Q1 2026 FINANCIAL HIGHLIGHTS
- Rental and service revenue increased by 7% to EUR 53 million (EUR 50 million in Q1 2025) with 4% like-for-like growth in rental income driven by Poland, Sofia and Belgrade.
- Gross margin increased by 16% to EUR 37 million with gross margin up to 70% from 65% a year ago.
- Adjusted EBITDA grew by 19% year-on-year to EUR 33 million (vs. EUR 28 million in Q1 2025), supported by stronger rental activity and tight control of operating and administrative expenses.
- FFO I amounted to EUR 16 million (EUR 13 million in Q1 2025), with FFO per share at EUR 0.03.
- EPRA NTA stood at EUR 1,126 million at the end of March 2026 (EUR 1,281 million at the end of Q1 2025; 1,124 million at the end of year 2025). EPRA NTA per share amounted to EUR 1.96 (PLN 8.41).
- Net LTV ratio stood at 57.7%¹ (57.0%¹ at the end of 2025), having risen slightly due to €20m incremental project loan on Galeria Północna.
Q1 2026 PORTFOLIO HIGHLIGHTS
- 27,500 sqm of commercial space leased, including 13,500 sqm of office space and 14,000 sqm of retail space.
- Occupancy rate of the income-generating commercial portfolio maintained at 87%.
- Weighted average lease term: 3.8 years for retail space and 3.4 years for office space.
- 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.
“Q1 2026 is one of the better quarters we have reported in quite some time and a strong start to the year. We delivered solid like‑for‑like rental growth, and increases in gross margin and Adjusted EBITDA, while keeping commercial occupancy stable. Part of the uplift reflects timing of service‑charge settlements and income corrections, but the underlying trend in the business is clearly positive. At the same time, we have closed the chapter on our old unsecured Eurobonds and further solidified our debt maturity profile, so we are entering the rest of 2026 with improving operations and a cleaner, more resilient balance sheet.”. said Botond Rencz, CEO of GTC.
