Ladies and gentlemen, welcome to the Covivio H1 2026 results presentation. I am Myra, 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. For operator assistance, please press star and zero. At this time, it is my pleasure to hand over to Christophe Kullmann, CEO of Covivio. Please go ahead. Good morning, everyone. Thanks for joining us today. Paul and I are pleased to present Covivio's 2026 half-year results. Let me start with a quick reminder of Covivio's profile. As you know, Covivio benefits from a diversified business model built around three leading platforms on a high-quality portfolio concentrated in Europe's most attractive market. This positioning underpins the resilience of our portfolio and supports our long-term value creation strategy. Let me now walk you through our key achievements and performance during the first half 2026. We delivered a solid first half with 2.2% like-for-like revenue growth on a 97% occupancy rate. Our balance sheet further improved, with LTV at 38.6% and net debt to EBITDA at 10.5 times. This translated into strong earning growth, with recurring net results per share up 7.3% year-on-year and EPRA NTA per share up 1.6% since year-end. First, let me briefly comment on the current real estate market environment. As you all know, the first half was marked by geopolitical uncertainty, volatile financial markets, inflation concern, and an evolving interest rate environment. However, beyond this volatility, the long-term fundamentals supporting our business remained firmly in place. In offices, occupier demand continued to concentrate on prime assets and central locations, reinforcing the appeal of our portfolio. In Germany, the structural housing shortage persists while recent regulatory developments have reduced uncertainty. In hotels, fundamentals continue to improve with RevPAR expectations revised upwards in the semester and limited new supply across key European markets. More importantly, Covivio is particularly well-positioned to benefit from these trends. Our strategy is fully aligned with these structural growth drivers. In offices, occupier demand continued to shift towards prime buildings in central locations. This is exactly where our portfolio is concentrated, with nearly 90% of our assets located in city centers or dynamic business hubs. Our strategy combining prime locations, high-quality assets, and a strong tenant experience, allowing us to capture demand where it is the strongest. In German resi, our portfolio is concentrated in major cities, particularly Berlin, where favorable demographic trends and a persistent housing shortage continue to support demand. In hotels, we have steadily increased our exposure to a sector benefiting from attractive long-term fundamentals, particularly in Southern Europe. With that in mind, let me hand over to Paul, who will take you through our operational and financial performance in more detail. Thank you, Christophe. Good morning, everyone. The first half has been active on asset management front for us, which has driven positive results. Starting with page 10 on portfolio. Despite a muted investment market, we have been able to continue to improve both the quality of the portfolio and its profitability. Overall, what you see is that we closed for EUR 223 million of disposals in H1, 89% of it being offices outside city centers. In H1, we signed for EUR 124 million of new disposal agreements. In parallel, as you see on the right part of the slide, we spent EUR 312 million of investments, with a large part being in hotels. EUR 153 million of acquisition at more than 7% target yield, and EUR 159 million of CapEx, mainly related to developments. We will detail it later on. We progressively increased the yield of our pipeline thanks to the launch of new developments at more than 7% yield. In terms of investment, moving to page 11, the main news of the first half relates to acquisitions. We bought, through our dedicated hotel subsidiary, Covivio Hotels, four hotels in Milan and one in Costa del Sol in Spain. Those acquisitions are very interesting for us for three main reasons. The first one is that we increase our exposure to hotels in the south part of Europe, most dynamic market. The second is we buy top-located hotels at above 7% target yield. The third one is that we benefit from very long-term income visibility, thanks to 20 years average lease term. On the development side, staying in hotels, we delivered in H1 the first redevelopments inside our value add hotel portfolio. Let's see page 12. We will talk more about this value add hotel portfolio later on today. If you focus first on this delivery, this is a very interesting example of all the potential of our hotel platform. We are in this top tourist city with a building where we own the Mercure Hotel and the Le Méridien Hotel. As you see on the left part of the slide, we renovated the Mercure Hotel after having bought the Opco. We target a 12% yield on CapEx. We are well on track to it, thanks to a +32% growth in RevPAR after the reopening of this hotel in May. We already booked EUR 22 million of value creation. The second interesting part is that we took over the management of the hotel with our own operating platform, WiZiU. WiZiU is already managing the Le Méridien Hotel. As you can see on the right part of the slide, this has been a great success since its repositioning in 2020. By sharing the management of those two hotel, we do continue to optimize the profitability and to increase the results of both hotels. Let's move now to disposals, to office, page 13. We already communicated during our full-year results on the signing of the agreement for this new JV on our Thales campus in Vélizy. The deal has been closed in the first half in April. The Thales third building has been delivered early July. Now we have a 12 years firm lease with Thales for 38,000 sq m. On German residential, page 14. The investment market has been particularly impacted by the geopolitical environment and by the expropriation risk in Berlin. In this context, we focused ourselves in improving the quality of the portfolio with modernization CapEx, financed by the disposal of individual apartments. Although the amounts are so far still limited, we wanted to do more, and we will explain how, later on. The yield gap between privatization made at 2.6% and CapEx spending at 7% is very positive for the profitability of the German residential portfolio. Finally, on portfolio, let's see the evolution of the variation, page 15. What we can say is that the asset management work enabled us to slightly increase the value of the portfolio by 0.5% on a like-for-like basis. In office first, we benefited from the positive reversion on the rent in Milan to compensate further decreases in the business hubs and on non-core assets. In German residential, the rental growth by 3.4% supported the variation of the portfolio. In hotels, the strong performance of the south part of Europe, as you see in the slide, was the main driver of the +1% increase in value. Overall, a resilient portfolio in this semester, gaining quality. The performance has also been good on operating performance, and let me start with revenues, page 17. We recorded EUR 349 million group share in revenues in H1. The decrease at current scope is related to the fact that we recorded an indemnity from Suez when they vacated the CB21 tower last year. The full indemnity was recorded in H1 2025, and we also have the impact of the disposals. Nevertheless, on a like-for-like basis, you see that the performance has been solid overall with +2.2% growth, thanks to one point of indexation, increase in occupancy, and also increase in variable revenue in hotel. As you see on the right part, we also gain visibility in our cash flow, thanks to an increase by one year of the lease maturity up to 7.4 years. Let's go now more into details and starting with hotels, page 18. New strong performance in H1. Variable revenue first accelerated their growth in Q2, they end the first half with a +3.2% growth on a like-for-like basis. You see the split on the right side of the slide. The performance has been solid across geographies, exception made with Belgium due to a VAT increase from 6%-12%. On the opposite, Spain has been very strong and benefited from a flight to Europe of tourists in the context of the Iran war. Fixed rent are up by 1.2% in the context of low indexation. You can see that especially in France with 0.1%. The good news is that indexation should increase next year with higher inflation. Good performance also in office, as you see, page 19. The semester has been muted on the letting market with, again, a decrease in the take-up. This hides a strong polarization of the office market in favor of central location, in favor of Grade A buildings with top level of services. This is why in this market, our premium positioning is bearing fruit with 45,000 sq m of new lettings and with 58,000 sq m of renewal. Alongside 17 years average maturity and a +10% rent uplift on those renewals. On the releases for 18,000 sq m, already 50% of it is relet or under exclusivities, should be signed in the coming weeks. This drive an increase of the occupancy rate by 50 bps, as you see, page 20, up to 95.6%. I would say a good 1.6% like-for-like rental growth despite a continued decrease of indexation, which should increase again in 2027. German residential, page 21. We recorded a positive semester with a +3.4% growth in a context, first of all, of lower indexation in Berlin and in North Rhine-Westphalia, which is temporary. Another temporary effect, which is increase in vacant apartment for tourism, modernization programs, and privatization. You see on the right side of the slide that there is reasons to be optimistic for an acceleration of this growth thanks to the new Mietspiegel in Berlin, which grow by 6.7% for our own apartment. That's for the rent and the operating performance in hotel. You also probably remember that we mentioned our target to increase other source of revenues, that's what we did in H1. First of all, moving to page 23, with asset management activity. We are not a third-party manager, but we like to partner with institutional investors in order to manage risk, to accelerate growth, and to improve returns. Since the start of the company, we developed this model. We now have 10 partners, institutional investors, in 31 JVs for a value externally owned of close to EUR 9 billion. You see, page 24, that this activity has created a recurring and a growing source of revenues over the years. We expect for 2026 full year, around EUR 40 million of revenue, up by EUR 7 million versus 2025. We are keen to continue to develop this activity as it is recurring source of revenue with long-term contract. It enables us to limit the cash spending, it's a diversified source of revenue with multiple of JVs and partners. Second source of ancillary revenues is related to development margin and fees, as you see, page 25. Development margin has been also a recurring source of revenue for Covivio, despite its volatility. You see that on the slide. On average, EUR 20 million over the years. We have two kinds of development margin. The first one is build to sell program. The second one is when we develop in JVs, such as for Thales in Vélizy. Covivio acts as a sole developer and takes the risk. In exchange, we benefit from a development margin when the JV buys a project above the development cost paid by Covivio. It's also a diversified source of revenue for us, thanks to projects that are in France, in Germany, in Italy, as well in office, in hotel, and in residential. You can see some example on the right part of the slide. This activity has grown significantly in H1 2026, with EUR 26 million of margin booked, we expect the total level of margin to reach EUR 35 million for the full year. Let me now move to the results, first to the Adjusted EPRA Earnings, page 27. That leads to an increase by 7% year-over-year of our Adjusted EPRA Earnings at EUR 282 million and EUR 2.55 per share. We focus on the bridge on the slides. First of all, Suez departure for CB21 has reached its highest impact, negative impact, in the H1 2026, as we were still receiving the rents in H1 2025, and they paid, as I said before, an indemnity last June 2025. This explains the minus EUR 18 million you see. This impact, more importantly, will progressively be reduced in the next quarters thanks to the good relating process of this tower. Secondly, the rental activity excluding CB21 has been very positive across the board, as we have seen right before, and we recorded a plus EUR 12.7 million of revenues, and the rents of our companies accounted under equity methods brings EUR 3 million of additional revenues as well. Asset management revenues are up by EUR 5.7 million thanks to new JVs. The results from other activities relates to property development margin and are up by EUR 15 million. In parallel, again, this year, our balance sheet has further improved in H1, as you see, page 28. Lower LTV, down to 38.6%. Lower net debt to EBITDA, down to 10.5 times. We also kept a low cost of debt thanks to a debt which is hedged at 85%. In this context, S&P has confirmed last April its BBB+ rating for Covivio. Finally, on the results, let's move to net asset value growing by 1.6% for the NTA over the semester to EUR 84.2 per share. Bear in mind that the second dividend payment has been made last July 15. Thank you. I now let the floor to Christophe. Thank you, Paul. Let me now turn to our key strategic priority for the months ahead. First priority is to continue rebalancing the portfolio across our three asset classes and increasing centrality. In simple terms, more hotels, more southern European, more city center office. We are making good progress toward our 2030 target, with hotels now representing around 24% of the portfolio. At the same time, we continue to enhance centrality with 73% of our offices located in city center and 92% of hotels in top tourist destinations. Another lever to increase our hotel exposure is office-to-hotel conversions. A good example is Voltaire, a newly committed project in central Paris, which will transform an office asset into a 165-room, five-star hotel complemented by a sports club. Including our three other committed project, our conversion pipeline now represents nearly 600 rooms with a target yield on CapEx of around 8%. As we work on the rebalancing of our portfolio, we remain equally focused on extracting value, on growing profitability through active asset management. This come with our value-add CapEx program in hotels, as shown on slide 35. As a reminder, we have identified 20 hotel redevelopment opportunities representing 12% of the portfolio. With EUR 400 million of CapEx, this project should generate around EUR 260 million of value creation and a 13% yield on CapEx. This should enable us to more than double EBITDA from EUR 50 million today to EUR 102 million by 2030. On the next slide, you can see that we have accelerated the execution of this value add program. Following the five project launch in 2025, we started eight additional project in 2026. Beyond refurbishment work, several also include extensions or brand changes. We plan to launch three more projects in H2, bringing the total number of ongoing projects to 15. All together, these projects represent EUR 249 million of CapEx with a 13% target yield on CapEx. Another lever to enhance profitability and create value is active operator management. In Germany, we have just renewed five management contracts and partner with operator with strong track record, including Radisson and Essendi. At the same time, we continue to expand WiZiU our in-house operating platform, which now manage 25 hotels and more than 3,400 rooms, representing around 10% of the portfolio. These initiatives give us greater control over asset performance, improve operational efficiency, and support further EBITDA growth and value creation. Let me now turn to our office portfolio, where we continue to focus on enhancing quality, profitability, and value creation. The first lever is the selective launch of developments in our strongest markets, Paris and Milan, all targeting yield on CapEx above 7%. The second lever is the value embedded in your land bank, notably at Symbiosis and Scalo di Porta Romana in Milan. Together, these projects represent nearly 100,000 sq m for future development potential. In German resi, we continue to drive profitability through a combination of privatization and rental growth. We are steadily expanding our privatization pipeline while maintaining attractive disposal yields below 3%. On the rental side, we continue to capture upside through indexation, strong reversion on relating, selective modernization program, and supportive market fundamentals. Let me now turn to our third strategic priority, scaling our ancillary revenue streams, which represent an additional source of recurring growth. The first lever is asset management. We are benefiting from growing demand from institutional investors seeking for experienced partner with strong operating capabilities. With our track record on extensive network of partners, we are well-positioned to further scale this activity. The second lever is development management. We have around 160,000 sq m of projects to deliver by 2029, which will generate attractive development margin. Beyond that, our land bank provides more than 160,000 sq m of additional opportunities, creating further potential to partner with investors and generate revenue streams. Finally, our fourth priority is to develop hospitality-led services, building on our unique expertise in hotels and customer experience. Our ambition is simple. Transform our buildings into destinations that people actively choose, not just places where they work. A good example is CB21 in La Défense, where we are repositioning the assets around a hospitality-inspired experience, combining workspace, services, wellness, and events. This approach enhances the attractiveness of our buildings, supports occupancy and rental growth, and also strengthens tenant loyalty. At the same time, we are strengthening the appeal of our assets through targeted partnerships and increasing revenues generated by our shared spaces operated by Wellio, our flexible office platform. Finally, operated residency is an attractive growth opportunity supported by strong structural demand in Germany. Building on the success of Covivio to share, which already manages 282 units, we are now scaling the platform through 030 Berlin, our flagship mixed-use project in Berlin. With more than 200 operated apartments, 030 Berlin is another example of how we leverage our operating expertise to drive growth, profitability, and value creation. Before closing, let me briefly comment on the appointment we announced yesterday within our executive committee. We are pleased to welcome Aude Grant back to Covivio. Aude brings deep expertise in the French office market and will lead our French office business. Many of you already know Alexei Dal Pastro, who has successfully led our Italian and German office activity for several years. Together, Aude and Alexei will serve as deputy CEOs and help drive the execution of our strategy. I would also like to thank Olivier Estève for his outstanding contribution to Covivio during the last 24 years. Covivio is what it is today, thanks to his strong contribution. Let me briefly summarize the key message for this morning. H1 demonstrates the strength of our model to deliver solid operating performance across all asset classes, grew our earnings and NAV, and continued to enhance portfolio quality, discipline, capital allocation. At the same time, we are executing on our strategic priority and unlocking new sources of growth through active asset management and ancillary revenues and hospitality-led services. With a solid first half performance and clear strategic priorities ahead, we are confirming our 2026 guidance of 4% growth in recurring net result per share. Thank you all for your attention. We are now happy with Paul, but also with Olivier Estève and Tugdual Millet to open the floor for 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 Florent La Roche from Oddo BHF. Please go ahead. Hi. Good morning, Christophe. Good morning, Paul. Thank you for this presentation. I would have two questions, if I may. I can ask one by one. The first one would be on the guidance. You have had a very strong H1 performance, you confirm your guidance. Why today your guidance is a wide, +4% is a wide estimator for the year, and how this guidance could be a little bit conservative for H2? Paul, on the guidance? Paul likes to speak on the guidance. Yes. Hello, Florent. Well, as you noticed, we recorded most of the promotion margin in H1. That's the first element. I would say that we are well on track on this guidance. It's fair to say that we are a bit conservative, but we also have the effect of short-term interest rate increase for the second part of the year. That's why overall, we have maintained this guidance. Okay. Thank you. Maybe my second question on acquisition opportunities for hotels. We have seen that you have been very active in H1. What to expect for H2? Are you looking for other acquisition opportunities, so shall we expect something? Maybe now it's for 2027? Tugdual? No, I think we have started the year quite intensively and quite happy also of the attractiveness of the opportunity we have been able to size. The idea is to continue with this trajectory, still focusing on the best opportunities in Southern Europe, mostly leased, but also other opportunities through management. That could be also the other opportunities. Continue with this objective to increase hotel exposure years after years. Just to complete, we are currently screening new acquisitions, mainly in Italy and Spain. That, I hope, we will be able to complete in the second half. Okay. Thank you. Thank you very much. The next question comes from the line of Anand Akansha from Citigroup. Please go ahead. Hi. Good morning. Thank you for the presentation. Two questions from my side, and I'll go one by one. The first one is just on the guidance again. I see the negatives on the second half for the guidance are increase in finance expenses, low indexation, and the CB21 Suez departure. I think my question is: Is it reasonable to assume that all these three drivers are going to have an equal negative impact on the second half earnings? Could you just help us understand which is going to be the biggest driver, and then which two are, kind of rate them, if that makes sense. Hello, Anand. The CB21 effect should start to be positive actually in H2, thanks to the relating. Again, we had in H1 2025, this one-off of this indemnity, we will not have, again, this negative effect in H2 2026. On the opposite side, the fact that we relate most of the full existing part, non-dev, of CB21, we start to have positive effect in H2. The main negative is increase of interest rates, lower property development margin in H2 versus H1. Understood. Thank you. The second question, just on the portfolio split. Pro forma hotels is about 24% at the moment as a share of the overall portfolio. Is it reasonable to assume that further growth from the 24% to 30%, we can expect it to be split broadly evenly between acquisitions and development/refurbishment CapEx? Could you just remind us of the returns profiles on each of these? What I'm trying to ask is: What are the acquisition yields? What are the yield on CapEx or, just refurbishments? What the spread to the current refinancing rate is. We gave a lot of figures in the presentation, in term of target, in term of acquisition yield, we are on average at 7%, including what is a variable part of the rent. That's what we achieve in 2026, what we would like to continue to have in the future, also in acquisition with some asset under management. That's something that you could keep as a type of value. In term of field of CapEx, we give all the details in the presentation, on average, we are close to 10%, what I can say, perhaps some time above. On office-to-conversion, we are close to 7%. That's the yield on CapEx you could take into account in your assumption. To go to one-third, the long-term target we have in term of exposure in hotels, it will be made likely in this way. Also, we know that one way could be an increase in your exposure in your subsidiary. We are continuing to discuss with some shareholder for that. Today, they are not willing to move, it could change in the future. The spread to the current refinancing rates? Current refinancing today cost is how we are, let's say around 3.6% on average. Perfect. Thank you so much for taking my questions. Thank you. The next question comes from the line of Ana Escalante from Morgan Stanley. Please go ahead. Hey, good morning. I have a couple of questions, please. The first one is on the pre-letting of your pipeline. How is that progressing, especially for the deliveries that you have in 2026, which I believe is this asset in Paris? Any visibility on 2027? Whether your conversation with tenants are being impacted by the ongoing uncertainty, therefore they are taking longer to make decisions? Whether you think that the operating environment remains challenging and maybe the pre-lets will not progress as expected. Any visibility or color on that would be appreciated. Olivier. I can give some color on the office pipeline. We have a lot of pending discussion. We are really optimistic on CB21 in that we consider we should reach 100% occupancy rate at the end of the year. Of course, for lease taking start in 2027. I think we are really optimistic given the discussion we are ongoing. Also on Bej, we have recently signed a new lease at EUR 1,070 per square meter with incentive in the range of 16%. We see that the market is still positive as long as you are able to propose, I would say the right product, meaning central office, as Christophe mentioned, but also with the right combo of quality, sustainability performance, and experience we are able to provide in the building. Exactly what we are doing in our offices, putting the stress on all the amenities and et cetera. We have also another project under development, but the delivery is at the end of 2027. It is what we call Grand Boulevard. Also in this case, we are really optimistic on the development We have launched already in Milan, the Vitae project with a significant level of pre-letting, more than 70%. We are also opening this discussion on other potential projects. I can say on the pipeline, really a good track record. After the last, at least, but not last, Berlin, our project in Alexanderplatz. In this case, we have already 70% of the retail is pre-let. We have let 100% on the residential part. We have launched the marketing on the office, and we have a really interesting pending discussion on 10,000 square meters and a couple of prospect on 1,000 to 3,000 square meters. Really, a lot of traction also on this project and with a market in Berlin on the letting side, which is recovering. Thank you very much. My second question is on your comments regarding the booking pattern that you've seen for the hotels after the outbreak of the Middle East conflict. To what extent do you think that it's going to generate a sustainable shift in demand? Because certain locations are no longer perceived as safe, therefore demand shifts towards other locations. Or do you think this is just a one-off for 2026, then in 2027, we will go back to pre-conflict patterns? We should reasonably expect that there is a bit of one-off in it, because there is a replacement of customer mix. That's why the figures that we show specifically in Italy and Spain is far more than what we have anticipated after probably more than three years of exceptional growth. We should expect for next year, a kind of softening effect, if there is a normal world tomorrow. A bit of softening in this area. I have to say, as a reminder, the way we look at hospitality is at a European level. We are obviously looking at Spain and Italy today. But we all know that each countries benefit from different dynamic. If there is a softening in Spain and Italy, we can also expect better figures for Germany or in France next year. Thank you. Next question comes on the line of Martin Crum from Van Lanschot Kempen. Please go ahead. Good morning. Thank you for the presentation. Three questions from my side. The first one is on slide 25. You mentioned guidance of EUR 35 million of development margins. Can you tell us how much of this is linked to the Vélizy? Excuse me. Yes, hello. Well, for obvious confidentiality reason with Blue Owl, we don't give precise numbers. What you can imagine is that the growth of the development margin for this year is clearly coming from this project. Okay. Thank you very much. My second question, on slide 24, the asset management revenues make quite a significant jump. Could you give some color on the expected growth rate or ambitions for this income stream, maybe in a little bit longer term as well? Yeah, as I said, for us, it's a recurring source of results based off long-term contracts. Of course, in those contracts, we have fees on asset management, on rents, et cetera, but we also have fees on asset rotation. I would say that the target, first of all, is to continue to grow this number over the next years. We'll give you more details early next year for the year 2027. The target is really to pursue this growth. Okay. Thank you very much. My last question is, how many divestments and investments are you currently in discussions for? Can you provide any numbers on that? As I said initially, the investment market is really quiet in 2026, because of all what we see and what we have in mind in terms of environment. We also decide to lower our investment program in this part, because what is key for us is to keep our LTV under control. I have to say, we study a lot of acquisition in the hotel sector because that's where we would like to invest and so on. We have a really strong discipline in terms of investment, to reach our target term of yield, but also to keep our LTV under control. Today, in terms of disposals, we want to push on disposal on non-core asset, where today it's not easy to find buyers. We also will continue to imagine to have a soft amount of disposal in the second part of the year. Okay. Thank you very much. That was all. Next question comes from the line of Mark Marti from Bank of America. Please go ahead. Thank you very much. Good morning, everyone. I have two questions on my side. Number one is On Olivier Estève's departure, why his mandate has not been renewed? Was it his decision? Was it your decision? Can we have some color on that? How do you see the meaning of having to renew CEOs, deputy CEOs for the strategy of the company? What does it mean? Thank you, Mark. I take it. No, the decision is worth the decision of the company. We are close to the same age with Olivier. I think it's important for a company to prepare the future. That was the decision taken by the board, first of all, to renew myself, and taking that into account to prepare the future in term of management of the company. Having that in mind, I proposed to the board the appointment of Aude Grant. I know her for a while, because as I said, she worked with us in the past. She have a really deep experience in office in France, also working in European company with Colonial inside SFL. I think it's really close to what we have. I'm sure she will contribute a lot for the future. Having two deputy CEO is also important for us because we are not a French company, we are a European company, and to appoint Alexei also as Deputy CEO in this environment is also the signals that we are working in this European field. Alexei was really successful in the implementation of strategy in Italy. Today he's also in charge of part of the German business. I think it's really a key point of the strategy of Covivio for the future. The other one is slightly technical. That's for you, Paul, I guess. What are the main differences between your like-for-like number reported, which is for rental income, 2.2%, and the one of EPRA, which is 3%? There is some gaps on every segment, hotels, resi, offices. Just trying to understand. The biggest gap is in resi, I guess. Just trying to understand what are the main differences here. Yeah. The main difference is that the reported like-for-like is on gross revenues rather than for EPRA is on net revenue. As we have some, let's say, reduction of the net charges, it improves the like-for-like for the EPRA part. Okay. Brilliant. Thank you very much. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question comes from the line of Jonathan Kownator from Goldman Sachs. Please go ahead. Good morning. Thank you for taking my question. Just on the German residential, there is a skew towards Hamburg and NRW in terms of like-for-like rent growth. Obviously, we have had the new Mietspiegel for Berlin. Where do you expect like-for-like rent growth to trend going forward? Maybe also just to comment on the impact on valuation. There seems to be a bit of yield expansion here, so if you are able to comment, that would be great. Thank you very much. Well, on the German resi markets, first of all, what I think is really important is also this decision for the government to stop all this expropriation ID and so on. That is really pretty news for the market. Nobody takes that into account, but it was a pending risk that was on us. Secondly, yes, this new Mietspiegel in Berlin is also positive for us. We imagine that we contribute by 1% in terms of like-for-like in the future on top of the current evolution of the rent for Berlin. That is why we could expect future growth of the like-for-like in the next quarter in terms of German resi. After that, the valuation or the valuation put by the valuer, that is something that we take into account as an external valuation. How do you expect the investment market to trend given this latest news on Berlin? Are you already seeing any impact from that or any change in tone in terms of conversation? Not yet, because it is too early and it was the beginning of July, so just two weeks ago. I hope, yes, it will change the way. What is sure, just to be clear, you know that we have these two joint venture discussion with two French investors that want to go in Germany with us. Just after this announcement, both come to us and said, "Okay, now we can restart to look at investment." That is an example of immediate reaction from investors that were waiting since the beginning of the year to have a clear view on this potential evolution. Okay. That's interesting. If I may, just one last one, an extension of that. How are your negotiations with other JV partners? Are you finding more capital is interested in the space, or is it very difficult at this stage? Well, what is clear today, there is two aspects, especially for French investors. First of all, insurance company raise a lot of equity in the first half. All the insurance company really has a lot of equity because with the evolution of interest rates and so on, that's something which is pretty for insurance. On the negative side, the fact that the country bond yield increase a lot is negative compared to investment in the real estate sector. What I can share is that, since I have to say beginning of June, I have more discussion with those partners to work with them, to use the equity to co-invest in new investment. It could be also for us a way to continue to increase our third-party asset management activity with new JVs, and we could do that both with resi, but also in hotels in the future. Okay, thank you. Yeah. Ladies and gentlemen, that was the last question from the phone. I would now like to turn the conference back over to Christophe Kullmann. Thank you, everybody, and hope to see you in the next days. Bye-bye. Ladies and gentlemen, the conference is now over. Thank you for participating in the conference. You may now disconnect your lines. Goodbye.