Globe Trade Centre S.a. · GPW:GTC
Globe Trade Centre — FY2025 Earnings Presentation
34 slides from Globe Trade Centre's earnings presentation, Apr 30, 2026
Slide 1: Strong Foundations: 2025 Results
STRONG FOUNDATIONS 2025 RESULTS 30 April 2026 www.gtcgroup.com
Slide 2: Contents
STRONG FOUNDATIONS CONTENTS Key highlights 2025 3 Portfolio 6 Financials 11 Appendices 18 2 www.gtcgroup.com 2025 RESULTS
Slide 3: Financial Results 2025 vs. 2024
FINANCIAL RESULTS 2025 vs. 2024 STRONG FOUNDATIONS €202m • Revenues from rental activity +8% YoY to €202m in 2025 (€188m in 2024); ex-Germany -5% YoY Revenues from to €179m with underlying LfL -3% YoY rental activity • Gross margin from operations -1% YoY to €129m in 2025; ex-Germany -10% YoY to €11
Slide 4: Refinancing Update
REFINANCING UPDATE STRONG FOUNDATIONS • 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’2
Slide 5: Contents
STRONG FOUNDATIONS CONTENTS Key highlights 2025 3 Portfolio 6 Financials 11 Appendices 18 5 www.gtcgroup.com 2025 RESULTS
Slide 6: GTC operates and develops a diversified portfolio of property investments
GTC OPERATES AND DEVELOPS A DIVERSIFIED PORTFOLIO OF PROPERTY INVESTMENTS STRONG FOUNDATIONS TOTAL INVESTMENT PORTFOLIO (BOOK VALUE)(1) COMMENTARY Projects under Residential income generating assets construction + 90% of adjusted total investment portfolio is income generating 5% 17% portfolio Landb
Slide 7: Office Portfolio
OFFICE PORTFOLIO STRONG FOUNDATIONS City Gate, Bucharest 100,700 sqm 34,500 sqm Prolongation: International petrochemical Leasing activity Leasing activity company reached in 2025 reached in Q4 2025 c. 9,400 sqm CenterPoint 3, Budapest 83% 3.5 yrs New lease: Uniqua Occupancy as of 31 Dec. 2025 Avera
Slide 8: Retail Portfolio
RETAIL PORTFOLIO STRONG FOUNDATIONS Galeria Jurajska, Czestochowa 50,400 sqm 19,300 sqm Prolongation & expansion: Leasing activity Leasing activity Fashion brand reached in 2025 reached in Q4 2025 c. 3,500 sqm Galeria Północna, Warsaw 96% 3.6 yrs Prolongation: Sinsay Occupancy as of 31 Dec. 2025 Ave
Slide 9: Residential Portfolio Overview
RESIDENTIAL PORTFOLIO OVERVIEW STRONG FOUNDATIONS RESIDENTIAL ASSETS OVERVIEW LOCATION by GAV €453m 325,000 Other 7% Kaiserslautern Schöningen 46% GAV sqm GLA 10% Helmstedt 15% GAV €453m 5,200 86% residential units Occupancy Heidenheim 22% OCCUPANCY AVERAGE HEADLINE RENTAL RATE (€/sq m) 83% 85% 86%
Slide 10: Contents
STRONG FOUNDATIONS CONTENTS Key highlights 2025 3 Portfolio 6 Financials 11 Appendices 18 10 www.gtcgroup.com 2025 RESULTS
Slide 11: Consolidated Income Statement
STRONG FOUNDATIONS CONSOLIDATED INCOME STATEMENT CONSOLIDATED RESULTS GROUP EXCL. COMMENTS CONSOLIDATED GERMANY GERMANY (€m) 2024 2025 YoY 2025 2025 YoY 1+ +€23m rental revenues impact from the purchase of residential portfolio in Germany offset by a decrease in rental revenues following the sale of
Slide 12: Significant Non-Recurring Expenses in 4Q 25
STRONG FOUNDATIONS SIGNIFICANT NON-RECURRING EXPENSES IN 4Q 25 RECONCILIATION OF ADJUSTED EBITDA COMMENTS of which of which booked booked 1+ In Q4 we recognized €4.2m impairment in admin costs on in admin in net other (€m) 1Q 25 2Q 25 3Q 25 4Q 25 FY 2025 expenses expenses the fit-out of the office o
Slide 13: Consolidated Cash Flow
CONSOLIDATED CASH FLOW STRONG FOUNDATIONS CONSOLIDATED RESULTS (€m) 2024 2025 COMMENTS Operating activities Operating cash before working capital changes 99 81 The decrease is driven largely by higher admin and other costs, 1 which drove a decline of operating cash flow before working capital Add /
Slide 14: Consolidated Statement of Financial Position: Assets
CONSOLIDATED STATEMENT OF FINANCIAL POSITION: ASSETS STRONG FOUNDATIONS CONSOLIDATED RESULTS COMMENTS (€m) 31 Dec. 2024 31 Dec. 2025 +1 Mainly due to the sale of GTC Future office building and landbank Investment properties 1 2,675 2,575 in Hungary and reclassification of Artico office building in W
Slide 15: Consolidated Statement of Financial Position: Equity and Liabilities
CONSOLIDATED STATEMENT OF FINANCIAL POSITION: EQUITY AND LIABILITIES STRONG FOUNDATIONS CONSOLIDATED RESULTS COMMENTS (€m) 31 Dec. 2024 31 Dec. 2025 +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 Common equity 1,12
Slide 16: Overview of Key Credit Metrics
OVERVIEW OF KEY CREDIT METRICS STRONG FOUNDATIONS KEY CREDIT METRICS DEBT MATURITY (€m) Loans to be recycled Bonds 899 Includes €299m Regular amortization 11 unsecured Eurobonds which were repaid in Loans related to Mar’26 Hungarian entities 311 694 In Oct’25 the Group (€124m), German entities (€137
Slide 17: Contents
STRONG FOUNDATIONS CONTENTS Key highlights 2025 3 Portfolio 6 Financials 11 Appendices 18 17 www.gtcgroup.com 2025 RESULTS
Slide 18: Leading Commercial Real Estate Platform
LEADING COMMERCIAL REAL ESTATE PLATFORM STRONG FOUNDATIONS book value GLA ASSETS LOCATION BY GAV GTC investments # % (€m) (ths. sqm) Other¹ Germany Income generating (a+b+c) 5,212 2,325 85% 1,046 5% 17% a) Office 37 1,162 43% 517 TOTAL Capital cities INVESTMENTS Hungary GAV outside of b) Retail 6 71
Slide 19: Office Portfolio Overview
OFFICE PORTFOLIO OVERVIEW STRONG FOUNDATIONS Sustainable high occupancy of prime office buildings provides solid recurring income OFFICE ASSETS OVERVIEW GREEN CERTIFICATION BREEAM 38% 98% assets with green €1,162m 37 517,000 7.5% certification GAV buildings sqm GLA Yield or under recertification LEE
Slide 20: Retail Portfolio Overview
RETAIL PORTFOLIO OVERVIEW STRONG FOUNDATIONS Landmark shopping centers in local markets GREEN CERTIFICATION RETAIL ASSETS OVERVIEW BREEAM 31% LEED 57% 100% assets with green €710m 6 204,000 7.5% certification GAV buildings sqm GLA Yield DGNB 12% OCCUPANCY RATE LOCATION by GAV Budapest Zagreb Belgrad
Slide 21: Development Projects
DEVELOPMENT PROJECTS STRONG FOUNDATIONS Active development represents 6% and land reserve accounts for 5% of portfolio book value UNDER CONSTRUCTION Budapest Berlin 83% 17% (office) (residential) €141m 4 54,300 GAV Properties¹ sqm GLA Senior housing for rent in Berlin 36,000 sqm new office space
Slide 22: Diverse and High Quality Portfolio with a Diversified Tenant Base
DIVERSE AND HIGH QUALITY PORTFOLIO WITH A DIVERSIFIED TENANT BASE STRONG FOUNDATIONS TENANTS’ BASE BLUE CHIP TENANTS + Strong retention rate across the portfolio Total rent Top 10 tenants (€m) + GTC’s organic growth strategy and the corresponding high 7.1 share of own developments in its portfolio h
Slide 23: Portfolio: Income Generating Office & Retail Properties
PORTFOLIO: INCOME GENERATING STRONG FOUNDATIONS OFFICE & RETAIL PROPERTIES 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
Slide 24: Portfolio Overview – Top Assets
PORTFOLIO OVERVIEW – TOP 10 ASSETS STRONG FOUNDATIONS High quality assets base in Poland, Hungary and capital cities of CEE Top properties Asset class Country City Book value GLA Rent € Occupancy €M ths. sqm /sqm/ month % Galeria Północna Poland Warsaw 231 65 18.8 92% Galeria Jurajska Poland Czestoc
Slide 25: Green Certification - Retail & Office
GREEN CERTIFICATION - RETAIL & OFFICE STRONG FOUNDATIONS Sustainability is our goal GREEN INCOME PRODUCING OFFICE AND RETAIL ASSETS (BOOK VALUE) BREEAM 31% LEED BREEAM 57% 38% BREEAM 35% 98% 100% 99% assets with green certification assets with green assets with green or under recertification certifi
Slide 26: Funds from Operations (FFO I)
FUNDS FROM OPERATIONS (FFO I) STRONG FOUNDATIONS FFO I bridge FFO I per share (€m) €0.12 102 -60 €0.06 -9 =33 Adjusted EBITDA Interest received/paid net Tax paid FFO 2024 2025 FFO I (€m) 75 71 Deacrese mainly due to 67 68 consolidation of 66 63 Germany and resulting increase in interest paid. 33 201
Slide 27: EPRA NTA
EPRA NTA STRONG FOUNDATIONS EPRA NTA bridge EPRA NTA per share 117 1,124 (€m) 1,034 (48) 986 21 €2.24 (PLN 9.55) €1.96 (PLN 8.28) Total equity Non-controlling Equity attributable Derivatives DTL on real estate EPRA NTA 31 Dec. 2024 31 Dec. 2025 interest to equity holders of assets the Company EPRA N
Slide 28: Debt and LTV
DEBT AND LTV STRONG FOUNDATIONS (€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,
Slide 29: Adjusted EBITDA Bridge
STRONG FOUNDATIONS ADJUSTED EBITDA BRIDGE Adjusted EBITDA bridge (€m) Non-recurring items 2025: +15 -16 1) UK office impairment and costs 2) Severance payments 108 -2 =106 -19 +27 =102 3) New bonds advisory costs -11 4) Non-recoverable VAT 5) GTC Paula non-recurring expenses =75 6) Other non-recurri
Slide 30: 2025 Loss from Revaluation
2025 LOSS FROM REVALUATION STRONG FOUNDATIONS REVALUATION LOSS ON ASSETS BY SECTOR 2025 REVALUATION LOSS/PROFIT ON ASSETS Revaluation As of 31 December 2025 (€m) (%) COMPLETED RETAIL (13) 9% Residential Poland (12) 8% 6% Belgrade (1) 1% Retail Zagreb (2) 1% 9% Sofia 2 -1% Revaluation COMPLETED OFFIC
Slide 31: Useful Information
USEFUL INFORMATION STRONG FOUNDATIONS INVESTOR CONTACT ESG Michał Kuzawiński Director of Investor Relations and Ownership Supervision [email protected] www.gtcgroup.com Corporate governance ESG HEADQUARTERS WWW 45A Komitetu Obrony Robotników Nothus building 02-146 Warsaw +48 (22) 16 60
Slide 32: Definitions (1/2)
DEFINITIONS (1/2) STRONG FOUNDATIONS 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 excha
Slide 33: Definitions (2/2)
DEFINITIONS (2/2) STRONG FOUNDATIONS 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 block
Slide 34: Disclaimer
DISCLAIMER STRONG FOUNDATIONS 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,