Hello and welcome to alstria Annual Accounts 2025. Throughout the call, all participants will be in the 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, Senior Advisor. Please begin your meeting. Thank you very much and welcome from sunny Luxembourg this morning to alstria 2025 financial result presentation. My name is Olivier Elamine. I'm Senior Advisor to the group. I'm joined today by Maximilian Koch, which is the CEO of alstria advisors, and Andreas Reiswich, which is the CFO of alstria advisors. Before we go into the presentation, briefly go through the disclaimer and usual caution on forward-looking statement and the duty to update. Then without any delay, just giving you a brief overview of the financial year 2025. I think it's fair to say that in many respects 2025 was a transition year for the company. It was a year where it moved away from the REIT and enter into the tax world. It was a year where it delisted completely and moved into the private side. It was a year where the company migrated its headquarters from Germany to Luxembourg. There was a lot of events which were not necessarily related to the underlying business which have taken a lot of energy and attention in the course of 2025. Despite all of that, the financials and the operation of the company has developed pretty much in line with expectation, actually slightly better when it comes to the leasing result. Max is gonna be detailing that in a few minutes. I think from a reorganization perspective, which has been a huge distraction for the company over the last 18 months, and the move from the company to the REIT structure to its private structure as we currently are, everything has been completed at the beginning of 2026. Those projects are now behind us and the company can then focus again on its underlying business. The strategy of the company is obviously not impacted by all those restructuring moves. You will see within the PNL this year there's a EUR 5.8 million impact, which is obviously one-off which relates to all those moves. Now without any delay, I'd like to hand over to Max to walk you through the company performance. Great. Thanks, Olivier. Hi, everyone. On the next page, we see here obviously a good summary of a couple of things we'll talk about over the course of this presentation. Before we go into that, it's important for me to also reiterate what Olivier said before, that despite the changes that we had on the corporate structure, the strategy of the company remains unchanged. I think you'll see that also reflected in the numbers that we're presenting here. I think you can see that the valuation has stabilized, slightly up actually to EUR 4.2 billion. That value increase is a result of us continuing to invest into our portfolio and a slight market movement is included in that as well. You see that the worth of the company and our leases have increased. It's a year later, but the worth has increased, so that is reflective of a strong leasing result over the year. Despite that, you can ask yourself why is our EPRA vacancy slightly up over the year? That results from the fact that we're preparing the next assets for the refurbishment cycle. We believe that in the market overall, there's very little new supply pipeline starting right now. The assets that we are starting in this market environment should perform really well when there's scarcity for quality space in the future. You also see that market rent for the portfolio still remains above EUR 300 million and is actually also growing nicely. With our investment program, we're obviously working hard to closing that gap and bringing our rent up over time. I mentioned already that values have stabilized, but for us it's incredibly important to show the fair value that the value of our portfolio is also reflective of the true value in the market. We need that to make the right decisions for our refurbishment programs as we invest into the properties. I was just talking about the fact that the values have stabilized in our portfolio, and that is incredibly important for us obviously to make our decisions as we invest into our properties. We need the right values to make those decisions. It's also confirmed by the transactions that we see happening in our portfolio and those are happening in line with book value. I'll talk about those in a second. Before we go there, I would like to spend a minute on our leasing results. A really good year in terms of leasing. The 236,000 sq m that we've leased in 2025 is about 50% higher than last year, and it secures a total of EUR 270 million of future cash flow for the company. Incredible result overall. For us, that is also confirmation of the strategy. The investment into the asset and by creating quality space is what drives tenants to our assets. You can also see that on the bottom right part of the page where we have continued to grow average rent over the very long term. That's really important for us. It's a very important metric because it shows that over the long term, we're growing about 1% faster than inflation. I do understand that a 3% CAGR is not very exciting, but the return of the company obviously not only comes from that growth, but also comes from capital gain in our assets, which we invest into then dispose and recycle that income back into the portfolio, into new investment. With that, we can talk a little bit about the transactions that have happened. I think overall it's still, you know, a very slow market in the office transaction market overall. We do find some liquidity. That also has to do with the fact that alstria's assets, you know, we have all shades of gray in the portfolio in terms of size,, with about EUR 40 million average asset size. In 2025, we have sold EUR 40 million of asset value at book value. We are in a number of conversations also at this moment in time. I think in summary, the transaction market is starting slowly, but we do find some liquidity, and it is happening at the smaller transaction size of the market. With that, I'll hand it over to Andreas. Thank you, Max, and hello, everybody. I'm moving forward with the P&L structure for the company. As you can see on the gross rental income, we have a slight decrease, which mainly linked to the disposals we did. Despite that, to keep in mind, our guidance reflected EUR 192 million, and is slightly above what we've guided, mainly due to the fact that as Max mentioned on the strong leasing results which we showed last year. On the funds from operations, as you can see, we have a slight decrease that mainly reflects the drop due to higher interest rates. As already mentioned in the calls before, we have changed the finance structure from the old world with higher interest rates to a new world with lower interest rates, with high interest rates, sorry. Now at a level where we are comfortable for the next years to stay. Then the last point is on the G&A. That's mainly reflected by a one-off transaction cost which lead to the increase here and reflecting the 10% increase. Moving to the next slide on the investment properties. I'm not spending too much time here because we'll have a look at the next slide. Moving forward with the investment properties, as I said, light increase. I will explain it in the next slide. On the equity, we have mainly two impacts which lead to the increase. The first impact is the net income which is reflected in the equity and the valuation gain which we made in addition to the operating gain we reflect here. On the net financial debt, I will have explanation in the next slides as well to move forward. On the move of the investment property, as already mentioned, we still investing in our portfolio of roughly EUR 80 million here that lead to increase in the investment properties. In addition to that, as mentioned before, we dispose roughly EUR 30 million of disposals. We have the effect of the deconsolidation of alstria advisors, which led to roughly EUR 20 million in an increase of the investment properties. The last point is a slight increase in values due to market conditions. Overall, roughly EUR 100 million higher than the last year. Moving one slide further, on the liability management, I mean, we had a quite busy year last year on the debt side. What we did is we financed, we issued 2 new bonds with a total volume of EUR 1 billion, 1 in March and 1 in September. In addition to that, we did 4 new loans and refinanced roughly EUR 300 million here. Overall, we issued or had new debt of EUR 1.3 billion that was mainly used to refinance existing debts, which you can see on the right table here. A portion of debts for bonds and the other portion for secured debts, which lead as well to higher unencumbered assets, which I will explain in the next slides. Overall, we have a cash position at the end of EUR 300 million, reflecting the strong results of last year of the financing side. Moving to the next slide and to show probably what the impact was on the refinancing. As you can see in the debt maturity profile, we moved a big portion of the maturities in the short term to the long term. There is still a bit left in 2026, that's covered by the cash at hand we have currently. Then in 2027, there was a loan and a portion of a bond which is left, which we are currently discussing with the banks to extend. Overall, this leads to cost of debt of 3.8% compared to 2.9% in the prior year before the hedging. After the hedging, as mentioned before, we are ending up at 2.4%, which reflecting our hedging spread strategy to keep the interest quite low to manage our EBITDA coverage ratio, which I will explain on the next slides as well. Overall, as you can see, we have a net debt of roughly EUR 2.4 billion, and are quite balanced between unsecured debt and secured debt, where we feel quite good with. Moving to the next slide, and that's basically what I mentioned before. We have... Moving forward with the selected credit KPIs, we have a Net LTV of roughly 55%, which is in line with what we had last year. On the unencumbered assets, I mean, we as I said before, we financed and refinanced some of the secured debt, which leads to higher unencumbered assets due to the release of the financings. Here was EUR 1.9 billion. On the consolidated Adjusted EBITDA, there was a change in accounting policy that led to a slight decrease in the EBITDA. For the future, we expect to stay stable, also stay where we are today. In addition to that, I mean, on the consolidated coverage ratio, as mentioned before, we have implemented our hedging strategy to secure the covenant that we're staying above the 1.8 times of EBITDA in relation to the interests we're paying, that you can see here, compared to 2024, which is more in line with what we had the last year, despite the fact that consolidated EBITDA was decreasing. With that, I would hand over to Olivier again. Thanks, Andrea. Again, apologize for the technical issues. It looks like our line drops like on a regular interval, which we're trying to fix as we speak. The company is also publishing with this annual report the full sustainability statement. Just briefly looking back at what happens with the CSRD and the overall European discussions. As you remember and as you know, last time we discussed the fact that the company was preparing to publish a full CSRD compliant report. In the meantime, the rules have changed, and the law has evolved, and alstria found itself outside of the scope of the CSRD, as we do not meet the employee threshold. Nevertheless, given you know our commitment to the ESG, we decided to pursue the publication of the statement, which is not 100% compliant with CSRD. I think the benefit that we are getting from not being included in scope is we can actually try to make sense out of the legislation. Therefore, we have published yesterday evening within the annual report a CSRD statement which used projected data. I think I just want to spend two seconds because we are publishing now a different set of numbers. One set of numbers we have published in Q3 2025 is the actual data of the consumption in 2024. Those data are externally assured. The CSRD requirement requires that you publish 2025 data which are not yet available, and therefore, we use normalizations, and that's what you would find within the report that we have published yesterday evening. The difference between the two is the one that we published in November were actual data and we have projections which are published now. We will publish the actual data then next November and then have the cycle repeating itself here. You will find also in the CSRD. I know a number of you were asking for the information, everything which relate to the EPC of the company. As you know, there is no EPC A, B, C, D, E, F in Germany, but we provide some kind of an internal classification for you to be able to have a look and judge the performance. I mean, I'm not gonna spend too much time on the data itself, which is available on this slide. But I encourage you to have a look at the presentation and to read the document that we have published yesterday. With that, I'll hand over to Max to close the call. Thank you, Olivier. Yeah, let me start with the outlook again. For 2026, we're guiding to revenues of EUR 192 million and FFO of EUR 53 million. In terms of the investment market, as I mentioned earlier, we're looking to expect a gradual improvement over the year and full recovery over the course of 2027 and 2028. In the leasing market, we already see quite good dynamism in the assets of higher quality, which is also confirmation that our strategy is working. We're quite optimistic for 2026 and really looking forward to speaking to you again over the course of the year. With that, I'll hand over to Q&A, and please, we're here to answer any of your questions. Thanks very much. Thank you, presenters. Ladies and gentlemen, we will now begin the question and answer session. 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 two to cancel. Once again, please press star one to register for a question. There will be a brief pause while questions are being registered. Your first question comes from the line of Pranava Boyidapu with Barclays. Please go ahead. Good morning. Thank you for taking my question. I have a couple of questions, actually. The first one is, would you give us a little bit more on how the new advisor's entity works? Is there any impact on your P&L? Would this mean that you need to be paying this advisor for their management and financing services? Thank you for the question. Essentially, there is a very limited impact on the P&L because Alstria advisors is taking over or has taken over all the employees of alstria. The cost structure is exactly the same than what it was before. There is a bit of leakage because of VAT you don't really wanna know. But the cost structure is not impacted materially by the new structure here. There is no promote or any structure in that respect. Alstria advisors essentially earn a fee like which is a cost-plus structure. Got it. Thank you for that. The second question is on your debt maturity profile. Obviously, this does not include the parent entity. I was wondering if you had any more information on how that would, you know, considering that alstria is, well, effectively servicing any sort of debt at the Alexandrite Lake Lux level, would you consider reporting your cost of debt or the KPIs based on the parent entity, or if you can give us any more information on that front? On our website, you can obviously find some information on the debt at that level, but it's not alstria debt, so we don't really have more information than what we publish on the website. I think also our financial policy has been quite clear that alstria is not paying a dividend. Okay. Essentially, alstria is not servicing the debt at the parent level. This is all currently and as- Understood. I think from the beginning, you know, serviced by the shareholder. All right. Thank you very much. All right. Thank you. Your next question comes from the line of Othman El Iraki with Fidelity International. Please go ahead. Yes. Hi, guys. Thanks for taking my question. I have a couple of questions as well. Maybe the first one. You know, given your liquidity today, and you know, the debt maturity profile, are you looking to access the bond market this year, or it's something for you know, for later? That's my first question. Yeah. Essentially, we're not looking to access the bond markets this year. We did access it quite extensively last year. With last year's bond issuance, we have covered for the refinancing all our refinancing need in 2026 and 2027. There is no plan to access the bond market in 2026. Okay. Excellent. That's very clear. Thanks very much. My other question is really. I have two other questions, sorry. My next one is really on what's you know what is holding back the investment market. Do you think, you know, investors should first be kind of comfortable with the leasing activity, the you know the leasing aspect, and then the investment market will follow? Or how do you know, how do you think about that? Yeah, I think it's a good point. It's a process, right? Investors slowly coming back to the market, and the way we see it is that we also, with the conversations that we're having now, we see, you know, more bids that used to be there before. That's a natural process, also, you know, having a bit more competition, et cetera. Investors also look what other investors are doing, it becomes a self-fulfilling prophecy. I agree with you on the leasing market that the investment market should follow that, 'cause I think in the last two or three years, some of the hesitation resulted from the fact that there was uncertainty in the leasing market, but now I think leasing market is more liquid. We also see larger leases coming back to the market and companies making decisions again, which they haven't done so much, coming out of COVID. Those decisions have taken longer, but that is happening. Our view, and as I speak for the three of us here, I think it's that the investment market should return to a normalized level in 2027, 2028. I think that's our working assumption right now. Thank you very much. My last one is I know it's a little bit you know far-fetched and you know a bit longer term, but I'd be interested to hear your view on you know on how kind of you know AI can you know impact you know a little bit longer term you know the market. Are you seeing any impact of you know reduced footprint from companies or it's not really happening as we speak? I mean, just you know how you think about this risk is interesting to understand. Yeah. You know, I mean, AI is obviously changing the way companies are operating, or at least if it's not doing it's a fair assumption to assume that it's gonna change the way companies are operating. It is likely at one point, you know, I mean, there are maybe functions that are not gonna be needed. Maybe there are other functions that are gonna be created out of the blue. I think it's probably too early to figure out what impact it's gonna have exactly on the market. The reality is, I mean, the way we're looking into it is, in our business, our market share in the overall office market is pretty small. You know, we own in the biggest market where we are. Like in Hamburg, we're like the second largest office owner. In that market, our market share is somewhere between 1% and 2%. We're still like small players, although we are the biggest one in the market. Even if AI or other like work from home, etcetera, would impact the market, the name of the game here is basically to continue to offer the building where the tenants are gonna go in and where I think it's interesting is AI is likely to change the way people are working within the office. As such, you know, it's gonna require people to rethink the way the office is organized and potentially restructure the office and reorganize the functions within the office, which is pretty much similar to what happened over the last few years, following the COVID and the work from home conversation. What we're seeing and I think what all those changes are introducing into the office world is the fact that the way people use the office is changing much faster than it used to. You need to be more nimble and more agile in your ability to adjust and adapt the buildings. That's really what alstria has been set up to do. We do refurbish our building on a regular basis, and when we do that, we actually adjust them to the way, you know, people are working and the way people are and the way work is evolving. There's two elements in my answer. The first one being that yes, it's likely to have an impact on the market. Having said that, we operate in a very small part of the market and you need to stay in that top-end part where tenants are gonna play. There's also a benefit which we are seeing right now, which is that as the demand for office space change, the way people who operate office space, they operate differently, then there are fewer assets that actually meet that demand. If you produce those assets, then you can generate higher income out of them. What is potentially bad news for the overall market is probably an opportunity for a company like us, because you have the capacity and the knowledge and the capital to actually adjust and adapt the building to what tenants are looking for, where most of the other players probably don't have or are missing at least one of those elements. It's really an exciting time to be in the office market because unlike what happened in the last three years, now things are changing, are moving, are evolving, and you have innovation coming into play. We see that more as an opportunity going forward rather than as a threat. Okay. Always interesting to hear your view, Olivier. Thank you very much. Thank you. Thank you. Once again, if you would like to ask a question, simply press star one on your telephone keypad. Just a reminder for those on the webcast, you may join the Q&A session by dialing into the conference, or you can click the Q&A registration link on the webcast. Thank you. Again, for those on the phone lines, please press star one on your telephone keypad. I think if there's no further questions, I want to thank everybody for joining us today. I just realized that I spent, like, whatever, three minutes speaking about innovation, and we were not able to maintain a phone line up for, like, more than 10 minutes. I apologize for the technical issue that we have. We'll try to solve it next time around and be more efficient from that perspective. Thank you very much for joining us this morning. We're obviously the three of us available. If you have any follow-up questions, email address is ir@alstria.de. Yeah, thank you very much, and looking forward to speaking to you in May for the Q1 result. Thanks, everybody. Speak soon. Bye. Thank you, presenters. Ladies and gentlemen, this now concludes our presentation. Thank you all for attending. You may now disconnect.