Gecina (GFC) H2 2024 earnings summary

Executive summary

• Achieved third consecutive year of growth, with recurrent net income per share up 6.7% to €6.42, surpassing guidance, driven by strong like-for-like rental growth and asset rotation favoring prime, central locations.

• Delivered and pre-let major office projects in central Paris, generating significant value creation (+30% to +34% over investment cost), supporting future growth with a robust development pipeline.

• Maintained a strong balance sheet with LTV at 35.4% (32.7% pro-forma after disposals), A-/A3 credit ratings, and a low average cost of debt at 1.2%.

• Proposed dividend increased by €0.15 to €5.45 per share, reflecting robust operational and financial performance.

• Continued leadership in ESG, with energy consumption down 31% and carbon emissions down 60% since 2019.

Financial highlights

• Gross rental income rose 4.1% to €694.5m; net rental income up 4.8% to €638.7m; EBITDA up 5.7% to €565.7m.

• Recurring net income per share reached €6.42, up 6.7% year-over-year and 21% since 2021, exceeding guidance.

• Like-for-like rental growth of 6.3% overall, with offices at 6.6% and residential at 4.7%.

• Achieved a 10% rental uplift overall, up to 44% in Paris CBD.

• NAV per share at €142.8 (+0.7% vs 2023); EPRA NTA per share at €142.8.

Outlook and guidance

• 2025 guidance: recurrent net income (Group share) expected between €6.60 and €6.70 per share, up 2.8%–4.4% year-over-year.

• Expects continued strong demand for centrally located offices and ongoing cash flow growth for a fourth consecutive year.

• Indexation expected to slow but remain above 10-year average.

• Rent growth to be supported by new asset deliveries and offset by disposals and pipeline transfers.