PSP Swiss Property AG

Ladies and gentlemen, welcome to the PSP Swift Property half-year 2025 results conference call. I am Mathilde, the call-call operator. I would like to remind you that all participants will be in lesson-only mode and the conference is being recorded. The presentation will be followed by Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Giacomo Balzarini, CEO of CSP Swiss Properties. Please go ahead, sir.

Thank you, Mathilde. Good morning, everybody, and thanks for dialing in. As usual, with the half-year results and the quarter results, I will do a rather quick introduction, then go directly into the Q&A. As we reported this morning, we are satisfied with the very solid operating results. We have seen it's a bit lower in the previous year's comparison, but as mentioned, this is due to a specific one of the effects we had in the first half of 2024. We have seen a valuation gain of about 100 million, which is predominantly driven by the Zurich CBD portfolio, and thanks to the continuous cost discipline, we operate at an EBITDA margin of above 85%. We are on track with the various development sites, also here and there might take a bit longer, but we can go through that in the Q&A, but generally we are pretty satisfied with the development and the demand. And on the prediction side, we have nothing we acquired or disposed, but clearly we are looking at the transactions in the market, but as for now, we have not seen anything which would suit our portfolio. The successful news came out from Valizelen, that we got the permission and the new rezoning code, so we are working there on the next strategic steps, and we have the reclassification of the full site. And on the funding side, we were able to launch the first three-strand floating rate note, a couple of weeks back, which we reported as a subsequent event, and we were able to secure extremely interesting margin conditions, clearly on a rather shorter issue, but which allows us to keep the average cost of debt around the 1%. With that, we can confirm our guidances for the year-end. as we did in the press release this morning. And as I mentioned, I prefer rather going directly into the Q&A and go to your questions. Thank you.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have answered the queue. If you wish to remove yourself from the question queue, you may press star and two. Anyone who has a question may press star L1 at this time. The first question comes from the line of Matthias Lindauer from Fontode. Please go ahead.