Half Year 2026 Globe Trade Centre SA Earnings Call

August 28, 2026

Speaker #1: Have today our H1 2026 results to discuss with you, and we will have a presentation for you followed by a written Q&A session. So if you'd like to ask us any question, you can anytime type the Q&A button and type your question, or alternatively you can also email these questions to me.

Speaker #1: We have with us today our CEO, Botond, and CFO, Jacek, and I'll hand over now to Botond to begin the presentation. Thank you.

Speaker #2: Thank you very much, Michal. And I would like to welcome everybody to this call today. Very warm welcome, probably, because this summer, at least in Europe, was extremely warm.

Speaker #2: So I think everybody enjoyed their vacation. In case you didn't, probably you will have a little bit calmer weather in September. But I'm very grateful that you have taken the time and you are joining us on this call.

Speaker #2: Last time we covered the first quarter, now we are going to cover the first half, and Magda is going to show us the slides.

Speaker #2: That we have. And the plan is that I give you a half-year highlights, and then Jacek will go into the details, and we are going to finish just like last time with the Q&A session.

Speaker #2: So let me start with the headline picture for the first half. So Magda, if you don't— okay, yes, we have now the numbers. So when we look at it, we can see that our rental activity revenue from rental activity moved up 5% year on year.

Speaker #2: With the underlying, like for EAG, 2%. We realized moderate operational improvements in our core markets. The remaining growth, the remaining part, was coming from reducing service charge leakage, increasing service line revenue, growing by 9% year on year in the first half.

Speaker #2: And we also had one of income from renting roof infrastructure on commercial properties in Poland. Our gross margin also grew 10% year on year, which was a combination of revenue growth but also more careful spending in our commercial assets.

Speaker #2: With the cost of rental operations declining by 4% year on year. So overall, we had a solid performance across our core operations combined with a good cost discipline in SG&A expenses.

Speaker #2: Our adjusted EBITDA was up 11% year on year, to just over 603 million euro. So the trend has continued from the first quarter. Our revenues margin EBITDA into the right direction, even though in the second half a more moderate pace, because some of the one-offs in the first quarter actually got more normalized now.

Speaker #2: The FFO is up 4% year on year. And our occupancy of a commercial portfolio held at 87%. Apro and TPE share is stable at 1.93 euro, or 8.27 zloty.

Speaker #2: But there is a bit of a bigger movement, is the LTV, which moved from 57% to 58.7%, mainly resulting from higher net debt in the period resulting from the cash buffer refinancing associated interest costs.

Speaker #2: But our expectation is that this is going to improve based on two levels. One is we also sold one mall in Croatia Avenue Mall, which we originally thought it will close in second quarter.

Speaker #2: It's closing in a third quarter with 27 million cash already arrived. And that is going to provide a nice improvement to the LTV and also we expect to continue but maybe at a little bit faster pace at disposal, which should also help.

Speaker #2: In this half a year, we sold some residential plots, one in Budapest, one in Bucharest, and residential units in Germany. As I mentioned, Avenue Mall as well.

Speaker #2: So the overall summary is our operating business continues to improve, most of it is sustainable and solid, unasset value is steady, and the progress on delivering is happening but slower than we originally expected.

Speaker #2: But we think it is going to catch up in the second half. So with this, I would say a short introduction. And a painting the big picture, I would like to hand the floor to you, Jacek.

Speaker #1: Thank you, Botond. Magda, if you can flip to the portfolio slide. So let me take you first to the portfolio and then we'll go deeper into the financials.

Botond Rencz: Let me start with the headline picture for H1. Magda, if you do not. Yes, we have now the numbers. When we look at it, we can see that our rental activity, revenue from rental activity, moved up 5% year-on-year, with the underlying like-for-like at 2%. We realized moderate operational improvements in our core markets. The remaining growth, the remaining part, was coming from reducing service charge leakage, increasing service line revenue, growing by 9% year-on-year in H1. We also had a one-off income from renting roof infrastructure on commercial properties in Poland. Our gross margin also grew 10% year-on-year, which was a combination of revenue growth, but also more careful spending in our commercial assets, with the cost of rental operations declining by 4% year-on-year.

Speaker #1: So, let me start with the headline picture for the first half. So, Malber, if you don't—okay, yes, we have— we have now the numbers.

Botond Rencz: Let me start with the headline picture for H1. Magda, if you do not. Yes, we have now the numbers. When we look at it, we can see that our rental activity, revenue from rental activity, moved up 5% year-on-year, with the underlying like-for-like at 2%. We realized moderate operational improvements in our core markets. The remaining growth, the remaining part, was coming from reducing service charge leakage, increasing service line revenue, growing by 9% year-on-year in the H1. We also had a one-off income from renting roof infrastructure on commercial properties in Poland. Our gross margin also grew 10% year-on-year, which was a combination of revenue growth, but also more careful spending in our commercial assets, with the cost of rental operations declining by 4% year-on-year.

Speaker #1: Where I will put some more color on the highlights all of the mentioned by Botond. Starting from the portfolio, which is that slide number 5, as of end of June 2026, total investment gap stands at 2.7 million essentially flat versus year-end.

Speaker #1: So, when we look at it, we can see that our rental activity revenue from rental activity moved up 5% year-on-year, with the underlying, like-for-like, 2%.

Speaker #1: We realized moderate operational improvements in our core markets. The remaining growth—the remaining part—was coming from reducing service charge leakage, increasing service line revenue, and growing by 9% year on year in the first half.

Speaker #1: Adjusted total investment portfolio excluding non-current financial assets, which is mainly Kildare's 2.6 billion euros. The composition remains broadly stable. 89% of the adjusted total portfolio is income generating, of which 50% is office, 31% retail, and 19% residential.

Speaker #1: And we also had a one-off income from renting roof infrastructure on commercial properties in Poland. Our gross margin also grew 10% year-on-year, which was a combination of revenue growth but also more careful spending in our commercial assets.

Speaker #1: Projects under construction represent 6% and the land bank 4% of the total. Gross asset value of the income generating portfolios also essentially flat. It's at 2.3 billion euros versus 3.3 billion euros last year, office essentially flat.

Speaker #1: With the cost of rental operations declining by 4% year-on-year, overall we had a solid performance across our core operations, combined with good cost discipline in SG&A expenses.

Botond Rencz: Overall, we had a solid performance across our core operations, combined with good cost discipline in SG&A expenses. Our adjusted EBITDA was up 11% year-on-year to just over EUR 63 million. The trend has continued from Q1, our revenues, margin, EBITDA, into the right direction, even though in H2 a more moderate pace, because some of the one-offs in Q1 actually got more normalized now. The FFO is up 4% year-on-year, and our occupancy of a commercial portfolio held at 87%. EPRA NTA per share is stable at EUR 1.93 or 8.27 złoty. Where there is a bit of a bigger movement is the LTV, which moved from 57% to 58.7%, mainly resulting from higher net debt, in the period resulting from the cash buffer refinancing associated interest costs. But our expectation is that this is going to improve, based on two levels.

Botond Rencz: Overall, we had a solid performance across our core operations, combined with good cost discipline in SG&A expenses. Our adjusted EBITDA was up 11% year-on-year to just over EUR 63 million. The trend has continued from Q1, our revenues, margin, EBITDA, into the right direction, even though in the H2 a more moderate pace, because some of the one-offs in Q1 actually got more normalized now. The FFO is up 4% year-on-year, and our occupancy of a commercial portfolio held at 87%. EPRA NTA per share is stable at EUR 1.93 or 8.27 złoty. Where there is a bit of a bigger movement is the LTV, which moved from 57% to 58.7%, mainly resulting from higher net debt, in the period resulting from the cash buffer refinancing associated interest costs. But our expectation is that this is going to improve, based on two levels.

Speaker #1: Retail is a little bit up to 718 million residential is down to 445 million. Magda, you can please turn to slide number 6. Thank you.

Speaker #1: Our adjusted EBITDA was up 11% year-on-year, to just over €603 million. So the trend has continued from the first quarter. Our revenue margins and EBITDA are moving in the right direction, even though in the second half it's at a more moderate pace, because some of the one-offs in the first quarter have actually now normalized.

Speaker #1: On the commercial portfolio, let me cover retail and office together as they appear on this slide. Retail occupancy stands at 96% as of 30th of June this year.

Speaker #1: The FFO is up 4% year-on-year, and our occupancy of the commercial portfolio held at 87%. APRO and TPE share is stable at €1.93, or 8.27 zloty.

Speaker #1: Back at the same level as the year-end. Leasing activity in the first half of this year reached over 28,000 square meters. Office occupancy approved to 84% as of end of June, from 83 at the year-end.

Speaker #1: But there is a bit of a bigger movement in the LTV, which moved from 57% to 58.7%, mainly resulting from higher net debt in the period, resulting from the cash buffer refinancing and associated interest costs. But our expectation is that this is going to improve on two levels.

Speaker #1: Leasing activity was strong at close to 41,000 square meters, Poland obviously remains our softest market at 76% essentially unchanged where we continue to work through the vacancies in selected assets in order to reduce them.

Speaker #1: One is we also sold one mall in Croatia, Avenue Mall, which we originally thought would close in the second quarter. It's closing in the third quarter, with €27 million cash already arrived.

Botond Rencz: One is we also sold one mall, in the Croatia Avenue Mall, which we originally thought it will close in Q2. It is closing in Q3 with EUR 27 million cash already arrived. That is going to provide a nice improvement to the LTV. Also we expect to continue, but maybe at a little bit faster pace at disposals, which should also help. In this half a year, we sold some residential plots, one in Budapest, one in Bucharest, and residential units in Germany, as I mentioned, Avenue Mall as well. The overall summary is our operating business continues to improve. Most of it is sustainable and solid. Our net asset value is steady, and the progress on deleveraging is happening, but slower than we originally expected, but we think it is going to catch up in H2.

Speaker #1: Magda, if you can turn to slide number 8, which is our consolidating income statement. As Botond already mentioned, our revenue from rental activity was 106 million up by 5% comparing to first half of 2025.

Speaker #1: And that is going to provide a nice improvement to the LTV. And also, we expect to continue with what may be a little bit faster pace of disposal, which should also help.

Speaker #1: Germany was stable at 12 million, both periods. So the growth essentially comes from the rest of the group, which is the growth from 89 million to 94 million on the rental activity.

Speaker #1: In this half year, we sold some residential plots—one in Budapest, one in Bucharest—and residential units in Germany. As I mentioned, Avenue Mall as well.

Speaker #1: The increase was driven mainly by higher rents in south-east Europe and in Polish malls. And in the office sectors in Hungary and Poland. Unlike for like basis, the group recorded 2% rental growth in the first half of 2026 compared to last year.

Speaker #1: So the overall summary is: our operating business continues to improve. Most of it is sustainable and solid. Unasset value is steady. The progress on delivering is happening, but slower than we originally expected.

Speaker #1: Cost of rental operations felt down from 35 million to 33 is 4% decrease, with a mainly driven by the Polish and Hungarian operations. Gross margin from the operating activity increased to 10% to 73 million and the margin OCE increased as a percentage from 65 to 68%.

Speaker #1: But we think it is going to catch up in the second half. So with this, I would say a short introduction and painting the big picture.

Botond Rencz: With this, I would say, short introduction and updating the big picture, I would like to hand the floor to Juliuszak.

Speaker #1: I would like to hand the floor to you, Jacek.

Speaker #2: Thank you, Botond. Magda, if you can flip to the portfolio slide. Let me take you first to the portfolio, and then we'll go deeper into the financials.

Jacek Bagiński: Thank you, Botond. Magda, if you can flip to the portfolio slide. Let me take you first to the portfolio, and then we will go deeper into the financials, where I will put some more color on the highlights, all of them mentioned by Botond. Starting from the portfolio, which is slide number 5. As of end of June 2026, total investment GAV stands at EUR 2.7 million, essentially flat, versus year-end. Adjusted total investment portfolio, excluding non-current financial assets, which is mainly Kildare, is EUR 2.6 billion. The composition remains broadly stable. 89% of the adjusted total portfolio is income generating, of which 50% is office, 31% retail, and 19% residential. Projects under construction represent 6%, and the land bank, 4% of the total. Gross asset value of the income-generating portfolio is also essentially flat. It is at EUR 2.3 billion versus EUR 3.2 billion last year, office essentially flat.

Speaker #2: I will add some more color to the highlights, all of which were mentioned by Botond. Starting with the portfolio, which is on slide number 5.

Speaker #1: That's a solid gain mainly driven by Poland. Then Serbia and Hungary reflect this reflects obviously stronger luck for like rental performance our effort in order to reduce the service and property costs and decrease the obviously the service charge leakage and consequence.

Speaker #2: As of the end of June 2026, the total investment gap stands at €2.7 million, essentially flat versus year-end. Adjusted total investment portfolio, excluding non-current financial assets—which is mainly Kildare—is €2.6 billion.

Speaker #1: On administrative expenses, also we have some success here reduce the cost from 13 to 11 million, which is 13% mainly due to reduction of the personal expenses and advisory costs.

Speaker #2: The composition remains broadly stable: 89% of the adjusted total portfolio is income-generating, of which 50% is office, 31% is retail, and 19% is residential. Projects under construction represent 6%, and the land bank 4% of the total.

Jacek Bagiński: The composition remains broadly stable. 89% of the adjusted total portfolio is income generating, of which 50% is office, 31% retail, and 19% residential. Projects under construction represent 6%, and the land bank, 4% of the total. Gross asset value of the income-generating portfolio is also essentially flat. It is at EUR 2.3 billion versus EUR 3.2 billion last year, office essentially flat.

Speaker #1: On EBITDA, EBITDA was 60 million in the first half of this year, up 12% from last year. And just adjusted EBITDA was 63% up 11% comparing to last year.

Speaker #2: Gross asset value of the income-generating portfolios is also essentially flat. It's at €2.3 billion versus €3.3 billion last year. Office is essentially flat. Retail is a little bit up, to €718 million. Residential is down, to €445 million.

Speaker #1: Below EBITDA line, as you can see, we have unfortunately the loss from the revaluation of the assets, which widened to 22 million in the first half of this year from 14 million last year.

Jacek Bagiński: Retail is a little bit up to EUR 780 million. Residential is down to EUR 445 million. Magda, if you can please turn to slide number 6. Thank you. On the commercial portfolio, let me cover retail and office together as they appear on the slide. Retail occupancy stands at 96% as of 30 June this year, back at the same level as the year-end. Leasing activity in the H1 of this year reached over 28,000 square meters. Office occupancy improved to 84% as of end of June from 83% at the year-end. Leasing activity was strong at close to 41,000 square meters. Poland obviously remains our softest market at 76%, essentially unchanged, where we continue to work through the vacancies in selected assets in order to reduce them. Magda, if you can turn to slide number 8, which is our consolidated income statement.

Speaker #1: This was mainly driven by the negative fair value adjustment or certain offices in Poland and Hungary. And on residential portfolio in Germany, partially this was offset by the positive fair value adjustment on malls in Poland and in Bulgaria.

Speaker #2: Magda, could you please turn to slide number 6? Thank you. On the commercial portfolio, let me cover retail and office together as they appear on the slide.

Speaker #1: Net finance costs on the other hand increased from 36 million to 45 million. This reflects the transitional overlap or the scrap in the first half in the first quarter.

Speaker #2: Retail occupancy stands at 96% as of June 30 this year, back at the same level as year-end. Leasing activity in the first half of this year reached over 28,000 square meters.

Speaker #1: Interest on the, as you know, interest on the newly issued bonds of 455 million volume was at 6.5% comparing to like 2.3, 2.4% that we paid on the bonds last year.

Speaker #2: Office occupancy improved to 84% as of the end of June, from 83% at year-end. Leasing activity was strong at close to 41,000 square meters. Poland obviously remains our softest market, at 76%, essentially unchanged, where we continue to work through the vacancies in selected assets in order to reduce them.

Speaker #1: So this is the mainly the biggest driver of the increase of the finance costs. Taxation increased from 4 to 10, but this was mainly driven by the deferred income tax provision to be recorded this year.

Speaker #1: The current tax paid was at a similar level to last year. Putting this together, there is the period result is a loss of 18 million.

Speaker #2: Magda, if you can turn to slide number 8, which is a consolidated income statement. As Botond already mentioned, our revenue from rental activity was €106 million, up by 5% compared to the first half of 2025.

Jacek Bagiński: As Botond already mentioned, our revenue from rental activity was EUR 106 million, up by 5% comparing to H1 of 2025. Germany was stable at EUR 12 million in both periods, so the growth essentially comes from the rest of the group, which is the growth from EUR 89 million to EUR 94 million on the rental activity. The increase was driven mainly by higher rents in Southeast Europe and in Polish malls, and in the office sectors in Hungary and Poland. On like-for-like basis, the group recorded 2% rental growth in the H1 of 2025 compared to last year. Cost of rental operations fell down from EUR 35 million to EUR 33 million, 4% decrease, mainly driven by the Polish and Hungarian operations. Gross margin from the operating activity increased to 10%, to EUR 473 million, and the margin obviously increased as a percentage from 65% to 68%.

Speaker #1: And that's basically as you see it's mainly driven by the revaluation loss higher finance costs and the tax line mainly driven by the provision of the on the deferred income tax recorded.

Speaker #2: Germany was stable at 12 million in both periods. So, the growth essentially comes from the rest of the group, which is the increase from 89 million to 94 million in rental activity.

Speaker #1: On the other hand, as Botond was mentioning, the operating results are pretty decent with a solid increase of EBITDA by 11 or 12% year on year basis.

Speaker #2: The increase was driven mainly by higher rents in South-East Europe and in Polish malls, and in the office sectors in Hungary and Poland. Unlike for live bases, the group recorded 2% rental growth in the first half of 2026 compared to last year.

Speaker #1: Magda, if you can turn to the cash flow. Thank you. Operating cash flow was at 40 6 million broadly stable year on year, mainly driven by the better operating cash flow before working capital we have some unfavorable working capital changes related to some prepayments.

Speaker #2: Cost of rental operations fell from €35 million to €33 million, which is a 4% decrease, mainly driven by the Polish and Hungarian operations. Gross margin from the operating activity increased by 10% to €73 million, and the margin OCE increased as a percentage from 65% to 68%.

Speaker #1: That we had to make, but obviously we will focus more on the during the second half of the year. To manage that, let's say working capital better.

Speaker #1: On investment activity, CAPEX was 40 million down by 12 million comparing to last year. This was mainly driven by the obviously the fit out and CAPEX related to the properties and the increase of the occupancy of the properties.

Speaker #2: That's a solid gain, mainly driven by Poland. Then Serbia and Hungary—this reflects obviously stronger like-for-like rental performance, our effort in order to reduce the service and property costs, and decrease, obviously, the service charge leakage as a consequence.

Jacek Bagiński: That is a solid gain, mainly driven by Poland, then Serbia and Hungary. This reflects obviously a stronger like-for-like rental performance, our effort in order to reduce the service and property costs, and decrease the, obviously, the service charge leakage in consequence. On administrative expenses, also we have some success here. We reduced the cost from EUR 13 million to EUR 11 million, which is 13%, mainly due to reduction of the personal expenses and advisory costs. On EBITDA was EUR 60 million in the H1 of this year, up 12% from last year. Adjusted EBITDA was 63%, up 11% comparing to last year. Below the line, as you can see, we have unfortunately the loss from the revaluation of the assets, which widened to EUR 22 million in the H1 of this year from EUR 14 million last year.

Speaker #1: But also we spent approximately 15 million euros of the CAPEX related to completion of CP3 office in Budapest. We received 9 million from the sales of part of our residential land bank and residential units.

Speaker #2: On administrative expenses, we also have some success here. We reduced the cost from 13 to 11 million, which is a 13% decrease, mainly due to a reduction in personnel expenses and advisory costs.

Speaker #1: This is obviously as Botond was saying, that amount of the profits is substantially higher in Q3 this year because of the further disposals of the avenue mall and other assets.

Speaker #2: On EBITDA, EBITDA was €60 million in the first half of this year, up 12% from last year. Adjusted EBITDA was €63 million, up 11% compared to last year.

Speaker #1: The large inflow investing inflow of 209 million is mainly dominated by 239 million change in deposits reflected utilization of cash that we had the on the escrow account to finance the repayment of the old bonds.

Speaker #2: Below the EBITDA line, as you can see, we have, unfortunately, the loss from the revaluation of the assets, which widened to €22 million in the first half of this year from €14 million last year.

Speaker #1: On financing, we drew 46 million in long-term borrowings, mainly on the withdrawn some top-up on the Galleria Północna and we obviously refinanced a number of assets.

Speaker #2: This was mainly driven by the negative fair value adjustment for certain offices in Poland and Hungary. And on the residential portfolio in Germany, partially, this was offset by the positive fair value adjustment on malls in Poland and in Bulgaria.

Jacek Bagiński: This was mainly driven by the negative fair value adjustment of certain offices in Poland and Hungary, and on the residential portfolio in Germany. Partially, this was offset by the positive fair value adjustment on malls in Poland and in Bulgaria. Net finance costs, on the other hand, increased from EUR 36 million to EUR 45 million. This reflects the transitional overlap we described in Q1. As you know, interest on the newly issued bonds of EUR 455 million volume was at 6.5%, comparing to 2.3%, 2.4% that we paid on the bonds last year. This is mainly the biggest driver of the increase of the finance costs. Taxation increased from 4 to 10, but this was mainly driven by the deferred income tax provision we recorded this year. The current tax paid was at a similar level to last year.

Speaker #1: 336 million repayment line mainly reflects the repayment of GTC bonds or Aurora bonds as we call them and the scheduled amortization of the bank loans.

Speaker #2: Net finance costs, on the other hand, increased from 36 million to 45 million. This reflects the transitional overlap or the scrapping in the first half, in the first quarter.

Speaker #1: Net interest paid obviously was higher comparing to last year mainly driven by the refinancing of the bonds. The net cash movement for half of the year was a decrease of 73 million versus an increase of 25 million in last year.

Speaker #2: Interest on the, as you know, interest on the newly issued bonds of €455 million volume was at 6.5%, compared to the 2.3, 2.4% that we paid on the bonds last year.

Speaker #1: And the cash at the end of the period was 34 million down from 80 million last year and again this is largely a function of the bond repayment that obviously we use parts of our own cash to fully repay the bonds maturing.

Speaker #2: So this is mainly the biggest driver of the increase in finance costs. Taxation increased from 4 to 10, but this was mainly driven by the deferred income tax provision we recorded this year.

Speaker #1: If you can turn to the balance sheet page, Magda, please. Thank you. On the balance sheet, I'll keep it brief. There are not so many changes the total asset decreased from 3.3 to 2.9 million.

Speaker #2: The current tax paid was at a similar level to last year. Putting this together, the period result is a loss of €18 million.

Jacek Bagiński: Putting this together, the period result is a loss of EUR 18 million. That's basically, as you see, mainly driven by the revaluation loss, higher finance costs, and the tax line, mainly driven by the provision on the deferred income tax recorded. On the other hand, as Botond was mentioning, the operating results are pretty decent with a solid increase of EBITDA by 11% or 12% year-on-year basis. Magda, if you can turn to the cash flow. Thank you. Operating cash flow was at EUR 46 million, broadly stable year-on-year, mainly driven by the better operating cash flow before working capital. We have some unfavorable working capital changes related to some repayments that we had to make, but obviously, we will focus more during the H2 of the year to manage that, let's say, working capital better.

Speaker #2: And that's basically, as you see, it's mainly driven by the revaluation loss, higher finance costs, and the tax line, mainly driven by the provision on the deferred income tax recorded.

Speaker #1: Mainly due to the utilization of cash held on the accounts to repay the bonds that I mentioned already just a minute ago. The asset health for sale increased from 20 million to 135 million reflecting exactly the reclassification of properties which were in majority sold, which is avenue mall and avenue center and some additional German units and land in Romania.

Speaker #2: On the other hand, as Botond was mentioning, the operating results are pretty decent, with a solid increase of EBITDA by 11 or 12% year-on-year.

Speaker #2: Magda, if you can turn to the cash flow. Thank you. Operating cash flow was at €46 million, broadly stable year on year, mainly driven by the better operating cash flow before working capital. We had some unfavorable working capital changes related to some prepayments.

Speaker #1: Deposits felt obviously down from 29 290 million to 43 million which is again related to the repayment of the bonds and what is worth to mention is that short-term financing debt fell from close to 900 million to 350 million mainly on the repayment of the bonds.

Speaker #2: And that we had to make, but obviously we will focus more on that during the second half of the year. To manage that, let's say, working capital better.

Speaker #1: But also the effort that the company made on the extension of the financing. And Magda, if you can turn on the left last slide which is a debt profile.

Speaker #2: On investment activity, CAPEX was €40 million, down by €12 million compared to last year. This was mainly driven by, obviously, the fit-out and CAPEX related to the properties and the increase of the occupancy of the properties.

Jacek Bagiński: On investment activity, CapEx was EUR 40 million, down by EUR 12 million comparing to last year. This was mainly driven by, obviously, the fit-out and CapEx related to the properties and the increase of the occupancy of these properties. But also we spent approximately EUR 15 million of the CapEx related to completion of CP3 office in Budapest. We received EUR 9 million from the sales of part of our residential land bank and residential units. This is obviously, as Botond was saying, that amount of the proceeds is substantially higher in Q3 this year because of the further disposals of The Avenue Mall and other assets. The large inflow, investing inflow of EUR 209 million is mainly dominated by EUR 239 million change in deposits, reflecting utilization of cash that we had on the escrow account to finance the repayment of the old bonds.

Speaker #1: Slide. Sorry. So net debt stands at approximately 1.6 billion. LTV went up unfortunately to from 57 to 58.7% maybe a side note is that the LTV calculated for the purpose of the euro bonds is lower than 58.7.

Speaker #2: But also, we spent approximately €15 million of CAPEX related to the completion of the CP3 office in Budapest. We received €9 million from the sale of part of our residential land bank and residential units.

Speaker #1: There's a special definition in documentation which basically results as I said in lower LTV than 58.7 for the computation of the euro bonds. Covenant.

Speaker #2: This is obviously, as Botond was saying, that amount of the profits is substantially higher in Q3 this year because of the further disposals of the Avenue Mall and other assets.

Speaker #1: Basically the drivers of that change was the decrease of the cash on the accounts mainly driven by the fact that we had to repay the bonds and this was mainly the main reason of the increase of the LTV.

Speaker #2: The large investing inflow of 209 million is mainly dominated by a 239 million change in deposits, which reflected the utilization of cash that we had on the escrow account to finance the repayment of the old bonds.

Speaker #1: On the positive side, note weighted average debt maturity improved substantially to 3.9 years from 2.9 years reflecting the extension refinancing completed during the half of the year.

Speaker #2: On financing, we drew €46 million in long-term borrowings, mainly on the withdrawn some top-up on the Galleria Północna, and we obviously refinanced a number of assets.

Jacek Bagiński: On financing, we drew EUR 46 million in long-term borrowings, mainly we've drawn some top-up on the Galeria Północna, and we obviously refinanced a number of assets. EUR 336 million repayment line mainly reflects the repayment of GTC bonds or Aurora bonds, as we call them, and the scheduled amortization of the bank loans. Net interest paid obviously was higher compared to last year, mainly driven by the refinancing of the bonds. The net cash movement for H1 of the year was a decrease of EUR 73 million versus an increase of EUR 25 million in last year. The cash at the end of the period was EUR 34 million, down from EUR 80 million last year. Again, this is largely a function of the bond repayment that obviously we use parts of our own cash to fully repay the bonds maturing.

Speaker #1: I'll also note that additional 130 million of senior loans which you see as a current loans as of end of Q2 were already extended in Q3.

Speaker #2: The €336 million repayment line mainly reflects the repayment of GTC bonds, or Aurora bonds as we call them, and the scheduled amortization of the bank loans.

Speaker #1: So basically the balance of let's say this 100 debt 340 7 million of the loans maturing in one year will decrease by the 130 in Q3 this year.

Speaker #2: Net interest paid, obviously, was higher compared to last year, mainly driven by the refinancing of the bonds. The net cash movement for half of the year was a decrease of €73 million, versus an increase of €25 million last year.

Speaker #1: Weighted average interest rate unfortunately went up from 4.5 to 5.3% and again that's the major driver is the refinancing of the bonds which occurred in at the end of 2025.

Speaker #2: And the cash at the end of the period was €34 million, down from €80 million last year, and again this is largely a function of the bond repayment. Obviously, we used part of our own cash to fully repay the bonds maturing.

Speaker #1: So that's all on my side. So Botond please back to you.

Speaker #2: Thank you very much, Jacek. I think just to repeat a little bit to wrap up where we are after the first half. Basically I think we have managed to improve the business in a sustainable way.

Speaker #2: If you can turn to the balance sheet page, Magda, please. Thank you. On the balance sheet, I'll keep it brief. There are not so many changes at all, asset-wise.

Jacek Bagiński: If you can turn to the balance sheet page, Magda, please. Thank you. On the balance sheet, I will keep it brief. There are not so many changes. The total asset decreased from EUR 3.3 million to EUR 2.9 million, mainly due to the utilization of cash held on the accounts to repay the bonds that I mentioned already just a minute ago. The asset held for sale increased from EUR 20 million to EUR 135 million, reflecting exactly the reclassification of properties, which were in majority sold, which is Avenue Mall and Avenue Center, and some additional German units and land in Romania. Deposits fell obviously down from EUR 290 million to EUR 43 million, which is again, related to the repayment of the bonds.

Speaker #2: Decreased from 3.3 to 2.9 million, mainly due to the accounts to repay the bonds that I mentioned already just a minute ago. The assets held for sale increased from 20 million to 135 million, reflecting exactly the reclassification of properties, which were in majority sold—Avenue Mall and Avenue Center—and some additional German units and land in Romania.

Speaker #2: There was some other factors but the majority of the changes are sustainable. The growth in revenue margin EBITDA all going to the right direction and the asset values were also relatively stable.

Speaker #2: I think Jacek you spoke quite a lot about the leverage component for us. The most important component is that the maturity profile is now significantly healthier where it was and the short-term I would say refreshment of the loans are done.

Speaker #2: So we are making progress. I'm also a little bit impatient with the disposals but we also do not want to sell assets at values which are unacceptable for us.

Speaker #2: Deposits fell, obviously, down from €290 million to €43 million, which is again related to the repayment of the bonds. What is worth mentioning is that short-term financing debt fell from close to €900 million to €350 million, mainly due to the repayment of the bonds.

Jacek Bagiński: What is worth to mention is that short-term financing debt fell from close to EUR 900 million to EUR 350 million, mainly on the repayment of the bonds, but also the effort that the company made on the extension of the financing. Magda, if you can turn on the last slide, which is a debt profile slide. Sorry. Net debt stands at approximately EUR 1.6 billion. LTV went up, unfortunately, from 57% to 58.7%. Maybe a side note is that the LTV calculated for the purpose of the euro bonds is lower than 58.7%. There is a special definition in documentation, which basically results a certain lower LTV than 58.7% for the computation of the euro bonds component. Basically, the drivers of that change was the decrease of the cash on the accounts, mainly driven by the fact that we have to repay the bonds.

Speaker #2: And our balance sheet now is stronger than it was earlier. So overall I expect that the second half of the year is going to be better with the disposals and we will continue the operational efficiency improvements that we have already implemented for the first half.

Speaker #2: But also the effort that the company made on the extension of the financing. And Magda, if you can turn on the last slide, which is the debt profile slide.

Speaker #2: So I think this is my short summary and I would like to hand over back to you Michal so that us start the Q&A session.

Speaker #1: Thank you Botond. So I'll hand over to Alex to remind us how to remind the participants how they should ask questions. Please.

Speaker #2: Sorry. So net debt stands at approximately €1.6 billion. LTV went up, unfortunately, from 57% to 58.7%. Maybe a side note is that the LTV calculated for the purpose of the euro bonds is lower than 58.7%.

Speaker #3: Thank you. As a reminder, Equinite ask a question. Please join the Zoom call and type your question into the Q&A text box at the bottom of your screen.

Speaker #1: Thanks a lot Alex. And we did receive a few of the first questions. We have the first question from Cesar Bernatek from Ersta. The question reads how do you assess the valuation outlook for the more mature office assets in GTC Polish and Hungarian business?

Speaker #2: There's a special definition in the documentation which basically results, as I said, in a lower LTV than 58.7 for the computation of the euro bonds covenant.

Speaker #2: Maybe I will start to elaborate on it. So guys as you remember at the year end of 2025 the company recorded a massive write-offs on the assets mainly the office buildings.

Speaker #2: And basically, the drivers of that change were the decrease of the cash on the accounts, mainly driven by the fact that we had to repay the bonds, and this was mainly the main reason for the increase of the LTV.

Jacek Bagiński: This was the main reason of the increase of the LTV. On the positive side note, weighted average debt maturity improved substantially to 3.9 years from 2.9 years, reflecting the extension and refinancing completed during the H1 of the year. I will also note that additional EUR 130 million of senior loans, which you see as a current loans as of end of Q2, were already extended in Q3. Basically, the balance of, let us say, that EUR 347 million of the loans maturing in one year will decrease by EUR 113 million in Q3 this year. Weighted average interest rate, unfortunately, went up from 4.5% to 5.3%. Again, the major driver is the refinancing of the bonds, which occurred at the end of 2025. That is all on my side. Botond, please, back to you.

Speaker #2: There were also some write-offs of the office on the offices in Q1 and Q2 this year. So I think that in regard to the let's say to the let me call it adjustments of the value of the assets that we had on the books in last years to today's we already made a substantial effort in order to reflect that let's say through making the write-offs to reflect the real value of the assets.

Speaker #2: On the positive side, note that weighted average debt maturity improved substantially to 3.9 years from 2.9 years, reflecting the extension refinancing completed during the half of the year.

Speaker #2: I'll also note that an additional €130 million of senior loans, which you see as current loans as of the end of Q2, were already extended in Q3.

Speaker #2: So basically, the balance of, let's say, this $100 debt—$347 million of the loans maturing in one year—will decrease by the $130 million in Q3 this year.

Speaker #2: So this is point number one. Point number two obviously is that we are working on the increase of the occupancy in Polish of offices which basically as you remember we have 76% of occupancy only and in Hungary as well.

Speaker #2: The weighted average interest rate, unfortunately, went up from 4.5% to 5.3%, and again, the major driver is the refinancing of the bonds which occurred at the end of 2025.

Speaker #2: There are some very positive messages that we are hearing from the Hungarian market. So we hope to maintain the value of the assets on the books but obviously there is a risk.

Speaker #2: So that's all on my side. So, Botond, please, back to you.

Speaker #2: There is some risk that we will see further deterioration of the value hopefully it won't be a substantial number but as I said we simply work on the increase of occupancy and the substantial write-offs on the assets will already made at the end of 2025.

Speaker #1: Thank you very much, Jacek. I think, just to repeat a little bit to wrap up where we are after the first half—basically, I think we have managed to improve the business in a sustainable way.

Botond Rencz: Thank you very much, Jacek. I think just to repeat a little bit, wrap up where we are after the H1. Basically, I think we have managed to improve the business in a sustainable way. There were some one-off items, but the majority of the changes are sustainable. The growth in revenue margin, EBITDA, are all going to the right direction, and the asset values were also relatively stable. I think, Jacek, you spoke quite a lot about the leverage component. For us, the most important component is that the maturity profile is now significantly healthier where it was at the short-term, I would say, refreshment of the loans are done. We are making progress. I am also a little bit impatient with the disposals, but we also do not want to sell assets at values which are unacceptable for us.

Speaker #1: There were some other factors, but the majority of the changes are sustainable. The growth in revenue, margin, and EBITDA are all going in the right direction, and the asset values were also relatively stable.

Speaker #1: Cesar also wants to ask if we can share any potential time frame for the strategic options review launched recently referring to the current report we published a few weeks ago.

Speaker #1: I think, Jacek, you spoke quite a lot about the leverage component. For us, the most important component is that the maturity profile is now significantly healthier than where it was, and the short-term, I would say, refreshment of the loans is done.

Speaker #2: I think maybe I can answer that question if it'll be unfortunately a very short answer. We are not aware of any timeline with respect of that current report.

Speaker #1: So we are making progress. I'm also a little bit impatient with the disposals, but we also do not want to sell assets at values which are unacceptable for us.

Speaker #1: Thank you Botond. And these were the questions from Cesare. So now we have a round of question from Jakub Kajtamel from Łódź. Maybe I will read them one by one.

Speaker #1: So Jakub would like to have an update on the kill their plot monetization if we can share any insights on this. Then the second question is about the German disposals.

Speaker #1: And our balance sheet now is stronger than it was earlier. So, overall, I expect that the second half of the year is going to be better with the disposals, and we will continue the operational efficiency improvements that we have already implemented for the first half.

Botond Rencz: Our balance sheet now is stronger than it was earlier. Overall, I expect that the H2 of the year is going to be better with the disposals, and we will continue the operational efficiency improvements that we have already implemented for the H1. I think this is my short summary, and I would like to hand over back to you, Michał, so that we start the Q&A session.

Speaker #1: If we can comment on the progress so far and any challenges with the disposal program in Germany. And finally the third question from Jakub is the expected maintenance and fit out capex guidance for the second half of this year.

Speaker #1: So I think this is my short summary, and I would like to hand over back to you, Michal, so that we can start the Q&A session.

Speaker #3: Thank you, Botond. So, I'll hand over to Alex to remind us how to remind the participants how they should ask questions. Please.

Michał Kuzawiński: Thank you, Botond. I will hand over to Alex to remind the participants how they should ask questions, please.

Speaker #2: Botond do you want to say on kill their? Yes. Yes. Let me start with the Irish one. We do not have very specific deadline about that potential transaction.

Speaker #4: Thank you. As a reminder, Equinite, please ask your question. Please join the Zoom call and type your question into the Q&A text box at the bottom of your screen.

Operator: Thank you. As a reminder, if you would like to ask a question, please join the Zoom call and type your question into the Q&A text box at the bottom of your screen.

Speaker #3: Thanks a lot, Alex. We did receive a few of the first questions. We have the first question from Cezar Bernatek from Ersta. The question reads: How do you assess the valuation outlook for the more mature office assets in GTC's Polish and Hungarian business?

Michał Kuzawiński: Thanks a lot, Alex. We did receive a few of the first questions. We have the first question from Cesare Bernatek from ERSTE. The question reads: How do you assess the valuation outlook for the more mature office assets in GTC Polish and Hungarian business?

Speaker #2: Because of its legal structure it is not a very simple pre-money law let's say ownership. We are looking at various options. But at this I would say at this stage I cannot say anything more specific about that transaction.

Speaker #1: Maybe I will start to elaborate on it. So, guys, as you remember, at the year-end of 2025, the company recorded a massive write-off on the assets, mainly the office buildings.

Jacek Bagiński: Maybe I will start to elaborate on it. Guys, as you remember, at the year-end of 2025, the company recorded massive write-offs on the assets, mainly the office buildings. There were also some write-offs of the offices in Q1 and Q2 this year. I think that in regards to the, let's say, to the, let me call it, adjustments of the value of the assets that we had on the books in last years to today's, we already made a substantial effort in order to reflect that, let's say, to making the write-offs, to reflect the real value of the assets. This is point number one. Point number two, obviously, is that we are working on the increase of the occupancy, in Polish offices, which basically, as you remember, we have 76% of occupancy only, and in Hungary as well.

Speaker #2: But we are considering it and we are in talks okay. So on Germany so maybe I will elaborate. We are advancing in the process of disposal of the portfolio we are negotiate a couple of LOIs on number of apartments or condominiums we expect that the value and the process from the disposals in Germany will substantially increase comparing to the first half of this year.

Speaker #1: There were also some write-offs of the office on the offices in Q1 and Q2 this year. So I think that in regard to the let's say to the let me call it adjustments of the value of the assets that we had on the books in last years to today's we already made a substantial effort in order to reflect that let's say through making the write-offs to reflect the real value of the assets.

Speaker #2: And on the capex meaning fit out and capex for the second half of the year this would be around 20 to 25 million euros.

Speaker #1: So this is point number one. Point number two, obviously, is that we are working on the increase of the occupancy in Polish offices, which basically, as you remember, we have only 76% occupancy, and in Hungary as well.

Speaker #1: Thank you Jacek. Now we have question from Emma Otmani. Could you please share your guidance for the full year 2026 in terms of EBITDA capex and asset disposals?

Speaker #1: There are some very positive messages that we are hearing from the Hungarian market, so we hope to maintain the value of the assets on the books. But obviously, there is a risk.

Jacek Bagiński: There are some very positive messages that we are hearing from the Hungarian market. We hope to maintain the value of the assets on the books, but obviously, there is a risk. There is some risk that we will see further deterioration of the value. Hopefully, it won't be a substantial number. But as I said, we are simply work on the increase of occupancy and the substantial write-offs on the assets will be made at the end of 2025.

Speaker #2: Michal I'm not sure if we provided any guidance.

Speaker #1: We don't provide correct. We don't provide any guidance. We don't publish guidance. Is the answer. Okay. We move to the next question. From Anders Skovgaard.

Speaker #1: There is some risk that we will see further deterioration of that value. Hopefully it won't be a substantial number, but as I said, we simply work on the increase of occupancy, and the substantial write-offs on the assets were already made at the end of 2025.

Speaker #1: So somewhat related to already to the question from Cesare. But let me read. So we continue to see negative fair value adjustment in this quarter.

Speaker #1: Have the entire portfolio been revalued now or will we continue to see negative fair value impact going forward?

Michał Kuzawiński: Cesare also wants to ask if we can share any potential timeframe for the strategic options review launched recently, referring to the current report we published a few weeks ago.

Speaker #3: Cezar also wants to ask if we can share any potential time frame for the strategic options review launched recently, referring to the current report we published a few weeks ago.

Speaker #2: As I said we at the end of 2025 we made a substantial impairment on the assets. So this is point number one. Point number two obviously is that we are spending the capex.

Speaker #1: I think maybe I can answer that question, though unfortunately it will be a very short answer. We are not aware of any timeline with respect to that current report.

Botond Rencz: I think maybe I can answer that question. It will be, unfortunately, a very short answer. We are not aware of any timeline with respect to that current report.

Speaker #2: For the fit out and the maintenance of the buildings so far we are only partially successful in capitalizing that capex to the properties. So if this continue further basically there will be some write-offs related to the part of the capex and fit outs that we spent on the buildings but we cannot capitalize simply because our value was are of the opinion that they do not increase the value of the properties sufficiently.

Speaker #3: Thank you, Botond. And these were the questions from Cezar. So now we have a round of questions from Jakub Kajtamel from Łódź. Maybe I will read them one by one.

Michał Kuzawiński: Thank you, Botond. These were the questions from Cesare Bernatek. Now we have a round of questions from Jacob Keitel from WOOD. Maybe I will read them one by one. Jacob would like to have an update on the Kildare plot monetization, if we can share any insights on this. Then the second question is about the German disposals, if we can comment on the progress so far and any challenges with the disposal program in Germany. Finally, the third question from Jacob is the expected maintenance and fit-out CapEx guidance for the H2 of this year.

Speaker #3: So Jakub would like to have an update on the Kildare plot monetization, if we can share any insights on this. Then, the second question is about the German disposals.

Speaker #3: If we can comment on the progress so far and any challenges with the disposal program in Germany. And finally, the third question from Jakub is the expected maintenance and fit-out capex guidance for the second half of this year.

Speaker #2: And going forward also we are cautiously optimistic that you know that we will not have to make any additional write-offs on the offices but again it's also driven by the market by the liquidity we have a number of assets in smaller cities in Poland so they are exposed to certain devaluation on the other hand we see some positive movements on the Hungarian market in regard of the leasing activity so I would say are we I think are cautiously optimistic that we could keep that value on the books but again I cannot exclude that value was and auditors will have a different opinion on it.

Jacek Bagiński: Botond, do you want to say on Kildare maybe?

Speaker #1: Botond, do you want to say something on Kildare maybe?

Botond Rencz: Yes. Let me start with the Irish one. We do not have very specific deadline about that potential transaction. Because of its legal structure, it is not a very simple plain vanilla, let's say, ownership. We are looking at various options. I would say at this stage, I cannot say anything more specific about that transaction. We are considering it, and we are in talks.

Speaker #2: Yes, yes. Let me start with the Irish one. We do not have a very specific deadline for that potential transaction. Because of its legal structure, it is not a very simple pre-money law, let's say, ownership.

Speaker #2: We are looking at various options. But at this I would say at this stage I cannot say anything more specific about that transaction. But we are considering it and we are in talks okay.

Speaker #1: And then Anders is asking how does the deleveraging disposal pipeline look for the next 12 months?

Jacek Bagiński: Okay. On Germany, maybe I will elaborate. We are advancing in the process of disposal of this portfolio. We negotiate a couple of LOIs on a number of apartments or condominiums. We expect that the value and the process from the disposals in Germany will substantially increase comparing to the H1 of this year. On the CapEx, meaning fit-out and CapEx for the H2 of the year, this would be around EUR 20 to EUR 25 million.

Speaker #1: So, on Germany—maybe I will elaborate. We are advancing in the process of disposal of the portfolio. We are negotiating a couple of LOIs on a number of apartments or condominiums. We expect that the value and the proceeds from the disposals in Germany will substantially increase compared to the first half of this year.

Speaker #2: We have you know as we said at the beginning of the year we are we have a larger program of disposing of the assets.

Speaker #2: That program obviously will materialize or you will see material effect of this program already in the second half of the year with disposal of avenue mall and some other assets in from our portfolio that we executed in Q3.

Speaker #2: I don't want to give any number in regard to the total process from disposal on the value of the assets to be sold but again the leveraging is our major focus.

Speaker #1: And on the capex, meaning fit-out and capex for the second half of the year, this would be around €20 to €25 million.

Speaker #2: So we are doing all possible or we're taking all possible efforts in order to decrease LTV.

Michał Kuzawiński: Thank you, Jacek. Now we have question from Emma Otmani. Could you please share your guidance for the full year 2026 in terms of EBITDA, CapEx, and asset disposals?

Speaker #3: Thank you, Jacek. Now we have a question from Emma Otmani: Could you please share your guidance for the full year 2026 in terms of EBITDA, capex, and asset disposals?

Speaker #1: And Anders also would like to know what loans do we need to roll over of the next 12 months and what is the progress on these?

Speaker #2: So basically as you saw on that last slide there was a 350 million euros loans maturing within the next 12 months out of which 130 was already extended so we talk about 200 20 million right of the loans these are I would say a normal loans secured on the assets which we are pretty confident that we will be able to extend.

Speaker #1: Michal, I'm not sure if we provided any guidance.

Jacek Bagiński: Michał, I'm not sure if we provided any guidance.

Speaker #3: We don't provide, correct, we don't provide any guidance. We don't publish guidance—is the answer. Okay, we move to the next question from Anders Skovgaard.

Michał Kuzawiński: Correct. We don't provide any guidance. We don't publish guidance, is the answer. We move to the next question from Anders Skovgaard. So somewhat related already to the question from Cesare Bernatek, but let me read. "We continue to see negative fair value adjustment in this quarter. Have the entire portfolio been revalued now, or would we continue to see negative fair value impact going forward?

Speaker #3: So, somewhat related already to the question from Cezar, but let me read. So, we continue to see negative fair value adjustment in this quarter.

Speaker #2: So these are like mortgage loans provided to finance separate assets which normally mature every five years so here we do not see any risk related with not being able to refinance or to extend that loans for the next couple of years.

Speaker #3: Has the entire portfolio been revalued now, or will we continue to see negative fair value impacts going forward?

Speaker #1: As I said, at the end of 2025 we made a substantial impairment on the assets. So this is point number one. Point number two, obviously, is that we are spending the capex.

Jacek Bagiński: As I said, at the end of 2025, we made a substantial impairment on the assets. This is point number 1. Point number 2, obviously, is that we are spending the CapEx for the fit-out and the maintenance of the buildings. So far, we are only partially successful in capitalizing that CapEx to the properties. So, if this continue further, basically, there will be some write-offs related to the part of the CapEx and fit-outs that we spent on the buildings, but we cannot capitalize, simply because our valuers are of the opinion that they do not increase the value of the property sufficiently. Going forward, also, we are cautiously optimistic that we will not have to make any additional write-offs on the offices. But again, it's also driven by the market, by the liquidity.

Speaker #1: Thank you Jacek. And Michal Majerski had a similar question effectively asking how we are planning to well repay this remaining amount of 220 million.

Speaker #1: So I understand the answer is that we are planning to roll these loans over.

Speaker #1: For the fit-out and the maintenance of the buildings so far, we are only partially successful in capitalizing that capex to the properties. So if this continues further, basically there will be some write-offs related to the part of the capex and fit-outs that we spent on the buildings, but we cannot capitalize simply because our valuers are of the opinion that they do not increase the value of the properties sufficiently.

Speaker #2: Yeah.

Speaker #1: Okay. So I hope that Michal that your question is addressed with this. If not let's talk offline and also Anders I will come back to you on your technical question about the Kildare issue that you have raised I will share the answer also offline by email.

Speaker #1: At this point in time we have no further questions. So yeah thank you for your participation. Thank you for your questions. And if you still have any questions then please reach out to us.

Speaker #1: And going forward also we are cautiously optimistic that you know that we will not have to make any additional write-offs on the offices but again it's also driven by the market by the liquidity we have a number of assets in smaller cities in Poland so they are exposed to certain devaluation on the other hand we see some positive movements on the Hungarian market in regard of the leasing activity so I would say are we I think are cautiously optimistic that we could keep that value on the books but again I cannot exclude that valuers and auditors will have a different opinion on it.

Speaker #1: We will come back to you on all of the other points that you have raised during the call today. Thank you.

Speaker #2: Thank you.

Jacek Bagiński: We have a number of assets in smaller cities in Poland, so they are exposed to certain devaluation. On the other hand, we see some positive movements on the Hungarian market in regard of the leasing activity. I would say, I think are cautiously optimistic that we could keep that value on the books. But again, I cannot exclude that valuers and auditors will have a different opinion on it.

Speaker #3: And then Anders is asking, how does the deleveraging disposal pipeline look for the next 12 months?

Michał Kuzawiński: Anders is asking, "How does the deleveraging disposal pipeline look for the next 12 months?

Speaker #1: We have you know as we said at the beginning of the year we are we have a larger program of disposing of the assets.

Jacek Bagiński: As we said at the beginning of the year, we have a larger program of disposing of the assets. That program obviously will materialize, or you will see material effect of this program already in the H2 of the year with disposal of Avenue Mall and some other assets from our portfolio that we executed in Q3. I do not want to give any number in regard to the total profit from disposal or the value of the assets to be sold, but again, deleveraging is our major focus. We are doing all possible, or we are taking all possible efforts in order to decrease LTVs.

Speaker #1: That program obviously will materialize, or you will see the material effect of this program already in the second half of the year, with disposal of revenue and some other assets from our portfolio that we executed in Q3.

Speaker #1: I don't want to give any number in regard to the total profits from disposal on the value of the assets to be sold, but again, the leveraging is our major focus.

Speaker #1: So we are doing all possible or we're taking all possible efforts in order to decrease LTV.

Speaker #3: And Anders also would like to know which loans we need to roll over over the next 12 months and what is the progress on these?

Michał Kuzawiński: Anders also would like to know what loans do we need to roll over of the next 12 months, and what is the progress on these?

Speaker #1: So, basically, as you saw on that last slide, there were €350 million in loans maturing within the next 12 months, out of which €130 million was already extended. So, we talk about €220 million, right, of the loans. These are, I would say, normal loans secured on the assets, which we are pretty confident that we will be able to extend.

Jacek Bagiński: Basically, as you saw on that last slide, there was EUR 350 million loans maturing within the next 12 months, out of which 130 was already extended. So we talk about EUR 220 million of the loans. These are, I would say, normal loans secured on the assets, which we are pretty confident that we will be able to extend. So these are like mortgage loans provided to finance separate assets, which normally mature every 5 years. So here, we do not see any risk related with not being able to refinance or to extend that loans for the next couple of years.

Speaker #1: So these are like mortgage loans provided to finance separate assets, which normally mature every five years. So, here we do not see any risk related to not being able to refinance or to extend those loans for the next couple of years.

Michał Kuzawiński: Thank you, Jacek. Michał Majewski had a similar question, effectively asking how we are planning to, well, repay this remaining amount of EUR 220 million. So I understand the answer is that we are planning to roll these loans over.

Speaker #3: Thank you, Jacek. And Michal Majerski had a similar question, effectively asking how we are planning to, well, repay this remaining amount of €220 million.

Speaker #3: So, I understand the answer is that we are planning to roll these loans over.

Jacek Bagiński: We will roll over. Yeah.

Speaker #1: Yeah.

Speaker #3: Okay. So I hope that, Michal, your question is addressed with this. If not, let's talk offline. And also, Anders, I will come back to you on your technical question about the Kildare issue that you have raised. I will share the answer also offline by email.

Michał Kuzawiński: Okay. So I hope that Michał, that your question is addressed with this. If not, let's talk offline. Also, Anders, I will come back to you on your technical question about the Kildare issue that you have raised. I will share the answer also offline by email. At this point in time, we have no further questions. So yeah, thank you for your participation. Thank you for your questions. If you still have any questions, then please reach out to us. We will come back to you on all of the other points that you have raised during the call today. Thank you.

Speaker #3: At this point in time, we have no further questions. So, thank you for your participation. Thank you for your questions. If you still have any questions, please reach out to us.

Speaker #3: We will come back to you on all of the other points that you have raised during the call today. Thank you.

Speaker #1: Thank you.

Jacek Bagiński: Thank you.

Speaker #2: Thank you.

Magda Frąckowiak: Thank you.

Operator: Thank you all for joining. You may now disconnect.

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Half Year 2026 Globe Trade Centre SA Earnings Call

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