Globe Trade Centre (GTC) Q2 2025 earnings summary

Executive summary

• Rental revenues increased 9% year-over-year to €101.1m, driven by the German residential portfolio and strong leasing activity, despite asset disposals in Poland and Serbia.

• Gross margin from rental activity reached €66.1m, slightly above H1 2024.

• FFO I declined to €22.6m, impacted by higher financial costs and asset revaluation losses.

• Net profit for H1 2025 was €0.5m, down from €31.5m in H1 2024, mainly due to a €13.6m net loss from asset revaluation and increased finance costs.

• Portfolio structure remains stable: 51% offices, 30% retail, 19% residential.

Financial highlights

• EPRA NTA per share is €2.23 (PLN 9.63), flat versus year-end; total EPRA NTA stood at €1,282.2m as of 30 June 2025.

• Net LTV improved to 51.8% from 52.7% at year-end 2024.

• Unrestricted cash at period-end was €80m, with total cash, deposits, and escrow at €146.8m.

• EBITDA stable at €54m for H1 2025.

• Profit for the period was close to zero, with a €14m loss on asset revaluation, mainly from Hungary.

Outlook and guidance

• Management expects FFO to pick up after executing the German residential disposal strategy and related debt repayment, likely in the second half of next year.

• Refinancing of the €500m bond due June 2026 is underway, led by JPMorgan, with ongoing discussions with banks for over €280m in senior facilities maturing in the next 12 months.

• Material uncertainty remains due to the need to refinance €500m in bonds maturing June 2026.

• Mitigating actions include asset sales, capex deferral, and seeking additional secured financing.