PSP Swiss Property AG (0QO8) Q4 2025 Earnings Call

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WEBVTT 00:00:00.723 -- 00:00:06.009 Ladies and gentlemen, welcome to the PSP Swiss Property Financial Year 2025 00:00:06.009 -- 00:00:09.754 results conference call. I am Moira, the course call operator. 00:00:09.754 -- 00:00:13.278 I would like to remind you that all participants will be in listen-only mode and the 00:00:13.278 -- 00:00:17.863 conference has been recorded. The presentation will be followed by a Q&A session. 00:00:17.863 -- 00:00:22.869 You can register for questions at any time by pressing star and 1 on your telephone. 00:00:22.869 -- 00:00:26.153 For operator assistance, please press star and 0. 00:00:26.153 -- 00:00:29.596 The conference must not be recorded for publication or broadcast. 00:00:29.596 -- 00:00:34.863 At this time, it's my pleasure to hand over to Giacomo Balzarini, CEO of PSP 00:00:34.863 -- 00:00:38.147 Swiss Property. Please go ahead, sir. 00:00:38.147 -- 00:00:43.655 Thank you, Maria, and good morning to everybody, to our release of the annual results 00:00:43.655 -- 00:00:45.755 of 2025. 00:00:46.438 -- 00:00:50.083 As every year, I will have a quick rundown 00:00:50.083 -- 00:00:55.410 through the major highlights of the year, and then I will open for the Q&A 00:00:55.410 -- 00:00:59.633 in order to have enough time to address the questions. 00:00:59.633 -- 00:01:04.860 As stated already at the press release, clearly we 00:01:04.860 -- 00:01:08.264 are happy and pleased to report an excellent 00:01:08.264 -- 00:01:13.091 year-end result for 2025, which is predominantly backed 00:01:13.091 -- 00:01:18.458 by very good business sentiments in our major markets of Zurich and Geneva, 00:01:18.458 -- 00:01:22.178 which reflects roughly 80% of our portfolio. 00:01:22.178 -- 00:01:28.228 We have seen major re-lettings within our portf...