Vonovia Se Ord (VNNVF) Q2 2025 Earnings Call

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WEBVTT 00:00:01.752 -- 00:00:06.841 Good afternoon, ladies and gentlemen, and welcome to the Vonovia Interim Result 00:00:06.841 -- 00:00:11.048 H1 2025 Analyst and Investor Conference Call. 00:00:11.048 -- 00:00:14.093 My name is Yusuf, the Chorus Call Operator. 00:00:14.093 -- 00:00:18.140 I would like to remind you that all participants will be in listen-only mode in that 00:00:18.140 -- 00:00:22.728 this conference is being recorded. The presentation will be followed by a Q&A session. 00:00:22.728 -- 00:00:27.537 You can register for questions at any time by pressing star followed by 1 on your telephone. 00:00:27.537 -- 00:00:30.700 For operator assistance, please press star and then zero. 00:00:30.700 -- 00:00:34.444 This conference will not be recorded for publication or for broadcast. 00:00:34.444 -- 00:00:37.166 At this time, it's my pleasure to hand over to Rene. 00:00:37.166 -- 00:00:39.467 Please go ahead. 00:00:39.809 -- 00:00:42.792 Thank you, Yousef, and welcome, everybody, to our earnings call. 00:00:42.792 -- 00:00:47.036 Speakers today are, once again, CEO Rolf Buchmann, CFO Philipp Grosse. 00:00:47.036 -- 00:00:51.300 They will be happy to lead through today's presentation and then answer your questions. 00:00:51.300 -- 00:00:53.402 With that, over to you, Rolf. 00:00:53.402 -- 00:00:57.187 Thank you, Rene, and also a warm welcome from my side. 00:00:57.187 -- 00:01:02.655 Following a strong quarter, the first quarter, we have been able to keep up the momentum 00:01:02.655 -- 00:01:07.001 and we are happy to report a strong first half as well. 00:01:07.001 -- 00:01:11.086 Let me start with a half-year portfolio valuation. 00:01:11.086 -- 00:01:16.474 In line with what we have guided, we saw a like-for-like value growth 00:01:16.474 -- 00:01:18.156 o...