Globe Trade Centre (GTC) investor relations material

Executive summary

• Revenue from rental activity rose 7% year-on-year to EUR 53.3 million in Q1 2026, with like-for-like growth of 4% and strong contributions from Poland and SEE markets.

• Gross margin from operations increased 16% year-on-year to EUR 37.4 million, reaching 70% in Q1 2026, up from 65% in Q1 2025.

• Adjusted EBITDA grew 19% year-on-year to EUR 33.4 million, and FFO rose 19% to EUR 15.6 million.

• Net loss of EUR 4.6 million, compared to a profit of EUR 1.6 million in Q1 2025, was driven by higher finance costs, asset impairments, and negative revaluation of assets.

• Cash flow from operating activities improved to EUR 21.1 million, up 23% year-on-year.

Financial highlights

• Rental revenue increased by 4% to EUR 40.0 million, and service charge revenue rose 16% to EUR 13.3 million year-on-year.

• Gross margin from operations rose 16% year-on-year to EUR 37.4 million, with gross margin on rental activities at 70%.

• Adjusted EBITDA grew 19% year-on-year to EUR 33.4 million; unadjusted EBITDA up 22%.

• Net loss of EUR 4.6 million resulted from asset impairments and higher interest costs, with finance costs up 33% to EUR 23.1 million.

• Cash and cash equivalents at period end were EUR 46.8 million, down from EUR 107.2 million at year-end 2025.

Outlook and guidance

• Positive operational trends are expected to continue, but at a more moderate pace as timing effects normalize.

• Stable performance anticipated in the next quarter, with potential for slight improvement towards year-end.

• Management expects continued impact from European economic trends, inflation, and interest rate movements.

• Liquidity is considered adequate following successful refinancing of short-term loans and redemption of senior unsecured notes.

• No forecasts were published for Q1 or full year 2026.