Grand City Properties (GYC) Q1 2026 earnings summary

Executive summary

• Net rental income rose 2% year-over-year to €109 million in Q1 2026, driven by like-for-like rental growth of 3.5% and stable vacancy at 3.6%.

• Adjusted EBITDA increased 1% to €86 million, while FFO I declined 4% to €46 million due to higher finance expenses.

• Net profit for Q1 2026 was €42 million (EPS €0.17), down from €88 million in Q1 2025, mainly due to the absence of property revaluation gains.

• Dividend reinstated after three years, with €0.30 per share proposed for 2025 and a new policy of 50% of FFO I per share from 2026 onward.

• Aroundtown increased its holding to 81.5% following a voluntary exchange offer; governance structure and financial independence maintained.

Financial highlights

• Revenue for Q1 2026 was €154 million, up from €151 million in Q1 2025.

• EPRA NTA stable at €4.5 billion or €25.70 per share.

• AFFO for Q1 2026 was €27 million, slightly lower year-over-year.

• Net debt/EBITDA at 8.3x; interest coverage ratio at 4.8x.

• Liquidity position at €1.6 billion, representing 36% of total debt.

Outlook and guidance

• Full-year 2026 FFO I guidance confirmed at €175–185 million, with FFO I per share expected at €0.99–1.05.

• Dividend guidance for 2026 set at €0.50–0.53 per share.

• Like-for-like rental growth expected to remain at 3.5%.

• LTV to be maintained below 45%.

• No further perpetual note reset dates until 2031 after recent refinancing.