Earnings at June 30, 2025

| Key takeaways

• When more companies are increasingly encouraging employees to return to the office, they prioritize 'better office square meters' (more central, more prime, more green)
• Our strategy is built to align our portfolio with what matters most to our clients
• In H1 2025, the Group made strategic investment decisions totaling €1.3 billion to transform our portfolio toward more prime offices in central areas, laying the groundwork for future value creation:
  • Divestment of c. €750m of mature residential properties, including our mature student housing portfolio for €538m (excl. duties at a 3.9% rental loss rate).
  • Simultaneous acquisition of a prime office complex in Paris CBD for €435m (incl. duties), and a c.€40m capex plan on the main building targeting a 6.3% yield-on-cost.
  • Three ongoing flagship projects from our accretive office pipeline (Quarter, Les Arches du Carreau, Mirabeau), all in our clients’ preferred locations, with anticipated annual rental income of €80–90 million.
• This clear strategy is delivering strong operational results:
  • Leasing up to record heights underscoring our prime office leadership with 94,600 sq.m let or renewed in H1 2025 across all geographies, already exceeding the full-year 2024 total.
  • +9% rental uplift achieved, driven by sustained rent growth in core office markets (+29% in Paris CBD).
  • Group occupancy rate improved +60bp vs end-2024, sustained by the leasing performance.
  • Major pre-leasing successes: (1) 27 Canal pre-let to the digital division of a top-tier French retailer ahead of H2-2025 delivery (74% of the asset); (2) 162 Faubourg Saint-Honoré: 3,300 sq.m fully pre-let at prime CBD rents to a consultancy (+87% rental uplift).
  • Acceleration of Residential leasing, with services now deployed across all large assets (covering c. 70% of the Parisian portfolio), and c. 700 leases signed in H1 2025 (already above the full-year 2024 total); +14% rental uplift achieved on Parisian residential assets.
• And improved Gecina’s main metrics:
  • Robust cash flow momentum, with a Recurrent net income (Group share) per share up +6.4% from H1 2024 (€3.38 per share vs €3.18 in H1 2024), supported by overall gross rental income up +4.9% (current, €359.9m), with +3.8% like-for-like (+0.6pts above indexation, including the impact of rental uplift as well as of a better occupancy).
  • Asset values up +1.6% over the past six months, mainly driven by value gains in central locations (where the investment market is progressively reopening to large scale transactions and international capital is returning). This has contributed to a +1.1% increase in EPRA NTA since year-end 2024.
  • Resilient LTV of 33.6% including duties, and 34.9% taking into account transactions under preliminary agreement (mainly Rocher-Vienne acquisition). The Group benefits from a low and stable average cost of drawn debt at 1.2%, alongside an optimized hedging profile that ensures long-term visibility (100% of 2025–2026 maturities are hedged, and 85% of maturities through 2029 are covered).
• Recurrent net income (Group share) is now expected to grow by +3.6% to +4.4 % for the whole 2025 year, at the upper end of the guidance range (between €6.65 and €6.70 per share).

| Beñat Ortega, CEO: “In the first half of the year, we achieved remarkable milestones that underscore the strength of our strategy: prime in quality, central in location, and green by design and operations. This positioning, in the right place at the right time, enabled us to deliver outstanding leasing performance across both business lines. We secured 94,600 sq.m of office space, already exceeding our full-year 2024 activity, and signed nearly 700 residential leases. Alongside this, we completed the disposal of our mature student housing portfolio and executed the strategic acquisition of a major office complex in Paris CBD. These decisive actions reinforce our core fundamentals and lay solid foundations for future growth”.

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