GTC
GLOBE TRADE CENTRE
Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 28, 2026
H1 2026 report
Biznes najmu rośnie realnie: przychody +4% r/r (2% like-for-like), marża brutto z 65% do 68%.
Sentiment
Neutral
No guidance change
GTC
H1 2026 report
Revenue
106.3 m EUR
— YoY
Net income
-17.6 m EUR
— YoY
EBITDA
60.2 m EUR
— YoY
Gross margin
68.39%
— YoY
Summary
Investment thesis
- Skorygowana EBITDA (+11%) i FFO (+4%) rosną mimo księgowej straty netto w RZiS wg MSSF.
- Strata netto 18,1 EUR to głównie efekt niegotówkowych odpisów z wyceny (-22,5 EUR) oraz wyższych kosztów refinansowania długu, nie pogorszenia fundamentów najmu.
- LTV netto wzrosło do 58,7% z 57,0% — dźwignia rośnie mimo nominalnej redukcji długu, bo wartość aktywów spada szybciej.
- Refinansowanie obligacji SUN i większości kredytów bankowych zakończone sukcesem, co odsunęło ścianę zapadalności długu i utrzymało założenie kontynuacji działalności.
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Financials
BETA
GTC · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53 | 2.6 | +1938.5% | 106.3 | +3988.5% | reported | — | 1.00 |
| Gross profit | 35.3 | — | — | 72.7 | — | reported | — | 1.00 |
| EBITDA | 60.2 | — | — | 60.2 | — | reported | — | 1.00 |
| EBIT | 16.8 | -72.8 | +123.1% | 37.4 | +151.4% | reported | — | 1.00 |
| EBT | -8.2 | 24.3 | −133.7% | -8.2 | −133.7% | reported | — | 1.00 |
| Net income | -12.1 | 27.9 | −143.4% | -17.6 | −163.1% | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.03 | 0.05 | — | -0.03 | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | -0.03 | -0.27 | — | -0.03 | — | reported | — | 1.00 |
| D&A | 0.6 | 1.5 | −60% | 0.6 | −60% | reported | — | 1.00 |
| Interest expense | 48.2 | 94.3 | −48.9% | 48.2 | −48.9% | reported | — | 1.00 |
| Income tax | 9.9 | -3.6 | +375% | 9.9 | +375% | reported | — | 1.00 |
| Shares (basic) (m units) | 574.26 | 574.26 | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 574.26 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 68.39% | — | — | 68.39% | — | reported | — | 1.00 |
| EBITDA margin | 56.63% | — | — | 56.63% | — | reported | — | 1.00 |
| EBIT margin | 35.18% | — | — | 35.18% | — | reported | — | 1.00 |
| Net margin | -16.56% | -76.69% | +60.1 pp | -16.56% | +60.1 pp | reported | — | 1.00 |
| Cash | 34 | 8.8 | +286.4% | — | — | reported | — | 1.00 |
| Total debt | 1,637.1 | 101.8 | +1508.2% | — | — | reported | — | 1.00 |
| Net debt | 1,603.1 | 1,570 | +2.1% | — | — | reported | — | 1.00 |
| Equity | 1,022.8 | 1,127.8 | −9.3% | — | — | reported | — | 1.00 |
| Total assets | 2,951.7 | 1,400.1 | +110.8% | — | — | reported | — | 1.00 |
| Working capital | -156.4 | -515.5 | +69.7% | — | — | reported | — | 1.00 |
| Current assets | 271.6 | 42.5 | +539.1% | — | — | reported | — | 1.00 |
| Current liabilities | 428 | 10.8 | +3863% | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,500.9 | 261.5 | +474% | — | — | reported | — | 1.00 |
| Trade receivables | 16.7 | 2 | +735% | — | — | reported | — | 1.00 |
| CFO | 45.9 | 11.4 | +302.6% | 45.9 | +302.6% | reported | — | 1.00 |
| CapEx | 40.4 | 0.1 | +40300% | 40.4 | +40300% | reported | — | 1.00 |
| FCF | 5.5 | 11.3 | −51.3% | 5.5 | −51.3% | reported | — | 1.00 |
| FCF conversion | 9.13% | — | — | 9.13% | — | reported | — | 1.00 |
| CFO conversion | 76.25% | — | — | 76.25% | — | reported | — | 1.00 |
| Current ratio | 0.63x | 3.94x | −3.31x | — | — | reported | — | 1.00 |
| Cash ratio | 0.08x | 0.81x | −0.73x | — | — | reported | — | 1.00 |
| Interest coverage | 0.78x | 0x | +0.78x | 0.78x | +0.78x | reported | — | 0.90 |
| Debt / equity | 1.6x | 0.09x | +1.51x | — | — | reported | — | 1.00 |
| Debt / assets | 0.55x | 0.13x | +0.42x | — | — | reported | — | 1.00 |
| Net debt / equity | 1.57x | 0.16x | +1.41x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 5.14% | 7.79% | — | 5.14% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 11.9% | — | — | 11.9% | — | reported | — | 1.00 |
| EBIT growth (YoY) | -5.32% | — | — | -5.32% | — | reported | — | 1.00 |
| Net income growth (YoY) | -1855.56% | -404.52% | — | -1855.56% | — | reported | — | 0.90 |
| FCF growth (YoY) | 203.77% | -95.82% | — | 203.77% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 3.01 pp | — | — | 3.01 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 3.42 pp | — | — | 3.42 pp | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -3.89 pp | — | — | -3.89 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -15.67 pp | — | — | -15.67 pp | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
53
+1938.5%
53
+1938.5%
- H1 2025
- 2.6
- YTD 2026
- 106.3
- Δ YoY
- +3988.5%
Gross profit
35.3
—
35.3
—
- H1 2025
- —
- YTD 2026
- 72.7
- Δ YoY
- —
EBITDA
60.2
—
60.2
—
- H1 2025
- —
- YTD 2026
- 60.2
- Δ YoY
- —
EBIT
16.8
+123.1%
16.8
+123.1%
- H1 2025
- -72.8
- YTD 2026
- 37.4
- Δ YoY
- +151.4%
EBT
-8.2
−133.7%
-8.2
−133.7%
- H1 2025
- 24.3
- YTD 2026
- -8.2
- Δ YoY
- −133.7%
Net income
-12.1
−143.4%
-12.1
−143.4%
- H1 2025
- 27.9
- YTD 2026
- -17.6
- Δ YoY
- −163.1%
EPS (basic)
(EUR)
-0.03
—
-0.03
—
- H1 2025
- 0.05
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
(EUR)
-0.03
—
-0.03
—
- H1 2025
- -0.27
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
0.6
−60%
0.6
−60%
- H1 2025
- 1.5
- YTD 2026
- 0.6
- Δ YoY
- −60%
Interest expense
48.2
−48.9%
48.2
−48.9%
- H1 2025
- 94.3
- YTD 2026
- 48.2
- Δ YoY
- −48.9%
Income tax
9.9
+375%
9.9
+375%
- H1 2025
- -3.6
- YTD 2026
- 9.9
- Δ YoY
- +375%
Shares (basic)
(m units)
574.26
—
574.26
—
- H1 2025
- 574.26
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
574.26
—
574.26
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
68.39%
—
68.39%
—
- H1 2025
- —
- YTD 2026
- 68.39%
- Δ YoY
- —
EBITDA margin
56.63%
—
56.63%
—
- H1 2025
- —
- YTD 2026
- 56.63%
- Δ YoY
- —
EBIT margin
35.18%
—
35.18%
—
- H1 2025
- —
- YTD 2026
- 35.18%
- Δ YoY
- —
Net margin
-16.56%
+60.1 pp
-16.56%
+60.1 pp
- H1 2025
- -76.69%
- YTD 2026
- -16.56%
- Δ YoY
- +60.1 pp
Cash
34
+286.4%
34
+286.4%
- H1 2025
- 8.8
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,637.1
+1508.2%
1,637.1
+1508.2%
- H1 2025
- 101.8
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,603.1
+2.1%
1,603.1
+2.1%
- H1 2025
- 1,570
- YTD 2026
- —
- Δ YoY
- —
Equity
1,022.8
−9.3%
1,022.8
−9.3%
- H1 2025
- 1,127.8
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,951.7
+110.8%
2,951.7
+110.8%
- H1 2025
- 1,400.1
- YTD 2026
- —
- Δ YoY
- —
Working capital
-156.4
+69.7%
-156.4
+69.7%
- H1 2025
- -515.5
- YTD 2026
- —
- Δ YoY
- —
Current assets
271.6
+539.1%
271.6
+539.1%
- H1 2025
- 42.5
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
428
+3863%
428
+3863%
- H1 2025
- 10.8
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,500.9
+474%
1,500.9
+474%
- H1 2025
- 261.5
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
16.7
+735%
16.7
+735%
- H1 2025
- 2
- YTD 2026
- —
- Δ YoY
- —
CFO
45.9
+302.6%
45.9
+302.6%
- H1 2025
- 11.4
- YTD 2026
- 45.9
- Δ YoY
- +302.6%
CapEx
40.4
+40300%
40.4
+40300%
- H1 2025
- 0.1
- YTD 2026
- 40.4
- Δ YoY
- +40300%
FCF
5.5
−51.3%
5.5
−51.3%
- H1 2025
- 11.3
- YTD 2026
- 5.5
- Δ YoY
- −51.3%
FCF conversion
9.13%
—
9.13%
—
- H1 2025
- —
- YTD 2026
- 9.13%
- Δ YoY
- —
CFO conversion
76.25%
—
76.25%
—
- H1 2025
- —
- YTD 2026
- 76.25%
- Δ YoY
- —
Current ratio
0.63x
−3.31x
0.63x
−3.31x
- H1 2025
- 3.94x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.08x
−0.73x
0.08x
−0.73x
- H1 2025
- 0.81x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.78x
+0.78x
0.78x
+0.78x
- H1 2025
- 0x
- YTD 2026
- 0.78x
- Δ YoY
- +0.78x
Debt / equity
1.6x
+1.51x
1.6x
+1.51x
- H1 2025
- 0.09x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.55x
+0.42x
0.55x
+0.42x
- H1 2025
- 0.13x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.57x
+1.41x
1.57x
+1.41x
- H1 2025
- 0.16x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
5.14%
—
5.14%
—
- H1 2025
- 7.79%
- YTD 2026
- 5.14%
- Δ YoY
- —
EBITDA growth (YoY)
11.9%
—
11.9%
—
- H1 2025
- —
- YTD 2026
- 11.9%
- Δ YoY
- —
EBIT growth (YoY)
-5.32%
—
-5.32%
—
- H1 2025
- —
- YTD 2026
- -5.32%
- Δ YoY
- —
Net income growth (YoY)
-1855.56%
—
-1855.56%
—
- H1 2025
- -404.52%
- YTD 2026
- -1855.56%
- Δ YoY
- —
FCF growth (YoY)
203.77%
—
203.77%
—
- H1 2025
- -95.82%
- YTD 2026
- 203.77%
- Δ YoY
- —
Gross margin Δ (YoY)
3.01 pp
—
3.01 pp
—
- H1 2025
- —
- YTD 2026
- 3.01 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
3.42 pp
—
3.42 pp
—
- H1 2025
- —
- YTD 2026
- 3.42 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-3.89 pp
—
-3.89 pp
—
- H1 2025
- —
- YTD 2026
- -3.89 pp
- Δ YoY
- —
Net margin Δ (YoY)
-15.67 pp
—
-15.67 pp
—
- H1 2025
- —
- YTD 2026
- -15.67 pp
- Δ YoY
- —