Hello, a very warm welcome to Eastnine's second quarter result presentation. My name is Kestutis Sasnauskas, and with me, Adela Colakovic, our new CFO. We will together guide you through this quarterly result, and the latest news in the company. Before I start, I kindly ask you to pose questions during our presentation, and when the presentation is over, we will respond to your questions. If we move to our second quarter, we deliver stable results. Our rental income is up slightly w e're coming from very high occupancy levels, so it's very difficult to increase our earnings significantly from 96.5% occupancy, which also increased during the quarter. Our net operating income, again, stable. Somewhat lower over the first half year. It's also the same for the profit from property management. It's a result of us actually building up our organization to take our next step. This is probably the main explanatory reason why the net results are somewhat lower. Otherwise, the business is doing extremely well. Our surplus ratio, back again at 92.5%. We have achieved now 8x debt to EBITDA ratio, and 45% loan to value, which actually enables us to do the acquisitions that we just announced this morning. Of course, during the quarter, we divested two properties in Latvia, and today we announced the acquisition of The Bridge. I will go into that acquisition in more detail further on in our presentation. Just briefly, we have approximately 258,000m² of leasable area, around EUR 1 billion in total assets. The new transaction will add an additional EUR 300 million, approximately, in asset value, and another 55,000m². We will be around 300,000m² of prime office in our markets. You can see the gradual buildup of our portfolio. We actually went from first acquisition back in 2014, and now in this quarter, we have, of course, first divestment that we had in Riga. Actually, if you look on the profit from property management per share, it's actually continuously performing very strongly. Of course, there's a slight dip during this quarter. Again, buildup of the organization, sale of Riga assets. When we look into the new acquisition, you will see the enormous positive effect coming from it in the future. What are the long-term trends, i t's all about the very strong economic development in our markets. Baltic States, Lithuania, and of course, Poland, were the leaders in economic growth over the last 25 years, 10 years, five years, and continue actually performing. When you put the graph like this, it doesn't look that actually there is a very big difference between the growth. If you look on the accumulated basis, this additional 1%-2% of extra growth gives an enormous, actually, scale buildup. If you look on the index, actually, you can compare over the last 10 years. You see how much faster and how much more wealth is being created in that region. That's what we believe is extremely compelling when you look into the future and when you invest in real estate. We also see that the regions where we are are among the fastest-growing regions, and expected to be the fastest-growing regions. Even the sub-markets where we are in Warsaw and Poznań in Poland, in Vilnius and in Riga, those are actually developing quite nicely, and are expected to develop quite nicely. Even if you measure on the top 20 European cities over the last 10 years, 15 years, or even five years. Among the top 20 European cities, 10 of them, half of them, are Polish, and we are very happy that all of the cities where we are in, they are among those top growing cities. Again, the very strong underlying macro picture in our universe. This is, of course, our favorite graph. It's the average rent in each market and average yield that you get when you buy properties. This enormous divergence of being in the market with lower rents and the highest yields, in our view, is somewhat mispriced. Of course, over time, this gap should close. We don't know when, how long it will take, but actually, this movement should definitely be there. Looking at economic development, again, GDP per capita, et cetera. How fast this region is actually catching up. What does it mean? If you look in practical terms, you can see that this very low yielding, combined with very high rent, results in very high capital values of properties. Stockholm peaks at EUR 22 approximately, whilst Warsaw is at EUR 5.9. Our latest acquisition announced today came at EUR 5.4, slightly below the top level, even though this is a top prime asset, and a brand-new one. What is also important to note, that in our now main market, which Warsaw actually just will become after the completion of this transaction, we see a record low offering of new supply of office. This decreased post-pandemic. There's been a lot of concerns about the offices. We see actually the opposite. We see that the prime office demand is very strong, whilst secondary locations are struggling. This is a global trend where we see basically everywhere. It doesn't need to be entirely our markets. What is actually a result of this concern, and also very high competition from demand from residential pricing or residential properties is that land prices went up. Developers see much bigger opportunity to develop resi, we see that drop in supply for office. This is a very important factor actually driving the rental growth in Warsaw. We are seeing record low vacancies, especially in the region where we are, and we see very strong demand for premises. If you look on our portfolio, I will run through those pictures very fast, but I would like just to show where we are in each of the city, but also the quality of the buildings that we own. This is top prime, very modern offices, with very modern technology in them. All of them highly environmentally certified. Here we see headquarters of Vinted, a Lithuanian startup for secondary clothes. It's a platform for trading secondary clothes in Europe and globally. Here we see our properties in Poznań, top properties in the very heart of Poznań, actually located in the best place, with amazing tenants like Allegro, McKinsey, Rockwool, et cetera. We have top locations even in Poznań. Of course, our Warsaw Unit, which is the largest property, single property in our portfolio. It's our jewel i t's also still 100% occupied, in very high demand. We see actually, a lot of people willing to come to our office, even though today we don't have anything to offer. If we look on our portfolio overview today, around EUR 1 billion in assets, EUR 62 million in rental revenue, which is rolling 12 months. If we look on the rental value, which is a contracted rent, looking forward is around EUR 63 million. The average value of the portfolio is EUR 3,600 per square meter. Current yield requirements around 6.7%, and average property age of 8.5, which is actually one of the youngest portfolios, I would say, if you look in general. Warsaw stands for 33%. Poland today at 51% in total. No, 55% in total Vilnius at 42% w e actually post sell in Riga. We only have one smaller property in the heart of Riga and one development land plot. It stands only for 3% of our portfolio w hat is also very important to look back is actually how consistent and strong the underlying business is. This is our occupancy, I would say I see it on my left-hand side i t's probably on your right-hand side. It's the occupancy rate, which is at 94% on average t oday we have 96.5% as of last quarter. You see that it's always moving a little bit like a wave i t will be moving like a wave, because at this kind of lease-out ratios, it's almost impossible to offer anything else. Today we have vacancy in Riga in one property, which is now being totally refurbished. We now start offering parts of it to the market. At the same time, in Vilnius, we only have around 2,500m² of free office in the portfolio of close to 130,000m². It's basically almost nothing to offer, and, of course, occupancy remains very high, and demand is very strong. On the other hand, if you look on the surplus ratio, we are higher than our average over the last, again, now almost six years, at over 92%. It's 92.5% at this quarter. Of course, we see quite, again, strong development, and after some other movements expected to come during Q3, we will even expect somewhat higher occupancy in our portfolio. If we look on the environmental part, we have 100% sustainable and certified portfolio. We only own BREEAM Outstanding and LEED Platinum buildings. Even Valdemara that was gold is now actually recertified to platinum. 97% of our turnover is considered to be EU taxonomy aligned. We have five stars in GRESB. Green financing stands for 88% of our total financing. Of course, this figure will grow as we refinance our debt. We also aim for net zero target by 2040, which is now SBT aligned. We follow this Science Based Targets initiative. Over to you, Adela. Thank you. Let's go over the first half year financials. As Kestutis mentioned earlier, the results are stable and rental income are in line with the period, both for the quarter and first half year. There are some underlying changes. Those relate to a couple of things. One is the divestment of the two properties in Riga, which led to an income loss in Q2 of approximately EUR 300,000. Lower average occupancy rate in the beginning of the period had a negative effect on the year-to-date income. Both of these effects were mitigated by rent indexations, both in the beginning of the year and some in Q2. Looking at net operating income, it is basically flat in Q2. Compared to last year and for the period, it is a small negative effect, mainly related to the cold weather in the beginning of the year. Overall, there are small movements in the operating income. As we mentioned before, as Kestutis highlighted before, we are growing our company and especially the team in Poland, where we will have some extra and double cost during a limited period of time, building our own organization and moving from external administration to internal, which we do believe will be both more cost-efficient and also add more value to our tenants in the future. The organization that we have built and are still building in Poland will also be able to take on the new property, The Bridge. Net financials have decreased by 2% both for the quarter and the period. It is related to lower average interest rate. The average interest rate is, however, the same as a year ago, approximately 4.4%. Last year, we came from a higher interest rate level in the beginning of the year, which we don't Have this year. Profit from property management decreased by 9% and 5% respectively for the quarter and period. The main reason for that is higher cost due to additional employees. Let's go ahead and look a bit at our earnings capacity, where we can see that rental income has decreased due to the earlier mentioned divestments in Riga, while lower occupancy ratio and indexation had an opposite effect. Property expenses have decreased due to the divestments. However, the unusual cold winter in the beginning of the year and higher personnel costs related to new employees in Poland has offset that effect. However, the property cost will be lower going forward since we have closed our office in Riga and will replace the internal management there with external, which will be a bit more cost-efficient since we do not have the same property stock in Riga. Central administration increases due to higher personnel cost. Interest income has increased as a result of increased cash. Interest expenses have decreased due to the divestment of the properties in Riga. Overall, the profit from property management is a bit lower now in Q2 compared to Q1, based on the explanations that were given. Going forward from expected from Q3, we see it will be a bit higher again. Looking at the property value development. From beginning of the year, it has changed -4%. During the period, we have invested EUR 4.3 million in tenant improvements in several buildings. There has also been a small positive effect in the unrealized changes in the value due to increased market rent. That was mitigated by a slight yield decrease during the period. The biggest change in the portfolio is, of course, the two divestments that decreased the value by EUR 39 million, leading us to a property value of EUR 926 million by the end of Q2. Like for like, the development is flat. The yield in the valuations is 6.7%, up from 6.6% in Q1. The average growth for the past years in the property portfolio has been 19%, and The Bridge will grow the portfolio by approximately 30%. Let's look a bit closer at Eastnine's financing situation, and we can start at the top left corner that shows Loan-to-value, average interest rate, and interest coverage ratio. The Loan-to-value decreased this quarter to 45% due to the divestments in Riga, which both increased the liquidity and decreased the debt since we amortized the debt related to those properties. Leading us to the average interest rate, which has increased slightly this quarter because we realized some interest rate swaps that were connected to those loans to the divested properties and were at some good levels. We do, however, see potential for the interest rate going down since we do have a few refinancings to do, and we can see that they're coming in at a competitive level. Looking at the debt maturity, the next refinancings of approximately EUR 80 million is due in February and May next year, and we have already began the discussions with our banks. The interest maturity is visible in the same chart. 80% of the interest is fixed with interest rate swaps. Overall, the financing is very stable and solid. LTV and average interest has been trending down over the past four years. As said, overall, all prepared for future growth. Eastnine as a long-term investment l ooking at the Eastnine stock t he total return in the Eastnine share for the past 12 months was a bit negative, 7%. During the same period, the OMX Stockholm Real Estate index declined by -16%. Over the past recent five-year period, Eastnine's total return averaged 11% per year, compared with a decline of 7% for the real estate index. Let's go over to the acquisition of the day. Wonderful. Thank you. I hope this is more cheering to discuss than the stock prices over the last half a year on the market. The Bridge. We're working on this transaction for quite a while. It's an amazing asset. It adds to our portfolio in Warsaw, both in terms of market share, but also in volume and in quality. This is a top asset with all the certifications you can mention. Very high tech, again, as all of our properties in Poland. The property was completed 2025. It's a 40-story building with a lettable area of 55,300m². Today, the property is let to 92%. We expect that occupancy level to actually increase before we complete the transaction. Today, the building is anchored by Erste Bank Polska, which used to be Santander Polska. Erste acquired the Santander Bank, which was Polish largest private bank. Vi sa, which is a Visa technology center, the Visa card technology center. Rental value is expected to be at around EUR 18.2 million, and the average lease term in excess of 10 years. We acquired this property for EUR 300 million valuation. Preliminary purchase price will be lower. You might ask why it's like that. The reason for that is actually that the building is not fully moved in and commenced. The leases are signed, we have a price reduction related to certain periods of vacancy during this time, as well as some rent freeze and some fit-out contributions that will be necessary to complete the building. When it's completed, it's fully operational, we expect the profit from property management to reach EUR 0.37, which is 20% up from today's level. This buildup will happen gradually, depending on the schedules for tenants moving in, of course, starting occupying the building and starting paying the rent. This 20% increase is related to the last quarter report or this quarter report. Now I just wanted to share with you some nice pictures, just to get you a little bit of a feeling of the high quality of this building. You can see there some elements from the lobby, which is truly amazing and very inspiring. It's a true wow feeling when you enter the building. Also architecturally, it's a very attractive building. Again, something that we always work with, that we want to create feelings when people look at our buildings. This acquisition fits our values very well. Last but not the least, I would like to show you where it's situated on the map. Actually, in the background with a light text on the top, you see Warta. It's actually Warsaw Unit, this building is just around approximately 500m from our current building. In between, we have Warsaw Spire, which is one of the landmarks of Warsaw, and headquarters of PZU. We are extremely well located, extremely high quality, it will be another jewel in our portfolio. With this, I open up for questions. Thank you. Yes, we have received a couple of those. What market position will Eastnine have in Warsaw's office market following the acquisition of The Bridge with the AAA class office segment? if we look in the total market position, once we acquired Warsaw Unit was around 1%, and with addition of Bridge, we would be around 2% in the total Warsaw market. if we look in the prime segment, we would be at around 5% in this very central, in Warsaw CBD. in Vilnius, we have approximately 10% market share of the whole market. In Poznań, we have 10% market share. we also would like to continue building, of course, strong position in the CBD area going forward as well. We have a couple of more. Even though the market sentiment for offices has been weaker in recent years, Eastnine's portfolio has consistently performed strongly. What is the secret, and what is the feedback you receive from your top tenants? You saw on the figures that actually our occupancy is consistently very high. It is tough, to be honest, to keep tenants because of a different reason. the reason is that most of those companies are actually growing. we have managed to do some expansions for Rockwool, for instance, in 100% leased out building. that implies that we need to create some vacancy to be able to play the chess game of moving around. we see remaining very strong demand. in general, what we see is that centrally located high-quality buildings are in very high demand. We see that rents are actually growing in this, companies are paying maybe for less square meters, but they're paying for much higher quality of square meters. we truly believe that this trend will continue. It will continue even with the AI expansion, because the most profitable companies, the winners of the AI race, will want to have the best product. That's why we also continue moving up the quality ladder when we buy new properties. actually everything that we buy has to be of absolutely top quality. Let's mix it up with a Riga question. Congratulations on the deal in Warsaw. My question concerns the sale of Riga asset and the decision to close the Riga office. What was the decisive factor behind that decision? Market fundamentals, asset-specific limitations, underperformance of local management, or better expected risk adjustment returns in Warsaw? It's a combination of us wanting to relocate capital towards Warsaw. We also cannot hide and say that actually the Riga market was weaker over the years. We have been talking about it. It's actually the biggest vacancy we had in our portfolio has always been in Riga. It's very difficult to say because vacancy overall in Riga was quite high, and the market was relatively weak. So by making decision not to develop, because we didn't feel very confident about the market fundamentals, we also came to a conclusion that it's probably better to allocate the capital towards Warsaw where we see higher rental potential simply. We see that this is a much more dynamic market, much more liquid market. Closing of the Riga office is purely related that we have actually too little volume of the business. It is cheaper to run it externally today. It's only one building. We cannot have a full team working only on one building. Are you surprised that not more Swedish companies invest in the Polish office market? Well, I guess real estate industry is very conservative, probably not so surprised. There are some other Swedish companies like Stena, which announced their acquisition actually very close to us. You can actually see their building just behind. If you move the camera a little bit, I can show you. You see this lower part, this is our building. Transactions are happening. Swedes are there. Let's take a final one. Speaking of Stena Fastigheter. Okay. What makes office properties so attractive in these particular micro locations since Stena also invested there? Again, it's a very central location. What we have to remember as well, that Warsaw has a completely different history than most of European cities. It has been totally destroyed. There is no old buildings. There is no historical center. The historical center was rebuilt entirely in almost its entirety. We are in a different universe. The offices are very modern. Of course, it's a huge demand for office space. We can just compare it to Swedish measures, just to make a very kind of easy parallel. We have as many square meters of office space, total office space, in the whole Poland with its 40 million people. It's approximately 13 million square meters of office space. This is the amount of office space in Stockholm alone. 40 million and 2 million share the same office space. The economy is actually a modern economy. A service economy, if you look on the GDP structure. There is an underlying very strong office demand. Warsaw alone has 6.5 Million square meters of office, which is half of Stockholm, and Warsaw alone is twice the size of Stockholm in number of inhabitants. The economy of Poland is actually, I don't remember, it's 50% or 75% now larger than the Swedish total economy. Once again, there is a mismatch, and there is a pending office demand. Of course, we can debate whether it's too many square meters in Stockholm or it's too few square meters in Warsaw, and I don't have a clear answer to it. We feel much more confident investing in prime offices in Warsaw rather than doing it somewhere else. The yields are much higher. We get 6% up to 6.5% yield on those acquisitions. The last acquisition is around 6% in yield. You get an amazing product at a relatively low per square meter price because of a combination of low rents and high yields. We have a huge value potential going forward. Warsaw being the cheapest Eastern European market, or the cheapest European market, it's a European Union with its strongest economy. I think it will change over time. It might take some time, but it will change over time. We just got some more questions- Okay. Yeah, sure If you're happy to answer. After the acquisition of The Bridge, could you elaborate on the long-term plans for Eastnine? Are we seeing a smaller market to grow in Poland, for example, Warsaw and/or other Polish cities like Wroclaw? We probably continue digging where we stand. We will expand our position in Warsaw. There is still a number of very high quality, very nice properties to buy. We would like to do further acquisitions. Of course, we have to digest. Our acquisitions are quite big. Again, we prefer to buy super high quality, relatively large buildings that allow us to work with the tenants within the space, because there's always somebody decreasing a little bit and somebody growing a little bit. When you have space enough to move, you can actually offer always solutions for both. From that perspective, we will continue looking for bigger properties. I think all of our properties now in Warsaw, if you look at them, could be transformed into residential should the office market disappear, which I don't believe it will. As an alternative, because residential prices are today two to two and a half times higher per square meter than the office that you can buy in the same area. To me, math is pretty simple. Yeah. Can you comment on any potential future new issue? New issue. I guess it's a share issue. Share issue. Okay. You all know how the shares are traded in real estate. Of course, with these kind of discounts, I think we do not want to even consider that. We can see that actually even without a necessity to issue new shares, we can do a very significant acquisition today in Warsaw, which is very value accrued. If it's 20% increase in profit from property management per share, and we use a very strong cash flow base in our existing portfolio to actually refinance because we amortize still on some of the debt. We believe that even with increased LTVs, we will actually be able to come down to very reasonable levels within a reasonable timeframe, and continue actually doing our acquisitions. As you see, they are a bit chunky when they come. Again, quality goes before quantity for us, and we will want to stay this way. Thank you for your questions. I think we'll stop there for this time. By this, I wish you a very nice summer. Hopefully it will not be too hot or not too cold, not too rainy. Just the perfect one. See you in October, I think, or September. Yeah. Yeah. In the next quarter results. Thank you very much. Thank you.