Gecina Sa · EURONEXT:GFC
Gecina Sa — H1 2026 Earnings Presentation
35 slides from Gecina Sa's earnings presentation, Jun 30, 2026
Slide 1: Keeping the pace
Keeping the pace Earnings at June 30, 2026
Slide 2: H1 2026 achievements
Hi 2026 achievements gecina
Slide 3: Leasing performance holding firm through market dynamics
Leasing performance holding firm through market dynamics 48,000 sq.m 97.5% record Paris 50,000+ sq.m signed CBD occupancy under term sheet Delivering Securing Anticipating +83% 40% 50,000+ Year-on-year increase of our fully Renegotiations or renewals in H1 2026, sq.m under term sheet, expected to cl
Slide 4: Yourplace: fully managed offices proactive rollout
Cas Case study study Yourplace: fully managed offices proactive rollout 16 k sq.m 30-40% x 2 Already deployed Yourplace Sq.m deployed by at 16 CBD premium above end-2028 incl. our addresses market rents asset Quarter Rent structure c. €1,250/sq.m c. €200/sq.m, incl. fit out and amortization c. €1,05
Slide 5: Sustained high occupancy through tenant retention
Sustained high occupancy through tenant retention +10pt Proactive Client renewals and Intensive work retention in renegotiations on client 2026 +10pt anticipating satisfaction above 3y break options average or lease expiries 5|
Slide 6: Like-for-like growth: outperforming indexation
Like-for-like growth: outperforming indexation Like-for-like Current Up+2%, outperforming indexation Growth drivers offsetting disposals Indexation: +1.0% Contribution from organic growth, Sustained rental uplift: +0.5% deliveries and immediately revenue- accretive acquisitions offsetting the impact
Slide 7: All drivers to continue growing the earnings
All drivers to continue growing the earnings Rental margin increased Cost base controlled Earnings per share up 93.4% +160bp +1.4% Rental margin Rental margin increase EPS at H1 2026 for H1 2026 year-on-year vs H1 2025 EPRA Cost Ratio 2021-H1 2026 Strict property cost management and Structure costs
Slide 8: Building on healthy fundamentals
Building on healthy fundamentals 8|
Slide 9: Massively stepping up portfolio quality & attractiveness
Massively stepping up portfolio quality & attractiveness Grade A structural scarcity deepens in central Paris office market 320k sq.m (4.5% of the stock) of office space converted to other uses in Paris prime locations 2013-2022(1) Centrality: Paris/Neuilly, an expanding Quality & services: share of
Slide 10: Year after year attracting the best tenants
Year after year attracting the best tenants Unparalleled, diversified tenant base Ranging from major corporates (40% of CAC40 companies) to SMEs, with broad exposure across all sectors 10 | New tenants
Slide 11: Values holding firm, on the right side of the market
Values holding firm, on the right side of the market Values broadly stable like-for-like Group Office Residential total Paris & Other Central location values -0.5% Neuilly areas up by +0.3% through a Paris City dominates still-transitioning with c. 75% of +0.3% -3.1% -0.9% like-for-like investment m
Slide 12: Cycle-proof financing structure
Cycle-proof financing structure Credibility Visibility • Best-in-class credit ratings, reaffirmed for the Refinancing needs well spread over time 2027 maturity already addressed € 6.7bn 6.2y 38.5% 8th consecutive year Net financial debt Average maturity Loan to value at • Reflecting the quality of a
Slide 13: Future growth funded, without growing debt
Future growth funded, without growing debt Sources in H1 2026: Uses to date: Result disposals refurbishments €249m in H1 2026 €265m invested at a Value creation funded at a 3.1% rent loss rate 10.6% yield on capex LTV kept at 38.5% (excl. duties) • Mature housing assets sold, • 4 flagship schemes in
Slide 14: Signature: leasing success just 12m after acquisition
Case study Signature: leasing success just 12m after acquisition PRELEASING TO SECURE THE PROJECT 37% sq.m pre-let (9k out of 25k) c. 60% sq.m secured incl. term sheets 70% rent target achieved incl. term sheets VALUE ALREADY MATERIALIZED +4pt €378m >17% Paris CBD share Total investment Updated IRR
Slide 15: Building tomorrow's value creation
Building tomorrow’s value creation 15 |
Slide 16: Paris, a unique multi-hub office market
Paris, a unique multi-hub office market FINANCE INDUSTRY GOVERNMENT TECH, AI EU's Leading Corporate & National & global The continental Financial Capital The post-Brexit continental hub: c. 350,000 financial jobs in Industrial Powerhouse Unique diversity of large corporates based in Paris policy hub
Slide 17: Paris: Continental Europe's premier tech, data & AI hub
Paris: Continental Europe’s premier tech, data & AI hub Paris, #1 Continental AI concentrated on the Gecina doubles tech rents Europe hub for AI prime part of the market in under five years 120 2 Sizeable AI talent pool and pipeline: the #2 largest data science pool in EMEA + % x Premier ecosystem:
Slide 18: AI raising the bar for offices: a new growth driver for prime
AI raising the bar for offices: a new growth driver for prime IFOP survey of 500+ business leaders (July 2026) 2/3 89 % 72 % Maintain floor space but reconfigure it Reduce some standard spaces but invest in higher-quality offices Consolidate teams into fewer, but better located/equipped sites 17% 19
Slide 19: Destination assets built to meet diverse tenant demand
Destination assets built to meet diverse tenant demand Signature (ex-Rocher-Vienne) Paris CBD Quarter Paris 12 Arches Neuilly s/ Seine Mirabeau Paris 15 & Shape (ex-T1) La Défense St Lazare Station Gare de Lyon (Westward extension River Seine Close to the largest (2nd largest transit hub) (3rd large
Slide 20: 2026 guidance confirmed
2026 guidance confirmed 2026 – Guidance confirmed €6.70-6.75 Earnings per share (Group share) Reflecting a yoy growth of +0.2% to +1.0% 2027 – Getting ready 2028 – Unlocking 2029 – Accelerating 20 |
Slide 21: Appendices
Appendices gecina
Slide 22: P&L & Recurrent Net Income
P&L & Recurrent Net Income 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 - recurrent 298.1 294.6 +1.2% Gains from disposals (0.6) 0.8 -173.3%
Slide 23: Balance Sheet
Balance Sheet ASSETS LIABILITIES June 30, 2026 Dec 31, 2025 June 30, 2026 Dec 31, 2025 In million euros In million euros Non-current assets 17,322.4 17,363.4 Shareholders' equity 10,173.2 10,577.8 Investment properties 15,039.6 15,465.7 Share capital 575.9 575.9 Buildings under redevelopment 1,740.6
Slide 24: EPRA NAV indicators at June 30, 2026
EPRA NAV indicators at June 30, 2026 EPRA NRV EPRA NTA EPRA NDV Net Reinstatement Value Net Tangible Asset Value Net 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 10,3
Slide 25: LTV & NAV at June 30, 2026
LTV & NAV at June 30, 2026 LTV (incl. duties) at June 30, 2026 NAV at June 30, 2026 (€ per share) 144.1 € - 1.3 - 3.4 - 0.5 - 2.7 - 0.7 +0.8 pt -0.9 pt 141.0 € - 1.2 +0.0 pt +0.5 pt -0.3 pt -1.4 pt +1.1 pt 36.2% 36.0% 35.9% LTV RNI Dividend Valuations Pipeline Disposals Other LTV Secured LTV NAV at
Slide 26: Rental schedule
Rental schedule Analysis of office break-up options in Paris City Analysis of office break-up options outside Paris 162,205 sq.m 112 954sq m Of which T1 Tower 98,324 sq.m 65 000 sq m 64 456sq m 54 946sq m 47 097sq m 50,030 sq.m 39,931 sq.m 36 825sq m 37,664 sq.m 38,360 sq.m 40,919 sq.m 41,663 sq.m 2
Slide 27: Gecina is positioned on the right side of a 2-speed market
Gecina is positioned on the right side of a 2-speed market Polarization rewarding prime Gecina: built for this market OUTER AREAS, MORE CENTRAL MORE PRIME MORE GREEN 17.4bn CENTRAL & PRIME NON-PRIME € Located around transit Offices that are more Energy-efficient and hubs and easily appealing than ho
Slide 28: Portfolio values at June 30, 2026
Portfolio values at June 30, 2026 17.4bn + 25.0 % 23.2% € Central areas (Paris & Neuilly) Portfolio value at + 15.0 % Negative yield impact, after last year 30.06.2026 rebound in transaction activity across all segments + 5.0 % Sustained cash-flow growth, despite -2.3 % 85% moderating inflation June
Slide 29: Cycle-proof financing platform
Cycle-proof financing platform Well-staggered hedging profile Best-in-class Moderate cost High liquidity Green 100% c. 96% hedged rating long visibility & flexibility leadership on average over 93% 2026-2027 c. 74% hedged on average across the 2026–2030 period 71% Strong and healthy balance Cost of
Slide 30: Development pipeline
Development pipeline Total Total Already Still to Est. Yield % Project Location Delivery date Space Investment Invest Invest on cost (4) Pre-let (sq.m) (€m) (1) (€m) (2) (€m) Paris - Signature Paris CBD Q4-26 24,900 378 60% secured Paris - Quarter Paris Q1-27 19,100 230 Neuilly - Les Arches du Carre
Slide 31: Average financial occupancy rate
Average financial occupancy rate Average financial occupancy rate June 30,2025 Sep, 30, 2025 Dec 31, 2025 March 31, 2026 June 30, 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% 9
Slide 32: Annualized rents at June 30, 2026
Annualized rents at June 30, 2026 in €m June 30, 2026 Dec 31, 2025 Office 586 602 Residential 100 106 Total 686 708 Annualized rental income is down by –€23 million from December 31, 2025, mainly reflecting the impact of residential asset disposals (–€10 million) and the loss of rents due to the dep
Slide 33: Financial ratios & covenants
Financial ratios & covenants June 30, 2026 Dec 31, 2025 Gross financial debt (1) €6.9bn €6.8bn Net financial debt €6.7bn €6.8bn Gross nominal debt €7.0bn €6.9bn Unused credit lines €4.3bn €4.3bn Average maturity of debt (in years, adjusted for unused credit lines) 6.2 years 6.2 years LTV (excluding
Slide 34: Shares & shareholding structure
Shares & shareholding structure 3.6% 15.1% Ivanhoé Cambridge June 30, 2025 Dec 31, 2025 June 30, 2026 Crédit Agricole Number of shares issued 76,738,691 76,792,337 76,792,337 Assurances - Predica 13.6% Norges Bank Stock options 307,090 282,240 319,636 Treasury stock -2,722,402 -2,722,402 -2,731,887
Slide 35: Contact
Contact Disclaimer This document does not constitute an offer to sell or a solicitation of an offer to buy GECINA securities and has not been independently verified. If you would like to obtain further information concerning GECINA. please refer to the public documents filed with the French securiti