Branicks - comment

The Q2 numbers were broadly in line with our forecast. Regarding disposals, full-year guidance from the Commercial portfolio was maintained at €500m - €600m, so €400m will be needed in H2. While management is confident, achieving this target will be challenging without offering discounts to book value. Turning to financing, there was no update on the refinancing of the SUN or the €100m 2026 promissory notes. However, we still expect an Amend and Extend proposal backed by a StaRug process. Lastly, balance sheet cash is €66m (c€20m is at VIB).