Hello and welcome to the Mercialys 2025 half-year earnings call. Today's call is being recorded. For the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. I will now hand you over to Vincent Ravat, CEO of the group, to begin today's conference. Please go ahead. Welcome, everyone, to this presentation. As some of you may know, Mercialys is about to celebrate its 20th anniversary in October. From what the company was at its inception in 2005, a lot has changed. Along those years, and with a very recent acceleration, we have not only refocused our portfolio towards the best location and geographies in France, we have also radically transformed our assets and their positioning. We have also fully reshuffled our food retailer anchorage. We have also expanded our merchandising mix with the best brands and completely diversified our tenant base. We have renewed our pipeline and reactivated our external growth. Meanwhile, our shareholding structure has evolved also radically. We have become one of the only, if not the only, non-controlled listed commercial real estate company in Europe. Along this journey, we have shown that we can weather all sorts of storms. We have also shown the extent of our know-how with choices that are proving adapted to the broad changes in consumption patterns. All this teamwork shows in our results and perspectives, as we will see today. I propose that we move directly to slide four, with the main expression of our confidence in the future, the upward revision of our outlook. Our momentum is very positive this year. The good performances over the first half of the year enable us to raise our full-year guidance. We are now raising our net recurrent earnings target range upwards to EUR 1.24 or EUR 1.27 per share. We also confirmed the initial target for a dividend of at least EUR 1 per share. The final dividend level will be proposed by Mercialys' Board of Directors next February and submitted to the following general meeting. Our robust cash flow growth trajectory, as you can see on the slide, and financial health are a testimony of our ability to steadily return value to our shareholders as our REIT status commands. There is a general consensus nowadays on page five that the outlook for the commercial real estate sector will remain positive in the medium term for the companies with the right asset location in the right format. There are three contributing factors that can be highlighted and that explain it. First, the population is still growing in the suburban areas, while administrative constraints for new supplies have increased. Secondly, the physical retail journey continues to be very attractive for consumers, with stores being considered as part of a global omnichannel journey. Thirdly, France remains critical to retailers' store network allocation with a growing number of openings. This last point is confirmed by retail sales that have shown in France resilience to price deflation in the last three years, as we can see on the graphic on the right of the slide. However, retail sales performances have not been equal across all regions of France. They are highly dependent on regional socio-demographic trends. This has led us, along the years, to refocus our portfolio towards the most dynamic parts of France, the region that you see on the map on the right in brown color, showing the most growth in terms of demography. Twenty years after the company's creation, Mercialys' real estate network has been radically shaped, as I mentioned before, and I think the two maps on screen really tell. From 148 small assets with an average value of EUR 6.5 million in 2005, we have evolved the portfolio towards 34 strategic sites with an average value of EUR 77 million. Our assets were local hypermarket outbuilding at the beginning of the company's life. They are now regional leaders in the most dynamic metropolitan areas of the country. Along our portfolio repositioning, we have transformed our assets towards a real estate format of their own, as detailed on slide seven. Our portfolio stands in a format between what are generally known as three distinctive categories, which are, one, the large shopping malls with their complex structures and often substantial scale, 200 stores or more. The second category are the hypermarket service centers with their limited retail offers, around 20 shops on average. The third category are the retail parks with their low CapEx, low service charges concept, and open-air concept. What would qualify best, our assets as they are now, would be to name them shopping parks, a contraction of shopping malls and retail parks. Indeed, our assets have a sum of specific hybrid characteristics mixing the best of both those formats. Their assets all have a large diversified merchandising mix of an average of 50 - 150 stores, including a food anchor, just like large shopping malls. They offer free open-air parking for optimal accessibility, like retail parks. Our sites are partly enclosed, partly in open air, but they are also covered with heating and air conditioning, just like both shopping malls and retail parks together. Finally, our assets have a simple single-level real estate structure with low operating costs, like retail parks. More than 95% of Mercialys' portfolio in value sits today in that shopping park category. The image on slide eight perfectly illustrates the hybrid format of shopping park that I just described with the example here of Brest and the new perspective of the asset. Our Brest asset has a large and diversified offer of more than 70 retailers. It is the number one shopping destination in the greater Brest metropolis. It is anchored by leading retailers and MSUs like Cultura, Sephora, Mango, among other brands. Its 1,500 open-air parking spots are easily accessible to consumers and free, of course. Its simple real estate build offers the retailers a low-cost lease structure. Notwithstanding its low level of charges, our asset provides consumers the comfort of air-conditioned and heated shopping conditions. They are important in Brittany when you know the weather conditions on average. It is the shopping park characteristics of this asset and its leadership status that have attracted new powerful tenants like Leclerc and Grand Frais and will continue to attract others. Additionally to the characteristics we mentioned, we also consider that the notion of right-sized assets is crucial. In order to understand what I mean, we have detailed on slide nine the results of an Ernst & Young partner report dated April 2025. It shows a continued concentration of the number of retailers across all consumption segments. Among the 12,000 people surveyed nationwide in France, 212 brands only have been mentioned in total. Out of those, only 84 had a fan base larger than 5% of the surveyed group. You can also see on the table that 16 out of the 17 consumption segments are dominated by less than five brands. The adult fashion sector is the only still fragmented segment. This last point probably partly explains the ongoing shrinkage of the fashion sector. This is the reason why we at Mercialys favor right-sized assets merchandised with those 80-something leading brands across all retail segments. Retail assets do not need to be too big to satisfy consumers' preferences. Attracting those leading retailers is the focus of our team, and they have been increasingly successful in doing so, as detailed on slide 10. Our portfolio of tenants is matching well what the consumers' favorite retailers are. Indeed, 70% of our top three retailers in each consumption sector are also in the French people consumers' top three favorites. On slide 11, the merchandising mix of our shopping park in Toulouse is a perfect illustration of what I just called a right-sized diversified mix that you can encounter across our portfolio. This asset boasts 132 stores with 29 MSUs, 89 shops, 13 restaurants, and a cinema. It has a 97.2% occupancy on its over 100,000 sq m of GLA. It is the number two in terms of footfall among all malls in the greater Toulouse area, a right-sized asset in the right geography. As we have just seen, right-sized assets with the leading retailers are key to future potential reversion. Alongside, in order to protect the stability of our cash flow, we nonetheless believe in the importance of a very diversified merchandising mix. All retailers, whether they are food or non-food retailers, are exposed at a time or another to business cycle effects. We have largely experienced that in the past with a concentration of our mix that was totally different. Therefore, we do not want to experience it again, and we have set ourselves a target that no single retailer accounts for more than 3% of our retail income. You can also see on slide 12 that through active asset management, our top 10 tenant exposure is heading towards a level below the sector average of 18%. Diversification of the tenant mix is not only essential to protecting our top-line income, it is also essential in protecting us from concentration of operational risks. Right-sized assets in their catchment area with diversified retailers mean also higher occupancy, as evidenced on slide 13. Across our 34 leading regional assets representing over 95% of our portfolio value, our current occupancy stands at 97.8%. Our total overall current financial vacancy stands at 2.9%, its lowest level since 2019, and that is if we take all our assets in portfolio, including the 5% aside from our 34 regional leaders. During this semester, we have also witnessed a strong increase of plus 33% in our leasing activity across the portfolio. It has been accompanied by an uptick in the reversion at plus 2.6%, notably above previous registered levels. Meanwhile, working on refocusing our portfolio on dynamic geographies, we have also, as you know, significantly diversified our food retailer anchoring. In this respect, as you can see on slide 14, we now have the most diversified food anchorage among our peers in France. All the food retailers in France are in our portfolio. The presence of multiple strong food operators across our portfolio underpins its stability and attractiveness. Our portfolio offers further opportunities of diversification through the redevelopment project that you can see on the right that we will lead in Dijon, Valence, and Tours. These projects will rely on our unique ability to transform our assets. It is perfectly illustrated on slide 15 by two restructuring operations that we carried out recently. The first one resided in the subdivision of a space previously occupied by Casino, which will be replaced by Leclerc, Grand Frais, and three mid-sized units. The second one is the reallocation of space previously also occupied by Casino, Intersport, Too Late, and three new well-known retailers. There are more coming. We all know now that hypermarket retailers, and a lot has been commented on them, are reducing their store sizes to concentrate mostly on food products in their sales. The optimal hypermarket size is said to be around 8,000 sq m. This is at least what Auchan has confirmed and mentioned in a recent press release stated here on the left of slide 16. I take this opportunity to add that Auchan mentioned in its results communication yesterday that their two renovated hypermarkets at Fréjus and Mandelieu, two of our sites, are up +28% since reopening in their new format. That could allow for numerous merchandising opportunities for us from now until the lease terms of the hypermarket stores that we own, and for which you can see the schedule on the right. We have listed here the volume and types of interest received in each location. In a context of overall low vacancy in our portfolio and the importance of tenanting our malls with the best retailers, the potential reduction of hypermarkets to a more efficient format would definitely represent an upside for us. We have proven with our team that we would definitely know how to seize those opportunities if and when they arise. Our permanent active asset management is also amplified by our industrialized marketing strategies. There are three drivers that we focus our attention on. One is social media. We have a local brand visibility strategy. Its efficiency is driven by AI, and it enables us to reach 100% coverage of the 11.7 million consumers in the first and secondary catchment areas of our portfolio. We have reached 150 million views of our content in the first half of the year. Second driver, enhancing click and collect and ship from store for our retailers. For five years now, we have been offering local logistics solutions to our retailers. Thirdly and finally, we promote responsible consumption with the rapid unrolling across our portfolio of our gift shop concept, enabling local consumers to recycle what they don't use. On slide 18, we see how our operations show positively on the footfall and sales performances of our portfolio. On a comparable basis of a number of days, our footfall is up 3.4%, outperforming the national Canta Flow Index by 240 basis points. Retailer sales saw a 1.7% growth. It is 50 bps higher than the national index that only has five months, as we only have the report at the end of May. June figures were not available at the time of this publication. Additionally, note that the sales figures that we report are negatively impacted in the last semester by an unfavorable calendar effect in 2024. Indeed, in 2024, you had a leap year, and the impact is estimated at 50 basis points over six months. Monthly performance differences this semester have been quite high, and they indicate a strong volatility of consumer behaviors, maybe in reaction to the general international and political instability. On slide 19, we show that although impacted by the diminishing effect of indexation, our organic growth trend sits at +2.7% for the semester, and it is close to our 10-year average. While the contribution of the action that we led on the park remains modest, it is showing a positive inflection in line with a pickup of reversion this semester. Our strong leasing activity, including the first leases with very attractive retailers such as Aroma-Zone, Biotech, The North Face, should continue to support these positive trends. On the back of strong underlying performances, our occupancy cost ratio came to 10.9% at the end of June. It is a highly controlled level following a period of sustained indexation. On the right of slide 20, we have used a comparable calculation method by mainly including the OCRs of the hypermarket that we own to compare our OCRs with that published by our peers. We can see that Mercialys tenant OCRs stand at the lowest level of all, at 9.5% only when recalculated this way. It leaves us ample room for reversion capture to fuel our future organic growth. On the graphic on the left, a similar comparison, but sector-wise, shows the same situation with Mercialys OCRs standing way below market average in all subsegments of retail. On a different topic, also related to growth, on slide 21, Mercialys has actively resumed its real estate investments in 2025. In the semesters, they have included two real estate acquisitions for a combined total of EUR 174 million at an average net initial yield of close to 9%. This transaction meets the company's strict investment criteria. First, attractive buyout valuation immediately accretive. This is what we look for. Secondly, we look for assets with fundamentals aligned with Mercialys' format and geographic positioning, as I described before. Thirdly, we want value creation drivers over the medium term through an active asset management of these purchases. Our external growth strategy is clear. Any investment we make must improve our portfolio overall quality for the long term and needs to improve our overall portfolio return at the same time. This is difficult, which is why we took time to identify the right assets fitting the bill, and we are now focused on the next ones. On slide 22, our Lyon acquisition in June is the perfect example of what we are looking for in terms of asset acquisitions. This is the second largest shopping center in Greater Lyon, the second largest city in France. Its catchment area is wealthy and vast, with 700,000 inhabitants. With a simple structure, as you can see, it has a large parking of almost 2,000 spots on a very accessible single outdoor level. This photo was taken early in the morning, and the parking fills up quickly, as you should witness if you go there. This asset is right-sized with a diversified retail mix of 100 stores that can be improved and leaves ample room to grow the rental base. It is the perfect example of what we call a shopping park. It already took its place among the top five assets of Mercialys, improving, therefore, our overall portfolio strength and quality. On slide 23, in terms of development, our approach is also very disciplined. Our investments need to be highly value creative through reinforcement of assets, together with a hurdle rate of a strict minimum of 7% yield. We currently only have EUR 23 million committed to development projects, with an additional EUR 60 million being under review. Part of this additional investment could be dedicated to develop 15,000 sq m of retail parks in Saint-André. This project is already currently prelet at 75%, with over 50% leases signed today. It would yield more than 8%. We are also considering extending our asset in Grenoble, and this project would yield more than 9%. Meanwhile, we maintain our continued asset rotation policy of being open to opportunities to sell mature assets at relative yields. Continuing to prove the liquidity of our portfolio, as we have constantly done in the past five years, is key to market confidence. Finally, in terms of operations, on slide 24, in March, we completed the acquisition of the remaining 70% stake in the investment management company, Immocom Partners. In addition to the fees generated by the fund already under management, Immocom Partners aims to develop new vehicles on vertical themes adapted to specific investment strategies. Mercialys could subscribe to such funds in order to benefit from additional growth drivers. You have, and I will finish with that, on slide 25, an illustration of a retail park managed by Imocom Partners in its EUR 650 million ImocomPark funds. This is an asset class for which Immocom Partners has become a leader in France, which is really an asset class which is really appreciated by investors for its resilience. I now hand over to Elisabeth for a detailed look at our financials. Hello everyone. Let's go now through the earnings. Based on the operational activity described by Vincent, you can see on slide 27 the evolution of invoiced rents. As already mentioned, organic growth remains on a positive trend, increasing by +2.7%, mainly driven by indexation, but also by a favorable momentum on casual leasing and variable rents. This impact at constant scope is offset by the prorated effect of the disposals of four hypermarkets completed in July 2024. In parallel, the acquisition of the Saint-Genis shopping center in June this year has had only a limited impact on the half year. These scopes' effects will reverse in the second half of 2025. Other impacts, such as strategic vacancy related to ongoing restructuring programs, represent an effect of -0.8%. Lease rights amounted to EUR 0.2 million, leading to overall rental revenue standing at EUR 88.7 million as of June 30 this year, a decrease of -3.1%. To improve its management and operational costs, Mercialys is investing in artificial intelligence with initiatives structured around three main pillars, as shown on slide 28. First, targeted automation of recurring low-value added functions, particularly in areas such as reporting, document management, or administrative support, with the objective of achieving, in the medium term, savings equivalent to 5% of its operating expenses. Second, the optimization of assets and commercial processes, notably through the use of AI agents for rental management and brand relations, leading to productivity gains per asset, improved lead conversion rates, and higher occupancy levels. Finally, the advanced management of the company's multiple data sources, such as visitor flows, brand performance, or the structuring of rental charges. The intelligent use of these data will enable faster decision-making, thereby reducing both vacancy risks and time to market. As such, Mercialys is directing its IT investments towards the gradual integration of agentic AI to support these developments, while, of course, taking all necessary precautions in deploying these technologies. If we move on to the analysis of the evolution of net recurrent earnings on slide 29, we see the EUR 2.8 million decrease in rental revenues that are just detailed. Net rental income amounted to EUR 83.4 million, down -4.6% compared to the end of June last year. This also reflects the scope effects of the disposals of the four hypermarkets in July 2024, both through the loss of rent and the impact on rental charges, as these leases include a full reinvoicing of charges. EBITDA stands at EUR 72.7 million, down -4.4%, mainly reflecting the trend in net rents. The margin remains high at 82%. It should be noted that since March 2025, investment management company Immocom Partners, fully owned by Mercialys since that date, has been fully consolidated rather than accounted for under the equity method. This notably explains the increase in personnel expenses, which is offset by higher management income. Net financial expenses optimized through cash investments and hedging instruments decreased by EUR 0.5 million, or -3.3% over the half year. Provision, reversal, and compensation related to various legal disputes and negotiations led to an overall positive impact of EUR 3.5 million. The share of net income from associates is almost stable. Minority interests fell by EUR 1.9 million over the half year due to the disposal of the four hypermarkets, which were 49% owned by a fund managed by BNP Paribas through the company Hypertetis. In total, net recurrent earnings amount to EUR 61.6 million, up 3.9% compared to the end of June last year, and increasing by 4% on a per-share basis. If we move on to the change in the value of the portfolio shown on slide 30, you can see that it increased by 0.3% over the half year on a transfer tax-exclusive basis at constant scope. This growth, including transfer taxes, stands at +0.7%. The difference between these two indicators is due to an increase in transfer duty in France during the period. This positive trend, as in 2024, continues to be driven by the rental dynamic. At the same time, as shown on slide 31, the average appraisal yield stands at 6.79% at the end of June 2025, a limited increase of 14 basis points compared to the end of last December. This evolution results from the impact within the discounted cash flow methodology of the experts' reassessment of indexation levels on discount rates. This appraisal yield provides a spread of 350 basis points with the risk-free rate as of the end of June. We believe that Mercialys' portfolio holds revaluation potential, particularly through appraisal rates, notably thanks to the various successful investments, restructurings, and re-lettings carried out. You can also observe in the evolution on a current perimeter basis the effect of the acquisition of the Saint-Genis shopping center. This brings us on slide 32 to the evolution of the EPRA net disposal value, which stands at EUR 15.79 per share, representing a 4% decrease over six months and 4.5% over 12 months. The minus EUR 0.66 per share variation over six months is mainly due to the dividend payment compensated by the net income group share and the positive change in unrealized capital gain and losses, including the positive rent effect that I just mentioned. Finally, the change in fair value of fixed-rate debt and derivatives contributed to a cumulated minus EUR 0.06 per share. Mercialys strengthened its liquidity in the first half of the year, as shown on slide 33. In June 2025, Mercialys carried out a EUR 300 million bond issuance with a seven-year maturity and a 4% coupon. This additional liquidity contributes to the refinancing of the bond maturing in February 2026, supports the investment policy, and helps extend the average maturity of drawn debt to four years as of the end of June 2025. The next drawn debt maturity will not occur until November 2027, excluding EUR 42 million in commercial paper. Mercialys also has access to undrawn financing resources totaling EUR 385 million, 65% of which have already benefited from maturity extension as of today. At the same time, the company's cash position stands at EUR 442 million at the end of June. Finally, on slide 34, you can see the favorable evolution of the cost of drawn debt, which stands at 1.9% at the end of June, an improvement of 30 basis points compared to the end of June last year, thanks to dynamic cash management, positive impact of the financial restructuring carried out in September 2024, which offset for this period the impact of the bond issuance completed in June this year, again with a 4% coupon. Financial structure incorporates the investment recovery already undertaken. The LTV, including transfer taxes, stands at 39.6% at the end of June 2025, excluding the lease financing for Saint-Genis, which amounts to EUR 71.4 million. When including this element, the LTV reaches 42%. Let me remind you that Mercialys' debt ratio typically shows seasonality in the first half of the year due to the full payment of the dividend in May. It's also important to note that the LTV, as of end of June, already includes Mercialys' commitment to acquire the remaining 49% of the company Hypertetis, a transaction that was finalized in July, for a total amount of EUR 36 million, which has already been included in the net financial debt. The ICR stands at 5.7 x as of the end of June, an improvement compared to the 5.5 x level recorded last year. I'll now hand it back to Vincent for the outlook and objectives. Thank you, Elisabeth. On slide 36, we have summarized what we have gone through in this presentation. Here, you have all the attributes that are in place for the gradual rise of Mercialys' growth trajectory. Our KPIs are well oriented. To conclude, on slide 37, all things remaining equal, we expect an operationally strong second half of the year. We also think that there is potential for property revaluation ahead of us, which could support further growth. To reflect the positive note at this mid-year point, as mentioned in the introduction, we are raising our guidance. I state again, our net recurrent earnings for the full year are revised upwards to the new range of EUR 1.24 - EUR 1.27 per share. The target for the dividend is confirmed at least at EUR 1 per share. That is all for us this semester. Thank you for listening, and we can now follow up with the Q&A session. Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question on today's call, please signal by pressing star one on your telephone keypad. That is star one for your questions today. Our first question comes from Florent Laroche-Joubert from Oddo B HF. Please go ahead, your line is open. Good morning, Vincent. Good morning, Elizabeth. Thank you for this presentation. I would have two questions, if I may. My first question is on the lease expiry on hypermarkets. Could you maybe give us some more clues on how it will work? Are you able to ask for the retailer to reduce the size of the hypermarket, or is it depending on their willingness? Without change of size, how do you assess today's reversion potential when the leases will expire? That would be my first question. My second question would be more on capital allocation. You have done two significant acquisitions this semester, and your LTV has increased, notably if we include the lease financing of Saint-Genis 2. Shall we expect some arbitrations in the coming months, maybe to make sure that LTV will be reduced or not? Thank you very much. Thank you, Florent. I will start with your second question first. We have always been quite orthodox in our balance sheet on numbers. We will remain. We have a clear objective of maintaining the triple B rating in its current outlook. As Elisabeth mentioned, there is a prorata effect on the LTV. There are prorata effects on the LTV that have accumulated across the semester, especially at the end of the semester, because most of the operations that we carried through were assigned at the end of the semester and some in July with effect on the LTV, but they do not show in the numerator number, in the value of the denominator number, sorry, in the value of the portfolio yet. We expect the LTV to normalize quite substantially in the second semester. To give us some more room to maneuver if we have also a revaluation that's quite positive and we think that there is an inflection of the value of our overall portfolio, knowing that this stands at a quite high average yield compared to the quality of the assets that I just mentioned. Nonetheless, and this is also what I said, we are always looking at potential liquidity on our portfolio. We have a certain number of incoming calls for purchase of some more assets, and we are always looking at opportunity to create a spread between the yields at which we buy and the yields at which we sell in order to rotate continuously the portfolio and create value for our shareholders. The balance and the way we will manage our growth strategy will remain within the frame that I just described. In terms of opportunities on hypermarket size reduction on our portfolio, which we commented in detail on a slide in this presentation, we have been engaging with the new operators on all our sites in discussion where we are trying to assess the type of space that would be optimal for them. We have incoming interest from retailers to take over those spaces. It's quite recent because, as you may recall, the end-over of the most hypermarket operation, we are less than one year away. For them to be able to clearly assess the type of size that they need to keep and what they can hand over is not yet fully set. It's through that constant engagement and discussions that we will know more about this. Likely in February, we will have more, how to say, specific ideas, and maybe we can comment more on numbers of what could be released for re-tenanting rotations. Okay, thank you very much. Thank you. Our next question now comes from Amal Aboulkhouatem from Degroof Petercam. Please go ahead, your line is open. Good morning, Elizabeth and Vincent. Thank you for taking my question. I have two questions. The first one would be on the provision and allowance that you received from Casino. My understanding is that it's a compensation for the upcoming rent losses in the transition phase towards the new food operators. Could you give us some color about the net impact you are expecting from this transition phase on Brest and Niort? Yes, hello, Amal. Yeah, we reached an agreement to re-tenant the two hypermarkets of Brest and Niort, which were the only two that we own that were not taken over by new operators last year. This agreement, as you have a correct understanding, allows us not to have any rupture in our cash flows before the new operators settle in. Because of accounting measures, it is taken below the EBITDA and not at the rental level. Again, it's a good deal that we've reached together with Casino, not to have any rupture in cash flow, all the while allowing Mercialys to fully re-tenant this space and restructure them, which we hope to have positive impact also going forward on the valuations of these assets with the new anchors. Okay, very clear. Thank you. My second question would be on the investment opportunities. When I hear you, we feel that you could be actively looking at more investment opportunities. How do you see the market evolving, and do you see sufficient, perhaps interesting assets coming to the market? The difficulty, as I described, is our level of demand. We not only want to find assets for acquisition that would enhance our portfolio average value, which means that it needs to be stronger or as strong as what we have in the first quartile of our portfolio. At the same time, we want those acquisitions to be relative, which means paid at a high yield. Obviously, there are not thousands of opportunities this way. There are many assets that can be sold for distressed yields, but that do not match our criteria of quality. What we think is that the market will remain as it is, which means with a quite certain number of assets on the market that we would probably not look at because they do not correspond to what we buy. The necessity of working on OTC to find deals on assets that we have specifically targeted and trying to find agreement with potential vendors. Okay, very clear. Thank you very much. That's it from my side. Thank you. From Invest, we now have Benoit Faure with our next question. Please go ahead, your line is open. Thank you. Hello everybody. My question is, what would be the potential reversionary potential on Saint-Genis-Laval first? My second question is, what is the debt in Immocom Partners? To answer your second question, there is no debt in Hypertetis. Thank you. Regarding the potential of reversion, in Saint-Genis, there is definitely a potential of revaluation first because of the price we paid compared to the quality of assets. Just a visit, if you come around in Lyon, would just tell you that. In terms of reversion, our teams have been assessing the potential of re-tenanting in order to enhance value. There are also a number of units that were in between tenants or not properly leased or leased to tenants that were here since a very long time and not fitting the bill in terms of what we consider as leading retailers. Yes, indeed, there is potential reversion. We don't give specific numbers for specific assets, but that's part of the criteria of our investment strategy as well. There needs to be value creation, and we have assessed that there is some in this asset. Your opinion is that the average potential is positive, not negative? Yes, obviously. Which means if your question is that, do you think that there will be an accumulation of both revaluation of value because of the price you paid plus potential reversion on the merchandising mix? The answer is yes. Okay, thank you. Thank you. As a brief reminder, that is star one for your questions today. We now move on to Alex Goldstein from Kempler. Please go ahead, your line is open. Hi, team. Good morning. Thanks for the presentation. A few questions at this point. First, on the Brest and Niort, you successfully re-let that space, but I was wondering if you could give a ballpark figure on the CapEx required to get it up to speed for the new tenants. I saw a EUR 3.5 million provision release in H1, and I was wondering what those provisions were taken for, why they were released now. Finally, on the footfall and the retail sales figures, that includes or excludes the non-operational hypermarket assets in the numbers you report. Thank you. I will start with your last question first. This includes everything, which means it's the same perimeter of footfall reporting and sales reporting as the last one you had before. We have not excluded any assets, and as you may have read, it covers above 80% of our portfolio value, which was the same number as before. I think it stands even higher, 85%, because there are a few assets where we do not have precise reporting. No change of perimeter for the footfall and including everything. In terms of CapEx for the Niort and for the Brest re-tenanting, we have a couple of million to invest in a limited number, but the size of the lots are big that are just limited to enclosing and separating the volume into several units. There are no CapEx provided by Mercialys for the store setting up, which is fully covered by the new tenants. Regarding the impact on the EUR 3.5 million, as I mentioned earlier, it's provision, reversal, and compensation. For various legal disputes and negotiations, you know that we regularly manage some litigations or agreements with different third parties. We had some good news on some litigations, some provisions to take, and the impact of the agreement on Brest and Niort that I mentioned earlier with Amal's questions. One quick follow-up question on the last point. Was this already part of your guidance at the beginning of the year, this provision release? Yes, it was. On the agreement, yes, it was part of the outlook. Okay, clear. Thank you very much. Thank you. Thank you. As a final reminder, that is star one if you would like to ask a question today. We will pause for a brief moment. There appears still. Apologies, we're just receiving a follow-up question from Alex Goldstein. Please go ahead. Yeah, thanks. Maybe one more then on my side for the Saint-Genis acquisition. There is a financial lease component in the structure. In the news, we've seen the yield quoted at 7.5%, 8% more or less. What's the impact of the lease payment on the, let's say, true yields of this acquisition? Is that some figure you can provide? There is no impact on the yield on cost, takes into account the impact of financing. All right, so the 7.5%, 8%. The overall cost of the financing. There is no leverage calculation, if that's your point, on the yield related to the specific financing on the asset. The yield you're mentioning is calculated as if we had acquired with normal corporate debt without the specific lease. All right, because in my understanding, the financial lease runs through your financial expense and not in your net yield calculations, but the 8% or 7.5% is including that effect. It's not in our reporting, which means the calculation on the yield that you add on the two acquisitions is a calculation that does not take into account any additional leverage effect. Okay, thank you very much. Thank you. As there are currently no further questions in the queue, I would now like to hand the call back to you, Mr. Ravat, for any additional or closing remarks. Thank you all. Thank you for your questions. Thank you for listening. I wish you a lovely summer everywhere you go. Bye-bye. Thank you. Goodbye.