Gecina Sa Stock Earnings Reports

Gecina delivered a strong operational performance in 2025 with robust leasing activity, rental growth and disciplined capital allocation. The company signed nearly 120 leases (securing EUR 86m of annual rent on firm terms >6 years), doubled leasing pace vs 2024 in sqm terms and achieved like-for-like rental growth of +3.8% (2.6pp from indexation and >1pp from business performance). Residential momentum was strong (1,700+ leases, ~3x 2024) and operated office product “Yourplace” commanded ~40% rent premia versus market. Portfolio valuation rose +2.3% LFL, led by central Paris/Neuilly, while non-core/outer-city assets continue to adjust. Gecina remains highly active in capital recycling: ~EUR 3bn of disposals over five years, EUR 600m of acquisitions in 2025 (targeting double-digit IRRs) and ~EUR 1.3bn recycled into redevelopment since 2021. The company maintains a best-in-class A- rating and strong hedging (mark-to-market advantage ~EUR 485m equivalent). CSR progress is material: since 2019 energy consumption down 33% and carbon emissions down 63%, with ongoing AI-driven energy optimization initiatives. Management proposes a dividend of EUR 5.5/share (7% yield, ~82% payout) and guides 2026 recurring net income to EUR 6.70–6.75 per share, expecting continued bifurcation between prime central markets (rental uplifts) and softer out-of-center markets. Key near-term focuses: leasing its redevelopment pipeline (four flagship projects plus T1 Tower repositioning — ENGIE departs in April 2026), completing remaining CapEx (~EUR 430m) on pipeline, and maintaining strict cost discipline while monitoring maintenance CapEx (residential catch-up to normalize).