Notice of Interim Results & Prelim Interim Results
Globalworth Real Estate Investments Limited reported preliminary unaudited financial results for the six months ending June 30, 2025. The total portfolio value increased slightly to just above €2.6 billion. The standing portfolio footprint remained stable at just above 1.0 million sqm across 56 buildings. Commercial space leased or extended amounted to 52.3k sqm, with an average WALL of 5.1 years. The average commercial occupancy reached 85.9%. Annualized contracted rent saw a slight increase to €187.7 million. Total debt marginally reduced by €6.2 million, with weighted average debt maturity reaching 4.7 years. Net Operating Income decreased by 7.4% to €67.0 million, while EPRA earnings dropped by €12.1 million to €17.7 million. IFRS Earnings per share was 3 cents. The company maintains a strong cash balance of €325.5 million. Preliminary EPRA Net Reinstatement Value (NRV) stands at €1.6 billion (€5.67 per share).
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Globalworth plans to publish its Interim Report and Financial Statements for the six months ending 30 June 2025 during the week commencing 22 September 2025. In advance, we are releasing unaudited preliminary financials.
Key Highlights for the period ended 30 June 2025
- Portfolio Value: The total combined portfolio value as of 30 June 2025 increased slightly to just above €2.6 billion, primarily thanks to small revaluation gains, a 0.6% increase (or €16.4 million) compared to 31 December 2024.
o On a like-for-like basis the value of our standing office and mixed-use properties as of 30 June 2025 also increased by 0.6% (or €15.4 million) to c.€2.4 billion, compared to 31 December 2024.
- Standing Portfolio Footprint: Standing portfolio footprint remained stable, with just above 1.0 million sqm of high quality GLA across 56 buildings, the slight change in the period being due to sales of residential and retail units from our Upground project (Bucharest, Romania) and by certain remeasurements and adjustments.
- Leasing: 52.3k sqm of commercial space leased or extended, with an average WALL of 5.1 with Romania and Poland accounting for 53.1% and 46.9% of leases signed in the first six months of 2025, respectively.
- Commercial Occupancy: The average occupancy of our combined commercial portfolio reached 85.9%, 0.9% lower than 31 December 2024, mostly due to spaces becoming available in two of our office properties in Bucharest.
- Contracted Rent: Annualised contracted rent remained stable in the first six months, recording a slight increase of 0.1%, reaching €187.7 million as of 30 June 2025 compared to €187.5 million as of 31 December 2024
o 99.3% of rent comes from office and mixed-use properties.
o 98.5% of contracted rent is active, with the remainder to commence.
- Debt Management: Our total debt marginally reduced by €6.2 million due to periodic repayment of secured loans and weighted average debt maturity reached 4.7 years
o In April 2025, we successfully refinanced the Company's €100 million secured facility, which was expiring in May 2025, by extending it for another five years.
- Credit Ratings: In July 2025, Fitch reaffirmed Globalworth's investment grade rating and maintained the stable outlook. S&P changed our rating to BB (from BB+) with stable outlook during H1-2025.
- Operating Income: Net Operating Income decreased by 7.4% year-on-year to €67.0 million.
o Like-for-like net operating income, excluding industrial disposals, showed a strong growth of 2.9% to €68.6 million (excluding €1.6 million one-off non-recoverable operating expense).
o In the first half of 2025, eligible leases were indexed at an average of 2.5%.
- Finance Costs: decreased by €13.7 million year-on-year, as comparative period had included €12.8 million of one-off costs related to the refinancing of the 2025 and 2026 Notes in 2024
o Like-for-like basis finance cost decreased by €1.0 million (3.0%) as result of lower average cost of debt as compared to H1-2024.
- Earnings: EPRA earnings dropped by €12.1 million to €17.7 million (H1-2024: €29.8 million), mainly impacted by €5.6 million of asset disposals and a one-off income tax charge of €5.9 million for fiscal periods 2020-2022.
- EBITDA: Adjusted normalised EBITDA decreased by 9.9% to €57.3 million (H1-2024: €63.6 million)
o Like-for-like EBITDA of €58.9 million (H1-2024: €58.0 million), excluding disposals, decreased by €1 million (1.6%) as result of higher administrative expenses.
- Equity: Profit attributable to equity holders enhanced equity by €7.5 million (H1-2024: loss of €65.3 million):
o In 2024, we recorded a one-off €24.1 million loss from subsidiary sales and €13.2 million loss from joint venture sale.
- Dividends: Scrip Dividend Shares covering 98.2% of total share capital were issued in April 2025, with an interim cash dividend of €0.5m (€0.09 per share) paid to the remaining shareholders in H1 2025.
- Valuation: Preliminary EPRA Net Reinstatement Value (NRV) stands at €1.6 billion (€5.67 per share), a 3.7% decrease per share from €5.89 as of 31 December 2024. This reduction is due to the dilutive impact of €0.15 from the 11.8 million new scrip dividend shares issued in H1 2025 at a discount to NRV per share.
- Earnings per Share: IFRS Earnings per share was 3 cents in H1 2025 (H1-2024: - 25 cents).
- Liquidity: We continue to maintain a strong cash balance, being €325.5 million as of 30 June 2025 (31 December 2024: €333.6 million).
- LTV: Improved to 38.0% as of 30 June 2025 (from 38.1% on 31 December 2024) following value accretive investments in our standing portfolio.
- Sustainability:
- €2.5 billion invested in 52 (31 December 2024: 51) green certified properties within our portfolio, accounting for 96.8% of our total portfolio value.
- 6 properties certified or recertified with LEED Platinum certification (the highest such type certification) in our Romanian portfolio, during the first six months of 2025.
- Issued the Group's seventh sustainable development report.
- Maintained our "low-risk" rating by Sustainalytics and "A" rating by MSCI, similar to 31 December 2024.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
| 30 June 2025 Unaudited | 30 June 2024 Unaudited | |
|---|---|---|
| €'000 | €'000 | |
| Revenue | 115,697 | 125,034 |
| Operating expenses | (48,654) | (52,652) |
| Net operating income | 67,043 | 72,382 |
| Administrative expenses | (9,764) | (9,287) |
| Fair value loss on investment property | (1,659) | (50,527) |
| Share-based payment expense | (128) | (167) |
| Loss on disposal of subsidiary | - | (24,111) |
| Depreciation and amortisation expense | (554) | (404) |
| Other expenses | (1,468) | (1,204) |
| Other income | 141 | 1,162 |
| Foreign exchange loss | (1,268) | (249) |
| (Loss)/ Gain from fair value of financial instruments at fair value through profit or loss | (2,021) | 1,368 |
| Gain/(Loss) before net financing cost | 50,322 | (11,037) |
| Finance cost | (34,657) | (48,386) |
| Finance income | 5,544 | 7,528 |
| Share of loss of equity-accounted investments in joint ventures | (59) | (13,198) |
| Profit/(Loss) before tax | 21,150 | (65,093) |
| Income tax (expense)/ income | (13,119) | (154) |
| Profit/(Loss) for the period | 8,031 | (65,247) |
Items that will not be reclassified to profit or loss
| 30 June 2025 Unaudited | 30 June 2024 Unaudited | |
|---|---|---|
| €'000 | €'000 | |
| Gain on equity instruments designated at fair value through other comprehensive income | - | 90 |
| Other comprehensive income for the period, net of tax | - | 90 |
| Total comprehensive income for the period | 8,031 | (65,157) |
| Profit/(Loss) attributable to: | 8,031 | (65,247) |
| - ordinary equity holders of the Company | 8,031 | (65,292) |
| - non-controlling interests | - | 45 |
| Total comprehensive income attributable to: | 8,031 | (65,157) |
| - ordinary equity holders of the Company | 8,031 | (65,202) |
| - non-controlling interests | - | 45 |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||
| AS AT 30 JUNE 2025 | ||
| 30 June | 31 December | |
| 2025 | 2024 | |
| Unaudited | Audited | |
| €'000 | €'000 | |
| ASSETS | ||
| Investment property | 2,636,941 | 2,585,345 |
| Goodwill | 12,039 | 12,039 |
| Advances for investment property | 2,327 | 3,625 |
| Investments in joint-ventures | 4,021 | 3,960 |
| Equity investments | 8,200 | 8,010 |
| Other long-term assets | 1,777 | 1,765 |
| Prepayments | 576 | 259 |
| Financial assets at fair value through profit or loss | 7,619 | 3,067 |
| Deferred tax asset | 2,092 | 2,629 |
| Non-current assets | 2,675,592 | 2,620,699 |
| Trade and other receivables | 48,446 | 51,351 |
| Contract assets | 5,193 | 5,702 |
| Guarantees retained by tenants | 94 | 97 |
| Income tax receivable | 366 | 118 |
| Prepayments | 5,228 | 2,447 |
| Cash and cash equivalents | 325,456 | 333,560 |
| Current assets | 384,783 | 393,275 |
| Investment property held for sale | - | 35,763 |
| Total current assets | 384,783 | 429,038 |
| Total assets | 3,060,375 | 3,049,737 |
| EQUITY AND LIABILITIES | ||
| Issued share capital | 1,847,540 | 1,822,934 |
| Treasury shares | (4,733) | (4,752) |
| Fair value reserve of financial assets at FVOCI | (5,379) | (5,379) |
| Share-based payment reserve | 67 | 185 |
| Retained earnings | (311,086) | (294,036) |
| Total equity | 1,526,409 | 1,518,592 |
| Interest-bearing loans and borrowings | 1,271,985 | 1,178,250 |
| Deferred tax liability | 123,780 | 118,184 |
| Lease liability | 26,580 | 24,414 |
| Deposits from tenants | 3,761 | 3,517 |
| Guarantees retained from contractors | 3,120 | 2,977 |
| Other non-current financial liabilities | 2,319 | 1,882 |
| Trade and other payables | - | 399 |
| Non-current liabilities | 1,431,545 | 1,329,623 |
| Interest-bearing loans and borrowings | 33,493 | 132,581 |
| Guarantees retained from contractors | 4,234 | 4,774 |
| Trade and other payables | 41,080 | 38,048 |
| Contract liability | 1,835 | 320 |
| Current portion of lease liabilities | 1,989 | 1,946 |
| Deposits from tenants | 19,255 | 19,536 |
| Income tax payable | 535 | 816 |
| Current liabilities | 102,421 | 198,021 |
| Liabilities directly associated with the assets held for sale | - | 3,141 |
| Total current liabilities | 102,421 | 201,162 |
| Total equity and liabilities | 3,060,375 | 3,049,737 |
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS AT 30 JUNE 2025
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As of 30 June 2025, our portfolio was spread across 9 cities, with Poland accounting for 54.0% by value and Romania 46.0%.
Combined Portfolio Snapshot (as at 30 June 2025)
| Poland | Romania | Combined Portfolio | |
|---|---|---|---|
| Standing Investments (1) | 18 | 14 | 32 |
| GAV (2) / Standing GAV (€m) | €1,412m / €1,290 | €1,205m / €1,171m | €2,616m / €2,461m |
| Occupancy (3) | 77.5% | 95.2% | 85.9% |
| WALL | 3.7 years | 5.2 years | 4.4 years |
| Standing GLA (k sqm) (4) | 530.1k sqm | 481.5k sqm | 1,011.6k sqm |
| Contracted Rent (€m) (5) | €98.3m | €89.4m | €187.7m |
| GAV Split by Asset Usage | |||
| Office | 80.0% | 95.7% | 87.2% |
| Mixed-Use | 20.0% | 0.0% | 10.8% |
| Industrial | 0.0% | 0.4% | 0.2% |
| Others | 0.0% | 3.9% | 1.8% |
| GAV Split by City | |||
| Bucharest | 0.0% | 98.9% | 45.6% |
| Constanta | 0.0% | 0.7% | 0.3% |
| Craiova | 0.0% | 0.4% | 0.2% |
| Warsaw | 42.7% | 0.0% | 23.1% |
| Krakow | 19.8% | 0.0% | 10.7% |
| Wroclaw | 17.6% | 0.0% | 9.5% |
| Katowice | 11.7% | 0.0% | 6.3% |
| Lodz | 4.1% | 0.0% | 2.2% |
| Gdansk | 4.0% | 0.0% | 2.2% |
| GAV as % of Total | 54.0% | 46.0% | 100.0% |
- Includes all property assets, land and development projects valued at 30 June 2025. 3. Occupancy of standing commercial properties adjusted with the active leases related to our social commitments (1,954 sqm in BOC Tower, Bucharest, signed with social assistance authority) and with the available area of the spaces leased to GW Flex Sp. Z.o.o, our group entity overseeing the implementation of flex offices concept in our portfolio, was 76.7%, 94.8% and 85.2% as of 30 June 2025 for Poland, Romania and at group level, respectively.
- Including 8.6k sqm of residential assets in Romania.
- Total rent comprises commercial (€181.0 million) and residential (€0.2 million in Romania) standing properties and rent in assets under redevelopment (€6.5 million in Poland).
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 250 professionals across Cyprus, Guernsey, Poland and Romania the combined value of its portfolio is €2.6 billion, as at 30 June 2025. Approximately 98.5% of the portfolio is in income-producing assets, predominately in the office sector, being leased to a diversified array of over 650 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Constanta and Craiova.
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