Wrap Text
Reviewed 9m 2025 Results
(9 months period ended 30 September 2025)
GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
("GTC" or "the Company" or the "Group")
REVIEWED 9M 2025 RESULTS (9 months period ended 30 September 2025)
RENTAL REVENUES FFO I ¹ NET LTV ² OCCUPANCY 4 CASH
EUR 152m EUR 28m 53% 85% EUR 87m
9M 2025 FINANCIAL HIGHLIGHTS 9M 2025 PORTFOLIO HIGHLIGHTS
- Loss after tax of EUR 28m in 9M 2025, - Nearly 98,000 sq m of commercial space leased –
Basic/ Diluted loss per share of EUR 0.05 including approx. 27,000 sq m of office space and
- Rental and services income increased by 9% to 15,000 sq m of retail space in Q3
EUR 152m (EUR 139m in 9M 2024) - Occupancy4 rate of income generating commercial
- Gross margin from rental activities rose by 2% to properties at 85% (compared to 86% at year-end
EUR 99m (EUR 97m in 9M 2024) 2024)
- Cash flow from operating activities increased by - Weighted average lease term of 3.7 years for retail
1% YoY to EUR 77m in 9M 2025, stable cash assets and 3.6 years for offices
generation supported by tight working capital - Sale of land plots in Warsaw, Katowice and Bucharest
management – total transaction value of EUR 18m – supporting
- FFO I¹ amounted to EUR 28m (EUR 55m in 9M the Group's liquidity
2024), with FFO per share of EUR 0.05 - Exercise of the option to acquire minority stakes
- EPRA NTA³ totalled EUR 1,259m as at 30 in the German residential portfolio (all shares held
September 2025. EPRA NTA per share increased by by LFH Portfolio Acquico S.À R.L. and ZNL
1% YoY to EUR 2.19 (PLN 9.35) Investment S.À R.L.)
- Net LTV² stood at 53.1 percent (48.8 percent as at
30 September 2024).
- Cash balance of EUR 87m, cash in escrow accounts
of EUR 17m and deposits of EUR 90m
- Issuance of new bonds amounting to EUR 455m to
refinance EUR 494m notes maturing in 2026 issued
by GTC Aurora
NATURE OF BUSINESS
GTC Group is an experienced, established, and fully integrated real estate group of companies operating its commercial
real estate in the CEE and SEE region with a primary focus on Poland and Budapest and capital cities in the SEE region,
including Bucharest, Belgrade, Zagreb, and Sofia, where it directly acquires, develops and manages primarily high-
quality office and retail real estate assets in prime locations. Additionally, in 2024, GTC Group entered a German
residential for rent sector where currently it owns a residential portfolio of nearly 5,200 residential units. The Company
is listed on the Warsaw Stock Exchange and the Johannesburg Stock Exchange. The Group operates an asset
management platform and is represented by local teams in each of its core markets.
As of 30 September 2025, the book value of the Group's Total Property Portfolio including non-current financial assets
was EUR 2,891.3m. As of 30 September 2025, the book value of the Group's Total Property Portfolio was EUR 2,740.9m
and the breakdown was as follows:
- 44 completed commercial buildings, including 38 office buildings and 6 retail properties with a total combined
commercial space of approximately 728 thousand sqm of GLA (including two office buildings held for sale with ca.
15 thousand sqm of GLA and book value of EUR 21.2m), an occupancy rate at 85% and a book value of EUR
1,932.8m which accounts for 71% of the Group's Total Property Portfolio;
- 5.2 thousand residential units with a total combined residential space of approximately 325 thousand sqm, an
occupancy rate at 86% and a book value of EUR 457.5m, which accounts for 17% of the Group's Total Property
Portfolio;
- five projects under construction with a total GLA of approximately 65 thousand sqm and a book value of EUR
167.4m, which accounts for 6% of the Group's Total Property Portfolio;
- investment landbank with the book value of EUR 113.0m (including a land plot in Hungary with a book value of
EUR 17.8m included in assets held for sale) which accounts for 4% of the Group's Total Property Portfolio;
- residential landbank with book value of EUR 36.0m (including land plot Romania held for sale in the value of EUR
7.5m), which accounts for 1% of the Group's Total Property Portfolio; and
- right of use of land under perpetual usufruct, with value of EUR 34.3m (including EUR 1.0m from residential
landbank) which accounts for 1% of the Group's Total Property Portfolio.
Additionally, GTC holds non-current financial assets in the amount of EUR150.4m mainly including:
- 25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which currently comprises
nine completed buildings with the total GLA of approximately 102 thousand sqm (the project extends over 72 ha of
which 34 ha are undeveloped). Fair value of these notes as of 30 September 2025 amounted to EUR 122.8m;
- 34% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l., which
holds 4 completed commercial buildings including 3 office buildings and 1 retail property with a total combined
commercial space of approximately 41 thousand sqm of GLA. The fair value of these units amounted to EUR 16.8m;
- other non-current financial assets amounted to EUR 10.8m, including mainly Grid Parity Bond and ACP Fund.
There have been no potentially dilutive and dilutive instruments as at 30 September 2024.
This short form announcement is the responsibility of the directors and is only a summary of the information in the
full announcement.
The full announcement is available at https://senspdf.jse.co.za/documents/2025/jse/isse/GTCE/9M2025.pdf , and
can be found on the Company's website at www.gtcgroup.com.
Any investment decisions should be based on the full announcement published as the information in the
announcement does not provide all of the details. The Company's independent auditor, PricewaterhouseCoopers
Polska spólka z ograniczona odpowiedzialnoscia Audyt sp.k., has reviewed the 9M 2025 Results for the nine and
three-month periods ended 30 September 2025 and has expressed an unqualified conclusion thereon.
The review opinion is available on the Company's website at https://www.gtcgroup.com/en/investors/results-
reports-and-announcements
Management Board Supervisory Board
Antal Botond Rencz (CEO) Zoltán Martonyi (Interim Chairman)
Jacek Baginski (CFO) Ferenc Daróczi
Sebastian Junghänel Magdalena Frackowiak
Mihály Ország László Gut
István Hegedüs
Dominik Januszewski
Artur Kozieja
Ferenc Minárik
Marcin Murawski
Sarolta Várszegi
Registered office of the Company Date: 1 December 2025
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:(1) FFO - are result before tax adjusted with certain working capital changes (defined as the sum of gain or loss from revaluation, foreign
exchange differences, finance cost, depreciation, share based payment profit as presented in the consolidated statements of cash flows) and change
on interest accrued on long term borrowings less interest received/paid net, tax paid in the period, and as further adjusted for other non-recurring items
(tax changes on non-recurring transactions, transaction costs and divestment costs); (2) LTV -means Net Debt divided by Total Investment Portfolio.
"Total Investment Portfolio" are Income Generating Portfolio, investment property land bank, residential land bank, investment properties under
construction, land bank held for sale, assets for own use and non-current financial assets "Net Debt" means long-term and current portion of borrowings
plus long-term borrowings' acquisition costs net of cash and cash equivalents, non-current and current blocked deposits and, if applicable cash and
cash equivalents, blocked deposits, and short-term blocked deposits related to assets held for sale and loans related to assets held for sale, net of long-
term borrowings' acquisition costs, if applicable; (3) EPRA NTA - means net assets defined as total equity less non-controlling interest, as further
adjusted with derivatives (current and non-current and adjusted for derivatives included in assets held for sale, if applicable) and deferred taxation on
property; (4) Occupancy – data includes office buildings held for sale. (5) the Company or GTC- are to Globe Trade Centre S.A. (6) the Group or GTC
Group - are jointly to Globe Trade Centre S.A. and its consolidated subsidiaries.
Date: 01-12-2025 08:20:00
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