Earnings at June 30, 2026

Key takeaways by Beñat Ortega, Chief Executive Officer:

“Hybrid work is stabilizing, artificial intelligence is making prime office more strategic as the venue for value-added interactions. In markets that are bifurcating further between the best and the rest, corporates integrating AI favor prime and centrality: Gecina is firmly positioned on the right side. Paris/Neuilly's share of office rents will keep rising (c. +20pt over 2021-2031, reflecting a doubling in rent volumes over the period). To create value today and prepare tomorrow's growth, we continue to optimize our operations, we progressed on the restructuring of Paris/Neuilly assets into the destination headquarters corporates seek, and we disposed of more mature assets at the right time and conditions to fund this. This first half of 2026 illustrates Gecina's focus on growing revenues and earnings in a still-cautious market environment, as well as our capacity to fund our own growth, and to keep leverage stable — key to navigating the cycles of a long-term industry like ours. ” 

• Growth continued in revenues and earnings:

  • Like-for-like revenue growth of +2.0% year-on-year, confirming continuous outperformance above indexation, driven by sustained rental uplift on both portfolios (offices and multifamily) and occupancy maintained high (93.8% overall). Organic growth, recent deliveries and immediately-accretive acquisitions offset rent loss from disposals and repositionings.

  • Leasing activity: 48,000 sq.m let at +13% average rental uplift, securing €39m of annual rents. Pipeline of term sheets covering 50,000 sq.m adds further visibility, alongside sustained interest in redevelopment pipeline assets. 650 leases signed on the multifamily side.

  • 2026 guidance confirmed: recurrent net income per share (Group share): €6.70-€6.75. 

• Leverage kept equal and self-funded future growth for the coming years (2027-2030):

  • Portfolio values broadly stable like-for-like (-0.5%), mirroring market polarization. Total portfolio value: €17.4bn.

  • Strong financing platform with a 38.5% LTV excluding duties (36.2% including duties) and best-in-class credit rating confirmed for the 8^th consecutive year (S&P: A-, stable outlook; Moody's: A3, stable outlook), reflecting steady cash flow generation and disciplined financing strategy. Average cost of debt kept at 1.6% while successful recent €500m/5y green bond issued at a 68bp shows a competitive spread against our peers.

  • Future value creation without further leverage: €249m of disposals in the first half of 2026 at a 3.1% blended rent loss rate, plus €80m at a 2.4% rent loss rate secured in July – proceeds channeled into Paris/Neuilly redevelopment pipeline at a 10.6% blended yield on capex, in the best market segment (Paris/Neuilly, expected annual rent: €80-90m once delivered and let).

  • Paris/Neuilly pipeline on track to prepare future value, with Signature’s leasing and value success just 12 months after acquisition with c. 60% already secured (in sq.m) reaching c. 70% of initial rent target six months ahead of delivery, 4y IRR (levered) now above initial expected IRR by +450bp (>17%), with €150m of value already created.

Growth from like-for-like revenues to earnings

• All organic growth drivers at work, with like-for-like rental income up +2.0%: indexation captured, outperformance fueled by sustained rental uplift on prime and serviced real estate across both businesses, together with recent, immediately revenue-accretive acquisitions, offsetting the impact of capital rotation on a current basis

• Cost base under continuous discipline: 

  • Property costs optimized for better rental margin (materially improved year-on-year)

  • Structure costs streamlined, with digital-enhanced processes and the integration of AI, while refocusing staff on leasing, value creation (development, asset management), customer relationship and technical compliance (engineers)

  • Financial costs contained through robust hedging and disciplined capital allocation, keeping debt flat as a key asset in the current environment

• Gecina’s recurrent net income per share continuing to grow (+1.4%, €3.43 per share), securing guidance and confirming the model's steadiness

   

  

   

Please read the full press release