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GCP FINANCIAL RESULTS PRESENTATION H1 2026 AUGUST 2026 LONDON
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HIGHLIGHTS 2
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H1 2026 KEY RESULTS SUMMARY KEY FINANCIAL RESULTS 3 P&L H1 2026 Change H1 2025 Net Rental Income €219m 3% €213m Adjusted EBITDA €174m 3% €169m FFO I €91m -4% €95m FFO I per share €0.52 -4% €0.54 Property revaluation & capital gains €56m -64% €154m Net Profit €129m -39% €210m EPS €0.49 -47% €0.92 BALANCE SHEET Jun 2026 Change Dec 2025 Cash and liquid assets €1,365m -16% €1,623m Total equity €5,910m 0% €5,938m EPRA NTA €4,556m 1% €4,514m EPRA NTA per share €25.8 1% €25.6 BBB Stable Outlook Reaffirmed in Dec 2025 2026 GUIDANCE CONFIRMED (FFO I of €175M-€185M) PORTFOLIO*STRONG FINANCIAL PROFILE Jun 2026 Dec 2025 LTV 33% 31% EPRA LTV 45% 44% Net debt/ EBITDA 8.7x 8.2x ICR 4.7x 5.2x * excluding held-for-sale Jun 2026 Dec 2025 Investment Property €9,201m €8,941m Units 61,189 59,650 Value per sqm €2,353/sqm €2,335/sqm Annualised net rent €442m €429m L-F-L rental growth 3.3% 3.5% Rental yield 4.9% 4.9% In-place rent €9.8/sqm €9.7/sqm Vacancy 3.7% 3.6% Jun 2026 Dec 2025 Cost of debt 2.1% 2.1% Ø debt maturity 3.8 years 4.3 years Ø debt maturity (excl. debt covered by cash and liquid assets) 5.2 years 6.0 years Unencumbered Assets €6.6bn / 71% €6.4bn / 71% LEIPZIG
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PORTFOLIO & OPERATIONAL RESULTS 4
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GERMAN RESIDENTIAL MARKET FUNDAMENTALS REMAIN VERY STRONG 5 ❖ New construction restrained in metros as land and construction costs stay elevated. ❖ Housing demand remains high, driven by urban population growth. ❖ Permits still well below 2023 and prior years — a slight improvement on 2024 only. 90 140 190 240 290 340 390 440 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *2026 Thousands Construction permits Completions Annual demand STRUCTURAL IMBALANCE LEADS TO CONSISTENT AND STEADY RENT GROWTH Germany: Permits granted, completions 1) and annual demand2) 1) Destatis (actuals), target level of completions of the German Government 2)Pestel Institute 3) Cushman & Wakefield, Marketbeat Germany: Top 7 cities Q4 2025 *Jan 2026 – May 2026 annualized 10 15 20 25 30 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 EUR/Sqm/month New Build, Prime Rent New Build, Median Existing Stock, Median Development of Asking Rents last 5-years, Top 73) SUPPLY CONSTRAINED ~400k Annual demand p.a.² 232k Permits approved, 2025 100k Permits, Jan–May 2026 ❖ Bauturbo allows municipalities approve projects outside zoning plans. ❖ June 2026 “Aktionsplan Baukosten”: 13 measures to reduce construction costs including digital permitting by 2028, faster planning, tax breaks. ❖ Completions still expected to fall significantly short of government targets in 2026. POLICY MEASURES TO ACCELERATE DELIVERY Persistent demand/supply gap → structurally low vacancy → sustained rent growth. Policy tailwinds (Bauturbo, Aktionsplan Baukosten) are not expected to close the very significant gap.
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FEDERAL GOVERNMENT AGAINST EXPROPRIATION 6 GERMAN FEDERAL GOVERNMENT COALITION AGREES TO INTRODUCE LAW TO PREVENT EXPROPRIATION OF PRIVATE HOUSING PORTFOLIOS SEP 2021 Berlin referendum “Deutsche Wohnen & Co. enteignen” backed socialising private landlords owning 3,000+ units. The vote was non-binding, and there is no legal clarity whether such a measure is constitutional. 13 MAR 2026 Berlin framework law Berlin's parliament passed a “socialisation law” framework for general socialization measures, requiring a common-good purpose, proportionality and appropriate compensation for expropriation under the framework. The law enters into force on 28 Mar 2028, leaving time for prior constitutional review. 2 JUL 2026 Federal law to bar expropriation The federal coalition agreed to introduce a federal law barring states from expropriating private rental housing, responding to the Conference of Construction Ministers. ✓ MATERIALLY LOWER EXPROPRIATION RISK FOR GCP'S BERLIN PORTFOLIO The measure protects housing investment and provides legal certainty. Industry bodies have welcomed it as a strong signal andthe direction materially reduces perceived expropriation riskfor GCP's Berlin portfolio.
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LONDON FUNDAMENTALS REMAIN ROBUST 7 ❖ London’s rental market continues to tighten, with rental supply down 7% YoY in June and average rents rising 33% since 2022. ❖ The Renters' Rights Act 2025 (effective May 2026) ends no-fault evictions and limits increases to once a year but introduces no rent controls, leaving London materially more flexible than Germany's regulated regime, and not impacting GCP significantly. ❖ Continued landlord exits from the market are further constraining supply. 100 105 110 115 120 125 130 135 140 145 150 Private rental price index London, January 2015 to June 20261) ❖ GCP’s portfolio, with a focus on affordable and medium- income boroughs, was affected positively by market developments ❖ While prime and very central areas have seen price declines, the overall average price is supported by notable increases in more affordable locations such as Lewisham, Redbridge, and Merton3) ❖ London needs between 52,000 to 100,000 new homes annually, but delivery is falling well short of these targets3) ❖ Planning applications and permissions dropped significantly in London in 2023, with a 34% decrease in permissions 1) ONS Price Index of Private Rents, 2) UK House Price Index, UK Government, 3) GLA Planning - 20,000 40,000 60,000 80,000 100,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 London residential building completions and approvals3) Completions ApprovalsIncrease of 33% between Jan 2022 to June 2026, reflecting 6.6% CAGR 440,000 480,000 520,000 560,000 600,000 London Average House Price2) EXPOSURE TO LONDON'S REGULATORY ENVIRONMENT STRENGTHENS THE DIVERSIFICATION PROFILE OF GCP'S OVERALL PORTFOLIO
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PORTFOLIO OVERVIEW 8 June 2026 Value (in €M) (1)(2) Area (in k sqm) EPRA vacancy Annualised net rent (in €M) In-place rent per sqm (in €) Number of units Value per sqm (in €) Rental yield Berlin 2,044 621 3.6% 76 10.2 8,433 3,290 3.7% NRW 1,735 1,048 5.3% 89 7.2 15,179 1,656 5.1% Dresden/Leipzig/Halle 1,359 878 3.3% 66 6.5 15,366 1,549 4.9% Mannheim/KL/Frankfurt/Mainz 361 156 3.4% 19 9.8 2,722 2,313 5.1% Nuremberg/Fürth/Munich 312 80 3.3% 12 13.2 1,482 3,879 4.0% Hamburg/Bremen 368 227 4.0% 21 7.8 3,434 1,620 5.6% London 1,920 208 2.6% 106 43.5 4,026 9,256 5.5% Others 940 624 4.0% 53 7.4 10,547 1,505 5.7% Development rights & Invest 162 Total June 2026 9,201 3,842 3.7% 442 9.8 61,189 2,353 4.9% (1) The Company obtains its property valuations from internationally recognized valuers such as JLL, CBRE, PWC and Savills. Such reports are updated semi-annually and are based on international RICS standards, which uses mainly common market figures for similar properties in similar locations. The full portfolio was revalued as part of the H1 2026 Interim report. (2) The portfolio is including commercial assets which account for 11% of the total portfolio value. PORTFOLIO CHANGES: ❖ Acquisitions: ▪ Completed €75 million in Germany at ~14x multiple. ▪ New built properties in London of over €100m signed in 2025, at 13x multiple once fully let, partially completed in May with the remainder completed after the reporting period. ❖ Disposals, amounting to €31 million, comprising primarily of properties in non-core locations and condominiums Total December 2025 8,941 3,771 3.6% 429 9.7 59,650 2,335 4.9%
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STRONG OPERATIONAL DYNAMICS 9 442 530 Jun 2026 annualised net rent Annualised market potential (ERV)1) ANNUALISED NET RENTAL INCOME vs. MARKET POTENTIAL (ERV)1) (in € millions) +20% upside8.1 8.2 8.6 9.2 9.7 9.8 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Jun 2026 1) including vacancy reduction DELIVERING CONSISTENT OPERATIONAL PERFORMANCE BACKED BY STRONG MARKET FUNDAMENTALS ❖ Favourable macro-economic and demographic fundamentals, including a sustained supply-demand imbalance, continue to support rising market rents in Germany’s metropolitan areas and London. L-F-L NET RENT GROWTHIN-PLACE RENT (€/SQM) +4.3% CAGR +3.3% total net rent growth JUN 2026 LIKE-FOR-LIKE RENTAL GROWTH DRIVEN BY 2.1% 1.2% Re-letting Indexation = 3.3% total like-for-like rental growth ❖ The portfolio is well positioned to benefit from fundamental trends, reflected in 3.3% like-for-like rental growth and a low vacancy rate of 3.7%. ❖ The portfolio's 20% reversionary potential underpins consistently high LFL rent growth, largely without reliance on costly modernization capex. ❖ A supportive operating environment and upside to market rental levels are expected to support like-for-like rental growth of over 3% for the foreseeable future. In-line with the 2026 guidance
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VALUATIONS SUPPORTED BY STRONG OPERATIONS 10 4.8% 4.6% 4.6% 4.2% 4.2% 4.8% 4.9% 4.8% 4.8% 0% 10% 20% 2018 2019 2020 2021 2022 2023 2024 2025 Jun-26 GCP L-F-L Portfolio Yield* GCP compounded L-F-L value * the like-for-like portfolio represents the assets held throughout the period between 2018 and H1 2026, removing the impact of disposals (at relatively higher yield) and acquisitions (at relatively lower yield) on the yield of the full portfolio as reported for the respective periods YIELD AND L-F-L VALUE DEVELOPMENTREVALUATION DRIVERS ❖ Positive contribution from operational growth also expected to support further value growth. ❖ Sufficient transaction activity, supporting market evidence for valuations. ❖ GCP’s valuation approach has resulted in lower valuation volatility, showing moderate increases in time of growth as well as moderate declines in time of pressure. Accordingly, and with the support of the rental growth in the last years, GCP rental yields are reflecting GCP’s conservative valuation approach. +0.2% like-for-like revaluation +0.6% including capex Successfully unlocking value upside through operational achievements. Full portfolio valuation by external valuators. RENTAL MULTIPLE 20.4x Jun 2026 Dec 2025 VALUE PER SQM €2,353 Jun 2026 Dec 2025 AVG. DISCOUNT RATE 5.5% Jun 2026 Dec 2025 AVG. CAPITALIZATION RATE 4.2% Jun 2026 Dec 2025 20.5x €2,335 5.4% 4.2%
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95% Digital handover protocols 2013 Centralized Tenant Service Center Consolidated tenant support into a single in-house service center, streamlining communication and response. 2016 - 2021 Digital Tenant Services Digital financial services for tenants (rent reminders, SEPA mandate management, tenant letters), digital leases, and online maintenance & service requests. 2022 - 2024 Standardized Digital Workflows Further enhancement of digital landscape and introduction of several self-service tools. Laid the foundation for standardization of workflows. 2025 - TODAY AI-Supported, Human Led Processes Implementing digital and AI solutions across operations, equipping employees with tools to drive efficiency and growth, while reducing error. FUTURE Scaling Innovation Further scaling implementation and focusing on emerging innovations to drive continuous efficiency gains. Continuous investment in digital and AI capabilities strengthens tenant experience, operational resilience, and cost efficiency across the platform. KEY METRICS Share of tenant requests through App vs other channels Share of protocols completed digitally App adoption CONTINUOUSLY DRIVING PLATFORM EFFICIENCY THROUGH INNOVATION 11 17.7% Q2 2026 23.0% Digital Move in 21.7% Digital Move out 01- 07/2026 via the PM App 11.3k Avg. active tenants/month 4.3k Activated contracts 17k First downloads H1 2026
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FINANCIAL RESULTS 12
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P&L RESULTS 13 Selected consolidated statement of profit or loss H1 2026 H1 2025 in € ‘000 unless otherwise indicated Net rental income 219,275 212,832 Revenue 309,290 298,773 Property revaluations and capital gains 56,011 153,803 Property operating expenses (131,019) (125,586) Administrative and other expenses (5,165) (5,436) EBITDA 229,117 321,554 Adjusted EBITDA 174,334 168,916 Depreciation and amortization (4,666) (3,077) Finance expenses (36,897) (31,234) Other financial results (25,787) (27,648) Current tax expenses (19,406) (19,746) Deferred tax expenses (13,362) (29,908) Profit for the period 128,999 209,941 Basic earnings per share in € 0.49 0.92 Diluted earnings per share in € 0.49 0.92 NET RENTAL INCOME (in € millions) ADJUSTED EBITDA (in € millions) 213 219 H1 2025 H1 2026 169 174 H1 2025 H1 2026 ❖ Net rental income increased by 3%, supported by strong like-for-like rental growth of 3.3%, offsetting the impact of net disposals. ❖ Adjusted EBITDA was higher by 3%, reflecting the Company’s higher net rental income, while net operating expenses remained broadly stable. ❖ Finance expenses increased mainly as a result of new debt raised in prior periods. ❖ Profit for the period amounted to €129 million. +3% +3% 79% 79% margin
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FFO I + II 95 91 H1 2025 H1 2026 ❖ FFO I was negatively impacted by higher finance expenses, higher perpetual notes attribution, and a higher minority contribution, partially offset by robust Adjusted EBITDA growth. ❖ Result from disposal of properties in H1 2026 was lower mainly due to the significantly lower volume of disposals compared to the previous year, resulting in a lower FFO II. FFO I (in € millions)in € ‘000 unless otherwise indicated H1 2026 H1 2025 Adjusted EBITDA 174,334 168,916 Finance expenses (36,897) (31,234) Current tax expenses (19,406) (19,746) Contribution to minorities (4,082) (2,618) Adjustment for perpetual notes attribution (22,499) (20,534) FFO I 91,450 94,784 FFO I per share (in €) 0.52 0.54 FFO I 91,450 94,784 Result from disposal of properties 7,762 51,635 FFO II 99,212 146,419 FFO I per share (in €) 0.54 0.52 H1 2025 H1 2026 14 -4% -4%
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MAINTENANCE & CAPEX 15 ❖ Focus remains on improving asset quality, value creation and increasing rental income ❖ Other value-add measures include: • Upgrading apartments for new rentals • Enhancing staircases and public areas • Redoing the facades and improving the look of buildings • Installing playgrounds • Installing elevators and ramps • Adding balconies • Other similar measures ❖ In H1 2026, GCP invested €10.3/avg sqm into repositioning capex, similar compared to H1 2025 ❖ Additionally, in H1 2026, GCP invested €15 million in pre-letting modifications, and €2 million in modernization, both higher compared to H1 2025 ❖ Investments related to energy efficiency and CO2 reduction, such as replacing windows and heating systems, are attributed to the above category’s depending on the project specifics REPOSITIONING CAPEX & MAINTENANCE (in € per average sqm) in € ‘000 unless otherwise indicated H1 2026 H1 2025 FFO I 91,450 94,784 Repositioning Capex (39,854) (41,000) AFFO 51,596 53,784 ADJUSTED FUNDS FROM OPERATIONS (AFFO) 3.0 3.0 10.3 10.3 13.3 13.3 H1 2025 H1 2026 Repositioning capex per avg sqm Maintenance per avg sqm REPOSITIONING CAPEX BERLIN – BEFORE – OFFICE* BERLIN – UNDER CONSTRUCTION - OFFICE TO RESIDENTIAL* *within a mixed-use residential property
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CASE STUDY: UTILIZING HEATPUMPS TO EFFICIENTLY DRIVE EPC IMPROVEMENT 16 EPC RATING E → C German energy label FINAL ENERGY −45% 141.9 → 78.3 kWh/m²·a PRIMARY ENERGY −10% 156.8 → 140.9 kWh/m²·a RENEWABLE SHARE ≥65% GModG-compliant ENERGY PERFORMANCE CERTIFICATE B C D E F G H BEFORE E · 141.9 kWh/m²·a AFTER C · 78.3 kWh/m²·a Final-energy demand (Endenergiebedarf). Asset moves from below to above the German stock average (≈ D). 0% 20% 40% 60% 80% 100% German Average (Total Residential) German Average (Multi- Family) GCP 2024 GCP 2025 A-E F-H EPC DISTRIBUTION vs BENCHMARKS A+ A SINGLE MEASURE — HEATING SYSTEM SWAP GAS SYSTEM HEAT PUMP BUFFER TANK + Renovation THE PROJECT • Replacement of gas-fired heating with a hybrid air-source heat pump, plus buffer tank and gas backup for peak demand. Delivered with IP Innovative Power as part of GCP’s serial heating-system refurbishment programme across its portfolio. • EPBD (EU 2024/1275) transposed via the GModG (replacing the GEG); enacted July 2026. Berlin
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EPRA NAV METRICS 5,102 5,153 Dec 2025 Jun 2026 4,514 4,556 Dec 2025 Jun 2026 4,114 4,164 Dec 2025 Jun 2026 EPRA NRV PS EPRA NDV PS 28.9 29.2 Dec 2025 Jun 2026 EPRA NAV PER SHARE METRICS (in €) 25.6 25.8 Dec 2025 Jun 2026 23.3 23.6 Dec 2025 Jun 2026 EPRA NTA PS +1% +1% +1% EPRA NRV EPRA NDV EPRA NAV METRICS (in € millions) EPRA NTA +1% +1% +1% ❖ EPRA NTA as of June 2026 amounted to €4.6 billion, compared to €4.5 billion at the end of 2025. The slight increase was driven by profit recorded during the period, partially offset by the dividend declared during the period. ❖ The EPRA NDV was additionally impacted by the movement in the net fair value of debt of the Company. 17
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FINANCIAL PROFILE 18
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0 200 400 600 800 1,000 1,200 1,400 2026 2027 2028 2029 2030 2031 2032 2033 >=2034 EUR Millions Straight Bonds Bank Debt 57% 57% 34% 33% 9% 10% D e c 2 0 2 5J u n 2 0 2 6 Bank Debt Straight Bond Equity Perpetuals FINANCIAL POLICY 19 COST OF MATURING DEBT 1.3% 1.5% 4.1% 4.3% 3.6%1.0% 37% 33% 31% 33% Dec 2023 Dec 2024 Dec 2025 Jun 2026 45% Board of Directors’ Limit LOW LEVERAGE EPRA LTV (including perpetual notes as 100% debt) 45% NET DEBT/ EBITDA 8.7x FINANCING SOURCES MIXINTEREST COVER RATIO* H1 2026 4.7x H1 2025 5.4x *Adjusted EBITDA/ Finance expenses 71% of value €6.6 billion Significantly high pool of unencumbered assets, provide flexibility to the Company. BBB Stable Outlook S&P WELL BALANCED MATURITY SCHEDULE 2.2% 3.1% Baa1 Stable Outlook Moody’s (unsolicited) UNENCUMBERED INVESTMENT PROPERTIES INVESTMENT GRADE CREDIT RATING 2.7% HEDGING RATIO 95%* Jun 2026 * 94% fixed & swapped, 1% capped / 5% variable AVERAGE DEBT MATURITY 3.8y / 5.2y (incl cash) Jun 2026 COST OF DEBT 2.1% Jun 2026 LIQUIDITY POSITION €1.4bn Jun 2026
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SOLIDIFIED FINANCIAL POSITION 20 PROACTIVE MEASURES TO MANAGE AND FULLY REFINANCE PERPETUAL NOTES, RESULTING IN STRONG AND CONSERVATIVE FINANCIAL POSITION ALLOWING DIVIDEND TO BE RESUMED FULL PERPETUAL NOTES STACK REFINANCED ✓ 600m issued at 5.25% in Q2 2026, in addition to Q4 2025 issuance and tender offer launched ✓ The perpetual notes with first call date in 2026 bought back or redeemed ✓ Maintaining Equity Content under S&P Methodology RESUMED DIVIDEND PAYMENTS Increased clarity on expenses supports the resumption of dividend distribution from a strong position under an updated policy that balances an attractive yield with headroom to support growth. 2031 NEXT CALL DATE OF PERPETUAL NOTES €0.30 2025 DIVIDEND PER SHARE 50% DIVIDEND POLICY €0.30 50% PAID IN JULY 2026 OF FFO I PER SHARE FROM 2026 ONWARDS
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GUIDANCE 21
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GUIDANCE FY 2026 FFO I €175M – €185M FFO I per share €0.99 - €1.05 Dividend per share* €0.50 - €0.53 Total net rentlike-for-like growth ~3.5% LTV <45% * subject to AGM approval, based on updated dividend policy to 50% of FFO I from 2026 onward 22 ❖ Main impact is higher perpetual note coupon expenses resulting from the refinancing of the perpetual notes with first call date in 2026, partially mitigated by the positive impact of the perpetual note transaction executed in December 2025 ❖ Higher net finance expenses, resulting from lower interest income on the cash balance and refinancing impact, partially offset by expected debt repayments. ❖ Negative drivers partially offset by low single digit adj. EBITDA increase as a result of the positive like for like rental growth which is expected to offset net disposal impacts, including full period impact of 2025 disposals, partially offset by initial impact of signed acquisitions ❖ Increasing efficiency, mainly from operational growth outpacing cost inflation KEY DRIVERS
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APPENDIX 23
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340 383 393 406 413 429 442 2020 2021 2022 2023 2024 2025 Jun 2026 POSITIONED WELL FOR FUTURE OPPORTUNITIES 24 Disposals to delever and refocus, discipline in past periods protected GCP when the market turned Starting to position for future external growth Continued rental growth at stabilized vacancy level offsetting net reduction in units Capital recycling and internal growth, and potential additional external growth Strengthening balance sheet, proactively addressing challenges Strong balance sheet and large deal network positioning GCP well to capture external growth potential going forward, while continuously investing in internal growth potential from high reversionary potential and crystalizing value through disposals and capital recycling Capital recycling, sticking to acquisition criteria Strong operational improvement, reducing vacancies and improving margins while disposing of non-core and mature properties in Germany and utilizing the opportunity resulting from the Brexit to execute accretive London acquisitions while maintaining strict capital discipline Development annualised net rent over past years (in € millions) Low LTV gives headroom for growth 37% 33% 33%31%
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CAPTURING GROWTH 25 OPPORTUNITY ACQUISITION CRITERIA CASH & LEVERAGE LIGHT GCP’s existing platform is geared up for accretive external growth, with efficient asset management and cost control, allowing integration of acquisitions at low additional costs ❖ Attractive opportunities are coming to market due to mismanagement, financial distress, and fund lifecycle ends, driving price dislocations ❖ GCP’s balance sheet is in a very strong relative position, with a low LTV and large liquidity balance ❖ Strong liquidity positions GCP as a cash-buyer, allowing for execution of cherry-picked opportunities as preferred buyer ❖ ~€180 million of acquisitions completed through TAC in 2026 YTD, with pipeline of attractive opportunities under review ❖ GCP targets residential opportunities in key metropolitan areas with strong fundamentals ❖ Key criteria: ❖ Acquisition guidelines based on asset quality ❖ High cash flow generating assets ❖ Potential for operational improvement ❖ Attractive NOI yield with sufficient spread over refinancing costs ❖ Purchase price below replacement costs and below market values ❖ Value uplift potential ❖ GCP’s growth is supported by Turnaround Capital (TAC), a fund set up together with Aroundtown and institutional investors to seize market opportunities by acquiring quality properties in strong locations ❖ Investing through TAC in attractive residential properties reduces cash outflows and balance sheet dependency, driving external growth while keeping leverage stable CREATING VALUE WHILE MAINTAINING A STRONG BALANCE SHEET
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TURNAROUND CAPITAL (TAC): EUROPEAN OPPORTUNISTIC REAL ESTATE FUND BACKED BY GCP & AROUNDTOWN 26 European real estate faces pressure from debt refinancings, post-COVID capex backlogs, ESG demands, and fund lifecycle ends, thereby driving price dislocations and forcing liquidations MARKET DYNAMICS AND OPPORTUNITY TAC aims to seize this market opportunity by acquiring quality real estate properties in strong locations at attractive price levels, with high upside potential using GCP’s and Aroundtown’s (“the Group’s”) strong network and management capabilitiesINVESTMENT STRATEGY • Investing across major asset types – residential, hotel, industrial/logistics, office & mixed-use • Primary target markets – Germany, The Netherlands and the UK • Secondary target markets are in other EU countries • TAC is not allowed to acquire existing AT Group properties (incl. GCP), and can’t sell to AT Group during the Fund term INVESTMENT CRITERIA • The Group is the General Partner of the fund and aims to be a minority holder • Through the fund, the Group leverages its extensive sourcing network and investment expertise to co-invest alongside other investors, driving external growth while supporting its deleveraging efforts • Benefit from o acquisition opportunities, enabling it to extract upside potential at low leverage o Management and performance fees o controlled capital allocation THE GROUP KEY TERMS • Target size: €1bn equity • First close: €400m equity • Investment period: 36 months from first close date • Fund term: 7yrs (from first close) + 1yr extension option • Exit strategy: Sale as single asset/sub-portfolio/whole portfolio • Group commitment: €250m (currently 62.5% holding) INVESTED AMOUNTS TO DATE GCP’S INVESTMENT ROLE Residential acquisitions of the fund are controlled, managed, and consolidated by GCP Around €365m invested and signed, of which ca. €340m consolidated under GCP
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FINANCIAL POLICY 27 GCP REMAINS COMMITTED TO MAINTAINING A CONSERVATIVE FINANCIAL POLICY LTV limit at 45% Maintaining conservative financial ratios with a strong ICR Unencumbered assets above 50% of total assets Long debt maturity profile Good mix of long-term unsecured bonds & non-recourse bank loans GCP FINANCIAL POLICY Debt to debt plus equity ratio at 45% (or lower) on a sustainable basis Dividend distribution of 50% of FFO I per share* * Dividend is subject to market condition and AGM approval. GCP has adjusted its dividend policy to 50% of FFO I from 2026 onward. COVENANTS ARE CALCULATED BASED ON IFRS REPORTED FIGURES. PERPETUALS ARE TREATED AS 100% EQUITY . THUS, PERPETUALS ARE NOT PART OF COVENANTS, WHETHER CALLED OR NOT CALLED. COVENANT GCP COVENANT LIMIT H1 2026 RESULTS HEADROOM Total Net Debt / Total Net Assets <=60% 30% -45% Secured Net Debt / Total Net Assets <=45% N/A (liquidity is larger Than secured debt) OVERVIEW OF THE COVENANT PACKAGE ❖ Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels. ❖ The bonds are unsecured and have the covenant packages as described to the left. In addition to these financial covenants, there is also change of control provision. Net Unencumbered Assets / Net Unsecured Debt >= 125% 351% Adjusted EBITDA / Net Cash Interest >=1.8x 4.7x Change of Control Protection ✓
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FINANCIAL INVESTMENTS 28 ❖GCP invests in select long-term financial investments enabling the Company to capture additional value and future income drivers. ❖These investments include co-investments and investments in real estate funds held with the expectation for long-term yield, as well as investments in PropTech opportunities with strong expected returns and improvement to the Company’s cost structure. ❖Through its PropTech investments GCP aims to become a market leader in technological development in the real estate sector, allowing the Company to identify opportunities for further digitalization and technological implementations, thereby supporting the cost structure, drive financial returns and support the Company’s ESG ambitions. ❖GCP additionally holds a minority position in real estate portfolios.
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• Delivering tech-enabled insulation services • Building Europe’s leading insulation network to cut emissions at scale • Training installers and scaling via “cloud installer” / business-in-a-box model INNOVATION & IMPLEMENTATION ILLUSTRATIVE SUCCESS STORIES: GCP captures strategic upside through direct access to dedicated venture funds and targeted co-investments, translating capital exposure into deployment and reinforcing core enterprise priorities. GCP also actively supports ATechX to provide startups a real-world environment to test their ideas. → Unlocking potential to deploy technology and innovative business models/services across processes and assets → Enhancing cost efficiency and supporting stronger financial performance → Strengthening GCP’s overall ESG strategy acceleration through targeted innovation initiatives • Supporting data driven, energy-efficient building consulting services with tailored renovation pathways • Providing energy audits, contractor sourcing, grant applications, and more GCP TAKES LEADING ROLE IN REAL-ESTATE TECHNOLOGY ADOPTION BY SOURCING AND IMPLEMENTING INNOVATION AT SCALE Through close collaboration, Enter and VARM unlock synergies across their respective capabilities, creating an integrated service offering for GCP’s portfolio to streamline deployment, drive measurable efficiency gains, and strengthen portfolio-wide performance. → Delivered services and comprehensive planning enabled targeted improvement measures → Assisted in GCP’s achievement to increase the share of regulation-ready assets from 78% to 84% (6% reduction in high-priority assets) → Reduced time-to-impact via simplified workflows and fast execution cycles → EPC improvement via high-impact insulation measures → Streamlined services across sourcing, implementation, and operations
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BERLIN BERLINBERLINDORTMUND COLOGNE FOCUS ON CENTRAL LOCATIONS IN BERLIN AND NRW* BEST IN CLASS BERLIN PORTFOLIO * all breakdowns are by values, unless otherwise indicated 23% of GCP’s Portfolio Value WELL DISTRIBUTED NRW PORTFOLIO 19%* of GCP’s Portfolio70% of the Berlin portfolio is located in top tier neighborhoods: Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam. 30% is well located in affordable locations located primarily in Reinickendorf, Treptow, Köpenick and Marzahn-Hellersdorf. Strategically positioned in Germany’s largest metropolitan area 30
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LONDON ❖ Through strong letting performance from double digit vacancy to occupancy of 97% as of June 2026 ❖ Low regulation ensures that the London portfolio is benefitting from faster reversion to increasing market rental levels ❖ The London rental market displays strong fundamentals supportive to its growth and provides the overall portfolio with valuable diversification, also in terms of regulatory risk diversification SOCIAL TENANTS PROVIDES ADDITIONAL VALUE: ❖ Social Tenants/HMO in the London portfolio provides additional cash flow diversification, with houses rented to local operators and rents usually index linked ❖ Rents are backed by local increasing demand, as well as 50 local authorities within the London social tenant market ❖ These assets represent 9% of GCP’s total rental income, with the largest tenant, Stef&Philips, accounting for 7.2% of total rental income. Stef&Philips is a well- established local company with two decades of deep knowledge and experience within the London social tenant market, including partnership with over 60 local authorities, charities and housing associations. HIGH QUALITY LONDON PORTFOLIO* 21% of GCP’s Portfolio * all breakdowns are by values WELL CONNECTED LONDON PORTFOLIO The map represents approx. 90% of the London Portfolio Approximately 80% of the portfolio is situated within a short walking distance to an underground/overground station. 31
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HALLELEIPZIG DRESDEN HAMBURG BREMEN QUALITY EAST AND NORTH PORTFOLIO 32 WELL POSITIONED IN GERMANY’S LARGEST NORTHERN CITIES *all breakdowns are by values QUALITY EAST PORTFOLIO DRESDEN/LEIPZIG/HALLE QUALITY NORTH PORTFOLIO HAMBURG / BREMEN 15%* of GCP’s Portfolio 4%* of GCP’s PortfolioDIVERSIFICATION INTO GERMANY’S DYNAMIC EASTERN CITIES WITH STRONG DEMOGRAPHIC FUNDAMENTALS RESILIENT AND DEFENSIVE PORTFOLIO WITH UPSIDE POTENTIAL Second largest city in Germany
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DIVERSIFIED WITHIN LIVING 33 AS PART OF THE RESIDENTIAL PORTFOLIO, THE COMPANY DIVERSIFIES WITHIN THE ASSET CLASS TO ADDITIONAL LIVING CONCEPTS ❖The asset class provides diversification and stable income, benefitting from strong fundamentals, with the largest location in Berlin ❖6.0% of GCP’s total rental income comes from Senior Homes ❖The assets are operated by experienced third party operators with fixed rental contracts (e.g. Curata, AlexA, Korian, Pro Seniore, Giomi), of which Curata Senior Homes is the largest, amounting to 2.2% of GCP’s total rental income ❖GCP unlocks additional value from short stay or serviced apartments, let through long term fixed leases and/or management agreements with third party operators ❖1.8% of GCP’s total rental income comes from short stay and serviced apartment tenants. Bob W. is the largest tenant, representing 0.4% of GCP’s total rental income. SENIOR HOMES SHORT STAY/ SERVICED APARTMENTS DRESDEN LONDON
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SELECTED CONDO AND BUILD TO SELL PROJECTS 34 Project name Project Description Status Berlin Reinickendorf Construction of 36 units. Sale of the project following completion. Sold Berlin Mitte & Prenzlauer Berg 105 units in three buildings purchased in 2016, followed by complete refurbishment and sale. Sold Hamburg-Harburg Following development in the surroundings and in talks with the planning authorities the Group was able to establish a potential for new built mixed-use quarter of residential and commercial. The plot was subsequently sold in the end of 2021 for a price reflecting this upside. Sold Berlin Lichtenberg Permit to build 480 residential units in several buildings, alongside other commercial uses. Sold in 2023 after securing the building permit Sold Milan Refurbishment of former student accommodation to 234 units – of which 156 apartments and 66 room hotel. Sales ongoing, majority of units have been sold to date. Sales ongoing Warsaw A 115-unit newly built residential building, acquired after completion of the main construction phase. The Group oversaw fittings of the units, proceeding to letting and individual unit sales. Sold 52 units up to date, the remaining units are serviced apartments managed by Vonder. Renting and opportunistic sales Berlin Charlottenburg Refurbishment of 194 units in 3 towers. Subsequently individual sales of about 52 units, the rest held and leased. In part disposed, rest held long term Berlin Kreuzberg Full refurbishment of a 120-unit building. 15 units were subsequently sold, with the remainder held for lease. In part disposed, rest held long term Berlin Friedrichshain Construction of additional units and full refurbishment of a 43-unit building to a new-build condition. 24 units sold individually following completion. In part disposed, rest held long term London Southwark Acquisition of 49 units, subsequent selling of individual units. 11 units sold to date opportunistically; the remaining is being leased. Renting and opportunistic sales London, Canary Wharf New acquisition of 115 units. Renting and opportunistic sales Zakaki, Limasol, Cyprus1) 144 units under construction (to be built in two phases), with 35% of the project pre-sold. GCP is a majority holder with 70% of the project. In construction, sales ongoing Athens1) 6 residential projects (>60 units) of which two are under construction (34 units, 75% pre-sold) with expected completion date in mid-2026/2027. GCP is a majority holder with 65% of the project. In construction & in permit process Berlin Schöneberg The building is undergoing conversion from office to 66 flats. construction started. In construction 1) The projects are being held and executed together with experienced partners
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CASE STUDY: REFURBISHMENT & DENSIFICATION IN BERLIN FRIEDRICHSHAIN 35 ❖ The property was acquired in 2013, and is situated in a highly demanded residential area, in close proximity to one of Berlin’s most prime office districts, MediaSpree. ❖ The property benefits from excellent public transport, and the area surrounding the property provides many leisure destinations ACQUISITION IN PRIME RESIDENTIAL AREA REFURBISHMENT & CONVERSION ❖ After obtaining the building rights, GCP converted the attic of the standing property, thereby adding 10 new units, which are barrier free on each floor and accessible by elevators. A rooftop terrace was added as well, accessible for the top floor units. ❖ In addition, the empty plot adjacent the property was newly developed, adding 14 residential and 2 commercial units across 6 storeys. The existing property was fully renovated to modern standard. PART DISPOSAL OF THE CONDOMINIUMS AND REALISATION OF VALUE ❖ The newly developed units built as condominiums were sold ❖ GCP continues to rent out the renovated residential and commercial units and has the option to sell the remaining units as condominiums in the future. Before repositioning After repositioning 2 New floors New built
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ACQUIRING LAND PLOTS IN A PRIME LOCATION ❖ Acquisition of two adjacent land plots as part of a larger transaction in the high-demand Berlin-Lichtenberg district, directly next to Sportforum Berlin ❖ Unique location with strong fundamentals, driven by limited land availability in central districts, as most new construction projects are located in Berlin’s most outer districts ❖ Comparable valuations indicated strong upside valuation for new builds SECURING DEVELOPMENT RIGHTS TO EXTRACT THE FULL POTENTIAL ❖ The two land plots had a development potential of over 85k sqm ❖ GCP successfully obtained the permits, and the project was split into two separate developments with the ability to execute them separately, further enhancing optionality DISPOSAL OF THE PROJECT AND REALISATION OF VALUE ❖ The first project under development comprised 3 large residential buildings covering 5 storeys with 30k sqm in total, with 480 units and 170 underground parking spaces ❖ The second project allowed for further commercial uses ❖ After securing the rights for the two projects, GCP successfully completed the cycle of the transaction ❖ The transaction enabled GCP to capture the upside faster when the higher value was priced in CASE STUDY: EXTRACTING VALUE FROM BUILD -TO-SELL DEVELOPMENT RIGHTS IN BERLIN LICHTENBERG 36
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CASE STUDY: REFURBISHMENT IN MILAN 37 ❖ The property, acquired in 2020, is located in the southern outskirts of Milan within a predominantly residential district. ❖ At acquisition, the asset was equipped with obsolete, non-functional systems requiring modernization. ❖ The location benefits from strong public transport connections providing direct access to the city center and is situated near Bocconi University. ACQUISITION IN RESIDENTIAL AREA REFURBISHMENT & REPOSITIONING ❖ The property underwent a full refurbishment, including upgrades to all mechanical, electrical, and plumbing systems. ❖ The façade, entrances, halls, corridors, terraces, common areas, and security systems were refreshed to create a clean and updated look. ❖ All units were modernized, fully furnished, and delivered, supporting the successful repositioning of the property and its lease-up to student housing operators. ❖ The property now offers 156 residential units, 66 hotel rooms, and roughly 1,800 sqm of commercial space (12 units), forming a well-rounded mixed-use asset. PART DISPOSAL OF THE RESIDENTIAL UNITS AND REALISATION OF VALUE ❖ Most of the residential units have already been successfully sold. ❖ GCP continues to lease the modernized residential and commercial units, ensuring ongoing operational activity. Before refurbishment After refurbishment
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ESG AND SUSTAINABILITY 38 The non-financial report was reviewed with limited assurance by KPMG. It provides a description of how we manage GCP’s material environmental, social and governance topics and is intended primarily for legislators and investors. For the 9th year in a row, GCP was awarded the EPRA BPR Gold Award for its Annual Financial Report for FY 2024 as well as the EPRA sBPR Gold Award for its EPRA sBPR reporting. 2025 (NON-)FINANCIAL REPORT GCP presents its performance measures in alignment with the European Public Real Estate Association (EPRA) sustainability Best Practice Recommendations (sBPR) standards throughout this report. The non-financial report forms an integrated part of our Consolidated Annual Report for the year 2025 ENHANCED REPORTING In order to effectively address the varied interests and priorities of our business partners, investors, tenants, employees and communities RECOGNITION FOR ESG & SUSTAINABILITY MEASURES
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ENVIRONMENT 39 GOING FORWARD Create and deliver a portfolio wide CO2 reduction pathway report by energy auditing the environmental performance of buildings such as the use of energy, waste and water. Continue to switch the electricity supply of all common areas to PPA (Power Purchase Agreement) of certified renewable electricity generated from wind, hydroelectric, and solar PV sources. Preserve biodiversity by limiting large green field developments and working on biodiversity-enhancing plantations while setting up insect hotels and bird houses. Reduction of 40% in CO2 emissions by 2030 from the 2019 baseline. Cologne Halle GCP is undertaking measures to improve efficiency and reduce emissions by 40% as part of its 2030 environment goals Cologne
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SOCIAL 40 TENANTS ◆ Year-round digital tenant events (Advent, Easter, Summer, Halloween) sustain engagement. ◆ Digital services: Service App, loyalty program, virtual viewings, digital signature. ◆ Comprehensive tenant service, incl. service centre & AI chatbot. GCP FOUNDATION ◆ Charitable projects across Germany — from Dortmund to Halle, Bremen to Mainz. ◆ Beneficiaries: day-care, social & creative centres, community initiatives, sports teams. ◆ Strong local network built through repeated engagement. EMPLOYEES ◆ Diversity: 40+ nationalities across 771 FTE. ◆ Training, development & leadership programmes to grow and retain talent. ◆ Free gym at Berlin HQ; holiday & virtual childcare for all employees. IN FOCUS · COMMUNITY ENGAGEMENT “Mach Marl bunter!” — children's art brightens the neighbourhood With partner DeinFach and Marl's deputy mayor, GCP unveiled a neighbourhood parcel locker decorated with artwork by local children, turning a grey machine into a colourful landmark and strengthening residents' identification with their quarter. LOOKING FORWARD ◆ Continuously enhance the digital service experience for tenants. ◆ Expand employee training, development and advancement. ◆ Support more charitable projects to strengthen communities. ◆ Grow digital tenant events (variety, hybrid) and participation.
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GOVERNANCE 41 BEST-IN-CLASS REPORTING LEADING TO HIGH STANDARDS OF TRANSPARENCY • For the NINTH CONSECUTIVE year in September 2025, GCP received the EPRA BPR and sBPR gold awards for its financial reporting and sustainability reporting, respectively. 1 EXPERIENCED LEADERSHIP WITH STRONG AND INDEPENDENT BOARD OF DIRECTORS • GCP benefits greatly from a strong Board of Directors composed primarily of independent directors. At the 2024 AGM the Board of Directors was expanded to five members, of which 80% are independent and non-executive directors. Three members are male and two are female. • Additionally, the Audit, Risk, Nomination & Remuneration committee members are majority independent directors providing strong governance to the organization. 2 INTEGRATED SUSTAINABLE BUSINESS STRATEGY • Sustainability goals further entrenched into the core business with GCP’s integrated sustainable business strategy. • Milestones and targets aligned with the relevant United Nations’ Sustainable Development Goals. 3
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ANALYST COVERAGE 42 KEY INDEX INCLUSIONS SDAX GPR 250 -Global Developed -Europe Developed -Eurozone -Germany FTSE EPRA/ NAREIT 15.4 14.8 14.4 13.5 10.7 10.0 10.0 10.0 9.9 9.6 9.0 9.0 Citi 07.05.2026 First Berlin 13.05.2026 DZ Bank 13.08.2025 Berenberg 04.03.2026 Goldman Sachs 01.06.2026 Kepler Cheuvreux 05.06.2026 Oddo Bhf 03.08.2026 Bernstein 04.03.2026 Jefferies 26.05.2026 UBS 20.05.2026 Deutsche Bank 25.06.2026 Bank of America 15.01.2026
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2 4 6 8 10 12 14 16 18 20 22 24 26 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 Grand City Properties 76% 278%SDAX (rebased) FTSE EPRA/NAREIT Germany (rebased) 373% SHARE DEVELOPMENT AND OWNERSHIP STRUCTURE 43 GCP - SHARE PRICE AND TOTAL RETURN* SINCE FIRST EQUITY PLACEMENT (19.7.2012) Placement Frankfurt Stock Exchange (Prime Standard) First equity issuance 19.07.2012 (€2.75 per share) Number of shares (as of 30 June 2026) 176,187,899 Number of shares, excluding suspended voting rights, base for share KPI calculations 176,125,646 (as of 30 June 2026) Symbol (Xetra) GYC OWNERSHIP STRUCTURE (June 2026) Aroundtown (through Edolaxia Group) 83% Other 17% * percentages reflect total return, including dividends reinvested Issue price €2.75
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MANAGEMENT – BOARD OF DIRECTORS 44 MR. CHRISTIAN WINDFUHR – CHAIRMAN, DIRECTOR Mr. Windfuhr is the Chairman of the Board of Grand City Properties since 2020 and before that served as CEO of the company for 7 years. Prior to joining Grand City Mr. Windfuhr worked as CEO of Maritim Hotels, with 40 hotels in Germany and prior to this he served as CEO of Mövenpick. Here he achieved the financial turnaround of Mövenpick, drove international expansion, publicly listed the company, and worked out a strategic partnership with Kingdom Holding (HRH Prince Alwaleed) and JP Morgan. He also served as Director of TUI, Europe’s largest tour operator and held various senior positions in Holiday Inn, Kempinski, & Southern Sun. He graduated at Cornell University. MS. SIMONE RUNGE-BRANDNER – NON-EXECUTIVE DIRECTOR Ms. Runge-Brandner is a Non-Executive Director and member of the audit-, remuneration- and nomination committee. Her past positions include Deal Manager (Director) at UBS Deutschland AG, Vice President Real Estate Finance/ Investment Funds, Credit Manager at Dekabank Frankfurt and Credit Manager Real Estate Finance at Helaba Frankfurt. Ms. Runge-Brandner has a Diploma in International business administration. MR. MARKUS LEININGER – INDEPENDENT DIRECTOR Mr. Leininger is an Independent Director. Before joining Grand City Properties, he was a senior banker with a focus on financing, private equity and real estate. He served as head of operations with Eurohypo AG (Hypothekenbank Frankfurt) and Rheinhyp AG (Commerzbank) and is a member of the advisory board and investment committee of Revetas Capital Advisors. He holds a diploma in Business Administration. MS. MONICA PORFILIO – INDEPENDENT DIRECTOR Ms. Monica Porfilio is an Independent Director. Ms. Porfilio seats as Independent director in some private companies in Luxembourg and serves as chief financial and administrative officer and executive director of a holding company investing in a listed international pharmaceutical group. She has experience as a CFO and COO with focus on strategy, financial and operations areas across a variety of industries. Ms. Porfilio has a Master in Business Administration from Luxembourg School of Business, a degree cum laude in Political Science with specialization in Economics from University La Sapienza, Rome. She is IDP-C certified director at INSEAD, and certified director of the Institut Luxembourgeois des Administrateurs Luxembourg. MR. SCOT WARDLAW – INDEPENDENT DIRECTOR Mr. Scot Wardlaw is an Independent Director. He currently serves as owner and managing director of a consulting company and has 20 years of experience working in the real estate industry, including real estate finance, business development and strategy and real estate asset management. He has a B.F.A. from the Savannah College of Art & Design and is a qualified real estate broker (Geprüfter Immobilienmakler EIA) and a qualified real estate asset manager (Diplom Immobilienverwalter EIA). Strong Board of Directors ❖ Majority of the board of directors is independent ❖ Audit committee members are independent or non-executive ❖ Incentivized to align with the Company’s long-term goals Board of Directors’ committees The Board of Directors is supported by five committees of the Board, consisting principally of independent directors, these being the ESG, Audit, Risk, Remuneration and Nomination Committees. Additional support is provided by the Advisory Board. The Audit Committee, Risk Committee and Remuneration Committee consist of two independent and one non-executive board member. The Nomination Committee consists of three independent Directors.
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MICHAEL BAR-YOSEF – CHIEF CAPITAL MARKETS OFFICER Mr. Bar-Yosef is the Chief Capital Markets Officer of Grand City as of November 2025. Mr. Bar-Yosef joined the group in 2012 and is responsible for capital markets, investor relations, and credit ratings, bringing over a decade and a half of experience in the financial sector. Before joining GCP, he worked as a financial and corporate analyst at a financial advisory firm and also served as an economist. Mr. Bar-Yosef holds a Bachelor's degree in Economics and Business Management and an MBA in Economics. MANAGEMENT – SENIOR MANAGEMENT REFAEL ZAMIR – CHIEF EXECUTIVE OFFICER Mr. Zamir is the Chief Executive Officer of Grand City Properties since 2020 (and Daily Manager (administrateur-délégué)). Mr. Zamir has been working for the Group since 2013. He served as Chief Financial Officer from 2014 to 2023 and as Chairman of the Board from 2017- 2020. Mr. Zamir has more than 15 years of international professional experience in management, capital markets, Finance, M&A, and corporate matters. Mr. Zamir is Certified Public Accountants since 2009 and holds a BA and MBA in Finance and business administration. MANDY KUEBSCHOLL – HEAD OF QUALITY ASSURANCE & CUSTOMER CARE With over 10 years of experience in the hotel industry in Revenue Management, as well as leading the central reservation office at GCH, Ms. Kübscholl has brought her extensive expertise to GCP since 2014. She has been at the forefront of ensuring tenant satisfaction and operational excellence within GCP's Service Center. She oversees and continuously refines GCP's standards in tenant communication and operational processes. IDAN HADAD – CHIEF FINANCIAL OFFICER Mr. Hadad is the Chief Financial Officer of Grand City Properties as of January 2023 (and also Daily Manager (administrateur-délégué) of the Company). Mr. Hadad joined the group in 2015 as the corporate controller and led the group’s accounting and financial reporting department. Mr. Hadad brings with him a decade of experience in the field of financial management, including accounting and taxes, compliance and risk management, cash and budget management, payments control and collection. Mr. Hadad is a Certified Public Accountant and holds a BA in business administration and accounting. SEBASTIAN FALTIN– COO GERMANY Mr. Faltin has more than 20 years professional experience in the real estate industry. He covered positions ranging from property and asset management, letting, marketing and other operational aspects. KATHRIN LAMPEN – HEAD OF LEGAL Ms. Lampen has more than 15 years experience in the field and advises the senior management in the fields of legal corporate as well as contract and compliance. Prior to joining GCP she served as a legal counsel at Sirius Real Estate. Ms. Lampen holds a law degree from the University of Marburg (Germany) and Université de Lausanne (Switzerland). Strong senior management structure ❖ Longevity in the company with high and stable retention rate ❖ Incentivized to align with the Company’s long-term goals – like-for-like occupancy and rent increase, operational efficiency, increase in Adjusted EBITDA, FFO per share, EPS and NAV per share, keeping conservative financial ratios ❖ Certain central functions, such as HR and IT are shared services between AT and GCP RUSSELL COETZEE – HEAD OF UK OPERATION Mr. Coetzee is Head of UK Operation, having joined the Group in September 2021. With over 17 years of experience in the real estate sector, Mr. Coetzee is an accomplished finance professional with a strong track record in financial management, governance, and strategic leadership. His expertise includes financial control, project delivery, regulatory compliance, and operational risk management, as well as the development and evaluation of strategic initiatives. Mr. Coetzee is a Fellow of the Association of Chartered Certified Accountants (FCCA). He holds an MBA and a Bachelor of Accounting Science. 45
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ADVISORY BOARD 46 YAKIR GABAY - CHAIRMAN Mr. Gabay is the chairman of the Advisory Board. Before GCP, Mr. Gabay was chairman & managing partner of an investment company which managed over $30 billion of assets, before that he was the CEO of the investment banking of Bank Leumi. Mr. Gabay holds an MBA and BA in Accounting/Economics and is a CPA. DR. JOHANNES BEERMANN - MEMBER Prof. Dr Johannes Beermann was a Board Member of the Deutsche Bundesbank and is currently an honorary professor for public finance and public affairs at the University of Applied Sciences of Mittweida (Germany). Prior to that, Prof. Dr Johannes Beermann had a long and distinguished political career, including Staatsminister in Saxony as well as State Secretary in the Hessian State Chancellery, among others. Dr Johannes joined the Advisory board of GCP in 2023. The Advisory Board is an important source of guidance for the Board of Directors when making strategic decisions and has been established by The Board of Directors to provide expert advice and assistance. The Advisory Board has no statutory powers under Luxembourg law or the articles of incorporation of the Company but applies rules adopted by the Board of Directors.
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1 MINIMAL 2 MODEST 3 INTERMEDIATE 4 SIGNIFICANT 5 AGGRESSIVE 6 HIGH LEVER-AGED 1 EXCELLENT aaa/ aa+ aa a+/a a- bbb bbb-/bb+ 2 STRONG aa/ aa- a+/a A- BBB+ BBB bb+ bb 3 SATISFACTORY a/a- bbb+ BBB/BBB- BBB-/bb+ bb b+ 4 FAIR bbb/ bbb- bbb- bb+ bb bb- b 5 WEAK bb+ bb+ bb bb- b+ b/b- 6 VULNERABLE bb- bb- bb- b+ b b- CREDIT RATING MATRIX 47 (Vonovia, BBB+)2 BUSINESS RISK PROFILE (GCP, BBB)1 (DW)3 (Covivio) (Aroundtown) 1 GCP’s stand-alone credit profile and anchor rating is bbb+. Following S&P’s group rating methodology GCP is assigned Aroundtown’s corporate credit rating of BBB 2 Rating anchor of Vonovia is A-, after the effects of modifiers, is BBB+ 3 Rating refers to the stand-alone credit profile (SACP) rating. Deutsche Wohnen has long-term issuer credit rating of BBB+ 4 Rating anchor of Heimstaden is bb+, after the effects of modifiers, is BBB- 5 Rating anchor of TAG is BBB-, after the effects of modifiers, is BBB FINANCIAL RISK PROFILE GCP has a business risk profile that has proven its resilience and a long track record of maintaining a steady and secure financial risk profile. (TAG, BBB)5 (Heimstaden, BBB-)4
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ALTERNATIVE PERFORMANCE MEASURES 48 Reconciliation of Net Debt-to-EBITDA The Net debt-to-EBITDA is a measurement of the leverage position of a given firm in the real estate industry. This ratio highlights the ratio of financial liabilities to the Company’s recurring operational profits and thereby indicates how much of the Company’s recurring operational profits are available to debt holders. Therefore, GCP calculates the Net debt-to-EBITDA ratio by dividing the total Net debt as at the balance sheet date by the Adjusted EBITDA (annualised) for the period. The Adjusted EBITDA (annualised) is computed by adjusting the Adjusted EBITDA (as previously defined) to reflect a theoretical full year figure, based on the periods result, this is done by dividing the figure by ¼ in the first three-month period, ½ in the first six- month period and ¾ in the nine-month period. For the full year figure no adjustment is made. Net-Debt-to-EBITDA Reconciliation (A) Net Debt (B) Adjusted EBITDA (annualised) (=) (A/B) Net debt-to-EBITDA For enhanced transparency and more industry specific comparative basis, the Company provides market and industry standard performance indicators. GCP provides a set of measures that can be utilised to assess the Company’s operational earnings, net asset value of the Company, leverage position, debt and interest coverage abilities as well as liquidity headroom. Reconciliations of these APMs can be found in the consolidated financial statements of the Company. Reconciliation of APMs not disclosed in the financial statements are presented below.
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DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis . This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person . Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein . This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of the Group ("forward -looking statements") . All forward -looking statements contained in this document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Grand City Properties S.A. or any corporation affiliated with Grand City Properties S.A. (the “Group”) only represent the own assessments and interpretation by Grand City Properties S.A. of information available to it as of the date of this document . They have not been independently verified or assessed and may or may not prove to be correct . Any forward -looking statements may involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved . No representation is made or assurance given that such statements, views, projections or forecasts are correct or that they will be achieved as described . Tables and diagrams may include rounding effects . This presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Group. Accordingly, neither the Group nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied . Neither the Group nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith . Grand City Properties S.A. does not undertake any obligation to publicly release any revisions to these forward -looking statements to reflect events or circumstances after the date of this presentation .
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THANK YOU Investor Relations Team E-mail: gcp-ir@grandcity.lu www.grandcityproperties.com