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1. Company Snapshot

1.a. Company Description

Gecina operates innovative and sustainable living spaces.The Group owns, manages and develops Europe's leading office portfolio, with nearly 97% located in the Paris Region, and a portfolio of residential assets and student residences, with over 9,000 apartments.These portfolios are valued at 20 billion euros at end-June 2020.


Gecina has firmly established its focus on innovation and its human approach at the heart of its strategy to create value and deliver on its purpose: “Empowering shared human experiences at the heart of our sustainable spaces”.For our 100,000 clients, this ambition is supported by our client-centric brand YouFirst.It is also positioned at the heart of UtilesEnsemble, our label setting out our commitment to the environment, to people and to the quality of life in cities.


Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo indices.In 2020, Gecina was awarded the maximum A rating in the CDP climate change rankings.

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1.b. Last Insights on GFC

Gecina's recent performance was negatively impacted by a lack of significant earnings growth, as highlighted in its 2025 earnings report. The company's ability to deliver growth was a key focus, but the report did not provide any substantial updates on this front. Additionally, the recent information regarding total voting rights and shares as of January 31, 2026, suggests a stable but unremarkable shareholder base.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Gecina: Conditions for Accessing or Consulting the 2025 Universal Registration Document

Feb -16

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Gecina Welcomes JLL on "Signature" Ahead of Delivery

Feb -12

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Gecina – 2025 Earnings: Delivering Growth

Feb -10

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Information Regarding the Total Voting Rights and Shares of Gecina as of January 31, 2026 (1)

Feb -03

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Is It Time To Reconsider Gecina (ENXTPA:GFC) After Recent Share Price Moves?

Jan -07

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Information Regarding the Total Voting Rights and Shares of Gecina as of December 31, 2025 (1)

Jan -06

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Semi-Annual Statement on Gecina’s Liquidity Agreement

Jan -06

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Information Regarding the Total Voting Rights and Shares of Gecina as of November 30, 2025 (1)

Dec -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Commercial

Expected Growth: 4.83%

Gecina's 4.83% commercial growth is driven by a strong French economy, increasing demand for premium office spaces, and a solid pipeline of redevelopment projects. Additionally, the company's strategic focus on high-value assets, efficient cost management, and proactive lease management contribute to its growth momentum.

Residential

Expected Growth: 4.83%

Gecina's 4.83% growth in Residential segment is driven by increasing demand for housing in urban areas, favorable demographics, and limited supply. Additionally, the French government's Pinel law and other incentives encourage investment in rental properties, supporting growth. Furthermore, Gecina's diversified portfolio and strategic acquisitions contribute to its robust performance.

7. Detailed Products

Office Properties

Gecina offers a range of office properties for rent, from modern and flexible workspaces to historic and prestigious buildings, catering to diverse business needs.

Residential Properties

Gecina provides a portfolio of residential properties, including apartments and houses, for rent or sale, catering to individual and family needs.

Healthcare Properties

Gecina offers specialized healthcare properties, including clinics, hospitals, and medical offices, designed to support healthcare professionals and patients.

Student Residences

Gecina provides student residences, offering comfortable and convenient living spaces for students, with amenities and services tailored to their needs.

Urban Regeneration Projects

Gecina develops and invests in urban regeneration projects, transforming underutilized areas into vibrant and sustainable neighborhoods.

8. Gecina's Porter Forces

Forces Ranking

Threat Of Substitutes

Gecina's business is not heavily impacted by substitutes, as its properties are unique and difficult to replicate. However, the company still faces some competition from alternative investment options.

Bargaining Power Of Customers

Gecina's customers have limited bargaining power due to the company's strong market position and the lack of alternative options.

Bargaining Power Of Suppliers

Gecina's suppliers have some bargaining power due to the specialized nature of their services, but the company's scale and reputation help to mitigate this.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the French real estate market, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The French real estate market is highly competitive, with several large players competing for market share. Gecina must continually innovate and improve its offerings to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.45%
Debt Cost 3.95%
Equity Weight 62.55%
Equity Cost 9.18%
WACC 7.22%
Leverage 59.88%

11. Quality Control: Gecina passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CTP

A-Score: 6.9/10

Value: 5.0

Growth: 6.8

Quality: 7.0

Yield: 6.9

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Colonial

A-Score: 6.1/10

Value: 5.8

Growth: 4.1

Quality: 6.7

Yield: 7.5

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
SFL

A-Score: 5.8/10

Value: 3.3

Growth: 3.6

Quality: 6.3

Yield: 6.9

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Gecina

A-Score: 5.8/10

Value: 5.7

Growth: 3.3

Quality: 4.6

Yield: 8.8

Momentum: 2.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
CA Immobilien

A-Score: 5.5/10

Value: 4.1

Growth: 2.3

Quality: 5.5

Yield: 8.8

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Derwent London

A-Score: 5.1/10

Value: 4.9

Growth: 2.3

Quality: 6.6

Yield: 6.9

Momentum: 2.0

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

75.9$

Current Price

75.9$

Potential

-0.00%

Expected Cash-Flows