New Launch - India Real Estate Report 2026.
GTC reported a 5% increase 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.
Adjusted EBITDA rose 11% to €63 million. FFO I reached €17 million, with FFO per share at €0.03.
The operating performance came alongside a significant balance sheet clean-up, with the group refinancing more than €330 million of short-term bank loans during the period.
Portfolio Activity: Leasing and Disposals
Occupancy across the commercial portfolio held steady at 87%. GTC leased nearly 69,400 sqm of commercial space in H1:
- Office: 40,700 sqm
- Retail: approximately 28,700 sqm
On the disposal side, GTC sold Avenue Mall and Avenue Center in Zagreb in Q3 2026 for €98 million, completing one of the largest real estate transactions in Croatia in recent years.
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.
The group also disposed of residential land plots in Budapest and the first tranche of residential units in Germany, with €9 million received in H1 and a further €7 million expected in H2.
Also Read: Poland Warehouse Net Take-Up Surges 58% in H1 2026
Debt: Refinancing and Maturity Extension
GTC refinanced €330.5 million of short-term bank loans during the period, extending its maturity profile.
The most significant transaction was a €148.8 million loan with Berlin Hyp to refinance the majority of funding for the group's German residential portfolio, maturing in 2031.
- Total debt at 30 June 2026: €1,637 million, down from €1,914 million at end-2025
- Weighted average debt maturity: 4.0 years
- Average interest rate: 5.31% per annum
- Net LTV: 58.7%, up from 57.0% at 31 December 2025
The group posted a net loss after tax of €18 million, driven by a revaluation loss of €22 million, net finance costs of €45 million and tax expenses of €10 million.
Also Read: Panattoni Starts Final Phase of Business Park Near Łódź
Management and Sustainability
Botond Rencz, CEO of GTC, said the first half confirms positive operating momentum, with revenues, gross margin and FFO all improving year-on-year and commercial portfolio occupancy remaining stable.
He added that the group continued to address its financing structure, successfully refinancing more than €330 million of short-term bank loans during the period.
From July 2026, GTC extended its matrix management structure to all markets, including Poland. Executive Directors Danny Bercovich and Ziv Gigi are responsible for strategic oversight of retail and office segments respectively across all markets.
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.
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