Core Viewpoint - Tonner Drones' CEO, Diede van den Ouden, is increasing his shareholding in the company, reflecting confidence in its future and financial situation [1][3]. Group 1: Shareholding and BSA Details - CEO van den Ouden will exercise 7,414,988 BSA 2025-1 for 3,707,494 shares at a price of €0.029, increasing his stake to over 12% [2]. - The maturity date for the BSA 2025-1 is set for January 9, 2026, which is also the last trading day for these BSAs [2]. Group 2: Financial Performance and Strategy - The company has made significant investments and recently sold a €1.25 million stake in Donecle, indicating strong historical assets in the drone sector [3]. - Tonner Drones focuses on developing technologies for the logistics sector and holds stakes in promising French drone manufacturers, aiming to enhance the value of these investments through active asset management [4]. Group 3: Company Operations - Tonner Drones does not plan to own a factory but intends to retain R&D for its products and systems in France, while managing its treasury actively [4].

Core Insights - Tonner Drones has signed a contract to sell part of its shareholding in Donecle, expecting to receive approximately €1.25 million in early 2026, while maintaining a 5% stake in Donecle due to positive future expectations [1][2] - The transaction will result in a book gain for Tonner Drones, strengthening its equity, as Donecle's current book value is less than €20,000 in Tonner Drones' financial statements [1] - The company is optimistic about its assets, including Donecle, Elistair, and Diodon, and plans to focus on growth and profitability in 2026 [2] Company Overview - Tonner Drones develops technologies for the logistics sector and holds stakes in promising French drone manufacturers like Elistair and Donecle [3] - The company's strategy involves increasing the value of its shareholdings through active asset management and generating additional revenues from patents [3] - Tonner Drones does not plan to own a factory but aims to retain R&D for its products and systems in France, employing an active treasury management strategy [3]

Core Viewpoint - Tonner Drones has signed a contract to sell part of its shareholding in Donecle for approximately €1.25 million, aiming to maintain a 5% stake in the company due to positive future expectations [1][2]. Group 1: Financial Impact - The sale will result in a book gain for Tonner Drones, strengthening its equity position [1]. - Donecle's current book value is reported to be less than €20,000 in Tonner Drones' financial statements [1]. Group 2: Strategic Outlook - The transaction is seen as a step forward in the development of Tonner Drones and enhances its financial position [2]. - The company maintains a positive outlook for its assets, including Donecle, Elistair, and Diodon, particularly in the context of the current dynamics in the drone sector [2]. - Tonner Drones plans to focus on further growth and profitability in 2026 [2]. Group 3: Company Profile - Tonner Drones develops technologies for the logistics sector and holds stakes in promising French drone manufacturers [3]. - The company's strategy involves increasing the value of its shareholdings through active asset management and generating additional revenues from patents [3]. - Tonner Drones does not intend to own a factory but is committed to retaining R&D in France [3].

Core Insights - Diodon Drone, a subsidiary of Tonner Drones, is on a confirmed growth trajectory, projecting over 60% revenue growth by 2025 and aiming for 100% growth by 2026, driven by larger contracts and a strong order book [2][3] - Tonner Drones is in a stronger financial position and is considering increasing its stake in Diodon Drone due to its robust performance and positive future expectations [3][4] - The company has made strategic investments, including approximately €2.3 million and €1.1 million in two French industrial companies focused on the drone and defense sectors [6] Company Developments - Diodon Drone was founded in 2017 and specializes in waterproof aerial drones for reconnaissance, surveillance, and inspection in maritime and coastal environments, initially catering to French special forces [1] - Tonner Drones has completed restructuring and refinancing efforts, allowing it to focus on strategic investments in the growing drone sector [4] - The company is also investing in MyHotelMatch, aiming to support its turnaround and explore opportunities in real estate, the drone sector, and cryptocurrency [5] Financial Performance - Tonner Drones achieved a positive financial result in H1 2025 as a result of its investment and treasury strategy [6] - Diodon Drone is expected to reach profitability in 2026 if it meets its revenue growth targets [2] Strategic Focus - Collaborating in the drone sector is now a key priority for Tonner Drones, which aims to capitalize on the positive dynamics and expansion within this industry [4][7] - Tonner Drones' strategy includes active asset management to increase the value of its stakes in promising French drone manufacturers [8]

Financial Data and Key Metrics Changes - The company reported a strong revenue growth with rental income increasing by 38% to €38,800,000 [4] - The EBIT reached €95,700,000, reflecting a solid performance [9] - The net profit stood at €80,000,000, excluding revaluation effects [22] - The company maintained a conservative loan-to-value (LTV) ratio of around 30% [4] - The NAV per share, excluding deferred tax, increased due to significant revaluation gains of €71,000,000 [10][26] Business Line Data and Key Metrics Changes - The company divested its service division and focused on its property portfolio, successfully replacing lost EBIT through organic growth and acquisitions [4] - The vacancy rate decreased to 1.4%, indicating strong demand for rental properties [20] - The like-for-like rental growth over the last five years was 2.1%, with expectations of 1% to 2% growth going forward [23] Market Data and Key Metrics Changes - The population in the Geneva region increased by 4,360 inhabitants in the first half of the year, contributing to strong demand for housing [10] - Construction activity remains insufficient, with only 1,800 new units added annually against an average of 6,000 new inhabitants [11] - The rental market is characterized by low vacancy rates and rising rents, with a projected continuation of rental growth in 2025 [10][12] Company Strategy and Development Direction - The company aims to create long-term value for shareholders by focusing on residential properties in the Lake Geneva region [7] - The strategy includes active asset management, renovations, and redevelopment opportunities while maintaining a low-risk profile [8] - The company plans to remain prudent in its acquisition strategy, focusing on properties that can be transformed into residential units [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the acquisition environment has become more competitive since spring 2024, leading to a slowdown in portfolio expansion [6] - The outlook remains positive, with expectations to exceed the previously issued 21% full-year guidance for rental income growth in 2025 [31] - Management expressed confidence in the company's ability to navigate market cycles and maintain a strong balance sheet [7][29] Other Important Information - The company has a strong equity position of 62%, with financial debts amounting to €639,000,000 [29] - The dividend is well covered by recurring income, with potential for future growth [8] Q&A Session Summary Question: Details on the July acquisitions - The acquisition involved a commercial building purchased for €50,000,000, with a full occupancy rent potential of €3,800,000 [33] Question: Acquisition strategy regarding commercial properties - The company is open to acquiring commercial properties only if they can be transformed into residential units [36] Question: Potential purchases blocked by municipality rights - Currently, there are no signed acquisition contracts under review by the authority, and past acquisitions have generally received clearance within the deadlines [38]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [2][3] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][21] - Earnings per share remained flat at 9.9p, with EPRA earnings reported at £48 million [3][21] - The interim dividend was increased by 5%, reflecting the Board's confidence in future earnings growth [4][29] Business Line Data and Key Metrics Changes - Like-for-like gross rental income increased by 54%, with like-for-like net rental income up 54% as well [4] - Like-for-like leasing volume rose by 13%, with leasing value up by 3% [5][37] - Strong leasing performance in Ireland was noted, with expectations for further growth in the second half [37] Market Data and Key Metrics Changes - The company welcomed 79 million visitors in the first half, an increase of 1 million from the previous year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7][11] - Footfall in Birmingham increased by 5% in H1, strengthening to 8% in Q2 [11] Company Strategy and Development Direction - The company is focused on active asset management and repositioning, with a strategy termed "lease up to rent up" [5][36] - Recent acquisitions, including Bullring and Grand Central, are expected to enhance income streams and support growth [8][17] - The company has a clear capital allocation strategy aimed at maximizing opportunities to unlock value [8][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, supported by high demand for retail space [4][19] - The outlook for 2026 and 2027 remains positive, with expected GRI growth of around 15% in 2026 [17][30] - The company is leveraging AI analytics to enhance customer and occupier understanding, which is expected to drive future growth [35] Other Important Information - The company reported a net debt to EBITDA ratio of 7.8 times, with a loan-to-value ratio of 35% [22][28] - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [14] - The company has significant potential for future developments, with a GDV potential of around £5.2 billion from various projects [43] Q&A Session Summary Question: What is the impact of the recent acquisitions on earnings? - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive, with a minimal dilution effect [14] Question: How does the company plan to manage its capital allocation? - The company has a disciplined approach to capital allocation, focusing on high-yielding assets and strategic land monetization [8][40] Question: What are the expectations for future growth in GRI and NRI? - The company has raised its guidance for GRI growth to around 17% for the year, up from a previous estimate of 10% [30]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [3][4] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][20] - Earnings per share remained flat, but the acquisition of Bullring and Grand Central is expected to replace the loss from the disposal of Value Retail [3][4] - EPRA earnings were GBP 48 million, with earnings per share at 9.9p, consistent with the previous year [20][21] - The total property return was 4%, with an income return of 3% and a capital return of 1% [20] Business Line Data and Key Metrics Changes - Like-for-like gross rental income and net rental income increased by 54% respectively [4] - UK gross rental income rose by 9% and net rental income by 8% [4] - Like-for-like leasing volume was up 13% and leasing value increased by 3% [5][36] - Like-for-like net rental income in Cabot Circus grew by 24% in the first half [36] Market Data and Key Metrics Changes - Footfall increased to 79 million visitors in the first half, up by 1 million from last year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7] - UK like-for-like values increased by 1%, while Ireland saw a 2% increase [25] Company Strategy and Development Direction - The company is focused on active asset management and leasing, shifting from merely filling space to driving rents up [5][33] - A clear capital allocation strategy is in place to maximize opportunities and unlock value [8][40] - The company is investing in AI analytics to enhance customer and occupier understanding, which strengthens its negotiating position [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, with demand for space at an all-time high [4][15] - The guidance for 2025 has been raised, expecting total gross rental income growth of around 17% [15][28] - The outlook for 2026 and 2027 remains positive, with expected GRI and NRI growth in line with the medium-term financial framework [16][28] Other Important Information - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [12][13] - The company has a strong balance sheet with net debt to EBITDA at 7.8 times and LTV at 35% [21][26] - The company has realized €26 million from Leeds Eastgate land at a 23% premium to book value [9] Q&A Session Summary Question: What is the impact of the acquisition of Bullring and Grand Central on earnings? - The acquisition is expected to be immediately 4% earnings accretive with minimal dilution [12][13] Question: How does the company plan to drive future growth? - The company plans to drive growth through active asset management, targeting leasing, repositioning, and asset enhancement [44]

Core Viewpoint - Tonner Drones is enhancing its board with the appointment of two new directors, Fabrice Augereau and Arnoud Jullens, to support the company's next phase of turnaround and growth [2][7]. Group 1: New Board Members - Fabrice Augereau, an experienced engineer with a background in drone, robotics, and AI sectors, has previously collaborated with Tonner Drones on the Countbot project and is expected to bring valuable technical expertise to the board [3][7]. - Arnoud Jullens, who has extensive experience in guiding start-ups and scale-ups, is the CEO of Docklab and has a strong network in the business community, which Tonner Drones believes will contribute to its future growth [4][7]. Group 2: Company Developments - The restructuring and turnaround of Tonner Drones have been successfully completed, leading to the end of David Cloetingh's term as a director, with Olaf Graeff remaining on the board [5][7]. - The Annual General Meeting (AGM) is scheduled for June 19, 2025, where shareholders are encouraged to participate and vote to meet the quorum [6]. Group 3: Company Strategy - Tonner Drones focuses on developing technologies for the logistics sector and holds stakes in promising French drone manufacturers, aiming to increase the value of these investments through active asset management [8]. - The company plans to retain R&D for its products in France while not owning a factory, and it seeks to generate additional revenues through royalties from its patents [8].

Portfolio Overview - Orion Properties operates 69 properties with 8,112,000 rentable square feet and an occupancy rate of 73.7%[31] - The portfolio's annualized base rent (ABR) is $1483 per rentable square foot, totaling $120,293,000[31] - Investment-grade tenancy accounts for 74.4% of the ABR, with a weighted average remaining lease term of 52 years[31] Tenant and Industry Diversification - The top 10 tenants comprise 53.9% of the ABR[36] - The largest tenant accounts for 16.3% of the ABR and has a credit rating of AA+[36] - Government & Public Services is the top industry, accounting for 16.8% of ABR[35] Geographic Diversification - Texas represents the largest geographic concentration, accounting for 16.5% of the ABR[40] - New Jersey accounts for 12.5% of the ABR[40] Balance Sheet and Liquidity - The company has $247,000,000 in liquidity, including $16,000,000 in cash and $231,000,000 available on the credit facility[57] - Total principal outstanding debt is $518,329,000 with a weighted average interest rate of 5.73%[52]