Operator

Ladies and gentlemen, welcome to the PSP Swiss Property Q1 2026 Results Conference Call. My name is [ Youssef, ] the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Giacomo Balzarini, CEO of PSP Swiss Property. Please go ahead, sir.

Giacomo Balzarini
CEO, CFO & Member of the Executive Board

Thank you, and good morning, everybody. Welcome to this short presentation and Q&A, as always, in the Q1 and Q3. I will limit myself to some headline updates and then leave the room for the questions. Today, we reported a very solid Q1 results in line with our expectations. We show a solid top line growth, very stable cost base, basically very line and very predictable. The like-for-like growth was 0.6%. If you take out the one-off on the cost of last year and [indiscernible], the like-for-like would have been 1.7%. And that's also what we roughly guide for the full year, around 1.5%, 1.8% on the like-for-like.

The letting and transactional market is unchanged since we last speak end of February 2026, it's very supportive to our strategy. And what we observed is that our strategy to focus on the prime assets, the primary cities