Globe Trade Centre (GTC) Q4 2024 earnings summary

Executive summary

• Revenue from rental activity and gross margin increased by 2% year-over-year to EUR 187.5 million and EUR 130.5 million, respectively.

• Funds from operations (FFO) remained stable at EUR 70.8 million (EUR 0.12 per share).

• EPRA net asset value rose to EUR 1.284 billion, mainly due to the German Paula transaction.

• Major acquisition of the German Paula residential portfolio, shifting nearly one-fifth of the total portfolio to Germany.

• Three significant asset disposals in 2024, including Matrix C (Zagreb), Belgrade office, and Wilanów plot, with total net proceeds of EUR 91 million.

Financial highlights

• Net LTV increased to 52.7% from 49.3% at end-2023; adjusted for escrow cash at 52.4%.

• Cash balance at year-end was EUR 55.2 million, with additional proceeds realized in Q1 2025 from asset disposals.

• EBITDA reached EUR 106 million, up over 4% year-over-year.

• Net profit for 2024 was EUR 53 million.

• Investment property value increased by 18% to EUR 2,675 million, mainly due to the German acquisition.

Outlook and guidance

• Disposal strategy for part of the German Paula portfolio to be executed within 1 to 1.5 years.

• No forward-looking CapEx or FFO guidance provided; management continues to monitor capital markets for refinancing options.

• Cash balance expected to exceed EUR 110 million in Q1 2025, to be used for development, refinancing, and CapEx.