PSP Swiss Property AG

Ladies and gentlemen, welcome to the PSP Swiss Property Q1-Q3 2023 results conference call. I am George, the course call operator. I would like to remind you that our participants will be listened only more than the conference has been recorded. The presentation will be followed by Q&A session. You can register for questions at any time by pressing star N1 on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Giacomo Bazzarini, CEO of PSP Swiss Property. Please go ahead, sir.

Yes, good morning, everybody. Welcome to our third quarter result release of PSP. As always, in the first quarter and third quarter, we live We'll make a very short introduction of the highlights, and I think after a few minutes we'll give back for the Q&A. I see that there's quite a large lineup. The results we report today I think are confirmation of a very solid operating environment. We were able to keep the top-line growth we have seen. In the half-year results, with top-line growing by 4.5%, backed by a very strong like-for-like growth, relating went a bit better than we thought for the third quarter. So we have almost no contracts open towards the year-end, which gives us the confirmation to see, again, a vacancy rate of below 4% and confirming our EBITDA guidance. Balance sheet confirmed to be strong with a local value of below 35%. And as you have seen, we continue to operate with a very strong cost discipline with a EBITDA margin above 80%. So I think all in all, as I expect from our side, solid operations. The market environment, we've discussed it probably in the Q&A, is very stable. Clearly, there are challenges, but I would say all in all, we are confronted in our areas with a very strong letting market and with a healthy transactional market. With that, I would like to really hand over directly to the Q&A and then going through all your questions. Thank you.

We will now begin the question and answer session. Anyone who wishes to ask a question or make a comment may press star and 1 on your telephone. You will hear a tone that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and 1 at this time. Our first question comes from the line of Fancy Leith from Kempen. Please go ahead.