Vonovia Se Unsp/Adr

Ladies and gentlemen, welcome to the Vonovia SE Full Year Results 2025 Analyst and Investor Conference Call. I am Sandra, the course call operator. I would like to remind you that all participants have been listened only mode and the 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 and one on your telephone. For operator assistance, please press star and zero. The conference will not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Rene. Please go ahead.

Thank you, Sandra, and welcome everybody to our call. The speakers today are Luka Mucic, our new CEO, and Filip Grose, our CFO. They will briefly present the highlights and the main messages for today before we open up for Q&A, where both will be very happy to take your questions. By way of a heads up, we will continue with our policy of two questions per analyst. With that, over to you, Luca.

Thanks a lot, René, and hello and welcome, everybody. This is obviously my first earnings call as Vonovia's CEO, and hence I'm very pleased to connect with you today, not only regarding our full year numbers, but also on how we look at the development of our business in the near and medium-term future. If I may, I will get us started with a high level view of the key messages and then hand over to Philip for a short recap of 2025. Quick spoiler alert here, the results were very much in line with expectations, in some cases even slightly above. And this is actually one of my key initial observations. It's probably not really surprising, but seeing it from the inside, I'm thoroughly impressed with the remarkable robustness and upward trajectory of the operating business. and with the platform Vonovia has built to run that business. Combined with the various non-rental activities that are all well underway, we are happy to confirm the guidance for 2026 and the outlook for 2028. Our ambition is to grow adjusted ABT per share by a mid-single-digit percentage number per year over this period. For the medium term, though, we are more ambitious, and I see considerable opportunities to propel Vonovia to the next level and generate accelerated growth towards the high single digits as we aim to further accelerate and expand our non-rental growth initiatives and productivity gains. Much of this will be driven by three things. First, an AI-based true end-to-end process redesign for better performance and higher efficiencies. by leveraging our existing and largely digital interface to our customers for enhanced partner ecosystems to provide a wider range of services. And third, building a meaningful B2B business with our third party management activities. A key prerequisite to chart this path for higher growth is a more ambitious stance on leverage. In addition to the organic deleveraging that is already underway, We will now accelerate progress towards our new targets through a more proactive positioning towards disposals. Another area of change is disclosure. We are now showing you bottom line shareholder earnings after taxes and after minorities, and we are providing more color around our non-German exposure and development activities. And speaking of disclosure, we have also simplified our dividend policy into a much more straightforward version where we pursue a progressive dividend policy that aims to pay out between 50% and 60% of adjusted EBT. For 2025, we will propose a dividend of €1.25 to this year's AGM. And with that, over to you, Philipp, for our full year 2025 results.