Innate Pharma Highlights Preclinical Antitumor Activity of IPH6501 in Diffuse Large B-Cell Lymphoma and Follicular Lymphoma at the 2025 European Hematology Association (EHA) Congress
Preclinical in vivo models support enhanced antitumor efficacy for the combination of IPH6501 with R-CHOP, the standard of care in untreated DLBCL and FL patients
IPH6501 is currently under investigation in a Phase 1/2 clinical study in relapsed and/or refractory (R/R) CD20+ B-cell non-Hodgkin lymphoma
MARSEILLE, France, June 13, 2025--(BUSINESS WIRE)--Regulatory News:
Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) ("Innate" or the "Company") today announced the presentation of preclinical data for IPH6501, its proprietary ANKET® targeting CD20 currently under investigation in a Phase 1/2 study in relapsed and/or refractory (R/R) B-cell non-Hodgkin lymphoma (B-NHL) (NCT06088654), at the European Hematology Association (EHA) Congress 2025, taking place June 12-15 in Milan, Italy.
R-CHOP is an established standard of care for treatment-naïve patients with diffuse large B cell lymphoma (DLBCL) and follicular lymphoma (FL), two subtypes of B-NHL. The treatment landscape continues to evolve with novel approaches including T cell engagers, antibody-drug conjugates, their combination with standard of care therapies, and CAR-T cells. Yet, there remains an unmet medical need for patients ineligible, refractory to, or relapsing from these therapies.
In preclinical in vitro models, IPH6501 demonstrated potent NK cell proliferation and tumor cell killing activity in DLBCL and FL patient samples, supporting its therapeutic potential in these indications. In preclinical in vivo xenografted mouse tumor models, IPH6501 showed strong activity in a rituximab-resistant model — even in the presence of rituximab highlighting their combination potential. Additionally, when combined with R-CHOP, IPH6501 showed enhanced antitumor efficacy, leading to tumor eradication that was maintained after treatment discontinuation. These findings underscore the potential of IPH6501 in improving standard-of-care R-CHOP treatment in previously untreated DLBCL and FL patients and support further evaluation of additional combination strategies in B-NHL.
"Patients with R/R DLBCL and FL continue to face significant unmet medical needs. The encouraging activity observed in preclinical models with IPH6501, including in rituximab-resistant settings, suggests its potential to offer new treatment options for B-cell non-Hodgkin lymphoma. The enhanced antitumor activity in combination with R-CHOP could support further investigation in untreated patients. These findings support further clinical development aimed at improving outcomes in this challenging patient population," commented Dr Sonia Quaratino, Chief Medical Officer of Innate Pharma.
The poster will be available in the publication section of Innate Pharma's website.
Abstract detailsAntitumor characterization of IPH6501, a novel il2v-armed tetraspecific NK cell engager targeting CD20 B cells, in DLBCL and FL patient samples, and in preclinical combination with R-CHOP Abstract Code: PS2004Session: Poster session 2Session Date/Time: Saturday, June 14, 2025, 18:30 – 19:30 CEST
About ANKET®
ANKET® (Antibody-based NK cell Engager Therapeutics) is Innate's proprietary platform for developing next-generation, multi-specific natural killer (NK) cell engagers to treat certain types of cancer. This versatile, fit-for-purpose technology is creating an entirely new class of molecules to induce synthetic immunity against cancer.
About IPH6501
IPH6501 is the first Antibody-based NK cell Engager Therapeutic to co-engage activating receptors on NK cells (NKp46 and CD16), IL-2R (but not the alpha subunit) through a variant of human IL-2, and a tumor antigen (CD20) via a single molecule. This unique multispecific design provides targeted proliferation and activation signals to NK cells, promoting their cytotoxic activity against CD20 expressing malignant cells.
IPH6501 has shown better antitumor efficacy compared to approved benchmark antibodies in preclinical tumor models (Demaria, EHA 2023, Carrette, SITC 2024, Demaria et al, Science Immunology 2024).
IPH6501 is currently being evaluated in a Phase 1/2 multicenter trial (NCT06088654), investigating the safety and tolerability of IPH6501 in patients with relapsed and/or refractory CD20-expressing B-cell Non-Hodgkin's Lymphoma.
About Innate Pharma
Innate Pharma S.A. is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Its innovative approach aims to harness the innate immune system through three therapeutic approaches: multi-specific NK Cell Engagers via its ANKET® (Antibody-based NK cell Engager Therapeutics) proprietary platform and Antibody Drug Conjugates (ADC) and monoclonal antibodies (mAbs).
Innate's portfolio includes several ANKET® drug candidates to address multiple tumor types as well as IPH4502, a differentiated ADC in development in solid tumors. In addition, anti-KIR3DL2 mAb lacutamab is developed in advanced form of cutaneous T cell lymphomas and peripheral T cell lymphomas, and anti-NKG2A mAb monalizumab is developed with AstraZeneca in non-small cell lung cancer.
Innate Pharma is a trusted partner to biopharmaceutical companies such as Sanofi and AstraZeneca, as well as leading research institutions, to accelerate innovation, research and development for the benefit of patients.
Headquartered in Marseille, France with a US office in Rockville, MD, Innate Pharma is listed on Euronext Paris and Nasdaq in the US.
Learn more about Innate Pharma at www.innate-pharma.com. Follow us on LinkedIn and X.
Information about Innate Pharma shares
ISIN code Ticker code LEI
FR0010331421
Euronext: IPH Nasdaq: IPHA
9695002Y8420ZB8HJE29
Disclaimer on forward-looking information and risk factors
This press release contains certain forward-looking statements, including those within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. The use of certain words, including "anticipate," "believe," "can," "could," "estimate," "expect," "may," "might," "potential," "intend," "should," "will," or the negative of these and similar expressions, is intended to identify forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, progression of and results from its ongoing and planned clinical trials and preclinical studies, review and approvals by regulatory authorities of its product candidates, the Company's reliance on third parties to manufacture its product candidates, the Company's commercialization efforts and the Company's continued ability to raise capital to fund its development. For an additional discussion of risks and uncertainties, which could cause the Company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors ("Facteurs de Risque") section of the Universal Registration Document filed with the French Financial Markets Authority ("AMF"), which is available on the AMF website http://www.amf-france.org or on Innate Pharma's website, and public filings and reports filed with the U.S. Securities and Exchange Commission ("SEC"), including the Company's Annual Report on Form 20-F for the year ended December 31, 2024, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public by the Company. References to the Company's website and the AMF website are included for information only and the content contained therein, or that can be accessed through them, are not incorporated by reference into, and do not constitute a part of, this press release.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame or at all. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in Innate Pharma in any country.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250612105785/en/
Contacts
For additional information, please contact:InvestorsInnate Pharma Henry WheelerTel.: +33 (0)4 84 90 32 88Henry.wheeler@innate-pharma.fr
Media RelationsNewCap Arthur RouilléTel.: +33 (0)1 44 71 00 15innate@newcap.eu
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Recurrent net income up +6.4% Recurrent net income up +6.4%, reflecting the ongoing optimization of all key performance drivers and supporting the Group's sustained cash-flow generation. Robust rental growth across the portfolio, driven by indexation, rental reversion in core locations, and the contribution of 2024 deliveries, more than offsetting the impact of recent asset transfers to the development pipeline and the disposal of mature residential assets in early 2025. Continued cost base optimization, resulting in a +0.5pt improvement in the rental margin. Salary and administrative expenses remained stable in H1 2025, while digital initiatives helped streamline back-office operations and refocus teams on client services, engineering, and development expertise. Low cost of debt maintained, with a technical increase due to the reduced impact of capitalized interest in H1 2025 (following the delivery of major pipeline assets in H2 2024, leading to a temporary decline in capitalized interest, while the contribution from newly launched projects is reflected gradually in the P&L over the coming months). Sound operational performance in an ever-polarized market | Like-for-like basis: gross rental income up +3.8% (+€11.8m) Rental income up +3.8% vs H1 2024, reflecting the combined impact of indexation (+3.2%) – though continuing to decelerate with a lagged effect on rents – and rental uplift, increase in occupancy and other effects contributing an additional +0.6%. Offices: like-for-like rental income growth of +4.1% (+€10.9m) still fueled by indexation (+3.4%), with 90% of office leases indexed against the ILAT (latest ILAT published at 1.6% in June 2025, after 2.7% in March 2025 and 3.8% in December 2024), and occupancy. 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Housing: like-for-like rental income growth of +2.0% (+€0.9m), driven by indexation and the solid rental uplift (+14% average in Paris during H1 2025) reflecting the successful deployment of the multi-offering strategy with serviced-enhanced housing solutions in line with evolving market needs. | Current basis: gross rental income up +4.9% (+€16.8m) On top of the impact of like-for-like rental growth (+3.8%), current rental income was supported upwards by the impact of the major 2024 and H1 2025 deliveries (Mondo, Capucines, Porte Sud, Icône: +€15.2m), which more than offset the transfer to the pipeline or renovation programs of several office assets (Mirabeau, Les Arches du Carreau, Malakoff, 162 Faubourg Saint-Honoré: -€6.9m), as well as the disposal of mature residential assets in 2024 or H1 2025 (Saint-Gilles, Sibuet, Bel Air, Py: -€3.2m). | Focus on offices: leasing at record heights The return to the office is progressively reflected in data (3.5 days/week in office in Paris, well ahead of Singapore & NYC (c. 3.0) or Sydney, London and Toronto (c. 2.7)). 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Progressive deployment of the operated offices business model on 12 central assets (9,000 sq.m) representing an annual rent of €9.0m, achieving >30% premiums (net) on market rents. | Focus on housing: diversified offering strategy delivering benefits Significant acceleration in leasing activity on the housing portfolio, with nearly 700 leases signed in H1 — already way above the full-year 2024 total — and a monthly leasing pace that has doubled year-over-year. Average rental uplift in Paris is +14%. From groundwork to execution: transformation of our operating model is underway, with all major assets now equipped with amenities such as fitness and coworking spaces (covering 11 assets, i.e., c. 70% of the Parisian portfolio) and approximately 600 apartments upgraded with more flexible layouts, modern designs, and furniture. 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Capital allocation & portfolio strategy | Major capital allocation decisions (€1.3bn) demonstrating the Group's unique know-how Disposal of a mature student housing portfolio (€538m excl. duties) with a rent loss rate of 3.9% and reflecting a 23% premium over the latest valuation prior to the transaction. This portfolio, comprising 20 operational assets and 2 developments, illustrates a long-term value creation story initiated in 2007, showcasing Gecina's integrated expertise in delivering sustained operational performance through to portfolio maturity (investment, development, asset and property management). Acquisition of a prime office complex (€435m incl. duties) in the heart of the Paris CBD, strategically located near the Saint-Lazare transport hub, with exceptional connectivity. 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Repositioning the tower as a prime asset to stand out, leveraging the building's strong fundamentals: a modern construction (2008), strategic location in La Défense – a growing transport and commercial hub – efficient floorplates, four trading floors minimum, and no asbestos. The strategic repositioning plan aims to create a prime tower with optimized investment (facade retained, selective upgrades to technical equipment, enhanced service offerings and modern redesign of the shared areas – estimated work program c. €140 million). No new or refurbished large prime office spaces are expected before 2027–2028, creating a favorable future supply-demand dynamic in La Défense (the 180,000 sq.m of new/restructured space to date is expected to be progressively absorbed, with only 7,000 sq.m and 6,000 sq.m of additional space of this kind forecast for 2026 and 2027, respectively). Once repositioned, the tower would only represent nearly half of the average annual take-up for new or restructured supply in La Défense, and a third of the overall annual take-up on this market (2020–2024). Marketing already underway, offering strong optionality in leasing strategies (single-tenant lease, multiple large tenants, or a mix of smaller tenants, depending on market demand and tenant profiles). | 4 prime projects set to enhance rental base by €90m Four iconic, high-quality projects located in highly sought-after areas (Paris and Neuilly), scheduled for delivery between late 2026 and 2027. These developments are expected to be accretive to both NAV (consistent with the track record of the 15 assets delivered in Paris/Neuilly since 2018 which, for reference, generated an average profit on cost of +34%) and RNI, generating an estimated annual rental income of €80–90 million. Each asset features a distinctive architectural identity, a comprehensive range of tenant services, and targets or holds top-tier CSR certifications. Remaining CAPEX of approximately €500 million. The developments offer an attractive average yield-on-cost of 5.7%, with an expected incremental yield-on-cost in the 10–11% range. Agile leasing strategy already underway, leveraging the modularity and flexibility of the assets' design to maximize leasing potential and adapt to diverse tenant needs. Strategic pipeline securing the Group's future rental income profile, driven by proactive repositioning and long-term value creation: ‒ End-2026: delivery of Rocher-Vienne (Paris CBD, 25,000 sq.m) and Quarter (Paris, Gare de Lyon, 19,100 sq.m), for an expected annual rent of €35–40m. ‒ 2027: phased delivery of Les Arches du Carreau (Neuilly, Q2 2027, 36,500 sq.m) and Mirabeau (Paris, Q3 2027, 37,300 sq.m), for an expected annual rent of €45–50m. ‒ After 2028: progressive lease-up of the refurbished T1 Tower generating additional rental contributions over time. | CSR: on track to meet the Group's 2025 targets Energy consumption down -3.7% on the whole portfolio in H1 2025, in line with 2025 targets, based on the pursuit of a close day-to-day monitoring strategy and the energy efficiency plan launched in 2022 including close collaboration with tenants. Example of the contribution from a newly delivered asset: with 18 months of operational feedback, 37 Boétie (10,000 sq.m office asset in Paris, 8th arrondissement), the first low-carbon certified asset in Paris CBD, energy-efficient by design, has achieved a -63% reduction in energy consumption – significantly outperforming the market average. 100% of the office portfolio certified in H1 2025 (vs 26% on the market – CBRE). Balance sheet maintained strong and healthy | Portfolio values firmly recovering with a +1.6% over the past six months Portfolio values up +1.6% since year-end 2024 on a like-for-like basis (excluding the impact of change in transaction tax rates. After this change, values are up +1.2% (like-for-like)), with an overall portfolio value of €17.0bn. 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Values up by +2.3% since the though confirming the same trend observed each semester since the end of 2023 – driven by gains in Paris and Neuilly, which have consistently offset ongoing adjustments in other locations. | Financial strategy: ready to operate and grow Best-in-class rating: recent confirmation of Gecina's A-/A3 ratings by S&P and Moody's (stable outlook), supported by the continuous capacity to generate steady cash flows due to the Group's focused investment strategy, securing the best financing conditions. Low average cost of drawn debt at 1.2%, stable compared with 2024, while the overall cost of debt remains at 1.5%. Gecina's optimized hedging profile provides long-term visibility over the cost of debt, with close to 100% of the 2025-2026 maturities hedged and 85% of the 2025-2029 maturities based on end-June 2025 debt, pro forma of the secured large office complex acquisition. Strong liquidity profile to provide short, medium, and long-term security and flexibility (€3.7bn of net liquidity – undrawn credit lines excluding commercial papers – covering maturities until 2029 all else equal). Net debt volume of €6.1bn (-€0.5bn vs end-2024, mainly due to the disposal of the student housing portfolio), with a maturity of 6.4 years. 100% of Group financing is green, following the greening of the latest credit line in the third quarter of 2024. | NAV (NTA) up +1.1% vs end-2024 to €144.3 per share NAV (NTA) up +€1.5 per share since December 31, 2024 to €144.3, primarily reflecting the value created through both the pipeline deliveries and the asset rotation strategy: ‒ Dividend paid in the first half of 2025: -€2.7 ‒ Recurrent net income: +€3.4 ‒ Value adjustment linked to the yield effect: +€1.3 ‒ Value adjustment linked to the rent effect: +€1.0 ‒ Other (including IFRS 16): -€1.4 | Outlook & upper guidance confirmed Market perspectives: ‒ Indexation expected to continue to slow down. ‒ Demand for centrally located offices still strong (bifurcating markets), with office job creations still on the rise in the Paris Region and companies favoring central, accessible, prime office spaces. ‒ Rental income: (1) impact of the disposals of mature residential assets and the student housing portfolio in particular (c. €10.4m of net rent after platform costs, over 6 months); (2) support from the deliveries of newly repositioned assets in 2024 (Mondo, 35 Capucines, Montrouge Porte Sud, Dareau) and 2025 (Icône, 27 Canal); (3) €20m rent loss (on the entire year) due to the transfer of assets to the pipeline, (4) contribution from the fully let building on the recent acquisition (c. €5-6m of annual rent). ‒ Discipline maintained on the cost base and visibility over financial costs. 2025 Guidance confirmed: Recurrent net income (Group Share) now expected between €6.65 and €6.70 per share (+3.6% to +4.4% vs FY 2024 RNI per share). Financial agenda - 10.14.2025: Business at September 30, 2025, after market close About Gecina Gecina is a leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at €17.0bn as at June 30, 2025. Strategically located in the most central areas of Paris and the Paris Region, Gecina's portfolio includes 1.2 million sq.m of office space and nearly 5,300 residential units. By combining long-term value creation with operational excellence, Gecina offers high-quality, sustainable living and working environments tailored to the evolving needs of urban users. As a committed operator, Gecina enhances its assets with high-value services and dynamic property and asset management, fostering vibrant communities. Through its YouFirst brand, Gecina places user experience at the heart of its strategy. In line with its social responsibility commitments, the Fondation Gecina supports initiatives across four core pillars: disability inclusion, environmental protection, cultural heritage, and housing access. Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20 and CAC Large 60 indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability rankings (GRESB, Sustainalytics, MSCI, ISS-ESG, and CDP) and is committed to radically reducing its carbon emissions by 2030. Appendices | Financial statements, net asset value (NAV) and pipeline At the Board meeting on July 23, 2025, chaired by Philippe Brassac, Gecina's Directors approved the financial statements at June 30, 2025. The audit procedures have been completed on these accounts, and the verification reports have been issued. | Consolidated balance sheet ASSETS Dec. 31, Jun 30, LIABILITIES Dec. 31, Jun 30, In million euros 2024 2025 In million euros 2024 2025 Non-current assets 16,602.4 16,838.3 Shareholders' equity 10,522.3 10,413.4 Investment properties 14,828.2 15,431.2 Share capital 575.5 575.5 Buildings under redevelopment 1,212.0 871.4 Additional paid-in capital 3,312.8 3,312.8 Buildings in operation 80.6 80.2 Consolidated reserves 6,307.8 6,220.7 Other property, plant and equipment 10.1 6.1 Consolidated net income 309.8 289.1 Goodwill 165.8 165.8 Other intangible assets 11.7 11.1 Capital and reserves attributable to owners of the parent company 10,506.0 10,398.1 Financial receivables on finance leases 27.6 25.6 Non-controlling interests 16.3 15.3 Investments in associates 82.0 80.7 Long-term financial investments 35.9 36.2 Non-current liabilities 5,569.3 5,399.1 Non-current financial instruments 147.7 129.0 Non-current financial liabilities 5,315.7 5,221.4 Deferred tax assets 0.9 0.9 Non-current lease obligations 49.6 49.4 Non-current financial instruments 108.0 102.6 Current assets 1,315.5 1,229.4 Non-current provisions 96.0 25.6 Properties for sale 990.4 301.0 Current liabilities 1,826.3 2,255.2 Trade receivables and related 31.5 54.1 Current financial liabilities 1,397.0 1,571.1 Other receivables 83.3 113.5 Security deposits 87.9 85.0 Prepaid expenses 28.7 31.1 Trade payables and related 160.6 187.7 Current financial instruments 2.6 2.0 Current taxes due & other employee-related liabilities 58.5 101.8 Cash & cash equivalents 179.0 727.6 Other current liabilities 122.2 309.6 TOTAL ASSETS 17,918.0 18,067.7 TOTAL LIABILITIES 17,918.0 18,067.7 Expand | Net asset value June 30, 2025 IFRS Equity attributable to shareholders 10,398.1 10,398.1 10,398.1 Due dividends 203.5 203.5 203.5 Include / Exclude Hybrid instruments - - - Diluted NAV 10,601.7 10,601.7 10,601.7 Include Revaluation of IP (if IAS 40 cost option is used) 175.3 175.3 175.3 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 10,777.7 10,777.7 10,777.7 Exclude Deferred tax in relation to fair value gains of IP - - x Fair value of financial instruments (28.5) (28.5) x Goodwill as result of deferred tax - - - Goodwill as per the IFRS balance sheet x (165.8) (165.8) Intangibles as per the IFRS balance sheet x (11.1) x Include Fair value of fixed interest rate debt (1) x x 410.9 Revaluation of intangibles to fair value - x x Real estate transfer tax 1,107.0 155.6 x EPRA NAV 11,856.3 10,728.0 11,022.9 Fully diluted number of shares 74,323,379 74,323,379 74,323,379 NAV per share €159.5 €144.3 €148.3 Unit NAV per share (2) €167.5 €151.8 €155.8 (1) Fixed-rate debt has been fair valued based on the interest rate curve as of June 30, 2025 (2) Taking into account the residential portfolio's unit values Expand | Development pipeline overview Project Location Delivery date Total space (sq.m) Total invest. (€m) Already invest. (€m) Still to invest (€m) YoC (est.) Pre-let (%) Paris - 27 Canal Paris Q3-25 15,600 128 74% Paris - Rocher-Vienne (Solstys) Paris CBD Q4-26 25,000 358 0% Paris - Quarter (Gamma) Paris Q4-26 19,100 229 0% Neuilly - Les Arches du Carreau Neuilly-sur-Seine Q2-27 36,500 479 0% Paris - Mirabeau Paris Q3-27 37,300 439 0% Total offices 133,500 1,632 1,116 516 5.8% 9% Bordeaux - Brienne Bordeaux Q4-25 5,500 27 n.a Total residential 5,500 27 23 3 3.8% Total committed projects 139,000 1,659 1,140 519 5.7% Controlled & Certain offices 9,300 129 85 44 5.0% Controlled & Certain residential 4,200 29 0 29 4.8% Total Controlled & Certain 13,500 158 85 73 5.0% Total Committed + Controlled & Certain 152,500 1,817 1,225 592 5.7% Total Controlled & likely 121,350 587 306 282 5.2% TOTAL PIPELINE 273,850 2,404 1,530 874 5.6% Expand EPRA reporting at June 30, 2025 Gecina applies the EPRA (1) best practices recommendations regarding the indicators listed hereafter. Gecina has been a member of EPRA, the European Public Real Estate Association, since its creation in 1999. The EPRA best practice recommendations include, in particular, key performance indicators to make the financial statements of real estate companies listed in Europe more transparent and more comparable across Europe. Gecina reports on all the EPRA indicators defined by the 'Best Practices Recommendations' available on the EPRA website. When they are not applicable, the lines of the tables defined by EPRA do not appear below. Moreover, EPRA defined recommendations related to corporate social responsibility (CSR), called 'Sustainable Best Practices Recommendations'. | EPRA earnings The table below indicates the transition between the consolidated net income and the EPRA earnings: | Net Asset Value The calculation for the Net Asset Value is explained in subsection 1.1.7 Net Asset Value. | EPRA net initial yield and EPRA 'Topped-up' net initial yield The table below indicates the transition between the yield rate disclosed by Gecina and the yield rates defined by EPRA: EPRA net initial yield and EPRA 'Topped-up' net initial yield (in million euros) Offices Residential Total H1 2025 Investment properties 13,967 2,949 16,916 (3) Adjustment of assets under development and land reserves (1,333) (369) (1,702) Value of the property portfolio in operation excluding duties 12,634 2,581 15,215 Transfer duties 853 187 1,040 Value of the property portfolio in operation including duties B 13,487 2,768 16,255 Gross annualized IFRS rents 563 99 662 Non-recoverable property charges 17 21 38 Annual net rents A 546 78 624 Rents at the expiration of the lease incentives or other rent discount 61 0 61 'Topped-up' annual net rents C 607 78 685 EPRA net initial yield (1) A/B 4.0% 2.8% 3.8% EPRA 'Topped up' net initial yield (2) C/B 4.5% 2.8% 4.2% (1) The EPRA net initial yield rate is defined as the annualized contractual rent, net of property operating expenses, excluding lease incentives, divided by the portfolio value including duties. (2) The EPRA 'Topped-up' net initial yield rate is defined as the annualized contractual rent, net of property operating expenses, excluding lease incentives, divided by the portfolio value including duties. (3) Except finance lease and hotel. Expand | EPRA vacancy rate EPRA vacancy rate corresponds to the vacancy rate 'spot' at the end of the period. It is calculated as the ratio between the estimated market rental value of vacant spaces and potential rents for the operating property portfolio. The financial occupancy rate reported in other parts of this document corresponds to the average financial occupancy rate of the operating property portfolio. EPRA vacancy rate does not include leases signed with a future effect date. | EPRA cost ratios | Capital expenditure In million euros 06/30/2025 06/30/2024 Group Joint ventures Total Group Joint ventures Total Acquisitions 0 n.a. 0 0 n.a. 0 Pipeline 110 n.a. 110 159 n.a. 159 of which capitalized interest 5 n.a. 5 8 n.a. 8 Maintenance Capex (1) 68 n.a. 68 52 n.a. 52 incremental lettable space 0 n.a. 0 0 n.a. 0 no incremental lettable space 62 n.a. 62 47 n.a. 47 tenant incentives 5 n.a. 5 5 n.a. 5 other expenses 0 n.a. 0 0 n.a. 0 capitalized interest 0 n.a. 0 0 n.a. 0 Total Capex 177 n.a. 177 211 n.a. 211 Conversion from accrual to cash basis 11 n.a. 11 –13 n.a. –13 Total Capex on cash basis 188 n.a. 188 197 n.a. 197 (1) Capex corresponding to (i) renovation work on apartments or private commercial surface areas to capture rental reversion, (ii) work on communal areas, (iii) lessees' work. Expand | EPRA Loan-to-Value Additional information on rental income | Rental situation Gecina's tenants come from a wide range of sectors of activity, reflecting various macro-economic factors. Breakdown of tenants by sector (offices – based on annualized headline rents) Weighting of the top 20 tenants (% of annualized total headline rents) | Annualized gross rental income Annualized rental income is down by –€55 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 (–€33 million), partially offset by the proceeds from building deliveries (+€13 million). In addition, the annualized rental income figures below do not yet include the rental income that will be generated by committed or controlled projects, which may represent nearly €80-€90 million of potential headline rents. | Volume of rental income by three-year break and end of leases Commercial lease schedule (in million euros) 2025 2026 2027 2028 2029 2030 2031 >2031 Total Break-up options 32 68 143 75 56 42 49 155 621 End of leases 29 31 96 33 48 78 54 252 621 Expand 3.4 Financial resources The first half of 2025 was marked by the continuation of the monetary easing initiated in 2024. With the disinflation process well underway, the European Central Bank continued its gradual reduction of the deposit facility rate, which fell from 3.00% to 2.00% during the semester. This accommodative stance further eased long-term interest rates, helping to restore confidence in financial markets. However, the French economic growth remains moderate, held back by still-fragile domestic demand and an uncertain geopolitical environment. At June 30, 2025, Gecina had immediate liquidity of €5.2 billion, or €3.7 billion excluding NEU CP, significantly surpassing the long-term internal target of a minimum of c. €2.0 billion. This excess liquidity notably covers all bond maturities until 2029. The proactive and dynamic management of the Group's financial structure further increases its strength, resilience and visibility for the coming years. It also ensures that the Group's main credit indicators remain at an excellent level. The maturity of the debt is 6.4 years, the interest rate risk hedging is fully hedged until the end of 2026 and 85% on average until the end of 2029 (pro forma of secured large office complex acquisitions), and the average maturity of this hedging is 5.3 years. The loan-to-value (LTV) ratio (including duties) was 33.6%, and the interest coverage ratio (ICR) stood at 6.4x. Gecina therefore has a significant margin with respect to all of its banking covenants. The average cost of drawn debt is stable and stands at 1.2%. | Debt structure at June 30, 2025 Net financial debt amounted to €6.1 billion at the end of June 2025, down €468 million compared to end-December 2024, mainly due to disposals carried out during the first half. The main characteristics of the debt are: Debt by type Gecina uses diversified sources of financing. Long-term bonds represent 76% of the Group's nominal debt and 53% of the Group's authorized financing. At June 30, 2025, Gecina's gross nominal debt was €6.9 billion and comprised: ◆ €5.3 billion in long-term Green Bonds issued under the Euro Medium-Term Notes (EMTN) program; ◆ €0.2 billion in Green Term Loans; ◆ €1.5 billion in NEU CP covered by confirmed medium and long-term green credit lines. | Liquidity The main objectives of the liquidity are to provide sufficient flexibility to adapt the volume of debt to the pace of acquisitions and disposals, cover the refinancing of short-term maturities, allow refinancing under optimal conditions, meet the criteria of the credit rating agencies, and finance the Group's investment projects. As of June 30, 2025, Gecina had €5.2 billion in liquidity (including €4.4 billion in undrawn credit lines and €0.7 billion in cash, mainly linked to the proceeds from the disposal of the student housing portfolio completed at the end of June, which will be reinvested in July for the acquisition of a large office complex), covering all bond maturities through 2029 (including those in 2027, 2028, and 2029). After deducting short-term resources and taking into account available cash, liquidity stands at €3.7 billion. In the first half of 2025, Gecina continued to use short-term resources via the issue of NEU CPs. At June 30, 2025, the Group's short-term resources totaled €1.5 billion. | Debt maturity breakdown At June 30, 2025, the average maturity of Gecina's debt, after allocation of unused credit lines and cash, was 6.4 years. The following chart shows the debt maturity breakdown after allocation of unused credit lines at June 30, 2025: Debt maturity breakdown after taking into account undrawn credit lines (in billion euros) All of the credit maturities up to 2029, including the 2027, 2028 and 2029 bond maturities in particular, were covered by unused credit lines as at June 30, 2025 and by free cash. | Average cost of debt The average cost of the drawn debt amounted to 1.2% at the end of June 2025 (and 1.5% for total debt), stable compared to 2024. | Credit rating The Gecina group is rated by both Standard & Poor's and Moody's, which maintained the following ratings in the first half of 2025: ◆ A– (stable outlook) for Standard & Poor's; ◆ A3 (stable outlook) for Moody's. | Management of interest rate risk hedge Gecina's interest rate risk management policy is aimed at hedging the Company's exposure to interest rate risk. To do so, Gecina uses fixed-rate debt and derivative products (mainly caps and swaps) in order to limit the impact of interest rate changes on the Group's results and to keep the cost of debt under control. In the first half of 2025, Gecina continued to adjust and optimize its hedging policy with the aim of: ◆ maintaining an optimal hedging ratio; ◆ maintaining a high average maturity of hedges (fixed-rate debt and derivative instruments); and ◆ securing favorable long-term interest rates. At June 30, 2025, the average duration of the portfolio of firm hedges stood at 5.3 years. Based on the current level of debt (pro forma of secured large office complex acquisitions), the hedging ratio averages nearly 100% over the next two years, and 85% on average through the end of 2029. The chart below shows the profile of the hedging portfolio (in billion euros): Gecina's interest rate hedging policy is implemented mainly at Group level and on the long-term; it is not specifically assigned to certain loans. Measuring interest rate risk Gecina's anticipated nominal net debt in 2025 is fully hedged against interest rate increase. Based on the existing hedging portfolio, contractual conditions as at June 30, 2025, and anticipated debt in 2025, a 50 basis point increase or decrease in the interest rate, compared to the forward rate curve of June 30, 2025, would have no material impact on financial expenses in 2025. | Financial structure and banking covenants Gecina's financial position as at June 30, 2025, meets all requirements that could affect the compensation conditions or early repayment clauses provided for in the various loan agreements. The table below shows the status of the main financial ratios outlined in the loan agreements: The financial ratios shown above are the same as those used in the covenants included in all the Group's loan agreements.
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Solar Landscape Named No. 1 National Rooftop Commercial Solar Developer by Solar Power World
ASBURY PARK, N.J.--(BUSINESS WIRE)--Commercial real estate owners are increasingly turning to solar to increase net operating income and unlock new value from underutilized rooftop space. In today's crowded solar marketplace, choosing the right partner is critical. Solar Power World has named Solar Landscape the No. 1 National Rooftop Commercial Solar Developer on its 2025 Top Solar Contractors List. This award validates what commercial real estate leaders already know: Solar Landscape delivers proven results at scale. 'This recognition isn't just about square footage or megawatts. It's about trust, execution, and long-term partnerships,' said Shaun Keegan, Co-Founder and CEO of Solar Landscape. 'We lease rooftop space from commercial property owners, make the investment in solar ourselves, and manage every aspect of the project. Our partners get guaranteed revenue with zero capex, and we handle the rest.' Founded in 2012, Solar Landscape pioneered the commercial rooftop solar model, evolving from a construction company into the nation's largest developer, builder, owner, and operator of rooftop solar. Today, the company partners with more than 100 commercial real estate landlords, serving as a reliable, relationship-driven partner that takes care of both the roof and the long-term value it generates. As the solar industry adapts to regulatory shifts and federal incentive uncertainty, Solar Landscape's national leadership offers commercial real estate owners a clear model for success: partnering with a proven rooftop solar developer to generate new, reliable revenue—without upfront investment. About Solar Landscape Solar Landscape is the nation's leading commercial rooftop solar developer. With 800 megawatts of solar across 75 million square feet of rooftop space, the company brings unmatched scale and expertise to the commercial real estate industry. Solar Landscape partners with the country's largest property owners to transform underutilized rooftops into reliable, revenue-generating solar assets. Founded by construction professionals, Solar Landscape is a vertically integrated company that develops, builds, owns, and operates solar projects nationwide. The company was named the #1 National Commercial Rooftop Solar Developer by Solar Power World in 2025, recognized as the #1 Distributed Generation Developer by New Project Media, and awarded the U.S. Department of Energy's Grand Prize for clean energy. Headquartered in Asbury Park, New Jersey, Solar Landscape has offices in New York City, Chicago, Boston, and Baltimore, and operates in over a dozen states nationwide. About Solar Power World Solar Power World is the premier media outlet for solar installers, developers, and EPCs in all markets. Since 2011, the Top Solar Contractors List has recognized the top-performing companies driving solar adoption and innovation nationwide.
