GTC reported a 5% rise in revenues from rental activities to €106 million in the first half of 2026, up from €101 million in H1 2025. Gross margin from rental activities grew 10% to €73 million, while adjusted EBITDA rose 11% to €63 million. FFO I reached €17 million, with FFO per share at €0.03. Occupancy across the commercial portfolio held steady at 87%, and the group leased nearly 69,400 sqm of commercial space, comprising 40,700 sqm of office and approximately 28,700 sqm of retail space. The group posted a net loss after tax of €18 million, driven by a higher revaluation loss of €22 million, increased net finance costs of €45 million and a rise in tax expenses to €10 million.
GTC refinanced €330.5 million of short-term bank loans during the period, extending its debt maturity profile. A notable transaction was a €148.8 million loan agreement with Berlin Hyp to refinance the majority of funding for the group's German residential portfolio, with the new facility maturing in 2031. Total debt as of 30 June 2026 stood at €1,637 million, down from €1,914 million at end-2025, with a weighted average maturity of 4.0 years and an average interest rate of 5.31% per annum. Net LTV rose to 58.7% from 57.0% at 31 December 2025.
On portfolio activity, GTC sold Avenue Mall and Avenue Center in Zagreb in Q3 2026 for €98.0 million, completing one of the largest real estate transactions in Croatia in recent years. The group also disposed of residential land plots in Budapest and the first tranche of residential units in Germany, with €9 million in proceeds received in H1 2026 and a further €7 million expected in H2. A residential land plot in Bucharest was also sold in Q3. Combined net proceeds from the Zagreb and Bucharest transactions are expected to reach €36 million after debt, minority interests and tax payments.
"The first half of 2026 confirms the positive operating momentum in our business. Revenues from rental activities increased by 5%, while gross margin and FFO also improved year-on-year, with commercial portfolio occupancy remaining stable. At the same time, we continued to address our financing structure, successfully refinancing more than €330 million of short-term bank loans," said Botond Rencz, CEO of GTC.
Effective from July 2026, GTC extended its matrix management structure to cover all markets, including Poland. Executive Directors Danny Bercovich and Ziv Gigi are responsible for the strategic oversight of the retail and office segments respectively across all markets in which GTC operates. On sustainability, GTC's 2025 ESG Report showed a 15% reduction in direct and indirect CO2 emissions, with 99% of commercial buildings certified or undergoing recertification under LEED, BREEAM or DGNB standards.
