Grand City Properties S.A. announces 9M 2026 strong operational results with increased guidance for FY 2026

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 9M 2026 STRONG OPERATIONAL RESULTS WITH INCREASED GUIDANCE FOR FY 2026 Net rental income for 9M 2026 amounted to €331 million, increasing by 4% compared to €320 million in 9M 2025. Strong like-for-like rental growth continued at 3.3% as of September 2026. Vacancy remains low at 3.6%. Adjusted EBITDA in the amount of €265 million in 9M 2026, higher by 4% from €253 million in 9M 2025. FFO I totalled €136 million in 9M 2026, lower by 4% compared to €141 million in 9M 2025. FFO I per share amounted to €0.77 per share in 9M 2026, compared to €0.80 in 9M 2025. Profit for the period amounted to €182 million, with basic earnings per share of €0.69, compared to €410 million and €1.84 in 9M 2025, which benefited from higher revaluation gains and one-off deferred tax income. In 9M 2026 GCP completed acquisitions of ca. €200 million, mainly new build in London as well as a stable portfolio in Germany, and disposals of €39 million, comprising mainly condominiums and properties in non-core locations. As of September 2026, the LTV ratio amounts to 34%, ICR ratio amounts to 4.7x, and €7.0 billion in unencumbered assets, amounting to 74% of total portfolio value. GCP continues to maintain a strong liquidity position of €613 million as of September 2026, further supported by €215 million of undrawn revolving credit facilities and an undrawn 2-year €600 million bridge loan facility signed after the reporting period in connection with the financial investment in LEG. 2027 debt maturities remain fully covered, with the next refinancing needs only in 2028. EPRA NTA amounted to €4.6 billion, or €26.0 per share, as of September 2026, up 2% compared to €25.6 per share as of December 2025. After the reporting period, GCP acquired a 20.04% stake in LEG Immobilien SE, a highly accretive financial investment expected to deliver ca. 30% annualized FFO I accretion on a pro-rata basis after financing costs, with the Company maintaining strong liquidity and conservative financial profile. Following the LEG transaction, S&P has affirmed both the group and standalone credit rating. FY 2026 FFO I guidance increased to a range of €185 million to €195 million (previously €175 million to €185 million), or €1.05 to €1.11 per share, supported by the financial investment  in LEG. The full year impact of the LEG transaction to be seen in 2027. Luxembourg, November 11, 2026 – Grand City Properties S.A. ("GCP" or the "Company") announces its results for the nine-month period of 2026 (9M 2026), underpinned by continued strong operational performance. GCP reported net rental income of €331 million, a 4% increase compared with €320 million in 9M 2025, supported by like-for-like rental growth of 3.3%. Adjusted EBITDA increased by 4% to €265 million, reflecting higher net rental income while net operating expenses remained broadly stable. FFO I amounted to €136 million, a decrease of 4% year-on-year, mainly resulting from higher finance expenses, an increased perpetual notes attribution and a higher minority contribution. FFO I per share amounted to €0.77, compared to €0.80 in 9M 2025. Profit for the period amounted to €182 million, with basic earnings per share of €0.69, compared to €410 million and €1.84 in 9M 2025. The decrease was mainly attributable to lower revaluation gains in H1 2026 compared to H1 2025, and to the one-off deferred tax income recorded in Q3 2025. The Company did not revalue its portfolio in Q3 2026, and a full revaluation will be conducted as part of the FY 2026 results. In 9M 2026, GCP continued to execute on its capital recycling strategy, completing acquisitions of ca. €200 million, mainly in London and Germany, and disposals of €39 million, comprising mainly condominiums and properties in non-core locations. The disposals were completed at a 13% premium to book value and 36% margin over total costs including capex. As of September 2026, the Company's liquidity position stood at €613 million in cash and liquid assets, complemented by €215 million of undrawn revolving credit facilities. After the reporting period, the Company issued a €500 million short-term bond and signed a 2-year €600 million bridge loan in connection with the LEG transaction. The Company's existing liquidity covers its debt maturities into 2028. The Company's financial profile remained conservative, with an LTV of 34%, compared to 31% as of December 2025, an interest coverage ratio of 4.7x, and €7.0 billion in unencumbered assets, representing 74% of the total portfolio. The average cost of debt was 2.2%, with an average debt maturity of 4.1 years (4.8 years excluding debt covered by cash and liquid assets), and a hedging ratio of 94%. Supported by the highly accretive investment in LEG, the Company increased its FY 2026 FFO I guidance by €10 million to a range of €185 million to €195 million or €1.05 to €1.11 per share. The updated guidance includes the timing impact of the transaction, with the first full-year impact expected in 2027. ACQUISITION OF 20.04% STAKE IN LEG IMMOBILIEN SE On October 20, 2026, GCP announced the acquisition of a 20.04% shareholding in LEG Immobilien SE ("LEG"), one of Germany's largest residential real estate companies, with a portfolio concentrated in attractive German markets and a focus on North Rhine-Westphalia. GCP regards the shareholding as a financial investment and views it as the best use of capital in the current market environment, as the investment is expected to deliver ca. 30% annualized FFO I accretion on a pro-rata basis after financing costs. Through the stake, GCP gains an indirect share of ca. €4 billion in LEG's ca. €20 billion portfolio, increasing its exposure to markets in which it has longstanding operating experience and deep local knowledge, primarily in North Rhine-Westphalia. GCP may, at its discretion, opportunistically increase its stake up to 29.9% of LEG Immobilien’s shares, use its right to reduce its shareholding significantly in a very short term or sell all or part of its investment, at any time, depending on market conditions. GCP’s robust financial position and over €900 million disposals over the years 2023-2025 allowed it to fund the accretive investment with its strong balance sheet, having a limited impact on leverage, with the LTV remaining well below the Board's 45% guidance, while the Company ensures strong liquidity. In connection with LEG transaction, S&P has affirmed both GCP's group and standalone credit ratings. As the transaction primarily occurred after the reporting period, further information on the transaction will be provided as part of the FY 2026 report. Refael Zamir, CEO of Grand City Properties: "The first nine months of 2026 demonstrate the strength of our business model and our ability to create value across different market environments. Continued like-for-like rental growth and strong operational execution are complemented by disciplined capital allocation, including our highly accretive investment in LEG. We expect these drivers will translate into strong FFO growth in the coming periods, while we continue to protect our liquidity, financial flexibility and credit profile." Financial Statements for 9M 2026 are available on the Company's website: https://www.grandcityproperties.com/investor-relations/publications/financial-reports/ For definitions of the alternative performance measures please see the relevant section in pages 32-36 of the financial statements for 9M 2026, which you can find on the website under investor relations > publications > financial reports or follow this link: https://www.grandcityproperties.com/grandcityproperties.com/Data_Objects/Downloads/Financial_Reports/Q3_2026_Financials/GCP_Q3_2026.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: 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.