Stable CEE Portfolio Supports Refinancing as Non-Cash Revaluations Impact Reported Results

GTC delivered stable cash generation and strong operating performance across its CEE portfolio in the first nine months of 2025, while advancing its refinancing strategy. Rental and service revenues rose 9% to €152 million, supported by solid demand in both office and retail. Operating cash flow remained stable at €77 million, while FFO I reached €28 million, reflecting higher finance costs following the consolidation of the German residential portfolio.

Key 9M 2025 Figures:

• Rental revenues: €152m (+9% YoY)

• FFO I: €28m

• Net LTV: 53%

• Occupancy: 85%

• EPRA NTA/share: €2.19 (PLN 9.36)

In October, GTC successfully issued €455 million in senior secured notes maturing in 2030 to address the upcoming 2026 bond maturity, significantly extending the Group’s debt profile. The refinancing progress led Scope Ratings to upgrade GTC’s issuer rating to B with a Positive Outlook. As at 30 September 2025, Net LTV stood at 53% and the Group held €177 million in cash and deposits, including €17 million in escrow.

Leasing momentum remained strong, with 98,000 sqm of commercial space signed year-to-date and occupancy stable at 85%. GTC also continued its non-core disposals, completing over €18 million in land sales and progressing previously announced exits to support liquidity and deleveraging.

GTC’s ESG initiatives advanced across the region, including energy-efficiency upgrades in the German residential portfolio and the rollout of smart waste-tracking technology in 12 office buildings. City Gate South Tower in Bucharest achieved the LEED Gold v5 certification, one of the first buildings in Europe to do so.

CEO Botond Rencz said, “Our core portfolio continues to demonstrate resilience. The refinancing completed to date, combined with disciplined capital allocation and a continued asset sale programme, positions us well to reduce leverage and strengthen the balance sheet.”

CFO Jacek Bagiński added, “We maintained stable rental cash flows and achieved a major milestone with the €455m bond issuance. While higher financing costs and non-cash revaluation losses affected reported results, our liquidity position remains robust.”