Gross margin from rental activity rose 2% to €66 million. Funds from operations (FFO I) reached €23 million compared with €36 million in H1 2024, while net profit stood at €0.5 million, down from €31.5 million a year earlier. Net LTV decreased slightly to 51.8%.

“In the first half of 2025, we focused on strengthening our financial position through growth in rental revenues, selected asset sales and extending the maturity of loans. At the same time, following our entry into the German residential market, we are enhancing the potential of these assets, for example by improving their energy efficiency,” said Małgorzata Czaplicka, CEO of GTC.

The company signed nearly 55,000 sqm of lease agreements in H1, including 29,000 sqm in Q2 alone. Occupancy across the commercial portfolio remained stable at 86%. Retail assets maintained a 96% occupancy rate, supported by lease extensions with brands such as Reserved, Ochnik, Diverse, Vistula, Martes Sport, Home & You and Fikołki.

GTC also progressed its capital rotation strategy. In the first half of the year, it sold the Matrix C office building in Zagreb, the GTC X office building in Belgrade and a land plot in Warsaw’s Wilanów district. Additional land sales in Katowice, Warsaw and Bucharest are expected to close in the second half of 2025. Proceeds are being used to strengthen liquidity and focus the portfolio.

In July, the company exercised its option to acquire non-controlling interests in its German residential portfolio, comprising 5,200 rental units in Kaiserslautern, Helmstedt and Heidenheim. Modernisation works have begun under a partnership with PAUL Tech AG to achieve energy efficiency class A, including the installation of heat pump systems, AI-driven energy optimisation and, where possible, photovoltaics.

At 30 June 2025, GTC’s total property assets amounted to €4.8 billion, with offices making up 96% of the investment portfolio. The group reported cash and deposits of €124.8 million and an equity ratio of 42.7%.