Good morning, everyone. It's a pleasure to be with you to share our results for 2025 with a clear outperformance in terms of operational excellence and agile and proactive investment activity.

I won't dive into the details just now, but the message behind these highlights is simple: in a long-term industry like real estate, we've been demonstrating our ability to grow steadily, constantly, and meaningfully over time. As we may see throughout our results, Gecina is not a pure proxy for the Paris region office market.

Our differentiation lies in the products we deliver, designed for today's needs and built to anticipate tomorrow's. This is how we keep our portfolio firmly positioned in a segment where true quality is scarce and demand remains solid.

The situation regarding office attendance was stronger in Paris than other cities following COVID, and current trends show that the return to the office is even more real now. Over the past year, many more corporates have taken firm positions well beyond the early movers from 2023 and 2024.

We are now converging towards a standard of roughly four days a week in the office. This has a positive consequence on corporate decisions: the number of companies taking the same surface or more are now a vast majority, 2/3, while it used to be only 1/3 three years ago.

When the objective is to attract and retain talents, the equation is simple: reduce commuting time by being located in the central areas and on major transportation hubs, and offer a workplace experience that genuinely feels better than home. With insights from more than 500 companies using our spaces every day, we design products that mirror how corporates truly operate.

Large organizations want destination assets for their head office, yet supply is far more limited than people think. Offices above 3,000 square meters represented only 15% of deliveries over the past decade within Paris City.

That's why we put such emphasis on delivering these large-scale projects in Paris and Neuilly, on their design and adaptability also. Workforces evolve, and our spaces have to evolve with them.

We complement this with a full suite of services, some shared, other privatized, and we bring real intensity to energy performance, building highly efficient assets and working closely with clients to ensure consumption reductions last over time. Smaller businesses often lack dedicated real estate teams internally.

They want to stay focused on their core business, work in a space that feels like their own, especially protect confidentiality better than shared offices in coworking buildings, and deal with a single point of contact and a single invoice. We created our fully managed office offer precisely to meet these needs.

What sets us apart is that we own our assets, ensuring them the right quality and services on the long run. Let's now turn to our 2025 performance in figures.

First, leasing velocity: hundreds of visits, offers, negotiations, delivering nearly 120 leases, doubling 2024 pace in square meters let. It gives us real visibility on our future cash flow with €86 million in annual rents secured on firm terms of over six years.

A positive factor also is that we've been securing 75,000 square meters of leases that were due to mature in '25, '26, or '27. YouFirst, our fully managed office offering, captures exactly how the market is changing on small and mid surfaces.

We are achieving rents around 40% above market levels because we deliver a truly distinctive product. The market is clearly willing to pay more for better design, better services, and more flexibility.

Momentum on the residential side is also strong: over 1,700 leases were signed, three times what we did last year, with an acceleration throughout the year, a clear signal that our diversified, service-enhanced, furnished housing offer meets a real and growing need. All this is driving solid rental growth, +3.8% like-for-like, with 2.6 points from indexation and more than one point from pure business performance, either rental uplifts or better occupancy, particularly in CBD offices and our residential portfolio.

Let me pause on the 2.6% growth on current basis: our organic growth more than offset the impact of portfolio rotation, where we have been very active to improve medium-term cash flows. On top of our leasing velocity, we have continuously activated all drivers to grow our cash flow.

Revenues have grown consistently, more than €100 million added since 2021, and we've kept costs tight: lower property costs lifted rental margins, and G&A is down 4% year-on-year. Since 2021, our cost ratio has improved by 270 bps, and I'll come to financial cost management later.

The result: EBITDA and recurring net income are up again this year, with earning and earning per share rising by more than 4%. Since 2021, those metrics are up nearly 25%.

On valuation, our portfolio is up 2.3% since year-end 2024 on a like-for-like basis. Here again, we see market bifurcation at play: in central areas, values are rising, supported by a reopening of the investment market, with transaction volumes up 54% and a stronger rental dynamics in Paris and Neuilly.

Outside Paris, values continue to adjust in line with softer investment activity, while rent adjustment helped secure occupancy. Let's turn to CSR.

We are clearly early leaders in energy efficiency and carbon reduction, setting our first trajectory back in 2008. For us, this isn't a list of targets; it's a mindset, it's a conviction about how we run the business.

Our strategy is simple, effective: first, before spending a euro of CapEx, our engineering teams and carbon managers work with clients to monitor and optimize on-site consumption; then we switch to decarbonized energy whenever possible; and finally, we invest where it creates the most impact. This approach delivers: since 2019, we've cut energy consumption by 33% and carbon emission by 63%.

Our monitoring is fully data-driven. We track temperatures in real time and continuously fine-tune cooling and heating.

It matters: every one-degree adjustment delivers roughly 7% energy savings. Thanks to this unique dataset on more than 100 assets, we are currently deploying new AI initiatives in dozens of buildings to sustain our targets.

One example: at 144 Haussmann, a classic Haussmannian building, typically harder to optimize than new-generation assets, this approach cut energy consumption by 25% in just one year. Now let's just take a step back and look at how active we've been in capital allocation, not just in 2025, but consistently over the past five years.

We have been disciplined and deliberate in capital allocation: over five years, nearly €3 billion of assets have been disposed, first to support our 2022 and 2024 deleveraging. It secured a strong loan-to-value to reopen our investment capacities.

We then recycled more capital into higher-yielding acquisitions and a development pipeline delivering double-digit return on invested CapEx. On disposals, our timing has been highly tactical.

We've consistently crystallized value by reading market momentum early, creating competition, and selling under the best conditions. Over five years, it's roughly again €3 billion of disposals.

We first benefited from a strong appetite for secondary assets to divest properties outside Paris a few years ago. Later in the cycle, peak yield compression on core assets enabled us to lock in full value on some mature office and retail assets.

Then we accelerated residential disposals, capturing strong demand for operated housing and living platforms, with €800 million of mature residential assets sold in 2025 alone, including the student housing portfolio. We continue in that journey, as I'm pleased to inform you that we have already secured €200 million of additional disposals at end 2025, expected to close early 2026.

In '25, part of these proceeds was swiftly reinvested in acquisitions that were very appealing, both in terms of location and return on equity. This year, we deployed €600 million that should deliver double-digit IRRs, above our cost of capital, even at current share price, and more than 2/3 of these assets are already let or under term sheets.

The rents secured or potential represent the equivalent of 10% of the group's office rental income in Paris and Neuilly. None of this happens by accident: execution is everything, and we've proven that we are credible, committed buyers, leveraging in-house expertise, deal-enabling solutions such as past asset swaps, and our capacity to pay cash, limiting competition to get appealing deals.

Over the years, we've been also very active in recycling disposal proceeds into complex redevelopment operations, nearly €1.3 billion since 2021. This has allowed us to reposition 25% of our office portfolio and more than half of it over the past decade.

It's been a major driver for both revenue growth and value creation. We now have four flagship projects underway to fund, with €430 million still to invest at double-digit yields on CapEx.

Once fully let, these projects are expected to generate between €80 to €90 million of annual rents. 2025 has also been a pivotal year in preparing the future of T1 tower in La Défense.

Building on the tower's strong fundamentals, including high quality, efficient floor plates, high ceiling heights, our goal is to reposition T1 as the upper end of that market. That means creating a true prime asset, enhancing services, redesigning signature spaces such as the main lobby, and converting it into a multi-let tower to capture today's most dynamic demand, the mid segment.

The market in La Défense is constructive. La Défense has shown real dynamism in recent years.

Demand for prime office remains strong, and with new supply expected to tighten once the current available space are absorbed by mid '27, the project should benefit from favorable supply-demand conditions. On the financing side, the strength of our credit profile was once again confirmed by a best-in-class A- rating.

It's been the eighth consecutive year. This translates directly into better financing conditions than others.

Our July 2025 bond showed it clearly: oversubscribed seven times, with a tight 85 bps spread. Preparing the future is a core commitment for us, and hedging is a critical part of it.

A clear indicator of how strong our position is is the mark-to-market of our fixed-rate debt, simply put, the gap between what we pay actually today and what we would have to pay without hedging. At the end of 2025, as an equivalent, this figure stood at €485 million.

As an equivalent to net debt, this is more than two times better than the average of our continental Europe peers. It reflects both the volume of debt we hedge and the attractive levels at which it is hedged.

We believe it's a significant competitive advantage against our peers and should give us visibility on future financial expenses, and a smoother, more manageable normalization. Let's turn now to the future.

Based on the solid performance of 2025, we will propose to the general shareholders meeting a dividend of €5.5 per share. This is exactly why we focus on rent growth and cost efficiency.

For the second year in a row, we will propose to the next general assembly to increase the dividend. I'll come back to this in a moment.

This reflects a strong 7% yield on the current share price with a sustainable 82% payout ratio. In 2026, we expect indexation to be very low, no surprise there.

We also expect the market bifurcation to continue, supporting rental uplifts in central locations and requiring further rent adjustment elsewhere to retain tenants. Paris CBD and Paris City, La Défense, Boulogne, we'll maintain the same focus in every submarket.

Rents from our 2025 deliveries and acquisitions will also contribute to growth, and we'll maintain a strict cost discipline. Consequently, we plan to continue to grow recurring net income to between €6.70 and €6.75 per share.

Looking ahead to our next cycle of growth, I see three key moments: 2027, we will prepare for what comes next. The key building blocks are coming together as we work today to deliver and lease our four major pipeline projects.

This will progressively offset the rent impact from Engie's departure from T1 tower. In 2028, we will unlock growth: the pipeline will reach full speed, T1 will be progressively re-let, both indexation and occupancy are expected to normalize around that horizon.

In 2029, we accelerate. Across the entire period, future rental income provides clear visibility on medium-term growth in terms of recurring net income per share.

In this context, obviously, everything being equal, we expect the company's dividend to gradually increase over the coming years from 2026 to 2030. Finally, this growth must be sustainable, and we are raising the bar for our 2030 targets.

The bar is high, but we've learned a lot in the past years, and we want to challenge ourselves while staying realistic, pragmatic, and contribute to the energy transition in the city where we operate. We'll go further on carbon reduction, below 5.5 kg of CO2 per square meter, with a plan to offset residual emissions on the operating portfolio.

Obviously, we'll deliver net zero assets across the development pipeline. We'll also aim to reduce energy consumption and meet stricter performance targets on the new developments.

We want all of this to be independently certified, with continuous improvement of our certification levels over time. Thank you for your attention, and now we are happy to take your questions.

Hi all. Thank you for the presentation.

Three questions from my side, and I'll ask them one by one. Maybe can you elaborate a bit what's your view towards the breaks in non-Paris office portfolio that you're seeing in '26 and '27?

Are there already discussions ongoing and what is the negative reversion that you now take into account for this sort of leases?

To be fair, no major breaks in '27 except the Engie that we have talked about a lot, and therefore, no significant negative reversion in those locations. Like I said, we have been renewing a lot of leases from those years in '25.

Nothing specific to say there.

Okay. Maybe one question on maintenance CapEx.

I see on your slide 46 that the maintenance CapEx has increased every year, and I think in '25, you're even reaching almost €150 million, but still you mention that you expect a run rate of €85 to €95 million. I was wondering, it's obviously one of the key worries for investors for offices that maintenance CapEx is going up.

What's your view towards that, and why you expect it to actually come down again?

We we have a a specific situation on the residential side where, in fact, we have some aging buildings that we need to, especially on energy efficiency, to to reshape a bit the facade. We have like, since last year, but we still have one probably two years or three years of, refurbishing a bit those assets.

That's why it's it's somehow a bit temporary to catch up with the with those residential assets.

In terms of offices, you do not per se see a trend that the maintenance CapEx is going up?

Not specifically, no. It's really a catch-up on the resi side.

That's clear. Then maybe my last question is, despite execution on I think some interesting capital recycling transactions, your share price I guess reveals that shareholders might not fully agree with either the strategy or the capital allocation decisions.

I appreciate it's obviously a topic that's been discussed a lot, a share buyback. Historically, you've always said that as long as you can find more interesting opportunities in the market from a yield perspective, you should go for that.

Taking also now your dividend yield of 7% into account, when I do the numbers, you can still sell even your higher-yielding assets, make it leverage-neutral, and still do a very accretive share buyback. Can you maybe take us along in your line of thinking of that capital allocation decisions and how you're going to view that towards future?

I think, like I said, I think capital allocation, it's trying to make a triangle between portfolio quality, future cash flow, and return on equity. Therefore, we, like I showed on this slide, we've been quite active on disposals.

If we think there is no growth and the return on equity is lower than our cost of capital, we dispose. We have been, I think among the only one to dispose €3 billion of assets over a short period of time.

The second is how to use those proceeds. That's where we look always at the cost of capital.

If we find alternatives and opportunities in the market where investment money is scarce, then if we get more than 10% IRRs unlevered, then we go for them. Like I said earlier, share buybacks are a tool to allocate capital.

It's one of the tools. In 2025, we have been very happy to find opportunities where we could generate a lot of value, and at the same time, improving the average quality of our portfolio.

That's what we have done in 2025.

That's clear. Thank you.

Hi, Beñat. Thanks for this presentation.

I would have three questions if I may, so, and I can ask them one by one. My first question, so, would be on your dividend policy, your new dividend policy.

What could be the reasonable assumptions that we can take into account in terms of gradual growth and maybe in terms of payout ratio for the dividend for the next years? All right.

In fact, two questions within one. The first one is payout, obviously, medium-term.

I've been quite clear on that: we want to be in the range of 80% to 85% medium-term. That's a way to sustain, through our recurring cash flow, the dividend and the maintenance CapEx, which are supposed to decline over time.

That's one. Second, obviously, the growth will depend upon the speed of leasing both our pipeline and T1.

That's why we have been shy on the rhythm of growing the dividend, but it was to show that we are pretty confident in the medium term to lease those properties, and that should drive the future dividend policy

and decisions, yeah. Okay.

That's clear. My second question, so, in terms of capital question and investment opportunities, so, how do you think you are able, still in 2026, and what is your appetite to find some new investment opportunities, so, at least above your cost of equity or with the IRR very significant?

Listen, we are very focused on the Parisian market, we track and follow all transactions. For 100 transactions we look at, we strike one, like you saw last year.

Our duty is to look for those opportunities to create value, and obviously, it has to be accretive both in terms of earnings, but also in terms of capital. That's what we do on a daily basis.

That's our duty, and that's the business of it. Anticipating what might come, it's not easy, but obviously, we are very dedicated to try to create value for our shareholders.

Okay. Maybe my last question, maybe on artificial intelligence.

Have you discussed about the impacts that we can have potentially on your different tenants, and have you discussed with them on how they could change their strategy for their future offices?

Sure. It's a topic we discuss with our clients.

I think we have same two ways to look at it. First, we saw a significant tech demand in Paris.

We are lucky to train a lot of excellent engineers. France is specifically very good at math.

We have seen most of the big tech taking more square meters and hiring people inside the city of Paris, and that's obviously companies which are looking for centrality. You saw that Mistral It was not in our building, but just took a big building in Paris, but we have seen also Google last year, and most of the big tech, Datadog has just signed a big lease next to Madeleine.

We see quite a decent appetite from tech companies growing their footprint in Paris because of the pool of talents. The second, obviously, we might see, but it would be probably gradual, an optimization of some jobs, clearly, if you look at newspapers and that look obvious.

The view for us is that it will concentrate the demand for the best because the ones that will sustain, in fact, their growth through the AI transformation will seek for centrality.

Okay. Thank you very much.

You're welcome.

good morning. Three questions if I may, maybe one by one.

Can you highlight how you expect the occupancy to change going forward? You said that you've done a lot of leasing already in 2025 on some of these outside areas.

If you can focus actually specifically also on office versus residential with spot numbers. The second question, it's a bit related, is what's happening with T1 in terms of leasing at this stage, please?

I've got one more after that.

Okay. In terms of occupancy, obviously, it fluctuates depending on who leaves and who comes.

We see, like you saw, quite an increase in occupancy in CBD, the whole Paris, by the way. We are progressively leasing in Boulogne, it should go up and down, but we see we have signed already two leases during this first weeks of 2026, progressively we should see a gradual improvement in Boulogne, but it's a long journey.

On the residential side, I think the average occupancy this year was 94%, and because of the active leasing during H2, the spot vacancy at end '25 is 96.4%. We should see an improvement in the average occupancy in '26 against '25 on the residential segment.

Regarding T1, Engie is leaving in April. We'll start renovation.

We already have some leads because, in fact, if you try to find 20,000 square meters good quality, brand new, there is not so many offers in La Défense. Obviously, the tower will be delivered probably mid '28, we still have time.

We already start to have some leads on T1.

Sorry, just to clarify, you have already some leases signed?

No, leads. Early conversations.

Leads, okay. Early conversations, okay.

The spot occupancy in office, are you able to give us that? Seeing that you've given it in resi, but not in office.

Spot occupancy, a bit more than 94%, I think. It's pretty flattish.

Okay. The next question is really on EPS growth and ultimately, obviously, you talk about IRR.

Some of the projects that you reinvest in have a longer lead time. Do you see acquisition opportunities like one that you did last year more immediately accretive, or are you looking at your IRR on a long-term basis?

I.e., I think one of the questions around investors has been on the growth path of EPS ultimately. How are you expecting to drive that going forward, and do you have a target?

Thanks.

We try to do both, which is being accretive short-term and medium-term. Like I said, we are looking at IRRs, the cost of capital and the contribution to our cash flow, and that's what drives our investment decisions.

Like you saw what we did in '25, in fact, we have bought Solstys, now named Signature, which had one year and a bit of renovation, pretty short in terms of delivering rents, potentially. We bought Bloom, which was immediately accretive.

Yes, we try to balance both to generate long-term and value creation, but also short-term accretion.

Do you see more opportunities like that in the market, or are they more long-term redevelopment that you're looking at at this stage?

We are looking at a lot of situations. I won't comment on this.

Far, nothing specific.

Thank you.

You're welcome.

Hello, everyone. Thank you for the presentation.

I would have yeah, maybe three questions from my side. I will ask them one by one.

To follow up on the acquisition opportunities, would you contemplate opportunities abroad, for instance? The London office market looks more attractive currently, I was wondering a bit of what is your appetite of growing the platform abroad?

Thank you.

Far, not really. We are an operating company, buying one asset would need to build a full team to generate, in fact, what we are capable to generate in Paris.

You need local knowledge. We are not really looking at a single acquisition abroad.

What about not single? Platforms?

I never like to comment on M&A. I think the best way to never do M&A is to comment M&A.

Same on acquisition, our duty is to monitor situation and to see if we can find an accretive deal for our shareholders. Nothing more to comment on it.

Fair enough, thank you. Second question is related to your guidance, and I was wondering what is included on top of your annualized rent roll of €708 million in terms of either relettings, acquisitions, and especially net financial expenses, and including capitalized interests?

How do you see those going forward?

We never budget any acquisitions because it's the best way to burn the cash and not being financially savvy. We don't budget any acquisitions in our budgets, nor this year neither the year before.

In terms of financial costs, as you might have seen, we are pretty well hedged for 2026. Capitalized interest go with the CapEx, when we spend €1 of CapEx, we capitalize the cost of debt attached to that CapEx.

It's pretty homogeneous against we did last year and the year before. No change to that.

It's really along the CapEx spending program.

All right. In other words, what is the difference between the low end and the high end of the range?

It's really a series of small assumptions, but mainly, in fact, if we can deliver, like I said, a better occupancy on the resi, some leases on the office side, and ideally, an even better performance and a better speed of execution on the operated offices. That the operated offices are delivering significant uplifts in rents, but it depends upon tenants leaving our space before we can release them.

Most of the time, it's small surface, we get the notices three or six months in advance. If we receive a bit more, then we will have better uplifts and, therefore, a better cash flow next year.

It's a lot of small moving pieces.

All right, thank you. The last one, as you touched upon reversion, I was wondering why it's not declining while the market rents are decreasing on average, let's say, something like -5% in the effective rents in the CBD currently?

Why your reversion is still so sound, I would say?

I would do a self-promotion. I restart at the early stage of our presentation.

Our duty as a company is to deliver distinctive products which differentiate from the overall market. That's why we have taken the view that we had basically in Paris two kind of clients that had different needs.

One, which is for the large head office, they need efficient buildings with large floor plates. That was typically the rationale for Mondo.

That's typically the rationale for Signature, the former Solstys we bought in July, which is offering them efficient way to work together. Obviously, if you are a large tenant, you don't want to be split in 10 floors if you can be in only one floor.

Delivering those large-scale programs is a way for us to address what the head office needs. On the other side, we see more need for flexibility, but keeping the premiumness.

We have lawyers, we have some executive teams from large corporates which are on the outskirts, we see new tech companies, but those guys don't have any real estate teams. We deliver them, in fact, a product where they just come with their desk, with their laptop, and they can use the space while keeping confidentiality.

They are in their own space, but they don't have the hassle to manage all the real estate expertise, taking a maintenance contract and managing coffee and taking the cleaning contract and having to buy the logo at the entrance of the office and hiring the receptionist, and so on. We take care of all that so that they can dedicate their energy on their own business and not on real estate.

By addressing those two, we create difference against the general market, and that's a bit the way we have been capable, in fact, to generate uplifts. It's a hard work, but that's our DNA.

Thank you very much. Thank you.

Thank you.

You're welcome.

Hey, good morning. Thank you.

Just one question, please, and a follow-up I think to Florent earlier on. On the dividend growth guidance from 2026 to 2030, are you underwriting a higher payout ratio as a driver of that, please?

If so, to what? Is it back to 85, please?

Just interested on any assumption around the dividend payout ratio over that period, please.

It could be one year or two if we can't sustain an increase of cash flow. That's why we gave a medium-term guidance, which is over the long run, in fact, those assets, pipeline, T1 will be let, and we will be capable, in fact, to stay in our preferred range also once the CapEx on the residential side are behind us.

That's a bit why, in fact, we have been providing that vision.

Perfect, thank you.

You're welcome.

Hi, guys. Thank you for taking my question.

Just two quick ones. First one, there seems to be quite a bit of office space coming online in Paris this year, and obviously CBD vacancy continues to trend higher.

Is it fair to assume your record-high occupancy could come under pressure in 2026 and 2027? Then secondly, how do you weigh up future development opportunities versus acquisitions when your current office development yields are 5.8%, but you're acquiring assets at 6.1?

I think on the first one, I will come back to what I said earlier, which is what we try to deliver to our clients products which are difference. I refer to one thing which was on the other office stuff: only 15% of the new deliveries in Paris have been above 3,000 square meters.

Our major projects are significantly bigger with significantly more bigger floor plates and significantly more services: fitness, gym, food offer, meeting rooms, auditoriums. That's what we deliver to those people that they can't find on a small building, which is one like the other.

On the other segment, because we are an integrated company we have our own asset management team, our own design team, our own property management team, in fact, we can generate, without a big pain, those operated offices that they can't really find on the market. It's only 5% of the offer in Paris, while it's more than 20% of the take-up.

That's because, in fact, we are an interesting company. Like you saw, we have been capable, in fact, to generate that offer that needs a lot of work for our teams while keeping the G&A down by 4%.

That's because we were already taking care about the maintenance of the building, why shouldn't we take care about the air-con of the tenants? Anyway we have a cleaning contract for the whole building, for the lobby, for the lifts, why shouldn't we be capable, in fact, to extend that contract into the private areas?

We've been doing both, in fact: try to optimize our cost structure, but at the same time, increase the quantity of services we deliver to our clients. That's the way we make difference.

Regarding your question around acquisition, development, I think we have a pretty visible development pipeline which is underway, those four projects plus T1 that will come next. That's already a significant development pipeline, and that's why we looked at opportunities with Solstys or with Bloom that were a bit different with a different risk profile.

You're right, it was done in quite appealing conditions to generate a good IRR.

Thanks.

I will now just take one written question: What is the difference between the announced plus 3 point plus 2.3% increase in asset value on a like-for-like basis and the €23 million negative fair value change recorded in the income statement? Thanks.

Thank you for this technical question. I think it's technical items that can explain the difference between the two.

Some are one-off. For example, in '25, we had an increase in the stamp duties in most of the cities in France and specifically in Paris.

It has an impact on our valuation of more than €60 million. It explain partly the difference.

Other items are a little bit more technical, that's IFRS 16. That we are accounting leases which are IFRS ones, meaning that we are spreading the tenant incentives over the duration of the lease.

The difference between the cash we are getting from the tenant and the amount we are accounting is going through this IFRS 16 adjustment. Depending when we are on the lease, could be positive or negative, but for this year, it's a negative impact.

Yes, I just wanted to ask, please, if you could confirm that you do not plan to add any more buildings to the pipeline. I believe it was on page 11 of the press release yesterday that you plan to refuel the pipeline in 2029, but I just want to double check that, please.

Thank you.

Against the quantum we have currently, no, there is not a pipeline project which are similar to those we are doing currently.

Thank you. One more, if I may.

Just on capital more generally, I'm just curious, in general, should 2026 be viewed as quite similar to '25, and that you will sell some assets and you will redeploy it into offices? Maybe linked to a question earlier, I'm just curious in your view, at what share price or implied yield does it make more sense to just buy back the shares?

I assume you probably have some kind of view on that since you said that you'll be looking at every option that you have.

Yeah. If you do simple math, based on our dividend, it's a 7% return.

Based on our cash flow, it's 8.-point-something percent return, pure cash cash-to-cash. Our weighted cost of capital is around 7.-point-something because our cost of debt is low, but even at our marginal cost of debt, you are between 6.5% and 7%.

If we can find decent and with the same quality or even better than what we own, obviously, all those deals are accretive in terms of return on capital and accretion. That was the rationale for us, in fact, to go on those two deals that seems appealing for us both in terms of accretion, one immediate and the other one a year later, and in terms of return on capital.

Obviously, the share price increase our cost of capital the way we look at it because it's pretty low. As long as we can find those deals that improve our portfolio, improve our cash flow medium-term, improve our future, obviously, we look at them, and if it fits, we go, and we will monitor it over the next year.

I think where somehow I'm quite happy with what we have done this year. Somehow in this quiet investment markets, and the teams will not be happy that I say it, but it's somehow easier to buy at 6.5% net initially than to sell at 3%.

Probably we are not insisting enough about the quality of our investment team to have been capable to source more than 10 buyers to buy almost a billion euro around 3% cap rates. I think it's a tribute to the teams and our dedication and our footprint where we are to have been capable, in fact, to secure a billion euro below 3% or around 3%.

That's why I said before talking about acquisition, you talked about acquisition, I talked about first the pleasure to have been capable to secure those disposals because that's the first step before being capable to make capital moves. I think we have shown, and probably way better than most of the industry, that we are an agile divester.

We sold one luxury retail building at the peak of valuation of luxury companies. We sold secondary assets at the peak of SCPI fundraising.

We've been disposing office assets in '23 below 3% cap rates. We are pragmatic, but I think we have been probably, and I'm looking around, the best seller of assets, and I hope that we'll be happy with the returns we generate on acquisition and development pipeline.

Great. Cheers.

Thank you.

You're welcome. Again, 3% is not easy.

Hi, Beñat. I've got three questions, please.

The first one is about capitalized interest. Can you confirm the policy that you have for them?

What cost of debt you're using? Is it average?

Is it marginal? Also by how much is meant to increase this year?

What's inside the guidance? Then my second question will be about your firepower.

What's your firepower without A credit downgrade? Last question on share buyback again, sorry.

Do you actually have the approval to potentially do a share buyback, or is that something that could be included in the next AGM? Because like you said, it's a tool to allocate capital.

Thank you.

You're welcome. On capitalized interests, we have the same way to do it.

The existing value of the asset is capitalized at LTV at the current average cost of debt, and the CapEx are capitalized 100% at marginal cost of debt. That's the way we capitalize interest.

That's why I said

Can you confirm it hasn't changed or it's not supposed to change this year?

No. It doesn't change.

That's why the more we spend CapEx, the more capitalized interest we have because if we have spent €1 million in a building, then we capitalize 3%, but when we start construction, we only capitalize based on €10 million or €20 million in our books. On SBB, you ask a technical question, which is do we have the approval?

Yes, I think we have since several years an approval from the general assembly to make a share buyback, it's really a board decision to execute one.

Your firepower?

Firepower, a polite way to do it is to say that if we want to keep our A- rating, we need to be medium-term below 40%. That in terms of LTV metric.

Obviously, if we sell, we have more firepower, it's not a fixed barrier, someone.

I had roughly €500 million in mind without you selling. I just don't know if you can confirm that.

The LTV, excluding stamp duties, is slightly above 38%, it's probably less than that. Again, it's more medium-term objectives that we have with the rating agencies, we can marginally go above, and through either cash flow or assets valuation, be back to that threshold.

It's not a strict rule year by year.

Okay. Sorry, last question, a bit open, this one, I'm sorry.

The market's not reacting super well to your last set of results. We know the market's not great at the moment.

What can you tell the market to reassure it that things are going okay?

I think it's two things. The first one is, when you invest in a REIT, because of our distribution obligations, we are there first to generate a dividend, and that's why we conveyed a confidence in the future to be capable, in fact, to sustainably pay and grow our dividend over time.

Second, I think we still have a lot to do, in fact, to have great future years, especially in leasing our pipeline and T1. Just have in mind that we have been having those questions in the last 5 or 10 years each time we had large-scale redevelopments happening.

It happened when we leased to BCG Live, it happened when we leased Publicis in Mondo, it happened when we had to release a full building in La Défense, Carré Michelet, in 2020 and 2021, and all those operations have been fully let pretty quickly. I think the history of the company, the knowledge of the market, the product we build should give confidence in our capacity, in fact, to generate that growth that we all expect.

Probably the last one is discipline. You refer about LTV, we try to keep our balance sheet ready for the future, both in terms of LTV, also in terms of hedging, long-term liquidity.

Have in mind that we have €4 billion of available credit lines, we have visibility on both liquidity and cost, and same discipline on acquisition and disposals. We are there, in fact, to sustainably grow our company, and we are very dedicated to it.

Thank you, Beñat.

You're welcome. Thank you, Céline.

Hi, guys. Sorry, thank you for the results.

Sorry, just a last question on capital allocation. If I understood correctly, you say that until you have opportunities to invest or deploy capital in developing assets at a 10% IRR, you won't necessarily look at buying back shares, which basically, if you leverage that, you go something between 10% and 15%.

Regarding your cash flow yield today, around 8%, I would suggest that you won't buy shares before another drop of something like 30% on your share price. Can you give some colors on that because you didn't really answer on the previous question on at which price you will buy back shares?

I think it's not the right question, if I may. Our duty is to offer the best return on capital.

It depends on how cash do we have and how can we deploy it with the best return on capital for our shareholders. It's a combination between the cash generated and the way to allocate them.

It's a triangle. It's one, securing disposals, like I said, we have been very active on it; second, the share price; and at the same time, the opportunities at the same time.

So

You've been very active on disposals, and that's clearly quite nice and effectively a great track record on that. I see at one point this money could be used to buy back shares, no?

I think the market thinks that too. That's why I'm trying to understand a bit

Sure, as long as it's the best capital allocation in terms of return on equity.

My hypothesis are correct regarding at which level you would be ready to buy back shares regarding the IRR?

It has to be better than our acquisition potential and better than the disposal we make. Again, I can't opine on future acquisition.

I don't have them in mind because they are not yet there. If they are none, we will look at the best way to allocate capital.

I have not said no on share buyback, I've just said it's a disciplined analysis each time, quarter by quarter, deal by deal.

Thank you very much.

You're welcome.

Thank you very good morning. I just have a follow-up question on your capitalized interest.

Can you give us a guidance of what we should expect for 2026? Because it's a pretty hard number for an analyst to forecast.

Actually, the question behind is, if we were to remove that growth in capitalized interest, what would have been the growth in EPS?

I don't have the figures now. We will provide you a bit more color on it outside the call if you want, Marc.

Yes, that would be great. Thank you.

Thank you all for attending this meeting. Thank you all for all your questions that were very insightful, and see you soon.

Bye-bye.