Globe Trade Centre S.A.

For the first 9 months, rental revenue increased versus the first 9 months of 2024, but excluding Germany it decreased 4%. EBITDA fell from EUR 84 million to EUR 77 million, and the company reported a loss of EUR 28 million versus a profit of EUR 41 million a year earlier. Finance costs increased from EUR 28 million to EUR 50 million, and the company recorded EUR 100 million of asset sales during the period. On refinancing, GTC issued EUR 455 million of new bonds, received EUR 430 million in cash, used EUR 195 million to repurchase old bonds, and said the remaining cash plus balance-sheet cash will be enough to redeem all outstanding bonds by the end of Q1 2026. Management said it is well advanced on refinancing the remaining roughly EUR 350 million of asset-backed financing, with the goal of extending those loans by the end of Q1 2026. No formal next-quarter revenue or EPS guidance was provided; management said a more detailed FFO run-rate update will come with full-year 2025 results in March 2026.

The CEO framed this as a new chapter for GTC, emphasizing the new international management team and a recent strategy session focused on immediate priorities. Those priorities were clear: continue deleveraging, continue asset sales, and improve costs and efficiency. He also sounded cautious on capital returns, saying 2026 will not be a dividend year and that dividends will only be considered once refinancing and deleveraging are sufficiently advanced.

The CFO highlighted the bond refinancing as the main financial achievement of the quarter, noting the EUR 455 million bond issue, EUR 430 million cash proceeds, EUR 195 million used for repurchases, and the plan to redeem all remaining outstanding bonds by the end of Q1 2026. He explained that EBITDA and profit were pressured by asset disposals, higher property and administrative expenses from consolidating Germany, and a jump in finance costs from EUR 28 million to EUR 50 million. He also pointed to a weighted average interest rate of about 3.8% for the 9 months and said the company still has around EUR 400 million of financing to refinance, with discussions already well advanced.

Analysts focused heavily on FFO, the German portfolio, debt maturities, and the asset sale program. Management said a precise FFO run rate cannot yet be given because it depends on lowering expensive debt, reducing operating costs, and improving vacancy, and that a clearer update will come with 2025 results in March 2026. On Germany, management said occupancy is improving but still has room to rise, property expenses should come down as management responsibilities are taken over in 2026, and asset sales are being analyzed but are too sensitive to detail now; they confirmed they are working with potential buyers and agents but are not ready to commit to deals.