Wrap Text
Reviewed Q1 2026 Results (3 months period ended 31 March 2026)
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 Q1 2026 RESULTS (3 months period ended 31 March 2026)
RENTAL REVENUES FFO I ¹ NET LTV ² OCCUPANCY 4 CASH
EUR 53m EUR 16m 57.7% 87% EUR 47m
Q1 2026 FINANCIAL HIGHLIGHTS Q1 2026 PORTFOLIO HIGHLIGHTS
- Rental and service revenue up 7% to EUR 53.3m - Leasing activity in the commercial sector reached
(EUR 49.8m in Q1 2025); almost 27,500 sqm (25,900 sqm in Q1 2025)
- Gross margin from rental activity at EUR 37.4m - Occupancy at 87% (unchanged from the end of 2025)
(EUR 32.3m in Q1 2025) - Average weighted lease term at 3.8 yrs (retail) and 3.4
- FFO I up 16% to EUR 15.6m (EUR 13.1m in Q1 2025) yrs (office)
with FFO per share at EUR 0.03 in Q1 2026
- EPRA NTA3 at EUR 1,125.8m as of 31 March 2026
(EUR 1,124.3m as of 31 December 2025)
EPRA NTA per share at EUR 1.96 (PLN 8.41)
- Net LTV at 57.7% (57.0% as of 31 December 2025); Net
LTV adjusted for cash on escrow accounts at 57.0%
- Cash of EUR 46.8m,
- Loss after tax of EUR 4.6m in Q1 2026 (EUR 1.6m
profit in Q1 2025), Basic loss per share of EUR 0.01 in
Q1 2026
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 it owns a residential portfolio of approximately 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 31 March 2026, the book value of the Group's Adjusted Total Investment Portfolio was EUR 2,598.9m (incl.
fixed assets for own use in the amount of EUR 6.4m) and the breakdown was as follows:
- 37 completed commercial office buildings and 6 retail properties, with a total combined commercial space of
approximately 723 thousand sqm of GLA, an occupancy rate at 87% and a book value of EUR 1,873.0m
(including property held for sale in the amount of EUR 19.6m) which accounts for 72% of the Group's Adjusted
Total Investment Portfolio;
- c. 5,200 flats with a total combined residential space of approximately 325 thousand sqm, an occupancy rate at
84% and a book value of EUR 453.3m, which accounts for 17% 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
143.4m, which accounts for 6% of the Group's Adjusted Total Investment Portfolio;
- investment landbank (excl. right of use of land) with the book value of EUR 94.9m 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 6.4m which accounts for under 1% of the Group's Total
Investment Portfolio.
As of 31 March 2026, the book value of the Group's Total Investment Portfolio (including non-current financial assets)
was EUR 2,755,4m. Additionally the Group holds right of use of land under perpetual usufruct with value of EUR 33.4m.
The total property portfolio including right of use assets and excluding fixed assets for own use amounted to EUR
2,782.4m.
Additionally, GTC holds non-current financial assets in the amount of EUR 156.5m 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 31 March 2026 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 3.9m.
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 theJSE Limited's Listings Requirements.
The full announcement is available at https://senspdf.jse.co.za/documents/2026/jse/isse/GTCE/Q12026.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 Q1 2026 Results for the three-
month period ended 31 March 2026 and has expressed an unqualified conclusion thereon.
The review report 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 (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: 1 June 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: 01-06-2026 07:46:00
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