Vonovia Se Unsp/Adr

Good afternoon, ladies and gentlemen, and welcome to the Vonovia Interim Result H1 2025 Analyst and Investor Conference Call. My name is Yusuf, 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 1 on your telephone. For operator assistance, please press star and then zero. This conference will not be recorded for publication or for broadcast. At this time, it's my pleasure to hand over to Rene. Please go ahead.

Thank you, Yousef, and welcome, everybody, to our earnings call. Speakers today are, once again, CEO Rolf Buchmann, CFO Philipp Grosse. They will be happy to lead through today's presentation and then answer your questions. With that, over to you, Rolf.

Thank you, Rene, and also a warm welcome from my side. Following a strong quarter, the first quarter, we have been able to keep up the momentum and we are happy to report a strong first half as well. Let me start with a half-year portfolio valuation. In line with what we have guided, we saw a like-for-like value growth of 1.3% of our standing portfolio during the first six months. Going forward, we largely expect rent growth to translate into organic value growth based on our conviction that market yields will no longer expand. In terms of operation, our market environment and operating fundamentals remain, like always, rock solid. It should not come as a surprise to you. The rental segment is fully on track, led by organic rent growth of 4.4%, year on year. In our non-rental segments, we see continuous acceleration of profitability with good progress in all three segments. As a consequence, we delivered double-digit growth in EBITDA, EBT, and operating free cash flow. We have continued to actively manage our financing position with $1.3 billion of convertible at very attractive cash coupons and a bond buyback of an aggregate volume of 800 million. And while it is more of a technicality than anything else, we have completed the DPLTA process, so the domination agreement between Vonovia and Deutsche Wohnen is now in place. Deutsche Wohnen shareholders are now able to exchange their Deutsche Wohnen shares into Vonovia shares via their custodians if they want. This completes the Deutsche Wohnen integration and Wohnovia is now a fully integrated company where we can leverage the full potential on the larger scale going forward. I give you in reverence, look in the past what happens after the full integration of GACWA into Deutsche Eneken and this will be the future going forward for the joint company. Based on our good momentum and strong H1 performance, we are confident for the reminders of this year and therefore increase our 25 guidance as follows. Organic rent growth will be now greater than 4%. Rental income and adjusted EBITDA total you will now see at the upper end of the guided range and adjusted EBITDA range will be increased by 100 million. And because this is one of the last calls of mine, not the last one, I hand over to Philipp who will do the major part of the presentation.