Grand City Properties Sa · XETR:GYC
Grand City Properties Sa — FY2025 Earnings Presentation
53 slides from Grand City Properties Sa's earnings presentation, March 2026
Slide 1: Financial Results Presentation FY 2025
FINANCIAL RESULTS PRESENTATION FY 2025 MARCH 2026 Hannover
Slide 2: Highlights
HIGHLIGHTS GCP
Slide 3: FY 2025 Key Results Summary
BERLIN FY 2025 KEY RESULTS SUMMARY KEY FINANCIAL RESULTS STRONG FINANCIAL PROFILE P&L 2025 Change 2024 Dec 2025 Dec 2024 Net Rental LTV 31% 33% €429m 1% €423m Income HAMBURG EPRA LTV 44% 46% Adjusted €340m 1% €335m EBITDA Net debt/ EBITDA 8.2x 8.7x FFO I €188m 0% €188m ICR 5.2x 5.7x FFO I per €1.06
Slide 4: Continued Strength in Operational Performance
CONTINUED STRENGTH IN OPERATIONAL PERFORMANCE SUSTAINABLE L-F-L RENTAL GROWTH RISING RENT & HISTORIC LOW VACANCY STRONG ADJUSTED EBITDA GROWTH (in €m) 10 9.0% €9.7/sqm 8.0% 423 429 3.8% 9.5 €9.2/sqm 411 3.5% 7.0% 396 3.3% 375 9 5.1% 6.0% 335 340 2.8% 2.9% €8.6/sqm 320 8.5 €8.2/sqm 5.0% 299 308 €8.1/
Slide 5: Continued Positive Momentum in Value Creation
CONTINUED POSITIVE MOMENTUM IN VALUE CREATION PORTFOLIO* Dec 2025 Dec 2024 Dec 2025 Dec 2024 DISPOSALS 1-12/2025 Annualised net Investment Disposals €429m €413m €8,941m €8,629m Signed ~€225m rent Property carried out at around book L-F-L rental L-F-L revaluation 3.5% 3.8% +3.2% +0.5% Completed ~€340
Slide 6: Successfully Recycling Capital in 2025
SUCCESSFULLY RECYCLING CAPITAL IN 2025 CONTINUING TO EXECUTE DISPOSALS WHILE CHANNELING PROCEEDS INTO DELEVERAGING AND HIGHER YIELDING ACQUISITIONS, SUCCESSFULLY EXECUTING GCP’S ACCRETIVE CAPITAL RECYCLING STRATEGY DISPOSALS ACQUISITIONS ~€300m1)2) at a multiple of 13x(7.7% ~€340m at a multiple of 2
Slide 7: 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 years Low LTV gives he
Slide 8: Perpetual Notes Transaction
PERPETUAL NOTES TRANSACTION RESULT AND BENEFITS OF PERPETUAL NOTE (REDUCTION) / BEFORE EXERCISE AFTER EXERCISE ISSUANCE TRANSACTION AMOUNT (as of AMOUNT (as of AMOUNT COUPON COUPON 31/12/2025) 16/02/2026) Issuance of €600m perpetual note at 4.75%, while buying 45.8m EUR 6.332% ➔ (44.1m) EUR 1.7m EUR
Slide 9: Vendor Loan Overview: Successful Case Study
VENDOR LOAN OVERVIEW: SUCCESSFUL CASE STUDY VENDOR LOANS REPAID AS OF DECEMBER 2025 ~€2.2bn ❖ Since 2020 GCP disposed ca. €2.2 billion of properties and provided ca. €145 million of vendor loans, connected to ca. €245 million of disposals. ❖ At time of disposal ~€100 million was received and the rem
Slide 10: ESG Rating Improvements
ESG RATING IMPROVEMENTS Past Rating Direction Current Rating Competitive Ranking (2024) • Top 9% in Real Estate Management and Development Industry 59 ↑ 63 • Sustainability Yearbook Member 2026, which includes 848 companies out of over 9,200 companies, covered by S&P CSA, and sets the Company apart
Slide 11: Portfolio & Operational Results
PORTFOLIO & OPERATIONAL RESULTS 11
Slide 12: German Residential Market Fundamentals Remain Very Strong
GERMAN RESIDENTIAL MARKET FUNDAMENTALS REMAIN VERY STRONG GERMANY’S RESIDENTIAL DEMAND/SUPPLY GAP REMAINS TIGHT, WITH OUTLOOK UNCHANGED ON LOW PERMITTING ACTIVITY Germany: Permits granted, completions 1) and estimated Completions2) 400 350 ❖ New construction activity continues to be restrained, espe
Slide 13: London Fundamentals Remain Robust
LONDON FUNDAMENTALS REMAIN ROBUST Private rental price index London, January 2015 London Average House Price2) London residential building completions and to December 20251) 600,000 approvals3) 150 100,000 Completions Approvals 145 140 Increase of 31% between Jan 2022 to 560,000 80,000 December 2025
Slide 14: Portfolio Overview
PORTFOLIO OVERVIEW ca. €340 million of disposals in 2025 ❖ GCP completed these asset disposals around book value. The disposals comprise ca. 1,300 units and were primarily located in NRW, Bremen, Frankfurt, non-core locations, as well as condominiums, at an average in-place rent multiple of 20x. ca.
Slide 15: Strong Operational Dynamics
STRONG OPERATIONAL DYNAMICS DELIVERLING CONSISTENT OPERATIONAL PERFORMANCE BACKED BY STRONG MARKET FUNDAMENTALS ❖ GCP’s in-house property management platform drives strong operational performance through continuous improvements in digital processes, tenant services, and contract management. ❖ Favour
Slide 16: Valuations Supported by Strong Operations
VALUATIONS SUPPORTED BY STRONG OPERATIONS POSITIVE REVALUTIONS PRIMARILY DRIVEN BY OPERATIONAL GROWTH GCP’S VALUATIONS REMAIN CONSERVATIVE ❖ In 2025, GCP’s full portfolio was revalued by external valuators, which resulted in +3.2% positive like-for-like revaluation, primarily driven by 3.5% like-for
Slide 17: 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 BERLIN income, benefitting from strong fundamentals, with the largest location in Berlin ❖6.1
Slide 18: High Quality London Portfolio
HIGH QUALITY LONDON PORTFOLIO* ❖ Through strong letting performance from double digit vacancy to occupancy of 97% 21% as of December 2025 of GCP’s WELL CONNECTED Portfolio LONDON PORTFOLIO ❖ Low regulation ensure that the London portfolio is benefitting from faster reversion to increasing market ren
Slide 19: 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 20: Strong Progress in EPC Quality and Emissions
STRONG PROGRESS IN EPC QUALITY AND EMISSIONS REGULATION-READY ASSETS (EPC A–E) INCREASED FROM 78% IN 2024 TO 84% IN WELL ON TRACK TO ACHIEVE REDUCTION IN CO2 EMISSIONS AHEAD 2025, FURTHER STRENGTHENING COMPLIANCE WITH TIGHTENING ENERGY OF TIME REGULATIONS GCP 2025 +6% YoY improvement GCP 2024 German
Slide 21: Financial Results
FINANCIAL RESULTS GCP
Slide 22: P&L Results
P&L RESULTS NET RENTAL INCOME ADJUSTED EBITDA Selected consolidated statement of profit or loss 2025 2024 (in € millions) (in € millions) in € ‘000 unless otherwise indicated 79% 79% margin Net rental income 428,750 422,693 423 429 335 340 +1% +1% Revenue 601,457 597,018 Property revaluations and ca
Slide 23: FFO I + II
FFO I + II FFO I FFO I per share (in € millions) (in €) in € ‘000 unless otherwise indicated 2025 2024 Adjusted EBITDA 339,588 335,010 +0% 188 188 -2% Finance expenses (65,570) (58,845) 1.08 1.06 Current tax expenses (39,660) (41,275) Contribution to minorities (5,064) (4,994) 2024 2025 2024 2025 Ad
Slide 24: Maintenance & Capex
MAINTENANCE & CAPEX REPOSITIONING CAPEX REPOSITIONING CAPEX & MAINTENANCE (in € per average sqm) BRANDENBURG ❖ Focus remains on improving asset quality, value 25.8 26.8 creation and increasing rental income ❖ Other value-add measures include: Repositioning • Upgrading apartments for new rentals cape
Slide 25: 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 +4% +5% +9% +4% +5% +9% 28.9 5,102 27.8 4,902 25.6 4,514 4,114 24.3 23.3 4,280 3,782 21.4 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2024 2025 2024
Slide 26: Financial Profile
FINANCIAL PROFILE GCP
Slide 27: Financial Policy
FINANCIAL POLICY UNENCUMBERED INVESTMENT GRADE LOW LEVERAGE INTEREST COVER RATIO* INVESTMENT PROPERTIES CREDIT RATING FINANCING SOURCES MIX 45% Board of Directors’ Limit EPRA LTV 71% 9% 9% Bank of value BBB Debt (including perpetual FY 2025 Stable Outlook 36% 37% notes as 100% debt) 36% 34% Straight
Slide 28: Guidance
GUIDANCE GCP
Slide 29: Guidance
GUIDANCE FY 2026 FFO I €175M – €185M FFO I per share €0.99 - €1.05 Dividend per share* Total net rent like-for-like growth €0.74 - €0.79 ~3.5% 2026 LTV <45% * The dividend will be subject to market condition and AGM approval KEY DRIVERS ❖ Main impact is higher perpetual note coupon expenses resultin
Slide 30: Appendix
APPENDIX GCP
Slide 31: 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 32: 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 33: Financial Policy
FINANCIAL POLICY GCP FINANCIAL POLICY GCP FY 2025 COVENANT COVENANT RESULTS HEADROOM LIMIT LTV limit at 45% (Total asset value Debt to debt plus equity ratio at 45% (or lower) on a Total Net Debt / Total Net loss absorption sustainable basis Assets <=60% 28% -45% before triggering the covenant) Main
Slide 34: 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 35: 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 36: Quality East and North Portfolio
QUALITY EAST AND NORTH PORTFOLIO QUALITY EAST PORTFOLIO QUALITY NORTH PORTFOLIO DRESDEN/LEIPZIG/HALLE HAMBURG / BREMEN 14%* 4%* of GCP’s of GCP’s Portfolio Portfolio DIVERSIFICATION INTO GERMANY’S DYNAMIC WELL POSITIONED IN EASTERN CITIES WITH GERMANY’S LARGEST Leipzig & Dresden are the largest STRO
Slide 37: 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 38: 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 39: 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 40: 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 41: ESG and Sustainability
ESG AND SUSTAINABILITY RECOGNITION FOR ESG & SUSTAINABILITY MEASURES (Q3 2025 TO CURRENT) 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 The non-financial repor
Slide 42: 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 43: Social
SOCIAL TENANTS GCP FOUNDATION EMPLOYEES LOOKING FORWARD GCP values diversity – a fact that is also Entertaining, diverse, convincing: GCP From Dortmund to Halle, from Bremen to underlined with over 40 nations creates attractive digital alternatives to Mainz: Support for charitable projects represent
Slide 44: 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 45: Analyst Coverage
ANALYST COVERAGE 20.0 17.7 14.8 14.4 14.0 13.5 11.5 11.3 11.0 11.0 10.6 10.5 10.5 10.0 Citi Kepler First Berlin DZ Jefferies Berenberg Bank of America Goldman Sachs Deutsche Bank UBS Bernstein Oddo Bhf Kempen Barclays 13.11.2025 30.12.2025 18.12.2025 13.08.2025 08.01.2026 26.01.2026 14.01.2025 23.01
Slide 46: 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 22 Grand City Properties 401% 20 SDAX (rebased) 248% 18 FTSE EPRA/NAREIT 16 14 Germany (rebased) 103% 12 10 Issue price 8 €2.75 6 4 2 2012 2013 2013 2014 2014 2015 2015 2016 2
Slide 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: Thank You
THANK YOU Investor Relations Team E-mail: gcp-ir@grandcity.lu www.grandcityproperties.com