FY 2025 report
GTC to właściciel biur i centrów handlowych w Europie Środkowo-Wschodniej oraz niemieckiego portfela mieszkań (Peach), który w 2025 r. zanotował stratę netto 155 mln EUR głównie przez odpis wyceny nieruchomości (−147,1 mln EUR) i wyższe koszty finansowania.
Sentiment
Cautious
No guidance change
Coming soon
Website
GTC
FY 2025 report
Revenue
202.1 m EUR
— YoY
Net income
-155 m EUR
— YoY
EBITDA
102.1 m EUR
— YoY
Gross margin
64.03%
— YoY
Summary
Investment thesis
- Operacyjnie biznes jest stabilny: przychody z najmu i opłat serwisowych wzrosły do 202 mln EUR (+7,8%, dzięki konsolidacji Niemiec), marża brutto z działalności 129 mln EUR, obłożenie biur CEE 83% i handlu 96%.
- Głównym ryzykiem jest bilans: zadłużenie odsetkowe 1,9 mld EUR, dług netto ok. 1,57 mld EUR, LTV netto 57% (52,7% rok wcześniej) i ujemny kapitał obrotowy −515,5 mln EUR, zamknięty dopiero refinansowaniem po dniu bilansowym.
- Po dniu bilansowym GTC spłaciła obligacje SUN zapadające w czerwcu 2026 r. (nowe obligacje 6,5% na 455 mln EUR, zapadalność w październiku 2030 r.) i uzyskała refinansowanie 330,5 mln EUR kredytów krótkoterminowych, co zdejmuje najpilniejsze ryzyko płynności.
- Wartość księgowa spada (EPRA NTA 1,96 EUR/akcję wobec 2,24 EUR), brak dywidendy za 2025 r., a FFO I skorygowane spadło do 33,1 mln EUR z 68,0 mln EUR — odbudowa wartości zależy od deleveragingu i sprzedaży aktywów.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA Data may contain errors — check the source report to confirm.
GTC · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Group has filter matches — stays expanded | ||||||
| Revenue | 202.1 | — | — | reported | — | 1.00 |
| Gross profit | 129.4 | — | — | reported | — | 1.00 |
| EBITDA | 102.1 | — | — | adjusted | — | 0.90 |
| EBIT | -72.8 | — | — | reported | — | 1.00 |
| EBT | -160 | — | — | reported | — | 1.00 |
| Net income | -155 | — | — | reported | — | 1.00 |
| EPS (basic) (EUR) | -0.27 | — | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | -0.27 | — | — | reported | — | 1.00 |
| D&A | 1.5 | — | — | reported | — | 1.00 |
| Interest expense | 86.5 | — | — | reported | — | 0.85 |
| Income tax | -5.4 | — | — | reported | — | 0.80 |
| Shares (basic) (m units) | 574.26 | — | — | reported | — | 1.00 |
| Group has filter matches — stays expanded | ||||||
| Gross margin | 64.03% | — | — | derived | — | 0.90 |
| EBITDA margin | 50.52% | — | — | derived | — | 0.80 |
| EBIT margin | -36.02% | — | — | derived | — | 0.90 |
| EBT margin | -79.17% | — | — | derived | — | 0.90 |
| Net margin | -76.7% | — | — | derived | — | 0.90 |
| Group has filter matches — stays expanded | ||||||
| Cash | 107.2 | — | — | reported | — | 1.00 |
| Total debt | 1,914.2 | — | — | reported | — | 0.90 |
| Net debt | 1,570 | — | — | reported | — | 0.90 |
| Equity | 1,034.4 | — | — | reported | — | 1.00 |
| Total assets | 3,268.1 | — | — | reported | — | 1.00 |
| Working capital | -515.5 | — | — | derived | — | 0.90 |
| Current assets | 470.2 | — | — | reported | — | 1.00 |
| Current liabilities | 985.7 | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,248 | — | — | reported | — | 1.00 |
| Trade receivables | 14.9 | — | — | reported | — | 1.00 |
| Trade payables | 78.7 | — | — | reported | — | 0.90 |
| Group has filter matches — stays expanded | ||||||
| CFO | 75.7 | — | — | reported | — | 1.00 |
| CapEx | 74.6 | — | — | reported | — | 1.00 |
| FCF | 1.1 | — | — | derived | — | 0.90 |
| CFO conversion | 74.14% | — | — | derived | — | 0.80 |
| Group has filter matches — stays expanded | ||||||
| ROE | -14.66% | — | — | derived | — | 0.80 |
| ROA | -4.76% | — | — | derived | — | 0.80 |
| Group has filter matches — stays expanded | ||||||
| Current ratio | 0.48x | — | — | derived | — | 0.90 |
| Quick ratio | 0.48x | — | — | derived | — | 0.70 |
| Cash ratio | 0.11x | — | — | derived | — | 0.90 |
| Group has filter matches — stays expanded | ||||||
| Net debt / EBITDA | 15.38x | — | — | derived | — | 0.80 |
| Debt / equity | 1.85x | — | — | derived | — | 0.90 |
| Debt / assets | 0.59x | — | — | derived | — | 0.90 |
| Net debt / equity | 1.52x | — | — | derived | — | 0.90 |
| Group has filter matches — stays expanded | ||||||
| Revenue growth (YoY) | 7.79% | — | — | derived | — | 0.90 |
| Net income growth (YoY) | -404.52% | — | — | derived | — | 0.70 |
| EPS growth (YoY) | -400% | — | — | derived | — | 0.70 |
| Gross margin Δ (YoY) | -5.57 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -90.74 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -103.84 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Group has filter matches — stays expanded
Revenue
202.1
—
202.1
—
- FY 2024
- —
Gross profit
129.4
—
129.4
—
- FY 2024
- —
EBITDA
102.1
—
102.1
—
- FY 2024
- —
EBIT
-72.8
—
-72.8
—
- FY 2024
- —
EBT
-160
—
-160
—
- FY 2024
- —
Net income
-155
—
-155
—
- FY 2024
- —
EPS (basic)
(EUR)
-0.27
—
-0.27
—
- FY 2024
- —
EPS (diluted)
(EUR)
-0.27
—
-0.27
—
- FY 2024
- —
D&A
1.5
—
1.5
—
- FY 2024
- —
Interest expense
86.5
—
86.5
—
- FY 2024
- —
Income tax
-5.4
—
-5.4
—
- FY 2024
- —
Shares (basic)
(m units)
574.26
—
574.26
—
- FY 2024
- —
Group has filter matches — stays expanded
Gross margin
64.03%
—
64.03%
—
- FY 2024
- —
EBITDA margin
50.52%
—
50.52%
—
- FY 2024
- —
EBIT margin
-36.02%
—
-36.02%
—
- FY 2024
- —
EBT margin
-79.17%
—
-79.17%
—
- FY 2024
- —
Net margin
-76.7%
—
-76.7%
—
- FY 2024
- —
Group has filter matches — stays expanded
Cash
107.2
—
107.2
—
- FY 2024
- —
Total debt
1,914.2
—
1,914.2
—
- FY 2024
- —
Net debt
1,570
—
1,570
—
- FY 2024
- —
Equity
1,034.4
—
1,034.4
—
- FY 2024
- —
Total assets
3,268.1
—
3,268.1
—
- FY 2024
- —
Working capital
-515.5
—
-515.5
—
- FY 2024
- —
Current assets
470.2
—
470.2
—
- FY 2024
- —
Current liabilities
985.7
—
985.7
—
- FY 2024
- —
Non-current liabilities
1,248
—
1,248
—
- FY 2024
- —
Trade receivables
14.9
—
14.9
—
- FY 2024
- —
Trade payables
78.7
—
78.7
—
- FY 2024
- —
Group has filter matches — stays expanded
CFO
75.7
—
75.7
—
- FY 2024
- —
CapEx
74.6
—
74.6
—
- FY 2024
- —
FCF
1.1
—
1.1
—
- FY 2024
- —
CFO conversion
74.14%
—
74.14%
—
- FY 2024
- —
Group has filter matches — stays expanded
ROE
-14.66%
—
-14.66%
—
- FY 2024
- —
ROA
-4.76%
—
-4.76%
—
- FY 2024
- —
Group has filter matches — stays expanded
Current ratio
0.48x
—
0.48x
—
- FY 2024
- —
Quick ratio
0.48x
—
0.48x
—
- FY 2024
- —
Cash ratio
0.11x
—
0.11x
—
- FY 2024
- —
Group has filter matches — stays expanded
Net debt / EBITDA
15.38x
—
15.38x
—
- FY 2024
- —
Debt / equity
1.85x
—
1.85x
—
- FY 2024
- —
Debt / assets
0.59x
—
0.59x
—
- FY 2024
- —
Net debt / equity
1.52x
—
1.52x
—
- FY 2024
- —
Group has filter matches — stays expanded
Revenue growth (YoY)
7.79%
—
7.79%
—
- FY 2024
- —
Net income growth (YoY)
-404.52%
—
-404.52%
—
- FY 2024
- —
EPS growth (YoY)
-400%
—
-400%
—
- FY 2024
- —
Gross margin Δ (YoY)
-5.57 pp
—
-5.57 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-90.74 pp
—
-90.74 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-103.84 pp
—
-103.84 pp
—
- FY 2024
- —