PSP Swiss Property AG (0QO8) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.779 Ladies and gentlemen, welcome to the PSP Swift Property half-year 2025 results 00:00:05.779 -- 00:00:10.124 conference call. I am Mathilde, the call-call operator. 00:00:10.124 -- 00:00:14.370 I would like to remind you that all participants will be in lesson-only mode and the 00:00:14.370 -- 00:00:19.477 conference is being recorded. The presentation will be followed by Q&A 00:00:19.477 -- 00:00:24.664 session. You can register for questions at any time by pressing star and 1 on 00:00:24.664 -- 00:00:29.900 your telephone. For operator assistance, please press star and 0. 00:00:29.900 -- 00:00:34.665 The conference must not be recorded for publication or broadcast. 00:00:34.665 -- 00:00:39.930 At this time, it's my pleasure to hand over to Giacomo Balzarini, CEO of 00:00:39.930 -- 00:00:44.094 CSP Swiss Properties. Please go ahead, sir. 00:00:44.094 -- 00:00:48.739 Thank you, Mathilde. Good morning, everybody, and thanks for dialing in. 00:00:48.739 -- 00:00:53.884 As usual, with the half-year results and the quarter results, I will do a rather 00:00:53.884 -- 00:00:58.958 quick introduction, then go directly into the Q&A. 00:00:58.958 -- 00:01:04.724 As we reported this morning, we are satisfied with the 00:01:04.724 -- 00:01:08.005 very solid operating results. 00:01:08.067 -- 00:01:13.572 We have seen it's a bit lower in the previous year's comparison, but as mentioned, 00:01:13.572 -- 00:01:19.936 this is due to a specific one of the effects we had in the first half of 2024. 00:01:20.559 -- 00:01:25.584 We have seen a valuation gain of about 100 million, which is 00:01:25.584 -- 00:01:30.640 predominantly driven by the Zurich CBD portfolio, 00:01:30.640 -- 00:01:34.345 and thanks to the continuous cost discipline, 00:01:34.345...