Globe Trade Centre (GTC) Q4 2024 earnings summary

Executive summary

• Revenues from rental activity increased 2% to €187.5M in 2024, with gross margin up 2% to €130.5M year-over-year.

• Major milestone: acquisition of the German Paula residential portfolio, shifting 19% of assets to Germany and diversifying the portfolio with 5,169 units and €452M GAV.

• Three significant asset disposals in 2024, including Matrix C Office (Zagreb), Berghrad Office, and Wilanów land, with total net proceeds of €91M and a €10M gain from Villanov plot.

• FFO I was €70.8M (FFO per share €0.12), stable compared to €71.2M in FY 2023.

• EPRA NAV/NTA increased to €1.284B (€2.24 per share), mainly due to the German transaction.

Financial highlights

• Net LTV increased to 52.7% (from 49.3% in 2023); adjusted for escrow cash at 52.4%.

• EBITDA reached €106M, up over 4% year-over-year; net profit attributable to equity holders was €51M.

• Gross margin from operations increased over 2% to €131M, with admin expenses down to €18M.

• Net financial expenses increased by €7M to €40M, including a €3M one-off interest related to withholding tax proceedings.

• Cash at year-end was €55M, with an additional €9.9M on escrow accounts; expected to exceed €110M in Q1 2025 due to asset disposals.

Outlook and guidance

• Management expects the disposal strategy for the German portfolio to be executed within 1–1.5 years, with ongoing negotiations.

• No forward-looking CapEx or FFO guidance provided; management continues to monitor refinancing and capital market conditions for the 2026 bond maturity.