Grand City Properties Sa · XETR:GYC
Grand City Properties Sa — 9M 2025 Earnings Presentation
41 slides from Grand City Properties Sa's earnings presentation, November 2025
Slide 1: Financial Results Presentation 9M 2025
FINANCIAL RESULTS PRESENTATION 9M 2025 November 2025 Berlin
Slide 2: Highlights
HIGHLIGHTS GCP
Slide 3: 9M 2025 Key Results Summary
9M 2025 KEY RESULTS SUMMARY KEY FINANCIAL RESULTS FINANCIAL PROFILE PORTFOLIO HIGHLIGHTS P&L 9M 2025 Change 9M 2024 Sep 2025 Dec 2024 Sep 2025 Dec 2024 Net Rental €320m 1% €317m LTV 33% 33% Investment Income €8,832m €8,629m Property Adjusted EPRA LTV 45% 46% €253m 1% €250m EBITDA Units 61,040 60,820
Slide 4: Key Trends and Highlights
KEY TRENDS AND HIGHLIGHTS ROBUST OPERATIONS WITH TAILWINDS FROM STRONG MARKET MOMENTUM ❖ GCP recorded like-for-like rental growth of 3.7% YoY, driven primarily by in-place rental growth. ❖ Vacancy at a historically low level of 3.6%, down further from 3.8% in December, reflecting a stable and downwa
Slide 5: Operational & Financial Results
OPERATIONAL & FINANCIAL RESULTS 5
Slide 6: Market Fundamentals: German Residential
MARKET FUNDAMENTALS: GERMAN RESIDENTIAL GERMANY’S RESIDENTIAL MARKET REMAINS TIGHT, WITH OUTLOOK UNCHANGED ON LOW PERMITTING ACTIVITY ❖ New construction activity continues to be restrained, especially in metropolitan areas, as costs remain elevated. ❖ Residential building permits remain low, with on
Slide 7: London and UK Fundamentals Remain Strong
LONDON AND UK FUNDAMENTALS REMAIN STRONG Private rental price index London, January 2015 London Average House Price2) London residential building completions and to July 20251) 600,000 approvals3) 145 100,000 Completions Approvals 140 Increase of 30% between Jan 2022 to 560,000 135 80,000 August 202
Slide 8: Strong Operational Dynamics
STRONG OPERATIONAL DYNAMICS CONTINUOUSLY DELIVERING OPERATIONAL PERFORMANCE SUPPORTED BY FAVOURABLE MARKET FUNDAMENTALS +4.0% In-place rent CAGR (in €/sqm) ANNUALISED NET RENTAL INCOME vs. 9.4 MARKET POTENTIAL (ERV) 9.2 (in € millions) 8.6 8.1 8.2 +22% +3.8% +3.7% 425 upside 518 L-F-L L-F-L Total ne
Slide 9: Portfolio Overview
PORTFOLIO OVERVIEW ❖ €140 million of disposals in 9M 2025 ❖ GCP completed these asset disposals around book value. The disposals comprise ca. 1,300 units and are primarily located in Bremen, Frankfurt, non-core locations, as well as condominiums in London, at an average in- place rent multiple of 19
Slide 10: P&L Results
P&L RESULTS NET RENTAL INCOME ADJUSTED EBITDA Selected consolidated statement of profit or loss 9M 2025 9M 2024 (in € millions) (in € millions) 79.0% 79.2% margin in € ‘000 unless otherwise indicated 320 250 253 317 Net rental income 319,889 316,931 78.5% +1% +1% Revenue 451,564 447,046 Property rev
Slide 11: FFO I + II
FFO I + II FFO I FFO I per share (in € millions) (in €) +0% in € ‘000 unless otherwise indicated 9M 2025 9M 2024 -2% 141 141 Adjusted EBITDA 253,471 250,491 0.82 0.80 Finance expenses (47,792) (43,154) Current tax expenses (29,906) (30,910) Contribution to minorities (3,768) (3,559) 9M 2024 9M 2025
Slide 12: Maintenance & Capex
MAINTENANCE & CAPEX REPOSITIONING CAPEX REPOSITIONING CAPEX & MAINTENANCE (in € per average sqm) Berlin (during) ❖ Focus remains on improving asset quality, value creation and increasing rental income 19.5 18.5 ❖ Other value-add measures include: Repositioning • Upgrading apartments for new rentals
Slide 13: 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 +2% +3% +6% +2% +3% +6% 27.8 28.4 4,902 5,011 24.3 25.1 4,280 4,419 4,005 22.7 3,782 21.4 Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep 2024 2025 2024
Slide 14: Strong Financial Profile
STRONG FINANCIAL PROFILE UNENCUMBERED INVESTMENT GRADE LOW LEVERAGE INTEREST COVER RATIO* INVESTMENT PROPERTIES CREDIT RATING FINANCING SOURCES MIX 45% Board of Directors’ Limit EPRA LTV 69% 9% 10% Bank Debt of value BBB (including perpetual 9M 2025 Stable Outlook 36% 37% notes as 100% debt) 36% 33%
Slide 15: Guidance
GUIDANCE GCP
Slide 16: Guidance
GUIDANCE FY 2025 FFO I €185M – €195M FFO I per share €1.05 - €1.11 GUIDANCE CONFIRMED Dividend per share* €0.78 - €0.83 Total net rent like-for-like growth ~3.5% LTV <45% * The dividend will be subject to market condition and AGM approval Key drivers: ❖ Adj. EBITDA increase as a result of the positi
Slide 17: Appendix
APPENDIX GCP
Slide 18: Positioned Well for Future Opportunities
POSITIONED WELL FOR FUTURE OPPORTUNITIES Strengthening balance sheet, Capital recycling, sticking to acquisition criteria Further external and internal growth proactively addressing challenges Development annualised net rent over past years Low LTV gives headroom for growth (in € millions) 37% 33% 3
Slide 19: 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 20: Financial Policy
FINANCIAL POLICY GCP FINANCIAL POLICY GCP COVENANT 9M 2025 COVENANT LIMIT RESULTS LTV limit at 45% Total Net Debt / Total Net Assets <=60% 29% Debt to debt plus equity ratio at 45% (or lower) on a sustainable basis N/A Secured Net Debt / <=45% (liquidity is larger Maintaining conservative financial
Slide 21: 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 70% of the Berlin portfolio is 21%* of GCP’s located in top tier Portfolio neighborhoods: Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenber
Slide 22: High Quality London Portfolio
HIGH QUALITY LONDON PORTFOLIO* 20% of GCP’s WELL CONNECTED ❖ The total London portfolio, including pre-marketed units, consists of approx. Portfolio LONDON PORTFOLIO 3,700 units ❖ Approx. 80% of the portfolio is situated within a short walking distance to an underground/overground station ❖ Through
Slide 23: Quality East and North Portfolio
QUALITY EAST AND NORTH PORTFOLIO QUALITY EAST PORTFOLIO QUALITY NORTH PORTFOLIO DRESDEN/LEIPZIG/HALLE HAMBURG / BREMEN 14%* of GCP’s Portfolio DIVERSIFICATION INTO GERMANY’S DYNAMIC WELL POSITIONED IN 4%* of GCP’s EASTERN CITIES WITH GERMANY’S LARGEST Portfolio Leipzig & Dresden are the largest STRO
Slide 24: Market Fundamentals Remain Highly Supportive
MARKET FUNDAMENTALS REMAIN HIGHLY SUPPORTIVE Consistently widening supply/demand gap and German market fundamentals provide significant tailwind to continuous operational achievements resulting in higher rents, lower vacancies, and supporting valuations Germany Strong city-specific fundamentals ❖ Ti
Slide 25: London Rental Market: Significant Supply-Demand Imbalance
LONDON RENTAL MARKET SIGNIFICANT SUPPLY – DEMAND IMBALANCE Increasing Demand Resulting in Higher Rent Cost and Delays Remain Elevated Supply Continues to Lag ❖ No significant rent regulation in London ❖ As per the most recent Construction Output Price ❖ New completions continue to lag the required l
Slide 26: London Rental Market: Renting Favorable Over Owning
LONDON RENTAL MARKET – RENTING FAVORABLE OVER OWNING Ratio of house price to median earnings Difference between the mean England home ownership rate ❖ Doubling of house price to household income ratio average house price and the since early 2000s leading to the decrease in mean mortgage size (implie
Slide 27: 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 2024 (NON-)FINANCIAL REPORT The non-financial report was GCP presents it
Slide 28: ESG Goals and Contribution
ESG GOALS AND CONTRIBUTION 28
Slide 29: Environment
ENVIRONMENT GOING FORWARD Cologne Halle Create and deliver a portfolio wide CO2 reduction pathway report by energy auditing the environmental performance of buildings such as the use of energy, waste and water. Continue to switch the electricity supply of all common areas to PPA (Power Purchase Agre
Slide 30: 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 31: 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 32: Analyst Coverage
ANALYST COVERAGE 20.0 17.7 15.0 15.0 14.4 14.0 13.0 12.5 12.5 11.5 11.0 11.0 10.5 10.0 Citigroup Kepler Cheuvreux Berenberg First Berlin DZ Bank Jefferies Goldman Sachs Kempen & co Bernstein Bank of America Deutsche Bank UBS Oddo BHF Barclays 13.08.2025 13.08.2025 21.08.2025 14.08.2025 13.08.2025 07
Slide 33: Share Development & Ownership Structure
SHARE DEVELOPMENT & OWNERSHIP STRUCTURE GCP - SHARE PRICE AND TOTAL RETURN* SINCE FIRST EQUITY PLACEMENT (19.7.2012) 26 24 22 Grand City Properties 424% 20 SDAX (rebased) 229% 18 16 FTSE EPRA/NAREIT 14 Germany (rebased) 103% 12 10 Issue price 8 €2.75 6 4 2 2012 2013 2013 2014 2014 2015 2015 2016 201
Slide 34: 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. Before joining MS. SIMONE RUNGE-BRANDNER – NON-EXECUTIVE DIRECTOR Grand City Mr. Windfuhr served as CEO of Maritim Hotels, with 40 hotels in Ms. Runge-Brand
Slide 35: Management – CEO, CFO, & CCMO
MANAGEMENT – CEO, CFO, & CCMO REFAEL ZAMIR – CHIEF EXECUTIVE OFFICER IDAN HADAD – CHIEF FINANCIAL OFFICER MICHAEL BAR-YOSEF – CHIEF CAPITAL Mr. Zamir is the Chief Executive Officer of Grand City Mr. Hadad is the Chief Financial Officer of Grand City MARKETS OFFICER Properties since 2020 (and Daily M
Slide 36: Management – Senior Management
MANAGEMENT – SENIOR MANAGEMENT SEBASTIAN FALTIN - COO Mr. Faltin has more than 20 years professional experience in the real estate industry. He covered positions ranging from property and asset management, letting, marketing and other operational aspects Strong senior management structure MANDY KUEB
Slide 37: 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 38: 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 39: 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 40: 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 41: Thank You
THANK YOU Investor Relations Team E-mail: gcp-ir@grandcity.lu www.grandcityproperties.com
Grand City Properties — 9M 2025 Earnings Presentation on 6ix