Globe Trade Centre (GTC) Q4 2025 earnings summary

Executive summary

• Management prioritized stabilizing, deleveraging, and strengthening group foundations, focusing on liquidity protection, debt maturity extension, and operational improvements.

• Revenue from rental activity increased 8% year-over-year to EUR 202 million in 2025, driven by the German residential portfolio acquisition, but offset by asset sales and declines in Poland and Hungary.

• Adjusted EBITDA fell 6% year-over-year to EUR 102 million, impacted by asset disposals, higher admin and non-recurring costs.

• Net loss of EUR 155 million, mainly due to EUR 146 million in asset revaluation losses, especially in the office segment, and higher financing costs.

• Significant refinancing actions, including new secured bonds and bank loan extensions, improved liquidity and removed going concern uncertainty from the audit opinion.

Financial highlights

• Revenue increased 8% year-over-year to EUR 202 million, but excluding Germany, revenue declined 5% to EUR 179 million; like-for-like revenue down 3%.

• Adjusted EBITDA fell 6% year-over-year to EUR 102 million.

• Net loss of EUR 155 million, driven by higher financing costs and EUR 146 million in asset impairments.

• Gross margin from operations was flat at EUR 129 million, but excluding Germany, it dropped 10% to EUR 118 million.

• Cash flow from operations was EUR 76 million, down from EUR 98 million last year.

Outlook and guidance

• Focus on increasing EBITDA through higher occupancy and cost reductions, with asset disposals in 2026 potentially offsetting some gains.

• Targeting net loan-to-value (LTV) reduction from 56% to around 50% by end of 2026, depending on asset sale dynamics.

• Continued deleveraging, refinancing, and operational improvements are main objectives for 2026.

• Portfolio remains focused on income-generating assets, with 95% located in EU countries and 99% of commercial assets green certified or under recertification.