencumbered assets have increased slightly in the period because we have been repaying some of the secured debt, and also because we have been investing in the unencumbered assets, which basically increased the value of the unencumbered assets. The consolidated adjusted EBITDA is down, and this is mainly linked to the fact that we have changed the accounting policy of the company. A lot of the expenses, which were capitalized in the past, are now expense, which then have a negative impact on the EBITDA. From here on, I would expect this to be pretty much stable. The coverage ratio, which needs to be higher than 1.8x, is currently at 2.1x. As you know, that's the only essentially hard coupling that the company has, which we are managing extensively through our hedging policy going forward to stay north of the 1.8x, which is required by our bond documentations. We have been pretty active over the first nine months of the year in terms of refinancing. Year- to- date, we have almost EUR 1.3 billion of refinancing, which includes EUR 1 billion of bonds, one early in March and one in early Q3. We also have EUR 300 million of new mortgage debt. There was also refinancing at the hold level, which is not related directly to alstria. I also wanted to highlight here that you can find the whole documentation on our website as well. There is a special section for that. Again, from a pure corporate perspective, alstria is not a party to the hold bond. It does not affect us. From our perspective, this is just equity. We do support the hold school by providing a platform for them to provide you with all the information which is required, which is available on the website of the company. We did also a number of liability management exercises and bought back some of the bond. We end up right now with around EUR 450 million of interesting cash on the balance sheet, which. Is essentially the proceeds from the bond that we issued in Q3, as well as the cash which was available for the company before. The purpose of that, as I mentioned before, would be to refinance the 2026 and 2027 exposure, both on the bond side and on the mortgage side. Another thing which I wanted to spend a bit of time today is Q3 result. I think for the last 12 years now, we've been publishing our ESG data in line with our Q3 result at the same time as our Q3 result. This year is no exception. You can find on alstria website the full ESG data, which is available. We do not publish anymore a sustainability report per se. We are currently working on a transition to the CSRD aligned reporting. Therefore, we publish more kind of information about. Qualitative information about what we're doing together with our full year result, which we are going to be published sometime in March. The entire set of data is available on our website, and all the ESG KPIs are available on our website. The data has been assured by KPMG. We have a robust assurance process going through them. What's interesting is, as you can see, in 2024, here we're reporting data from 2024. We had an increase in the heating intensity and the carbon intensity, which essentially reflects the fact that there were some constraints which were driven by law in Germany following the war in Ukraine and the fear of missing energy and heating. Those constraints have been released. As a consequence, our tenants, because this is mainly our tenants, went back to the situation before. All the savings that were generated in 2022, 2023, have been lost essentially simply because the constraints that were forcing the savings do not exist anymore, which is a bit sad, but it is the situation as it is today. We have a slight increase in both the carbon emission and the heating on the portfolio. Having said that, we're still pretty much in line with our science-based target to basically reduce our emission in line with the 2% by 2050. Finally, on the outlook, very briefly, we do confirm our guidance at EUR 192 million of revenue and EUR 52 million of FFO. The investment market, we've discussed that briefly before. What we're seeing today is slightly more activities as we would expect. We expect 2026 to increase activity and to be a year where the market is going to normalize, and then a full recovery in 2027 and 2028. The current business plan of the company is basically assuming that the market will develop in line with those elements. The leasing market remains relatively active, and as is reflecting in the number that we are publishing, we have seen, and Max has highlighted the fact that the volume on the market is mainly driven by large tenants which are back. We expect this trend to continue going forward, and we expect the dynamic in the letting market to continue. We see that currently in our numbers in Q3. I would expect that our overall letting result is going to be higher at the end of the year than what it is today. That is it from our perspective. We'll be happy to take on your question and go through the Q&A. Thank you. Thank you. If you do wish to ask an audio question, please press star one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing star one again to cancel. Once again, please press star one to register a question. There will be a brief pause while questions are being registered. Your first question comes from the line of Mary Pollock at CreditSights. Your line is now open. Hi. Thanks for taking the questions. I just wanted to make sure I understand all the drivers here with regards to the EBITDA line. It was lower than I expected. The ICR is lower than I expected. Just so I, there's the EUR 3.2 million one-off in SG&A. Is that included in this number, or is it adjusted out? I think it's adjusted out. Adjusted out. The change in the EBITDA are mainly driven by the fact, I mean, if you look into the quarterly result in the IFRS report, you will see that we have adjusted the accounting policy at the beginning of the year. That's basically implied that we are now expensing, sorry, a lot of the expense that were capitalized in the past. As a result, they now run through the EBITDA, whereby previously they did not. I think we're providing a fair view of how things are. We have started that process kind of since the beginning of the year. The EBITDA that we're publishing here is always backward-looking. It's how it's defined in our bond documentation. It's basically look at what was published over the last four quarters. That's what's being reflected right now in the numbers. Thanks. That's helpful. Do you still expect your ICR to drop around 1.9x next year? Correct. Okay. That's not changed. We're trying to maintain around the 2 mark, 1.9-2 mark. This is what we're managing it toward. Can you help? You also mentioned the hedging policy as a driver there. Can you help us understand how that impacts interest growth? The way the covenant works, it basically compares the EBITDA to the cash interest which are being paid. Essentially, our hedge portfolio basically reduced the amount of financial costs being paid, essentially. Thanks. Sorry, just two more for me. The first is on the balance sheet now. There's the share of the equity invested, the JV or associate. Am I right in thinking that is a percent you own in alstria advisors? What percent is that that you own in it? We have 83% of the economic rights. We get 83% of the profit that's generated by alstria advisors, but we only have 49% of the voting rights. The intention here, the reason why it's structured like this is alstria should not control alstria advisors. I should not be able to direct alstria advisors, which is why we only have 49% of voting rights. We also wanted to make sure that the structure here is, it's not the intention, but it's clear for everybody that basically it's not structured in a way that's going to drive profit away from where the bonds are, essentially. The profits stay within the group and do not move away. Great, thanks. Last one, this is actually the whole company, but I'm going to ask in case. In whole company filing for half year, I haven't seen the 3Q on the website yet. It says that there's debt of EUR 699 million. That's obviously much more than the bond that was issued at that level. What is the rest of that EUR 400 million of debt at the whole company? That unfortunately, I cannot answer because I don't know. I can clearly pass on the question. If you have our contact details, if you don't mind dropping us an email, we'll come back to you on this one because I don't have the answer to that question. I'm sorry. Great. Thanks, Olivier. By all means, drop us a line, right? Thank you. As a reminder, if you do wish to ask a question, please press star one on your telephone keypad. At this time, we have no further questions. Thank you very much for your interest, and thank you very much for joining us this afternoon. If you have any follow-up questions, as I mentioned before, you can always reach us or reach Ralf at ir@alstria.de or our direct emails. We're looking forward to speaking to you. Probably next time around, we're going to be in Luxembourg doing this call, but for the full year result. Thank you for your interest, and have a nice end of the day. Thanks. Thanks, everyone. Thank you. This now concludes our presentation. Thank you all for attending. You may now disconnect.