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Globe Trade Centre (GTC) investor relations material
Globe Trade Centre Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary1 Dec, 2025
Executive summary
New management team with international experience focused on operational excellence, cost control, and strategic priorities such as deleveraging, asset sales, and efficiency improvements.
Revenues from rental activity increased 9% year-over-year to €152 million for the nine months ended 30 September 2025, driven by the German residential portfolio acquisition, partially offset by asset sales and like-for-like decline.
Gross margin from operations rose 2% year-over-year to €99 million, but excluding Germany, it declined 9% to €88 million.
Major events included refinancing, asset sales, and the acquisition of full control over the German residential portfolio.
Net loss for the period was €28 million, compared to a profit of €41 million in the prior year, impacted by asset revaluations and higher finance costs.
Financial highlights
Revenue increased 9% year-over-year to €152 million, mainly due to the German acquisition; excluding Germany, revenue declined 4% due to asset sales.
Consolidated EBITDA dropped from €84 million to €77 million, reflecting higher costs and lower margins outside Germany.
Net loss of €28 million for the period, compared to a profit of €41 million last year, driven by asset revaluation losses and increased finance costs.
Interest expense rose from €28 million to €50 million, primarily from German portfolio financing.
Cash flow from operations remained flat year-over-year at €77 million; €100 million in asset sales completed.
Outlook and guidance
Focus remains on deleveraging through further asset sales and refinancing, with no dividend payments expected in 2026.
Improvement in EBITDA anticipated across jurisdictions, but meaningful FFO improvement expected only after 2026.
Detailed FFO run rate guidance to be provided with 2025 results in March 2026.
Management expects continued impact from European economic slowdown, inflation, and interest rate movements.
85% of borrowings are fixed or hedged against interest rate fluctuations.
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Next Globe Trade Centre earnings date
Q4 202529 Apr, 2026
Next Globe Trade Centre earnings date
Q4 202529 Apr, 2026
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The GTC Group is a global real estate investor and developer. Headquartered in Warsaw, Poland, the group owns and manages office properties in the Warsaw marketplace and has significant holdings in many satellite cities. The company has been in business for over 30 years and has managed more than 1 billion USD of real estate investments.
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