Grand City Properties Sa · XETR:GYC
Grand City Properties Sa — H1 2026 Earnings Presentation
50 slides from Grand City Properties Sa's earnings presentation, August 2026
Slide 1: Financial Results Presentation H1 2026
FINANCIAL RESULTS PRESENTATION H1 2026 AUGUST 2026 LONDON
Slide 2: Highlights
HIGHLIGHTS GCP
Slide 3: H1 2026 Key Results Summary
H1 2026 KEY RESULTS SUMMARY KEY FINANCIAL RESULTS STRONG FINANCIAL PROFILE PORTFOLIO* P&L H1 2026 Change H1 2025 Jun 2026 Dec 2025 Jun 2026 Dec 2025 Net Rental €219m 3% €213m LTV 33% 31% Investment Income €9,201m €8,941m Property Adjusted EPRA LTV 45% 44% €174m 3% €169m EBITDA Units 61,189 59,650 Ne
Slide 4: Portfolio & Operational Results
PORTFOLIO & OPERATIONAL RESULTS 4
Slide 5: German Residential Market Fundamentals Remain Very Strong
GERMAN RESIDENTIAL MARKET FUNDAMENTALS REMAIN VERY STRONG STRUCTURAL IMBALANCE LEADS TO CONSISTENT AND STEADY RENT GROWTH SUPPLY CONSTRAINED Germany: Permits granted, completions 1) and annual demand2) 440 ❖ New construction restrained in metros as land and construction costs stay elevated. 390 ❖ Ho
Slide 6: Federal Government Against Expropriation
FEDERAL GOVERNMENT AGAINST EXPROPRIATION GERMAN FEDERAL GOVERNMENT COALITION AGREES TO INTRODUCE LAW TO PREVENT EXPROPRIATION OF PRIVATE HOUSING PORTFOLIOS SEP 2021 13 MAR 2026 2 JUL 2026 Berlin referendum Berlin framework law Federal law to bar expropriation “Deutsche Wohnen & Co. enteignen” backed
Slide 7: London Fundamentals Remain Robust
LONDON FUNDAMENTALS REMAIN ROBUST EXPOSURE TO LONDON'S REGULATORY ENVIRONMENT STRENGTHENS THE DIVERSIFICATION PROFILE OF GCP'S OVERALL PORTFOLIO Private rental price index London, January 2015 London Average House Price2) London residential building completions and to June 20261) 600,000 approvals3)
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW PORTFOLIO CHANGES: ❖ Acquisitions: ▪ Completed €75 million in Germany at ~14x multiple. ▪ New built properties in London of over €100m signed in 2025, at 13x multiple once fully let, partially completed in May with the remainder completed after the reporting period. ❖ Disposals, a
Slide 9: Strong Operational Dynamics
STRONG OPERATIONAL DYNAMICS DELIVERING CONSISTENT OPERATIONAL PERFORMANCE BACKED BY STRONG MARKET FUNDAMENTALS ❖ Favourable macro-economic and demographic fundamentals, including a sustained supply-demand imbalance, continue to support rising market rents in Germany’s metropolitan areas and London.
Slide 10: Valuations Supported by Strong Operations
VALUATIONS SUPPORTED BY STRONG OPERATIONS REVALUATION DRIVERS YIELD AND L-F-L VALUE DEVELOPMENT +0.2% like-for-like revaluation 20% +0.6% including capex Successfully unlocking value upside through operational achievements. Full portfolio valuation by external valuators. 10% 4.8% 4.6% 4.6% 4.2% 4.2%
Slide 11: Continuously Driving Platform Efficiency Through Innovation
CONTINUOUSLY DRIVING PLATFORM EFFICIENCY THROUGH INNOVATION 2013 2016 - 2021 2022 - 2024 2025 - TODAY FUTURE Centralized Tenant Service Digital Tenant Services Standardized Digital AI-Supported, Human Led Scaling Innovation Center Workflows Processes Consolidated tenant support into a Digital financ
Slide 12: Financial Results
FINANCIAL RESULTS GCP
Slide 13: P&L Results
P&L RESULTS Selected consolidated statement of profit or loss H1 2026 H1 2025 in € ‘000 unless otherwise indicated NET RENTAL INCOME ADJUSTED EBITDA (in € millions) (in € millions) Net rental income 219,275 212,832 Revenue 309,290 298,773 79% 79% margin 213 219 +3% +3% 174 169 Property revaluations
Slide 14: FFO I + II
FFO I + II FFO I FFO I per share (in € millions) (in €) in € ‘000 unless otherwise indicated H1 2026 H1 2025 Adjusted EBITDA 174,334 168,916 -4% 95 -4% 91 Finance expenses (36,897) (31,234) 0.54 0.52 Current tax expenses (19,406) (19,746) Contribution to minorities (4,082) (2,618) H1 2025 H1 2026 H1
Slide 15: Maintenance & Capex
MAINTENANCE & CAPEX BERLIN – BEFORE – OFFICE* REPOSITIONING CAPEX REPOSITIONING CAPEX & MAINTENANCE (in € per average sqm) 13.3 13.3 ❖ Focus remains on improving asset quality, value creation and increasing rental income ❖ Other value-add measures include: Repositioning • Upgrading apartments for ne
Slide 16: Case Study: Utilizing Heatpumps to Efficiently Drive EPC Improvement
CASE STUDY: UTILIZING HEATPUMPS TO EFFICIENTLY DRIVE EPC IMPROVEMENT EPC RATING FINAL ENERGY PRIMARY ENERGY RENEWABLE SHARE E→C −45% −10% ≥65% German energy label 141.9 → 78.3 kWh/m²·a 156.8 → 140.9 kWh/m²·a GModG-compliant Berlin ENERGY PERFORMANCE CERTIFICATE EPC DISTRIBUTION vs BENCHMARKS BEFORE
Slide 17: EPRA NAV Metrics
EPRA NAV METRICS EPRA NAV PER SHARE METRICS (in €) EPRA NAV METRICS (in € millions) EPRA NRV PS EPRA NTA PS EPRA NDV PS EPRA NRV EPRA NTA EPRA NDV +1% +1% +1% +1% +1% +1% 28.9 29.2 5,102 5,153 25.6 25.8 4,514 4,556 4,114 4,164 23.3 23.6 Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun 2025 2026 2025
Slide 18: Financial Profile
FINANCIAL PROFILE GCP
Slide 19: Financial Policy
FINANCIAL POLICY UNENCUMBERED INVESTMENT GRADE LOW LEVERAGE INTEREST COVER RATIO* INVESTMENT PROPERTIES CREDIT RATING FINANCING SOURCES MIX 45% Board of Directors’ Limit 71% 9% 10% Bank 37% of value BBB Debt 33% 31% 33% H1 2026 Stable Outlook 34% 33% Straight 4.7x €6.6 S&P Bond H1 2025 billion Equit
Slide 20: Solidified Financial Position
SOLIDIFIED FINANCIAL POSITION PROACTIVE MEASURES TO MANAGE AND FULLY REFINANCE PERPETUAL NOTES, RESULTING IN STRONG AND CONSERVATIVE FINANCIAL POSITION ALLOWING DIVIDEND TO BE RESUMED FULL PERPETUAL NOTES STACK REFINANCED RESUMED DIVIDEND PAYMENTS ✓ 600m issued at 5.25% in Q2 2026, in addition to Q4
Slide 21: Guidance
GUIDANCE GCP
Slide 22: Guidance
GUIDANCE FY 2026 FFO I €175M – €185M FFO I per share €0.99 - €1.05 Dividend per share* €0.50 - €0.53 Total net rent like-for-like growth ~3.5% LTV <45% * subject to AGM approval, based on updated dividend policy to 50% of FFO I from 2026 onward KEY DRIVERS ❖ Main impact is higher perpetual note coup
Slide 23: Appendix
APPENDIX GCP
Slide 24: Positioned Well for Future Opportunities
POSITIONED WELL FOR FUTURE OPPORTUNITIES Strengthening balance Capital recycling and internal growth, and potential additional Capital recycling, sticking to acquisition criteria sheet, proactively external growth addressing challenges Development annualised net rent over past Low LTV gives headroom
Slide 25: Capturing Growth
CAPTURING GROWTH CREATING VALUE WHILE MAINTAINING A STRONG BALANCE SHEET OPPORTUNITY ACQUISITION CRITERIA CASH & LEVERAGE LIGHT ❖ Attractive opportunities are coming to market ❖ GCP targets residential opportunities in key due to mismanagement, financial distress, and metropolitan areas with strong
Slide 26: Turnaround Capital (TAC): European Opportunistic Real Estate Fund
TURNAROUND CAPITAL (TAC): EUROPEAN OPPORTUNISTIC REAL ESTATE FUND BACKED BY GCP & AROUNDTOWN MARKET DYNAMICS AND European real estate faces pressure from debt refinancings, post-COVID capex backlogs, ESG demands, and fund lifecycle ends, thereby driving OPPORTUNITY price dislocations and forcing liq
Slide 27: Financial Policy
FINANCIAL POLICY GCP FINANCIAL POLICY GCP H1 2026 COVENANT COVENANT RESULTS HEADROOM LIMIT LTV limit at 45% Total Net Debt / Total Net Debt to debt plus equity ratio at 45% (or lower) on a Assets <=60% 30% -45% sustainable basis N/A OVERVIEW OF THE COVENANT Secured Net Debt / (liquidity is larger PA
Slide 28: Financial Investments
FINANCIAL INVESTMENTS ❖GCP invests in select long-term financial investments enabling the Company to capture additional value and future income drivers. ❖These investments include co-investments and investments in real estate funds held with the expectation for long-term yield, as well as investment
Slide 29: Innovation & Implementation
INNOVATION & IMPLEMENTATION GCP TAKES LEADING ROLE IN REAL-ESTATE TECHNOLOGY ADOPTION BY SOURCING AND IMPLEMENTING INNOVATION AT SCALE GCP captures strategic upside through direct access to dedicated venture funds and targeted co-investments, translating capital exposure into deployment and reinforc
Slide 30: Focus on Central Locations in Berlin and NRW
FOCUS ON CENTRAL LOCATIONS IN BERLIN AND NRW* BEST IN CLASS BERLIN PORTFOLIO WELL DISTRIBUTED NRW PORTFOLIO 23% of GCP’s Portfolio Value 19%* 70% of the Berlin portfolio is of GCP’s Portfolio located in top tier neighborhoods: Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenber
Slide 31: High Quality London Portfolio
HIGH QUALITY LONDON PORTFOLIO* ❖ Through strong letting performance from double digit vacancy to occupancy of 97% 21% as of June 2026 of GCP’s WELL CONNECTED Portfolio LONDON PORTFOLIO ❖ Low regulation ensures that the London portfolio is benefitting from faster reversion to increasing market rental
Slide 32: Quality East and North Portfolio
QUALITY EAST AND NORTH PORTFOLIO QUALITY EAST PORTFOLIO QUALITY NORTH PORTFOLIO DRESDEN/LEIPZIG/HALLE HAMBURG / BREMEN 15%* 4%* of GCP’s of GCP’s Portfolio Portfolio DIVERSIFICATION INTO GERMANY’S DYNAMIC WELL POSITIONED IN EASTERN CITIES WITH GERMANY’S LARGEST STRONG DEMOGRAPHIC NORTHERN CITIES FUN
Slide 33: Diversified Within Living
DIVERSIFIED WITHIN LIVING AS PART OF THE RESIDENTIAL PORTFOLIO, THE COMPANY DIVERSIFIES WITHIN THE ASSET CLASS TO ADDITIONAL LIVING CONCEPTS SENIOR HOMES ❖The asset class provides diversification and stable DRESDEN income, benefitting from strong fundamentals, with the largest location in Berlin ❖6.
Slide 34: Selected Condo and Build to Sell Projects
SELECTED CONDO AND BUILD TO SELL PROJECTS Project name Project Description Status Berlin Reinickendorf Construction of 36 units. Sale of the project following completion. Sold Berlin Mitte & Prenzlauer Berg 105 units in three buildings purchased in 2016, followed by complete refurbishment and sale.
Slide 35: Case Study: Refurbishment & Densification in Berlin Friedrichshain
CASE STUDY: REFURBISHMENT & DENSIFICATION IN BERLIN FRIEDRICHSHAIN Before repositioning ACQUISITION IN PRIME RESIDENTIAL AREA ❖ The property was acquired in 2013, and is situated in a highly demanded residential area, in close proximity to one of Berlin’s most prime office districts, MediaSpree. ❖ T
Slide 36: Case Study: Extracting Value from Build-to-Sell Development Rights in Berlin Lichtenberg
CASE STUDY: EXTRACTING VALUE FROM BUILD-TO-SELL DEVELOPMENT RIGHTS IN BERLIN LICHTENBERG ACQUIRING LAND PLOTS IN A PRIME LOCATION ❖ Acquisition of two adjacent land plots as part of a larger transaction in the high-demand Berlin-Lichtenberg district, directly next to Sportforum Berlin ❖ Unique locat
Slide 37: Case Study: Refurbishment in Milan
CASE STUDY: REFURBISHMENT IN MILAN ACQUISITION IN RESIDENTIAL AREA ❖ The property, acquired in 2020, is located in the southern outskirts of Milan within a predominantly residential district. ❖ At acquisition, the asset was equipped with obsolete, non-functional systems requiring modernization. ❖ Th
Slide 38: ESG and Sustainability
ESG AND SUSTAINABILITY RECOGNITION FOR ESG & SUSTAINABILITY MEASURES ENHANCED REPORTING In order to effectively address the varied interests and priorities of our business partners, investors, tenants, employees and communities 2025 (NON-)FINANCIAL REPORT GCP presents its performance measures in The
Slide 39: Environment
ENVIRONMENT GCP is undertaking measures to improve efficiency and reduce emissions by 40% as part of its 2030 environment goals Cologne Halle GOING FORWARD Create and deliver a portfolio wide CO2 reduction pathway report by energy auditing the environmental performance of buildings such as the use o
Slide 40: Social
SOCIAL TENANTS GCP FOUNDATION EMPLOYEES ◆ Year-round digital tenant events (Advent, Easter, ◆ Charitable projects across Germany — from Dortmund to ◆ Diversity: 40+ nationalities across 771 FTE. Summer, Halloween) sustain engagement. Halle, Bremen to Mainz. ◆ Training, development & leadership progr
Slide 41: Governance
GOVERNANCE 1 BEST-IN-CLASS REPORTING LEADING TO HIGH STANDARDS OF TRANSPARENCY • For the NINTH CONSECUTIVE year in September 2025, GCP received the EPRA BPR and sBPR gold awards for its financial reporting and sustainability reporting, respectively. 2 EXPERIENCED LEADERSHIP WITH STRONG AND INDEPENDE
Slide 42: Analyst Coverage
ANALYST COVERAGE 15.4 14.8 14.4 13.5 10.7 10.0 10.0 10.0 9.9 9.6 9.0 9.0 Citi First Berlin DZ Bank Berenberg Goldman Sachs Kepler Cheuvreux Oddo Bhf Bernstein Jefferies UBS Deutsche Bank Bank of America 07.05.2026 13.05.2026 13.08.2025 04.03.2026 01.06.2026 05.06.2026 03.08.2026 04.03.2026 26.05.202
Slide 43: Share Development and Ownership Structure
SHARE DEVELOPMENT AND OWNERSHIP STRUCTURE GCP - SHARE PRICE AND TOTAL RETURN* SINCE FIRST EQUITY PLACEMENT (19.7.2012) 26 24 Grand City Properties 373% 22 20 SDAX (rebased) 278% 18 FTSE EPRA/NAREIT 16 76% Germany (rebased) 14 12 10 Issue price 8 €2.75 6 4 2 2012 2013 2013 2014 2014 2015 2015 2016 20
Slide 44: Management – Board of Directors
MANAGEMENT – BOARD OF DIRECTORS MR. CHRISTIAN WINDFUHR – CHAIRMAN, DIRECTOR Mr. Windfuhr is the Chairman of the Board of Grand City Properties since 2020 and MS. SIMONE RUNGE-BRANDNER – NON-EXECUTIVE DIRECTOR before that served as CEO of the company for 7 years. Prior to joining Grand City Ms. Runge
Slide 45: Management – Senior Management
MANAGEMENT – SENIOR MANAGEMENT REFAEL ZAMIR – CHIEF EXECUTIVE OFFICER IDAN HADAD – CHIEF FINANCIAL OFFICER Mr. Zamir is the Chief Executive Officer of Grand City Properties since 2020 (and Daily Manager Mr. Hadad is the Chief Financial Officer of Grand City Properties as of January 2023 (and also Da
Slide 46: Advisory Board
ADVISORY BOARD The Advisory Board is an important source of guidance for the Board of Directors when making strategic decisions and has been established by The Board of Directors to provide expert advice and assistance. The Advisory Board has no statutory powers under Luxembourg law or the articles
Slide 47: Business Risk Profile
CREDIT RATING MATRIX FINANCIAL RISK PROFILE 1 2 3 4 5 6 MINIMAL MODEST INTERMEDIATE SIGNIFICANT AGGRESSIVE HIGH LEVER-AGED 1 aaa/ EXCELLENT aa a+/a a- bbb bbb-/bb+ BUSINESS RISK PROFILE aa+ (Vonovia, BBB+)2 2 (DW)3 (GCP, BBB)1 (Aroundtown) GCP has a business risk profile STRONG aa/ aa- a+/a A- BBB+
Slide 48: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES For enhanced transparency and more industry specific comparative basis, the Company provides market and industry standard performance indicators. GCP provides a set of measures that can be utilised to assess the Company’s operational earnings, net asset value of the
Slide 49: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distribute
Slide 50: Thank You
THANK YOU Investor Relations Team E-mail: gcp-ir@grandcity.lu www.grandcityproperties.com
Grand City Properties — H1 2026 Earnings Presentation on 6ix