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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Grand City Properties
Grand City Properties (GYC) investor relations material
Grand City Properties Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Nov, 2026
Executive summary
9M 2026 net rental income and Adjusted EBITDA each rose 4% YoY; FFO I fell 4% and profit declined, mainly on lower revaluation gains, a prior-year tax benefit and higher finance costs.
FY 2026 FFO I guidance rose to €185–195m; the 20.04% LEG stake is expected to add ~30% to FFO I after financing costs on a pro-rata run-rate basis.
Portfolio value was €9.26bn, with 3.3% like-for-like rental growth and 3.6% vacancy; S&P affirmed group and standalone credit ratings following the LEG transaction.
Financial highlights
9M revenue was €469.8m; net rental income was €331.2m, up 4% YoY, and Adjusted EBITDA was €264.6m, up 4%.
Profit was €181.8m vs €410.3m; basic and diluted EPS were €0.69 vs €1.84.
FFO I was €135.7m vs €141.1m, or €0.77/share vs €0.80; FFO II was €145.9m vs €194.8m and AFFO was €74.2m vs €81.0m.
Property revaluation gains were €56.9m vs €153.9m; 9M disposals generated €4.4m gain over book value, a 13% premium and 36% margin over total costs including capex.
Net cash from operating activities was €213.6m vs €206.3m; cash and liquid assets were €613.2m at September.
Outlook and guidance
FY 2026 FFO I guidance increased by €10m to €185–195m, or €1.05–1.11/share; like-for-like net rent growth guidance remained ~3.5%.
FY 2026 dividend guidance is €0.53–0.55/share, subject to AGM approval; policy targets 50% of FFO I per share from 2026.
The updated guidance includes LEG transaction timing; a full-year LEG contribution is expected in 2027, alongside acquisition contribution and internal EBITDA growth.
Like-for-like rental growth above 3% is expected for the foreseeable future; year-end property values are currently expected to be broadly stable, subject to macro conditions and independent valuation.
A full portfolio revaluation is planned for FY 2026 results; no Q3 2026 revaluation was conducted.
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Latest events from Grand City Properties
- Net rental income and EBITDA rose 3%, net profit fell, and FY 2026 guidance was confirmed.GYC
Q2 2026 - Net rental income rose 2%, dividend reinstated, and FFO I guidance confirmed for 2026.GYCQ1 2026
- Net profit up 143% to €588m, with strong rental growth and Board support for a premium exchange.GYCQ4 2025
- Profit rebounded to €410 million on rental growth, revaluations, and tax reform gains.GYCQ3 2025
- Net profit rose to €210 million in H1 2025, with strong revaluations and robust operational growth.GYCQ2 2025
- Strong rental growth, improved EBITDA, and robust liquidity support a positive 2024 outlook.GYCQ3 2024
- Rental income rose, net loss narrowed, and 2024 guidance was upgraded on strong liquidity.GYCQ2 2024
- Q1 2025 saw strong rental growth, doubled net profit, and confirmed 2025 guidance amid resilient markets.GYCQ1 2025
- Profit rebounded in 2024 with growth, lower leverage, and a positive outlook for 2025.GYCQ4 2024
Next Grand City Properties earnings date
Q4 202611 Mar, 2027
Grand City Properties
Next Grand City Properties earnings date
Q4 202611 Mar, 2027
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Frequently asked questions
Grand City Properties S.A. is a real estate company specializing in the acquisition, management, and enhancement of residential properties. The company focuses on optimizing its property portfolio through renovations and efficient asset management, aiming to provide high-quality living spaces. Its operations primarily target urban areas and regions with strong economic fundamentals, where demand for residential housing is significant. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the FSE (Frankfurt Stock Exchange).