9M rental income amounted to EUR 539m, up 4% YoY and +3.7% on a LfL basis, mainly driven by indexation (+2.9%) and rent reversion (+0.5%).Strong performance in Paris City offices continues, with 23% reversion achieved (+28% in Paris CBD).2025 recurrent net income guidance reiterated at EUR 6.65-6.70 (+3.6% to +4.4% vs 2024).‘Buy' rating and EUR 121.00 TP reiterated. Gecina is part of our Real Estate top pick list, and Degroof Petercam preference list.
