Morning. [Non-English content]. Welcome to One United Properties Capital Markets Day. Thank you all for joining us today live at One Tower as well as online. We are having a very special Capital Markets Day. It is our fourth annual event, but we are also celebrating five years since the IPO on the Bucharest Stock Exchange. We have prepared a full day for you today with a little bit of a look back at what we have accomplished since our IPO in 2021, where we are in the present, as well as what are our goals for the coming period. I would like to present to you briefly the agenda for today. We will follow our quite traditional agenda schedule. We are going to start with a strategy update that will be presented by our Co-founder and Co-CEO of One United Properties, Victor Căpitanu. After that, I am going to sit down with three of my colleagues from the executive management. We are going to start with Cosmin Samoilă, with whom we are going to do a financial update. Beatrice Dumitrașcu, CEO of Residential Division, with whom we are going to take a walk through the latest developments for the residential segment, as well as Mihai Păduroiu, CEO of the Office Division, with whom we are going to walk through our rental portfolio. After each of these sessions, I am going to sit down with my colleagues for a 10-minute Q&A, when I am going to follow up on their presentations. Important, maybe you remember from last year, we try to keep our presentations as tight and short as possible. Each of my colleagues is going to have just four slides, a lot of data. But you will see that we try to compile as much as we could, just to present to you the essence. After that, we have a surprise panel. I will not yet disclose to you who are our surprise guests, but I really recommend you stay with us until 11:20 A.M., because it is going to be a great opportunity to hear two sides of a story of our two very different investors, who will share how they got to know One and how they got to first invest in One United Properties. After that, Victor Căpitanu will invite our Chairman, Claudio Cisullo, for a message from the Chairman. Thank you very much, Claudio, for joining us today on behalf of Board of Directors. Last but not least, I am going to have my favorite part, and I am sure the one you are all waiting for. We are going to invite Victor and Andrei for a fireside chat. All the questions that you have ready for them, please do not hesitate to submit them already in our platform. You will see throughout the presentation, on the left side, continuously, there is going to be a QR code. Please scan the QR code, type your questions for our management, and I will be asking them during the Q&A session at 12:00 P.M. Please do not wait until the fireside chat. We would appreciate if actually, as the questions come up, as my colleagues are presenting the slides, that you type what is on your mind. Last but not least, after the presentation, we are going to have lunch, and then at 1:30 P.M., another tradition of One United Properties, we have property tours. This year we have really exciting developments. We are going to have an exclusive look at One Gallery right before the official opening. If you haven't yet registered, please stay with us until 1:30 P.M.. We will be meeting in the lobby to continue. This is on the organizational part. Here is the QR code about which I was telling you a little bit earlier. For those of you who are with us in the room, you also have the QR code printed on your agenda. Therefore, you can also scan that. Last but not least, my favorite part, the disclaimer. As always, we might be making forward-looking statements today during this conference about the future performance of One United Properties, and the actual results may differ materially. I kindly ask you to take into account that this disclaimer applies equally to all statements made during today's conference, as well as during today's discussion. Without further ado, I would like to now ask Victor Căpitanu to join me on the stage and deliver the very first presentation, the strategy update of One United Properties. Victor, please. Good morning. Welcome, everybody. Thank you for being here today. It's been five years since we listed One United Properties on Bucharest Stock Exchange. This has been a period of fantastic growth for the company. Today, I am going to focus on what we plan for the next five years, where the growth can come from, and what it means for our investors and shareholders. As Zuzanna said, the slides are a bit full of information, but there are not many of them. The four priorities for the next five years are these on the screen. First of all is the net asset value of the company. We just presented at the end of June this year, for the first time, a calculation of the net asset value of the company. I will break it down and explain why are we doing that. The second priority, it's about the rental assets. We are planning to build a new company named One Income Properties, which will consolidate our rented assets and will grow and become a distribution vehicle. The third priority, we will explain about One City District and how we can scale our business into affordable housing. As the last priority, I will explain about what we are doing in the United States and how we are creating a new line of profit from the business in the United States. What we have done with the net asset value, we are seeing for a while that traditional accounting doesn't work so well for One United Properties, and generally, for a property company. In principle, this is because the apartments that you have on books, you keep it at cost. Basically, whatever is on books as apartments is just accounted at bricks and mortar and windows, and not the actual value of it. And this value, this gap increased over the years. We decided to make a calculation, as you would make in your own family. How do you calculate your net worth? You have an apartment, you have a car, maybe you have a lent, maybe you have a rental property. You add all of that, you add the cash and the receivables, and then you have to deduct the debt that you have. We did it in the same way for the company in order to see what would be the net worth of the company. And we didn't include any discounted cash flow in it. There's no future income in it. There's only the value as we see it today. This is EUR 1.24 billion to June, and this shows how low is the leverage of this company. For this net asset value, the real leverage of the company is just 16.5%. You have here also a breakdown of the net asset value, and you can see around 23% of our value comes from rental properties. And most of the rest is the residential and the cash. At the net asset value that we have now. At the net asset value that we have today, we are trading on the stock exchange at a discount of 46%. Now, what we plan to do about it so it earns more the confidence of the investors, because now it's just adjusted by the management. We are planning to audit the methodology that we used. We are going to have one of the big auditors to audit the methodology. And also, we are going to put an external valuer to confirm the value of the properties that we counted in the net asset value. But these values are based on our actual sales. For us, it's easy to model that value because we have, on the last five years, more than EUR 1 billion of sales in apartments. For us, it's quite easy to calculate that value. Now on our track record, you can see since we listed five years ago, we did three capital raises, including the IPO. We raised more than EUR 172 million. The stock exchange really worked for us, and we are very happy with the decision of listing the company. Also, it distributed to our investors, during that time, EUR 78 million in dividends. If you calculate the compounded growth rate to the net asset value that we have today, we've grown the company from before the IPO, with around 38% growth rate, compounded annual growth rate. Now what we want to do for the next five years, we want to double the value of the company. For us, we are calculating the net asset value of the company. Basically, we want to reach EUR 2.5 billion as the net value of the company in the next five years. We made also a simulation what this can mean for our shareholders. If nothing changes with the discount, the share price would double in the next five years. But let's say if the discount narrows and we earn more of the confidence of our investors, if the discount narrows to 20%, you have three times the value. If the discount disappears, we can do almost four times the value. I think it's good to keep this in mind, because this is an actual potential of the company. The second point relates to our rental properties. As I told you, they account now around 23% of our assets. What we want to do, we want to build a separate company called One Income Properties, where we bring all our rented assets and increase this platform with acquisition of new assets and raising more capital on it. What we plan to do with this company, we plan to distribute dividends. This will be a distribution company. This company will only collect rents and distribute dividends. One United Properties will remain a development company and will focus on growth from development. One Income Properties will focus on collecting rent and distribution dividends. With this consolidation, we will also show clearer asset values to our investors and clearer cash flows. On the acquisition side, we plan to raise capital on this vehicle and acquire other rented assets and grow the rental distribution of this company. Today we have, as you see, around EUR 40 million annualized headline net operating income and almost 200,000 sq m. Just organically, without acquisitions, we plan to reach 300,000 sq m over the next five years with our existing pipeline and to double the NOI over the next five years. Regarding this new company, what we want to do, we want to decrease even more the LTV. Now our LTV is very reasonable, but we want to decrease it even more. We want to keep it around 35% in order to have more cash to distribute as dividends. Basically our target, and it looks it's achievable under the conditions of today, could be a 7%-8% dividend distribution plus a 3%-5% growth of NAV per year. On top of our idea, there is also some European legislation that is called REIT legislation, real estate investment trust. This is also in the process of being approved in Romania. It exists also in other European countries, including to our neighbors Bulgaria for many years, Hungary, same. Probably it's just a matter of time until this law will come. We think passing of this law and aligning our real estate legislation to European standards will boost the performance of this company. On the third priority, and where we see a lot of potential for our company, is the affordable housing. Our first development for affordable housing is on the former platform of ROCAR, in a development called One City District. This is a 21-hectare plot, probably one of the largest that exist in Bucharest, in the center of Bucharest, just 10 minutes driving from Unirii Square south. We want to build a very livable and lovable community. Quite large community, 3,200 units. You have an indication, an illustration of a potential master plan that we've done together with a very renowned architect, very famous French architect called Jean-Michel Wilmotte, one of the best architects in the world. We try to use his expertise to make a really fantastic place to live for affordable residences. Of course, if this goes according to the plan, this gives us a potential to scale this. This business is much more scalable than the high-end residential, let's say. Also what is important is that with this business, you have the potential to recycle the capital faster. Theoretically, at same margins, your return could grow. We want to start this first in Bucharest, and once successful, we want to expand it in other places around Bucharest and in major cities in Romania. I'm not good with the remote, sorry. Our fourth priority relates to our U.S. investments. I'll give you first an update, and then I will explain how we can generate more profit from that on top of our own equity profit investment. Basically, we registered the company, and I wanted to stress this because it's important and it's a bit of a description what United States means. We registered the company on the 1st of January 2026. Just think about this, 1st of January. I think Europe or Romania, it's impossible to register a company on the 1st of January. We acquired our first land, in the metropolitan area of Nashville, in the city of Franklin. We acquired 6.4 acres, and now we have under contract 12.87 acres. This is a bit more than 5 hectares, 52,000 sq m, and we are developing there a housing project with around 60 units and around $110 million gross development value. We allocated $12 million as equity for this development. You have an illustration from our architects. We have a great architect team on site from Tennessee. Very good. On top of One Liberty Pike, we are in advanced negotiation to build two residential towers in Miami and in Nashville. In Miami, we want to do this with a local partner called Fortune International Group. Fortune is one of the largest real estate developers in Miami and one of the largest residential brokers in Miami. They've sold over 30,000 units up to now on the high-end segment, and they are developing for more than 30 years and selling apartments for more than 46 years there. They are a really great company, and we are very advanced of finishing the partnership with them and co-developing together a residential tower. In Nashville, we are under negotiation with a reputable U.S. developer to make a partnership and co-develop a tower with a hotel and branded residences. What is important about these partnerships in U.S. is that our co-development with highly reputable local developers, also the one in Nashville is developing for more than 40 years. These are both amazing companies. We have expected return on our equity around of 25%-30% per year compounded. It's similar to what we are getting in Romania. Maybe a bit less, but still, it's quite high. But on top of this creates for us an opportunity to make profit from the promote. What does it mean, the promote? Basically, we are raising co-investors for these developments, and we plan to put around one-third of our equity and two-thirds from our co-investors. We are going to charge a percentage of the profit of the co-investors. Now, maybe you'll ask me, why you don't do this in Romania? We did this in the past, more than 10 years ago before we were a listed company. But we realized in Romania, it's much more profitable if we invest all the equity ourselves because basically we can do most of the profit of the co-investors ourselves. In U.S., we cannot do that. We expect to do around 20%-30% of the profit of our co-investors as promote, and this will create a new profit line for the company. Our priorities are clear. We want to grow the net asset value per share. We want to make it more verifiable by outside investors, and we want to earn the confidence of the investors so we decrease the discount from the net asset value to the market price. The measures that matter most to us are value per share, so basically the net asset value, cash generation, and allocation of our investments with discipline, allocation of our capital with discipline. Thank you very much. Thank you. Thank you, Victor. I am looking for questions now. Uh- Do you have questions for me, or I have questions in the- No, I have questions for you later. Later, yes? Yes. Okay We're going to. Thank you very much. Yes. Thank you. Now I will invite our CFO, Cosmin Samoilă, to deliver the financial update. As I mentioned to Victor, he will be back on the stage at the very end, so you have time to think of all the questions that you have for him. Perfect. Cosmin, please. Good morning, and thank you for participating in this event. I structured my presentation in five areas. I will talk about the size of the company, about the relation of the company with its shareholders, about the liquidity position, the performance of the company, and last but not least, the diversification of the company. About the size of the company, in terms of total assets, our assets increased from EUR 416 million in June 2021 up to above EUR 1.3 billion this year, and they are forecasted to increase even more in the next five years, up to EUR 2.4 billion. This represents, as of today, a more than three times increase and also almost 26% compounded average growth rate increase. In respect of the segments, five years ago, we had under construction 955 apartments. Now we have almost 4,000. The ambition is to have over 6,000 units under construction in 2031. On the commercial segment, we are planning this year to end with 195,000 sq m, and the ambition is to grow above 300,000 sq m by the end of 2031. In terms of the company and its shareholders, the equity of the company, this also increased significantly in this period, from EUR 172 million up to EUR 630 million as of June this year, and is forecasted to increase more to EUR 1.3 billion by June 2031. This is a 3.7 x increase and a 30% compounded increase. In the model that Victor presented earlier, the NAV calculation, how we call it, which is basically a fair value model, the equity, we are estimating internally, as of June, estimated at EUR 1.24 billion. In this period of five years, we had. On the liquidity position, we have, as of June, a comfortable liquidity position of almost EUR 71 million. I have to mention that this liquidity position decreased compared to year-end. At year-end, we had a record highest liquidity position, EUR 128 million. As you know, due to the new changes in the legislation, the cash inflows were not at the level from previous years. In the same time, with the construction sites, we worked as planned, and we advanced regardless of the impact of the new legislation. This brought, for this first half, a net cash outflow for the company. Another important metric is the amount that we have to collect from clients or from contracts with residential clients already signed as of June. We have to collect EUR 445 million from sales contracts signed as of June. In relation with this, in one year due, we have bank debt only EUR 43.7 million. Also, the entire total debt of the company is EUR 361 million. Basically, only from the residential segment contract signed as of June, we can cover in full the entire total external debt of the company. Also, as mentioned, this new legislation has impacted our profitability this year, and we decided to publish a new expectation on the net profit, which is 15%-20% lower than initially planned. In terms of liquidity, what is releasing the cash? It is the registration process. This is mainly the procedures that have to be done with the land registry in order to fulfill the legislation changes. The deliveries, the moment you are handing over the apartments, and also the rents that are continuously flowing to the company as recurring cash inflows. These are the three basic operational lines which bring cash to the company. In terms of the performance of the company, in the last five years, cumulative net profit was EUR 440 million. This means that for each euro that was raised in the capital raises, we generated net profit of EUR 2.6 million. Net profit margins were 33.3%, and also return on equity 18%, and return on asset in average 10%. In terms of turnover, in the last five years, above EUR 1.3 billion, and the forecast for the next five years is to have almost EUR 2.5 billion turnover and EUR 581 million in net profit. This is a diversification part. Basically, the company evolved from a residential developer in the premium market to a diversified real estate group. We have, as of now, rental and tenant services revenues representing 19% from the turnover. Five years ago, this metric was below 1% from the turnover. We have four asset classes along residential. It was added also office, retail, and hospitality. Also, we are addressing more geographies, five locations, Bucharest, Sibiu, Iași, Constanța, and also Nashville, where we have direct investments, and also another location in Miami where there is a partnership. What this means is that we have a higher base of recurring rental revenues. We are addressing a broader market and a larger base of clients, either on the residential buyers, either on the leasing and rental sector. Also, we are exposing geographically to more markets, therefore being able to capture more opportunities. Thank you for your attention, and I wish you all the best. Thank you. Thank you very much, Cosmin. Basically, what you see all around the presentation today, all the forecasts are made based on either assets that we own already in a vast proportion. The estimates are based on assets that we own already. 85%-90% are based to assets that we own already. Also related to assets or business that we have signed preliminary acquisition documents. Everything that is included in the forecast, the total asset growth, the turnover of EUR 2.5 billion in the next five years, net profit of EUR 580 million in the next five years is based on assets that we already have either secured, either we signed preliminary acquisition documents. If in the next period we will realize and execute according to the plan all these assets, and there will be other opportunities arising, all these opportunities will further increase all these estimations. We don't have anything in our estimation speculative or something that maybe we'll find something or things like this. Everything, it's what we know already, basically. You mentioned about the cumulative net profit target of EUR 580 million until 2031. You also talked a little bit about the budget that we have revised as a result of the certain delays that were caused at the level of the authorities. We've discussed this quite extensively in our latest results call after the first half. Many of you probably know from the media about the cybersecurity attack on the Cadastru system, which did impact the whole real estate market. This revision, it considers the net profit finishing about 15%-20% below initial budget. I want to ask, because this is a very important question for our investors, how soon will the delay be actually recognized? Are we expecting this net profit delay to be visible fully in 2027? Is it going to be visible beyond? Was this considered already in this EUR 580 million cumulative net profit that you mentioned until 2031? Basically, how we constructed this year, the budget was that we know already the new legislation that entered into force. The first quarter, even if it was lower results compared to last year, they were budgeted as such because we knew the impact. What happened in the second quarter was something that due to the new legislation and the collaboration with the authorities, there was another delay in doing the registration of the development in construction. That brought another delay. Nevertheless, looking just at the results as of 30th of June, our estimations were that by the end of the day, we could recover this gap. Until we published the results at the end of August, another event appeared, this cybersecurity attack, which again, was a factor of delaying the recognition and the profits. At that stage, the decision was to go on the prudent side and already communicate that the net profit of the company will be less than anticipated. The estimation is that partially in the fourth quarter, there will be a slight recovery of this delay. It's just a timing delay. There is no permanent loss due to these events. All this gap that we are delaying this year is anticipated to be recovered in the first two quarters of 2027. Thank you. Five years back, five years forward is our theme. I have two questions for you that I would like to bring related to this because when we first met in 2021 and right after the IPO of the One United Properties, I remember the very first financial report that we worked on together. It was significantly smaller, the company, than it is today. If you look at the balance sheet, I actually invite you to compare the balance sheet that we had in the first report for the first half versus where we are today, because this growth is unbelievable when you look. I have a question for you because the complexity of your function and of the finance department must have evolved significantly because it is one thing to look at EUR 500 million of assets or even less than that, EUR 300 million, and now we are talking in billions. How did it evolve in these five years, actually, since the IPO? Basically, there were two directions in which the finance function evolved. First of all, we need to increase the speed. We need to increase the speed in taking financial decisions and executing transactions in the finance department and also in delivering data, delivering reports, publishing financial statements, and so on. This was a key factor for the finance function to change. The second one was the reliability of the data and of the information. Basically, there was no time to make reports three, five times again because they were not reliable or there were various differences. You needed to make the report reliable and the data reliable from the first instance or rarely or maximum the second instance. This helped in the finance team that we are following various metrics to take the right decisions. This helped the company when publishing results outside to external parties in building trust to the company. Also internally, the information provided to the board of directors, to other users in the company, basically helped the company to take the best decisions based on the most reliable data available. I think these two directions were the most important in changing the finance function from 2021 up to 2026. Do you remember how many subsidiaries you consolidated in 2021 and how many we have now? We are consolidating around 26 or 27, I think, something below 30, and now we have 60. Okay. It's somehow in line with the progress of the company, also the number of- But the subsidiaries are reused also. Correct. Some of them are recycled. Yes. The last question for you, so now looking to the future, very ambitious development plan, very ambitious targets in terms of assets, the turnover, the net profits. What do you think are the key priorities now for the financial management for you starting this year? What are you actually focusing on? I think what happened in the last period was the phase of growth for the company, as you saw also in my last slide what I presented. As the finance function is organized today, the growth of the company can be easily supported and the finance, as is built, can scale up, can support the scale-up of the company. How it scale up in the last five years, three to four times, it is not a big difficulty to scale up and the finance function to support the scale-up with another three to four times in the next five years. What is more priority and more challenging is the diversification of the company. That is a little bit another story because going into new geographies, especially United States., not necessarily Iași and Constanța, it is something totally different, okay? Different tax environment, different legal requirements, different financing structure, different investor behavior, and so on. That is a priority to adapt to the new geographies. The second priority is also to adapt to the diversification in terms of product. I am not referring here if you build residential for premium market or for affordable market because this is 90%- 95% the same from finance point of view. I am referring to other business, for example, the hospitality business. That is okay, still in the real estate industry, but it is a quite different business. The priority of the finance function is to adapt, to understand, and to be able to support this diversification. This is what I see as a priority and as a challenge for the finance functions in the next period. I think our investors will keep seeing it because speaking of the reporting, I remember how thin our first reports were, and if you compare them with the reporting in the financial statements we submit now, there is quite a lot of lecture for all of you. Thank you all for bearing with us. There will be definitely many more pages for you to read in the coming period as we have this ambitious expansion plan. Thank you very much, Cosmin. Thank you for joining me today. Thank you. All the best. I would like to now invite Beatrice Dumitrașcu, our CEO of Residential Division, who will walk you through the segment update. Thank you. [Non-English content] Good morning, everyone. I am Beatrice Dumitrașcu, and I run the Residential Division. One second to organize a little bit. I am very proud of what I am going to show you today because these results that we have, it means a lot of work for each and every one of us. I am part of that group where capital and strategy becomes product, sales, and collection. How do we keep both? Meaning that we want to expand the addressable market without compromising on quality. Both halves are very much important for us because growth that costs your margins is not growth. If we are not able to scale, it means that we cannot do business. I will show you how we keep both. What we have here, five years back and five years forward. Side by side, 2021 and 2026. At the IPO, we had EUR 0.94 billion residential portfolio gross development value, 483,000 sq m built or under construction, and only one market, Bucharest. What we have today, it is EUR 4.5 billion + of residential portfolio gross development value, around 1.09 million sq m, and five plus one markets. Bucharest, Constanţa, Sibiu, Iași, Nashville, and Miami as our next target. What did that produce? It produced EUR 1.05 billion in sales, pre-sales, and reservations since the IPO across 3,595 units. The pace is compounding, not slowing. Today we have, after the first half of this year, EUR 106.1 million across 229 units. Average price up 24% year- on- year, mainly reflecting project mix that we sold. We are heading to deliveries this year that are historically the biggest since we have started. What I want you to keep from this slide is the fact that One United Properties is no longer a developer with projects. It is a platform with a repeatable and scalable model. Land, design, execution, and sale that we have proven in more than one city. The question for the next five years, it is to whom we can address this platform. If the market, it is big enough to address the platform that we have. We know that Bucharest, it is substantially undersupplied. We have a deficit of around 100,000 units, and this shortage, it is precisely concentrated where we are heading, at the mid-income segment. We know that these deliveries that were in Bucharest for the 2025, they were 44.7% only in the area that we are interested in, so it is a lot of room there. This is very important for us. Then we have to understand that 94.3% it is homeownership, which we know that is the biggest in the European Union, and as well, yet only 7% of the working population holds a mortgage. We know that ownership is cultural. Leverage is still ahead of us. In terms of pricing, this chart can say it better than I can. Bucharest trades a fraction from Prague or Warsaw if you take them into consideration. Our plan today, because what you can see here is that we have a market where we are not squeezing, being a market completed. It is a market where we have headroom. Our answer to this headroom, it is scale. You have seen already what we have done. You have seen the trajectory. You have seen that in 2014, we had only 14 units. Then we had 900 in One Cotroceni Park, 2,000 units in One Lake District announced and under construction. Going to the mid-market, now we are moving next to One City District. One City District, it's our affordable housing platform, an urban regeneration that is going to be developed on 21 hectares. Victor already told you that there are around 3,200 residential units with a construction that is built, 322,000 sq m. What is important to understand is that is one master plan, and the addressable market will multiply. Now, we know that in order to expand the market, this works if you don't compromise on quality and you don't cut from your margin because if these two are surviving the trip, it means that you have a lot of things to do ahead of you. Now I have four points to prove it. We have Green Homes certified 100% since 2017, and we are aiming to have LEED Zero Carbon in the future, which means that it's not a marketing layer, it is a standardization, it's a fact. We are going to do that in the future as well. We also know that in terms of economics, 35% is the minimum gross margin per development. We also know that up to date, we have delivered 15 developments with a gross development value of EUR 774 million. We also know that we have the trust from the clients. How? 75% of our under constructions in June 2026 were contracted, which means that clients came with deposits to us, and they trust us that we will deliver to them new developments that, of course, yet they are not finalized. It is important to understand that these are facts. These are things that happened before. This shows us that we can move forward, and we can scale, and we can go to the other step. This means that one of the questions that we have for the next five years, that defines the next five years, if this deep market that we are addressing to, it's large enough for us, so we can fit in and bring our new platform. The next five years, we know that we have as a commitment already, EUR 445 million, the future gross collection from contracts at June 2026, scheduled through 2029. We also know that we have under construction 3,939 residential units. But you have to see that 2,562 of them are scheduled to be delivered this year, which was a huge effort for the company and everyone involved. The biggest delivery year- to- date. As you can see, EUR 2.37 billion gross development value for all these over 10,000 units that we are planning to launch. We have a new generation of developments that are coming to life. Some of them scheduled for 2026 and 2027. I will mention some of them. One Floreasca Club, One Cotroceni Towers, One Park Lane, One Riverfront in Sibiu, and others are about to come. Now, in the end, I have to inform you and to announce you that we are inviting you tomorrow to our launch because tomorrow we are launching One Floreasca Club. One Floreasca Club, it's part of the series Floreasca, and we know it since from the beginning that we had One Floreasca Lake, One Floreasca Towers, One Floreasca Vista, and the list can continue. This new development that opens tomorrow, it's a low-rise development, a boutique one with 211 units. We have 10 commercial spaces at the ground floor with gardens at the ground floor. It is a beautiful area that is going to be a new attraction because it is very close to One Verdi Park, One Mircea Eliade, and of course, to One Gallery. Our new development that is going to be a huge attraction for Floreasca, and the people can come by walk to visit the location. We also know that what I want to tell you in the end is that you have to understand that we can be precise. We have the placemaking that we have already done up to now, and the standards that we are having means that we can build 211 apartments with the same responsibility and with the same discipline like we are going to build 3,200 units. Please come tomorrow or even today if you want to. We have a mock-up already. Thank you. Thank you, Beatrice. Thank you. I will start. You are making the news also today. We have the announcement of One Floreasca Club. I was there at the launch of One Floreasca Sunset. It was an amazing event. My husband told me, I am going to leave from here with several apartments, because the vibe in the room was incredible. So beware, watch your pockets if you join Beatrice tomorrow at the launch. I highly recommend it. I think it is an amazing crowd that you always manage to get together. It was something really, really unique. So, I highly recommend that. The reason why I am mentioning One Floreasca Sunset, because it was an amazing launch. People were almost fighting for apartments while there. That is true. Yes. This was very much visible in our trading update because within few weeks you have managed to sell over 70% of the whole development. Basically, the whole 70%, as far as I understand, was sold over the weekend, and then it was just the practical part of actually signing the agreement. So I think that is something really unique for the real estate market. I have a question because many times when I discuss with investors, they actually ask us about the strategy related to launching the developments. So 2026 seems to be the year of Floreasca. So we have One Floreasca Sunset and now One Floreasca Club. Can you tell us a little bit, how are these two developments different, and who is the client for One Floreasca Club? Are these two developments actually stealing a little bit from each other, or are they complementary? When I say stealing, I mean, the customers. How does it work? First of all, as we have seen, we have a deficit of residential product on the market. Each time we are launching a new development, we are finding the right clients for each development, because buying a home or investing, it's something that it's really special. Why? Because if you buy it for yourself, it matters how you feel when you go there. You've seen at Floreasca Sunset, you're almost trying to move there as soon as possible. If you buy as an investment, you know that you have to see how that property grows in terms of pricing, and it's available for the future. We are lucky that we have raised this brand, One, and it's trusted and as well, it's like an open book because everybody can see what we are doing because it's a listed company at the stock exchange. In terms of how the clients are, for example, that location was checked by everyone all the time because it's a great position. I'm talking about One Floreasca Sunset. It's between three lakes and close to a park and spectacular views. Everybody was willing to live there because it's in the area where we have the business center, because the north was developed in the north part of Bucharest, so everybody wants to move closer to the area in order not to live in their cars for 1 hour and 1 hour and a half per day. For One Floreasca Club, actually, it's not stealing any of this client. It's addressed to another type of client. It's a low rise, it's a boutique. There are only 200 residential units in an area where it's close to other important things that matter to the potential client. But the first thing that it's important is that the deficit also helps us to sell very fast because there is no product on the market. I don't know if I answered. Yes, you did. I love that you mentioned that thing about the one-hour traffic because this was my life before I did move actually to a One development. I cannot stress enough to all my friends and my family how important it is that you can actually take a walk in the morning and go on foot to your office, and then you look at all the people in the cars and you're like, oh my God, I saved one hour one way of my life. I think this is, and I say it from my experience, one of the greatest advantages of One developments, that they are always in the best locations. This is something that I'm very excited as I see the pipeline because now One is not only going to offer this in Bucharest, but also in other cities. People from other cities in Romania are going to have this opportunity to live exactly right in the heart of the city. I come back also a little bit to the question because how do you decide the launches? How do you handpick which development gets launched when? Does it depend on the pre-sales? Does it depend directly on demand? How close are you actually with the clients to determine what comes to the market next? All depends on how we get the building permits, first of all. Second of all, we have to be sure that everything gets prepared. Going back to the deficit. If you do not have too much product on the market, it is true that you are organizing the launches according to the need that you have. For example, if tomorrow we will be able to launch One Cotroceni Towers, we will do it because we know that area. It is again, an area where the urban regeneration, it is important, and there is lack of product in that area. Everything depends on how fast we have all the documents and how fast we can prepare for that. This is the— One of the big questions, I also gave this question in a different context to Cosmin, but it has been a very challenging year because of the legislative change that happened in the Romanian real estate market, again, affecting the market as a whole. I wanted to ask you for your perspective, how did the clients react to this change? Were they aware of the change? Because the so-called Nordis Law, as it is referred to, it was introduced to protect the client. It was introduced rather swiftly, I would say like this, without sufficient implementation time. I wanted to ask you, how did the clients respond to that, to the new payment schemes, to the new approach towards sales? Did it impact in any way the demand or maybe the demand actually increased? How do you see it? The demand exists. Just think about the fact that if that law did not exist and came in December last year, actually those 75% of One Floreasca Sunset sold, there were pre-contracts, not reservation in the beginning. This is what it affects you in the cash flow, of course, and how you report the transactions. It is a lot of noise in the market. The only issue that we have is that at the moment we are able to discuss face-to-face with the clients and explain to them all the details, and they see what we are doing. It is much more easy to make them buy, but if they are going back to the internet at the noise, sometimes they are going to delay the decision of buying. Because today the decision of buying, it takes longer than it used to. For us, it was not an issue that the law was changed because we were using the money only to develop this construction that we have in our portfolio. It is only an administrative issue, which is huge, by the way, because as I said, at One Floreasca Sunset, we had to have only reservation contracts, and now we are a little bit crowded with the signings due to the fact that we had these issues that came to us. But in fact, yes, there is a lot of noise in the market that affects the decision of the clients. We do have clients, but of course, some of them are waiting, we don't know for what, but in the end, they are coming to us buying and saying that they should have taken the decision at least two years ago. What I wanted to ask you is, the results are consistently extremely strong for the residential division, and it is due to you and the whole sales team for doing an amazing job quarter on quarter. There is a lot of pressure, once you're a public company, to keep delivering the results. I think one of the greatest things is that regardless which quarter you look on, there is always going to be sales. That brings me to the question, because a lot of investors, they look on our results and they're like, okay, there's so much sales. Who is actually buying these apartments? They ask, are those investors? Are those actually people who do want to live there as the end client? Of course, the 200,000 units deficit, it is a clear proof. I always give this also as an example of there is a deficit and also what Victor always likes to underline, that people want to move and live in a modern apartment as the wealth is increasing. But could you more or less estimate what percent of units is actually sold to the end clients versus investors? Do you track it, or is any of these numbers so insignificant that actually- You have to understand that on the market, there are a lot of money. First of all, having a home ownership that big that we have, people are able to renounce the old communist apartment, sell it, and come and buy a new apartment, maybe move from a neighborhood to another to do their new life that they have, socially or because of the work. Second, the people that invested early with us 10 years ago, they bought only one apartment as investment and one to live in. They've seen how the added value is to what they bought, and it is rather more safe to keep in this type of investment, the money, rather than keep it into the bank. We have a mixture of clients. We have final clients that are coming their first home, clients that are buying just to make an investment somehow, clients that are selling what they have, they want to move forward. As well, we have investors because this market in Romania, it is not yet a market of rentals. We do need investors to come and buy packages of apartments so they can release them on the market as stock of rental units. At this moment, we have all types of clients, but as a personal target, I want to get more to increase this border because I know we can do more for the final user as well as the investor, because there are a lot of money in the market. The last question, I come back to the regional expansion. Constanța, Iași, and Sibiu are the three cities where One right now is looking within. In Romania, we have already lands. What advantage do you see outside Bucharest, and which markets do you— Are there any limits in terms of expansion? Are there any specific macro data that you're looking when deciding if to go to a specific city? Is it demand? How do you look at other cities than Bucharest? Because for many years, actually, we have been focused on Bucharest, so this was very much welcome by many people. I cannot tell you enough how many messages I get about One Riverfront in Sibiu. Yes, One Riverfront in Sibiu is going to be something. Yes because everybody asks us about it. Oh, yeah. Everybody. What advantage do you see in those secondary cities, actually? And what are the other cities that you would consider could be the targets for One? First of all, we are scaling, and you want to multiply and to have a bigger market. One already demonstrated what they can do if they can have Bucharest at their disposal to grow. These cities are important cities on the map of Romania. When you find a good location where you can put your brand and show to the country that you can do what you have done in the capital, I think it's a good point. Moreover, if you don't scale, you know that the growth is not the same. The main idea is that if we find good lands at good price, of course, you buy them and you develop there because you need the entire infrastructure, so the entire infrastructure needs to be in place so we can deliver the product that city needs. Thank you very much, Beatrice. Thank you. Thank you for joining me. For those of you interested in One Floreasca Club, Beatrice See you tomorrow. is going to see you tomorrow. Thank you all. I would now like to move to the rental division and invite Mihai Păduroiu. I would like to start by thanking everyone again for joining us. I know it can be quite challenging to manage and process all this data and all the slides and all the billions and percentages and so on. I will try to be as brief as possible and then happy to take a lot of questions. Following the same concept of our presentation today, so five years behind and five years forward, I wanted to start by presenting a snapshot of June 2021, which was the actual date of the IPO prospectus. This will help you understand and a lot of you remember where we actually started from with the office and commercial portfolio. So June 2021, we had three assets in our pipeline. We had One Tower, which was recently finalized at that time. It was 61% let. We had One Cotroceni Park, Phase 1 and 2, which is our largest asset and which at that time was still under construction, and it was 63% let. Also, we were redeveloping One North Gate, which had a similar size as One Tower, so 22,000 sq m gross leasable area, while the others had 24,000 sq m and 81,000 sq m. So this was the office portfolio at the IPO. At that time, we presented a very clear strategy. The intent was that the office portfolio would become a key pillar of the company and of the future growth of the company, balancing with recurring yearly income the development activity of our group. So this was the intent, this was the strategy. The end objective at that time was to own and manage a portfolio of roughly 130,000 sq m of gross leasable area and continue to operate it, so not divest, not sell, continue to operate it on a long-term basis in order to, as I said, complement the development of residential. So this was the snapshot of where we were at the time of the prospectus in June 2021. I wanted to include a few key visuals because I think we very easily forget about all these milestones that we achieved and how we got here today. So you can see here One North Gate under redevelopment, One Cotroceni Park quite in very heavy construction and development stage with the first phase being watertight and the second phase being at structure level, and also with One Tower being almost at watertight level. Now let's see where we are today. What does the office portfolio look like today? We reported at the end of the first half of this year a gross leasable area of over 150,000 sq m with a leasing percentage of 95% and a headline net operating income of almost EUR 29 million. Nevertheless, at the end of this year, because we are going to welcome two new assets which have been recently finalized. One Technology District has also been commissioned actually yesterday, and we are going to commission soon One Gallery, the former Ford factory. At the end of this year, the portfolio will actually reach 190,000 sq m of gross leasable area with a level of 96% in terms of occupancy and a headline operating income of over EUR 40 million. Another key metric, which I always invite you to analyze because it tells a very deep story about real estate portfolios in general, is the weighted average unexpired lease term of that particular collection of assets. In our case, the weighted average unexpired lease term at the end of 2026 is almost seven years. This shows you a very long-term and a very stable income flow for the next period. This is a very important key metric. The collection of assets is really particular and really special. One Tower, the building where we are today, is the foundation of the portfolio. Then One Technology District, the Infineon Technologies built to suit their headquarter, which as I mentioned, was just commissioned yesterday. I am really happy to confirm this was one of our fastest execution projects ever in the entire history of the company. We started to pour concrete in February last year, and we managed to build and successfully commission over 30,000 sq m of gross built area or 22,000 sq m of gross leasable area from February last year until end of August this year. This is amazing, especially given the complexity of the building and the fact that it is one of the most sustainable buildings ever built in Europe. Then One Gallery, which is going to commission very soon. One Cotroceni Park Phase 1 and 2, the Intesa headquarters in Piața Victoriei and Bucur Obor which has also recently been commissioned after a very heavy redevelopment and CapEx program that we ran there in order to upgrade the technical specifications and improve the overall environment. All of these assets are fully let. This is very important. Also Bucur Obor will be 90% let at the end of this year. All of our core office assets are fully let with Bucur Obor at 90% at year- end. Now, because of the demand that we constantly had from investors, especially from institutional investors, as Victor mentioned earlier, we decided to create this new company, which is called One Income Properties, which will consolidate all these amazing assets and, hopefully, will attract more capital and will create an even wider asset base. Hopefully, will become one of the largest or if not the largest REIT in Romania. I am really excited about this. I wanted to mention the fact that we reached this decision based on the demand from investors, based on the need of the market for such a product because high quality offices remained a go-to asset class, which has proven to be cycle resistant. They provide a combination of yield appreciation, yield compression, rental income, a natural hedge against inflation, and all these compound into a very attractive, stable, and long-term recurring income for investors. This was the thesis behind One Income Properties. Another key visual of where we are today. One Cotroceni finalized, fully let. One Tower looking amazing here, also fully let. Finally, the former Ford factory, One Gallery, very close to commissioning and to welcoming the first guest there. We saw where we were at the prospectus, we saw where we are today, and now let's look at where we want to be five years from now. I like to call this Vision 2031. As you already heard today, we are going to create this new vehicle, this new company, which will include all the existing fully rented assets and will attract substantial new capital and new assets inside the structure. The objective is to reach a size of 300,000 sq m of gross leasable area and a gross asset value of over EUR 1 billion. Now, if we look at the track record, where we were at the IPO and where we are today, you will notice that we delivered almost double than what we promised in the prospectus. At the end of the year, we will have almost 200,000 sq m. We promised 130,000 sq m and we will have a gross asset value of almost EUR 600 million, and we promised EUR 289 million. We almost delivered double than what we promised at the IPO. Does that mean that we will deliver double by 2031? I don't know. What I can promise you is that we will definitely try. Thank you very much. Thank you, Mihai. Good to see you here again. Exactly, this is my question. You exceeded the expectations for the last five years. What will happen in the next quite impressive and, indeed, the 129,000 sq m and EUR 289 million stabilized value. Today, we are at 200,000 sq m and EUR 600 million value, almost. It's rare, I would say, for a developer to actually exceed that significantly its target. What did One do differently? What helped this for you to exceed this initial target? This is a great question, and I think there are three key pillars, vectors, which created this result. The first, in my opinion, is the fact that we made substantial efforts in order to understand the demand of occupiers. In our case, in the office portfolio, it is mainly multinational companies, corporate occupiers, and really being able to understand, especially through the past cycles, which were the COVID, then Ukraine War, AI, and all the things that are happening now all at once, which have created a lot of impact and transformation in terms of how occupiers approach their workplace and their footprints and so on. Being able to understand this demand and also being able to very quickly adapt and redesign and change the product and become more flexible in order to cater to this very dynamic demand. Understanding the demand, being very fast in adopting the necessary changes, and also, I think the third vector was always in terms of flexibility. Being able to think outside the box and be flexible to always search for solutions. That demand was always there, especially in an emerging market with a fast-growing economy. Offices are a structural part of the real estate infrastructure of the economy, so the demand was always there. It was just a matter of finding the right profile and the right decisions to match that demand. This is a very good point because I think for a relatively young developer, because we cannot not say we are not young in this market, so let's look at it as five years. You have a core portfolio 100% leased even before the finalization of the developments. This is especially important because if you look at the vacancy data in each of the relevant sub-markets, so we are talking about Dimitrie Pompeiu for One Technology District, Floreasca-Barbu Văcărescu for One Tower, and Center West for One Cotroceni Park, you will see there a lot of vacancy. What does One do differently in the office market that you are fully leased? It is amazing. I get this question a lot. I like to start answering by referring to this story of One or the secret of One, which is actually not the secret of One, it is the story of many. Because all these results are delivered by many young, very talented, and extremely hardworking and dedicated people, which are part of our teams that together bring to fruition these results. I call that the human layer. Together, of course, with the right mix of ingredients, which is the location, the right capital allocation, the technical specifications, which in our case, being a full-circle developer with design in-house, general contracting in-house, are very important. Then the sustainability factors and very importantly, also the client care, because we act as a boutique firm when it comes to client care. We are very close to our clients, from the residential buyers to the large corporates in the office portfolio. I always like to say this, that we act in terms of client care as a small entrepreneurial company, while we execute on scale like a very big institutional company. The human layer together with all these factors contribute to this absolutely unique value creation process, which generates all these results. The last question for you. The 2031 ambition is more than 300,000 sq m, EUR 1 billion rental portfolio through acquisitions and own development. Are you pursuing the build to suit as a principal idea for developing the office further? How much of this ambition is already secured or somehow defined for you? Maybe not yet for our investors. Obviously, we have already started to work on this. I can confirm we already have a significant pipeline in the works. I learned from Victor many years ago that no matter the cycle, there are always opportunities in each market. It is just a matter of identifying them. To answer your question, yes, we are already working on a pipeline for M&As, but also on new developments. You cannot reach this sort of portfolio without looking at every single typology of opportunity. Be it a build to suit, an acquisition of an already income-generating asset, or maybe a redevelopment, or an asset where we can step in and create substantial additional value through our brand, through our expertise, and so on. It will be definitely a combination of all three. Of course, in order to provide a good dividend to the investors, it is difficult to reach this only through acquisition or through own development, one market and so on. It is important to cover the full spectrum. Again, I can confirm that we are already working on opportunities, and I am super excited about this. Thank you very much, Mihai. Thank you for joining us today. Let's thank Mihai. So far, you have heard a lot from us here at One United Properties, from my colleagues, from myself. We decided to do things a little bit differently. I mentioned to you that we have a surprise panel. We want to present One United Properties from a different angle. And for this, I would like to switch now to Romanian. [Non-English content] [Non-English content] Hello, hello, hello. Wow. [Non-English content] [Non-English content] [Non-English content] I want to invite the CEO at this point. Thank you. Delia, you are very used to the stage. I can say it is the first time that you speak as an investor. I would like to have a connection right now because first and foremost, you are also working at One United Properties, and I want to ask you something. First and foremost, usually I am on stage. When I speak on stage, I usually sing, right? I am creative. I speak voice, tools. We do other things. But this is the very first time that I actually speak about something that is not necessarily on my agenda, right? 10 years ago, we moved in this point that you have built. I like the area quite a lot. I was surrounded by a lot of greenery. We were very close to the park. I have a very active life. I do a lot of sports. I do not like to drive. For me, it was very important to be in a place where I can unwind without using a car and to have things close to me, and to live in a healthy environment. Well, this is exactly what we were speaking earlier with Beatrice, that the greatest advantage of all One developments, effectively, you do not need a car ever. Myself, for example, I never use a car, my own. Well, today here I came with a bike. It was six minutes from where I live, and it was really good because I did not participate to congest the traffic at all. I do not want that. I understand that very well. Okay. It is very good. Either by foot or run or by bike. But I want to ask you, as a joke, was Victor or the eyesight who was convinced you? I was convinced how they are seeing and how they maintain themselves, because I was already living in this house, and I knew very well how I feel. I thought it was the case that I could invest in this without an issue. I want to know, how did you end up buying shares at One United Properties? Because this is a bit of a secret, but many of you do not know that Delia is also a shareholder at One United Properties. Well, that is exactly what happened. I got very used to the community, the people, the place, and even Victor, I would see him quite often somehow. And this idea was quite nice for me. Why not? I believe in this. I like how it is being developed, how the business goes, and that is why I am interested in shareholders pricing. I like the idea of it, and I believe in this project, and I want to be a part of it. So the first time in my quality as an investor in this relationship with you, one of the shareholders, I really thought it was quite different. This is not something that the capital market has seen. This was a more successful point for me. And now a question, do you check the One United pricing from time to time? No, not really. I actually look to see what is taking place in the areas next to it. For example, I am trying to look to see what is around, next to, what could call this, if it is good for a comm— That is how I recommend to all investors to invest, to look and verify just after a few years. Well, I am a more creative mind. This is how things are working for me. So now I want to move towards Mihai, who has got to know One United Properties in a bit of a different manner because I am thinking first time that you have heard about One United Properties was about the IPO, right? Well, One United Properties did not know that we had so many developers at that point, but I looked a bit closer on the financial area to see how things are going. So when did you invest for the first time during the IPO? What was your thesis for investment, meaning what are the reasons, okay, this is a company that I want to work to invest with? Well, I was not alone. I was already investing in different companies, both in Romania and outside Romania. So the field was quite known to me. What has determined for the investment for me was the positioning of the market, because the real estate is a very cyclical point. It depends quite a lot on this cycle of the economy and the interest rate. So it makes it grow in terms of what the cycle was. What I was surprised was that was a good development for all the trends. Clothes, watches, real estate, these have a high resilience because, okay, we could invest in a field that has a good margin, but without being attacked by the cyclic nature. So that mattered. And also the history. This real estate, at least in Romania, is a field that is a difficult one, so to say. If you were to look at the companies behind it, they had a lot of issues. They did not communicate. So One was completely different from that point of view. I remember when we were speaking in 2021 about it. I think it was Victor came, and we were discussing with a constructor who was working for them and discussing like that just by chance. He like, oh, we're working for ONE now. How is that the power of the brand, to be happy to work for a company, to execute for that company? All the packages made me be quite confident. Another important aspect was the message that was sent since that moment. We are targeting to have a 30% output, and that was a commitment that has proven to be good. Paying attention to the financial area is, again, something that many entrepreneurship companies encounter with the financial areas. Either people who understand really well the business, who are extraordinary in their business acumen, but when you get to the business part, it becomes an issue. I have to say that Victor, I think it was in Greece on the beach, and Victor wrote to me, We're going to work with One United Properties. I made it. Now I know the power of the brand. It's a fabulous one. Even though you speak in different languages, you do speak about the same project. You're speaking about brand quality, about recognition, and seriousness, which is also very important for each resident that lives in the ONE development. You either invest money in One United Properties. Mihai, I have another question related to business, one because in my experience, we go with institutional investors. We have a question that always very important, which is a bit confusing for people in the sense that for many institutional investors, it's far easier to analyze a company that is just a developer for residential or a developer for office space. Many, many times we get the questions, why do you do both? For you as an investor, you believe it is an advantage or a disadvantage that ONE is doing both office and residential or office rent? Depends. For the company, understand the desire to enter in that area because you have a predictable cash flow, and this was a positive aspect. You saw it in the earlier presentation. This development, I remember from 2021 was I think it was EUR 30 million for this year. It's a positive element, right, in terms of income. Especially in a difficult market like Romania, especially on the land market, is a difficult market really. In a normal market, you usually need to have at least a 50% per company to be able to deliver a good product and profitable both for the client and the company. But if I look at ONE, it's about 20%. It's a difficult market, so I understand the revenue issue. However, it is highly problematic to see another company working with both. Now, I can analyze the company, look at it, but ONE is actually the basket where all the companies come in. It's a company that's just rentals is getting close to a bond, right? So it has a predictable income without a point of development, and it works with one of the best portfolios in the world. The discussion is very simple and clear. From the point of view of risk, you can manage it, you can keep the rating. If you have a lease of over five years, you can have a good rating. You can wait for a pool of investors that is very varied. On the other hand, when you look at a certain degree of development, it grows quite a lot because for the development side, you have to go on trust a lot. This is a field that is taken now, and you expect for five years, six years, seven years to see the project that is going to be deliverable. You move on trust base. It is also a lot of projects competing. When you look for the development side, it is an incredibly large point on this side. When you put them side by side, you have them accumulated, you see that they occupy a part of the rentals, you have to take them out of the equation. Who bought the rental, and they are like, okay, I have figures of development. Either I do not want to buy it or I cannot take it by mandate. They have a risk of development for a market like Romania. The answer is there are benefits and minuses. The reasoning is concrete to have a predictable cash flow, but the value is a downside in that point. Going back to Delia, let us get out of the investment area a little bit. I have another question for you. How is the perfect Bucharest for you? A civilized one. Educated. Who is naturally moving a lot by foot, with bike lanes, with green spaces, with friendly people, where you can walk at day or at night without any issues. I think that we have developed quite a lot in the last couple of years. I know that your dream is, to be frank, my dream also, just as citizens or as people who are working on this, we say that in the same way. Have you ever thought what role do you think One United Properties might play in this image of the perfect Bucharest? How can One United Properties help in meeting that desire? I think it can do many of the things that we have said earlier. Next to the construction, architecture, personal footprint, identity. I think it keeps account of this human side and the fact that even though you do not live in the middle of nature, you can do nature in also around us, to the best extent and as much as we can afford, because it is difficult to live between the gray side, and I am not referring to the large, I am referring to the Bucharest as a whole. You have to separate the decorum and to come out with something and to like the area that you are living. That is important. For me personally, I think the most important aspect is to have a lot of green when you get out. You have to look at something that is green. You know that. Yeah. This is the most important and the biggest advantage that I see for myself, that One United Properties not only is building in the city, but is building in areas where you have a lot of public parks and there is a lot of area that has been landscaped, which are helping for that specific area to be greener, more beautiful for all inhabitants. 100%. I would love, I think, in the future to move on and get perhaps in the mountainous area or something. I do not know. I would like that, to be frank. I would take that into consideration, to be frank. One Brașov. Or One Brașov. Who knows? Maybe. Okay. We have one client. We have a client already. It's an idea. If I were to ask you, where do you see us in five years? You're saying the mountain side? Yes. I think it's the ideal place. If Delia says so, I think you have some work to do. Thank you. Thank you also. One second. One second. I will be now switching back to English. I mentioned at the beginning that we have our Chairman here with us, Claudio Cisullo, and I would like to kindly invite him to join me on the stage for a little bit of a message from the Chairman, because I will not go into a detailed Q&A because we did have that last year. We do not want to repeat the same ideas. But maybe we go a little bit more into the personal thing because I really like the discussion with Delia about how she first heard about One United Properties and Delia living here and being Romanian, the chances of her hearing are actually significantly higher than you hearing about One United Properties. Yeah, actually, that was a funny story. Like all the good things happen in life, most of them are funny. Basically, I know Romania because I am Board member of this Ringier Media Group in the holding, and Ringier since 36- 38 years in Romania. Imobiliare.ro, Libertatea, and so on. We had board meetings here, and I get to know in that regard, I get to know Romania, which immediately attract my heart, my Italian heart, actually because I see a lot of similarities. Then I said, okay one of my company, Chain IQ, we build it up in nearshore center here, which today we have something like 270 + people here in Bucharest. On that journey, I saw the real potential in the real estate market. My first intention was basically to buy a few hundred of apartments, new build apartments, rent them, then keep it for a few years with 5% yield looking of the increase of the value of the apartments, and then to sell it to a pension fund. That was basically the intention. We started the journey and I think around, I had in my portfolio 100-something apartments. Then, of course, I get to know One United Properties. Then I said, how is it possible to approach One United Properties? Because I have all this maybe stupid but very successful habit. I always want to speak with the principals. Then a banker, which was CEO of a bank here in Romania, brought me together with Victor. We had an interesting lunch. We had a very interesting lunch, actually. The pasta was good as well. There we get to know each other. I was amazed. Of course, these buildings here was already built. I bought, actually, apartments in the building. I think it was Tower 2 or Tower 3. I don't remember now. No, Tower 2, I think. Yes. I said, wow, what an amazing company is this. But the most important, which in my career, I am 42 years in the business. Started with 20, no money. I had to borrow EUR 1,000, let's call it euro, to start my business. My family office now next year is celebrating the 30th years. I had a lot of investment. Happy anniversary. Thank you. I had a lot of investments all over the world. I said, wow, what an amazing company. The most important, wherever you want to invest and you think as a long-term investor, you invest in people. That's the most important. I was very impressed by Victor. Then I get to know Andrei, and I said, wow, these guys, actually, the business mindset reminds me very much like Swiss people. Correct, professional. Much more drivers than Swiss people, to be honest. But still with this warm-hearted and, let's say, Latin blood which impressed me a lot. The product I saw already. You have then the two amazing guys which build up a company, which today it's absolutely impressive. Then I started, that was in November 2020. I started then. We discussed, and we said why I do not buy shares in One United Properties. At that time, it was not listed. We agreed to buy shares. I even swapped, I think, if I remember now. I even swapped the apartments to buy more shares. Then, I became board member. In March 2021, I increased my stake of shares. In June 2021, as you all know, we went public. Today, One United Properties is the strategically, but also in terms of size, the second biggest investment which is in my family office. That's a little bit the story how we get to know each other. I have to ask because you mentioned about swapping the apartments for One United Properties shares. I have to say, every single Capital Markets Day, we do get question from investors to Victor and Andrei, and I never ask you that, who are asking, what do you recommend I buy, a One apartment or a One share? My recommendation is to buy both. That's basically- It's the same. my recommendation. This is basically something which you lever everything, and you balance your investment, and you can be sure one of the both will go much well than the other. Sometimes it changes, so it's vice versa. My recommendation is to buy both. Thank you. I have a question. Over this history of becoming a client, then becoming an investor, then becoming the Chairman of the Board, now we're here on our Annual Capital Markets Day, five years since the IPO. What would be the message that you would like to leave our investors with this five years in, five years ahead of us, given what we've presented today to our shareholders? Yeah. Look, in terms of why I'm Chairman of the Board is not that I do understand a lot about construction and about development. Okay, in the meantime, I also understand something more than before. I think I could bring in, let's say, my experience in terms of, let's say, international knowledge base of corporates. Especially when you are public listed. There are so many things which needs to be considered. Romania still has a little bit space to improve in that regard. Look, if you look at the valuation which Victor presented and our net asset value, and if you look at the gap which is in between, we are trading at RON 33 per share. I looked just before, RON 32.50. You look that we easily on fair market value, net asset value more say, we should trade at RON 66, so the double. This is something which no investor can do something wrong in buying that share. Because what we did in the last past years, we delivered every quarter for quarter, we delivered the results, the top- line, we delivered the profit, we delivered the dividends, we delivered everything. We were only harmed and not able to deliver because some political situation did not allow us to deliver. Or if I look back that we had two and a half years round about, two and a half years of, let's say, stocking with permissions, with building permissions, with finishing and so on. If you discount these factors, the company would be even, let's say, a quarter bigger or a quarter further than we are today. But this is what it is. Everything what we can have under control, I can assure you, as a Chairman, as an investor, as a full professional, this we have under control. The things which we cannot have under control, it speaks for itself that this is difficult to say. If you look at the journey going forward, we have a lot of plans. We considered very well in which market we went into it. We looked since years. We looked at opportunities, we checked and balanced which market in Europe could be fitting, and so on. At the end, it came the conclusion to go to United States. It's the biggest economy in the world. Now, I was asked by people, did somebody wait for One United Properties in United States? The answer is no. But in the way how we enter into United States, we do not think that we are more clever and better than the others. We are entering with a partnership with the strongest people on the ground, on the market, which knows what we know here in Romania. They know what it's in Miami in that specific regard. That gives us a lot of confidence and gives us also the opportunity to build the brand One United Properties in United States. So we are following step by step with a lot of cautious, but still accelerating in a way that we can exhale because Europe, it's a little bit in a difficult situation. Europe will remain in a difficult situation. I can guarantee you this. With all my other businesses, I'm very involved in all different countries and now, lastly, in the last five months, a lot with Germany. What I see there, it's more than scary. Again, these are opportunities. Where a window closes, a door opens. We just need to be fast enough to recognize it, to analyze it, and then go with cautiousness and with professionalism as we do all the time. Thank you very much, Claudio. Thank you so much for joining us today, and I hope you also stay for the final panel with Victor and Andrei. Of course. Maybe you will type a little question in our— Oh, yeah. I do not know if they would like that questions. No. No, joke by side. I think all the questions which we have among us, we already decide and discussed, yes? Thank you very much. Thank you so much for having me and good continuation. Thank you so much. Thank you. Thank you. Before we go to the Q&A, I would like to invite one more surprise guest, David Flusberg. Very nice to meet you. Thank you so much for joining us. Here is a microphone for you. You are such a surprise guest that we do not even have a slide for you, so I hope you will accept our Chairman behind you. Well, I have been spending most of the last months in Miami, so it is actually a surprise that I am even in Romania, although my wife and kids are in Romania. So tell us a little bit, let's present you to our audience. David is our Managing Partner in the United States. I wanted to just, five minutes of your time today on the stage, for you to present yourself and tell us in your own words, what is your vision for United States? What are you doing for One United Properties and with One United Properties today in the United States? Absolutely, and nice to see everybody here on this beautiful day in Bucharest. I'm David. I've been back and forth between the U.S.A. and Romania for the past 22 years as a real estate investor. I originally came here in 2004, during the first wave, and was the co-Founder and President of Adama, which at the time was one of the most significant real estate developers in the country. We built a couple of thousand apartments. We were institutionally backed by the likes of Tiger Global and Morgan Stanley, and we were a listed company on the Tel Aviv Stock Exchange. After we sold the company to Immoeast, which was a public company from Austria, I spent then the subsequent years in New York, developing real estate projects there, residential with another group, about 1,000 apartments of condos and rentals in Brooklyn, in Manhattan, and in the Bronx. I've been back and forth. There was a period of time also where I was the Chairman, the Non-Executive Chairman of One United, before Claudio came on and has done such an amazing job. I've known Victor and Andrei really since the beginning of getting here. I worked with them on financings when they were investment bankers, when I was working in Adama. Then we remained friends throughout the years. So they visited me in the U.S. a few times when I was developing there in New York, and we have a really high level of trust between us. When this opportunity to join the team, and not only to join as a Managing Partner, but also to invest my own money in the deals, which I'm doing, it just seemed like all the stars were aligning, and it was the perfect thing that I've been waiting for. I jumped on a plane and left my family behind and, like a 20-year-old, rented a car and started driving around South Florida and Nashville, Tennessee, and sourcing deals and putting deals together. Through that process, this vision that Claudio very eloquently discussed has started to come together where we're going to be doing a mix of our own developments there, land acquisitions, where we will start from the beginning. In parallel, we decided that the best way of entering the market was to partner with very strong developers and, more importantly, developers who have a very good track record and reputation. Reputation not only as real estate investors, but also as human beings. One of the things that we do in due diligence is that we bring them over here to Romania to see the operation over here because the value proposition that we bring to the market, it is not just about money. It is also about utilizing the platform here to find cost and revenue synergies in the United States. I think that might be surprising to you that a company from Romania could even bring synergies to the United States, but it is really true. The U.S. is a really huge market. There is a lot of action there. A place like Miami, it is a massive jungle. There are tons of projects. There are tons of capital sources. People really like the idea of a company that is internally managed in a foreign country that has a different set of experiences, a different set of suppliers, and a different way of looking at real estate. So when they see that the buildings have gotten built here, they look at the costs, they look at the design elements here because marketing and value engineering and interior design and procurement are some of the specific areas where we are going to be adding value to the partner's business. They are really impressed, and actually, they are letting us in their deals on the same terms as the developer from the beginning. Meaning these are really big projects that we are negotiating. So one project might be $ 500 million to $1 billion of total capital. We are not putting in that much money, but we do not need to because there are, in the project, there are debt sources, and there are also limited partners who are like the passive investors, the big funds who invest passively and pay a premium to enter the deals. Because we have the platform, we are able to enter the deals where we are not paying the premium, we are actually receiving part of the premium. We have a seat at the table, we have joint control, and joint management responsibilities. So I am super excited about that model. I think now is exactly the right moment in the U.S. to be doing that. You hear a lot of things about the U.S. and about the world in general. It is definitely a turbulent time coming up. The U.S. is a huge place. It is not going anywhere. All these predictions of doom and gloom, it does not make any sense. There are 400 million people there, and there are people moving there all the time. What does happen in the U.S. is that sub-markets, which once were maybe the best places, like New York and California, are maybe not the best places right now, and all those demographics and economics and population are shifting to other places. Places like Miami and places like Nashville. Miami now is getting a huge bet from one of the biggest billionaires in America, Ken Griffin from Citadel, who is creating an entire humongous campus for AI in Miami. Palantir, which we all know, it is basically the U.S. government's arm for AI and defense, has also moved its headquarters to Miami. So there is a lot of action there. There is a lot of good drivers. We believe it is a solid place for investment. It's one of the places in the world where the wealth that's accumulating in certain pockets wants to invest. If you're building a condo tower there and you're hitting the luxury segment, as we will, it's not necessarily for the common people. It's for the global investors who are looking for a place to store their wealth. That's a little bit. I think I've kind of gone on and on, so maybe you have another question. Thank you. Thank you very much, David. I think we will be seeing more of you in the coming years. Maybe this will become our new tradition to have David here talking about the United States market as it becomes more and more prominent. Thank you very much for joining us, and we can now move to the final part of the event. I would like to invite. Thank you. Let's give David a round of applause. Thank you very much. Thank you. Thank you. I would like to invite, for the final part of the event, Victor Căpitanu, Andrei Diaconescu, to join me for the fireside chat. You have the mic there. Another one, I want to say, bites the dust. We're almost done with our fourth Capital Markets Day. What did you think about the presentations today? I don't want to ask Victor, because Victor has been definitely overlooking all the slides, so he knows everything that was presented. I want to say something. Okay, go ahead. Thank you, David. I really loved your presentation, and thank you for doing short notice. I just let David know a half-hour ago. Thank you for being so spontaneous and for nailing it. Thank you. Well, I just told Claudio that usually I'm very relaxed about talking. But after having heard all these guys presenting, I'm stressed now. They were so good. I'm happy to hear you enjoyed it. Every year, we try to surprise our investors with some new. I don't know what we're going to do next year. I'm terrified. Who's going to be on the stage next year if we already- Also, last year, we didn't know what we are going to do this year. Now, I have a question. We have five years anniversary of our IPO that was in July. I wanted to ask you and take a little bit of a step back, and I will start with you, Andrei. Back at the time when One United Properties IPO'd, did you ever imagine? What did you think, actually, where would it be in five years, in 2026? Did you have any plan or any specific target that was accomplished or wasn't accomplished? How do you feel about the last five years? Well, to be honest with you, I don't think I'm the guy who is best to talk about the past because I actually never think about the past. That's the way I am. At the time of the listing, obviously, we had big dreams and so on. We never envisioned all the challenges we would have over the next five years from political, international events, wars, and pandemics, and so on. But what we have managed so far is to, I think, take good decisions, to be extremely consistent, to be truth to our customers and our shareholders, and always be busy. I think that's the values that have driven us here. Going forward, there are other things that I will talk about that will add up to everything I just said. I have one follow-up for you. I know you don't want to talk about or think about the past too much, but in the last five years, what was the single riskiest decision that you think One has taken? Or maybe the riskiest context that happened, because let's not forget the last five years were extremely volatile. How do you think about it, and did One deliver? Did it handle the situation or the risk in a way that you would have wished it did? Well, I think it is pretty obvious. We decided to invest and to continue investing when basically everybody stopped for all the reasons in the world, be it pandemic, wars, political situations, and so on. Nobody could understand how we could basically rationalize the risk of going forward, of acquiring land, of developing, and so on, with all the things that happened. Now, obviously, with all the projects that we have started being finalized, with all the litigations being finalized, with all the public rage that was once being the front page being extinct, perhaps people tend to forget that. But I think obviously the riskiest decision was to continue and bet big on Bucharest, and we succeeded, I think. I think the bet did pay off. Now, I have a question for Victor. All of our investors are very much used to you because we do our quarterly calls quarter- on- quarter. But today's event is a good way to take a look back at the last five years, and I wanted to ask you if. The business grew exponentially. I think we saw today on the numbers, the whole team delivered extraordinary numbers. I remember when we were working on the press release for the five years since the IPO, and you were going like, wow, actually, we did quite a lot of stuff. You don't really stop every day and think about how much you can accomplish. I wanted to ask you, what do you think would have not been possible to accomplish without the IPO, or what would have been accomplished but significantly slower if you did an IPO in 2021? Thank you, Zuzanna. Actually, I think without the company being listed, we could have accessed much less capital. With much less capital, we could have developed much less. So I think just the company would be much smaller. Even before the IPO, if we didn't raise outside the private capital, and let's say if today would be only me and Andrei, maybe the company would be 10 x smaller, I don't know. So we are really happy with the decision to list the company on the stock exchange. It has, of course, its pluses and minuses, but I think for us, the pluses much outweigh the minuses. On top of this and the growth that you mentioned, last year, everybody knows, actually, but I'll just repeat it, that Financial Times with Statista is making this top of the fastest-growing companies in Europe. They call it the Long-Term Champions in Europe. We was quite stunned to find out that we ranked number nine in Europe for the compounded growth in the last 10 years. This is quite amazing for a real estate company to be among only tech companies, which are the fastest-growing in Europe. You are number one as the fastest-growing real estate company because I think- Yes This is also very, very important. Yes, correct. We are number one as the fastest-growing Romanian company in Europe- Yes and the number one as the fastest-growing real estate company in Europe. I think this is quite Yep an achievement, and I do not think it could have been done without going public. We have a lot of questions. Based on the questions that I see that are being submitted, there are two principal ideas. The first one is related to the income platform, and the second is related to the United States. We have also had some questions that actually were sent to Victor via his LinkedIn. I do not know if you know, but Victor has lately been sharing some amazing insights from the history of One United Properties on his LinkedIn. If you have not followed him yet, please do. There are some behind-the-scenes photos of him and Andrei, some first plans. It is really quite an interesting journey, so please check this out. I have some of the questions actually from all over the world that I would like to start with. The first question was, why does One view the United States as the most compelling international opportunity today rather than European markets when its experience and supply chain may be more transferable? Beyond providing capital, what differentiated value can One bring to that established U.S. developers cannot already deliver? There are two questions within, but I also want to say on our chat, we have a lot of questions. Why do you not go to Munich? Why do you not go to South Africa? I think One is needed in all these markets, so maybe we will review the list after. A few arguments, why the United States.? This is a great question, but David answered it in full, I think. Just two, three thoughts, maybe not as good as his, to be honest. We saw that U.S. is very open for business. You are not judged that if you come from Romania or from anywhere else, you just go there and you are judged about your quality as a human being, and your track record, and your trustworthiness. Everybody's available, everybody wants to work with you together to achieve results. I told you earlier, we registered the company on 1st of January. This says it all. Probably in Europe, you could do it from the 15th of January, I think. We tried over the years, and we visited few countries in Europe. We tried to do business, and we just couldn't. To be honest, capital is not as respected in Europe as in U.S. In U.S., if you go with money to invest, you are much more respected than in Europe, and also than in Romania, to be honest. We have a question also related to your expected returns from the United States. What are your capital allocation priorities? Also, if you're only targeting development, having development income, or also you're looking at potential recurring rental income in the United States. We already presented what we expect as returns. We expect to return 25%-30% compounded on our equity yearly. We have also a new stream of profit on top of that, which is a promote. For rental, we don't have anything in mind. Who knows? Who knows? If David brings a good deal, maybe we do it. He's co-investing with us in every deal, so that's good. For the time being, there's no plan for rental in U.S., so we just focus on housing and condominiums. That's all. We already had a video about this back in January, I believe, when it was the first announcement about expansion in the U.S. We got a question, what was the reason behind choosing Nashville and secondly, Miami, as a destination for expansion in the United States? Basically, we analyzed a bit where we can go and which cities are growing the fastest. Nashville and Miami are in the top 10 fastest-growing cities in the U.S.. Not all the cities grow in U.S. Not all the states are tax favorable or investor friendly. Florida and Tennessee, they have zero state tax, and they are very favorable for investors and for living there. They have much better weather. In Nashville, it just happened that we had a friend, a person I know since I was a child, which we trust, and he was very excited to join us and to start the operation. We are very happy we started with him because we bought this land in Franklin. We are building the houses there. This is the way, basically, we managed to attract David on board. David saw the news. Basically, he called me, and in few days, we flew together to U.S.. This is how we chose. I do not know. Maybe you can say how Nashville impressed you, because I remember you were very impressed to see this place. Yeah. Obviously, there are two different places, right? You have the jungle that David mentioned in Miami, and you have all this authentic American typical lifestyle, which is much more relaxed. You do not hear a horn on the street for six months. Yeah. It is a completely different atmosphere and rationale behind the investment. I also have a personal connection with Franklin. It is a personal one, so not related professionally. I said it to Victor when I got the email that we had to prepare a current report about the expansion and that the land is in Franklin. Then I answered, well, I was in Franklin last year. Because a friend of mine who actually lives in Nashville, he took me there because he said, this is the best neighborhood, the best city in the whole of Tennessee. He took us around, we went to dinner, and if it is not kismet, I do not know what it is. It was meant to happen. It was extremely impressive because I think the whole structure in the U.S. is so much different because we say Franklin, and people do not know where it is. They do not know where Nashville is. Yes. That is also true. There is some amazing data about how people are actually migrating from other cities that we, as Europeans, consider the primary cities. But for the quality of life and for the job, the job security, the salary, they are actually moving to Nashville. Because a friend of mine, actually, he did move from California, and when I was there, he was telling me he is moving all of his family, his parents also, from California to Nashville. Let me add that maybe from Romania, this sounds like somewhere far and something small, but it is not. Nashville is a big city. It is more or less the size of Bucharest, just to compare it, and Tennessee is a big state. It is more or less the size of Romania. So for us, it is like you have another Romania and another Bucharest out there. I think it is much less competition, and we might be one of the few international investors there. Most of the investors are from the U.S. and from Tennessee. We are very well received by everybody. I was extraordinarily surprised how open they are to work with us. They are building the first underground with The Boring Company of Elon Musk, the first underground tunnel from the airport to the center of the city. You will drive in six minutes. The airport is huge, and they are doubling it. It is the biggest center for medical business and whatever is related to the medical sector in U.S. Oracle, because we discussed about the companies moving to Miami, but Oracle is moving the global headquarters to Nashville. It is under construction. Oracle is a huge company. Starbucks is doing that and a lot of other companies. It is really a very vibrant, big place, very safe place with nice people, open for business. Personally, I loved it. We have a question about the United States, actually. We are just at the beginning, but we already have a question. If you have plans to list the company that is open in the United States, and if so, when do you estimate to do so? I think we have some investors already interested in One United Properties. It is too early. The company is very small there. You saw the numbers. We are just in the beginning. There is no plan. There is nothing like it. I think we should have kept David here because all the questions are about United States. This was the last one. You know if the next is about U.S., he will answer it. Yes. We are actually moving to a topic for Andrei, I think. And the question is, we are moving to the REIT and the One Income Properties. So the question is, One Income Properties will be more like a REIT, a company focusing on dividends distribution. Is this correct? Yes. Can you tell us a little bit about this company? Is it going to be a standalone company? Is it going to be integrated? Is it going to be listed again? What is the structure? Okay. So, perhaps before going there, I would like to try and give a little bit of insight on how we see things for the next years. One of the biggest frustration, counterintuitively, that we had over the last years was the limited volume of growth, don't laugh, and the speed. We were very slow, and we developed much less than we could. Now, in order to address these two frustrations, we have devised together a plan that includes geographical diversification that you talked about, becoming actually a platform for investors, this is where the REIT fits. Diversifying into big scale segments like the affordable. Attracting extremely smart, much smarter than us, people along with us to work with us and to invest with us. Last but not least, and this will become, I think, extremely visible over the next years, is basically implementing AI in all the fields of activities. This is much bigger than anybody imagines in real estate. Traditionally, you would say that AI helps IT companies and so on and so on. A very slow domain like real estate should not be benefiting so much with AI. The truth is quite the opposite. To start with, most of the presentation that we have seen today are done with AI. Going forward, I think accountancy will be AI. Legal is AI already. Project management is going to be AI. In less than five years, we will have a robot here, a humanoid robot, that will build buildings for us. We have already started to program seminars starting next year for every person in this company to be able to work with AI. Support departments that were traditionally just support, with the help of AI, can become profit centers. This is unheard of. I have seen early demos of applications with that because we are working already on three, four applications that can do and change project management in minutes and optimize the way a building is built in minutes. We can do pricing on buildings more accurately in minutes, which takes us days. We can do budgets in minutes that took us weeks. The progress is crazy. That helps a lot with both volume and speed that I mentioned earlier. Now to come back to your question, obviously the investment platform, income generating platform, is going to be a standalone entity. It's going to be listed. It's going to attract more capital. It's going to be extremely cost efficient because that's the key in administrating other people's assets and other people's money. So very cheap. Fortunately, it's going to help with the volume and the speed because you know that our background is investment banking. We have become quite good, I would say, in development, but we can do much more if we have a platform, if we have the people, and they are powered by all these smart engines in the back. I have a question for you, Andrei. What about architecture? Architecture. We have this discussion. Yeah, I know. Architecture, unfortunately, is not there yet. Unfortunately, architecture is not there yet. Everything that has to do with wording, we can do with AI today. Plans, unfortunately, not so much. But AI is like I am. So I'm a very good critic, so AI can critic plans but cannot draw plans. I'm exactly the same. I was joking with the architects. But this is just a matter of time. I think in less than a year, we will have, two years maybe, we will have an entire building designed in minutes by AI much better than humans can. That's why I ask him because we have this debate all the time. He said it's not possible yet and I say it's very soon. Very soon, a building will be designed fully by AI to the developer's specification. The point is that we want, at least in this country or in the region, to be the first mover in this. We are allocating right now, I think a total budget of approximately EUR 1 million to build these softwares. The only question is, should we wait for one year and pay just EUR 100,000 for the same thing? Because also IT is growing so fast. That's still a debate, but we have started already. I hope I will still have a spot on this stage a year from now, and you won't be interviewed by ChatGPT. I don't know. We'll see. Coming back to the REIT discussion, because this is something that I also brought to Mihai related to the split between the rental segment and the development. You both know very well that this has been a challenge for many investors to somehow comprehend, even though for many it seems like a very basic thing. What do you mean? They're doing development and development for rental. Many institutional investors are just used to one of the models, pick one lane. I think this is going to be a good way to somehow maybe clarify these two lanes and not make them seem so confusing to some of the investors. We do have question from some of the people in the audience today asking, how do you think that the split between the rental and development is going to be in 2031? I guess at the level of turnover. Do you think it's going to significantly shift to more rental generating assets in the next five years, or do you think this proportion that we have today is going to be maintained? I can answer this. For the rental business, theoretically, the company, it's easier to scale, but this doesn't mean that the value for One United Properties from our share in that business will necessarily grow very fast. The value for One United Properties shareholders will grow much faster from development. Development of residential to sell, but also development of buildings to rent. This is our engine for growth, for sure. But the rental platform will be like a distribution platform. That company, after will be listed, will be an independent company that basically will not have a big growth. I told you we estimate 3%-5% per year, per share, but will distribute dividends every year. We'll have a high dividend return, and we'll have a small growth. One United Properties will always have a much smaller dividend return, but a much higher growth. We have a question also about the One Income Properties focus in the coming years. The question is: which segment of rental properties do you see the biggest potential? Is it office, logistics, or retail? Do you plan to expand your presence into new rental segments? Of course, that would be to add logistics to the mix. I want to steal the answer for this question as well. The idea is that we like only central properties, like this building. We like properties that if you go away and do nothing for 20 years, when you come back, the value is much higher and it can also be managed very easily by a small team of people at very low cost. If you go to buy logistic or industrial, in which we didn't invest up to now, and we don't want to invest, you basically buy some assets. It's like in the middle of nowhere, in my point of view, which they don't have such a big residual value. From our point of view, we like these very central properties, but we are willing to look also outside Bucharest in the big cities, as long as the yield justifies it. Because at equal yield, we prefer to buy central properties in Bucharest, but there is a limit to that as well. This is the whole idea. We like office buildings and retail commercial. We think these have much more residual value and much more resilience over time. As a follow-up to what Andrei mentioned about AI, we actually got a very good question right now in the chat. It is: what value proposition and defensible moat of One do you have versus the newcomers? Meaning the new companies that would come to the market and challenge you by being very good at AI. Basically, what is the added value of One today versus potential newcomers who might be using the AI as you described to come and shake up the market? Well, I think I just answered. Our objective is to be those disruptors that are coming over the others, not be afraid of somebody else. What we want to do is becoming the first company that implements systems, and it is basically powered by AI, being able to take better decisions, faster decision, and handle a much bigger volume of work. Imagine, the affordable housing. Unless you are extremely powered by engines, it is very difficult to be efficient. We have been working for about one year on that. The models have increased tremendously the accuracy. I think they are ready to be basically deployed in our everyday life successfully. Thank you. We have several questions related more closely to the capital markets and the share buybacks. As it was also mentioned on the slide, we have completed earlier this year the share buyback. All of the questions actually are referring to the fact if you are willing to continue this share buyback in the near future, because what was approved by the shareholders was significantly bigger. It was a relatively big plan. Do you have plans to continue with this model? Over the last one, two years, through our buyback program, we bought shares that we are going to cancel. Basically, this is a value for the shareholders around EUR 7 million. Through the public tender offer, around EUR 27 million. This EUR 34 million of shares, we are canceling it. Basically, the percentage of every shareholder will increase with about 5.1% just because of that. This is like a 5% dividend in shares for the existing shareholders on top of the regular dividend. Going forward, we think we need to have a buyback program permanently approved in place. We might use that from time to time, but for the time being, we do not have any decision to continue any share buyback. One of the other questions that came on your LinkedIn, a little bit related also to the discussion about AI, but in a different sense is: what will the future of apartments look like, and how are you investing in supply chain to maintain your leading position in the market? Well, for sure new apartments are going to be smarter. We are actually running now a pilot program on smart apartments that I hope is going to be successful and cheap because traditionally, smart homes and so on are very cumbersome and expensive. I truly hope that a lot more features in the new apartments are going to be interconnected and are going to better respond to your needs, cut your cost, and make your life better. There is a question also about apartments, but a little bit different context. It is related to building sustainable buildings. One is very well known for building sustainable developments. It has always been at the core of everything that you have been doing, both on residential and rental side. Here the question is: do you think that this is one of the aspects that investors are looking at? I think the question refers to both investors who invest in the stock and also people who invest in apartments at One. Is sustainability an important criteria when people buy apartments or not yet, we are not there yet? Well, I think 100%. I am going to make a parallel since you asked Victor about what assets is the income-generating property going to buy. At core, although we are finance people, we will be acting as real estate guys. For real estate guys, location is the main thing, right? Apparently, I do not know, a hospital in the middle of a forest may make a certain return, which may be better than an office here. But the question is, for some reason, a disease spreads or something, and this hospital has to close. That property is zero. You have to look at things at the core value. In the same way, if you have a sustainable building, that means it is going to be built properly, it is going to build for at least 150 to 250 years. It is going to be economically efficient. It's going to be well designed. It's going to respond to the design needs and appetite of the customer. That building, and it's going to be obviously well located. That building is always going to be more attractive than a less sustainable building. So at core, we are sustainable, and our buildings are going to be sustainable as well. I want to change a little bit, but still to stay with you, Andrei. So the legislative topic, it's been a big topic for all of us. It's been a big topic of all of our calls and our reports. We've been very actively communicating with the investors on the changes that came to the Romanian residential market legal framework. And I wanted to ask you, these changes, can you comment a little bit on how it is from your side, so running One United Properties day to day. How much of your time actually it took to reanchor the business considering these changes? Because the implementation I think it could have been that better, I would say like this. And it took us a lot to discuss with the investors. We are also communicating things that weren't yet well-defined at the moment in our calls, trying to keep them up to date. So if you can give a little bit comment on this last 8 months, 9 months, actually, since the law entered into force. Okay. There are several things that we need to discuss when it comes to legislation and bureaucracy. I will start with the bureaucracy. Bureaucracy has increased and is only unfortunately increasing. We have to navigate a much more difficult environment than we used to do five years ago. That's good and bad. It's good because it deters competition, just to be clear. It's very difficult for even a foreign player to come and play with the rules that you have here. But it's also bad because it hinders on the speed. Second point, legislation for residential sales, the famous Nordis Law. It's obviously a disaster law with no implementation time, with immediate implementation. We are working together with two developers association in order to make some changes in order to truly respond to the needs it was created for and become a viable tool for developers as well. There is also a good thing which happened, which is the new Code of Urbanism, which was adopted. That was also heavily criticized, but to me, it brings some new concepts that are extremely useful for a proper urban development in this country. I will give you two examples. It states that the authorities can negotiate urban planning with developers. Let's say that the community needs a school. Before, they couldn't ask for it. Now they can say, look, developer, I need a school. Okay, I will give you perhaps more building rights, or I will give you something in return by what I want you to pay for a school. That's fine. Before, this couldn't have happened. The second example is that you will not have free riders in urban planning. Let's assume that I'm one of the developers in an area, but in an undeveloped area, and I want to build my first project. For that, I need to bring utilities, I need to build roads, and so on, for things to happen urbanly logical. Before, I would have had to build all this by myself, and all my neighbors would have been free riders. They would just benefit from everything that I just did. Now, the new code implements basically the French model, which says that whenever a zoning is in place that increases the market value of your property, you have to contribute. Everybody contributes to the development. That is not only fair for the initiator, it also leads to proper development. Because the problem is that, like in Pipera, for example, if you look, nobody asks for itself. When everybody asks for itself, the end product is a mess because nobody does anything. When everybody has to work together, has to pay for everything will be done properly. I think that despite the criticism that it receives, the new Code of Urbanism is going to fundamentally change to the better the landscape of this country. I think it brings us, from hearing what you say, a little bit closer to this concept, which is my ultimate dream of 15-minute city. Because I do believe that every residential development, we should be able to reach the critical infrastructure. By critical infrastructure, I mean the shops, the kindergartens, the schools, all of the facilities that we need in daily life. We need to reach them within that 15-minute walk or, as Delia was saying, 15-minute bike distance, and it's very important. It's something that One has always been doing, but you've been doing it on your own back, so to say. I think it is true, and I remember once you said in one of the meetings that, of course, about this part of, let's say, freeloading or how we would refer to it, that everybody's upset when there is a construction next to you. But the moment the development is finalized and it increases the value and also brings you the facilities, suddenly everybody is happy. I think we all need to look a little bit more at the development. I think Bucharest is now undergoing a change in a positive sense. I think we see more construction sites, more of the developments, a lot of One developments coming to the end. We do have a question, actually, about One Gallery. This continues to be a big topic because it is going to be very important for the community and for everybody living in the Floreasca area. I think it's going to bring an amazing advantage to people who live here. The question is: are you looking at other cultural heritage developments in the future? Is this something that you want to continue doing? We have One Athénée, we have One Gallery. We're also going to have two hotels right in the heart of Bucharest. Are you looking at more properties with this angle for the future? We have also in Sibiu, right? In Sibiu, we have the former FLARO factory, has four protected buildings. This will be very interesting development that will include all these protected buildings there. We are not really targeting those, to be honest, but we are not avoiding those, I will say. Over the last five years, we've, let's say, built a competence in that. We know all the people who are involved in this process, all the historians, architects, and so on. Construction companies that are able to basically build such buildings. Obviously, we're not going to stop. We are not actively targeting certain things. Even now, we are looking at two, three opportunities, but we basically execute them when they come. We look more to the return on equity for our shareholders than just to do something for the fame or for the, let's say, heritage, to be honest. But we are not avoiding those, for sure. They can come hand in hand. Yes, sometimes they come. Yes. For a long time they didn't. Yeah. For many, many years, they were totally unprofitable to do. This is a more recent development since the prices increased and starts to make more sense to develop those. Before we wrap up, because we're nearing to the end, I have a question related to One City District. This is something that Victor presented as one of the four pillars of the strategy going forward, the more affordable market target. This development will bring approximately 3,200 units to the market. What do you think this development must prove or must deliver for One United Properties to, let's say, more aggressively pursue this type of developments in the future? I think it has to prove the speed of sales. We have to see the speed of sales. This, I think, is very important. Also, the speed of the construction and how fast we can recycle the equity, I think this is critical. I think maybe after we finish the first phase, we will have some real feedback and real data to see how much we can accelerate it. It is a big challenge, obviously, for us. I say that we have trained a little bit because One Lake District is not a small project also. We wanted to prove certain things. For example, something which we are not presenting, we want to build a 4 km boulevard that will basically cross our property, link it to the ring road, and to the center of the city because there is a public land that belong to a railway that helps facilitate that. Now, that is a cooperation between the private developers, the neighbors, as I mentioned, they will be involved, the authorities, and so on. A first big, big, big, extremely important infrastructure project that will change the life of maybe 200,000- 300,000 people in the entire area, we want to do there. We are going to continue with schools. The project is going to have a big school. We want to see whether we can build responsibly but much faster and cheaper. There are several, let's say, challenges that will be put together, and hopefully, in five years from now, we will see an amazing result. You very well anticipated my last question, which is, our theme is five years back, five years forward. A question to both of you individually. In five years, how would you like One to be? Are we talking about still predominantly Romanian developer? Is it a predominantly U.S.-based developer? How would you like to see the mix of the rental and development revenues coming in? How do you want to change Romania also? Are you planning further expansion into other cities? What is your vision, or what is your number one goal for the next five years? Maybe let's simplify it a bit. What is your number one priority for the next five years, and where would you like to see One in 2031? Look, I think regardless of what we do, because of where we deployed our capital and how much inertia all this capital and developments have, we will be mostly anchored on Bucharest. I think it is very difficult to change that. Yeah. I think that makes a lot of sense. One of my favorite expression is, I will say it in Romanian, [Non-English content]. So we have a lot- A little bit of everything. Yeah. We will basically be pushing in all directions and try to enhance everything that we just mentioned. Obviously, Bucharest will win by size because of the legacy, but let us see what we will say in five years from now. Perfect. Thank you both very much. Thank you to our audience for joining us today, both in here at One Tower and also joining us online. We will definitely see you in 2027. I have a small announcement for those of you joining us for the property tour. As I mentioned, One Gallery, One Lake Club, and One High District, all three of them already finalized or very close to being finalized. One Gallery, please have some patience with us, but you will get an exclusive look into that development. Please meet us at 1:30 P.M. in the lobby. We are going to go from there. Thank you all for joining us today. Thank you all very much. Thank you, Victor. Thank you, Andrei.