Wrap Text
Reviewed H1 2026 Results (6 Months Period ended 30 June 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 H1 2026 RESULTS (6 Months Period Ended 30 June 2026)
RENTAL REVENUES FFO I(1) NET LTV(2) OCCUPANCY(4) CASH
EUR 106m EUR 17m 58.7% 87% EUR 34m
H1 2026 FINANCIAL HIGHLIGHTS H1 2026 PORTFOLIO HIGHLIGHTS
- Revenues from rental activity up 5% to EUR 106m - Nearly 69,400 sqm of commercial space leased –
(EUR 101m in H1 2025) including 40,700 sqm of office space and approx.
28,700 sqm of retail space in H1 2026
- Gross margin from rental activity up 10% at EUR
73m (EUR 66m in H1 2025) - Commercial income generating portfolio
- FFO I up 4% to EUR 17m (EUR 16m in H1 2025), occupancy rate at 87% (unchanged compared to the
FFO per share at EUR 0.03 end of 2025)
- EPRA NTA³ per share down by 2% to EUR 1.93 - Average weighted lease term: 3.7 years for retail
(PLN 8.27) vs 31 Dec. 2025 and 3.5 years for office space
- Net LTV at 58.7%² (57.0%² as of 31 December 2025); - Sale of part of residential land plots in Budapest and
- Cash of EUR 34m, and deposits of EUR 43m residential units in Germany
- Loss after tax of EUR 18.1m in H1 2026, - Sale of Avenue Mall and Avenue Center buildings
Basic loss per share of EUR 0.02 in Zagreb and residential landplot in Bucharest
Diluted basic loss per share of EUR 0.02 (finalized in Q3’26)
Headline Earnings per share of EUR 0.00023
Diluted Headline Earnings per share of EUR 0.00023
- The Group successfully refinanced its short-term bank
loans in the amount of EUR 330.5m.
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 residential for rent sector in Germany where currently it owns a residential portfolio of approximately 5,100
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 2026, the book value of the Group’s Adjusted Total Investment Portfolio was EUR 2,591.3m (incl. own-
used assets 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 722 thousand sqm of GLA, an occupancy rate at 87% and a book value of EUR 1,877.4m
(including assets held for sale in the amount of EUR 117.6m) which accounts for 73% of the Group's Adjusted
Total Investment Portfolio;
- c. 5,100 flats with a total combined residential space of approximately 325 thousand sqm, an occupancy rate
at 84% and a book value of EUR 444.6m (including assets held for sale in the amount of EUR 7.5m), 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 146.8m, 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 94.8m (including assets held for
sale in the amount of EUR 4.0m) 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 21.3m (including assets held for
sale in the amount of EUR 5.4m) which accounts for 1% of the Adjusted Total Investment Portfolio;
- own-used assets in the amount of EUR 6.4m which accounts for under 1% of the Group's Total Investment
Portfolio.
As of 30 June 2026, the book value of the Group’s Total Investment Portfolio (including non-current financial assets)
was EUR 2,748.0m. Additionally, Group holds right of use of land under perpetual usufruct with value of EUR 33.8m.
The total property portfolio including right of use assets and excluding own-used assets amounted to EUR 2,775.4m.
Within the Total Investment Portfolio, non-current financial assets amounted to EUR 156.7m and mainly comprised:
- 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 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 17.9m,
- other non-current financial assets amounted to EUR 3.8m.
HEADLINE EARNINGS PER SHARE
EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025
Profits attributable to equity holders of the Parent (17.6) (155.0) (0.9)
Company
Adjusted for:
IFRS 5 gains on the remeasurement of assets held for
sale - 0.5 (0.9)
IAS 40 result on the investment property 22.4 134.7 11.8
remeasurement (including right of use)
Total tax effects of adjustments (2.9) (19.3) (1.5)
Total non-controlling interest effects of adjustments (1.7) (0.5) -
Headline Earnings 0.2 (39.6) 8.5
Diluted Headline Earnings 0.2 (39.5) 8.5
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 574 255 122 574 255 122 574 255 122
the diluted headline earnings per share denominator(1)
Headline Earnings per share (in EUR)(1) 0.00023 (0.07) 0.01
Diluted Headline Earnings per share (in EUR) 0.00023 (0.07) 0.01
(1) There have been no potentially dilutive and dilutive instruments.
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/H12026.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 H1 2026 Results for the six and
three-month periods ended 30 June 2026 and has expressed an unqualified conclusion thereon.
The review 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 Hadley Dean
Scott Dwyer
Magdalena Frackowiak
László Gut
István Hegedüs
Dominik Januszewski
Sarolta Várszegi
Registered office of the Company Date: 28 August 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: 28/08/2026 05:05:00
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