One United Properties Capital Markets Day. I would like to invite you all to come to the front. We still have some of the seats in the front for the audience in the back. My name is Zuzanna Kurek. I'm Investor Relations Manager. I think we know most of you, so thank you so much for taking time to come to Bucharest, come to Romania, to travel throughout Romania, to join us today at One Tower. The full event is also streamed live, so I would also like to welcome everybody who has joined us digitally. We have a long evening ahead of us. I would like to prepare you for that. We're gonna have multiple presentations. We're gonna talk about the future, how we think Bucharest is gonna look in 2030. This is the theme of our event. On behalf of the whole management team of One United Properties, I would like to welcome you all kindly to our headquarters. As I mentioned, we have several presentations today with a theme, Bucharest 2030. You're gonna hear from our Co-Founders, Victor Căpitanu and Andrei Diaconescu, Beatrice Dumitrașcu, CEO of the Residential Division, Mihai Păduroiu, CEO of the Office Division, as well as from Cosmin Samoilă. We are also happy to have for the first time with us Riad, CEO of the Hospitality Division, who's gonna tell you a little bit more about our plans for that new segment that we have recently announced. We're gonna conclude the presentations with a fireside chat. Some of you maybe remember this concept from last year's Investor Day when we hosted it for the very first time. The main difference is this time considering all our international guests, the event is going to be in English. We have, you all have badges. On the back of your badge, you have a QR code. Throughout the presentations, we invite you to put your questions, be it in English or in Romanian, towards our management team for the fireside chat. You can scan it at any time. Also, at the end of each presentation, you're gonna have a QR code, so we really invite you to make this session as interactive as possible. So please don't hesitate, put questions. We already saw there are some questions related to our morning announcement when we announced the expansion in the premium affordable segment, so I think there's this is gonna be the main theme of today, so please, don't hesitate to ask. Since I'm Investor Relations Manager, I need to show you the disclaimer. We might be making today some forward-looking statements regarding the future performance of One United Properties. As always, some of you know from our results calls, the actual results may vary materially. I kindly invite you all to also keep this disclaimer in mind, when we will be presenting, when we'll be making presentations today. This applies equally to all of the statements made today during the presentations as well as during the fireside chat. I would like to start. Probably you saw on the agenda, we have a surprise screening. We are happy to show to you for the very first time, trailer of a documentary about the history of One United Properties, as spoken by the words of Victor, Andrei, and all of the people along the way who have contributed to the success of One United Properties. You are seeing this first time. This is a premiere, so I hope you're gonna enjoy it. After the surprise screening, we're going to start with the presentations. Thank you so much. [Foreign language]. Thank you very much. Now I would like to invite Victor Căpitanu, the man himself, to start this conference officially with the very first presentation. Wow, this is a full room. I've never seen this room so full before. Welcome, everybody. Dear investors, dear future investors, it's a great pleasure to have you here tonight to present you the growth strategy of One United Properties. I will start by just saying a few words about Romania. I know most of you are familiar with those, but just for, our guests that traveled from different countries to be here tonight, Romania is the second-largest economy in Central-Eastern Europe after Poland. It's expected to reach EUR 350 billion GDP this year. And Bucharest, the city where we are today, it's a very strong city with a GDP that's expected to reach almost EUR 100 billion this year. It is a city with an economy that is larger than many of the surrounding countries, like Serbia, Croatia, Bulgaria, or Slovenia. Now about One United Properties. One United Properties is the largest real estate developer in Romania. One United Properties is the largest real estate company listed on Bucharest Stock Exchange. We have a market cap today of EUR 734 million. Our business is divided into two segments. We have the commercial segment, which has a value of EUR 359 million, and we have the residential segment, which is valued by the market at EUR 374 million. At this market valuation, which the stock exchange gives us, the price-earnings ratio of our residential segment, it's only at 3.6x based on our earnings for 2024. This compares to the multiple of the EPRA real estate companies of 17x and the S&P 500 real estate companies of 33x. Yesterday was a very important day for us. We have exactly 10 years since we registered the brand One with a trademark office. We have more than 10 years of delivery track record because we have started to build and deliver even before we created the brand. Over the last five years, we increased our turnover with a compounded average growth rate of 47% and a net profit with a rate of 32%. Last year was a record, record year for us. We reached EUR 308 million turnover with a profit of almost EUR 91 million. This is net profit. We personally don't like so much EBITDA or all kind of other metrics. For us, net profit, we think, is the most relevant for the shareholders. Although the market was a bit difficult last year due to geopolitical shakedowns, increasing interest rates, some supply chain disruptions, we managed to highly outperform the market. While the sale of apartments in Bucharest decreased by 16% in number, we managed to grow the new sales of apartments with 59%, up to EUR 275 million, a record for the company and probably a record for the market. We still maintain the same profit margin across all our developments. So any development we are having now under construction or any development that we are trying to do, like a new development, we target a margin of minimum 35%. On the sales of residential property and rental income, we had similar growth performance of 37% compounded over the last five years. After we presented our strategy at our IPO in July 2021, we managed to execute in line with what we proposed to do. We managed to successfully expand into the medium, upper medium segment of the residential real estate with One Cotroceni Park, which is a massive development of almost 300,000 sqm, probably one of the largest developments ever in Romania. This is almost 1,000 units with 81,000 sqm GLA of office, plus 20,000 sqm of retail and parking. In the same time, we managed to maintain a low debt in our business. We are people that don't like so much, bank finance and debt, so we are quite risk-averse from this point of view. So 2022 and 2023, we maintained a leverage of 28%. We have an LTV of 20%, 28%. In parallel, we continue to dominate the segment of high-end, ultra-high-end residential. For the future, we can already see how One will look in 2030. If we look to the residential segment, which is the backbone of our business, we estimate to have more than 11,000 units completed by that time. We expect to have in our land bank another 20,000 units or more by 2030. Regarding the office and retail segment, which is basically the rental segment, segment which brings recurring revenue, we estimate to double our portfolio to more than 275,000 sqm GLA. On the hospitality sector, which is profitable for our business but also is very important for the country brand and for the city brand, we expect to have three finished five-star hotels in operation by that time and three more hotels under development. For the next five years, we have ambitious growth plans, and we want to double our turnover to more than EUR 650 million by the end of 2028. At the same time, we want our profit to surpass EUR 200 million by the end of 2028. This is net profit. The sales of residential property and the rental income will progress with similar growth rates. Thank you very much. Now I will invite Zuzanna to talk a little about the local economy, a little more. Thank you. Thank you very much. You're going to hear one number many times today. We realized it yesterday. And this is already announced by Victor, EUR 300 billion of GDP estimated for Romania for 2024. You will see we're extremely excited about this number, but even more excited about the potential and actually the fact that Romania has had a proven growth over the last years. You will see on the screen right here that the country has grown at a pace of 9% between 2016 and 2024. Going to 2027, when the government estimates that the GDP is going to reach EUR 425 billion, we're talking about a compound annual growth rate of over 7%, which means Romania is going to continue to be one of the best performing economies in the EU. In 2024, it's going to be the second-best performing economy in the EU. If we look at Bucharest, Bucharest contributes 28%, according to the formal statistics, to Romania's GDP, which is we would like to round it up actually to a third of Romania's GDP is generated right here in Bucharest. This is why we are so deeply rooted in Bucharest. Again, when you look at the statistics regarding how Bucharest is going to evolve, we're talking about GDP of approximately EUR 98 billion this year, going up to approximately EUR 120 billion by 2027. These are all official statistics from the National Prognosis Office of Romania. As Victor already mentioned, and we like to underline this a lot, the whole economy of Bucharest is actually comparable to that of Bulgaria, surpassing other countries in the region, Slovenia, Serbia, Croatia, just as an example. We are the sixth largest capital in the European Union with 2.2 million inhabitants, with 0.7 million daily commuters who come from the surrounding areas in order to work, spend their time in Bucharest. This is a very important number. Actually, oh, we count at 3 million people who daily spend time in Bucharest. It is also one of the best performing regions in the CEE. If we look at the statistics, I would like to go forward. If we look at the cumulative GDP per capita, you will see Romania actually has surpassed the other economies, including Poland, which for many years has been the, as many call it, roaring tiger of the Central-Eastern Europe. We can say that now Romania has taken that place. Now let's talk a little bit about the housing. One number that we like very much is the increasing affordability to purchase a 50 sqm one-bedroom apartment in Bucharest, which has decreased from 2008, 32.8 years it took to a person with an average salary to purchase an apartment. Today, we're talking about less than seven years. It's for the first time the number has reached less than seven years. At the same time, the average transaction value is the lowest in the European Union for a capital. You can see on the lower graph that it is lower than Zagreb, Warsaw, Budapest, and it's actually at the same level as Sarajevo. In terms of mortgages, those remain affordable. In terms of the share of the mortgage rate in the national average salary, we're talking 43% for Bucharest. Romanians like to own homes. This is also a very important aspect that helps us, this preference that we see a lot in Central-Eastern Europe, that people prefer to own rather than to rent. At the same time, Romania struggles with the highest overcrowding. The data from 2022 state that 41% of Romanians live in overcrowded houses. The only country where it's more is Latvia, where it's 42. If you look at the type of the housing, also here we have a difference versus the European average. In Romania, 65% of the housing units were houses with 35% of apartments, whereas at the EU level, it's almost an equal split, which means there is a potential to grow also for the apartments. A lot of people ask us about the mortgages. This is one of the very important aspects for many of our investors that we, we get asked. When interest rates rise, a lot of developers struggle. Here, we see very clearly that the total outstanding residential loans to GDP, as well as to, to disposable income of households in Romania, is the lowest or third the lowest, depending on which indicator you, you look. In 2023, over 60% of residential transactions were done in equity. There is a lot of home equity, in Romania. People prefer to buy cash. And we also see it, as one of the we also see it maybe Beatrice will talk a little bit more later about this. People, prefer to pay cash. And also, the rate of the mortgages to the, as a proportion to the working population is below 10%. Now, a little bit about capital markets, because this is, at the end of the day, a Capital Markets Day. We have two important graphs, I think, for any investor, the price-to-earnings ratio for the BET Index compared with the other indices in the region, as well as NASDAQ and S&P 500, which shows that the average price-to-earnings ratio in Romania is 9.9, One definitely having a ratio below that, so helping to take this average even lower. Dividend yields in Romania are one of the highest. So as of April 1st, the dividend yield for the BET Index was 5.2%. You can see it was higher in Slovenia, but it definitely surpassed Hungary, MSCI Frontier, Poland. I'm going to finish my presentation here. I would like first to have a little bit another video for you. Maybe some of you remember last year we had an intervention from Marius Diaconu, one of our early shareholders and also a board member. We get a lot of questions about Daniel Dines, who is one of our shareholders from pre-IPO. So we decided to actually interview him and ask him why he invested in One, why he is still a shareholder. And we have a video to share with you. Andrei Diaconescu had the pleasure of interviewing Daniel. And I would like to invite you now to watch the short video. Hi, Daniel. Thank you for coming here. We are honored to have you in our headquarters at One United Properties, a few days away from our Capital Markets Day on April the 4th. I would like to ask you a few questions. A lot of people obviously want to know how you think. You are a role model for many, many Romanians, for many investors. I am personally also curious to find out. So I just want to start by, by asking you, what would be your key investment principles when it comes to both public and private companies? Well, Andrei, first of all, thank you so much for having me here. It's always a pleasure to meet you and Victor. And, this is one of my favorite topic of also. I'm, kind of passionate about investments. Even with one of my best friends, we run, like, investment fund. That is mostly for technology. But, my, my thesis about investment, first of all, is you have to invest, in people, not in ideas, not necessarily in, in material goods or but first of all, it's people. And you remember when we met first time, when I was, pondering about investment in One, first of all, I wanted to meet you and Victor, because to me, it was mandatory, and especially since some of the real estate, market in Romania doesn't have such a good name. But I wanted to invest, first of all, in Romania. I believe in real estate. I was attracted to One because I think they build some beautiful things. That leads me to another criteria for me, which is to invest in something that I really like. I like to invest in companies that build products that I like. One was such a company. So that, you guys score basically on two of my first most important principles of investment. Well, thank you very much. That basically also answers the second question that I had prepared for you, which was, like, back in 2021, you decided to invest before the IPO. Currently, you still decided to keep your investments. So basically, it is this view on the founders and on the product that have determined you to do so until now. Yeah. Look, my investments are usually long-term. I don't like to gamble on the stock market. So obviously, I believe in One as a company. I believe in you as the founders. And again, I think that you give kind of a better face to Bucharest, especially compared to some other kind of real estate development that I've seen here. I think One is by far the best that I personally have seen. Thank you. Our April 4th Capital Markets Day theme, it's going to be how Bucharest will be in 2030. How do you see Bucharest in 2030, or, what would you like to see here change? And perhaps what would you like or what would you see the role of our company in this change? Yeah. Well, generally speaking, I would like to see a more clean, more modern Bucharest, maybe with the financial district, like, you know, like the bigger cities. I would hope that the transportation, public transportation, will be much improved, and the traffic jams will be a lot reduced. I think, also, one of the kind of dear themes to me is how can we preserve the old buildings in the city? Maybe, you know, there is a way for the state and private companies to work on renovating a few really nice buildings. You know, when you go to see the ASE buildings there or some buildings in front, it's a shame. They look so ugly in one of the, you know, the most crowded and beautiful places in Bucharest. Correct. I think One obviously can contribute to the development of the city, respecting all the regulations, building nice things, inspiring, I think, other real estate developers to build beautiful things, to care also about how the city looks like, not only of short-term profits. Correct. To close our session, I would like to ask you a few tips for both entrepreneurs and investors alike. Investment tips, a few business tips. How should they guide, you know, their business? How should they guide their investments? Well, I think it's easier for me to speak about entrepreneurs. I've been into this field, and I'm still an entrepreneur. The most underrated trait of an entrepreneur is actually resilience. You have to stay on and on despite all the pain that is required. So that's number one. Don't give up. Second, that I am telling to entrepreneurs is don't get attached to a particular idea. You have an idea. The goal of an idea is actually to test the market, to see if it's working. And you have to continuously improve on your ideas. This is also something I remember in my first discussion with you guys. When you told me, "We are a little bit ashamed of our first building, and then we keep improving and improving." So this is, I think, what you have to aim as an entrepreneur, to always get a better craft and become a much better version of yourself. For investors, I think they have to find this type of people. When you invest in a company, it's, you have to do your due diligence. You have to study the business. You have to understand the business metrics. You have to understand the market. And you have to understand the people that run the company. And then I believe in few concentrated bets, not necessarily spreading around. If you want to spread around, just invest in an index fund. If you want to invest in particular companies, better to have a few bets and stay long with them. Great. Thank you very much, Daniel. Of course, Andrei. Anytime. Thank you. I would like now to invite everybody who knows Beatrice, beatrice@one.ro, herself to present a few slides about the residential division. Thank you, Zuzanna. Good afternoon. We are very happy you are here. You are a lot of people here, and this makes me a little bit nervous. But actually, I'm here to talk about how One elevates living standards in Bucharest. You will see that we have beautiful images of all the developments that we have built up to now. And we will have to start talking about One Emerging the City. We all know that Bucharest, like Zuzanna said, it's about GDP. And it's all about making this Bucharest an ideal investment hub for those in our industry looking for sustainable, high returns rooted in opportunities and emerging economy like Romania can provide. You have to know that in 2023, our strong positioning on the residential market was confirmed as clients chose One Residential, even when in Bucharest market dropped in demand. In fact, we have managed to record selling units with 59% YoY increase. Even then, Bucharest was registering contractual number of sales with 16%. This reveals that the efficiency of our strategically planned, designed, and built residential ecosystem works very well. You will see some figures here because you will see in all the presentations. But you have to know that, of course, we are the second largest economy in the CEE. You have also learned that we are 2.8 million people in Bucharest with commuters of 700,000. You also have to know that EUR 1,694 per square meter has as a pricing, in average in Bucharest, which is very low. The residential division serves as a pivotal platform for fostering the mixed-use ecosystem. It is very much important for us to do a lot of proactive actions in order for us to sell as many apartments as we have that we can and also to approach new potential clients so we can be in good sales all the time. So our successful record delivered of more than 1,400 residential units in 2023 helped us to consolidate our position in the market. You will also find out today that we are generating growth by empowering urban communities. This is what we do. This is why we are successful. And this is why we want to grow. And you will see that we are growing very fast. And also, you will find out that the better we understand our market and target customers, the better we can achieve sustainable and proactive predictable growth. Our results in 2023 stand as a proof of this belief. We have a mission. We have a reasoning. We stay true to our core values. We put them in practice by making sure we translate our high-end standards for design and build across all customer segments. We have key drivers: best location in town, community building spaces, design and build vertical integration, construction tech, proactive sales strategy, and as well, high-end standards across all customer segments. One Residential expanded from exclusive property to upper, medium, and medium-income communities with a mission of bringing high-end design standards to large-scale properties. Luxury segment targeting customers looking for residences in ultra-exclusive areas of Bucharest with landmark design and build features along with preferential amenities and perks. High-end properties targeting upper, middle customers looking for residencies in northern and central areas of Bucharest interested both in high-quality design and build along with location, amenities, and quick access to their key points of interest in the city. Premium properties. Middle-class clients looking for residencies are our newest targeted customer segment for whom we created large-scale developments tailored for their specific needs while making sure we keep our high-end design and build standards. As a direct result of our proactive sales strategy for new residential segment in 2023, we outperformed our last-year registered sales by EUR 105.7 million. For this, we have to do a lot of work. We have to be very much proactive. So we did a lot of action because our potential client is not in our office. It's somewhere outside. And we have to reach him. And we have to go after them by doing I don't know. We attended, like, more than 100 events. We have hosted more than 10 corporate events with more than 300 participants in our sales center. We reached 50 local companies where there were more than 9,000 employees. And as well, we tried to mail our neighbors in all the neighborhoods where we have developments because we want them to know that we are there. And if they want to improve, if they want to have a better home, they can reach us. So bringing the One high-end standard to large-scale developments means that our main challenge was making sure we deliver to our new customer segment the same quality standards at the best cost of opportunity our brand was known in, in the ultra-high-end segment. Expanding our residential portfolio to the premium segment provided highly productive. So we have top developments that were very much liked by our potential clients. And they bought, I can tell you the top four. One Lake District got the first one with 430 residential units. One High District with 251. Armani/Casa One Lake Club with 145 units. And also One Floreasca Towers with 55 units. So in total, we were selling last year 953 units, while in 2022, there were only 599 units. It is important, very much important to mention that last year, a lot of units were sold with average prices between EUR 80,000-EUR 200,000, like 71% from our sales. This means that we are covering very well the mid-market, which is very important because we are there. It's important for us to know that the customers we are addressing to, they are interested in our portfolio because we bring the high-end to any location we are developing. You will see here that from 2011 and 2022, we have delivered eight developments. In 2023, four developments. By 2027, we will be delivering, like, nine other developments we will have under construction, actually. Our 2021 IPO objective of extending our portfolio to the upper, medium, and medium residential segment was successfully validated in 2023. We know as a fact that we have delivered more units in 2023 than all our previous years combined, and as well that 71% of all available apartments under development and delivered were sold out by the end of 2023. What do you believe about the vision in 2030 is that we are One City. One is a part of it. It's a, it's a paradigm shift among Eastern Europe property developers. We envision that in 2023, more and more of our community-oriented proactive strategy will drive property development more towards placemaking. We have a great pipeline. You will see here that we have more than 10,000 residential units in different stages of feasibility studies. As well, in the near future, we will create new mixed-use development compounds, new communities, like One Cotroceni Towers, One Park Lane, One Herăstrău City, or One Lake Club. Thank you. I'll be waiting for questions. Thank you very much. We now conclude the residential presentation. I would like to invite Mihai Păduroiu to tell you a little bit more about our office division. While you need to avoid Beatrice if you don't want to buy an apartment, you have to avoid Mihai if you don't need an extra lease. So please beware of our best two salesmen and the team. Wow. Full house. Good evening, everybody. My name is Mihai. I manage the office portfolio within One United Properties. I'm going to tell you a few words tonight about our portfolio, the fundamentals of the market. Mainly, I will focus around showcasing our latest development, which is a highly sustainable, cutting-edge project called One Technology District. So let's start with the fundamentals. Let's start with the why. Why do we develop offices in Bucharest? Probably not many people who are outside of the real estate, the commercial real estate market know, but the Bucharest office market is one of the most dynamic, attractive, and profitable markets in the entire region. It has extremely strong fundamentals. It has been a very stable and upcoming market in the past 10 years, having very strong international and local players. The office market in Bucharest has been driven by the same fundamentals as the residential market and all the other segments, mainly the strong GDP growth of Romania and especially Bucharest. But also, it has been driven by three other factors, the low unemployment rate, the low taxation, and most importantly, the extremely talented, flexible, and multicultural pool of talent. This is the main resource for all office occupiers. Bucharest has always been number one in terms of attractiveness due to the talent pool. Throughout the years, the modern office stock of Bucharest has grown up to 3.4 million sqm. Although out of these 3.4 million, actually just 1.4 million sqm are represented by prime office buildings, modern, what we like to call A and B class. So you will see, as I go forward, that compared to all the other regional capitals I'm not even going to mention Western Europe the rate of prime office space per capita is substantially lower. In addition, the latest permitting challenges, the high-interest rate climate, and the overall macroeconomic geopolitical context has created a lot of pressure on the new supply in Bucharest for office buildings. So we are going to witness the lowest number of deliveries in the next three years of new office space in Bucharest. This creates. This is very important. And it creates huge opportunities for companies like us, which are extremely well-positioned to develop such projects in the next three years and cater to what you will see is a very dynamic and high-demand structure. I was mentioning earlier the other CE capitals. You can see here that, even at a population of 2.2 million, which in reality is much higher, Bucharest has the lowest number of A-class office space per capita compared to all the other CE capitals. Also, if we look at Warsaw, for example, which is a smaller city than Bucharest, the modern office stock is double. This is extremely important because it shows the growth potential of the Bucharest office market for the long term. So we have limited supply. We have huge growth potential for the long term. And now let's look at the demand. Although, again, the market witnessed several events like the pandemic and high inflation climate, high-interest rate climate, and so on, the office market in Bucharest still witnessed a high demand from large corporate clients. And this has led up to the highest-ever recorded total leasing activity last year. Almost 500,000 sqm of prime office space were transacted in Bucharest. This total leasing activity includes transactions like prolongations, but also relocations and new leases and pre-leases. In terms of geography, the Bucharest office market is split across several business clusters or submarkets, like we call them. I would just like to list the main ones, the top three, still number one in preference in occupiers. We see the Floreasca Barbu Văcărescu area, which is exactly the area where we are now and where we developed One Floreasca City and One Tower, the amazing building that welcomes us tonight. The second most preferred destination by the occupiers in Bucharest is Dimitrie Pompeiu. This is a very close business cluster, also center-north. And it's the location where we are now developing One Technology District. This is the build-to-suit project that we are building for Infineon. The third most coveted location is the Center West, where, of course, as you well know, we are developing One Cotroceni Park. Some of you were there today. I hope you enjoyed the tour. Some of you will go there tomorrow. It's extremely impressive. We will continue development also of the office part in Cotroceni. So we spoke about the demand, the supply, the growth potential for the long term. Finally, let's look at the income. For the past 10 years, the prime rent in Bucharest has been extremely stable, without any fluctuations. This shows again the maturity and the fundamentals of the office market. Nevertheless, due to several factors, including the limited supply but also inflation, high-interest rates, the prime rent has grown in the past two years from EUR 19.25-EUR 20.5 per sq m. Okay. Now let's talk about what sets us apart as a developer, as an investor, in terms of office strategy. Our strategy is based on 5 core pillars, which we listed here. They are flexibility, wellness and sustainability, technology, the fact that we have a turnkey delivery approach, and the fact that we deliver more than an office, more than a piece of residential or office. We deliver communities. Let's look at flexibility for a moment. In terms of the office strategy, this is very important because the pandemic completely changed the entire way that companies and organizations look at long-term office footprints. During the pandemic, together with a partner, we have developed our own flexible concept, a coworking concept. Our partner operates one in Floreasca and also in Cotroceni. This is very important because it helps to cover short-term needs of occupiers. It also covers ramp-up periods, especially for companies that enter the market into Romania, like we see like we saw many, many companies entering, and choosing One Cotroceni Park, like Siemens Energy or Stripe, or Ford Motors. And they all used this flexible facility for their ramp-up. And most importantly, it creates a sort of incubator for the business ecosystem of the entire project because companies first enter in this coworking setup, in this flexible setup, and then they grow into the building with long-term leases. Now, this is probably my favorite topic, nowadays. In terms of wellness and sustainability, we were thinking of what is the best way to share with you, our investors, our future investors, our sustainable approach and philosophy in terms of office development. And I think the best way is just to describe what we are doing today, what we are building for Infineon, which is one of the largest semiconductor designers and producers in the world, which after a very long tender over two years has selected One United Properties to build a state-of-the-art 20,000 sqm building, highly sustainable building, in the Dimitrie Pompeiu area. And this is what we are currently working on. I chose this project because we are writing history. This is going to be, of course, a LEED Platinum building, a WELL-certified building, but nowadays this is all standard. What we have done, we have taken sustainability to a whole new level by designing the first fully reliant on geoexchange system building, the first no-gas connection building, the first building without chillers, and the first building without gas-powered central heating. This is probably a first not only for Romania and the region but also for Europe. I can go into more technical details, but basically the concept behind is that the entire building sits on a huge heat pump that uses as a cooling and heating agent the constant temperature of the core of the Earth. We drill over 300 wells under the building, which circulate a special agent, which takes the temperature, which is constant, from 120 m deep. And with this giant heat pump and many other technological machinery and computers and so on, heat cools and heats the building without using any other resource. So again, no gas, no chillers on the building, which means less noise, less vibration, and a huge rooftop available for the occupiers, for the end users. Of course, most importantly, it's a real zero-emissions building. Actually, the company uses this development to offset a huge number of carbon points. We all know that starting 2026, this is going to be taxed. In terms of technology, we are using a 3D AI when we are leasing office space, when we are showcasing office space, when we are modeling different types of fit-out, just like you see here. We were the first in Romania to do this. We were the first also to fully digitize the entire showcasing process of our office platform. I mentioned earlier the turnkey approach. I love to always mention Superbet because it was one of our first anchor tenants over 12,000 sqm leased in 2020 in One Cotroceni Park. We actually visited them today. We are going to do so again tomorrow. Everything that you see here was fully designed and executed by our partners at Lemon Interior Design. This was last year awarded as the best office design in Europe. Last but not least, I was saying earlier that we deliver communities going beyond real estate. Today, for the office strategy, this is extremely important because companies have to put in a lot more effort in order to attract and retain talent and, most importantly, in order to make sure that they actually come to the office. So we are working very closely with them, together with our One Community Team, in order to provide all the amenities, all the services they need, in order for their talent to be happy and to be creative and productive in the workplace, ranging from a school, conference center, restaurants, gym, pool, many other services and amenities, retail operators. We bundle them all together, in order to make sure that the workplace is actually the right environment for talent to thrive. I love to say that our clients actually tell our success stories. So again, I'm extending the invitation for all of you to join our property tours, here and in One Cotroceni so you can actually see the companies and you can talk to the people there and see how happy they are in our buildings. Although, again, the market passed through some several challenging events, especially the office market, in the past four years, our leasing team has managed to lease over 135,000 sqm of office and commercial space. This is a record both for Bucharest and for the region. We did so, mainly because of two reasons. Number one, we have the best leasing and marketing team on the market. Number two, we have the best product, which we are always constantly improving. Finally, a few words about our future developments. One Gallery, which is the former Ford Factory, it's right here, part of One Floreasca City. This is under construction due to deliver in 18 months from now. We are going to place restaurants on the ground floor with a supermarket and some very special offices on the first floor. As you well know, it's a very complex restoration process, but we believe in this property. We believe in this area. And we believe that, in the end, it's going to add real value to the entire community. We are continuing the development of the office phase in Cotroceni with the One Cotroceni Park, third phase of office. This is 20,000 sqm. And then going forward, One Cotroceni Park office Phase 4, which is 50,000 sqm. This is part of One Cotroceni Towers, which is basically the part that we are now designing and going to build in Cotroceni. And last but not least, One Technology District. This is the Infineon building. We are going to start construction soon. This is 20,000 sqm, gross leasable area. And this is due to deliver early 2026. Thank you very much. Thank you, Mihai. Now I would like to invite our next speaker, Riad Haidar. Thank you very much. Thank you very much. Good afternoon, ladies and gentlemen. So hospitality. So mainly, we can see everybody say Bucharest going tourism. Occupancy is amazing. GDP is very good. But why, One, we're going into hospitality? So mainly, One United Properties, they create lifestyle. They achieve to create better living. They achieve to create communities. And these communities make families happy, clients happy. So the vision was as well to do something different in hospitality, not just copy-paste and bring any brands. So our vision is to attract unique brands that they are present internationally. And within my presentation, we will see a niche brand that they're looking for a strong partnership in Romania, in Bucharest. And they couldn't find better than One United Properties to build this partnership with them and sign the agreement of development. I'll give you an example, like, Mondrian. Mondrian, it's a lifestyle hospitality brand owned by Ennismore. It exists in Cannes, in New York, in London, and some other international cities. We signed with them two months ago. Now we're developing Mondrian Bucharest. It's very important, the partnership, for any international brand to penetrate in a new market. One United Properties, with their proof of performance, with their solid setup, we achieve to make it and sign some nice agreement that it will contribute as well to the lifestyle and to the tourism in Romania. As mentioned, Bucharest, it's a beautiful destination. It has a mix of corporate and leisure. We can see Honeywell, Oracle, Amazon, all of you are aware, international brands are present in the market. Tourism, as mentioned before, it contributes very healthy GDP to the country. So as a destination, after COVID, the market is very healthy. It's doing very well. We can see an increase in 2023, doubling the numbers back to 2019, which was amazing numbers in the tourism market. Even now, it's better. Hotel supply. This data gives you a clear indication about the hotel supply. We can see the luxury and upscale it's missing. We have only 9% of offering of luxury and not a lifestyle luxury. It's more as a classic luxury. What we're trying to do is to introduce a new lifestyle brand where the guest and the Romanian themselves, they experience a new guest journey, new experience in hospitality. This is the hotel supply. We can see, week of the days, it's performing very well, Tuesday, Wednesday, Thursday, due to strong corporate presence in the market in Bucharest. This is very important for hospitality, mainly. You have a balanced business during weekdays and weekends. On the right side, we can see that the occupancy level for the 12 months of the year, 2022, 2023, it keeps improving. It's quite consistent as well because Romanians themselves, they love to go out. They love hotels. They love stayovers. They love the weekend and many celebrations during the year. Not many countries in hospitality, they have consistent occupancy within their hotels for the full months of the year. Again, as I mentioned before, international brands like Mondrian, like another brand I will announce as well at the end of my presentation, as well, some Parisian international, global F&B operator as well sign with us to bring a new experience in food and beverage. They look for partnership, for strong partnership. And here again, One United—it's attracting the international brand. It has a solid setup, high quality of building, entrepreneur mindset. We don't tick the box here. Everybody or the team has an entrepreneur mindset. The corporate team is very professional. They know exactly where they're heading. We have excellent management, good expertise in residential and offices, and technology, same. The reputation, I think this is the most important what attracts a brand, is the trust. Same you trust when you buy real estate. One is a trusted partner. As well, for international brands, it's very important to trust their partner. So we have lots of opportunity, yes. We will use these opportunities, mainly, to bring something new, innovative to the market in Bucharest. So as mentioned, our strategy is to seek expansion opportunities in primary location. We're not trying to do everything ourselves. That's why we are building strong partnerships with different consultants and different operators as well. So our main aim as well for investors, we are very we go much in details. And we are very accurate, mainly, how we monitor our KPI and our development. We look clearly to the enterprise value, to the profit per square meter, to the guest experience indicator, as well to our colleagues who are running the business. So we don't just hand over to the operator to do the job for us. No, we are on top of it to make sure that the KPIs are well monitored. So our target for 2030. So as mentioned by Victor before, so we want to develop and open a total of 6 hotels, 3 to be open, luxury lifestyle hotels, and 3 to be under development. We want to secure stable turnover contribution. We want to target a healthy profitability without cutting corners in quality. It's very important not to cut corners in quality. The quality and the guest experience, it's a priority for us and to be recognized as an innovative hospitality division in Romania. How we are innovative? We are bringing new brands that they are present in New York, in Paris, in Milano, in Dubai, etc., and to build partnerships with them. It's not just about putting a logo on a building. No, it's very important for this partnership to be translated in Bucharest as a tourism destination. So Mondrian Hotel, we announced it. I think the design looks amazing. It's Lemon Design, by the way. Yes. And they're traveling to London. There's another project and pipeline as well, 15 of these months. So we can see Mondrian. It's the first Mondrian in Eastern Europe, not in Romania only, in all Eastern Europe. And we got exclusivity to partnership with them to develop this property, expected to open in 2026. Bonnie from Paris Society as well. Bonnie Paris. It's existing in SO/ Hotel in Paris. And as well, we signed it in Bucharest. It will be in Mondrian as well. It's a lifestyle brand owned by Paris Society, which is one of the biggest players in the food and beverage market in France and Dubai as well. So they join us. And it will be in Mondrian, Bucharest. And the concept, it's amazing. It's a retro concept. And it has different components. It has a bar. It has a restaurant as well, the Socialista place. As well, we are in exclusive discussion for Hoxton. I'm not sure if all of you are aware of Hoxton brand. Hoxton, it's as well an Ennismore brand. It's a lifestyle brand. Yes. We don't talk here, three, four, five star. We talk it's a lifestyle brand. It's, it will be first Hoxton in Bucharest. Yes. Location to be announced. And then, it exists in London, in Dubai, in and it's developing as well under Ennismore umbrella. So we are very proud to have to be the pioneer to bring, Hoxton to Bucharest. Thank you very much. Thank you very much. A lot of presentations today are about the product, that we have the best product on the market. I would like to invite, for the first time on the stage today, Andrei Diaconescu, Co-Founder of One United Properties, to share with you why, One. Thank you. So good evening, everybody. I am impressed by the attendance. It's, you know, it's a real honor for us to have all of you here today. I'm going to be I'm going to be talking about the product, which basically is the foundation of our company. It's also one of my beloved subjects. Just one second. Okay. Great. So, in real estate, you know very well that people say that, you know, three things are important: location, location, location. But, as you go further in analyzing this business, you will come to find out that a lot more things are important. I will try to go through them one by one, not by reading the slides, but by sharing some experiences so that you will understand the personal touch. First of all is the reliability that one inspires. So basically, by being a listed company, we are transparent. We are like being on a stage, just like I am today, where people can see me. Every employee of ours is feeling the same and is feeling the same responsibility. We often say that we built our building as if we were to move in at some point. So, we build them with care. Cosmin will probably talk a bit later about the prudent capital management. That is also part of the predictability because what the list thinks that you would expect from us is to start a building and not complete it. So, our capital management and our prudent approach to our capital structure allows us to basically deliver on time, and deliver the promised product. In terms of location, I think, you know, our customers have gotten used to O ne choosing the preferred locations in the city. We try we love this concept of the 15-minute city. We try to, you know, locate our, our projects in areas that are next to parks, that are next to public transport, to schools, entertainment areas, shopping areas, and so on so that people use their car as less as possible. Whenever, whenever you develop mixed-use projects, you always have to think about the community that you are building. I will just give you an example of the upcoming development, the Hala Ford, where obviously, you know, one would expect to have solely, you know, commercial areas and so on. What we are trying to do here is something very innovative. We are I hope we are going to build a theater. So we want to build a theater in a commercial gallery. So we want to bring culture next to us. That means that, hopefully, anywhere between 500-1,000 people will visit us every day and will be entertained in our premises. So that's going to be a first in Romania. And that's going to further enhance, hopefully, our, our image. In terms of design, what you have probably all noticed is that all our projects are different. There is a great difficulty in building every time something different. You know, there are different materials, different solutions that have to be tested and so on. So it's, it's really it puts a lot of stress on the people that work on this. It's much easier just to replicate one building, you know, 100x. But there's no creativity in that. And there is also no or little liquidity, if you want. So what we do is basically, each and every building, we organize architectural contests. We invite architects from Romania, from abroad. And we make focus groups choosing the best, the best design. For example, this particular development was, I think, six times around designed until we reached this phase that you can all see today. Amenities and comfort, they go together. Basically, I think you have all noticed our signature features, amongst which I will mention a few. Our impressive lobbies. They are not typical if you go around in the residential development in Romania. And certain things that are a bit subtle, not everybody notices them. But for example, we have larger hallways by almost 50% compared to our competition. We have larger roads in the parking for the cars by anywhere from half a meter to one meter. That's a lot of comfort to all our customers. We have larger elevators by anywhere from 30%-50%. So all of these, let's say, relatively small things denote a different standard, a different approach, and different care, if you want, for the customer. Safety is probably my best and my favorite subject. When we talk safety, we talk mainly two things, earthquakes and fire. Just, you know, because not many people are familiar with earthquakes. Before the large earthquake of 1977, buildings were built in a certain way. After 1977, having learned from that experience, you know, developers and mainly the state up until 1990 built them a little bit better. And today, they are built much better. Just for you to understand the difference between these three stages, if we are to say that today, we are at, let's say, 100%, before 1977, buildings were at 10%-20% of the resistance of this building today, 10%-20%. After 1977 and up to 1990, they are anywhere from 50%-70%. So one can understand that, you know, safety has grown tremendously over the last 50 years. And we try to stay at the forefront of this by optimizing solutions and by finding a blend between a good structure and a sexy, attractive structure. Second is the fire safety. In Romania, fire safety, it's extremely well documented and regulated. But for example and I'll only give this example. Buildings below 10 floors don't need to use fireproof materials. We chose voluntarily, in all of our buildings, regardless of the height, to use fireproof materials. We just had a fire, a few weeks ago in one of our 11-story buildings that was not supposed to be fireproof. It was. And, the fire basically only consumed that particular apartment and nothing else, which was extremely impressive for everybody who actually saw the pictures and, and, and understood the process. Last but not least is prestige. Prestige comes from many, many ideas and many components. But to us, prestige is doing things right, doing them constantly, and doing them with care. Thank you very much. Thank you very much. We're going to have Andrei one more time on the stage a little bit later when he's going to talk about sustainability, another topic very close to, to his heart. And now, I would like to invite Victor. A lot of you came here today to hear about 2030. What is our plan? How does Bucharest, in our view, is going to look in 2030? Victor has all the answers, I think. Thank you, Zuzanna. I don't have all the answers, of course. I will try to present the blueprint for growth that we envisage for the next years. As I mentioned earlier, how do we get there? How do we get to 11,000 and more units completed by 2030? How we get to 275,000 sqm GLA and the hotels and so on? This slide shows our deliveries. If you look to this slide, we have nine construction sites ongoing. We have gross development value for them of around EUR 1.3 billion. These sites are divided like this. We have One Herăstrău Vista and One Peninsula. They are in Sector 1. We have four developments in Sector 2: One High District, One Lake Club Armani/Casa, One Floreasca Towers, and One Lake District. We have two buildings in the protected area. We have One Gallery, the former Ford Factory, which is near us, which will be an impressive structure. Think that it has only two floors, ground floor and first floor. And each floor is as high as almost as high as this one. So it'll be quite an impressive structure. And we have the ninth construction site, which is in the administration of Constanța. So basically, we have developments in in four different administrations at the time at this time. On top of this, we will very soon start building One Technology District for Infineon Technologies, the Mondrian Hotel, which is in very advanced permitting process. We have One Cotroceni Towers that we expect to start this year, plus a few others as One Cotroceni Park Phase 3 and 4, the Hoxton Hotel that Riad just announced, One Herăstrău City, One Park Lane, One City Club, and a few others that we have under negotiation. On the sourcing of land, I will explain a bit how we have access to land and how we manage to secure best locations in the city in very good terms for the company and, obviously, for the shareholders. On the existing land bank, we have more than 26.5 hectares of land within central locations, amazing locations in the city of Bucharest. On this land, we have building rights of more than 865,000 sqm above ground. The gross development value for this surface exceeds EUR 2 billion. On these plots, we plan to build more than 6,000 units and more than 160,000 rented buildings, out of which mostly are AAA state-of-the-art sustainable office buildings. Regarding how we secure these lands and how we are securing more lands for the future, it's important to know that when we find very good location and the price is reasonable, we jump on it, and we buy it straight away. We pay some equity from One United Properties. But most of the times, we try to pre-sell apartments on that land in order to decrease our equity contribution for the acquisition of land. In case we find amazing lands, but the price is expensive, then we also don't want to lose those locations. So what we do, we are exchanging the land with future apartments. And this way, the land owner, instead of getting money, he gets two times or sometimes three times more money in the future in exchange for our product. This structure is very good for our company because it decreases the pressure on the cash flow, and it increases significantly the return on equity. We have announced earlier today that we secured our first sizable land for affordable apartments, premium, or we call them premium affordable. It is in Sector 5. I announced it by mistake in Sector 4, but it's Sector 5. It's only 10 minutes driving from Unirii Square. It's a significant size, which will give us the opportunity to change the whole district. We are thinking about this segment for many years. I'm discussing with Andrei maybe for more than five years. Every year, we are thinking to start. And all the time, we are delaying it. We think now it is a good moment in the market because the market got tougher in the last years. The competitors on this segment are not so well capitalized, are not so professional. Their product, we consider it inferior. So I think there is a huge market opportunity. On top of this, I watched other markets around us. And I saw a nice developer in Poland, which was presented by somebody in the audience. It's called Murapol. They just listed in November on the Warsaw Stock Exchange. They raised EUR 100 million for this. And I checked a bit their business model. They do fantastically by developing affordable. They sell 2,000-3,000 units per year. And they make quite good profit. You have to check this company. So I think this is a good inspiration for us. And we think the potential on this segment is beyond significant. Regarding the market for apartments, I mean, my colleagues already went through market data. But I think it's important to see that the number of units that are delivered per year is decreasing, which is a big contradiction to the huge pent-up demand in the market. Regarding our subsegments that we are targeting, I would say the luxury segment, which is at the top of the market, is the one where we started more than 12-14 years ago. So this, we are continuing to target. But this is a small segment, which you cannot scale. We have the high-end segment where we perform very well. And we can scale a bit more. But much more, we can scale on the premium segment and on the premium affordable, which targets the middle class, the middle market. If you look at this slide, you'll see how we delivered across the segments, the subsegments. So on the luxury segment, we have 452 units delivered. We have 217 under development. On the high-end, we have delivered 774. We have 2,000 under development. On the premium segment, we have already delivered 1,147. We have more than 2,000 under development. We target much, much more. You see 10,000+. This slide is meant to show you a bit how we scaled our operation. Only 10 years ago, we were doing developments that were as small as 14 units in Madrigalului Residence. We chose the smallest. But we were doing also 42 units in the same time. So it's not really the first one. But in 2017, we managed to deliver our first development with more than 100 units, One Herăstrău Park. In 2021, we delivered One Mircea Eliade, part of One Floreasca City where we sit today, with 260 units. This was a landmark achievement for our company. And it was, at that time, our biggest development to date. Recently, we finalized One Cotroceni Park with almost 1,000 units. This is a large development with almost 300,000 sqm that we delivered in around three years. One Lake District that we are building on my right side, you can see the construction site. It will have around 2,000 units. And the new development that we signed the memorandum of understanding today, it's expected to have around 5,000 units. Looking forward to 2030, we expect to have more than 600 units delivered on the luxury segment, more than 4,000 units on the high-end segment, and more than 6,000 units on the premium segment, which is growing the fastest. The gross development value, which maybe some of you wonder what it is, is actually the market value of our developments. So basically, the selling price of the apartments or the market value of rented property. We have EUR 1.3 billion of gross development value under construction. We have, in our planning, around on lands we own or we have pre-contracts on them, we have gross development value of around EUR 2 billion. On the sale of residential property, as I mentioned also earlier, we expect to almost double the volume in the next five years with a growth rate of around 18% compounded while keeping the margin above 35%. On the commercial segment, I know some of you maybe don't like offices so much, especially if you come from Western Europe, from London, or from the U.K. But in this market, office is an important opportunity. We will continue to do non-speculative office developments, built to suit for high-quality clients with long-term leases, like this building that you see here that we will deliver to Infineon for which for 20,000 sq m. And they will lease it from us for 15 years. So these kinds of deals, we think they are great for our company. Our return on equity that we target for our commercial developments compounded is in excess of 30%. So this is let's say, these are the conditions with which we will go in further office development: built to suit, no risk for the lease, and high IRR for our equity. Otherwise, we don't do it. On the rental income, also, we expect to double it from 2023 over the next five years. Also, we have exited some non-core assets last year. We have sold four rented properties. So it was good because we also tested the market. And we saw the appetite. And maybe we'll continue to exit some non-core assets, over time. On the hospitality segment, we are looking a lot to revitalize abandoned landmarks. We have two properties, protected properties under construction: One Athénée near the Romanian Athenaeum and One Gallery, the former Ford Factory, near us, part of One Floreasca City. We are also trying to grow the attractivity of the market and of the city. So people like to travel more to Bucharest. They like to live in Bucharest. They like to spend their time more in Bucharest. They like to work more in Bucharest. And for this, we are trying to bring more global brands to Bucharest. So we have started a few partnerships like this. First was with Armani/Casa for One Lake Club. Then we have Mondrian, the Hoxton, and Paris Society, with whom we are signing partnerships for our hotels. On the financing side, we have basically debt and equity, right? So, on the debt side, we are doing bank financing for most of our developments, especially the rental ones, which require more capital. And also, we have the option of a corporate bond. We put it on the agenda of the general meeting of the shareholders for this month. And basically, we are mandating this from the shareholders to the management to do it if the market will be right and the interest rates will be lower. So if we'll see there is an opportunity to issue bonds to refinance some of the existing debt, not to crazily increase the debt because we don't want to increase the debt. We want to keep low leverage. But if it will be an opportunity to refinance some debt and to cut the costs, we want to have the approval in place. And we want to do it. We still maintain 28% LTV, a net debt of only EUR 122 million, and a net debt to equity of 0.21, which for us is comfortable. It's much lower than the sector, one of the lowest in the sector. But for us, we don't want to increase this. On the equity side, we raised equity five times for our company, three times before the IPO while the company was private and two times as a public company: the IPO in July 2021 and the secondary placement in August 2022. These five equity raises helped a lot our business grow. All this equity inside the company had a huge multiplication effect on the value of the company and on our business. In parallel with this, we are raising also equity constantly at every project level, depending on our appetite at that moment and depending on the opportunities and how we can place the equity of the company. So basically, all the time, we try to use the equity of One United Properties in the best way possible to maximize the return on it. I already showed our plan of growth for the next five years. So basically, we target more than EUR 650 million turnover by the end of 2028 and the profit more than EUR 205 million. Thank you very much. And I invite my colleague, Cosmin, thank you, to present the key financial aspects. Thank you, Victor. Good evening. I'm very glad to be in front of you presenting some key financial aspects regarding the investment highlights, of course, a favorable environment, GDP, Romania, Bucharest, residential market, office market, but also related to our company. We have proven a very good track record of delivering units, 2,500 residential units delivered up to now, in 12 profitable developments and also 110,000 sqm of leasable area, which are currently producing rental income, also focusing on modern, sustainable, and healthy building standards, a track record of growing year to year. Currently, we have in the residential segment completed and under construction more than 1 million sqm of buildable area. And also, we own commercial assets suitable for rental income of 165,000 sqm. Looking at the future, we will keep to be ambitious and try to achieve growth to the company. Of course, all of this is possible with a very experienced management team. I can tell you that each of the team members have at least 10 years' experience not only in their professional lines but also in the real estate industry. One is a leading company. We have here the phases of evolution, basically the first stage up to 2018, focusing on high-end and ultra-high-end developments, smaller developments, and also entering into the office sector with a turnover of EUR 66 million in 2018. Second phase of evolution, starting first large-scale and high-rise developments, going to the upper medium sector and also developing office top-quality and modern buildings and, of course, becoming public. In 2023, we had a turnover of EUR 308 million. The next evolution phase, focusing on large and very large developments, consolidating and increasing the position on the office market and penetrating more the retail market, including the hospitality subsector, turnover estimated of EUR 605 million. About the historical performance, turnover has increased each year since 2019. And also, net profit margin has stayed all the time above 30%. Residential sales revenue increases year to year up to EUR 229 million, last year. And also, commercial rental revenue increasing each year. This is a timeline of the evolution. And we see in the last years and also for the future, it's more and more developments and financial milestones for the company. Our two main business segments, the residential sales division, it generates a lot of revenue. And it has the highest proportion in the turnover. In the same time, it's a pillar for the profitability of the company because we are targeting only residential development, which have a development margin above 35%. And of course, the commercial rent division that has a stable income, it benefits from capital appreciation on the assets. And it has a high proportion in the total asset base. Also, here, it's a pillar of profitability because we target commercial developments with a return of at least 30%. And in case we acquire developments in the commercial sector, we we look for a 20% return minimum. This is a very important slide. It's about how we are recognizing the revenues in our financial statements. It is in line with IFRS, IFRS 15 based on sales and pre-sales and allocated to the entire period of the construction. We can go two or three years. And it's a small example. I will not go into detail. But how the mechanism works is that in the first stages of the construction, the revenue recognized and the profit margin is lower. We see here in this practical example, 29.9%. And once the construction reaches completion, the turnover, the profit margin increases, in this example, to 37.9%. All in all, it's still a turnover of 35% for the entire development. But because in the initial stages of construction, the land cost has a higher proportion in the total cost, we are showing a smaller profitability in the beginning. And you will see later also, when I talk about the budget. Some major transactions we had in the last years: acquisitions, Bucur Obor, One Victoriei Plaza, the land in One Cotroceni Park next phases, and also One Gallery, which is under development now. And also, of course, divestments that we had. As a strategy, we acquire or develop commercial assets with the plan to generate rental income or capital appreciation. But if there is a favorable market context or we are foreseeing a profitable transaction, we also, from time to time, may choose to divest some of the assets. We had four significant divestments in the last year: One Verdi Park retail space rented to Lidl, One North Gate the office part, One Herăstrău Office, another office building, and One Mircea Eliade package of rented departments, which all of them brought good profitability to the company. In terms of cost structures, land cost is the first cost that we incur once we start the development. Typically, at the level of our portfolio now, it's around 15% from the total cost. But it can vary in function of what type of market segment we are approaching the clients. Construction cost is divided between hard cost, which is typically 80% of the total of the construction cost, and 20% is soft cost, and other cost, which is typically below 10% of the total cost. Very important to mention is that our construction model relies on internal project management teams and architecture teams. This means that we are acting also like a general contractor by engaging many suppliers on different specialities. We succeed like this to internalize the margin of a general contractor into the margin of our company. We also have a good flexibility in making changes in case there is a supplier which he has difficulties or we have some difficulties in developing according to the plan. This is also why in 2023, we engaged more than 1,300 suppliers at the group level. In all the construction sites, it was involved more than 20,000 employees. As an evolution in the last years, of course, construction cost was on an upward trend. But I can tell you that this upward trend was the lowest in the last year. When we did the budget, we had few developments where we increased the budget, but single-digit. But also, we had many other developments where the budget remained the same as the year before. This is the cash flow forecast for the residential sales based strictly on what contract we had signed as of the year-end 2023. So we had to cash in on contract signed another EUR 295 million in the next two years. And of course, this amount will be actually even higher because in this period, we will sign other sales in the residential segment. In terms of financing structure, loan-to-value is reduced. It has been in the range of 25%-30% in the last years compared to the European average that is, at 39%. The mix of financing in the residential segment relies on pre-sales, equity, and in some cases, also bank financing. While in commercial segment, it is relying on equity, minority shareholders at the level of subsidiary, and also in, most of the times, bank financing. Financing cost is usually all the time, linked to Euribor. Most of it is linked to Euribor. And, in the last years, we managed to decrease the margin above Euribor with almost 1.5%. And we plan to decrease this margin even further. About the historical achievements in the last five years, so turnover growing each year, net profit in the range of EUR 90 million-EUR 100 million in the last three years, much higher than in the years before, and revenues from sales and rentals increasing, year by year. On the financial position, the balance sheet of the company, we marked a historical milestone at the end of 2023, total assets getting over EUR 1 billion. Most of these assets are tangible assets. Also, increases in investment property, residential property, cash and cash equivalent, small decrease compared to the year before because 2023 was a very investment and development-intensive year where we had a lot of construction sites in progress. Net current asset EUR 254 million, showing a very strong balance sheet position and equity increasing up to EUR 576 million, equity ratio around 60% in the last years. About the outlook, we have here the budget that we was submitted to the shareholders to be approved on 25th of April at the general shareholders' meeting. Turnover, we estimate to increase to EUR 350 million with 14%. Net income from residential property estimated a very high increase, 68%. This is related also to the revenue recognition method that I specified earlier, that in 2023, we had a margin of 28% in the residential segment. But because in this year, the construction on many developments will get closer to completion, we anticipate a margin of 38%. Net rental income also planning to increase, 15%. And all in all, a net profit estimated at EUR 105 million for 2024, 16% increase. On a longer-term strategy, net profit margin will reach EUR 206 million. And the margin will be in the range of 30%-32%, growing annually with 80% in this period. And this makes us very confident that it's an achievable target because in the last five years, the annual growth rate was even 32%. Revenue from residential will continue to grow also. Current land bank, we have 6,000 units for development. And by 2028, we estimate the company to finalize 8,500 units and have at that time another at least 3,000 units under construction. On the commercial segment, on the current property that we have now, we can build another 115,000 sqm of leasable area. Also, the assets are estimated to reach EUR 1.9 billion by the end of 2028, almost double compared to the current value of the assets. Thank you very much for your attention. Please enjoy the event. Thank you very much. Now, we're moving to the very last presentation. Again, I'm inviting again Andrei. Sustainability, a big topic for our investors. The floor is yours. Great. Thank you. I mean, it's a bit late. I'm not going to go through the presentation. The presentation is available to all of you. I'm just going to focus on certain key issues. You know, sustainability means a lot of things to us. The two core things are decreasing our carbon footprint by implementing innovating technologies like geoexchange. And second is the integration into the community. So by trying to make developments that are integrated in terms of traffic, in terms of utilities, in terms of the services we provide. So by having a collaboration with NGOs, with public authorities, and understanding the needs of our customers, we can achieve that. In terms of our sustainability index, I'm very proud to announce that we are third on the Bucharest Stock Exchange, just behind two banks with a very low ESG rating. I'm now going to invite Victor and Zuzanna for the Q&A, which I think is going to be more exciting than just monologues. Thank you, guys. Anyway, I have to scroll through your slides, to be completely honest. So there's going to be some background for all of you. It's just a bit late. So, I'm going to share a little bit about the concept that we have for the fireside chat. This is something that we've also done last year. The concept is of short, detailed questions for our management, for Victor and Andrei. If you would like to address also some of our other speakers from today, feel free to indicate. We are inviting you to submit your questions by scanning the QR code. We're also going to allow, in between questions, some questions from the audience. But frankly, for the organization, we prefer if you could please type them. I would like to jump right in. First and foremost, how are you feeling about today? It's a lot of plans, a lot of work to be done until 2030 by the whole team. Well, first of all, I feel very proud and empowered by the number of people who chose to attend here today. I mean, we do great things. But we do great things with people, with investors, with customers, with our employees. So it just feels great for us. I'm also very happy to have so many people around us tonight. And thank you very much for taking an important part of your time to be here and support One United Properties and our team. So let's jump right in. I would like to start with the announcement we made today because it's been all over the media. I think that was quite the big news that everybody's been waiting for. I think the most common question that we see coming from investors is actually how One is going to manage being a luxury brand, even applying the Mercedes-Benz strategy, while still addressing the affordable market. Basically, you see, this affordable segment we are analyzing for many years. We already managed to go with our brand from high-end to more middle segment with One Cotroceni Park, One Timpuri Noi, One Lake District. The brand performed wonderfully. We are very happy how it performed. Basically, our initial inspiration was the Mercedes-Benz model. If you look, Mercedes-Benz is a very high-end brand. But they are not doing only S-Class. They do also C-Class. They do also A-Class. They scale their brand also to more affordable segment of the markets in order to grow their business. This is exactly the model we are pursuing. And it worked very nicely up to now. Going forward with larger-scale developments, like the one we announced today in the morning, which will be around 5,000 units, it's possible that we might use a different brand. We haven't decided yet. But it's also likely we'll continue to use the brand One. So we didn't take a final decision yet. Stay tuned for it. Thank you. Investment in One United Properties, we like to say is a long-term investment, as in any real estate developers. On the one hand, it offers a lot of predictability, also requires patience from investors. And I actually wanted to ask you, what investment horizon do you recommend for our investors? Look, we are long-term investors. Me and Andrei, we are here, basically, it's the journey of our life. So, we are looking always we have looked for longer horizons than anybody else. So I think this was very helpful for us. Now, for any investor in our company, I would look, you know, to an horizon of five years and more. So this, I think, would be a reasonable, good horizon. So you see, you really see the results of your investment. Personally, we don't really like speculative investments. So we stay away from that. But I know many people like to do that on the stock exchange. So, you know, it's their own business. Thank you. We have in this area, we actually have a question from somebody related to the current valuation of One United Properties. And at what price would you actually sell One United Properties, if there is a price tag? This is a great question. As I said, you know, this is the journey of our life. We are here for the long term. We think there is huge opportunity for the next 20-30 years in this market. I think this company can grow significantly. I think this company is very well organized, has a huge market advantage, has big potential. So, you know, when you get to invest in a company like this, you don't want to sell too easily. So that's why we are not interested to sell too easily because I think it's very difficult to find a company like this in which to invest our money. So we prefer to be invested in this company. Andrei, do you share? I fully agree, yes. Perfect. A lot of questions. We present always Bucharest, Economy of Bucharest, the famous EUR 100 billion by now that we discussed multiple times today. But we still keep getting a lot of questions about when is one coming to other cities in Bucharest. We have a mention, Cluj, Timișoara. Are there any plans related to regional expansion? Yeah. I'm going to take this. So, obviously, our focus is Bucharest. You have seen all the numbers. You know, they are outstanding. So, building competencies for developing in other cities, it's a relatively big task. You know, there are, you know, different players, different customer demands, different authorities. The residential business is, to a very large extent, a local business, even if it is within the same country. Nevertheless, we will try over the next years to diversify, to go to different, other cities, and understand different models, and basically trying to spread the risk of development towards other cities as well. I would like to add that when we started, we started only in Sector 1. So basically, we were dependent, in a way, if you want to call it like this, of one administration. So I said developer is good to diversify and to be present in more administrations. Today, we are already present in several administrations. Maybe it doesn't look so from outside. Maybe you just see One in Bucharest. But in reality, One is developing in seven administrations. It's a Sector 1. So it's like seven different cities, in a way. So it's Sector 1, it's Sector 2, Sector 3, Sector 5, protected area, Pipera, and Constanța. So it's 7 different administrations already. Think that this is like 7 cities from our point of view and how we manage this. This actually works perfectly with the next question because I think a lot of clients want to have One develop in their sector because one beautiful thing once you said to me, Andrei, was about having abandoned locations in Bucharest that are a scar on the city, consistently bringing down the attractivity of the region. I think this new announcement that we made today is this kind of investment which is going to bring again back the area that was once booming back to the people, same as it was done here in Floreasca City and in Cotroceni Park. The question, actually, is, are you going to further invest in the west side of Bucharest? Specifically, somebody's asking if you are looking on the area around Liberty Mall. I think we have a client. So, yeah. So, you know, that's the good and the bad of Bucharest. The bad is that, obviously, it has scars. It has factories that used to be within the city boundaries, sometimes very close to the center. Obviously, today, they are completely misplaced. And the fortunate thing is that they can be developed in such a way that, you know, they completely outperform neighborhoods, and they are up to date. And we are among the fortunate developers who can approach all three sectors, residential, offices, and retail, under the same roof. There are very few such players on the market today. So, this can be our bread and butter for the next probably 15-20 years. And to answer your question, obviously, West is a very good part of the city that we'd like to develop. So brace yourself. One is coming. We also have a similar question about the office development. Actually, are you considering a new office and/or a residential development in the Barbu Văcărescu Floreasca area? I think this is driven by the extreme success of One Verdi Park, as well as of this development, that we have here. Basically, we have now four locations secured for more office buildings. Three are fully owned by us. One is pre-contracted. So basically, on these four locations, we'll develop more office. All this is part of mixed-use development. So the office component is relatively small compared to the overall development. We are only building that if we have a long-term contract secured with a very reputable tenant. Otherwise, we are not building any office speculatively. To answer the Barbu Văcărescu, Floreasca area, we don't own any land today for office in this area. Maybe it would be interesting, but only if we have a tenant that wants this. As I saw recently and my colleague Mihai maybe can confirm, I saw the booming interest of tenants for the Cotroceni area. So we see, by far, the center-west area of the city has the biggest demand. And this was clearly seen on our total leases that we achieved in the last three to four years. So I think, for us, that area is much more interesting for office development because it's closer to where the people live, to where the employees are. And that area is reducing dramatically the total commute time of the employees to their offices. So I think this is much more important strategically than Floreasca Barbu Văcărescu, which I think is much more a residential area. And another question. So we covered residential office. And now a question on the urban regeneration, actually, the restoration of the old buildings. What are the plans for the downtown projects. The one downtown project, basically, it will be the Hoxton Hotel. So basically, on Academiei Street, we signed the exclusivity with Hoxton. So we are now working on planning the property, then permitting, building it. And afterwards, we'll open there the first Hoxton Hotel in Bucharest. The location is great. It's near Architecture University, near University Square, Odeon Theater. It's an amazing place. And I think this hotel will boom in this location. Two more expansion questions. The first one, do you consider building hotels at the seaside, or do you prefer to stick to residential development? Look, the idea with hotels is mainly to increase the brand of the city, not to fully expand around the country. But over time, we might consider. But for the time being, our idea with hotels is to increase the value of our development, of our communities, of the city of Bucharest. So this is the main idea with hotels. It's not like a priority for a full deployment. If this business will prove hugely profitable, then we might reconsider it. International expansion, this is something we've also discussed last year. It was clear that following 2022, you mentioned last year, actually, that the focus was on local development. But at some point, until 2030, does this remain a target? Look, for the time being, the opportunity that we have in Bucharest is too important to miss. So I think, over short, medium term, we should focus here, make the profit, reinvest the profit, make the profit, reinvest the profit, and so on. So I think, for the short, medium term, let's just focus on the business. But always, we have an open mind. So from time to time, we are looking. And if opportunities will appear, maybe we'll make a change. I think smart people are allowed, from time to time, to reanalyze their past decisions and maybe improve on them. So let's see. We've shown quite a number of projects, either under development or in the planning. There is a question related to the approach, if this is going to be opportunistic going forward or if there are certain targets in terms of either contribution to the turnover or the asset value that one targets in particular segments in the residential, office, and commercial, and hospitality. I don't understand the question so much. Well, I think there are, so if our approach is opportunistic or it's systematic, basically, right? I think it's both, right? So we are systematically pursuing quality, customers, customer satisfactions, and so on. So that's the systematic part. Opportunistic, obviously, you make the profit when you buy, right? So we will always look for opportunities in the market. We will always look for opportunities in different segments. Nevertheless, we will never forget the experience. Hence, what I told you, for example, the theater. So we will as we grow, we will focus a lot more on things done for the community, things that we can be remembered for, and so on and so on. So it's a process. It's, you know, as you age, you become much more sophisticated. If the land prices are increasing, and how is One planning to defend the margin on the land acquisition? Yes. This I have explained a bit earlier, actually. So, this question maybe is a bit redundant in a way. But, as I said, when the location is great and the land is expensive, our strategy is to partner with the landowners. And we are, by far, today, the developer of choice for the significant landowners in Bucharest. So I think this is a way to counter a potentially increasing on the cost of the land. So far, we have been lucky. Cost of the land is still at very reasonable levels. We have several questions on the risks. So we talked a little bit about 2028 targets, compound annual growth rate, 2030. But always in the context of talking about the future, there is a discussion about the risks. What would be the main risks that you see today, knowing everything that you know and having the experience that you have, for One United to reach those targets that we discussed today? Yo u are a member of the risk analysis committee. Yes. I'm not. Okay. So, probably the most important risk is the administrative political risk, let's say, if you want. I think that there is a softening of that risk as we go forward. Even if, you know, certain people are reelected, I think they have a different view on the development of Bucharest. And, I think, as we go along, everybody starts to understand that development is essential for the life of the city. So, I mean, unless you see some other things like interest rates or, or, you know, regional conflicts or other things, something that is particular to this market, I would make it I would single it out to be like this. Again, I believe that, going forward, it's going to soften. Also a related question. You talked a little bit about prestige and the reputation. It's clear that One has unparalleled reputation in the market. Actually, the question is, how could One lose that reputation? What are the risks to the reputation and the trust, actually, that clients have currently in One? For us, reputation is the most important thing. Reputation goes first. We don't compromise on that. So even if we'll make less money or less profit or maybe we'll not achieve our targets sometime, like we didn't achieve last year, for example, we'll never sacrifice on our reputation. So I think this will be always a priority for us. It has been since we founded the company. And it has been also since we started our partnership, also in the previous businesses. So we don't plan to do anything or take any action that could affect the reputation of ourselves and of the company. You actually mentioned there is also a question related to the budget for 2023. Because I saw it. Yes. On the app. So, just to make everybody see who asked the questions, that we do not avoid the hard questions. Actually, there is one related to the budget for 2023 and the fact that the actual results delivered were under. So, I think this is a very correct question. And I think, also, me, as a shareholder, I should ask, why we didn't achieve the target that we budgeted for last year. I have to say that last year was a particularly challenging year, very difficult, not only in Romania but also across Europe. And we really did work a lot and tried to achieve it. In the end, we missed it by around 10%. But I hope we learned from this. When we budgeted 2024, we tried to be more conservative than we've been one year before in order to make sure that we are achieving the targets proposed. But in reality, what is our mindset? Our mindset is not a budget mindset but to do as much as we can, the maximum that we can, for the business. So this is our mentality every day. Our mentality is not on the budget. So last year, also, we did our best to do maximum of our performance. We are doing the same every day. And also related to the budget and the results from 2023, this is the first year with a profit margin of 30%. What are the main factors, and how do you expect to improve? I think the revenue recognition plays a very important role here. And I know Cosmin talked about it, and you had a slide. But maybe to explain a little bit how that impacts our profit margin. I didn't really get it. Sorry. The profit margin this year was 30% despite the company targeting 35% minimum margin. Yes. I think in 2023, you know, the market was more difficult. So the demand was a bit lower than expected on the finished product, where our margin is higher. And the demand was much, much higher on the product that we had under construction, especially in the medium and upper medium segment, where, because it was the beginning of the construction, we had less margin to recognize. So I think this is the most relevant thing, that we slowed down last year, because of the slowing demand on the finished product, the most expensive product. But we really accelerated on the medium and upper medium. This is where we had a difference in the reported margin. But we expect to compensate on the margin in 2024. So we have a question, saying, "Everything you said about Romania and Bucharest sounds pitchy but also relatively easy to recognize." What means pitchy? Fabulous. To be recognized by others. Do you think competition might become more aggressive in future with new or even foreign developers coming here? Yeah. I will take that. Unfortunately for us and unfortunately for the market, I don't see competition coming anytime soon here. And the reason is political and administrative. I mean, obviously, the environment is. It's not ideal. So, you know, it doesn't favor big players going through the process and developing their business. Here, we have seen few players, actually, exiting the market. So I would say, over the next two to three years, I don't see, particularly great competition coming. Therefore, I see, much wider playground for expanding our our business. If we stay in the politics subject, we have a number of, of questions. Of course, activity of a real estate developer is very closely related to the general sentiment, also, of the administration. And there is a question related to the, current administration, if the current administration has affected One's business in any way. Well, it it makes us work a lot more. But I I mean, you can judge from the results if it has affected the business or not. I think it hasn't. To be honest, I think it mostly hurt, competition. So yeah, we have a more difficult job. Things, are more complicated, more cumbersome. Y ou know, you see part of my gray hair is because of that. But, you know, we thrive. We basically started our business in the mortgage loans crisis. So we started our business in crisis. So we love to work under pressure and to have challenges. And now there is a question. Having worked with seven administrations, which has been easy to work with and which has not? And what are your expectations from the Bucharest local elections? Look, there are certain administrations where, you know, they put the red carpet when you come. They offer you, you know, whatever you want. And they ask, in exchange, for you to do schools or to, you know, refurbish some parks. I mean, all the natural and, you know, obvious things that administrations should ask for. There are administrations that are opaque and very difficult to work with. I think, going forward, this trend will actually reverse towards the most dynamic and cooperative administration because everybody has understood that just blocking and not being cooperative hurts the city and hurts themselves as well. Yeah. Obviously, I'm optimistic going forward. This brings us also to the next question. Today, we were at One Cotroceni Park with the property tour. And it was beautiful because there was a lot of children going to the public school that One has offered for them as part of the ESG initiative. And I would like, actually, Andrei, to invite you a little bit more to talk about it because I think we don't talk enough, actually, about it. It's, I think, it was very impressive for everybody what One did. Yeah. We, to be honest with you, we didn't understand the full magnitude when we started this. We didn't understand how meaningful it's going to be. I was in the mayor's office in Sector 5, probably nine months before the school was operational. And they said, "Look, we have a big issue. One of our biggest schools, which is very close to you, has a seismic problem. It's going to collapse on the next earthquake." We have looked around. We have no public buildings around. The law says that, you know, kids shouldn't go further than 500 m from the public school. And, you know, you are our last resort. What do you think? Can you, basically, accommodate our demand? You know, nine months before opening, we said, "Okay, fine. So how big is this?" I said, "It's not so big. It's like, for almost 1,000 kids, like 2,000 m." And they said, "But look, you know, we have almost all the spaces sold." So anyway, said, "Okay, fine. Consider it done. It's our problem." So we had to take back some spaces. So we have to lease some spaces from some other owners. We have to put them together. We have to align with all the regulations. And we had to get it done within nine months. But it was an immense joy when we participated in the, you know, the first day of school. And we saw, I mean, I even went inside. You know, kids, they said, "You know, we cannot believe these are our toilets. You know, we used to have some shitty toilets. You know, and these are our classrooms. And you know how many windows we have, how tall are the classrooms? You know, it's such an immense joy to be able to give back in such a way that, you know, we would do this, again over and over. Well, that actually is the question. What are the plans for the future developments? Do they count also schools, kindergarten, essential infrastructure? Well, right now, we have under development two schools, one kindergarten and school. And both are, actually, kindergarten and school with, you know, with sports playgrounds, much, much larger than, the one in Cotroceni. I think it's going to be the first one associated with several, residential developers ever done by, by a developer of any kind, in Romania, at least. So I think, going forward, we will be specializing in schools. Maybe you will see another business line up there. Staying on the topic of the children, we actually have a very interesting question that I like very much. How can the owners explain to a child of five years old why is One United Properties the best choice in terms of building and housing? So this is a good question. Obviously, we have great locations, high-quality design, beautiful communities with families, with children. That would be. I don't know. Andrei? Well, you know, it's a very smart child. You know, this five-year-old was asking such questions. Look, I would actually show him around rather than give an answer because, you know, you know, image is 1,000 words and so on. And as we go along, I would try to explain. It's a process, basically. It's a process. It's not a standstill image. It's something that you feel. It's something that you can give back. So it's emotion. It's everything in one. I think you'll be easier convinced like this. We have questions now, several questions on the financial evolution. So we talked a little bit about the debt financing, equity financing. Naturally, we have a GSM, General Meeting of Shareholders, coming up when we ask the shareholders on two very important aspects. The first question, actually, is related to the bond listing up to EUR 300 million. We are seeking shareholders' approval for potentially exploring this financing option. And what is the explanation of the management about this plan because it seems not in accordance with the business philosophy about the leverage? So, this we explained—I explained already a bit earlier, just because I saw this question. So that's why I explained it a bit. The idea is just to have flexibility in case, over the next three years, we can refinance the existing debt in better conditions. We will act upon it. But this is not done for any reason to increase the leverage of the company. This is not our purpose. So the idea is to have it and to use it. If we decrease the costs and we get more competitive debt, then it will be interesting. Otherwise, it will be just an approval. And then a question related to the equity. So we are asking shareholders for an approval for lifting of the preemption rights. What it means in practice is that, in case the board of directors decides to raise capital, it's not going to offer what is called preference for the existing shareholders, priority, excuse me, to participate, to maintain their stake in the company. Does this mean One is preparing for an equity raise? Look, we like to raise equity if we have enough opportunity for development. We did this five times already. We thought it's only reasonable to be prepared for potential equity raise. We said, let's have this mandated from the meeting of the shareholders to the board. So if the market will be ready, and it will be in the benefit of the shareholders, and it will be in line with our opportunities for growth and our strategy, then we should have the flexibility to do it. Also, why we are raising the preemption rights is that because, in August 2022, we didn't do that. And the process in Romania to subscribe to the, for the existing shareholders with the right is very lengthy. So this affected, at that time, our capital raise and was suboptimal for the shareholders of the company. So we decided to propose to waive it just to do it in better conditions for the shareholders of the company. The next question actually, I will take it because it's a question related to the fact that there was a report communication why there was not a report or communication from One management about the financial supervisory authorities' notification about the lack of reporting of some reports about financial situation. In practice, indeed, following the control from the Financial Supervisory Authority because, also issuers are controlled by the Financial Supervisory Authority, it came out that some of intra-group loans were not reported to the market within the deadlines. We have fixed that. It was simply we were not aware. It was nothing, no malicious intent there. Regarding the communication, the procedure in such cases is the following. It's actually the Financial Supervisory Authority that requests the Bucharest Stock Exchange to publish their respective notification about the avertisment, about the warning for the company. It's not the company that communicates. So, you can find it on the profile of the Bucharest Stock Exchange. It is there. This is the procedure in case of all of the controls at issuers at the Bucharest Stock Exchange. Of course, you can see we already started reporting all of the intra-group, intra-group loans. We have a report for 2023. So that was, that was literally the only thing that came out in the ASF control. And we got the warning. So, we already fixed that. And I also picked the second question. It's about upgrade to the emerging market. And there's a question if there's an estimate, when that is going to happen. Of course, it's a very important event for all of the investors. Usually, what happens first, there is a watchlist announcement. So there were some discussions, initially, that this might happen already this year. We don't know for a fact. Nobody wants to actually predict it. But the general estimation is this year or next year, Romania to be put on the watchlist for the emerging, as an emerging market by MSCI. Romania is already emerging market by [Hutera]. So we, we actually talk a lot about this upgrade and a lot about the valuations, the price to earnings because, looking at other markets, this upgrade has a very positive impact on the valuations because, naturally, companies that are emerging have, I remember reading 60 times more capital is invested in MSCI Emerging Markets versus the frontier. And we are included in the MSCI Frontier. We saw a very positive impact. We have a lot of, foreign investors who actually are passive investors who follow, who, who actually invested in One because of this inclusion. So long story short, this year or next year, the watchlist. And then, depending on the liquidity and meeting of the criteria, the effective upgrade happens, usually, at least a year later. But in most cases, it happened after several years. Now, let's go back to risks. How do you consider the geopolitical risk situation today? And how does it impact One, what is happening close to our borders? Or, actually, not that close. I think, look, when you look to Romania from Frankfurt or from London, it looks much closer to the war in Ukraine than it is in reality, which is almost 1 hour and a half, two hours flight away. So, to be honest, we are not closer than Germany or Austria or Poland. So it's a similar distance. So this is one thing to be considered. In reality, personally, our personal view, we don't see this war expanding. And we hope, maybe, with the new elections in the U.S., even the view on the war and potential peace will improve. So, for the time being, we are, let's say, moderately optimistic with the future, with what can go on. We're now moving to some questions on the sale price and the cost of development. So the first question, actually, comes back to the affordable premium segment that we announced today. What do we expect to be the average sales price per square meter at the launch for the affordable units? Look, in terms of sales, sale price, you saw it earlier. Romania has the lowest, sale price, for apartments in Europe, especially when you compare it with the purchase power. And this has been dropping year after year after year for the last 16 years. Nevertheless, our target is not to, increase, the prices. Our target is to develop more and to make our margin and to reinvest the profit. So that's why, for the affordable, we made our calculations to see how low we can go. So our target is to, to go as low as we can in order to make our margin. So from our preliminary calculations, I think we'll, we'll start in the range of EUR 1,300-EUR 1,500 per square meter. On the construction, could you provide an estimate cost for construction for the residential and commercial segment? And how does it differ across different segments, so premium, high-end, luxury? Look, now, you know the margin. You know the selling price. It is to calculate the cost, no? But I don't know if you want to develop more on that because our cost varies so much between developments. I just I just want to mention that Hala Ford is, by far, the most expensive project that we ever did with a total cost per square meter of over EUR 2,000. Then why do you do it, actually? I think because that's a great story behind. And I think the dedication and also what Daniel Dines said in the video about this commitment to bringing back the, the historical buildings, I think a lot of people care about it. And I think it also speaks volumes of One, that one thing are profits. Another thing is we want to make this city better. Yeah. Obviously, it's, it is a profitable, project, just to make it very clear. It's also, a huge undertaking on our part. We couldn't leave a scar like this, in the middle of a fully developed flagship project of ours. We also wanted to do a new form of entertainment for the city, something that is lacking, a combination between culture and entertainment. And, honestly, if we succeed, I think Hala Ford will be, by far, the most exciting place in Bucharest. Actually, that answers the question because what about building an iconic building to put Bucharest on the world map? We hope to build more than just One Gallery, Hala Ford. We are now screening the city for more buildings like this. Speaking of specific projects, we have a question on Modrogan and another on One Lake Club. So the first one about Modrogan, what can you tell us about One Modrogan? What is the status? Well, litigations are still in process. Unfortunately, litigations take a long time. For example, here, it took almost six years. So, yeah, they take a long time. We are on top of things. We believe the outcome would be positive for us, but we just cannot predict the timing of it. About One Lake District, sorry, I mentioned earlier club. It's in fact about One Lake District. The development has some old industrial buildings within, located within. In case you plan to acquire that land as well, is it going to stay green area, like in the rendering, or are you planning for an expansion? First of all, the One Lake District development doesn't have historical buildings in it. It used to be an old brick factory. But unfortunately, only the foundations, which are below ground, are still to be found there. We have purchased all the missing plots in order to make a whole development there. Part of it, it's going to be park, but not exactly a park. It's rather the recreation area of the kindergarten and of the school. But it's going to, obviously, look like a park as well. And part of it will be developed. There's a question about the first sustainable school in CEE. When do you plan to build that? It's an assumption already. I mean, nobody does. I think that's a very good idea. Yeah. Mayb e in One Lake District, no? Yeah. Maybe. I don't have a pen, but I will mark it down in my mind. This is how decisions are done. So, basically, for One Lake District, we acquired, yes? So, basically, we announced first time tonight, because we had the questions. Otherwise, it was not on our agenda. So, basically, this is what Andrei meant. I mean, just to be very clear, we acquired three, four other properties. Now, there is no middle property missing in One Lake District. There is a compact, huge property with larger opening to the main street and with no industrial things inside. So it's just a beautiful property today. On coming back to the hospitality, do you plan only luxury hotels? What about the business with four-star hotels? Look, Riad mentioned this very correctly, that, you know, today, it's not so much about the stars anymore. So, for example, like the Hoxton Hotel, maybe it will be qualified three stars, four stars, five stars. We don't know exactly how it will be qualified. But Hoxton is a lifestyle hotel. And, you know, some of you may know it from London or from Paris. It's opening very soon in Vienna. This concept of hotels is very attractive, especially for younger generations, but for all clients in general. So it's not just about the star anymore. So we'll be doing five-star hotel like Mondrian, but also, we'll be doing also, lifestyle hotels, that will be, placemaking, people, places where, people gather together, and will not be necessarily very expensive or five-star or luxury. But it's important, the concept. The concept will be, avant-gardist and new and, you know, built for the future, not for the past. There is a question. I'm not going to read it all because it's, a little bit confusing. But, generally, the question is about, how much One invests in the hotels and how does it make sure that these are good investments, that you don't overpay per room? Yes, this is a very good question. We are in the beginning with this. We have also attracted investors at the project levels in both these two new hotels. So, let's say, we are sharing some of the risk of the project. But, obviously, we are sharing also the upside. If the business will be great. Equity necessary is relatively small because these businesses are also financed for building. So we'll see how it goes. For the time being, it's a low risk and potentially high return for the company. So we'll see how it goes. And we'll be deciding more in the future. So we'll start with this. And let's see. Do you think about building houses near Bucharest? The trend that we've seen in recent years is that people want to live in the center of the city to be part of the happening and the social scene and the communities. I think, as time will pass and prices will increase because we'll expect prices will increase with a rapid fast pace over the next 5-10 years, most probably, the necessity of well-planned suburbs with low-rise will appear. Most probably, this could be an opportunity in the future. I, I don't see it exactly today. I think, for the next 5-10 years, we might consider it. My favorite question, not a joke because it's a difficult one. One shares or One property? What do you pick? It's the same. The investment. Can you change every year? Or you have to stay the same every year? That's a good question. It's literally the wording is, should I buy an apartment at One or should I buy One shares? Look, for me and for Andrei, most of our money are in One shares. We do our effort every day to bring more value to the shareholders of One United Properties. But I see some people, they don't like shares. They like more to see their asset. They like more the apartments. Maybe, even, if it brings lower return, they still like it more because they control it. It's something they can touch. So, you know, last year, I said that, I recommend my close friends to put, you know, two-thirds of their money in, I think, in property and one-third in the shares, just to be more conservative, you know? But, you know, for us, we'll not do that. For me and Andrei, we prefer 80% in the company and 20% directly in apartments. Actually, there is a question. When will One United become the next unicorn? Look, unicorn, it's only for private companies. We are a listed company. So we'll never become a unicorn. Moving a little bit to concerns, main points for investments, let's start with concerns. What are the top three concerns each of you have looking ahead on a short and medium term? So three for each of you, three concerns. Well, again, political administration, cost increases. I only have two. Yeah. So, basically, would be like, you know, timing of issuing of building permits, which, over the last three to four years, it took a bit longer than expected. So this is a constant concern. There is also potential concern of the cost. But we managed this very well last year. So we managed last year to keep the costs almost flat, if I'm not wrong. So this will be like, generally, the most important concerns for the business. We are lucky that the demand is significant. There is a huge pent-up demand in the market. We are lucky that the prices are pretty low compared to affordability. So from this point of view, we are quite in a unique time for the market. I mean, it's kind of goldilocks. I mean, it's difficult to put all the things aligned in the good direction like they are today. And if we're speaking about numbers, there is or lists the five main points for investing in Romanian real estate and not in Dubai market? It's not Dubai. Not Dubai. Five reasons why people should invest in Bucharest, not in Dubai. Look, I can start. I like this question. You know, Dubai is a highly speculative market with infinite supply. Also, it's a huge demand because it's a global demand. So, you know, a lot of people, they just buy there to flip. They just buy there, for maybe for a secondary home. I don't know. I know Dubai market pretty well. I go there 1x-2 x every year. I get inspired a lot from there. And we came up with a lot of ideas from Dubai to this market. So and, and I really think, we, as a developer, we look more like an Emirati developer than like an European developer because of the state of the economy and the huge potential for development here. But in Romania, the demand is intrinsic. The people buy the apartments just to live better. They want to sell their shitty communist apartment and buy a new quality apartment and just live in better conditions. So this is very important for the fundamental of the market. This will help a lot the market, for its resilience in the future. So I see, Dubai market very volatile, very speculative, and Romania market much more fundamental and much more resilient. I d on't know, Andrei, any thoughts on Dubai? No, no. I was going to focus on the volatility. So, basically, you know, you can lose your money easily, if you don't time the market properly. We have a very fun question. Where do you plan to hold One 2030 Capital Markets Day? I mean, the Capital Markets Day in 2030, given the compound annual growth rate of the crowd. This space, as spectacular as it is, seems it won't be large enough. Have you considered Sala Palatului or National Arena? Look, look, let's answer both of us because Andrei has a great idea. We will do it in the theater in Hala Ford. It will have 500 places. Perfect. I don't think it's going to be enough 500. We tripled since last year. I don't know. I'm thinking, maybe, because we have enough time, maybe we build a taller building with a bigger space at the last floor. So if you ask me, I would love to do it there. Or, or maybe we can accomplish Victor's longtime dream to build an event hall. That's a first. Yes. No, this is true. But, you know, we just have a lot of ideas. But we are just waiting for the timing to be right, you know? So we have quite some ideas on our agenda. But you have also to find a good timing to implement your ideas, so it's also reasonably profitable for us as shareholders. Before we move to more serious questions, there is also a question. How many One apartments does Victor and Andrei personally own? Personally, I don't own any apartment. But I own through, through my company. So I own through my company, like, like a few. I don't know. Same Andrei. You know better the number? No. No. More, more than 10 each. Yes. Yes. What is the proportion on the end users and investors in the apartments? Actually, this is a lot of this is a question we get a lot in investor meetings that is worth to be addressed. So, you know, we mainly build for end users. This is our main target. And it has always been. And that's why we're expanding the business. Besides the end users, we have also owners that rent their apartments. T hey do very successful in One Mircea Eliade, in One Verdi Park, in One Herăstrău Park, in One Herăstrău Towers. So there is, like, maybe, like, 20%-30% that is rental in our business. But most of the business is for end users that, they just want to, to live in a better place. We answered this during the presentations. But I'm going to read it nonetheless because it's, it's a recent question. The latest residential project announced today, will it be developed under One brand? Or will we see other sub-brands? So this we answered already, right? So we, we said that we are still pondering what is best for the company. And we will announce it in due time, you know? There is a lot of work to be done. I mean, for this development, the work only starts today. There is a lot of work ahead, a lot of planning, a lot of master planning, permitting. So we have plenty of time until we officially launch this development. So, I think we'll be thinking about this for the next two years because I don't think we'll be launching earlier than two years from today, the sales, I mean. Why do you book land as property, not as inventory at cost, and then show reevaluations very often? This adds a level of complexity and volatility to your earnings. But I don't think this is true. I think most of the land we registered at cost. We have some land that is registered as investment, which is longer term. I think Cosmin can, do you like to answer this, please? Yeah. You have a mic? But most of our land is registered at cost. The profit is recognized during construction. Most of the construction is recognized under inventories at cost. We have also some land which is under investment properties, but this is not something that we choose. It's because this is how the standard requires. If you have a land and there is no clear destination for it, meaning you don't have building permit for residential or you don't have another criteria to recognize it as clear residential development, then you are obliged to register it under investment property. And if you register it as investment property, then, again, you are obliged each year to make revaluation of that asset. So it's not an option. It's an obligation to register like this. Thank you. The next question is, how does CCT and One work? How much debt did you guarantee there? Look, I will explain. It's very easy. So, we have a company that is registered in Switzerland with Claudio Cisullo, who is a significant shareholder, around 5% of the company, and is the chairman of the board of directors. And this company is managing fund in Luxembourg, where it attracted a number of investors that invested in apartments in Cotroceni and One Lake District. So at that time, it was very useful for the company. and, you know, when we had the opportunity last year, we purchased some of these apartments back. and we sold them very quickly with additional profit. So it was very good for One United Properties. I think their exposure on the company today is around EUR 30 million, I think. If we have the opportunity to repurchase more this year, especially in Cotroceni, where it's ready and where we feel we can make a margin, we will do it. But you know, this basically will disappear after we deliver One Lake District because they invested only in two developments, in One Cotroceni Park that is closing this year. So from this year, there will not be One Cotroceni Park anymore. And One Lake District, which will be finishing first phase, probably next year. So two years from today, this will be done deal, closed. We have oh, excuse me. We have three more slides. So I would like, before that, to invite you, if you have any remaining questions, please scan the code to type your question. The next question is, why isn't retail at One Floreasca City thriving, in your opinion? Retail. But you know, the retail is not open yet. The retail will be open at One Floreasca City only after we inaugurate One Gallery. For the time being, we have few shops, few restaurants. But this is not the retail at One Floreasca City. This is just some proximity facilities, which most of it is just used for offices. So we have most of it used by Lemon Interior Design, our sister company, and by our sales center, managed by Beatrice. So, okay, besides this, we have two restaurants, Trevi and Elephante, which they said they are like break-even today. Probably they are waiting also for the One Gallery to start. That's why they invested. And they stay break-even because they see their future upside after the gallery opens. Also, Fish House, we signed recently with them. And they are moving to One Tower, which I think is a great addition to the environment. So, basically, this is all the retail we have. We'll be opening a pop-up coffee shop in the lobby in One Tower, which we are moving from behind the building in order to increase their business. So it's not so much retail today. But two years from today, this will be a very vibrant area, full of people and full of retail. Speaking of this, I think it would be nice to talk also a little bit about One Gallery because how do you see this concept in the interior? What are people going to actually find there? Are we talking restaurants, offices, shops? What's going to be the mix? Well, first of all, the anchor that we inherited when we bought it from Auchan is going to be higher-class Auchan specialty store that will spread over 2,000 sqm. The second part of it, on the ground floor, it's going to be occupied by a concept just like Eataly with shopping and eating in the same place, with multiple providers. We are now working on the mix so that we make it a memorable experience for the people coming. Upstairs, most likely, it's going to be our office, other company's office, and the theater. So this is going to be, let's say, the tenant mix of the gallery. When will we see One acting as a living landlord? I guess this is coming in the context of the Airbnb units that we have, if this is a business for One to actually build buildings that can be leased. Look, we are building buildings that are leased. No, no. But by One, maintained and leased by One. But the question, I think, is for apartments. Yes. Yes. So the question is for apartments. You know, the thing is, as much as we like the apartments and the rented apartments, if you sit on rented apartments, you know, the return on equity is much smaller than developing new apartments. So it makes sense for us to not to have too much exposure on this but to take the equity and go and develop new locations and new residences. Over time and this, I'm thinking, maybe after 10 years from today, if margins from development will decrease, maybe it will make sense at that time to increase also our living rental portfolio. We, we already have some of that. We've been selling also part of it to recycle the equity in higher return on equity developments. But it's not more. It's not a strategic focus for us. It's just temporary until we find the proper buyer for those properties. You said that the apartments are mainly for end users. Do you have an estimate for actual occupancy, inhabited rate of apartments in One p rojects? Yes. You see, when you develop, even if you sell everything, it's not instant occupancy. So you see, after you deliver a building to the clients, it takes maybe one year for the first 60% to move. Then it takes another one year for another 20% to move, another one year for another 10% to move. So usually, it takes three to five years until you see full occupancy, even if the building is out of our balance sheet and fully sold. So I think if you want to look right to our buildings, you have to look at them five years after our delivery and see how well it's occupied and maintained and how is the building performing, how are the neighbors, if the neighbors are happy about the property, and how all the community is developing. So there is quite some time until you see full occupancy. I have the last question right now. And I left it last because I know you will love it, because it's a perfect fit for you because you've always been very supportive of young talent. And the question is, is One looking to hire young talent? Do you have any positions for juniors? Or what are the steps to join you on the journey to change the real estate segment in Romania for better forever? You. I have something. But you start first. And I will say. Okay. Okay. We obviously love that. Many, many extremely talented and loyal people that are currently part of our company have been growing together with us. So we have a culture of growing people. I personally like to have students over the summer shadowing me. And I take them to almost all my meetings. So that's quite an experience for them. So yeah. So we are looking towards young talent. We love them. We want to integrate them. We want to promote them. We want to teach them. We are here for them. On top of this, I mean, the fact that we, I mean, almost permanently, we have young people in our team as interns. On top of this, we are launching also a kind of investor school, where to teach young people to invest and how to make money from property. And this is addressed mainly to people between 18 and 30 years old. And this will mean with actual investment but not very big, and with several sessions in which they learn how to make money out of real estate. And I think we'll be starting—I don't know, Beatrice. When will we be starting the first session? I think this quarter, right? This quarter, we are starting the first session for the investment school for the young investors, right? Where can people send the requests? Because I think- Maybe they shouldn't send it to you. We have an email for this, or? Okay. Every request, you send at beatrice@one.ro. Thank you very much. This concludes the questions we got on the application. We're perfectly on time. I mean, this is the biggest apart from the fact that we tripled the number of people for, for the very first time. We're, we're on time with the agenda, right, in time for dinner. I would like to invite you all to share, as always, some closing remarks, a message to our investors. I think it was an extremely inspirational day today. I would like to thank you for your time preparing for this event. I can assure all of you, it has been very important for both Victor and Andrei to actually show to you a little bit more of One United Properties from the inside. We, we worked tirelessly on this event. We hope it was useful for you. Of course, we will continue tomorrow with the property tours. We have the second leg. So we're going to see some of you showing you properties under development, properties that we already delivered so that you get a better feeling. But I would like to invite you now to share closing remarks for this event, and maybe a message. See you in 2025. Look, thank you, everybody, for participating. We really appreciate your time because I saw almost everybody sat for three hours here and listened to us. So we really appreciate that. Thank you very much. And hope to see you all soon or even in a bigger audience next year. Thank you very much.