Gecina

Latest Results (12.09.2026):

Gecina — Q4 2025 (full-year 2025): The company reports a solid 2025 driven by central, prime and low‑carbon assets. Key operational outcomes include like‑for‑like rental income growth of +3.8%, an 8% overall rental uplift (with +29% in the Paris CBD), and €6.68 recurrent net income per share (up 26% vs. 2021). The portfolio is valued at about €17.6bn, LTV sits at 36.0%, and Gecina retains investment‑grade ratings (A‑ / A3), supported by a financing mix of 100% green or sustainable debt.

Earnings & cash flow

Recurrent net income per share reached €6.68 in 2025 (+26% vs 2021). Like‑for‑like rental income rose +3.8%, underpinned by indexation and rental uplifts across the portfolio.

Rental performance & leasing

Gecina signed c.150,000 sq.m in 2025 and reported an overall rental uplift of 8%, including a strong +29% uplift in the Paris Central Business District, reflecting high demand for prime central offices.

Portfolio and capital allocation

Portfolio value is reported at about €17.6bn. The group executed c.€1.8bn of investment and divestment decisions in 2025, including a c.32,000 sq.m acquisition near Saint‑Lazare and the disposal of its student residence platform to reinforce portfolio centrality and quality.

Balance sheet & credit profile

Financial strength is highlighted by a 36.0% LTV ratio and ratings of A‑ (S&P) / A3 (Moody’s). Gecina states it funds itself entirely via green or sustainable instruments and maintains controlled leverage.

Distribution & shareholder returns

The report reaffirms a sustained distribution policy (referenced dividend yield c.7%), supported by predictable cash flow from central prime assets and recurring income generation.

Sustainability & operational performance

Environmental progress remains a pillar: energy consumption down ~33% and operational carbon emissions down ~63% since 2019. 55% of the office portfolio has been refurbished over the past decade to improve performance and durability.