Grand City Properties SA (GRNNF) Q2 2026 Earnings Report

The call presented a generally balanced picture: strong operational performance with healthy rental growth, low vacancy, expanding portfolio and solid liquidity, alongside conservative balance sheet metrics and a resumed dividend policy. Offsetting these strengths are notable near-term pressures from higher finance costs (largely due to perpetual notes refinancing), lower disposals and consequential falls in reported profit, EPS and FFO II versus the prior year. Management confirmed guidance and emphasized conservative financial positioning and selective, accretive growth, indicating resilience but acknowledging headwinds that temper near-term earnings.

The company confirmed 2026 guidance: FFO I of EUR 175–185 million (EUR 0.99–1.05 per share), like‑for‑like rental growth around 3.5%, and a dividend of EUR 0.50–0.53 per share under a new policy targeting 50% of FFO I per share; management noted H1 FFO I of EUR 91 million was in line with expectations, the perpetual‑note attribution is c. EUR 53 million for 2026 (normalizing to c. EUR 60 million in 2027) which will offset some FFO I growth from Q3, and they aim to keep LTV below their 45% internal limit.