Gecina : Earnings at June 30, 2021

Press release

July 22, 2021

Earnings at June 30, 2021

Solidly positioned in a recovery context

Marked upturn in rental transactions, increase in the pipeline's pre-letting rate EPRA Net Tangible Assets (NTA) of €172.6 per share, up +1.5% over six months (Net Disposal Value up +2.8%)

Ongoing portfolio rationalization, with €453m of sales secured (achieving an average premium of +7.2% vs. the end-2020 values)

LTV of 32.3%1 (including duties), -130bp over six months

Commitment adopted to be carbon neutral by 2030 (CAN0P-2030plan)

100% of bond debt now based on Green Bonds

2021 guidance affirmed (€5.3 of recurrent net income per share, with €453m of sales)

Upturn in rental transactions in markets focused on centrality and scarcity

1. Over 115,000 sq.m of offices let, relet or renewed: more than double the volume from the first half of 2020
2. • +5% reversion achieved (+23% in Paris CBD and 5/6/7) on the leases signed during the first half of 2021
   • Potential positive reversion of around +14% for Paris' Central Business District, +10% for the rest of Paris and +5% for the entire portfolio

1. Occupancy rate gradually normalizing
2. • Normative occupancy rate (including the leases signed but yet to commence) of 94.3% for offices excluding retail units (vs. 92.5% at end-June), reflecting the normalization of Gecina's preferred markets

Change in the portfolio value showing a positive trend and still polarized

1. Like-for-likegrowth in values driven by a polarization benefiting central sectors and residential
2. • Increase in values for offices in Paris (+1.7% over six months), especially in the CBD (+2.0%), and for residential (+1.2%)
   • Stabilization in more peripheral commercial areas (-0.3%over six months)

1. NTA of €172.6 per share, up +1.5% over six monthso Sales confirming the robust investment market
2. • €453m of sales completed or secured since the start of the year (sale of the Portes d'Arcueil building finalized on July 20, 2021).
   • Average premium versus the end-2020values of around +7.2%

Favorable outlook for growth and value creation

1. Development pipeline, focused primarily on offices in Paris and residential
2. • Strong progress with the pre-lettingrate for assets delivered before end-2022 over six months, climbing to 53% (vs. 37% at end-2020), and 58% including an operation that is currently being finalized
   • Accretive for recurrent net income, with additional future IFRS rental potential of around €120m to €130m
     (committed and controlled and certain pipeline) by 2026
   • Accretive for NAV, with a yield on cost of around 5.1% for a pipeline with 81% of assets located in Paris City or Neuilly-

sur-Seine, where supply is still structurally constrained

1. Outperformance and resilience for centrality
2. • Outperformance in terms of rent and capital in the most central areas of scarcity
   • Centrality further strengthened, with €453m of sales secured during the first half of the year, including €406m of commercial buildings, with 97% located outside of Paris

1. Flexible and agile financial structure
2. • LTV including duties down -130bpover six months to 32.3%1, average debt maturity up to 7.6 years (vs. 7.1 years at end-2020)
   • Average cost of drawn debt down to 0.9% (vs. 1.0% in 2020)

1. Residential strategy performing well and preparing for the future (more than 1,000 potential new housing units)
2. • +7% reversion achieved on tenant rotations
   • 540 additional housing units currently being developed, with 320 acquired during the first half of the year for €161m and 90 units that will be created through the transformation of an office building into apartments
   • Discussions underway for further acquisitions covering around 570 housing units

1 Including the finalization of sales subject to preliminary agreements at end-June 2021, including the Portes d'Arcueil building, whose sale was completed on July 20,

2021

Continued, proactive transformation approach

1. CSR ambitions revealed and commitments affirmed

• CAN0P-2030:acceleration of the low-carbonroadmap, with the goal for the operational portfolio to be carbon neutral by 2030, some 20 years earlier than the initial target
• Bond debt now based exclusively on Green Bonds, with a global, dynamic approach
• Internal carbon tax set up, long-term incentive criterion incorporated based on reducing the portfolio's energy bill

1. Launch of the first dedicated client websites with a view to optimizing lettings and management costs
2. • Launch of the YouFirst Campus client website aimed at optimizing commercial performance on this segment(https://campus.youfirst.co/en)
   • Digitalization to continue moving forward on other activities

Solid prospects for the short and longer term

1. 2021 recurrent net income still expected to be around €5.3 per share despite the €453m of sales completed or secured during the first half of the year
2. • The Group's first-half performance levels were more solid than expected, particularly concerning operational aspects and specifically office lettings, in terms of both volumes and prices, as well as financial aspects, with the reduction in the average cost of debt and the extension of its maturity. These achievements have further strengthened Gecina's confidence concerning its expected performance for 2021
   • As a result, while the Group has secured or finalized nearly €453m of sales since the start of the year, the solid operational and financial achievements observed during the first half of the year and the good performance by the
     Group's core markets make it possible to maintain expectations for recurrent net income of around €5.3 per share, while the initial forecast excluded the impact of potential sales or acquisitions

1. Outlook for growth and value creation
2. • Gradual normalization underway for occupancy rates, and indexation expected to normalize
   • Still significant reversion potential that is continuing to be secured in Paris
   • 17 buildings expected to be delivered from 2021 to 2024, driving value creation and growth
   • Additional IFRS rental potential of around €120m to €130m for the committed pipeline and the controlled and certain pipeline

Key figures

In million euros		June-20		June-21	Current basis	Like-for-like
Offices	274	251	-8.5%	+0.4%2
Traditional residential	53	53	-0.4%	+1.1%
Student residences	9	8	-12.9%	-12.6%
Gross rental income		336		311	-7.3%	+0.1%2
Recurrent net income (Group share)3		216		202	-6.3%
Per share (in euros)		2.94		2.75	-6.5%
LTV (excluding duties)		35.1%		35.4%	34.3%	proforma for sales
						under preliminary
LTV (including duties)		33.2%		33.4%	32.3%	agreements
In euros per share		Dec-20		June-21	Change
EPRA Net Reinstatement Value (NRV)		187.1		189.6	+1.3%
EPRA Net Tangible Assets (NTA)		170.1		172.6	+1.5%
EPRA Net Disposal Value (NDV)		163.0		167.5	+2.8%

1. Excluding the benefit of a rent catch-up effect, applying backdated adjustments for an under-rented situation following a court ruling, and the compensation for departures received, like-for-like growth came to -0.4% for the Group and -0.3% for the office scope
2. EBITDA excluding IFRIC 21 after deducting net financial expenses, recurrent tax, minority interests, including income from associates and restated for certain non-recurring items (costs relating to the subsidiarization of the residential business in 2020).

Gecina - 2021 half-year earnings - Paris, July 22, 2021	2

Performance highlighting resilience and factors that will drive value creation and growth over the coming half-year periods

Against a backdrop of a marked upturn in rental transactions for Gecina, particularly on the most central office markets, Gecina's rental income is stable like-for-like (at +0.1% and -0.4% restated for a rent catchup effect on retail units received during the first quarter following a court ruling, and the compensation received). Like-for-like growth continued to progress for both offices (+0.4%) and traditional residential (+1.1%). This solid performance despite the health context reflects the relevance of the Group's strategic choices, with the portfolio's realignment around the most central sectors, the affirmation of the residential business, the portfolio's active rotation, the extraction of value on buildings with strong potential, and the service-centricapproach.

During the first half of the year, the capturing of reversion potential continued to be a key performance driver, particularly in Paris City. The reversion achieved on headline rents for spaces relet or renewed during the first half of the year came to +23% in Paris' Central Business District and was positive for the rest of Paris City, but negative for the Paris Region's other sectors, reflecting the polarization of the rental markets benefiting the central areas where Gecina is largely present (73% of the office portfolio located at the heart of Paris or Neuilly-sur-Seine). In the secondary sectors where Gecina has less exposure, it has anticipated its lease expiry schedule, making it possible to further strengthen visibility over rental income.

The upturn in rental transactions that is underway, particularly in Gecina's preferred central sectors, is further strengthening the Group's confidence for the coming half-year periods, in a context that is moving towards a normalization. In the second quarter of 2021, the number of transactions recorded by Gecina was already very close to the pre-health crisis level (first quarter of 2020). The transactions signed during the first half of the year were already twice as high as the first half of 2020. They even came in +35% higher than the volume of transactions recorded during the first half of 2019, prior to the emergence of the Covid-19 shock.

The return to the office also picked up pace again from June, continuing to confirm a stronger return in Paris than in other major cities such as London in particular.

In terms of rent collection, the first half of 2021 also indicates a normalization with a rate of c. 99%.

This confidence could be reflected in occupancy rates, which are expected to normalize over the coming half-year periods, as well as the letting of the project pipeline, with a significant increase in the pre-lettingrate during the first six months of 2021 for assets to be delivered before 2022 (58%4 at end- June 2021 vs. 37% at end-December 2020). The progress with the letting rate for assets under development and the expected reduction in the vacancy rate are positive trends in terms of the outlook for a post-2021recovery.

In addition, 17 operations that are currently being developed are scheduled to be delivered by the end of 2024.

The good performance by investment markets in the central sectors reflects a polarization around Gecina's preferred areas. As a result, Net Tangible Assets (NTA) are up +1.5%, factoring in a positive trend in terms of like-for-like value growth for traditional residential (+1.4%), as well as for office property in Paris (+1.7% over six months), where investor appetite is supporting an uptrend in prices. However, in the Paris Region's other sectors, values are stabilizing (-0.2%).

Since the start of the year, €453m of sales have been completed or secured, with a premium versus the end-2020values of +7.2%, illustrating the good level of the real estate investment market in 2021 and highlighting the relevance of the Group's NAV figures in the current market.

Gecina's good first-half performance, buoyed by a better-than-expectedlevel of activity for lettings, as well as the optimization of the Group's financial structure, with expectations for recurrent net income (Group share) unchanged at around €5.3 per share for 2021, while the initial guidance excluded the impact of sales and €453m of sales have been completed or secured since the start of the year.

4 Including one transaction that is currently being finalized for a building in Paris

Gecina - 2021 half-year earnings - Paris, July 22, 2021	3

Rental income reflecting the redevelopments launched recently, the asset divestments, the positive reversion for central sectors and residential, as well as the temporary increase in the vacancy rate

Gross rental income		Jun 30, 2020	Jun 30, 2021		Change (%)
In million euros				Current basis	Like-for-like
				(%)		(%)
Offices		274.0	250.7	-8.5%		+0.4%
Traditional residential	52.9	52.7	-0.4%		+1.1%
Student residences	9.2	8.0	-12.9%		-12.6%
Total gross rental income		336.1	311.4	-7.3%		+0.1%

On a current basis, rental income is down -7.3%, primarily due to the impact of the office sales completed since the start of 2020 (-€8m), the buildings currently being redeveloped or to be launched for redevelopment shortly (-€6m), a slightly positive like-for-like contribution and recent deliveries (+€4m), as well as certain buildings being unavailable for over a year to carry out renovation work.

Like-for-like, rental income is stable with +0.1% at end-June 2021.

This performance was affected by a deterioration in the rental vacancy position (-1.7%), largely attributable to the departure of three tenants from retail units in the office portfolio. However, it also benefited from indexation continuing to be positive (+0.6%), as well as the positive impact of rental reversion (+0.6%) for both offices (with headline reversion of +5%) and residential (+7%).

Excluding the benefit of a rent catch-up effect, applying backdated adjustments for an under-rented situation following a court ruling, and the compensation received, this rate represents -0.4%.

Annualized rental income

Annualized rental income is down (-€10m) compared with December 31, 2020, with -€4m linked to the impact of the 14 assets sold during the first half of this year and the departures of tenants from buildings to be redeveloped (-€2m).

Note that this annualized rental income includes €21m from assets intended to be vacated shortly for redevelopment and €15m from buildings covered by preliminary sales agreements at end-June 2021, including the Portes d'Arcueil building, whose sale was finalized on July 20.

Annualized rental income (IFRS)
In million euros	Dec-20	Jun-21
Offices	502	494
Traditional residential	106	105
Student residences (Campus)	19	18
Total	627	617

Offices:trends still positive in the most central sectors

On a current basis, rental income from offices is down -8.5%, linked primarily to the significant volume of sales completed in 2020 and the first half of 2021 (-€8m with Le Valmy in East Paris, and several buildings in Antony, Boulogne-Billancourt and Vincennes) and the assets with strong value creation potential already transferred or to be transferred shortly to the committed pipeline (-€6m).

This change also factors in the contribution by the redeveloped buildings delivered recently (for nearly +€4m, with the Rue de Madrid building in the Central Business District), a like-for-like rental contribution and vacant spaces made unavailable as part of a program of smaller-scale renovation work.

Like-for-like, office rental income shows +0.4% growth at end-June 2021, highlighting the outperformance by central sectors, with organic growth rates up for Paris (+2.8% in Paris' CBD), compared with a stable level for the Western Crescent and a more marked contraction for the rest of the Paris Region (-0.7%), where Gecina has a limited presence.

These contrasting performance levels depending on the areas are linked primarily to the contribution by the reversion captured, which was still positive for Paris (+23% in the CBD, +3% for the rest of Paris), but negative for less central sectors (-1% to -8% depending on the areas).

Gecina - 2021 half-year earnings - Paris, July 22, 2021	4

For the scope concerning retail units in Paris' Central Business District, the like-for-likegrowth rate was +12.3%. It benefited from a rent catch-up effect, applying backdated adjustments for an underrented situation following a court ruling.

Management of the lease expiry schedule in 2020 and 2021:capturing positive reversion in Paris, anticipating end dates and extending the term of leases in peripheral areas where reversion is negative

The leases signed5 since the start of the year show a headline reversion rate of around +23% for the CBD and Paris 5/6/7, and +3% for the rest of Paris, compared with a negative rate outside of Paris, with -8%for the Western Crescent/La Défense and -1%for the rest of the Paris Region.

Gecina has managed its lease expiry schedule with a proactive approach in the Paris Region's less

central sectors with a focus on extending the firm maturity of leases in peripheral areas. The firm average maturity of leases outside of Paris and Neuilly is now close to 5.1 years (vs. 4.6 years at end-June 2020).

Gross rental income - Offices	Jun 30, 2020	Jun 30, 2021	Change (%)
In million euros			Current basis	Like-for-like
Offices	274.0	250.7	-8.5%	+0.4%6
Paris City	147.5	143.5	-2.7%	+0.6%
- Paris CBD & 5-6-7	88.5	90.1	+1.7%	+2.8%
- Paris CBD & 5-6-7 - Offices	71.0	71.0	+0.0%	+0.4%
- Paris CBD & 5-6-7 - Retail	17.5	19.0	+8.8%	+12.3%
- Paris - Other	59.0	53.4	-9.4%	-3.0%
Western Crescent - La Défense	95.5	80.8	-15.4%	+0.0%
Paris Region - Other	21.7	17.5	-19.2%	-0.7%
Other French regions / International	9.2	8.9	-3.8%	+1.1%

YouFirst Residence (traditional residential):resilience confirmed

Like-for-like, rental income from traditional residential properties is up +1.1%.

This performance takes into account a low indexation rate of +0.3%, and more significantly the impact of positive reversion (+1.1%) on the apartments relet, with the rent for new tenants around +7% higher than levels for the previous tenants on average since the start of the year.

The change in the occupancy rate represents a negative contribution of -0.8%, reflecting the temporary disruption to letting processes with the health restrictions.

On a current basis, rental income shows a slight decrease of -0.4%, reflecting the impact of the small number of sales completed recently, as well as the departure of one tenant from commercial space in a residential building that will be converted into apartments.

YouFirst Campus (student residences):solid although facing a challenge with Coronavirus

Rental income from student residences shows a significant contraction of -12.6%like-for-like and -12.9% on a current basis, reflecting the impacts of the health crisis and the closure of universities and graduate schools that were still open during part of the first half of 2020.

Considering the outlook at this stage for the start of the new academic year in September 2021, the Group is optimistic about the second half of this year and then 2022 in particular.

Market trends still favorable in Gecina's preferred sectors

Dynamic investment marketin the most central sectors

Although the volumes invested in commercial real estate in France are down, the forecasts for investment volumes over the year are still almost +20% higher than a long-termaverage7, reflecting the strong appetite among investors for real estate, particularly in an environment of persistently low rates and therefore sustainable risk premiums, as well as strong risk aversion.

1. Excluding non-standard situations
2. -0.3%restated for a rent catch-up effect, applying backdated adjustments for an under-rented situation following a court ruling, and the compensation for departures
3. According to BNPPRE, compared with the long-term average calculated over the last 15 years

Gecina - 2021 half-year earnings - Paris, July 22, 2021	5