Globe Trade Centre (GTC) Q2 2026 earnings summary

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.