Michal Kuzawinski: Good afternoon, everybody, and good morning to those who have joined us from behind the ocean. So we have today our H1 2026 results to discuss with you. We will have a presentation for you followed by a written Q&A session. [Operator Instructions]. We have with us today our CEO, Botond; and CFO, Jacek. And I'll hand over now to Botond to begin the presentation. Thank you.

Antal Rencz: Thank you very much, Michal. And I would like to welcome everybody to this call today. Very warm welcome probably because this summer, at least in Europe, was extremely warm. So I think everybody enjoyed their vacation. In case you didn't, probably you will have a little bit calmer weather in September. But I'm very grateful that you have taken the time and you are joining us on this call. Last time we covered the first quarter, now we are going to cover the first half, and Magda is going to show us the slides that we have. And the plan is that I give you a half-year highlights, and then Jacek will go into the details, and we are going to finish just like last time with the Q&A session. So let me start with the headline picture for the first half. So Magda, if you don't -- okay, yes, we have now the numbers. So when we look at it, we can see that our rental activity -- revenue from rental activity moved up 5% year-on-year with the underlying like-for-like 2%. We realized moderate operational improvements in our core markets. The remaining growth, the remaining part was coming from reducing service charge leakage, increasing service line revenue growing by 9% year-on-year in the first half. And we also had a one-off income from renting roof infrastructure on commercial properties in Poland. Our gross margin also grew 10% year-on-year, which was a combination of revenue growth, but also more careful spending in our commercial assets with the cost of rental operations declining by 4% year-on-year. So overall, we had a solid performance across our core operations combined with a good cost discipline in SG&A expenses. Our adjusted EBITDA was up 11% year-on-year to just over EUR 63 million. So the trend has continued from the first quarter revenues, margin and EBITDA into the right direction, even though in the second half, a more moderate pace because some of the one-offs in the first quarter actually got more normalized now. The FFO is up 4% year-on-year, and our occupancy of commercial portfolio held at 87%. EPRA NTA per share is stable at EUR 1.93 or PLN 8.27. Where there is a bit of a bigger movement is the LTV, which moved from 57% to 58.7%, mainly resulting from higher net debt in the period resulting from the cash buffer, refinancing-associated interest costs. But our expectation is that this is going to improve based on 2 levels. One is we also sold one mall in the Croatia, Avenue Mall, which we originally thought it will close in second quarter, it's closing in the third quarter with EUR 27 million cash already arrived and that is going to provide a nice improvement to the LTV. And also, we expect to continue, but maybe at a little bit faster pace and disposals, which should also help. In this half year, we sold some residential plots, one in Budapest, one in Bucharest and residential units in Germany, as I mentioned, Avenue Mall as well. So the overall summary is our operating business continues to improve. Most of it is sustainable and solid, and asset value is steady. And the progress on delivering is happening, but slower than we originally expected, but we think it is going to catch up in the second half. So with this, I would say, a short introduction and painting the big picture, I would like to hand the floor to you, Jacek.

Jacek Baginski: Thank you, Botond. Magda, if you can flip to the portfolio slide. So let me take you first to the portfolio, and then we will go deeper into the financials, where I will put some more color on the highlights already mentioned by Botond. Starting from the portfolio, which is that Slide #5. As of end of June 2026, total investment GAV stands at EUR 2.7 billion, essentially flat versus year-end. And adjusted total investment portfolio, excluding noncurrent financial assets, which is mainly Kildare is EUR 2.6 billion. The composition remains broadly stable. 89% of the adjusted total portfolio is income generating of which 50% is office, 31% retail and 19% residential. Projects under construction represents 6% and the land bank 4% of the total. Gross asset value of the income-generating portfolio is also essentially flat. It's at EUR 2.3 billion versus EUR 2.3 billion last year, office is essentially flat. Retail is a little bit up to EUR 718 million. Residential is down to EUR 445 million. Now if you can please turn to Slide #6. Thank you. On the commercial portfolio, let me cover retail and office together as they appear on this slide. Retail occupancy stands at 96% as of 30th of June this year, back at the same level as the year-end. Leasing activity in the first half of this year reached over 28,000 square meters. Office occupancy improved to 84% as of end of June from 83% at year-end. Leasing activity was strong at close to 41,000 square meters. Poland obviously remains our softest market at 76%, essentially unchanged, where we continue to work through the vacancies in selected assets in order to reduce them. Magda, If you can turn to Slide #8, which is our consolidated income statement. As Botond already mentioned, our revenue from rental activity was EUR 106 million, up by 5% comparing to first half of 2025. Germany was stable at EUR 12 million in both periods. So the growth essentially comes from the rest of the group, which is the growth from EUR 89 million to EUR 94 million on the rental activity. The increase was driven mainly by higher rents in Southeast Europe and in Polish malls and in the office sectors in Hungary and Poland. On a like-for-like basis, the group recorded 2% rental growth in the first half of 2026 compared to last year. Cost of rental operations fell down from EUR 35 million to EUR 33 million, 4% decrease with mainly driven by the Polish and Hungarian operations. Gross margin from the operating activity increased 10% to EUR 73 million and the margin OE increased as a percentage from 65% to 68%. That's a solid gain, mainly driven by Poland, then Serbia and Hungary. This reflects obviously stronger like-for-like rental performance, our effort in order to reduce the service and property costs and decrease obviously, the service charge leakage and consequence. On administrative expenses, also, we have some success here. We reduced the cost from EUR 13 million to EUR 11 million, which is 13%, mainly due to reduction of the personnel expenses and advisory costs. On EBITDA, EBITDA was EUR 60 million in the first half of this year, up 12% from last year. And adjusted EBITDA was 63% (sic) [ EUR 63 million ], up 11% comparing to last year. Below EBITDA line, as you can see, we have, unfortunately, the loss from the revaluation of the assets, which widened to EUR 22 million in the first half of this year from EUR 14 million last year. This was mainly driven by the negative fair value adjustment of certain offices in Poland and Hungary. And on the residential portfolio in Germany, partially, this was offset by the positive fair value adjustment on malls in Poland and in Bulgaria. Net finance costs, on the other hand, increased from EUR 36 million to EUR 45 million. This reflects the transitional overlap we described in the first half -- in the first quarter. Interest on the -- as you know, interest on the newly issued bonds of EUR 455 million volume was at 6.5% comparing to like 2.3%, 2.4% that we paid on the bonds last year. So this is mainly the biggest driver of the increase of the finance costs. Taxation increased from EUR 4 million to EUR 10 million, but this was mainly driven by the deferred income tax provision we recorded this year, the current tax paid was at a similar level to last year. Putting this together, there is the period result is a loss of EUR 18 million. And that's basically, as you see, it's mainly driven by the revaluation loss, higher finance costs and the tax line, mainly driven by the provision of the -- on the deferred income tax recorded. On the other hand, as Botond was mentioning, the operating results are pretty decent with a solid increase of EBITDA by 11% or 12% year-on-year basis. Magda, if you can turn to the cash flow. Thank you. Operating cash flow was at EUR 46 million, broadly stable year-on-year, mainly driven by the better operating cash flow before working capital. We have some unfavorable working capital changes related to some repayments that we had to make. But obviously, we will focus more on during the second half of the year to manage that, let's say, working capital better. On investment activity, CapEx was EUR 40 million, down by EUR 12 million comparing to last year. This was mainly driven by the -- obviously, the fit-out and CapEx related to the properties and the increase of the occupancy of these properties, but also we spent approximately EUR 15 million of the CapEx related to completion of CP III office in Budapest. We received EUR 9 million from the sales of part of our residential land bank and residential units. This is obviously, as Botond was saying, that amount of the proceeds is substantially higher in Q3 this year because of the further disposals of the Avenue Mall and other assets. The large inflow -- investing inflow of EUR 209 million is mainly dominated by EUR 239 million change in deposits reflecting utilization of cash that we had on the escrow account to finance the repayment of the old bonds. On financing, we drew EUR 46 million in long-term borrowings, mainly on the -- withdrawn some top-up on the Galeria Pólnocna and we obviously refinanced a number of assets. EUR 336 million repayment line mainly reflects the repayment of GTC bonds or Aurora bonds, as we call them, and the scheduled amortization of the bank loans. Net interest paid, obviously, was higher comparing to last year, mainly driven by the refinancing of the bonds. The net cash movement for half of the year was a decrease of EUR 73 million versus an increase of EUR 25 million in last year. And the cash at the end of the period was EUR 34 million, down from EUR 80 million last year. And again, this is largely a function of the bond repayment that obviously we use part of our own cash to fully repay the bonds maturing. If you can turn to the balance sheet page, Magda, please. Thank you. On the balance sheet, I'll keep it brief. There are not so many changes in the total asset decreased from EUR 3.3 billion to EUR 2.9 billion, mainly due to the utilization of cash held on the accounts to repay the bonds that I mentioned already just a minute ago. The assets held for sale increased from EUR 20 million to EUR 135 million, reflecting exactly the reclassification of properties, which were in majority sold, which is Avenue Mall and Avenue Center and some additional German units and land in Romania. Deposits fell obviously down from EUR 290 million to EUR 43 million, which is again related to the repayment of the bonds. And what is worth to mention is that the short-term financing debt fell from close to EUR 900 million to EUR 350 million mainly on the repayment of the bonds, but also the effort that the company made on the extension of the financing. And Magda, if you can turn on the last slide, which is the debt profile slide. So net debt stands at approximately EUR 1.6 billion. LTV went up, unfortunately to -- from 57% to 58.7%. Maybe a side note is that the LTV calculated for the purpose of the Eurobonds is lower than 58.7%. There's a special definition in documentation, which basically results, as I said, in lower LTV than 58.7% for the computation of the Eurobonds covenant. And basically, the drivers of that change was the decrease of the cash on the accounts, mainly driven by the fact that we had to repay the bonds. And this was mainly the main reason of the increase of the LTV. On the positive side note, weighted average debt maturity improved substantially to 3.9 years from 2.9 years, reflecting the extension refinancing completed during the half of the year. I will also note that additional EUR 130 million of senior loans, which you see as a current loans as of end of Q2 were already extended in Q3. So basically, the balance of, let's say, this -- that EUR 347 million of the loans maturing in 1 year will decrease by the EUR 130 million in Q3 this year. Weighted average interest rate unfortunately went up from 4.5% to 5.3%. And again, that's the major driver is the refinancing of the bonds, which occurred at the end of 2025. So that's all on my side. So Botond, please, back to you.

Antal Rencz: Thank you very much, Jacek. I think just to repeat a little bit to wrap up where we are after the first half. Basically, I think we have managed to improve the business in a sustainable way. There were some one-off items, but the majority of the changes are sustainable. The growth in revenue, margin, EBITDA are all going to the right direction. And the asset values were also relatively stable. I think Jacek, you spoke quite a lot about the leverage component. For us, the most important component is that -- the maturity profile is now significantly healthier where it was and the short term, I would say, refreshment of the loans are done. So we are making progress. I'm also a little bit impatient with the disposals, but we also do not want to sell assets at values which are unacceptable for us. And our balance sheet now is stronger than it was earlier. So overall, I expect that the second half of the year is going to be better with the disposals, and we will continue the operational efficiency improvements that we have already implemented for the first half. So I think this is my short summary, and I would like to hand over back to you, Michal, so that us start the Q&A session.

Michal Kuzawinski: Thank you, Bot. So I'll hand over to Alex to remind us how -- to remind the participants how they should ask questions, please.

Operator: [Operator Instructions]

Michal Kuzawinski: Thank you, Alex. And we did receive a few of the first questions. We have the first question from Cezary Bernatek from Erste. The question reads, how do you assess the valuation outlook for the more mature office assets in GTC Polish and Hungarian business?

Jacek Baginski: Maybe I will start to elaborate on it. So guys, as you remember, at the year-end of 2025, the company recorded a massive write-offs on the assets, mainly the office buildings. There were also some write-offs of the -- on the offices in Q1 and Q2 this year. So I think that in regard to the, let's say, to the, let me call it, adjustment of the value of the assets that we had on the books in last years to today's, we already made a substantial effort in order to reflect that, let's say, to making the write-offs to reflect the real value of the assets. So this is point number one. Point number two, obviously, is that we are working on the increase of the occupancy in Polish offices, which basically, as you remember, we have 76% of occupancy only. And in Hungary as well, there are some very positive messages that we are hearing from the Hungarian market. So we hope to maintain the value of the assets on the books. But obviously, there is a risk. There is some risk that we will see further deterioration of the value hopefully, it won't be a substantial number. But as I said, we simply work on the increase of occupancy and substantial write-offs on the assets were already made at the end of 2025.

Michal Kuzawinski: Cezary also wants to ask if we can share any potential time frame for the strategic options review launched recently referring to the current report we published a few weeks ago?

Antal Rencz: I see maybe I can answer that question. It will be unfortunately a very short answer. We are not aware of any time line with respect of that current report.

Michal Kuzawinski: Thank you, Botond. And these were the questions from Cezary. So now we have a round of questions from Jakub Caithaml from Wood. Maybe I will read them one by one. So Jakub would like to have an update on the Kildare plot monetization, if we can share any insights on this? Then the second question is about the German disposals. If we can comment on the progress so far and any challenges with the disposal program in Germany. And finally, the third question from Jakub is the expected maintenance and fit-out CapEx guidance for the second half of this year.

Jacek Baginski: Botond, do you want to say on to that?

Antal Rencz: Yes. Yes. Let me start with the Irish one. We do not have very specific deadline. about that potential transaction. Because of its legal structure, it is not a very simple plain vanilla, let's say, ownership. We are looking at various options. But at this -- I would say, at this stage, I cannot say anything more specific about that transaction. But we are considering it, and we are in talks.

Jacek Baginski: Okay. So on Germany, so maybe I will elaborate. We are advancing in the process of disposal of that portfolio. We negotiate a couple of LOIs on a number of apartments or condominiums. We expect that the value and the proceeds from the disposals in Germany will substantially increase comparing to the first half of this year. And on the CapEx, meaning fit-out and CapEx for the second half of the year, this will be around EUR 20 million to EUR 25 million.

Michal Kuzawinski: Thank you, Jacek. Now we have a question from Emma Otmani. Could you please share your guidance for the full year 2026 in terms of EBITDA, CapEx and asset disposals?

Jacek Baginski: Michal, I'm not sure if we provided any guidance.

Michal Kuzawinski: We don't provide -- correct. We don't provide any guidance. We don't publish guidance is the answer. Okay. We move to the next question from Anders Skovgaard. So somewhat related already to the question from Cezary, but let me read. So we continue to see negative fair value adjustment in this quarter. Have the entire portfolio been revalued now? Or will we continue to see negative fair value impact going forward?

Jacek Baginski: As I said, we -- at the end of 2025, we made a substantial impairment on the assets. So this is point number one. Point number two, obviously, is that we are spending the CapEx for the fit-out and the maintenance of the buildings. So far, we are only partially successful in capitalizing that CapEx to the properties. So if this continue further, basically, there will be some write-offs related to the part of the CapEx and fit-outs that we spent on the buildings, but we cannot capitalize simply because our valuers are of the opinion that they do not increase the value of the properties sufficiently. And going forward also, we are cautiously optimistic that we will not have to make any additional write-offs on the offices. But again, it's also driven by the market, by the liquidity. We have a number of assets in smaller cities in Poland. So they are exposed to certain devaluation. On the other hand, we see some positive movements on the Hungarian market in regard of the leasing activity. So I would say we, I think, are cautiously optimistic that we could keep that value on the books. But again, I cannot exclude that valuers and auditors will have a different opinion on it.

Michal Kuzawinski: Anders is asking, how does the deleveraging disposal pipeline look for the next 12 months?

Jacek Baginski: We have -- as we said at the beginning of the year, we are -- we have a larger program of disposing of the assets. That program obviously will materialize or you will see material effect of this program already in the second half of the year with disposal of Avenue Mall and some other assets in -- from our portfolio that we executed in Q3. I don't want to give any number in regard to the total proceeds from disposal and the value of the assets to be sold. But again, deleveraging is our major focus. So we are doing all possible -- we are taking all possible efforts in order to decrease LTV.

Michal Kuzawinski: And Anders also would like to know what loans do we need to roll over the next 12 months? And what is the progress on these?

Jacek Baginski: So basically, as you saw on that last slide, there was a EUR 350 million loans maturing within the next 12 months, out of which EUR 130 million was already extended. So we talk about EUR 220 million, right, of the loans, these are, I would say, a normal loans secured on the assets, which we are pretty confident that we will be able to extend. So these are like mortgage loans provided to finance separate assets, which normally mature every 5 years. So here, we do not see any risk related with not being able to refinance or to extend that loans for the next couple of years.

Michal Kuzawinski: Thank you, Jacek. And Michal Majersky had a similar question, effectively asking how we are planning to, well, repay this remaining amount of EUR 220 million. So I understand the answer is that we are planning to roll out these loans. Okay. So I hope that Michal, that your question is addressed with this. If not, let's talk offline. And also, Anders, I will come back to you on your technical question about the Kildare issue that you have raised. I will share the answer also offline by e-mail. At this point in time, we have no further questions. So yes, thank you for your participation. Thank you for your questions. And if you still have any questions, then please reach out to us. We will come back to you on all of the other points that you have raised during the call today. Thank you.

Jacek Baginski: Thank you.

Antal Rencz: Thank you.