Thank you, Alex, and good afternoon, everybody, and good morning to those who have joined us from behind the ocean. We have today our H1 2026 results to discuss with you.

We will have a presentation for you, followed by a written Q&A session. If you'd like to ask us any question, you can any time type the Q&A button and type your question.

Or alternatively, you can also email these questions to me. We have with us today our CEO, Botond, and CFO, Jacek.

I'll hand over now to Botond to begin the presentation. Thank you.

Thank you very much, Michał. I would like to welcome everybody to this call today.

Very warm welcome, probably because this summer, at least in Europe, was extremely warm. I think everybody enjoyed their vacation.

In case you didn't, probably you will have a little bit cooler weather in September. I'm very grateful that you have taken the time and you are joining us on this call.

Last time, we covered the first quarter. Now, we are going to cover the first half.

Magda is going to show us the slides that we have. 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 a Q&A session.

Let me start with the headline picture for the first half. Magda, okay, yes, we have now the numbers.

When we look at it, we can see that revenue from rental activity moved up 5% year-on-year, with the underlying like-for-like 2%. We realized moderate operational improvements in our core markets.

The remaining part was coming from reducing service charge leakage, increasing service line revenue, growing by 9% year-on-year in the first half. 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. Overall, we had a solid performance across our core operations, combined with a good cost discipline in SG&A expenses.

Our adjusted EBITDA was up 11% year-on-year to just over €63 million. 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.

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 €1.93 or 8.37 zloty.

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 or refinancing associated interest costs. Our expectation is that this is going to improve based on two levels.

One is we also sold one mall in Avenue Mall, which we originally thought it will close in second quarter, it's closing in the third quarter with €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 of 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 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 the second half. With this, I would say, short introduction and painting the big picture, I would like to hand the floor to you, Jacek.

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, that's slide number five, as of end of June 2026, total investment GAV 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 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. Projects under construction represent 6%, and the landbank 4% of the total.

Gross asset value of the income-generating portfolio is also essentially flat. It's at 2.3 billion euros versus 3.

2.3 billion euros last year, office essentially flat, retail is a little bit up to 718 million, residential is down to 445 million. Magda, if you can please turn to slide number six.

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 30th of June this year, 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 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 eight, which is our consolidated income statement.

...so

a little bit impatient with the disposals, but we also do not want to sell assets at values which are not acceptable for us. Our balance sheet now is stronger than it was earlier.

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. I think this is my short summary, and I would like to hand over back to you, Michał, so that us start the Q&A session.

Thank you, Botond. I'll hand over to Alex to remind us how to remind the participants how they should ask questions, please.

Thanks a lot, Alex. We did receive a few of the first questions.

We have the first question from Cezary 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?"

Maybe I will start to elaborate on it. Guys, as you remember, at the year-end of 2025, the company recorded a massive write-offs on the assets, mainly the office buildings.

There were also some write-offs on the offices in Q1 and Q2 this year. I think that in regard to the, let's say, let me call it, adjustment 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.

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.

In Hungary as well, 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 that value. Hopefully, it won't be a substantial number.

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.

Cezary 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.

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 of that current report.

Thank you, Botond. These were the questions from Cezary.

Now we have a round of question from Jakub Caithaml from Wood. Maybe I will read them one by one.

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, if we can comment on the progress so far and any challenges with the disposal program in Germany.

Finally, the third question from Jakub is the expected maintenance and fit-out capex guidance for the second half of this year.

Botond, do you want to say on Kildare, and maybe... Yes,

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, but I would say at this stage, I cannot say anything more specific about that transaction. We are considering it and we are in talks.

On Germany, maybe I will elaborate. We are advancing in the process of disposal of that portfolio.

We negotiate 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 comparing to the first half of this year.

On the capex, meaning fit-out and capex for the second half of the year, this would be around €20 to €25 million.

Thank you, Jacek. Now we have question from Ema Otmani.

Could you please share your guidance for the full year 2026 in terms of EBITDA, capex, and asset disposals?

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

Correct. We don't provide any guidance.

We don't publish guidance is the answer. We move to the next question from Anders Scovgaard.

Somewhat related already to the question from Cezary, but let me read: "So we continue to see negative fair value adjustment in this quarter. Have the entire portfolio been revalued now or will we continue to see negative fair value impact going forward?"

As I said, we at the end of 2025, we made a substantial impairment on the assets. This is point number one.

Point number two obviously is that we are spending the capex for the fit-out and the maintenance of the buildings. Far, we are only partially successful in capitalizing that capex to the properties.

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.

Again, it's also driven by the market, by the liquidity. We have a number of assets in smaller cities in Poland, 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, 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 of a different opinion on it.

Then

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

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 second half of the year with disposal of Avenue Mall and some other assets from our portfolio that we executed in Q3.

I don't want to give any number in regard to the total proceeds from disposal and the value of the assets to be sold, but again, deleveraging is our major focus. We are taking all possible efforts in order to decrease LTV.

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?

Basically as you saw on that last slide, there was a 300 €350 million loans maturing within the next 12 months, out of which 130 was already extended. We talk about €220 million, right, of the loans.

These are, I would say, a normal loans secured on the assets, which we are pretty confident that we'll be able to extend. These are like mortgage loans provided to finance separate assets, which normally mature every five years.

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.

Thank you, Jacek. Michał Majerski had a similar question effectively asking how we are planning to, well, repay this remaining amount of 220 million.

I understand the answer is that we're planning to roll these loans over.

Rollover, yeah.

I hope that, Michał, 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. 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.

Thank you.

Thank you.