Icade Sa Ord (CDMGF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.417 Welcome to the ECOD Full Year 2025 Results Conference Call. 00:00:04.417 -- 00:00:09.083 For the first part of the conference call, the participants will be in listen-only mode. 00:00:09.083 -- 00:00:13.790 During the questions and answers session, participants are able to ask questions by dialing 00:00:13.790 -- 00:00:18.496 pound key five on their telephone keypad. Now I will hand the conference over to the 00:00:18.496 -- 00:00:23.303 speakers, Nicola Jolie, CEO, and Bruno Valenting, CFO. 00:00:23.303 -- 00:00:25.764 Please go ahead. 00:00:28.077 -- 00:00:33.402 Good morning, Nicolas Joly speaking. Thank you all for joining us today. 00:00:33.402 -- 00:00:39.147 With Bruno Galantin, we are pleased to present ECAT 2025 full year results. 00:00:39.147 -- 00:00:43.851 After the presentation, we will, of course, open the floor for questions. 00:00:43.851 -- 00:00:49.135 I will begin with the main development of the year, both operational and strategic. 00:00:49.135 -- 00:00:53.739 Bruno will then walk you through the financial results and the balance sheet in more 00:00:53.739 -- 00:00:59.403 detail. Then I'll conclude with the 2026 outlook. 00:00:59.448 -- 00:01:02.811 Let's start by summarizing the key highlights for 2025. 00:01:02.811 -- 00:01:04.693 2025 00:01:04.693 -- 00:01:09.799 was a year of solid progress in the execution of our reshaped 00:01:09.799 -- 00:01:13.322 plan, with strong financial discipline. 00:01:13.322 -- 00:01:18.347 Three elements stand out. First, disposals. 00:01:18.347 -- 00:01:24.413 2025 was a record year, with significant milestones in offices and in healthcare, 00:01:24.413 -- 00:01:29.114 allowing us to crystallize value in a selective investment market. 00:01:29.114 -- 00:01:31.697 Second, operat...