Gecina (GFC) Q3 2026 TU earnings summary

Executive summary

• Record Q3 office leasing of 92,000 sq m brought 9M signings to 140,000 sq m, among the strongest performances in a decade; portfolio occupancy was 94.0%.

• 2026 recurrent net income (Group share) guidance confirmed at €6.70–€6.75 per share.

Financial highlights

• Gross rental income was €531.7m at September 30, 2026, down 1.4% on a current basis but up 1.7% like-for-like (+€8.2m); indexation was +0.7%.

• Office gross rental income was €454.4m (+0.6% current basis; +1.0% like-for-like); residential was €77.3m (-11.8% current basis; +6.7% like-for-like).

• Deliveries and 2025 acquisitions added €19.8m of income, partly offset by mature residential disposals and assets transferred to the development pipeline.

Outlook and guidance

• 2026 recurrent net income (Group share) guidance remains €6.70–€6.75 per share; 2028 growth remains a strategic focus.

• Pipeline projects are expected to generate €80–€90m of rent; the next year is a transition before growth from developments and occupancy.

• Recent inflation is not expected to benefit rents before end-2027 or early 2028; around €400m of near-term project costs remain to be financed, with future CapEx approached cautiously.