Announcement • May 25
Globe Trade Centre S.A., Annual General Meeting, Jun 19, 2026 Globe Trade Centre S.A., Annual General Meeting, Jun 19, 2026, at 12:00 Central European Standard Time. Location: airport hotel okecie przy ul., komitetu obrony robotnikow 24., warsaw Poland Reported Earnings • May 05
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: €0.27 loss per share (down from €0.089 profit in FY 2024). Revenue: €202.1m (up 7.8% from FY 2024). Net loss: €155.0m (down 405% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 02
Third quarter 2025 earnings released: €0.05 loss per share (vs €0.016 profit in 3Q 2024) Third quarter 2025 results: €0.05 loss per share (down from €0.016 profit in 3Q 2024). Revenue: €50.5m (up 7.9% from 3Q 2024). Net loss: €28.9m (down 407% from profit in 3Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €51.3m (up 9.4% from 2Q 2024). Net loss: €1.90m (down 109% from profit in 2Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jul 11
Globe Trade Center S.A. Appoints Zoltán Martonyi as Member of the Supervisory Board Globe Trade Center S.A. informed that on 10 July 2025, it received a written notice from GTC Dutch Holdings B.V. with its registered office in Amsterdam, the Netherlands (the "Entitled Shareholder"), according to which the Entitled Shareholder appoints Mr. Zoltán Martonyi as member of the Supervisory Board of the Company, effective immediately. The appointment was made pursuant to article 9 point 1 a)-c) of the Articles of Association of the Company. Dr. Zoltán Martonyi is a senior partner at Martonyi & Partner Law Firm, advising on complex legal, financial, and defense industry transactions. He previously served as a global relationship partner at PwC and held senior roles at leading international law firms, including Linklaters and Baker & McKenzie, where he was a partner leading the banking and finance practice in Budapest. Dr. Martonyi holds an LL.M. from Cornell Law School and a law degree from Eötvös Loránd University. He currently chairs the supervisory board of the Foundation for Theatre and Film Arts and leads the international affairs committee of the Hungarian Defence Industry Association. He is a former member of the board of directors of KDB Bank Europe Zrt. and currently serves on the supervisory board of the Habsburg Ottó Foundation. Reported Earnings • May 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: €49.8m (up 9.0% from 1Q 2024). Net income: €1.00m (down 89% from 1Q 2024). Profit margin: 2.0% (down from 20% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Apr 30
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €0.09 (up from €0.018 in FY 2023). Revenue: €187.5m (up 2.2% from FY 2023). Net income: €50.9m (up 385% from FY 2023). Profit margin: 27% (up from 5.7% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 13% per year and the company’s share price has also fallen by 13% per year. Announcement • Apr 23
Globe Trade Centre S.A. Announces Changes in the Supervisory Board, Effective 22 April 2025 The Management Board of Globe Trade Center S.A. (Company) informed that on 22 April 2025, it received a written notice from GTC Dutch Holdings B.V. with its registered office in Amsterdam, the Netherlands (the "Entitled Shareholder"), according to which the Entitled Shareholder revokes Mr. Tamás Sándor and Mr. Csaba Cservenák from the position s of members of the Supervisory Board of the Company, effective as of 22 April 2025. The dismissal was made pursuant to article 9 point 4 of the Articles of Association of the Company. Additionally, Entitled Shareholder, appoints Mr. Ferenc Daróczi as member of the Supervisory Board of the Company, effective as of the date of receipt of 22 April 2025. Appointment was made pursuant to article 9 point 1 a)-c) of the Articles of Association of the Company. Mr. Ferenc Daróczi has more than three decades of experience in construction, investment and real estate development. He began his career with almost six years of construction work in Germany before returning to Hungary to develop the ECE ÁRKÁD shopping centers in Budapest, Pécs und Gyr, as team leader. In 2008, he was appointed Managing Director of HOCHTIEF Development Kft, whose name is associated with the development of the Capital Square office building in Budapest. Since 2013, he has been managing a private investment management and real estate development company, which has continuously prepared and implemented factories,
monument projects, logistics projects, office buildings and residential projects in Hungary, realizing hundreds of thousands of square meters of investments so far. He also acts as the Hungarian managing director of three large international real estate companies, specifically highlighted Allianz Eiffel Square Kft of Allianz Group and Szervita Square Kft of Union Group,
which are emblematic office buildings on the Budapest office market. Ferenc Daróczi graduated in architecture from the Ybl Miklós Technical University in Budapest. He has been a member of the RICS (Royal Institution of Chartered Surveyors) since 2012. Announcement • Mar 19
Balint Szécsényi Resigns from Supervisory Board of Globe Trade Centre S.A The management board of Globe Trade Centre SA ("GTC", "Company") informs that on 18 March 2025, received a written statements from Balint Szécsényi according to which Mr. Szécsényi resigned from his seat on the supervisory board of the Company, effective immediately. Announcement • Feb 06
An unknown buyer acquired Assets in Warsaw and office in Zagreb (PL) from Globe Trade Centre S.A. (WSE : GTC) An unknown buyer agreed to acquire Assets in Warsaw and office in Zagreb (PL) from Globe Trade Centre S.A. (WSE : GTC) on February 5, 2025.
An unknown buyer completed acquisition of Assets in Warsaw and office in Zagreb (PL) from Globe Trade Centre S.A. (WSE : GTC) on February 5, 2025. Announcement • Jan 06
Globe Trade Centre S.A. Announces Resignation of Lorant Dudas from Supervisory Board The management board of Globe Trade Centre SA informed that on 6 January 2025, received a written statements of Lorant Dudas according to which Mr. Dudas resigned from his seat on the supervisory board of the Company, effective as of 5 January 2025 . Major Estimate Revision • Dec 03
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.105 to €0.09 per share. Revenue forecast steady at €186.3m. Net income forecast to grow 14% next year vs 26% growth forecast for Real Estate industry in Poland. Consensus price target down from zł5.12 to zł4.85. Share price fell 4.6% to zł4.19 over the past week. Reported Earnings • Nov 28
Third quarter 2024 earnings released: EPS: €0.016 (vs €0.008 in 3Q 2023) Third quarter 2024 results: EPS: €0.016 (up from €0.008 in 3Q 2023). Revenue: €46.8m (up 2.2% from 3Q 2023). Net income: €9.40m (up 104% from 3Q 2023). Profit margin: 20% (up from 10.0% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Sep 25
Globe Trade Centre S.A. Announces Resignation of Slawomir Niemierka as Supervisory Board The management board of Globe Trade Centre SA announced that on September 25, 2024, received a written statements of Slawomir Niemierka according to which Mr. Niemierka resigned
from his seat on the supervisory board of the Company, effective as of 25 September 2024. Announcement • Aug 30
Globe Trade Centre S.A. Appoints György Stofa as Member of the Management Board The Management Board of Globe Trade Center S.A. informed that on 30 August 2024, the Supervisory Board of GTC appointed Mr. György Stofa as a member of the Management Board of GTC S.A. The appointment is effective 1 September 2024. Mr. György Stofa is Deputy Chief Operating Officer of GTC Group since September 2023. Before GTC he was the Operations Manager for a prominent commercial real estate company operating throughout the Central and Eastern Europe (CEE) region, overseeing a substantial portfolio that included more than 120,000 sqm of office space. Mr. Stofa started his professional career in commercial real estate financing at Bank Austria. Following this, Mr. Stofa transitioned into the energy sector, where he focused on trading electricity and natural gas, expanding expertise in market analysis and strategic decision-making. Mr. György Stofa background in both real estate and energy markets equips him with a unique perspective to optimize operational strategies at GTC. Mr. György Stofa studied Business Administration and Management in Austria at the Vienna University of Economics and Business (WU Wien). Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: €0.04 (vs €0.042 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.04 (up from €0.042 loss in 2Q 2023). Revenue: €46.9m (down 3.7% from 2Q 2023). Net income: €21.2m (up €45.5m from 2Q 2023). Profit margin: 45% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Aug 22
Upcoming dividend of zł0.22 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 27 September 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.6%). Lower than average of industry peers (6.6%). Buy Or Sell Opportunity • Jul 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to zł4.98. The fair value is estimated to be zł6.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 6.3% in 2 years. Earnings are forecast to grow by 789% in the next 2 years. Announcement • May 31
Globe Trade Centre S.A., Annual General Meeting, Jun 26, 2024 Globe Trade Centre S.A., Annual General Meeting, Jun 26, 2024, at 13:00 Central European Standard Time. Location: komitetu obrony robotnikow 45a, Poland Reported Earnings • May 29
First quarter 2024 earnings released: EPS: €0.02 (vs €0.019 in 1Q 2023) First quarter 2024 results: EPS: €0.02. Revenue: €45.7m (up 6.4% from 1Q 2023). Net income: €9.30m (down 16% from 1Q 2023). Profit margin: 20% (down from 26% in 1Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Real Estate industry in Poland. Reported Earnings • Apr 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.02 (down from €0.041 in FY 2022). Revenue: €183.4m (up 10% from FY 2022). Net income: €10.5m (down 55% from FY 2022). Profit margin: 5.7% (down from 14% in FY 2022). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 75%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 21
Globe Trade Centre S.A. Announces the Resignation of Barbara Sikora from Management Board The Management Board of Globe Trade Center S.A. ("Company") hereby informs that on 18 March 2024, the Company entered into a mutual employment contract termination agreement with Barbara Sikora, who resigned from her seat on the Management Board of the Company. The resignation is effective at the date of the contract, however Barbara Sikora will stay with the Company as long as it is necessary to allow for smooth transition of her responsibilities. Announcement • Mar 14
Globe Trade Centre S.A. Appoints Leonz Meyer as Member of Supervisory Board The Management Board of Globe Trade Center S. A announced that on 13 March 2024, it received complete written notice from Aletheia Investment AG appointing Dr. Leonz Meyer as a member of the Supervisory Board of the Company, effective on the date of receipt of the complete written notice. Pursuant to the deposit certificate attached to the notice, Aletheia holds 28,718,871 shares in the Company, which constitute 5.001% of the Company's share capital, and therefore is entitled to appoint one member of the Supervisory Board of the Company pursuant to Article 9 point 1 letter a) in connection with Article 9 point 1 letter b) of the Articles of Association of the Company. Since 2015 Dr. Leonz Meyer acted uniquely as Board Member of various Swiss companies and foundations (Getinge Schweiz AG, St. Claraspital Group, Charles River Laboratories Switzerland AG, PPD Switzerland GmbH, Wolford (Schweiz) AG, Street One, CECIL Ecopetrol Capital AG and St. Clara-Stiftung). Dr. Meyer used to work in an international environment always in the role of making sure that Corporate Governance, Legal Compliance, Risk Assessment are respected. Between 1990-2014 he worked as attorney at law in Basel, Brussels, London, since 2000 in Zurich and was founder and managing Partner of Eversheds Switzerland (law firm). Dr. Leonz Meyer hold Dr. of Law (magna cum laude) and Certificate of Advanced Studies (CAS): Finance for lawyers. In 2000 Dr. Meyer completed the LL.M. in International Law, University of Zurich. Announcement • Feb 01
Globe Trade Centre S.A. to Report Q1, 2024 Results on May 28, 2024 Globe Trade Centre S.A. announced that they will report Q1, 2024 results on May 28, 2024 Buy Or Sell Opportunity • Jan 30
Now 21% overvalued Over the last 90 days, the stock has fallen 3.3% to zł5.26. The fair value is estimated to be zł4.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 31
Globe Trade Centre S.A. Announces Board Changes, Effective 31 August 2023 The Management Board of Globe Trade Centre S.A. informed that on 29 August 2023, the Company entered into a mutual employment contract termination agreement with Mr. Zoltán Fekete and János Gárdai. Mr. Fekete and Gárdai resigned from their seats on the Management Board of the Company as well as GTC Real Estate Development Hungary Zrt. The resignation is effective as of 31 August 2023. On 29 August 2023, the Supervisory Board of GTC appointed Gyula Nagy and Zsolt Farkas as members of the Management Board of GTC S.A. The appointment is effective 31 August 2023. Additionally, Mr. Nagy and Mr. Farkas were appointed Management Board members of GTC Real Estate Development Hungary Zrt. Gyula Nagy, recently appointed as the Chief Executive Officer (CEO) of Globe Trade Centre Group and Management Board Member of GTC Real Estate Development Hungary Zrt, started his career as an auditor at Deloitte and led statutory and international group audit of real estate, financial services and tech Companies. Mr. Nagy gained experience in numerous mergers, acquisitions, IPOs and other due diligence engagements. He joined OTP Group in 2012 and was promoted as the Board Member and CFO of OTP Real Estate Ltd. and other subsidiaries. His primary responsibilities at OTP included financial, accounting and taxation matters and participating in the committee assessing non-performing real estate related loans of the bank. In 2018 he gained experience as an interim CFO for CTP Group, one of the largest Czech based real estate developer in CEE region. He was the Chief Financial Officer and later Deputy Chief Executive Officer and Member of the Board of Optima Investment Ltd. between April 2019 and August 2023. Mr. Gyula Nagy was member of member of Management Board of the Company (1 July 2020-28 January 2022) and later the Supervisory board of the Company (11 March 2022-24 August 2023). Gyula Nagy graduated from the faculty of Finance and Accountancy of the Budapest Business School. Zsolt Farkas, recently appointed as the Chief Operating Officer (COO) of Globe Trade Centre Group and Management Board Member of GTC Real Estate Development Hungary Zrt, brings with him more than two decades of experience in the field of construction and real estate development, with a primary focus on residential and commercial projects in Europe. Mr. Farkas was the founder, CEO, and Chairman of the Management Board at Mundial AG, a highly esteemed real estate development firm based in Germany. With a series of successful endeavors already under his belt, he boasts an impressive track record of having developed over 1.0 million square meters of property. In addition to his responsibilities as CEO, Mr. Farkas currently serves as the managing director for more than 10 companies. Before establishing Mundial AG, he spearheaded numerous prosperous projects in Hungary, Austria, Italy, and Croatia, collaborating with renowned companies like Porsche, Spar, OMV, Kempinski, and Motel One. Zsolt Farkas studied mechanical engineering at the Technical University of Vienna (Technische Universität Wien) faculty of Mechanical Engineering. Announcement • Aug 28
Globe Trade Centre S.A. Announces the Resignation of Gyula Nagy as Supervisory Board The management board of Globe Trade Centre SA informed that on 25 August 2023, received a written statements of Gyula Nagy according to which Mr. Nagy resigned from his seat on the supervisory board of the Company, effective 24 August 2023. László Gut graduated from the Faculty of Finance and Accountancy of the Budapest Business School in 2014. Mr. Gut started his career as an auditor at Ernst & Young, gaining significant experience among others - in real estate and oil & gas industries. As an auditor, he observed the operation of listed companies from close and participated in a number of management boards, audit committee and supervisory board meetings. After 8 years, he decided to look for new challenges in his professional career and joined Optima Investment Ltd. Since January 2022 he leads the financial department. Reported Earnings • Aug 27
Second quarter 2023 earnings released: €0.04 loss per share (vs €0.044 profit in 2Q 2022) Second quarter 2023 results: €0.04 loss per share (down from €0.044 profit in 2Q 2022). Revenue: €47.0m (up 11% from 2Q 2022). Net loss: €23.0m (down 192% from profit in 2Q 2022). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Jul 23
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Dividend per share is over 6x earnings per share. Dividend yield: 3.7% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.9% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Upcoming Dividend • Jul 06
Upcoming dividend of zł0.23 per share Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 15 September 2023. The company last paid an ordinary dividend in March 2017. The average dividend yield among industry peers is 7.4%. Announcement • Jun 21
GTC in Talks to Buy Majority Stake in Ultima Capital Globe Trade Centre S.A. (WSE:GTC), or GTC, is currently in advanced negotiations to acquire a majority stake in Ultima Capital SA (BRSE:ULTIMA) in potential transactions which would value the Swiss luxury real estate firm at between CHF 1.25 billion (USD 1.4 billion/EUR 1.28 billion) and CHF 1. 35 billion in enterprise terms. GTC could buy shares indirectly held by co-founder Max-Herve George, Ultima Capital said over the weekend. The Polish company could also acquire options to purchase Ultima shares held directly and indirectly by the other co-founder, Byron Baciocchi. If these transactions are agreed and completed and the relevant options exercised, the two co-founders will offload all or substantially all of their shareholdings. GTC is also in negotiations with certain other shareholders in Ultima and intends to secure the acquisition of further shares, the Swiss company said. If the Polish company buys a stake of over 33%, it will have to make a public tender offer for the remaining shares in Ultima. GTC is a real estate investor and developer in Eastern Europe with a staff of over 200 people. In 2022, the company achieved rental revenue of EUR 167 million (USD 183.1 million). Ultima Capital holds and develops a portfolio of 48 residences, chalets, villas and plots across 11 locations. The company has luxury properties in France, ski resorts in Switzerland, the Geneva City area and Greece among others. Reported Earnings • May 30
First quarter 2023 earnings released: EPS: €0.02 (vs €0.026 in 1Q 2022) First quarter 2023 results: EPS: €0.02 (down from €0.026 in 1Q 2022). Revenue: €42.7m (up 2.3% from 1Q 2022). Net income: €11.2m (down 25% from 1Q 2022). Profit margin: 26% (down from 36% in 1Q 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 26
Globe Trade Centre S.A., Annual General Meeting, Jun 21, 2023 Globe Trade Centre S.A., Annual General Meeting, Jun 21, 2023, at 13:00 Central European Standard Time. Location: ul. Komitetu Obrony Robotników 45A (the "Nothus" Building) Warsaw Poland Agenda: To consider and approve Adoption of a resolution on the consideration and approval of the Company’s financial statements for the financial year 2022, and of the report of the Management Board on the Company’s operations in the financial year 2022; to consider Adoption of a resolution on the consideration and approval of the consolidated financial statements of the Company’s Capital Group for the financial year 2022 and of the report of the Management Board on the operations of the Company’s Capital Group in the financial year 2022; to consider Adoption of a resolution on the distribution of profit for the financial year 2022; to consider Adoption of resolutions on granting approval of the fulfilment of duties performed by the Company’s Management Board Members in the financial year 2022; and to consider any other matters. Announcement • May 18
Globe Trade Centre S.A. Appoints Mr. Dominik Januszewski as A Member of the Supervisory Board Powszechne Towarzystwo Emerytalne Allianz Polska S.A. acting on behalf of Allianz OFE with its registered office in Warsaw, Poland, appointed Mr. Dominik Januszewski as a member of the Supervisory Board of Globe Trade Centre S.A., effective immediately. Appointment was made pursuant to article 9 point 1 a) of the articles of association of the Company. Dominik Januszewski is a Senior Advisor in the field of management and finance with more than 25years of experience in Ernst&Young and Artur Andersen. Between 2005-2019 he worked as a Partner in Ernst&Young, responsible for business advisory, transaction consulting, privatization projects, as well as financial audits. Between 2016 and 2019 was a member of European Executive Boards of Ernst&Young Financial Sector Division. His clients included the larger financial institutions in Poland. Currently, he is responsible for Strategic Consulting team of JLL, focusing on development and implementation of ESG and energy optimisation strategies for enterprises. Dominik Januszewski is a Polish Chartered Auditor. He completed many professional trainings relatingto advisory and management. In 2018 completed the course for Top Executives in Harvard Business School. In 2022 obtained the University of Cambridge Certificate: Business Sustainability Management". Dominik Januszewski graduated from University of Lód, Economics and Sociology Department, Finance and Banking Faculty. Reported Earnings • Apr 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: €0.04 (down from €0.085 in FY 2021). Revenue: €166.6m (down 3.1% from FY 2021). Net income: €23.4m (down 44% from FY 2021). Profit margin: 14% (down from 24% in FY 2021). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 57% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate fell from €0.14 to €0.06 per share. Revenue forecast steady at €168.9m. Net income forecast to shrink 114% next year vs 55% decline forecast for Real Estate industry in Poland. Consensus price target of zł6.53 unchanged from last update. Share price fell 3.8% to zł6.00 over the past week. Announcement • Jan 04
Globe Trade Centre S.A. Appoints Slawomir Niemierka as Member of the Supervisory Board The Management Board of Globe Trade Centre SA announced that on 2 January 2023 it received a written statement of Powszechne Towarzystwo Emerytalne PZU SA representing Otwarty Fundusz Emerytalny PZU ‘Zlota Jesie’ with its registered office in Warsaw, Poland (the ‘Entitled Shareholder’), according to which the Entitled Shareholder appoints Mr. Slawomir Niemierka as member of the Supervisory Board of the Company, effective as of 2 January 2023. Slawomir Niemierka has been Managing Director for Regulations at PZU SA and PZU Zycie SA since 2017 and Advisor to the President of the Management Board of Alior Bank SA since 2019. Previously, he was Member of the Management Board of PZU ycie SA/Director of the PZU Group (CRO) (2012- 2017), Managing Director for Audit - PZU SA and PZU ycie SA (2011-2012), Management Board Member of Bankowy Fundusz Gwarancyjny (2010-2011), Managing Director for Audit at PZU Group (2008-2009). Before joining PZU Group, he was acting Director of the Inspections Office (2007) in Urzd Komisji Nadzoru Finansowego. He started his professional carrier in 1991 with Narodowy Bank Polski, where between 1991 and 2007 he held various positions including member of the Legal Interpretations Team, Team for Cooperative Banks and Bank Licensing Team, and also Director of the Inspections Office. Slawomir Niemierka has been a member of the Supervisory Board of TUW PZUW since 2015. Previously, Mr. Niemierka sat on the Supervisory Boards of TFI PZU SA (2014-2022), Alior Bank SA (2015-2018), UAB PZU Lietuva Gyvybes Draudimas/AB Lietuvos Draudimas/(2014-2017), PrJSC IC PZU Ukraine/PrJSC IC PZU Ukraine Life Insurance (2014-2016), and AS Balta/LINK4 TU S.A. (2014- 2016). Slawomir Niemierka graduated from Law Faculty of Warsaw University and General Management Program of Harvard Business School. Announcement • Dec 04
Globe Trade Centre Appoints Ziv Gigi as Executive Director for Southeast Europe Globe Trade Centre (GTC) said that it appointed its former country manager for Romania and Bulgaria Ziv Gigi as executive director for Southeast Europe (SEE). Gigi will be responsible for the company's operations in Romania, Bulgaria, Serbia and Croatia. He will be in charge of executing the company's strategy and development plan, as well as all of its operational activities, including leasing and asset management. Gigi has also served as GTC's CFO from 2008 and has developed and managed 450,000 sq m of office and retail projects through his career with the company. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: €0.01 (vs €0.023 in 3Q 2021) Third quarter 2022 results: EPS: €0.01 (down from €0.023 in 3Q 2021). Revenue: €41.8m (down 8.2% from 3Q 2021). Net income: €8.37m (down 26% from 3Q 2021). Profit margin: 20% (down from 25% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 14% per year. Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be zł7.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Upcoming Dividend • Sep 01
Upcoming dividend of zł0.28 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 18 October 2022. The company last paid an ordinary dividend in March 2017. The average dividend yield among industry peers is 12%. Buying Opportunity • Aug 31
Now 21% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be zł8.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: €0.04 (vs €0.026 in 2Q 2021) Second quarter 2022 results: EPS: €0.04 (up from €0.026 in 2Q 2021). Revenue: €42.5m (up 2.1% from 2Q 2021). Net income: €25.0m (up 100% from 2Q 2021). Profit margin: 59% (up from 30% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is expected to shrink by 1.8% compared to a 14% growth forecast for the Real Estate industry in Poland. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Aug 23
An undisclosed buyer agreed to acquire Matrix A and B office buildings from Globe Trade Centre S.A. (WSE:GTC). An undisclosed buyer agreed to acquire Matrix A and B office buildings from Globe Trade Centre S.A. (WSE:GTC) on August 22, 2022. The planned closing date of the transaction is the end of Q3 2022. Announcement • Jul 08
Globe Trade Centre SA Announces Resignation of Pedja Petronijevic as Member of Management Board, Effective as of 15 July 2022 The management board of Globe Trade Centre SA announced that on 5 July 2022, Pedja Petronijevic and GTC terminated their agreement with mutual consent. As a result of this termination, Pedja Petronijevic will be steeping down from his current position as a member of GTC's Management Board effective as of 15 July 2022. Announcement • Jun 15
GTC to Pay Dividend for the Year 2021, Payable on October 18, 2022 GTC will pay out PLN 0.28 DPS from 2021 earnings, or PLN 160.8 million in total, in line with management recommendation. Rights will be set on September 9, 2022 and the payment made on October 18, 2022. Buying Opportunity • May 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be zł7.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Announcement • Apr 23
Globe Trade Centre S.A. Appoints Bruno Vannini to Supervisory Board Member The Management Board of Globe Trade Centre S.A. informed that on 21 April 2022 it received a written statements of Icona Securitization Opportunities Group S.à r.l. acting on behalf of its compartment Central European Investments with its registered office in Luxembourg, Grand Duchy of Luxembourg, according to which the Entitled Shareholder appoints Mr. Bruno Vannini as member of the Supervisory Board of the Company, effective immediately. Appointment was made pursuant to article 9 point 1 of the articles of association of the Company. Mr. Bruno Vannini has been the General Counsel and Head of Acquisitions and Structuring of Icona Capital since 2022. Prior to joining Icona Capital, he worked as Partner responsible for banking and finance at SBKG & ASSOCIES between 2017 and 2021. Earlier, he was an Associate at Clifford Chance specializing in banking and finance between 2012-2017. From 2006 to 2012, Mr. Vannini worked as an Associate at ORRICK RAMBAUD MARTEL specializing in global finance. Mr. Vannini started his professional career in 2005 as an Associate at Gide Loyrette Nouel. Reported Earnings • Apr 08
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.085 (up from €0.14 loss in FY 2020). Revenue: €172.0m (up 7.4% from FY 2020). Net income: €41.7m (up €111.8m from FY 2020). Profit margin: 24% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 19% growth forecast for the industry in Poland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Jan 30
Globe Trade Centre S.A. Announces the Resignation of Gyula Nagy as Management Board Member The management board of Globe Trade Centre S.A. informed that on 28 January 2022, Mr. Gyula Nagy resigned from his seat on the Management Board of the company. The resignation is effective immediately. Announcement • Jan 14
An unknown buyer completed the acquisition of Office Portfolio in Belgrade, Serbia from Globe Trade Centre S.A. (WSE : GTC). An unknown buyer agreed to acquire Office Portfolio in Belgrade, Serbia from Globe Trade Centre S.A. (WSE : GTC) on June 30, 2021. The transaction is expected to be completed and closed by the end of the third quarter.
An unknown buyer completed the acquisition of Office Portfolio in Belgrade, Serbia from Globe Trade Centre S.A. (WSE : GTC) on January 13, 2022. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS €0.11 (vs €0.035 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €208.0m (up 385% from 3Q 2020). Net income: €51.6m (up 199% from 3Q 2020). Profit margin: 25% (down from 40% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS €0.03 (vs €0.075 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €41.6m (up 11% from 2Q 2020). Net income: €12.5m (up €48.7m from 2Q 2020). Profit margin: 30% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.02 (vs €0.005 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €37.2m (down 9.3% from 1Q 2020). Net income: €8.46m (up 228% from 1Q 2020). Profit margin: 23% (up from 6.3% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Globe Trade Centre S.A. (WSE:GTC) acquired Two officebuildings located in Budapest from Wing for €160 million. Globe Trade Centre S.A. (WSE:GTC) acquired Two officebuildings located in Budapest from Wing for €160 million on April 28, 2021.
Globe Trade Centre S.A. (WSE:GTC) completed the acquisition of Two officebuildings located in Budapest from Wing on April 28, 2021. 
