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Gecina (GFC) investor relations material

Gecina H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary24 Jul, 2025

Executive summary

  • Achieved strong H1 2025 results with record leasing activity, robust rental uplifts, and a strategic focus on premium, sustainable, centrally located office assets, especially in Paris/Neuilly.

  • Portfolio transformation included €2.1bn in disposals (2023–2025), notably mature residential and student housing, and €1.3bn reinvested in prime office acquisitions.

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

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

  • Occupancy rate improved by 60bps since end-2024, reaching 94.0% at June 30, 2025.

Financial highlights

  • Gross rental income rose 4.9% year-over-year to €360m; like-for-like growth at 3.8%, driven by indexation and strong rental uplifts.

  • EBITDA increased 7.1% to €295m; recurrent net income per share up 6.4% to €3.38; five-year EPS growth of 25%.

  • Portfolio value at €17.0bn as of June 30, 2025, up 1.6% like-for-like from year-end 2024, rebounding 2.3% since the 2023 trough.

  • EPRA NTA per share at €144.3 (+1.1%); annualized rental income at €670m, reflecting disposals and pipeline transitions.

  • LTV (including duties) at 33.6%, with average debt maturity of 6.4 years and cost of debt at 1.2%.

Outlook and guidance

  • 2025 recurrent net income (Group share) expected at €6.65–€6.70 per share, at the upper end of guidance.

  • Anticipates continued strong rental growth and value creation in prime locations, with four major office projects to deliver €80–90m annual rent by 2027.

  • Indexation expected to slow, but demand for central, prime offices remains strong; focus on portfolio rotation and cost discipline.

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Frequently asked questions

Gecina SA is a French real estate investment trust (REIT) that specializes in owning, managing, and developing prime office and residential properties, primarily in the Paris region. The company focuses on high-quality, sustainable real estate assets, with a significant portion of its portfolio dedicated to office spaces, along with a growing presence in residential housing and student accommodations. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.

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