Hello, welcome to the publication H1 2026 alstria S.à r.l. Throughout the call, all participants will be in a listen-only mode. Afterwards, there will be a question and answer session. Please note this call is being recorded. Today, I am pleased to present Maximilian Koch, CEO of alstria advisors. Please begin your meeting. Hello everybody, welcome to alstria's results for the first half year of 2026 from cloudy Luxembourg today. As usual, I want to draw your attention to the disclaimer about any forward-looking statements and our duty to update on the second page. Without further ado, let's dive into the presentation. In summary, alstria's on track with our strategy. We are de-leveraging our balance sheet. We're selling assets, and we're building equity in the process. As you can see, we're moving in the right direction with equity up and LTV slightly down. All of that is underpinned by solid operations. On the leasing front, we still see strong momentum in the business and have a good pipeline that makes us excited, and we're looking forward for the rest of the year. On the transaction front, we sold three assets for a total of EUR 64 million in the first six months of the year. If you've been following alstria for a while, you'll be familiar with our portfolio. We have 103 assets in the major urban centers in Germany. They are valued at EUR 4.3 billion or EUR 41 million per asset. For alstria, that size is important. We do find liquidity in the current market, where it's easier to transact with smaller assets at the moment. What I also want to highlight here is a EUR 3,000 per meter valuation that is fairly low in the German context. That provides a good basis for us to invest into our buildings. Contractual rent remains around EUR 200 million and weighted average lease lengths of 5.7 years, with EPRA vacancy stable around 9%. On the lettings front, let me give you a bit of background about the market currently, because I would say there's an interesting dynamic at play where some parts of the market you see vacancy going up. Rents are rising at the same time. What we see is that rents are rising in quality space where landlords are investing, and there's actually a scarcity of that space in the market. Obviously with alstria's business model, that's exactly what we do. We are producing the quality space, and that allows us to then tap into that supply-demand imbalance that we find. Where that brings us with our performance, leasing is performing to plan. We already secured EUR 56 million of future cash flow from the leases that we've signed in the first half year of this market. You might ask yourself how this compares to last year. Last year we had a very strong year. It's actually the second-best leasing year in the history of the company that we had in 2025. That's due to the fact that we've been able to sign a number of large leases, especially in the city of Hamburg. Those leases, they take usually a long time, say 18 months to negotiate. Then you can't time whether that happens in 2025 or 2026. Importantly, they do happen. That's what we care about. The other important thing for us is obviously that we make our space more valuable. The new leases we're signing, we're signing at EUR 28 per square meter. That's roughly double where the portfolio average is. That to us is a proof that the strategy is working. We track that growth, obviously, over time. You can see that at the bottom right half of the page, and where we take all rent and divide it by all office space. Over the long term here, we track about 1.5 times inflation and already 2.8% growth in the first half of this year alone. On the investments, we sold three assets in the first six months of the year, EUR 64 million in total. I also want to give you a bit of background about the strategy, how we address the sales that we're planning. Our disposal strategy breaks down in three parts. There's business as usual, as I call it. It's basically we take an asset, we harvest the cash flow, we invest, we refurbish, and then we sell it into the core market. We've done this. There's a new build asset that we sold in Mannheim. You can see also that we sold it at 4.4% yield. Good success. The other two parts, I would call it under the headline of sharpening our portfolio. There what we do is we're selling user-specific properties that to us pose a little bit of a binary risk at the end of the lease term and more periphery assets. Focusing the portfolio towards the urban centers where we're active. Here we also sold one asset each. We sold a courthouse and the user-specific properties and a town hall in the city of Dreieich, outside of Frankfurt. The other point I would highlight here is that we sold those assets in line with book value. Even at the more difficult end of the portfolio, if you look at the periphery assets, even there, our values are pretty much in line with where we sell. That hopefully gives everybody comfort that our assets overall are fairly valued and in line with our strategy. Expect more from us in line with those three disposal buckets as we organize our sales processes. With that, I hand it over to Andreas. Thank you, Max, and hello, everybody. I will take you through the financial performance and the key credit metrics for the first half year of 2026. Revenues are slightly lower compared to previous periods but developed in line with our expectations and our plan. On the FFO, we have a significant increase by 37%. This improvement was mainly driven by the implementation of our hedging strategy, which reduced financing costs. As a result, the FFO margin increased to 41%. Based on that stable operating performance of the company in the first half year and the benefits from the implementation of the hedging strategy, we have increased our full year FFO guidance from EUR 53 million to EUR 74 million. The revenue guidance remained unchanged at EUR 192 million. Looking at the SG&A, which we reported are slightly up by 10.6% compared to the prior period. This, however, excluding the effects of the structural change the company did. Migrating to Luxembourg, spin-off of alstria advisors, the underlying cost remains more in line, stable. I will explain these two effects in the next slide. From structural change, there are two effects. The first one is the agreement between alstria S.à r.l. and alstria advisors, which is based on a cost-plus model, and therefore, SG&A reflecting and including the margin top-up here. At the same time, we received the share of the equity and counted investment. The profit of alstria advisors, which is more in line with the marginal top-up here. The impact on the consolidated P&L is EUR 70,000. The second point is that alstria advisors pays office rent to the company, to alstria S.à r.l., or specific to the SPVs of alstria S.à r.l. With that, they gain rental income on one side, and on the other side, there are additional advisory expenses. The overall impact on the P&L is neutral. Adjusting for these two effects, the SG&A remain stable compared to the first half of 2025. Overall, the reported increase reflects only the new structure rather than the increase in the underlying costs. The net impact on the consolidated P&L is very limited. Turning to the balance sheet. Looking at the three buckets here or the positions we choose. Investment properties remained almost stable. There was sales of EUR 64 million, which were compensated by CapEx. Online, quite stable. The equity increased by 1.8%. This is mainly driven by the profit generated over the period, and the net financial debt also remains stable. I will dig into more detail on the next slide. Overall, our balance sheet remains stable, with equity moving in the right direction. Looking in more detail on the debt position on the next slide. During the first half year, we repaid our short time beginning of April and our bond, which matured in June of EUR 153 million. At the same time, we raised new secure debt of EUR 32 million. Overall, our gross financial debt decreased by EUR 160 million, which were used from cash here. The net financial debt stayed stable. Following this repayment, our average debt maturity remains at 3.7 years. I think importantly to say here that we have no debt maturities in the next 12 months. Looking further ahead, we are already in discussions for the refinancing of the bank debt in 2027. With that in mind, we have an undrawn RCF of EUR 200 million. Taking that together, this provides us with a stable liquidity position and sufficient financial flexibility here. Finally, let us look on the credit metrics. Overall, credit KPIs remain stable or improved slightly during the first half year. LTV and debt plus equity improved slightly. Uncommitted assets remained almost stable. On the consolidated EBITDA, it increased slightly to EUR 139 million. The main effects here are the lower real estate operating expenses, which we expect that this benefit continue in the future. The higher EBITDA, together with benefits from the implementative hedging strategy, supported the improvement of the consolidated coverage ratio. We increased that from 2.4 times to 2.6 times. As already communicated, our target is to stay well above two times. Overall, our leverage metrics and the interest coverage remained stable and improved slightly. On the covenants, we remain fully compliant. That's for all of the covenants with our financial covenants over the period. With that, I conclude the financial review and hand over back to Max for the outlook. Thank you, Andreas. I want to close with a bit of an outlook. You look around, there's a lot of economic uncertainty all around us, geopolitical and economic, I would say. That said, leasing market is performing for quality assets, as we mentioned. We focus on our operations. We are not distracted by the noise all around us, and we stick to our strategy of improving our balance sheet and the focus on building and leasing. We come out of the first six months on plan, and you can expect us to perform in line with our guidance for the rest of the year. That guidance is EUR 192 million for the revenue and an improved guidance for the FFO of EUR 74 million, as Andreas mentioned it. With that, I open it up for Q&A. Thanks very much. Thank you. Ladies and gentlemen, if you do wish to ask an audio question, please press star then the number one on your telephone keypad. If you'd like to withdraw a question, please press star then the number two. Again, that'll be star one to register your question. Your first question comes from Pranava Boyidapu from Barclays. Please go ahead. Hi. Thank you for the presentation, and thank you for taking my question. I wanted to understand your hedging strategy a little bit. The cost of debt has gone up from 2.4% to 2.6%. Even then, EBITDA has gone up only a little bit, but the consolidated coverage ratio has gone up by 0.2 percentage points. I was wondering how that works. Also, I noticed that the notional amount of all the hedges in place is not the EUR 4 billion, right? It's currently EUR 4.2 billion, and I think it was EUR 4.8 billion last year. Your gross debt is only about EUR 2.6 billion. If you could just explain a little bit on how this hedging strategy works and how it's helping the cost of debt, that would be really helpful. Thank you. I will take over. Cost of debt, looking on the slide 10, I think you refer. The main increase of the 2.4%-2.6% is mainly driven by the repayment of the bond because it had a coupon of 50 basis points, which now is out. It's a circular review. For the hedging strategy, you're right, it's more than our current debt, it also depends because some hedges starts later, some hedges starts prior to that. There is also a time shifting of the hedges. Some hedges have a forward starting, some hedges are as of today. With that, it depends. Do you have a sense of how your cost of debt will evolve given that you have future-proofed your cost of debt in some sense? I think we are in between of the 2.6% to 3%. It's a spot where we will be in the future. Got it. Okay. Thank you. You're welcome. Again, ladies and gentlemen, if you do wish to ask an audio question, please press star then the number 1 on your telephone keypad. As there are no further questions, I'll turn the call back over to Max. Yeah. Thanks very much. Thanks for the question. Thanks for listening. We speak again in a quarter from today. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.