Q2 2026 TAG Immobilien AG Earnings Call

August 11, 2026

Speaker #1: Garmin, thanks. And good morning, everyone. This is Martin from TAG. Thank you for diving in for our H1 2026 conference call. Let's start right away with the highlight slide, and I'm on page 3 of the presentation.

Speaker #2: Ladies and gentlemen, welcome to

Speaker #2: the TAG Immobilien Publication of

Speaker #2: Interim Report Q2

Speaker #2: I am

Speaker #1: I think it's fair to say that H1 2026 was a very strong half-year with results strongly up. So, in absolute terms, FFO1 was 9% above the previous year level, came out at 100.2 million euros, also our net income from sales pooled was strongly up by 12%, and FFO2 consisting of the FFO1 and the net income from sales in Poland saw a quite strong growth at 11% increase year on year.

Speaker #1: And perhaps you've already seen it in our press release, that led us to narrow the guidance for FFO1 2026 at the upper end of the guidance range, so therefore we expect FFO1 more to come up at the upper end of the previously announced range.

Speaker #1: Operations were well on track, and we saw increasing portfolio values with the half-year valuation, so like for like rental growth in Germany was quite strong at 3%, in Poland it was 2.4% excluding the newly acquired Quasi4N portfolio, so just for the existing portfolio that we even owned before.

Speaker #1: Sales numbers were quite good in Poland. We sold 1,350 units in the first half of 2026 compared to the more than 1,150 in the previous year.

Speaker #2: Valentina de Carlos, call operator. I would like to remind you that all participants will be in listen-only mode.

Speaker #1: Value increase in H1 in the German portfolio was at 1.5%, so that's quite similar. To what we've seen in the two previous rations, which were 1.4% in H2 2026 and 1.7% in H1 2025, so a trend or a continuation of the positive trend we've seen in the two previous semi-annual valuations.

Speaker #1: As we've already announced, the Quasi4N transaction closed on 27 May 2026 after an antitrust approval without any conditions, so we had to wait for this, as you know, for quite a long time, but finally it came without any conditions.

Speaker #1: And therefore we are right now in the process of integrating this portfolio into our platform, into the Vantage platform, and we can tell you that this process is proceeding quite smoothly and will be completed shortly.

Speaker #1: The final purchase price came out at 575 million. That is a 7.5% implied gross yield based on the expected net actual rent in 2026, and the portfolio was for the first time valued also like the other winning part of the portfolio at the end of the half-year, and we saw a 7% value uplift compared to the original purchase price.

Speaker #1: So that means the Polish rental portfolio after this completion of the Quasi4N transaction has now materialized with more than 9,100 units, which was of course then an important strategic step for us.

Speaker #1: Another important strategic step was for sure the Rubik IPO, completed to the largest part after the balance sheet date, so in July 2026, so therefore please be aware that most of the impact from this IPO is not in the H1 numbers but we will give you some proforma numbers.

Speaker #1: As a short overview, after stabilization measures, we had total gross proceeds for the group of 282 million euros, out of which 188 million was gross proceeds on target level, and remaining 94 million was the gross proceed on the Rubik level.

Speaker #1: We still are majority shareholder of Rubik, so we are retaining a 67% stake, and we have clearly committed to hold this stake also for a longer time.

Speaker #1: As I already said, the IPO transactions are not reflected in the H1 numbers because most of that was effective after the balance sheet date, but just as a quick overview, we expecting an NTA uplift of around 55 million, so roughly 30 cent per share, and a quite strong ATV reduction through the inflow of the gross proceeds from the IPO by around 320 basis points, that means on a proforma level including the Rubik IPO the LTV stands at 42.2%.

Speaker #1: Yeah, this gross proceeds are clearly now something that we will use for further investments, and if you ask us about our capital allocation strategy, for this year the main focus, and that's basically unchanged, will be on the further growth of the rental business.

Speaker #1: We have now not only the liquidity but also the equity basis to invest, and we have basically two markets where we're investing. As in the past, Poland and Germany, as you know, we have a kind of natural growth via construction of rental apartments in Poland, via our own platform Rubik, on the own land bank that we own, and therefore we'll have natural growth from simply carrying out this constructions of apartments in Poland, but we're also looking for acquisitions of rental portfolio in Germany and in Poland, so that will provide us additional growth.

Martin Thiel: Overview. We are expecting an NTA uplift of around EUR 55 million, roughly EUR 0.30 per share, and a quite strong LTV reduction through the inflow of the gross proceeds from the IPO by around 320 basis points. That means on a pro forma level, including the Robyg IPO, the LTV stands at 42.2%. These gross proceeds are clearly now something that we will use for further investments. If you ask us about our capital allocation strategy across this year, the main focus, and that is basically unchanged, will be on the further growth of the rental business. We have now not only the liquidity, but also the equity basis to invest. We have basically two markets where we are investing, as in the past, Poland and Germany.

Of you. We're expecting an NTA uplift of around €55 million, so €0.30 per share, and a quite strong LTV reduction through the inflow of the gross proceeds from the IPO by around 320 basis points. That means on a pro forma level, including the OIC IPO, the LTV stands at 42.2%.

Speaker #1: So that's the rental business, but now more or less for the first time, also the Polish bid to sell business, meaning Rubik, has more opportunities to grow through the IPO proceeds.

Speaker #1: So that means even though we sold a stake in Rubik, we expect that quite shortly we will have higher results from Rubik through the growth through the IPO proceeds, so that bottom line our proportionate result from Rubik will also grow despite this partial disposal of shares.

Martin Thiel: As you know, we have a kind of natural growth via construction of rental apartments in Poland via our own platform, Robyg, on the own land bank that we own, and therefore will have natural growth from simply carrying out these constructions of apartments in Poland. We are also looking for acquisitions of residential portfolio in Germany and in Poland, so that will provide us additional growth. So that is the rental business. Now, more or less for the first time, also the Polish build-to-sell business, meaning Robyg, has more opportunities to grow through the IPO proceeds. That means even though we sold a stake in Robyg, we expect that quite shortly, we will have higher results from Robyg through the growth, through the IPO proceeds, so that bottom line, our proportionate result from Robyg will also grow despite this partial, this part of shares.

Yeah, these proceeds are clearly now something that we will use for further investments. And if you ask us about our capital allocation strategy process here, the main focus—and that's basically unchanged—will be on the further growth of the rental business. We now have not only the liquidity but also the equity base to invest. And we have basically two markets where we are investing, as in the past: Poland and Germany.

As you know, we have a kind of natural growth by construction of rental apartments in Poland by our own platform, or...

Speaker #1: So therefore the Rubik IPO, to make it short, from our point of view, a win-win outcome for all segments at TIG. That's the overview, let's look a little bit more into the details, perhaps just one short comment on page number 4, I mean you see all the detailed figures, but what I wanted to mention is the acquisitions in Germany, we acquired basically until the last days roughly 900 units in Germany, at a quite good pricing, so a gross yield of around 7.1%, still some vacancy reaction potential to the average vacance rate in these portfolios around 4.3%, nearly all units allocated in East Germany in regions that we know very well, and this acquisitions will close perhaps more towards the end of the year.

We are working on the old land bank that we own, and therefore will have natural growth simply by carrying out these constructions or apartments in Poland. But we are also looking for acquisitions of rent portfolios in Germany and in Poland, so that will provide us with additional growth.

Martin Thiel: Therefore, Robyg IPO, to make it short from our point of view, a win-win outcome for all segments at TAG. That is the overview. Let us look a little bit more into the details. There is just one short comment on page number 4. You see all the detailed figures, but what I want to mention is the acquisitions in Germany. We acquired basically until the last days, roughly 900 units in Germany at a quite good pricing. So a gross yield of around 7.1%. There is some vacancy reduction potential to the average vacancy rate in these portfolios, around 4.3%. Nearly all units are located in East Germany in regions that we know very well, and these acquisitions will close perhaps more towards the end of the year. So we will continue also to acquire in Germany.

Martin Thiel: Therefore, Robyg IPO, to make it short from our point of view, a win-win outcome for all segments at TAG. That is the overview. Let us look a little bit more into the details. There is just one short comment on page number four. You see all the detailed figures, but what I want to mention is the acquisitions in Germany. We acquired basically until the last days, roughly 900 units in Germany at a quite good pricing. So a gross yield of around 7.1%. There is some vacancy reduction potential to the average vacancy rate in these portfolios, around 4.3%. Nearly all units are located in East Germany in regions that we know very well, and these acquisitions will close perhaps more towards the end of the year. So we will continue also to acquire in Germany.

Speaker #1: So we will continue also to acquire in Germany, we are clearly a buyer of apartments, but please be aware we will be here selective and disciplined so we will not look for growth at any price, but yeah, we see opportunities, so selective acquisitions in Germany will be part of the future growth.

So that's the rental business, but now, more or less for the first time, or sort of, the Polish bridge to sell business. Meaning, it has more opportunities to go through the IPO procedures. So that means even though we sold the stake in Robyg, we expect that, quite shortly, we will have higher results from Robyg through the growth, through the IPO proceeds. So that, bottom line, our proportionate result from Robyg will also grow despite this partial disposal of shares. So, therefore, Robyg IPO—to make it short—from our point of view, a win-win outcome for all segments at TAG again.

Let's get the overview and then look a little bit more into the details. There is just one short comment on page number 4, and then you see all the detailed figures. But what I want to mention is the acquisitions in Germany. We acquired, basically until the last days, roughly 900 units in Germany.

Speaker #1: And now on page number 7, that shows the bridge from net actual rent to FFO1, as I already mentioned, FFO1 in the H1 2026 was up by 9% compared to the previous year, EBITDA, so the operational result was up by 5% year on year, that means we also had a positive impact from the net financial results, which was roughly 1.4 million euros better as we had for a longer time, a quite strong cash position where we may have been waiting for the closing of the Quasi4N acquisition, so we had the cash already in the balance sheet, so therefore we've seen some interest income, so perhaps in H2 you will see a contrary picture, so more stronger EBITDA growth whereas perhaps then the net financial result is a little bit weaker, but that's then a natural change because of the closing of the Quasi4N shows the development of our bid to sell business of the Polish sales results, it was quite strongly up year on year, and we came out at 18.6 million euros, if you compare it with the full year guidance which stands at 92 to 98 million please don't be concerned that this is on a proportionate basis quite low, but this is the very normal course of the business, so as last year as basically all years before, you should expect that the main result is coming towards the end of the year, especially in the fourth quarter, when we hand over the largest part of our apartments, so therefore we reconfirm also the guidance for FFO2 for this year, because you should expect a strongly growing sales result, especially towards the end of the year.

That are quite good pricing. So across here around 7.1% stake there, some vacancy reaction potential to the average rankings rate. In these portfolios, around football and 3%. Nearly all units are located in East Germany and regions that we know very well and this Acquisitions were close. Yeah, perhaps more to towards the end of the year.

Martin Thiel: We are clearly a buyer of apartments, but please be aware we will be here selective and disciplined. So we will not look for growth at any price. We see opportunities. So selective acquisitions in Germany will be part of the future growth. Now on page number 7, this shows a bridge from net actual rent to FFO I. As I already mentioned, FFO I in H1 2026 was up by 9% compared to the previous year. EBITDA, so the operational result was up by 5% year-on-year. That means we also had a positive impact from the net financial result, which was roughly EUR 1.4 million better as we had for a longer time, a quite strong cash position where we have been waiting for the closing of the Resi4Rent acquisition. So we had the cash already balance sheet.

Martin Thiel: We are clearly a buyer of apartments, but please be aware we will be here selective and disciplined. So we will not look for growth at any price. We see opportunities. So selective acquisitions in Germany will be part of the future growth. Now on page number seven, this shows a bridge from net actual rent to FFO I. As I already mentioned, FFO I in H1 2026 was up by 9% compared to the previous year. EBITDA, so the operational result was up by 5% year-on-year. That means we also had a positive impact from the net financial result, which was roughly EUR 1.4 million better as we had for a longer time, a quite strong cash position where we have been waiting for the closing of the Resi4Rent acquisition. So we had the cash already balance sheet.

So we will continue also to acquire in Germany. We are clearly, um, a buyer of apartments, but please be aware, we will be here selective and disciplined. So now we will not look for growth at any price, but, yeah, we see opportunities. So selective acquisitions in Germany will be part of the future growth.

And now on page number 7,

It shows the bridge from net actor rent to FF1. As I already mentioned, F41 in H1 2026 was up by 9% compared to the previous year, FPDR. So the operational result was up by 5% year on year. That means we also had a positive impact from the net financial results, which was roughly €1.4 million better, as we had for a longer time quite a strong cash position.

Martin Thiel: Therefore, we will see some interest income. Perhaps in H2 you will see a contrary picture, so more stronger EBITDA growth, whereas perhaps then the net financial result is a little bit weaker. That is then a natural change because of the closing of the Resi4Rent transaction. Next page number 8, shows you the development of our build-to-sell business of the Polish sales results. It was quite strongly up year-on-year, and we came out at EUR 18.6 million. If you compare it with the full year guidance, which stands at EUR 92 to 98 million, please don't be concerned that this is on a proportionate basis, quite low, but this is the very normal course of the business.

Martin Thiel: Therefore, we will see some interest income. Perhaps in H2 you will see a contrary picture, so more stronger EBITDA growth, whereas perhaps then the net financial result is a little bit weaker. That is then a natural change because of the closing of the Resi4Rent transaction. Next page number eight, shows you the development of our build-to-sell business of the Polish sales results. It was quite strongly up year-on-year, and we came out at EUR 18.6 million. If you compare it with the full year guidance, which stands at EUR 92 to 98 million, please don't be concerned that this is on a proportionate basis, quite low, but this is the very normal course of the business.

Where we we have been waiting for a closing of the different acquisition. So we had the cash or the balance sheet. So therefore we see some interest income. So, perhaps in H2, you will see a contrary pitch picture. So on more stronger, a growth whereas perhaps than the net financial side is a little bit weaker but that then I'm a natural um change because of the closing of the reference transaction.

Speaker #1: Page number 9 shows the EPRA NTA development, as said, the positive impact from the Rubik IPO, which is roughly 30 cent per share, is not included yet, and still we have a 6% growth year on year, compared to H1 2025, even after the dividend payment, which was completely carried out in June 2026, so that's fully reflected, and after the capital.

Martin Thiel: As last year, as basically all years before, you should expect that the main result is coming towards the end of the year, especially in the Q4 when we hand over the largest part of our apartments. Therefore, we confirm also the guidance for FFO II for this year because you should expect a strongly growing sales result, especially towards the end of the year. Page number 9 shows the EPRA NTA development. As such, the positive impact from the Robyg IPO, which is roughly EUR 0.30 per share, is not included yet. Still we have a 6% growth year-on-year compared to H1 2025, even after the dividend payment, which was completely carried out in June 2026. That is fully reflected. After the capital increase in August 2025, which we carried out for the Resi4Rent acquisition.

Martin Thiel: As last year, as basically all years before, you should expect that the main result is coming towards the end of the year, especially in the Q4 when we hand over the largest part of our apartments. Therefore, we confirm also the guidance for FFO II for this year because you should expect a strongly growing sales result, especially towards the end of the year. Page number nine shows the EPRA NTA development. As such, the positive impact from the Robyg IPO, which is roughly EUR 0.30 per share, is not included yet. Still we have a 6% growth year-on-year compared to H1 2025, even after the dividend payment, which was completely carried out in June 2026. That is fully reflected. After the capital increase in August 2025, which we carried out for the Resi4Rent acquisition.

Speaker #1: Increase in August 2025, which we carried out for the Quasi4N acquisition. So therefore also the EPRA NTA development should be on a good way.

Speaker #1: Let's take a quick look at page number 10, which shows the financing structure, average cost of debt now at 2.7%, we're very happy that we received two upgrades in rating, in the last month, firstly in May 2026 we received an upgrade from Moody's, from BA3 to BA2, and following the successful Rubik IPO also from S&P Global, which upgraded us from typical minors to BBB, both upgrades should be a good proof for our very stable and very strong financial structure, with just to repeat this again, in the meanwhile a quite low leverage, so proforma after the Rubik IPO, the LTV stands as said at 42.2% only.

To get.

Martin Thiel: Therefore, also the EPRA NTA development should be on a good way. Let's take a quick look at page number 10, which shows the financing structure. Average cost of debt now at 2.7%. We are very happy that we received two upgrades in rating in the last month. Firstly, in May 2026, we received an upgrade from Moody's from Ba3 to Ba2, and following the successful Robyg IPO, also from S&P Global, which upgraded us from BBB-. Both upgrades should be a good proof for our very stable and very strong financial structure with, just to repeat this again, in the meanwhile, a quite low leverage. Pro forma after the Robyg IPO, the LTV stands, as said, at 42.2% only. Page number 11 shows the maturity profile looking into 2026.

Page number 9 from the April 8th. The positive impact from the aerobic IPO, which is roughly 30 Cent per share, is not included yet. And still we have a 6% growth year on year compared to H1 2025 even after the dividend payment which was completely carried out in June 2026. So that's fully reflected and after the capital increase in August 2025, which we carried out for the V4 and, um, acquisition,

So, therefore, also the April anti-A development should be on a good way.

Speaker #1: Page number 11 shows the maturity profile, looking into 2026, basically everything is refinanced already, so we will have a larger repayment at the end of this month of 470 million, from a convertible bond that is becoming due, but the proforma cash position is quite strong right now, so more than 1 billion euros, so we had roughly half a billion euros in the balance sheet at the end of the second quarter, plus still an inflow net after all costs of around 255 million from the Rubik IPO, plus some bank loan refinancings that we did after the balance sheet state, so 1.05 billion euros roughly is the cash position, deducting the maturities that we have this year of around 578 million, that leaves us with more than 450 million euros of free cash that we can use for the investments as I mentioned at the beginning, into our rental portfolio, and on the Rubik level to grow the birds to service, it's important as well.

Let's take a quick look at page number 10, which shows the finance structure and average cost of debt. Now, at 2.7%, we're very happy that we received two upgrades in rating in the last months. Firstly, in May 2026, we received an upgrade from Moody's from Ba3 to Ba2, and following the successful Robuck IPO, also from S&P Global, which upgraded us from typical miners to triple B. Both upgrades should be a good proof for our, yeah, very stable and very strong financial structure, with, just to repeat this again, in the meanwhile a quite low leverage. So, pro forma after the Robuck IPO, the LTV stands, as said, at 42.2% only.

Martin Thiel: Basically, everything is refinanced already, so we will have a larger repayment at the end of this month of EUR 470 million from a convertible bond that is becoming due. The pro forma cash position is quite strong right now, so more than EUR 1 billion. We had roughly EUR 0.5 billion in the balance sheet at the end of the Q2, plus still an inflow net after all costs of around EUR 255 million from the Robyg IPO, plus some bank loan refinances that we did after the balance sheet date. EUR 1.05 billion roughly is the cash position, deducting the maturities that we have this year of around EUR 578 million.

Page number 11 shows the maturity profile, looking into 2026. Basically, everything is refinanced already. So, we will have a larger repayment at the end of this month of €470 million from a convertible bond that is becoming due.

Speaker #1: Page number 13 shows you the development of operational data in the German portfolio, so the vacancy rate in the portfolios stood at 3.8%, that's higher than the beginning of the year, but basically as the years before we expect a further reduction in vacancy rate, if we compare that with the same period one year before, we are already lower, so we've been 10 basis points below H1 2025, and therefore we are optimistic that we can improve the vacancy rate as in last years, in the remaining part of the year.

Martin Thiel: That leaves us with more than EUR 450 million of free cash that we can use for the investment, as I mentioned at the beginning, into our residential portfolio and on Robyg level to grow the business to services in Poland as well. Page number 13 shows you the development of operational data in the German portfolio. The vacancy rate in the portfolio is still at 3.8%. That is higher than the beginning of the year, but basically as the years before, we expect a further reduction in vacancy rate. If we compare that with the same period one year before, we are already lower, so we have been 10 basis points below H1 2025, and therefore we are optimistic that we can improve the vacancy rate as in last years in the remaining part of the year.

Speaker #1: Like for like rental growth, including vacancy reduction, more or less unchanged at 3%, but quite strong was the like for like rental growth without the vacancy reduction, which came out at 2.9%, and please be aware, as always, just to a very small part, 0.3% monetization driven, so that means we have a quite strong underlying like for like rental growth from rent increases for existing tenants and from tenant turnover, without any cap expanding.

But the performer cash position is quite strong and right now so more than 1 billion euros. So we have roughly half a billion euros in the balance sheet. At the end of the second quarter, plus still an inflow, net after all costs of around 255 million, from the Robuck IPO plus some bank loan refinances that we did after the balance sheet date. So 1 Point, um 05 billion euros, roughly is the cash position. Deducting, the maturities that we have this year of around 578 million that leaves us with more than 450 million euros of free cash that we can use for the Investments. As I mentioned, at the beginning, into our rental portfolio and on Robuck levels to grow the birth to services and current as well.

Page number 13 shows you the development.

Speaker #1: That should be definitely a good sign. Page number 14 shows the portfolio valuation, as I said, a total value increase of 1.5%, and just to make this clear, this is including capex, so that should be very much in line with what you have seen in the peer group, without the capex, this value increase was around 0.7, 0.8%, and that's basically more or less the same valuation result that we had in the two semi-annual valuations before, positive trend continues, we have no outlook yet for the full year valuation, so no indications from the valuers yet, but currently we expect a more or less perhaps unchanged valuation at year end, because our gross yield is already on a quite I would say reasonable level, so 6.6%, which has been now quite stable for the last valuations, should be a gross yield that is even in this world of higher interest rate, something that still needs to positive cash flow, so therefore from our point of view that should be a quite resilient valuation, despite the increasing interest rate levels in the past months.

Martin Thiel: Like-for-like rental growth, including vacancy reduction, more or less unchanged at 3%, but quite strong was the like-for-like rental growth without vacancy reduction, which came out at 2.9%. Please be aware, as always, just a very small part, 0.3% modernization revenue. That means we have a quite strong underlying like-for-like rental growth from rent increases for existing tenants and from tenant turnover without any CapEx spending. That should be definitely a good sign. Page number 14 shows the portfolio valuation. As I said, a total value increase of 1.5%. Just to make this clear, this is including CapEx, so that should be very much in line with what you have seen in the peer group. Without the CapEx, this value increase was around 0.7%, 0.8%. That is basically more or less the same valuation result that we had in the two semi-annual valuations before.

Of operation and data and the German portfolio. The vacancy rate in the portfolio is at 3.8%. That's higher than at the beginning of the year, but basically, as in years before, we expect a further reduction in the vacancy rate. If you compare that with the same period one year before, we are already lower. So we've been 10 basis points below H1 2025, and therefore we are optimistic that we can improve the vacancy rate, as in the last years, in the remaining part of the year.

Like for like rental growth, including big reduction more or less and change if we present but quite strong. Um, was the like for like when to grow without to make a reduction that came out at 2.9% and Please be aware as always, just to a very small part, 0.3%, organization driven. So that means we have a quite strong underlying, like, for like rental growth from rent increases for existing tenants and from 10 to over without any any, um, cap expanding.

And that should definitely be a good sign.

Question. Number 14 shows that your portfolio relation, um, as I said, a total value increase of 1.5%. And just to make this clear, this is including capex. So that should be very much in line with what you have seen in the peer group without the capex. This value increase was around 0.7 or 0.8%, and that's basically more or less the...

Speaker #1: Page number 15 shows a more detailed on the portfolio valuation, but let's go more to page number 17, which shows you operational data from the Polish portfolio, here on this slide you see the development in the vacancy rate, and the like for like rental growth, again please be aware that this is the data for the like for like portfolio, meaning without the Quasi4N transaction, so the portfolio that we owned before, which comprises a little bit more than 3,500 units, still quite low vacancy level, 2.1% for all the units that have been on the market for at least one year, so which has stabilized, like for like rental growth was a bit lower, 2.4% in H1 2026, compared to 3.4% in 2025, what we observe in the portfolio is that we have more longer-term rental contracts, that are linked to inflation, so more and more tenants are choosing a two or three-year contract, as Polish inflation rates came down in the last months, also the rental growth therefore was a bit lower, so yes, lower rental growth, but of course lower turnover also leads then to a lower cost base and less vacancy between tenant changes, so therefore we are not concerned that the Polish rental growth is now going in the wrong direction, so we will have also more fluctuality, or more ups and downs in the vacancy rate, sorry, in the like for like rental growth in the future, but still we are very much convinced that we will see sustainable growth also in the coming years.

Martin Thiel: Positive trend continues. We have no outlook yet for the full year valuation, so no indications from the valuers yet. But currently, we expect a more or less perhaps unchanged valuation at year-end because our cost yield is already on a quite, let us say, reasonable level. So 6.6%, which has been now quite stable for the last valuations, should be a gross yield that is, even in this world of higher interest rate, something that still leads to positive cash flow. Therefore, from our point of view, that should be a quite resilient valuation despite the increasing interest rate levels in the past months. Page number 15 shows you more details on the portfolio valuation, but let us go more to page number 17, which shows you operational data from the Polish portfolio. Here on this slide, you see the development in the vacancy rate and the like-for-like rental growth.

Martin Thiel: Therefore, from our point of view, that should be a quite resilient valuation despite the increasing interest rate levels in the past months. Page number 15 shows you more details on the portfolio valuation, but let us go more to page number 17, which shows you operational data from the Polish portfolio. Here on this slide, you see the development in the vacancy rate and the like-for-like rental growth.

Valuation, despite the increased interest rate levels in the past months.

Page 15 shows more details on the portfolio relation, but let's move on to page 17, which shows your operational data from the Polish portfolio.

Martin Thiel: Again, please be aware that this is the data for the like-for-like portfolio, meaning without the Resi4Rent transaction. So the portfolio that we owned before, which comprises a little bit more than 3,500 units. Still quite low vacancy level, 2.1% for all the units that have been on the market for at least one year. So which are stabilized. Like-for-like rental growth was a bit lower, 2.4% in H1 2026 compared to 3.4% in 2025. What we observe in the portfolio is that we have more longer term rental contracts that are linked to inflation. So more and more tenants are choosing a two or three year contract. As Polish inflation rates came down in the last months, also the rental growth therefore was a bit lower.

Speaker #1: Page number 18 shows a more data on the Quasi4N acquisition, I think I already touched the most important points, so now also our rental portfolio in Poland, significant size, 9,100 units, already in the portfolio, more than 1,000 units under construction, more will follow in the next months, so you should expect that in the next two to three years we will definitely start construction of between 1,500 and 2,000 apartments a year, so the portfolio will grow step by step over the next years.

Martin Thiel: Lower rental growth, but of course, lower turnover also leads then to a lower cost base and less vacancy between tenant changes. Therefore, we are not concerned that the Polish rental growth is now going in the wrong direction. We will have also more volatility or more ups and downs in the vacancy rate. Sorry, in the like-for-like rental growth in the future. But still, we are very much convinced that we will see sustainable growth also in the coming years. Page 18 shows you more data on the Resi4Rent acquisition. I think I already touched the most important points. Now also our rental portfolio in Poland is significant size, 9,100 units already in the portfolio, more than 1,000 units under construction. More will follow in the next months.

Here on this slide, you see the development in the victory rate and the like for like 20 growth again please and be aware that this is the data for the like for like portfolio meaning without the heavy for rent transaction. So the portfolio that we owned before which comprises a little bit more than 3 and a half thousand units, still quite low, vacancy level 2.1% for all the units that have been on the market for at least, 1 year. So which are stabilized like for a grant to growth was a bit lower 2.4% in H1 2026 compared to 3.4% in 2025. The bottom observed in the portfolio is that we have more longer term rental, contracts that are linked to inflation. So more and more, tenants are choosing a 2 or 3 contract uh, as polish inflation rates came down in the last month or so the, the rental growth therefore was a bit lower. So yes, lower rental growth. But of course, low

Speaker #1: This comes to page number 20, which shows the Polish sales business, as I said, quite good sales results in the first six months of 2026, so 1,350 units sold after 1,158 units in the same period of the previous year, and as you see in the slide, knowing that the third and the fourth quarter of the year also regarding the sales, normally stronger than the first half, we are very much convinced that we are coming out to the sales numbers that we predicted, so something between 2,800 and 3,000 units for the full year should be absolutely realistic, so we still see healthy demand in the Polish sales market, sales prices remain on high level, and that gives us confidence for the future results.

Town over also leads them to a to a lower cost base and less vacancy between tenant changes. So, therefore, we are not concerned that the Polish rental growth is now going in the wrong direction. So we will have also more flat charity or more um uh, ups and downs in the vacancy rate. Sorry in the like going to growth in the future, um, but um, still we're very much convinced that we will see sustainable growth also in the coming years.

Page number 18 shows more data on the visits for rent acquisition. I think I already touched on the most important points. Now, our rental portfolio in Poland is also a significant size—9,100 units.

Martin Thiel: You should expect that in the next two to three years, we will definitely start construction of between 1,500 and 2,000 apartments a year. The portfolio will grow step by step over the next years. This comes to page 20, which shows the Polish sales business. As I said, quite good sales results in the first six months of 2026. 1,350 units sold after 1,158 units in the same period of the previous year. As you see in the slide, knowing that the Q3 and the Q4 of the year, also regarding the sales, normally stronger than the H1, we are very much convinced that we are coming out to the sales numbers that we predicted. Something between 2,800 and 3,000 units for the full year should be absolutely realistic. We still see healthy demand in the Polish sales market.

Already in the portfolio, there are more than 1,000 units under construction, with more to follow in the next month. So, you should expect that in the next 2 to 3 years, we will definitely start construction of between 1,500 and 2,000 apartments a year, so that the portfolio will grow step by step over the next years.

Speaker #1: Page number 21 shows the revenue recognition, as said, you should expect as in the previous years, that in the fourth quarter we will have the largest part of our handovers, so therefore the revenue recognition will pick up more and more, as we progress throughout the year.

This coming.

To pitch number 20, which shows the policy business?

Speaker #1: Let's sort out a bit more about the robic IPO, and I'm now on slide 22 of the presentation. Again, quick summary, robic is listed on the Warsaw Stock Exchange since the 2nd of July 2026, and on this date robic had a post-IPO market capitalization of around 860 million, we own still 67.1% of the robic shares, so therefore our remaining stake is valued at currently or at the IPO price 580 million euros.

Martin Thiel: Sales prices remain on high level, and that gives us confidence for the future results. Page 21 shows the revenue recognition. As said, you should expect as in the previous years, that in the Q4 we will have the largest part of our handovers. Therefore, the revenue recognition will pick up more and more as we progress throughout the year. Let's talk a little bit more about the Robyg IPO, and I'm now on slide 22 of the presentation. Again, quick summary. Robyg is listed on the Warsaw Stock Exchange since 2 July 2026, and on this date, Robyg had a post-IPO market capitalization of around EUR 860 million. We own still 67.1% of the Robyg shares. Therefore, our remaining stake is valued at currently, or at the IPO price, EUR 580 million.

As I said, quite good sales results in the first six months of 2026 — so, 1,350 units sold after 1,158 units in the same period of the previous year. And as you see in the slide, knowing that the third and the fourth quarter of the year, also regarding the sales, are normally stronger than the first half, we are very much convinced that we are coming out to the stage number that we predicted. So something between 2,800 and 3,000 units for the full year should be absolutely realistic. So, we still see healthy demand in the Polish sales market. Sales prices remain on a high level, and that gives us confidence for the future results.

Speaker #1: Total gross proceeds of 282 million for the group, out of which roughly 94 million through capital increases on robic level, and through the sale of robic shares that we conducted from Targ site, we received on Targ level around 188 million gross proceeds.

Page number 21 shows the revenue recognition. As said, you should expect, as in previous years, that in the fourth quarter, we will have the largest part of our handovers, so therefore your revenue recognition will pick up more and more as we progress throughout the year.

Speaker #1: And that means both segments, so the sales segment, meaning robic, and the rental segments, meaning the German business and the Polish rental business, have now the possibility to grow, so robic has now significant equity from the gross proceeds from the IPO, is able to buy further land plots, is able to grow stronger than in the past, and as already mentioned, from the, say, proceeds from the robic shares that we received on Targ level, we can increase our German and Polish rental portfolio based not only on liquidity, but also based on the equity that we have from the sale of the shares now in the balance sheet, as said before, the LTV will be reduced quite significantly after the IPO.

Let's start out with a bit more about the Robuck IPO, and I'm now on slide 22 of the presentation. Again, quick summary: Robuck is listed on the Water Stock Exchange since July 2, 2026.

And on this date, we had a post-IPO market capitalization of around €860 million.

We still own 67.1% of the Aerobic shares.

Martin Thiel: Total gross proceeds of EUR 282 million for the group, out of which roughly EUR 94 million through capital increases on Robyg level and through the sale of Robyg shares that we conducted from the TAG side. We received on TAG level around EUR 188 million gross proceeds. That means both segments. The build-to-sell segment, meaning Robyg, and the rental segment, meaning the German business and the Polish rental business, have now the possibility to grow. Robyg has now significant equity from the gross proceeds from the IPO, is able to buy further land plots, is able to grow stronger than in the past.

So therefore, our Romaine stake is valued currently—at the airport price—at €580 million, with total gross proceeds of €282 million for the group.

Out of which, roughly €94 million was through capital increases at the orbit level, and through the sale of public shares that we conducted from the T side. We received, at the target level, around €188 million in gross proceeds.

Speaker #1: Page number 23 shows you again the proforma data, so the main impact on the balance sheet, as said, roughly 55 million is the NTA accretion, translating it to roughly 30 cents per share, and if we look at our total investment that we have done at the value appreciation, since we acquired robic in 2022, meaning the cash proceeds that we now realized, the remaining stake that we still own of 67%, where the value is even higher than the total acquisition cost for the 100% stake, we achieved a value appreciation for the total investment of more than 40%, which should be a quite strong result.

And that means both segments—so the build-to-sell segments, meaning go big, and the rental segments.

Martin Thiel: As already mentioned from the sale proceeds from the ORBIK shares that we received on TAG level, we can increase our German and Polish rental portfolio based not only on liquidity, but also based on the equity that we have from the sale of the shares now in the balance sheet. As said before, the LTV will be reduced quite significantly after the IPO. Page 23 shows you again the pro forma data. The main impact on the balance sheet, as said, roughly EUR 55 million, is the NTA accretion translating into roughly EUR 0.30 per share.

As already mentioned, from the sale proceeds from the ARO business share that we received from T, we can increase our German and Polish rent portfolio based not only on the liquidity, but also based on the equity that we have from the sale of the shares. Now, in the balance sheet,

Speaker #1: One comment on the FFO guidance, or the FFO2 guidance for 2026, so this remains unchanged, so far we have only deducted minority interests on project level, and this will be unchanged for 2026.

As mentioned before, the LCD will be reduced quite significantly after the IPO.

Speaker #1: For 2027, onwards we will change the reporting, so we will deduct the robic minorities from our FFO2 or from our Polish sales results, but this will then lead on the one side to a reduction in our Polish sales results next year, but as we expect based on the IPO proceeds, on robic level a quite strong growth, we think that this dilutive impact only lasts one year, so that means from 2028 onwards, based on stronger growth, even based on a lower stake in robic, we should have again higher results on our Polish sales business, so therefore as said, there should be a win-win situation for all our segments.

Martin Thiel: If we look at our total investment that we have done at the value appreciation since we acquired ORBIK in 2022, meaning the cash proceeds that we now realized, the remaining stake that we still own of 67%, where the value is even higher than the total acquisition cost for the 100% stake. We achieved a value appreciation for a total investment of more than 40%, which should be a quite strong result. One comment on the FFO guidance or the FFO II guidance for 2026. This remains unchanged. So far, we have only deducted minority interests on project level, and this will be unchanged for 2026. For 2027 onwards, we will change the reporting. We will deduct the ORBIK minorities from our FFO II or from our Polish sales results.

Page number 23 shows you again the performer data. So, the main impact on the balance sheet is that roughly €55 million with the NTA accretion translating into roughly €0.30 per share. And if we look at our total investments that we have done and the value appreciation since we acquired Orbig in 2022—meaning the cash proceeds that we have now realized and the remaining stake of 67% that we still own, where their value is even higher than the total acquisition cost for the 100% stake—we achieved a value appreciation for the total investment of more than 40%, which would be quite a strong result.

One comment on the FFO guidance for the SFO II, guidance for 2026: So this remains unchanged.

So far, we have only deducted minority interests at the project level.

Speaker #1: Page number 24, and that's then the final conclusion from the robic IPO, shows you that now based on a market relation of robic and of our stake in robic, we're able also to value as a kind of some of the parts relation at least the implied market relation for our rental business.

Martin Thiel: This will then lead on the one side to a reduction in our Polish sales results this year. As we expect based on the IPO proceeds on ORBIK level, a quite strong growth, we think that this dilutive impact only lasts one year. That means from 2028 onwards, based on stronger growth, even based on a lower stake in ORBIK, we should have again higher results on our Polish sales business. Therefore, as said, that should be a win-win situation for both our segments. Page 24, and that is then the final conclusion from the ORBIK IPO, shows you that now based on a market valuation of ORBIK and of our stake in ORBIK, we are able also to value as a kind of sum of the parts valuation. It is the implied market valuation for our rental business.

And this will be unchanged for 2026. For 2027 onwards, we will change the reporting. So we will deduct the object minorities from our F42, or from our Polish sales results.

Speaker #1: So just as an example here, shown based on the market capitalization at the end of last month, we had a Targ total market capitalization of around 2.6 billion euros, deducting the value of our stake at the end of July 2026 in robic, that should imply market valuation for our rental business of a little bit more than 2 billion euros only, and then comparing that with the upper end of our financial year 2026 guidance for FFO1, that we published today as the more precise outcome of the guidance, we're ending up at a nearly 10% FFO1 yield, so therefore that should be still a valuation level improvement should be possible, so the robic IPO also makes more visible what our value in this Polish bid-to-sell business is, and also what then at least the implied market value on the rental business is, so we're operating still on a very high FFO1 yield.

But this will indeed, on the one side, lead to a reduction in our policy results this year. But as we expect, based on the IPO proceeds on object level, quite a strong role, we think that this dilutive impact only lasts one year. So that means from 2028 onwards, based on stronger growth, even based on a lower stake in Orick, we should have again higher results on our Polish state business. So, therefore, as I said, that should be a win-win situation for all the other sectors.

Page number 24, and that's the final conclusion from the Robyg IPO. It shows you that now, based on a market relation of Orico and of our stake in Orico, we are able also to value—it's a kind of sum-of-the-parts relation.

Martin Thiel: Just as an example here shown, based on the market capitalization at the end of last month. We had a TAG total market capitalization of around EUR 2.6 billion, deducting the value of our stake at the end of July 2026 in ORBIK. That should imply the market valuation for our rental business of a little bit more than EUR 2 billion only. Then comparing that with the upper end of our financial year 2026 guidance for FFO I that we published today as the more precise outcome of the guidance. We are ending up at a nearly 10% FFO I yield. Therefore, that should be still a valuation level where an improvement should be possible. The ORBIK IPO also makes more visible what our value in this Polish build-to-sell business is, and also what then at least the implied market value on the rental business is.

It is the implied market for the rental business.

So, testing is an example here shown, based on the market capitalization. At the end of last month, we had a track total market capitalization of around €2.6 billion. Deducting the value of our stake at the end of July 2026 in Arabic.

Speaker #1: And then finally, guidance on page 26, as I said, all guidance for financial year 2026 is confirmed, and after the strong H1 2026 results, we expect now that FFO1 for this financial year is coming up now at the upper end of the guidance range so more towards the 197 million euros.

Speaker #1: That's it for me as an overview for the H1 results, thank you so far for listening, but I'm now very happy to take your questions.

Speaker #1: We will now begin the question-and-answer session. The first question comes from Marius Pastor from Bernstein. Please go ahead.

That should include Market valuation for our rental business over a bit more than 2 billion euros only. And then comparing that with the upper end of our financial year, 2026 guidance for fo1 that we published today as the more precise outcome of of the, of the guidance. We're ending up at a nearly 10% f for 1 year. So, therefore, um, that should be still, uh, evaluation level will Improvement, should be possible. So, um, the aerobic IPO also makes more visible

Speaker #2: Hi, good morning. Thank you for the presentation and for taking my questions. I've got two from my side. I'll ask them one by one.

Martin Thiel: We are operating still on a very high FFO I yield. Then finally, guidance on page 26. As I said, all guidance for financial year 2026 is confirmed, and after the strong H1 2026 results, we expect now that FFO I for this financial year is coming up now at the upper end of the guidance range, so more towards the EUR 197 million. That is it from me as an overview for the H1 results. Thank you so far for listening, but I am now very happy to take your questions.

What our value in this policy to sell business is, and also what stands, at least, as the implied market value on the rental business is. So we are operating still on a very high FFO one year.

Speaker #2: So firstly, I think you've allocated sorry, I outlined a few allocation of capital or reallocation options post-robic. Of course, German residency acquisition dates started, but what are you currently tracking in Poland on the acquisitions front, and how should we think about timing here?

Speaker #2: And then similarly, what about the ramp-up of potential build-to-hold developments now you've got that enhanced capital? I think you were previously ramping this up to around 2,000 unit completions in 2028.

I can finally give guidance on FY 26. As I said, all guidance for financial year 26 is confirmed, and after the strong H1 2026 results, we expect now that FFO 1 for this financial year is coming up at the upper end of the guidance range—so more towards the €197 million.

Speaker #2: Could you in fact go faster now?

That's it from me as an overview for the H1 results. Thank you so far for listening, but I'm now very happy to take your questions.

Speaker #3: Yeah, good morning, Marius, and thank you for your questions. That is indeed an option also to ramp up the own constructions and the build-to-hold segment in Poland.

Operator: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and one at this time. The first question comes from Marios Pastou from Bernstein. Please go ahead.

Speaker #3: To be honest, the biggest obstacle there is to receive the bidding permits quickly, so that's a kind of pain which is not completely new.

Speaker #3: So you should assume that I think we have a land bank for further 6,000 units as soon as you get the bidding permits we will start construction, and therefore we have also more flexibility so meaning if we get bidding permits in the next months and quarters faster, yes, we are also happy to start with construction of more than 2,000 units if possible.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only one handset while asking a question. Anyone who has a question may press star and one at this time.

The first question comes from Marius Pastohr from Baader Bank. Please go ahead.

Marios Pastou: Hi. Good morning. Thank you for the presentation and for taking my questions. I have got two from my side. I will ask them one by one. Firstly, I think you have allocated, sorry, I would like a few allocation of capital reallocation options post Robyg. Of course, German residential portfolio acquisitions, they have started. But what are you currently tracking in Poland on the acquisitions front? How should we think about timing here? Similarly, what about the ramp-up of potential build-to-hold developments now you have got that enhanced capital? I think you were previously ramping this up to around 2,000 unit completions in 2028. Could you in fact go faster now?

Speaker #3: So therefore that's the focus of the future growth, clearly building apartments on your own land bank, and regarding potential acquisitions in Poland, yes, of course we keep our eyes open and you can assume that we are in the market, and there will be also acquisition opportunities in the future.

World Bank, um, of course, German resi acquisitions—they started. But what are you currently tracking in Poland on the acquisitions front? How should we think about timing here? And then, similarly, what about the ramp-up of potential builds or whole development? Now that you've got that enhanced capital—I think you were previously ramping this up to around 2,000 unit completions in 2028—could you, in fact, go faster now?

Martin Thiel: Yeah. Good morning, Marios, and thank you for your questions. That is indeed an option also to ramp up the own constructions in the build-to-hold segment in Poland. To be honest, the biggest obstacle there is to receive the building permits quickly. That is a kind of pain which is not completely new. You should assume that, I think we have a land bank for a further 6,000 units. As soon as we get the building permits, we will start construction, and therefore we have also more flexibility. Meaning if we get building permits in the next months and quarters faster, yes, we are also happy to start with the construction of more than 2,000 units if possible. Therefore, that is the focus of the future growth, clearly building apartments on the on land bank.

Speaker #3: We are hesitating to guiding you or the market towards timing so we should not perhaps expect something in the short term, but as we said in the previous calls and discussions, if we look at the market, we know that a lot of market participants are on the market with an exit horizon that perhaps is ending 2027, no, 2028, so there will be opportunities and we are clearly a natural buyer of these assets and if we achieve reasonable prices we are also happy to buy in Poland existing portfolios but perhaps just to make this clear again that the base case the natural growth is coming from building apartments on your own land bank.

Speaker #2: Okay, thank you. That's very clear. And then just switching slightly to the lifelike rental growth in Poland, you mentioned some fluctuation here. Can I just double-check what caused that reduction quarter in terms of the actual growth level and whether we should actually anticipate this trending more in line with that 3.5% expectation over this year with maybe a bit of a stronger H2 or what are your expectations here?

Martin Thiel: Regarding potential acquisitions in Poland, yes, of course, we keep our eyes open, and you can assume that we are in the market, and there will be also acquisition opportunities in the future. We are hesitating to guiding you or the market towards timing, so we should not perhaps expect something in the short term. As we said in the previous calls and discussions, if we look at the market, we know that a lot of market participants are on the market with an exit horizon that perhaps is ending 2027 or 2028. So there will be opportunities, and we are clearly a natural buyer of these assets. If we achieve reasonable prices, we are also happy to buy in Poland existing portfolios. Just to make this clear again, the base case, the natural growth is coming from building apartments on the own land bank.

Yeah, good morning Mario. And thank you for your questions and getting it indeed. And, and option also to ramp up the the own constructions that are built to hold sick men in Poland. And to be honest, the big biggest obstacle there is to receive the bidding permits quickly. So that's a, a kind of pain which is not not completely new so you should assume that. Um, I think we have a land bank for further 6,000 units. Um, as soon as you get the building permits, we will start construction and therefore we have also more flexibility. So meaning if we get bidding permits in the next month and quarter faster, I guess, we also happy to start with the construction of of more than 2,000 units if if if possible. So, therefore, that's, that's the, that's it. The focus of the future growth, clearly building apartments on your own land bank and regarding, um, potential Acquisitions in Poland. Yes, of course, we keep our

Speaker #3: Yeah, I'm happy to explain this a bit more. So firstly, in Poland we are in an unregulated market so that means if we need to make estimates about rental growth, we always have a swing to the upside and to the downside not some which is more difficult to estimate for example compared to Germany.

Speaker #3: Where it's regulated and we know some basis point up and down, that's the maximum swing. Firstly, we are still very much convinced that we will see very strong and good rental growth in Poland in the future.

Our eyes are open and you are open. And you can assume that we are, yeah, in the market and there will be, um, also acquisition opportunities in the future. Um, we are hesitating to guide, um, your market towards timing, so we should not perhaps expect something in the short term. But as we said in the previous, um, calls and discussions, if we look at the market, we know that a lot of market participants are on the market with an exit horizon that perhaps is ending 2027, no, 2028. So there will be opportunities and we are clearly a natural buyer of these assets. And if we achieve reasonable prices, we are also happy to buy important existing portfolios. But that's just to make this clear again, that the base case, the natural growth, is coming from building apartments on the own land bank.

Speaker #3: So when we look at the average rental growth in the past years, that was perhaps between 3 and 4%, and that should also be a good estimate, good expectation for the next 2 or 3 years.

Marios Pastou: Okay. Thank you. That is very clear. Then just switching slightly to the like-for-like rental growth in Poland. You mentioned some fluctuation here. Can I just double-check what caused that reduction quarter-on-quarter in terms of the actual growth level? Whether we should actually anticipate this trending more in line with that 3% to 3.5% expectation over this year with maybe a bit of a stronger H2? What are your expectations here?

Okay, thank you. That's very clear. Um, and then just switching slightly to the, like, like rental growth in Poland. You mentioned some fluctuation here. Can I just double-check what caused that reduction, cost?

Speaker #3: Now what we have seen, and that's what I tried to explain some minutes ago, that we have more tenants in our Polish portfolio that choose a longer-term rental contract, which is good, right?

Speaker #3: So they're going for 2 or 3-year contracts, not only a 12-month contract, and that means the turnover is going down, so we have not any vacancy between tenants, so we're not losing normally a monthly rent if a tenant changes, so a very constant rent income.

Martin Thiel: Yeah. Happy to explain this a bit more. Firstly, in Poland, we are in an unregulated market. That means if we need to make estimates about rental growth, we always have a swing to the upside and to the downside. Which is more difficult to estimate, for example, compared to Germany, where it is regulated and we know some basis point up and down, that is the maximum swing. Firstly, we are still very much convinced that we will see very strong and good rental growth in Poland in the future. When we look, let us say, at average rental growth in the past years, that was perhaps between 3% and 4%, and that should also be a good estimate, good expectation for the next two or three years.

So in terms of the actual growth level and whether um we should actually anticipate this trending more in line with that 3, 3 and a half percent expectation um over this year with maybe some a bit of a stronger H2 or um yeah all of your expectations here. Yeah I'm happy to explain this the model. So firstly um in Poland, we are in an unregulated.

Speaker #3: But on the other side, these rental contracts are then normally linked to inflation rates, which are then in Poland below 3% currently, which is also good, but then also leads to a somewhat lower lifelike rental growth in Poland.

Speaker #3: But again, we are not concerned that we now enter a weaker market phase in the Polish rental portfolio. Just look at the vacancy rate for all apartments that are on the market since more than 12 months, which is still very, very low at around 2%.

Martin Thiel: Now, what we have seen, and that is what I tried to explain some minutes ago, that we have more tenants in our Polish portfolio that choose a longer time rental contract, which is good, right? So they are going for a two- or three-year contract, not only a 12-month contract, and that means the turnover is going down. So we have not any vacancy between tenants, so we are not losing normally a monthly rent for tenant changes. So a very constant rental income. On the other side, these rental contracts are then normally linked to inflation rates, which are then in Poland below 3% currently, which is also good, but then also leads to a somewhat lower like-for-like rental growth in Poland. Again, we are not concerned that we now enter a weaker market phase in the Polish residential portfolio.

Okay, so what it means, if, if we need to make estimates about rental growth, we always have a swing to the upside and, and, and to, to the downside, um, not. So, and which is more difficult to estimate, for example, compared to Germany, um, where you know, it's regulated and, uh, we know. Yeah, some basis point up and down, that's, that's the maximum swing. Firstly, we are still very much convinced that we will see, uh, very strong and um, good rental growth in Poland in the future. So when we look, let's say average rent growth in the past years. That was perhaps between 3 and 4% and that should also be a good estimate, good expectation, you know, for next 2 or 3 years,

Speaker #2: Okay, thank you for the color here. Thank you.

Speaker #1: The next question comes from Andrew McCrease from Green Street. Please go ahead.

Speaker #2: Yeah, hi, Martin, thank you for the presentation. I also have two questions, please. I'll ask one by one. Firstly, just coming back to capital allocation and as a follow-up from Marius's question, I appreciate your comments at the beginning, Martin, but I just want to follow up here.

Speaker #2: So as you lay out on page 24, the rental business is trading at a 10% implied FFO one yield. Would it therefore not just be a better use of capital on an equity return basis to instead just buy back your own shares rather than acquiring in Germany at a gross 7 or building in Poland?

Um now what we have seen and that's what I tried to explain. Explain some minutes ago that we have more tenants, you know, polish portfolio, the choose a longer time rent the contract, which is good. Right. So they're going for 2 or 3 year contracts not only your 12 month contract and that means the turnover is is going down. So we have not any vacancy between tenants, so we're not losing nobody a monthly rent for tenant changes. Um, so a very constant rental income. Um, but on the other side, we rent the contracts under normally linked to inflation rates which are then in Poland below, 3%, currently, which is also good. But then also,

Speaker #3: Yeah, good morning, Andrew. A share buyback, I would say, is not yet on the table. You're very right if you look at current implied valuation, 10%, would point toward a share buyback.

Martin Thiel: Just look at the vacancy rate for all apartments that are on the market since more than 12 months, which is still very low at around 2%.

Speaker #3: But let's look at the next 3, 4, 5 years and yes, perhaps the initial yield from a portfolio acquisition in Germany or from a finished construction of a Polish rental portfolio is lower, but we are convinced that these portfolios provide strong cash flow growth, meaning we will have good rental growth, we will have perhaps in Germany from the portfolios that we are acquiring also value sorry, vacancy reduction up the potential, we will also have especially in Poland a good value growth, so we are constructing these apartments at a 7 to 8% gross yield, they are perhaps afterwards valued at a quarter to 5.5 or 6% gross yield, so right now we think carrying out this investments is something that makes sense.

You know, leads to a somewhat lower like for like rental um, growth in in Poland. But again, we are not concerned that we now enter a this a weaker Market phase in the Polish, uh, rental portfolio. Just look at the vacancy rate for all apartments that are on the market, since more than 12 months, which is the very, very low at around 2%.

Marios Pastou: Okay. Thank you for the color. Thank you.

Okay, thank you for the clarification here. Thank you.

Operator: The next question comes from Andrew McCreath from Green Street. Please go ahead.

Andrew McCree from Green Street, please go ahead.

Andrew McCreath: Yeah. Hi, Martin. Thank you for the presentation. I also have two questions, please. I will ask one by one. Firstly, just coming back to capital allocation and as a follow-up from Marios' question. Appreciate your comments at the beginning, Martin, but I just want to follow up here. So as you lay out on page 24, the rental business is trading at a 10% implied FFO I yield. Would it therefore not just be a better use of capital on an equity return basis to instead just buy back your own shares rather than acquiring in Germany at a gross 7 or building in Poland?

Yeah. Hi Martin. Thank you for the presentation. Uh, I also have 2 questions, please. Uh I'll ask 1 by 1. Firstly just just coming back to Capital allocation and as a, as a follow up from Mario's question, appreciate your comments at the beginning Martin, but I just want to follow up here. So as you lay out on page 24, the rental business is trading at a 10% implied ffo 1 yield would it? Therefore not just be a better use of capital on an equity return basis to instead. Just buy back your own shares rather than acquiring in Germany at a gross 7 or building in Poland.

Martin Thiel: Yeah. Good morning, Andrew. A share buyback, I would say, is not yet on the table. You are really right. If you look at current implied valuation, 10% would point toward a share buyback. But let's look at the next 3, 4, 5 years. And yes, perhaps the initial yield from a portfolio acquisition in Germany or from a finished construction of a Polish rental portfolio is lower. But we are convinced that these portfolios provide strong cash flow growth, meaning we will have good rental growth. We will have, perhaps in Germany from the portfolios that we are acquiring, also a value, sorry, a vacancy reduction upside potential. We will also have, especially in Poland, a good value growth. So we are constructing these apartments at a 7% to 8% gross yield. They are perhaps afterwards valued at a, call it 5.5% or 6% gross yield.

Speaker #3: Let's hope that the share price is going in the right direction. But as you know, when we have done share buybacks in the past, so that's not excluded, currently as you see from my quite long answer, it's not the first strategy we have.

Yeah, good morning Andrew. Um,

A share buyback, I would say, is not yet on the table. And you're very right—if you look at the current implied valuation, 10%, which would point toward a share buyback.

Speaker #3: Let's observe this and perhaps something to follow up in the next quarters, but hopefully our current capital allocation strategy is something that then really also leads to a better share price development.

But let's look at the next, you know, three, four, five years, and—

Speaker #2: Okay, that's helpful color, thank you. And then my second question is just on vacancy in the German business on page 13. You had a reduction contribution of 10 bips to lifelike in one H against a 30 to 50 bip guide for the full year, with vacancy itself up 60 bips since year end in 20 quarter on quarter.

Yes, perhaps the initial yield for portfolio, acquisition in Germany or from a finished Construction in of a Polish rent portfolio is lower, but we convinced that these portfolios provide strong cash flow growth, meaning we will have good rental growth. We will have perhaps in Germany from the portfolio that we acquiring, um, uh, also uh, venue and sorry, and vacancy reduction of the potential, we will also have, especially in Poland, a good value growth. So we can

Speaker #2: Correct me if I'm wrong, but I believe vacancy is typically flat between 1 and 2Q in the portfolio. So it would just be helpful, I guess, to understand what the main driver is here.

Martin Thiel: Right now, we think carrying out these investments is something that makes sense. Let's hope that the share price is going in the right direction. But as you know, we have done share buybacks in the past, so that is not excluded. Currently, as you see from my quite long answer, it is not the first strategy we have. Let's observe this and perhaps something to follow up in the next quarters. But hopefully our current capital allocation strategy is something that can really also leads to a better share price development.

Constructing the department at a 7% to 8% growth. Huge, their PEPs afterwards valued at a quarter, 5.5% or 6% growth yet.

Speaker #2: Is it mostly from acquisitions? And then also, are you still confident with the guidance on this line? Thank you.

So, right now, we think carrying out these investments is something that makes sense.

Speaker #3: Yeah, firstly, we are still confident with the guidance on the vacancy reduction and yes, you're right. Also, the acquisitions that we have had an impact of perhaps 10 basis points, so then perhaps I would not look too much on a less basis point.

Let's hope that the price is going in the right direction. But as you know,

Speaker #3: So perhaps excluding acquisitions, vacancy rate is flat, which is, I would say, a normal development between the two quarters. So therefore, we are not concerned that this is now going in the different direction.

Speaker #3: So H2 has in the past years should also hopefully in terms of vacancy reduction be a good second half.

When we have done, share Buybacks in the past. So that's not excluded currently. As you see from my quite long answer, it's not the first strategy we have. Let's, let's observe this and get something to to follow up in the next quarters. But you know, um, hopefully our current capital, allocation strategy is something that can really also leads to a, to a better share price development.

Andrew McCreath: Okay. That is helpful color. Thank you. My second question is just on vacancy in the German business on page 13. You had a reduction contribution of 10 basis points to like-for-like in H1 against a 30 to 50 basis point guide for the full year, with vacancy itself up 60 basis points since year-end and 20 quarter on quarter. Correct me if I am wrong, but I believe vacancy is typically flat between Q1 and Q2 in the portfolio. So it would just be helpful, I guess, to understand what the main driver is here. Is it mostly from acquisitions? Also, are you still confident with the guidance on this front? Thank you.

Speaker #2: Okay, that's helpful. Thank you.

Speaker #1: The next question comes from John Wong from Van Lansert Kempen. Please go ahead.

Speaker #4: Hi, good morning, Martin. Thanks for taking my questions. I just want to follow up on your comments on potential redeployment of proceeds. If I look into your acquisitions in Germany at a 7% yield, it comes in quite comparable to your acquisition yields in Poland.

Okay, that's helpful color. Thank you. And then my second question is just on vacancy. In the in the German business on, on page 13 you had a reduction contribution of 10 BS to like for like, in 1, H against that 30 to 50 bit guide, for the full year, with vacancy itself up, 60, bits in here and then 20, quarter and quarter correct. Correct me if I'm wrong but I believe vacancy is typically flat between 1 and 2 Q in the portfolio. So it would just be helpful. I guess to to understand what the main driver is here is is it mostly from Acquisitions and then also, are you still confident with with the guidance on this line? Thank you.

Martin Thiel: Yeah. Firstly, we are still confident with the guidance on the vacancy reduction. And yes, you are right, also the acquisitions that we had had an impact of perhaps 10 basis points. So then perhaps I would not look too much on the last basis point. So perhaps excluding acquisitions, vacancy rate is flat, which is, I would say, normal development between the two quarters. Therefore, we are not concerned that this is now going in the different direction. So H2, as in the past years, should also hopefully, in terms of vacancy reduction, be a good second half.

Speaker #4: So how do you see the risk-adjusted returns from your opportunity side? Because the risk profile is quite different looking at how Germany is regulated and Poland is unregulated.

Speaker #3: Yeah, good morning, John. You're right. So basically, we are acquiring or building at a quite similar gross yield, so you can argue Germany at a regulated market is even a lower risk, which is correct.

Yeah, especially basic confidence with the guidance on the vacancy reduction, and yes, you're right. Also, the acquisitions that we have had an impact of perhaps 10 basis points. So then I would not look too much at the last basis point, so that's excluding acquisitions. Vacancy rate is flat, which is, um, I would say, a normal development between the two quarters.

Speaker #3: But if we really look bottom line, after CapEx, of course, the Polish portfolio is very strong, right? So it's not only that we have a good EBITDA margin because maintenance costs are more or less zero, and also there's no CapEx needed.

So, therefore, you know, we're not not concerned that this is now going in the, in the different directions. So H2 is in the past years should also. Hopefully in terms of vacants reduction, be a a good good uh second half

Andrew McCreath: Okay. That is helpful. Thank you.

Okay, that's so cool. Thank you.

Operator: The next question comes from John Hoang from Van Lanschot Kempen. Please go ahead.

Speaker #3: And we are buying a Germany nothing distress, but as typical for buildings that are some years old, we have to invest from time to time that's not needed in Poland.

The next question comes from John Wong from Van Lancer. John, please go ahead.

John Hoang: Hi. Good morning, Martin. Thanks for taking my questions. I just want to follow up on your comments on potential redeployment of proceeds. If I look into your acquisitions in Germany at a 7% yield, it comes in quite comparable to your acquisition yields in Poland. How do you see the risk-adjusted returns from your opportunity set because the risk profile is quite different looking at how Germany is regulated and Poland is unregulated?

John Vuong: Hi. Good morning, Martin. Thanks for taking my questions. I just want to follow up on your comments on potential redeployment of proceeds. If I look into your acquisitions in Germany at a 7% yield, it comes in quite comparable to your acquisition yields in Poland. How do you see the risk-adjusted returns from your opportunity set because the risk profile is quite different looking at how Germany is regulated and Poland is unregulated?

Speaker #3: It's all new. So therefore, the cash flow bottom line is very strong and that should be then something that outweighs the, let's say, a little bit higher risk because it's an unregulated market.

Speaker #4: Okay, that's clear. Thank you. And then on your leverage, so the proceeds are going to lower your proforma LTV to 42%. I appreciate that the target LTV is 45%, but given rate volatility in this market, could you talk about how much firepower you have and how you balance redeploying the proceeds with your leverage?

Hi, good morning, Martin, thank you for taking my questions. I just want to follow up on your um comments on on um potential uh reappointment of proceeds. Um if I look into your Acquisitions in Germany at 7% yield the comments in quite comparable to your um acquisition fields in in Poland. So uh how do you see the risk adjusted returns from your opportunity, sir? Because the the risk profile is quite different. Looking at how Germany is regulated and Poland is unregulated.

Martin Thiel: Well, good morning, John. You are right. Basically, we are acquiring a building at a quite similar gross yield. You can argue, well, Germany as a regulated market is even a lower risk, which is correct. But if we really look bottom line, after CapEx, of course, the Polish portfolio is very strong, right? It is not only that we have a good EBITDA margin because maintenance costs are more or less zero, also there is no CapEx needed. We are buying in Germany, nothing distressed, but as typical for buildings that are some years old, we have to invest from time to time. That is not needed in Poland. It is all new. Therefore, the cash flow bottom line is very strong, and that should be then something that outweighs the, let us say, little bit higher risk because it is an unregulated market.

Speaker #3: If I try to keep it really simple, so after the repayment of the debt that is now due in the next weeks, we have a remaining cash position of quartered around perhaps a little bit more than 400 million euros.

Speaker #3: Out of which, in round numbers, roughly 100 million are available on opening level. That's basically the IPO proceeds. And roughly 300 million euros are available on target level.

Speaker #3: That's basically something that we can use for further investments in rental portfolio. If you put fully redeploy this into new land bank, new portfolios, then we would end up again at an LTV which is perhaps exactly our LTV target of 45%.

Speaker #3: So that's what I try to explain that we have now really flexibility to acquire and to invest not only from cash perspective also from the LTV perspective.

That, you know, some, some years old, we have to to invest, from time to time, that's not needed, in Poland, it's all new. So, therefore the, the the cash flow bottom line is very strong and that should be. Then something that outweighs the. Let's say a little bit higher risk because it's an unregulated Market.

John Hoang: Okay. That's clear. Thank you. On your leverage, the proceeds are going to lower your pro forma LTV to 42%. I appreciate that the target LTV is 45%, but given rate volatility in this market, could you talk about how much firepower you have and how you balance redeploying the proceeds with your leverage?

John Vuong: Okay. That's clear. Thank you. On your leverage, the proceeds are going to lower your pro forma LTV to 42%. I appreciate that the target LTV is 45%, but given rate volatility in this market, could you talk about how much firepower you have and how you balance redeploying the proceeds with your leverage?

Speaker #3: But please be sure that we are not getting hushless payment nervous and try to invest it as fast as possible. We, of course, need to be disciplined and by the way, the cash is currently working, so most of that is in slotting where we get 3.7% interest income.

Okay, that's clear. Thank you. And then on your leverage—so the proceeds are going to lower your pro forma LTV to 42%. I appreciate that the target LTV is 45%, but given rate volatility in this market, could you talk about how much firepower you have and how you balance redeploying the proceeds with your leverage?

Martin Thiel: If I try to keep it really simple, after the repayment of the debt that is now due in the next weeks, we have a remaining cash position of call it around perhaps a little bit more than EUR 400 million. Out of which, in round numbers, roughly EUR 100 million are available on Robyg level. That's basically the IPO proceeds, and roughly EUR 300 million are available on TAG level. That's basically something that we can use for the investment in rental portfolio. If you would fully redeploy this into new land bank, new portfolios, then we would end up again at an LTV, which is perhaps exactly our LTV target of 45%.

Speaker #3: If we wait with further debt refinancing, we are saving more than 4% interest costs. So therefore, I think we have some months and quarters to reinvest this into acquisitions that really makes sense.

Um, if I try to keep it really simple. So after the repayment of the debt that is now due in the next weeks, we have a remaining cash position of coded around scripts, a little bit more than 400 million euros.

Speaker #3: Into constructions as I mentioned on our own land bank for the Polish rental portfolio, but good to have this opportunity that liquidity and equities there for further investments.

Speaker #4: John, just to understand correctly, we'd probably see LTV go back towards 45% and say 12 months from now.

Martin Thiel: That's what I've tried to explain, that we have now really flexibility to acquire and to invest, not only from cash perspective, also from the LTV perspective, but please be sure that we are not getting hustled, nervous, and try to invest it as fast as possible. We of course need to be disciplined, and by the way, the cash is currently working, so most of that is in Slottiu, where we get 3.7% interest income. If we wait with further debt refinancing, we are saving more than 4% interest costs. Therefore, I think we have some months and quarters to reinvest this into acquisitions that really make sense into constructions, as I mentioned, on our own land bank for portfolio. But good to have this opportunity, that liquidity and equity is there for further investments.

Speaker #3: That depends, John, on how fast we are reinvesting this. What I try to explain is if we would theoretically reinvest it tomorrow in full, we would still be at our LTV target.

Um, out of which in round numbers, roughly 100 million are available on a weak level. That's basically the IPO proceeds, and roughly 300 million Euros are available on, on top level. That's basically something that we can use for the investments in rental portfolio. If you would fully really deploy this into new land bank, new portfolios, then we would end up again at an LCB which is that's exactly our LTV Target of 45%. So that's what I try to explain.

Speaker #3: Perhaps that's the better way to explain it.

Speaker #4: Okay, that's fair. Thank you.

Speaker #1: The next question comes from Nicholas Veselier from BNP Paribas. Please go ahead.

Speaker #2: Hi, good morning. Hopefully, you can hear me. I have two questions. The first one is on your SFO guidance for the year. So you've already achieved about 100 million in H1.

That we have now really flexibility to, to acquire. And to invest, not only from cash perspective, also from the LTV perspective, but please be sure that we are not, you know, um, are getting hustle is David nervous and try to invest it as fast as possible. We, of course need to be disciplined. And by the way, the cache is currently working. So most of that is in slot, you where we get 3.7% interest income. If we wait with further depth, we financing we are saving you know, more than focus and interest costs. So therefore

Speaker #2: Arguably, you will have more positive contributions in H2 from the R4 air R4R portfolio. And potentially some positive contributions as well from your acquisition in Germany.

I think we have some months and quarters to reinvest this into acquisitions that really make sense into constructions, as I mentioned, on our own land bank for the PORT portfolio. But it's good to have this opportunity, that liquidity and equity are there for further investments.

Speaker #2: Why not raising the full year guidance given the run rate pace? And then my second question would be on the Poland development to sell business.

John Hoang: Just to understand correctly, we'd probably see LTV go back towards 45% in, say, 12 months from now.

John Vuong: Just to understand correctly, we'd probably see LTV go back towards 45% in, say, 12 months from now.

So, just to understand correctly, we will probably see LTV go back to, what, 45% in, say, 12 months from now?

Martin Thiel: That depends, John, on how fast we will be investing this. What I tried to explain is if we would theoretically reinvest it tomorrow in full, we would still be at our LTV target. Perhaps that is the better way to explain it.

Speaker #2: So your expecting an acceleration of handovers and therefore revenue recognition in H2. It seems like in Germany, this has been a common feature of the results season across your peers.

Speaker #2: To see some acceleration on those businesses in H2, but the transactional environment remains difficult there. So I was wondering what you're seeing in Poland in terms of health of the development markets and transactional environment this year and going into H2.

The the depends on on um, how fast we we investing this. But I try to to to explain is if we would theoretically we invested tomorrow in full, we would still be at our LCB Target. Perhaps that's the better way to to to, to explain it.

John Hoang: Okay. That is clear. Thank you.

John Vuong: Okay. That is clear. Thank you.

Okay, that's correct. Thank you.

Operator: The next question comes from Nicholas Veselier from BNP Paribas. Please go ahead.

The next question comes from Nicholas V.V. Please go ahead.

Nicholas Veselier: Hi. Good morning. Hopefully, you can hear me. I have two questions. The first one is on your FFO guidance for the year. You have already achieved about EUR 100 million in H1. Arguably, you will have more positive contributions in H2 from the R4R portfolio, and potentially some positive contributions as well from your acquisition in Germany. Why not raising the full year guidance given the run rate pace? Then my second question would be on the Poland development to sell business. You are expecting an acceleration of handovers and therefore revenue recognition in H2. It seems like in Germany, this has been a common feature of the result seasons across your peers to see some acceleration on those businesses in H2, but the transactional environment remains difficult there.

Nicolas Vaysselier: Hi. Good morning. Hopefully, you can hear me. I have two questions. The first one is on your FFO guidance for the year. You have already achieved about EUR 100 million in H1. Arguably, you will have more positive contributions in H2 from the R4R portfolio, and potentially some positive contributions as well from your acquisition in Germany. Why not raising the full year guidance given the run rate pace? Then my second question would be on the Poland development to sell business. You are expecting an acceleration of handovers and therefore revenue recognition in H2. It seems like in Germany, this has been a common feature of the result seasons across your peers to see some acceleration on those businesses in H2, but the transactional environment remains difficult there.

Speaker #2: Thank you.

Speaker #3: Yeah, good morning, Nicholas. Perhaps I'll start with the second question. An important fact is that from the handovers that we expect to come, especially in the fourth quarter, but also to a larger part in the third quarter already, most apartments are already sold.

Speaker #3: So the only risk that we have for the balance sheet is that we really finish construction before the balance sheet date, hand it over, and can realize the profit.

Speaker #3: So I don't have the exact number in my head, but I assume that's something 90, 95% of the apartments that we're handing over this year is already sold.

Speaker #3: So we're not exposed to a market risk. We simply need to carry out the construction and hand it over. And that was, by the way, the same situation in the last year.

Speaker #3: So we have regarding this Polish bid to sell business always a high visibility on results for the next, let's say, 12, 12 months. And that's perhaps a difference to a business in Germany where selling apartments in a privatization program, we are really exposed to future sales year this apartment is already sold.

Hi, good morning. Hopefully, you can hear me. I have 2 questions. The first 1 is on your, um, ffo guidance for for the year. So you've already achieved about 100 million in H1, um, arguably. You will have more positive contributions in H2 from the R4 error, uh, for our portfolio, uh, and potentially some positive contributions as well from your acquisition, uh, in Germany. So why not raising the, the foo your guidance given given the, the Run rate pace and then my second question, um, would be on the for development to sell business. Um, so you are expecting an acceleration of handovers and therefore Revenue recognition in keeping H2. Um, it seems like in Germany, this is been a common feature of the results Seasons across your peers to see some acceleration on on those, uh businesses in, in in H2, but

Nicholas Veselier: I was wondering what you are seeing in Poland in terms of health of the development markets and transactional environment this year and going into H2. Thank you.

Nicolas Vaysselier: I was wondering what you are seeing in Poland in terms of health of the development markets and transactional environment this year and going into H2. Thank you.

Martin Thiel: Well, good morning, Nicholas. Perhaps I will start with the second question. An important fact is that from the handovers that we expect to come, especially in Q4, but also to a larger part in Q3 already, most apartments are already sold. The only risk that we have for the balance sheet is that we really finish construction before the balance sheet date, hand it over, and can realize the profit. I do not have the exact number in my head, but I assume that something 90% to 95% of the apartments that we are handing over this year is already sold. So we are not exposed to a market risk. We simply need to carry out the construction and hand it over. That was, by the way, the same situation in the last year.

Speaker #3: And regarding your comment on the FFO1 guidance for 2026, perhaps it's fair to say that it's not aggressive if we say, well, we'll end up at the upper end of the guidance range.

The transactional environment remains difficult there. So, I was wondering what you're seeing in Poland in terms of the health of the development markets and the transactional environment this year and going into H2. Thank you. Yeah. Good morning, Nicholas. I'll start with the second question. An important fact is that...

Speaker #3: But firstly, the acquisitions in Germany, they will kick in mostly or to the very largest part in 2027. So closing of this acquisitions will be mostly towards the end of the year.

From the end of the world that we expect to come, especially in the fourth quarter, but also to a larger part in the third quarter already. Most departments are already sold.

Speaker #3: Secondly, it's always good to have a little bit buffer for perhaps higher maintenance costs that are more seasonal in H2. But again, your comment has also a point.

Speaker #3: So therefore, we should be well positioned also for the guidance, even if we say we are coming up at the upper end of the range.

Martin Thiel: We have, regarding this Polish build-to-sell business, always a high visibility on results for the next, let us say, 12 months. That is a difference to a business in Germany where selling apartments in a privatization program, we are really exposed to future sales. Here, these apartments are already sold. Regarding your comment on the FFO I guidance for 2026, perhaps it is fair to say that it is not aggressive if we say we will end up at the upper end of the guidance range. But firstly, the acquisitions in Germany, they will kick in mostly or to the very latest part in 2027, so closing of these acquisitions will be mostly towards the end of the year. Secondly, it is always good to have a little bit buffer for perhaps higher maintenance costs that are more seasonal in H2.

Speaker #2: Okay, thank you very much. That's very clear. Have a good day.

Speaker #3: Thank you.

Speaker #1: The next question comes from Thomas Reutheuser from Deutsche Bank. Please go ahead.

Speaker #4: Hi, morning. I think I have three questions. The first one is on the ROBIC IPO proceeds. And to capital deployment, you say the main focus is on rental business, both in Poland and Germany.

Exposed to a, you know, Market risk. Uh, we simply need to to carry out the the construction and and hand it over and and that was, by the way, the same situation in the last year. So, um, we have regarding this polish be to sell business. Always a high visibility on results for the next. Let's say 12 12 months and that's that's a difference to uh a business in Germany, where selling apartments and a you know, privatization program. We are really exposed to future sales here. This apartment is already sold.

Speaker #4: Just wondering what's the targeted mix between both countries. Regarding capital allocation, and the second one is on the raisy for rent portfolio. The first time revaluation, puts it at about 7% gross yield.

And regarding your comment on the effort for 1.

Speaker #4: I think that based on my calculations, while your Poland portfolio is valued at much lower yields, just wondering what's the reason for the valuation gap.

Perhaps it's fair to say that it's not aggressive. If you say, well, we'll end up at the upper end of the guidance range. But firstly, the acquisitions in Germany—they will kick in mostly, or to the very last part, in 2027. So, closing of these acquisitions will be mostly towards the end of the year.

Speaker #4: And my last question is also on ROBIC. You expect an acceleration of the sales business with the IPO proceeds. So what's the sales run rate you expect compared basically to the previous levels?

Martin Thiel: But again, your comment has also a point, so therefore we should be well-positioned also for the guidance, even if we say we are coming up at the upper end of the range.

Secondly, it's always good, you know, to have a little bit of buffer for perhaps higher maintenance costs that are more seasonal in H2. But again, your comment also has a point, so therefore we should be well positioned, both for the guidance—even if we say we are coming up at the upper end of the range.

Nicholas Veselier: Okay. Thank you very much. That's very clear. Have a good day.

Nicolas Vaysselier: Okay. Thank you very much. That's very clear. Have a good day.

Martin Thiel: Thank you.

Okay, thank you very much. That's very clear. Have a good day.

Thank you.

Operator: The next question comes from Thomas Rothaeusler from Deutsche Bank. Please go ahead.

Speaker #3: Yeah, good morning. Thomas, your first question was regarding the mix of investments of rental of in our rental portfolio, whether this is more Germany or Poland.

The next question comes from Thomas Roy, who is there from De Bank.

Thomas Rothaeusler: Hi. Morning. I think I have three questions. The first one is on the Robyg IPO proceeds and capital deployment. You say the main focus is on rental business, both in Poland and Germany. Just wondering what's the targeted mix between both countries regarding capital allocation. The second one is on the Resi4Rent portfolio. The first time revaluation puts it at about 7% gross yield, I think, based on my calculations, while your Poland portfolio is valued at much lower yields. Just wondering what's the reason for the valuation gap. My last question is also on Robyg. You expect an acceleration of the sales business with the IPO proceeds. So what's the sales run rate you expect compared, basically, to the previous levels?

Thomas Rothäusler: Hi. Morning. I think I have three questions. The first one is on the Robyg IPO proceeds and capital deployment. You say the main focus is on rental business, both in Poland and Germany. Just wondering what's the targeted mix between both countries regarding capital allocation. The second one is on the Resi4Rent portfolio. The first time revaluation puts it at about 7% gross yield, I think, based on my calculations, while your Poland portfolio is valued at much lower yields. Just wondering what's the reason for the valuation gap. My last question is also on Robyg. You expect an acceleration of the sales business with the IPO proceeds. So what's the sales run rate you expect compared, basically, to the previous levels?

Speaker #3: We are really here completely focused on, let's say, the numbers. So we would also be happy to buy in Germany a larger portfolio if the numbers make sense.

Hi, good morning. Uh, I think I have three questions. The first one is on the Robuck IPO proceeds.

Speaker #3: So if we have something in the size of the reserve fund portfolio, in Germany, just as an example on the market, in regions that we know very well, at a yield that is on the level that we had now in the last acquisitions, of a reasonable construction quality, yes, very happy to buy it.

And Captain, regarding deployment—you say the main focus is on the rental business, both in Poland and Germany. I'm just wondering, what's the targeted mix between both countries?

Regarding Capital, allocation.

And the second one is on the Raisy-for-Rent portfolio, the first-time revaluation.

Speaker #3: But as I said, we will be selective here. And we will be disciplined. And we can be disciplined because we have this natural growth plan from the units that we will construct in our own land bank.

That puts it at about a 7% gross yield, I think, based on my calculations, while your, uh, Poland portfolio is valued at much lower yields. Just wondering—what's the reason for the valuation gap?

And my last question is also on Robuck. You expect an acceleration of the sales business with the IPO proceeds.

Speaker #3: So even here in a, let's call it theoretical case, we would acquire nothing. We would still grow because we will have this construction on our own land bank.

So, what's the sales run rate do you expect? Um,

Compared basically to the previous levels.

Martin Thiel: Good morning, Thomas. Your first question was regarding the mix of investments in our rental portfolio, whether this is more Germany or Poland. We are really here completely focused on, let's say, the numbers. We would also be happy to buy in Germany a larger portfolio, if the numbers make sense. If we have something in the size of the residential portfolio in Germany, just as an example, on the market in regions that we know very well, at a yield that is on the level that we have now in the last acquisitions of a reasonable construction quality, yes, we are happy to buy it. But as I said, we will be selective here and we will be disciplined. We can be disciplined because we have this natural growth plan from units that we will construct on our own land bank.

Speaker #3: So we look at both markets. In the last years, investments in Poland have simply given us the better opportunities like the reserve fund portfolio, which was looking back for sure a good deal.

Yeah. Good morning Thomas. Your first question was regarding the the mix of Investments of rental of in our rental portfolio. Whether this is more Germany or Poland.

Speaker #3: So we have really now the opportunity to look at both markets. And that's what we will do also in the future. And then we've got the question on the yield for the reserve fund portfolio.

We are really here, completely focused on, let's say, the numbers. So we would also be happy to buy in Germany, a larger portfolio, you know, if the numbers make sense.

Speaker #3: Yes, it's correct. We acquired that at a 7.5% gross yield relation brings this now close to 7%. I mean, the remaining portfolio has a lower yield.

Speaker #3: Firstly, as I think we explained before, the reserve fund portfolio has also different structure. So smaller apartments, higher turnover, so this will naturally lead to a somewhat high yield.

So, if we have something in the size of the referral portfolio, um, in Germany—just as an example—on the market in regions that we know very well, at a yield that is on the level that we have now in the last acquisitions, of a reasonable, you know, construction quality, yes, we would be very happy. Happy to buy it. Um,

Speaker #3: But also to be open, I think we've got also some potential for further valuation uplifts in the next, let's say, one or two relations.

But it is, as I said, um,

Speaker #3: Because it's also clear that after you sign such a valuation, you set a kind of market price. So therefore, a huge valuation uplift would be something which could be a kind of contradiction to the price that you actually paid.

Martin Thiel: Even here in a, let's call it, theoretical case, we would acquire nothing, we would still grow because we will have these constructions on our own land bank. So we look at both markets. In the last years, investments in Poland have simply given us the better opportunities, like the residential portfolio, which was looking back for sure a good deal. We have really now the opportunity to look at both markets, and that's what we will do also in the future. Then you've got the question on the yield for the residential portfolio. Yes, it's correct. We acquired that at a 7.5% gross yield. Valuation brings this now close to 7%. The remaining portfolio has a lower yield. Firstly, as I think we explained before, the residential portfolio has also different structures, so smaller apartments, higher turnover. This will naturally put somewhat high yield.

Speaker #3: So let's wait the next one or two relations and let's see what the reserve fund portfolio in terms of gross yield stands. So there should be further improvement possible.

Speaker #3: And yeah, we will give guidance basically with the next results. Also on the sales numbers that we expect in ROBIC or for our sales business in Poland.

we will be selectively here and we will be disciplined and we can be disciplined because we have this natural growth plan from the units that we will construct on our own land bank. So even here in, that's called a theoretical case, we would acquire nothing, we would still grow because we will have this constructions on our own land bank. So we looked at both markets, um, in the last few years investments in Poland um have simply given us the better opportunities like the rez for in portfolio, which was looking back for sure, a good deal. So we we

We have really now the opportunity to look at both markets, and that's what we're going to do going forward.

Speaker #3: And for this year in round numbers, we expect sales of around 3,000 units. There's definitely room to improve that. So ROBIC has sold, for example, in 2021, more than 4,000 apartments.

Speaker #3: So why not go back to this at least in the midterm? So therefore, the market is there. The platform can do more. And that's also why we think that the sale of our stake in ROBIC will have perhaps in 2027, just concerning the sales results in Poland as small dilutive impact, but with the help of the IPO proceeds, the ROBIC business will grow faster and we will have an absolute amount, a higher profit from our sales business in the future compared to the situation without the IPO.

Martin Thiel: But also to be open, I think we've got also some potential for further valuation uplifts in the next, let's say, one or two valuations. Because it's also clear that after you sign such a valuation, you set a kind of market price. Therefore, a huge valuation uplift would be something which could be a kind of contradiction to the price that we actually paid. Let's wait the next one or two valuations and let's see where the residential portfolio in terms of gross yields stands. So there should be further improvement possible. And we will give guidance, basically with next results, also on the sales numbers that we expect in Robyg or for our sales business in Poland. For this year, in round numbers, we expect sales of around 3,000 units. There's definitely room to improve that.

And then we've got the question on the yield for that, for input. For—yes, that is correct. We acquired that at a 7.5% gross yield. Variations bring this now close to 7%, and the remaining portfolio has a lower yield. Firstly, as I think we explained before, the review for the rent portfolio has also a different structure—so, smaller apartments, higher turnover. So this will naturally lead to a somewhat higher yield.

But also, to be open, I think we've also got some potential for further validation uplifts in the next, let's say, one or two relations.

Speaker #3: So we are still very much convinced that this sales business in Poland is going very well also in the future.

Speaker #4: Okay, thank you.

Speaker #1: The next question comes from Ulrike Dauer from Dow Jones NewsWire. Please go ahead.

Actually paid. So let's just wait for the next one or two variations. And let's see what it is for in the portfolio. In terms, of course, he stands. So there should be further improvement possible. And yeah, we will give guidance, basically, with the next results, also on the face numbers that we expect.

Speaker #5: Yeah, good morning. Thanks for taking my question. First of all, I would like to know the valuation results. Why did it have in the well, did it have in the first half compared to the previous period?

Um, in robbing, or for our sales business in Poland. And for this year, in round numbers, we expect sales of around 3,000 units.

Martin Thiel: Robyg has sold, for example, in 2021, more than 4,000 apartments. So why not go back to this, at least in the midterm? Therefore, the market is there. The platform can do more. And that's also why we think that the sale of our stake in Robyg will have, perhaps in 2027, just concerning the sales result in Poland, a small dilutive impact. But with the help of the IPO proceeds, the Robyg business will grow faster, and we will have then in absolute amounts, a higher profit from our sales business in the future, compared to the situation without the IPO. We are still very much convinced that this sales business in Poland is going very well also in the future.

Speaker #5: And also, are you able to specify net proceeds from the ROBIC IPO? In my last question would be, have you also experienced higher financing costs as some or probably most competitors do right now?

There's definitely room to improve that. So, AROBIK has sold, for example, in 2021, more than 4,000 apartments. So why not go back to this, at least in the midterm? Um, so therefore...

Speaker #5: Thank you.

Speaker #3: Yeah, good morning. Of course, happy to answer the questions. With the valuation results, if you look in the P&L, it is indeed lower than in the first half of 2025.

Speaker #3: And that's not so much coming from the German portfolio. That's mostly coming from the Polish portfolio where we saw a stronger valuation uplift of the existing, like for like portfolio in 2024, 2025 on the back of strong sales price growth, which was in Poland, yeah, for some two or three years exceptional highs.

The market is there. Um, the platform can do more. And that's also why we think that the sale of our stake in Robing will happen in 2027. Just concerning the sale, it's reserving an important but small dilutive impact. But with the help of the IPO proceeds, the Orbit business will grow faster, and we will then have an adaptive amount—a higher profit—from our sales business in the future compared to the situation without the IPO. Um, so we are still very much convinced that this sale business is important, is going very well, also in the future.

Thomas Rothaeusler: Okay. Thank you.

Thomas Rothäusler: Okay. Thank you.

Okay, thank you.

Operator: The next question comes from Ulrike Dauer from Dow Jones Newswires. Please go ahead.

The next question comes from Don Jones, Newswires. Please go ahead.

Ulrike Dauer: Yeah, good morning. Thanks for taking my question. First of all, I would like to know the valuation result. Why did it have in the H1 compared to the previous periods? Also, are you able to specify net proceeds from the Robyg IPO? My last question would be, have you also experienced higher financing costs as some or probably most competitors do right now? Thank you.

Speaker #3: So this also then was reflected in the valuation. So we have still a positive valuation result in Poland, but lower than that as sales prices are still growing, but not in a double-digit numbers than in the years before.

Yeah, good morning. Thanks for taking my question.

Speaker #3: So that's the reason of the somewhat lower valuation results, which is again still positive. Yeah, the IPO costs, we can give you a rough amount of the total IPO costs that have been bank fees, lawyer fees, and so on.

Speaker #3: And you should in total so on ROBIC level, on the entire level, estimated is around 10 million euros. So when we're talking about gross proceeds of 282 million, the net proceeds should be roughly around 272 million.

Martin Thiel: Yeah. Good morning. Of course, happy to answer the questions. With the valuation result, if you look in the P&L, it is indeed lower than in the H1 of 2025, and that's not so much coming from the German portfolio. That's mostly coming from the Polish portfolio, where we saw a stronger valuation uplift of the existing like-for-like portfolio in 2024-2025 on the back of strong sales price growth, which was in Poland, yeah, for some 2, 3 years, exceptional highs. This also then was reflected in the valuation. We have still a positive valuation result in Poland, but lower than that as sales prices are still growing, but not in the double-digit numbers than in the years before. That's the reason of the somewhat lower valuation result, which is again, still positive.

Speaker #3: And the final question was higher financing costs. And the answer is yes. So also we see the higher financing costs. Not because of increased margins, to the contrary, if you look, for example, of the development of our bond margins, they're coming down, but the risk-free rates are higher.

Um, first of all, I would like to know the, the valuation results. Why did it have in the? Well, didn't have in the first half compared to the previous, um, period. And also, are you able to, uh, specifically from the, um, robok IPO? And my last question would be, um, have you also experienced um, higher financing costs as some or probably most competitors do right now? Thank you. Yeah. Good morning. Of course happy to answer the questions, um, with the valuation results if you look in a pvl it needs to be lower than in the first half of 2025. And that's not so much coming from the German portfolio, that mostly coming from the from the port portfolio where we saw a stronger valuation uplift of the existing like for like portfolio in 2024 2025 on the back of

Speaker #3: So we're currently financing for five years, I'd say, slightly below 4% for 10 years. It's perhaps slightly so for five years, it's slowly below 4%.

Speaker #3: And for 10 years, it's slowly above 4.5%. But we have a portfolio with high yields. So 6.6 gross yield and roughly the same yield in the meanwhile in Poland.

Martin Thiel: The IPO cost, we can give you a rough amount of the total IPO cost that we did, bank fees, lawyer fees, and so on. It should, in total, on a Robyg level, on a TAG level, estimated is around EUR 10 million. So when we are talking about gross proceeds of EUR 282 million, the net proceeds should be roughly around EUR 272 million. The final question was higher financing costs, and the answer is yes. Also, we see the higher financing costs, not because of increased margins. To the contrary, if you look, for example, of the development of our bond margins, they are coming down, but the risk-free rates are higher. So we are currently financing for 5 years, I would say slightly below 4%.

Speaker #3: We're really able to achieve positive cash flows even in this higher interest rate environment. So therefore, we think we're very well positioned even after the increase in interest rates.

Speaker #5: Thank you very much. Much appreciated. Bye-bye.

Speaker #1: The next question comes from Kai Kloser from Bernberg. Please go ahead.

Strong sales price growth, which was important. Yeah. For some 2 or 3 years, exceptional highs, or this also, then was reflected in the variation. So we have still a positive valuation result in Poland, but but lower than that, as sales prices are still growing but not, you know, in the double digit numbers them in the the year before. So that's the reason of the somewhat lower with the issues results which is against the the positive. Um yeah the IPO cost we can give you a rough amount of the total IPO costs that we believe um Bank fees, uh lawyer fees and and so on and you should in total so on Robuck level on the tax level. Um, estimated is around 10 million euros.

Speaker #4: Yes, good morning. I've got a question on the CAPEX investments. It's mentioned somewhere in the H1 report that for the first time, you also had capitalized personal expenses in Germany.

So, when we are talking about gross proceeds of €282 million, the net proceeds should be roughly around €272 million. And the final question was about higher financing costs, and yes, the answer is yes. So, we also see the higher financing costs.

Speaker #4: It indicates for which segment this was and how much and how much we can expect going forward. Second question was general, the modernization CAPEX increased by about 10 million year on year.

Speaker #4: You mentioned also some. Reported was large-scale measures may. More what in which regions and what volumes you can expect going forward. And the last question would be on the LTV calculation.

Martin Thiel: For 10 years, it is perhaps slightly, so no, for 5 years it is slowly below 4%, and for 10 years it is slowly above 4.5%. But we have a portfolio with high yields, so 6.6 gross yield and roughly the same yield in the meanwhile in Poland, where we really are able to achieve positive cash flows even in this higher interest rate environment. Therefore, we think we are very well-positioned even after the increase in interest rates.

Speaker #4: The contribution from joint ventures went down. Was it because of the completed compared to previous year or were there other reasons behind? Thanks.

Not because of increased margins to the contrary. If you look for example of the development of our bond margins that that coming down but there is a free rates are higher. Um so we currently financing for 5 years and say slightly below 4% for 10 years, it's steps slightly. So no for for 5 years it's um slowly below 4% and for 10 years it's slowly above 4.5%. Um but

Speaker #3: Yeah, good morning, Kai. First, perhaps on the capitalized personal costs, the amount from German business is quite small. So we are now it's not completing new, but since I would say one or two years.

We have a portfolio with high yields, so 6.6% gross per year, and it's roughly the same as used in the meantime in Poland. We're really able to achieve positive cash flows even in this higher interest rate environment. So, therefore, we think we're very well positioned even after the increase in interest rates.

Ulrike Dauer: Thank you very much. Much appreciated. Bye-bye.

Speaker #3: Our listing also a little bit more in larger modernization measures. So therefore, we started now also to capitalize the cost for people, for our own workforce that are exclusively managing this.

Thank you very much, much appreciated. Bye-bye.

Operator: The next question comes from Kai Klose from Berenberg. Please go ahead.

The next question comes from Kai Closer from Barenburg. Please go ahead.

Kai Klose: Yes. Good morning. I have got a question on the CapEx investments. It is mentioned somewhere in the H1 report that for the first time you also had capitalized personnel expenses in Germany. Could you indicate for which segment this was, and how much we can expect going forward? Second question was, in general, the modernization CapEx increased by about EUR 10 million year on year. You mentioned also somewhere in the report it was for large-scale measures. You could also elaborate a bit more in which regions and what volumes you can expect going forward? The last question would be on the LTV calculation. The contribution from joint ventures went down. Was it because of some projects were completed compared to previous year, or were there other reasons there? Thanks.

Speaker #3: So from a technical. And I think in the first half of this year, it was around 500,000 euros. So. The very largest part of capitalized personal costs is still coming from Poland.

Yes, good morning. On the, um, KEK investments—this is mentioned somewhere in the H1 report for the first time—you also had capitalized...

Speaker #3: Where we have a large construction department where we have the engineers and the architects who are purely working on the processes. So the German contribution is quite low compared to Poland.

How much, and how much we can expect going forward. The second session was, um, generally, the motivation capex increased by about $10 million year-over-year. You mentioned, also in the report, it was for large-scale measures.

Speaker #3: And then, Kai, you need to help me regarding your question from regarding the LTV. Perhaps we can repeat this again.

Speaker #4: Yes, sorry.

Speaker #3: It was something in connection with the joint ventures.

Could you also deliver a bit more detail? In which regions and what volumes can we expect going forward? And the last question would be on the TV calculation. The contribution from joint ventures went down—was it because some products were completed compared to the previous year, or is there another reason? Thank you.

Speaker #4: Yes, it was a group from JVs. I thought the question was lower compared to last year. Was it that some projects you did together in Poland were completed or were there other reasons?

Martin Thiel: Yeah. Good morning, Kai. First, perhaps on the capitalized personnel cost, the amount from German business is quite small. We are now, it is not completely new, but since, I would say one or two years, are investing also a little bit more in large modernization measures. Therefore, we started now also to capitalize the cost for people, for our own workforce that are exclusively managing this, so from the technical department. I think in the first half of this year it was around EUR 500,000. The very largest part of capitalized personnel cost is still coming from Poland, where we have a large construction department, where we have the engineers, the architects who are purely working on the processes. The German contribution is quite low compared to Poland. Then Kai, you need to help me regarding your question regarding the LTV.

Speaker #3: Yeah, that's indeed. So in the relevance gross asset values for the LTV calculation, we also report our investments in joint ventures because they are completely projects-based joint ventures.

Speaker #3: And when some investments are completed, so when apartments are handed over, then the cash is distributed to the parent company. In this case, ROBIC.

Speaker #3: So it means our share in the joint venture is reduced as we have received the cash. So therefore, it's then lower compared to the previous period.

Speaker #3: That's correct.

Speaker #4: Got it. Thank you.

Yeah, good. Good morning, Kyle. First, the peps on the capital is perfect because the, the amount from German business is quite small. So, we are now it's not completely new. But since I would say 1 or 2 years are investing, also a little bit more in large and modernization measures. So therefore, we started now, also to capitalize the cost for people and for our own Workforce that are exclusively managing this. So, from a technical department, um, I think in the first half of this year, it was around 500,000 Euros. So, um, the very large part of capitalized per cost is still coming from Poland. Where we have a large construction department where we have, you know, the engineers and The Architects are purely working on the processes. So the German contribution is

Speaker #1: Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Martin Thiel for any closing remarks.

It's quite low compared to Poland.

Speaker #3: Yeah, we can always say many thanks for your questions, many thanks for dialing in into our conference call. As always, if there's anything left, please feel free to contact us.

Martin Thiel: Perhaps you can repeat this again.

Um, and then I need your help regarding your question about the LCB. Perhaps you can repeat this again.

Kai Klose: Yes, sorry.

Martin Thiel: It was something in connection with the joint ventures.

Yes. Sorry.

Speaker #3: We're very happy to answer additional questions. That's it from our side. Have a good day and looking forward to seeing and speaking to you soon.

Kai Klose: Yes. In particular from JVs. I thought it was lower compared to last year. Was it that some projects you did together in Poland were completed, or were there other reasons?

It was something in connection with the joint ventures.

Yes, it was lower compared to last year. Was it that some projects you did together in Poland are completed, or were there other reasons?

Martin Thiel: Yeah. That is it. In the relevant gross asset values for the LTV calculation, we also report our investments in joint ventures because they are completely project-based joint ventures. When some investments are completed, when apartments are handed over, then the cash is distributed to the parent company, in this case, Robyg. It means our share in the joint venture is reduced as we have received the cash. Therefore, it is then lower compared to the previous period. That is correct.

We also report our investments in joint ventures because they are completely, you know, project-based joint ventures. And when some investments are completed—so when apartments are handed over—then the cash is distributed to the parent company, in this case, Robing. So it means our share in the joint venture is reduced as we have received the cash, so therefore, it's been lower compared to the previous period. That's correct.

Kai Klose: Got it. Thank you.

All right. Thank you.

Operator: Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Martin Thiel for any closing remarks.

Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Martin Thiel for any closing remarks.

Martin Thiel: Yeah. We can only say many thanks for your questions. Many thanks for dialing into our conference call. As always, if there is anything left, please feel free to contact us. We are very happy to answer additional questions. That is it from our side. Have a good day, and looking forward to seeing and speaking to you soon. Bye-bye.

Yeah, we can only say many thanks for your questions. Many thanks for dialing in to our conference call. As always, if there's anything left, please feel free to contact us. We're very happy to answer these questions. That's it from our side. Have a good day, and looking forward to seeing and speaking to you soon. Bye-bye.

Operator: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

Ladies and gentlemen, the conference is now over. Thank you for choosing Carroll School, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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