Poland · Delayed Price · Currency is PLN Globe Trade Centre Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong operational improvements, with rental revenue up 7% and adjusted EBITDA up 19% year-on-year. Net loss resulted from asset impairments and higher interest costs, but refinancing efforts reduced short-term debt and improved the balance sheet.
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The meeting confirmed quorum and adopted all agenda items, including the appointment of the Supervisory Board Chairman and increased remuneration. Amendments to the Articles of Association were approved using the PZU draft after the Allianz draft failed to secure a majority.
Fiscal Year 2025
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Revenue rose 8% year-over-year, but adjusted EBITDA fell 6% and net loss reached EUR 155 million due to higher financing costs and asset impairments. Major refinancing actions improved liquidity and removed going concern uncertainty, with deleveraging and operational improvements prioritized for 2026.
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Q3 saw revenue growth from the German acquisition but a net loss due to higher costs and asset sales. Deleveraging, asset sales, and refinancing remain top priorities, with no dividends expected in 2026. Further improvement in profitability is targeted for 2027.
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Rental revenues rose 9% year-over-year, driven by the German residential portfolio, while FFO was impacted by higher finance costs. Occupancy remains strong across segments, and refinancing of major debt maturities is underway, with asset disposals supporting deleveraging.
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Revenue grew 9% year-over-year in Q1 2025, with strong asset disposals boosting liquidity and a stable, diversified portfolio. Management is focused on deleveraging, refinancing, and addressing the 2026 bond maturity ahead of schedule.
Fiscal Year 2024
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Revenue and gross margin grew 2% year-over-year, with stable FFO and a major German residential acquisition shifting 19% of the portfolio to Germany. Net LTV rose to 52.7%, and office occupancy dipped slightly, while retail remained strong.
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Revenue and gross margin grew year-over-year, supported by new asset completions and indexation. Portfolio diversification advanced with major German residential acquisitions, while asset disposals and refinancing remain key strategic priorities.
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Rental revenues grew 3% to EUR 93 million and gross margin rose to 65% in H1 2024, with stable Funds from Operations and improved cash flow. Office occupancy declined slightly, but retail remained strong, and the group advanced its diversification strategy with new acquisitions and disposals.