REG-Grand City Properties S.A. Grand City Properties S.A. announces results for H1 2025 demonstrating strong operational performance well balanced for further growth

Grand City Properties SAAnnouncement

13/08/2025 06:00

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Grand City Properties S.A. (IRSH)
Grand City Properties S.A. announces results for H1 2025 demonstrating strong operational performance well balanced for further growth

13-Aug-2025 / 06:48 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 H1 2025 DEMONSTRATING STRONG OPERATIONAL PERFORMANCE WELL BALANCED FOR FURTHER GROWTH

  • Net rental income for H1 2025 amounted to €213 million, increasing 1%  compared to €212 million in H1 2024, despite the impact of  net
    disposals.
  • Continued strong like-for-like rental growth of 3.7% as of June 2025.
  • Adjusted EBITDA reached €169 million in H1 2025, up 2% from €166 million in H1 2024, supported by improved operational efficiencies.
  • FFO I amounted to €95 million in H1 2025, up 1% from €94 million in H1 2024. FFO I per share stable year-over-year at €0.54 per share,
    reflecting an annualized yield of ca. 10%.
  • Full portfolio valuation conducted in H1 2025, resulting in a positive like-for-like property revaluation of 1.6%, driven by continued
    strong operational performance.
  • Net profit amounted to €210 million, with basic  earnings per share of €0.92, compared to a  loss of €74 million and a basic loss  per
    share of €0.38 in H1 2024.
  • GCP maintained a strong liquidity position, with  nearly €1.5 billion in cash and liquid  assets as of June 2025, representing 34%  of
    total debt and covering current liabilities 2.6 times.
  • Keeps conservative financial profile, with  a low LTV of 32%  as of June 2025, an  ICR ratio of 5.4x in  H1 2025, and €6.3 billion  in
    unencumbered assets (70% of total portfolio value).
  • EPRA NTA amounted to €4.4 billion, or €25.2 per share, as of June 2025, an increase of 4% compared to December 2024.
  • Disposals totaling €131 million  were completed in H1  2025 at book value.  GCP recycled the capital  from disposals into €60  million
    acquisitions, and is well positioned for further growth.
  • FY 2025 guidance confirmed. 

Luxembourg, August 13,  2025 – Grand  City Properties S.A.  (“GCP” or the  “Company”) announces its  results for the  first half of  2025,
reporting net  rental income  of €213  million, increasing  1% compared  to €212  million in  H1 2024.  The performance  was supported  by
like-for-like rental growth of 3.7% partially offset by the impact of net disposals carried out between the periods. Adjusted EBITDA  rose
by 2% to €169 million, up from €166  million in H1 2024, reflecting improved operational efficiency.  FFO I amounted to €95 million in  H1
2025, representing a  year-over-year increase of  1%. FFO I  per share  was €0.54, remaining  stable compared the  prior-year period.  The
Company confirms its full-year 2025 FFO I guidance.

During the first six months of 2025,  GCP conducted an external revaluation of its  entire portfolio, reflected in a property  revaluation
and capital gains of €154  million and corresponding to a  like-for-like value increase of +1.6%  compared to December 2024. The  positive
revaluation outcome was driven  by continued operational  performance and strong  like-for-like rental growth  and accordingly the  rental
yield remained stable at 4.9% in June 2025 compared to December 2024.

Disposals totalling €131 million were completed during  the period, slightly above book value. The  Company raised €55 million in net  new
bank financing and repaid its  Series E bond of ca.  €179 million during the  period. As of June 2025,  GCP maintained a strong  liquidity
position, with nearly €1.5 billion in cash and liquid assets, representing 34% of total debt. The Company’s conservative financial profile
was further underlined by a low LTV of  32%, an interest coverage ratio of 5.4x,  and €6.3 billion in unencumbered assets, accounting  for
70% of the total portfolio.  The conservative profile of its  balance sheet positions the Company  well to capitalize on potential  growth
opportunities. In the first half of 2025, GCP completed acquisitions in London amounting to €60 million, closed primarily towards the  end
of the period and will thus contribute to future rental income growth.

Refael Zamir, CEO  of Grand  City Properties:  “We are pleased  to report  a solid  first half of  2025, marked  by continued  operational
strength, benefitting from favorably  strong fundamentals in our  portfolio locations driving internal  growth. Paired with our  efficient
operating platform we achieved robust  adjusted EBITDA, offsetting the impact  of disposals. We are well  positioned to deliver long  term
growth through our portfolio’s upside potential as well as execute on growth opportunities.”

Financial       statements        for       H1        2025        are       available        on       the        Company's        website:
 1 https://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
H1 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/H1_2025_Financials/GCP_Q2_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 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:  IR
   TIDM:           IRSH
   LEI Code:       5299002QLUYKK2WBMB18
   OAM Categories: 1.2. Half yearly financial reports and audit
                   reports/limited reviews
   Sequence No.:   398667
   EQS News ID:    2183150


    
   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=2183150&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=7b80c942d5efa23f70e8ec358b80c256&application_id=2183150&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   3. mailto:gcp-ir@grandcity.lu


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