Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — FY2023 Earnings Presentation
33 slides from Globe Trade Centre's earnings presentation, 2024
Slide 1: Strong Foundations
STRONG FOUNDATIONS
Slide 2: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2023 Portfolio Development projects Operations and financials Appendices 12 17 www.gtcgroup.com 2023 RESULTS
Slide 3: Financial Results
GTC|\@ FINANCIAL RESULTS STRONG FOUNDATIONS + Revenues from rental activity up 10% to €183m in 2023 (€167m in 2022); Like-for-like rental revenue growth of 10% + Gross margin from rental activity up 8% to €128m in 2023 (€119m in 2022) + FFO 1 at €71m in 2023 (€68m in 2022), FFO per share at €0.12; F
Slide 4: Office Portfolio
GTC|\@ OFFICE PORTFOLIO STRONG FOUNDATIONS + Occupancy at 84% as of 31 December 2023 (84%' in December 2022) + Average weighted lease term of 3.5 yrs. (3.7 yrs. in December 2022) + Leasing activity reached 106,000 sq m in 2023 (119,500 sq m in 2022) and 34,900 sq m in Q4 2023 (33,000 sq m in Q4 2022
Slide 5: Office Portfolio: Completion of Properties
GTC|®& STRONG FOUNDATIONS OFFICE PORTFOLIO: COMPLETION OF PROPERTIES Rose Hill Business Campus Budapest, Hungary 2 refurbished office buildings 4,600 sqm Occupancy: 100% Matrix C Zagreb, Croatia New A-class office building 10,500 sqm Occupancy: 95% www.gtcgroup.com 2023 RESULTS source: GTC | as of 3
Slide 6: Retail Portfolio
GTC|\@ RETAIL PORTFOLIO STRONG FOUNDATIONS + Occupancy at 96% as of 31 December 2023 (96% as of 31 December 2022) + Average weighted lease term of 3.5 yrs. (3.7 yrs. in December 2022) + Leasing activity reached 38,100 sq m in 2023 (35,000 sq m in 2022) and 11,000 sq m in Q4 2023 (6,300 sq m in Q4 20
Slide 7: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2023 Portfolio Development projects Operations and financials Appendices 12 17 www.gtcgroup.com 2023 RESULTS
Slide 8: High Quality Property Portfolio
GTC|e@ HIGH QUALITY PROPERTY PORTFOLIO STRONG FOUNDATIONS WITH FOCUS ON OFFICES + 88% of total portfolio GAV base is recurring income-producing + 65% of recurring income-producing portfolio is office + Active development projects of 3% and land reserves account for almost 8% of total property portfo
Slide 9: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2023 Portfolio Development projects Operations and financials Appendices 12 17 www.gtcgroup.com 2023 RESULTS
Slide 10: Development and Redevelopment Projects
GTC|é DEVELOPMENT AND REDEVELOPMENT PROJECTS STRONG FOUNDATIONS Active development represents 3% and land reserve accounts for 8% of portfolio book value Budapest |00% 3 © 100% qu" €68m €13.2m 3 51,000 GAV GAV Expected annualized Pp ties! GLA in-place rent ropes sam sem » — Refurbishment of 40,800 s
Slide 11: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2023 Portfolio Development projects Operations and financials Appendices 12 17 www.gtcgroup.com 2023 RESULTS
Slide 12: Consolidated Income Statement
GTC|®& STRONG FOUNDATIONS CONSOLIDATED INCOME STATEMENT (€m) FY2023 FY 2022 Revenue from rental activity 183 167 Cost of rental operations (55) (48) Gross margin from operations 128 ng Administration expenses (20) (5) Loss from revaluation of assets ry (56) (29) Other income/ (expenses), net (7) (3)
Slide 13: Consolidated Cash Flow
GTC|®& STRONG FOUNDATIONS CONSOLIDATED CASH FLOW (€m) FY 2023 FY 2022 Operating activities Operating cash before working capital changes 102 101 Add / deduct: Change in working capital 1 (2) Interest paid, net Gl) (28) Tax ica) ay Cash flow from operating activities 65 60 Investing activities Invest
Slide 14: Strength of Debt Metrics
GTC|é STRENGHT OF DEBT METRICS STRONG FOUNDATIONS KEY CREDIT METRICS DEBT MATURITY (€m) 761 @ Loans to be recycled LZ. © Bonds eee © Regular amortization 3.7y a c. €1.19bn Weighted average debt maturity total net debt (years) 197 123 la @ 4 - | | z oF " 5 . 8 y “7 49.3%" 2 2.48% Sided «31 Dec'24 31
Slide 15: Consolidated Statement of Financial Position
GTC|®& STRONG FOUNDATIONS CONSOLIDATED STATEMENT OF FINANCIAL POSITION (€m) 31 Dec, 2023 31 Dec. 2022 COMMENTS Increase mainly due to investments into assets under Investment properties @ 2,273 2.244 Ci construction of €85m and purchase of landbank in Residential landbank 27 27 the value of €13m. Th
Slide 16: Contents
GTC|®& STRONG FOUNDATIONS CONTENTS Key highlights 2023 Portfolio Development projects Operations and financials Appendices 12 17 www.gtcgroup.com 2023 RESULTS
Slide 17: Valuation of Investment Properties
GTC|®& STRONG FOUNDATIONS VALUATION OF INVESTMENT PROPERTIES VALUATION RESULTS BY TYPE OF ASSET AND COUNTRY a Rev./BV revvtloee) (31/12/23) (€ém) (%) COMPLETED INVESTMENT PROPERTIES COMPLETED RETAIL (9) (2%) Poland (4) (2%) Sofia (3) (3%) Belgrade qa) (1%) Budapest io) (4%) COMPLETED OFFICE (58) (4%
Slide 18: Fair Value of Investment Properties vs Market and Company's Performance
GTC|® FAIR VALUE OF INVESTMENT PROPERTIES VS MARKET AND STRONG FOUNDATIONS COMPANY’S PERFORMANCE 4% EURIBOR AND EUR 5Y IRS IN 2023 GTC EQUIVALENT YIELDS 7.9% 7,78% 3,95% 3,95% 3,96% aa 9 % 7,78% , “on 729 3.77%. 7.7% ‘ 7.70% 3,5% 5.58% 3,27% wasn 7.43% S046 S08 75% ee 1,42% 7,33% 3,0% 325% ono. 3,40
Slide 19: High Quality Portfolio and Diversified Tenant Base
G T Cc | ee HIGH QUALITY PORTFOLIO AND DIVERSIFIED TENANT BASE STRONG FOUNDATIONS HELPS TO MITIGATE CHALLENGES TENANTS’ BASE BLUE CHIP TENANTS + Strong retention rate across the portfolio Total rent % annualized in pl + GTC’s organic growth strategy and the ee Mobil em) in place rent corresponding h
Slide 20: Key Shareholder Information
GTC|®& STRONG FOUNDATIONS KEY SHAREHOLDER INFORMATION BASIC SHARE INFORMATION Symbol GTCSA. Share price (10/11/2023) PLN 5.42 ISIN PLGTCOO00037 Primary exchange Warsaw Stock Exchange Market capiti ion’ PLN 3.1bn / €0.7n Shares outstanding 574.3 million SHARE PERFORMANCE 12M 05/4/2023 « 04/4/2024 0 S
Slide 21: Leading Commercial Real Estate Platform
GTC|é LEADING COMMERCIAL REAL ESTATE PLATFORM STRONG FOUNDATIONS annualized ASSETS LOCATION BY GAV GTC assets #¢ Pook vay %inplace rent ene cory em) “sa Ireland 6% Income generating (a+b) 46 2,007 83% 151.6 753 Hungary 31% a) Office 40 1298 54% 99.2 549 TOTAL INVESTMENTS - GAY Capital cities b) Reta
Slide 22: Office Portfolio Overview
GTC|é OFFICE PORTFOLIO OVERVIEW STRONG FOUNDATIONS Sustainable high occupancy of prime office buildings provides solid recurring income OFFICE ASSETS OVERVIEW 8) (¢ €1,298m €99m 549,000 7.6% GAV annualized in-place rent buildings sqm GLA Yield GREEN CERTIFICATION OCCUPANCY RATE LOCATION by GAV 9 Bel
Slide 23: Retail Portfolio Overview
GTC|®& STRONG FOUNDATIONS RETAIL PORTFOLIO OVERVIEW Landmark shopping centers in local markets RETAIL ASSETS OVERVIEW annualized in-place rent 30 fe €52m 204,000 sqm GLA buildings GREEN CERTIFICATION BREEAM LEED 29% 59% "| 88% assets with green certification Under certification 12% OCCUPANCY RATE LO
Slide 24: Green Certification
GTC|\@ GREEN CERTIFICATION STRONG FOUNDATIONS Sustainability is our goal GREEN INCOME PRODUCING ASSETS (BOOK VALUE) BREEAM BREEAM q LEED 29% BREEAM 38% 59% "| 35% 9 94% 88% 92% assets with green ‘o assets with green certification assets with green certification or in recertification Under certificat
Slide 25: Portfolio: Income Generating Properties
GTC|é PORTFOLIO: INCOME GENERATING PROPERTIES STRONG FOUNDATIONS Poland Hungary’ Belgrade Zagreb Bucharest Sofia Total’ OFFICE PROJECTS’ Number of buildings 16 13 1 2 4 4 40 Total GLA (ths. sq m) 196 203 18 18 62 52 549 Book value (€m) 335 596 49 43 162 n3 1,298 Average rent (€/sq m) 15.5 20.3 18.4
Slide 26: Portfolio Overview - Top Assets
GTC |é PORTFOLIO OVERVIEW - TOP 10 ASSETS STRONG FOUNDATIONS High quality assets base in Poland, Hungary and capital cities of CEE Top properties Asset class Country City Book value GLA Rent€ Occupancy =M ths. sqm /Sam/ month % Galeria Pétnocna =) Poland Warsaw 244 65 18.8 92% Galeria Jurajska =) Po
Slide 27: Funds From Operations (FFO 1)
GTC|®& STRONG FOUNDATIONS FUNDS FROM OPERATIONS (FFO 1) Robust acqui ions and developments drive FFO | FFO | bridge FFO | per share (€m) 35 G0) €0.12 €0.12 O) oy 56 aM 1 (2) _ i] 6 71 —_ — — = 14 | 2022 2023 Profit before tax Loss from Share based Depreciation Foreign Accrued Interest paid, ‘Change
Slide 28: EPRA NTA
GTC|®& STRONG FOUNDATIONS EPRA NTA EPRA NTA bridge EPRA NTA per share (€m) 125 1,232 1126 (2a) 4102 5 | €2.22(PLN10.40) 2.15 (PLN 9.33) Total equity Non-controlling Equity attributable Derivatives © DTL on real estate EPRA NTA 31 Dec. 2022 31 Dec. 2023 interest to equity holders assets of the Compan
Slide 29: Debt and LTV Dec. 2022 Dec. 2023
GTC|®& STRONG FOUNDATIONS DEBT AND LTV 31 DEC. 2022 31 DEC. 2023 Loans and bonds 1,274 1,238 Minorities loans 2 (2) Deferred debt expenses 7 8 Bank loans and bonds 1,281 1,244 Escrow accounts (49) - Cash & cash equivalents & deposits (91) (189) Net debt 1,141 1,055 Investment property 2,273 2,244 Re
Slide 30: Useful Information
GTC|é USEFUL INFORMATION STRONG FOUNDATIONS INVESTOR CONTACT ESG Matgorzata Czaplicka Investor Relations Director T: +48 22 16 60 710 malgorzata.czaplicka@gtcgroup.com www.gtcgroup.com Corporate section IR section www.gtcgroup.com \ \ * ¥ 2023 RESULTS BRS v 3 \ @
Slide 31: 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 32: 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 33: 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