Gecina (GFC) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results with record leasing activity (94,600 sq.m let), robust rental uplifts, and a strategic focus on premium, sustainable, centrally located office assets, particularly in Paris and Neuilly.

• Portfolio transformation included €2.1bn in disposals (notably €538m student housing) and €435m acquisition of a prime Paris CBD office complex, reinforcing centrality and quality.

• Maintained a best-in-class financial profile with low LTV (33.6%), A-/A3 ratings, robust liquidity, and 100% green financing.

• Strong ESG performance: 31% energy reduction, 60% emissions cut since 2019, and 100% of office portfolio certified to leading sustainability standards.

• Occupancy rate improved to 94.0% at June 30, 2025, with over half the portfolio refurbished in the last decade.

Financial highlights

• Gross rental income rose 4.9% year-over-year to €359.9m; like-for-like growth at 3.8%, driven by indexation and strong rental uplifts.

• EBITDA increased 7.1% to €294.6m; recurrent net income (Group share) up 6.5% to €250.4m; EPS up 6.4% to €3.38.

• Portfolio value reached €17.0bn as of June 30, 2025, up 1.6% like-for-like since year-end 2024.

• EPRA NTA per share at €144.3 (+1.1%); net yield on property portfolio stable at 4.6%.

• Annualized rental income at €670m, reflecting disposals and pipeline transitions.

Outlook and guidance

• 2025 recurrent net income (Group share) expected between €6.65 and €6.70 per share, at the upper end of guidance (+3.6% to +4.4% year-over-year).

• Anticipates continued strong rental growth in prime locations, with future value creation from a robust development pipeline and ongoing capital recycling.

• Indexation expected to slow, but demand for central, prime offices remains strong; pipeline of four prime projects to deliver €80–90m in annual rent by 2027.