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
●●●●●●
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 | — | — | 106.3 | — | reported | — | 1.00 |
| Gross profit | 35.3 | — | — | 72.7 | — | reported | — | 1.00 |
| EBITDA | 60.2 | — | — | 60.2 | — | reported | — | 1.00 |
| EBIT | 16.8 | — | — | 37.4 | — | reported | — | 1.00 |
| EBT | -8.2 | — | — | -8.2 | — | reported | — | 1.00 |
| Net income | -12.1 | — | — | -17.6 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | -0.03 | — | — | -0.03 | — | reported | — | 1.00 |
| D&A | 0.6 | — | — | 0.6 | — | reported | — | 1.00 |
| Interest expense | 48.2 | — | — | 48.2 | — | reported | — | 1.00 |
| Income tax | 9.9 | — | — | 9.9 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 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% | — | — | -16.56% | — | reported | — | 1.00 |
| Cash | 34 | — | — | — | — | reported | — | 1.00 |
| Total debt | 1,637.1 | — | — | — | — | reported | — | 1.00 |
| Net debt | 1,603.1 | — | — | — | — | reported | — | 1.00 |
| Equity | 1,022.8 | — | — | — | — | reported | — | 1.00 |
| Total assets | 2,951.7 | — | — | — | — | reported | — | 1.00 |
| Working capital | -156.4 | — | — | — | — | reported | — | 1.00 |
| Current assets | 271.6 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 428 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,500.9 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 16.7 | — | — | — | — | reported | — | 1.00 |
| CFO | 45.9 | — | — | 45.9 | — | reported | — | 1.00 |
| CapEx | 40.4 | — | — | 40.4 | — | reported | — | 1.00 |
| FCF | 5.5 | — | — | 5.5 | — | 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 | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.08x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 0.78x | — | — | 0.78x | — | reported | — | 0.90 |
| Debt / equity | 1.6x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.55x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 1.57x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 5.14% | — | — | 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% | — | — | -1855.56% | — | reported | — | 0.90 |
| FCF growth (YoY) | 203.77% | — | — | 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
—
53
—
- H1 2025
- —
- YTD 2026
- 106.3
- Δ YoY
- —
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
—
16.8
—
- H1 2025
- —
- YTD 2026
- 37.4
- Δ YoY
- —
EBT
-8.2
—
-8.2
—
- H1 2025
- —
- YTD 2026
- -8.2
- Δ YoY
- —
Net income
-12.1
—
-12.1
—
- H1 2025
- —
- YTD 2026
- -17.6
- Δ YoY
- —
EPS (basic)
(EUR)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
(EUR)
-0.03
—
-0.03
—
- H1 2025
- —
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
0.6
—
0.6
—
- H1 2025
- —
- YTD 2026
- 0.6
- Δ YoY
- —
Interest expense
48.2
—
48.2
—
- H1 2025
- —
- YTD 2026
- 48.2
- Δ YoY
- —
Income tax
9.9
—
9.9
—
- H1 2025
- —
- YTD 2026
- 9.9
- Δ YoY
- —
Shares (basic)
(m units)
574.26
—
574.26
—
- H1 2025
- —
- 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%
—
-16.56%
—
- H1 2025
- —
- YTD 2026
- -16.56%
- Δ YoY
- —
Cash
34
—
34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
1,637.1
—
1,637.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
1,603.1
—
1,603.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
1,022.8
—
1,022.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
2,951.7
—
2,951.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
-156.4
—
-156.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
271.6
—
271.6
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
428
—
428
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
1,500.9
—
1,500.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
16.7
—
16.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
45.9
—
45.9
—
- H1 2025
- —
- YTD 2026
- 45.9
- Δ YoY
- —
CapEx
40.4
—
40.4
—
- H1 2025
- —
- YTD 2026
- 40.4
- Δ YoY
- —
FCF
5.5
—
5.5
—
- H1 2025
- —
- YTD 2026
- 5.5
- Δ YoY
- —
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
—
0.63x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.08x
—
0.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
0.78x
—
0.78x
—
- H1 2025
- —
- YTD 2026
- 0.78x
- Δ YoY
- —
Debt / equity
1.6x
—
1.6x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.55x
—
0.55x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.57x
—
1.57x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
5.14%
—
5.14%
—
- H1 2025
- —
- 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
- —
- YTD 2026
- -1855.56%
- Δ YoY
- —
FCF growth (YoY)
203.77%
—
203.77%
—
- H1 2025
- —
- 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
- —