Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — H1 2025 Earnings Presentation
31 slides from Globe Trade Centre's earnings presentation, Sep 2, 2025
Slide 1: H1 2025 Results Investors Presentation
STRONG FOUNDATIONS H1 2025 RESULTS Investors Presentation 2 September 2025 www.gtcgroup.com
Slide 2: Contents
STRONG FOUNDATIONS CONTENTS Key highlights H1 2025 3 Portfolio 5 Financials 11 Appendices 17 2 www.gtcgroup.com H1 2025 RESULTS
Slide 3: Financial Results
FINANCIAL RESULTS STRONG FOUNDATIONS + Revenues from rental activity up 9% to €101.1m in H1 2025 (€92.6m in H1 2024) + Gross margin from rental activity at €66.1m in H1 2025 (€65.0m in H1 2024) + FFO I at €22.6m in H1 2025 (€35.6m in H1 2024), FFO per share at €0.04 + EPRA NTA at €1,282.2m as of 30
Slide 4: Contents
STRONG FOUNDATIONS CONTENTS Key highlights H1 2025 3 Portfolio 5 Financials 11 Appendices 17 4 www.gtcgroup.com H1 2025 RESULTS
Slide 5: GTC operates and develops a diversified portfolio of property investments
GTC OPERATES AND DEVELOPS A DIVERSIFIED PORTFOLIO OF PROPERTY INVESTMENTS STRONG FOUNDATIONS COMMENTARY TOTAL INVESTMENT PORTFOLIO (BOOK VALUE)(1) Residential income Projects under + 88% of adjusted total investment portfolio is income generating construction generating assets portfolio 16% 6% Landb
Slide 6: Office Portfolio
OFFICE PORTFOLIO STRONG FOUNDATIONS 30 JUNE 2025 OCCUPANCY RATE Occupancy at 82% as of 30 June 2025 (82% as of 100% 31 December 2024) 84% 86% 82% 75% Average weighted lease term of 3.6 yrs. (3.8 yrs. as of 31 December 2024) Bulgaria Croatia Hungary Poland Romania Leasing activity reached c. 39,100 s
Slide 7: Retail Portfolio
RETAIL PORTFOLIO STRONG FOUNDATIONS 30 JUNE 2025 OCCUPANCY RATE Occupancy at 96% as of 30 June 2025 (96% as of 99% 99% 100% 94% 99% 31 December 2024) Average weighted lease term of 3.5 yrs. (3.7 yrs in December 2024) Bulgaria Croatia Hungary Poland Serbia Leasing activity reached c. 15,700 sqm in H1
Slide 8: Retail Portfolio
RETAIL PORTFOLIO STRONG FOUNDATIONS Total GLA Footfall Footfall Tenants’ turnover Tenants’ turnover (sq m) (#) (#) Shopping mall and location Q2’24 Q2’25 Q2’24 Q2’25 H1’24 H1’25 H1’24 H1’25 Avenue Mall 27,600 1,394,422 1,375,763 Q2’24 Q2’25 2,798,716 2,761,883 H1’24 H1’25 Croatia -1.3% +12.4% -1.3%
Slide 9: Residential Portfolio Overview
RESIDENTIAL PORTFOLIO OVERVIEW STRONG FOUNDATIONS RESIDENTIAL ASSETS OVERVIEW €457m 5,200 325,450 86% €24m residential units sq m GLA Occupancy Annualized in-place rent GAV LOCATION by GAV OCCUPANCY AVERAGE HEADLINE RENTAL RATE ANNUALIZED IN-PLACE RENT (€/sq m) (€m) Other 7% Kaiserslautern Schöninge
Slide 10: Contents
STRONG FOUNDATIONS CONTENTS Key highlights H1 2025 3 Portfolio 5 Financials 11 Appendices 17 10 www.gtcgroup.com H1 2025 RESULTS
Slide 11: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT STRONG FOUNDATIONS COMMENTS (€m) H1 2024 H1 2025 + An increase in rental revenues following purchase of residential 1 portfolio in Germany (€6m) partially offset by a decrease in rental Revenue from rental activity 1 93 101 revenues following the sale of GTC X and Matri
Slide 12: Consolidated Cash Flow
CONSOLIDATED CASH FLOW STRONG FOUNDATIONS (€m) H1 2024 H1 2025 Operating activities Operating cash before working capital changes 55 54 COMMENTS Add / deduct: Change in working capital (2) (3) 1 Relates mainly to investment in properties mostly on assets under construction and capex fit out. Tax (5)
Slide 13: Consolidated Statement of Financial Position: Assets
CONSOLIDATED STATEMENT OF FINANCIAL POSITION: ASSETS STRONG FOUNDATIONS COMMENTS (€m) 31 Dec. 2024 30 Jun. 2025 •1 Mainly due to investment in development of assets under Investment properties 1 2,675 2,682 construction (€27m) and capex and fit-out in completed Residential landbank 36 30 properties
Slide 14: Consolidated Statement of Financial Position: Equity and Liabilities
CONSOLIDATED STATEMENT OF FINANCIAL POSITION: EQUITY AND LIABILITIES STRONG FOUNDATIONS COMMENTS (€m) 31 Dec. 2024 30 Jun. 2025 +1 The long-term debt decreased to €781m as of 30 June 2025 mainly due to reclassification of euro bonds and loans related to projects in Common equity 1,128 1,127 Poland a
Slide 15: Overview of Key Credit Metrics
OVERVIEW OF KEY CREDIT METRICS STRONG FOUNDATIONS KEY CREDIT METRICS DEBT MATURITY (€m) Loans to be recycled GTC is closely monitoring 817 capital markets with its Bonds 14 investment banks and is fully focused on its plan Regular amortization for the €494m bonds due Jun-26 c. €1.47bn¹ 2.7y 494 tota
Slide 16: Contents
STRONG FOUNDATIONS CONTENTS Key highlights H1 2025 3 Portfolio 5 Financials 11 Appendices 17 16 www.gtcgroup.com H1 2025 RESULTS
Slide 17: Leading Commercial Real Estate Platform
LEADING COMMERCIAL REAL ESTATE PLATFORM STRONG FOUNDATIONS book value annualized GLA ASSETS LOCATION BY GAV GTC investments # % in-place rent (€m) (ths. sqm) (€m) Other³ Germany Income generating (a+b+c) 5,213 2,393 83% 166 1,052 4% 16% a) Office 38 1,222 42% 90¹ 523 TOTAL Hungary INVESTMENTS Capita
Slide 18: Office Portfolio Overview
OFFICE PORTFOLIO OVERVIEW STRONG FOUNDATIONS Sustainable high occupancy of prime office buildings provides solid recurring income OFFICE ASSETS OVERVIEW €1,222m €90m 38 523,000 7.3% GAV annualized in-place rent buildings sq m GLA Yield GREEN CERTIFICATION OCCUPANCY RATE LOCATION by GAV Zagreb Buchar
Slide 19: Retail Portfolio Overview
RETAIL PORTFOLIO OVERVIEW STRONG FOUNDATIONS Landmark shopping centers in local markets RETAIL ASSETS OVERVIEW €714m €52m 6 204,000 7.3% 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% 95
Slide 20: Development Projects
DEVELOPMENT PROJECTS STRONG FOUNDATIONS Active development represents 6% and land reserve accounts for 6% of portfolio book value Berlin 15% (residential) Croatia 5% (office) €165m €15.5m 5 65,000 Budapest GAV Expected annualized 80% Properties¹ sq m GLA in-place rent for office (office) Redevelop
Slide 21: Diverse and high quality portfolio with a diversified tenant base
DIVERSE AND HIGH QUALITY PORTFOLIO WITH A DIVERSIFIED TENANT BASE STRONG FOUNDATIONS TENANTS’ BASE BLUE CHIP TENANTS + Strong retention rate across the portfolio Total rent % annualized Top 10 tenants (€m) in place rent + GTC’s organic growth strategy and the corresponding 6.9 4.9% high share of own
Slide 22: Portfolio: Income Generating Office & Retail Properties
PORTFOLIO: INCOME GENERATING STRONG FOUNDATIONS OFFICE & RETAIL PROPERTIES Poland Hungary¹ Belgrade Zagreb Bucharest Sofia Total¹ OFFICE PROJECTS¹ (incl. AHFS) Number of buildings 16 13 - 1 4 4 38 Total GLA (ths. sqm) 199 203 - 7 62 52 523 Book value (€m) 329 604 - 15 158 116 1,222 Average rent (€/s
Slide 23: Portfolio Overview – Top Assets
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 /Sqm/ month % Galeria Północna Poland Warsaw 239 65 18.5 91% Galeria Jurajska Poland Czestoc
Slide 24: Green Certification - Retail & Office
GREEN CERTIFICATION - RETAIL & OFFICE STRONG FOUNDATIONS Sustainability is our goal GREEN INCOME PRODUCING OFFICE AND RETAIL ASSETS (BOOK VALUE) BREEAM 30% BREEAM LEED 39% 58% BREEAM 36% 96% 88% 93% assets with green certification assets with green assets with green or under recertification certific
Slide 25: Funds From Operations (FFO I)
FUNDS FROM OPERATIONS (FFO I) STRONG FOUNDATIONS FFO I bridge FFO I per share (€m) (34) 37 (6) 6 €0.06 2 23 18 1 €0.04 14 (1) 4 Profit before tax Loss from Profit/(loss) before Depreciation and Foreign exchange Accrued interest, Interest paid, net Change on Interest Paid tax Other non-recurring FFO
Slide 26: EPRA NTA
EPRA NTA STRONG FOUNDATIONS EPRA NTA bridge EPRA NTA per share (€m) 125 1,282 1,176 €2.24 (PLN 9.55) €2.23 (PLN 9.63) (49) 1,127 30 Total equity Non-controlling Equity attributable Derivatives DTL on real estate EPRA NTA 31 Dec. 2024 30 Jun. 2025 interest to equity holders of assets the Company EPRA
Slide 27: Debt and LTV
DEBT AND LTV STRONG FOUNDATIONS (€m) 31 DEC. 2024 30 JUN. 2025 Loans and bonds 1,635 1,597 Deferred debt expenses 20 18 Bank loans and bonds 1,655 1,615 Escrow accounts (10) (22) Cash & cash equivalents & deposits (99) ¹ (125) Net debt (incl. escrow accounts) 1,546 1,468 Investment property 2,675 2,
Slide 28: Useful Information
USEFUL INFORMATION STRONG FOUNDATIONS INVESTOR CONTACT ESG Michał Kuzawiński Director of Investors Relations and Ownership Supervision michal.kuzawinski@gtcgroup.com www.gtcgroup.com Corporate governance ESG WWW Corporate section IR section 28 www.gtcgroup.com H1 2025 RESULTS
Slide 29: Definitions (1/2)
DEFINITIONS (1/2) STRONG FOUNDATIONS AVERAGE YIELD calculated as in-place rent divided by fair value of asset 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
Slide 30: Definitions (2/2)
DEFINITIONS (2/2) STRONG FOUNDATIONS 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 block
Slide 31: Disclaimer
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 PRESENTATION,