Business
Gecina – 2025 Earnings: Delivering Growth
PARIS, February 10, 2026--Regulatory News: Gecina (Paris:GFC):
About this update from Gecina Sa
Solid growth through operational excellence and accretive investments PARIS, February 10, 2026 --( BUSINESS WIRE )--Regulatory News: Gecina (Paris:GFC): | Key takeaways ‒ The Group develops destination headquarters for large corporates and accelerates the successful rollout of its fully managed offices tailored to SMEs and project teams, while the return to the office is confirmed and expected to reach 4 days per week in Paris in 2026 ‒ Doubling leasing performance against 2024: 150,000 sq.m of office space let in 2025 , at a +8% rental uplift in average, confirming our ability to lease assets on the prime segment of every submarket, giving visibility over the future. On the residential side, 1,720 leases were signed (triple 2024 levels) ‒ High and rising occupancy reaching 94.1% , notably in the CBD office portfolio and in housing ‒ CSR: 2025 intermediate milestones exceeded , reducing energy consumption by –33% and carbon emissions by –63% since 2019 ‒ €0.8bn of timely disposals of mature residential assets in 2025 (2.1% yield for traditional housing, 3.9% for student housing), illustrating Gecina’s ability to leverage portfolio quality and liquidity to crystallize value and capture premiums . An additional €0.2bn of secured disposals expected to close in Q1 2026 to fund 2026 development capex ‒ €0.6bn of accretive office investments (6.1% average yield), focused on core locations (c. 10% of the Group’s office rents in central areas), with 67% let or already under term sheet above our initial underwriting ‒ Major pipeline progress , with key deliveries along 2025 on time, on budget and at record rents (including Icône) and the launch of four flagship projects scheduled between Q4 2026 and Q3 2027, expected to generate €80–90m of annual rents with double‑digit incremental yields on capex invested ‒ EPS up +4.2%, representing +26% since 2021 . Performance driven by (1) +2.6% revenue growth (current, +3.8% like-for-like); (2) disciplined cost management (rental margin improved by +310 bps and cost ratio by -270 bps since 2021, continuous optimization of financial costs) ‒ Balance sheet kept strong and healthy with a best-in-class A-/A3 rating reiterated for the 8 th consecutive year ‒ Dividend of €5.50 per share to be proposed at the next AGM, marking a second consecutive increase and reflecting an attractive yield of c. 7% (on the current share price) and a sustainable payout of 82% (interim dividend: €2.75 paid on March 12, 2026; balance: €2.75 paid on July 9, 2026) ‒ EPS expected to continue growing in 2026 to €6.70–6.75 per share (+0.2% to +1.0% YoY) ‒ Looking ahead: a portfolio well positioned for the next growth cycle, supported by four flagship projects and ongoing platform optimization, combined with continued cost discipline ‒ Raising the bar with new 2030 CSR targets , carbon emissions reduced to below 5.5 kgCO₂/sq.m/year for the operating portfolio (with residual emissions offset) and net‑zero carbon at delivery for assets in development, together with energy‑performance targets of 130 kWh/sq.m/year in operation and 65 kWh/sq.m/year for developments ‒ Future rental income growth provides visibility regarding the medium‑term increase in recurring net income per share. In this context, we expect the company’s dividend to gradually grow over the coming years (2026-2030) | Beñat Ortega, CEO: " 2025 demonstrates the strength of our platform: we delivered rent growth while executing major rotation moves that enhanced our portfolio quality and sharpened our position in the most resilient, supply‑constrained markets. Our strategy remains simple and effective — prime assets, central locations, energy efficiency, strong balance-sheet, and an unwavering focus on what tenants value most. As we enter 2026, we remain fully committed to disciplined execution, value creation and sustainable growth, raising the bar again with our new 2030 CSR targets. We are building a more resilient, low‑carbon real estate model that can meet the transitions ahead, support revenue growth, and sustain a gradual increase in our dividend ". Making the difference with the right product ‒ Destination assets for corporate headquarters , located in central areas (including the Paris Region’s largest public transport hubs) featuring large, horizontal floorplates, premium services and amenities, and best‑in‑class CSR credentials. Over the past decade, restructured assets >3,000 sq.m have represented only c. 15% of total supply ‒ Fully managed workspaces for small businesses and project teams , designed for tenants seeking flexibility and hassle‑free real estate solutions coupled with full privacy and white‑label options. This segment accounts for 22.8% of take‑up for just 5.9% of the existing stock Delivering recurrent net income growth (1) EBITDA after deducting net financial expenses, recurrent tax, minority interests, including income from associates and restated for certain non-recurring items ‒ Revenue side – sustained momentum (+2.6% current, +€18.1m) supported by both organic growth (+3.8%, including +2.6% of indexation) and active external growth (development (+€30.3m) and acquisitions (+€2.8m) offsetting the revenue impact of mature asset disposals (-€19.4m) and pipeline refueling (-€19.2m)). This reflects the strength of the portfolio in terms of location and asset quality, and its ability to attract and retain tenants to grow rents over time, while actively disposing and investing in new assets ‒ Lasting cost discipline – optimized property costs contributing to an improved rental margin (+80 bps vs. end‑2024), while administrative expenses remain tightly controlled (–4.3%), enhancing our cost ratio while maintaining a broadly stable workforce that is better aligned with the needs of the business (asset management, development, engineering, leasing, customer relationship) ‒ Cost of debt remains low , with net financial expenses broadly stable: slight increase in gross financial expenses partially offset by the ramp‑up of capitalized interest associated with the ongoing development of four flagship projects Revenue growth driven by strong operational performance | Like-for-like: rental income up +3.8%, showing continued capacity to outperform indexation ‒ Indexation contributed +2.9%, despite a decelerating ILAT (latest publication around 0.0%, after +0.5% in September 2025, +1.6% in June 2025, and +2.7% in March 2025; for reference, ILAT applies to c. 90% of office leases) ‒ Business performance continues to outpace indexation , notably through sustained rental uplift averaging a strong +8% overall (overall contribution of rental uplift: +0.3%). This reflects a positive mix of: significant uplift in central areas (+29% in Paris CBD, supported by recent renewals on Vendôme, Matignon, Marceau and the rollout of fully‑managed offices (+42% rental uplift)), and rent adjustments in other locations ‒ Higher occupancy reinforces momentum , particularly across Parisian assets where occupancy is at record highs. This more than offsets the negative impact from certain assets in other locations (Colombes, Malakoff), where the Group’s exposure is now limited | Current basis: gross rental income up +2.6% (+€18.1m) | Offices: strong leasing across all geographies ‒ Central areas (Paris/Neuilly) : 83,000 sq.m (55% of the total), 6‑yr firm on average, €61.5m annual rent ‒ Western Crescent / La Défense : 30,000 sq.m (20%), 7‑yr firm on average, €14.3m annual rent, incl. extensions or new leases for global leaders (pharmaceuticals in La Défense, Renault or Mondelez in Boulogne) ‒ Other locations : 38,000 sq.m (25%), 6‑yr firm on average, €9.9m annual rent, incl. major lettings or extensions in Puteaux and Colombes (PepsiCo, logistics and communication players) | Housing: diversified offering strategy delivering results | Strong rental margin increase (+0.8pts yoy) | High occupancy sustained, demonstrating strong market positioning ‒ Office portfolio : high and resilient occupancy, reflecting market polarization, with record‑high 97.1% in the extended CBD (vs. 94.6% for the broader market). Supported by new leases on several assets and retail spaces, as well as the also positive contribution from fully pre‑let 2024–2025 deliveries (Mondo, 35 Capucines, Icône). This largely offsets the increase in vacancy in other locations, where the Group’s exposure is limited (Colombes, Malakoff) ‒ Residential portfolio : solid progress throughout the year, with the transformation of the model now in execution mode (smaller, furnished, serviced apartments in central locations), as well as the progressive ramp‑up of assets delivered recently (Dareau, Ponthieu, Rueil Arsenal, Bordeaux Belvédère, La Garenne‑Colombes). Gradual convergence toward normative occupancy levels for this asset class (spot occupancy of 96.4% like-for-like on apartments) | T1 tower: preparing what’s next Capital allocation & portfolio strategy in action | €1.8bn of portfolio rotation decisions in 2025 ‒ Rocher–Vienne (Signature) , offering a potential 6.3% yield after a targeted 12‑month refurbishment ‒ Hôtel Particulier , to be integrated with Rocher–Vienne and the already‑owned 7 Madrid to create a cohesive, amenity‑rich business hub ‒ Bloom , in the established business district of Gare de Lyon, fully let on an 8‑year firm average maturity and generating €8.9m of annual rent (6.6% yield) | Performance delivered across the entire cycle (investment, development operations) ‒ Unique leasing insights given Gecina’s dense footprint in central areas ‒ Continuous engagement with investors to source opportunities ‒ Ability to structure smart, deal‑enabling solutions (including past asset swaps) ‒ Recognized capacity to execute transactions | Distinctive expertise that has delivered high returns and portfolio quality over time Asset values: continued growth supported by core markets | Portfolio values up +2.3% on a like-for-like basis (1) Change before the impact of the increase in transaction costs. After this change, values are up +1.9% (like-for-like). ‒ Yield effect slightly positive , supported by early signs of a potential reopening of the investment market for large office transactions in core Paris locations (overall investment volumes up +54% vs 2024). Yield decompression continues to slow in other areas where investment activity remains subdued ‒ Rental effect remains supportive , particularly in central locations. Rent‑growth expectations continue to underpin values in Paris and Neuilly, while trends remain more moderate in secondary areas where rental values are still adjusting | EPRA NAV (NTA) up +0.9% vs end-2024 to €144.1 per share ‒ Dividend paid in 2025: -€5.45 ‒ Recurrent net income: +€6.68 ‒ Portfolio value: +€2.2 ‒ Other (including IFRS 16 and transfer tax rate change): -€2.2 Financing platform: built to perform through the cycle | Strong and healthy financial structure | Robust and high‑quality hedging profile | Successful 2025 issuance, confirming the market’s confidence in the Group’s credit quality CSR performance | All 2025 objectives achieved ‒ Reduce : asset‑level energy efficiency programs, including on‑site audits, tailored action plans, and strengthened tenant partnerships ‒ Switch : 80% renewable energy sourced through green power contracts, urban cooling/heating networks, and biogas solutions ‒ Transform : CSR criteria embedded in targeted capex decisions, on top of a low‑energy/low‑carbon development pipeline progressively upgrading overall portfolio performance ‒ 33% reduction in energy consumption since 2019 (148.5 kWh/sq.m/year vs. an initial target of 150 kWh/sq.m/year) ‒ 63% reduction in carbon emissions since 2019 (7.5 kgCO₂/sq.m/year vs. the 2025 target of 8.5 kgCO₂/sq.m/year) ‒ 100% of office assets certified , both in operation and under development | Raising the bar with new 2030 CSR targets ‒ Carbon reduction target: <5.5 kgCO₂/sq.m/year (-75% vs 2019) with a plan to offset residual emissions ‒ Energy performance target: 130 kWh/sq.m/year (-41% vs 2019) ‒ 100% of office assets certified, with continuous improvement of certification levels ‒ Net‑zero carbon at delivery ‒ Energy performance target: 65 kWh/sq.m/year ‒ Highest certification standards achieved, at the best levels available Guidance, outlook & dividend | 2026 guidance: RNI per share expected to grow to €6.70–€6.75 | Medium-term outlook: towards a new cycle of growth | Dividend: capacity to sustain distribution over time and gradually grow the dividend ‒ Interim dividend : €2.75 paid on March 12, 2026 (ex‑date: March 10; record date: March 11) ‒ Balance : €2.75 paid on July 9, 2026 (ex‑date: July 7; record date: July 8) Financial agenda - 04.22.2026 General Meeting - 04.22.2026 Business at March 31, 2026, after market close - 07.22.2026 2026 first-half earnings, after market close - 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 €17.6bn as at December 31, 2025. 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 5,300 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. Through its YouFirst brand, 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, CAC Next 20 and CAC Large 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 pipeline At the Board meeting on February 10, 2026, chaired by Philippe Brassac, Gecina’s Directors approved the financial statements at December 31, 2025. The audit procedures have been completed on these accounts, and the verification reports have been issued. The full consolidated financial statements are available on the Group’s website | Condensed income statement and recurrent income (1) EBITDA after deducting net financial expenses, recurrent tax, minority interests, including income from associates and restated for certain non-recurring items | Consolidated balance sheet | Net asset value | Development pipeline overview EPRA reporting at December 31, 2025 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. | EPRA earnings The table below indicates the transition between the consolidated net income and the EPRA earnings: | Net Asset Value The calculation for the Net Asset Value is explained in subsection Net Asset Value. | 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: | EPRA vacancy rate EPRA vacancy rate corresponds to the vacancy rate "spot" at year-end. It is calculated as the ratio between the estimated market rental value of vacant spaces and potential rents for the operating property portfolio. The financial occupancy rate reported in other parts of this document corresponds to the average financial occupancy rate of the operating property portfolio. EPRA vacancy rate does not include leases signed with a future effect date. | EPRA cost ratios | Capital expenditure | EPRA Loan-to-Value Additional information on rental income | Rental situation Gecina’s tenants come from a wide range of sectors of activity, reflecting various macro-economic factors. Breakdown of tenants by sector (offices – based on annualized headline rents) Weighting of the top 20 tenants (% of annualized total headline rents) | Annualized gross rental income Annualized rental income is down by –€17 million from December 31, 2024, mainly reflecting the impact of residential asset disposals (–€34 million, including the student portfolio) and the loss of rents due to the departure of tenants from buildings undergoing or expected to undergo redevelopment (–€24 million), partially offset by the proceeds from building deliveries (+€16 million) and acquisitions (+€14 million), as well as the dynamics of organic growth (that includes indexation, the rental uplift captured on new leases or renewals and the effects of vacancy). In addition, the annualized rental income figures below do not yet include the rental income that will be generated by committed projects, which may represent nearly €80-€90 million of potential headline rents. | Volume of rental income by three-year break and end of leases Financial resources 2025 saw a continuation of the monetary easing that began in 2024, with the European Central Bank continuing to gradually lower its deposit rate to sit at 2.00% at the end of the year. This environment contributed to financing conditions remaining attractive and helped limit pressure on long rates. Given these conditions, Gecina was able to seize a favorable window at the end of July by successfully carrying out a €500 million Green Bonds issue maturing in August 2035 with an annual coupon of 3.375% and a spread of 85 basis points, close to French government bond (obligations assimilables du Trésor – OAT) levels. The transaction, which was greatly oversubscribed, illustrates investors’ confidence in the Group’s strategy and credit quality. It was accompanied by a redemption on two bond issues (2027 for €247.4 million and 2028 for €280.2 million), which saw the Group optimize its debt maturity profile while maintaining strategic management of its liabilities. At December 31, 2025, Gecina had immediate liquidity of €4.4 billion, or €2.9 billion excluding NEU CP, significantly surpassing the internal target of a minimum of c. €2.0 billion. This liquidity covers all bond maturities until 2029, enhancing the Group’s financial visibility. The average maturity of the debt is 6.2 years, the interest rate risk hedging is 92% over the next two years and 78% on average until the end of 2029, and the average maturity of the hedging instruments is 4.8 years. The Loan-to-Value (LTV) ratio (including duties) is 36.0%, improved to a low of 35.2% when the disposals secured are completed, and the ICR is 6.3x, representing a comfortable margin against banking covenants. The average cost of drawn debt remains competitive, at 1.3%. This active and proactive management bolsters the Group’s financial strength and resilience, while also strengthening its ability to seize market opportunities. | Debt structure at December 31, 2025 Net financial debt amounts to €6.8 billion at the end of 2025. The main characteristics of the debt are: Debt by type Gecina uses diversified sources of financing. Long-term bonds represent 76% of the Group’s nominal debt and 54% of the Group’s authorized financing. At December 31, 2025, Gecina’s gross nominal debt was €6.9 billion and comprised: | Liquidity The main objectives of the liquidity are to provide sufficient flexibility to adapt the volume of debt to the pace of acquisitions and disposals, cover the refinancing of short-term maturities, allow refinancing under optimal conditions, meet the criteria of the credit rating agencies, and finance the Group’s investment projects. At December 31, 2025, Gecina had €4.4 billion of liquidity (including €4.3 billion of unused credit lines and €0.1 billion in cash), covering all bond maturities until 2029 (and therefore in particular the 2027, 2028 and 2029 maturities). Excluding short-term resources and including available cash, liquidity amounted to €2.9 billion. Financing and refinancing transactions carried out in 2025 related to: In 2025, Gecina continued to use short-term resources via the issue of NEU CPs. At December 31, 2025, the Group’s short-term resources totaled €1.5 billion. | Debt maturity breakdown At December 31, 2025, the average maturity of Gecina’s debt, after allocation of unused credit lines and cash, was 6.2 years. The following chart shows the debt maturity breakdown after allocation of unused credit lines at December 31, 2025: Debt maturity breakdown after taking into account undrawn credit lines (in billion euros) [Graphic omitted] All of the credit maturities up to 2029, including the 2027, 2028 and 2029 bond maturities in particular, were covered by unused credit lines as at December 31, 2025 and by free cash. | Average cost of debt The average cost of the drawn debt amounted to 1.3% at the end of December 2025 (and 1.6% for total debt). | Credit rating The Gecina group is rated by both Standard & Poor’s and Moody’s, which respectively maintained the following ratings in the first half of 2025: | Management of interest rate risk hedge Gecina’s interest rate risk management policy is aimed at hedging the Company’s exposure to interest rate risk. To do so, Gecina uses fixed-rate debt and derivative products (mainly caps and swaps) in order to limit the impact of interest rate changes on the Group’s results and to keep the cost of debt under control. Over the year, Gecina continued to adjust and optimize its hedging policy with the aim of: At December 31, 2025, the average duration of the portfolio of firm hedges stood at 4.8 years. Based on the current level of debt, the hedging ratio will average close to 92% for the next two years and 78% on average until the end of 2029. The chart below presents the medium‑term component of the coverage profile, illustrating maturities through 2032 (in billions of euros): [Graphic omitted] Gecina’s interest rate hedging policy is implemented mainly at Group level and on the long-term; it is not specifically assigned to certain loans. Measuring interest rate risk Gecina’s anticipated nominal net debt in 2026 is 99% hedged against interest rate increases. Given the existing hedge portfolio, contractual conditions and the debt at December 31, 2025, a 50 basis point variation in interest rates compared with the forward rate curve would have no material impact on financial expenses in 2026. | Financial structure and banking covenants Gecina’s financial position as at December 31, 2025, meets all requirements that could affect the compensation conditions or early repayment clauses provided for in the various loan agreements. The table below shows the status of the main financial ratios outlined in the loan agreements: The financial ratios shown above are the same as those used in the covenants included in all the Group’s loan agreements View source version on businesswire.com: https://www.businesswire.com/news/home/20260210787183/en/ Contacts Gecina Financial communications Nicolas BROBAND Tel.: +33 (0)1 40 40 18 46 [email protected] Antoine DUBOIS Tel.: +33 (0)1 40 40 63 13 [email protected] Press relations Glenn DOMINGUES Tel.: + 33 (0)1 40 40 63 86 [email protected] Armelle MICLO Tel.: + 33 (0)1 40 40 51 98 [email protected]