9M 2025 FINANCIAL HIGHLIGHTS
- Rental and services income increased by 9% to EUR 152m (EUR 139m in the same period of 2024)
- Gross margin from rental activities rose by 2% to EUR 99m (EUR 97m in the first nine months of 2024)
- Cash flow from operating activities increased by 1% YoY to €77m in 9M 2025, stable cash generation supported by tight working capital management
- FFO I amounted to EUR 28m (EUR 55m in the first nine months of 2024), with FFO per share of EUR 0.05
- EPRA NTA totalled EUR 1,259m as at 30 September 2025 (EUR 1,284m as at 31 December 2024). EPRA NTA per share amounted to EUR 2.19 (PLN 9.36)
- Net LTV¹ stood at 53.1% (48.8 % as at 30 September 2024)
- Cash balance of EUR 87m, cash in escrow accounts of EUR 17m and deposits of EUR 90m
- Issuance of new bonds amounting to EUR 455m to refinance EUR 494m notes maturing in 2026 issued by GTC Aurora
9M 2025 PORTFOLIO HIGHLIGHTS
- Nearly 98,000 sq m of commercial space leased – including approx. 27,000 sq m of office space and 15,000 sq m of retail space in Q3
- Occupancy rate of income generating commercial properties at 85%² (compared to 86% at year-end 2024)
- Weighted average lease term of 3.7 years for retail assets and 3.6 years for offices
- Sale of land plots in Warsaw, Katowice and Bucharest – total transaction value of EUR 18m – supporting the Group’s liquidity
- Exercise of the option to acquire minority stakes in the German residential portfolio (all shares held by LFH Portfolio Acquico S.À R.L. and ZNL Investment S.À R.L.)
- Already 98% of GTC’s commercial buildings (100% in Poland, Serbia, Romania, Bulgaria and Croatia) are certified under LEED, BREEAM or DGNB, or are in the recertification process
Notes: (1) Includes non-current financial assets (2) Includes office building held for sale
“The results for 9M 2025 show both resilience in our core operations and the areas where we must accelerate our efforts to deleverage and reduce increased finance costs. Our management team is fully aligned on the priorities ahead: continued assets sale program, deleveraging, completing bank refinancings, and improving operational efficiency. We are taking a disciplined approach to capital allocation, with a strong sense of ownership and accountability,” said Botond Rencz, CEO of GTC.
“In the 9M 2025 period, rental revenues increased to EUR 152 million and cash flow from operations remained stable at EUR 77 million. We successfully issued EUR 455 million to address the June 2026 maturity of EUR 494 million notes, a key milestone in our refinancing plan, while maintaining a resilient liquidity position. At the same time, higher financing costs after the consolidation of the German portfolio weighed on FFO I, which declined to EUR 28 million. We also recognized non-cash revaluation loss of EUR 45 million which weighed on our reporting earnings, that did not impact our resilient liquidity position,” commented Jacek Bagiński, CFO of GTC.
