Good morning, everyone, and welcome to the DEMIRE AG's Q3 9-month 2026 earnings call. My name is Maxi Friedau from NuWays, and I will be moderating today's call. We will begin with a presentation by management, followed by a Q&A session. You are currently watching the call via live stream. If you would like to ask a question during the Q&A, simply use the button on your screen to request to join the call. We will then bring you into the call so you can ask your question live. If joining the call does not work, you also have the option to request a phone call, and we will connect you that way. I will briefly explain the procedure again once the presentation is finished. With that, let's get started. Dr. Rüffel, the floor is yours. Okay. Ladies and gentlemen, good morning, everyone. Welcome to our results presentation for the first nine months of 2026. Thanks for dialing in. Trust everyone's well. With me here is Tim Brückner, the DEMIRE CFO, and Julius Stinauer, our Head of IR, is also on the line. I think, as a summary upfront, you can say there are no big surprises in the numbers compared to the previous quarter. Overall, the first nine months of 2026 were characterized by, I would say, our consistent execution of the strategic priorities. With that, I would say we jump straight into the executive summary, and I will lead you through the key highlights of the first nine months of 2026. Starting on the top left box, the rental income amounted to EUR 33.9 million, representing a decrease of approximately 18% year-on-year. As a consequence of this, on the right-hand side, you see that the FFO1 amounted to EUR 2.8 million compared to EUR 8.3 million in the previous year. However, I would say both the decreases in FFO1 and the rental income are the direct result of the successful transactions we had. If you look at the middle part, we completed successfully disposals of four assets, Flensburg, Kempten, Frankfurt, and Chemnitz, and a small one partial sale in Bonn. Overall, these transactions generated proceeds of more than EUR 61 million. Turning on the processes, beyond our operational activities, we also continue to advance important strategic initiatives. We remain supportive of the process initiated by our main shareholders regarding the potential sale of their shareholdings in the company. In addition, we once again achieved the highest EPRA recognition for both sustainability and financial reporting, underlining our continued commitment to transparency and high-quality reporting standards. Finally, on this page, on the exec summary, based on our current business performance and the visibility we gained for the remainder of the year, we are confirming our full year 2026 guidance. We continue to expect rental income in a range of EUR 42.5 million-EUR 44.5 million, and FFO1 of between EUR 0.5 million and EUR 2.5 million. Diving deeper into the performance, if you go on the next page, one more. Starting with the annualized rental income, annualized contractual rent amounted to EUR 42 million as at the end of Q3 2026 compared to EUR 51.3 million at the end of 2025. You have a similar development on the right-hand side if you look at the letting performance. Letting performance amounted to approximately 34,000 sq m in the first nine months compared to 56,000 sq m in the same period of the previous year. However, there you have to take into consideration that in the previous year, we had the one-off special effect of the conversion of the big noise lease. If you take that out and compare the numbers, the numbers would actually be closer together. Looking ahead, on the letting, we expect to make further progress on converting our strong leasing pipeline over the coming months, supporting the letting performance of the remaining portfolio. We have a couple of good leads for some of the bigger assets, one in Neumünster, which is currently vacant, and also in Bonn, we are making, I would say, very good progress. Last but not least, Leipzig, we also are in advanced discussions to fill the asset up again. On the next page, turning to occupancy and lease duration, the EPRA vacancy rate increased from 16.4% at the end of 2025 to 22.6% as at the end of Q3 2026. This development is primarily because two assets became fully vacant since January 2026, and we sold two larger assets in Flensburg and Frankfurt, both of which had very low vacancy levels. On the right-hand side, at the same time, the weighted average lease term, the WALT, remained broadly stable at 4.6 years compared to 4.7 years at the end of the financial year of 2025. With that, Tim, if you go to the financial highlights, please. Thank you, Dirk. Welcome, everyone. On the financial highlights, P&L, as Dirk already said, we had lower rental income, mainly because of the disposals and some higher vacancies. But we show a stable operating margin of about 68%, leading to profit loss from the rental of real estate of close to EUR 23 million. Further to note that there are no relevant fair value adjustments so far this year and also no impairments, in result leading to a positive EBIT. Nevertheless, we have financial expenses upwards the previous period, mainly driven by the cost of the shareholder loan. This, as Dirk already said, results in FFO1, which is in line with our expectations at about EUR 2.8 million. As you will have already spotted, this is above our annualized guidance, but we expect in Q4 a more or less FFO negative, slightly negative or neutral quarter, mainly driven by the investments required in our portfolio. On the next slide, you see the balance sheet, really also no surprises. You see that the balance sheet is further shrinking because of disposals and the negative profit for the period. At the same time, driven by the disposals, we see cash and cash equivalents rising, which I guess is a positive sign when we think about our upcoming maturity of the bond at the end of next year. On the following slide, you see that the net LTV before shareholder loan is slightly down to about 40%, and that the cost of debt is also slightly down to about 4.7% on a nominal base. Overall, there are no relevant refinancings over the next few months. We have the maturity of the bond end of next year, and we show a rather stable operating performance. I guess with this, we end the slides of our presentation and hand back to you, Maxi, to open the Q&A. Thank you very much, Dr. Rüffel and Mr. Brückner, for the presentation. We will now open the Q&A session. As a quick reminder, if you would like to ask a question, please use the button on your screen to request to join the call. Once connected, you will be able to ask your question live. Let us start with the first question from Alexander Maximilian Beiser. Hi. Thank you so much for the presentation, guys. With now EUR 83 million cash on hand following the recent disposals, how much of the liquidity is actually available for the corporate level to address the bond maturity, and when do you expect to start more concrete refinance discussion? The second one is if you can give us a little update on the ongoing shareholder sale process. When do you realistically expect more clarity on the potential transaction, and is there a specific deadline? Thank you so much. Okay. Thank you, Alexander. Maybe we address the liquidity question first. When you look in our half-year numbers, where you could have also had a look at the Fair Value REIT-AG numbers, you can understand that a good roughly 40% of the liquidity is held in Fair Value REIT-AG, so the remainder is at DEMIRE. Only a small portion of that is really immediately available, but we are actually, as Dirk said, working on further disposals, and we need to see where we end up here and how much liquidity we can make available to note holders in the short term. Regarding your question on when are we going to address the maturity, obviously, we speak to note holders quite regularly on various conferences, and you can be assured that we address this issue very soon. Then second part of the question regarding the shareholder sale process, I can obviously not go into detail here due to confidentiality reasons. What I can tell you is that it is still ongoing. In terms of a timeline, it is probably very hard to say as well. I would expect that we have some further guidance until the end of the year. Okay, got it. Thank you so much. Okay. Then the next question is from Philipp Sennewald. Yes. Hello. Thank you guys for the presentation. Two topics. Maybe let us start first with the vacancy topic. You are speaking of space that is currently in advanced negotiation. Which assets are there in question, and how much space is it, and can you maybe give us a feeling on how much you would have to invest in terms of CapEx to re-let those properties? Yeah, I think on the assets where we are advanced, I would say it's the asset in Bonn, it's the asset in Neumünster, and the asset in Leipzig. In terms of square meters, I am rounding now, I guess we are talking about in total around 20,000 sq m, so quite substantial. In terms of costs, we have initial cost estimates which are in line with what we expected, but we are currently still negotiating the rent. I am sorry that I cannot give you specific numbers here in terms of TIs per square meter. But what I can tell you is that from what we saw with the initial cost estimates and the detailed discussions we had, there's definitely going to be a strong positive impact. Okay, thank you. That helps. I mean, can derive some figure from the 20K. On valuation, we've seen that disposals were roughly 3%-3.5% below book value. What is your view on year-end valuation? Can you do the external valuation? Well, Philipp, certainly the economic environment is not ideal. Interest rates have been rising over the recent months. Nevertheless, I think there is some operational stability, and as Dirk said, we are signing some more leases. Vacancy is now more or less flat since the end of Q1, Q2. Having said, I am relatively positive on the outcome of the valuation, but obviously, we have not discussed it with our valuer yet, and we will have to wait until about end of December before we know that. Okay, sure. Thanks, and harmless. Maybe one last one, guys. What must happen in order for you to reach the lower end of your top-line guidance? Because in my view, you'd rather have the upper end, to be honest. On the rental income, we believe that we will just make the guidance as the best is. Obviously, when you drill down to the P&L and get down to FFO1, there are many various items that might affect it. As said before, the main item probably relevant in Q4 is the investment in the portfolio and the impact on the P&L. As you know, the number is quite small. We are talking a few hundred thousand EUR here, and we will easily invest those few hundred thousand EUR in our portfolio. We leave the guidance where it is at this stage. We have started quite some investment projects in our properties, but the investment team is really confident that we will spend this money this year and end up within our guidance. Okay. One more. Why is this flowing through FFO1 and not CapEx? Well, that's a more academic accounting question maybe here, whether an investment is CapEx or it's maintenance. Often, we kind of invest money into our properties, and our auditor thinks really hard that it's maintenance, and it's very open for interpretation. Basically, counted as- Okay. If you change the elevators, for example, right, you can have a very difficult discussion with the auditor that this is CapEx or not CapEx. So, that's basically what we are talking about here. Okay, very clear. Thanks for clearing that. Thank you, guys. That is it from my side. Thank you. I think there are no further questions. Maybe we can already conclude today's call. Dr. Rüffel, would you like to share any final remarks before we close? No, but as you can see, the numbers, there are no surprises in there. We stick to our predictions, which we issued in the previous quarters. I am very confident that we will hit these numbers. Then, finally, to say I am looking forward to speaking to you, presenting the full year. When is it, Tim, in March? We plan to publish in March. Yeah. Thank you. Thanks for joining.