Results at a glance
Gecina posted recurring net income of €494.5 million for fiscal year 2025, an increase of 4.2% compared with the prior year and in line with the company's guidance and analyst expectations. Recurring earnings per share came in at €6.68, squarely within the guided range of €6.65 to €6.70.
Outlook for 2026
For 2026 the company reiterated a narrow progression, forecasting recurring net income per share of €6.70 to €6.75, which equates to growth of approximately 0.3% to 1.0% compared with the reported 2025 EPS.
Revenue and rental performance
Gross rental income for the year reached €712.6 million, up 2.6% year-over-year. Like-for-like rental growth was reported at 3.8%, comprised of a 2.6% indexation effect and a 0.6% contribution from rental reversion.
Portfolio valuation and asset performance
On a like-for-like basis, Gecina's portfolio value rose 2.3%, ahead of analyst expectations of 1.5%. Central office assets posted stronger gains, with values in central areas up 4.6% year-over-year. However, value trends were mixed across other locations: Core Western Crescent assets declined 1.2%, La Défense values were down 4.8%, and other locations fell 7.1%.
Operating metrics and balance sheet items
The company's rental margin improved by 70 basis points to 92.7% year-over-year, and average financial occupancy increased by 70 basis points to 94.1%. Gecina proposed a dividend of €5.50 per share, a 1% increase versus the prior year but 3% below analyst forecasts.
Gecina's EPRA Net Tangible Asset value per share rose by 0.9% to €144.1, a figure described as slightly under analyst expectations. The loan-to-value ratio increased by 70 basis points to 38.3% over the period.
Asset disposals and LTV impact
The company secured residential disposals amounting to €0.2 billion, yielding 2.9%, which are expected to close in the first quarter of 2026. Management indicated these transactions should reduce the loan-to-value ratio by roughly 80 basis points once completed.
Pipeline and longer-term rent expectations
Looking further ahead, Gecina reiterated its expectation that its project pipeline will generate €80-90 million in annualized rents beyond 2027, including about €30 million of annual rents attributable to the T1 tower.
Takeaway
The 2025 results show modest year-on-year earnings growth, steady operational metrics and selective portfolio value appreciation, while certain non-core areas registered declines. The company maintained a narrow growth outlook for 2026 EPS and proposed a slightly higher dividend that trails analyst forecasts.