Q1 2026 report
Rosnący, zdywersyfikowany regionalnie (Polska, Węgry, Bułgaria, Serbia, Niemcy) portfel nieruchomości komercyjnych z powtarzalnym przychodem czynszowym
Sentiment
Neutral
No guidance change
GTC
Q1 2026 report
Revenue
53.3 m EUR
— YoY
Net income
-4.6 m EUR
— YoY
EBITDA
32.3 m EUR
— YoY
Gross margin
70.2%
— YoY
Summary
Investment thesis
- Skorygowana EBITDA i FFO rosną dwucyfrowo r/r (+19%), mimo że zysk netto pod presją kosztów finansowania i odpisów
- Zakończone w marcu 2026 r. refinansowanie obligacji GTC Aurora usuwa jedno z głównych ryzyk zapadalności długu na najbliższe lata
- LTV netto 57,7% i pokrycie odsetek 2,09x oznaczają ograniczony, ale nie krytyczny, margines bezpieczeństwa w środowisku wysokich stóp procentowych
- Skoncentrowany akcjonariat (62,61% pośrednio u jednego inwestora finansowego) ogranicza płynność free float i daje dominującemu akcjonariuszowi pełną kontrolę nad strategicznymi decyzjami
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Financials
BETA
GTC · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 53.3 | — | — | reported | — | 1.00 |
| Gross profit | 37.4 | — | — | reported | — | 1.00 |
| EBITDA | 32.3 | — | — | reported | — | 1.00 |
| EBIT | 21 | — | — | derived | — | 0.70 |
| EBT | 0.2 | — | — | reported | — | 1.00 |
| Net income | -4.6 | — | — | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.01 | — | — | reported | — | 1.00 |
| Interest expense | 21 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 574.26 | — | — | reported | — | 1.00 |
| Gross margin | 70.2% | — | — | derived | — | 0.90 |
| Net margin | -8.63% | — | — | derived | — | 0.90 |
| Cash | 46.8 | — | — | reported | — | 1.00 |
| Total debt | 1,636.1 | — | — | reported | — | 1.00 |
| Net debt | 1,589.3 | — | — | derived | — | 0.90 |
| Equity | 1,025.8 | — | — | reported | — | 1.00 |
| Total assets | 2,978.8 | — | — | reported | — | 1.00 |
| Working capital | -492.7 | — | — | reported | — | 1.00 |
| Current assets | 181.5 | — | — | derived | — | 0.70 |
| Current liabilities | 674.2 | — | — | reported | — | 1.00 |
| CFO | 21.1 | — | — | reported | — | 1.00 |
| FCF conversion | 65.3% | — | — | reported | — | 0.50 |
| Current ratio | 0.27x | — | — | derived | — | 0.60 |
| Interest coverage | 2.09x | — | — | reported | — | 1.00 |
| Debt / equity | 1.6x | — | — | derived | — | 0.90 |
| Net debt / equity | 1.55x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | 7.03% | — | — | derived | — | 0.90 |
| EBITDA growth (YoY) | 21.89% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -387.5% | — | — | derived | — | 0.70 |
Q1 2026 · Δ YoY
Revenue
53.3
—
53.3
—
- Q1 2025
- —
Gross profit
37.4
—
37.4
—
- Q1 2025
- —
EBITDA
32.3
—
32.3
—
- Q1 2025
- —
EBIT
21
—
21
—
- Q1 2025
- —
EBT
0.2
—
0.2
—
- Q1 2025
- —
Net income
-4.6
—
-4.6
—
- Q1 2025
- —
EPS (basic)
(EUR)
-0.01
—
-0.01
—
- Q1 2025
- —
Interest expense
21
—
21
—
- Q1 2025
- —
Shares (basic)
(m units)
574.26
—
574.26
—
- Q1 2025
- —
Gross margin
70.2%
—
70.2%
—
- Q1 2025
- —
Net margin
-8.63%
—
-8.63%
—
- Q1 2025
- —
Cash
46.8
—
46.8
—
- Q1 2025
- —
Total debt
1,636.1
—
1,636.1
—
- Q1 2025
- —
Net debt
1,589.3
—
1,589.3
—
- Q1 2025
- —
Equity
1,025.8
—
1,025.8
—
- Q1 2025
- —
Total assets
2,978.8
—
2,978.8
—
- Q1 2025
- —
Working capital
-492.7
—
-492.7
—
- Q1 2025
- —
Current assets
181.5
—
181.5
—
- Q1 2025
- —
Current liabilities
674.2
—
674.2
—
- Q1 2025
- —
CFO
21.1
—
21.1
—
- Q1 2025
- —
FCF conversion
65.3%
—
65.3%
—
- Q1 2025
- —
Current ratio
0.27x
—
0.27x
—
- Q1 2025
- —
Interest coverage
2.09x
—
2.09x
—
- Q1 2025
- —
Debt / equity
1.6x
—
1.6x
—
- Q1 2025
- —
Net debt / equity
1.55x
—
1.55x
—
- Q1 2025
- —
Revenue growth (YoY)
7.03%
—
7.03%
—
- Q1 2025
- —
EBITDA growth (YoY)
21.89%
—
21.89%
—
- Q1 2025
- —
Net income growth (YoY)
-387.5%
—
-387.5%
—
- Q1 2025
- —