Globe Trade Centre (GTC) Q2 2025 earnings summary

Executive summary

• Rental revenues increased by 9% year-over-year to €101.1 million in H1 2025, driven by the German residential portfolio acquisition and strong leasing activity, despite asset disposals in Poland and Serbia.

• Gross margin from rental activity reached €66.1 million, slightly above H1 2024.

• FFO I declined to €22.6 million, impacted by higher financial costs and asset revaluation losses.

• Portfolio structure remains stable: 51% offices, 30% retail, 19% residential.

• 93% of commercial income-generating portfolio is green certified or under recertification, with further upgrades underway in the German residential segment.

Financial highlights

• EPRA NTA per share stands at €2.23 (PLN 9.63), flat compared to year-end, with total EPRA NTA at €1,282.2 million as of 30 June 2025.

• Net LTV improved to 51.8% from 52.7% at year-end 2024.

• Unrestricted cash at end of Q2 was €80 million, with total cash and equivalents, including deposits and escrow, at €146.8 million.

• EBITDA stable at €54 million for H1 2025.

• Profit for the period was close to zero, with a €14 million loss on asset revaluation mainly from Hungary.

Outlook and guidance

• Management expects FFO to improve after executing the disposal strategy in the German residential market and related debt repayment, likely in the second half of next year.

• Refinancing of the €500 million bond and other upcoming maturities is underway, with JPMorgan mandated for the bond.

• Ongoing focus on improving energy efficiency in the German residential portfolio, with major CapEx planned for 2026–2027.

• Management expects sufficient liquidity for the next 12 months, supported by cash, operating income, asset disposals, and new/existing loan facilities.

• Material uncertainty remains due to the need to refinance €500 million in bonds maturing June 2026.