Vonovia Se Unsp/Adr

Ladies and gentlemen, welcome to the 9-month 2026 results of Vonovia SE conference call. I am Mathilde, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and 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 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 Mathilde and welcome everybody to our nine months 2026 earnings call. Our speakers today are once again Luka Mucic, our CEO and Philip Grosse, our CFO. They will take you through the key messages and the nine months results before we open the call up for Q&A. As usual, we kindly ask everyone to limit themselves to questions. And with that, over to you, Luka.

Thank you, Rene. And hello and welcome, everybody, also from my side. Well, let me start with the main messages for the first nine months of 2026. Importantly, our core operating business remains resilient. Rental continues to deliver reliable growth. While Value-Add is showing very strong momentum, particularly in our craftsman organization and energy activities, so continuing the usual drum beats of the last quarter. At the same time, though, the transaction environment remains challenging. Recurring sales and development are progressing more slowly than we had expected, and financing costs have increased substantially further since Q2. We are responding with disciplined capital allocation focus on cash flow and continued focus on disposals as a top deleveraging priority. As we announced last week, we confirm our 2026 guidance for our earnings KPIs while being more specific about where we expect to land within the respective ranges. We have also provided initial guidance for 2027 and updated objectives for 2028. And with that, let me hand over to Philip for the first nine months performance.