Good day and a warm welcome to today's conference call of the PATRIZIA SE following the publication of the preliminary financial results of 2025. [Operator Instructions] Having said this, I hand over ...

Earnings call PATRIZIA reported a 35% YoY increase in EBITDA to EUR 63 million for 2025, with an improved EBITDA margin of nearly 23% and stable AUM at EUR 56 billion despite currency headwinds.