Gecina S.A. (GECFF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Speaker 1: Hello and welcome to JUSCINA Q1 2026 Speaker 1: Activity Conference Call. For the 1st part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Today we have Bennyette Ortega, CEO, Speaker 1: and Nicola Dutroit, Deputy CEO in charge of Finance, as our presenters. Speaker 1: I will now hand you over to your host, Bennyette Ortega, to begin today's conference. Speaker 1: Thank you. Speaker 1: Good Speaker 2: morning, Speaker 2: everyone. Speaker 2: It's a pleasure to share an update of the execution of our strategy today. Speaker 2: 1 word to begin with on rental income. Speaker 2: Our rental income increased in Q1 on a like-for-like basis of 2.3% Speaker 2: to €176 Speaker 2: million. Speaker 2: This again shows our ability to outperform indexation Speaker 2: supported by rental uplift and a consistently Speaker 2: high level of occupancy. Speaker 2: As expected, indexation is decelerating, Speaker 2: reflecting the slowdown in inflation and construction costs in France last year, Speaker 2: with the usual lag effect embedded in our leases. Speaker 2: On a current basis, rental income reflects the impact of the significant disposals executed last year, as with recycled Speaker 2: mature capital from residential assets into higher yielding opportunities in the office segment. Speaker 2: Occupancy remains high and broadly stable year-on-year, Speaker 2: with more than solid activity in Paris and an acceleration of our residential occupancy. Speaker 2: The temporary increase in vacancy in Boulogne replaced Speaker 2: the time required to elise surfaces vacated following Lidl's maturity disaster. Speaker 2: But we h...