Globe Trade Centre SA GBCEY 2026年第二季度财报电话会议纪要

发布时间：2026-09-04 一、AI总结内容 一、核心要点 1. 2026年上半年营收同比增5%，租赁业务营收1.06亿欧元，服务线营收同比增9%，毛利润率同比增10%，调整后EBITDA同比增11%至超6300万欧元，投资性房地产组合估值基本持平，商业地产入住率87%。 2. 商业地产细分：零售入住率96%、出租面积超2.8万平；办公入住率84%、出租面积近4.1万平，办公是最弱细分领域（70入住率），住宅投资4.45亿欧元、商业地产投资7.18亿欧元。 3. 资产负债：净负债率（LTV）从57%升至58.7%，主要因新债券发行推高利息成本，加权平均债务期限从2.9年升至3.9年，债务平均利率从4.5%升至5.3%，短期融资债务从近9亿降至3.5亿。 二、投资与业务线索 1. 上半年处置了布达佩斯、布加勒斯特的住宅地块及德国部分住宅单元，计划下半年加快处置速度，核心目标是优化资产负债表。 2. 德国住宅处置进度推进，下半年处置金额将显著高于上半年；下半年资本开支（CAPEX）约2000-2500万欧元，无新增长指导。 3. 爱尔兰某地块货币化暂无明确时间，涉及多个选项讨论；波兰、匈牙利办公租赁有积极信号，正努力提升入住率以稳定资产价值。三、风险与关注点 1. 波兰、匈牙利办公资产存在减值风险，2025年末已对该区域办公资产计提大额减值，上半年部分城市办公资产出现负公允价值调整；小体量城市的资产存在贬值暴露。 2. 2025年末发行的4.55亿欧元新债券利率达6.5%，远高于旧债券利率，推高财务成本；2026年上半年财务成本同比增约900万欧元。 3. 未来12个月需滚动2.2亿欧元资产抵押贷款，公司称对延期该贷款有信心，无再融资风险。四、其他事项 1. 2025年末启动的战略选项评估暂无时间线；未提供EBITDA、资本开支、资产处置的增长指导。 二、音频原文（转写） Good afternoon everybody and good morning to those who have joined us from behind the ocean so we have today our h one twenty twenty six resultsto discuss with you we will have a presentationfor you followed by a written q and a session so if you like to ask us any question.You can anytime type the q and a button and type your question or alternatively you can also email these q uestions to mewe have with us today our c o botand and cfo yattek andi'll hand over now to botonte to begin the presentation thank you.Thank youvery much mihail and i would like to welcome everybody to this to the school to day very well welcome probably because this summer at least europe was extremely warm so i think everybody enjoyed that vacation in case you did it probably you will have a little bit calmer weather in.In september but i am very grateful that you have taken the time when you are joining its sunday school last time we cover the first quarter now we are going to cover the first half and mother is going to show us the slides that we haveand the plan is that i give you a half year highlights and then you check will go into the details and weare going to finish just like last time with the q and a session.So let me start with the headline picture for the first half so long there ifyou don't aqua yes we have we have another numbers.So when we look at this we can see that our rental activity revenue from rental activity moved up five percent year and yearwith the underlying like foriac two per cent.Realize, moderate operation improvements in our core, marketsthe remaining growth the remaining part was coming fromreducing service charge lickage a increasing service line revenue growing by nine per cent yearand year in the first half and we also had oneof income from renting roof infrastructure.And commercial properties, empoweredour gross marginalso grew ten per cent uranier which was a combination of revenue growth but also more careful spending in our commercial assetsto be the cost of rental operations declining by four per cent iranier.So overall we had solid performance across our co operations complied with good cost of energy and a expenses our adjusted bidda was up eleven per cent iran year to just over sixty three million euroso the trend has continued from the first quarter of revenues marginy bidda into t he right direction even though in the second half a more moderate pace because some of the vonovs in the first quarter actually got more normalized nowthe f f o is of four per cent year on year and our occupancy of a commercial portfolio had at eighty seven per cent.Apro empty percheri stable at one point ninety three euro or eight point twenty seven but there is a bit of a biggermovement is the l t v which moved from fifty seven percent to fifty eight point seven per cent mainly resulting from high and.Ah in the period resulting from the cachpopher refinacing associated the interest costsbut our expectation is thatthis is going to improve uh based on two levelsone is we also saw one more and the crosty closing second quarter is closing in a third quarterwith twenty seven million cash alreadyarrived and that is going to provide a nice improvement to the l t v and also we expect to continue but maybe it's a little bit faster space at disposalwe should also also helpin this half a year we sold some residential plots one in buddha paris one in bucharest and residential units in germanyas i mentioned avenue more as wellso the over summary is eroporating business continues to improve most of it is sustainable and solid unless that value is study and the progress of delivering is happening but slower than we originally expected but we think it is going to catch upin thesecond half so with this i would say short introduction and of painting the big picture. I would like to hand the floor to you yet sir整体不正常。 Magday if you can flip to the portfolio slight so let me take the first with the portfolio and then i will go deeper into the financials where iwill put some more colour on the highlights already mentioned by a bottomedstarting from the portfolio which is that slight number five.Standsat two point seven millio