Gecina (GFC) investor relations material

Executive summary

• Office leasing reached 114,000 sq m, generating €60 million in annual rents, with strong operational performance despite a complex French political context.

• Residential leasing saw nearly 1,300 leases signed, supporting the portfolio's transformation toward serviced apartments and modernized offerings for diverse tenant groups.

• Rental outflows and indexation outperformance: +9% across the office portfolio, +28% in the extended CBD, and +14% in Parisian residential.

• Maintained five-star GRESB rating, ranked first in peer group, and scored 95/100 among over 100 listed European real estate firms.

• Financial structure strengthened through a €500 million green bond issue and early redemption of €530 million in upcoming maturities.

Financial highlights

• Rental income increased by 4% year-over-year, reaching €539 million, with 3.7% like-for-like growth.

• Office segment rental income rose 6.8% on a current basis and 3.7% like-for-like; residential segment saw a 3.5% like-for-like increase.

• High occupancy rates maintained: 94.2% for offices and 93.1% for residential as of September 30, 2025.

• Growth supported by 2024 and 2025 deliveries, including Mondo, 35 Capucines, and Icône.

• Net recurring income guidance confirmed at €6.65–6.70 per share.

Outlook and guidance

• Net recurring income expected between €6.65–6.70 per share for the year, representing a 3.6% to 4.4% increase over FY 2024.

• Confident in medium-term ability to manage occupancy outside Paris, with no major departures expected in the next two years.

• Market expected to be at or near the bottom for Paris office take-up, with potential for improvement as corporates return to the office.

• Lower impact from indexation expected in 2026 due to decelerating ILAT indices.