Good morning and welcome to One United Properties' conference call for presenting the results for the first half of 2025. My name is Zuzanna Kurek, and I am Investor Relations Officer at One United Properties. I am joined on this call by Victor Căpitanu, Executive Board Member and Co-founder of One United Properties, and Cosmin Samoilă, CFO at One United Properties. Before we begin, I would like to mention that this call is being recorded and that the recording of the call will be uploaded on our website later today. As stated in the call invite, by joining this video conference, you automatically and implicitly consented to being recorded. If you do not consent to being recorded, please leave the call. In terms of organizational aspects, let me present to you the setup of this teleconference. Firstly, we'll share with you the financial and operational highlights of the first half of 2025, which will be presented by Victor Căpitanu, Cosmin Samoilă, as well as myself. During the presentation, feel free to type any of the questions you might have in the chat window, and we'll answer them during the Q&A. After the presentation is over, we will start the Q&A session. Please note that all the participants shall be on mute. If you want to ask a question, please type it in the chat window. I will be moderating this session, and therefore, for the sake of those who will be watching the replay of the teleconference, I will be reading all the questions out loud before addressing them. Your questions today will be answered by Victor Căpitanu, Cosmin Samoilă, or myself. Finally, I would like to mention that we might be making forward-looking statements today during this call regarding the future performance of One United Properties and that actual results may differ materially. We encourage you to review the disclaimer that we have included in the presentation, which you can see right now on the screen. This disclaimer applies equally to all the statements made in today's call. Thank you all for your patience, and we can now kick off the teleconference. I would like to invite Victor Căpitanu to share with you the key highlights of One United Properties' performance in the first half of 2025. Good morning, everybody. Welcome to our conference call. As you'll see, in the first half of 2025, we managed to increase our turnover to a little bit more than RON 800 million, with 16%, while increasing our consolidated gross profit to almost RON 300 million and EBITDA to 335. In the same period, the gains that we recorded from investment property were a bit less than in the first half of last year, 12% less. In the first half of last year, the gains from investment property were primarily from market value adjustment of rental apartments, and the first half of this year comes from market value adjustment of investment land where we plan to develop mixed-use development of one city district on the former Rocar platform. Regarding our ongoing portfolio, what we have under construction, in terms of the residential segment, we have a gross development value of sites under construction, a bit more than EUR 1.2 billion in nine construction sites, eight in Bucharest, one in Mamaia, Constanța, with 3,884 units under construction, out of which a big part of them will be delivered over the next 12 months. This is almost double than everything we've completed so far, which is a gross development value of almost EUR 700 million and almost 2,600 apartments. In the same time, we have under planning. This meeting is being recorded. First six months, where we are accelerating to deliver around 3,800 units in the next 12 to 24 months. And on the cash inflow, in the first half of the year, EUR 71 million we received from contractual cash flows, residential sales. And we have to receive from the contracts that are signed as of now for sale of apartments, we have a receivable of RON 364.4 million, which are to be received in the next two years and a half. If you look already from the sales that are signed as of June, we anticipate a level which is close to the level we achieved last year, EUR 152 million to receive this year from existing sales. Of course, in the next months, due to the new sales, this amount will increase. Also next year, from the sales that are already contracted as of now, we see an estimation of EUR 198 million to collect, which is close to 2023 collection volume. That was the historical highest collection volume of the company. Thank you, and I pass the floor to Zuzanna to continue with the other highlights. Thank you, Cosmin. As already presented by Victor and Cosmin, in the first half of 2025, we maintain a high level of activity with solid results both in residential and commercial segments. We continue sales at a steady pace, achieved high occupancy across our office and retail portfolio, and expanded through strategic land acquisitions. I will now briefly walk you through the main trends in residential and commercial areas. So in the first half of 2025, as we reported also in our trading update three weeks before the financial results, you could see we sold and pre-sold 301 apartments and commercial units with a total surface of nearly 29,000 square meters, worth EUR 95.4 million. Compared to the same period of last year, volumes are lower, but average sales price per square meter increased by 20%. This growth was driven by a sales mix, mainly units in advanced stages of construction, such as One Lake Club, One High District, and One Floreasca Towers. On the other hand, still the best-selling development for another consecutive quarter remains One Lake District, this time phase two, our most affordable development to date, where in the first half of 2025, there were sold 80 units. As of June 30th, 2025, 79% of all available apartments, both under construction and delivered, were already sold. This provides us with a strong visibility on future cash inflows, as Cosmin presented. At the same time, by the end of semester, our sales team had a portfolio of 1,250 residential units available for sale and pre-sale across our diversified portfolio of residential developments, which means we still have significant growth potential and a healthy pipeline of product on the market. On the commercial and office segment, you can see here the split of lease as well as the tenants moved in per development. We have reached a percentage of lease and pre-lease on the standing assets of 98%, with 92% of tenants already moved in. You can see there are still some very small spaces available at One Cotroceni Park. Contractual rent in the first half of the year was EUR 14.2 million, up 3% year on year. In this period, our colleagues from the office division leased and pre-leased 7,500 square meters and signed lease extensions for a total area of 19,000 square meters. So this concludes the first part of our call. We will now open the floor for questions. As I mentioned at the beginning of this call, please feel free to type your questions in the chat window. To give you some time, we will first address the questions that were sent to us via email. The first question is, does One United Properties plan to issue bonds in the near future? If so, roughly when and for what amount, tentatively? I will invite Cosmin to take this question. Thank you for the question. Regarding the bond topic, we have an approval from the shareholders that was issued last year in April, where we have an approval to issue bonds up to the million of EUR 300 million, and the approval is valid for three years, so we have this approval for until 2027 to go into a bond program. I can tell you that at the moment we are analyzing very intensely this topic. However, we are looking for the right moment to do it, and at the moment, we don't have additional details. It's possible that we will share more details at the investors' day that we have scheduled for 11 of September. Thank you. Thank you, Cosmin. The next question, does One United Properties plan to get rated by major rating agencies in the near future? And if so, what is the planning in this respect? Yes, of course. The bond process comes many times together also with rating. We engage with rating agencies. We finalize the rating process, and we will be able to share with you the exact details and the outcome on the same investors' day that we have scheduled for 11th of September. Thank you. Thank you. We can now move to the questions from the chat. How did the construction progress of residential developments in the second quarter compare to expectations? Was it generally ahead of schedule, behind schedule, or in line with projections? I can say that the construction progress in the residential developments was in line with our expectations. Most of the units that we have under construction right now are going to be delivered in the next 12 months. We already started deliveries in One Lake Club, the small phase. It's already under delivery. We will start very soon, I think this week, with One Mamaia North, the second phase deliveries. And One North will start quite soon the delivery to the final clients. One Herăstrău Vista will start quite soon the delivery to final clients, and the construction was in line with our expectations. Thank you, Cosmin. The next question. After the recent VAT increase, do you expect any slowdown in sales for the following quarters? I will give this question to Victor. Thank you for the question. Could you kindly repeat the beginning, what increase? Of course. After the recent VAT increase, do you expect any slowdown in sales for the following quarters? The VAT. Okay. Thank you. Thank you. Yes, a valid question. Most of our sales don't qualify for the 9% VAT increase. So I think the impact is much bigger on developers that focus more on the low income, where they have an actual increase of 12% in their selling prices. But for us, the increase is only from 19%- 21%. So the increase is rather marginal in the price. And I don't know, maybe we have a few apartments with 9%. I don't know. Maybe Cosmin knows in terms of percentage, but I think it's close to zero. So the shorter answer is that we don't see any material impact. Thank you. The next question, could you please clarify what represents the losses from rental properties under development? And I will ask Cosmin to address this question. Yes. Basically, under this position, we have two properties that are under construction right now. We have the Infineon building, which is in progress, and also One Gallery, which is also under construction. These two are impacting this position. We have a small loss because on one side, the Infineon building marked a gain on the fair value adjustment, and One Gallery marked a loss on the fair value adjustment because we decided to be more conservative and estimate the fact that tenants will get into space one month later than we estimated for the beginning of the year, at the end of last year. This slight movement of one year, of one month, tenants moving into space marked a slight decrease in the fair value. Thank you. Thank you very much. I see we have answered all the questions from the chat. Therefore, if there will be no other questions, we will be concluding the call. I would like to use this opportunity to remind you about two very important events that are coming up. On 4th of September, so this week, we are going to host the Extraordinary General Meeting of Shareholders. We invite you to cast your votes at one.evote.ro in that meeting. And next week, Thursday, on 11th of September, we will be hosting the 2025 edition of Capital Markets Day. We have a new concept for this event. We're going to be having short presentations, update versus the One 2030 blueprint we presented last year. And it's going to be mostly in Q&A format. So we invite you to join us live in Bucharest. For those of you who'd like to join also the property tours, we're also going to be hosting the property tours. So if you'd like to see the updated construction progress around our key developments, please register. You can register at one.ro/cmd2025. And the next time we're going to hear each other about financial results is going to be after November 12th. We are going to release on that date in the morning our Q3 2025 results. We hope to see you at that call numerously. Thank you all very much for joining us, and we wish you a great day ahead. Thank you.