S T R O N G F O UN D A T I O N S
2025 RESULTS
30 April 2026
https://www.gtcgroup.com
CONTENTS | |
Key highlights 2025 | 3 |
Portfolio | 6 |
Financials | 11 |
Appendices | 18 |
S T R O N G F O U N D A T I O N S
S T R O N G F O U N D A T I O N S
FINANCIAL RESULTS 2025 vs. 2024
€202mRevenues from rental activity
- Revenues from rental activity +8% YoY to €202m in 2025 (€188m in 2024); ex-Germany -5% YoY to €179m with underlying LfL -3% YoY
-
Gross margin from operations -1% YoY to €129m in 2025; ex-Germany -10% YoY to €118m
€33m
FFO I 1
- Adjusted EBITDA1 -6% YoY to €102m in 2025 (€108m in 2024)
-
Cash flow from operating activities -23% YoY to €76m in 2025
€1.96
(PLN 8.28)
EPRA NTA per share
- FFO I -51% YoY to €33m (€68m in 2024) with FFO per share at €0.06 in 2025
- EPRA NTA per share -12% YoY to €1.96 (PLN 8.28)
- Net LTV at 57.0%2 (52.7%2 as of 31 Dec. 2024) 57%
Occupancy in commercial real estate portfolio at 87%3 as of 31 Dec. 2025 (86%3 as of 31 Dec. 2024)
87% ²Occupancy
Net LTV
- Significant refinancing progress : (1) €494m old Aurora Eurobonds due Jun'26 repaid in Mar'26 and refinanced by €455m senior secured bonds due Oct'30 assumed by GTC Aurora; (2) €330m of bank loans falling due within 12M refinanced after balance sheet date; (3) emphasis of matter on going concern "material uncertainty" removed from the audit opinion (see slide 4)
source: GTC | as of 31 Dec.2025 I Note: (1) Adjusted EBITDA definition has been introduced and FFO I definiton has been revised - see slide 31 for details ;(2) Includes non-current financial assets; (3) Includes office buildings held for sale
REFINANCING UPDATE
S T R O N G F O U N D A T I O N S
In Oct'25 GTC Finance DAC issued €455m senior secured notes due Oct'30 trading on the Global Exchange Market of Euronext Dublin, with a 6.5% coupon and 7.7% yield including the discount
Net proceeds of €429m were used to repay €494m of SUNs maturing in Jun'26 in two tranches:
€195m SUNs were tendered in Oct'25 (for a total consideration of €192m)
€299m SUNs were redeemed early in Mar'26. At this date GTC Aurora assumed all obligations under
the €455m new secured notes
In Nov'25 Scope upgraded GTC's issuer rating to B with Positive Outlook. Fitch rated new secured notes B+ and kept Rating Watch Negative designation subject to bank loans refinancing progress
After the balance sheet date, GTC refinanced €330m of bank loans falling due within 12M of which
€229m by at least 5 years
As a result of the refinancing progress above, of the €889m loans and bonds shown as short-term as at FY 2025 balance sheet date, €299m was repaid, €330m refinanced to-date
www.gtcgroup.com
CONTENTS | |
Key highlights 2025 | 3 |
Portfolio | 6 |
Financials | 11 |
Appendices | 18 |
5
S T R O N G F O U N D A T I O N S
GTC OPERATES AND DEVELOPS A DIVERSIFIED PORTFOLIO OF PROPERTY INVESTMENTS
S T R O N G F O U N D A T I O N S
COMMENTARY
+ 90% of adjusted total investment portfolio is income generating portfolio
+ 50% of income generating portfolio is office, 31% is retail and 19% is residential
+ Active development projects of 5% and land reserves of 4% of total
investment portfolio
+ 95% of adjusted total investment portfolio in EU countries
+ 99% of commercial income generating portfolio green certified or under recertification process
TOTAL INVESTMENT PORTFOLIO (BOOK VALUE)(1)
Residential income generating assets 17%
Projects under construction 5%
Commercial income generating assets (incl.
AHFS)
68%
TOTAL ASSETS GAV
€2,751m
Landbank 4%
Non-current financial assets 6%
Assets for own use
<1%
ADJUSTED TOTAL INVESTMENT PORTFOLIO (BOOK VALUE) (2)
Budapest
Belgrade
Residential Income generating portfolio 18%
Projects under
construction 5%
Landbank 5%
€759m 29%
Zagreb
€109m
TOTAL GAV
€132m
5%
Sofia
€204m 8%
INCOME GENERATING PORTFOLIO KEY METRICS
Commercial Income generating portfolio (incl.
31 Dec. 2024 (incl. AHFS) | 31 Dec. 2025 (incl. AHFS) | |
Gross asset value (€m) | 2,440 | 2,325 |
Office | 1,274 | 1,162 |
Retail | 714 | 710 |
Residential | 452 | 453 |
Lettable area (ths. sqm) | 1,070 | 1,046 |
Office | 541 | 517 |
Retail | 204 | 204 |
Residential | 325 | 325 |
WAULT (years) | 3.8 | 3.6 |
Office | 3.8 | 3.5 |
Retail | 3.7 | 3.6 |
AHFS) 72%
TOTAL GAV
€2,595m
Own use assets
<1%
4%
Bucharest
€170m 7%
€2,595m
Poland
€735m
Own use
€7m
<1%
Germany
6
28%
INCOME GENERATING PORTFOLIO (BOOK VALUE)
Belgrade
Residential
19%
€90m
4%
Office
50%
Budapest
€590m
26%
Sofia
€204m 9%
GAV
€2,325m
GAV
€2,325m
Germany
€453m 19%
Retail
31%
Zagreb
€100m 4%
Bucharest
€161m 7%
Poland
€727m 31%
Source: GTC | as of 31 Dec. 2025| Note(s): AHFS- assets held for sale; Investment properties exclude right of use under land leases; (1) Includes non-current financial assets; (2) Excludes
non-current financial assets
€479m 18%
100,700 sqmLeasing activity reached in 2025
34,500 sqmOFFICE PORTFOLIO
S T R O N G F O U N D A T I O N S
City Gate,
Bucharest
Prolongation: International petrochemical company
c. 9,400 sqm
CenterPoint 3, Budapest
New lease:
Uniqua
c. 6,100 sqm
Leasing activity
reached in Q4 2025
83%Occupancy as of 31 Dec. 2025
(82% as of 31 December 2024)
3.5 yrsAverage weighted lease term (3.8 yrs in December 2024)
31 DECEMBER 2025 OCCUPANCY RATE VS. 31 DECEMBER 2024
Advance Business Center, Sofia
V188, Budapest
Prolongation: Institution from public sector
c. 5,100 sqm
Prolongation:
Global digital
88%85%
100%100%
87%86%
76%74%
84%82%
97%
engineering consulting company
c. 5,300 sqm
Bulgaria | Croatia | Hungary | Poland | Romania | Serbia |
2025 | 2024 |
Leasing activity reached in 2025
19,300 sqmRETAIL PORTFOLIO
S T R O N G F O U N D A T I O N S
Galeria Jurajska, Czestochowa
Prolongation & expansion: Fashion brand
c. 3,500 sqm
Galeria Północna,
Warsaw
Prolongation:
Sinsay
c. 2,700 sqm
Leasing activity
reached in Q4 2025
96%Occupancy as of 31 Dec. 2025
(96% as of 31 December 2024)
3.6 yrs8
31 DECEMBER 2025 OCCUPANCY RATE VS. 31 DECEMBER 2024
Galeria Jurajska,
Czestochowa
99% 100%
95% 99%
100%
95% 94%
99% 99%
Prolongation:
Reserved
c. 2,800 sqm
Bulgaria
Croatia
Hungary
2024
Poland
Serbia
2025
source: GTC | as of 31 Dec. 2025
85%
Ada Mall, Belgrade
Prolongation:
H&M
c. 2,300 sqm
Average weighted lease term (3.7 yrs in December 2024)
RESIDENTIAL PORTFOLIO OVERVIEW
S T R O N G F O U N D A T I O N S
RESIDENTIAL ASSETS OVERVIEW
€453m
GAV
325,000
LOCATION by GAV
Other
7%
Schöningen
10%
Kaiserslautern
46%
Helmstedt
15%
GAV
€453m
Heidenheim
22%
GLA
sqm5,200
residential units
86%
Occupancy
OCCUPANCY AVERAGE HEADLINE RENTAL RATE
(€/sq m)
9
7.0
7.0
7.1
7.1
7.2
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
source: GTC | as of 31 Dec. 2025
83% 85% 86% 86% 86%
CONTENTS | |
Key highlights 2025 | 3 |
Portfolio | 6 |
Financials | 11 |
Appendices | 18 |
S T R O N G F O U N D A T I O N S
S T R O N G F O U N D A T I O N S
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED RESULTS
CONSOLIDATED GERMANY
GROUP EXCL. GERMANY
COMMENTS
(€m) | 2024 | 2025 | YoY |
Revenue from rental activity 1 | 188 | 202 | +8% |
Cost of rental operations 2 | (57) | (73) | +28% |
Gross margin from operations | 131 | 129 | -1% |
Gross margin from operations % | 70% | 64% | |
Administration expenses 3 | (18) | (37) | +106% |
Other income/ (expenses), 4 net | (8) | (19) | +149% |
EBITDA | 106 | 75 | -29% |
Adjusted EBITDA | 108 | 102 | -6% |
Profit/(loss) from revaluation of assets | 5 (2) | (146) | +6532% |
Profit/(loss) from continuing operations before tax and finance income / (cost) | 103 | (73) | -171% |
Finance cost, net | 6 (40) | (87) | +116% |
Taxation | (9) | 5 | n/a |
Profit/(loss) for the period | 53 | (155) | n/a |
2025 |
23 |
(12) |
11 |
50% |
2025 | YoY |
179 | -5% |
(61) | 7% |
118 | -10% |
66% |
1+ +€23m rental revenues impact from the purchase of residential portfolio in Germany offset by a decrease in rental revenues following the sale of GTC X in Belgrade and Matrix C in Zagreb (€5m), decline of rental revenue in Poland (€2m mainly in Pixel) and in Hungary (€2m mainly in Univerzum)
2+ + €12m service costs impact from the purchase of residential portfolio in Germany and underling increase in CEE regions combined with inflation
3+ Mainly due to recognition of administration cost related to new residential portfolio in Germany. Significant non-recurring expenses included in admin costs (see slide 12)
4+ Significant non-recurring expenses included in net other expenses (see slide 12)
5+ Mainly due to the impairment of investment property in Hungary (€78m), and Poland (€53m). This was partly offset by revaluation gains on Kildare notes (€15m) and investment property in Serbia (€4m, mainly Napred landplot)
6+ The increase was mainly due to an increase in total debt cost resulting from new loans signed and drawn down during 2024 to fund the German portfolio acquisition as well as new funding drawn on Galeria Północna, refinancing of new loans on somewhat higher rates, €7m impact from Grid Parity Bonds impairment and €7m interest on new bonds. This resulted in an increase in the weighted average interest rate (including hedges) to
4.56% as of 31 December 2025, from 3.45% as of 31 December 2024
RECONCILIATION OF ADJUSTED EBITDA
COMMENTS
(€m) | 1Q 25 | 2Q 25 | 3Q 25 | 4Q 25 | FY 2025 | of which booked in admin expenses | of which booked in net other expenses |
EBITDA | 26.5 | 27.3 | 23.3 | (2.1) | 75.0 | ||
EBITDA adjustments: | |||||||
1 UK office impairment and costs | 0.1 | 0.1 | 0.1 | 4.3 | 4.7 | 4.7 | |
2 Severance payments | 2.1 | 2.1 | 2.1 | ||||
3 New bonds advisory costs | 3.5 | 3.5 | 3.5 | ||||
4 Non-recoverable VAT | 1.0 | 4.3 | 5.3 | 5.3 | |||
GTC Paula non-recurring 5 expenses | 0.6 | 0.6 | 0.6 | 5.6 | 7.5 | 4.2 | 3.3 |
6 Other non-recurring expenses | 0.8 | 0.8 | 0.6 | 2.0 | 4.2 | 3.7 | 0.5 |
Total non-recurring expenses | 1.5 | 1.5 | 2.3 | 21.8 | 27.1 | 14.6 | 12.6 |
Adjusted EBITDA | 28.0 | 28.8 | 25.6 | 19.7 | 102.1 |
1+ In Q4 we recognized €4.2m impairment in admin costs on the fit-out of the office of GTC UK Real Estate Investments Ltd. The office located at 2-4 Cork Street generates €0.1m quarterly rental and service costs and will be liquidated
2+ Severance payments are related mostly to the Management Board members departures during the year. In Q4 severance related itmes previosly being capitalized and amortized were released and charged fully to P&L
3+ Transaction costs on new secured notes issued in Q4 were mostly capitalized and will be amortized over the bonds duration. The remainder was charged to P&L in Q4 in net other expenses
4+ Non-recoverable VAT mainly triggerd by land plots disposals in Poland, also VAT on non-recurring advisory costs in GTC Paula
5+ Mainly costs related to the legal set-up and subsequent tax
structuring of GTC Paula Group
6+ Mainly other non-recurring advisory expenses
ADJUSTED EBITDA
means the consolidated result before tax, finance cost, finance income, foreign exchange differences, depreciation and amortization, gain or loss from revaluation, share-based payments and further adjusted to exclude any item classified as an extraordinary, unusual or a that are not directly related to core operations of the Group; non-recurring gain, loss or charge
S T R O N G F O U N D A T I O N S
SIGNIFICANT NON-RECURRING EXPENSES IN 4Q 25
CONSOLIDATED CASH FLOW
S T R O N G F O U N D A T I O N S
CONSOLIDATED RESULTS
The decrease is driven largely by higher admin and other costs,
1
which drove a decline of operating cash flow before working capital
changes, with gross margin from operations largely unchanged YoY
Relates mainly to investment in properties mostly on assets under
2 construction (€34m) and capex fit out (€44m)
Proceeds from the sale of landbank and buildings, including land
3 plots in Wilanów, GTC Satellite (Warsaw), GTC Moderna (Katowice),
GTC Future (land and a small office building in Budapest), buildings: Matrix C and D in Croatia, GTC X in Belgrade and NAP shares
Acquisition of the non-controlling interests in the German residential portfolio (10%) from LFH Portfolio Acquico S.À R.L. and ZNL Investment S.À R.L. in July 2025
Represents amount set aside in GTC Finance DAC for old Aurora
Eurobonds repayment
Mainly proceeds from the new secured bonds as well as a new loan
on Galeria Północna
7
An increase results mainly from interest paid on debt related to
residential portfolio acquisition in Germany
(€m) | 2024 | 2025 |
Operating activities | ||
Operating cash before working capital changes | 99 | 81 |
Add / deduct: | ||
Change in working capital | 7 | 6 |
Tax | (8) | (9) |
Cash flow from operating activities 1 | 98 | 78 |
Investing activities | ||
Investment in real estate and related 2 | (263) | (80) |
Sale of investment (incl. VAT) 3 | 12 | 136 |
Payment for the option (minority shares) 4 | - | (47) |
Change in deposits 5 | 14 | (237) |
Cash flow from/(used in) investing activities | (237) | (228) |
Financing activity | ||
Proceeds from long term borrowings net of cost 6 | 262 | 493 |
Payment of dividend | (31) | (1) |
Blocked deposits | (9) | (11) |
Interest paid, net 7 | (33) | (61) |
Other financial movements | 1 | - |
Repayment of long-term borrowings/bonds | (56) | (218) |
Cash flow from/(used in) financing activities | 134 | 202 |
Net change | (5) | 52 |
Cash at the beginning of the period (incl. AHFS) | 60 | 55 |
Cash at the end of the period (incl. AHFS) | 55 | 107 |
COMMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION: ASSETS
S T R O N G F O U N D A T I O N S
CONSOLIDATED RESULTS
COMMENTS
+1 Mainly due to the sale of GTC Future office building and landbank in Hungary and reclassification of Artico office building in Warsaw to assets held for sale; as well as a loss from the revaluation of the assets, partially offset by investment in development of assets under construction and capex and fit-out in completed properties
+2 Mainly due to the finalization of sale of Wilanów and GTC Satellite land plots and GTC X partially offset by reclassification of Artico office building to assets held for sale
+3 Includes €238m cash deposit secured to repay old Aurora Eurobonds and remaining €52m are mainly deposits from tenants and debt service accounts
•4 The increase driven by assets selldowns and new loan on Galeria
Północna, offset by investing outflows described on slide 14
•5 Includes contractually binding amounts set aside for pipeline development costs in Hungary
(€m) | 31 Dec. 2024 | 31 Dec. 2025 |
Investment properties 1 | 2,675 | 2,575 |
Residential landbank | 36 | 29 |
Assets held for sale 2 | 155 | 20 |
Property, plant and equipment | 15 | 10 |
Loan granted to non-controlling interest partner | 12 | 11 |
Deposits | 3 44 | 290 |
Cash & cash equivalents | 4 55* | 107 |
Cash on escrow accounts | 5 10 | 17 |
Non-current financial assets | 155 | 156 |
Prepayments and other receivables | 29 | 17 |
Other assets | 38 | 36 |
Total assets | 3,224 | 3,268 |
source: GTC | as of 31 Dec. 2025 | Note: (*) Includes cash related to assets held for sale.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION: EQUITY AND LIABILITIES
S T R O N G F O U N D A T I O N S
CONSOLIDATED RESULTS
15
source: GTC | as of 31 Dec. 2025
COMMENTS
+1 The balance was increased as a result of the addition of €455m new senior secured notes issued by GTC Finance DAC, and a new loan drawn down on Galeria Północna of €84m. This was offset by
repurchase of €195m in aggregate principal of senior unsecured notes issued by GTC Aurora. The long-term debt decreased by
€370m as of 31 December 2025 mainly due to reclassification of remaining €299m unsecured senior euro bonds issued by GTC Aurora, as well as reclassification of loans related to projects in Poland, Hungary and Germany to short-term. As of 31 December 2025 the value of short-term borrowing was €889m, up from
€220m as at 31 December 2024. As described on slide 4 above,
€299m bonds were repaid and €330m ST bank loans refinanced between the balance sheet date and the date of this report.
(€m) | 31 Dec. 2024 | 31 Dec. 2025 |
Common equity | 1,128 | 987 |
Minorities | 49 | 48 |
Short term financial debt 1 | 220 | 889 |
Long term financial debt 1 | 1,390 | 1,025 |
Derivatives | 37 | 21 |
Lease liability | 37 | 36 |
Liabilities for put options on non-controlling interests and other long term payables | 40 | 25 |
Liabilities related to assets held for sale | 69 | - |
Provision for deferred tax liabilities | 137 | 128 |
Other liabilities | 117 | 109 |
Total equity and liabilities | 3,224 | 3,268 |
OVERVIEW OF KEY CREDIT METRICS
S T R O N G F O U N D A T I O N S
KEY CREDIT METRICS DEBT MATURITY (€m)
Loans to be recycledBonds
c. €1.6bn¹
total net debt
2.9y
Weighted average debt maturity (years)
Loans related to Hungarian entities (€124m), German entities (€137m), Polish entities (€86m), and Croatian entity (€43m). After balance sheet date,
57.0%²Net LTV
4.56%
weighted average interest rate
€330m was refinanced
899
11
311
577
Includes €299m unsecured Eurobonds which were repaid in Mar'26
149
694
5
519
Regular amortization
In Oct'25 the Group refinanced its existing Eurobonds by issuing new senior secured notes totaling €455m and due in Oct'30
10
81 69
15 10
56 36
23
9
23
117
72
1
170 28
43
For 12M ended
31 Dec'26 31 Dec'27 31 Dec'28 31 Dec'29 31 Dec'30 31 Dec'31 and beyond
Unsecured debt
€920m 3
47%
TOTAL DEBT
€1.96bn
87% fixed interest rate or
hedged
Secured debt
€1,044m 53%
s.ource: GTC | as of 31 Dec.2025 | Note: (1) includes cash on the escrow accounts designated for acquisition of the GTC bonds and investment activity; (2) Net LTV adjusted for cash on escrow account at 56.3% as of Dec. 2025
and 52.4% as of Dec. 2024; (3) includes €299m remaining old Aurora Eurobonds and €455m newly issued senior secured notes as security was established after the balance sheet date 16
(€m) | 31 Dec. 2024 | 31 Dec. 2025 |
Net debt | €1,556m | €1,568m |
Net LTV ³ ² | 52.7% | 57.0% |
Consolidated secured leverage ratio | 32% | 32% |
Weighted average debt maturity (years) | 3.3y | 2.9y |
DEBT SPLIT
CONTENTS | |
Key highlights 2025 | 3 |
Portfolio | 6 |
Financials | 11 |
Appendices | 18 |
S T R O N G F O U N D A T I O N S
LEADING COMMERCIAL REAL ESTATE PLATFORM
S T R O N G F O U N D A T I O N S
GTC investments | # | book value (€m) | % | GLA (ths. sqm) |
Income generating (a+b+c) | 5,212 | 2,325 | 85% | 1,046 |
a) Office | 37 | 1,162 | 43% | 517 |
b) Retail | 6 | 710 | 25% | 204 |
c) Residential | 5,169 | 453 | 17% | 325 |
Non-current financial assets | 5 | 156 | 6% | - |
Investment projects under construction | 4 | 141 | 5% | 54 |
Commercial landbank | 94 | 3% | - | |
Residential landbank | 28 | 1% | - | |
Assets for own use | 7 | - | ||
Total investments GAV | 2,751 | 100% |
ASSETS LOCATION BY GAV
Other¹
5%
Germany 17%
Hungary 28%
High quality core portfolio of 37 office and 6 retail buildings
100% of leases and rental income €-denominated
Top tier tenants, mostly multinational corporations and leading brands
source: GTC | as of 31 Dec. 2025 | Note: (1) Mainly includes investment in Ireland (€135m) and Croatia and Slovenia (€18m)
TOP TENANTS
TOTAL INVESTMENTS GAV
€2,751m
Poland 27%
Capital cities outside of Poland, Hungary &Germany 23%
S T R O N G F O U N D A T I O N S
OFFICE PORTFOLIO OVERVIEW
Sustainable high occupancy of prime office buildings provides solid recurring income
OFFICE ASSETS OVERVIEW
GREEN CERTIFICATION
€1,162m
GAV
37
buildings
517,000
sqm GLA
7.5%
Yield
LEED 55%
98%
assets with green certification
or under recertification
DGNB 5%
BREEAM 38%
No certification 2%
OCCUPANCY RATE
92% 93% 93%
94%
93%
95%
90% 88%¹
84%² 84% 82%² 83%²
LOCATION by GAV
Bucharest 14%
Zagreb 1%
Warsaw 6%
GAV
€1,162m
Rest of Poland
20%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Budapest 49%
Sofia 10%
source: GTC | as of 31 Dec. 2025 | Note: (1) Excludes Serbian assets sold in January; (2) Includes assets held for sale.
S T R O N G F O U N D A T I O N S
RETAIL PORTFOLIO OVERVIEW
Landmark shopping centers in local markets
RETAIL ASSETS OVERVIEW
GREEN CERTIFICATION
BREEAM
31%
100%
assets with green
certification
DGNB
12%
LEED 57%
€710m
GAV
6
buildings
204,000
sqm GLA
7.5%
Yield
OCCUPANCY RATE
95% 94% 95% 96% 95% 95% 96% 96% 96% 96%
90% 89%
LOCATION by GAV
Belgrade 13%
Budapest 3%
Zagreb 12%
Sofia 12%
GAV
€710m
Warsaw
33%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Częstochowa
27%
source: GTC | as of 31 Dec. 2025
S T R O N G F O U N D A T I O N S
DEVELOPMENT PROJECTS
Active development represents 6% and land reserve accounts for 5% of portfolio book value
UNDER CONSTRUCTIONBudapest 83%
(office)
Berlin 17%
(residential)
€141m⯈ Redevelopment of 3,600 sqm
office space
⯈ Project is on hold and will follow the leasing progress
source: GTC | as of 31 Dec. 2025| Note: (1) Includes buildings: Rose Hill Business Campus, Center Point 3 , Andrassy (Budapest) and Elibre.
ANDRASSY
3,600 sqm
ROSE HILL BUSINESS
CAMPUS
10,700 sqm
⯈ Redevelopment of 10,700 sqm office space
⯈ Only builidng 0 is under construction, the rest is on hold and will follow the leasing progress
⯈ 2 buildings already completed (4,600 sqm)
GAV
4Properties¹
54,300sqm GLA
CENTER POINT 3
36,000 sqm
⯈ 36,000 sqm new office space
⯈ Under LEED certification
⯈
⯈
⯈
Senior housing for rent in Berlin
50 apartments
Under construction in compliance with DGNB Gold certification
ELIBRE
4,000 sqm
DIVERSE AND HIGH QUALITY PORTFOLIO WITH A DIVERSIFIED TENANT BASE
S T R O N G F O U N D A T I O N S
TENANTS' BASE
+ Strong retention rate across the portfolio
+ GTC's organic growth strategy and the corresponding high
share of own developments in its portfolio has resulted in
a relatively young portfolio age with focus to further refresh
+ High proportion of blue chip tenants with investment grade
rating
+ No industry dependence due to diversified tenants base
+ 100% of leases are euro-denominated
+ 100% of leases linked to European CPI
+ WAULT at 3.6 years
DIVERSIFIED TENANT BASE (GLA)
BLUE C
Other 31%
Industrial and Gas & Oil
Logistic 5%
GLA
517k sqm
Pharma
5%
Government 8%
Retail 3%
Financial Services 8%
Services 8%
Supermarket and household
13%
Other 12%
GLA
204k sqm
Fashion
50%
National 32%
Multinational
62%
State owned entities 6%
HIP TENANTS Top 10 tenants | Total rent (€m) |
7.1 | |
6.0 | |
5.9 | |
5.6 | |
3.8 | |
2.4 | |
2.3 | |
2.3 | |
1.9 | |
1.8 | |
1.7 | |
GLA
721k sqm
14%
IT and Telecom
26%
Food and Entertainment
22
source: GTC | as of 31 Dec. 2025
Retail
Office
17%
Poland | Hungary | Belgrade | Zagreb | Bucharest | Sofia | Total | |
OFFICE PROJECTS¹ | (incl. AHFS) | ||||||
Number of buildings | 16 | 12 | - | 1 | 4 | 4 | 37 |
Total GLA (ths. sqm) | 200 | 196 | - | 7 | 62 | 52 | 517 |
Book value (€m) | 300 | 568 | - | 15 | 161 | 118 | 1,162 |
Average rent (€/sqm) | 15.2 | 19.7 | - | 15.7 | 18.0 | 15.8 | 17.4 |
Average occupancy (%) | 77% | 87% | - | 100% | 84% | 88% | 83% |
RETAIL PROJECTS | |||||||
Number of buildings | 2 | 1 | 1 | 1 | - | 1 | 6 |
Total GLA (ths. sqm) | 113 | 6 | 34 | 28 | - | 23 | 204 |
Book value (€m) | 428 | 22 | 90 | 85 | - | 86 | 710 |
Average rent (€/sqm) | 22.0 | 23.4 | 20.3 | 23.6 | - | 27.0 | 22.6 |
Average occupancy (%) | 95% | 85% | 99% | 95% | - | 99% | 96% |
TOTAL | |||||||
Number of buildings | 18 | 13 | 1 | 2 | 4 | 5 | 43 |
Total GLA (ths. sqm) | 313 | 202 | 34 | 35 | 62 | 75 | 721 |
Book value (€m) | 728 | 590 | 90 | 100 | 161 | 204 | 1,872 |
Average rent (€/sqm) | 18.0 | 19.8 | 20.3 | 22.0 | 18.0 | 19.5 | 19.0 |
Average occupancy (%) | 84% | 87% | 99% | 96% | 84% | 91% | 87% |
23
source: GTC | as of 31 Dec. 2025
S T R O N G F O U N D A T I O N S
PORTFOLIO: INCOME GENERATING
OFFICE & RETAIL PROPERTIES
S T R O N G F O U N D A T I O N S
PORTFOLIO OVERVIEW - TOP 10 ASSETS
High quality assets base in Poland, Hungary and capital cities of CEE
Top properties | Asset class | Country | City | Book value €M | GLA ths. sqm | Rent € /sqm/ month | Occupancy % |
Galeria Północna | Poland | Warsaw | 231 | 65 | 18.8 | 92% | |
Galeria Jurajska | Poland | Czestochowa | 195 | 49 | 26.0 | 99% | |
City Gate | Romania | Bucharest | 123 | 48 | 17.6 | 82% | |
Pillar | Hungary | Budapest | 108 | 29 | 20.2 | 100% | |
Ada Mall | Serbia | Belgrade | 90 | 34 | 20.3 | 99% | |
Mall of Sofia | Bulgaria | Sofia | 86 | 23 | 27.0 | 99% | |
Avenue Mall Zagreb | Croatia | Zagreb | 85 | 28 | 23.6 | 95% | |
Duna Tower | Hungary | Budapest | 80 | 31 | 20.5 | 82% | |
evosoft Hungary HQ | Hungary | Budapest | 77 | 21 | 22.8 | 100% | |
Ericsson HQ | Hungary | Budapest | 77 | 21 | 19.5 | 100% | |
TOTAL | 1,152 | 349 |
10 largest assets constitute 61%
of GAV of commercial income generating Portfolio
S T R O N G F O U N D A T I O N S
GREEN CERTIFICATION - RETAIL & OFFICE
Sustainability is our goal
GREEN INCOME PRODUCING OFFICE AND RETAIL ASSETS (BOOK VALUE)
98%
assets with green certification
or under recertification
BREEAM 38%
LEED
57%
99%
assets with green certification
or under recertification
DGNB
7%
BREEAM 35%
LEED 55%
DGNB 5%
No certification 2%
BREEAM
31%
100%
assets with green certification
DGNB 12%
LEED 56%
No certification 2%
Office
Retail
Total
31.Dec. 2025 | Jan. 2026 | |
LEED | 56% | 58% |
LEED GOLD | 56% | 56% |
LEED PLATINUM | 2% | |
BREEAM | 35% | 35% |
BREEAM IN USE EXCELLENT | 31% | 31% |
BREEAM IN USE VERY GOOD | 4% | 4% |
DGNB | 8% | 6% |
DGNB GOLD | 8% | 6% |
2023, 2022, 2021 EPRA Sustainability Best Practices Recommendations Silver Award
2025 EPRA Sustainability Best Practices Recommendations
Bronze Award and
2025 EPRA Sustainability Best Practices Recommendations Most Improved Award
GTC's ESG report received a distinction for the best debut in 2021
Sustainable Development Competition:
FUNDS FROM OPERATIONS (FFO I)
S T R O N G F O U N D A T I O N S
FFO I bridge
(€m)
FFO I per share102 -60
€0.12
-9
=33
€0.06
Adjusted EBITDA Interest received/paid net Tax paid FFO
2024 2025
(€m)
75
71
67
66
68
63
Deacrese mainly due to
consolidation of Germany and resulting increase in interest paid.
33
2019
2020
2021
2022
2023
2024
2025
FFO I
EPRA NTA
S T R O N G F O U N D A T I O N S
EPRA NTA bridge
1,034
(48)
986
21
(€m)
117 1,124
EPRA NTA per share€2.24 (PLN 9.55)
€1.96 (PLN 8.28)
Total equity Non-controlling interest
Equity attributable to equity holders of the Company
Derivatives DTL on real estate
assets
EPRA NTA
31 Dec. 2024 31 Dec. 2025
EPRA NTA(€m)
1,200
1,112
1,124
31 Dec'19
31 Dec'20
31 Dec'21
31 Dec'22
31 Dec'23
31 Dec'24
31 Dec'25
1,272 1,273 1,232 1,284
S T R O N G F O U N D A T I O N S
DEBT AND LTV
(€m) | 31 DEC. 2024 | 31 DEC. 2025 |
Loans and bonds | 1,635 | 1,914 |
Deferred debt expenses | 20 | 51 |
Bank loans and bonds | 1,655 | 1,965 |
Escrow accounts | (10) | (17) |
Cash & cash equivalents & deposits | (99) ¹ | (398) |
Net debt (incl. escrow accounts) | 1,546 | 1,550 |
Investment property | 2,675 | 2,574 |
Residential landbank | 36 | 29 |
Assets held for sale | 114 | 20 |
Assets for own use | 7 | 7 |
Non-current financial assets | 155 | 156 |
Right of use | (35) | (35) |
TOTAL INVESTMENT PORTFOLIO (TOTAL GAV) | 2,952 | 2,751 |
Net loan to value ratio | 52.7% | 57.0% |
Net loan to value ratio adjusted for cash at the escrow account | 52.4% | 56.3% |
Weighted average interest rate | 3.45% | 4.56% |
source: GTC | as of 31 Dec. 2025 | Note: (1) Includes cash related to assets held for sale.
S T R O N G F O U N D A T I O N S
ADJUSTED EBITDA BRIDGE
Adjusted EBITDA bridge
(€m)
108 -2
+15 -16
Non-recurring items 2025:
UK office impairment and costs
=106
-19
+27
=102
-11
=75
Severance payments
New bonds advisory costs
Non-recoverable VAT
GTC Paula non-recurring expenses
Other non-recurring expenses
Adjusted EBITDA 2024
Non-recurring items
EBITDA 2024 Revenue
increase
Cost of rental operations increase
Admin costs increase
Net other costs increase
EBITDA 2025 Non-recurring
items
Adjusted EBITDA 2025
source: GTC | as of 31 Dec. 2025
2025 LOSS FROM REVALUATION
S T R O N G F O U N D A T I O N S
REVALUATION LOSS ON ASSETS BY SECTOR 2025 REVALUATION LOSS/PROFIT ON ASSETS
As of 31 December 2025 | Revaluation (€m) (%) | |
COMPLETED RETAIL | (13) | 9% |
Poland | (12) | 8% |
Belgrade | (1) | 1% |
Zagreb | (2) | 1% |
Sofia | 2 | -1% |
COMPLETED OFFICE | (100) | 68% |
Poland (incl. AHFS) | (40) | 27% |
Sofia | 2 | -1% |
Budapest | (54) | 37% |
Bucharest | (8) | 5% |
COMPLETED RESIDENTIAL | (1) | 1% |
UNDER CONTRUCTION | (23) | 16% |
COMMERCIAL LAND | (1) | 1% |
RESIDENTIAL LAND | (8) | 6% |
TOTAL COMPLETED | (146) | 100% |
Residential 6%
Retail 9%
Office 85%
Revaluation loss
€146m
USEFUL INFORMATION
S T R O N G F O U N D A T I O N S
INVESTOR CONTACT |
Michał Kuzawiński Director of Investor Relations and Ownership Supervision michal.kuzawinski@gtcgroup.com https://www.gtcgroup.com |
HEADQUARTERS |
45A Komitetu Obrony Robotników Nothus building 02-146 Warsaw +48 (22) 16 60 700 ir@gtcgroup.com |
ESG
Corporate governance ESG
WWWCorporate section IR section
AVERAGE YIELD |
calculated as in-place rent divided by fair value of asset |
FFO |
means Adjusted EBITDA less interest (paid)/received net less tax paid in the period; |
ADJUSTED EBITDA |
means the consolidated result before tax, finance cost, finance income, foreign exchange differences, depreciation and amortization, gain or loss from revaluation, share- based payments and further adjusted to exclude any items classified as extraordinary, unusual or that are not directly related to core operations of the Group; non-recurring gain, loss or charge |
EPRA NTA |
means net assets defined as total equity less non-controlling interest, as further adjusted with derivatives (current and non-current and adjusted for derivatives included in assets held for sale, if applicable) and deferred taxation on property |
TOTAL PROPERTY PORTFOLIO |
are Owned Property Portfolio (Income Generating Portfolio, investment property land bank, residential land bank (excluding related right of use assets), investment properties under construction and land bank held for sale) and right of use land under perpetual usufruct (including right-of-use assets related to residential land bank and right of use assets related to assets held for sale) |
TOTAL INVESTMENT PORTFOLIO OR TOTAL GAV |
are Income Generating Portfolio, investment property land bank, residential land bank, investment properties under construction, land bank held for sale, assets for own use and non-current financial assets. "Adjusted Total Investment Portfolio" or "Adjusted Total GAV" means Total Investment Portfolio excluding non-current financial assets |
COMMERCIAL INCOME GENERATING PORTFOLIO |
are completed investment properties (in office and retail segments) including the portion of such items classified under assets held for sale |
INCOME GENERATING PORTFOLIO |
means Commercial Income Generating Portfolio and Residential Income Generating Portfolio (German portfolio) |
DEFINITIONS (1/2)
S T R O N G F O U N D A T I O N S
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 blocked deposits related to assets held for sale and loans related to assets held for sale, net of long-term borrowings' acquisition costs, if applicable. "Adjusted Net Debt" is calculated as Net Debt adjusted for cash on escrow accounts. |
NET LOAN TO VALUE RATIO (LTV) |
means Net Debt divided by Total Investment Portfolio. "Adjusted Net LTV" means Adjusted Net Debt divided by Total Investment Portfolio. |
AVERAGE COST OF DEBT; WEIGHTED AVERAGE INTEREST RATE |
(including hedges and excluding liabilities related to assets held for sale) is calculated as a weighted average interest rate of total debt, as adjusted to reflect the impact of contracted interest rate swaps and cross-currency swaps by the Group |
CONSOLIDATED SECURED LEVERAGE RATIO |
means in respect of any Measurement Date, the Secured Consolidated Total Indebtedness divided by Consolidated Total Assets; "Secured Consolidated Total Indebtedness" means the sum of long-term portion of secured borrowings and current portion of secured borrowings and, if applicable, borrowings related to assets held for sale and longterm borrowings' acquisitions costs related to such borrowings. "Consolidated Total Assets" means total assets, less right of use of assets (including right of use assets related to residential land bank and assets held for sale). |
UNENCUMBERED PROPERTIES |
such amount of the consolidated total properties not pledged as security interest for indebtedness |
ANNUALIZED INTEREST COVER RATIO |
the aggregate amount of adjusted EBITDA for the two most recent consecutive semi-annual periods ending on such measurement date divided by the consolidated interest expense for such two semi-annual periods |
DEFINITIONS (2/2)
S T R O N G F O U N D A T I O N S
DISCLAIMER
S T R O N G F O U N D A T I O N S
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, YOU ACKNOWLEDGE AND AGREE TO BE BOUND
BY THE FOLLOWING LIMITATIONS AND RESTRICTIONS.
This presentation (the "Presentation") has been prepared by Globe Trade Centre S.A. ("GTC S.A.", the "Company") solely for use by its clients and shareholders or analysts and should not be treated as a part of any an invitation or offer to sell any securities, invest or deal in or a solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of GTC S.A.
The information contained in this Presentation is derived from publicly available sources which the Company believes are reliable, but GTC S.A. does not make any representation as to its accuracy or completeness. GTC S.A. shall not be liable for the consequences of any decision made based on information included in this Presentation.
The information contained in this Presentation has not been independently verified and is, in any case, subject to changes and modifications. GTC S.A.'s disclosure of the data included in this Presentation is not a breach of law for listed companies, in particular for companies listed on the Warsaw Stock Exchange. The information provided herein was included in current or periodic reports published by GTC S.A. or is additional information that is not required to be reported by the Company as a public company.
In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by GTC S.A. or, its representatives. Likewise, neither GTC S.A. nor any of its representatives shall be liable in any respect whatsoever (whether in negligence or otherwise) for any loss or damage that may arise from the use of this Presentation or of any information contained herein or otherwise arising in connection with this Presentation.
The Presentation contains forward-looking statements. All statements other than statements of historical fact included in the Presentation are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. The Company makes no representation, warranty or prediction that the factors anticipated in such forward-looking statements will be present, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or typical scenario. The forward looking statements included in this Presentation does not constitute profit forecast or estimates.
GTC S.A. does not undertake to publish any updates, modifications or revisions of the information, data or statements, including any forward-looking statements, contained herein should there be any change in the strategy or intentions of GTC S.A., or should facts or events occur that affect GTC S.A.'s strategy or intentions, or any change in events, conditions or circumstances on which the forward-looking statements are based, unless such reporting obligations arises under the applicable laws and regulations.
GTC S.A. hereby informs persons viewing this Presentation that the only source of reliable data describing GTC S.A.'s financial results, forecasts, events or indexes are current or periodic reports submitted by GTC S.A. in satisfaction of its disclosure obligation under Polish law. This presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, any securities of GTC S.A., any holding company or any of its subsidiaries in any jurisdiction or any other person, nor an inducement to enter into any investment activity. In particular, this presentation does not constitute an offer of securities for sale into the United States. No securities of GTC S.A. have been or will be registered under the U.S. Securities Act, or with any securities regulatory authority of any State or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended, and applicable state laws.
The distribution of this presentation and related information may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
Note: Due to rounding, numbers presented throughout the Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.