Good morning, ladies and gentlemen. Welcome after the summer break. My name is Weronika Ukleja-Sałak. I'm the company spokesperson, and I'm here with our management, with Niklas Lindberg, our CEO. Hello, Niklas. Of course, with our CFO, Matej Drozd, good morning, Matej. Good morning. Today we are going to summarize our activity during the first six months of 2025 and talk about the upcoming months. We're going to have a Q&A session afterwards, so stick around. We'll start with the presentation. Matej, the floor is yours. Thank you. I would like to start from the strategy. This is the message we repeat each quarter, but I think it's good to do that to make sure that, you know, everybody's on board about where we are going. Of course, it will take some time before, you know, we implement this fully, but we are very much on that path, as you will see during the presentation. In the commercial sector, we focus mainly on the disposal of the yielding assets, and we already disposed of some of them. More detail will come. We will reinvest in that segment, mainly in Warsaw CBD, where we see the biggest potential for new office projects. The living sector is and will be the most important and growing sector that we are active in. First, ready for sale with Archicom, but also ready for rent, PRS segment, and student houses. That's something that we very much focus on, and I want to explain later what is the impact of that change on our balance sheet and our results. Finance. All of that, of course, will have a very significant impact on our balance sheet, on our result that you will see shortly. By selling the yielding assets, we want to reduce that more than PLN 500 million just by disposal of the assets with the debt that is encumbering them, but also to generate around PLN 800 million of free cash that we can deploy into projects to reduce corporate debt, but also, which is very important, to pay dividend. You will see in the course of all of this happening that our balance sheet is changing even this quarter, that we have more and more inventory, which is representing residential projects, and that we will have less debt and less investment in the commercial segment. Let's look one by one about what happened and which projects we already sold. We are starting from City 2, which was sold in Q2, so it's already reflected on the balance sheet. You have a chance to look at it. The next one is something that happened after we signed PSGA. It's a very, very big landmark deal in the PRS segment where we signed an agreement to sell 18 projects for the value of around PLN 2.4 billion. The next one is a transaction that already closed. It's already finalized. We sold our 30% share in one of the buildings of Towarowa 22 destination project. It's already the beginning. It's the first completed project of that area, of this super big six-hectare project in the city of Warsaw. The quality of this project and the quality of what we are building there will be better and better visible already in this presentation, but also in the coming quarters. Here you can see an overview of what was already accomplished and where we are going to. We already sold City 2 and Towarowa. We are in advanced negotiations to sell Brain Park and Libero. These are projects in regional cities. We also have ongoing discussions about the remaining part of the Brain Park in Kraków. We signed ready for rent. By doing all of that, our plan is to reduce project debt by PLN 500 million, to generate PLN 800 million of cash, and to have this cash available for further investment, debt reduction, and dividend. All of that, of course, happens on the investment market, on the broader investment market. We need to make here a few comments. The market is strong in Warsaw, quite visibly. The yields that we can achieve, as proven by Towarowa 22 disposal, are very good. This is the prime yield for Warsaw. The market in regional cities is characterized by the activity of smaller investors, individual investors, so it's slightly different. We outperformed the market by selling City 2 and by selling other projects. We are clearly the leaders in this market. You will see that soon in the figures. Towarowa 22 is the project that I already mentioned. I would like to highlight also some other parts of the project that were not yet mentioned. Office House, which is already sold, so we sold 30% of that, and it's owned by our JD partner. We are starting right now, next very big office project there, 50,000 office tower. We have an ongoing residential project, which is implemented by Archicom, and we'll soon start the next phases of residential projects by Archicom. Very soon also, we will make a beautiful park in the center of this project, which is a two-hectare area that will be available to all people around, and it will make it look extremely beautiful. You need to take a promise for that, but in one year, it will be very, very visible. Once again, what were the Q2 highlights? We sold 600 apartments, and I think it's very important. This is Niklas, we'll talk about that more, that we recorded a 34% increase year on year, which is record-breaking, which is the highest year-on-year increase in terms of sales among large developers. We sold one of the residential plots for a record high price in Warsaw. We sold the City 2 building, and also Archicom declared a payment of dividend that will soon come to our investors. After H1, we were able to organize financing for our student housing platform for one of our office projects in Wrocław. As I already mentioned, of course, we signed a few landmark sale transactions that prove that the market is strong and that we can outperform it in a big way. When we look at the segments, which we, of course, do each quarter, we can see that the living sector, residential for sale, remains very attractive. Of course, it's also very competitive with a large offer. I think what I should say here is that we very clearly outperformed the market in terms of sales growth. It will soon translate into handovers and into profits. Residential for rent, that's a very attractive market, also as proven by the transaction that we signed recently. We continue to be active on that market. We have a number of ongoing projects in ready for rent. We developed this portfolio, and we look for new opportunities on that market. In student housing, we are just to open the first student projects in Kraków, and we are starting two new projects in Warsaw. Our activity is getting more and more intense. The market is very interesting. It's undersupplied. There is not so much competition compared to the size of the demand, to the size of the market, the size of the opportunity. We see it as the market on which we will be more and more active in the next three to five years, with the aim to achieve the position of the leader with 5,000 beds in that period. In the office segment, we see clearly that the Warsaw CBD is a very, very attractive part of this market. We are looking for new opportunities. At the same time, we continue to develop projects in regional cities, Kraków and Wrocław, that I already mentioned, which are more difficult, but we have very good interest from potential tenants, good leasing activity. We see that our projects are very well received, and will soon be completed, and they will be operating next year. In retail, we continue to operate our shopping centers. The segment itself is stable. The numbers are strong. We do not intend to invest into new projects in that area. We intend to dispose of Libero and to further improve the performance of our other projects. The construction market is very interesting. It's actually very supportive. We do not see already for a long time a price increase. On the contrary, we see that the cost of materials is more attractive. We continue to have a very supportive environment for our margins because we can build our projects at budgets that we planned or below these budgets. What are the key financial data for the quarter? I would like to start from saying that the numbers are as expected by the market, as proven by the PAP consensus. There's nothing really surprising to the market, but of course, still some comments should be made. Clearly, the Q2 result reflects the correction of commercial assets prices. As I already mentioned, the number of investors in regional cities is limited. We are adjusting valuation yields on these projects to expected transaction prices. We monitor the market because our goal, our strategy, is to dispose of these assets. This is what we are doing. At the same time, as I mentioned, the Warsaw market is very strong and is definitely maintaining a prime yield level. Due to the quality of our assets and very good leasing performance because they are all very well leased, we can continue on our strategy of turning these assets into cash. Our intention is to implement that within the next 12 months, for sure. The way we see that is that the price correction that was necessary creates a base where the profit that is coming, that will come from the increased residential sector activity, will be more and more visible in our results. What do I mean by that exactly? When we look at the handovers that we already had in this year, in the first half of the year, and that are planned for Q3 and Q4, you can see the bars that are going up very, very highly, which means that these handed-over apartments will translate into profit in Q3 and Q4. Of course, you know we don't have 2026 here, but this is the trend that we intend to continue. That slide is something that we look at each quarter. I don't think I need to go into very much of the detail, but just to remind you that this shows the balance sheet that we have adjusted by the market value of Archicom shares. Archicom assets in our consolidated balance sheet of Echo Investment are shown at cost. What we do here, we show what would be our value per share if we adjust the value of residential assets reflecting the share market price of Archicom. It would be PLN 6.5 per share, which we think is useful information that should be highlighted. Niklas, the floor is yours. Thank you, Matej. I would like to talk about the living sector and especially about how we have been dealing with it. As Matej said, it's a growing part of our business. We will continue growing this part of our business. With that saying, we're not going to leave the office market. We're going to continue growing in the office markets because we want to have a diversified business that will be profitable no matter where the market is. We sold, like Matej is saying, more than 30% more apartments than a year ago in this quarter, which is really showing that we are progressing. We are doing a lot, like Matej is saying, with the handovers in Q3, Q4. We are now preparing ourselves for a very successful 2026 with a lot of sales happening now that will then be visible in the results of 2026. We continue growing our land bank because we are still on the path that we've shown before. We would like to continue growing our residential part of our business because we think it's a very, very interesting business to continue growing in. Also in Archicom, we are now focusing on the first-time buyers and creating a product that is more adapted to the first-time buyers, which is a group of buyers that is increasing a lot on the market where we think we can get a bigger market share on that market. What's impressive with this figure that we've grown more than 30%, this is in a market that is stable or slightly decreasing as a market, which shows our product is rightly adapted to the market. We will continue growing, and we will see this trend continue growing in the coming quarters. If you look at us, what we have been focusing on here is being diversified over all these markets. We focus to be diversified both over the markets and inside the markets. Many of you, people who've been in Warsaw, you see that there are a lot more Archicom projects all over the city, and you will continue seeing these trends in all the different cities. One of our impressive projects here is Galleria M-Park or Modern Mokotow, like we call it, which is really where we're creating a destination project, which is the flagship of Echo and the flagship of Archicom. We do this all over Poland, which I think makes us unique compared to the other developers on the market. This slide is really important. This slide we have shown repeatedly quarter after quarter. We are going to get up to 3,000 apartments sold this year. We're going to continue growing our business. You will see it already now for 2026 and forward, where we are targeting is to get up to 4,000 apartments. At that level, we will be one of the top players in the Polish market. We will continue delivering a very, very sustainable profit going forward. Also, like Matej is coming into later on in the presentation, this will totally change our balance sheet, which is looking very, very different every quarter. You see it already now, and you will see it even more in the coming quarters. Echo Investment sales are spread across the different parts of our markets. We are focusing on being a dominant player in all our different markets. Historically, in Kraków, we have not been selling as much as we had. We had a lower land bank. We have increased that land bank dramatically. We have started a lot of projects in the last quarter that you will see in the next presentation. We are continuously working here to have a diversified land bank, diversified projects across the different cities, but also in the different segments within the different cities. Handovers, like Matej said before, this is about how we will recognize our profit. For this year of 2025, a lot of the profit will be recognized in Q3, Q4, which will have a significant impact on the result of the whole group going forward as we're handing over a lot of apartments now in Q3, Q4. Out of the 2,400, I think we're handing over 2,000 in the coming two last quarters of the year, which is really going to be having a big effect. This is something we follow up very thoroughly in all our different businesses to make sure that we are reaching our target. The offer is strong across our different markets. You see here, we have roughly 3,000 apartments under offer, which is roughly what we are selling, which shows that we have a balanced business that is really adapted to continue growing. As we are increasing our targets, we will have a lot more apartments for sale as well. We will then, at the same time, increase our land bank as well. This is something that we are monitoring very closely. We are also looking at how we are selling and sticking to the plans that we had for all the different years. Here you see our market shares over all the different markets and how we are constantly staying at a high market level. Of course, all the different businesses. Katowice, we are doing our first project in and now evaluating if that's a market we should enter or what is the signals on the market and how we will continue growing. The important thing here is to be big in the main market of Poland, which is Warsaw, where we have been growing a lot over the last year. That is always a market where we had a very small presence, and we see we're going to continue growing in Warsaw as that is a market that is very, very stable no matter where the market is. As you see on this map, we are missing Tricity. This is something we are constantly analyzing. For us to be able to enter that market, we need to come up with a strong market presence. That is something that me and the board are constantly analyzing when it's the right time to enter and what steps should be taken. Ready for rent is a very interesting business. We did a deal with PSGA now where we sold about 5,500 units, which is a lot of units. If you look at it in the overall Polish market, it's a very small part of the amount of apartments that are being for rent. We see a dramatic chance of continuing growing in this part of this market. We think it's this landmark deal that we've done really proving that the market is in the beginning of development. If you look into other markets like Sweden, Germany, we are still a very small part of the market, and we would like to continue growing. All our projects are fully leased, and we continue seeing strong leasing across all the projects that we are completing. Also important to highlight here, despite this sale, we are handing over a lot of apartments this year. I think we're going to complete another close to 2,000 apartments, and we're starting up another 600 apartments in Warsaw now. We continue growing our business. This is not like we are not focusing on the residential market. We got an opportunity. We took that opportunity. Now we're going to continue growing our business. The individual unit sales are going very well. We are selling well both on Brewery and on Kempa. This was two deals that we took a decision to sell as individual units because it generated more profit than it would be to sell them as a bigger package. This is what we're talking about, how we continue growing. We have 10,500 units in the pipeline. We sold off 5,500 of them. There will be close to 5,000 units still available to be developed. It's really that it's just like we're doing in all the rest of our business. When we see an opportunity to divest, we are divesting, but we continue growing within the same part of our business. Ready for rent is an integrated part of the whole Echo Investment business and will continue being it going forward. The rental market, like I said before, it's one of the markets where there's the biggest, biggest opportunity of growing. If you look at this 10,000 apartments compared to the overall market in Poland, it's less than 1% of the market. For us, we really see the opportunity to grow here. I think you should analyze the slide that you see in front of us, just looking at Poland, about the amount of how much there is to rent, and also for the overcrowded, how many people live per household in the same apartment or per square meter. This is something that is continuous growing in Poland, and that will come with a growing middle class coming up in the market in the country. That will make sure that everybody moves into bigger, bigger apartments. People will like to rent your first apartment, and here we're giving them a unique opportunity to do that in a very effective way. You just need to move in directly into a fully furnished apartment. If you look at the institutional rental market, which I think is a small part of the total market, I'd rather look at the full market in Poland, where you see that this is something that there is a huge opportunity to grow. This is a market in Poland that will continue growing, and we would like to be the leader in this growth on this market. Here I said the same. The tracking in PRS is the same as we're having in offices, the same as we're having in the rest of the business. We grow up a business. When it's got mature, we divest, and then we continue growing again. We think that this is all looking at us for opportunities. You will see more things happening in this market in the coming quarters because this is just something that we started with the first transaction. Now we're going to continue developing this and doing more in this segment. It took us a lot of years to build up to be the dominant player, and now we are there, and we're going to continue doing much more transactions going forward to show our presence, but also show that this is a very strategic way for the shareholders to make more returns on the investments. Living as students is something that we went into a year ago. We're already now opening up 1,200 beds. Out of them, 600 is ready. We are leasing extremely well here. It's really a market that we see there's a huge interest. You see our projects are well perceived in the market. We're opening up two projects now in Kraków. You will see the first students moving in in two weeks, and we are really, really excited to see that. The quality we deliver and the potential we see here is to grow in the same way as we did in Residential Rent in the beginning. We think you're going to see a lot more here. You see in Warsaw the first project being started, and there will be more projects starting in Warsaw. Here we see the 1,200 beds I talked about. The 500 is in Warsaw, and we're going to continue starting up more projects in Warsaw. The focus on this portfolio is Warsaw and Kraków, where we want to continue growing because we see the biggest potential in these two markets. That's why we want to continue growing quickly in these markets. Here you see the fit out in all the different apartments and the beautiful layouts of the different buildings. This is something that is really, really an add-on to our business. We have Ready for Rent, we have Ready for Sale, and we have Students. All these things we call the living sector. In the living sector, we will analyze further opportunities to grow our business because we think this is really, really interesting. It is crucial to say we're going to stay in the commercial market of offices because I see a lot of opportunities to continue growing in offices as well. The Polish PBSA, or the student housing market, is also in the beginning. There's a lot of potential to continue growing. There's a lot of students in Poland, and Poland is really getting ahead of itself and just being the growth engine of Europe. We think this is the right time to continue developing for us here. If you look from an office, we sold off Towarowa 22, we sold off City 2. We see a very, very strong leasing market across all our different markets. We see rental growth. We see investor interest in our product. I think going forward with decreasing interest rates, more and more companies looking into Poland with all the things that are happening here, I think the office market will continue to grow. It's really interesting from our point of view here, like Matej said before, Warsaw CBD. We are starting up the next phase on Towarowa. We're looking at new opportunities to buy more land in CBD Warsaw, which will make us be one of the few players today that has the muscles and capacity to deliver office projects on the Warsaw market where there is a record low supply. That is something that we think is really the opportunity with our financial strengths to start a lot of new projects. Towarowa will be a beautiful project. Here is really what we do with the tower. We're starting residential towers. We're starting another apartment here. By the end of 2028, early 2029, you will see the whole project being ready, and 200,000 square meters of a destination project will be opened up. This will be a record-breaking project for Europe. This is the project of seven hectares. I think people will come from all over Europe and the world to look at this fantastic project. Both in Wrocław and in Kraków, we are now delivering our new office projects. They are very, very well perceived by the tenants. We see strong leasing interest. We're going to complete them in Q1, Q2 next year. Upon completion, both these projects will then be fully leased. That is just showing that in these regional cities, there's a low supply, but still there's a strong demand for the new projects that are really changing the view of the cities. All these projects are in the areas of destination projects. They are in mixed-use areas. We never do projects in this way that are isolated, standalone offices. We believe a lot in the destination where you will have a mixed-use and ability to both work, live, and entertain in the same area. City Space is a business that has been with us for many years now. We are continuing slowly growing the business, but we are making the business more and more profitable year on year. We see the interest for City Space and the services they're delivering is increasing across all our markets and in the regional cities. You see the same thing here. We continue focusing on Warsaw and how we can grow our Warsaw presence. Galleria Libero, as Matej talked about before, is now in the area where it's stabilized and is the right time for divestment of it. We opened up a TK Maxx here of 2,000 square meters, which is really showing that this is a project that the tenants and the market and everyone believes in. I have a big hope for Libero. Going forward, I think it will be a fantastic project for Katowice. Galleria Mucini. We see the same trend. We continue growing our performance. We continue growing our turnover and our footfall, and we open up new brands constantly. Every time you will come to Mucini, you will see a new brand opening up as we are constantly adapting the offer to the clients, what the clients want on the market. From an ESG perspective, I think what's most important here, we opened up a state-of-the-art school that we delivered now in this quarter. This is a school that we will contribute to the city of Warsaw based on the law that we implemented on Modern Mokoto, where we developed 1,600 apartments. This is really a fantastic school, and it also shows the importance of a collaboration between the private sector and the cities, how we can continue doing great things for the inhabitants of that area where we are developing. This school is really, really impressive. Take the chance to go by and look at it. It's a really fantastic investment, and it really shows how ESG is working in practice. Now, let's look again at our financials, a little bit of a deeper dive into the numbers. You already know the bottom line, but I think I would like to draw your attention to what is interesting, what is hiding under the numbers. Clearly, of course, adjusting the fair value of assets was very important. The way we see it, it's an event of 2025 that gives us a platform on which the results coming from the residential segment, from the living sector, can be well visible, and the higher profitability of that sector will drive our results both in Q3, Q4 of this year, but also in the future years. Residential handovers were already higher in the first half compared to a year ago in Q2. We really need to look and expect what is going to happen in Q3 and Q4. Our fixed costs did not show significant variance year on year, but I think what is very important is that we have decreasing GNA costs, so administrative costs, general costs, and increasing selling costs. The selling activity in marketing is very important to establish a brand, to build a brand, to build brand recognition of Archicom, of Archicom collection, et cetera. This is where we spend the money. Despite all the fact that you see a number which is almost flat in SGNA, actually, behind that, there is a very big increase of marketing and sales activity, which is, again, building something for the future. What is also interesting, of course, as I already mentioned, that our fair value adjustment was mainly focused on the assets that are in the process of sale. Of course, we look at the costs and the prices and the values of all the assets in the commercial segment, and we make sure that they reflect the selling value as we see it. Our margin in residential remains strong at around 35%. I think this is the level that we have an ambition to be close to. It's a very strong margin compared to the market. With the supporting environment in terms of construction costs and with very good projects, our objective is to keep the margins in the residential segments strong, not only to grow the top line handovers, but also to make sure that they translate into profit in gross margin and also net profit. If you look at the balance sheet, obviously, what is very, very visible, and Niklas mentioned that as well, the balance sheet is transforming. You see an inventory figure much, much higher that reflects growing residential business. The fact that we have more projects, projects with higher value, and of course, this trend will continue as we grow projects under construction, as we grow our offer, we grow our pipeline and the land bank. What is very, very important is that this growth is financed mainly by residential clients' prepayments. On the back of strong sales activity that we continue to perform and outperform in this year, we can see more and more clients' prepayments. That's very important to remember that this growth is mainly financed by prepayments, not by the debt. At the same time, you can see less investment properties on the balance sheet because these are assets that are in market for sale: Libero, Brain. That part will be smaller. Of course, as Niklas mentioned, we will continue to invest in high-quality office projects, especially in Warsaw CBD. If you look at the other side of the balance sheet, clearly, you can see that there was not much movement in terms of long-term debt or short-term debt quarter to quarter. Short-term debt slightly decreased. I think what is the most important is that this debt will be reduced by the disposal of the assets and further with the liquidity created by the disposal of the assets, free cash that we will use to push our net debt ratio from around 39%, which is 39% is within the range that we see our target range, which is 30% to 40% net debt ratio to assets. We would like to push it down to closer to 30% to reflect the fact that we have actually less commercial projects on our balance sheet. We need less debt, but also to benefit from lower financial costs because despite the fact that the interest rates go down, they are still quite high. We would like to have less debt also for that reason to have a better result by having less financial costs. When we look specifically at our corporate bond debt and corporate debt, we see that there's nothing maturing in 2025. We have a very modest amount maturing in 2026. We are looking at proactively reducing further maturities. Partly, of course, this will happen as a reduction of project debt, which is not shown here, but also that which is shown here, which is corporate debt that we will be proactively reducing over time as the liquidity coming from the disposal is coming, again, to have lower costs and to have lower net debt-to-assets ratio. That's it. There's already a Q&A session. Thank you very much, Matej. I think we'll start with Residential Rent for the Q&A session because our record-breaking transaction is bringing a lot of interest, and we have a couple of questions on this subject. I will tell you all, and maybe Matej will start and Niklas will finish because it brings up the money issue and our future plans issue. After selling part of the Residential Rent portfolio, will the company continue to make further investments? This is the first question. However, our viewers would like to also know how much cash do we expect from this transaction? Yeah. About cash, I think we, you know, I don't want to be specific, but that was already included in the envelope that was mentioned, you know, more than one time here during the presentation, right? That's already included. Again, we rather avoid, you know, being specific on individual transactions. OK, thank you. From the continuous investment into the residential rent, we said already now we're going to complete another 2,000 apartments this year. We have another 600 that we are starting up. We believe a lot in the business, and we will continue growing in that business as it is a crucial part of the whole strategy of the company. Thank you. Matej, you mentioned that we would not want to get into specific details about money. However, there is another question about that, this time about office house. Our deal with Afi and our 30% of shares. Basically, the office house is valued at €160 million. Why did the group sell 30% of our shares for €17 million? Yeah, that's. Can you explain? 160 is a correct number. 17 is also a correct number, but 17 is only price for the shares, right, that we sold. I think it refers to the public communication that we had, you know, current report, in which we also mentioned repayment of debt, which is debt that we used to finance the project. This money came to us as well. You need to add this to numbers. In total, it was much more. You need to remember that we did not sell the asset itself. We did not sell the building. We sold shares in the company. The company has the asset, but it also has the debt, right? The bank debt, liabilities, et cetera. Yeah, yeah. When you sell the shares, you need to deduct from the value of the asset the value of debt, right? You are selling 30% of that. All of that is mathematically completely correct, but you need to remember that we did not sell directly the asset. It was just the shares. Shares. Yeah. OK. I think it explains it. Thank you so much. Sticking to the subject of Towarowa, I know that we don't want to get into details because it still has to be a surprise, but maybe some glimpse of information about the residential tower that we are going to deliver together with Afi. Yes. We looked at it together with our JV partner, and we came up to the conclusion that as today's market situation is, we are making much better returns on doing residential compared to doing PRS. That is something that we're going to continue doing in the project going forward. What you're going to see going forward, you're going to see, as I said before, more offices as we all believe in the office segment. We think that is a very, very interesting part of the market. Like I said before, there's a record low supply on the Warsaw market, which we will benefit by having more offices started up on Towarowa. The residential part is essential for us because we see a lot of interest from a residential project in this area of the city. It's not only us developing here. There are many other players developing on this market. By us starting up more projects, we will not in that way compete with ourselves. We will just make the whole area much more interesting for new clients to invest in that area. We'll bring more attention. We will have different pricing and different standards of the different buildings. The buildings will not compete. They will complement each other. I think the way we are developing it together, this will make the whole area much more interesting. What we're trying to do is pretty similar to what we did on Brewery. We see a lot of residential, but they are not competing. They're having different standards, different adapting to the market. That makes us widen our offer not to the most luxury, but to a wider part of the segment. I think we will get even more customers in on Towarowa. Yeah, our offer being diversified, is Towarowa still going to have a PRS component? Towarowa will not have a PRS component. It will have a component of offices, residential for sale, and retail in that area where we have restaurants on the ground floor, like you see around the whole area. OK. Thank you so much. Maybe let's change the subject to our retail segment because we want to know more about our deal with Libero. How far in negotiations are we? Can we say about our schedule for this disposal? We are not commenting any more than we have said in this presentation. We're saying it's in advanced negotiation. We are progressing well. We see a huge interest not only in Libero, but in the whole retail segment across the whole market. As you look through here, you see that the footfall has decreased slightly in Libero this quarter. That is coming from a huge renovation of the infrastructure network in Katowice, where bridge and tunnels have been closed off that had a small impact on the footfall. What we see, people are coming more seldom to the center, but are buying more when they are arriving to the center. It doesn't have the effect on the turnover. This is just a temporary effect. In Q1 next year, all the roads and infrastructure will be up and running again. We will see that the footfall growth will continue. Yeah. What about Galleria Mucini? What are our plans about the shares that we have in this retail? Like I said before, on Galleria Mucini, we have been working a lot on the footfall. We have not seen the full potential of Galleria Mucini. We are now increasing the footfall, increasing the turnover. Every year, we have another 7%, 8%, or 9%. We think that already this year, we have seen that we are really on a good way on these trends. By next year, we think that is the year where we'll start analyzing what to do with Galleria Mucini, what are our next steps, because this year is too early, and we don't think we have seen the full potential of our investments. This is something that we are looking to analyze closer in late 2026 or early 2027. This subject, we are going to talk more in a year, but maybe one question for Matej because a first series of retail bonds will expire next year. We have a question. Will Echo use this opportunity to once again launch public offerings aimed at individual investors? We don't plan that at the moment. We are more thinking about reducing our overall debt. We will just use this maturity to repay these bonds as they become due. OK. I think that is like Matej is saying, that is not about the bonds itself. It's like we have a totally different business model now with much more residential, much more cash payment coming in there, less investment into 100% offices, more into JVs. We will need less cash in our business. We think it's a great idea to reduce debt, get a much more cash-effective business in that way, being able to deliver more shareholders' return. Thank you. At the beginning of the presentation, you mentioned the Hodna deal, the really important one, land sale. Our viewers would like to know what was the profit on this sale. We don't comment profit on individual assets. All these things are recorded in our books. I think it's to put a little bit of light on this one. Hodna was an investment that we acquired, and it was a very small investment in our books, not really the investment that we're doing on a normal basis. We got an offer that was very great for us, and we could reinvest that one into a new project where we think we could get better returns on our capital. That's the decision we took to make this. OK. Thank you so much. I think we have time for the last one. This one is going to summarize everything that you both mentioned during the presentation. What are our plans regarding the future sales? Can you summarize it in the last final question? What projects are we looking to sell in the nearest future? I think for looking for Echo going forward, I think this was the right question looking back at the old Echo. I think for 2026, the right question is how much more will we do in residential for sale in Archicom? That is where we're going to see the most of the growth. We're going to see most of the profit coming out of the sale of the individual units. How much more will we put into our JVs? Our office sales, we will, of course, divest the offices that we're having ready and completed next year. That will be a smaller part of what we're doing as a business going forward. This will have a huge benefit for our shareholders that our business will be less bumpy as we will then come up to a total level where we'll deliver much more predictable profits going forward that will not be so much dependent on individual sales. Looking forward for us, we're going to divest something next year of the offices and potentially some retails. Most of all, we're going to start new projects in interesting locations. We think with our new cash structure, we will have a huge possibility to take benefits of the market that we are in today, where we see a lot of opportunities to continue growing. Thank you. Thank you, Niklas. Thank you, Matej. I think this is our time for today. To our lovely viewers, thank you for joining us today. We'll see you during the quarterly results. If any question remains unanswered, please reach out to Grzegorz Iwański, our Head of Investors, or to me directly. We'll talk to you. Thank you again and see you.