Thank you, operator, and good morning, everyone. A big welcome to all of you joining our EPIC Suisse AG conference call on the annual results 2025.

My name is Roni Greenbaum. I'm the Chairman of the Board of Directors of EPIC Suisse.

Joined me on this call, as usual, our CEO, Arik Parizer; our CFO, Valérie Scholtes; and our Portfolio Director, Philipp Kuhl. You should all receive our press release this morning, and you can find on our website epic.ch, in the English section of Media & Investors, our annual report 2025, as well as the presentation to our call.

Let me start by saying that we are very pleased to report record results in line with our expectation for the fiscal year 2025, and we are delighted that our development project, Pulse and Campus Leman Building C, already contribute meaningfully to this year rental income growth of 3%. For the next 30 minutes or so, Arik and Valérie will take you through the slide in the presentation, after which we will all be available for a Q&A.

I pass it to you, Arik.

Thank you, Roni, and good morning, everyone. I would like to join Ronny's comments and to also welcome you all to EPIC Suisse financial year 2025 results conference call.

This annual report 2025 marks our fourth reporting year of EPIC Suisse as a public company, and we're proud of what we've achieved during this time in terms of top-line growth, in terms of our cost discipline, and the progress of our development projects. During 2025, we also held our first Capital Markets Day where we had a chance to present our vision to the investment community, and those who participated could visit some of our properties first-hand.

In December 2025, we carried out a capital increase, which was well oversubscribed and very successful. This increase in capital provides us with a great platform to continue our growth in responsible and disciplined manner, just as we always did.

I would like to take this opportunity to thank all the investors who participated for their trust. Now to the numbers and achievements of the year.

It is a great pleasure for me to share with you all today, once again, record results, and to update you on our ongoing operations and developments. As usual, let me start with a quick overview of the economy.

As you can see on slide three of the presentation, inflation in Switzerland has cooled off from its peak in December 2022 at 2.8% to 1.1% in December 2024 and 0.2% in December 2025. According to the Swiss National Bank, it is expected to continue remaining low at 0.3% in 2026 and 0.6% in 2027.

GDP growth has come down since December 2021 at 5.1% to 1% in December 2024. Expectations are GDP will stay at a growth level between 1.1 and 1.7% between 2025 and 2027.

Consumer sentiment remain negative and stands at around -30.1, indicating continued uncertainty from the consumer side. Please note that these numbers do not take into account the recent escalations in the Middle East.

In this economically and politically challenging environment, our company continued to grow, and the market value of our real estate portfolio grew to 1.7 billion Swiss francs, as you can see on slide number five. The real estate portfolio, as at 31 December 2025, was split according to market value as follows: 54% the Lake Geneva region, 34% in the Zurich economic area, and 12% in other locations, notably in Canton St.

Gallen, Bern, and Glarus. The portfolio remains also well-diversified by sector, with market values per sector as follows: 43% offices, 34% retail, 22% logistics/light industrial, and 1% developments.

We have 25 properties with almost 370,000 square meters of lettable area as at 31 December 2025. The net rental income yield of properties in operation during the year was 4.4% excluding developments, and the portfolio continues to benefit from a long WAULT of 7.9 years.

On slide number seven, you can see the main highlights of the 2025 financial year. In financial year 2025, we continued to grow our rental income by 3% to 68.2 million Swiss Swiss francs, compared to 62 66.2 million Swiss francs in the financial year 2024.

The majority of that increase was thanks to the start of the rental income from our from our two completed deve- development projects, which began to continue meaningfully to which began to contribute meaningfully to the rental income in the second half of 2025. On a like-for-like like-for-like growth basis, the growth was 0.7%.

Reported vacancy for properties in operation continue to come down and was only 3.4% during the year. For reminder, this reduction trend has been going on for a few years now.

During 2024, the vacancy was 4.2%; during 2023, it was 4.6%; and during 2022, the year when we became a public company, it was 5.8%. Our WAULT remained low remained long and stood at 7.9 years at 31 December 2025, compared to 8.2 years as at 31 December 2024, despite the fact that 12 months have passed by.

Also, EBITDA, excluding revaluation of properties, increased during the financial year 2025 to 54.8 million Swiss francs, compared to 53 million Swiss francs during the financial year 2024. We continue to have a very solid equity ratio with with 53.5% as at 31 December 2025.

This positive ratio was improved compared to the 49.9% in December 2024, thanks to both our robust results and the successful capital raise in December 2025. Finally, at the upcoming AGM, our Board of Directors will propose to increase the dividend to 3.2 Swiss francs per registered share.

Slide nine summarizes our portfolio key figures. On 31 December 2025, after the transfer between categories of Pulse and Campus Leman Building C, we have 26 properties in operations and two properties under development: Nexus Brunnmatt in Roggwil and Campus Leman Building D in Morges.

Our total portfolio value increased to 1.68 billion Swiss francs. On this slide, you can see the values of our two segments, both after and before the transfer between categories of our completed developments.

The value of each segment after transferring the completed development to properties in operations are 1.67 billion Swiss francs for properties in operations, and 11 million Swiss francs for the remaining two properties under development. The value of each segment before transferring the completed development to properties in operations are 1.5 billion Swiss francs for properties in operations, and 184 million Swiss francs for properties under development.

Like I mentioned, the vacancy rate for the properties in operation during the year was reduced to 3.4% in 2025, compared to 4.2% in 2024, 4.6% in 2023, 5.8% in 2022, and 7.6% in 2021. I already commented on the WAULT, which we consider at 7.9 years to be very attractive.

As usual, we do not report the individual market value per property, but on slide number 10, you can see the portion of the top 10 properties in operations after transfer out of the market value of the portfolio, as well as the respective uses. As you can see, the top 10 properties in operation represent 66% of our total portfolio value.

We have four properties in operations with a value in excess of 100 million Swiss francs. The average property value amounted to approximately 60 million Swiss francs, while the smallest property we have in operation carried a value of about 6 million Swiss francs.

Overall, we consider our portfolio well-balanced also from a risk perspective. Slide number 11 reflects the change in market value of our portfolio, with an increase in value 4.4% during the year.

This increase was mainly driven by CapEx of 37.2 million Swiss francs in total, which was split as follows: 28.1 million investments in our development pipeline, mainly Pulse with 24.3 million Swiss francs investment, and Campus Leman Building C with 3.8 million investment, as well as 9.1 million investment in our properties in operation during the year. The increase was also driven by the unrealized revaluation gain of 33 million Swiss francs, which we had following the year-end valuation of our portfolio.

On slide number 12, you can see, in blue, the breakdown of the revaluation per sector as at 31 December 2025 and the comparable numbers for last year. As in previous years, all our properties were valued by the independent valuer, Wüest Partner, who revalues the properties every 6 months.

As mentioned in the previous slide, the revaluation resulted in a net unrealized revaluation gain of 33 million Swiss francs. This was driven by gain in each of the sectors and was split as follows: a gain of 11.9 million Swiss francs in the office sector, a gain of 6 million Swiss francs in the retail sector, a gain of 7.4 million in the logistics sector, and finally, a gain of 7.7 million in properties under development.

The average real discount rate decreased to 3.32% in December 2025, compared to 3.38% in December 2024. On slide number 13, you can see, in the top table, the evolution per sector of our vacancy rates during the year compared to the previous year.

In the bottom table, you can also see the like-for-like growth for the two reporting periods. You can see, in the top table, that the vacancy per sector was as follows: offices vacancy rate was reduced quite substantially from 6.7% in 2024 to only 3.8% in 2025; retail the vacancy rate slightly increased from 2.9% in 2024 to 3.6% in 2025; logistics industrial, an increase from 0.7% in 2024 to 1.6% in 2025.

Having said this, the increase of vacancy in Swiss francs is immaterial and stands at circa 100,000. As you can see, the overall vacancy has been reduced from 4.2% in 2024 to as low as 3.4% in 2025.

I have to stop here for a second and congratulate and thank our team for all the efforts and hard work in achieving this very low vacancy. In the bottom table, you can see the like-for-like growth of our rental income in financial year 2025 per sector, compared to the previous year: office sector growth of 2.4% in 2025 compared to 0.4% in 2024; retail sector remained more or less constant on like-for-like basis, compared to an increase of 2.3% in 2024; logistics sector, a slight pullback of 1.9% compared to a like-for-like increase of 1% in 2024.

Having said this, this slight pullback amounts to only about 200,000 Swiss francs for the entire year. Overall, a like-for-like growth of 0.7%, as mentioned earlier in the presentation.

As just presented, the main driver of this growth is from the office sector, where we had new tenants moving in, mainly in ComWest in Zurich, Lake Geneva Centre A in Morges, Rouvenence Centre in Lausanne, as well as in Biopôle, Serine, where tenants accounted for full-year rent in 2025. On slide 14, you can see the list of our top six tenants.

The top the top six group of tenants are all very solid tenants and represented 52% of our 2025 net rental income. The contracts with those six tenants have a WAULT of 9.8 years, and a total net rental income in 2025 amounted to 35 million Swiss franc francs from these six tenants alone.

The other 33.2 million Swiss francs of net rental income are well-spread over circa 170 tenants of different sizes. It is important to note that as much as 89% of our rental income, on a weighted average basis, is linked to the CPI.

On slide 15, you can see the expiry profile of our leases. As you will notice, more than 52% of our leases will expire post December 2031.

Out of the 6.5% expiring in 2026, 56 relate to contracts with either no fixed maturity, already renewed or relet, or currently under negotiations, while the remaining expiries relate to surfaces that are on the market. In 20- 2027, we only have 2.3% of expiry.

I would like to pass the word to Valérie, who will go through the financial numbers in detail.

Good morning, everybody. It's a pleasure for me to report on our 2025 annual results following another productive business year marked by two main events.

On the one hand, our developments, Pulse and Campus Leman Building C, were completed by the end of H1 2025, started to contribute to our top line. On the other hand, EPIC successfully conducted a capital increase by raising 70 million in gross proceeds in December 2025.

In line with our past conference calls, I will cover three main topics, which allow investors to follow EPIC in a systematic and comparable manner. First, I will comment on the equity and bank debts; secondly, on the 2025 performance of our portfolio; and finally, how this performance translate into earnings per share and dividend for our shareholders.

As usual, for each of the key figures tables, I will highlight the major points, and then I will elaborate on those on the following slides. It's important to note that for KPI reporting purposes involving the P&L, the properties are considered as per the category they were classified in as at 1st of January 2025.

This is the case, for example, for the reported vacancy or the net rental income yield. The transfer between investment properties categories is only effective on the last day of the financial year, i.e., on 31st of December 2025.

This means that Pulse and Campus Leman Building C were classified in investment properties under development construction during the financial year 2025. I would like to start my presentation on slide 16 with our balance sheet key figures table.

As mentioned in my introduction, EPIC conducted a capital raise through an accelerated bookbuilding in December 2025 by issuing 817,500 new shares for gross proceeds of 70 million. In order to optimize the financial cost, 60 million out of those proceeds were used to temporarily repay the debts at the year-end, which contributed to the reduction of the total mortgage secured bank loans from 662 million by the end of December 2024 down to 617 million by the end of December 2025.

This also contributed to the lowering of the net loan-to-value ratio from 40.6% to 35.5%, respectively. Vice versa, the capital raise was also one of the factors, but not the only one, as you will be able to see on the next slide, which positively supported the equity increase from 820 million at the end of '24 to 921 million by the end of 2025.

This also corresponding to an increase in our equity ratio from 49.9% to 53.5%, respectively. Now the '25 return on equity, excluding revaluation effects, dropped slightly at 4.9% compared to 5% in the prior year, and this is also due to the December capital increase.

Now the next slide will show you that our 2025 profit of about 60 million contributed almost as much as the capital increase net proceeds of 67 million to the equity growth. Slide 17 is provided with our equity bridge.

Then in addition, at the AGM 2025, the dividend per share was increased by 5 cents to 3.15 Swiss francs per share, amounting to a total distribution of 32.5 million in April 2025. This dividend yielded 3.9% relative to our 2024 year-end closing share price.

By the end of December 2025, our IFRS NAV came to 32.15 Swiss francs per share, already taking into account our new number of shares of about 11.2 million, and it reached 93.67 Swiss francs when we disregard the net deferred tax elements. On the liability side of our balance sheet, on top of the debt reduction, the group also benefited from lower financing costs during the year, as you will be able to see on slide 18.

As at 31st of December 2025, the weighted average cost of debt was further reduced to 1.1% or 0.2% lower compared to the prior year. The weighted average residual maturity remained unchanged at 3.7 years, while the hedging proportion of our bank debts at the year-end stood at 69%.

As you all know, we use interest rate loans and interest rate swaps in order to hedge our financing costs, as well as cross-currency swaps in order to reduce the bank margin. The year-end revaluation of the derivatives led to a net unrealized loss of 11.2 million in the financial year '25, compared to a loss of 5.3 million in the financial year 2024.

While the foreign exchange revaluation of the related underlying US dollar loans resulted in a net unrealized gain of 11.6 million in the financial year 2025, compared to a loss of 6.6 million in the financial year 2024. When those unrealized effects are put aside, the adjusted financial results corresponds actually to a net expense of 8.6 million for the financial year 2025 versus a net expense of 9.1 million for the prior financial year.

The positive variation of 0.5 million relates mainly to the reduction in bank financing costs, and this was primarily driven by the progressive reduction of the SNB reference rates over the two reporting years. Now the bottom graphs provides you with the bank debt maturity profile over the years, also breaking down by type of financing: fixed, variable, or hedged with swaps.

The only loan coming to maturity in 2026 relates to Pulse. Let's move now to the performance of our portfolio during the financial year on the next slide.

Slide 19 is a great slide to present thanks to the many upward-lookings blue arrows, which underlines our sound and profitable growth strategy. As already explained by Arik, our rental income grew by 3% or 2 million between the two reporting periods as our two developments, Pulse and Campus Leman Building C, started to contribute to our top line with rental income of 1.5 million, although they were just recently completed by the end of H1 2025.

The net operating income grew to a lesser extent by 2% or 1.2 million compared to the prior year, and this is because of higher direct expenses related to properties, as Pulse is still in its letting phase. When we exclude the developments, the direct expenses related to properties remained flat at 6 million over the two reporting periods.

The year-end appraisal of our portfolio led to an unrealized revaluation gain of 33 million in 2025 versus a gain of 23.4 million in 2024, as Arik already explained to you. The revaluation gain of 25.3 million for the properties in operations during the year explains the marginal drop of 0.1% in the rental income yield from 4.5% in 2024 to 4.4% in 2025.

Now thanks to the 0.5 million reduction in aggregate operating expenses, the EBITDA, excluding revaluation of properties, rose by 3.2% or 1.7 million to 54.8 million for the financial year 2025, compared to 53.1 million for the financial year 2024. The financial results led to a total expense of 8.2 million in 2025 versus 21 million in the preceding year.

As already mentioned, once the unrealized effects of the revaluation of the derivatives and the related underlying US dollar loans are ignored, the adjusted financial result decreased by 0.5 million driven by the lower bank financing costs. As I always mentioned, but it's important to note, that the periodical revaluation of the derivatives at each balance sheet date, as well as the foreign exchange revaluation of the underlying US dollar loans, they will unwind over their contract duration, and therefore this does not impact the group's operation, cash flows, or dividend distribution.

Finally, our 2025 profit, excluding revaluation effects, shows a really pleasing growth of 4.8% or an increase of 1.9 million, reaching a total of 42.5 million, compared to 40.6 million in the prior year. As usual, the next two slides illustrate graphically what I've just said about the 2025 performance of the business.

The graph on slide 20 shows visually our main P&L components from rental income to EBITDA, excluding property revaluation. The second graph on slide 21 compares the main KPIs between the two reporting years.

On the one hand, on slide 21, this slide shows that we had a better performance in 2025 in absolute terms compared to 2024 for each of the three main P&L components. On the other hand, this slide also shows that our NOI and EBITDA, excluding revaluation margins, remained attractive at around 90% and 78%, respectively, although Pulse is still in its letting phase.

The next slide will answer the question of what this year robust performance means in terms of cash-out for the investors. The funds from operations is our KPI that measures our ability to distribute a dividend.

For the year 2025, the FFO amounted to 42.8 million and represents a 4.9% increase compared to the FFO in 2024 of 40.8 million. On this basis, the Board of Directors will therefore propose at the upcoming AGM to be held on 10th of April 2026 to increase once more the gross dividend per share from 3.15 Swiss francs last year to 3.20 Swiss francs this year.

In line with the previous years, the total distribution of 35.9 million will be made out of our foreign capital contribution reserves and therefore will be free of Swiss withholding tax. Based on our year-end closing share price of 87 Swiss francs, the dividend of 3.20 Swiss francs per share corresponds to a comfortable dividend yield of 3.7%.

Moving to the last slide of my presentation, slide 23 provides you with a summary of the information per share for the two reporting years, which also reflects this solid set of results we had in 2025. Please keep in mind the December 2025 capital increase and the change in number of shares when you look at this table.

Before passing back to Arik, I would like to conclude that our business keeps growing in a steady and sound manner, and we are looking forward to gradually complete the letting of Pulse, while also remaining focused on our properties in operation and getting ready for our next developments. Back to Arik.

Thank you, Valérie. On the following slides, I would like to share some information with you on our development projects, starting with Pulse on slide number 25, which was completed on time and on budget and inaugurated in May 2026.

We were honored to have Federal Counselor, Mr. Guy Parmelin, join us for the inauguration, underscoring the project's regional significance.

As most of you already know, Pulse is located in Cheseaux-sur-Lausanne, is a cutting-edge property designed for life science and high-tech companies, and has a lot of very positive features on sustainability. The building offers gross area of around 43,000 square meters of fully modular space with contemporary architecture, high-tech facilities, and customized layouts.

The property is expected to obtain environmental certifications, Minergie and BREEAM. Project cost amounted to a total of about 130 million.

The target annual rental income communicated previously is 7.5 million Swiss francs, which corresponds to a yield of circa 6%. Far, 37% of the target rent is already secured with the following tenants or subsidiaries of these groups: Thermo Fisher, Philip Morris, Kidelis, which is a subsidiary of Eldora SA, a chain of about 300 restaurants, Tbio, and UES Romandie, operating a crèche facility under the brand Bubbles, mainly for children of the Pulse tenants' employees.

The leases with these tenants are for 10 years, excluding early breaks, providing us with a stable cash flows and again, a good impact on the WAULT of the portfolio. I would like to point out that we're having at the moment positive discussions with several interested parties.

Sometimes discussions take a little longer, but I would like to say, and this is important, discussions are positive, and it is these discussions which reinforces even further our belief that Pulse is well-designed and it is a high-quality and a very attractive building. We are confident that further leases will be signed during 2026, which would meaningfully increase the occupancy rate beyond the 37% currently signed.

Moving on to Campus Leman Building C on slide 26. As you can see on the images on this slide, as well as on the cover of our annual report, this building is an exceptional modern building, and the second phase in this outstanding campus, which we have acquired as an old logistic center back in 2016 and started its conversion back in 2018.

We're pleased to report that the building was completed during H1 2025 as planned and was mostly occupied by the time construction was completed. With 85% of the target rent as at 31 December 2025, only the top floor, that is floor five, is not leased yet.

We are now in discussions with a potential tenant to take this top floor and remain bullish that soon it will be fully let. Once this building is fully let, the target rent is expected to amount to 1.2 million Swiss francs.

As expected, construction cost of the building were around 15 million Swiss francs as budgeted. We have invested a further 1.7 million in tenant fit-out, which is fully amortized during the terms of the lease of one of the tenants.

We expect Minergie-P certificate to be issued for this building. On slide number 27, you can see our ongoing development of Nexus Brunnmatt in Roggwil, Canton Bern.

As most of we have received the preliminary general building permit for the extension project on Nexus Brunnmatt. This permit gives the official feedback from the authorities on items such as, for example, size and volume of the building, planned redirection of the river running through the site, access road, traffic, etc.

The preliminary building permit was for a building of a gross area of 30,000 square meters with a gross volume of 425,000 cubic meters. Currently, we're in the process of selecting the general planner and the technical team that will work on the building permit, which we aim to submit later this year.

Given that we already have a preliminary general building permit, in our view, this final and enforceable building permit is a matter of when we will obtain it rather than if we will obtain it. We feel that such a large logistics plot of land in such an attractive location in the golden triangle between Bern, Basel, and Zurich is very rare, and we are confident of the potential of this development.

On slide 28, you can see the location of the third and final phase of the development of Campus Leman, where we plan to build Building D. We are now in the process of running an architectural competition and plan to select the architect soon with the aim of submitting the building permit later this year.

This is the smallest building on campus, but we feel it is an important final piece for the entire campus, first of all, to close the courtyard from the southern side, and secondly, to allow additional flexibility to current tenants on the site to expand their operations if and when necessary. On slide 29, you can see our development en Molyttaz in Tolochenaz.

As a reminder, Tolochenaz is currently included in our properties in operation as it is fully let and generates rental income. The reason that we also include the property in this section of the presentation is that we expect the property to be redeveloped.

Once this takes place, the property will be moved to the development segment, most probably in phases, as the future development will most probably be in phases. We were informed by the municipality of their strong wish to complete the master plan in the coming months, and we are awaiting the final approval from the cantonal authorities.

The new master plan is expected to improve the flexibility of the building rights. However, and this is important to note, substantial building rights are already in place, allowing future development to take place, regardless of the outcome of the new master plan.

Finally, as most of the site is classified as a strategic development site by the Canton Vaud. Moving on to ESG on slide 31 and slide 32, where you can see our forecasted decarbonization pathway per energy source on the top image, and the forecasted decarbonization pathway per scope in the bottom image.

As a reminder, the Board of Directors approved in 2023 the decarbonization pathway until 2050. This was updated in accordance with the latest findings.

Emission intensity in the measurement period July '24 to June '25 was 14.9 kg CO2 per square meter for Scopes 1, 2, and 3, which is low compared to the Swiss average. There was a slight increase compared to 2023-2024 period, and this is primarily due to a colder winter, higher consumption in one building, and more accurate electricity data from a tenant whose usage was previously estimated.

With our recent development, Pulse, and further actions to be taken over the upcoming years, we are confident to achieve the set goal. Let me now take you to our outlook on slide 34.

EPIC Suisse' prime focus remains the sustainable and mid- to long-term growth and profitability of its portfolio and consolidation of the lettings of the recently completed developments. The net rental income from these developments already began to positively impact our net rental income in 2026, and we expect this impact to become even more meaningful in 2027 and beyond, as additional new leases are signed with potential new tenants.

Assuming no materially adverse changes on our operations during the year, the company's guidance for this year's net rental income is an increase of 2% to 3% compared to 2025. With this, we end the presentation part of the call.

I would like to now open the line for Q&A.

Yes, good morning. Can you hear me?

Good morning.

Hello? Okay.

I've got a question on the trend of the vacancy rate. Will the downward trend continue or do you have a target or target range?

Which of the sectors will rise and which will fall looking on the office, retail, and logistics space?

I think, in any case, the vacancy rate at the moment is very low, any change in the tenancy can have a minor modification, but we anticipate it to remain low, but obviously we don't know what will happen during the year. At the moment it's relatively low, and the target is

Basically just to add on to Ronny's comments, we don't guide on vacancy, but as Roni said, the 3.4% is very low for this type of portfolio and the market in general. What I can say is that from next period also what we will do, we'll have reported vacancy and adjusted vacancy.

Like we did previously for the new development that we do in order to be very transparent to see how the lettings is coming along, is we will show two separate KPIs. One of them is the reported vacancy, and the one is the adjusted, which basically adjust them for the development giving us time for the occupancy rate to increase in line with our expectations.

Regarding the sector, we don't guide on this as well.

Thank you.

Yes, good morning. I do have two questions.

The first one is regarding the development projects. If I got it right, you probably would get the building permit for Roggwil this year.

If you get this, when would you be able to start the construction process?

What we aim to do is to submit the building permit this year. We most likely will only get it in 2027.

At the moment, we're working with the general planners and technical team to select which team we want to work with. We'll probably submit towards the end of the year, because we still have to go through this process.

Hopefully we'll get it sometimes between 6 and 12 months after submitting it. Then the construction, we imagine, could take sometimes around 18 months.

Okay. Regarding the Tolochenaz, you mentioned the current status of the permit.

Does it mean that you would be able to start already with a part of the plot, the construction process?

Yes. Or

would you wait for the master plan?

No, we have to wait for the master plan.

We'll wait for the master plan, but we expect the master plan to come this year. This is the feedback we received from municipality.

They're pushing for it. It's not too long to wait now.

Then we'll have to submit the building permit and construct. To go back to the first part of the questions, indeed, it will be in phases.

At the moment, we have five rental contracts on the site, and it's such a big site that it would be too much for the market to absorb at once, we'll probably do it in phases. Yes, it would be done part after part, yeah.

Also for the first phases, you have to wait for the master plan.

Yes, that's correct.

Okay.

Master plan and building permit.

Yeah. Building permit.

Yeah.

Thank you. Last question: You didn't mention the acquisition side.

What do you see opportunities in the market? We heard a lot of commercial buildings that they are in the market.

How do you see it?

The market is tight. We see it's difficult to find attractive opportunities.

I think what we aim to do is what we did in the past a few years, which basically to look for opportunity to value add. We do see some opportunities in that, and we hope that we'll be able to conclude something this year.

Again, it's too early to speak about it, but it will be probably development. We also scan the market all the time, also for yielding assets, but giving the low yields, it's difficult to find attractive opportunity.

About which sector or which type of use are you speaking? I think

we're looking project by project, we're looking across all sectors. In the right places, we'll also look even on retail, which we see based on our performance and in our portfolio it's doing really well.

We're looking across. As Arik said, it will happen to development or building which we can reposition.

In which sector or which type of use do you see the tightest spreads?

I think at the moment the stress in the market is all across the sector. If you look on offices, recent transactions showed that the yields have been very very low.

If you look on industrial, even on retail, we are looking, and the pressure on all the sectors at the moment.

Thank you.

It's all depend, by the way, also on locations. There are some properties with higher yield, and dated buildings, but the location is not where we would like to put our development on.

Thank you.

Thank you very much. I would like to conclude the call.

Thank you for everyone who participate. Looking forward to see on the 10th of April for those who are coming to join us.