Ladies and gentlemen, welcome to the Covivio H1 twenty twenty five Results Presentation. I am Sandra, the Chorus Call operator. At this time, it's my pleasure to hand over to Christophe Kuhlman, CEO of Covivio. Please go ahead, sir. Good morning, everyone, and thank you for joining this call. I'm happy with Paul to present you our H1 results, very positive I must say, with strong growth and an improving outlook. Let's start with key figures page two. We delivered a solid operating performance in H1 twenty twenty five with revenue up 5% like for like and 9% at current scope. Our recurring earnings were up by 146% per share. And we also recorded positive like for like value growth by plus 1.5%, which enabled net asset value to grow and leverage to stay below 40% despite the full payment of the dividend this semester. Let's move to Page four to comment on real estate environment. Real estate markets are showing clear signs of recovery. There's imbalance between demand and offer across all asset classes, and investors' confidence is back. See the investment market, Page five. The start of the recovery we saw in H2 last year is continuing in 2025. H1 figures are up by plus 11% and is expected to grow by plus 12% for the whole year according to service. More importantly, this recovery concerns all asset classes, as you can see in the bottom of the slide. Interestingly also, the recovery comes also from large transactions, especially in office as you can see Page six. The best example is the Trocadero asset in Paris CBD, big volume about €700,000,000 a yield of 4.25%, a potential buyer of Blackstone who was not interested in office those past several years and is now willing to come back to the office sector. This renewed appetite implies yield stabilization over the last six months or even some compression in Paris CBD just below 4%. Let's now move to letting market, Page seven with offices. The office market is seeing a better balance between supply and demand. Take up is recovering overall in Europe with good performance in Milan and Germany despite low figures in Paris. In parallel, prime brands continue to increase. More importantly, looking forward in 2026 and 2027, we see better trend. Since COVID, the office market was impacted by three headwinds: work from home, no growth, especially in Germany and oversupply. What you can see in this slide is that those three drivers are starting to evolve more positively: employees back to the office GDP growth expectation improved by the German investment plan, strong decrease in new deliveries starting next year. Good trend also on the hotel sector in Europe, see Page eight. RevPAR were up by 2.5% in Europe at end May, with Southern Europe showing strong performance. And we see clear capacity to continue to outperform GDP growth over the coming years. As you can see in the right part of the slide, overnight stays are expected to increase while Opel's hotel supply will remain limited. The imbalance supports pricing power and long term value creation. Moving to German resi market, Page nine. It also shows favorable momentum. First, construction activity is declining with fewer permits on completion year after year. Second, the election of the new coalition, more business oriented, is positive. It is providing better visibility on the regulatory environment and growth prospect. The consequence is that trend remains positive with rents and prices continuing to rise, especially in Berlin, our major exposure. So overall, an improving environment over the semester, which reinforce our optimism for the future. Let's see some example of what we did at Covigeo during the first half. Moving to Page 12. Our portfolio has grown in H1, up by 3%, now slightly above €16,000,000,000 of asset. This growth is made both on growth on a like for like basis and investment to continue to improve the quality. Over the semester, we slightly increased the exposure to hotels to 20.1% and reduced the one off offices just below 50%. Let's focus on like for like value, Page 13. It is up by plus 1.5% in H1. Office assets are up by 0.4% with gains in CC centers, especially in Paris CBD at plus 1.2% and Milan at plus 1.8%, while core assets in business hubs are stabilizing. The growth was stronger for German resi and hotels. In German resi, values were up by plus 3.1% due to an increase in revenue on the quality of our portfolio. As a reminder, those are block values. In hotel, it is a new semester of like for like value growth at plus 2.1%. This is especially thanks to the portfolio we acquired in 2024 from the asset swap with Acornrvest. The value of this portfolio is up by 10%. Overall, as you can see in the right part of the slide, it's a new confirmation that a new growth cycle begins. Because of this conviction that we are at the source of value, we were not pushing on disposal this semester. We agreed on €132,000,000 disposal agreement, mostly in offices and noncore assets, overall 1% above last appraisal value. We are also working on further disposals with €300,000,000 under advanced discussions. In parallel, we invested €215,000,000 mostly on CapEx to improve the quality of the portfolio and create value such as in CBD new developments or modernization in German resi. We also did for €50,000,000 of acquisition in our CB21 tower take advantage of the dislocation of the office market today. Let's focus on this deal, Page 16. First, a few words on La Market, which is recovering. La Defense is a leading business district in Greater Paris. It's a fair over the last year from working from home impacts and too much deliveries. But we see sharp improvement over the last eighteen months. In 2024, take up was up by 60% and above historical average in H1 despite lack of very large transaction as well as the whole Paris market, have to say. Demand for spaces below 5,000 square meters continue to be very dynamic, up plus 62% with 48,000 square meters. On parallel, as you can see in the bottom of the slide, new construction basically stopped in La Defense. This make us optimistic for the future of this market. And this better momentum is positive for the only asset we own in this area, CB21. CB21 Tower is an emblematic asset in La Defense due to its excellent location just in front of the metro station. We did two things with this asset in the first half. First, we took the opportunity of the willingness of our minority partner in this tower to exit. Thus, we bought 25% minority stake at attractive conditions below €3,000 per square meter with immediate value creation of €44,000,000 on a target yield of above 10%. Second, post the departure of the maintenance U. S, we launched our dual strategy, relay 10,000 square meters as is, of which 6,000 square meters already secured and launched a refurbishment program of 34,000 square meters with roughly €60,000,000 of CapEx. Covisio is also leveraging opportunities in its CBD exposure. Good example with our Milan's portfolio, Page 18. As a reminder, we own a top quality portfolio in Milan. See the figures on the left part. In H1, we delivered Corte Italia, a 12,000 square meter asset in CBD, fully let and with 6% yield on cost and 24% value creation. We also secured a new redevelopment to be launched in H2 via Parisini. It's an asset from our telecom portfolio on which we intend to capture a very high reversion and over 20% value creation. Moving to hotels, Page 20. Several major achievements in H1, too. First, you remember that we realized an asset swap with Acorn Avest, now named SND, in the end of twenty twenty four. The result of these transactions are great, as you see in the middle of the slide. This portfolio delivered plus 11% growth in its EBITDA and plus 10% in values like for like. This performance is before launching our CapEx plan of this portfolio for €100,000,000 which yield expected to be above 20%. The two examples on the right part on which we worked during the semesters: in Yves Montmartre, we will change franchise for a more international brand In Mercury Onis, we will keep the brand but refurbish the hotel and create operating synergies with adjacent, Mary Janis, both hotels being managed by With You, our own hotel management platform. Still in hotels, Page 21, we have also changed the contract in a three zero five room hotel in Rassie Charles De Gaulle Airport from a management contract with Aker brand to a twelve year lease with Radisson Hotel Group. Through this new contract, we expect to increase revenue from next year by more than 50% to €4,000,000 and create above 25% value. Last but not least, we also move forward to increase our hotel exposure by close to €300,000,000 in H1, first with €240,000,000 of office to hotel conversion identified in France and Italy. Overall, this conversion will represent 600 rooms, 110,000,000 of CapEx and a new loan cost above 6%. Second, we ran first of stake in Covio ten in H1 from 52.5 to 53.2%. And third, we also secured the acquisition of a BNB development in Porto for a yield of 6%. To conclude on Asset Management, German resi, Page 24. We own in Germany a very high quality portfolio in top cities, 58% in Berlin, with high reversionary potential and privatization potential. The portfolio offers four value creation drivers, Page 25. Rental reversion, we increased by 24% the events of relating during the semester, of which plus 36% in Berlin. Modernization CapEx, we invested €24,000,000 with a 7% in loan cost on average to improve the quality and the profitability. Development with build to sell programs, we delivered €28,000,000 in Berlin with an expected margin of 20% and launched two programs for €22,000,000 on 15% margin target. Privatization, we do it progressively in order to focus on empty flats and optimize margin. We sold for €20,000,000 of assets in the H1 with 35% margin. I will now leave the floor to Paul to comment on operating performance and results. Thank you, Christophe, and good morning, everyone. So let's start by revenues. And as you can see, Page 27, we recorded a strong rental growth in H1 of plus 9% at current scope. Half of it is actually coming from the like for like revenue increase that you see on the right part of the slide. And interestingly, with a strong performance across all of our three asset classes, close to 5% for each of them, thanks to indexation, but also rental uplift and occupancy. Then on top of the like for like, our asset rotation also contributed positively to those revenues, the reinforcement in hotel made in the first half of twenty twenty four, the Opco acquisition from SND made at the '4 and the acquisition of the minority stakes in CB21. Let's now go more into detail by asset class and first, page 28 in office. First of all, we maintained our high occupancy at 95.5%. So like for like rental growth reached 4.7%, supported by good indexation, 2.6 of indexation, especially in France, supported also by the increase of occupancy of last year and a bit of positive reversion. Then including the acquisition of the minority stake in CB21, we end up on a current scope, as you can see on the right part of the slide, with a plus 9% growth in revenues. Hotels, Page 29. Here also new strong performance in H1. First of all, as you can see on the top right top side of the slide, like for like is at 5.3%, which largely outperformed the RevPAR growth in Europe, thanks to fixed leases with indexation of 3.6%. But more importantly, thanks to the 8.5% like for like revenue growth we recorded on variable revenues, especially in France and in the South Part Of Europe, mainly Spain. The second important topic is what you see in the middle, is that this like for like revenue growth does not include the performance of our OPCO, PROBCO merger from SND asset swap made at the end of last year. And as Christophe said, the performance has been very good by with a plus 11% increase in the EBITDA of those hotels. And finally, added to that reinforcement in our hotel exposure of last year, we post a plus 14.6% growth in our revenue for the hotel part. Then German Residential, Page 30. Here, the like for like is accelerating. End of the year, I would say, when you look at the graph. So basically, we end up at plus 4.8% at the June. We were at plus 4.3 last year on a like for like basis with an acceleration thanks to an increased indexation following the new rental build in Berlin and in North Vespaglia and following also more revenues from our modernization programs. So that's for the revenue. As you can see now, the increase in the bottom line is even higher. And looking at Page 32 with the P and L of this first half. First of all, net revenue increased by 10% at €362,000,000 Then our operating income increased at a stronger pace, plus 12%, which enabled us to improve our operating margin by close to 200 bps at 85%. Then a slight decrease in financial expenses and despite higher taxes due to more operating hotel activities enabled us to improve even further our recurring results by plus 14% at two sixty three million euros Including the new share created last year, we end up at plus 6% on a per share basis for our adjusted operating. Let's look at the different drivers of this earning growth of plus €32,000,000 as you can see Page 33. The main one is the strong operating activity, plus €14,000,000 on the like for like basis. But you also have the positive asset rotation through the reinforcement in hotels, euros 6,000,000 through the asset swap of last year, plus €5,000,000 and through this acquisition of CB21 minuteority stake, bringing €6,000,000 in our earnings. Let's go now to the balance sheet with financing activity. You can see on the left part of the Slide 34. So we are quite active. The main news comes from the €500,000,000 of green bonds issued in June with attractive conditions, 135 bps margin for nine years and a 3% effective cost, thanks to our hedging instruments. Active also on bank debt with a little bit more than €200,000,000 of debt secured at 100 bps margin on average for nine years average maturity. Then you can see on the right part of the slide that we keep healthy debt metrics. Despite the full dividend payment in the first part of this year, our LTV ratio is below 40%, 39.8%. If we smooth over the year the impact of the dividend, we would have a stable LTV at 38.7%. Interestingly, also, you can see that the net debt to EBITDA is improving another time, down from 11.4x to 10.7x. In terms of NAV then, looking at Page 35. So our NTA stands at €80.4 per share, increasing by 3.5% on a full year basis and by 0.7% in the first half and despite the full payment of the dividend. This is thanks to positive value change, as described by Christophe, but also thanks to the capital gain in our acquisition of this first half. Thank you. I now leave the floor to Christophe to finish the presentation. Yes. Somewhere. Thank you, Paul. Moving to 37 for key takeaways. Very positive semester for Covio, as you can see, with 5% like for like revenue growth, improved financing condition, active asset management works with with also opportunistic acquisitions. These elements together with the market improvement lead us to enter into H2 twenty twenty five with a reinforced optimism. So to conclude, we raised our recurring earnings guidance by 4% for 2025, and we now expect recurring earnings around €515,000,000 up by 8% compared to $2,024,000,000 and plus 4% per share to €4.64 Thank you all for listening. And now I'm ready with Paul, but also with Olivier Stever, our Deputy CEO and Tugues Elbe, Mieux, our hotel CEO, to answer your questions. Our first question comes from Valerie Jakob from Bernstein. Please go ahead. Hello, good morning. Can you hear me? Yes. Yes, perfect. So thank you for the presentation. I've just got three questions, if I may. The first one is on your guidance. So I just wanted to come back on the so I think it's very helpful, the Slide 33. And also I wanted to ask you the question maybe more explicitly. I think some of the building blocks you knew already six months ago. So maybe what has changed apart from the CB21 acquisition since you gave the guidance to lead to this increase? This is my first question. My second question is on hotels. So you've got a very strong performance in H1. And I was wondering if you could share the visibility you have for the rest of the year. And my third question is on CB21. Was wondering if you could share the time line of relating the space, what you currently have in your business plan. Thank you. Thank you, Valerie. So on the guidance, I think, yes, most of the topics were presented. So well, what is clear today is that we have better like for like result than expected in all asset class. That's something which is really there and that helps really the result. Also we have, I have to say, cost stabilization everywhere. That means that the operating margin increased with this increase on increasing results. We have also the fact that we rationalized our debt in really better conditions than expected in our guidance. And on top of that, we have the CB21 acquisition, which is accretive also on the result for this year. So that's, I have to say, for me is the main element for that for this Waste guidance for '25 Perhaps in terms of hotels, Tuggela, if you can give some color for the second half? Yes. So for hotels, first half has been very strong. Outlook for the full year is also very strong. We benefit in first half from some quite good base effect comparison with H1 specifically in Southern Europe. And when we see the outlook for second half is still, I would say, positive from Southern Europe and also from Paris, I have to say. And that leads us to be quite optimistic in terms of performance overall, let's say, a bit softer than what we had on first half, but still very positive. Olivier, on CB21 relating? Yes. On CB21, as we said, we have a strategy which aims to tackle all type of requests in the market, roughly 40% speed to market with minimum CapEx and target trends in the area of above €400 per square meter and roughly 60% where we implement more CapEx to target higher rents at €550 and we plan to fully relate the asset by mid-twenty twenty six. Thank you all. The next question comes from Anand Akashkar from Citi. Please go ahead. Hi, morning everyone. Can you hear me all right? Yes, good morning. Good morning. Right. So two questions from my side. The first one is on the hotel investment markets. Could you just give some color around the markets in Southern Europe where you're looking for potential investments? So just in terms of the volume of opportunities, yields and is there an internal yield threshold for Covivio on the hotel investments? That's the first one. And the second question is just on capital allocation. So how quickly can we see you deploying the $1,000,000,000 of cash that you have on the balance sheet? And what would make you consider other uses of liquidity, say like a share buyback, which might actually help offset the increase in interest costs from the upcoming refinancings? Or are acquisitions and CapEx the main focus? Thank you. To Joel and Hotels investment? Our investment market I have to say that the biggest deal so far done in hotels has been in Spain and Greece and also Italy. So for Spain, I have in mind probably the biggest hotel that has been sold recently in Tenerefe for €430,000,000 another very good and strong hotel in Athens and other kinds of opportunities in Italy. So lot of volumes, not that much of opportunity fitting with our objective. I have to say that in terms of yield threshold, something around 6% is, I would say, a good proxy. It's aligned with what we announced this first half. And probably looking to second half and other opportunities, we are currently working on different opportunities, asset or portfolio in Southern Europe that should fit or could fit with this objective. So on capital allocation, well, as of today, we want to continue to work on the LTV side. So question cash is yes, we have cash on the balance sheet, but the topic is really for us to keep LTV below 40%, which is our target. We are just close to this threshold. So as of today, we want to continue to reduce a little bit the LTV. And we will finance acquisitions if we have to do that through disposals. So and as Tiduel said just before, we have we are currently shooting some acquisitions in the hotel sector for the future. So that means that as of today, we don't want to put any share buyback program for Covivion. That's really helpful, guys. Thank you. The next question comes from Veronik Mehtaens from Kempen. Please go ahead. Thank you very much for taking my question and for the presentation. On that disposals, could you you mentioned that you have another €300,000,000 under discussion. Is that mainly non core offices then? Or what are you currently exploring there? It's mostly offices, non core and office, which are not in the city center business up and so on. So it's really mostly really on the office sector that we are working today. Okay. And then maybe going back to that guidance. Would say that given the results of H1, it still looks relatively conservative. So I was wondering what's currently included in that guidance in terms of further capital recycling, maybe some comment on the improved operating margin, if you think that that's a one off or you can keep that level in the future as well and what you see in further leasing activity in the office segment. Paul? Hello, Valerie. On the guidance, capital recycling, we don't expect any impact from the capital recycling in the guidance. We expect the operating activity to continue to be good in H2, I would say, some base effect in H1, so probably a little bit lower than in H1, but still very good. And target to have this operating margin, let's say, sustained in the following quarters. Okay. That's very clear. And then maybe lastly, you mentioned you already discussed opportunities in the hotel market. But can you elaborate what you're currently seeing in the German resi market? Because I believe your long term targets also aim to increase exposure there and there are several portfolios in the market at the moment. Are you there looking at those? Or is that not at the yields that you're hoping to deploy the capital? Yes. We want to continue to invest in German resi. It's an asset class that we like. And as of today, have to say also we are we have around us also equity that we love to invest with us in German resi in the future. That's, I think, also factors to have in mind that today in Germany some investors are really back to invest and are looking for somebody that is able also to manage the asset with them in the same time. Well, we are looking to several opportunities, but as of today, two single assets because there are some opportunities on the market and to build, I have to say, portfolio other than two large acquisitions. Okay. That's very clear. Thank you. The next question comes from Florent Laroche Joubert from ODDO. Please go ahead. Yes. Good morning. So thanks for this presentation. I would have three questions, if I may. So the first one would be a follow-up question on the guidance. So we see your earnings per share growing by plus 6% in H1 and you raised your guidance only by plus 4%. So what explains the fact that you expect maybe lower growth in ASH two? That will be my first question. My second question in offices. So how do you see your leasing activity in occupancy in HIF2 evolving in your different markets? And my third question, so what should we expect in ASH two in terms of asset management in hotels or any further positive impact to be expected like in the H1? That would be my third question. On guidance, of the main impact that explains H2 lower than H1 is CB21 because we have the full impact on the CB21 letting we stress that we will not have on the second part of the year. I have to say that's for me the main impact that we have to share. Also, if I may, Florent, keep in mind that in the H1 twenty twenty four, you didn't have the full number of shares. So in H2 twenty twenty four, you will have the full number of shares. That's why on a per share basis, you have this quite mechanic effect when we compare with the H2 of this year. In the office leasing activity, what we can say is that really we have first half that was not so active, I have to say, in terms of number of square meters OLED compared to the previous one. Is also to the fact that we have only 5% vacancy. But what we expect today is really more active second half, especially in our development assets that we would deliver in the coming months. We have advanced discussion on Bech, for example, in Paris and also on Loft in Berlin. And so and what we can say also in Italy, have very low vacancy, but really what we see is that market trends continue to increase and we expect to have also there some good news to share in the second half. Asset Management Hotel to Guale, some word on what could do in the second half? We are working on our existing portfolio to try to unlock some additional revenue growth. So the example of what we have been able to succeed in first half is giving some flavor of the way we are working. So depending on opportunities either taking back the OpCo or transforming OpCo to lease is the strong attractiveness of the model in hospitality. Remember that during Capital Market Day, stressed the fact that the flexibility in contract is a good trigger for future growth. So we have several discussion with existing tenant or teleoperator including, for instance, the remaining asset that we own with SND and we hope to be able to do some interesting things as what we've done this first half with BNB or with Accor. Okay. Thank you very much. The next question comes from Adam Shepton from Green Street. Please go ahead. Good morning. Just one for me, another one on capital allocation. You point to the return of capital to Paris CBD offices for larger transactions and yield compression, I guess, you think is ongoing. Just wondering, is that affected how you think about capital allocation either within your office portfolio or across the group as a whole compared to the intention you set out at your Capital Markets Day? In other words, if prime CBD yield is 4.25% and perhaps heading lower, does that change how you think about capital allocation in office? No. We clearly want to continue to push on centrality. We have the target to have, in the medium term, 85% of our portfolio in the city center. That doesn't mean that we are not interesting to also to look at other areas, but really we want to continue to push there because when you are looking to the rents and to what you can imagine as a future rents, the growth continues to be really strong on the central location and that's why we continue to be really positive on the central location, and we see the same trends really in Milan as in Paris with really a strong evolution and positive evolution on the market trends. The next question comes from Jonathan Covenator from Goldman Sachs. Just another follow-up on Offices very quickly. So just trying to understand where like for like when growth could go there. You obviously had very strong growth for H1 describing quite a positive environment to central locations. Do you expect you're able to push occupancy a bit further? How about indexation? How fast is it trending downwards? Or is it a good level at this stage? And do you see further reversion in the portfolio? Thank you. Hello, Jonathan. I mean, of course, indexation will be lower in the coming months. But still, we see some potential in terms of occupancy rate increase in our office portfolio. We talked about CB21. We have also some challenges and potential to improve on the German office side. We'll deliver one asset in Dusseldorf, the Aecon Building in the second part of this year. So here we see some potential to continue to, let's say, outperform inflation on a like for like basis for the office part. Okay. And reversion in the portfolio, where do you see it at this stage? So the reversion was slightly positive in the first half, plus 0.3%. And on the renewals of the first part of the year, we are at plus 8% on average. So a slight positive reversion on this part. Okay. And any further risk space you're aware of we should be aware of or anything material from that perspective? You mean on the office part? I mean the main one is the CB21 target and letting you sign off from my side. Okay, cool. Thank you. It's very helpful. The next question comes from Paul May from Barclays. Please go ahead. Hi, guys. Just a couple from me. I appreciate there was a question earlier on sort of cash and LTV. Just wondered, do you have a net debt to EBITDA target? Or is that something that you're planning to put in place given that still seem it's quite stretched by sort of marginal investors? Just wondering how you think about that as a target rather than just focusing on LTV. Notes of disposals were quite materially higher yields than the remaining portfolio. Just wondering if you could give some color on the quality of those location of those disposals and how that sort gives you comfort on the sort of remaining valuations of the assets. And then just one on CB21, I think you've a yield on cost of 6.7%, which obviously tighter than the yield of the Western Crescent and La Defense assets. I appreciate there's obviously a mix of assets within that. But just wondering if you could reconcile the 10% yield target on the CB21, the value creation with that lower yield on cost versus the sort of broader portfolio yield and the sort of broader market? Suppose some color on the exit yield would be useful for that. Okay. On the debt metrics, Paul? Yes. Net debt to EBITDA is, of course, also quite a focus for us, and we communicate largely on these metrics. We were able to reduce it. Just as a reminder, we are 12 times two years ago, So we are 10.7 times. I would say that being below 10 times would be a good target for us. Regarding CB21, the 10% is related to the acquisition we have made of the 25% of our former partner. So meaning including CapEx, we should reach this 10%. If we consider the old tower, if you take the valuation coming from this also this acquisition plus the CapEx we expect to put in the building, we reached the 6.8% yield on cost. And it's in line with our target in terms of relating. And for us, it gives room to create value in the future because we think that cap rate should decrease slightly in this sector. There were also a question on disposals. Paul, if you can just remind us. Yes, sure. Just on the disposal, if you're just looking at the disposal yield, I think, was 6.8%, I think, from memory versus your valuation. Was just wondering if you could give some color on the quality of the assets that you sold, the locations. Are those the things that explain materially wider yield on disposals? Yes. I mean we give a bit of details in the slide in the presentation, which is mainly noncore offices and peripheral offices as well as some noncore hotels in Germany. So that's what explains this yield, which is higher than the average of the portfolio. It's really due to the quality and the location. Cool. And then sorry, just a quick follow-up on CV21. So I appreciate that the 10% is just on the acquisition of the 25%. So all else equal, it's still slightly loss making, is it, the development absent any future yield compression assumption? No. I mean, on CB21, because you compare with the average yield of this of the Western Crescent location, but the CB21 Tower in term of location is even better than the other asset of this pocket. Just as a reminder, it's very close to Paris. It's in front of the subway station. So we consider that at 6.7%, even without compression of the yield, should be we should create value in a price per square meter. That means €6,700 per square meter for this tower. Just to have in mind, in La Defense today, especially because as a market, we are at really low rents, economic rents compared to what we see in the past. And really, the demand is increasing, so we have the 6.8% with this level of rent. And that means really that we really consider that we will create value on that immediately, but more on that in the future because my feeling is that in the future, market trends in La Defense will increase. Thank you very much. The next question comes from Stefanie Dossmann from Jefferies. Please go ahead. Hello. Maybe a follow-up question on the indexation going forward because if we look at the ILAT in France on the offices, it should land closer to 0.8% something. I was wondering if you could share your assumption for 26% on the offices, in particular, in France? And the second question would be on the investment markets in German offices and German offices market, generally speaking, how do you see it evolving going forward, improving on that and for your future disposals on this market, please? Thank you. On the situation in office, not so easy to answer your question, but Paul will try. No, I think your question was on the valuation of the assets. No. On the your assumption on the indexation, next year as the ILETS index is very pointing to very low figures such as 0.5%, 0.8% by the end of this year. We don't give guidance for 2026. And what we expect is that the when you look at past, also the ILAT is very close to inflation, even though in the calculation, it's not exactly the same, but we expect the highlight to come back to the indexation, so between to inflation, sorry, so between 1.5% to 2%, let's say. Then in the valuation of the office assets in France, the six months to come, we are at 0.7% and then 1.5% next year. That's the hypothesis of the appraisals. And going back to your question on Germany and the investment market, we see a starting recovery of that. We see the last transaction in Berlin with this tower that was sold in the first half. We just sold one asset in the East Part Of Berlin for €18,000,000 at the June. We have other discussions today. It's starting to come back, what I can say, on the office market also in terms of investment in Germany. Thank you. And maybe a follow-up on your activity of conversion of offices to either residential or other kind of assets. Do you have any guidance on that? We have a certain number of assets we transform in residential. We have launched two projects in very recently, and we are also working on four projects to convert, I would say, office building in hotels, both in France, in the Paris region and in Italy. Gentlemen, so far, there are no further questions from the phone. Back over to you for any closing remarks. Thank you, everybody, and thanks for your and see you soon during the roadshow and the next day. Bye bye. Thank you.