Wrap Text
Reviewed H1 Results (6 months period ended 30 June 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 H1 2025 RESULTS (6 months period ended 30 June 2025)
RENTAL REVENUES FFO I(1) NET LTV(2) OCCUPANCY(4) CASH
EUR 101m EUR 23m 51.8% 86% EUR 80m
H1 2025 FINANCIAL HIGHLIGHTS H1 2025 PORTFOLIO HIGHLIGHTS
- Revenues from rental activity up 9% to EUR 101m - Nearly 55,000 sqm of commercial space leased –
(EUR 93m in H1 2024) including over 20,000 sqm of office space and approx.
- Gross margin from rental activity up 2% at EUR 9,000 sqm of retail space in Q2
66m (EUR 65m in H1 2024) - Commercial income generating portfolio
occupancy rate at 86% (unchanged compared to the
end of 2024)
- FFO I at EUR 23m (EUR 36m in H1 2024), FFO per
share at EUR 0.04
- Average weighted lease term: 3.5 years for retail
- EPRA NTA(3) at EUR 1,282m as of 30 June 2025 and 3.6 years for office space
(EUR 1,284m as of 31 December 2024)
EPRA NTA per share at EUR 2.23 (PLN 9.63) - Strengthened financial liquidity through the sale of
office buildings in Zagreb and Belgrade as well as
- Net LTV at 51.8%(1) (52.7%(1) as of 31 December 2024); land plots in Warsaw and Katowice (finalized in
Q3'25) and two more plots in Warsaw, and Bucharest
- Cash of EUR80m, and deposits of EUR45m under initial sales agreements
Extension of maturity for a EUR 100m, refinancing
loan for Galeria Jurajska - Exercised the option to acquire non-controlling
- New senior loan in the amount of EUR 84m for interests in the German residential portfolio (all
Galeria Pólnocna fully drawn down in July 2025 shares held by LFH Portfolio Acquico S.À R.L. and
- Profit after tax of EUR 0.5m in H1 2025, ZNL Investment S.À R.L.) in July 2025.
Basic earnings per share of EUR 0.00
Diluted basic earnings per share of EUR 0.00
Headline Earnings per share of EUR 0.01
Diluted Headline Earnings per share of EUR 0.01
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 June 2025, the book value of the Group's Total Property Portfolio including non-current financial assets was
EUR 2,903.8m.
As of 30 June 2025, the book value of the Group's Total Property Portfolio was EUR 2,751.4m 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 727 thousand sqm of GLA (including one office held for sale with 7.6 thousand
sqm of GLA and book value of EUR 20.1m), an occupancy rate at 86% and a book value of EUR 1,936.0m which
accounts for 70% 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 456.9m, which accounts for 17% of the Group's Total Property
Portfolio;
- five projects under construction with a total GLA of approximately 66 thousand sqm and a book value of EUR
165.3m, which accounts for 6% of the Group's Total Property Portfolio;
- investment landbank intended for future development (including two land plots in Poland held for sale in the value
of EUR 10.6m) with the book value of EUR 121.9m which accounts for 4% of the Group's Total Property Portfolio;
- residential landbank with book value of EUR36.0m (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, including assets held for sale with value of EUR 35.2m (including EUR
1.0m from residential landbank and EUR 1.9m from assets held for sale) which accounts for 2% of the Group's
Total Property Portfolio.
Additionally, GTC holds non-current financial assets in the amount of EUR 152.4m 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 June 2025 amounted to EUR 121.3m, which
accounts for 4% of the Group's Total Property Portfolio including non-current financial assets;
- 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,
which accounts for 1% of the Group's Total Property Portfolio including non-current financial assets;
- 14% shares in the Hungarian public company - NAP Nyrt a producer of solar panel energy with a total capacity
of 57.6 MW (AC). The fair value of these shares amounted to EUR 4.4m, which accounts for less than 1% of the
Group's Total Property Portfolio including non-current financial assets.
- other non-current financial assets amounted to EUR 9.9m, including mainly Grid Parity Bond and ACP Fund.
HEADLINE EARNINGS PER SHARE
EUR million 30 Jun 2025 30 Jun 2024 31 Dec 2024
Profits attributable to equity holders of the Parent
(0.9) 30.5 50.9
Company
Adjusted for:
IFRS 5 gains on the remeasurement of assets held
(0.9) (2.6) (7.7)
for sale
IAS 40 result on the investment property
11.8 2.4 10.0
remeasurement (including right of use)
Total tax effects of adjustments (1.5) - (0.3)
Total non-controlling interest effects of adjustments - (0.1) 0.1
Headline Earnings 8.5 30.2 53.0
Diluted Headline Earnings 8.5 30.2 53.0
Weighted average number of shares for calculating
574 255 122 574 255 122 574 255 122
the headline earnings per share denominator
Weighted average number of shares for calculating
the diluted headline earnings per share 619 243 626 574 255 122 619 243 626
denominator(1)
Headline Earnings per share (in EUR) 0.01 0.05 0.09
Diluted Headline Earnings per share (in EUR)(1)
0.01 0.05 0.09
(1) There have been no potentially dilutive and dilutive instruments as at 30 June 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/H12025.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 has reviewed the H1 2025 Results for the six
and three-month periods ended 30 June 2023 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
Malgorzata Czaplicka (CEO) János Péter Bartha (Chairman)
Balázs Gosztonyi Ferenc Daróczi
Antal Botond Rencz Magdalena Frackowiak
Sebastian Junghänel László Gut
Mihály Ország István Hegedüs
Dominik Januszewski
Artur Kozieja
Zoltán Martonyi
Ferenc Minárik
Marcin Murawski
Sarolta Várszegi
Registered office of the Company Date: 2 September 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 as of 30 June 2024 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: 02-09-2025 07:05:00
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