Revenue growth above inflation, 2026-guidance confirmed
PARIS--(BUSINESS WIRE)--July 22, 2026--
Regulatory News:
Gecina (Paris:GFC):
| Key takeaways by Beñat Ortega, Chief Executive Officer:
"Hybrid work is stabilizing, artificial intelligence is making prime office more strategic as the venue for value-added interactions. In markets that are bifurcating further between the best and the rest, corporates integrating AI favor prime and centrality: Gecina is firmly positioned on the right side. Paris/Neuilly's share of office rents will keep rising (c. +20pt over 2021-2031, reflecting a doubling in rent volumes over the period). To create value today and prepare tomorrow's growth, we continue to optimize our operations, we progressed on the restructuring of Paris/Neuilly assets into the destination headquarters corporates seek, and we disposed of more mature assets at the right time and conditions to fund this. This first half of 2026 illustrates Gecina's focus on growing revenues and earnings in a still-cautious market environment, as well as our capacity to fund our own growth, and to keep leverage stable -- key to navigating the cycles of a long-term industry like ours."
-- Growth continued in revenues and earnings:
-- Like-for-like revenue growth of +2.0% year-on-year, confirming
continuous outperformance above indexation, driven by sustained
rental uplift on both portfolios (offices and multifamily) and
occupancy maintained high (93.8% overall). Organic growth, recent
deliveries and immediately-accretive acquisitions offset rent loss
from disposals and repositionings.
-- Leasing activity: 48,000 sq.m let at +13% average rental uplift,
securing EUR39m of annual rents. Pipeline of term sheets covering
50,000 sq.m adds further visibility, alongside sustained interest
in redevelopment pipeline assets. 650 leases signed on the
multifamily side.
-- 2026 guidance confirmed: recurrent net income per share (Group
share): EUR6.70-EUR6.75.
-- Leverage kept equal and self-funded future growth for the coming years
(2027-2030):
-- Portfolio values broadly stable like-for-like (-0.5%), mirroring
market polarization. Total portfolio value: EUR17.4bn.
-- Strong financing platform with a 38.5% LTV excluding duties
(36.2% including duties) and best-in-class credit rating confirmed
for the 8th consecutive year (S&P: A-, stable outlook; Moody's:
A3, stable outlook), reflecting steady cash flow generation and
disciplined financing strategy. Average cost of debt kept at 1.6%
while successful recent EUR500m/5y green bond issued at a 68bp
shows a competitive spread against our peers.
-- Future value creation without further leverage: EUR249m of
disposals in the first half of 2026 at a 3.1% blended rent loss
rate, plus EUR80m at a 2.4% rent loss rate secured in July --
proceeds channeled into Paris/Neuilly redevelopment pipeline at a
10.6% blended yield on capex, in the best market segment
(Paris/Neuilly, expected annual rent: EUR80-90m once delivered and
let).
-- Paris/Neuilly pipeline on track to prepare future value, with
Signature's leasing and value success just 12 months after
acquisition with c. 60% already secured (in sq.m) reaching c. 70%
of initial rent target six months ahead of delivery, 4y IRR
(levered) now above initial expected IRR by +450bp (>17%), with
EUR150m of value already created.
June 30, June 30, Change Change
In million euros (1) 2026 2025 Current basis Like-for-like
Offices 306.5 298.0 +2.9% +1.2%
Residential 52.0 61.9 -16.0% +7.6%
Gross rental income 358.5 359.9 -0.4% +2.0%
------------------------ --------- --------- -------------- --------------
Consolidated net income
(Group share) (2) -12.6 301.0 -104.2%
Recurrent net income
(Group share) (3) 254.2 250.4 +1.5%
Recurrent net inc.
(Group sh., ps, EUR)
(3) 3.43 3.38 +1.4%
------------------------ --------- --------- -------------- --------------
June 30, Dec. 31, Change
2026 2025 Current basis
------------------------ --------- --------- -------------- --------------
LTV (incl. duties) 36.2% 36.0% +0.2pts
LTV (excl. duties) 38.5% 38.3% +0.2pts
------------------------ --------- --------- -------------- --------------
EPRA NRV in EUR per
share 156.1 159.3 -2.0%
EPRA NTA in EUR per
share 141.0 144.1 -2.2%
EPRA NDV in EUR per
share 145.1 148.2 -2.1%
------------------------ --------- --------- -------------- --------------
(1) Allocation of the Engie termination indemnity (received in full during
H1), between the two halves of 2026 in order to smooth rental income over the
entire year (rents and indemnities). (2) Excluding impact of IFRIC 21. (3)
EBITDA after deducting net financial expenses, recurrent tax, minority
interests, including income from associates and restated for certain
non-recurring items;
Growth from like-for-like revenues to earnings
In million euros June 30, 2026 June 30, 2025 Change (%)
Gross rental income (1) 358.5 359.9 -0.4%
Net rental income 334.8 330.4 +1.3%
Other income (net) 2.0 3.7 -46.3%
Overheads (38.7) (39.5) -1.9%
EBITDA 298.1 294.6 +1.2%
Net financial expenses (43.5) (44.1) -1.4%
Recurrent gross income 254.6 250.5 +1.6%
Recurrent net income from
associates 1.3 1.3 -3.8%
Recurrent minority interests (1.1) (0.9) +28.3%
Recurrent tax (0.5) (0.5) -5.7%
Recurrent net income (Group share)
(2) 254.2 250.4 +1.5%
Recurrent net income (Group share)
(2) per share in euros 3.43 3.38 +1.4%
------------------------------------ ------------- ------------- ----------
(1) Allocation of the Engie termination indemnity (received in full during
H1), between the two halves of 2026 in order to smooth rental income over the
entire year (rents and indemnities). (2) EBITDA after deducting net financial
expenses, recurrent tax, minority interests, including income from associates
and restated for certain non-recurring items; excluding impact of IFRIC 21.
-- All organic growth drivers at work, with like-for-like rental income up
+2.0%: indexation captured, outperformance fueled by sustained rental
uplift on prime and serviced real estate across both businesses, together
with recent, immediately revenue-accretive acquisitions, offsetting the
impact of capital rotation on a current basis
-- Cost base under continuous discipline:
-- Property costs optimized for better rental margin (materially
improved year-on-year)
-- Structure costs streamlined, with digital-enhanced processes and
the integration of AI, while refocusing staff on leasing, value
creation (development, asset management), customer relationship
and technical compliance (engineers)
-- Financial costs contained through robust hedging and disciplined
capital allocation, keeping debt flat as a key asset in the
current environment
-- Gecina's recurrent net income per share continuing to grow (+1.4%,
EUR3.43 per share), securing guidance and confirming the model's
steadiness
Gross rental income June 30, June 30, Change (%)
In million euros 2026 2025 Current basis Like-for-like
Offices (1) 306.5 298.0 +2.9% +1.2%
Residential 52.0 61.9 -16.0% +7.6%
Total gross rental
income 358.5 359.9 -0.4% +2.0%
(1) Allocation of the Engie termination indemnity (received in full during
H1), between the two halves of 2026 in order to smooth rental income over the
entire year (rents and indemnities).
| Like-for-like rental income: +2.0% (+EUR6.4m)
-- Like-for-like rental income up +2.0% year-on-year, proving Gecina's
capacity to generate continuous outperformance above indexation, which
accounts for half of organic growth (+1%, indexation still decelerating
for several quarters now, with the last 3 ILAT indexes close to 0%, which
will continue to progressively materialize in the coming quarters)
-- Outperformance built around sustained rental uplift (+0.5%), driven by
the offering's greater value-added service intensity on both portfolios,
as well as the substantially improved occupancy on the multifamily side
and other effects (+0.5%)
| Current rental income stable (-0.4%, -EUR1.4m), as growth offsets portfolio rotation
-- Cumulative, positive contributions: like-for-like rental income growth
(+EUR6.4m), 2025 deliveries (+EUR8.9m, mainly Icône and 27 Canal)
and immediately rent-contributing acquisitions (+EUR6.8m, Hôtel
Particulier in Paris CBD and Bloom, near Gare de Lyon)
-- These gains offset the impact of recent disposals of lower-yielding
multifamily assets (-EUR14.2m, including student housing portfolio in
June 2025 for c. EUR-12m), and the transfer to the redevelopment pipeline
of office assets to be converted to other uses (Colombes, Malakoff) --
micro-locations where Gecina's exposure is marginal
| Offices (+1.2% for the first half of 2026 like-for-like): core locations outperforming
Gross rental income -
Offices June 30, June 30, Change (%)
In million euros 2026 2025 Current basis Like-for-like
Offices 306.5 298.0 +2.9% +1.2%
Central locations 204.3 183.0 +11.6% +3.4%
Paris CBD & 5/6/7 133.0 121.4 +9.6% +3.8%
Paris Other 63.9 52.8 +21.0% +5.2%
Neuilly-sur-Seine 7.4 8.8 -15.9% -13.3%
Core Western Crescent 34.6 36.7 -5.7% -6.3%
La Défense (1) 40.6 39.7 +2.2% +2.3%
Other locations 27.0 38.6 -30.0% -7.7%
(1) Allocation of the Engie termination indemnity (received in full during
H1), between the two halves of 2026 in order to smooth rental income over the
entire year (rents and indemnities).
-- Central locations (two-thirds of office rents): solid growth,
confirming healthy long-term fundamentals.
-- Like-for-like: +3.4% in the first half of 2026, significantly
above indexation, driven by scarcity-led rental uplift on prime
workspaces (Patek Philip and Chaumet on 10-12 Vendôme,
Christie's on Matignon, Herbert Smith on 66 Marceau) and
higher-value creating models such as fully managed offices
-- Current basis: +11.6%, reflecting recent deliveries (Icône,
27 Canal) and immediately revenue-accretive acquisitions
(Hôtel Particulier, Bloom), strengthening the portfolio's
overall quality
-- Core Western Crescent (Boulogne) and other locations (combined, less
than 15% of total rental base): rental income evolution reflects lease
maturation and the resulting space vacating in the last semesters.
Releasing is ongoing with Mondelez and Opco opening their new
headquarters in Sources during H1 and demand remains sustained in
Boulogne even if at a slower pace for our prime buildings in this area.
In other locations, the impact of upcoming asset transitions vacated in
2025 (Malakoff & Colombes) is already factored in (c. EUR10m in the first
half of 2026), as previously disclosed: both assets are under feasibility
studies for full or partial conversion to residential or other uses, and
terminated leases have been excluded from annualized rents since
end-2025.
-- Solid leasing performance:
-- 48,000 sq.m let or renewed during the first half of 2026, with a
13% average rental uplift. This secured EUR39m of annual rents, an
average firm maturity of 6 years, and longer occupancy (40% of
renewals/renegotiations)
-- Forward visibility secured: pipeline of term sheets covering c.
50,000 sq.m expected to close in the coming months, including with
AI leaders, on top of a sustained flow of visits and active
discussions on the remaining Paris-Neuilly redevelopment pipeline
assets and Shape (ex-T1 tower). Preleasing initiated on Quarter
(Gare de Lyon) with the first lease signed with Groupe Gambetta
(real estate developer), under a managed office offering
(Yourplace).
-- Signature (ex-Rocher-Vienne): preleasing on track, confirming
the strength of its CBD location -- near the Paris Region's
second-largest transit hub -- and the quality of the asset (large
prime workspace, tailor-made services, top-tier amenities,
energy-efficient building). 37% of office space already let (JLL,
Alix Partners), and c. 60% including term sheets, achieving 70% of
the initial rent target six months ahead of delivery. Updated
project yield on cost of 7.0% and an updated IRR 4y (levered)
above 17%. EUR150m of value creation achieved to date.
-- Yourplace (Gecina's fully managed offices offering): continued
deployment at a good pace, addressing demand from smaller entities
without staff dedicated to real estate, seeking plug-and-play solutions.
An additional 4,000 sq.m brings the portfolio to 16,500 sq.m and EUR16m
in annual rents, with a capacity to achieve 30--40% premiums above market
after costs. 40 central assets identified as long-term deployment
targets. Portfolio volume expected to double by end-2028, including part
of Quarter (Gare de Lyon).
| Housing (+7.6% in the first half of 2026, like-for-like): multi-offerings strategy on
-- Sustained leasing activity (650 leases signed) driving strong
like-for-like revenue growth of +7.6%, backed by a solid mix of
indexation, rental uplift on tenant rotation (supported by
service-enriched offerings on smaller spaces) and a marked improvement in
occupancy.
-- Multi-offering strategy on track, addressing all market segments
(students, young urban professionals, families, corporates) in a market
that remains structurally under-supplied. 25% of apartments now
transformed and switched to new offerings across 15 assets (500 furnished
& serviced apartments, 270 apartments with specific services, 400 units
in shared apartments, 3,400 family apartments) -- with large, core
Parisian assets even more advanced (one third of the apartments
transformed). This transformation already generates 16% of annual rents
in the housing portfolio (EUR16m).
| Rental margin up sharply +160bp, reflecting property cost optimization and better occupancy
Group Offices Residential
Rental margin at June 30, 2025 91.8% 94.0% 81.0%
Rental margin at June 30, 2026 93.4% 94.9% 84.3%
| High occupancy sustained, demonstrating strong market positioning
Average financial June 30, Sep 30, Dec 31, March 31, June 30,
occupancy rate 2025 2025 2025 2026 2026
Offices 94.2% 94.2% 94.2% 93.4% 93.7%
Central locations 96.2% 96.6% 96.7% 96.6% 96.9%
Paris CBD & 5/6/7 97.1% 97.2% 97.1% 96.9% 97.5%
Paris Other 94.1% 95.2% 96.0% 97.9% 97.3%
Neuilly-sur-Seine 96.9% 97.4% 94.8% 82.7% 84.2%
Core Western
Crescent
(Levallois and
Southern Loop) 89.7% 88.6% 89.4% 78.9% 78.6%
La Défense 98.8% 98.7% 98.7% 98.3% 98.0%
Other locations 82.9% 82.0% 80.9% 82.5% 84.4%
Residential 93.1% 93.1% 93.7% 94.3% 94.7%
YouFirst Residence 93.0% 93.0% 93.7% 94.3% 94.7%
YouFirst Campus 94.6% 94.6% 94.6% - -
Group Total 94.0% 94.0% 94.1% 93.5% 93.8%
-- Occupancy broadly stable (93.8% vs. 94.0% a year ago, average occupancy,
current basis): scarce prime central spaces confirm their capacity to
sustain high occupancy over time, across both businesses
-- Office portfolio: record-high occupancy in Paris CBD and Paris
City (portfolio's core exposure), in line with pre-Covid records
(2018), up +70bp year-on-year, with vacancy down to frictional
levels. Transitory uptick in the Core Western Crescent, reflecting
time-to-release on spaces vacated concomitantly amid tougher
competition but sustained demand in this submarket.
-- Residential portfolio: strong increase in occupancy, driven by
the continued ramp-up of the Gecina's multi-offering model over
several quarters and the success of fully furnished/serviced and
shared apartments -- that partly offset the progressive fill-up of
recent deliveries (three of which are now under preliminary
disposal agreements).
-- Occupancy secured higher for longer through tenant retention. 84%
tenant retention rate achieved in the first half of 2026 (ie Gecina's
capacity to retain tenants at a break or lease expiry), +10 percentage
points above the 2022-2025 average, with this performance built around
long-term customer relationships, continuous improvement of service and
asset quality. By reducing void periods across the asset lifecycle and
deploying targeted, progressive capex tailored to customer needs, Gecina
secures higher occupancy for longer: reinforcing revenue visibility and
the portfolio's resilience.
-- Overall occupancy contribution to rental income growth is positive
(like-for-like basis).
Risk profile and financing structure kept in a safe place
| Portfolio values resilient (-0.5%) on a like-for-like basis
Breakdown by Like-for-like Net capitalization
geography Appraised values change rates
June June
30, Dec 31, June 2026 vs. 30,
In million euros 2026 2025 Dec 2025 2026 Dec 31, 2025
Offices 14,782 14,743 -0.4% 4.9% 4.8%
Central locations 12,046 11,841 +0.3% 4.2% 4.2%
- Paris CBD & 5/6/7 8,217 8,126 +0.2% 3.9% 3.9%
- Paris Other 3,029 2,959 +0.3% 5.0% 4.9%
- Neuilly-sur-Seine 800 756 +1.7% 4.8% 4.8%
Core Western
Crescent
(Levallois,
Southern Loop) 1,245 1,268 -1.8% 7.1% 7.0%
La Défense 674 793 -6.7% 9.0% 8.2%
Other locations
(Peri-Défense,
Inner/outer rim,
other regions) 817 842 -2.7% 8.1% 8.2%
Residential 2,550 2,846 -0.9% 3.6% 3.6%
Hotel & finance
lease 32 34
Group Total 17,364 17,624 -0.5% 4.7% 4.6%
-- Values stable like-for-like (-0.5%), mirroring market polarization as
investment flows track the leasing market's split, and tenants keep
favoring centrality and prime quality over the rest.
-- Positive rental effect (+1.0%): rent growth concentrated on the
market's best-performing segment, now 81% of the office portfolio
in Paris/Neuilly. Recent signings, renewals and renegotiations
confirm sustained rental uplift and lock in occupancy for longer.
-- Negative yield effect (-1.5%): under the influence of outside
Paris submarkets, where investment activity is still subdued (72%
of transactions still concentrated in Paris City, slightly below
the 80% of 2025 and 2024). Asset values in central areas remaining
resilient, underpinned by the scarcity of prime space and
confirmed by several recent deals.
-- Net capitalization rates at 4.7% (excluding duties), broadly stable
with end-2025 (4.9% on the office portfolio, 3.6% on the multifamily
portfolio)
-- Portfolio value of EUR17.4bn, reflecting disposals, ongoing investments,
redevelopment pipeline value creation, and the continued value adjustment
on Shape (ex-T1 Tower), now at its trough (fully vacated, all rental
income already absorbed into the valuation, ahead of repositioning and
future value creation).
| EPRA NAV (NTA): EUR141.0 per share
-- EPRA NAV (NTA) is down EUR3.1 per share since December 31, 2025, at
EUR141.0 vs EUR144.1, reflecting mainly the evolution of like-for-like
portfolio value, value adjustments on new refurbishment schemes (Shape
(ex-T1) and 2 assets to be repositioned in other uses), as well as
accounting adjustments.
-- Dividend paid in H1 2026: -EUR2.7
-- Recurrent net income: +EUR3.4
-- Portfolio value: -EUR2.5
-- Other (including IFRS 16): -EUR1.2
| Financing: cycle-proof strategy, credibility reaffirmed
Ratios Covenant June 30, 2026
LTV (net debt/revalued block value of property
holding (excluding duties)) < 60% 38.5%
ICR (EBITDA/net financial expenses) > 2.0x 7.2x
Outstanding secured debt/revalued block value of < 25% -
property holding (excluding duties)
Revalued block value of property holding > EUR6.0bn EUR17.4bn
(excluding duties)
-------------------------------------------------- ----------- -------------
-- LTV maintained at 38.5% excluding duties (36.2% incl. duties)
-- Credibility reaffirmed:
-- Best-in-class credit ratings maintained for the 8th consecutive
year: A- (S&P Global Ratings, stable outlook) and A3 (Moody's,
stable outlook). Rating agencies highlight: the quality of a
sizeable portfolio as well as its liquidity, the sound market
fundamentals in core locations, the robustness and predictability
of Gecina's cash flows, and its disciplined financial strategy.
-- Success of the EUR500m 5-year green bond issue (May 2026, 3.250%
coupon), priced at a competitive 68bp spread and 3.5x
oversubscribed, demonstrating the continued confidence of our bond
investors and lending partners. The transaction completes the
refinancing schedule with a 2031 maturity (previously absent from
the profile).
-- Strong visibility: refinancing needs well spread over time, with the
2027 maturity already addressed. Net financial debt of EUR6.7bn at June
30, 2026 (vs EUR6.8bn at December 31, 2025), with an average debt
maturity of 6.2 years.
-- Liquidity further strengthened: new credit facilities (c. 6-year
maturity, EUR540m) covering all bond maturities until 2029, backed by
access to a large and diversified pool of lenders. Strong immediate
liquidity of EUR4.6bn at June 30, 2026.
-- Efficiency of the financing structure: large volume of debt hedged at
attractive conditions, combining fixed-rate debt and financial
instruments. Average cost of debt of 1.6% in total, including undrawn
facilities), with 74% of debt hedged over 2026-2030 and a EUR459m
mark-to-market on debt and financial instruments (not included in the NTA
neither in the LTV).
| Model financing its own value creation and future growth
-- EUR249m of mature residential asset disposals at June 30 with a 3.1%
blended rent loss rate (Lourmel (Paris 15), Dumas and Bagnolet (Paris 20),
Chemin Vert (Paris 11), Belvédère (Bordeaux), plus continued
unit-by-unit sales programs).
-- Proceeds channeled toward capex on redevelopment pipeline launched end
2024, at a 10.6% blended yield on capex (EUR265m expected redevelopment
pipeline capex in 2026, ahead of the Shape/ex-T1 works just launched in
May). A clear illustration of Gecina's capacity to fund future value
creation -- in revenue and capital -- without increasing the leverage
while sustaining a steady, gradually growing distribution policy.
-- Capital allocation framework carried forward, all tools considered on
an agnostic basis (development, acquisitions, partnerships and, where
relevant, share buybacks), in order to optimize shareholder return while
following principles that preserve Gecina's risk profile: (1) improving
the quality of the portfolio to drive future rental growth -- more
central, more prime, more green; (2) keeping the loan-to-value at a safe
medium/long-term level, in support of our best-in-class A-/A3 rating; (3)
selecting the most cash-flow accretive investments for shareholders.
-- Additional EUR80m of disposals secured in July at a blended rent loss
rate of 2.4% (mix of residential blocks (Rueil Arsenal, La
Garenne-Colombes, Bordeaux Brienne) and continued unit-by-unit disposal
programs), confirming the portfolio's liquidity and Gecina's ability to
sell at the right time, on the right terms to a diverse pool of
investors.
Building value for tomorrow in a bifurcating market
| Office market transitions reinforcing bifurcation
-- Office market in transition:
-- Hybrid work settling at 3.7 days/week on-site (only one third of
companies now reducing their footprint, down from half in
2022--2023 (CBRE));
-- AI amplifying the office's strategic role as the venue for
high-value in-person moments (collaboration, judgment, mentoring,
company culture) (IFOP survey of 500+ business leaders, July
2026);
-- Mobility trends favoring central, well-connected locations to
reduce commute times.
-- Paris is becoming the leading hub for artificial intelligence in
Continental Europe: deep tech talent pool, ecosystem of hundreds of
startups and AI leaders, capital velocity with strong public and private
capital. This further reinforces its unique position among global cities:
a genuinely diversified market, spanning financial, industrial, tech/AI
and policy hubs, without over-exposure to any single sector
-- Data confirms the shift both on the market and in Gecina's portfolio:
tech/AI office take-up more than doubled in 2023--2025 $(CBRE)$, driven by
large deals (demand for short-term hyperscalability); Gecina's
Paris/Neuilly tech, fintech and healthtech rents doubled over the past
five years -- now 17% of the total office portfolio
-- Polarization only accelerates in this context: talent war raises the
bar, and corporates most exposed to competition for talent attraction and
retention choose centrality, best-in-class design, collaborative and
energy-efficient workspaces
-- Gecina firmly sits on the right side of this two-speed market, where
vacancy is structurally the lowest (1.8% on prime spaces in Paris CBD)
and prime rents continue to grow materially above inflation: 81% of
office portfolio in central locations (Paris/Neuilly-sur-Seine), 92%
prime, 100% CSR-certified
| Paris/Neuilly redevelopment pipeline of EUR80-90m of annual rents on the right side of this market
Signature Quarter Arches Mirabeau
Creation of a Premium, managed Visionary New prime, high
flagship business offices just a mixed-use performing office
center on the step away from the transformation building to
region's second bustling city hub revitalizing a enhance Paris'
largest transit of Gare de Lyon landmark asset skyline
hub
Paris CBD Paris 12 Neuilly s/ Seine Paris 15
St Lazare Station Gare de Lyon CBD west. Seine River
extension
24,900 sq.m 19,100 sq.m 36,200 sq.m 37,300 sq.m
TIC: EUR378m TIC: EUR230m TIC: EUR479m TIC: EUR438m
Delivery: Q4 2026 Delivery: Q1 2027 Delivery: Q2 2027 Delivery: Q3 2027
37% pre-let, c. Advanced
60% secured Visits discussions Early
including term 1 lease signed discussions
sheet, c. 70%
initial rent
target secured
5.9% blended yield on cost -- 10.6% incremental yield on capex invested
| Guidance & growth outlook
-- 2026 guidance confirmed: recurrent net income per share (Group share)
expected between EUR6.70-EUR6.75.
-- Leveraging its market positioning strength, full in-house value-chain
expertise and future-proof financing platform, Gecina is building the
next cycle (2028-2030) after a year of transition in 2027:
-- Embedded organic growth drivers: normalized indexation c.
2%/year (medium-term run-rate), continued rental uplift (8--10% on
average in recent years), optimized occupancy (95% medium-term
target, with a theoretical frictional vacancy of 5%)
-- Embedded growth from repositioning, with Paris/Neuilly
redevelopment pipeline launched last year expected to generate
+EUR80--90m in new annual rents once delivered and fully let and
Shape (ex-T1 Tower) expected to generate c. EUR30m rent,
offsetting 3x the impact of the Engie lease expiry (-EUR40m).
Continuous focus of the teams on product quality, redevelopment
cost/timing discipline, and fast preleasing of future-ready
workspace.
-- Cost platform kept under control, including financing costs:
refinancing schedule well spread out, strong hedging profile
confirmed by EUR459m mark-to-market on debt and financial
instruments.
-- Distribution policy secured: attractive 7-8% yield as of today, with
gradual dividend growth targeted over 2026--2030.
Financial agenda
- 10.14.2026 Business at September 30, 2026, after market close
About Gecina
Gecina is a leading operator that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at EUR17.4bn as at June 30, 2026. Strategically located in the most central areas of Paris and the Paris Region, Gecina's portfolio includes 1.2 million sq.m of office space and nearly 5,000 residential units. By combining long-term value creation with operational excellence, Gecina offers high-quality, sustainable living and working environments tailored to the evolving needs of urban users.
As a committed operator, Gecina enhances its assets with high-value services and dynamic property and asset management, fostering vibrant communities. Gecina places user experience at the heart of its strategy. In line with its social responsibility commitments, the Fondation Gecina supports initiatives across four core pillars: disability inclusion, environmental protection, cultural heritage, and housing access.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120 and CAC Mid 60 indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability rankings (GRESB, Sustainalytics, MSCI, ISS-ESG, and CDP) and is committed to radically reducing its carbon emissions by 2030.
www.gecina.fr
Appendices
| Financial statements, net asset value $(NAV)$ and redevelopment pipeline
At the Board meeting on July 22, 2026, chaired by Philippe Brassac, Gecina's Directors approved the financial statements at June 30, 2026. The audit procedures have been completed on these accounts, and the verification reports have been issued.
| Condensed income statement and recurrent income
June 30,
In million euros 2026 June 30, 2025 Change (%)
Gross rental income (1) 358.5 359.9 -0.4%
Net rental income 334.8 330.4 +1.3%
Other income (net) 2.0 3.7 -46.3%
Overheads (38.7) (39.5) -1.9%
EBITDA 298.1 294.6 +1.2%
Net financial expenses (43.5) (44.1) -1.4%
Recurrent gross income 254.6 250.5 +1.6%
Recurrent net income from
associates 1.3 1.3 -3.8%
Recurrent minority interests (1.1) (0.9) +28.3%
Recurrent tax (0.5) (0.5) -5.7%
Recurrent net income (Group share)
(2) 254.2 250.4 +1.5%
------------------------------------- ---------- --------------- ----------
Gains or losses on disposals (0.6) 0.8 n.a.
Change in fair value of properties (257.0) 68.5 n.a.
Depreciation and amortization (4.4) (3.2) n.a.
Change in value of financial
instruments (5.4) (17.1) n.a.
Other 0.5 1.5 n.a.
Consolidated net income (Group share)
(3) (12.6) 301.0 -104.2%
------------------------------------- ---------- --------------- ----------
(1) Allocation of the Engie termination indemnity (received in full during
H1), between the two halves of 2026 in order to smooth rental income over the
entire year (rents and indemnities). (2) EBITDA after deducting net financial
expenses, recurrent tax, minority interests, including income from associates
and restated for certain non-recurring items; (3) Excluding impact of IFRIC
21.
| Consolidated balance sheet
ASSETS June 30, Dec. 31, LIABILITIES June 30, Dec. 31,
In million euros 2026 2025 In million euros 2026 2025
Shareholders'
Non-current assets 17,322.4 17,363.4 equity 10,173.2 10,577.8
Investment
properties 15,039.6 15,465.7 Capital 575.9 575.9
Buildings under Additional
repositioning 1,740.6 1,354.3 paid-in capital 3,316.5 3,316.5
Operating Consolidated
properties 79.4 79.5 reserves 6,260.3 6,220.8
Other property,
plant and Consolidated net
equipment 5.4 5.2 income 3.1 448.2
Goodwill 165.6 165.6
Shareholders'
equity
attributable to
Other intangible owners of the
assets 13.3 12.0 parent company 10,155.9 10,561.5
Financial
receivables on Non-controlling
finance leases 22.1 24.4 interests 17.3 16.3
Equity-accounted
investments 84.2 84.4
Other financial Non-current
fixed assets 33.5 33.2 liabilities 5,319.9 4,921.6
Non-current
financial Non-current
instruments 138.6 138.9 financial debt 5,140.7 4,742.0
Non-current
lease
obligations 49.1 49.3
Non-current
financial
instruments 102.3 103.3
Non-current
provisions 27.7 26.9
Current
Current assets 671.0 651.8 liabilities 2,500.4 2,515.9
Properties for Current
sale 232.2 451.3 financial debt 1,802.1 2,089.6
Security
Trade receivables 51.1 23.4 deposits 92.9 90.5
Other receivables 128.5 97.3 Trade payables 208.1 169.4
Current taxes
and
Current financial employee-related
instruments 4.4 1.9 liabilities 97.8 48.4
Cash & cash Other current
equivalents 254.9 77.9 liabilities 299.5 117.9
TOTAL
TOTAL ASSETS 17,993.4 18,015.2 LIABILITIES 17,993.4 18,015.2
| Net asset value
June 30, 2026
EPRA NRV (Net EPRA NTA
Reinstatement (Net Tangible EPRA NDV (Net
Value) Asset Value) Disposal Value)
IFRS Equity
attributable to
shareholders 10,155.9 10,155.9 10,155.9
Due dividends 203.7 203.7 203.7
Include / Exclude
------------------- ------------------- --------------- -------------------
Hybrid instruments
Diluted NAV 10,359.6 10,359.6 10,359.6
Include
Revaluation of IP
(if IAS 40 cost
option used) 178.8 178.8 178.8
Revaluation of IPUC
(if IAS 40 cost
option used) 0.0 0.0 0.0
Revaluation of
other non-current
investments 0.0 0.0 0.0
Revaluation of
tenant leases held
as finance leases 0.5 0.5 0.5
Revaluation of
trading
properties 0.0 0.0 0.0
Diluted NAV at Fair
Value 10,538.9 10,538.9 10,538.9
Exclude
------------------- ------------------- --------------- -------------------
Deferred tax in
relation to fair
value gains of IP - - x
Fair value of
financial
instruments (40.6) (40.6) x
Goodwill as result
of deferred tax - - -
Goodwill as per the
IFRS balance
sheet x (165.6) (165.6)
Intangibles as per
the IFRS balance
sheet x (13.3) x
Include
------------------- ------------------- --------------- -------------------
Fair value of fixed
interest rate debt
(1) x x 418.9
Revaluation of
intangibles to fair
value - x x
Real estate
transfer tax 1,111.2 166.7 x
EPRA NAV 11,609.4 10,486.1 10,792.2
Fully diluted
number of shares 74,380,086 74,380,086 74,380,086
NAV per share EUR156.1 EUR141.0 EUR145.1
(1) Fixed-rate debt has been fair valued based on the interest rate curve as
of June 30, 2026
| Redevelopment pipeline overview
Still Est.
Total Total Already to yield
Delivery space investment invested invest on %
Project Location date (sq.m) (EURm) (EURm) (EURm) cost pre-let
Paris -
Signature Paris CBD Q4-26 24,900 378 60% secured
Paris - Ongoing
Quarter Paris Q1-27 19,100 230 discussions
Neuilly - Les
Arches du Western
Carreau Crescent Q2-27 36,200 479
Paris -
Mirabeau Paris Q3-27 37,300 438
La
Défense La
-- Shape Défense Q2-28 67,100 439
Total offices 184,600 1,964 1,444 520 6.2%
Total
residential - - - - -
Total committed projects 184,600 1,964 1,444 520 6.2%
Controlled & Certain offices 9,200 133 83 50 4.9%
Controlled & Certain
residential 4,200 29 0 29 4.8%
Total Controlled & Certain 13,400 162 83 79 4.9%
Total Committed + Controlled
& Certain 198,000 2,127 1,528 599 6.1%
Total Controlled & Likely 100,900 523 254 269 5.3%
TOTAL PIPELINE 298,900 2,650 1,782 868 6.0%
EPRA reporting at June 30, 2026
Gecina applies the EPRA(1) Best Practices Recommendations regarding the indicators listed hereafter. Gecina has been a member of EPRA, the European Public Real Estate Association, since its creation in 1999. The EPRA Best Practices Recommendations include, in particular, key performance indicators to make the financial statements of real estate companies listed in Europe more transparent and more comparable across Europe.
Gecina reports on all the EPRA indicators defined by the Best Practices Recommendations available on the EPRA website. When they are not applicable, the lines of the tables defined by EPRA do not appear below.
Moreover, EPRA defined recommendations related to corporate social responsibility $(CSR)$, called "Sustainable Best Practices Recommendations".
(1) European Public Real Estate Association.
06/30/2026 06/30/2025
--------------------------------------------------- ---------- ----------
EPRA Earnings (in million euros) 248.9 245.2
EPRA Earnings per share (in euros) EUR3.36 EUR3.31
EPRA Net Tangible Asset Value (in euros per share) 141.0 144.1 (1)
EPRA Net Initial Yield 3.9% 4.0% (1)
EPRA "Topped-up" Net Initial Yield 4.3% 4.4% (1)
EPRA Vacancy Rate 6.0% 5.6%
EPRA Cost Ratio (including direct vacancy costs) 18.1% 20.0%
EPRA Cost Ratio (excluding direct vacancy costs) 13.7% 13.8%
EPRA Property related Capex (in million euros) 236 177
EPRA Loan-to-Value (including duties) 37.1% 34.4%
EPRA Loan-to-Value (excluding duties) 39.5% 36.7%
--------------------------------------------------- ---------- ----------
(1) At December 31, 2025.
| EPRA earnings
The table below indicates the transition between the consolidated net income and the EPRA earnings:
In thousand euros 06/30/2026 06/30/2025 ------------------------------------------------------ ---------- ---------- Consolidated net income (Group share) per IFRS income statement 3,076 289,057 Exclude Change in value of properties (256,990) 68,550 Gains or losses on disposals (560) 765 Tax on profits or losses on disposals (683) - Changes in fair value of financial instruments and associated close-out costs (5,424) (17,057) Adjustments related to non-operating and exceptional items (1) 16,682 (9,904) Adjustments above in respect of joint ventures 999 898 Non-controlling interests in respect of the above 132 628 EPRA Earnings 248,920 245,178 Weighted average number of shares before dilution 74,104,918 73,983,789 EPRA Earnings per Share (EPS) EUR3.36 EUR3.31 Company specific adjustments Depreciation and amortization, net impairment and provisions 5,316 5,213 Recurrent net income (Group share) 254,236 250,391 Recurrent net income (Group share) per share EUR3.43 EUR3.38 ------------------------------------------------------ ---------- ---------- (1) Allocation of the Engie termination indemnity (received in full during H1), between the two halves of 2026 in order to smooth rental income over the entire year (rents and indemnities).
| Net Asset Value
The calculation for the Net Asset Value is explained in subsection Net Asset Value.
In euros per share 06/30/2026 12/31/2025 ------------------------------------ ---------- ---------- EPRA NRV (Net Reinstatement Value) EUR156.1 EUR159.3 EPRA NTA (NET TANGIBLE ASSET VALUE) EUR141.0 EUR144.1 EPRA NDV (Net Disposal Value) EUR145.1 EUR148.2 ------------------------------------ ---------- ----------
| EPRA net initial yield and EPRA "Topped-up" net initial yield
The table below indicates the transition between the yield rate disclosed by Gecina and the yield rates defined by EPRA:
In % 06/30/2026 12/31/2025 ---------------------------------------------- -------------- -------------- GECINA NET CAPITALIZATION RATE(1) 4.7% 4.6% Impact of estimated costs and duties -0.3% -0.3% Impact of changes in scope +0.3% +0.3% Impact of rent adjustments -0.7% -0.7% EPRA NET INITIAL YIELD(2) 3.9% 4.0% Exclusion of lease incentives +0.4% +0.4% EPRA "TOPPED-UP" NET INITIAL YIELD(3) 4.3% 4.4% ---------------------------------------------- -------------- -------------- (1) Like-for-like June 2026. (2) The EPRA net initial yield rate is defined as the annualized contractual rent, net of property operating expenses, excluding
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