Globe Trade Centre (GTC) Q1 2025 earnings summary

Executive summary

• Q1 2025 rental and service revenues rose 9% year-over-year to €49.8m, driven by acquisitions, especially in Germany, and partially offset by asset disposals.

• Net profit declined to €1–1.6m from €9–9.8m year-over-year, mainly due to higher finance costs and revaluation losses.

• Major disposals included GTC X in Serbia, Wilanów land in Poland, and Glamp d.o.o., generating €78–88m in net proceeds.

• Leadership changes included the appointment of Ms. Małgorzata Czaplicka as President of the Management Board.

• Portfolio occupancy improved by 2 percentage points, reflecting active management and leasing momentum.

Financial highlights

• Adjusted EBITDA for Q1 2025 was €22–27m; gross margin stable at €32.3m (margin 65%, down from 70% in Q1 2024).

• FFO I declined to €12–12.4m from €18.6m year-over-year, with FFO per share at €0.02.

• Net LTV improved to 52.1% (51.4% adjusted for escrow cash), down from 52.7% at year-end 2024.

• Cash and deposits totaled €63–128m at quarter-end, reflecting strong liquidity post-disposals.

• Weighted average interest rate increased to 3.63% from 2.58% year-over-year due to higher debt costs.

Outlook and guidance

• Management expects sufficient liquidity for at least the next 12 months, supported by cash, asset disposals, and loan facilities.

• Focus remains on deleveraging, executing disposals, and managing upcoming debt maturities, including the 2026 bond.

• CapEx run rate expected to decrease, with a prudent approach to new developments and maintenance.

• No published forecasts for 2025.