Aroundtown Q4 Earnings Call Highlights

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• Cost of debt stood at 2.3%, with management expecting a modest increase over the next years as lower-cost debt is refinanced

  80% confidence

• Goodwill impairment of €239 million had no impact on FFO1 and key operating KPIs

  80% confidence

• GCP shareholders would receive a 6.6% premium versus the prior day's share price and gain exposure to a larger, more liquid equity platform

  80% confidence

• Positive like-for-like value growth of 3.1% including CapEx and 1.6% net of CapEx was mainly driven by operational developments

  80% confidence

• TAC fund is a vehicle to raise external equity for acquisitions without issuing new Aroundtown shares at a discount to NAV

  80% confidence

• EPRA LTV would improve slightly due to the larger portion in GCP's lower leverage profile and because the transaction uses equity rather than cash, while NTA per share could decline slightly because the offer implies a premium to GCP's NTA

  80% confidence

• Office demand remains muted, but improving business sentiment and German fiscal stimulus could support gradually increasing demand

  80% confidence

• If fully executed at prevailing prices, the €250 million buyback program is expected to increase FFO1 per share by around 7% and NAV per share by approximately 5%

  80% confidence

• Share buyback execution is constrained by daily buyback limits and could run through year-end, with the full per-share benefit expected to be more visible in 2027

  80% confidence

• In Germany, a sizable stimulus package and long-term investment plans contributed to a more constructive environment, reflected in higher transaction activity and steadier financing markets

  80% confidence

• Expected 2%-3% like-for-like rental growth in 2026

  80% confidence

• 2025 benefited from a more supportive macro backdrop, citing ECB rate cuts, improving inflation dynamics, and improved sentiment across Europe

  80% confidence

• GCP transaction could provide up to nearly €50 million of additional group FFO on day one post-transaction, while being neutral on a per-share basis initially

  80% confidence

• From 2026 onward, Aroundtown targets a payout ratio of 50% of FFO1 per share

  80% confidence

• 2026 guidance reflects full-year impact of 2025 disposals and expected 2026 disposals, as well as refinancing above the current cost of debt

  80% confidence

• Disposals included in 2026 guidance largely reflect assets already classified as held for sale

  80% confidence

• Increasing GCP ownership would reduce minority leakage and increase exposure to a resilient German and London residential portfolio

  80% confidence

• GCP's board signaled an intention to recommend acceptance of Aroundtown's tender offer pending review of the offer document

  80% confidence

• Portfolio yields do not include future agreed rent ramp-ups, which is particularly relevant for hotels; including stabilized rents, the hotel yield was 5.5%

  80% confidence

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