Business at September 30, 2025

| Key takeaways

• +4.0% rental income growth, driven by +3.7% like-for-like & positive impact of recent deliveries
• Strong operational metrics: 114,000 sq.m of offices let year-to-date (+9% overall rental uplift and +28% in extended CBD), 1,300 residential leases signed, occupancy stable
• Strengthened financial structure: successful green bond issue under highly attractive conditions end-July and early redemption of c. €530m of the 2027/2028 maturities, optimizing debt profile
• T1 Tower agreement signed with Engie to support tenant transition while securing rental income and reduce the repositioning void period
• GRESB: 1st in peer group, 2nd among 100+ listed European real estate firms, confirming leadership for future-proof real estate
• 2025 guidance confirmed: Recurrent Net Income (Group Share) expected to reach €6.65–€6.70/share, up +3.6% to +4.4% vs FY 2024

| Beñat Ortega, CEO: “We are executing our strategy with discipline and consistency, continuously enhancing our capital efficiency to deliver assets that meet the evolving needs of tenants— centrality, service quality, and energy & carbon efficiency. In a complex political and economic environment, we are firmly convinced that office real estate remains a key infrastructure for a service-driven economy, supported by renewed ‘return to the office’ momentum, which favors high-quality assets in prime locations, especially near major transport hubs.”

| Rental income up +4.0% year-on-year (current)

• +4.0% increase in rental income on a current basis (€539m, +€21m vs Q3 2024), driven by +3.7% like-for-like growth, as well as the positive contribution from 2024 and 2025 deliveries

• Progressive moderation of the impact of indexation in all geographies driven by the recently published commercial rent indices (ILAT)

• Solid leasing activity across both portfolios:

• Office: strong leasing performance over the first nine months of 2025 in the context of a progressive return to the office: c.114,000 sq.m let (77 transactions: c.35% renewals/renegotiations, c.65% reletting or first lettings), securing €60.1m of annual rents with an average firm maturity of 6 years. Geographic breakdown: Paris/Neuilly: 51% of the space let (€40.6m of annual rent), Core Western Crescent & La Défense: 18% (€10.1m), other locations: 31% (€9.3m)

• Residential: nearly 1,300 leases signed, reflecting strong leasing activity this summer and the successful transformation of our residential offer to deliver efficient, collaborative and modern flats to young professionals, students, families and corporates

• High rental uplift maintained, with +9% across the office portfolio, including +28% for the extended CBD and +23% in Paris City, demonstrating a sustained ability to outperform indexation over time

• Occupancy stable overall at a high level of 94.0% (year-to-date, average occupancy, current, vs H1-2025)

| Financial structure strengthened through a strategic bond issue

• Successful €500m 10y green bond issue under attractive financing conditions, supported by our best-in-class credit rating (A-/A3). The green bond was priced close to the French OAT 10-year benchmark, with an 85bp spread

• Early redemption of approximately €530m across the 2027 and 2028 maturities (€247.4m and €280.2m respectively), completed ahead of schedule to optimize the debt profile

• This combined operation delivered:

• An extended debt maturity profile, significantly reducing the volumes to be refinanced in 2027 and 2028

• Secured long-term financing conditions, with a non-significant impact on financial costs over 2025–2027

• Ample net liquidity headroom, with €3.1bn as of September 30, 2025

| Portfolio update

• T1 Tower framework agreement signed with Engie

• The tenant plans to relocate to its new headquarters in Spring 2026, and will have the option to activate an early departure (subject to payment of an early termination fee). Expected rental income until lease termination (June 2027) is secured through a series of milestones, enabling the transition within the tower to be closely monitored and the repositioning work to be anticipated 6 to 12 months in advance (reducing the void period)

• A repositioning program estimated at €140m is planned to transform the tower into a prime, multi-let asset, in a market where large, high-quality office spaces are expected to be scarce by 2027–2028

• Marketing efforts are already underway, well ahead of the building’s delivery, to proactively prepare for its progressive reletting from 2028 onward and ensure the tower contributes to the Group’s future rental growth

• Active pipeline execution to deliver four major developments between late 2026 and late 2027 (Rocher-Vienne (Signature), Quarter, Les Arches du Carreau, Mirabeau) expected to generate €80-90m of annual rent, after delivery and leasing, to more than offset the departure of the current tenant from T1

• Swift portfolio rotation in the first three quarters, including the disposal of mature residential assets (3–4% yields), notably the student housing portfolio (closed June 2025), and agile reinvestments in strategic acquisitions: Rocher-Vienne office asset (6.3% yield) and the “Hôtel Particulier” (deal closed in July 2025), and office pipeline (5.8% yield, double-digit incremental yield)

• Ongoing marketing of four repositioned office assets (Rocher-Vienne (Signature), Quarter, Les Arches du Carreau, and Mirabeau) in sound submarkets with limited availability for large, prime space and diverse tenant demand. Focus on delivering premium, differentiated products aligned with polarized office market trends

| GRESB: Gecina first in its peer group again

• Gecina maintained its exceptional score of 95/100 (5-star rating) in the Global Real Estate Sustainability Benchmark (GRESB^[1]), securing first place in its peer group and second among more than 100 listed European real estate companies

• Gecina’s position confirmed as a European leader for future-proof real estate, highlighting the resilience of its business model, designed to meet the evolving challenges of risk management, energy efficiency, and carbon reduction and to operate a low-carbon, high-performance portfolio aligned with the expectations of tomorrow’s tenants and investors

| Guidance confirmed

• Full-year Recurrent Net Income (Group Share) expected between €6.65 and €6.70 per share for 2025 (+3.6% to +4.4% vs FY 2024 RNI per share)

Read the full press release here

Footnotes

1. ^[1] GRESB is the leading global benchmark for evaluating the ESG performance of real estate portfolios, used by institutional investors to assess companies on environmental, social, and governance criteria. ↑