Slide 1: Sustaining Value: Another Year of Growth - 2024 Earnings
Gecina Sustaining Value: Another Year of Growth 2024 Earnings 1 - -
Slide 2: Key Takeaways
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook 1 2 3 4 Portfolio strategy: Strong & healthy Energy & Carbon: Financial creating balance sheet, performance that performance: immediate providing capacity stands the test of sustained growth & future value to oper
Slide 3: Navigating market macro-shifts
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Navigating market macro-shifts Desire for Strong appeal for Return to amenitized already sustainable the Office living spaces real estate Paris, best-in-class: Unique platform -31% in energy 3.5 days a week at the
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Slide 5: Earnings: third consecutive year of growth
Earnings: third consecutive year of growth Recurrent net income +21% vs 2021 €6.42 ps Gross rental Net rental EBITDA Recurrent 2024 income income net income (Group Share) (Group Share) (Group Share) (Group share) €694.5m €638.7m €565.7m €474.4m €6.01 ps 2023 +4.1% +4.8% +5.7% +6.8% €5.56 ps
Slide 6: Solid leasing successes in polarized markets
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Solid leasing successes in polarized markets A diverse tenant base A still strong Despite market leasing activity slowdown, good performance in all locations 83,000 +10% Rental uplift Paris (55%) | 53 deals, sq.m
Slide 7: Sustained rental growth
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Sustained rental growth Rent growth, like-for-like basis 0.7% +6.3% +6.1% 0.3% 6.3% 0.6% 0.5% 0.8% + 1.0% 0.5% Like-for-like +4.4% rent growth 0.4% 2.1% + 6.6% 0.3% Lfl offices rental growth 5.2% 4.7% 0.2% 0.2% 0.
Slide 8: Portfolio
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Slide 9: Active asset management to maximize value
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Active asset management to maximize value Paris Other Offices Offices Residential Capture indexation Operate and grow Tenant rotation to capture rental uplift Long-term tenant retention Tenant rotation to capture
Slide 10: Operate & grow: Optimizing rents with turnkey solutions
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Operate & grow Optimizing rents with turnkey solutions Office Residential 7,000 c + 30% c. 300 c.€4m sq.m already Serviced Net rents deployed apartments Annual rent above ERVs to date The concept: Leveraging i
Slide 11: Operate & grow: 2024 Achievements
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Operate & grow: 2024 Achievements +€132m value created since project started despite yield expansion 30,100 Q3-24 €387m +34% sq.m Delivery Total invest. Value created cost vs TIC From 2 obsolete assets to a new
Slide 12: Operate & grow: 2024 Achievements
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Operate & grow: 2024 Achievements Unlocking exceptional value by repositioning this architectural icon in Paris’ Golden Triangle 13,500 c.€1,200 €213m c.+60% Ann. rent/sq.m Value Creation sq.m both Total invest. v
Slide 13: Crystallize value through disposals
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Crystallize value through disposals Long-term value-creation story reflecting Gecina's development, investment and asset management know-how and operational performance €539m +23% H1-25 10.9% Implied val. Premium
Slide 14: Crystalize value through disposal
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Crystalize value through disposal Opportunity to Capacity to deleverage operate & grow Focus Office Paris and Neuilly : 5.7% 7.5 -17% on average on the office committed € billion pipeline compared with an averag
Slide 15: Unique know-how for complex projects
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Unique know-how for complex projects 2018-2023 2024-2025 2027-2028 Successful Delivering on time Growing forward: track record and on budget new developments 11 Paris city and Neuilly projects 2024 projects de
Slide 16: 3 new, large projects
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook 3 new, large projects Premium, operated offices just a step away from the bustling city hub of Gare de Lyon 19,100 1972 €227m Q1-27 sq.m Construction Total invest. Delivery / Last refurb. cost Creating value by
Slide 17: 3 new, large projects
3 new, large projects A new facade will soon enhance Paris’ highline on this prime, high-performing office building 37,300 1972 €445m Q3-27 sq.m Construction Total invest. Delivery / Last refurb. cost At its core, a story of architecture A unique, iconic facade by Lemaresquier & Heckly (1972) to b
Slide 18: 3 new, large projects
3 new, large projects Arches du Carreau: a visionary mixed-use transformation revitalizing a landmark asset 36,500 1973/88 €483m Q2-27 sq.m Construction Total invest. Delivery / Last refurb. cost Redistribution of the floorplates to optimize circulation and working areas, including the creation of
Slide 19: Energy & Carbon: standing the test of time
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Energy & Carbon: standing the test of time ISO Day-to- 100% 100% 50001 day Of the office Intl energy ESG incentives CSR: portfolio certified for all teams management standard Less energy: Better energy: Better inv
Slide 20: Day-to-day CSR
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Day-to-day CSR Partnering with clients to achieve maximal impact on day-to-day energy monitoring -16% 17 € 0.4m -40% One-off CAPEX Energy Actions (c. 0.1% of GAV, Reduction in consumption implemented non recurring
Slide 21: Better energy
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Better energy Finding sustainable and innovative energy solutions in Ville d’Avray (Paris Region): the first initiative on such a scale in France 555 apartments -86% c. 1,800 H2-26 40,000 Reduction in CO2 emission
Slide 22: Better energy
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Better energy Renewable energy for heating and cooling: the choice of shared, local infrastructure 54.6% 48.5% +3 >51% % assets % assets connected to connected to Connection Renewable and the shared the urban proj
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Slide 24: Valuations back on the rise in central areas
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Valuations back on the rise in central areas Other Group Quiet investment market + 6.0% Offices Paris City locations Residential Total + 4.0% + 5.1% + 2.0% + 3.5% + 3.4% + 2.6% Contrasted dynamics favoring centr
Slide 25: Continuous management of debt quality
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook Continuous management of debt quality Best-in-class Moderate Cost High liquidity Green Rating & Visibility & Flexibility Financing • Confirmation of Gecina’s • Low average cost of debt ▪ Undrawn debt facilities co
Slide 26: Gecina
gecina
Slide 27: 2025 Outlook
Key Takeaways | Operational Performance | Portfolio Strategy | Balance-Sheet | Outlook 2025 Outlook 2024 dividend €5.45 • Dividend up +15ct at €5.45 per share, all cash, will be submitted at the next Shareholders’ General Meeting Per share – Interim payment on March 5 (ex-date on March 3) – Balance
Slide 28: Appendices
Appendices Gecina: presentation Earnings: detailed figures Markets Miscellaneous 28 -
Slide 29: All roads lead to Paris
All roads lead to Paris Europe’s main business center Concentration of major economic players • Almost 4 million service jobs, with 1.4% annual growth over 2014-2022, the Demographic trends Major highest European concentration of researchers, scientists and engineers sustaining economic economic • 1
Slide 30: Paris rental market that structurally favors supply
A limited supply leading to a structural demand/supply imbalance Structurally limited supply in Paris Paris rental market that • • High density Strict limitation on the construction of additional square meters for offices (local urban plan limiting structurally favors supply building heights, protec
Slide 31: Market trends
Market trends Return to Enhanced office Energy efficiency the office experience • Highly energy efficient office spaces • Central location in mixed, lively • Prime assets boosting office (consumption reduction, carbon neighborhoods, with all services and attendance (“when the office feels emissions
Slide 32: Gecina at a Glance
Gecina at a Glance A unique Integrated Total Return Balance Sheet portfolio expertise Performance Strength €17.4 billion Platform integrating the Focus on the value Key shareholders Unique and non- full range of creation potential in terms (15.1% CDPQ, 13.6% replicable portfolio in the owner/operato
Slide 33: Gecina: grade A assets in central locations
Gecina: grade A assets in central locations A 10 min stroll between € 17.4bn 79% 21% Opéra & Madeleine Offices Residential Portfolio value 116 assets 42 assets c. €118m/asset c. €67m/asset 35-31 3 Opéra Capucines 5,500 sq.m 6,400 sq.m Last refurb. 2023 Delivered 2024 Office & retail Fully let 10-12
Slide 34: Gecina: ESG Leadership
Gecina: ESG Leadership Reduced energy Emissions Certification Best-in-class consumption management rates pipeline -4.2% as at end-2024 Significant emission 100% 100% decrease targets to be of our operating office of offices under achieved by portfolio in 2024 development targeting -31% since 2019 20
Slide 35: 2024 P&L and Recurrent Net Income
Appendices 2024 P&L and Recurrent Net Income In million euros Dec 31, 23 Dec 31, 24 Change (%) Gross rental income 666.8 694.5 +4.1% Expenses not billed to tenants (57.3) (55.8) -2.6% Net rental income 609.5 638.7 +4.8% Other income (net) 3.4 3.3 -0.5% Salaries and management costs (77.9) (76.3) -2.
Slide 36: 2024 Balance Sheet
Appendices 2024 Balance Sheet ASSETS Dec. 31, Dec. 31, LIABILITIES Dec. 31, Dec. 31, In million euros 2023 2024 In million euros 2023 2024 Non-current assets 17,174.9 16,602.4 Shareholders' equity 10,599.5 10,522.3 Investment properties 15,153.5 14,828.2 Share capital 575.0 575.5 Buildings under red
Slide 37: Portfolio value as at Dec. 31, 2024
Appendices Portfolio value as at Dec. 31, 2024 € 17.4 +0.7% 79% bn Total portfolio value 21% Growth vs 2023 (excl. Campus) Contrasted dynamics favoring centrality • Paris up +4.1%: yield effect stabilized and completely offset by rental effect, with average and prime rents still up (Neuilly follows
Slide 38: EPRA NAV Indicators as at Dec. 31, 2024
Appendices EPRA NAV Indicators as at Dec. 31, 2024 EPRA NRV EPRA NTA EPRA NDV In million euros Net Net Net Reinstatement Value Tangible Asset Value DisposalValue IFRS Equity attributable to shareholders 10,506.0 10,506.0 10,506.0 Due dividends - - - i) Hybrid instruments - - - Diluted NAV 10,506.0 1
Slide 39: LTV & NAV
LTV & NAV LTV (incl. duties) at December 31, 2024 NAV at December 31, 2024 (€ ps) -0.4pts -0,1pts +0.7 -0.5 +1.4pts +0.2 -1.5 -0.5 +0.3 +0.5pts -2.8pts +3.2 -2.6pts +2.2pts 143.6 -2.7 35.5% 35.5% 35.4% 142.8 34.4% 34.5% 142.1 34.0% 32.8% 32.7% 31.8% 31.8% LTV LTV DI RNI RRN Dividende Valuations Divi
Slide 40: Pipeline (details)
Appendices Pipeline (details) Total Total Already Still to Delivery space Investment (1) Invested (2) Invest Est. Yield % Project Location date (sq.m) (€m) (€m) (€m) on cost (4) Pre-let Paris - Icône Paris CBD Q1-25 13,500 213 100% Paris - 27 Canal Paris Q3-25 15,600 127 0% Paris - Quarter (Gamma) P
Slide 41: Financial Ratios & Covenants
Appendices Financial Ratios & Covenants Dec 31, 2023 Dec 31, 2024 Gross financial debt(1) €6.4bn €6.7bn Net financial debt €6.2bn €6.5bn Gross nominal debt €6.4bn €6.8bn Unused credit lines €4.5bn €4.4bn Average maturity of debt (in years, adjusted for unused credit lines) 7.4 years 6.7 years LTV (e
Slide 42: Financing (details)
Appendices Financing (details) Undisputed Robust liquidity profile Optimized hedging profile access to funding Robust hedging position in 2024, providing visibility for cash-flow growth ahead € 1.3bn € 3.8bn financing c. 100% hedged on 2025-2026 maturities, Immediate raised/renewed 85% hedged on
Slide 43: Annualized rents
Appendices Annualized rents in €m Dec 31, 2024 June 30, 2024 Dec 31, 2023 Offices 592 546 534 Residential 133 129 132 YouFirst residential 106 104 106 YouFirst Campus 27 26 26 Total 726 675 666 NB: the amount of annualized rent for 2024 does not take into account the loss of €20 million in rent star
Slide 44: Rental schedule (details)
Rental schedule (details) Analysis of office break-up options in Paris City Analysis of office break-up options outside Paris 146 931sq m 138 156sq m 107 173sq m 85 956sq m 66 357sq m 64 474sq m 55 333sq m 53 293sq m 37 728sq m 40 625sq m 34 022sq m 37 749sq m 35 607sq m 25 080sq m 20 328sq m 37
Slide 45: Indexation of office leases
Indexation of office leases • Double lag effect between indexation “in real life”, 0.5% transformation of indexation into the index and impact 0.2% on the P&L (contribution to like-for-like rent growth) 2.8% 0.1% • 90% of the leases indexed against ILAT (rest: ILC, ICC) 1.0% 2.5% 0.8% • ILAT composi
Slide 46: Residential: Energy Performance Certification
Residential: Energy Performance Certification 100% 100% 99% 90% Assets already Assets already compliant with compliant with 2025 regulation 2028 regulation 80% 70% 67.0% 1% of residential property units have F or G EPCs in light of a marketing ban in case of client rotation from 2025 and 2028 60%
Slide 47: CSR: Widely Recognized Performance
CSR: Widely Recognized Performance Rating ESG topics analyzed 2024 Score 2024 Ranking Since Global Real Estate Sustainability Benchmark, 95/100 overall 5-star status the most prestigious ESG rating in the sector 2017 comparing environmental KPIs and associated 99/100 in development Leader in its pee
Slide 48: Shares & shareholding structure
Shares & shareholding structure as at December 31, 2024 1.7% 3.6% 4.4% 15.1% Dec 31, 2023 Jun 30, 2024 Dec 31, 2024 Number of shares issued 76,670,861 76,670,861 76,738,691 Ivanhoé Cambridge Stock options 221,453 269,613 246,676 Crédit Agricole Assurances - Predica 13.6% Norges Bank Treasury stock -
Slide 49: Agenda, Contact, Disclaimer
Agenda • 04.17.2025: General Meeting • 04.17.2025: Business at March 31, 2025, after market close • 07.23.2025: 2025 first-half earnings, after market close • 10.16.2025: Business at September 30, 2025, after market close Contact nicolasbroband@gecina.fr Disclaimer This document does not constitute