The article analyzes a ground-to-air heat exchanger (GAHE) for a mechanical ventilation system in a building. The heat exchanger’s performance was evaluated in northeastern Poland between May and August of 2016, 2017, and 2018. In spring and summer, the GAHE can be theoretically used to precool air for HVAC systems. The aim of the study was to compare the real-world performance of GAHE with its theoretical performance determined based on the distribution of ground temperature and the temperature at the GAHE outlet modeled in compliance with Standard PN-EN 16798-5 1:2017-07. The modeled values differed considerably from real-world data in May and June, but the model demonstrated satisfactory data fit in July and August. In all years, the modeled average monthly air temperature at the GAHE outlet was 8.3 °C below real-world values in May, but the above difference was only 1.1 °C in August. The developed mathematical model is simple and easy to use, and it can be deployed already in the preliminary design stage. It does not require expensive software or expert skills. However, this study revealed that the model has several limitations. The observed discrepancies should be taken into account when modeling the performance of a GAHE.