GTC reported rental and service revenue of €53 million in Q1 2026, up 7% from €50 million in Q1 2025, driven by 4% like-for-like growth in rental income. The increase was primarily supported by higher rents in Poland, particularly in shopping malls, as well as strong performance from properties in Sofia and Belgrade.
Gross margin increased 16% to €37 million, with the margin rising to 70% from 65% a year earlier. Adjusted EBITDA grew 19% year-on-year to €33 million, supported by stronger rental activity and tight control of operating and administrative expenses. FFO I reached €16 million compared to €13 million in Q1 2025, with FFO per share at €0.03.
"Q1 2026 is one of the better quarters we have reported in quite some time and a strong start to the year. We delivered solid like-for-like rental growth, and increases in gross margin and Adjusted EBITDA, while keeping commercial occupancy stable," said Botond Rencz, CEO of GTC. "At the same time, we have closed the chapter on our old unsecured Eurobonds and further solidified our debt maturity profile."
The company leased 27,500 sqm of commercial space during the quarter, including 13,500 sqm of office space and 14,000 sqm of retail space. Occupancy rate of the income-generating commercial portfolio remained stable at 87%. Major leasing transactions included renewals with Cinema City at Mall of Sofia (4,100 sqm) and HalfPrice at Galeria Jurajska (2,200 sqm).
GTC successfully refinanced €331 million of short-term bank loans, including €221 million after 31 March 2026. The net LTV ratio stood at 57.7%, having risen slightly due to a €20 million incremental project loan on Galeria Północna. EPRA NTA per share amounted to €1.96 (PLN 8.41), while cash and deposits totalled €95 million.
