Good morning, everyone, and welcome to the DEMIRE AG's H1 2026 earnings call. My name is Maxi Gutmann from NuWays AG, and I will be moderating today's call. We will begin with a presentation by the management, followed by a Q&A session. You can ask your question by clicking the raise hand icon. Once I grant you permission to speak, you will be able to ask your question live. I will briefly explain the procedure once the presentation is finished. With that, let's get started. Mr. Rüffel, the floor is yours. Ladies and gentlemen, good morning, everyone. Welcome to our results presentation for the first half of 2026. Thank you for dialing in. Trust you are all well. With me here is Tim Brückner, DEMIRE's CEO, and Julius Stinauer, our Head of Investor Relations. Before we jump into the presentation and the details, let me start with a few general comments. Overall, the first six months were marked by the consistent execution of our strategic priorities, which are namely actively managing our portfolio, preserving operational stability, and further strengthening our financial position. This, as we all know, against the still very challenging economic background. Against this backdrop, we achieved important milestones during the first half of the year and continue to make solid progress in executing our strategy. Our results reflect both the ongoing transformation of the portfolio and the disciplined approach we have taken to capital allocation and asset management. With that, let's jump straight into the key highlights and go to the executive summary. Top left-hand side. Operational performance basically reflects two opposing effects. Rental income declined compared to the previous year, amounted to EUR 23 million, representing a decrease of around 17% year-on-year. However, this is of course a logical consequence of our asset disposal strategy to strengthen our balance sheet. As a result of the lower rental income you see on the right top-hand side, FFO1 amounted to EUR 2 million compared to EUR 5 million in the prior year period. Looking at the transactions, that's the middle section. We successfully completed the sale of one asset in Flensburg and a small building on our Bonn property, generating total proceeds of around EUR 17.5 million. In addition, we signed further transactions in June and July with expected proceeds of approximately EUR 40 million. Closing for these two assets, I think it was, is expected to happen in the third quarter of this year. On the right-hand side, in terms of processes. Beyond our operational activities, we also continue to advance important strategic initiatives. We are supporting the process initiated by our main shareholders regarding the potential sale of their shareholdings. At the same time, we further strengthened our ESG reporting by publishing our fifth A+ sustainability report. Finally, if you look at the updated guidance at the bottom of the page. Given the visibility we have gained over the remainder of the year, we are updating the full year guidance. We now expect rental income to be between EUR 42.5 million and EUR 44.5 million, compared with the previous guidance of EUR 41.5 million- EUR 43.5 million. At the same time, we are raising our FFO1 guidance to a range of EUR 0.5 million - EUR 2.5 million, compared with the previous expectation of around -EUR 1 million to +EUR 1 million. I think that was the executive summary, and let's now talk about the portfolio performance. It's page seven. As you can see on the left-hand side, annualized contractual rents stood at EUR 46 million at the end of the first half, compared to EUR 56.4 million a year earlier. As explained before, this is mainly the result of the smaller asset base following the disposals over the last 12 months. In addition, a somewhat higher vacancy level also contributed to the decline. On the right-hand side, if you look at the letting performance, the same dynamic is visible. During the first half of the year, we signed leases covering around 18,000 square meters, compared with approximately 40,000 square meters in the prior year period. Again, this reduction, I think, has to be viewed in the context of our smaller portfolio. With fewer assets under management, potential for new lettings and lease prolongations is naturally declining. Also, if you look at the 40,000 square meters in the previous year, this had the special effect of the conversion of the Neuss lease included. I think on a like-for-like basis, the gap would definitely look smaller if you take that into consideration. If you jump to the next one, Julius. Key portfolio metrics, occupancy, and lease maturity, I would say, developed in line with the underlying changes in the portfolio. Left-hand side, the EPRA vacancy rate increased from 16.4% at year-end to 21.5% at the end of the first half. This is largely caused by two effects. First, two properties became fully vacant at the beginning of the year, which was the properties in Schwerin and Neumünster. Second, we completed the disposal of the asset in Flensburg, and that asset has been, I think, almost fully let. Of course, the main priority, what I was just describing in terms of the two vacant properties, Schwerin, Neumünster, is to relet these two vacant assets, and I would say we have already some promising leads in this respect. Then on the right-hand side, at the same time, the weighted average lease term remained at a solid level and even improved slightly from 4.7 to five years. Overall, I would say while the vacancy increased due to the points I just mentioned before, our lease maturity profile remains stable and appropriate for a portfolio with significant office weighting. On that note, Tim, if we jump to the financial highlights. Of course. Thank you, Dirk. I think we show in the first half of 2026 a pretty clean P&L. In the first half of 2025, if you look at it, we had significant valuation effects and impairment effects mainly because of the, at the time, Limes situation. That is now all gone. We, as Dirk said, we show some declining rental income because of the beforementioned disposals. But at the same time, we do show now, and that I think was suggested in the previous calls, a slight improvement of our operating margin as seen in the profit loss from the rental of real estate. At least we moved up from about 67% to now 68%. There is still a long way to go, but I think the stabilization is good, and as Dirk said, there are some potentials in the leasing pipeline, and we are pretty positive that we are performing in line with our own expectations here. We had no relevant valuation effects. We had no relevant impairment effects in the first half of this year. Also due to the extension of the Cielo structure until the end of 2027, we show a pretty clean P&L with a positive EBIT of EUR 8 million. The financial expenses slightly increased because of the interest on the shareholder loan, and that in total then translates to the beforementioned Funds From Operations of EUR 2 million, which is slightly ahead of our planning. That also caused the slight upward lift of the guidance. Let us have a brief look on the balance sheet. Obviously, there is also not much happening here. There is a small balance sheet contradiction due to the asset sales and the small negative result of the period. As Dirk already said, we expect some closings of two transactions in the third quarter of this year, and this will then have a bit of an effect on the balance sheet, of course, as well, as there are some mortgage loans associated with them that will then be repaid. We are in line with the disposals in our business plan, and that will also help to cover our liquidity needs going forward for the next five months of this year and also 2027. It will, of course, also help to reach our repayment targets and refinancing targets going forward. One last slide on the financials. We saw a slight increase of the net LTV. We expect that to stabilize or be slightly reduced in the third quarter of the year. We were also able to show a slight decrease on the average cost of debt as we renegotiated a loan with one bank that we partially repaid before and were able to reach lower interest expense here. I think in total, we show a very stable first half. There is some upward potential in line of lettings, and we are quite well on track with disposals, which I think is a pretty good result in the difficult current commercial real estate market. Thanks, Tim. I think we can open the call for questions. I think Tim already summarized what the overall message is. I think one of the most important things is that we successfully executed the disposal strategy this year, with the expected closings in the third quarter for two remaining deals. That obviously helps our balance sheet. I think that's the main message. Going forward, I would say the main focus is obviously on improving the occupancy level. The vacancy in the two assets obviously hurt us, but as I mentioned before, we have some, I would say, very promising leads, especially for one of the assets. So let's see how that turns out until the end of the year. Thank you very much, Mr. Rüffel and Mr. Brückner for the presentation. We will now open the Q&A session. As a quick reminder, you can ask your question by clicking the raise hand icon. Once I grant you permission to speak, you will be able to ask your question live. Let's start with the first question from Philip Sennewald. Yes. You are stage now. Perfect. First question is on the new guidance. The EUR 40 million proceeds you mentioned. Is this all that is embedded there, or is there further disposals embedded in the guidance? Also, which vacancy level do you see towards year end that brought you to this new guidance? Tim, do you want to cover the first one? Yeah. We have one further relevant disposal in our planning for the second half of this year, but we are currently evaluating the options, whether we refinance the asset or we sell it. We don't expect a major impact on this disposal anyhow, at least not until year end. In term of vacancy level, maybe back to you, Dirk. Yeah. I think, looking at the upcoming renewals, I would say there is nothing major in terms of bad surprises to be expected until the end of the year. We have a healthy lease pipeline, so I would not expect any bad surprises in the next six months. But also no improvement I'm hearing out of that? Well, as I said, we have a healthy leasing pipeline, I would say. With realistic leases. They are, I would call it, at an advanced stage. There are also some bigger leases there. Obviously, I can't talk about it before they are signed, and we have to see whether the economics of those leases work. But the pipeline looks actually quite promising. So there might be an improvement until the end of the year. Okay. That helps, Okay. Back on the signed disposals. What is the EUR 40 million compared to the book value of that? Is it below book or is it at book? It's pretty much in line with book. Okay. That's good. And maybe you moved back one asset from asset held for sale to investment properties around EUR 27 million. What's the reasoning behind that, and do you still market that asset, and which asset is it? I think it's Leipzig, if I'm not mistaken. The reason why we took it out of the asset held for sales was the interest which was shown on the market, to be honest with you, was not very appealing to us. What we decided is basically we want to refill the top levels where the tenant moved out. We are now in talks with, I think, around three hotel operators to refill this space, and I think it will be very value creative if we get this done before we put it on the market. Yeah, makes sense. All right. Now, one question. I saw on the cash flow statement that your income tax cash payments increased substantially compared to previous year. What's behind that? Those were tax payments related to previous periods only. Okay. It is just a change of tax liabilities to tax payments. It has nothing to do with the current profitability of the group. Obviously, there is no relevant tax payments associated to the current P&L. Yeah, thought so. All right. Then maybe on the FFO1 guidance, the implied H2 deterioration of FFO1, is this simply reflecting the upcoming asset disposals? Or is that also, you mentioned maintenance was below plan in H1. Is that deferred to H2? Can you maybe give me a bit of granularity here? The number is very small, so giving granularity on that level is quite difficult. But it is really related to the topics that you just mentioned. Yeah. It is maybe some lower spending in maintenance and it is lower rental income as a basis. Okay. All right. Perfect, guys. Thank you very much. I am moving back now. I think we had one written question that I believe Dirk mostly answered. There were some disposals signed after the end of the period, and we expected closing in Q3. Okay. Well, there are no further questions, I think. I think we can wrap up this call, honestly. Mr. Rüffel, would you like to share any final remarks before we close? Look, then thank you very much for joining us today. I think the next call we have for the Q3 results is on 5th of November. We obviously look very much forward to speaking with you again. In the meantime, again, as always, if you have any follow-up questions, don't hesitate to reach out. We are more than happy to answer them. Thank you very much, and have all a nice day. Bye.