Gecina (GECFF) Q2 2026 Earnings Call Transcript

Good morning, everyone. Thank you for joining us today to review our performance for H1 2026. Three themes will guide today's discussion. The first half of 2026, we continue to deliver growth in both revenues and earnings. This growth comes with stronger long-term fundamentals, a higher quality portfolio and [indiscernible] leverage, and we are actively working to build tomorrow's self-funded sustainable growth for the next years. I'll come back to this point at the end. Let's start with H1 2026 achievements. Leasing activity was sustained this semester. We signed 48,000 square meters in 6 months, sustaining a rental uplift of 13%, while keeping our occupancy high around 94%. Looking ahead, our pipeline of surfaces under term sheets now reaches 50,000 square meters, including discussions with major tech players. We expect this discussion to close before the end of the year. On the multifamily side, we signed 650 leases with a strong increase in occupancy, up 170 basis points year-on-year. This