Rental income stood at EUR 180.0m, up 3.6% YoY and 3.3% on a LfL basis, mainly driven by indexation (+4.2%) and rent reversion (+0.1%), partially offset by a lower LfL occupancy (-1.0%).Strong performance in Paris City offices continues, with 17% reversion achieved (+27% in Paris CBD).2025 recurrent net income guidance reiterated at EUR 6.60-6.70/share.‘Buy' rating and EUR 121.00 TP reiterated.Gecina is part of our Real Estate top pick list, and Degroof Petercam preference list.
