Globe Trade Centre
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Globe Trade Centre (GTC) investor relations material

Globe Trade Centre Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary28 Aug, 2026

Executive summary

  • Rental activity revenue increased 5% year-on-year to €106.3 million in H1 2026, with like-for-like growth at 2% excluding Germany.

  • Gross margin from operations rose 10% year-on-year to €72.7 million, and adjusted EBITDA grew 11% to €63.1 million.

  • FFO increased 4% year-on-year to €16.9 million, with commercial portfolio occupancy stable at 87%.

  • Net loss of €18.1 million for H1 2026, mainly due to negative asset revaluations and higher finance costs.

  • Major refinancing activities and asset disposals, including Avenue Mall Zagreb and residential units in Germany, supported liquidity and deleveraging.

Financial highlights

  • Net LTV increased to 58.7% as of 30 June 2026 from 57.0% at year-end 2025.

  • EPRA NTA per share stood at €1.93 (PLN 8.27).

  • Weighted average debt maturity extended to 3.9 years, with total net debt at €1.61 billion.

  • Weighted average interest rate increased to 5.31%.

  • Cash and cash equivalents at €34 million as of 30 June 2026.

Outlook and guidance

  • Deleveraging expected to accelerate in the second half with proceeds from asset disposals, including Avenue Mall.

  • Management expects sufficient liquidity from operating cash flows, asset disposals, and available loan facilities.

  • Ongoing focus on leasing progress and completion of development projects, with some projects on hold pending leasing activity.

  • No formal guidance provided for full-year EBITDA, CapEx, or asset disposals.

  • CapEx for H2 2026 expected to be €20–25 million.

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Frequently asked questions

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.