REG-Grand City Properties S.A. Grand City Properties S.A. announces results for Q1 2025 driven by operational growth

Grand City Properties SAAnnouncement

14/05/2025 06:00

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Grand City Properties S.A. (IRSH)
Grand City Properties S.A. announces results for Q1 2025 driven by operational growth

14-May-2025 / 06:51 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 Q1 2025 DRIVEN BY OPERATIONAL GROWTH

  • Net rental income of €106 million in Q1 2025, higher by 1% as compared to €105 million in Q1 2024, despite disposals carried out between
    the periods.
  • Robust like-for-like rental growth of 3.8% capturing operational upside reinforced by strong fundamentals.
  • Adjusted EBITDA of  €85 million in  Q1 2025, higher  by 3%  as compared to  €82 million in  Q1 2024 supported  by increased  operational
    efficiency.
  • FFO I of €48 million and €0.27 per share in Q1 2025, higher by 6% and 4% respectively, as compared to €45 million and €0.26 in Q1 2024.
  • Positive property revaluation of +0.6% on a like-for-like basis, on 20% of the portfolio, driven by operational growth.
  • €120 million of disposals completed in Q1 2025, carried at book value.
  • Net profit of €88 million and basic earnings per share of €0.35 as compared to €44 million and €0.17 in Q1 2024.
  • Strong liquidity position with nearly €1.7 billion cash and liquid assets as of March 2025, reflecting 37% of total debt.
  • Conservative financial position  maintained with an  LTV of 32%  as of March  2025, ICR ratio  of 5.5x in  Q1 2025 and  €6.3 billion  of
    unencumbered assets (71% of total portfolio value).
  • EPRA NTA amounted to €4.3 billion or €24.6 per share as of March 2025 up 1% from December 2024.
  • FY 2025 guidance confirmed.

Luxembourg, May 14, 2025 – Grand City  Properties S.A. (“GCP” or the “Company”) announces  robust operational and financial results for  the
three-month period ending March 2025. The Company  delivered solid performance in Q1 2025, with  net rental income increasing by 1% to  €106
million, primarily driven by a strong like-for-like rental growth of 3.8%. This growth is driven by continued strong in-place rent  increase
on a like-for-like  basis, indicating sustained  positive operational  momentum. Rental growth  was partially  offset by the  impact of  net
disposals carried out between the  periods. Adjusted EBITDA rose  by 3% to €85 million,  compared to €82 million  in Q1 2024. The  increased
operational performance was supported by higher operational efficiency. FFO I increased by 6% to €48 million in Q1 2025, supported by higher
adjusted EBITDA and partially offset by slightly higher financing costs. FFO I per share amounted to €0.27, up from €0.26 in the  prior-year
period. The Company confirms its FFO I guidance for the full year 2025.

The Company improved  its conservative financial  structure with an  LTV of 32%,  compared to 33%  as of December  2024, a strong  liquidity
position of nearly €1.7 billion supported by disposals of €120 million and  repayment of vendor loans, an average cost of debt at 1.9%,  and
average debt maturity of 4.6 years.

In April 2025, Standard & Poor’s lowered  GCP’s credit rating by one notch  to BBB with a stable outlook.  The decision is in line with  the
rating action taken on Aroundtown, following S&P’s group rating methodology.  The credit rating on the Company’s senior bonds now stands  at
BBB, and BB+ for its perpetual notes. GCP’s stand-alone credit  profile (SACP) remains unchanged at bbb+. The Company continues to  maintain
significant headroom against all of its financial bond covenants.

GCP has decided not to recommend a dividend payment for 2024. The decision follows a period where the Company successfully navigated through
the market challenges by strengthening its  financial position and reducing leverage. The  Company will continue to maintain a  conservative
and prudent financial approach, keeping financial flexibility and headroom.

Refael Zamir, CEO of Grand City Properties: " We are pleased  to present strong results for the first quarter of 2025, reflecting  continued
robust operational performance driven by solid like-for-like rental growth.”

Financial       statements        for        Q1        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
Q1 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/Q1_2025_Financials/GCP_Q1_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:  QRF
   TIDM:           IRSH
   LEI Code:       5299002QLUYKK2WBMB18
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   388069
   EQS News ID:    2136852


    
   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=2136852&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=b98bc0bf017fbf7bd2f1f12fc9219ac7&application_id=2136852&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
   3. mailto:gcp-ir@grandcity.lu


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