Grand City Properties Sa · XETR:GYC
Grand City Properties Sa — Q1 2026 Earnings Presentation
49 slides from Grand City Properties Sa's earnings presentation, May 2026
Slide 1: Financial Results Presentation Q1 2026
FINANCIAL RESULTS PRESENTATION Q1 2026 MAY 2026 Leipzig
Slide 2: Highlights
HIGHLIGHTS GCP
Slide 3: Q1 2026 Key Results Summary
Q1 2026 KEY RESULTS SUMMARY KEY FINANCIAL RESULTS STRONG FINANCIAL PROFILE PORTFOLIO* P&L Q1 2026 Change Q1 2025 Mar 2026 Dec 2025 Mar 2026 Dec 2025 Net Rental €108.6m 2% €106.2m LTV 32% 31% Investment Income €8,986m €8,941m Property Adjusted EPRA LTV 44% 44% €85.7m 1% €84.6m EBITDA Units 59,756 59,
Slide 4: Reinstated Dividend
REINSTATED DIVIDEND 2025 DIVIDEND PER UPDATED POLICY FOR SHARE* 2026 ONWARDS ❖ Reinstatement of dividend after conservatively not distributing dividend in €0.30 50% previous three years reflecting 3.2% dividend yield of FFO I per share ❖ Previous suspension in addition to prudent measures conducted
Slide 5: Perpetual Notes Transaction
PERPETUAL NOTES TRANSACTION FULL PERPETUAL NOTES STACK REFINANCING ACHIEVED ❖ Issuance of €600m perpetual note at 5.25% with strong demand from leading investors and over 99% of perpetual notes with first call dates in June 2026 bought back through concurrent tender offer launched, with remaining no
Slide 6: Result of Aroundtown Exchange Offer
RESULT OF AROUNDTOWN EXCHANGE OFFER AROUNDTOWN’S HOLDING IN GCP INCREASED TO 81.5% FOLLOWING THE COMPLETION OF THE VOLUNTARY EXCHANGE OFFER LAUNCHED BY AROUNDTOWN ❖ On 4 March 2026, Aroundtown, the largest shareholder of the Company, launched a tender offer by which other shareholders could exchange
Slide 7: Portfolio & Operational Results
PORTFOLIO & OPERATIONAL RESULTS 7
Slide 8: 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 9: 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 March 20261) 600,000 approvals3) 150 100,000 Completions Approvals 145 140 Increase of 32% between Jan 2022 to 560,000 80,000 March 2026, refl
Slide 10: Portfolio Overview
PORTFOLIO OVERVIEW Portfolio changes: ❖ As of March 2026, GCP has signed acquisitions expected to be completed in the coming periods: ❖ After the reporting period, the Company completed €75 million of acquisitions in Germany at ~14x multiple. ❖ New built properties in London of over €100m, partially
Slide 11: 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 12: Financial Results
FINANCIAL RESULTS GCP
Slide 13: P&L Results
P&L RESULTS NET RENTAL INCOME ADJUSTED EBITDA Selected consolidated statement of profit or loss Q1 2026 Q1 2025 (in € millions) (in € millions) in € ‘000 unless otherwise indicated 80% 109 79% margin Net rental income 108,556 106,173 106 85 86 +2% +1% Revenue 153,579 151,377 Property revaluations an
Slide 14: FFO I + II
FFO I + II FFO I FFO I per share (in € millions) (in €) in € ‘000 unless otherwise indicated Q1 2026 Q1 2025 Adjusted EBITDA 85,682 84,565 -4% -4% 0.27 0.26 Finance expenses (17,684) (15,376) 48 46 Current tax expenses (10,202) (9,479) Contribution to minorities (1,688) (1,328) Q1 2025 Q1 2026 Q1 20
Slide 15: Maintenance & Capex
MAINTENANCE & CAPEX BERLIN – FULL REFURBISHMENT AND ATTIC EXTENSION BEFORE REPOSITIONING CAPEX REPOSITIONING CAPEX & MAINTENANCE (in € per average sqm) ❖ Focus remains on improving asset quality, value creation and increasing rental income 6.4 6.7 ❖ Other value-add measures include: Repositioning •
Slide 16: 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 +0% +0% +2% +0% +0% +2% 28.9 29.0 5,102 5,119 25.6 25.7 4,514 4,533 4,114 4,191 23.3 23.7 Dec Mar Dec Mar Dec Mar Dec Mar Dec Mar Dec Mar 2025 2026 2025
Slide 17: Financial Profile
FINANCIAL PROFILE GCP
Slide 18: 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% 32% Q1 2026 Stable Outlook 34% 33% Straight 4.8x €6.4 S&P Bond Q1 2025 billion Equit
Slide 19: Guidance
GUIDANCE GCP
Slide 20: 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 €0.50 - €0.53 ~3.5% 2026 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
Slide 21: Appendix
APPENDIX GCP
Slide 22: 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 23: 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 24: 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 25: 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 26: Financial Policy
FINANCIAL POLICY GCP FINANCIAL POLICY GCP Q1 2026 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% 29% -45% before triggering the covenant) Main
Slide 27: 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 28: 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 29: 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 30: High Quality London Portfolio
HIGH QUALITY LONDON PORTFOLIO* ❖ Through strong letting performance from double digit vacancy to occupancy of 98% 21% as of March 2026 of GCP’s WELL CONNECTED Portfolio LONDON PORTFOLIO ❖ Low regulation ensure that the London portfolio is benefitting from faster reversion to increasing market rental
Slide 31: 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 STRONG DEMOGRAPHIC NORTHERN CITIES FUN
Slide 32: 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 ❖6.0
Slide 33: 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 34: 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 35: Case Study: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: Analyst Coverage
ANALYST COVERAGE 16.5 15.4 14.8 14.4 14.0 13.5 11.0 11.0 10.6 10.5 10.0 9.0 Kepler Citi First Berlin DZ Jefferies Berenberg Deutsche Bank UBS Goldman Sachs Oddo Bhf Bernstein Bank of America 05.03.2026 07.05.2026 27.04.2026 13.08.2025 08.01.2026 04.03.2026 04.03.2026 04.03.2026 30.03.2026 04.03.2026
Slide 42: 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 354% 20 SDAX (rebased) 278% 18 FTSE EPRA/NAREIT 79% 16 Germany (rebased) 14 12 10 Issue price 8 €2.75 6 4 2 2012 2013 2013 2014 2014 2015 2015 2016 20
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: Thank You
THANK YOU Investor Relations Team E-mail: gcp-ir@grandcity.lu www.grandcityproperties.com
Grand City Properties — Q1 2026 Earnings Presentation on 6ix