Gecina

Latest Results (12.05.2026):

Gecina — Q4 2024 (year ended 31/12/2024): The Group reported a strong turnaround in 2024: consolidated net income attributable to owners was €309.8m (vs a €1,787.2m loss in 2023) and consolidated diluted EPS was €4.18 (€4.19 basic), while EBITDA was €565.7m and operating income €426.8m. Investment properties stood at €14.83bn and total assets at €17.92bn. The change in value of properties was a negative €127.3m for the year. Net cash flow from operating activities was €599.8m and closing cash €179.0m; net financial expenses were €90.5m. Gecina also completed refinancing activity in 2024, extending maturities and adding CSR-linked facilities.

Profitability

Consolidated net income attributable to owners: €309.8m in Q4/2024 (full-year 2024) compared with a €1,787.2m loss in 2023. EBITDA: €565.7m; operating income: €426.8m (vs -€1.61bn in 2023). The improvement reflects operating performance and lower negative non‑recurring valuation impacts versus the prior year.

Earnings per share

Consolidated net earnings per share (basic): €4.19 in 2024 (diluted €4.18), versus -€24.20 in 2023 — reflecting the return to positive net income.

Portfolio valuation

Investment properties: €14,828.2m at 31/12/2024. The net change in property values for the year was a decline of €127.3m. Gecina discloses sensitivity: a +0.50% rise in yields could reduce the operating portfolio value by ~9.4% (~€1.38bn).

Balance sheet and equity

Total assets: €17.918bn; shareholders’ equity: €10.522bn at 31/12/2024. Consolidated reserves and the positive 2024 net income supported equity after the prior-year revaluation losses.

Cash flow and liquidity

Net cash flow from operating activities: €599.8m. Net cash used in investing activities: €(405.9)m (including acquisitions and capex). Net cash from financing activities: €(158.6)m. Closing cash and equivalents: €179.0m.

Debt and financing

Total financial debt (at 31/12/2024): non‑current €5,315.7m and current €1,397.0m (total ≈ €6.71bn). In 2024 Gecina arranged ~€1.3bn of financing/refinancing, set up 11 responsible credit lines (avg maturity ~7 years) with CSR components, and says it renewed in advance all 2025 maturities and much of 2026 maturities, pushing many maturities toward 2031.

Operations, disposals and portfolio rotation

Disposals in 2024: €56.1m of sales with an average premium of +7% vs latest appraisals; gains on disposals €0.7m. Preliminary sale agreements of ~€200m signed (mainly residential) and a firm commitment from Nuveen/GSA to buy student housing assets for €567m (gross).

Lettings and development pipeline

Lettings/relets/renegotiations: ~83,000 sq.m. delivered in 2024; four redevelopment deliveries (three offices totalling ~49,000 sq.m and one office-to-housing conversion). Notable pre‑lease: full pre‑letting (10,835 sq.m) of Icône (32 rue Marbeuf) at strong Paris CBD rents.