Good morning, everyone, and welcome. Welcome to our results presentation for the six months ended 30 June 2025. I really appreciate you all taking the time this morning to be with us. I know you're all very busy. I'm joined here today by my colleagues as usual. Răzvan Sin is our head of retail, and Jacobus van Biljon, who's our financial director. Răzvan will run you through the projects and the leasing initiatives that he's been busy with over the period. Jacobus will also run you through the financial results and some of the highlights. It's been a strong period for Lighthouse. We've had a notable growth in our distributions. It's largely driven by the accretive acquisitions that we've done and rotating out of listed investments. What's also pleasing now is that most of our income or virtually all of our income is derived out of physical properties. Whereas previously, in previous years, we had quite a large component of income from listed investments. It's a very predictable, sustainable income stream we're now delivering. Just in terms of Q&A, at the end of the presentation, we will receive your questions. Actually, you can ask questions at any time during the presentation just typing in your chat box. We'll read them out aloud at the end and answer any questions you may have. Just to summarize on what we will be covering today. I'll take you through an overview of the business, just highlighting our strategy. I will take you through some of the operational as well as the financial highlights. Then I'll touch on our listed real estate, which has become quite a small component of our business. Then the financial results will be presented by Jacobus. The direct portfolio, as well as the projects, will be presented by Răzvan. We'll conclude on an outlook. Then, like I said earlier, questions will be at the end. Before I leave here, this is a picture of Alcalá Magna, one of the acquisitions during the year. It's in Madrid. You see Primark on the left side there. It was opened during the course of last year. Then driving footfalls through the center. We'll touch on the center in a bit more detail later on. Then I'll start with the overview. Again, before I leave here, this is what we call now Forum Montijo. Just in case anyone gets confused, it was previously called Alegro Montijo. The name has been changed to Forum Montijo. The reason was it was a contractual commitment to rebrand the center because the IP of the Alegro brand belonged to the seller. It now has been rebranded to Forum Montijo, which is actually the original name of the center. Back to what it was called at inception, it aligns with our other Portuguese mall being Forum Coimbra. In the back there you see Zara also brand new or not brand new, but opened very recently, our current spec Zara store. It's a good example of most of the malls in our portfolio, all dominant, in our varying portfolio specifically, all dominant, all regional. They all have Zaras, all have Primarks. I'll touch on the strategy. Nothing has really changed here. We're only focusing on dominant and defensive malls in cities with a strong economic underpin. I think very importantly, it's cities that have got a strong economic population growth. There are depopulating cities in Europe, as there is urbanization, we focus on only growing regions. All our malls are located in the growing cities within the jurisdictions we operate. In terms of our Hammerson rotation, we commenced on that disposal program at the end of 2023. It was about EUR 250 million at its peak, that rotation out of the Hammerson hold has been completed now. All of that cash or capital has been rotated into physical assets. We ultimately bought six malls all located in Iberia. Now our focus is shifting to this portfolio itself. The assets we bought are all core in nature. They're all dominant. It will be optimizing tenant mix and taking advantage of some of the upside that is left behind from the sellers. In terms of opportunities, we're seeing less opportunities. There are fewer opportunities, especially at the quality level that we require. We are also seeing a lot of institutional capital entering the market, cap rates have compressed. We've seen cap rates for type of assets that are around that 6% to 7.5% yield. Continuing to come down. I think they'll continue coming down with the institutional investors now looking at retail again. It's good in a way because it will also valuations. They should go up by the end of the year. The downside is it's reducing the opportunities that we're finding. Take you through the financial highlights. Earnings increase. This is compared to the top of last year of 7.9%. We've got a 100% payout ratio, consistent again with last year. Dividends have also grown by then 7.9%. This is the benefit of that Hammerson rotation coming through. We sold Hammerson at a yield of effectively 5% and rotated into assets of 7%+ yield. With the gearing in it, you're actually picking up cash and cash yields of between 9% and, let's say, 10%. That's pushing through into the earnings there. Worth noting, this number would have been well, well into double digits had we not had to refinance Forum Coimbra. Forum Coimbra was refinanced at the end of 2024. The interest rate went from just over 2% to around 5%. That pulled our growth back at least to that 7.9% level. The good news is all of our deals have been refinanced or recently borrowed. It's all at sort of current or if anything, higher than market rates. We don't anticipate any of these types of impacts going forward. NAV per share has increased 3.8%. Now, this is from valuation increases at the portfolio as well as upward valuations on the listed portfolio through that period, although it's very small at the end of the first half. LTVs increased from 25%-35% at the period end. This is purely because of the acquisitions that we've done and levered made towards two acquisitions, being Alcalá Magna and Espacio Mediterráneo. Iberia now is sitting at almost 86% of our total exposure. Taking you through the operational highlights. You see, the Iberian portfolio is now, that's Spain and Portugal, just around the 86% marks. It reduced to 14% of our total property exposure. Very pleasing metrics and KPIs from a property point of view. You see like-for-like NPI growth, 6.9% at a portfolio level. Spain or Portugal delivering strong NPI growth as well. You see France there, 12%, very strong, but there were some one-offs in France. There was an under-recognition of turnover indices once the actuals came through were a bit higher than what we had anticipated. For that reason, there was some one-off adjustments made to NPI. That won't repeat going forwards for at least the second half of the year. By year-end, we expect that France growth to be a more normalized number rather than the 12% you see there. Sales growth, 7.6%. Very strong in Spain and Portugal at 8% and 8.8%, respectively. Still good performance out of France of 2.8%. We've got growth in footfall of 3.9% at a portfolio level. Growth in footfall is quite difficult to achieve. It's, you know, it's not the same as sales. You've got inflation just giving you that natural sort of tailwind. To grow footfall, you need to be in growing populations, and you also need to be adding new tenants and doing something different to build on the base you created the year before. You see Spain has the Primark being added. It's Alcampo in Girona being added. The Zara is being refurbished and the competing one's closed down. That's pushing those footfalls up. Same in France. There's new tenants coming into the various assets in that portfolio. We should see the same in Portugal once we start doing a competing sale for Coimbra, the Primark, and Zara expansion there. Vacancy, 2.7% at the period end. It has climbed from the 2% we saw at the end of last year, mostly because of Spain, at 2.2%, a little below 1%. The reason there is H2O, they're undergoing quite a substantial project there, and also relocating and moving some tenants around. It's structural in nature. One of the big ones is the trampoline park, which Răzvan will touch on a bit later. That is gonna give us opportunity to bring some fashion retailers to that mall and key international fashion retailers. It's actually creating quite a nice opportunity there. That's all at least a sign that will be reflected in our statements. Some detail on the macroeconomic highlights for, at period end, going back about three years in most instances. Just covering Spain, Portugal, France, as well as the Euro area. You see the GDP growth rate there. Very, very strong in Spain, and it's been consistently strong over the last three years and well above the Euro area average, like almost double. Portugal, not quite as strong as Spain, but still very strong, at 1.9%. France, you'll see the underperformance in France and that pressure, that economy is under a bit of pressure. France along with Germany, within Europe are on the back foot and experiencing a bit of economic headwind. You see it in inflation rate as well, much higher in Spain and Portugal versus France and Euro area average of 2%. This is what they monitor when it comes to interest rate decisions. Where this is also relevant is our leases are all indexed to inflation or an index of the inflation. You'll see actually better growth coming out of indexation out of Spain and Portugal and slightly lower in France going forward. That does change. These are all in the same currency, in euros. Retail sales, Spain, Portugal, again, very strong, 6.2% in Spain and 6.9% in Portugal. You saw that coming through in the properties delivering both over 8%. Again, you see France underperforming minus 1.1% and the average of 3.1% for the Euro area. Unemployment, Spain a lot higher than most markets in Europe and structurally does have a higher unemployment rate. It was over 25% at its peak in, I think it was around 2013. Steadily reducing, and this is part of the driver towards that GDP growth. It's reducing unemployment, you need more people working and stronger GDP growth. As you can see, that is steadily reducing and coming to more normalized levels. Portugal, France, and the Euro area are relatively stable at around the 6%-7% range. Standing portfolio, the evolution of it over the period, it's fairly straightforward. We've literally acquired two centers. Spain has grown from 49.3%-58%. Which has taken that Iberian exposure to 86% and reduced France to 14%. What's nice is the business is extremely easy to understand now. We got 86% in Iberia. That's comprised of eight shopping malls. We've got 14% in France, which is comprised of 60% share of four shopping malls. 12 shopping malls in total. The malls in Iberia are all very similar in nature. They're all core dominance assets. Now it's becoming extremely easy to understand the business and it, some made our income and the, and the understanding of Lighthouse Properties very easy as well. I'll touch on the acquisitions closed during the period. There were two of them, and this is on top of the four acquisitions made during the course of last year. Alcalá Magna in Madrid and Espacio Mediterráneo, Cartagena. I won't touch too much on Alcalá Magna because we presented on it in detail at the large results presentation 'cause we closed it just before we presented. We gave all the information on the center there. We acquired that at a yield of 7.6% and a cost of EUR 96.3 million, and that was closed in March. More recently and three days before period end, we had Espacio Mediterráneo that was closed, and it was acquired at a yield of 7%. That was a cost of EUR 135.4 million. The impact on the NOI side is almost negligible or not even material at all 'cause it's three days, but it will be reflected on our balance sheet 'cause it's on books at year-end. I'll just touch a bit more on Espacio Mediterráneo. The footfall is 7.7%, so it's a large dominant regional center attracting a high footfall of 7.7 million. Got strong sales growth for the first half of the year of 7.4% and acceptable footfall growth of 1.6%. You can see the vacancy, almost fully let at 0.7%. The way we acquired this was through debt, and that debt was secured by Espai Gironès, and this was acquired fully equity funded last year. We drew a loan against that asset, we also drew a loan against the asset itself, against the target asset. I think what is nice about the center that comes with the Zara already done. The Zara extension and refurbishment was completed just before we acquired the center. It is brought to the brand new flagship Zara, which you wouldn't normally have to do as part of that material plus, the yield is often a bit dilutionary. The picture, just to give you a better understanding of the asset. What we acquired is what you see there in blue. That makes up the mall, Espacio Mediterráneo, so that's the shopping mall. Carrefour also forms part of the shopping mall, but it is under separate ownership. You see it forms part of a greater retail precinct. This is 100,000 sq m of retail with very strong tenants. You see Leroy Merlin, Decathlon, Kiabi, MediaMarkt, all adding to the offering. It's very dominant. There's a wide catchment. It's got, there's about 373,000 people within the catchment. In the back there, you see Cartagena city center. There's 220,000 people living in that city. It's a port city. It's got a naval base. It's got an oil refinery. There's a lot of manufacture, and it's also quite reliant on tourism. It's a nice diversified economy. Another picture of the same thing, just a slightly different perspective. You see the mall on the left. Between those two Primark signs, that's the mall. You see the retail park section and the full car park. This is in the main parking. There's a lot of basement parking here as well, and gives you a good understanding of how the retail park integrates into the shopping mall. Here's a picture of the interior to give you an understanding of the look and feel. It's a high-spec mall. It's got very good quality finishes. There's not a lot to do well in way of refurbishment to modernize the center. It's very acceptable as it is. The tenant you see there is Rituals, the Dutch brand. It's a cosmetics brand. They're growing quite a comprehensive rollout across Europe, even including in France. They're being introduced to many of the malls in Spain. It's doing particularly well. Here, that's a picture of the Zara store I mentioned earlier that was recently extended and refurbished. What happened here is they opened the Zara store and then closed on the high street. This is the only Zara in the city. They did the same thing at Salera, where they refurbished their store and closed on the city. We are doing a similar concept to the Zara, this current sort of flagship concept. We're doing it in Forum Coimbra, and we'll be doing it in Espai Gironès. We will extend the Zara and refurbish to latest concept. In both those instances, we expect them to close the high streets or call it competing schemes in those cities, which will continue to drive footfall and continue to drive growth. This is Alcalá Magna. This, like I said, we did touch on it at the last presentation, obviously been an update. We're seeing the first half of the year, very strong sales growth, 8.9% and footfall growth of 3.7%. It's been far above our own expectations. It's fully occupied. It's benefiting from the Primark. Primark was introduced here last year. It took over the space which replaced the H&M unit. Primark here, is pushing the growth of the center, and it's actually, now continuing to perform ahead of what we anticipated it to be. I'll just take you through the listed investments, which have become quite a small part of our business. It was EUR 34 million at the end of December. It's down now to EUR 14 million, and it's being rotated out to fund CapEx and projects in our pipeline within the portfolio. We expect that to slowly reduce over time. It's reduced substantially from what it was a couple of years ago in the business. With that, I thank you. I'll hand over to Kobus to take you through the financial results. Good morning. Lighthouse shares in issue increased from June 2024 as a result of partial scrip distributions on the 1H 2024 and 2H 2024 distributions and book builds during September 2024 and June 2025. Distribution per share increased by 7.9% to EUR 0.013122 per share during the current period. Net asset value per share increased to EUR 0.4263 per share. The loan-to-value ratio increased from year-end to 35%, mainly as a result of the inclusion of subrogated debt related to the acquisition of Alcalá Magna, as well as loans drawn down to finance the acquisition of Espacio Mediterráneo. This slide includes all of Lighthouse's interest-bearing borrowings. I'd like to point out the debt with maturity at 12 June 2028, which is the subrogated debt obtained as part of the Alcalá Magna acquisition, as well as the first two maturities on 27 June 2032, which are the loans drawn down to finance Espacio Mediterráneo and secured by the Mediterráneo and the Espai Gironès shopping centers respectively. The weighted average remaining loan term is now 5.2 years, with a corresponding weighted average effective interest rate of 4.99%. The Lighthouse maturity profile has correspondingly shifted significantly towards 2032. Age profiles substantially match the related debt profiles, and the majority of Lighthouse's loans now have fixed interest rates. As Lighthouse invests exclusively in Western European malls, the Lighthouse board has adopted EPRA best practice recommendations and the corresponding metrics with effect from 1 January 2025. Lighthouse considers the key metrics as net tangible asset value, the loan-to-value ratio, and the vacancy based on estimated rental values. EPRA adoption has had no impact on the calculation of the distributable values. The table sets out differences between the key EPRA metrics and the corresponding historical metrics, as there are no significant differences either in the current or the prior period. With that, I'll hand over to Răzvan. Thank you, Kobus. In the next slides, I will present briefly our direct portfolio, highlighting the main property KPIs, the leasing activity, and the ongoing projects in the first six months of 2025. In the picture is Salera in Castellón with the two trading levels. Next to Levi's Normal, it's a new opening. They opened in 2024. This is a shopping center that we are very happy with. It has footfalls of more than 9 million visitors in the last 12 months and sales growth of 8.5%. The direct property portfolio, including the two malls acquired in 2025. The portfolio comprises more than 500,000 sq m GLA. With 12 malls, we are becoming relevant, especially in Iberia. To put it in perspective, we have more than 600 tenants and 90 million visitors in the last 12 months. We are one of the largest landlords for many of the hyper tenants in Iberia, including tenants like Primark and Pull&Bear. Average occupancy is 97.3%, so a vacancy of 2.7%. Vacancy in Portugal is close to zero. In Spain, vacancy is also close to zero in all the properties, with the exception of H2O. H2O has a vacancy of 8%, which is concentrated mainly in one unit, a former trampoline park that closed in Q1. We are negotiating the lease agreement and once it's signed, the vacancy also in H2O will be decreased. In France, vacancy is 6.4%. It's slightly higher than previously reported. This is due to several store closures, mainly in Docks 76. In France, tenant failures continued with the most notable one in 2025 being Jennyfer. They closed 220 stores across the country. We had Jennyfer in Docks Vauban one of the large units, 1,100 sq m. We replaced them quite quickly with Celio and the new store is open. The impact in this case was minimized. The 10 largest tenants by rental, they represent 25.6% of the income and 31% of the surface. Inditex with eight brands is the largest tenant. They occupy 8.3% of the surface. They are present. Inditex is present in all the malls with one exception in Docks 76 in Rouen, in France. Zara continues the consolidation process. We are currently extending three of their stores. Once the three stores will open, we will have in the entire portfolio across the three countries, we will have only two Zara stores that are not right-sized and updated. This will be H2O and Rivetoile in Strasbourg. The second-largest tenant is Primark. They occupy 7.4% of the surface. They are present in all our shopping centers in Iberia and in two out of four in France. I think we are the largest landlord for Primark in Iberia with the eight stores. JD Sports is the third largest. They have increased the surface in the majority of our shopping centers. H&M, Cortefiel, C&A. Looking at H&M, we see a recovery of their sales, but from a very low basis, so they're still very far from the performance that they used to have. Performance metrics. Portfolio vacancy of 2.7%, as already mentioned. Collection rate, 98.3%. In Spain and Portugal, collection rate is 99%. In France, 96%. We made very good progress to replace tenants in France and to improve the profile of the tenant mix. 96% is a high collection rate, and we are working to improve it even further. Average occupancy cost, 10%. This gives us room to increase the base rents at lease expiries. Weighted average unexpired lease term, 7.6 years. In the chart on the right side of the slide, the lease expiry profile by rental income. The value of the leases that expire every year is somewhere between 7% and 10% of the income. By 2029, so in the next 4.5 years, the leases that expire, they represent 37% of our income. We signed 70 lease agreements in the six months, representing 16,000 sq m GLA. Average rental reversion is 4.9%. It excludes the indexation, which is applied on the indexation date for each lease. The chart on the right side is the split of the GLA per retail segment. Fashion occupies 38% of the surface. We are very focused on fashion, followed by leisure and food and beverage with 10%. Groceries is only 5%. This is because most of the properties are anchored by large hypermarkets that are separately owned, so they are not included in this graph. In terms of performance, segments that performed well are fashion, groceries, food and beverage. Segments underperforming, households and sports. Brands like such as Foot Locker, JD Sports, Snipes were either flat or slightly negative in the first half. Leisure is 14.5% of the surface. This is mainly represented by cinemas, a large proportion. Ticket sales were slightly up in the first half compared to the first half of 2024, +1%. We expect a stronger second half 2025. We expect in the second half a growth of somewhere between 3% and 5%. Leasing activity. This is a picture with the two retail labels of Forum Montijo. This slide represent part of the lease agreements that we signed this year and the brands that are currently fitting out their new stores. Since the vacancy in Spain and Portugal is very low, most of the deals signed in the two countries are relocations and extensions. While in France, we're signing deals for the remaining vacant space, and we are replacing tenants at closed. Zara, we signed the lease agreement in for Espai Gironès. We are extending the mall. Zara is almost doubling the surface. We are also fitting out the unit in Alcalá Magna. In Coimbra, we started the works for the extension, and we are extending both Primark and Zara. Also in Coimbra, Lefties relocated on a larger footprint. They were performing very well. They expressed interest to open a larger store, and JD Sports took over the old unit of Lefties, and they are now busy fitting out. Normal opened three stores. The H2O, Montijo, and Docks 76. In France, in Docks Vauban, Inditex is present with Zara and Bershka. We are extending their presence. We signed a lease agreement, and we will open a flagship Pull&Bear. We downsized one of the existing tenants, and we are opening a Pull&Bear with more than 1,000 sq m. Also in Docks Vauban, adidas opened a new large concept, 500 sq m. Celio took over the unit of Jennyfer. In Docks 76, Darty is fitting out their unit. They will open now in September a large anchor store. This Darty is the main electronics retailer in France, part of Fnac Darty Group. This is one of the largest tenants in Europe. A trend that we observe across all countries is that large malls are becoming more and more the preferred target for retailers. Many times this is in the detriment of the city centers and the smaller shopping centers. Large malls, they have the flexibility to provide additional space, which is needed by the retailers in larger concepts, as the trend is to open larger stores and to close the small ones. The development pipeline is almost inexistent. It's very low, this puts a spotlight on the existing malls. We see city centers that are losing tenants. Tenants are not performing well, this is mainly due to the lack of parking and the restrictions that the cities put on deliveries and logistics. A good example in this respect is Forum Montijo, which you see here in the picture. It is 45,000 sq m GLA. This doesn't include the Continente hypermarket, which is 17,000 sq m. It does include a small retail park. We like to have these retail parks in our schemes or very close to our schemes. Sometimes we own the retail park and sometimes we don't. It's good to have a concentration of retail. This gives us the flexibility to include in the tenant mix trends that normally are not present in malls. Large discount stores, large pet stores and pet clinics and furniture stores, which are present in the retail parks normally. In several of our properties, we have rights to build additional space. This is the case for Forum Montijo, but also H2O, Espai Gironès, Forum Coimbra. This It allows us to extend when we consider that the current surface is not sufficient and we have tenant demand. We think there's a sweet spot somewhere between 40,000 sq m and 50,000 sq m where the mall has enough mass to be relevant, but it's not too large, so it doesn't include all the tenants. There is flexibility to replace the underperforming tenants. Moving to projects. This is a picture with It's an old picture of H2O. This area of the mall is currently under construction. On the left side, you can see the park that is now being downsized. A project cost of EUR 10 million. This amount was included in the acquisition price. The yield of EUR 7.5 is the acquisition yield. Project status. Works have commenced, and completion is expected by the end of the year. We already replaced the floor in all the mall. You can see it in the two picture on the upper side. We are replacing the terrace crates with glass ones, refurbishing the lobbies, the toilets. We are including the lighting. The mall will look very different once the project is finalized. On the left side, on the upper side, you can see the new JD Sports that opened a few weeks ago. In this video area, the lake area, we're reducing the lake from 12,500 sq m to 7,000 sq m. This allows us to create a destination in front of the shopping center. We are extending the existing park and we improve the connection with the retail park, which is located next to the mall. On the left side, the lower picture is not a rendering. It's actually an actual picture with a new restaurant that we opened on the lake. It's called La Mafia, 700 sq m. It's a very successful project. Forum Coimbra, the works for the extension have started. It's a project with cost of EUR 12 million and a yield of 7.5%. We are extending Primark, Zara, but part of the projects are also the extension of Stradivarius and Pull&Bear. These agreements are signed. Completion, the opening of all the stores, all the new stores is expected in the third quarter of 2026. Espai Gironès, it went through a process of re-anchoring, which started in 2022 with the opening of Primark. It continued with the opening of Alcampo hypermarket in 2024. In 2026, we will open the large flagship Zara. Zara also has a store in the city center, which we expect that we will eventually close when the large concept will open in Espai Gironès. We are almost doubling their surface. Part of the project is also the expansion of the addition of a new anchor tenant and the rightsizing of C&A. It's a project cost of EUR 5.9 million with a yield of 5%. The way we calculate the yield is by dividing the incremental income with the cost. We don't include here the benefits on the mall that we would get once the flagship Zara opens. We see this impact is material. We see it in Salera, where Zara did the same thing. They closed the city center stores. The impact on the mall was most material. The sales improved in Salera 2024 with 8.7%, and in the first half of 2025 with 8.5%. Zara is extending also in Alcalá Magna. The project, the cost was included in the acquisition price. The tenant already took occupation of the additional space, and they are busy fitting up. The store remains open, so they will not close during the works period. With this, I finish my part and hand over back to you, Justin. Thank you. Thank you, Răzvan. I'll conclude with an outlook. Just closing on a picture of the food courts at Forum Coimbra in Portugal. A very large food court with more than 30 actually different restaurant offerings. Quite popular and common in Portugal to have these large food courts with many options to eat. As in they're very popular with the residents of Portugal. Just on the outlook, like I mentioned, we're going to remain disciplined in our investments approach. We're not going to chase assets that don't achieve the quality that we need, that aren't dominant. We won't chase yield. We do anticipate because of this, we will see less acquisitions going forward. This is because of just being the supply of the assets is gonna be a lot less. As I mentioned earlier, the institutional capital that's now entering the market. Iberia does remain strong. The economy remains strong, and the performance of those assets remains strong, and that's expected to continue into 2026. I think we'll get the full benefit of our assets, especially the acquisitions that we've done during this year in 2026. We are expecting some good growth to continue. I think with regards to guidance, we've confirmed our guidance of EUR 0.027. I think what has changed is there were some assumptions around acquisitions at the time guidance was given. Those have now been achieved and are no longer assumptions. They are facts. We reaffirm our guidance of EUR 0.027. That will be for the full year of 2025. Thanks. Next we will look to address the questions. Yeah. I am going to just read the question. The first question is: What sort of indexation did the portfolio achieve during 1H 2025? Yeah. Răzvan. Thank you. Indexation in Spain is 2.8%, Portugal 2.4%. In France, we have a different indexation per quarter. The first quarter was 3.03%. In quarter 2%. In quarter three, it will be slightly under 1% to 0.96%. We don't have it yet for the fourth quarter, but we expect it will be around 1%. The next question, Răzvan is, how much are online sales growing in your portfolio's retail categories, and how are you and your tenants adapting to this shift? Yeah. The Spain and Portugal are well below the European average for the penetration of online. What we see is that there is a ceiling to the online sales and they are growing, but they grew very fast during the COVID period, but now the growth is very small. I don't have the latest number, but I think it's about 12%. The tenants are adapting. What we see is that the most successful tenants are the ones that are combining the online with the offline. What we actually see is that also that some of the tenants that are only present online, now they open stores in the shopping center. I believe that there were a lot of questions about online affecting the physical stores, maybe two, three years ago, especially after COVID. This has changed, and now there is the opinion among retailers is that the best solution is having online with retail presence. Actually, shopping centers are benefiting from this trend. There seem to be some type of questions at this point in time. Okay. Yeah. Not many questions, but we will be having one-on-ones, in the coming days, and we probably answer some more questions. There's some more coming through now. Sorry. Okay. The next question is, given the forward curve in Europe, when are you likely to benefit from lower refinancing costs? Yeah, of course. You can probably take it back to our debt maturity profile. Yes. Yeah, that's a valid question, but given the debt maturity profile and the fact that we've recently either acquired loans or refinanced our debt, our entire debt book, it's unlikely that we'll see short-term benefits from the forward curve. That will probably start becoming feasible in two to three years' time. The next question is, what is the outlook for the French investments and the likelihood of a potential exit from France? With France, that remains a hold for us. We have done a lot of work on those assets. We are seeing good growth at an NOI level. You've seen it come through in the last two years. It wouldn't be the right time to sell, though. You don't wanna be selling into a weak economy, as you've seen from the earlier slides, that France is in a weaker time or period. For now, it'll be a hold. There is no intention to sell France in the foreseeable future. The next question is around the movement in our share price during the last two years, corresponding with strong earnings growth and a pivot into directly held assets and how we see that playing out going forward. Yeah. I think, I mean, earnings growth or share price growth is a function of growth in distribution. It's been quite a volatile time. I think not only Lighthouse, the sector as a whole. I think from our side, we can't control the share price. We can control earnings. We just gotta keep delivering strong earnings and consistent, predictable earnings, and we feel that the share price will solve itself. We can't predict or change what the share price does directly, but we can do indirectly, and that's through delivering good results. The next question is, would Lighthouse look to acquire assets below 7%, and can we make it work? I mean, that's interesting question, a good question, but it comes down to cost of capital and your own cost of capital. 7% with interest rates now having come down is we just bought an asset at 7%, and interest rates have come down to just over 4%, the all-in cost of funding. It works quite nicely at those levels. 7% seems to be fine. If interest rates were to come down, below 7% could work, but if they stay the same, sort of 7% or close to 7% would be more or less a sweet spot. That's what I've mentioned earlier. We've seen core assets at 6.75%. It's slightly been a bit expensive for us, and I think there's better yields actually within our portfolio, investing within our portfolio. That's all of the questions. Okay. Great. Thank you. Thank you for attending again. If there are any other questions, feel free to contact myself or Kobus or Răzvan, and I look forward to seeing you in the one-on-ones.