Gecina S.A.

Hello and welcome to Justina Business at September 30th, 2026. For the first 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 Benat Ortega, CEO, and Nicolas Dutreuil, Deputy CEO in Charge of Finance, as our presenters. I will now hand you over to your host, Benat Ortega, to begin today's conference. Thank you.

Good morning, everyone. We are pleased to accept you on our activity over the first nine months of 2026. We have all seen our market conditions have evolved this year, and we have worked hard to deal positively with the situation on three fronts, future revenues, cost of capital, and energy. I would like to use my time to highlight where Justine has fit within this emerging environment. On the revenue side, we have achieved the record Q3 leading activity in our office portfolio, with 92,000 square meters of renewal and resetting, representing now 140,000 square meters since the beginning of the year. It's one of the strongest performances in a decade. It also shows that our portfolio is not following market averages, which we then subdued. We have talked a lot about polarization recently. and it's only getting stronger. It plays on two levels when tenants decide to relocate, on the best transportation hubs and on the highest quality buildings. This is the length through which I would read our figures. I would like to draw four points from it. First, the quality of the mix of our living achievements. More than half of the volume comes from new tenants choosing our platform because they better fit their needs. and the rest from existing tenants that agreed to stay longer in our buildings. We work both on attracting new consumers and on securing our tenant base. Second, visibility. This lease secures around €91 million of annual rent with an average maturity of 6 years. Third, la défense. As you saw on Monday, we signed two long-term leases on Building B and Adamas, ensuring full occupancy for both buildings. The best assets attract the best tenants in a selective market. This is the dynamic we want to build on for SHAPE, the former C1 tower occupied by Engie, in the near future. Fourth, we have a further 14,000 square meters in advanced discussions, including assets from our development pipeline, where the next phase of growth will come from. Our housing portfolio has even been more successful. We signed 1,050 leases over the period, even by the new offerings you are now familiar with, furnished service apartments, with 1,250 units deployed and shared apartments. Let me turn now to our revenues. Lycola growth of 1.7% comes from both offices and residential, and it is well above indexation. occupancy is high and sustained at 94%, with a record 97.4% in Central Paris and Lille. Over the years, we have deliberately recirculated the portfolio on central areas where the reverse trend is strongly positive, at 11% on renewables and relapses, and in other areas where market trends have not followed the situation, we have accelerated resetting rent to market levels in 2016 in exchange of long-term commitment and better occupancy like we have just done in La Défense. On indexation, the slowdown continues as expected before the recent picket inflation starts to feed through to the rent at the end of 2027 or in early 2028. Regarding our cost of capital, our cost to operate, Before the summer, we secured 1.5 billion euros of funding. First, 700 million euros of bonds at three summer market conditions, a 500 million euro benchmark in May, and 200 million euros of tax of existing bonds. Second, half a billion euros new or extended on loan credit facilities. Together, this refinanced nearly all our 2027 maturities and strengthened our liquidity. Third, more than 330 million euros disposals at an average net dilutive impact of 2.9%. And we have done this while progressing on our high yielding accretive developments, which we are delivering on time and on budget. In a higher-end environment, this anticipation and discipline requires growth from 2028 onwards. The last message for this call is a word on sustainability. Gécina ranks first in its peer group in Grésby. These results reflect the same intensity in execution that we are applying everywhere else in the business, on three fronts. First, energy consumption, where we pay close attention to details. Building by building, we work on operations, equipment settings, and the daily performance of our assets to produce lasting savings. Second, the energy mix. We are steadily shifting towards greener sources of energy across the portfolio and less carbonized. Third, transformation. Where it makes sense, we don't just optimize the building, we transform it so that it meets tomorrow's standards in terms of performance and carbon. At a time where energy bills become critical, occupying a Cetina building means lower energy consumption and more future-proof buildings for our tenants. For our investors, it means lower obsolescence risk and protection of asset value. And to conclude this first introduction, our 2026 guidance is confirmed with a recurring net income group share between 6.7 and 6.75, You all are fair. Thank you, and we are happy now to take your questions.

If you wish to ask a question, please dial pound key 5 on your telephone keypad. If you wish to withdraw your question, please dial pound key 6. The next question comes from Florent LaRoche-Hubert from AutoBHF. Please go ahead.