Gecina (GFC) Q1 2026 earnings summary

Executive summary

• Rental income reached €176 million in Q1 2026, up 2.3% like-for-like, outperforming indexation due to rental uplifts and high occupancy, despite decelerating indexation from lower inflation and construction costs in France last year.

• Leasing momentum was strong with about 23,000 sq m signed in Q1, securing €18 million annual rent and an average lease maturity of seven years, including a landmark lease with JLL; one-third renewals, two-thirds new clients.

• Fully managed offices expanded to over 16,000 sq m and €16 million annual rents, up 33% year-over-year; residential leasing also robust with 335 leases signed, up 12% like-for-like.

• Portfolio rotation continued with €199–€200 million disposals at 3.5% yield and an additional €50 million at 2.2% yield, funding €265 million development CapEx in four flagship projects.

• ESG leadership confirmed by an upgrade to MSCI ESG AAA and CDP A-List status.

Financial highlights

• Like-for-like rental income up 2.3% year-over-year, reaching €176 million in Q1; office segment +1.5%, residential +7.5%.

• Gross rental income for offices at €149.5 million (+1.5% like-for-like), residential at €26.6 million (+7.5% like-for-like).

• Average rental uplift of 18% overall, with 28% in Paris CBD.

• Current-basis rental income down 2.2% due to active residential portfolio rotation in 2025.

• Disposals completed at a 3.5% yield; further €50 million secured at 2.2% yield.

Outlook and guidance

• Recurring net income per share for 2026 expected in the €6.7–€6.75 range.

• Vacancy rates expected to improve over time, with fluctuations quarter-to-quarter; Boulogne seen at or near a low point, with ramp-up expected as new metro line opens.

• Healthy pipeline of tenant discussions expected to drive future earnings growth.

• Continued focus on capital recycling and disciplined capital allocation, with all options considered based on market conditions and balance sheet objectives.