REG-Grand City Properties S.A. Grand City Properties S.A. announces results for 9M 2025 with strong operations positioning well to meet guidance

Grand City Properties SAAnnouncement

13/11/2025 06:00

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Grand City Properties S.A. (IRSH)
Grand City Properties S.A. announces results for 9M 2025 with strong operations positioning well to meet guidance

13-Nov-2025 / 06:47 CET/CEST
The issuer is solely responsible for the content of this announcement.

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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA,
JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS 

             GRAND CITY PROPERTIES S.A. ANNOUNCES RESULTS FOR 9M 2025 WITH STRONG OPERATIONS POSITIONING WELL TO MEET GUIDANCE

  • Net rental income for 9M 2025 amounted to €320 million, up 1% compared to €317 million in 9M 2024, despite the net impact of disposals.
  • Strong like-for-like rental growth continued at 3.7% as of September 2025.
  • In 9M 2025 GCP completed disposals totalling €140 million at book value. Proceeds were recycled into acquisitions amounting to ca.  €85
    million.
  • Adjusted EBITDA of €253 million in 9M 2025, up 1% from €250 million in 9M 2024.
  • FFO I resulted in €141 million in  9M 2025, stable compared to €141  million in 9M 2024. FFO I  per share amounted to €0.80 per  share,
    reflecting an annualized yield of ca. 10%.
  • Profit for the period amounted to €410 million, with basic earnings per  share of €1.84, compared to a loss of €17 million and a  basic
    loss per share of €0.13 in 9M 2024, supported by positive revaluations in the first half of 2025 and one-off deferred tax income.
  • Strong liquidity position with nearly €1.4 billion in cash and liquid assets as of September 2025, representing 32% of total debt.
  • Conservative financial profile maintained, with a low LTV of 33% as of September 2025, strong coverage ratios with an ICR ratio of 5.3x
    in 9M 2025, and €6.2 billion in unencumbered assets (69% of total portfolio value).
  • EPRA NTA amounted to €4.4 billion, or €25.1 per share, as of September 2025, an increase of 3% compared to December 2024.
  • FY 2025 guidance confirmed. 

Luxembourg, November 13, 2025 – Grand City Properties S.A. (“GCP” or the “Company”) announces its results for the nine-month period of 2025
(9M 2025).  GCP reported  net rental income of  €320 million, a  1% increase compared with  €317 million in 9M  2024. This performance  was
supported by like-for-like rental growth of 3.7%, partially offset by  the impact of net disposals during the period. Adjusted EBITDA  rose
by 1% to €253 million, up from €250 million in 9M 2024, reflecting further improved operational efficiency. FFO I totalled €141 million  in
9M 2025, stable year-on-year, while FFO I per share stood at €0.80, positioning the Company well to meet its full-year 2025 FFO I guidance.
The Company did not revalue its  portfolio in Q3, and a revaluation  will be conducted for the FY  2025 results. The results of the  period
were additionally impacted by one-off and  non-cash deferred tax income recorded  in the nine months of 2025,  which was the result of  the
positive impact related to changes to the tax regime in Germany, as a result of which, the deferred tax liabilities reduced, resulting in a
one-off deferred tax income  in the current period.  This positive impact was  partially offset by deferred  tax expenses connected to  the
positive revaluation result in the first half  of the year. In 9M 2025,  GCP recorded a profit of €410  million, compared to a loss of  €17
million in the prior year period, reflecting earnings per share of €1.84 and loss per share of €0.13, respectively.

Disposals amounting to €140 million were completed during the period, slightly above book value and at an average multiple of 19x. Proceeds
were partially utilized to fund highly accretive acquisitions, primarily in London, amounting to €85 million at an average multiple of 13x,
supporting operational growth.  During 9M 2025  the Company raised ca. €85  million in net new bank financing  and repaid its Series E  and
Series U bonds of approximately €260 million  aggregate nominal amount. As at September  2025, GCP maintained a robust liquidity  position,
with nearly €1.4  billion in cash  and liquid assets,  representing 32%  of total debt.  The Company’s conservative  financial profile  was
further underscored by a low LTV of 33%, an interest coverage ratio of 5.3x, and €6.2 billion in unencumbered assets, accounting for 69% of
the total portfolio. This strong balance sheet positions the Company well to capitalise on potential growth opportunities.

Refael Zamir, CEO of Grand City Properties: “We are pleased to report our results for 9M 2025, underpinned by continued strong  operational
performance and with  healthy fundamentals  across our portfolio  locations, supporting  internal growth. Our  portfolio’s inherent  upside
potential, together with our ability to source highly accretive growth opportunities, positions us well for long-term growth.”

MANAGEMENT UPDATE

GCP is pleased to announce  the nomination of Michael  Bar-Yosef as Chief Capital  Markets Officer. Mr. Bar-Yosef  has been with the  Group
since 2012 and previously  served as Head  of Capital Markets  and Investor Relations.  In his new  role, he will  continue to oversee  the
Group’s capital market activities including investor relations and credit rating activities. With more than fifteen years of experience  in
the financial sector, Mr. Bar-Yosef brings deep expertise and insight to the Group’s capital markets strategy.

Financial statements for 9M 2025 are available on the Company's website:
 1 ttps://www.grandcityproperties.com/investor-relations/publications/financial-reports/

For definitions of the alternative performance measures please see the relevant section in the pages 28-32 of the financial statements  for
9M 2025, which you can find on the website under investor relations > publications > financial reports or follow this link:
 2 https://www.grandcityproperties.com/grandcityproperties.com/Data_Objects/Downloads/Financial_Reports/Q3_2025_Financials/GCP_Q3_2025.pdf 

About the Company

The Company is a specialist in residential real estate, value-add opportunities in densely populated areas primarily in Germany and London.
The Company’s strategy is to improve its properties by repositioning and intensive tenant management, and then create value by subsequently
raising occupancy and rental levels. Further information: www.grandcityproperties.com

Grand City Properties S.A. (ISIN: LU0775917882) is a public limited liability company (société anonyme) incorporated under the laws of  the
Grand Duchy of Luxembourg, having its registered office at 37, Boulevard Joseph II, L-1840 Luxembourg, Grand Duchy of Luxembourg and  being
registered with the Luxembourg trade and companies register (Registre de  Commerce et des Sociétés Luxembourg) under number B 165 560.  The
shares of the Company are listed on the Prime Standard segment of Frankfurt Stock Exchange. 

Contact:

Grand City Properties S.A.
37, Boulevard Joseph II,
L-1840 Luxembourg
T: +352 28 77 87 86
E: info@grandcity.lu
www.grandcityproperties.com 

Investor Relations Team:

Grand City Properties S.A.
E:  3 gcp-ir@grandcity.lu

DISCLAIMER: 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.

THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE SECURITIES ACT), AND MAY  NOT BE OFFERED OR SOLD  IN THE UNITED STATES ABSENT  REGISTRATION OR AN EXEMPTION FROM  REGISTRATION
UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES.

THIS ANNOUNCEMENT IS DIRECTED AT AND  IS ONLY BEING DISTRIBUTED IN  THE UNITED KINGDOM TO (I)  PERSONS WHO HAVE PROFESSIONAL EXPERIENCE  IN
MATTERS RELATING TO INVESTMENTS FALLING  WITHIN ARTICLE 19(5) OF  THE FINANCIAL SERVICES AND MARKETS  ACT 2000 (FINANCIAL PROMOTION)  ORDER
2005 (THE ORDER), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN  ARTICLE
49 OF THE ORDER,  AND (III) PERSONS  TO WHOM IT  MAY OTHERWISE LAWFULLY  BE COMMUNICATED (ALL  SUCH PERSONS TOGETHER  BEING REFERRED TO  AS
RELEVANT PERSONS). THIS COMMUNICATION MUST NOT BE READ,  ACTED ON OR RELIED ON BY PERSONS  WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT  OR
INVESTMENT ACTIVITY TO WHICH  THIS ANNOUNCEMENT RELATES IS  AVAILABLE ONLY TO RELEVANT  PERSONS AND WILL BE  ENGAGED IN ONLY WITH  RELEVANT
PERSONS.

IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA), THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS  WHO
ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF ARTICLE 2(1)(E)  OF DIRECTIVE 2003/71/EC, AS AMENDED (THE PROSPECTUS DIRECTIVE)  (QUALIFIED
INVESTORS). ANY PERSON IN THE EEA  WHO ACQUIRES THE SECURITIES IN ANY  OFFER (AN INVESTOR) OR TO WHOM  ANY OFFER OF THE SECURITIES IS  MADE
WILL BE DEEMED TO HAVE REPRESENTED  AND AGREED THAT IT IS A  QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO  BE DEEMED TO HAVE REPRESENTED  AND
AGREED THAT ANY  SECURITIES ACQUIRED BY  IT IN  THE OFFER HAVE  NOT BEEN  ACQUIRED ON BEHALF  OF PERSONS  IN THE EEA  OTHER THAN  QUALIFIED
INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A  VIEW TO THEIR OFFER OR RESALE IN THE  EEA TO PERSONS WHERE THIS WOULD RESULT IN  A
REQUIREMENT FOR PUBLICATION BY THE COMPANY OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE.

THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS  OR ESTIMATES RELATING TO  PLANS AND OBJECTIVES RELATING TO  OUR FUTURE OPERATIONS, PRODUCTS,  OR
SERVICES, FUTURE  FINANCIAL  RESULTS,  OR  ASSUMPTIONS UNDERLYING  OR  RELATING  TO  ANY  SUCH STATEMENTS,  EACH  OF  WHICH  CONSTITUTES  A
FORWARD-LOOKING STATEMENT SUBJECT TO RISKS  AND UNCERTAINTIES, MANY OF WHICH  ARE BEYOND THE CONTROL OF  THE COMPANY. ACTUAL RESULTS  COULD
DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.

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Dissemination of a Regulatory Announcement, transmitted by  4 EQS Group.
The issuer is solely responsible for the content of this announcement.

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   ISIN:          LU0775917882, LU0775917882 , XS1491364953, XS1811181566,
                  XS2271225281, XS1220083551, XS1654229373, XS1706939904,
                  XS1706939904, XS1763144604, XS1781401085, CH0401956872,
                  XS1827041564, XS1851265527, XS1953786222, XS1964638446,
                  CH0482172415, XS2016885159, XS2033380820, XS2035328223,
                  XS2154325562, XS2282101539, XS2799494633, XS2855975285
   Category Code: QRT
   TIDM:          IRSH
   LEI Code:      5299002QLUYKK2WBMB18
   Sequence No.:  408050
   EQS News ID:   2228988


    
   End of Announcement EQS News Service

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References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=572a7a11a9f4d65d9beb026beb0b36bd&application_id=2228988&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=f0b8a19e278fe95a0916ee9b7e6d0475&application_id=2228988&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news
   3. mailto:gcp-ir@grandcity.lu
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2228988&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news


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