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

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[Speaker identities could not be resolved; generic labels used] [00:00] Speaker 1: Hello and welcome to JUSCINA Q1 2026 [00:03] 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, [00:20] Speaker 1: and Nicola Dutroit, Deputy CEO in charge of Finance, as our presenters. [00:25] Speaker 1: I will now hand you over to your host, Bennyette Ortega, to begin today's conference. [00:30] Speaker 1: Thank you. [00:31] Speaker 1: Good [00:32] Speaker 2: morning, [00:34] Speaker 2: everyone. [00:35] Speaker 2: It's a pleasure to share an update of the execution of our strategy today. [00:39] Speaker 2: 1 word to begin with on rental income. [00:42] Speaker 2: Our rental income increased in Q1 on a like-for-like basis of 2.3% [00:47] Speaker 2: to €176 [00:50] Speaker 2: million. [00:51] Speaker 2: This again shows our ability to outperform indexation [00:54] Speaker 2: supported by rental uplift and a consistently [00:57] Speaker 2: high level of occupancy. [01:00] Speaker 2: As expected, indexation is decelerating, [01:02] Speaker 2: reflecting the slowdown in inflation and construction costs in France last year, [01:07] Speaker 2: with the usual lag effect embedded in our leases. [01:11] Speaker 2: On a current basis, rental income reflects the impact of the significant disposals executed last year, as with recycled [01:19] Speaker 2: mature capital from residential assets into higher yielding opportunities in the office segment. [01:25] Speaker 2: Occupancy remains high and broadly stable year-on-year, [01:29] Speaker 2: with more than so...