2024 Earnings

| Key takeaways

• Financial performance: a third consecutive year of growth, with earnings up +6.7% (recurrent net income per share (Group share) of €6.42), above guidance, supported by a solid +6.3% like-for-like rental growth driven by a still high level of indexation and rental uplift in ever-polarized markets (+10% on the office portfolio, +12% on the residential portfolio), favoring prime and central assets as the return to the office in modern well-located assets is confirmed
• Portfolio strategy delivering immediate value and preparing for future value creation:
  • Newly repositioned buildings delivered in 2024 (Mondo, 35 Capucines, Porte Sud) or to be delivered in early 2025 (Icône) achieving c. +30% value creation on the Paris office pipeline (vs total investment cost at the beginning of the projects) including the new landmark deal for Paris Central Business District (CBD) with Icône
  • Continuous asset rotation strategy with the disposal of mature assets, reflecting a +14% premium vs the latest valuations (5 residential assets between Q1 2024 and Q1 2025, as well as the student housing transaction project expected to close in H1 2025)
  • Launch of 3 new flagship projects to be delivered in 2027 in our clients’ preferred areas, representing a capex program of c. €500m still to invest and expected to generate c. €60 to €70m of revenues in 2027-2028
• Strong and healthy balance sheet providing capacity to operate and grow with:
  • A 35.4% loan-to-value improved to a low of 32.7% when the disposals secured are completed
  • A recently confirmed best-in-class A-/A3 rating, securing the best financial conditions with an average cost of debt at 1.2% (drawn debt)
  • An optimized hedging profile providing strong visibility on the cost of debt (c. 100% hedged on 2025-2026 and 85% over the next 5 years based on end-2024 debt, adjusted for disposals to date)
• Performance on energy and carbon still standing the test of time with another step forward through a -4.2% reduction in energy consumption (-31% since 2019), as well as a -12.3% decrease in carbon emissions (-60% since 2019)
• 2024 dividend up + 15 cts to €5.45 per share to be submitted at the Shareholders’ General Meeting, full cash (interim payment of €2.70 on March 5 with an ex-date of March 3, €2.75 balance on July 4 with an ex-date of July 2)
• 2025 guidance: recurrent net income (Group share) expected between €6.60 to €6.70 per share, reflecting another year of growth with +2.8%/+4.4% vs 2024

| Beñat Ortega, CEO: “I am proud to present Gecina’s remarkable performance across all facets of our business in 2024 again. This achievement highlights our extensive real estate expertise, seamlessly integrated to support our development strategy. Development of new tailor-made offerings to meet markets demands for centrality and services within our operational portfolio. Development of complex projects to drive immediate growth and prepare for future value creation. Development of new initiatives to address the sustainability challenges in real estate. For the third consecutive year, our growing earnings demonstrate Gecina’s ability to maintain a trajectory of resilient growth, while ensuring day-to-day operational excellence, to create immediate value and prepare for future growth.”