Good evening, everyone, and thank you for joining this call. I'm happy together with Vladimir to present our Q3 activity, which overall is a good quarter and good nine months for Covivio. Before going more into details on our own operating activity, let's start with the market and the investment market. On page four of the presentation. Well, despite the macro political uncertainty that we face since several months and including Q3 of this year, we see also resilient real estate market and some positive evolution that you can see in this slide. First of all, the figures +2% in terms of volume across all asset classes. According to CBRE, we are +8% also. Here we use Savills. For the year, it's expected by Savills to be up by +7%. Dealing with our own asset classes, we also see some positive evolution and some improvement, as you can see in the bottom left part of the slide, especially in office, +18% in terms of volume for our three countries, France, Italy and Germany. Hotels, which is doing very well, +37%, that is EUR 17 billion. German residential is up by +7%. Second interesting improvement is the comeback of some large deals and the comeback of some U.S. investors we didn't see in our asset classes, especially in office, previously. You see in this slide, obviously, the example of Trocadéro that has been commented by a lot of people, but it's not only in the CBD. We can also mention this example of 47 hotellets with Aermont at EUR 275 million. Moving to the letting market on page five and starting with office. Here again, the environment creates some wait and see attitude from tenants, but still, we also start to see some signals of a turning point for the office market. Starting by the left part of the slide, you can see that take-up is stabilizing overall in our three markets, up by +1%. This is despite the negative figures that we face in greater Paris markets. In parallel, we have a very good dynamic in Milan, and we have a catch-up also in the German office market. Going forward, if we look at 2026 and 2026, we see some positive signals. On the offer side, in the middle of the slide, vacancy is increasing during Q3, which is due to the embedded effect of the deliveries of projects that has been launched several years ago. Looking at new construction, the decline is quite sharp, -40%. In parallel, obsolescence is also increasing. One third of the stock in Paris market is for more than four years. On the demand side, the demand from corporates starts a turning point due to change in the work from home policies, as you can see on the right part of the slide. That was office. For hotel, moving to page six. Q3 figures have been impacted by the expected base effect of the two large events you all know of 2024, the Olympic Games in Paris, not only in Paris, in other cities also in France, and Euro Football Championship in Germany. Despite that, Europe overall is growing by roughly 1% thanks to good performance in the south part of Europe as you can see in the left part of the slide, +3% in Italy, +5% in Spain. More interestingly, for next year, RevPAR is expected to be up by roughly 2% with a significant increase in Italy or in France. A big market for us. Fundamentals are unchanged, as you can see on the right part of this slide in terms of demand for hotel and for tourism, and what we see also more recently, a decrease in construction, new construction for hotel, -5%. German residential and this gap between offer and demand that we just saw for the hotel market is also very supportive, as you know, for the German residential market. Few elements. First of all, the construction activity, which is at historically low level and stabilizing at this kind of off level. It's pushing up prices and rents, for example, in rents, +3% on average for the German residential market overall, according to ImmoScout. That's for the market. In this context, how did we perform at Covivio? Well, as you see, moving to page nine on our revenue, strong performance. +4.8% at current scope, thanks to few elements. First of all, the asset rotation. The deal, the reinforcement we've made in hotel, especially in 2024, and the acquisition of CB21 minority stakes have a positive effect on the current evolution of our revenues. like-for-like growth is also strong, +3.5%. Of course, if we compare with the H1 figures, growth is not at the same level, and we discuss it during the H1 publication. It was expected and linked to two main effects that most of you remember. First one is that we bought the Generali stake at Covivio Hotels in April 2024. Progressively within the course of 2025, we have less base effect due to that. The second element is the CB21, because we benefited in H1 2025 for the full rent of SUEZ before they left in July 2025, which means that we don't have any more the rent of SUEZ in Q3 of this year. We also had, during the first part of the year, the departure fee of SUEZ following the end of their lease. Overall, strong growth, 4.8% within the different activities. Let's go now into details within our different activities. First with office. On page 10 of the slideshow, we title increasing letting activity. We signed during this Q3 35,000 sq m of new letting and renewals, which is basically what we've done during the first part of this year. An interesting acceleration of our letting activity during this Q3, which is, and you see some example of the assets where we signed leases during this third quarter. Let's make a focus on CB21, of course, because it's a big element for us during this year 2025. As I said, SUEZ ended its lease in early July for 44,000 sq m. What we described during the H1 results is the strategy with, on one side, to relet 10,000 sq m as it is due to the fact that SUEZ did some CapEx on those spaces. Good news is that as of today, 9,000 are already relet and secured. Second part is to refurbish the 34,000 remaining sq m, which represents the upper part of this tower. We launched a CapEx program during summer, and we have 7,500 sq m of advanced discussions that we hope to sign by the end of the year. Very good activity, I would say, on CB21. Moving to Italy, which is one-third of our portfolio in office. I said the dynamic of the market is good, and we see that in our own portfolio, 99% occupancy rate in Milan. In term of relating, for example, you see the picture of Piazza San Fedele, 3,800 sq m relet right after the departure of the tenant at EUR 760 per sq m. We continue to see a strong growth in the rents in the Milan market. In Germany, better Q3 than H1 in term of letting activity. One example is the asset in the bottom right part of this slide, which is LOFT building. We delivered this asset during summer, and we signed 4,000 sq m, which represents 75% of this asset to a communication company, which means that this asset is now let at 75%. Overall, this good letting activity enabled us, and moving to the next slide 11, to stabilize our occupancy rate at its high level of 95.5%, despite lost delivery and the story of CB21. Like-for-like growth is also strong in office, +3.6%. We benefit from indexation, of course, but not only, as you can see, occupancy and positive reversion. Moving now, speaking about positive reversion, moving to German residential, where the reversion has been very strong. I am on page 12. +25% on average uplift on the relatings that we've made in our German residential portfolio, which is one of the driver explaining this acceleration of the like-for-like growth at +4.8% at the end of September for our German residential portfolio versus 4.3% in 2024. In hotel and moving to page 13. In term of revenue first, then we will go to the asset management activity. In term of revenue, we end September at +1.5% growth on a like-for-like basis for the hotel portfolio. As I said before, we have, let's say, two things in hotel. First of all, on fixed leases, strong growth, 3.5%, mostly indexation, a bit also of positive asset management works in this portfolio. Variable revenues. On variable revenues, as I explained before in speaking about the market, we face a negative base effect of France and Germany's European game and some events, Euro Football Championship, among others, in Germany. Having in mind that two-third of the variable revenues in our portfolio are in France and Germany, that leads to a decrease of the variable revenue by -1.7% in Q3. Performance in Q4 will be better. At current scope, you see on the right part of the slide, revenues is up by +7.5%, thanks to the reinforcement in hotel and to the asset management deal we've made with S&A, as you remember, at the end of 2024. An asset management with a lot of asset and a deal with a lot of asset management potential. We've made some progress, not specifically on this portfolio, by the way, but on other part of our hotel portfolio, and we show some examples page 14. Starting with number one and two of this slide, which is about extracting value from our portfolio that we own under Opco and Propco model. During Q3, what we did, first of all, we delivered the second assets of Bruges complex that we have in hotels, which is an interesting story in term of how we can extract the potential of this portfolio. What you can see on the left part of the slide, first of all, we bought the Opco of two hotels that are right in front of each others in the city center of Bruges in 2022. We renovated the Novotel, upgraded it to four stars in 2024. We've renovated then the ibis Styles delivered during the summer, creating 12 additional rooms. In total, we created synergies because we merged the operating team of those two hotel. We created value through the merger of the Opco and Propco and through the renovation of those hotels, and we generated a 14% yield on CapEx on this deal with on average, overall 30% valuation. The idea is to do the same on Le Touquet. It's one asset, it's not two, but in term of value creation through CapEx, and we launch the program during summer on this asset with a 10% yield on CapEx. In hotel, we also moved into the office-to-hotel conversion. Remember that we have made some progress during the first part of the year. We add to that a new asset in Paris that will be transformed into hotel, which in total represents for five projects, EUR 360 million of cost with a 6% yield on cost, which means that since the beginning of this year, it's a EUR 400 million reinforcement in hotels that we initiated into our portfolio. In parallel, we continue to monitor the market in term of acquisition. You know that we want to buy assets, so we monitor the market. We have roughly EUR 200 million group share of discussions ongoing for hotel under a lease contract in south of Europe. Speaking about asset rotation and before going to the key takeaways and going to the Q&A, we mentioned that in the press release. We also signed for EUR 60 million of disposal agreement during Q3, which lead in a total volume of EUR 190 million of disposal agreement year to date, especially, offices, in our portfolio. We have currently EUR 250 million of disposal under discussion as of today. Key takeaways of this activity, you see page 16, I would say two things for me. First of all, an active asset management activity within our portfolio, dynamic letting in offices, stabilizing our occupancy rate. Lot of projects launched in hotel, as I just mentioned before, and very strong reversion uplift in our German residential portfolio. The second is the operating figures, +4.8% growth in our revenue. Based on that confirm the optimism that we share during the H1. We reiterate our guidance for the year at 8% growth, EUR 515 million and +4% on a per share basis. Thank you very much. I am now happy with Vladimir to answer to any question you may have. 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 Florent Laroche-Joubert from Oddo BHF. Please go ahead. Hi, Paul. Hi, Vladimir. Thank you for this presentation. I would have two questions. My first question would be to know if you could give us maybe more color on the reversion in offices. My second question would be on more global basis. We can see that today in France, we have a quite specific context in terms of political aspect. You say that you are still optimistic and confident. Have you seen any changes in your interactions with potential tenants, potential investors? Why do you continue to be so optimistic and confident? Thank you. Hello. Yes, good evening, Florent. Sorry, I did not get the first part of your question because we were disconnected from the call. Can you repeat, please? Yes. It was to know if we can have more color on the reversion in offices. Okay. Well, on the reversion in offices, we have two things, I would say. The relating of CB21 and the other part of the portfolio. On CB21, we have a negative reversion, as you may imagine, of around 25%. In the other part of the portfolio, we benefit from a plus 10% on average positive reversion. All in all, that means something around minus 10% in terms of reversion. Good news is that CB21 will be hopefully behind us, and we will have more positive reversion going forward, especially in Paris and Milan. I think you had, Florent, a second question. Yes. Do you want me to repeat it? Yes, please. Yeah. Thank you. Yes. It was on one of your comment in the conclusion. You said that you remain positive and confident for the period to come. My question was to say, okay, today we have a specific context from a political standpoint in France. Have you seen any changes in your interactions with potential tenants, any investors, for example? At the end, why do you remain so positive and confident for the coming period? Yes. Okay. Thank you for this question. Well, of course, we have a difficult environment. I would say that's the case for the past, let's say, 18 months. It's not easy. It means that discussions are longer than we could have anticipated in terms of letting activity, in terms of asset rotation activity. Still, we are confident because the activity for Covivio is positive. Take the example of CB21. We were able to secure 9,000 sq m of reletting. We have very strong discussion ongoing on the 7,500 sq m. Activity is also a little bit better in Germany and good in Italy. RevPAR trend for hotel, if we put aside this base effect, is also positive and the like-for-like growth for German residential is higher than what we had in the past. Based on these effects, that make us positive for our activity at Covivio level. Okay. Thank you very much. Thank you, Florent. As a reminder, if you wish to register for a question, please press star one on your telephone. The next question comes from the line of Stéphanie Dossmann from Jefferies. Please go ahead. Yes. Hello, Paul and Vladimir. I would have maybe three questions, please. The first one is regarding the relating of CB21. On the 10,000 sq m to relet and that you have mostly secured, what kind of rents have you achieved on that, and when will they kick in in the P&L, please? If I remember well, you talked about EUR 400 headline rents in H1, so I was wondering if it's achieved. On the rest, the 34,000 sq m, the discussions you have, what kind of tenants are discussing with you currently, and how many deals will it involve? I mean, is it big tenants, big corporates, smaller spaces, and so on? The second question would be on the valuation. I know it's maybe too early to say, but it seems like the market yield in the CBD is on the upside towards 4.25%. I was wondering if you are comfortable with your valuation currently, or what are the discussions you have with the appraisers currently? Maybe the third one, I suspect you are engaging on the conversion from office to hotels on a gradual basis, I would say. Could you make maybe an update or give some color on the total of the potential on the conversion of offices to hotel, please? Okay. Thank you, Stephanie. Starting with CB21. In terms of rent, we are, let's say roughly in line with what we said during summer, little bit higher, I would say. On average, if I remember well, EUR 415 to EUR 420 per sq m with roughly 30%-35% of incentives. That's the level that we had also in summer. In term of starting date of those lease, quite rapidly. Some will start before the end of this year, and some will start in Q1 2026. Which is also good news on this aspect. On the 34,000 sq m and the refurbishment. It's several discussions, not one or two tenants. It's more than that. It's several surfaces. What we see, and it's also well described in the figures of the La Défense market. It's really a change of type of tenants. We can do, it's one of the success of CB21, by the way, that we can let 800 sq m. We can let also 5,000 sq m. It's on this whole range that we have, on which we have discussions, as of today. Valuation. As you said, we didn't start the discussion with the appraisals. Our feeling is that the investment market in office is a little bit better than what we had in the first part of the year. We also see a lot of transaction, small-medium-size transaction, more large deals as you also followed. The financing condition is also getting better. Market trend is at good level. We don't see any, let's say, any change for the moment in the trend that the appraisals had during the first part of this year. More generally speaking, it's also the same for hotel and for German residential. Again, it's very early stage as of today. On conversion office to hotel. Indeed, it's a good driver for us. We see some profitability in this kind of deals. We don't have a specific size of pipeline, managed pipeline on those assets. This is something we probably can do on several assets in our portfolio, especially in Paris, in Milan, or in the Telecom Italia portfolio that we have in Italy. The Bologna one, for example, is coming from Telecom Italia. We analyze that on a case-by-case basis, for when we are close to potential departure of tenant, something like that. Nothing very precise to tell you apart from what we put in the slide. In total, it's five assets, 700 rooms, deliveries by 2029, 6% yield on cost with roughly EUR 365 million. Thank you very much. Thank you, Stéphanie. Once again, to ask a question, please press star and one on your telephone. Ladies and gentlemen, that was the last question. Sorry to interrupt. We have a last-minute registration coming from the line of Benjamin Levrons from Kepler Cheuvreux. Please go ahead. Good evening. Can you hear me? Yes. Hello, Benjamin. Good evening. Just one quick question for me. Actually, two quick questions. We've seen several deals happening in the last few months, it's true, but also in the last few weeks, several articles mentioning that some deals are being pulled out of the market because there's not enough liquidity, in offices, but also in hotels. I was just wondering if this is something you can see as well, if you see some repricing for the discussion you have for hotels. Another quick question maybe. What's the prime yield for hotels in Paris at the moment? If that's something you have in mind. Thank you. Okay. Thank you for the question. Well, I think it's part of natural market to have also some deals that does not go through to the end. There have been few in the office, but there have been more that were close. I don't have specific explanation for the few in office. I understand that the one of Amundi was very opportunistic on their side. They didn't get the price they wanted to have, they pull off the deal. On the hotel part, you probably mentioned an article this morning about transaction or deals for Invest Hospitality for Milan, and things like that. What I can say that's very specific, and it does not illustrate how the market is active as of today. What we see is a lot of activity. I think it's clear also in the figures for the hotel market. Those deals are very specific and are difficult because structurally speaking, they are difficult. It does not illustrate the hotel market, which is very active as of today. We don't see any repricing on our side in the discussion that we have. On the prime yield, I would say between 4.5% to 5%, but I don't have precise yield in mind. We can come back to you on this. Okay. Perfect. Thank you. Thanks a lot. Thank you. For any further questions, please press star and one on your telephone. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Paul Arkwright, CFO, for any closing remarks. Okay. Thank you very much. Don't hesitate if you have any follow-up question to contact us, Vladimir and myself. Otherwise, have a nice evening and see you soon. Bye-bye.