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Delivering growth Through operational excellence and accretive investment decisions February 11, 2026
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Continuous rent growth, supported by indexation (decelerating), higher occupancy, and sustained rental uplift 2 | Strong leasing performance in a transitioning market that increasingly favors prime, centrally located assets 150 k office sq.m let in 2025 +3 .8 % Rent growth (like-for-like) Active portfolio rotation: €1.0bn of disposals completed or secured at 3.2%, reinvested into €0.6bn of acquisitions at c.6.1% and €0.2bn into the development pipeline at 5.8% Continuous EPS growth (+4.2% YoY), marking a 5th consecutive year of increases and a +26% gain since 2021 Dividend rising for the second consecutive year (reflecting a 7% yield & 82% payout), and expected to continue to grow looking forward € 1.8 bn Portfolio rotation € 6.68 2025 EPS (Group share) € 5.50 2025 dividend per share 2025 at a glance Attract. Connect. Anticipate.
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Making the difference with the right product 3 | Attract. Connect. Anticipate.
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4 | Return to the office: a new normal 2.9 2021 3.5 2024 3.7 2025 4.0? Confirmation Paris ahead of all major global cities – Singapore & NYC (3.0 days/week) and Sydney, London, Toronto (2.7 days/week) Early mover companies in favor of a return to the office Acceleration Growing corporate push for a return to the office: need for collaboration, innovation, knowledge transfer, and quicker transformation Bounce-back Office attendance higher than in other countries shortly after the pandemic New normal Slight increase expected, that should drive additional future demand for more prime workspaces Tenants prioritizing “ Better Square Meters ” More central to reduce commuting times More prime and green to make the office more appealing than home + prime+ central + green Source: JLL, Savills Days a week at the office Attract. Connect. Anticipate.
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Icône (2025) Paris CBD, Champs-Elysées Landmark deal at the best rent levels, demonstrating the strong attractiveness of prime assets located in central and hyper-central areas, just steps away from the Champs-Elysées Rare workplace experience with modular, bright spaces around the 14-meter-high atrium Tailored services, including rooftops with spectacular city views Environmental performance (with 6 of the most demanding labels at the highest levels) F lagship assets making the difference 5 | Creating destination assets for corporate headquarters… What tenants value most Prime, central locations 72% of large deals <6 min of public transit and transport hubs Vibrant mixed-use environments High-quality workplaces Large horizontal floorplates for seamless collaboration Generous natural light & comfortable heights supporting well-being Rich amenities & services Strong focus on outdoor areas (patios, gardens, terraces, rooftops) On-site business centers, diverse food options, sports & event spaces Energy-efficient by design Lower environmental impact and operating costs, aligned with CSR goals Large top-tier workspace Expansive, modular floorplates enabling full flexibility and organizational agility Best-in-class occupier experience: natural light, acoustics, ceiling heights, outdoor areas & strong CSR performance Execution velocity Real-time insights into client needs, enabling rapid testing and iteration Streamlined design-to-delivery cycle for faster time-to-market Performance-ready Full suite of corporate services & capacity to deliver tailor-made solutions at scale Ability to partner with best-fit suppliers and operators 100% certified developments Large/mid-surfaces Case study Attract. Connect. Anticipate. CBRE: 2,7 mln de m² livrés – immeubles > 3 000 m² - à Paris sur 2015-2025, pour un parc total de ~17,7 mln m²
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Why Yourplace makes the difference 6 | … and addressing small entities with fully managed offices What tenants value most Strong demand for flexibility Adapts to temporary or evolving needs: rightsizing, project teams, development phases, future growth Simplicity & privacy No real-estate burden for organizations without dedicated teams Full privacy and white-label options fully supported Favorable market dynamics Flex represents 5.9% of stock (stable) but already 22.8% of take-up (+53bp vs 2023) Strong, diversified demand (tech, finance, consulting, communication) from traditional leases, subleases & coworking Truly plug-&-play Premium, ready-to-use office spaces One point of contact, one single invoice Quality of execution Fully integrated real estate services High execution quality through full ownership and direct operation (no intermediaries) Flexibility delivered Flexible contracting tailored to each client Stable, robust operating model, more secure than subleasing-based alternatives Mid/small surfaces 32 Haussmann Attract. Connect. Anticipate. Yourplace : the right address 122 Reaumur 16 Montmartre 48 Montmartre 45-47 Monceau 32 Haussmann 151-153-155 Haussmann 169 Haussmann 18-20 Madeleine 1-3 Caumartin 5 Royale 24 Royale 35 Opéra 124-126 Provence 55 Amsterdam 26 Berri 3 Moncey
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Delivering performance 7 | Attract. Connect. Anticipate.
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8 | High leasing velocity, strong market positioning c. 150,000 sq.m of offices let in 2025 + 8 % average reversion + 29 % Paris CBD reversion € 86 m annual rents secured Almost twice the 2024 pace, backed by strong fundamentals • Robust leading indicators (visits & negotiations) • A proven ability to leverage daily feedback from 500+ clients to continuously refine our offer • Broad-based performance across all geographies, including c. 50% market share in Boulogne large-surfaces deals • Market appetite confirmed for fully managed workspace in 2025 (13k sq.m, +40-50% above ERVs) Revenue visibility secured • €86m of annual rents with 6-year average term • Anticipation with c. 50% renewals securing long-term retention (on the 2025-2028 maturities) • Positive rental reversion maintained to outpace indexation over time, incl. +29% in Paris CBD Unparalleled, diversified tenant base • Ranging from major corporates (40% of the CAC40 companies) to SMEs • Broad exposure across all sectors 6 y average maturity Attract. Connect. Anticipate. Leases signed in the last 3 years
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9 | Expanding our service platform on both businesses Yourplace : fully managed workspaces Serviced apartments Outperformance delivered +42% rental uplift Net rents +40%/+50% vs market, no incentives What’s next ? c. 20k sq.m deployed by end-2027 Medium term: 40 assets targeted across the portfolio Potential confirmed by sustained market interest 13k sq.m deployed (10k signed in 2025) 3.1-year average maturity, in line with small-surface leases Mix of options to meet all market needs: students, young professionals, families, corporates Unfurnished, turnkey units ranging from private single bedrooms to shared apartments 1,700 leases signed in 2025, showing market appetite for this mix Increase in occupancy with the roll-out of the offering in 2025 (+270bp vs end-2024*) Launch on 12 assets in central Paris (70% of the Paris portfolio), offering enhanced lifestyle services & amenities Fully online leasing journey, and a community-focused living experience of the Paris resi. portfolio 70 % Net ann. rent 12 m apartments transformed 1.2 k sq.m signed in 2025 10 k Net ann. rent 12 m Outperformance vs market + 40 % Attract. Connect. Anticipate. * Spot vacancy lfl
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10 | Proven revenue momentum Attract. Connect. Anticipate. Consolidated Office Residential + 3.8 % like-for-like rent growth • Current: full-year impact of 2024 deliveries (Mondo, 35 Capucines), on top of the contribution of 2025 deliveries (Icône, 27 Canal) • Like-for-like: sustained indexation (+2.9%) and positive contribution from rental uplift • Current: impact of the disposal of €0.8bn of mature assets (incl. student housing portfolio) • Like-for-like: sound increase in occupancy and rent uplifts (+3.2%) on top of indexation (+1.3%). Spot vacancy now 96.4% on apartments (lfl). + 5.2 % current + 3.7 % like-for-like - 9 .0 % current + 4.5 % like-for-like € 713 m Total rent • Sustained organic growth significantly outperforming indexation (+2.6%, slowering) in particular thanks to rental uplift (+0.6%) and the increase in occupancy and other effets (+0.6%) • Active portfolio rotation with €0.8bn of disposals of mature assets, €0.6bn of acquisitions, and contributions from deliveries across both office and residential segments, more than offsetting new pipeline projects • Fifth consecutive year of revenue growth + 2.6 % current
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11 | We have activated all growth drivers Sustained revenue growth Smart cost management Sound EBIDTA growth EPS up +26% since 2021 + 100 m Revenue growth since 2021 + 310 bp rental margin increase since 2021 + 4.2 % EBITDA growth yoy + 4.2 % EPS growth yoy - 270 bp G&A/rents change since 2021 13.1% 10.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 55 60 65 70 75 80 85 2021 2022 2023 2024 2025 G&A G&A/gross rents ratio 400 450 500 550 600 650 700 750 2021 2022 2023 2024 2025 Net revenues Gross rental income €613m 89.6% €713m 92.7% + 2.6 % Reven. growth (current, yoy) + 24 % EBITDA growth since 2021 + 26 % EPS growth since 2021 €476m €590m 400 450 500 550 600 2021 2022 2023 2024 2025 5.32 5.56 6.01 6.42 6.68 4 4.5 5 5.5 6 6.5 7 2021 2022 2023 2024 2025 Attract. Connect. Anticipate. EBITA (€m) EPS (€ per share) (€m)(€m)
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12 | Continued asset valuation growth in 2025 Values up +2.3% year - on - year* (like - for - lik e ) +0.5% +1.7% -3.2% -1.3% +0.2% +2.2% +3.0% -0.6% +1.2% +2% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Yield effect (%) Rent effect (%) +2 .3 % like-for-like value growth Share of the office portfolio + 2.7 % + 4.6 % - 3.8 % - 0.1 % Value uplift confirmed for CBD office assets Yield compression supported by an acceleration in Paris transactions (including larger assets) and the return of international capital Office transaction volumes in the Paris Region up +54% vs 2024 Average transaction size 1.5x larger than in 2024 Values reflecting market bifurcation Outside Paris, continued adjustment driven by yield decompression in a quieter investment market Reduced exposure of the Group on other areas Residential portfolio: values holding steady 4.9% 4.1% 8.0 % 11.1k per sq.m 18.3k per sq.m 4.6k per sq.m 3.6% 7.0k per sq.m Metric values (excl. duties) Net cap rates (excl. duties) ― Group totalResidentialOffice Paris & Neuilly Other areas Attract. Connect. Anticipate. * Excluding the non-recurring impact of the transfer tax rate change
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Assets in operations Assets in development Reduction in carbon emissions 13 | CSR: in advance on our 2030 decarbonization path Our strategy REDUCE Asset-level efficiency programs (on-site audits and action plans) & tenant partnerships 148.5 kWh/sq.m portfolio average -33% consumption reduction since 2019 and -42% since 2008 SWITCH 80% renewable energy through green contracts, urban cooling/heating systems & biogas 2025 target achieved: 7.5kgCO2/sq.m TRANSFORM CSR criteria embedded in all capex decisions Low-energy & CO2 pipeline to progressively enhance the portfolio : <65 kWh/sq.m, <4 kgCO2/sq.m, BREEAM/HQE Excellent+ Reduction in energy consumption 100% certified portfolio 100%7.5 kgCO2/sq.m/y 2025 target: 8.5 kgCO2/sq.m/y 148.5 kWh/sq.m 2025 target: 150kWh/sq.m - 33% since 2019 - 63% since 2019 100%2.1 kgCO2/sq.m/y 2025 target: 4 kgCO2/sq.m/y 62.6 kWh/sq.m/y 2025 target: 65 (kWh/sq.m/y Attract. Connect. Anticipate.
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14 | CSR: better measurement to act more efficiently c. 11,000 real-time temperature sensors across the portfolio 90% of data streamed live into centralized monitoring platforms Energy managers & expert partner fine-tune settings for optimal performance AI pilot on 22 office assets to proactively optimize energy use while maintaining comfort Case study 141 Haussmann Asset: Haussmann office asset (1864, refurb. 2017), with a complex mixed facade and large window surfaces Before: winter temperatures 23–24°C Action: joint engineering teams & client task force to optimize temperature management Impact: c. -25% energy savings (Oct–Nov vs. 2024). Before spending the first euro: consumption reduction through better monitoring • Temperature control as a decisive performance lever: 1°C = up to 7% energy impact • Continuous data-driven optimization coupled with on-site task force to achieve deep understanding of the asset and onboard tenants Win - win approach with our clients • Strengthened client partnerships to support their own CSR performance, with headquarters often being strategic assets to reduce their own energy and carbon footprint • Proven impact: energy savings already generated enabling clients to reduce their energy bills Attract. Connect. Anticipate.
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Cycle - proof strategy 15 | Attract. Connect. Anticipate.
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Strategic portfolio rotation to enhance portfolio quality and returns 16 | Dynamic capital allocation framework in the last 5 years Active asset management to drive recurring revenue growth Strong Balance Sheet to enable long-term value-creation Timely disposal to crystallize the value of mature assets at attractive valuations and recycle capital efficiently Selective developments: investing in pipeline projects meeting strict return hurdles Disciplined acquisitions: selective redeployment of the proceeds into high- quality assets with compelling yields €0.6bn @ 6.1% c. 10% of central office rent** €1.5bn*** @ high single digit incremental yield on capex c. 25% of the portfolio €3.0bn* @ 2.9% 15% of the portfolio Prudent leverage: disciplined deleveraging enhancing financial flexibility and credit profile Optimized financing costs: proactive refinancing and hedging strategy securing competitive long-term rates Strategic liquidity: substantial undrawn capacity ensuring operational resilience & growth optionality Continuous optimization of all organic growth drivers, with proactive anticipation of upcoming phases (lease maturities, capex planning, etc.) Maintenance capex to sustain leasing, ensure compliance and preserve value Cash dividend to shareholder: €2.0bn in 5 years c. +1.2bn value created in 5 years Best-in-class debt metrics €0.7bn OPERATIONS INVESTMENT FINANCING OPERATIONS INVESTMENT FINANCING Effective cost management (property charges, G&A) * €2.8bn of disposals completed over 2021–2025, plus €0.2bn of secured disposals at year -end 2025 (scheduled for completion in Q1 2026) ** Represents 10% of Gecina’s office rental income in Paris/Neuilly *** €1.3bn of development capex invested over 2021–2025, plus €0.2bn to be invested in 2026Attract. Connect. Anticipate.
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17 | Timely disposals supporting portfolio transformation OPERATIONS INVESTMENT FINANCING * Premium versus the lastest appraisals Attract. Connect. Anticipate. Refocus • Refocus on supply- constrained submarkets • Progressive contribution of the 4 pipeline projects 2017-2020 Crystallize value • Disposal of mature office assets (2.9% yield) • Disposal of 101 Champs- Elysées to Louis Vuitton (occupier) (2.1% yield) 2020-2023 Accelerate • Disposal of mature residential assets (2.6% yield) • Disposal of the student housing portfolio (3.9% yield) 2023-2025 4.9% average exit yield 2.6% average exit yield 3.2% average exit yield Market momentum: SCPI fundraising at all-time highs (>€5bn/year) Market momentum: peak yield compression in the Paris office market MSCI World Luxury Leaders at a high Market momentum: sustained and growing market appetite for student housing and residential Value crystallization Refocus on core markets Cycle - aware execution Agile investor targeting, € 3.0 bn disposals over 5y(incl. 2026 sec. disposals) 9 % average premium* (€229m over 5y) 2.9 % consolidated exit yield (5y)
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18 | Accretive acquisitions: Rocher - Vienne & Bloom for € 0.6 bn Signature (Rocher - Vienne) Paris CBD, Saint-Lazare Solid fundamentals & clear upside post-refurbishment Immediate integration with our adjacent asset to create a cohesive business hub and a unified, amenity-rich destination Unique end-to-end execution capacity (from investment to refurbishment, leasing, and operations), securing a win-win deal where the market faces more limited competition Case study Our focus Our know - how Execution done right Integrated in-house capabilities across the full value chain Non-contingent offer Strong balance sheet Smart sourcing & agility Continuous engagement with Paris investor base, leading to off-market deal sourcing Ability to propose smart, deal- enabling solutions (e.g., asset swaps) Deep local insight Dense footprint = robust datapoints & granular leasing knowledge Constant optimization of investment and arbitrage strategy Strict investment discipline Good fundamentals: centrality, floorplate quality, asset size, prime potential Risk-adjusted returns above cost of capital > 10 % Double digit IRR above cost of capital c. 10 % of office rents in central areas* € 0.6 bn acquisitions in 2025 OPERATIONS INVESTMENT FINANCING * Paris/NeuillyAttract. Connect. Anticipate. 67 % let or under term sheet
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4 on - going standout projects delivered by end - 2027 19 | Unique capacity to handle complex repositionings € 427 m capex still to invest 5.8 % Yield on cost & 10- 11% incremental yield on cost* € 80 - 90 m consolidated annual rent Mirabeau Rocher (Signature) • Paris CBD x large transit hub • 24,900 sq.m • TIC: €377m • Delivery Q4 2026 Mirabeau • Paris 15 x on the river Seine • 37,300 sq.m • TIC: €438m • Delivery Q3 2027 Quarter • Paris 12 x large transit hub • 19,100 sq.m • TIC: €229m • Delivery Q1 2027 Arches • Neuilly s./Seine • 36,200 sq.m • TIC: €478m • Delivery Q2 2027 * Definitions: yield on cost = expected rents (market rental values) / total investment cost (value of the land + amount of capex invested) ; incremental yield on cost = rental income gain / amount of capex invested Balanced model that drives value • <10% of the portfolio under redevelopment, securing long-term rental growth • Ability to carry temporary vacancy thanks to portfolio scale • Ongoing uplift in portfolio quality including CSR-wise Differentiated expertise & execution • In-house development know-how supported by top-tier French construction & architect partners • Rigorous planning to deliver on time and on budget • Deep tenant insights to design products aligned with workplace expectations Proven track record • C. 55% of the office portfolio redeveloped in 10 years representing €2.6bn capex over 10 years, including major repositionings from the 2017 Eurosic portfolio • Strong pre-leasing performance (16 out of the last 17 projects delivered) at market-leading rents • 33% profit on cost across the redevelopment pipeline < 10 % 55 % + 33 % OPERATIONS INVESTMENT FINANCING Attract. Connect. Anticipate. 94 %
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20 | T1 Tower: next starts now Building on strong fundamentals • Top location next to La Défense’s expanding transport hub • A modern 2008 asset, efficient floorplates, natural light, generous volumes, 2.8m ceiling height, no asbestos, 4 trading floors, sound CSR performance La Défense’s new prime • Prime repositioning of the tower into a multi-tenant asset with three blocks, each with its own service base (sky lobby, business center, food offer) • Targeted works (c. €150m): facade retained; selective, value-focused equipment upgrades Q3 2025 Spring 2026 Until mid-2027 For the record From Q4 2026 to Q3 2027 Early 2028 Framework agreement signed with Engie Start of works for 18/24 months Start of the active leasing phase c. €40m ann. rental income secured through milestones Delivery & leasing ramp-up of 4 developments €80–90m ann. rents Progressive re-leasing of the T1 tower (18-24 months) c. €30m ann. rents Attract. Connect. Anticipate. [© Franklin Azzi Architecture, Adagp, Paris, 2025]
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21 | T1 Tower: favorable market outlook Attract. Connect. Anticipate. Positive market outlook for T1 • No new tower to be built in La Défense before 2030 • Current new/restructured supply in La Défense represents c. 1.5 years of take-up for prime • Favorable supply-demand dynamics: demand for prime workspaces to outpace available supply or deliveries of the corresponding new supply before end-2027 Dynamic office submarket • Continuous demand reinforced by moves from adjacent, less-connected areas, accelerating the shift toward mid-sized, favoring multitenant-ready assets • Great value for money for corporates: qualitative Grade-A assets anchored by a major transit hub, offering seamless 15-minute CBD access within a mixed-use environment (retail, services, housing) • Flight to quality: preference for prime, service-rich, energy-efficient workspaces (more resilient demand, firmer pricing power) New, restructured Rest of the market % of avail. supply 32% 68% % of the take-up 56% (over 5y) 44% (over 5y) Absorption c. 1.5y 3.5y Vacancy 4.5%, trend 10.5%, trend Market rents €510-615/sq.m c. €400/sq.m [© Franklin Azzi Architecture, Adagp, Paris, 2025] Source: Cushman&Wakefield, BNPP-RE Transactions over 1,000 sq.m from tenants newly arriving in La Défense
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22 | Financing platform: a smoother financing normalization OPERATIONS INVESTMENT FINANCING Attract. Connect. Anticipate. Stronger financial structure A - /A3 Best-in-class rating 85 bp Spread achieved on the last bond issue (2025) • A consistently reaffirmed best-in-class rating (8 consecutive years), reflecting the Group’s sustained ability to generate stable cash flow and maintain disciplined investment and financial management • A rating that secures competitive financing conditions relative to comparables (average spread differential between A– and BBB+: c. 30bp in normal market conditions) • Tight 85bp spread on the last 10-year €500m bond issued end-July 2025 Solid & qualitative hedging • A sizeable €485m mark-to- market on fixed-rate debt and financial instruments (reflecting the difference between the interest actually paid and what would be paid under current market conditions without hedging) • Highlighting both the volume of debt hedged and the attractive levels at which it is hedged • Placing the Group in a strong position versus peers – Larger amount of MTM, representing 7.2% of the net debt, reflecting strong visibility over future financial expenses – Lower cost of debt (1.6%) locked in early (ahead of rate increases) and on longer maturities € 485 m MTM on fixed- rate debt and financial instr. 5 x MTM in terms of multiple of financial expenses Gecina Peers (Cont. Europe average) EPRA LTV (30/06/2025) 36.7% 43.3% Rating A-/A3 BBB+/BBB MTM in terms of % of net debt 7.2% 3.3%
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Looking forward 23 | Attract. Connect. Anticipate.
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24 | 2026 guidance 2026 Guidance 14 €6.70 - 6.75 per share (Group share) +0.2 % /+1.0 % EPS growth 2026 vs 2025 2025 Dividend €5.50 Per share, all cash, reflecting a 7% dividend yield. This dividend will be submitted at the next General Shareholder’s Meeting +1% Macro • A year of low indexation but consolidating growth in France, driven by domestic demand and investment Leasing • Strong demand for prime assets in top locations, reinforcing market bifurcation and sustaining rental uplift in Paris (supported by the rollout of our operated real-estate models) while Boulogne market may be more quiet • Pipeline, acquisitions & disposals: full-year contribution from 2025 deliveries (Icône, 27 Canal) and recent acquisitions (Hôtel Particulier, Bloom), impact of student-housing portfolio disposal and early-2026 disposals (three mature residential assets, €200m yielding c. 3%) • Cost discipline: continued strict management of both property costs (affecting rental margin) and structural costs • Broadly stable financial expenses, supported by a strong hedging policy, capitalized interest expected to remain broadly in line with last year Attract. Connect. Anticipate. [Quarter (photomontage), Hugo Denis-Queinec]
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Medium - term rental income (all else equal) 708 -40 +90 +30 Annualized Rent 2026 T1 Tower lease maturity Annual Rent Pipeline Deliveries Releasing T1 Organic growth 25 | Towards a new cycle of growth Getting ready Rents • Gradual recovery in indexation • Half-year impact from Engie’s departure (c. €20m for an annual rent of c. €40m)) • Progressive contribution of the 4 pipeline projects 2027 Unlocking Rents • Normalized indexation and occupancy • Rents generated by the 4 pipeline projects: Rocher- Vienne, Quarter, Arches, Mirabeau (€80-90m annually) • Progressive leasing of the T1 Tower (18-24 months) 2028 Accelerating Rents • Normalized indexation and occupancy • Potential refueling of the pipeline • Growing contribution from the rent generated by the T1 Tower (c. €30m annually) 2029 G&A: disciplined cost management and targeted reallocation of resources toward asset management, leasing, engineering, and customer experience Financial expenses: 85% of the debt hedged at 2025 conditions (all else equal), decreasing contribution from the capitalized interest as pipeline deliveries ramp up Financial expenses: 70% of the debt hedged at 2025 conditions (all else equal) Financial expenses: 58% of the debt hedged at 2025 conditions (all else equal) Capacity to pay and gradually grow the dividend over the period (7% dividend yield to date) Organic growth sustained by normalized indexation, rental uplift sustained by central areas (rent adjustment elsewhere), normative occupancy across the portfolio Attract. Connect. Anticipate. m€
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Assets in development Assets in operations 26 | Sustainable growth: raising the bar with 2030 targets 100% of employees trained (Managerial program, safety practices, etc.) >40% of Women in senior positions <5% Gender pay gap Social Performance Attract. Connect. Anticipate. Carbon Pathway <5.5 kgCO2/sq.m & offset of residual emissions -75% vs 2019 Deliver Net Zero assets Energy Performance 65 kWh/sq.m/year 130 kWh/sq.m/year -41% vs 2019 Certifications & Labels Best certifications at best levels 100% of offices certified & labels improved
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27 | Appendices Attract. Connect. Anticipate.
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Gecina in a nutshell APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. Unique portfolio A one-of-a-kind, high-quality Parisian portfolio with European scale, supported by a deep and diversified tenant base, in an undersupplied market (low vacancy, growing rents) € 17.6 bn Portfolio value at end-2025 Active asset management Operate & grow rents, optimize energy consum. and reduce carbon emissions with clients Redevelop assets to create value Sell mature assets to crystalize value Reinvest in high-yielding opportunities Thanks to a fully integrated platform spanning the entire real estate value chain, driven by a seasoned team committed to operational excellence & sustainable value creation 84/16 % Office/resi assets 98 % in the Paris Region Strong performance & balance sheet Consistent financial returns and sound balance sheet to capitalize on future growth opportunities 36.0 % Loan-to-value (incl. duties) 55 % office portfolio refurbished in the last 10y A - /A3 S&P and Moody’s ratings 80 % Office portfolio in Paris/Neuilly ESG Leadership -33% in consumptions & -63% in carbon emissions since 2019 Radical reduction in carbon emissions by 2030 + 33 % Value created on Paris/Neuilly projects FinancingAssets 28 | Attract. Connect. Anticipate.
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29 | A dense footprint in the most sought - after locations APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. 84 % Offices 121 assets c. €120m/asset € 17.6 bn Portfolio value at end-2025 16 % Residential 41 assets c. €60m/asset 80 % Office portfolio in Central areas (Paris, Neuilly) 99 % Of assets less than 5 min from pub. trans. Our journey to office leadership +18pt shift to central locations : 80% of office assets now in Paris & Neuilly (vs 62% in 2010) +31pt increase in office exposure: 84% today vs 53% in 2010 92% prime office asset, reflecting highly upgraded portfolio 55% offices refurbished in the past decade, strengthening quality and resilience Serviced real estate deployed across both asset classes Sustained CSR improvement: -33% in energy consumptions and a -63% cut in carbon emissions since 2019 (less energy, better energy, smart investment) MORE CENTRAL MORE GREEN MORE PRIME
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30 | Paris, a global city: our playground APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. 31 % c. 20 % 40 % 88 % # 1 First office market in Europe A unique, attractive talent pool: c. 20% of the French population 31% of national GDP (vs. London’s 23% share of UK GDP) Innovation leadership: 40% of France’s total R&D spending France’s corporate command center: 88% of CAC40 companies (1) AT Kearney, (2) Top-tier City with New-York and London in the Global City Index by Oxford Exonomics Luxury Digital, tech Financial services RetailConsulting companies EnergyIndustry Media, coms Law firms The largest European market One of the largest pool of highly skilled talent in Europe (engineers, researchers, scientists): 20% of France’s population, 1 in 5 French employees in the Paris Region Service-powered economy that drives office-space demand : 88% of jobs in the region are in the tertiary sector Resilient labor market supporting long-term economic strength: with unemployment below the national average (7.1% – Q2 2024) France’s economic engine At the core of France’s growth, Paris generates 31% of France’s GDP, ahead of London’s 23% for UK’s GDP Leading center of innovation and creation: 41% of national R&D spending and a major global university hub A top global investment destination(1), just behind Dubai, London & Singapore A unique lifestyle(2) A broad , resilient client base Strong connectivity Easier access to the office, powered by the world’s second largest transit networks, still expanding (Grand Paris) Affordable, efficient mobility, with low-cost monthly passes enabling easy daily commuting Strong global connectivity, with two international airports and high-speed rail creating a natural hub for executive decision-making and global business
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31 | Building on a unique set of clients APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. Unrivaled client mix A strategic decision - making hub #1 in Europe and #3 worldwide for Fortune 500 headquarters (23), after Beijing (50) and Tokyo (30) 88% of CAC 40 headquarters located in Paris or the Paris Region A rich & diverse corporate fabric Anchored by global leaders in financial services, luxury, aeronautics, and defense Thriving ecosystems in tech, creative industries, mobility, smart cities, green energy, health & life sciences, and agri-food 63% of French AI startups (500 entities): the 1st tech ecosystem in Europe’s and 4th worldwide(1) A concentration of major economic players 4m service jobs, growing at 1.4% annually (2014–2022) Europe’s highest concentration of researchers, scientists, and engineers 1.5m companies of all sizes from global leaders to innovative startups (1) Dealroom, 2025 33 25 9 11 6 6 5 5 A diversified tenant base across multiple sectors, providing balanced exposure to a broad range of macroeconomic drivers, with international exposure (CAC40 as well as global leaders in their sectors) • Top10 tenants: 27% of the rents • Top20 tenants: 37% of the rents 40% of the CAC40 companies Industry Tech. Media/TV Hospitality PublicFinance Consulting, services Luxe & retail
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1,095 477 350 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 € sq.m/year – Average rent on new supply 32 | Central markets defined by structural supply constraints APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. Constrained supply Only 9% of total supply available Stable supply in Paris, with just +0.4% average growth over the past 10 years (extended CBD) A dense city with strict planning rules, limiting the development of new office surfaces through height caps and tight urban regulations High demand for central assets 48% of the demand go to central areas +9% growth in office jobs between 2009-2020 A highly selective market: 63% of the 1,000- 5,000sq.m transactions in the 8th and 9th arrondissements (particularly from law firm and financial services) 5.0 11.2 1.35 5.4 0 2 4 6 8 10 12 10 11 12 13 14 15 16 17 18 19 20 21 22 23 242025 (%) Central-area vacancy sits below market balance Continuous prime rent growth in core locations vs. stability in other areas Paris CBD La Défense South. Loop Other APUR (2024), BNPP RE Gecina’s portfolio Highly central portfolio: 80% located in Paris–Neuilly, and 5% on the La Défense transport hub Pipeline focused on core markets, including two major projects atop top-tier regional transit hubs Prime accessibility: 99% of assets within a 5-minute walk of public transit when corporates try to minimize commuting time for employees (location = corporate priority #1 for renewals and #3 for new leases – CBRE) Market-making positioning, with several assets setting prime rent benchmarks in Paris and Neuilly Paris CBD Paris Region 80 % of the office portfolio in Paris-Neuilly 99 % of the portfolio with easy access to public transit
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0.9 4.9 2.1 4.5 10.0 17.5 CBD La Déf. South. Loop Vacancy on prime Vacancy on second hand 33 | Flight to quality: when corporates go prime APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. Gecina’s portfolio Strong concentration of high-quality buildings significantly above market standards, located in the best areas of Paris–Neuilly, La Défense & Boulogne 92% of our workspaces meet at least two of the following: recent refurbishment (<10 years), top CSR certifications, full-service amenities, architectural distinction With prime rents still rising in Paris CBD, our portfolio retains significant reversion potential, even on recently signed leases 92 % of prime office Optimized footprint Modern, efficient buildings that maximize real estate usage and operational flexibility Collaboration by design Spaces engineered to foster interaction, creativity, seamless communication, and client engagement, critical in times of business and geopolitical disruption Experience - driven Rich amenities, outdoor terraces, and vibrant surroundings (restaurants, culture, sports) to attract talent and boost engagement 65 % Market share of the prime (Q3 2025, CDB) +8.5 % per year Prime rent growth since 2021, twice the pace of indexation (4.2% per year) Lower vacancy on prime assets in all submmarkets A bigger market share of prime Prime rents increasing faster
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34 | A portfolio of landmark & iconic assets APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. L1ve Paris CBD 76, Grande Armée Surface 33,400sq.m Arch. Baumschlager Eberle (redevelopment) Clients BCG, Robert Walters, Louis Vuitton Malletier 3 Opéra Paris CBD 3, Place de l’Opéra Surface 5,500 sq.m Arch. Roger Bouvard Clients PAI Partners 10 - 12 Vendôme Paris CBD 10612, Place Vendôme Surface 10,300 sq.m Constr. 1750 Clients Chaumet, JP Morgan, Patek Philippe
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35 | A portfolio of landmark & iconic assets APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. 7 Madrid Paris CBD 7, rue de Madrid Surface 11,900 sq.m Arch. Dubuisson Architecture Clients Wework 9 Matignon Paris CBD 9, avenue Matignon Surface 12,600 sq.m Constr. 1890-1997 Clients KKR, Christie’s Wargny Katz & Associés 44 Champs Paris CBD 44, av. Champs-Elysées Surface 4,800 sq.m Constr. 1925 Clients Messika
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36 | End - to - end real estate expertise, all under one roof APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. Multidisciplinary expertise • Multidisciplinary operator: a fully integrated real estate platform covering investment, asset & property management, development, and operations • In-house asset management: direct management of approximately 160 properties in the portfolio, providing in-depth expertise and optimized asset management • Robust investment capabilities: robust sourcing capabilities with an average transaction volume of €500-1,000m each year Strategic positioning • Offices and residential operator: agile investment and management capabilities, with a competitive edge in Paris thanks to deep expertise in local zoning regulations • Knowledge of market dynamics: offering a strategic advantage in our portfolio management • Well-established and trusted operator: a heritage player trusted and recognized in the real estate market, backed by a strong and extensive client portfolio Service excellence • Full range of services: development of a service offering encompassing offices, including operated office spaces, as well as residential units through a diverse range of lease types (furnished rentals, turnkey apartments, serviced residences, etc.) • On-demand, bespoke services for our clients • CSR: creation of dedicated task forces driving forward sustainability and social impact initiatives at an accelerated pace
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Residential Paris Offices Other Offices 37 | A differentiated, asset - level value creation approach Long-term tenant retention Innovative leasing initiatives such as FEAT Pont de Sèvres (Boulogne) Tenant rotation to capture rental uplift Leveraging insights from student housing performance drivers Multi-offering approach to address all markets needs Tenant rotation to capture rental uplift Deployment of new serviced real estate models Pipeline project focused on office assets with prime potential in central areas Capture annual indexation on all leases Invest in high-yielding pipeline projects and investment opportunities Operate and grow Partner with clients to better manage energy and reduce carbon emissions Strategic disposals to crystalize value of mature assets Attract. Connect. Anticipate. APPENDICES COMPANY PRESENTATION
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38 | CSR at the core APPENDICES COMPANY PRESENTATION Attract. Connect. Anticipate. 9 Matignon A -16% reduction in energy consumption year on year, at 197 kwh/sq.m/year in a intensively-used mixed-use asset (auction room, office, apartments) -40% in carbon emissions (vs 2023), now below market average (10.3 vs 11 kgCO2/sq.m, according to the French Observatory for Sustainable Real Estate) 17 actions implemented for a one-off €0.4m capex (incl. connecting to urban cooling and heating networks, optimizing lighting in private areas and implementing sensor-based ventilation) Smart investment: targeted approach Low-energy & CO2 pipeline to progressively enhance the portfolio (energy: 65 kWh/sq.m & carbon: <4 kgCO2/sq.m, with Breeam and/or HQE excel- lent/exceptional) Optimized approach on the portfolio to incorporate energy-efficiency targets into the CAPEX strategy Better energy: switch to renewables for a radical fall in CO 2 by 2030 Already 80% renewable energy: green electricity, connection to urban networks, biogas Innovative solutions for transitioning to greener energy Less energy: monitoring energy efficiency in operations On-site task forces to identify actions for each asset to optimize energy consumption Partnering with clients Energy in buildings operated now below 148.5 kWh/sq.m/y 100 % of the office portfolio certified 100 % CSR incentives for all teams ISO 500001 Intl energy management standard Day to day CSR - 3 3 % energy consumptions since 2019 - 6 3 % carbon emissions since 2019 Case study
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Rating ESG topics analyzed 2025 Score 2025 Ranking Global Real Estate Sustainability Benchmark, the most prestigious ESG rating in the real estate sector comparing environmental KPIs and associated action plans 95/100 overall 99/100 in development 5-star status Leader in its peer group Carbon Disclosure Project on Climate Change, a score that reflects a company’s transparency and commitment in terms of climate change. Gecina does not take part in CDP Water, Forest or Supply Chain A Top 4% worldwide (4% of companies evaluated by CDP achieved an A) in 2025 Assessment of all non-financial matters (governance, CSR, quality of products, human resources) Residual risk assessed as negligeable Top 12% of listed real estate companies Evaluation of the company’s CSR performance (Governance, Human capital, Environmental performance) based on the 3 most relevant criteria for its sector AA Top 12% worldwide Overall evaluation of a company’s CSR performance based on 6 topics B- Top 10% 39 | CSR: widely recognized performance APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate.
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40 | P&L & Recurrent Net Income at December 31, 2025 APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. In million euros Dec 31, 25 Dec 31, 24 Change (%) Gross rental income 712.6 694.5 +2.6% Expenses non billed to tenants (51.7) (55.8) -7.3% Net rental income 660.9 638.7 +3.5% Other income (net) 1.8 3.3 -45.6% Recurrent overheads (73.1) (76.3) -4.3% Non-recurrent overheads (2.1) 0.0 na EBITDA - non recurring 587.6 565.7 +3.9% Change in fair value of properties (23.0) (127.3) -81.9% Gains or losses on disposals 2.9 0.7 +332.4% Depreciation and amortization (10.1) (11.7) -13.5% Net impairments, provisions and other expenses 2.6 (0.6) na Operating income 560.0 426.8 +31.2% Net financial expenses (93.9) (90.5) +3.8% Financial impairment 0.0 0.5 -99.9% Bond redemption fees and premiums 4.0 0.0 na Change in fair value of financial instruments (25.0) (24.7) +1.2% Recurrent net income from associates 3.2 3.3 -2.2% Non-recurrent net income from assiociates 2.7 (2.8) na Pre-tax income 451.0 312.6 +44.3% Recurrent Tax (2.3) (2.1) +10.5% Non-recurrent Tax 0.8 0.0 na Consolidated net income 449.5 310.5 +44.8% Recurrent minority interests (2.1) (2.0) +3.7% Non-recurrent minority interests 0.8 1.3 -37.4% Consolidated net income (Group share) 448.2 309.8 +44.7% Recurrent net income - Groupe share (1) 494.5 474.4 +4.2% Average number of shares 73,998,097 73,937,919 +0.1% Recurrent net income - Group share (1) per share €6.68 €6.42 +4.2% (1)EBITDA after deducting net financial expenses, recurrent tax, minority interests, including income from associates and restated for certain non-recurring items
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41 | Balance Sheet at December 31, 2025 APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. ASSETS Dec. 31, Dec. 31, LIABILITIES Dec. 31, Dec. 31, In million euros 2025 2024 In million euros 2025 2024 Non-current assets 17,363.4 16,602.4 Shareholders' equity 10,577.8 10,522.3 Investment properties 15,465.7 14,828.2 Capital 575.9 575.5 Buildings under repositioning 1,354.3 1,212.0 Additional paid-in capital 3,316.5 3,312.8 Operating properties 79.5 80.6 Consolidated reserves 6,220.8 6,307.8 Other property, plant and equipment 5.2 10.1 Consolidated net income 448.2 309.8 Goodwill 165.6 165.8 Other intangible assets 12.0 11.7 Shareholders' equity attributable to owners of the parent company 10,561.5 10,506.0 Financial receivables on finance leases 24.4 27.6 Non-controlling interests 16.3 16.3 Equity-accounted investments 84.4 82.0 Other financial fixed assets 33.2 35.9 Non-current liabilities 4,921.6 5,569.3 Non-current financial instruments 138.9 147.7 Non-current financial debt 4,742.0 5,315.7 Deferred tax assets 0.0 0.9 Non-current lease obligations 49.3 49.6 Non-current financial instruments 103.3 108.0 Current assets 651.8 1,315.5 Non-current provisions 26.9 96.0 Properties for sale 451.3 990.4 Current liabilities 2,515.9 1,826.3 Trade receivables 23.4 31.5 Current financial debt 2,089.6 1,397.0 Other receivables 97.3 112.0 Security deposits 90.5 87.9 Current financial instruments 1.9 2.6 Trade payables 169.4 160.6 Cash & cash equivalents 77.9 179.0 Current taxes and employee-related liabilities 48.4 58.5 Other current liabilities 117.9 122.2 TOTAL ASSETS 18,015.2 17,918.0 TOTAL LIABILITIES 18,015.2 17,918.0
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42 | EPRA NAV indicators at December 31, 2025 APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. EPRA NRV (Net Reinstatement Value) EPRA NTA (Net Tangible Asset Value) EPRA NDV (Net Disposal Value) IFRS Equity attributable to shareholders 10,561.5 10,561.5 10,561.5 Due dividends - - - Include / Exclude Hybrid instruments - - - Diluted NAV 10,561.5 10,561.5 10,561.5 Include Revaluation of IP (if IAS 40 cost option is used) 177.6 177.6 177.6 Revaluation of IPUC (if IAS 40 cost option used) - - - Revaluation of other non current investments - - - Revaluation of tenant leases held as finance leases 0.7 0.7 0.7 Revaluation of trading properties - - - Diluted NAV at Fair Value 10,739.8 10,739.8 10,739.8 Exclude Deferred tax in relation to fair value gains of IP - - x Fair value of financial instruments (37.5) (37.5) x Goodwill as result of deferred tax - - - Goodwill as per the IFRS balance sheet x (165.6) (165.6) Intangibles as per the IFRS balance sheet x (12.0) x Include Fair value of fixed interest rate debt (1) x x 447.8 Revaluation of intangibles to fair value - x x Real estate transfer tax 1,145.7 188.2 x EPRA NAV 11,848.0 10,712.9 11,022.1 Fully diluted number of shares 74,352,175 74,352,175 74,352,175 NAV per share €159.3 €144.1 €148.2 (1) Fixed rate debt has been fair valued based on the interest rate curve as of December 31, 2025
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43 | LTV & NAV at December 31, 2025 APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. NAV at December 31, 2025 ( € per share) 142.8 137.4 137.4 144.0 145.8 145.8 146.2 144.0 144.1 -5.5 +6.7 +2.6 -0.8 +0.4 -2.2 NAV at end-2024 Dividend RNI LFL Office LFL Resi Pipeline Disposals Other NAV at end-2025 Valuations LTV (incl. duties) at December 31, 2025 35.4 32.7 32.7 34.9 35.2 35.3 35.3 36.0 35.2 35.2 2.7 pt 2.2 pt 0.3 pt 2.7 pt 2.6 pt 0.7 pt 0.7 pt LT F 202 4 R I Dividend aluations LFL Pipeli ne other Disposals Other effects LT F 2025 Sec ured disposals LT F 2025 after secured disposals
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44 | Portfolio values at December 31, 2025 APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. Breakdown by segment Appraised values Like-for-like change (1) Net capitalization rates In million euros Dec 31, 2025 Dec 31, 2024 Dec 2025 vs. Dec 2024 Dec 31, 2025 Dec 31, 2024 Offices 14,743 13,719 +2.7% 4.9% 5.0% Central locations 11,841 10,628 +4.6% 4.1% 4.2% - Paris CBD & 5/6/7 8,126 7,214 +5.5% 3.9% 4.0% - Paris Other 2,959 2,712 +2.3% 4.7% 4.7% - Neuilly-sur-Seine 756 702 +2.1% 4.8% 4.7% Core Western Crescent (Levallois, Southern Loop) 1,268 1,289 -1.2% 7.0% 6.9% La Défense 793 886 -4.8% 8.2% 7.7% Other locations (Peri-Défense, Inner/outer rim, other regions) 842 916 -7.1% 9.6% 9.4% Residential 2,846 3,621 -0.1% 3.6% 3.3% Hotel & financial lease 34 37 - - - Group Total 17,624 17,377 +2.3% 4.7% 4.7% (1) Change before the impact of the increase in transaction costs. After this change, values are up +1.9% (like-for-like). Central areas (Paris & Neuilly) Positive yield impact (first time since the trough), driven by a rebound in transaction activity across all segments Sustained cash-flow growth, despite moderating inflation Outside Paris Ongoing yield pressure due to muted investment volumes Muted cash-flow effect, amid slower inflation, reduced indexation, and a more cautious leasing environment wit rents adjustments to secure occupancy 84 % Offices 121 assets c. €120m/asset € 17.6 bn Portfolio value at 31.12.2025 16 % Residential 41 assets c. €60m/asset 22.8 21.8 31.6 2.1 35.0 % 25.0 % 15.0 % 5.0 % 5.0 % 15.0 % 25.0 % une 21 Dec 21 une 22 Dec 22 une 23 Dec 23 une 24 Dec 24 une 25 Dec 25 ield effect Paris euilly Rent effect Paris euilly ield effect other areas Rent effect other areas
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45 | Development pipeline APPENDICES FY 2025 DETAILS Project Location Delivery date Total Space (sq.m) Total Investment (€m) (1) Already Invest (€m) (2) Still to Invest (€m) Est. Yield on cost (4) % Pre-let Paris – Rocher (Signature) Paris CBD Q4-26 24,900 377 0% Paris - Quarter Paris Q1-27 19,100 229 0% Neuilly - Les Arches du Carreau Western Crescent Q2-27 36,200 478 0% Paris - Mirabeau Paris Q3-27 37,300 438 0% Total offices 117,500 1,522 1,095 427 5.8% - Total residential - - - - - - Total committed projects 117,500 1,522 1,095 427 5.8% - Controlled & Certain offices (5) 76,400 581 373 208 6.3% - Controlled & Certain residential 4,200 29 0 29 4.8% - Total Controlled & Certain (6) 80,600 610 373 237 6.2% - Total Committed + Controlled & Certain 198,100 2,132 1,468 664 5.9% - - Total Controlled & likely 103,200 519 255 264 5.5% - TOTAL PIPELINE 301,300 2,651 1,723 928 5.8% - (1) Total investment for the committed pipeline = latest appraisal value from when the project started up + total build costs. For the controlled pipeline = latest appraisal to date + operation's estimated costs (2) Includes the value of plots and existing buildings for redevelopments + all capex spent so far if relevant (3) Committed pipeline is valued at €1,177m, already indicating book value creation of c.€82m (4) Yield on cost is calculated using either the contracted rents when pre-let or the mandate given to brokers for committed projects. For others. if no mandate is ongoing, assumptions retained are based on internal assumptions (5) Includes the light renovation project to reposition T1 tower as a prime asset (6) Includes two office assets now vacated (one in Malakoff, one in Colombes) to potentially be converted into housing Still to Invest (€m) – Committed projects 2026 2027 265 162 Attract. Connect. Anticipate. On going discussions
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46 | CAPEX: sustaining and enhancing long - term value APPENDICES FY 2025 DETAILS Attract. Connect. Anticipate. Development capex • Creating value by repositioning aging assets into prime-market assets that meet today’s corporate tenants’ and occupiers needs and achieve prime rents • 5.8% yield on cost on the office pipeline and double-digit yield on cost on the capex invested on office projects to date (ex.: 11.5% on Quarter or XX % on Arches) Evolution of maintenance & development capex - 100 m€ 200 m€ 300 m€ 400 m€ 500 m€ 2018 2019 2020 2021 2022 2023 2024 2025 Run-rate maintenance capex estimate Maintenance capex • Preserving long-term asset value by keeping buildings modern, compliant, and aligned with current uses • Key driver of leasing performance and tenant retention • Scope includes: – Selective, non-recurring renovation programs on the residential portfolio that secure asset performance for a new cycle (e.g., targeted catch-up investments including: double glazing, façade upgrades) – Development of new serviced real-estate offerings across offices and housing (office returns <2 years, supported by rents +40% above market), • Run-rate maintenance capex estimate: €85–95m A portfolio positioned on the right side of the market bifurcation (service-rich, high-quality, and compliant) designed to outperform over the long term
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47 | A cycle - proof financing structure APPENDICES Attract. Connect. Anticipate. Refinancing needs well spread over time Well - staggered hedging profile 99% 85% 70% 58% 47% 37% 29% 2026 2027 2028 2029 2030 2031 2032 c. 92% hedged on average over 2026-2027 c. 72% hedged on average across the 2026–2030 period 2025 Issue success €500m 10-year green bond issued end July 2025 at a tight 85 bps spread over the 10-year midswap, with a 3.375% coupon, close to the French 10-year OAT Oversubscribed 7x Enhanced visibility and strengthened profile through the proactive optimization of the debt schedule, including early repayment of the 2027 and 2028 maturities Case study FY 2025 DETAILS Best - in - class rating Strong and healthy balance sheet with a 36.0% LTV incl. duties Best-in-class rating reiterated for the 8th consecutive year, a clear recognition of steady cash-flow generation, disciplined investment and financial management Net debt broadly stable at €6.8bn ( €0.2bn), supported by a long average maturity of 6.2y High Liquidity & Flexibility Ample liquidity of €4.4bn in undrawn credit lines and cash, providing strong short-, medium-, and long- term flexibility Net liquidity of €2.9bn covering all maturities through 2029, well above internal minimal target of c. €2.0bn Strong market reception and extensive access to various sources of financing from both long-standing partners and new banks Green Leadership First European REIT to implement 100% green scheme bond Moderate Cost Long Visibility Cost of debt remains low (1.6% in total, 1.3% for drawn debt, at end-2025) Low cost of debt secured over longer maturities, locked ahead of market rate increases Optimized hedging profile providing strong long-term visibility: 92% of maturities for 2026-2027 hedged and 72% for 2026-2030 ones 0.1 0.5 0.5 0.5 0.5 0.7 0.7 0.7 0.5 0.6 0.1 0.1 2026 202 2028 2029 2030 2031 2032 2033 2034 2035 2036 203 2038 Corporate loans Green bonds In Bn €
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48 | Annualized rents at December 31, 2025 APPENDICES FY 2025 DETAILS in €m Dec 31, 2025 Dec 31, 2024 Office 602 592 Residential 106 133 YouFirst Residence 106 106 YouFirst Campus 0 27 Total 708 726 Annualized rental income is down by -€17 million from December 31, 2024, mainly reflecting the impact of residential asset disposals (-€34 million, including the student portfolio) and the loss of rents due to the departure of tenants from buildings undergoing or expected to undergo redevelopment (-€24 million), partially offset by the proceeds from building deliveries ( €16 million, Icône, 27 Canal) and acquisitions ( €14 million, Hôtel Particulier and Bloom), as well as the dynamics of organic growth (that includes indexation, the rental uplift captured on new leases or renewals and the effects of vacancy). In addition, the annualized rental income figures above do not yet include the rental income that will be generated by committed pipeline projects, which may represent nearly €80-€90 million of potential headline rents. Definition: the annualized rental income corresponds to the headline or IFRS gross rental income that would be generated over one year by the portfolio by considering the rental position observed on the closing date, over a full year. Attract. Connect. Anticipate.
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Analysis of office break-up options outside Paris Upcoming break-up options Upcoming end of lease Analysis of office break-up options in Paris City 49 | Rental schedule APPENDICES FY 2025 DETAILS 0 50 100 150 200 250 2026 2027 2028 2029 2030 2031 2032 > 2032 €m Break-up options others Break-up options Western Crescent & La Défense Break-up options Paris other Break-up options Paris CBD & 5-6-7 0 50 100 150 200 250 2026 2027 2028 2029 2030 2031 2032 > 2032 €m End of lease others End of lease Western Crescent & La Défense End of lease Paris other End of lease Paris CBD & 5-6-7 Of which T1 Tower 40m€ 66 512sq m 91 873sq m 45 771sq m 48 154sq m 39 890sq m 35 783sq m 34 401sq m 142 741sq m 568€ 683€ 736€ 777€ 808€ 1 019€ 650€ 850€ 2026 2027 2028 2029 2030 2031 2032 > 2032 38 667sq m 111 234sq m 77 337sq m 53 150sq m 22 515sq m 33 766sq m 20 773sq m 46 593sq m 307€ 611€ 452€ 505€ 415€ 389€ 432€ 368€ 2026 2027 2028 2029 2030 2031 2032 > 2032 Of which T1 Tower 65 000 sq m 4.5 y Average break-up 5.6 y Average end lease Attract. Connect. Anticipate.
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50 | Financial ratios & Covenants APPENDICES FY 2025 DETAILS Dec 31, 2025 Dec 31, 2024 Gross financial debt (1) € 6.8bn € 6. bn Net financial debt € 6.8bn € 6.5bn Gross nominal debt € 6.9bn € 6.8bn Unused credit lines € 4.3bn € 4.4bn Average maturity of debt (in years, adjusted for unused credit lines) 6.2 years 6.7 years LTV (excluding duties) 38.3% 37.6% LTV (including duties) 36.0% 35.4% ICR 6.3x 6.3x Secured debt / Properties 0.0% 0.0% Ratios Covenant 31/12/2025 LTV Net debt/revalued block value of property holding (excluding duties) < 60% 38.3% ICR EBITDA /net financial expenses) > 2.0x 6.3x Outstanding secured debt/revalued block value of property holding (excluding duties) < 25% 0% Revalued block value of property holding (excluding duties) > €6.0bn €1 .6bn Attract. Connect. Anticipate. (1) Gross financial debt = Gross nominal debt adjusted for amortized cost effects + accrued interest not yet due
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51 | Shares & shareholding structure APPENDICES FY 2025 DETAILS 15.1% 13.6% 9.3%58.5% 3.5% Ivanhoé Cambridge Crédit Agricole Assurances - Predica Norges Bank Other shareholders Treasury shares Dec 31, 2024 June 30, 2025 Dec 31, 2025 Number of shares issued 76,738,691 76,738,691 76,792,337 Stock options 246,676 307,090 282,240 Treasury stock -2,788,376 -2,722,402 -2,722,402 Diluted number of shares 74,196,991 74,323,379 74,352,175 Average number of shares 73,937,919 73,983,789 73,998,097 Diluted average number of shares 74,184,595 74,290,879 74,280,337 Attract. Connect. Anticipate.
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Agenda 04.22.2026 General Meeting 04.22.2026 Business at March 31, 2026, after market close 07.22.2026 2026 First-half year earnings, after market close 10.14.2026 Business at September 30,2026, after market close Contact Nicolas BROBAND nicolasbroband@gecina.fr Head of Investor Relations Disclaimer This document does not constitute an offer to sell or a solicitation of an offer to buy GECINA securities and has not been independently verified. If you would like to obtain further information concerning GECINA. please refer to the public documents filed with the French securities regulator (Autorité des Marchés Financiers. AMF). which are also available on our internet site. This document may contain certain forward-looking statements. Although the Company believes that such statements are based on reasonable assumptions on the date on which this document was published, they are by their very nature subject to various risks and uncertainties which may result in differences. However. GECINA assumes no obligation and makes no commitment to update or revise such statements.