Good morning. Happy to have you here on this Friday to summarize our Citycon first quarter 2026.

Next to me is Hilik, and after I will give you the management review, the operational, I will leave the floor to Hilik. We had a solid first quarter, and the operational results are the following: We have like-for-like growth in NRI 4.5%.

Our retail occupancy is almost 95, 94.8%. The rent per square meter grow by 0.9% to €28.4 per square meter.

The footfall grow by 2.1%, and the tenant sales growth by 3.5%, which is a good indicator. Our valuation grow by 2 €2.2 million, and the NRI margin is almost 90%, 89.9%.

The key achievements in the quarter, we focus on the general mall leasing, and we achieved growth of 25% between the years, and we will keep focus on that. This is what we call here money on the floor.

We signed and leased 18.7 thousand square meter of retail, and we decrease our administrative cost by 17.5%. We have signed two loans for almost €500 million, 490, and we have additionally accordion of €250 million.

It's a good backup to our facilities. The cash flow is continue to be strong.

The like-for-like growth, as I mentioned before, is 4.5%. Norway donate 4.8%, and Sweden, Denmark, Finland, and Estonia, each one of them 4.5%.

On the right side, you can see the growth of the price per square meter during the quarters. In general mall leasing, as I mentioned, we focus in this year, and we had a growth of 25%.

New long-term specialty leasing deals signed and opened during the first quarter. New media and advertising actually agreement with the providers has been signed.

New possibilities to create and reshaping centers in order to have more GMLs. An energy project which will generate new revenue in the coming soon.

We have significant income growth potential in the general mall leasing, and we'll focus also in having better results in the leasing. Looking forward, we continue to work on optimizing our asset portfolio by identifying and carrying out potential asset divestments.

During the quarter, we have been approached by several potential buyers related to selected assets in Finland, Sweden, and Norway. These days, post Quarter 1, we start negotiating NDA with some potential buyers.

We'll focus on increasing the general mall leasing income and on improving of the leasing activity. We are well-positioned to deliver strong operational results for 2026.

For now, I will leave the floor to Hilik in order to review the financial overview. Please, Hilik.

Thank you all. Thank you, Eshel.

Key financials for Q1 2026: NRI landed at €51.8 million versus 50.1, that's a 3.5% uplift and 1.8% FX-adjusted. The direct operating profit, 45.8 versus 42.7, 7.2% uplift and 5.3 FX-adjusted.

This is thanks to the G&A savings of 1.3 compared to the corresponding quarter in 2025. EPRA earnings, €19 million versus 19.4.

We will go through the EPRA bridge in the next slide. EPRA per share, 10 cents versus 11 cents in the corresponding quarter in 2025 and 15 cents, excluding the hybrids, versus 15 cents.

EPRA NRV, 7.61 versus 8.13. In the next slide, you can see in the bridge the remaining assets gave us 1.5 million.

This is a growth. On the other hand, we lost NRI from the Lippulaiva residential divestments.

G&A, as mentioned, savings €1.3 million. On the other hand, financials expenses, this is coming from increased cost, mainly the 2031 bond we issued in 2025 April.

On the other hand, we bought €35 million of hybrids. That gave us back €600,000 for this quarter, as you can see.

Overall, after FX impact, we landed on €19 million. This is a strong results and a solid results for the Quarter 1.

With respect to financing actions, we are pleased that we have done a lot of actions in Q1 and the subsequent events. We've managed to sign and draw €270 million loan with an accordion option of another 250.

We bought back some bonds, and then we distributed dividends of an aggregate amount of €202 million. On April, we did early redemption of the 2026 bond, €124 million.

We signed another secured loan, €220 million, with attractive terms. That was already drawn in beginning of May.

We announced for an early redemption of the 2027 bonds. Following all that actions, we are in a much better position, and there's no near-term maturities.

The next one would be March 2028 bond, and this is something that we would like to emphasize significantly de-risking the balance sheet as of today. With respect to the debt maturity, after the subsequent events, the pro forma of the average debt maturities is 3.7 years.

We are experiencing a gradually higher interest rates. This is coming from the base interest rate.

On the other hand, we're kind of trying to offset it by entering to a secured loan with a relatively attractive terms and potentially buying back bonds in the future. Liquidity, as of March 2026, €153 million.

This is something that after that, we have did the make-whole of 2026, on the other hand, got the Arya loan. We are well-positioned currently as well.

In the maturity schedule, this is for March, 2026, 2027 would be cleared. 2027 would be cleared in the next month.

You can see that next in line would be only March 2028, which is just less than two years from now. Key credit metrics: loan-to-value below 50% for 49.4%.

The upper loan-to-value is coming from the dividend distribution mainly. Net debt to EBITDA, 9.9; interest coverage at 3.3; and weighted average interest rate, as mentioned, 4.32.

Thank you, and now we are open for questions.

I see here three questions,

I will start with the divestment. As I said last year, when we summarized 2025, our target for this year is start to optimize our portfolio.

We have, as I say, approached by few good potential buyers for asset here in Finland, Norway, and Sweden. Nothing is premature yet that I can report specifically.

As I said, we signed a few NDAs already, and we are negotiating now NDA about assets here in Finland. I believe that when we summarize the six months, we will be able to be more specific.

At the moment, I cannot expose more than that. We are definitely in the direction that we want.

I would say for the hybrids, the decision-making would be close to the reset period, which is September 2026. As mentioned, we bought €35 million hybrids.

We can do in the open market and try to get benefit of the fact that it's traded below par. Regarding the LTV, 49% is still something that is well-monitored, and we keep monitoring it.

Of course, we're in compliance with every covenant that we have, and we'll continue to do so. With respect to dividends, again, looking at our dividend policy, any excess of cash would be considered as a dividend and, of course, in compliance with all of our covenants at any given time.

From S&P, we're expecting the unexpected, and to be honest, is not affecting our activity. The

rating for Citycon, given S&P methodology that once G City crossed the 50%, it is viewed as in a group level and not as a stand-alone level. By the way, if you look at the report itself, it does give emphasize that the performance is stable and improving on a stand-alone basis.

Once the rating is as such, and clearly from that point of time of the rating decrease, G City has increased her stake to 86.4%. I don't think that our actions here are something that would be just for the sake of the rating.

The secured financing is something that we're looking at because the terms are very very favorable. The market here was frozen, and there was no transaction regarding debts for years, and now there's a lot of interest.

It also echoes our quality of assets. I think that when it's hot, I think one of our responsibility is to try to take and close secured financing to support our P&L.

Then

We are considering few channels. The money just arrived, still hot, warm.

For the next few days, we secure it. We put it in a closed account, and we will think what to do with it.

Basically, we feel better that the money is in our bank account, and we will see how to leverage it to have the best benefit for our shareholders. Then

We are right now again, we're having the cash, we're trying to do the conservative and responsible actions, which would be to clean the debt maturities that are coming due, 2027, as mentioned. I think that if we'll have excess of cash, and this is the reason why we will pursue more secured financing in the future.

We would consider every option, including buyback of hybrids, again, trying to be more opportunistic and supporting the P&L. I think this is something yet to be seen, but is an option on the table.

I'm happy to deliver a good result for the first quarter, and this is just the beginning. I believe that in the next quarter, we will have more details to tell you about the operational results.

I hope that I will be able to come with more, I would say, strong stories regarding divestments. By the way, all what we are negotiating regarding divestment is in the book value.

We got some proposals which are under the book value and we reject them. We are negotiating, at the moment, only what is the book value, and we have potential buyers.

I wish you all happy weekend, and thank you.