Gecina (GFC) Q2 2026 earnings summary

Executive summary

• Revenue and earnings grew in H1 2026, supported by robust leasing activity (48,000 sq.m signed), high occupancy (93.8% overall, Paris CBD at 97.5%), and strong fundamentals in both office and multifamily segments.

• Multifamily segment signed 650 leases, with occupancy up 170 bps year-on-year and successful rollout of furnished and serviced units.

• Fully managed office offering expanded to 16,000 sq.m across 16 buildings, achieving rents 30%-40% above market values after costs.

• Tenant retention rate increased, with 84% retention and 40% of leases renegotiated or renewed in H1 2026.

• Portfolio value at €17.4bn, with central Paris assets showing resilience and disposals funding redevelopment.

Financial highlights

• Gross rental income was €358.5m (-0.4% year-over-year), with like-for-like growth of 2.0%; net rental income at €359.9m (+8.9%).

• Recurrent net income (Group share) rose 1.5% to €254.2m, or €3.43 per share (+1.4%).

• Rental margin improved by 160bp to 93.4% for offices and 84.3% for residential.

• EPRA NTA per share at €141.0; portfolio value at €17.4bn.

• Cost of debt at 1.6%, with 74% of debt hedged through 2030.

Outlook and guidance

• 2026 recurrent net income per share guidance confirmed at €6.70–€6.75, with a targeted 7–8% dividend yield and gradual growth through 2030.

• Paris/Neuilly redevelopment pipeline expected to generate €80–90m in new annual rents once delivered and let.

• Medium-term targets include normalized indexation (~2%/year), continued rental uplift, and a 95% occupancy target.