Thank you for coming. We will start the results of the 6 months.

We had a very good opening of the 2026. Our like-for-like growth is 5.6%.

Our occupancy rate is 94.4%, we lost around 0.9%. Retail average rent increased by 1% to €28.5 per square meter.

Footfall like-for-like growth by 3.1%, and like-for-like tenant sales increased by 2.6%. The fair value grow by 2.7 million, and NRI margin is 94.2%.

The key achievement in the first half: we signed leases for about 20,700 square meter; the leasing spread is 9.9%, which is impressive; the like-for-like general mall leasing increased by 26%, which is extraordinary; the operating expenses we cut for 5.5%; and we actually buy back our bond for '26 and '27 in an amount of 252 million. We took a loan of 214 in order to stabilize our financial situation.

The like-for-like NRI growth for the first half of the year, you can see that Sweden donate almost 8%, Norway 5.8%, and Finland 4.1%. In total, the average is 5.6%, while the European average growth for this year is 3.5%.

This is actually the, I would say, third quarter, including the last quarter of last year, that we are actually beating the European average. We can see that it's not a coincidence, this is a trend.

Go ahead. Regarding divestment, we signed an LOI for three asset in Finland: Myyrmanni, Koskikeskus, and Trio.

The deal is a conditional deal. On the day of the closing, the buyer, which is Noga Finland, will issue an IPO in the Stock Exchange in Tel Aviv.

Based on them success IPO, we will do the transaction. As I mentioned, we signed an LOI, and we believe that between today to 45 days, we are expecting the closing.

We are in discussion with a few potential buyers regarding assets in Sweden and in Norway, but nothing is mature yet. Now I'll give the floor to Hilik to do the financial overview.

Thank you, Eshel. As Eshel mentioned, strong results in the performance.

NRI for the quarter, 57.5 versus 53.3, that's a 7.8% growth, 5.9% with the FX adjustment. You can see for the half year, 5.7% growth and 3.9% with FX adjustment.

Of course, taking into account the Lippulaiva Resi divestment NRI loss, that 3.9% would grow to around 5%. Direct operating profit, against here we show 4.6% increase from €47.7 million to €50.8 million.

Also in the half year, 4.9% increase, €96.6 million versus 92.4. On the EPRA earnings, 17.6, resembled to the Q2 2025, and also the half year the same trend, 36.6 versus 36.9.

The EPRA earnings excluding hybrids, €25.7 million versus 26.3, and the half year 52.8 versus 54.3. That's 10 cents per share in the quarter and 20 cents for the half year.

The EPRA NRV landed at 7.64 and versus 8.29 in Q2 2025. In the bridge, you can see that our solid results in the NRI growth and the G&A reduction that is a consistent effort from management to try to cut expenses were subsidizing the increased cost that we have here.

The main driver here is the higher interest rate environment in the refinancing process and is reflected by the interest expenses, somewhat offsetted by the buyback of hybrid bonds, you can see €1.3 million. On the recent financing actions, we accomplished a lot of actions in the first half year, de-risking the balance sheet and while extending maturities.

We've done early redemptions of 2026 and 2027 bonds on the one hand, withdrew a secured loan with favorable terms, €214 million on the other hand. That's the interest-bearing liabilities went down by €38 million quarter-to-quarter.

We also entered into €200 million related party credit facility where we gave a loan €70 million to G City with 6.5% interest, arm's length. In the amortization schedule, you can see average debt to maturity was going up to 3.5 years from 3.2.

Weighted average interest rate, 4.72%, that's an increase. We tried to offset it by entering into secured financing, which has favorable terms, but again, the interest environment is still higher than the current coupons.

On the key credit matrixes, you can see that we're still in a very good place: loan-to-value, 51.4%; net debt to EBITDA, 10.1; interest coverage ratio at 2.2. Of course, Citycon is in compliance with all of its covenants.

That was about the presentation, and next we will go into the Q&A session. If you would like to submit a question to the management, please use the Q&A function available in the toolbar at the bottom.

We will collect your questions and address them here in the call. We have a few questions coming in on the line.

The first one is related to divestments: How do you plan to use the proceeds from divestment of the three shopping centers in Finland?

In case we will execute the transaction, then I believe that we'll buy the next bonds that we have on the line is 2028 and some hybrids.

Then we have another question, which is partly related to the same, also asking about the divestments: What the net proceeds from this portfolio would be? Maybe we can take there are different parts to the question, this is the first, what the net proceeds would be.

I can take the second after your answer, Hilik.

I think that we've mentioned that we're talking about book value, latest appraisal, which is 422.6, and, of course, customary adjustments would be made. This is what we're experiencing, and this is still all under negotiation and conditional deal.

Then the second one coming from the same is related to the vendor financing, if that will be in addition to the mutual loan agreement together with G City? Oh,

no, maybe people are confused. There is nothing to do with G City apart of the, let's say, 1 minute that Noga will go for the IPO.

Once Noga is a public company, is no more G City. The vendor loan will be to Noga Finland, which will be a public company that G City will hold, if I remember, not more than 25%.

It will be a real public company, and we will give vendor loan as we gave vendor loan before when we do divestment in the year befores, not more than 20%.

Then an additional question: Do you plan any dividends during the second half year in '26?

We didn't plan it yet.

Then an additional question coming from the line related to the credit facility with G City: How do you think about buying back hybrids instead, even they have higher coupons and trade well below par?

I think that we have demonstrated that we can do buybacks of hybrids. We've done in Q3 2025 €35 million buybacks.

This is, of course, part of our toolkit, and we'll consider it, of course.

Then an additional question related to hybrids: What is your plan for the €321 million hybrid where coupon reset date is in third quarter?

As I mentioned, I believe that if we will do the transaction, we will use the money for those bond as we have the next on the line, the 2028, and partially for the hybrid. Then

one more question related to the divestment, partly already discussed, but the question is: Will the asset sale be done at book value or premium/discount? About when the timing would be for this divestment?

Noga?

Yeah.

As I mentioned before, the price is the book value price. It was the last appraisal that we make lately.

As I said, it will be on a book value. We will give them a loan or vendor loan of up to 20%.

It's all depend, of course, on the results of the IPO. That's why I'm saying that I'm not 100% sure that we will do it.

It's depend on the results. I hope we will do it because it's a very good deal for us to sell first time after many, many years to sell some asset in a book value.

On the other hand, we will keep manage this assets. We will get management fee.

For Citycon, I believe it's a very good transaction. There was a part that I missed.

About the timing of the divestment.

As I mentioned, we expect to do the closing between, I believe, today to 45, maximum 2 months.

Thank you, Eshel and Hilik. For now, it's the last question we had on the line, and there are no more open questions.

Thank you.

I want to take one more minute from your time. I know that there are some Cityconners on the line.

I want to tell all of you guys that you did a very great job, and keep going. Thank you very much, and I wish all of us a good weekend.