Good morning, ladies and gentlemen. Welcome after the summer break at financial results of Echo Investment. My name is Weronika Ukleja, and I am the company spokesperson. It has been an eventful first half of the year for the whole group. We saw strong activity in the commercial segment, alongside a 14% increase in residential sales year-to-year. To talk you through the details of it, I have the best possible company. Please, join me in welcoming our top management, Nicklas Lindberg, our CEO, and Maciej Drozd, our CFO. Good morning, gentlemen. Good morning. We will start with the highlights of this year. Without any further ado, Maciej, the floor is yours. Thank you. Weronika already introduced the fact that the first half of the year, and second quarter in particular, was very good. Let us look at the highlights. You already said that 14% increase in residential was a very strong performance. I would like to add also that we had a very strong performance in handovers compared to last year. It was 180% growth. What is very important for us to implement our strategy, we closed the sale of two office buildings in Kraków, but we also started construction of the next phase of Towarowa 22, our strategic project, and we will talk a lot more about that today. In Resi4Rent, we closed the largest transaction in this segment in Poland ever by selling over 5,000 units to TAG. That transaction is a landmark transaction, but for us, it is just a step. It is a milestone in further development of our presence in this segment. Also, in the financial part, we are very proud to announce that we decreased the interest, the cost of our bonds. We renegotiated the terms, and we achieved reduction of costs of PLN 7.5 million annually. Last but not least, we paid PLN 0.40 per share dividend in June, which was really a proof of our strength and financial health. Still, after second quarter, we continue to move forward. We completed construction of the first residential building of Towarowa 22, M7. We are very proud of that, and again, we will talk more about that today. We are also developing in more popular segment in Wrocław, Kraków, and other cities. We had very strong launch of Swobodna Living, but we also launched many other projects in that segment, and Nicklas will talk more about that. We are also very proud of signing very big lease with PwC, again on Towarowa project, almost 20,000 sq m, taking more than one third of the building. Also, last but not least, in StudentSpace, we completed construction of another building in Warsaw, in Mokotów, and we had a very strong start of leasing, and we continue to lease this building very well. So what were the key financial data for the quarter and for the first half of the year? You will immediately notice that our performance was significantly better than expectations, both when you look at EBIT but also net profit. I will speak later about the drivers, so why we performed so well, especially if you compare it to 2025, both first half and the second quarter of 2025. Our performance this year is by far better. Again, I already mentioned some main events. I would like to speak a little bit more about that. Again, we sold two buildings in Kraków, so this Brain development is fully sold right now. We still focus on disposal of two buildings that we completed this year in Wrocław and Kraków. These are Swobodna and WITA projects. Again, Nicklas will tell you a little bit more about how we are progressing there. I already mentioned Resi4Rent transaction, which was a huge boost to our cash flow. So out of the planned disposals, where we expect to get around PLN 0.65 billion, we already closed transactions for more than half a billion. According to our strategy, we apply the proceeds to reduction of corporate debt. We continue to invest in new projects, in particular in Warsaw city center, in Towarowa, for example, and obviously we pay dividend out of these funds. On this page, you have more detail on the disposal of Brain Park A, Kraków building, Brain Park B. I already mentioned that Resi4Rent. So if you are interested, please refer to our webpage and you can find more details on these particular transactions on these slides. Again, I would like to highlight and to underline that all what happened, what I just described, is implementation of our strategy. So once again, I would like to remind you what the strategy is. So in commercial segment, we continue to dispose of the mature assets, and we focus new development in Warsaw CBD, in particular in Towarowa and its surroundings. We continue to build, we continue to lease, and you will see many examples today of implementation of that strategy in real life, in real time. In living sector, obviously, we focus on development of Archicom, and in particular, in popular segment in Warsaw, Kraków. We continue to develop PRS via Resi4Rent platform and student housing as well, and we will have a lot to show, and again, we will talk about that in more detail later during this presentation. In finance, our strategy is really simple to follow. We dispose the assets, we repay project debt, we reduce also corporate debt from these funds, we invest in new projects, and we pay dividend, all of that at the same time. If you look at what we already did and what we are going to do, you will see that as the implementation of strategy, we already generated and applied PLN 690 million over last years to debt reduction, to dividend payment, and also to investment in Warsaw CBD projects. Next money that is coming to us will have very similar use. Again, debt reduction, dividend payment, and further project acquisitions. It is very simple and we are doing it every day. I would like also to highlight something that you will notice, the effect of that, you will notice in our financial statements. You will see that our SG&A are flat, basically, year-on-year. That is what we want to achieve. We want to find more efficiency in the way we run the teams, in how we manage projects in a more efficient way to be able to grow the top line, the sales, the margin, without growing the fixed cost base. We are doing this by finding more team integration, better ways to manage projects, better ways to manage our teams, and you can already see that year-on-year in our P&L. I already mentioned Towarowa 22 more than a few times today, and I think it is still something that is worth to come back to. Construction of AFI Tower, almost 55,000 sq m project, is ongoing. As you remember, almost 20,000 sq m of that project is already leased by PwC. We see very strong demand for this project, but also for next phase that we started in Q2, and we expect the situation to continue next two years. We expect Warsaw CBD to be the place for tenants to come, and that is why we focus on construction and leasing of our projects there. Residential part of Towarowa is also very successful. We completed first building at Miedziana Street. We started another one. As you can see on the slide, we are preparing next phases of this project. It will be fantastic place to live, real city center of Warsaw, both in terms of office and business activity, but also if you look from residential perspective, because of the quality of the buildings, but also because of the Central Park that we have, as really something unique that this project has, and it is really unique in Warsaw city center to have that ability, two hectare park just next to your house. If you look at the entire project, it is laid out here, residential part of Archicom in blue, green area that I mentioned to you before. You can really appreciate that very big part of the plot has this fantastic green use for the benefit of people who are going to live there, but also to work there. The violet part is already completed, and we exited to our JV partner, so AFI fully owns this building already. The top part is under development, and it is both office and residential, and you see that most of that is already under development. Only the Central Park, which is a minority of the project, is going to be started next year. We are also proud of a very creative campaign that we started for this project. It was developed fully with AI. So we also want to be leaders in that front to do something creative, use new technology, new approach, and do something really very, very fresh. Nicklas. Thank you, Maciej. Now I am going to talk about our living segment and especially about Resi for sale. Like we have highlighted before, we have seen a growth until today of 14% year-on-year. We would like to continue growing our business. The target stays for this year to sell between 3,200- 3,500 units by year-end, which you can compare to last year, we sold 2,867. So it is continuous growing our business year-on-year. Like Maciej is saying, we are growing the top line, but we continue focusing on keeping the overheads flat in the business where we are having it by creating more efficient way of how we run our business. It is crucial in this business is that we continue growing our land bank. Now, this is one of the main focus areas that we are focusing today and that we are going to continue to focus on. Important thing in all of these things here is the focus on growing in the popular segment of our market. This is something that we have been focusing for a long time and where we see a huge growth coming forward. If you look at the markets around, we see a stable sales across all markets. We see us continuing taking market share. We want to continue growing our business, and we see forward how we can continue growing it to come up to sales of 4,000 units annually. Prices are stable. Seeing all of this, we see a strong sales both in our lower end of the market, middle end, and the high end of our products we are selling on the market. The focus that we see today is the popular segment. The popular segment is crucial for us to be able to continue growing our business. Here we see a lot of things happening, and it is mainly because of the need for people to live. So it is really crucial for us to continue growing in this part of the market. This will be the things that will facilitate our future growth up to 4,000 units. Most of the things we have acquired during the first 6 months of the year is really coming from this part of the market. So here we are going to continue seeing a growth. We are going to continue seeing us acquiring more land in the popular segment. This is a really big pillar of our business. If you are looking back, you see roughly 40% of our sales were in the popular segment, and this one we want to continue growing up to 50% of our sales. You see here constantly we are selling across all the parts of our market. The only market that we are not going to continue doing is in Katowice. The rest of the markets we are continue growing. A big focus of us here is to continue taking a bigger market share in Warsaw. This is one of the markets that is our strong focus to growth. This is where most of the apartment sales are happening in Poland today, and this is where we continue growing in the popular segment of the market. Handovers, as Maciej said, we went up 180% from last year, and we are going to continue growing in handovers. The handovers are, of course, a consequence of how many apartments we are selling. We are going to facilitate that going forward, and this will have a huge impact on our P&L going forward. The offer on the group is stable. We are continuing starting new project. We are continuing buying more land, and we always want to have an offer that is roughly what we are going to sell in the coming year. Our offer will always be in the range of 3,000- 4,000 units at any given time that we look in the market. We are a residential developer on six markets. The Katowice we will not continue in. We continue analyzing Tri-City as an interesting market. At the time being, we are focusing a lot on growing anymore in the popular segment where we are today in the existing markets, where we see a lot of potential to continue growing. If you look for Maciej said before about the Resi4Rent. We did a sale of 5,300 units to TAG, which is a landmark sale and really has created a lot of trust in the Resi4Rent market, which has not before has seen this kind of institutional transactions. What is important to highlight here, we have 2,800 units under operation. We have another 1,000 under construction, and we are going to continue starting more projects in this part of the segment. We are absolutely not leaving the Resi4Rent segment. We are as always, we see it, we have mature products. We are divesting them, taking back the money to the company, and then making sure that we continue investing where we see the best returns for our shareholders. These are the three projects that we have now just handed over and starting to rent out, and you see the renting level is very strong in all three parts of the segments. Here we are going to continue leasing, and all these units will be leased out by Q1 2027. Overall in our business, we have an occupancy between 98%-99%, so we have a very strong occupancy across the whole Resi4Rent portfolio. This is about the major transaction we did, and I think it is important to highlight this is a really, really big transaction that is important for us to continue driving the growth in this business and continue doing more transactions like this to continue to show that this will be a very important part of the residential market in Poland. Here is what I said before. We are going to continue focusing on PRS. This is one of the most important things for us to highlight today. We are doing more assets today. We have just handed over. We are doing construction in Warsaw. We are going to continue trying to be the leader on this market. Even after this transaction, I think we are the top three in the living segment in Poland in this part of the market. So we are a very big player and going to continue being a big player. The next market we went into is student housing. We have today 1,200 beds in Kraków, and we have another 500 now being handed over as we speak. So this year, we will have 1,700 beds to be rented out, and you will see already now we have a strong renting in all our markets. We see really that people are appreciating our projects. We see students really like the way we have constantly listened to their needs and continue to develop our project. We have already ongoing another project in Warsaw, and we are going to start up a third one shortly to be able to do more assets in Warsaw. The focus of the StudentSpace platform is Warsaw and Kraków, that are the biggest markets for universities in Poland. You see here some pictures of our StudentSpace locations that are beautiful locations. We do really amenities here that is outside the normals, and we see really it is appreciated by all the people living in the projects. The focus is going to continue being here for our growth is Warsaw. In Kraków, we have the two projects ongoing, which is Mr. Pada and also WITA Kraków. All of them are located next to universities. We are continue seeing that this is really what we are looking for. One is next to the railway station, another one is more in a location closer to the universities. So we are doing projects that will adapt to all the needs of the students in the different markets. You see here different examples of the projects ongoing and also the projects that we have completed. This is units that are between 14 sq m- 16 sq m and very, very effective. You have all the amenities in the ground floor of the units below. Commercial office. I have been talking a lot about that historically, and this is one of the markets that I said for a long time it will come back, and we are continuing focusing it, but in a different scale. What you have seen, like Maciej said before, we have sold off our assets in Kraków on Brain Park A and Brain Park B. We have now leased out 100% of WITA Kraków project. It is also in Kraków, where we are now looking at ways to be able to divest that project. We signed a lease with PwC for 20,000. There is more leases coming in the pipeline now going forward. We have also started Towarowa building E as well. The fundamentals are improving dramatically. What I said before, we are now focusing on Warsaw CBD. That has the lowest vacancy for a very, very long time. We are a big part of the pipeline, which we have seen today that has helped us to increase rent levels, and that is also helping us continue doing more things in the CBD of Warsaw. Offices is something that is crucial for everybody. What we see now is that tenants are moving more into the city centers, and they really appreciate the buildings where we're doing. Where we have done AFI Tower, which is now with balconies on all the levels of the offices, which is really what people are looking for. We have two buildings that we're going to dispose going forward. We have Swobodna SPOT, a beautiful building in Wrocław, where you see here terraces, balconies next to MidPoint71 that we did some time ago. This is really where we're building a new city center of Wrocław. In front of that, we started our residential building that we talked earlier about. That has been very, very much appreciated by the buyers in Wrocław, and we already now sold 60% of the building. WITA is one of our destination projects. We have the two student homes I talked about before. Next to it, we have a very successful residential development. Also you see here that we have an office that is fully leased to Brown Brothers Harriman and OPmobility. This is really showing that this is a very, very attractive investment. You see here, this is something that investors are looking at today based on the long leases and the strong covenant of the tenants. If you look back in the earlier quarters, we have not started up so many new projects. What you see now, we have office tower, AFI ongoing. We have building E ongoing. We are focusing a lot on Towarowa 22, where we're going to continue growing our business. This is the building that is ongoing now. It's a smaller building that we're shortly going to report on further leases coming into this building. We also acquired last year Grzybowska 53, which is a beautiful location opposite of our Browary Warszawskie development. Here we're going to do our next office development that we're going to start early next year. This is also another addition to the Warsaw CBD. What you see here, we continue acquiring land plots in Warsaw CBD. We continue growing Warsaw CBD. This is going to be the ones we're going to repeat going forward. There is a scarcity of office to be leased in these kind of locations. We really see this is the opportunity for us to grow. CitySpace has for many years been a good part of our business. We are now seeing an increased profitability. We are closing down less successful locations and focusing on Warsaw in the same way as we're doing in the rest of the segments. Here we have now a strong business case. We see a strong revenue growth. We see a strong profitability. This is one of the businesses that are benefiting dramatically on the scarcity of office space in the CBD of the cities. If you look at Galeria Młociny, we are now, as we said before, we're stabilizing the assets. We are changing the tenants to be having the latest and greatest tenants in the business, and we continue growing our top line of the business. We are now slowly stabilizing the assets, which is crucial for us to continue putting that one as long-term assets that we then going to analyze when it's the right time to dispose, when we think we're going to get the right value out of that asset. From an ESG, we continue focusing on ESG, and we are implemented across all over the group with decarbonization. We also focus on taxonomy. Also, most of all, we are focusing how we can make sure that all the ESG activities are benefiting also our tenants and our occupiers of our assets. Also, I think a big part of our ESG activities is also what Maciej talked about before, where we put big green areas into all our developments to continue getting that feeling into all the products where we are doing, where we are having our destination products. Maciej? Yeah. Let's make a deeper dive into our financials. I already mentioned a very big improvement year-on-year, so Q2 2026 over Q2 2025. If you look at the details, you will immediately see a huge change in fair value gain. Last year result was under pressure in that area. You will also notice that we did reduce financial costs, that our JVs produced very good result in the second quarter. Also, if you look at the details, our SG&A were flat, which is basically what we want to achieve also looking forward. Looking at the margin, you will see strong residential margin of 33%. Obviously, a big part of the result comes also from that. Our margin strategy is to keep the margin at 30% or above that. On this page, you can also see some details on fair value gain. You see that we continue to make money to revalue, both Swobodna Wrocław and WITA Kraków with positive results. The results of Towarowa, I just wanted to remind you, are visible in the JV part. Because we are 30% partner, we do not show the valuation of these buildings in our fair value gain. They impact in a very positive way our JV line. Our balance sheet is slightly decreasing, which makes sense of course, because as we dispose assets, repay debt, and pay dividend, it is natural. At the same time, you will see significant growth of inventory, which is reflection of growth of Archicom. That is exactly our strategy, so to have more and more investment in that part of the business. Also in JVs, which is something very important. We are going to continue both disinvest and invest, meaning we get the money out from the mature assets, like from the transaction in Resi4Rent, but we continue to put money back in new projects, both in Resi4Rent and in student housing. We have very strong cash position, better than at the end of the year. Otherwise, I think it is exactly what you should expect thinking about what our strategy is. Also, when we look at our liabilities, that part of our balance sheet, you will immediately notice that prepayment of residential customers increased a lot. This is what we expect also looking forward. With growing residential business, we expect to see more and more business being financed by prepayments of clients who buy our apartments and continue to pay as we build. Our debt will continue to decrease as we repay, both in terms of project debt, but also the corporate level debt. That is why our net debt ratio is lower than last quarter and than at the year-end. We will continue to decrease it to move to our target, below 30% of net debt to total assets. I already mentioned decreasing bond debt as part of our strategy. Here is a maturity profile of our bonds. I would like to start from the bottom part, so more green. You will see that in 2026, now it is even non-existing today, but still at the end of June, we had 25 million maturing. That was repaid already now in September. We are also planning, and we declared that we repay 180 million of bonds maturing next year, already this year in December, so before the maturity. I already talked about repricing of the bonds. This is something that affected bonds mainly maturing in 2029 and this darker blue part maturing in 2028. So we decreased the cost of debt by 150 basis points. At the top, you will see gray part, which is Archicom bonds. You will notice that in 2027, we have 378 million of bonds maturing. It is in H1. Of course, Archicom is preparing to refinance these bonds already in Q4 so that this work ongoing to do that. That should have positive effect also on the result because we clearly expect that the cost of this financing will go down. Because the market is very strong, but also obviously performance of Archicom continues to be better and better results. On this basis, we expect the cost of this financing to decrease looking forward. Again, last slide on dividend. We did pay very high dividend in respect of 2025, so it was 80 groszy in Q4 last year and additionally 40 groszy in June. So in total, 1.2. Again, from cash flow perspective, it was 80 groszy last year and 40 groszy this year, which we obviously believe is a very strong performance and a huge proof of the financial strength, but also of the success of our strategy. Thank you. Thank you, gentlemen. Thank you for the presentation. We will go now directly to the Q&A session. This time, if we do not want to ask any questions, we will just use an excuse that our mic is not working. So we will start with something easy. When is the full completion of Towarowa 22 expected? Nicklas, can you take this one, please? We are going to complete the full Towarowa in Q1 2029. What we see today, all phases are ongoing except for the middle phase of the project that is consisting of one office building and one residential building. That is going to be started during next year. What you will see is that every year there will be a new project completed, and by the beginning of 2029, we will fully leave the Towarowa project, where we have developed more than 7 ha or close to 200,000 sq m of mixed use. Thank you. Short and sweet. We will move to some financial questions, and this one goes to you, Maciej. Is there a possibility still of paying dividends in 2026? Is its interim dividend conditional whether Swobodna SPOT and WITA will be divested? Right. I think this is very specific question. Of course, even if I would like very much to be as detailed as possible, I cannot- Reveal much. In that form. I think I can only confirm or remind you that our dividend policy is that we want and will be definitely a strong dividend payer. And obviously, that is for our shareholders, for the company, I think it is in the best interest. But I cannot answer such a detailed question, but clearly, I think our intent is very transparent, right? Thank you. And Nicklas, you mentioned that working on our land bank is a priority, so this question goes to you. Should we expect any larger land acquisition for residential or commercial projects still this year? We are constantly buying new land bank, and we need to continue buying it. So of course, there will be more land acquisition to expect in 2026, both in the residential and the commercial segment. We see that this is a good moment for us to buy, and the prices are at reasonable levels. Thank you. Thank you so much. Maciej, maybe a question regarding bond insurance plans. Are you able to provide more details on this subject, please? Well, I think maybe a little bit expand on what I already said. Just to reiterate that we do not plan to issue bonds in Echo. Actually, what we did, just to clarify, the issues that we did in June were, I would say, for technical reasons, to reprice the bonds. That was the only purpose. It was not to increase. It was a liability. It was only to decrease the cost. We are planning to repay PLN 180 million in December. So in Echo, we are going down in order to reduce our liabilities, but also to further reduce the cost of debt that is hitting our P&L. In Archicom, as I already mentioned, the next year maturity is really a good time to be proactive in approaching the market. Again, the purpose is not to increase. The purpose is really to refinance existing maturities to lower the cost, and we believe that the market environment is favorable at the moment. Thank you. Now switching to our sub-brand, Archicom Collection, and we have a question about our most luxurious residential projects. Can you tell more? How are you feeling about Flair and M7 sales volumes, given the fact that we are about to kick off handovers? How do you feel about residential segment earnings in the next half of the year? If we can talk about M7 and Flair, we see strong sales in both our products. You should remember this is high-end luxury product, which means you will have lower sales when you complete the product compared to a popular segment or the normal segment that we're selling. Saying all of these things, on M7, we have sold up to 70% already today, which is very strong from this kind of luxury segment of the market. Both Flair and M7, will in the year-end, will have exceeded 80% of the apartments sold and handed over in these projects, which is very strong given where we are today on the market. It also proves that the Archicom Collection is a very strong brand that has really hit the spot on the market that the investors really appreciate. Also, as we highlighted before, in the last month, we sold for PLN 100 million in this segment of the market, which is really a strong part of the market. Going forward to the earnings in the coming half year of 2026, of course, I will not comment going forward on Archicom. They had a presentation on Tuesday, which I think they were very good of giving their forecast going forward and what has happened in the first half and how they are seeing that the second half will be even stronger than the first. Thank you. We already mentioned a couple of times that we are proud of our record-breaking transaction on the Resi4Rent segment, and our viewers would like to know: Has the proceeds from the sale been already paid out from Resi4Rent to its shareholders? Mm-hmm. Partly, because we have two ways to do that. I don't want to be too technical or too specific, but part of the proceeds were paid already. That was easier way of distribution. The other part will be paid very soon because we complete the process, which is basically legal and technical to do that, but we are just few weeks from the date. Thank you. We have time for one more question, and it still concerns Resi4Rent portfolio. Was it fully settled by the end of 2Q 2026? Should we expect any additional cash release related to this transaction? Yeah, that's actually the same question that we already answered. Sorry for the confusion. It does express differently, but actually that's the same. Yeah. Let's give our viewers one more second to add any questions. If not, we are slowly reaching the time end of our presentation. I think this is it for today. If we haven't answered any of your questions, we'll do it directly, so don't be worried. Thank you so much for joining us today. So thank you for the presentation, and we'll see you in November when we're going to summarize our Q3 activity. Thank you and goodbye.