France · Delayed Price · Currency is EUR Gecina Earnings Call Transcripts
Fiscal Year 2026
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Rental income grew 2.3% like-for-like in Q1, driven by strong leasing and high occupancy, with €250 million in disposals funding development projects. Recurring net income per share guidance for 2026 is confirmed at €6.7–€6.75, and capital allocation remains disciplined amid a subdued investment market.
Fiscal Year 2025
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Operational and financial performance in 2025 was strong, with robust leasing, disciplined capital allocation, and recurring net income and EBITDA up over 4% year-over-year. Dividend growth is expected to continue, supported by a high-quality portfolio and active pipeline projects.
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Leasing activity remained robust in both office and residential segments, with strong rental growth and high occupancy in prime locations. Financial structure was strengthened through a green bond issuance and early debt redemption, while guidance for net recurring income was confirmed at €6.65–6.70 per share.
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Record leasing and rental uplifts in central Paris drove strong EPS and portfolio growth, with guidance raised and a focus on prime office assets. Robust balance sheet and disciplined capital recycling support future value creation.
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Gross rental income rose 3.6% year-over-year in Q1 2025, with strong leasing activity and significant rental uplifts in Paris CBD and City. Guidance for 2025 is confirmed, and management remains confident despite macroeconomic uncertainties.
Fiscal Year 2024
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Earnings and recurring net income per share grew for the third consecutive year, driven by strong rental growth, value-creating developments, and disciplined capital allocation. The outlook for 2025 anticipates continued cash flow growth and robust demand for prime Paris assets.
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Gross rental income rose 6.7% like-for-like, driven by indexation and strong rental reversion, especially in Paris. Three major projects were delivered on time and on budget, and recurring net cash flow is expected at €6.4 per share. Leasing slowed in Q3 due to the Olympics and political uncertainty.
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Net recurring income per share rose 8.4% in H1 2024, driven by strong rental growth in central locations and a robust balance sheet. Portfolio valuation stabilized, with continued focus on redevelopment and operated asset strategies. Guidance for 2024 FFO growth per share is reaffirmed at 5.5%-6.5%.