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]