Good morning, and thank you for joining us for our 9 months 2025 results presentation. Our portfolio continues to perform well, with the majority of the portfolio at 56% of residential and hotels achieving strong operational results, benefiting from strong market tailwinds, paired with our ability to identify and extract upside potential.

The office portfolio at 38% remains stable, although the economy continues to lag. Nevertheless, we see the outlook is improving, and we continue extracting positive rent like-for-like performances.

In addition, our conversion potential is increasing as we continue to identify more opportunities with the new regulation in Germany, especially the Bau-Turbo, further supporting conversion to residential, thus providing us more optionality to extract upside potential. We see the general sentiment continuing to improve, and the economy is expected to move to a more positive territory next year, as expected by the German government, supported by the large stimulus package.

Government stimulus programs are expected to drive investment in critical infrastructure, and renewed private sector activity is beginning to show in the macro data. Meanwhile, a stabilizing interest rate environment is positively impacting capital markets, creating a more supportive financial climate.

We see these as encouraging signs. Germany's transaction market is also showing signs of recovery, and we're seeing an uptick in transaction activity, including some larger deals.

However, this recovery remains uneven, as smaller and less liquid players continue to face refinancing challenges, which may create growth opportunities for us. Year-to-date, we have also executed several capital market transactions, which include senior bond issuances together with tender offers, as well as the recent successful perpetual note transaction executed a few weeks ago.

In the perpetual transaction, we refinanced high-coupon perpetuals with a cheaper one, and on top reduced our perpetual balance, thereby reducing coupon payments and supporting FFO. This deal attracted strong investor demand and positive feedback, reinforcing our strong access to capital market.

We continue to focus on extracting our internal growth potential, and together with our recent proactive activities in the capital markets, positioning us strongly for the opportunities ahead. On slide 4, we present the key financial highlights for the first 9 months of 2025.

Net rental income amounted to €886 million, increasing slightly compared to 9 months 2024, supported by solid like-for-like rental growth of 3.1%, and more than offsetting the impact of net disposals. Adjusted EBITDA amounted to €715 million, slightly lower by 1% compared to 9 months 2024.

FFO 1 amounted to €221 million, down from €236 million in the comparable period, mainly due to higher perpetual note attribution and a lower contribution from JVs, which offset operational growth. In H1 2025, the portfolio was externally revalued, showing a positive like-for-like value change of 1.4% compared to December '24, mainly driven by strong operational performance.

The portfolio will be fully revalued again as part of the year-end report. EPRA NTA per share amounted to €7.8, higher by 5% compared to December '24.

We are making ongoing progress towards obtaining green certificates for our assets, with 62% of our commercial portfolio now green certified, including 73% of offices and 60% of hotel assets. Liquidity remains solid at €2.7 billion despite significant debt repayments during the period, with gross debt reducing by 1.1- €1.1 billion during the 9 months period.

LTV stands at 41%, well below our internal Board of Directors guidance of 45%, and maintaining wide covenant headroom. Jonas, please continue on the next slide.

Slide 5 highlights our recent perpetual notes issuance and buyback. This transaction involved issuing €700 million in new perpetual notes at a 5.25% coupon, including a €200 million tap, while buying back €1.2 billion of perpetual notes with an average coupon of 7% through the concurrent tender as well as redemption calls following the transaction.

The rationale behind this transaction was to reduce coupon payments. We achieved this by replacing higher-coupon perpetual notes with new, lower-coupon notes, thereby reducing our annualized coupon payments.

In addition, we were able to reduce the total balance of the outstanding perpetual notes due to this transaction by €510 million. As a result, annualized coupons will decrease by approximately €50 million, supporting FFO, while significantly lowering our interest expenses under S&P's methodology.

Overall, this accretive transaction strengthens our credit metrics, improves our financial position, and will assist in keeping our FFO level going forward. On slide 6, we present a summary of the outcome of perpetual notes transaction on a line-by-line basis, highlighting here the reduction in the balance by €510 million and the decrease in average coupon of the specific notes from 7% before the exercise to 5.6% after.

In the appendix, we provide an updated list of all our outstanding perpetual notes post-transaction. Moving to slide 7, where we give a summary of our bond issuances since July '24, highlighting the strong progress we've made in reducing the marginal cost of debt over this period.

In July '24, our Series 40 senior bond was issued with a coupon of 4.8%, while GCP issued €500 million Series Y bonds at a coupon of 4.375%. At that time, these were our first issuances after several years, marking our return to the capital markets.

By May '25, we were able to issue Series 41 bond at a much lower coupon of 3.5%, and in September '25, the coupon for the Series 42 decreased further to 3.25%. In November, we also issued a new CHF bonds to proactively refinance the upcoming maturity of our Series X CHF bond in Q1 next year.

The Series X was issued in 2019, before the pandemic and period of higher interest rates, and carries a coupon of 1.72%, while the new Series 43 CHF bond was issued at an even lower rate of 1.5%. Tim, please continue with the next slide.

Thank you, Jonas. On slide 8, we show our internal growth, reflected in continued robust like-for-like rental growth across the portfolio, showcasing the benefits of our diversified portfolio.

We continue to see strong growth in the majority of our portfolio. Hotels, which make up 22% of the portfolio, leading the growth with 4.2%, supported by repositioning projects completed in previous periods, which are now driving internal growth.

The residential assets, which make up 34% of the portfolio, continued to deliver strong rental growth with a like-for-like growth of 3.9%, supported by record-low vacancy. These two asset classes make up 56% of the portfolio.

In offices, which comprise 38%, we continue to capture rental growth despite market headwinds by leveraging our gap to market rents as we can offer competitive rents. We continue to enhance our letting activities through selective conversion opportunities, primarily serviced apartments.

Here, the Bau-Turbo regulation provides a strong opportunity to accelerate office-to-residential conversions, enabling more flexible changes and unlocking further value. Moving to slide 9, you can see here our internal and external growth drivers.

We continue to drive growth through internal drivers, including targeted investments and operational efficiencies. With a rent reversion potential of around 26%, including potential to increase occupancy, benefits from indexation, and the regulated rent increase in our German residential portfolio, we're well positioned to capture rental upside.

Targeted capex measures in past periods will deliver contractually agreed rent increases from hotel repositionings. Furthermore, we have rental upside in the upcoming periods from conversions of office to serviced apartments.

Also here, we have the upside contractually agreed, with long-term leases signed and further opportunities under review. Looking at external growth, here capital recycling is a key growth driver.

By selling lower-yielding assets and utilizing the proceeds to fund high-quality and higher-yielding acquisitions, we are able to drive EBITDA growth while maintaining a conservative balance sheet. Now let's discuss our operations.

Frank, please continue.

Thank you, Tim. Slide 11 illustrates our well-balanced portfolio across asset types.

Hotels account for 22%, residential 34%, offices 38%, and logistics and retail 6%. Our properties are concentrated in top locations, with Germany, the Netherlands, and London representing 88% of the total portfolio.

Berlin remains our largest city at 24%, followed by London 8%, Munich at 7%, and Frankfurt at 6%. These core markets offer strong long-term fundamentals and continued upside potential.

For more details and aerial views of our main cities, please see the appendix. On slide 12, we highlight how our diversified asset base remains the foundation of our resilience and growth potential.

With broad exposure across residential, office, and hotel segments, we are able to unlock synergies, manage risk, and adapt confidently to changing market conditions. Our in-house expertise allows us to identify the best use of each asset, whether through repositioning, conversion, or operational improvements.

As market conditions change, the best use of a specific property may shift over time, and with our expertise across asset classes, we are able to unlock further potential and capture new opportunities. For example, we are converting selected office spaces into serviced apartments, where returns are more attractive.

Furthermore, innovation and processes developed in one segment can also be applied across others, enhancing efficiency and supporting stable cash flows. This diversification also offers downside protection due to lower sensitivity to industry- or asset-class-specific impacts, such as we saw during the COVID pandemic.

Residential assets provide resilience and protection during economic downturns, while office and hotel segments offer greater upside when markets are growing. This balance ensures that our portfolio remains well positioned throughout different cycles, with manageable sensitivity to market headwinds.

Our flexible capital allocation strategy enable us to direct resources to the most promising sectors, helping us to take advantage of market opportunities and pursue higher returns. On slide 13, we provide an update on the main portfolio KPIs, along with an overview of our tenant composition.

As of September 2025, the total portfolio value stands at €24 billion, generating €1.16 billion of annualized recurring rental income, reflecting a rental yield of 5%. The WALT remains solid at 7.4 years.

The maturity schedule is well balanced, which provides additional downside protection. Vacancy has improved slightly at 7.4% compared to the end of 2024, and in-place rent has increased to €11.4 per square meter.

Our tenant base is well diversified, including around 3,000 commercial tenants, alongside a highly granular residential segment. The top 10 tenants contribute less than 20% of total rental income, limiting exposure to any single tenant.

Slide 14 provides an update on our disposal progress. In the first 9 months of 2025, we completed approximately €460 million of disposals around book values, at an average rental multiple of 20 times.

Most of these transactions involved office and residential properties, with the remainder in hotels, building rights, and retail. The disposals were primarily located in Berlin, North Rhine-Westphalia, Bremen, Frankfurt, and non-core and other locations.

Year-to-date 2025, we have signed over €350 million of disposals, which provide us additional capital to support our balance sheet and fund growth opportunity through capital recycle. Approximately €155 million of disposals are signed, but not yet closed, as of September 2025.

Looking ahead, we plan to continue with selected disposals of lower-yielding assets and development properties to support our acquisition strategy. Kamaldeep, please continue on the next slide.

Thank you, Frank. Good morning.

Slide 15 offers a detailed view of our office portfolio's performance and positioning. Most of our office assets continue to be concentrated in Berlin, Frankfurt, Munich, and Amsterdam, which together account for nearly 60% of the total portfolio.

In September 2025, the office portfolio achieved like-for-like rental growth of 1.5%, mainly driven by rent indexation and reversion. Our vacancy increased slightly and stands at 12.9%.

Our tenant base is well diversified, with about 75% of rental income coming from public sector entities, multinational corporations, and large domestic firms. Currently, 73% of our office portfolio holds green certifications, and we are making steady progress towards certifying the remainder.

Market vacancies have increased slightly over the past years, but remain around historical levels, as they come from very low levels, supported by low and decreasing new supply. We expect improvements in the office sector once the German government stimulus package flows through the market.

At the same time, we see additional opportunities created by the Bau-Turbo regulation, which allows for more flexible conversion of office space into residential, which helps address Germany's housing shortage. On slide 16, we highlight the improved economic outlook in Germany, driven by the government stimulus package and recent reforms supporting conversions.

For the office market, signs of this positive outlook start to be visible, with office take-up in the big seven cities up 5% year-on-year, and investment volumes rising by 23% year-on-year. Overall, these developments position our portfolio to benefit from improving market conditions and increased demand.

We believe the structural and cyclical improvements will support a gradual recovery in office demand, particularly in core urban markets where we maintain a strong position, while we believed that the Bau-Turbo would make additional potential conversion projects economical. The Bau-Turbo is a significant step in the right direction of German government support to increase housing supply.

Recent years, supply did not catch up with the government's targets, and actually moved even further away. We believe the Bau-Turbo will have its biggest impact in conversion projects compared to new builds, as construction costs remain high.

In addition, currently €360 million of subsidies are being discussed, which would be allocated from the infrastructure fund. These subsidies are targeted specifically for conversion of commercial to residential.

The government might also introduce further measures. Slide 17 provides an overview of our selected office properties that are being converted into centrally located serviced apartments and long-stay accommodations.

These projects are designed to meet growing demand in key urban markets and unlock value from underutilized assets. We have secured lease agreements for eight properties in Berlin, Frankfurt, Dortmund, Hannover, and Rotterdam, totaling around 1,200 rooms.

Development is progressing well, with conversions underway in Rotterdam and one Dortmund asset, and planning or permitting ongoing for the others. We expect incremental rent of approximately €17 million once they are operational, starting gradually from 2026.

We note that all these projects are pre-let and have secured long-term leases. We're also reviewing additional projects with strong potential, and are in the process of securing more leases.

Turning to slide 18, our residential portfolio continues to deliver outstanding operational results, supported by strong market fundamentals in portfolio locations. Vacancy rates remain at historical lows, standing at 3.3%.

We delivered 3.9% like-for-like rental growth as of September 2025, supported by higher in-place rents and a sustained supply-demand imbalance. Market conditions in Germany and London remain robust, supporting increasing market rents and positioning us for continued growth in rental income.

Slide 19 highlights the continued strength of our hotel portfolio, which includes over 150 hotels across key European tourist and business hubs. These assets are leased under fixed long-term agreements, with inflation-linked or step-up rents.

We recorded 4.2% like-for-like rental growth in September 2025, supported by our repositioning efforts, with tailwinds from RevPAR growth continuing to support operations of our tenants. Across Europe, international travel and overnight stays are continuing to grow steadily.

We continue to view our hotel properties as a core growth segment. In this area, we are comfortable expanding beyond our primary markets, as these assets are leased to experienced external tenants who operate the hotels, while our teams provide active asset management and closely monitor tenant performance.

Limor, over to you. Thank you, Kamaldeep.

On slide 20, we provide an update on A-Tech, our proptech accelerator. Since launching in late 2024, A-Tech continues to build momentum.

We opened the application process for the third cohort and A-Tech hosted its first-ever pitch night a few weeks ago. Our second cohort comprised of five companies, specializing in the areas of FinTech, tenant satisfaction, decarbonization, deep tech, and material science.

Some of these startups moved into commercial deployment, and we continue to engage with some of them beyond the program. On the right of the slide, we spotlight an example of one of the companies in our second cohort, Temperate.

Temperate produces an innovative cooling device that delivers up to 95% reduction in energy consumption compared to a traditional heating, ventilation, and air conditioning systems. It operates without cooling fluids, relies on biodegradable materials, and dissipates heat into space, helping avoid heat island effects.

This approach offers significant potential for energy and heat cost savings, as well as decarbonization across AT's portfolio. Barak, please continue.

Moving to slide 21, we present a breakdown of our development and invest portfolio, which represent approximately 5% of total assets. Our strategy involves value creation at low risk, whereby development potential is identified and permitted for.

Such new development rights are sold at gains or developed with pre-let contracts. We have properties comprising around 700,000 square meter in the development and invest portfolio currently, and our teams have built a plan that suits the size, location, and type of each property.

Unfortunately, receiving permits is a long process, and therefore, these properties are not included in the run-rate figures. We only actively undertake developments ourselves that are low risk and offer large returns on invested capex.

Using this strategy, we have created a substantial value and sold developments in the amount of 900- of approximately €900 million since 2021. A more detailed list of selective development and conversion projects, representing approximately 70% of total value of the development and invest portfolio, is presented in the appendix of this presentation.

Moving to slide 22 and the data center opportunity, our portfolio has strong overlap with Germany's main data center markets, mainly Frankfurt, Berlin, NRW, and Munich. By entering this rapidly growing asset class, we're aiming to unlock substantial value from our portfolio and participate in one of the fastest-growing asset class of the real estate market.

On slide 23, we outline our strategy and the progress we have made so far. Our approach is twofold.

In the short term, our hybrid network strategy focuses on partial conversions of commercial assets usage into edge or colocation data centers. Such edge and colocations will benefit from low latency and do not require high amount of power as hyperscalers.

We expect the first operating data center in this segment to start operation within approximately 3 years. For the long run, we look to secure the higher energy capacity and full permits for the bigger properties, as it takes several years to obtain full grid approval for large-scale deployments, which would unlock development potential for such large-scale developments.

We are also exploring partnership, which gives us access to additional know-how and which may provide the opportunity to capture the full upside potential along with value chain, including potential to raise specific capital in a vehicle that funds the developments. In recent periods, we continue to work on the data center strategy, and on this slide outline the progress we made so far.

Our initial analysis resulted in approximately 100 properties that could be suitable for conversion into data centers. From these, we have selected over 10 assets as initial project sites, based on strategic and technical criteria and demand.

Permit and initial power applications have been submitted for these sites, and six location in Berlin have already secured initial power locations, of which four are centrally located. Our next steps are to submit new and additional power applications for existing and future selected project, secure additional power, and full permitting.

Jonas, please continue on the next slide.

Moving to slide 25, we present our financial results for the first 9 months of 2025. Net rental income totaled €886 million, slightly higher compared to €883 million in 9 months '24.

The growth was the result of like-for-like rental growth, partially offset by the impact from net disposals in the period. Operating and other income, which is mainly composed of recoverable expenses from tenants, decreased by 6% year-over-year, while property operating expenses decreased by 4%.

Both items were mainly impacted by disposals carried out between the periods. Finance expenses totaled €173 million in 9 months '25, lower by 3% compared to €179 million in the same period of 2024.

The decline was the result of our proactive measures, such as gross debt repayments and hedging activities, further supported by the downward trend in market interest rates between the periods. This positive impact was partially offset by lower interest earned on our cash position, as well as the refinancing impact from higher average rates on the new bonds issued.

We reported deferred tax income of €230 million, compared to €52 million in the comparable period in '24, mainly due to the one-time impact from the change in the German corporate tax rate, effective from 2028, whereby the rate gradually changes from the currently 15% to 10% by 2032. Accordingly, we recorded an impairment of goodwill amounting to €157 million in the period, as the goodwill is mainly attributed to GCP's and TLG's deferred taxes, which reduced due to positive impact related to changes in the income tax, as mentioned earlier.

As EPRA NAV KPIs exclude goodwill, any change in the goodwill balance has no impact on these KPIs. Altogether, profit for the period amounted to €882 million, compared to a loss of €154 million in the first 9 months of '24.

On a per-share level, net profit amounted to 49 cents. On slide 26, we present our adjusted EBITDA and FFO results.

Adjusted EBITDA in 9 months '25 amounted to €715 million, slightly lower compared to the same period in '24. This was mainly due to the impact from net disposals in the period and lower contribution from JVs, partially offset by strong operational growth and improved operational efficiencies.

Adjusted EBITDA before JVs increased slightly to €711 million. FFO 1 amounted to €221 million, decreasing by 6% compared to €236 million in the comparable period of '24.

Here, the higher perpetual notes attribution, which are mitigated going forward as a result of the perpetual note refinancing and buyback conducted in Q4 '25, and lower JV contributions had a negative impact. Per share, FFO 1 amounted to 20 cents, compared to 22 cents per share in the same period of '24.

FFO 2, which includes the disposal gain over total costs, amounted to €271 million, higher year-on-year due to higher results from disposals, partially offset by the lower FFO 1. Slide 28.

Turning to slide 28, we highlight our EPRA NAV metrics. EPRA NRV amounted to €10.4 billion, increasing by 4% compared to December '24.

EPRA NTA amounted to €8.5 billion, or €7.8 per share as of September '25, increasing by 5% compared to December '24. These increases in EPRA NAV metrics were mainly driven by the positive property revaluations recorded and operational profits.

However, for EPRA NRV and EPRA NTA, the positive impact from the one-time deferred tax income was offset by the associated reduction in the deferred tax liabilities adjustment. On slide 29, we present our maturity profile, which was extended as a result of recent issuances and buybacks.

Our average debt maturities were 3.6 years as of September, which extends to 4.5 years if we account for our liquidity position and recent capital market activities. We continue to maintain financing flexibility, as we have strong access to different sources of financing from capital markets, supported by our strong credit rating of BBB from S&P, our high amount of unencumbered assets with diverse asset types and locations, and strong mortgage banking relationships, as well as undrawn RCFs in the amount of €0.9 billion, with an average maturity in the second half of '28.

We retain a high hedging ratio of 97%, and kept the cost of debt low at 2.2%, albeit increasing slightly as a result of recent refinancing impacts. In Q3 '25, we tapped our Series 41 bond for €150 million.

Additionally, after the period, we issued approximately €1.2 billion of bonds across three different instruments, of which a majority constituted the new Series 42 bond with a low coupon rate of 3.25%. This low coupon marks a material improvement from 4.8% in the issuance a year earlier.

Additionally, we issued a new 150 million CHF bond at a coupon of 1.5%, improving from the 1.72% coupon CHF bond issued in 2019. The significant reduction in the marginal cost of debt is a combined result of our improved financial position, acknowledged by our strong investor base, as well as improved base rates.

On slide 30, we present an overview of our strong financial profile and debt metrics, all of which have improved since December '24. LTV decreased to 41%, mainly as a result of both net disposals and positive property revaluations in the period.

LTV increased slightly compared to June, mainly due to the FX impact related to our UK portfolio and investments during the period. In addition, we continue to maintain a large balance of unencumbered investment property, which amounted to €17.1 billion, or 70% of rental income.

Our ICR was 4.1 times, improving from 4 times in 9 months '24, and net debt to EBITDA 10.7 times in 9 months '25, improving from 11 times in 9 months '24. Lastly, on slide 32, we reiterate our full-year guidance for '25.

We continue to guide for FFO 1 in the range of €280 to €310 million, which translates to 26 to 28 cents per share. We expect positive impacts from continued rental growth, hotel repositionings, and improved operational efficiencies.

On the other hand, we expect some offsetting effects from the full-year impact from disposals closed in '24 and '25, higher coupons on perpetual notes compared to '24, as well as reduced interest income on our cash balances, and refinancing above current cost of debt. It should be noted that as a result of the recent perpetual notes transaction, perpetual note coupon payments are expected to reduce only slightly quarter-on-quarter in Q4 '25, and reduce materially by approximately €50 million on an annualized basis going forward.

This impact is partially offset by slightly higher finance expense as a result of senior bond issuances in Q4 '25. As usual, we will provide an update on our '26 guidance as part of our full-year '25 results in March.

This concludes our presentation. As always, you can find further material in our appendix.

With that, we would like to start the Q&A. Before we invite your direct telephone questions, we would like to answer questions that we have received by email prior to this call.

For simplicity reasons, the team has taken liberty to group similar questions in order to answer as many questions as possible. Allow me now to read out these questions.

Could you provide an update on your views regarding external growth? What do you expect the impact to be on your leverage?

Thanks. We continue to view our position in the current market as positive to capitalize on accretive growth opportunities.

Currently, we see capital recycling as a very accretive source to fund growth. Therefore, we expect to continue disposing properties while looking to acquire below-market value with high upside potential, in order to capture the accretive spread between the disposals and the acquisition price.

We see an asymmetric market recovery with smaller players facing financial difficulties, while large players are recovering and are benefiting from increasing and strong access to capital. In this context, we view ourselves as well positioned to capture attractive opportunities, due to our established deal sourcing network, our solid reputation as preferred market buyer, and our liquidity.

We have €600 million of assets held for sale, of which quarter is already signed. We're currently reviewing an acquisition pipeline of several hundred million euros, comprising preliminary of residential and hotel properties.

Looking at the impact on leverage, as we mainly look to acquire through capital recycling, it should not have a significant impact on leverage. That being said, timing of transaction could impact the leverage metrics between periods.

On the other hand, the uplift in EBITDA from buying properties at higher yields would be supportive for FFO and ICR. Thank you, Barak.

Could you provide more details on your rent like-for-like performance?

Sure. We achieved like-for-like rental growth of 3.1% across the portfolio, with the strongest performance in Berlin, Stuttgart, Hamburg, London, and Leipzig.

The majority of our portfolio, with around 60% of residential and hotel properties, are performing very well. Our residential portfolio continued to benefit from the expanding supply-demand imbalance in key metropolitan areas, delivering solid growth of 3.9%.

The hotel portfolio recorded a strong growth of 4.2%, supported by the repositioning measures completed in the recent periods, which are supporting rental growth as well as in the next periods. Offices recorded 1.5% growth, primarily driven by indexation.

Looking ahead, we expect this positive trend to continue, particularly in the hotel and residential segments, underpinned by favorable market fundamentals. Office rental growth should remain slightly positive in the near term, driven by indexation, impacted by slight headwinds on vacancy.

However, we do see further upside as economic conditions improve, on the back of the German fiscal stimulus. Overall for the portfolio, we will continue to unlock value through repositioning and selected conversions, and anticipate overall like-for-like rental growth of 2% to 3% in 2025.

Thank you, Timothy. Could you provide an update on the recent performance of your hotel portfolio?

What is your outlook for this asset class over the upcoming period?

Our hotel portfolio continues to demonstrate strong performance, driven by a favorable market environment and targeted repositioning of selected assets. This is reflected in the 4.2% like-for-like rental growth as of September 2025.

The European hospitality sector entered 2025 with solid momentum, with robust and fundamentally stable demand. Looking ahead, we expect demand to remain robust, supporting the operations of our tenants.

Our strategy of repositioning, combined with contractual rent step-ups and indexation, position us well for continued internal growth. Given the resilience of and attractiveness of this segment, hotels remain a core strategic focus for us, and we aim to further expand this asset class internally and externally.

Thank you, Frank. How do you view the current leasing activity and occupancy levels within your office portfolio?

Are you considering further conversions of office properties?

Leasing activity during the first 9 months of 2025 was in line with recent years' average. Demand continues to be soft, primarily due to Germany's economy, which is the key driver of office demand.

However, we're seeing encouraging signs, with economic sentiment improving and government stimulus measures supporting a potential recovery. The significant stimulus package announced by the German government will support economic growth in the coming years.

As the economy strengthens, we expect office demand to follow suit. Meanwhile, new office supplies remains constrained due to low construction activity and conversions to alternative uses, creating a favorable long-term supply-demand dynamic.

On a like-for-like basis, in-place rent increases, driven mainly by indexation, have supported positive rental growth of 1.5%. In the first 9 months of 2025, we extended 110,000 square meter of leases, with an average WALT of 4.5 years, and an in-place rent of €15 per square meter, representing 2% above previous rents.

We also signed new leases for 100 100,000 square meter, with a WALT of 8 years, and an in-place rent of €14.2 per square meter, 3% above the previous levels. As to conversions, we continue to identify office assets suitable for conversion to commercial residential.

We're also analyzing conversion potential supported by the new Bau-Turbo regulation, which is simplifying change-of-use processes. Our diverse operational expertise enables us to optimize portfolio use, and we evaluate the best and most value-creative use.

Several office-to-serviced-apartments conversions have been signed and are expected to generate rent starting in 2026, and additional properties under review and analysis. Additionally, we actively evaluate data center opportunities in select locations to unlock additional value.

Thank you, Timothy. How do you assess your current liquidity position?

How do you intend to deploy your cash?

We have a strong liquidity position, which has been further supported by recent capital market transactions. In past periods, our strong cash position was an important factor in navigating market volatility successfully.

However, the ongoing improvement in market conditions points to lower needed levels of excess cash. The repayment of debt through scheduled maturity or as part of liability management exercises continues to be our main focus, and we may also deploy cash to pursue accretive acquisitions, if we see the opportunity.

This is reflected in the first 9 months, where we deployed cash to reduce gross debt by €1.1 billion. The strong investor demand both in our bonds and perpetual notes issuances further underscore the company's ability to obtain funds at competitive rates, also reflected in decreasing spreads for instruments in the market.

As always, we will seek to maintain our conservative financial position while capitalizing on external growth as part of the capital recycling. Our low leverage metrics and headroom to credit and covenant ratios provides us the ability to execute our disciplined acquisition strategy from a strong position.

Thank you, Jonas. Could you provide an update on your disposal progress?

What is your disposal strategy going forward?

Across the first 9 months of '25, we signed approximately €350 million of disposals. During the same period, we closed approximately €460 million of disposals, consisting of 44% offices, 32% residential, 10% hotels, and 14% across development and remaining asset class types.

Disposal locations included Berlin, NRW, Frankfurt, Bremen, as well as non-core and other locations. Closed disposals were conducted at book values and multiple of 20 times.

Going forward, our strategy is to continue pushing targeted disposals that enable capital recycling, whereby lower-yielding disposals are used to fund acquisitions of attractive higher-yielding opportunities, while maintaining a conservative balance sheet. Specifically, we plan on focusing on disposing the remaining held-for-sale portfolio and select non-core properties and development rights.

Consistent with our approach in previous years, external growth will remain opportunistic. We will engage in transactions that meet our strict acquisition criteria and create accretive growth.

Thank you, Barak. Could you provide some more details on your current valuations and expectations for valuation results for the upcoming periods?

We conducted a full external valuation of our portfolio as part of our H1 report, and we will carry out another revaluation as part of our annual report. The positive revaluation results in H1 '25 were primarily driven by strong operational growth, supported by recovering transaction market and lower financing costs.

Looking ahead, we expect organic value growth to continue, reflecting the underlying operation performance of the portfolio. While we do not anticipate significant yield compression in the near term, this could become an additional value driver alongside operational growth over the medium term, potentially towards 2027.

This would come on the back of increasing transaction volumes, low supply in the market, and improved financing conditions. Thank you, Jonas.

For your data center plans, will you convert existing commercial space or acquire new assets? What progress have you made so far?

How do permitting and conversion challenges compare to office-to-residential projects?

We're currently reviewing the potential of conversion into data centers within our existing portfolio, which could create significant upside. The fact that we have strong overlapping portfolio with data center markets gives us an advantage and higher upside compared to other players.

The main challenge is securing sufficient energy capacity, particularly in markets where grid availability is limited. To address this, we're following a dual-track approach: obtaining partial capacity for edge or colocation data centers in the near term, while working towards full permitting and higher energy allocations over the medium to long term, a process expected to take 3 to 7 years.

To date, we have selected over 10 assets as initial project sites, and have made progress with permit applications and initial power requests. Our next step focus on securing additional capacity and completing the permitting process, while continuing to review the pipeline.

We are discussing also to partner up with leading market players, with proven track record in developing data centers, to support the potential execution. This could save us time, reduce capex requirements, and enable us to build scale.

By comparison, office-to-serviced-apartment conversions are significantly less complex. These projects typically fall under the same zoning category and require only a standard building permit, which can usually be obtained within 6 to 12 months.

The recently introduced Bau-Turbo regulation further simplifies change-of-use processes and shortens timelines, enabling more time-efficient transformation and potentially allowing for more conversion opportunities, including full change of use to regular residential. We review the potential of each asset on case-by-case basis, selecting the most fitting and value-supportive use.

This is the advantage of having a diversified portfolio and deep knowledge of all major asset types. Thank you, Barak.

Do you expect to distribute dividends in 2026? Will you change your payout ratio, and would you consider a share buyback instead of cash dividends?

In 2025 and over past periods, we have undertaken a comprehensive range of measures to strengthen our financial position. At the same time, we have continued to see market recovery, stabilization in valuations, increased transaction volumes, and better economic outlook.

In light of these developments, we feel confident about resuming paying dividends next year. Prior to the AGM next year, we will assess payment, payout ratio, which is 75% of FFO 1 per share, and the method of distribution, whether in form of cash or buyback, or a combination of both.

Thank you, Frank. Could you comment on your latest guidance for 2025?

Do you expect any changes after your perpetual notes transaction? What are your expectations for 2026?

We reaffirm our guidance issued in March, projecting FFO 1 in the range of €280 to €310 million, equivalent to 26 to 28 cents per share. Our strong results for the 9 months '25 period was fully aligned with expectations and guidance.

FFO 1 is expected to benefit from solid operational results, including like-for-like rental growth of 2% to 3%, supported by continued strength in the residential portfolio, and gains from hotel reopenings and repositionings. These positives will be partly offset by the full-year impact of '24 disposals and additional disposals conducted and planned in '25.

Our current guidance does not assume any material acquisitions. Interest expenses are expected to increase slightly in Q4 due to the liability management exercise we executed, while perpetual note coupons will reduce slightly in Q4 '25 as a result of perpetual notes buybacks.

We will publish guidance for 2026 in March next year, together with our full-year '25 results. The main drivers of the '26 guidance will be continued EBITDA growth, mainly driven by further internal growth.

We expect finance expenses to increase as a result of refinancing of upcoming debt maturities, which will be partially mitigated by additional revenue from like-for-like and the hotel step rents and conversion projects. Regarding perpetual notes, our recent transaction is highly supportive, and we expect the positive impact of the lower coupons from this transaction to offset the impact from higher coupons related to the notes with the first call dates in '26.

We expect to get more clarity on these moving pieces over the next months, and we'll give a detailed update with the full-year results. Thank you, Jonas.

Could you please confirm the lower contribution from JVs in the EBITDA is related to a timing difference?

The contribution from JVs declined as the payouts for certain investments are not linear. Some of our positions reduced the dividends compared to last year, which were higher than usual.

This year's level is in the same range as in 2023 period, and we conservatively expect this amount to remain around this level going forward. Thank you, Tim.

Those were the questions that we received prior to this call. We can now start the open session for your questions.

We would appreciate if you can ask all your questions at once, and we will answer them one by one.

Morning, everyone. I have three questions with regards to hybrids.

I'll go one by one. Firstly, is it fair to say that on a standalone basis, the hybrid LME exercise leads to higher EPRA LTV, as the bonds were redeemed at premium on average, whereas the new hybrid was issued at discount?

My second question is, can you help us understand your intentions for the refinancing of non-call '26 hybrids? Given the improvement in capital markets, do you still see exchange as a potential, or you think the clean call and replacement of the hybrid is a base-case scenario if the current market environment prevails in 2026?

Lastly, you are currently at around 15% limit from S&P after the reduction from the recent LME. Do you intend to reduce the hybrid cap stack even further under the 10% S&P limit, as the recent transaction was excluded from those rules?

Thank you.

Hi. Thank you very much for your questions.

Great to have you on the call. In terms of your first question, we expected an immaterial negative impact on EPRA LTV from this transaction on a standalone basis.

In terms of your second questions, the strategy of this transaction, I think as we also explained, is really to manage the coupons related to our perpetual notes. That's why we target a certain instruments.

The '26s, as have resets I think Q2 next year, still some time to go. Predominantly the focus here was on the recouponing, on managing the coupon expenses, and that's why we first of all targeted the other notes.

In terms of your last questions on the 15%, I think this reduction of about €500 million is a very good reduction in hybrid stack. Really helps us to manage our hybrid expenses going forward.

Overall, we're looking here from a similar impact of about reduction of about €50 million, which would offset potentially the additional expenses related to '26s. From that point of view, I think we're happy with the reduction we've made so far.

Thank you. Three questions from my side, please.

First question is on the property valuations. Could you give us a bit more detailed outlook on what you might expect in the second half of the year?

Would it be something maybe similar to the first half of the year in terms of valuation results? Maybe you could give us some hints there.

This would be the first question. Second question, it's on the FFO guidance 2025.

Given that Q3 seems to be a bit slow in terms of FFO 1, also due to joint venture contributions, do you have an idea where you will come out in the range of your guidance, rather the lower end or midpoint? Do you expect JVs to contribute more significantly in the fourth quarter?

Maybe you could elaborate a bit on that, please. My third question is on the office portfolio.

The vacancy rate went slightly up to 12.9%. Maybe you can give us some color on which part of the portfolio, which kind of assets were the cause of this, and do you expect this trend to continue because the office market seems not to be very easy for the time being?

These are my three questions, please.

Hey, Manuel, thanks for your questions. Your first question on the valuation.

We're in the process, we don't have the numbers clearly yet. We already get some indication that valuations are, as we see in H1, moving along the operational performance.

Some of that operation performance is translated into valuation growth. We'll see clearly when we publish our full-year financials with more details on that.

On the FFO guidance, yeah, if you look at the projection how it's going, you see that we are around mid-level of the guidance, around the mid-level. We see that as a realistic level that we can land in for the full year.

The office vacancy, there was a slight uptick, correct. Look, it's a normal process, yeah.

We have the maturity schedule of the leases, you see that. Some part of the leases are maturing every year.

The majority we are able to prolong, for the tenants who are leaving, we're also able to find new tenants, but not always necessarily. This was not any specific location or property.

This is just generally across the board. Next question, please.

Briefly, before we move on to the next question, Neeraj, just following up what you asked me before, about our plan for the '26s, I think our base case is a new hybrid and replacement. Thank you.

good morning. Thank you for taking my questions.

A few, if I may. Just to come back to this JV point, the contribution in 2023 was about €43.2 million, was €49.9 million in 2024.

Is the €43 million €43.2 million the good basis to think about going forward? That's the first question, please.

Second question on the vacancy that you're showing or the occupancy, as you prefer, just trying to understand if your reconversion projects and your development projects are excluded from the vacancy or are included in the vacancy at this stage. That would be it.

Thank you.

Hey, Jonathan, thanks for your questions. Yes, look, again, it's not linear, but the €40 million is realistic to see, yeah.

Yes, last year was a little bit of an outlier, but the 2023 numbers that you're referring to here going forward will seem more realistic. The vacancy, yeah, some of the vacancy are in the development, and other assets which are vacant, which we also plan to develop, are in the portfolio, like here.

Next question, please.

Hi, guys. Just a quick one.

Are you able to provide the multiple or yield on leased offices that you sold? If you sold any vacant ones, if you could remove those, just to get a sense of where the office yields are.

Then I've got second question as well.

Sorry, Paul, can you please repeat that? It was unfortunately quite difficult to understand you.

Appreciate if you could speak slightly higher voice. Thank you.

Sure. The first one is if you're able to provide the multiple or yield on leased offices that you sold, excluding any vacant offices, just to get a sense of where offices are being disposed on either a multiple or yield basis.

Then I've got a follow-up question, depending on the answer. Thanks.

Paul, first of all, thanks for being on the call, and good to have you here. I think in terms of the disposals of offices, yes, big part of the disposal we did first 9 months was in relation to offices.

However, into that portfolio clearly there's a differentiation factor where these offices are located, big impacts on the yield. Difficult to give you an average number here.

Sorry. Did you give an average for all disposals?

I just wondered why it's not possible to do it for the offices in isolation? No, that's fine.

In terms of then the valuation of your offices, I think you're at 5.2 gross rental yield, which on an NOI basis is in the 4s, low 4s actually. Just wondered what gives you the confidence that that is the right valuation of those offices, given vacancy rates continue to increase, the best assets, or theoretically the best assets in Germany are valued at higher yields than your yields, according to CBRE?

Just wanted what gives you confidence that your portfolio with a high vacancy rate is worth more on a yield basis than the market, the best assets in the market? If you give some sense on that, that would be great.

Thank you.

Thanks, Paul. Come back to your first question.

Again, I think it's difficult to give an average value, because, again, it's a very diverse amount of disposals. To give you a number, probably looking here than a multiplier of around 21 times.

About our valuations, again, we reiterate this message. All our assets are externally valued by professional third-party valuators.

Why they see this clearly is because our assets are in strong locations with the right fundamentals where market rents are higher, where vacancy rates are lower. Clearly, right now the sluggish economy has an impact in our letting activities, but these assets should be performing according to the local market.

That's why also valued in similar ranges like the local markets where our assets are located. Just to know also, when we sell the assets also, it's on book value, huh?

That's, again, I think a validation of the values of our

Good point. With that, I would like to thank all of you that participated in this call, and the questions you raised before and during the call.

All the best, and goodbye.