2025 FINANCIAL HIGHLIGHTS
- Adjusted EBITDA for the year 2025 amounted to EUR 102 million (compared with EUR 108 million in 2024). Adjusted EBITDA introduced 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. In the reported period there were significant one-off items largely driven by the refinancing transaction, advisory work and a number of other one-off items.
- Rental and service revenue increased by 8% to EUR 202 million (EUR 188 million in 2024). Ex-Germany decreased by 5% to EUR 179 million.
- Gross margin decreased by 1% to EUR 129 million (EUR 131 million in 2024).
- FFO I amounted to EUR 33 million (EUR 68 million in 2024), with FFO per share at EUR 0.06.
- EPRA NTA stood at EUR 1,124 million at the end of 2025 (EUR 1,284 million at the end of 2024). EPRA NTA per share amounted to EUR 1.96 (PLN 8.28).
- Net LTV ratio stood at 57.0%¹ (52.7%¹ at the end of 2024).
- Cash amounted to EUR 107 million and EUR 290 million in deposits.
- Significant refinancing progress:
- EUR 494 million old GTC Aurora bonds refinanced by EUR 455 million senior secured bonds due Oct’30 with the final EUR 299 million redemption in Mar’26,
- EUR 330 million bank loans falling due within 12M refinanced after balance sheet date.
2025 PORTFOLIO HIGHLIGHTS
- Over 151,000 sqm of commercial space leased, including 100,700 sqm of office space and 50,400 sqm of retail space.
- Occupancy rate of the income-generating commercial portfolio at 87% (86% at the end of 2024).
- Weighted average lease term: 3.6 years for retail space and 3.5 years for office space.
- Sale of buildings and land plots– in total EUR 135 million in net proceeds raised
- Improvement in German portfolio occupancy to 86% from 83% a year ago with average rent up to €7.2 per sqm vs. €7.0 a year ago
- 99% of commercial buildings in the portfolio (100% in Poland, Serbia, Romania, Bulgaria and Croatia) hold LEED, BREEAM or DGNB certifications, or are undergoing recertification.
“In 2025 the new Management Board, bringing international experience, has successfully addressed some of the most pressing challenges, with a landmark refinancing of Eurobonds completed. Our objectives remain unchanged: stabilization, deleveraging, and strengthening the Group’s foundations. Refinancing and liability management remained key pillars of our strategy, focused on extending debt maturities, protecting liquidity, and rebuilding financial flexibility. At the start of 2026 we already refinanced €330m in bank loans, further solidifying our long-term financial standing. Looking ahead, our priorities are to finalize the planned deleveraging, strengthen cooperation among teams across the Group’s countries of operation, and consistently execute our medium-term financial plan to ensure long-term stability, efficiency, and value creation for our stakeholders,” said Botond Rencz, CEO of GTC.
