Q1 2026 Grand City Properties SA Earnings Call Transcript
Key Points
- Grand City Properties SA (GRNNF) reported solid rental growth of 3.5% on a like-for-like basis, with vacancy rates remaining low at 3.6%.
- The company maintained a strong liquidity position with EUR1.6 billion in cash and liquid assets as of March 2026.
- A new perpetual notes issuance and tender offer were successfully concluded, strengthening the financial profile with next call dates only in 2031.
- The company proposed a dividend payment of $0.30 per share for 2025, reflecting a 3.2% dividend yield, and updated its dividend policy to 50% of FFO I per share.
- Grand City Properties SA (GRNNF) has a low leverage with an LTV ratio of 32%, providing flexibility for future growth opportunities.
- Net profit for Q1 2026 decreased to EUR42 million from EUR88 million in the previous year, primarily due to the absence of revaluation gains.
- FFO I decreased slightly to EUR46 million from EUR48 million in Q1 2025, impacted by higher finance expenses.
- The company did not conduct a portfolio evaluation in Q1 2026, which may affect transparency regarding current asset valuations.
- Finance expenses increased by EUR2 million due to new debt raised in 2025 and higher bank financing costs.
- AFFO for the period was EUR27 million, lower than the EUR29 million recorded in Q1 2025, due to lower FFO I and higher repositioning CapEx.
Good morning, and thank you for joining us for Grand City's results call for the first quarter of 2026. You can view this presentation on Grand City's website, either on the Home section or under Financial Reports of the Investor Relations section.
With me today will be Chairman and Director, Christian Windfuhr; CEO, Refael Zamir; CFO, Idan Hadad; and CCMO, Michael Bar-Yosef. (Operator Instructions)
With that, I would like to hand you over to Christian to start with the presentation.
Thank you very much, and welcome to our Q1 2026 results presentation. We are happy to present our first-quarter financial results, which marked another quarter of solid operating growth. The economic environment and expectations are currently being shaped by ongoing geopolitical developments in the world, resulting in heightened volatility in financial markets.
Despite the volatility, we have so far continued to see positive and open transactions and capital markets on the
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