Globe Trade Centre S.A.

Revenue from rental activity was EUR 106 million, up 5% year on year, with like-for-like rental growth of 2%. Gross margin from operating activity was EUR 73 million, up 10%, and the margin improved to 68% from 65%. EBITDA was EUR 60 million, up 12%, and adjusted EBITDA was just over EUR 63 million, up 11%. FFO increased 4% year on year, occupancy of the commercial portfolio was 87%, EPRA NTA per share was EUR 1.93 or PLN 8.27, and net debt was about EUR 1.6 billion with LTV at 58.7%. On the cash flow side, operating cash flow was EUR 46 million, CapEx was EUR 40 million, cash at period end was EUR 34 million, and the period result was a loss of EUR 18 million. Management did not provide formal full-year or next-quarter guidance, but said second-half CapEx for fit-out and maintenance should be around EUR 20 million to EUR 25 million, and that disposals should accelerate in Q3 with EUR 27 million already received from Avenue Mall.

Botond Antal Rencz said the company’s operating business is improving in a mostly sustainable way, with revenue, margin and EBITDA all moving in the right direction. He stressed that asset values are broadly stable and that the balance sheet is stronger than earlier in the year, while also saying he is somewhat impatient with the pace of disposals. His tone was cautiously constructive: he expects the second half to be better as disposals come through and efficiency improvements continue.

Jacek Baginski focused on the mechanics of the first-half numbers and the balance sheet. He cited rental revenue of EUR 106 million, cost of rental operations down to EUR 33 million from EUR 35 million, administrative expenses down to EUR 11 million from EUR 13 million, and adjusted EBITDA of EUR 63 million; he also pointed to the period loss of EUR 18 million driven by revaluation losses of EUR 22 million, higher net finance costs of EUR 45 million, and a tax charge of EUR 10 million. On leverage and funding, he said net debt is about EUR 1.6 billion, LTV is 58.7%, debt maturity improved to 3.9 years from 2.9 years, and the weighted average interest rate rose to 5.3% from 4.5% after bond refinancing. He added that cash at period end was EUR 34 million, operating cash flow was EUR 46 million, CapEx was EUR 40 million, and the company expects EUR 20 million to EUR 25 million of fit-out and CapEx in the second half.

Analysts focused on three issues: valuation risk in Polish and Hungarian offices, the timing and structure of the Kildare plot monetization, and the pace of deleveraging through disposals. Management said most of the major office write-downs were already recognized at year-end 2025 and in Q1-Q2, but further fair value pressure cannot be ruled out if occupancy or market conditions weaken; they also said they are cautiously optimistic on Hungarian leasing. On Kildare, management said there is no specific deadline because of the asset’s legal structure, though they are exploring options and in talks. For deleveraging, they said the disposal program should show more impact in the second half, including Avenue Mall and other assets, and that about EUR 220 million of the EUR 350 million due within 12 months is expected to be rolled or extended.