Good morning, all. Welcome. This is Kojamo's full year result webcast. I'm Niina Saarto. I'm from Investor Relations. Today, we have two presenters. We have CEO Reima Rytsölä, and we have CFO Erik Hjelt. We will first present last year's result and the outlook for this year. But then we have interesting news we wanna share. We have, after the review period, announced that we will acquire a big housing portfolio, and shortly we will tell you more on that. Additionally, this morning we announced updated strategy and financial targets for years 2026 to 2028. We will also present these briefly today. Lots of topics coming. We have a Q&A after the presentation, and we take both live questions and questions via chat. I believe we can now start the presentation. Thank you, Niina, and very good morning on behalf of me as well. We have had very exciting twenty-four hours here in Kojamo, and happy to tell you the latest news as well. But we start with the Q4 and the whole year 2025 results. I think it's fair to say that we had a strong quarter behind us, the last quarter of 2025. And the kind of total revenue and net rental income grew in the year 2025. FFO decreased on the whole year due to higher financial costs, but for example, Q4 FFO was already increasing. Our balance sheet is still strong, and that enabled us as well to enter the transaction market, which we will tell you, which we did tell you yesterday evening, and tell you more about later this morning. But I would say that the key highlight of last year in Kojamo was definitely the very good development of occupancy rate and the last quarter occupancy even rose to 96.3, even though the seasonal effect is always a bit of a kind of a burden in rental market as a last quarter of the year. Our like-for-like rental income also turned clearly positive, at 2.6%. We have previously communicated that it's very backward-looking indicator, and we haven't seen that fitting that well in a... especially in a turnaround situation, which Kojamo had with the occupancy rate. So but, but that's definitely kind of proving as well that that our development has been really good on that side. Also, the Net Promoter Score was 57, and improved from last year. As I said already earlier, that our strong balance sheet enabled us to kind of enter the transaction market and back to the growth path as well. We still see that our financial position is very strong. We get back to those, the latest acquisition and a new strategy in later stage of the presentation. The operating environment first, if we take a kind of a macroeconomic view, so we definitely seen a kind of a improvement in Eurozone. Even global growth has improved. Finnish economy is still muted. We do have some signs, whether they are weak or a bit stronger, but we do have seen some signs of a recovery now. Hopefully, that will carry on. We don't know that yet. Going to the rental market as such, so there's definitely oversupply still, especially in the capital region. We haven't. The balancing of oversupply has somewhat postponed still, and it hasn't eased up, where we kind of repeat the kind of confidence that we have in a medium term and long term that it will balance out because of a fact that actually the new startups have been already three years very low level, especially non-subsidized market, but even on you counting on subsidized market. And it's forecasted that actually subsidized market will come down this year due to legislation changes. In this RT statistics is forecasted that actually private startups or non-subsidized apartment startups would increase, in forecast was even double from 4,500 to 9,000. We actually are not that optimistic. We think that on 2026 on non-subsidized side the market will be very very kind of very muted in a new startups. So all in all the kind of the kind of mega trends that are backing up the rental market is that that urbanization is kind of a continuing and kind of a population growth is. Population is growing all the time in the biggest cities and with the match of Kojamo's portfolio and with the addition to new acquisition, which is even more concentrated on this growth triangle, Helsinki area, Tampere and Turku area. So it is very well fitted to the kind of demand that the population growth and urbanization will create in a future. I will skip that and due to the fact that we have plenty of news to cover, so would like to ask Erik on the stage and just to kind of highlighting the last figures of last year. So especially the kind of FFO was very strong in the Q4. Having said that, we have to bear in mind that December was very warm, which the January and February hasn't been so far in Finland, but that was improving the net rental income as well. But all in all, I would say that that kind of a very solid, solid quarter for Kojamo, and very kind of a very good year to 2025, in a sense that I would like to say that we are kind of back in business, in a sense. Erik, please. Thank you, Reima, and good morning, everybody, from my side as well. So page 11, top line. So top line grew EUR 2.8 million the whole year 2025 compared to 2024, and despite of the disposal that we made during the summer. And Q4 growth was EUR 1.9 million negative compared to Q4 2024. Net rental income grew EUR 4.8 million the whole year compared to previous year, and Q4 last year, the net rental income grew EUR 1.6 million compared to Q4 2024. So repairs, the whole year repairs were in line the previous year, and Q4 repairs were EUR 1.5 million less than in any corresponding period. On maintenance side, so EUR 2.1 million down from the corresponding year, whole year, and actually EUR 2.1 million for Q4 as well. Biggest items are driving the changes in maintenance expenses, so heating down EUR 2.8 million. Actually, the weather was quite mild both during the first quarter and fourth quarter last year. Now it seems to be more colder and snow is coming nicely down as well. And credit loss is down by EUR 1.3 million, electricity down by EUR 0.6 million, and waste management EUR 0.3 million. On a growing side, so water expenses was up by EUR 1.2 million, maintenance EUR 0.6 million, and cleaning EUR 0.6 million. And of course, these growing items there, they are because of the higher occupancies. So customers are spending more water and are using more water, and we need to clean a little bit more because there's more customers, so that's actually a positive thing. So page 12, on the right-hand side, our FFO, the whole year FFO down by EUR 7.3 million, but if you look only Q4, so it's already on positive side, EUR 0.3 million. So whole year, net rental income contributed EUR 4.8 million. SG&A expenses increased by EUR 4 million, and then financial expenses is the biggest driver, bringing the whole FFO figure whole year down. So financial expenses grew EUR 8.9 million. Occupancy improved, so very strong performance there. Whole year figure up by 3.3 percentage points, and it cumulative, the whole year figure, 94.8%. We are extremely proud that the Q4 figure was already 96.3, and actually, it increased even from the third quarter, despite the seasonal effect in the market. Our tenant turnover came down 1.8 percentage point, and then that's pretty much driven by our all-time high Net Promoter Score. Like for like, as Reima already explained, so we are not a great fan of this KPI in a general situation because it's really backward-looking. But as anticipated, now the impact of the occupancy rate, this is very, very strong, positively strong, and that's driving the whole like for like rental income growth to 2.6%. And the impact of occupancy was 3.7%. Impact of rents and water charges, negative 1%, so we are still increasing the rents of existing tenants, 1.2%-1.3%. Q4 actually even more than, slightly more than that, but the negative impact is coming through because of the fact that we are more flexible when it comes to the pricing in renting. So that is the driver behind the negative figure. But as I said, impact of the occupancy, very, very strong there. Page 15, investments were on a low level, so we have only one ongoing development project, 119 apartments, and that will be complete actually by the end of this month. As already said, we made this large disposal in July. Modernization investments increased close to EUR 30 million the whole year, and then the driver there is that we started a couple of new bigger modernization investment projects. And repairs at EUR 24.1 million as in the previous year. Then page 16, value of investment properties. We didn't change actually our valuation parameters, so valuation remained the same. And the slight negative impact came through because of the modernization investments, actually. So the money spent there is a negative, and once the project is completed, then most likely a slight positive figure coming through there. Loan-to-value coming down, so moving in the right direction in that sense. We are very happy with the current level. Page 18, our financial position has remained strong. In autumn, Moody's actually affirmed our Baa2 credit rating and stabilized our outlook. We are very happy with that. And net debt down more than EUR 200 million from the corresponding period. Cash and cash equivalent, and including financial assets, at EUR 239 million, that covers nicely all 2026 maturing loans. So the next refinancing is to refinance 2027 maturing loan. Perhaps we start to address that before the summer, but we have plenty of time to do that. Financial KPIs remain stable, so average interest rate same as in Q3, 3.2, and coverage ratio 2.4. To make our figures more comparable with our peers, so ex- our coverage ratio, excluding repair expenses, 2.6. Equity per share and EPRA NDV not that great excitement there. Very, very flattish. Page 20, outlook for this year. So now we estimate that top line is going to be between EUR 484 million and EUR 497 million, and we estimate that the FFO is going to be EUR 147 million-EUR 157 million. In this outlook, we have taken into account the acquisition, so the acquisition of 4,761 apartments, and we estimate that that transaction will be completed first of April. So that impact is included in this outlook. Otherwise, in the top-line growth, if you look the midpoint of the top-line growth guidance, so there we estimated some improvement in occupancy and moderate rent increases and are still flexible in new rents. And then, of course, the FFO guidance echoing the range of the top line, top-line guidance. And now back to Reima. Thanks, Erik. So yesterday, Yesterday evening, we announced that we have signed a deal with the Varma Mutual Pension Insurance Company to acquire 4,761 apartments. And here you can see on the slide the kind of a breakdown of a split on geographical split and also the split between the kind of by the construction year. It's 60 properties, and as you can see, 75.5% of that those properties are in Helsinki region, and Helsinki region plus Tampere and Turku is 97.6%. So this is kind of a super good fit for our strategic scope. Only 2.4% in Lahti and Jyväskylä, where actually we do have a real estate or apartments of our own as well. So we signed this deal yesterday, and as Erik said, that we expect that to close on first of April. The debt-free transaction price was approximately EUR 900 million, and the transaction will be paid partly through directed share issue to the seller, and with the subscription price of 11.86, so close to 24% premium to market price. We also have assigned a EUR 600 million bridge facility with the Goldman Sachs, Nordea, and Skandinaviska Enskilda Bank, and we are grateful for those counterparties and those banks for support in a very important acquisition like this. We are planned to take the acquisition facility to take out with the capital markets financing. Then the transaction rationale, of course, this is a unique opportunity, and very sizable portfolio, and both the sizable and also very good portfolio, as I noted and forgot to mention the split between the construction years. So it's worth noting that in the 2000 and later constructed buildings are the far most majority of the portfolio. So we think that this is a very kind of a quality portfolio. And this will kind of position Kojamo on a growth path again. Also, it's very positive that Varma, as an already existing shareholder of Kojamo, kind of demonstrates confidence to invest even more in Kojamo and even with the kind of premium price to market price. This transaction as such is kind of demonstrates very well the operational leverage that we have in Kojamo as a platform. We kind of... There will be kind of a marginal incremental costs to kind of absorb this sizable portfolio, and this will definitely improve our EPRA Cost Ratio. We also have systematically developed our sales and pricing process, and I think those kind of improvements have been verified already last year when we were able to raise our occupancy significantly during the year. And that's why we are actually confident that even though the portfolio has a relatively low occupancy at the moment, so with our kind of organization and with our capabilities, we are in very good position to improve that and to kind of stabilize the occupancy in a similar level than Kojamo overall has. We also think that or expect that this will be FFO per share accretive deal, and the stabilized yield of this transaction is approximately 4.9. And not standalone as a 4.9, not including the premium price to be paid for the shares. And also the LTV is expected to remain lower than 45, which is our new strategic target for LTV. So all in all, I would say that a very comprehensive and well-structured package. Then a couple of words of our strategy, and we will—I will be relatively brief with the strategy. We have booked already, and we have sent on already the invitations. We have 17th of March, the Capital Markets Day. So we want to kind of leave something there as well and be much more concrete on our strategy on that side. But on the high-level side, as I have many times communicated during last year, that this strategy will be more of a reviewing the current strategy or existing strategy and make the tuning for that. And our mission is still to create better urban living. But the kind of focus points where we want to kind of further improve is to build the seamless customer journey enabled by data technology and AI. We have plenty of initiatives going on there. A truly customer-centric portfolio renewal and growth, and the transaction I just described is of course a concrete example of a growth. We want to have a kind of a most capable and dynamic professionals in the housing market, and we want to build an industry-leading operational excellence and strong contribution to sustainable urban living. And with all these kind of initiatives or focus areas, we aim to deliver the best customer experience in a housing market. And this will kind of crystallize in our brand promise, which is simply the right home, helposti, in Finnish. And this whole strategy is backed very well with the megatrends, especially the urbanization. We think that, as I already described, the kind of a trend effect on housing market and the urbanization is continuing all the time here in Finland, and even on an accelerated pace, or the pace is more speedy than in our peer countries, for example. We have been kind of lacking on that trend a little bit in recent years, but we are at the moment catching up. And obviously, the Finnish growth will kind of require mobility of workforce, and that's why the kind of operating and dynamic housing market is one key parameters for that. And the kind of a new technology and the kind of a new solutions to help and improve both the customer experience and operational excellence. So you need to have a scale enough to kind of be a market leader in those solutions to provide to your customers. And we think that we have that scale, and we are very well equipped in a sense to kind of answer those needs or opportunities. But all in all, I would say that one of the key themes is that this will... This strategy will further kind of further focus on customer experience and put the customer in the center of our strategy. And that's, I would say that it's of course not revolutionary, but in a real estate business overall, it's often very very kind of asset-driven. And we see that actually kind of serving the customer best possible manner, you will be able to kind of charge a premium rents and create value to our shareholders. Then all of these focus areas are of course leading to the financial targets that we have renewed. Our new growth target is average annual growth of total revenue from 5%-7%. Net Promoter Score to be bigger than 65. And as you probably noted in the previous presentation, that it's 57 at the moment. Then on profitability, average annual growth of FFO per share is 3%-5%. And then on risk management perspective or our balance sheet perspective, so we target the LTV to be lower than 45. Also, we have renewed our dividend policy, and our objective is to be a stable dividend payer whose annual dividend payment and/or share buybacks will be at least 20% of FFO, provided that group's equity ratio is 40% or more, and taking account the company's financial position. So we also see that actually to kind of grow the cash flow and to grow the FFO per share, it requires a little bit more of a capital. And with these market circumstances, I think it's best for shareholders to kind of cut down a little bit of a dividend policy and to kind of be more creative on cash flow side in future. And then last but definitely not least, so as you probably noticed already from our invitation to AGM, so our Board of Directors proposes the name change to Annual General Meeting. And we will accelerate our strategy execution with one brand strategy, and the name will be Lumo Kodit Oy, Lumo Homes PLC. And the kind of brand will be Lumo, so similar one brand strategy. This is not just a name change or even kind of a brand rehearsal as such, but to create a very customer-centric culture here in future, hopefully future Lumo, that AGM will decide it. So that our focus is in customers, and we are kind of a very united as an organization as well. And also to kind of even further strengthen the brand power with the one brand strategy. I think that was pretty much in a nutshell of both the acquisition that we announced yesterday and also the brief wrap-up of our strategy. As I said, we definitely would like to give more color on the 17th of March CMD. But I think it's now time to Q&A. Thank you. So now, we can start with questions coming over the phone line. Do we have any? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from John Vuong from Van Lanschot Kempen. Please go ahead. Hi, good morning. Thanks for taking my questions. Just on the portfolio, why has the occupancy been so low compared to market occupancy as well as your own portfolio? And how do you expect it to be different? And over what time frame do you expect to reach the more normalized occupancy? Well, I think it's good to ask for the seller that why it's actually so low. So we haven't identified any kind of, how would I say, specific reasons. Probably sometimes the pricing hasn't been as dynamic as in this current market it has to be. And... But I would say that we are kind of optimistic that we will be able to kind of lift up the occupancy in a similar level than our own. How fast that will happen, so we haven't kind of released or given information of a specific timeline, but we of course be mindful that how to kind of balance the pricing and so on. So but we are confident that we will be do it in if not probably not this year totally, but when we start able to start the kind of first of April. But I would say that latest by the end of Q4 2027. One additional note, if I may. So during the due diligence process, of course, we wanted to have a clear view on the portfolio and the reason for or are there any specific reason why the occupancy is so low? But we didn't find anything there because we think that the portfolio is high quality, great location, and there's nothing wrong. So it's very high quality portfolio. One thing may be behind that, we of course, don't know it, but they have outsourced. I mean, the seller has outsourced all renting activities, and that might play a role in the fact that the occupancy is where it is. Okay, that's clear. And when you're referring to dynamic pricing, that pricing hasn't been as dynamic as it should be, looking at that stabilized annual rental income of EUR 63 million, I assume that that's probably already at market rents then, so adjusted for the dynamic pricing. Yeah. That's our view of a market rents. Okay, thank you. And then when you're referring to refinancing the acquisition facility via capital market debt financing, is it fair to assume that you're using plain vanilla bonds, or could you also be looking at more exotic instruments? So we haven't decided yet. So, in the debt capital market, there are several providers and products, and of course, we are looking at them, so we come back to that at a later stage. Okay, thank you. The next question comes from Andres Toome from Green Street. Please go ahead. Hi, good morning. A few questions from my side. Firstly, on, on just your thinking around how you look at these acquisition opportunities, and maybe you can explain what sort of, metrics do you focus on, and what made this specific portfolio attractive for you? And I guess linked to that, how do you think about your cost of capital, when you look at where your share price is trading, at around 5.3% net initial yield, roughly? How does that feed into your thinking about external growth? Well, I think, first of all, if we start the... I don't know if your question was concerned on general kind of a portfolio market. But, if I comment on this portfolio especially, so, obviously the kind of quality of the assets were one key part of that portfolio acquisition, and which made it, from our perspective, very interesting. And, as I said, that the geographical split is kind of optimal to our strategic scope. Then again, the kind of assets and upper seem to be in a good condition and relatively kind of a young assets. Then the question of cost of capital and, Erik, you might correct me if you disagree, but we have kind of tried to build this as a comprehensive package. If you calculate all the aspects of both the yield of asset portfolio as such on stabilized basis and then kind of the financing with the premium subscription to market price. And then again, of course, the kind of future potential for a kind of rent hikes as well in... So we think that this is kind of a compelling package as such. ... Thank you. And is it fair to say that, you know, it's presented as a premium subscription, but ultimately the Varma will just get quite almost shares? And, you know, yesterday the share price was EUR 9.5, and I see it opening at EUR 9.9. So isn't that the right price to look at the equity component, really, which would also mean that actually the yield on the acquisition is actually better as you've presented it? Well, it's yeah, I would say that I don't know if there's a correctly right or wrong answer how to look at it, but I think in a sense you're correct that you can view it in a many way and depends on how do you wanna calculate. But I don't know if you, Erik, had a- Well, I would say there's no right or wrong approach here, but definitely if you issue shares with a strong premium, almost 24%, and if you look at the spot figures, of course, you may want to pencil in your calculation that as a part of the positive things as a whole transaction. And that's of course, that was a very important part of the total package. But I'm not saying that you should do it, but there's good ground to do so, to price the premium against the purchase price. Okay, understood. And, maybe then on your sort of, medium-term guidance now on revenue growth of 5%-7%, which translates into FFO growth of 3%-5%, FFO per share, that is. Maybe you can just explain how does that work? So is it, is it the case that the financing headwind, is, is quite meaningful there, that there's a, there's sort of a negative spread between revenue growth and FFO per share growth, or how are you, penciling that? That's exactly the reason. We penciled in that the cost of... We don't need additional financing on top of this transaction, but refinancing plays a role there. And definitely, the cost of refinancing the new facilities is higher compared to what we are replacing, and that plays a role there. Of course, with today's figures, but indications from the banks for just a reference for 5-year bond market is coupon for 3.6 some- and something. So that's whether it's that figure or slightly higher or lower figure, is clearly higher than those loans or those bonds that we are refinancing. So that's exactly the reason why the FFO is not growing that much as the top line growth. But it's still positive, and our aim is to grow FFO per share. Thank you. And then, my last question is just on the announced long-term incentive plan as well, and the targets there. They are still very much earnings-focused. And I guess, especially when I look at the total revenue target, it is perhaps a bit questionable and maybe makes the management team be incentivized to pursue sort of external growth. And I guess my question is: Was there even consideration of tying the compensation package on LTIP to total shareholder returns, so such that that incentive plan is also commensurate to what your shareholders are getting in terms of returns? Yeah, I would just to kind of elaborate that there was, of course, in discussions of many, many kind of angles and how to kind of define the parameters. The conclusion of our Board of Directors is that actually to achieve these parameters, they would definitely drive the kind of shareholder value as well, so they are aligned with the shareholders. And I think one key change was that the FFO is now FFO per share growth. One additional note, so it's good to keep in mind that in our teams, the earnings potential is decided as a number of shares. So, and it's number of shares set today. So in three years' time, if the share price goes up, the earning potential is euro-wise, is actually more. So in that sense, actually, the management is incentivized to drive share price up. So it's in that sense, it's already included in the system. Right. So the FFO per share then, I, I suppose that would not... or the starting point is, 2025 share count, right? Is, is that correct? And then the new, shares that will come into issue with the acquisition would sort of, almost be a drag to the earnings potential here, so, making it more aligned, perhaps, with shareholders? ... So, this FFO per share target is including last year actual figures and Jupiter, and it's built on top of that. So yes, you are right, that if the growth is driven or supported by share issues, then the management need to look at what is the impact for FFO per share, and that's very important part of the LTI KPI package. And I think it's important, the FFO per share is important because it's cashflow item and because it's per share, it takes into account if the amount of shares changed. Right. And just to confirm, the starting point for that FFO per share calculation is 2025 share count? It is, it's beginning of 2026. Yeah. So before the portfolio acquisition, share addition, right? So the acquisition is included in the targets. All right. Thank you. The next question comes from Svante Krokfors from Nordea. Please go ahead. Yes, good morning, Ray, Erik, and Niina. Thank you for the presentation. Couple of questions left. The first one, regarding your LTV, I guess it goes quite to the- close to the, the 45%, which you, in your new strategy, want to keep it below. Do you target some, some kind of, disposal still to, to improve the, the LTV? I guess there could be some valuation headwinds, on residential markets in 2026 if, if there's, for example, the, the open funds that will sell assets. So basically, I mean, what, what do you... Do you have some plans to, to secure keeping LTV below 45%? Yeah, we aim to keep it below 45. That's That's for sure. So that's why we kind of took it as a final sell target. What comes to the disposals, so we do have further plans to further focus our portfolio. So what does it mean? That obviously, we are looking for opportunities to kind of sell non-core assets. But as I have said earlier, that that's kind of a very much of a market circumstances—you need to take into account the market circumstances as well, and be mindful with that, that you are not pushing kind of a illiquid assets in the smaller cities for a kind of a, as a forced seller. So that's why we need to be patient, but that's definitely our aim to kind of focus the portfolio further. Thank you. And then regarding the FFO guidance, what assumptions do you have for, I mean, the EUR 600 million facility that you will take from 1st of April, roughly? What should we assume regarding the interest rate on that? You talked about the bond assumption of 3.6%. Is it similar? When we decided this guidance, we penciled in the price for takeouts based on in today's indications or actually last week's indications, but today's indication. Okay, thank you. That's clear. Then, regarding the... Correct me if I'm wrong, but I think you paid around EUR 3,800 per square meter for the Varma portfolio, and your average own valuation is EUR 3,350, roughly. Does that reflect the age structure? What's the biggest difference there? I think it's, there's both. Of course, the age split is one thing, and then, I would say that even further, of even bigger significance is the geographical split. Okay, thank you. That is clear. And, and all from me. Thank you. The next question comes from Celine Soo-Huynh from Barclays. Please go ahead. Hi, Reima. I got three questions, please. The first one is on your new targets. To get to your new total revenue growth target, I'm assuming you will start new construction, given the weakness of the market. So am I right in assuming further portfolio acquisition? And in that case, Varma has agreed, in this instance, to take some shares. But for the next acquisition, do you think you will have to come to the market for equity, to keep your LTV below 45%? So that would be my first question. My second question, simple, can you just confirm if you see the transaction accretive on day one, even if you do not increase the occupancy rate? And my third question is, how did you agree on the price for the new shares issued to Varma? How did you get to EUR 11? Thank you. ... Okay, if I take the first one, so the kind of further revenue target. So of course, the portfolio acquisitions are kind of a one tool to achieve that revenue target. New startups are also one, but as you very well pointed out, at the moment, it looks like that the market doesn't encourage that much to make a new startups, and you get a better yield from with the acquisitions. And then with the kind of a possible raising of equity. So I think it depends on obviously the terms, and that's why the kind of financial targets are combined with the revenue growth and the FFO per share growth. So that's kind of a have to be FFO per share creative the transactions as well. If the kind of equity funding is kind of planned to be used, which plans we don't have at the moment. And then second question was about the- FFO. FFO. So how... Can you repeat the question number two, so? Yes. Can you confirm if the transaction is accretive on FFO day one, even if you do not increase your occupancy rate? Well, what we have said that we expect it to be FFO accretive. We haven't said that it's FFO accretive in day one. We haven't either said that it wouldn't be. So we have said that we expect that to be FFO accretive. As a whole, but I guess the question is, as you rightfully pointed out as well, the market is not in a great shape at the moment. So I guess we're in the right to ask, what if, you know, you can't increase the occupancy, what happens? Is it still a good transaction? Well, we actually think that it will be a good transaction, but of course, our aim is to kind of raise the occupancy as fast as it's wise and doable. But then again, I would say that given the fact that even though the occupancy would be higher and if the market is really bad, so the occupancy might drop, and then so on. So that's why we actually think that the kind of transaction is good at the moment according to our view. Okay. Okay, thank you. Sorry, can you get to my third question, which was on the share price that you agreed with Varma? So we agreed with the seller that what is the premium, and then we agreed that the price is going to be based on 10 last trading days before the signing. So then we just did the math when we got the figures. Oh, sorry. So, I guess my question was more how did you agree on that 24%? So we agreed that with the seller, and it was normal business negotiations. Okay. Okay, thank you. Thank you, Reima. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Neeraj Kumar from Barclays. Please go ahead. Morning, everyone. Thanks for taking my question. So just a quick one on my side. Can you please help us understand what's your current margin on the bank loans, and what is the all-in cost on those financing? And how does that compare with the current bond market financing for you? You have a lot of debt maturities coming up over next couple of years, including the EUR 600 million acquisition facility. So just wanted to understand if you plan to increase the share of bond market debt in your debt stack. Our average cost of financing at the end of Q4 was 3.2, and that includes the cost of derivatives, and our hedging is quite high. And the indications from the bond market, as already said, for 5 years maturity, last week was 3.6 something. So that is the key figures, actually. Yeah, my question is the marginal financing from the banks today. If you were to access the bank market, what would be five-year all-in cost from banks? The bank indications from the banks for bank financing is pretty much in line with the indications from the bond market. Do you have any preference, like in terms of like what's your ideal split between those two financing, just to understand, how you're looking at this, over the longer period of time? Because your average debt maturity is like around 3.1 years now. Would you like to extend this, or you think that's the comfortable level for you guys? So for us, it's important to have access to different sources of financing. So we want to have bond financing and we want to have bank financing as well. Today, our preference is actually on the bond market, given the fact that you can get longer maturities there, and it's unsecured as this bridge facility as well. These are the reasons why today preference is towards bond market. Got it. Thank you very much. ... There are no more questions at this time, so I hand the conference back to the speakers. Thank you. I think we have gone through most of these questions coming via chat, but a couple of questions about the acquisition. What kind of key initiatives do you plan to do with the vacant apartment? Do you have anything concrete you can mention? Well, I think that, as I already in my presentation said that, that we are confident that, that our sales and pricing process are kind of a proper tool to kind of solve this vacancy issue in this portfolio. And that's—I think that's pretty much what we have done in our portfolio as well, with the last year. So it's active sales and marketing obviously, and then dynamic pricing, and we need to kind of assess apartment by apartment that how does that price reflects to market price, and that's pretty much about it. How about, do you think there's a lot of CapEx needs for those properties, or do you need to repair those vacant apartments? I would say that the CapEx needs are very much in kind of a calculated path and with a similar or in some cases might be even less than in our current portfolio. The apartments are in relatively good shape. Of course, there will be apartments as well that you need to repair, but we don't expect anything kind of extraordinary on that side compared to our current portfolio. About the outlook for 2026, what is the contribution from the acquisition to the revenue and FFO? So we haven't actually disclosed the split. So we penciled in the transaction, assuming that the closing will be first of August, and these are the total figures. First of April. Sorry, first of April. First of April, sorry. Yeah. Yeah, and that's why we released the total, total figures. Okay, and, final question. Did you have any discussions with Moody's prior to the acquisition? If so, what were the key topics you discussed? We discussed with Moody's this transaction, and they know the key parameters and what the structure look like. And they say that they don't see any specific topics related to this transaction. Good. Thank you. That was, that was it. So, Q1 report, we will publish that in May, and as we mentioned, we will have this Capital Markets Day coming on 17th of March. We are really excited to have that, and, and we have already opened the registration for this event. It will be in Helsinki at Finlandia Hall, and you are more than welcome to join in person or, of course, there's this webcast you can follow. The whole management team will be there presenting all these topics more in detail. And also, there's a possibility to see some of our properties following the event. So we wish to see you all in March. Thank you very much. Bye-bye. Thanks a lot. Thank you.