Gecina (GFC) H1 2025 earnings summary

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.