Gecina (GFC) Q3 2026 earnings summary

Executive summary

• 140,000 sq.m of office leases signed in 9M, including 92,000 sq.m in Q3; occupancy stood at 94.0% and like-for-like rental growth was +1.7%.

• 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) vs Q3 2025; indexation was +0.7%.

• Deliveries and 2025 acquisitions added €19.8m of income, partly offset by mature residential disposals and assets transferred to the development pipeline; current-basis rental income reflected this planned rotation.

Outlook and guidance

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

• Recent inflation is not expected to benefit rents before end-2027 or early 2028 due to the mechanical lag between inflation and rents.