Hello, and welcome to Ezdan Holding Q2 2026. Please note that this call is being recorded. You will have the opportunity to ask a question to our speakers later on during the Q&A session. If you'd like to ask a question during this time, please press star followed by the number one on your telephone keypad. Thank you. I'd like to hand over the call to Dana. Please go ahead. Hello, everyone. This is Dana Al Sowaidi from QNB Financial Services. I would like to welcome everyone to Ezdan Holding Group's second quarter 2026 financial results conference call. On this call for management, we have Tamer Fouad, Group Chief Financial Officer, and Taha Moursi, Financial Controller and IR Officer. We will conduct this conference call with the management reviewing the company's results, followed by a Q&A session. I will now turn the call over to Taha. Please go ahead. Hi. Good afternoon, everyone. Thank you for joining us today for Ezdan Holding Group Q2 2026 conference call. Our investor presentation is available on our website at www.ezdanholding.qa under the investor relations section. Before we begin, we would like to provide a disclaimer that some of the information that will be discussed here might contain projections or other forward-looking statements regarding future events or future financial performance of Ezdan Holding Group. Any forward-looking statements, including those that are not historical facts, speak only as of when it is made. Ezdan undertakes no obligation to publicly update or publicly revise any forward-looking statements, whether because of new information, future events, or otherwise. Today's call will cover three main areas. First, we will walk through our financial performance for Q2 2026 compared to Q2 2025. Second, we'll compare financial position as of 30th June 2026 with 31 December 2025. Third, we'll cover cash flow statements for Q2 2026 compared to Q2 2025. First, for financial performance in Q2 2026, Ezdan achieved net profit attributable to its owners of around QAR 442 million compared to QAR 423 million. The main drivers behind this change were as follows. First, financial costs decreased by QAR 119 million. Second, rental income increased by QAR 17 million, and other income increased by QAR 17 million. On the other hand, gain on sale of investment properties and assets held for sale has been decreased by QAR 111 million. For key ratios during the period, operating gross margin remained stable at 83%. Net profit margin is slightly improved from 46% to 47%. For the components of income statements, first, for rental income, Ezdan recognized around QAR 904 million compared to QAR 887 million, reflecting an increase of around QAR 17 million or approximately 2%. Those gross rental revenue was supported by improved performance across key operating segments, mainly residential segment with 2% and mall segment with around 16%. If we move forward to main statistics for residential segments, average occupancy improved to approximately 92% from 88.5%. Average revenue per unit remained broadly stable at around QAR 4,400 per unit, while t otal number of units available for rent decreased from approximately 33,000 during Q2 2025 to 32,000 units during Q2 2026. For hotel segments, average occupancy decreased to approximately 82% compared to 83%. The average daily rate at Ezdan Palace Hotel decreased from QAR 427 to QAR 422. The average daily rate in Ezdan Hotel West Bay decreased slightly from QAR 173 to QAR 170. For mall segment, average occupancy reached approximately 95% from 91%. For operating expenses, there was no material changes. For operating profit, operating profit increased from QAR 765 million to QAR 782 million, with an increase of approximately QAR 17 million or 2.1%. By segment, residential segment's operating profit grew from QAR 661 million to QAR 675 million, with the gross margin increased from 85% to 86%. Hotel segment operating profit decreased from QAR 72 million to QAR 68 million, with the gross margin declined slightly from 69% to 68%. The mall segment's operating profit improved from QAR 32 million to QAR 39 million, with the gross margin rising from 69% to 73%. General and admin expenses increased by approximately QAR 4 million, from QAR 43 million to QAR 47 million, with an increase of around 10%. The main driver was increase in commission fees and staff costs combined by around QAR 5 million, while bank charges decreased by around QAR 1.5 million. For gain on sale of investment properties and assets held for sale, it decreased from QAR 116 million to QAR 5 million, with a decrease of around QAR 111 million. This mainly because during 2025 first half, there was a selling of Ezdan Compound 40, which resulted in a gain of around QAR 115 million, while d uring the first half of 2026, there was a selling of individual units, resulted in a gain of QAR 5 million. For Forex gain or losses, the group recorded a Forex loss of approximately QAR 4.1 million, compared to a gain in first half of 2025 with QAR 21 million, and this mainly because of changes in the British pound exchange rate. For finance costs, there was a decrease by approximately QAR 120 million, as finance cost decreased from QAR 422 million to QAR 303 million, representing a reduction of around 28%. This was primarily driven by lower borrowing rates and improved profit margins on financing facilities. Moving now to the financial position. The total assets stood at approximately QAR 45.9 billion, compared to QAR 45.6 billion. Cash and bank balances increased to QAR 878 million from QAR 511 million, and an improvement of approximately QAR 367 million, or 72%. Assets held for sale decreased by around QAR 131 million as a result of selling residential units during the period. Total liabilities decreased by around QAR 206 million from QAR 12.1 billion to around QAR 11.9 billion. Trade and other payables decreased by approximately QAR 14 million. Islamic borrowings decreased by a net amount of QAR 192 million during the period. This reflects finance costs of approximately QAR 302 million and repayments of approximately QAR 496 million. Total equity increased from QAR 33.6 billion to QAR 34 billion, an increase of approximately QAR 444 million. The group's share capital stands at QAR 26.5 billion. Retained earnings increased by QAR 442 million, primarily reflecting the net profit generated during the period. For cash flow statement, net cash flows from operating activities were QAR 711 million compared to QAR 700 million. The net cash flows from investing activities were QAR 147 million compared to QAR 404 million. The net cash flows used in financing activities were QAR 494 million compared to QAR 359 million. Thank you for your attention. We are happy to take any questions you may have now. Thank you. At this time, we will now begin the question- and-a nswer session. If you would like to ask a question, please press star then the number one on your telephone keypad. If you would like to withdraw your question, press star one again. We will take our first question from the line of Eja Al-ah babi from AlRayan Investment. You may now begin. [Foreign language] This is Ejayan Al-ahbabi from AlRayan Investment. Thank you for the presentation. Allow me to ask my question. I heard you talk about the occupancy, but sorry, I was not able to get the exact percentage. Could you please give me some guidance on the occupancy rates, blended and for the different segments, if you can? Okay. We can repeat again for the occupancy. For residential segment, we have around 92%. For hotel segment, we are talking about 82%. And for mall segment, it was around 95%. Okay. Excellent. In terms of the residential and commercial property units, what is the unit amount of apartments? No, for residential segment, we are talking about here the units that is being rented to the individuals and the companies. Yeah. Do you know how many units are available for rent? Okay. For residential segment, we are talking about around 32,000 units available for rent. Residential, we are talking about 97% residential, and we are talking about only 500 or 600 units as commercial. Okay. Do you see yourself adding more anytime soon to this unit amount? For the time being, there is no additional units in the pipeline. Okay. Thank you. With regards to deals such as the one that you've done last year around the same time of perhaps selling some assets, can we kind of expect something similar this year or next year? If you are talking about last year, the first half of 2025, we sold then Ezdan Compound 40 because it was a profitable opportunity at that time. The second half of 2025, we start selling individual units, and we continue in first half of 2026 to selling additional individual units also. If you return back to our cash flow, you will find that we generate around QAR 140 million from the selling of individual units. Are you expected to sell any units this year or? We are in this project now. During the first half we are selling, and based on the market, we are continuing with this one. Also, if you notice in the balance sheet, we have assets held for sale with QAR 101 million. This asset is available for the selling now. Okay. Thank you. Final question is on finance cost. Going forward, do we expect the same finance cost for the full year 2026? As of now, yes. We expect finance cost by the year-end to be, of course, less than the finance cost of 2025. Okay. Thank you. That's all my questions. Thank you very much. Thank you. Again, if you would like to ask a question, press star one on your telephone keypad. Thank you. We have reached the end of the Q&A session. I will now turn the call back over to Dana for closing remarks. Please go ahead. There are no more questions. We would like to thank the company's management for the results update and for taking the time to answer all queries. We look forward to speaking to you all for the third quarter results. Thank you everyone. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.