Grand City Properties (GYC) Q3 2026 earnings summary

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.