Vonovia Se Ord (VNNVF) Q1 2025 Earnings Call

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WEBVTT 00:00:01.212 -- 00:00:06.338 Ladies and gentlemen, welcome to the Vonovia Q1 Results Conference Call. 00:00:06.338 -- 00:00:10.903 I am Yousef, the Chorus Call Operator. I would like to remind you that all participants 00:00:10.903 -- 00:00:14.727 will be in listen-only mode in that this conference is being recorded. 00:00:14.727 -- 00:00:17.430 The presentation will be followed by a Q&A session. 00:00:17.430 -- 00:00:22.095 You can register for questions at any time by pressing star followed by one on your telephone. 00:00:22.095 -- 00:00:25.919 For operator assistance, please press star followed by zero. 00:00:25.919 -- 00:00:29.056 The conference must not be recorded for publication or broadcast. 00:00:29.056 -- 00:00:31.619 At this time, it's my pleasure to hand over to Rene. 00:00:31.619 -- 00:00:33.979 Please go ahead. 00:00:34.202 -- 00:00:39.328 Thank you very much, Youssef, and welcome everybody to our Q1 2025 earnings call. 00:00:39.328 -- 00:00:44.514 Our speakers today are once again CEO Rolf Buch and CFO Philipp Grosse. 00:00:44.514 -- 00:00:48.678 They will be happy to lead through today's presentation and then answer your questions 00:00:48.678 -- 00:00:51.261 as usual. Over to you, Rolf. 00:00:51.261 -- 00:00:55.546 Thank you very much, Philipp, and a good afternoon also from my side as well. 00:00:55.546 -- 00:00:58.823 Let me start as normal with the highlights. 00:00:58.823 -- 00:01:04.110 In terms of an update of the market in Q1, it is safe to say that things are 00:01:04.110 -- 00:01:09.217 going off to a good start. The positive momentum on the transaction market 00:01:09.217 -- 00:01:14.324 has carried over in the first quarter and was not impacted by the Bund 00:01:14.324 -- 00:01:19.771 yield hike in early March. Transaction volume is...