Tag Immobilien Ag (TAGOF) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.754 Yeah, many thanks and good morning all. This is Martin from TIE. 00:00:02.754 -- 00:00:07.960 Many thanks for dialing in into our Q1 2025 conference call. 00:00:07.960 -- 00:00:10.523 As always, I will run through 00:00:10.523 -- 00:00:15.828 the presentation, which should be perhaps today quite a short one, as we just have spoken 00:00:15.828 -- 00:00:21.114 six or seven weeks ago in connection with the publishing of our annual report. 00:00:21.114 -- 00:00:25.239 And Q1 normally is not a dead spectacular quarter. 00:00:25.239 -- 00:00:28.622 But yeah, let's start with the presentation and then of course we have time to discuss 00:00:28.622 -- 00:00:33.628 afterwards. So let's take a quick look at the highlights slide on page 00:00:33.628 -- 00:00:35.751 number four of the presentation. 00:00:35.751 -- 00:00:38.895 We think it's fair to say that it was a good start into the year. 00:00:38.895 -- 00:00:45.084 So if you look at the FFO1 development, we've been even slightly above, quite strong, 00:00:45.084 -- 00:00:48.305 fourth quarter 2024 with 44.9 00:00:48.789 -- 00:00:54.754 million. But perhaps even more important was the good development in the operational 00:00:55.638 -- 00:01:01.267 segment. That means the EBITDA adjusted from the rental business was up to 62.8 00:01:01.267 -- 00:01:06.353 billion in Q1 2025. And if you compare it with the previous quarter and 00:01:06.353 -- 00:01:09.517 also with the first quarter of 2024, 00:01:09.517 -- 00:01:14.683 this is quite a strong increase despite the disposals that we still had 00:01:14.683 -- 00:01:20.770 in financial year 2024 in Germany that have been now effective at the end of 2024 00:01:20.770 -- 00:01:26.116 and at the beginning of 2025. So therefore, operational result...