Vonovia Se Unsp/Adr

Ladies and gentlemen, welcome to the Vonovia Q1 Results Conference Call. I am Yousef, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode in that this conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star followed by one on your telephone. For operator assistance, please press star followed by zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Rene. Please go ahead.

Thank you very much, Youssef, and welcome everybody to our Q1 2025 earnings call. Our speakers today are once again CEO Rolf Buch and CFO Philipp Grosse. They will be happy to lead through today's presentation and then answer your questions as usual. Over to you, Rolf.

Thank you very much, Philipp, and a good afternoon also from my side as well. Let me start as normal with the highlights. In terms of an update of the market in Q1, it is safe to say that things are going off to a good start. The positive momentum on the transaction market has carried over in the first quarter and was not impacted by the Bund yield hike in early March. Transaction volume is much higher than in Q1 last year as investors' appetite remains healthy. Uncertainty over tariffs and the wider economic appears to provide further support. In this context, and against the backdrop of positive operating fundamentals that are as strong as ever, we had a very good start in the new year. Rent growth was up by 50 bps to 4.3%. Our three financial figures adjusted EBITDA, adjusted EBT, and operating free cash flows are well all up double-digit year-on-year. Our debt KPIs are moving in the right direction as expected. On page four, we are talking about the transaction market. Basically, all brokers published their data for Q1 in early April, and the message is very similar. The transaction market in Q1 was strong with a 180% increase over Q1 2014. Demand from investors was high. Remaining uncertainties are residing, and a variable price structure has emerged as market yields have stabilized. This is the kind of development that we have anticipated, and it should be overall very supportive for our H1 valuation. And with this, to Rene.