Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — FY2024 Earnings Presentation
36 slides from Globe Trade Centre's earnings presentation, April 2025
Slide 1: Strong Foundations
STRONG FOUNDATIONS
Slide 2: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2024 Portfolio Operations and financials Appendices 15 21 www.gtcgroup.com 2024 RESULTS
Slide 3: Key highlights FY 2024
Revenues from rental activity up 2% to €187.5m in FY 2024 (€183.4m in FY 2023) Gross margin from rental activity up 2% to €130.5m in FY 2024 (€128.2m in FY 2023) FFO I at €70.8m in FY 2024 (€71.2m in FY 2023), FFO per share at €0.12 EPRA NTA at €1,283.9m as of 31 December 2024 (€1,231.9m as of 31 De
Slide 4: Matrix C, GTC X and Wilanów land sales
Matrix C GTC X Wilanów land Zagreb, Croatia Belgrade, Serbia Warsaw, Poland 10,500 sqm of premium office space 17,700 sqm of premium office space Land in Miasteczko Wilanów district The sale price of €27m (net proceeds of €13m) The sale price of €52m (net proceeds of €23m) The sale
Slide 5: German residential portfolio overview
PORTFOLIO OVERVIEW PORTFOLIO DISTRIBUTION BY APARTMENT SIZES • The Portfolio is centered around three cities in Germany: Kaiserslautern, Helmstedt, and Heidenheim. • The Portfolio has a comfortable occupancy rate of 83%. • In total, the Portfolio comprises 5,169 residential units with a total lettab
Slide 6: Strategy overview: sale of single assets
STRATEGY OVERVIEW SHARE OF RESIDENTIAL UNITS BY SUB-PORTFOLIO • The first portfolio strategy implies a near-term sale of single assets to private individuals and institutional investors to benefit immediately from the relatively low entry price and multiple gain. • On this basis, CBRE has identified
Slide 7: Strategy overview: long-term hold
STRATEGY OVERVIEW SHARE OF RESIDENTIAL UNITS BY SUB-PORTFOLIO • The second portfolio strategy implies a long-term hold strategy to benefit from the development of the German rental market and expand GTC’s portfolio towards a more balanced approach with respect to segments and regions. 43% 5,169 Sub-
Slide 8: ESG investments enable significant value creation
ESG investments enable significant value creation Residential Portfolio in Germany GTC has a strong track record in ESG investments making their The residential portfolio offers the opportunity to improve assets more energy efficient energy efficiency, ultimately enhancing asset values • Almost all
Slide 9: Financing overview of German residential acquisition
FINANCING OVERVIEW FUNDING SOURCES DISTRIBUTION The purchase price was funded by: − assumption of existing senior bank loans of €185m, currently provided to certain project companies by multiple banks including: DZ Hyp AG, Landesbank Baden- Württemberg, Sparkasse Kaiserslautern, and Volksbank BRAWO
Slide 10: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2024 Portfolio Operations and financials Appendices 15 21 www.gtcgroup.com 2024 RESULTS
Slide 11: Total investments (book value)
COMMENTARY TOTAL INVESTMENTS (BOOK VALUE)(1) Residential income Project under generating assets construction 87% of total property portfolio GAV is recurring income-producing 15% 5% Landbank (incl. AFHS) 52% of recurring income-producing portfolio is office, 29% is retail and 19% Commercial 7% TOTAL
Slide 12: Office leasing activity and occupancy
31 DECEMBER 2024 OCCUPANCY RATE Occupancy at 82% as of 31 December 2024 (83% 100% 97%¹ as of Sep. 2024) 85% 86% 82% 74% Average weighted lease term of 3.8 yrs. (3.8 yrs. in Sep. 2024) Bulgaria Croatia Hungary Poland Romania Serbia Leasing activity reached 106,500 sqm in 2024 (39,100 sqm in Q4 2024):
Slide 13: Retail leasing activity and occupancy
31 DECEMBER 2024 OCCUPANCY RATE Occupancy at 96% as of 31 December 2024 (96% 100% 99% 100% 94% 99% as of 30 Sep. 2024) Average weighted lease term of 3.7 yrs. (3.4 yrs in Sep. 2024) Bulgaria Croatia Hungary Poland Serbia Leasing activity reached 52,800 sqm in 2024 (27,200 sqm in Q4 2024): Galeria Ju
Slide 14: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2024 Portfolio Operations and financials Appendices 15 21 www.gtcgroup.com 2024 RESULTS
Slide 15: Income statement
(€m) FY 2023 FY 2024 183 188 The Group recognized an increase in rental revenues following the Revenue from rental activity completion of GTC X in Belgrade, Rose Hill Business Campus in Cost of rental operations (55) (57) Budapest and Matrix C in Zagreb combined with an increase in an average rental
Slide 16: Cash flow
(€m) FY 2023 FY 2024 Operating activities Operating cash before working capital changes 102 99 Add / deduct: Relates mainly to Change in working capital - 7 • expenditure on purchase of residential assets in Germany Tax (7) (8) (€172.0m) • investment in properties (€71.7m) and Cash flow from operati
Slide 17: Key credit metrics and debt maturity
KEY CREDIT METRICS DEBT MATURITY (€m) GTC is closely monitoring Loans to be recycled capital markets with its 754 investment banks to Bonds ensure optimal refinancing strategy and timing for the Regular amortization €500M bonds due Jun-26 Reclassification of loan related to Galeria Jurajska (€100.6m
Slide 18: Assets
Mainly due to acquisition of German residential portfolio (€m) 31 Dec. 2023 31 Dec. 2024 (€452.1m), investment in development of assets under construction (€48.5m) and capex and fit-out in completed Investment properties 2,273 2,675 properties (€36.6m), and purchase of investment property under Resi
Slide 19: Equity and liabilities
(€m) 31 Dec. 2023 31 Dec. 2024 Mainly as a result of (i) recognition of participating notes (€41.7m) due to issuance of 418 bearer participating series A notes for Common equity 1,102 acquisition of German residential portfolio, partially offset by (ii) a 1,128 dividend payment (€29.3m), (iii) a dec
Slide 20: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2024 Portfolio Operations and financials Appendices 15 21 www.gtcgroup.com 2024 RESULTS
Slide 21: Basic share information and shareholder structure
BASIC SHARE INFORMATION SHAREHOLDER STRUCTURE Free Float 17.00% Symbol GTC S.A. OFE PZU Złota Jesień Share price (22/04/2025) PLN 3.88 9.54% ISIN PLGTC0000037 Allianz OFE 10.85% GTC Dutch Holdings B.V. 58.80% Primary exchange Warsaw Stock Exchange GTC Holding Zártkörüen Müködö Market capitalization¹
Slide 22: High quality core portfolio of offices and retail
book value annualized GLA ASSETS LOCATION BY GAV GTC investments # % in-place rent (€m) (ths. sqm) (€m) Ireland Germany Income generating (a+b+c) 45 2,440 83% 169 1.070 4% 16% a) Office (inlc. GTC X held for sale) 39 1,274 43% 93¹ 541 TOTAL Hungary INVESTMENTS Capital cities GAV outside of b) Retail
Slide 23: Office assets overview
Sustainable high occupancy of prime office buildings provides solid recurring income OFFICE ASSETS OVERVIEW €1,274m €93m 39 541,000 7.3% GAV annualized in-place rent buildings sq m GLA Yield GREEN CERTIFICATION OCCUPANCY RATE LOCATION by GAV Belgrade Zagreb Bucharest 1% 4% 13% Warsaw 4% BREEAM 37% 9
Slide 24: Retail assets overview
Landmark shopping centers in local markets RETAIL ASSETS OVERVIEW €714m €53m 6 204,000 7.4% GAV annualized in-place rent buildings sq m GLA Yield GREEN CERTIFICATION OCCUPANCY RATE LOCATION by GAV Budapest Zagreb BREEAM Belgrade 3% 12% 30% 13% LEED 58% Sofia 88% 11% GAV assets with green certificati
Slide 25: Active development and land reserve
Active development represents 5% and land reserve accounts for 7% of portfolio book value Berlin 10% (residential) Croatia 3% (office) Budapest 87% (office)
Slide 26: Blue chip tenants and tenant base
TENANTS’ BASE BLUE CHIP TENANTS Strong retention rate across the portfolio Total rent % annualized (€m) in place rent GTC’s organic growth strategy and the corresponding 6.7 4.6% high share of own developments in its portfolio has resulted in a relatively young portfolio age with focus 5.4 3.7% to f
Slide 27: Office and retail projects by country
Poland Hungary¹ Belgrade² Zagreb Bucharest Sofia Total OFFICE PROJECTS Number of buildings 16 13 1 1 4 4 39 Total GLA (ths. sqm) 199 203 18 7 62 52 541 Book value (€m) 325 607 52 15 161 114 1,274 Average rent (€/sqm) 15.2 19.3 18.9 16.5 18.5 16.7 17.5 Average occupancy (%) 74% 86% 97% 100% 82% 85% 8
Slide 28: 10 largest assets constitute 59%
Top properties Asset class Country City Book value GLA Rent € Occupancy €M ths. sqm /Sqm/ month % Galeria Północna Poland Warsaw 241 65 20.3 91% Galeria Jurajska Poland Czestochowa 194 49 25.8 98% City Gate Romania Bucharest 123 48 19.4 78% Pillar Hungary Budapest 112 29 19.7 100% Ada Mall Serbia Be
Slide 29: We have been recognized for our ESG
We have been recognized for our ESG: • 2023, 2022, 2021 EPRA Sustainability Best Practices Recommendations Silver Award • Sustainable Development Competition: GTC’s ESG report received a distinction for the best debut in 2021
Slide 30: FFO I bridge
FFO I bridge FFO I per share (€m) Profit before tax Loss from Depreciation and Foreign exchange Accrued interest, Interest paid, net Change on Paid tax FFO 2023 2024 revaluation amortisation differences, net net Interest accrued FFO I (€m) 2019 2020 2021 2022 2023 2024
Slide 31: EPRA NTA bridge
EPRA NTA bridge EPRA NTA per share (€m) €2.24 (PLN 9.55) €2.15 (PLN 9.33) Total equity Non-controlling Equity attributable Derivatives ( incl. DTL on real estate EPRA NTA 31 Dec. 2023 31 Dec. 2024 interest to equity holders of LHFS) assets the Company EPRA NTA (€m) 31 Dec'19 31 Dec'20 31 Dec'21 31 D
Slide 32: Net debt and net loan to value
(€m) 31 DEC. 2023 31 DEC. 2024 Loans and bonds 1,274 1,635 Deferred debt expenses 7 20 Bank loans and bonds 1,281 1,655 Escrow accounts (49) (10) Cash & cash equivalents & deposits ¹ (91) (99) Net debt (incl. escrow accounts) 1,141 1,546 Investment property 2,273 2,675 Residential landbank 27 36 Ass
Slide 33: Investor contact
INVESTOR CONTACT ESG Małgorzata Czaplicka Investor Relations Director T: +48 22 16 60 710 malgorzata.czaplicka@gtcgroup.com www.gtcgroup.com Corporate governance ESG WWW Corporate section IR section
Slide 34: Definitions (1/2)
GTC|\@ DEFINITIONS (1/2) STRONG FOUNDATIONS AVERAGE YIELD calculated as in-place rent divided by fair value of asset FFO profit before tax less tax paid, after adjusting for non-cash transactions (such as fair value or real estate remeasurement, depreciation and amortization share base payment provi
Slide 35: Definitions (2/2)
GTC|\@ DEFINITIONS (2/2) STRONG FOUNDATIONS ADJUSTED EBITDA consolidated profit/(loss) of the Group before taxes, depreciation, amortisation and impairments, non-controlling interest and share of profit/(loss) of joint ventures, excluding any fair value adjustments, the net result on sale of financi
Slide 36: Disclaimer
GTC|\@ DISCLAIMER STRONG FOUNDATIONS THIS PRESENTATION IS NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN. THIS PRESENTATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. BY ATTENDING OR VIEWING THIS PRESEN