Welcome to the Inmobiliaria Colonial First Half 2022 Conference Call. The management will lead you through the presentation, which will be followed by a Q&A session. You can request to ask a question at any point during the presentation by dialing zero one on your telephone keypad. I'm now pleased to introduce Mr. Pere Viñolas Serra, CEO of Inmobiliaria Colonial. Thank you. Good afternoon. I'm very pleased to have the opportunity again to present this time the results for the first half of the year. As usual, Carmina Ganyet, Corporate Managing Director, and Carlos Krohmer, Chief Corporate Development Officer, will share the presentation with me. Well, I'll introduce the highlights, and then we'll go into the details. First of all, I would like to say from strategy point of view, that during the first half of this year, what Colonial has been doing is to emphasize, you know, is a strategic approach in order to get the full benefit of polarization. We insist, you know, in our model of being the company with the highest focus in super prime assets with best standards in terms of ESG in order to obtain a number of benefits. The first of them is pricing power, so being able to pass through the full indexation and obtain maximal rental prices. The second is to have the most resilient kind of assets across cycle with the strongest occupancy profile to secure a cash flow profile with limited risk and to be able to have strong profitable growth on the back of this polarization. This strategy has been developed consistently during the first half of this year. We clearly believe that, because of that, we are able to share with you today, a set of results which I believe that are excellent, as you will probably agree, after you see the numbers. I'm in page of the presentation, and I will start with the basics. The basics are the group net profit for the first half of the year is now EUR 355 million, which is more than double of what it was June last year. 120% more. This result is obviously coming from two value drivers, from the ordinary course of business from our cash flows, and second from the reviewed appraisal of our assets. But let's say it's coming from both. If we just look at the recurring net profit, it's also increasing significantly. It's now EUR 76 million for the first half of the year, which is 35% more than a year before. Consistently, the recurring earning per share also grows by 27%, and now it's EUR 14.13 per share. The top line, the gross rental income, is growing 9% to EUR 170 million. As we will see now more in detail, this gross rental income is growing both because of the successful delivery of projects from our pipeline, but most of all because of like for like growth in our existing assets. At 6%, which I believe is outstanding. It's not only outstanding in absolute terms, but also in relative terms. So far, compared with everything we know from our peers, it's again number one in the market. Finally, the EBITDA is also growing 10%, now being EUR 134. Why is this delivery of a strong profit growth? Well, there's an excellent support from operations, from different value drivers, from all of them at the same time. The first one, obviously, is the letting volume. The letting volume for this half of the year exceeds 100,000 square meters. As you will remember from previous presentations, our standard level of speed is to do 100,000 for the whole year. If we do 100,000 for six months, that means a very high level of activity, a very high level of letting volume. In fact, 75% more than the year before. A year that, as you may remember, was already outstanding, 2021. This letting volume is very important because it's happening not only for our existing assets, which are already in operation, but also it's a substantial if we talk about the pre-letting on new projects. The pre-letting on the projects of our pipeline was 51,000 square meters this first half of the year. The renovation program on some of our selected assets also contributed with 15,000. This, I believe, is extremely important because that means that what we are sharing with you today has to do not only with the past performance of the company, but more importantly, with the future performance of the company. Because if we have already now agreed on future rents for projects that have not been delivered yet, that means that our top line and our EBITDA and our EPS should grow substantially, and this is already secure. The consequence of this high letting volume for both our existing assets and for new projects has been a high degree of occupancy. The occupancy is, for the group, 96%. In a place like Paris, we're fully occupied. It's 99.7%, which is a number that we have not seen in the past. The letting volume is one of the main drivers that explains the good delivery in our numbers. I would like to highlight the rents. It's not only that we agree on new contracts, it's also at what level of rents. The ERV growth, it's 5% for this six months. That means that rental growth remains relevant for us. If instead of using the ERV number, we use the release spread, we're talking about 8%. As a consequence of this solid operational level, these solid consequences on our recurring net profit, on our EPS, on all our activity, as a consequence, of course, there is also a very positive impact in our GAV and in our NTA. Our gross asset value now goes above EUR 13 billion, EUR 13.3 billion, which means that we've grown 8% like for like year-on-year, or 4% like for like for six months. This is very satisfactory in absolute terms, and it's very well above what we've seen up here so far, showing the benefits of polarization, the benefits of our particular positioning in prime assets. Obviously, this has a consequence in the NAV that grows again to a new level of EUR 12.49 per share. That is 4% growth for the last six months. That is 10% growth year-on-year. That's particularly significant if we remember that we paid, as many other companies, a dividend during the second quarter of this year. If we would include the dividend in the computation, that would mean a total shareholder return of 12% year-on-year, 6% for the last six months. All of this is within the framework of a healthy company with our LTV below 37% and with a liquidity lines of EUR 2.6 billion. All in all, I think that excellent results in line with the previous quarters, but confirming this trend that remains the same. I think that that's excellent news so far. Having gone through this introduction, I will now ask Carmen to step in to be more specific about our financial performance. Thank you. Okay, thanks. Thanks, Pere. In this section, as usual, we will go cover the main financial metrics. Let me first in page nine to emphasize this is strong growth year-on-year in all metrics. The net profit increases 120%, which results in EUR 355 million net profit in the first semester. The recurring net profit increases year-on-year 35%, and EPS increases 27%. There is a very solid growth in all the financial metrics. On the gross asset value, and then I will come in more details, as Pere mentioned, increases 7%. We have today a portfolio valued of EUR 13.3 billion, representing an increase of year-on-year of on the last semester of 4% like-for-like. On NTA, consequently, in the last six months, our NTA increases 4%, consequently providing a total shareholder return, including our DPS of 6%. What are the main value drivers behind this solid growth? The first one is the gross rental income. The gross rental income increases 13.2% without including the disposals of non-strategic assets. Including the disposals of non-strategic assets, our rental income increases close to 10%. This is basically thanks to the beauty of our strategy and of our portfolio, with a very significant impact from letting. The core portfolio increases EUR 8 million. 50% of this EUR 8 million comes from inflation, but the rental growth is above inflation. On top, we have a positive impact of the acquisitions. As you know, Amundi headquarters in Paris and Danone headquarters in Barcelona. On top, we have a positive impact on coming from our alpha strategy with a significant impact of 5.2%. All in all, gives a number of an increase and a growth of rental income of close to 10%. This is or these are a strong growth of rental income. Basically, it's supported of the polarization strategy, as you could see here in all the markets where we are. All of them, as you see, the like-for-like growth it's positive, with outstanding Paris 6%, outstanding Barcelona 9%. Basically driven by price impact, as you can see here in the right-hand side of the slide. This is a well-balanced impact between volume and price, but with a very significant impact in price in all the markets as we are. This is a consequence of the beauty of the polarization of our strategy in our portfolio. The same happens in the net rental income, so we maintain the efficiency. We maintain all the expenses invoiced to our tenants. The same happens with inflation, with the 100% pass-through. This provides the same solid numbers in terms of net rental income growing 6% like for like and in absolute terms, 7%. As you know, we continue to deploy this strategy to flight to quality. This first semester, we have been selling three non-core assets or non-strategic assets. As you could see here, two of them in Madrid, one of them in Paris, with two of them vacant. These assets have been vacant. The other in Madrid, Alcalá 506, with the tenant leaving in the third quarter of this year. Basically, this strategy is confirming, I would say, our activity selling at a premium. These assets, non-core assets, secondary assets, vacant assets, have been sold at a premium of 11%. Another way to read it is the prudence of our appraisal made for third parties. As you know, we update our valuation every six months, and one of the main impacts in our results this month has been the update of the appraisal. As you could see here, our appraisal is growing 7%. Basically 4% like-for-like, and 3% thanks to the acquisition, thanks to the investment. In all the markets, you could see and you could appreciate the growth of the appraisals made by third parties in six months and also in 12 months. 4% like-for-like in six months in all the markets, and 8% in 12 months, positive in all the markets where we are. Basically, the valuation assumes, of course, the impact of inflation, assumes, of course, the yearly growth, as you could see, behind the contracts. You will see in detail what are behind this growth rental income in terms of letting activity and the release spread. The appraisal includes inflation impact, includes yearly growth, includes the yield remaining nearly flat-ish. Of course, the impact of the revaluation coming from the project pipeline that when we are able to pre-let and the project has been able to be completed, it's being translated in the revaluation of the appraisal. All these activities, as Pere Viñolas Serra mentioned, it's supported by a solid capital structure. I am in page 15. With loan to value less than 57%, with a very solid liquidity position of more than EUR 2.6 billion. We maintain our investment grade with a stable outlook. Considering, as you know, because we have disclosed in previous results, 80% of our debt matures after 2025. We have a very, I would say, predictable, stable debt maturity profile for the future. As you know, all 85% of our debt today is fully hedged. It's a fixed cost with a spot cost of 1.28%, considering the ECPs, as you know, factually, we are issuing. Without considering the ECPs, the commercial papers, the spot cost would be 1.4139%, to be more specific, with an average debt maturity of five years. As you know, because we have released previously, we maintain one-third of our debt that will expire in the future already pre-hedged at a strike of 0.64% average swap. Starting forward after each one maturity date for the following nine years after each maturity. What does it mean, that is a pre-hedged position? Today it has a mark to market of more than EUR 200 million, which represent EUR 0.40 per share. Which is significant. It's, you know, that we took advantage of a very, I would say, interesting condition in the past to protect the company for what is happening today. It provides, I would say, a very stable financing profile of the company with a long-term maturity debt, but moreover, with a very interesting cost of debt for the future. What is then the P&L looks like, you have in page 16. Gross rental income increases. Today it's EUR 170 in comparison to EUR 155 from the previous year. The recurring EBITDA increases 10% with EUR 134, sorry, in the first semester. Then we have savings in the recurring financial results, thanks to the liability management and these hedging strategies that we did last year, which impacted positively in this first semester. Consequently, the recurring earnings is 76%, 35% more than the previous year. Below the recurring earnings, you could see the impact on the fair value assets. The appraisal is impacting positively in our P&L in the first semester of more than EUR 300 million, EUR 350 million. All in all, results in a profit to the group of EUR 355 million, with an EPS, as I mentioned before, increasing 27% from the previous year with EUR 14.13 per share. Consequently, the strong EPS, the strong increase of our appraisals results in NTA increasing 10% year-on-year and 4% in six months, with a strong capital value creation coming from all France and Spain, coming from both markets. Including the dividend per share that has been already distributed, the total shareholder return for this first semester has been 6% and year-on-year, 12%. We'll step now quickly through operations. I'm on page 19. First, a quick look on the market, the segments where we are, the CBD, and in particular, the high quality product of the CBD. What you can see on page 19 is that there's a clear scarcity of this type of product, just 0.3%, so nothing in the Paris market, and in Madrid and Barcelona, around 2%. On the other hand, what is happening with the demand. The demand in the CBD of Paris has increased 40%, the rental demand. In Madrid, it has doubled, a very significant pickup of demand. Out of these 236,000 square meters of take up year to date, more than 70% is take up that has been signed in high quality assets. Barcelona also continues with a strong take-up, recovery, +32% year-on-year. A strong rental market with a specific preference for high-quality Grade A product, facing a situation where there is almost no available product in the market to let supply. On the investment side, the investment market behaves very solid in the three cities where we are. Year to date, in Paris, there have been transactions in Île-de-France, total commercial real estate of EUR 7 billion. This is 30% more than the same period of the year before. Interestingly, close to 90% of this activity has been Q2, after the start of the war. The big majority of it has been in the city of Paris, inside Île-de-France, in the city center. If we look at Spain, we have EUR 541 million of investment transactions in Madrid. This is more than three times the year before, and 61% is concentrating in the inner city center and/or CBD. Also Barcelona, quite good. EUR 264 million with a quarter-on-quarter increase equal to Paris, second quarter stronger than first quarter. A big chunk of the deals in the new district, in the new city center district, that is the technological district, 22@. The most prominent actors are international investors. If we go to Colonial metrics on page 20, you see the typical overview that we always present. Pere Viñolas Serra has gone already through the top highlights. I think here what is also interesting on this page is the maturity profile of what we signed until the first re-option is just six years. It's a quite long maturity. When we go more into the details on page 21, you can see what we have done. 105,000 sq m. This is, as Pere mentioned, 75% higher than the previous year. Previous year, as Pere also mentioned, was the second highest letting activity year in the history of Colonial. In this year, we have increased another 75%. This means that we have secured annualized rents of EUR 45 million. Why? Because the product that we have is the product that is most sought after. On page 22, you see where the main contracts have been signed and also the maximum rents that have been signed in our portfolio, 914 in Paris, 40 in Madrid, and 28 in Barcelona. Clearly setting the reference for prime, capturing the maximum market rent. All of this leads to an improvement in occupancy. Why? Because out of the 100,000 square meters, I'm on page 23, close to 70,000 square meters, 64% are new lettings. New lettings means letting up space that is empty. This means that we have 100 basis points, a quarter-on-quarter increase in occupancy, and as Pere mentioned, Paris fully let. What is there left to be let up? 4%. I'm on page 24. What is this 4% about? We have 1.5% entries into operation of the renovation program. We have some square meters in Cézanne. We have Ortega y Gasset, where we have already conversations for the square meters, and we have the Torre Marenostrum scheme in front of the beach of Barcelona. This is the renovation program. We have another remaining 2.5% of vacancy. Out of this 2.5%, 2.1% is CBD, 1.3% in CBD Madrid. On Recoletos, that is part of this vacant space we have already pre-let and 0.8% in Barcelona. The remaining 0.5% is a secondary location, a little bit weaker, and that we almost have none left, and that we have been selling in the recent past. If we look at the price performance a little bit more in detail on page 25. I would like to highlight at the second quarter column on the left-hand side on the ERV. Out of all of the contracts that we have signed, the blended ERV increase is +6% versus the rent, market rent of the appraiser as of December. This is 200 basis points higher than the market rental increase in Q1 and is mainly driven by Madrid and Paris. On the release spread, Pere already mentioned 8% cumulative year to date and across every single market, 8%. Thank you. I will start the final section, which is just some thoughts on the company going forward and on the drivers for future performance. Basically, I would like to emphasize four different sources of future growth. The first is just an emphasis. I'm on page 28 about the business model of Colonial. Basically, I think that the business model of Colonial tends to be different based on two things. The first is our prime positioning, real prime positioning that we believe we've gone through this before, that for a number of reasons it has been delivering and it will deliver a differential growth. The second source of value is that we are not only relying on market trends, even if they are adjusted for our particular positioning. We are always contributing to growth with our own internal sources that are not depending on the market, what we call the alpha value creation. Basically, in this page, what we wanted to summarize that again for many years now, we delivered a shareholder return that is 12% for the last 12 months. Part of it, as you can see here in this breakdown of our increase in NAV and NTA. Part of it's coming from a superior return coming from our prime positioning, and part of it, almost the same amount, it's coming from the alpha that arises from the delivery of projects. This business model, we believe that it's behaving in a different way and will provide with a differential source of value in the future. This time, as I said before, if you compare individual performances, I think that difference, it's there. The second point I would like to mention is on the page 29, and very specifically on indexation. We understand that this is a concern widespread in the market. The question being, what should we think about inflation? First statement is obvious. Inflation is here, and it's relevant in our home markets in Spain and France, but it's a little bit everywhere. If we are able to pass through this inflation, this is a source of value which is differential and very relevant. The question for us could be: To what extent are you able to pass through inflation? Well, today, maybe it's the first time that we come with detailed numbers about that because inflation is an element, and it's the first time that it makes sense to come with some numbers. What can we say so far? That was covered before, but I would like to emphasize is we've gone through more than 50% of the contracts that were due to be updated with inflation. Let's remember that we have all of our contracts linked to CPI. All of these contracts that we review so far, which are more than half, were, of course, reviewed in line with inflation, so we passed through 100% of inflation. This meant already EUR 4 million for the first half. That means that we already know that what we've done already will mean more than EUR 8 million. If we project this into the future, there will be additional EUR 50 million euros of rents that we did not have before. Basically the message is, as of today, we are fully hedged against inflation, and we are completely passing through this. For sure, that's one of the reasons why our NTA has gone up, because the cash flows have already gone up more than expected, you know, initially. We expect this to be a major source, not only of protection, no, of value creation in the future. On the right side of this page, it's also a comment, not only about indexation, but more generally speaking about rental growth, that as you can see remains very, very healthy. Source of value, full passing through of inflation through indexation. Something that we understand that the market today is not considering. The third source of value is the projects we are working in. Page 30 provides a little bit of data on something that is already known, which is beyond. Let's skip to page 31. Basically, what we are saying is our project pipeline, if delivered, should add EUR 81 million to our top line, and that's a substantial amount. Today we can only see EUR 6 million out of these 81 in our P&L. That's what the chart says here in page 31. Basically, what we are saying is we are going to provide at the very least EUR 52 million, because we've secured already this. Today with everything we have signed. Part of it is in our passing GRI. A part of it will come additionally. By the way, important comment, everything we've secured in this first half of the year is a confirmed yield on cost of 6% or above. The details of these six months are the ones you see in page 32, so this we already knew about Naturgy and Goldman Sachs, but we've done 86% of Velázquez. We've done Miguel Ángel. We've done Beyond. We've done a relevant share of Plaza Europa, and we are in line with Llums de Sant Andreu. The second part of this story is about the renovation program on existing assets. Here the number is if we deliver everything that we have to deliver, this will add EUR 47 million to our top line. More importantly, after the work that has been done so far, we have already secured 35 out of these 47. Let's remember that the number was just 17 at the end of last year that we had a passing GRI. Today we already know that a source of future growth of cash flow has been secured because of the successful letting activity, pre-letting activity in this first half. Page 34 is just a reminder of where the numbers come from. Washington Plaza, fully let. Grenelle, fully let. 100, 90% let. Charles de Gaulle, fully let. Cedro, 39% let. Hotelet, 57% let. That means simply a cash flow profile that offers substantial secured growth. In page 35, another way of looking at these numbers is as follows. We had at the end of 2021, a passing GRI of EUR 344 million. Basically, what do we know today is that our passing GRI, with everything we've done so far, is already 385, which is not to be seen in our existing P&L for obvious reasons. That would be the number with everything we know on our existing assets. If on top of that, we add what we have already secured or has high visibility, then we talk about an additional EUR 48 million, which would put us well above the EUR 400 million, EUR 430 million, almost EUR 440 million. Finally, we are working on other things on other renovation programs that are not yet secured. Example, Méndez Álvaro. Which, all of them, delivered, should lead us to maximum potential above EUR 500 million. In the end, no, this company is to deliver substantial increase in cash flows in coming years, not only because of the specific projects and programs that have already been delivered, it's also to deliver substantial increase in cash flows, because of the superior business model that so far is proving more resilience and more upcycle than other business models. That means that we have a very positive expectation in terms of our operations for the future. As a conclusion on page 37, well, this presentation today had two parts, no? One is to highlight what has been achieved so far. A very solid return on NTA, on GAV, on EPS. The numbers are self-explanatory, but I would like to highlight the differential about these numbers, which we believe it's linked to our business model. That's, let's say, looking into the outcome of this first half of the year. The second part of what we presented today was in the direction of showing that Colonial is rather well-positioned to play the cycle. Basically, we are sitting on assets who offer a lot of pricing power, are proving full indexation pass-through and maximum rental prices. Also, if we forget about the market for a moment, our projects and renovations are going on track, and we have secured a substantial share of our future cash flow already. That's in the end our views. Of course, as a final comment, as of today, in terms of outlook and guidance, we reconfirm the performance of our positioning in Prime CBD, which is outperforming the market because of its benefits of polarization. Second, we reconfirm our outlook for the EPS at the end of the year between EUR 0.28 and EUR 0.29 per share. Thank you very much. If any question, we are fully available. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press zero one on your telephone keypad. Please be informed that there can be a short silence while questions are being registered. Thank you. The first question comes from Véronique Mertens from Kempen. Please go ahead. Thank you for the presentation and for taking my questions. Maybe first, looking at the outlook of EUR 0.28 to EUR 0.29, isn't that very conservative if you're already above EUR 0.14 for this half year? Maybe secondly, already the results of SFL revealed that the net initial yield dropped to 2.2%. From my understanding, the large spread between the topped-up net initial yields was more of a technicality, but does it also mean that we can see that yield creep up again and go back to the sort of like 2.5% that we saw before? I am not sure I understood the second question, but talking about the first one, well, maybe I may agree that as we remain on the 28 or 29 EPS guidance. It's let's say prudent, if I don't want to use another name as of today, because the dynamics are very good. Let's say we remain on the prudent side. That's why we didn't release the figure. I agree that based on the performance that we showed so far, there's room to improve this guidance. The second question I will pass to Carlos. He understood the question so maybe you can answer. I think I understood. You've looked at the net initial yield, and it has gone a little bit down, but this is a consequence of the mix of the asset. In order to get a clear valuation, you should more look at the topped up net initial yield. What does it mean? That we have now new assets in operation, specifically French assets. When these assets are in operation, specifically in France, but also in Spain, no, you have a void period. You have a period where you have no cash flow. You have this void period. Therefore, because of the mix, because we have these new entries into operation, we have now this temporary upfront net initial yield that goes down, but from a topped up perspective. Once the void period has stopped or has finished, the cash flow is high. When you look at this figure that is better in terms of a like for like comparison, the topped up net initial yield, actually it has increased 100 basis points. But in terms of valuation, yields, as Carmina explained, have remained flat. This is just a very technical consequence of the mix of the assets. Okay. That's very clear. Thank you. Maybe as a follow-up question then, looking at incentives, obviously there's always not quite as much data on Paris, but what are you seeing in Barcelona and Madrid coming in as incentives currently? Look, as we outlined, in the CBD, in the segment where we are, the supply is scarce and the demand is strong and is looking for this product. Moreover, Spain has never been a market, especially in the city center, of incentives. In our portfolio, we are not seeing any change on incentives with regard to a normalized period. We are seeing there no change and almost no incentives. Our portfolio and specifically the Spanish market in the CBD is a market where incentives do not play a major role. Okay. That's clear. Thank you. Thank you, Veronique Mertens. Thank you very much. Ladies and gentlemen, let me remind you again, if you have any comments or questions, please press zero one on your telephone keypad to enter the queue. Thank you. The next question comes from Alvaro Soriano de Miguel from BNP Paribas. Please go ahead. Hello. Thank you for the presentation. Just a quick question on your hedge policy. It seems that you have like 40% profit on your mark to market. How does it work? I mean, if you unwind that swap, you would get like EUR 200 million in your P&L, but then you would be exposed to interest rates, if I'm not wrong. I'm just trying to understand if that is value for shareholders or not. Yes. Yeah. Well, today, the mark to market valuation is relevant to the equity because it's a full hedge, I would say, derivative. If tomorrow we would like to sell all this position, yes, it would have a positive impact on the P&L of EUR 200 million. Oh, fresh. In time, of course, yes. What happens in reality is that this acquisition was closed on time to protect the future interest rate exposure as we did also in the past. This is a permanent strategy that we use on a permanent basis. This is to protect and to guarantee the future cash flow, the future cost of debt. No? But this is a value. But if the rates would remain as they are today, this EUR 200 million would be periodized and impacted in the P&L at the moment that it is going to be executed for covering the future debt. Okay. Yeah. My view is. Sorry. Go ahead, please. No. It's just to emphasize that if we were to sell these swaps, we would have EUR 200 million of cash. No? We would remain a company that has, let's say, our bonds for the next five years, no, at 1 point something, no, in terms of interest rate and no problems of any kind of problems during the next five years. No? This hedge was to go beyond this horizon. No? Yes, your approach was right. No? This is a value and the mark-to-market capture this value, and that is included in the EPRA NNNAV, but not in the NTA. Yeah. Okay. A quick follow-up. A few companies are providing guidelines on indexation. You have done that on top line, of course. Do you have like a sensitivity on how much your cost and your, also your cost of debt eventually can increase in 2023? In 2023, Alvaro, it's hedged. So we have the debt. No, that's maturing in the appendix of the presentation. You have the maturities, the debt that matures this year, which by the way, yesterday we announced a call for the ones that expire in November, which is already mature and it provides some efficiency in terms of cost. Next year, in 2023, it's EUR 200 million. In 2024, less than EUR 200 million. For the following years, the estimated cost on page 49 of the appendix, you have here 1.5% 2022, 1.8% 2023, 1.89% 2024. Okay. In terms of administrative expenses? No, it's already included. Okay, perfect. Thank you very much. Thank you. The next question comes from Markus Guleser from Bank of America. Please go ahead. Yes, hello. Just coming back on the net initial yields on Paris. Which assets are explaining the 2.2% net yield versus the 3% topped up? Basically, as I said, these are entries into operations. We have had entries into operations of the renovation program and on the project pipeline. We can organize for you a separate call if you want to go more into detail, but it's basically this. It's several assets then. Okay. Several. I wanted to know what is executive indexation impact in your like for like rent growth? We have a total like for like rental increase of EUR 8 million year-on-year. Approximately half of it is indexation. Okay. Thank you. EUR 4 million. Around EUR 4 million. That annualized are much more because they have been, you know, several months of first half. Not all of these EUR 4 million have been six months. This is why we guide also that all of the things that we are doing will provide, and what we have done already, significant additional cash flows, especially in the next year, but also this year. As of to date, EUR 4 million out of the eight. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press zero one on your telephone keypad. There are no further questions. Dear speakers, back to you. Okay. Thank you. It's been a pleasure to share with you these results that we believe are very good. We hope we will be able to deliver similar kind of results in the near future. Have good holidays, those of you who haven't had it yet. Thank you to everyone. Yeah. Good evening.