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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.
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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