2025 Earnings: Delivering Growth

Key takeaways

• Making the difference with the right products

  • The Group develops destination headquarters for large corporates and accelerates the successful rollout of its fully managed offices tailored to SMEs and project teams, while the return to the office is confirmed and expected to reach 4 days per week in Paris in 2026 

     

• Solid operational momentum

  • Doubling leasing performance against 2024: 150,000 sq.m of office space let in 2025, at a +8% rental uplift in average, confirming our ability to lease assets on the prime segment of every submarket, giving visibility over the future. On the residential side, 1,720 leases were signed (triple 2024 levels)

  • High and rising occupancy reaching 94.1%, notably in the CBD office portfolio and in housing 

  • CSR: 2025 intermediate milestones exceeded, reducing energy consumption by –33% and carbon emissions by –63% since 2019

• Accretive capital allocation in action: €1.8bn of rotation in 2025 with disposals amounting now to €3bn at 2.9% in average over 5yrs

  • €0.8bn of timely disposals of mature residential assets in 2025 (2.1% yield for traditional housing, 3.9% for student housing), illustrating Gecina’s ability to leverage portfolio quality and liquidity to crystallize value and capture premiums. An additional €0.2bn of secured disposals expected to close in Q1 2026 to fund 2026 development capex

  • €0.6bn of accretive office investments (6.1% average yield), focused on core locations (c. 10% of the Group’s office rents in central areas), with 67% let or already under term sheet above our initial underwriting

  • Major pipeline progress, with key deliveries along 2025 on time, on budget and at record rents (including Icône) and the launch of four flagship projects scheduled between Q4 2026 and Q3 2027, expected to generate €80–90m of annual rents with double‑digit incremental yields on capex invested

• Delivering continuous financial growth

  • EPS up +4.2%, representing +26% since 2021. Performance driven by (1) +2.6% revenue growth (current, +3.8% like-for-like); (2) disciplined cost management (rental margin improved by +310 bps and cost ratio by -270 bps since 2021, continuous optimization of financial costs)

  • Balance sheet kept strong and healthy with a best-in-class A-/A3 rating reiterated for the 8^th consecutive year

  • Dividend of €5.50 per share to be proposed at the next AGM, marking a second consecutive increase and reflecting an attractive yield of c. 7% (on the current share price) and a sustainable payout of 82% (interim dividend: €2.75 paid on March 12, 2026; balance: €2.75 paid on July 9, 2026)

• Confidence in long‑term growth

  • EPS expected to continue growing in 2026 to €6.70–6.75 per share (+0.2% to +1.0% YoY)

  • Looking ahead: a portfolio well positioned for the next growth cycle, supported by four flagship projects and ongoing platform optimization, combined with continued cost discipline

  • Raising the bar with new 2030 CSR targets, carbon emissions reduced to below 5.5 kgCO₂/sq.m/year for the operating portfolio (with residual emissions offset) and net‑zero carbon at delivery for assets in development, together with energy‑performance targets of 130 kWh/sq.m/year in operation and 65 kWh/sq.m/year for developments

  • Future rental income growth provides visibility regarding the medium‑term increase in recurring net income per share. In this context, we expect the company’s dividend to gradually grow over the coming years (2026-2030)

   

Beñat Ortega, CEO: “2025 demonstrates the strength of our platform: we delivered rent growth while executing major rotation moves that enhanced our portfolio quality and sharpened our position in the most resilient, supply‑constrained markets. Our strategy remains simple and effective — prime assets, central locations, energy efficiency, strong balance-sheet, and an unwavering focus on what tenants value most. As we enter 2026, we remain fully committed to disciplined execution, value creation and sustainable growth, raising the bar again with our new 2030 CSR targets. We are building a more resilient, low‑carbon real estate model that can meet the transitions ahead, support revenue growth, and sustain a gradual increase in our dividend”.

Read the full press release here