PSP Swiss Property AG

Ladies and gentlemen, welcome to the PSP Swiss Property Q1 2026 results conference call. My name is Yousef, the course call operator. I would like to remind you that all participants will be in listen-only mode and that the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and then 0. The conference must not be recorded for publication or for broadcast. At this time, it's my pleasure to hand over to Giacomo Baltarini, CEO of DSP Swiss Property. Please go ahead, sir.

Thank you, and good morning, everybody, and welcome to this short presentation and Q&A. As always, in the Q1 and Q3, I will limit myself to some headline updates and then leave the room for the questions. Today, we reported a very solid Q1 result in line with our expectations. We show a solid top-line growth, very stable cost base, basically very line and very predictable. The like-for-like growth was 0.6%. If you take out the one-offs on the cost of last year and really much here, the like-for-like would have been 1.7%. That's also what we roughly guide for the full year, around the 1.5%, 1.8% on the like-for-like. The lending and transactional market is unchanged since the last peak end of February 2006. It's very supportive to our strategy, and what we observe is that our strategy to focus on prime assets, the primary cities, is certainly the winning one. Letting success in the first quarter led to an appreciation of one property on the Levenbrook. As you recall, we normally value the portfolio twice a year, but if we have a significant letting success which has an impact on an asset of more than $5 million, we have to value that asset by this value. This was the case in Levenbrook and resulted in a valuation uplift of more than $13 million. On the projects, and we will come into that in the Q&A, I'm sure, everything progresses as planned, especially an IACC development on the , which if you look at the whole site, which is more than 35,000 square meters, we're basically left with the two buildings, which make up roughly 2,500 square meters. We confirm our outlook on the vacancy rate of 3.5%, and we confirm our EBITDA guidance of 310 million for the full year. With that, I would hand over to the Q&A.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and 2. Anyone who has a question may press star 1 at this time. Our first question comes from Ken Hager, ZKB. Please go ahead.