Wrap Text
Audited, 2025 Results (12 months period ended 31 December 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")
AUDITED, 2025 RESULTS (12 months period ended 31 December 2025)
RENTAL REVENUES FFO I(1) NET LTV(2) OCCUPANCY(4) CASH(5)
EUR 202m EUR 33m 57% 87% EUR 107m
FY 2025 FINANCIAL HIGHLIGHTS FY 2025 PORTFOLIO HIGHLIGHTS
- Rental and service revenue increased by 8% to EUR - Occupancy rate of the income-generating commercial
202 million (EUR 188m in 2024). Ex-Germany portfolio at 87% as of 31 December 2024 (86% as of 31
decreased by 5% to EUR 179m. December 2023)
- Gross margin decreased by 1% to EUR 129m (EUR - Over 151,000 sqm of commercial space leased,
131m in 2024). including 100,700 sqm of office space and 50,400 sqm
- FFO I amounted to EUR 33m (EUR 68m in 2024), with of retail space
FFO per share at EUR 0.06. - Weighted average lease term: 3.6 years for retail space
- EPRA NTA(3) at EUR 1,124m as of 31 December 2025 and 3.5 years for office space.
(EUR 1,284m as of 31 December 2024) - Sale of buildings and land plots– in total EUR 135m in
EPRA NTA per share at EUR 1.96 (PLN 8.28) net proceeds raised
- Net LTV ratio stood at 57.0% (52.7% as of 31 December - Improvement in German portfolio occupancy to 86%
2024); Net LTV adjusted for cash on escrow accounts at from 83% a year ago with average rent up to EUR 7.2
56.3% per sqm vs. EUR 7.0 a year ago
- Cash amounted to EUR 107m and EUR 290m in - 99% of commercial buildings in the portfolio (100% in
deposit; Poland, Serbia, Romania, Bulgaria and Croatia) hold
- Loss after tax of EUR 155m in FY 2025, LEED, BREEAM or DGNB certifications, or are
Basic loss per share of EUR 0.27 undergoing recertification
Diluted basic loss per share of EUR 0.27
Headline Loss per share of EUR 0.07
Diluted Headline Loss per share of EUR 0.07
- Significant refinancing progress:
- EUR 494m old GTC Aurora bonds refinanced by EUR
455m senior secured bonds due Oct'30 with the final
EUR 299m redemption in Mar'26,
- EUR 330m of bank loans falling due within 12M
refinanced after balance sheet date.
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 in Germany where currently
its owns a residential portfolio of approximately 5,000 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 31 December 2025, the book value of the Group's Adjusted Total Investment Portfolio was EUR
2,595.1m (incl. fixed assets for own use in the amount of EUR 6.6m) and the breakdown was as follows:
- 37 completed commercial office buildings and 6 retail properties, with a total combined commercial space
of approximately 721 thousand sqm of GLA, an occupancy rate at 87% and a book value of EUR 1,872.0m
(including property held for sale in the amount of EUR 19.6m) which accounts for 72% of the Group's
Adjusted Total Investment Portfolio;
- 5,169 flats with a total combined residential space of approximately 325 thousand sqm, an occupancy
rate at 86% and a book value of EUR 453.2m, which accounts for 18% of the Group's Adjusted Total
Investment Portfolio;
- four projects under construction with a total GLA of approximately 54 thousand sqm and a book value of
EUR 140.9m, which accounts for 5% of the Group's Adjusted Total Investment Portfolio;
- investment landbank (excl. right of use of land) with the book value of EUR 94.5m which accounts for 4%
of the Group's Adjusted Total Investment Portfolio;
- residential landbank (excl. right of use of land) with the book value of EUR 27.9m which accounts for 1%
of the Adjusted Total Investment Portfolio;
- fixed assets for own use in the amount of EUR 6.6m which accounts for under 1% of the Group's Total
Investment Portfolio.
As of 31 December 2025, the book value of the Group's Total Investment Portfolio (including non-current
financial assets) was EUR 2,751,4m. Additionally Group holds right of use of land under perpetual usufruct
with value of EUR 34.5m. The total property portfolio including right of use assets and excluding fixed assets
for own use amounted to EUR 2,779.3m.
Additionally, GTC holds non-current financial assets in the amount of EUR 156.3m mainly including:
- 25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which currently
comprises 9 completed buildings with the total GLA of approximately 102 thousand sqm. Fair value of
these notes as of 31 December 2024 amounted to EUR 135.0m;
- 33% 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 17.6m;
- other non-current financial assets amounted to EUR 3.7m
HEADLINE EARNINGS PER SHARE
EUR million 31 Dec 2025 31 Dec 2024
Profits attributable to equity holders of the Parent Company (155.0) 50.9
Adjusted for:
IFRS 5 gains on the remeasurement of assets held for sale 0.5 (7.7)
IAS 40 result on the investment property remeasurement
134.7 10.0
(including right of use)
Total tax effects of adjustments (19.3) (0.3)
Total non-controlling interest effects of adjustments (0.5) 0.1
Headline Earnings (39.6) 53.0
Diluted Headline Earnings (39.5) 53.0
Weighted average number of shares for calculating the
574 255 122 574 255 122
headline earnings per share denominator
Weighted average number of shares for calculating the diluted
574 255 122 619 243 626
headline earnings per share denominator(1)
Headline Earnings per share (in EUR) (0.07) 0.09
Diluted Headline Earnings per share (in EUR)(1) (0.07) 0.09
1. For the year ended 31 December 2024, the participating notes had a dilutive effect and were therefore included in the calculation of
diluted earnings per share.
This short form announcement is the responsibility of the directors and is only a summary of the information
in the full announcement.
This short form announcement and the results contained in this short form announcement have been
prepared in compliance with the JSE Limited's Listings Requirements.
The full announcement is available at https://senspdf.jse.co.za/documents/2026/jse/isse/GTCE/2025.pdf , and
can be found on the Company's website at www.gtcgroup.com.
Any investment decision 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 audited the FY 2025 Results for the twelve-
month periods ended 31 December 2025 and has expressed an unqualified audit opinion thereon.
The audit opinion is available on the Company's website at https://www.gtcgroup.com/results-reports-and-announcements
Management Board Supervisory Board
Antal Botond Rencz (CEO) Zoltán Martonyi (Chairman)
Jacek Baginski (CFO) Csaba Ember
Sebastian Junghänel Ferenc Daróczi
Mihály Ország Magdalena Frackowiak
László Gut
István Hegedüs
Dominik Januszewski
Artur Kozieja
Marcin Murawski
Sarolta Várszegi
Registered office of the Company Date: 30 April 2026
KOR 45A, 02-146 Warsaw, Poland Sponsor: Investec Bank Limited
Footnotes:(1) FFO – means Adjusted EBITDA (the consolidated result before tax, finance cost, finance income, foreign exchange differences,
depreciation and amortization, gain or loss from revaluation, share based payment profit and further adjusted to exclude any item classified as an
extraordinary, unusual or a non-recurring gain, loss or charge that are not directly related to core operations of the Group) less interest received/paid
net less tax paid in the period ; (2) LTV - Includes non-current financial assets; (3) EPRA NTA - is a net asset value measure under the assumption that
the entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. It is computed as the total equity less non-controlling interest,
excluding the derivatives at fair value as well as deferred taxation on property (unless such item is related to assets held for sale).(4) Occupancy – data
as of 31 Dec. 2024 and 2025 includes office building 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: 30-04-2026 08:00:00
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