Vonovia Se Ord (VNNVF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.537 Ladies and gentlemen, welcome to the Vonovia SE Full Year Results 2025 Analyst 00:00:05.537 -- 00:00:10.542 and Investor Conference Call. I am Sandra, the course call operator. 00:00:10.542 -- 00:00:13.946 I would like to remind you that all participants have been listened only mode and the 00:00:13.946 -- 00:00:16.268 conference is being recorded. 00:00:16.268 -- 00:00:19.472 The presentation will be followed by a Q&A session. 00:00:19.472 -- 00:00:24.657 You can register for questions at any time by pressing star and one on your telephone. 00:00:24.657 -- 00:00:27.908 For operator assistance, please press star and zero. 00:00:27.908 -- 00:00:31.773 The conference will not be recorded for publication or broadcast. 00:00:31.773 -- 00:00:34.636 At this time, it's my pleasure to hand over to Rene. 00:00:34.636 -- 00:00:36.719 Please go ahead. 00:00:36.719 -- 00:00:39.782 Thank you, Sandra, and welcome everybody to our call. 00:00:39.782 -- 00:00:44.968 The speakers today are Luka Mucic, our new CEO, and Filip Grose, our CFO. 00:00:44.968 -- 00:00:49.113 They will briefly present the highlights and the main messages for today before we open 00:00:49.113 -- 00:00:53.058 up for Q&A, where both will be very happy to take your questions. 00:00:53.058 -- 00:00:57.727 By way of a heads up, we will continue with our policy of two questions per analyst. 00:00:57.727 -- 00:00:59.930 With that, over to you, Luca. 00:00:59.930 -- 00:01:02.693 Thanks a lot, René, and hello and welcome, everybody. 00:01:02.693 -- 00:01:07.820 This is obviously my first earnings call as Vonovia's CEO, and 00:01:07.820 -- 00:01:12.326 hence I'm very pleased to connect with you today, not only regarding our full year numbers, 00:01:12.326 -- 00:01:16.951 but also on ...