Ladies and gentlemen, welcome to the Covivio 2025 full year results presentation. I am Matilde, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. At this time, it's my pleasure to hand over to Christophe Kullmann, CEO of Covivio. Please go ahead. Thank you. Good morning, everyone. I'm happy with Paul to present our full year 2025 results. Let me kick off with our profile, page two. You know our diversified business model, but this diversification, which relies on leading platforms, has been incremental to our growth in 2025. See page three, the main KPI of 2025. Performance has been very solid on the operating side, as you see on the left part, on financial results as well, as you see with +6% in recurring results per share, +7% in dividend, and +4% in NAV per share. On the balance sheet, with a new year of debt ratio improvements. Let's go more into details of operating performance, first with office, page seven. In a market where the key question is whether we are on the right path of the polarization in the office market, we have been able to demonstrate another time that Covivio is on the right side. We benefit from a high qualitative portfolio. The best proof of that is simply to look at the occupancy rate, 95.7% for city center asset, 95.6% for the one in the major business hubs. Thanks to this portfolio quality and to approach of real estate as a service, we were able to record a very active year in terms of lettings. See page eight. 135,000 sq m of lettings and renewals on which 81,000 sq m of new lettings. We flag few examples there. Three examples. Let me focus on CB21 Tower. You remember that Suez vacated 44,000 sq m in this tower in July 2025. Six months after only, we already secured 50% of those surfaces. Another great achievement is in Milan. Moving to page nine. We are among the leaders of office in Milan with a EUR 2.1 billion portfolio. This is 27% of our office portfolio. The Milan market is very dynamic. See the market figures on the bottom right of the slide. A take-up above the 10-year average and a lack of grade A building while 75% of Milan take-up is focused on those assets. In 2025, we benefited from this positive environment in two ways. First, through renewal, we secure 20,780 sq m of renewals with a +19% increase versus passing rent. Second, through redevelopment, see page 10. We launched three projects in 2025 for EUR 139 million with a 7% yield on cost. Let me focus on one of those three, Vitae in Symbiosis area. Fastweb, already our tenant, needed more spaces. We managed to extend the existing link for 8.5 years and to pre-let for Fastweb 75% of this new development with a 12-year lease at delivery in 2027. Moving now to hotels. 2024 was about M&A, 2025 was about extracting growth from the portfolio. Moving to page 12. Remember our deal with Essendi we made at the end of 2024. We bought the OpCo of 43 hotels to Essendi in order to merge their co on the PropCo of those hotels and get the full ownership. On top of the high quality of this portfolio, there were two rationales in this deal. The first one was to transform obsolete assets into new hotels. The second one is to optimize the contract with the operator and to choose the right brand. 2025 results show the success of this deal, 7.9% yield, 13% value creation expected in 2025. There is more to come. See page 13. We did not catch yet most of the value of this portfolio. It will come in the years to come. Thanks to the CapEx program we plan to implement on 20 of those hotels. It is a EUR 760 million portfolio value. We plan to invest EUR 330 million of CapEx by 2028 to 2029. Thanks to that, our target is to catch EUR 46 million of additional revenues and EUR 300 million of value creation. Five projects are already committed and 15 will be in 2026 or in 2027. Another driver for growth in hotels is in optimizing the rental contract. See page 14. There are many ways to improve the revenue by changing the contract. We can move from management contract to lease. This is what we did with Radisson Blu Roissy, signing a 12-year new lease, which will bring 50% additional revenues. In our management contract portfolio, we can also decide to change the brands. See the example in the middle in Ibis Montmartre hotel, we will increase the RevPAR by 25% by changing Ibis to Moxy. We can finally change the operator and optimize the contract. We have two discussions ongoing with EUR 6 million target saving here. Operated real estate is a strength for our industry. It enables us to be closer to the end user wishes and evolutions to be more efficient. In hotels, our operated real estate model is illustrated by our own hotel platform. We are not a hotel operator and it is 10% of our hotel portfolio. This skill is key to get closer to the final customer and to be stronger when it comes to negotiate with hotel operators. This platform already delivers good performance thanks to a +7% EBITDA growth and a 30% operating margin. Moving to residential, page 17. We pursue our growth by leveraging our four drivers. Rental growth. On average, we are able to get +24% rental uplift on new leases. Modernization CapEx with a 7% average yield on CapEx. Privatization. We sold 186 flats for EUR 72 million above with 30% margin and on the last appraisal value. Also ancillary revenue with EUR 15 million additional revenue. See the details page 18. These revenues are made of build-to-sell development. This has regenerated EUR 6 million of margin in 2025, but also service to client with energy trading, insurance brokerage, connectivity services. This brings already EUR 9 million of revenues. Last but not least, in resi as well, we intend to push on operated real estate. See page 19. Operated resi is a long term following more single person households and students' needs. It is also a profitable one. See the 30% average operating margin we catch already on this activity. At Covivio, we already manage 420 units in Berlin and want to accelerate. We will do it with 308 new service apartment into our Alexanderplatz development to be delivered in the second half of next year. I let the floor to Paul to present the results. Thank you, Christophe. Good morning, everyone. This positive performance of the year is also illustrated by our financial results. Let me start first with the portfolio and capital rotation you see on page 22. We continued in 2025, our qualitative asset rotation activity by selling EUR 463 million of assets. 72% of it is offices. In parallel, we invested EUR 446 million, mostly in CapEx programs, in order to increase the quality of our portfolio. Acquisition relates mostly to the opportunistic acquisition of the minority shares in our CB21 tower for less than EUR 3,000 per sq m. The value creation of this acquisition is not included in the like-for-like value growth of the portfolio we will now present, and you see page 23. Moving to the portfolio, we stand at EUR 16 billion group share at the end of 2025. After more than 2 years of value decrease, our value starts to grow again by +2.1% on a like-for-like basis. In office first, the polarization continues. City center assets are growing by 1.7% thanks to Paris and Milan, while major business hubs are impacted by a lack of liquidity and especially in Germany. German residential is gaining 4.9% following the increase of the rents, and hotel is growing by 3.7% on a like-for-like basis. We have here the +13% value creation on the former Essendi portfolio, and we benefit from the good performance in south part of Europe. Let's move now to the financial results and directly to page 25 with our rental revenues, which include the operating results of the hotel. Those revenues has grown by 3.7%. The main driver, you see it in the right part of the slide, it's the 3.4% like-for-like growth, which is thanks to 1.9% of indexation. Thanks also to the increase in occupancy rate, one point, and to the rental uplift for 50 basis points. Looking by activity, office rents are benefiting from the drivers I just mentioned before and are growing also by 3.4% on a like-for-like basis. Hotels revenues increased by 1.6% on a like-for-like basis, despite the negative base effect of the Olympic Game and of the Euro football game in Germany in 2024. Variable revenues are improving in Q4 when we compare to Q3, showing a positive trend for 2026. Those figures also do not take into account the good performance of the former Essendi portfolio, which recorded a 3% growth in EBITDA in 2025. Finally, rents in German residential are growing and are showing an acceleration with a +4.8% growth in rents versus 4.3% in 2024. This rental performance has been the main driver of the earning growth. You can see page 26. We recorded, in 2025, a +10% growth in our recurring earnings in EUR million. On a per share basis, this growth stands at +6%, as it takes into account the full effect of the new shares created in 2024. Looking at the main block of the bridge you see in this slide, first of all, portfolio rotation has a positive effect to the results, which is thanks to the reinforcement in hotels made in 2024. Thanks also to the acquisition of the former Essendi hotels and to the acquisition of the minority shares of CB21. Rental activity brings the bulk of the growth, EUR 20.5 million of additional results. Ancillary revenues also has been a good drivers, EUR 12 million benefited from EUR 10 million of additional property development margin and EUR 2 million of additional asset management fees. Finally, net financial expenses are better than in 2024. This is due to the fact that we capitalize more financial cost in 2025, following the increase of the development pipeline and the increase of the cost of the debt. This effect will be negative in 2026 with the delivery of large development projects such as Beige in Paris or ICON, delivered in Düsseldorf at the end of 2025. Page 27. Moving to the balance sheet. In parallel of the increase in the results, we continue to reduce the leverage of the company. EPRA LTV is decreasing from 43.5% to 42.9%. If we include the EUR 386 million of disposal agreements that are yet to be cashed in, mostly in 2026, that leads to an EPRA LTV below 42%. Net debt to EBITDA is also decreasing from 11.4 times to 10.7 times. As you see on the right part of the slide, our balance sheet is well secured and our rating has been confirmed by S&P, a BBB+ stable outlook. Staying on the balance sheet and with net asset value, page 28. The growth in earning, despite the dividend payment, brings EUR 1.3 per share additional. Value creation of CB21 brings EUR 0.4 and the growth in values EUR 1.8, which leads to a +EUR 3 per share increase in NTA and +4% year-on-year at EUR 82.9 per share. You notice on the right part of the slide that the NDV is growing faster by 5% due to the positive effect of the deferred taxes decrease, linked to the decrease of the German tax from 15% to 10% from 2027 to 2032, which is included in our deferred tax accounts. The outcome of those strong results and of this sound balance sheet is a significant increase in the dividend, as you can see, page 29. We will propose to the general meeting a dividend of EUR 3.75 per share in cash, which leads to a growth of 7%. In order to linearize the dividend payment and in line with the practice of our peers, we will pay this dividend in two installments, one in March and the other in July. Let's now focus to 2026. Our priorities. First, page 31, we want to pursue the portfolio rebalancing. That means more hotels and more city center offices. To this extent, we have a strong start to the year, as you can see in the right part of the slide. Let's focus on the three main news in the next slides. First of all, page 32. We signed at the end of December 2025 a new partnership with Blue Owl, an alternative asset manager, for closing expected at the beginning of Q2 2026. This partnership concerns the creation of a JV owning the Thales buildings in our Vélizy campus for a valuation of EUR 503 million. Blue Owl will take 49% of the JV, buying part of Covivio existing shares and also the Crédit Agricole insurance shares in the building Hélios 1. This transaction for Covivio means the disposal of EUR 138 million of peripheral assets at a 6.4% yield net of incentives. This transaction confirms the attractiveness of our portfolio. It brings additional revenues, it participates to reach 80% of office in city centers, and it's also the start of new partnerships. Secondly, in parallel, we are increasing our stake into hotels. First of all, which is page 33. We have five projects ongoing of transformation of offices into hotels. In Paris and in Bologna, in Italy, that represents EUR 407 million of cost, including the land value of those assets. Those deals will enable us to increase exposure to hotel, but also to improve the portfolio quality and to increase the profitability with incremental yield on CapEx of above 9%. Hotel reinforcement is also about acquisition, as you can see, page 34. In parallel of increasing through transformation, we also are reinforcing through acquisition, especially in the south part of Europe. South part of Europe, it's 17% of our hotel portfolio today. We target one-third over time. We are on the final stage of buying EUR 300 million of hotels in Italy and in Spain. It's actually mostly city center hotel with long-term leases and a 6% minimum yield. If we include the variable part, we target a 7% yield for those acquisitions that we expect to sign by the end of Q1 2026. All this means that considering the recent asset rotation, we will increase by two points our exposure to hotel, as you can see, page 35. That means if we look versus 2022, a 50% growth in exposure to the hotel business between 2022 and 2026. Thank you. I now let the floor to Christophe for the key takeaways. Thank you, Paul. Just to sum up what we say this morning before the Q&A session. First, we are on track on our target, sharing that we share during the Capital Market Day, last Capital Market Day, in terms of portfolio shaping, in terms of new businesses, in terms of ESG leadership, and in terms also on growth targets. Really for us, 2025 is really an important year for us. We are starting really a new EPS growth phase fueled by four drivers. First one is hotel reinforcements. That means also higher yield than other asset classes, but also asset management then, especially with the hotel CapEx program at 15% average yield. Ancillary revenues are part of our business model and will continue to grow. Finally, hospitality and operated real estate model drive occupancy, but also profitability. That leads to another year of growth for 2026. See the detail of our guidance, page 39. We target a 4% growth in recurring result per share, thanks to the pursuit of good operating performance, active asset management, and further growth in ancillary revenues. You see that this guidance includes also some headwinds. We expect that two of them, indexation of CMI21 leasing and indexation, are actually transitory and should reserve positively in 2027. To sum it, and before taking your questions, what should we keep from this result publication? First, 2025 has been a strong year for growth and also for implementing structural attainments for future EPS growth. We enter into 2026 with a good momentum, thanks to the work achieved in 2025 and thanks to the first achievement of the first week of the year that Paul just described before. Thanks for your listening. We are now available with Paul, but also to Joël Mihiel, our hotel CEO, and Olivier Estève, our deputy CEO, to answer your questions. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their telephone. If you wish to remove yourself from the question queue, you may press star and two. The first question comes from the line of Valerie Jacob from Bernstein. Please go ahead. Hi. Good morning. Can you hear me? Morning, Valérie. Yes. Can you hear me? Yeah. We hear you. Yeah. Perfect. Sorry. Congratulations on your results. My first question is, looking at your 2026 guidance, I just wanted to clarify a few things. The first one is, I assume that the EUR 300 million of acquisition in hotels are in this guideline. I guess my question is, I just wanted to understand what are the building blocks in your opinion leading to the 4% increase per share? You said that the capital intakes are going to contribute negatively in 2026. I just wanted to, if you could sort of tell us what's coming from acquisition disposals. Is there anything beyond this EUR 300 million? What's coming from this on part of the business? Thank you. Thank you, Valérie. We don't give full details of future budget, but Paul will try to give you some points. Hello, Valérie. Yeah, of course. First of all, going to your first question on asset rotation, the hotel acquisition is included, but it will be signed progressively over the year. In parallel, as you noticed, we have EUR 386 million of disposal agreement to be cashed in. Asset rotation is actually quite even in term of impact to the guidance 2026. The main effect is more on revenue growth following also the fact that the performance of Q4 in term of letting for offices has been strong. Of hotels in Q4 has been better. Here also we are positive and you notice that the like-for-like rental growth in German residential is strong. Let's say is the first and main block. We will continue to increase on salary revenues. Those two things will compensate the full effect of the CB21 departure of Suez. We are relating, but the departure of the lease are progressive and higher financing cost, less capitalized interest, and a bit more cost of the debt. Okay. Thank you, Laurence. My second question is on your capital rotation strategy. You've been very successful lately, and congratulations for that. I just wanted to understand, given what you're seeing today on the market, do you think that you will be able to do similar volume this year or even more? What is your take at the moment in term of rotating offices into hotels? Thank you. In terms of rotation and capital allocation, what is important is that we have this roughly EUR 400 million of disposal that are already signed that need to be cashed in. That will support the financing on the CapEx that we imagine to spend in 2026, mainly in office. Now we're also starting to spend an important amount of CapEx in hotels. The disposal we imagine to deliver in 2026 could be roughly the same amount as that we have in 2025. Mostly linked to office, not in a central location. That's where we're going to continue to dispose mostly office today. Also, flats in German resi, we want to increase progressively our privatization program and some hotels, mostly in Northern Europe. With this disposal, we'll be able to continue to invest in hotels because the acquisition will be focused on hotels in 2026. Thank you very much. The next question comes from the line of Vanessa Gauthier from J.P. Morgan. Please go ahead. Hello. Good morning. Thank you very much for the call this morning. I have two questions. The first one is a follow-up to Valerie's one on what is driving the guidance for 2026. Is it mainly from the hotels? I'm just trying to figure out if there are any underlying trends that have improved, which is getting you to this guidance. Also, my second question is on your disposal versus investment strategy dynamic and how this plays out. Obviously, you have a lot of investments planned in the future, as you mentioned in your Capital Market Day. I was wondering, you have to draw a fine line to maintain that 40% LTV target. How much of disposals do you have in order to provide the firepower for investments going forward? Are they enough or will you have to pull other levers in order to do this? I don't know, Chief Paul, you want to give more color on what you said, but it's difficult to give more detail as of today. Yeah. Again, it's more across the board than specifically linked to one activity out of one other. Without repeating myself. On your question on the capital allocation and so on. Our long-term target is to go to one-third, one-third, one-third in term of allocation. What we say also in the Capital Market Day, and what I want to continue to stress today, it will take time. We are really not in a hurry. We are not a first buyer. We will do that progressively through financing, through disposals. Also, we know that we have this idea to increase our stake into our subsidiary in hotels, perhaps by exchanging shares as we have done that in the past. We will see how that will be put in place. Really, keep in mind that what we want to do is always accretive acquisition per share, and we want also to keep our LTV below 40%. That's really our target. That's why it will perhaps take more time. I don't know. Really, the direction is one, we will take opportunities. What is really important and what we try to demonstrate during this presentation is that we have a lot of drivers. We will push on one and on the other. That will depending on the opportunities, also where we stand exactly on each topics. Okay, thank you very much. We now have a question from the line of Jonathan Kownator from Goldman Sachs. Please go ahead. Good morning. Thank you for taking my question. I have a quick question for Toudjo. It would be great to have your outlook on your hotel market. Obviously, light rent growth came a bit down this year. That's just the high level in the previous years. Can you give us maybe some color on where you're seeing trends, RevPAR and any countries in particular that you're seeing strong? Obviously, you're expanding into Southern Europe. The second question on the gen resi, obviously very strong growth this year. Are you expecting this to be relatively stable? Are you expecting even growth to accelerate? Do you see more CapEx opportunities there to further boost that growth? Thank you. On the outlook, what we see on the market in terms of operating performances, I think that starting with what we've seen in 2025 is a good starting point for 2026, which means that the trends that has been strong on Spain and Italy will continue to be there. What we see beginning of this year is still those areas and also cities like Paris, cities like South of France, continue to be strong. We see that on the books. We see that on the preliminary results of January. Probably what could change a bit, that's also taken into account in our, I would say, forecast, is after a difficult year in Germany should improve in 2026. It's been a tough year there in most of the cities, we've seen that on the performance of our operating portfolio. This is probably where we are a bit more optimistic. Then leading the U.K. at the end. It's been quite decent year last year, effectively, mostly based on London and Edinburgh, where we have most of the portfolio today. Quite positive, I have to say that, yeah, the beginning of the year is quite encouraging and validating what we are expecting. Any exposure to the U.S. consumers, obviously, you got a weaker dollar to deal with. Is that any impact on your portfolio? Does that affect it at all? Yeah. Basically, the U.S. customers, it's been a big question last year mostly, and we've seen that nothing has changed. Even it's been stronger. It's been strong in south part of France. It's been still strong in Paris or cities mostly exposed to the U.S. customers. No drastic trends there. Europe is still cheap for the U.S. customer, I have to say. Probably what could be a bit different is, for the U.S., it has been quite tough last year, and probably it would be a bit better for them, but for the inbound clients going to the U.S. As far as we see, U.S. customers is still there and eager to travel to the most European cities. Thank you. The next question comes from the line of Véronique Meertens from Kempen. Please go ahead. Hey, thank you all, and congratulations on the results. A few questions from my side. First, a follow-up on that guidance. I think a big chunk of the beat is also explained by your net financial cost. Could you give some color on how much did the capitalized interest cost actually increase this year? Can you also give some more guidance on what you expect for next year? Did you also change the way of capitalizing interest, or is it purely the volume that changed? Yeah. We didn't change the methodology. It's a methodology which is validated by auditors, so we don't change it. It's simply the volume and the rate as well. You notice that the cost of debt is increasing. In terms of amount, we have an increase in 2025 by EUR 8 million, and we expect this to decrease by roughly the same amount in 2026. This is included in the guidance. Okay. That's very helpful. Thank you. In terms of the development pipeline, could you give some additional color on how you see the product going for Beige, for instance, and some of the other projects? On the development side, on Beige, for example, we have a lot of pending discussion, and it's fair to say that it's a refurbishment project, so difficult for the future tenant to project themselves in the building. But now we are really in the market, and we have a, I would say, last week, for example, we have one visit per day. We're quite optimistic the fact we'll be able to fulfill this building along the year. Elsewhere- Would you say because Sorry? It looks like there is quite some pressure on rent levels, obviously, in Paris. Would you say when you look at your pipeline that you can still achieve the rent levels that you've underwritten these projects for? No. We have effectively what you mentioned is right. There is a little bit more supply in Paris, but also more polarization and giving the quality of the building. I can say that today, the discussion we have are totally in line with our expectation on the rents. Okay. Thank you very much. We now have a question from the line of Aakanksha Anand from Citi. Please go ahead. Hi. Good morning. Can you hear me all right? Yeah. Yeah. Go ahead. Great. Thank you for taking my questions. I have three, and I'll take them one by one. The first one is on the acquisition opportunities in hotels. Could you just give some color on the kind of opportunities that you're being able to find that suit your return hurdles? Or is it reasonable to expect that the development pipeline, the conversions, et cetera, are expected to contribute more significantly to the portfolio rebalancing target to the one-third for hotels? Julien, on the acquisition? For the opportunity, I hope that we will be able to give some more detail by the next few weeks on the pipeline that we have secured today. It is a mix of different things. Obviously, we are focusing on Southern Europe, the most important market are Spain and Italy, with two very different structure. Spain is very organized, and very liquid. We have been there for, let's say, 10 years. We know quite well all the hotel operator and investor. And here we are mostly focusing on investment either on resort, on urban. There is quite a decent level of opportunity, even if I would say this is probably one of the most competitive market we have today, because of liquidity and, I would say professionalism of the sector. Which is a bit different from what we see in Italy, where there is probably a bit more opportunities for us, considering our long-term view there. The fact that we, as Covivio, are quite strong there, so establishing quite nice relationship. And here, the opportunities are more coming from sell and lease back opportunities. This is part of the discussion that we have with historical owner that wants to team up with a real estate investor, and able to sign long-term lease with a mix of fixed and variable. And, I have to say that so far, the opportunities there are quite interesting. And sometimes branding the hotel and sometimes keeping those hotel with, I would say a group of families, et cetera. That is the part of the opportunities that we have. That is clear. Thank you. The second question is just on the cash. There is about EUR 1 billion of cash on the balance sheet, and that has been the case for the past few years, moving between EUR 0.5 billion to EUR 1 billion. And it feels like there is surplus cash if we consider the recurring earnings, level of disposals, and then the dividend and CapEx obligations. I just wanted to understand, what are the priorities for the allocation of this cash? Probably split between, from what I can see right now, is it the debt repayment to reach the 40% LTV, an increase in acquisitions, or could a share buyback also be under consideration? Paul, would like to answer this topic. First of all, in terms of metrics, LTV is on net debt. It already takes into account this cash. This cash is here mostly to reimburse debt that comes to maturity in 2026. We have a positive arbitrage in terms of remuneration versus the existing cost of this debt that we took a long time ago with a cheap cost. It's mostly the explanation of why we have so much cash. It's really to get an opportunity in terms of remuneration versus the cost. As of today, we are not intending to implement a share buyback program. We consider that we have to finance our development at good conditions and we don't imagine to do that in a short term. Understood. The third one, just on the hotels like-for-like. Obviously there has been a base effect for this year. How should we look at a steady state level of like-for-like rent growth in hotels? Could you repeat, Anand, please? I'm just trying to understand. For the hotels like-for-like rent growth, there's obviously been a base effect, an unfavorable base effect for this year, where the like-for-like is up, I think around 1%. Yeah, 1.6%. I'm just trying to understand, going forward, what do you think is a more steady state like-for-like rent growth that we can expect from hotels? Yeah. I will take it. Julien will complete. This year was 1.6%. We expect that to be above this level. As we've seen, in fact, in the past, is a growth Overall revenue growth on hotel was always above inflation. That's the target when we invest in hotels, is to overall beat inflation trends and being able, thanks to the long-term macro very positive view. Too, thanks to the asset management and the choice that we've made in terms of hotel mix to have performance above inflation. Yes. What is not taking account is these figures is really all the asset management matters that we put in place that will help us significantly to have a higher growth in hotels, and that's what we expect for the next years, really, thanks to all what we have today in-house. Some of the example was given by Paul before. We are really positive on the evolution on the hotel sector in terms of like-for-like, despite the fact that this year inflation is low and because we see this significant trend especially really in Southern Europe, and we imagine that will really continue there, but also in France. That's understood. Thank you so much for taking my questions. The next question comes from the line of Laurence Laroche from Oddo BHF. Please go ahead. Hi. Good morning. Thanks for taking my question. I would have two or three questions. The follow-up question on the guidance. At the end, could you please tell us what you take into account in terms of viable revenues for 2026 and you don't take into account, does that mean that what could be an improvement later in the year? That would be my first question. We don't give a full detail on the P&L because after that I understand your point. It's probably difficult for you to reconcile the data today, but I think we are confident on this guidance. You know that in the past we are always confident. There's a lot of different topics that are inside. We're also working a lot on the cost side. What Paul said in terms of also, improvement on EBITDA margin linked to renegotiation fees. We have also a lot of topics that are linked to the fact that we are reviewing all the fees with all the partnership that we have, that really will be supportive with this new partnership that we'll put in place starting in 2026 in German Resi, but also with Blue Owl. All of those topics are taken into account in the guidance. After that, we will not give you the full detail line by line of this budget because there are also risks in this guidance, as you imagine, and positive and negative topics. Sorry for that, but we can't give more detail. No, I can understand. I would have two more questions. The first one on the CB21 tower. Would it be possible to have more colors on where you are today on the letting process? After that, the last question would be on in hotel. I understand that you are strongly committed in acquisition to come, but after that, are you already looking for further opportunities later in the year? On CB21, if I understand correctly, the question is how we are doing on the field. I think we have very positive result, we have 22,500 sq m already relet after the departure of Suez. It's also a very, I would say, dynamic approach of the market with a tailor-made solution for different tenant. We have targeted also a medium size, I would say, demand. If compared with some competitor who are still focusing on very large demand, I think it's the heart of the market of La Défense today, and we have been able to provide to the people, of course, comfort with the product we will have at the end in CB21, which is one of the best located asset in La Défense and gives also all the amenities needed by tenants today. I think we are successful. We are still discussing on other tenant potential. I think we'll be able to have the same trends in 2026 on that asset. Just to remember, as of today, we don't let the higher part of the tower, which is the best part, because we will put there more works. That's the part that will arrive later on in terms of letting. To you, Alain, in terms of other acquisition in hotels that you are looking? It's, I would say, the summary of what I described before. A mix of different opportunities around Spain and Italy. Basically, the target for us is, I would say minimum size of EUR 30 million to EUR 50 million hotel. Obviously good location and target yield of 6%, which made the return quite attractive for this asset class. It's mostly leased, but we are also looking for quite selective acquisition in terms of operated hotel, also in this destination and in France, and with this same objective of increasing return and exposure to this asset class. Okay. Thank you very much. That's very clear. We now have a question from the line of Marcin Kaczmarczyk from Bank of America. Please go ahead. Hello, everyone. Thank you. First question, as usual, on your disposals, which is not always clear. Can you tell us what the effective disposals in 2025 and what is signed and which is coming in H1 2026? This would be my first question, please. Effective disposal, you have that in the slide. It is EUR 463 million. Yes. In 2026, we have most part of the EUR 386 million that remains to be cashed in. After that, let's say spread over the year. Okay. Thank you. I am following up a little bit on the guidance. I know you cannot help much. If I got it right, it is just to understand how you get to the, let's say, 19 EPS growth while everyone expected 0. If I understand right, your like for like rent growth impact compensates your higher cost of funding. The difference comes all from developments, which means you are going to have higher contribution from developments than expected. Is it due to the timing of your development pipeline letting, or is it for hotels refurbishment, which are already coming in this year? What is part of the question, second, just to reconfirm, there is no acquisition or disposal in this guidance? We have some acquisitions already on top of what is already taken into account. Also the disposal plan that I explained before, that is also there. There is really also what you say, development is really a strong contributor of this positive evolution, thanks to the letting that we expect to do or that we already have done in terms of office, but also the marginal development, especially on the disposal on the Vélizy that has a positive impact, will have a positive impact in terms of result in 2026. Sorry, what did you just say? What will have a positive impact? The disposal with the Vélizy site that we will sell, that we announced beginning of the year that we will sell to Blue Owl, has also a positive impact in terms of development margin in 2026. How does it contribute to your EPRA EPS? You will see that in June because it will be done. We need to finalize the disposal. It will have positive impact as of today. We will give more color on that, I imagine, in June. Okay. Thank you. We now have a question from the line of Stephanie Dosman from Jefferies. Please go ahead. Hello, everyone. Just a follow-up on the guidance still. Maybe in other words, I was wondering about the development of the flex office revenues. How do they develop currently and what should we expect in 2026, please? Really, what we can say is that really it's a positive contribution, and 2025 was really good, and 2026 we imagine that will be better. Just to give you an example, in L'Atelier, our headquarter, we recourse this year close to EUR 1 million of extra revenue thanks to what we let on top of the flex part, thanks to all the amenities that we get. It's something that's really developing. We will push more and more on that. It's really for us, a way, really, to increase structurally our results. What we see today is really the demand for office is really different than it was before. Our capacity to have these in-house skills today is really a point of strength. That's really what we implement also in CB21, I have to say. The fact that we're able to relate significantly in a market which is not so easy in a short-term period, it's thanks to all this hospitality approach that we put in the office sector. You know that we start that 10 years ago. Now it's a long story. It was not easy initially because it was an investment phase. Now it's delivering. We want to continue to push on that in the future. It will have a positive impact in 2026 on top of our 2025 results. All right. Could you give the magnitude in EUR million? Magnitude, Paul? This activity is roughly EUR 15 million of revenues. It includes the fact that we let the flexible spaces in the different sites in France and in Milan. Thank you. As a reminder, if you wish to register for a question, please press star and one on telephone. The next question comes from the line of Céline Soubranne from Barclays. Please go ahead. Hi, Christophe. Hi, Paul. Just one question from me, please. There was a EUR 10 million increase in your income from other activities. Could you help us understand where this growth is coming from? Thank you. It's coming from two things. The main one is the property development margin. We delivered assets in Paris and in Milan. We've got the margin on build to sell. The second one, as Christophe described, is the increase in the flexible workspaces activities. What's the development margin you're achieving in those countries? Can you remind us? This line, other activities, half is coming from the flexible workspaces activities, half in EUR million is coming from the property development activities. It's a little bit hard for us to forecast. Can you help us for next year? What should that number look like? That's basically what Christophe said. This line will increase in 2026, especially also due to the fact that we have this development of Vélizy new asset to Thales, which is shared with Blue Owl. We'll give more figures in June, waiting for the closing of this transaction before giving you specific details. You can count on a growth for this line. Okay. Thank you. Thank you. We have a follow-up question from the line of Véronique Meertens from Kempen. Please go ahead. Hi, all. Sorry, one follow-up question from my side because I realized we haven't touched on one topic, and that's German resi and the Berlin elections. Could you give some color on where you see downside risk, how those discussions are ongoing, and if Covivio is also involved in some of the political discussions, and yeah, how you view the elections in Berlin? It's always a regulation. Election is always a topic for German resi. During the last 20 years, it was the case. We are involved. We are all of the association of all the landlords is working to explain the situation. The question is really the lack of products and not the current regulation of the rents that is a problem. I should say they are debating in Berlin as usual before the election arrive. What is the feeling of today is that really, the CDU is really continue to support mainly the activity of landlord, and we imagine that they will be part of the new coalition. If it's not the case, could also arrive, but it's really not what we imagine. As of today, we saw in the past, that the Federal Court was really strong to refuse things like the Mietendeckel story or story like that. We imagine that it will be the case if such ideas will come back in the field. There is a question, uncertainty as usual, but we have not a lot of fears directly linked to that. Ladies and gentlemen, that was the last question from the phone. I would now like to turn the conference back over to Christophe Kullmann for any closing remarks. Thanks a lot for all your questions, especially on the guidance and, see you everybody, during the road show in the coming days. Bye bye. Thanks a lot. Ladies and gentlemen, the conference is now over. Thank you for participating in the conference. You may now disconnect your lines. Goodbye.