H1 2025 FINANCIAL HIGHLIGHTS
- Revenues from rental activity up 9% to €101m (€93m in H1 2024)
- Gross margin from rental activity up 2% at €66m (€65m in H1 2024)
- FFO I at €23m (€36m in H1 2024), FFO per share at €0.04
- EPRA NTA at €1,282m as of 30 June 2025 (€1,284m as of 31 December 2024) EPRA NTA per share at €2.23 (PLN 9.63)
- Net LTV at 51.8%¹ (52.7%¹ as of 31 December 2024); Net LTV adjusted for cash on escrow accounts at 51.1%
- Cash of €80m, cash on the escrow accounts of €22m and deposits of €45m
- Extension of maturity for a €100m, refinancing loan for Galeria Jurajska
- New senior loan in the amount of €84m for Galeria Północna fully drawn down in July 2025
H1 2025 PORTFOLIO HIGHLIGHTS
- Nearly 55,000 sqm of commercial space leased – including over 20,000 sqm of office space and approx. 9,000 sqm of retail space in Q2
- Commercial income generating portfolio occupancy rate at 86% (unchanged compared to the end of 20242)
- Average weighted lease term: 3.5 years for retail and 3.6 years for office space
- Strengthened financial liquidity through the sale of office buildings in Zagreb and Belgrade as well as land plots in Warsaw and Katowice (finalized in Q3’25) and two more plots in Warsaw, and Bucharest under initial sales agreements
- Exercised the option to acquire non-controlling interests in the German residential portfolio (all shares held by LFH Portfolio Acquico S.À R.L. and ZNL Investment S.À R.L.) in July 2025
“In the first half of 2025, we focused on strengthening our financial position through growth in rental revenues, the sale of selected assets, and successful efforts to extend the maturity of some loans. The new Management Board, reinforced in Q3 with top-class experts in real estate, finance, and ESG, is actively cooperating with financial institutions to secure the refinancing and repayment of liabilities maturing in 2026. At the same time, following our strategic entry into the German residential market, we have begun initiatives to enhance the potential of these assets, for example by improving their energy efficiency through the use of modern technologies,” said Małgorzata Czaplicka, CEO of GTC.
Notes: (1) Includes non-current financial assets (2) Includes office building held paid sale
