Condensed Unaudited Results for FY 31 Dec 2025
Globalworth Real Estate Investments Limited reported preliminary unaudited financial results for the year ended 31 December 2025, with its total portfolio market value increasing slightly by 0.9% to €2.6 billion, driven by revaluation gains. The company leased 141.1k sqm of commercial space with an average Weighted Average Lease Term (WALL) of 4.8 years, while average commercial occupancy stood at 85.4%, a decrease of 1.4% from the prior year, largely due to the re-inclusion of a renovated property. Annualised contracted rents grew by 1.0% to €189.5 million, and Net Operating Income decreased by 4.6% to €137.0 million, though like-for-like NOI showed a 1% growth. EPRA earnings were €32.5 million, down from €56.1 million in 2024, impacted by asset disposals and a one-off income tax charge. The company maintained a strong cash balance of €410.6 million, and its Loan-to-Value (LTV) ratio improved to 37.0%.
| Full year to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £202.5m | £201.7m | +0.4% |
| Operating profit | £84.7m | (£6.5m) | |
| Adj. EBITDA | £101.4m | £106.9m | −5.1% |
| Profit before tax | £32.2m | (£71.6m) | |
| Net income | £8.2m | (£69.1m) | |
| Cash | £358.1m | £276.6m | +29.5% |
Figures as reported, converted to £ where needed – see all financials.
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Globalworth, the leading office investor in Central and Eastern Europe, is pleased to provide a comprehensive update of its operations, along with a preliminary release of its unaudited Consolidated Financial Statements for the year ended 31 December 2025.
The Company intends to announce its audited Financial Results for the year ended 31 December 2025 and publish its 2025 Annual Report towards the end of March 2026.
Key Highlights for the year ended 31 December 2025
- Portfolio Value: The total combined portfolio market value slightly increased by 0.9% reaching €2.6 billion, primarily influenced by small revaluation gains
o The like-for-like appraised value of our standing commercial properties owned throughout the year increased with €21.9 million to €2.4 billion, 0.9% higher compared to 31 December 2024. The like-for-like analysis excludes assets under development during the period (i.e., Renoma) and land bank assets.
- Standing Portfolio Footprint: Standing portfolio footprint reached 1.1 million sqm of high quality GLA across 57 properties, higher with 44.1k sqm compared to 31 December 2024
o The increase was mainly generated by the re-addition to our standing portfolio of Renoma, our iconic, mixed-use property from Wroclaw (Poland), after its full renovation
- New office development in Bucharest: In the second part of the year, we have started our first office development since the Covid Pandemic, Green Court D, which, on completion, will add a further 17.2k sqm of state-of-the-art GLA to our portfolio
- Leasing: 141.1k sqm of commercial space were leased or extended during last year, with an average WALL of 4.8 years, in a market now shaped by both opportunities and challenges
- Commercial Occupancy: The average occupancy of our combined standing portfolio was 85.4% as of 31 December 2025, down 1.4% from 2024 year-end,
o Decrease of commercial occupancy was mainly driven by the re-inclusion of Renoma in our standing portfolio, after a full renovation.
o Like-for-like occupancy slightly decreased with 0.3%, influenced by the high base effect in Romania, where the occupancy stood at 96.8% as of December 2024, compared to 94.4% as of December 2025. The movement was largely driven by BOC, a property that underwent a series of investment works, with part of the refurbishment completed by the end of 2025 and the remaining works scheduled for completion in the first half of 2026.
- Contracted Rent: Annualised contracted rents increased by 1.0% to €189.5 million, compared to €187.5m as of 31 December 2024
o Like-for-like annualised commercial contracted rents in our portfolio increased by 0.2% to €181.6 million, evolution being driven by the impact of rent indexation which offset the impact from negative net take-up
o 98.7% of the rent comes from office and mixed-use properties
o 97.9% of total contracted rent is active on 31 December 2025, with the remainder to commence in the future
Sustainability:
o Virtually our entire commercial standing portfolio is green certified with 99.0%, by value, being holder of a green certification
o We own 52 green-certified properties with a total value of €2.5 billion
o During the year we have recertified 11 properties with BREEAM Excellent and LEED Platinum certifications
o We have issued during first half of 2025 the Group's seventh sustainable development report
- Credit Ratings: In July, Fitch reaffirmed Globalworth's investment grade rating and kept the outlook to stable. S&P changed, during March 2025, our corporate credit rating to BB with a stable outlook.
- Operating Income: Net Operating Income decreased by 4.6% year-on-year to €137.0 million
o Like-for-like net operating income, excluding industrial disposals during 2024, showed a 1% growth to €138.6 million largely driven by indexation rate.
- Finance Costs: decreased by €9.5 million year-on-year, as comparative period had included €12.8 million of one-off costs related to the refinancing of the 2025's and 2026's Notes in 2024
o Like-for-like basis finance cost increased by €2.6 million (3.8%) mainly from interest on new secured loans drawdown.
o The weighted average interest rate slightly decreased to 4.81% as of 31 December 2025 (2024: 4.87%) with 91.4% of the outstanding debt either fixed or hedged.
- Earnings: 2025 EPRA earnings are €32.5 million (2024: €56.1 million), mainly impacted by €5.6 million earnings associated with asset disposals and one-off income tax charge of €14.3 million for fiscal periods 2017-2022.
- EBITDA: Adjusted normalised EBITDA decreased by 6.2% to €118.4 million (2024: €126.2 million)
o Like-for-like EBITDA was €120.0 million (2024: €120.4 million) a decreased of only €0.4 million as a result of higher administrative expenses. Like-for-like EBITDA excludes EBITDA from properties disposed of in both the current and prior year.
- Equity: Profit attributable to equity holders enhanced equity by €9.6 million (2024: loss of €81.6 million) as the fair value loss recorded on our investment properties reduced to €15.0 million as compared to €99.8 million loss in prior year
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: In April Scrip Dividend elections representing an average of 98.4% of total share capital were received for a €0.09 per share dividend amount announced resulting payment of €0.5m cash dividend to the remaining shareholder. In September 2025, we paid cash dividend of €0.05 per share representing €14.5 million to all the shareholders.
- Valuation: Preliminary EPRA Net Reinstatement Value (NRV) stands at €1.6 billion (€5.62 per share), a 4.5% 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 significant discount to NRV per share.
- Earnings per Share: IFRS Earnings per share was 3 cents in 2025 (2024: - 31 cents).
- Liquidity: We continue to maintain a strong cash balance, being €410.6 million as of 31 December 2025 and €279.1 million following the completion of 2029's Notes redemption in February 2026.
- Debt Management: Our total debt increased by €51.8 million. Weighted average debt maturity remained stable at to 4.5 years (2024: 4.9 years)
o In April 2025, we successfully refinanced €100 million secured facility, which was expiring in May 2025, by extending it for another five years.
o In August 2025, we drew down two new ten-year term loans in total amount of €65 million signed in November 2024
o Subsequently, in February 2026 we partially redeemed €125 million of Senior Notes due in 2029 at a call price of 102 per cent. The redemption was funded from existing liquidity.
- LTV: Improved to 37.0% as of 31 December 2025 (from 38.1% on 31 December 2024) following value accretive investments in our standing portfolio.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
| 31 December 2025 | 31 December 2024 | |
|---|---|---|
| €'000 | €'000 | |
| Revenue | 236,334 | 238,268 |
| Operating expenses | (99,309) | (94,610) |
| Net operating income | 137,025 | 143,658 |
| Administrative expenses | (18,944) | (17,962) |
| Fair value loss on investment property | (14,964) | (99,839) |
| Share-based payment expense | (262) | (352) |
| Loss on disposal of subsidiary | - | (24,623) |
| Loss on disposal of investment property | - | (321) |
| Depreciation and amortisation expense | (1,110) | (876) |
| Other expenses | (2,527) | (4,693) |
| Other income | 598 | 1,386 |
| Foreign exchange loss | (1,432) | (828) |
| Gain/(Loss) from fair value of financial instruments at fair value through profit or loss | 495 | (3,206) |
| Gain/(Loss) before net financing cost | 98,879 | (7,656) |
| Finance cost | (71,045) | (80,589) |
| Finance income | 9,847 | 12,123 |
| Share of loss of equity-accounted investments in joint ventures | (132) | (8,443) |
| Profit/(Loss) before tax | 37,549 | (84,565) |
| Income tax (expense)/ income | (27,953) | 2,991 |
| Profit/(Loss) for the year | 9,596 | (81,574) |
Items that will not be reclassified to profit or loss
| 31 December 2025 | 31 December 2024 | |
|---|---|---|
| €'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 year | 9,596 | (81,484) |
| Profit/(Loss) attributable to: | 9,596 | (81,574) |
| - ordinary equity holders of the Company | 9,596 | (81,619) |
| - non-controlling interests | - | 45 |
| Total comprehensive income attributable to: | 9,596 | (81,484) |
| - ordinary equity holders of the Company | 9,596 | (81,529) |
| - non-controlling interests | - | 45 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||
| AS AT 31 DECEMBER 2025 | ||
| 31 December | 31 December | |
| 2025 | 2024 | |
| €'000 | €'000 | |
| ASSETS | ||
| Investment property | 2,642,130 | 2,585,345 |
| Goodwill | 12,039 | 12,039 |
| Advances for investment property | 1,317 | 3,625 |
| Investments in joint-ventures | 4,074 | 3,960 |
| Equity investments | 8,272 | 8,010 |
| Other long-term assets | 2,064 | 1,765 |
| Prepayments | 240 | 259 |
| Financial assets at fair value through profit or loss | 8,789 | 3,067 |
| Deferred tax asset | 2,059 | 2,629 |
| Non-current assets | 2,680,984 | 2,620,699 |
| Trade and other receivables | 16,568 | 51,351 |
| Contract assets | 7,113 | 5,702 |
| Guarantees retained by tenants | 40 | 97 |
| Income tax receivable | 720 | 118 |
| Prepayments | 2,173 | 2,447 |
| Cash and cash equivalents | 410,594 | 333,560 |
| Current assets | 437,208 | 393,275 |
| Investment property held for sale | - | 35,763 |
| Total current assets | 437,208 | 429,038 |
| Total assets | 3,118,192 | 3,049,737 |
| EQUITY AND LIABILITIES | ||
| Issued share capital | 1,847,532 | 1,822,934 |
| Treasury shares | (4,722) | (4,752) |
| Fair value reserve of financial assets at FVOCI | (5,379) | (5,379) |
| Share-based payment reserve | 200 | 185 |
| Retained earnings | (324,047) | (294,036) |
| Total equity | 1,513,584 | 1,518,592 |
| Interest-bearing loans and borrowings | 1,327,575 | 1,178,250 |
| Deferred tax liability | 126,050 | 118,184 |
| Lease liability | 27,511 | 24,414 |
| Deposits from tenants | 3,994 | 3,517 |
| Guarantees retained from contractors | 3,032 | 2,977 |
| Other non-current financial liabilities | 973 | 1,882 |
| Trade and other payables | - | 399 |
| Non-current liabilities | 1,489,135 | 1,329,623 |
| Interest-bearing loans and borrowings | 40,100 | 132,581 |
| Guarantees retained from contractors | 4,600 | 4,774 |
| Trade and other payables | 34,422 | 38,048 |
| Contract liability | 3,802 | 320 |
| Current portion of lease liabilities | 1,975 | 1,946 |
| Deposits from tenants | 19,696 | 19,536 |
| Income tax payable | 10,878 | 816 |
| Current liabilities | 115,473 | 198,021 |
| Liabilities directly associated with the assets held for sale | - | 3,141 |
| Total current liabilities | 115,473 | 201,162 |
| Total equity and liabilities | 3,118,192 | 3,049,737 |
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS AT 31 DECEMBER 2025
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As of 31 December 2025, our portfolio was spread across 9 cities, with Poland accounting for 53.8% by value and Romania 46.2%.
Combined Portfolio Snapshot ( as of 31 December 2025 )
| Poland | Romania | Combined Portfolio | |
|---|---|---|---|
| Standing Investments (1) | 19 | 14 | 32 |
| GAV (2) / Standing GAV (€m) | €1,411m / €1,404m | €1,211m / €1,176m | €2,622m / €2,580m |
| Occupancy (3) | 78.0% | 94.4% | 85.4% |
| WALL (4) | 3.9 years | 4.9 years | 4.3 years |
| Standing GLA (k sqm) (5) | 578.3k sqm | 479.8k sqm | 1,058.1k sqm |
| Contracted Rent (€m) (6) | €99.9m | €89.7m | €189.5m |
| GAV Split by Asset Usage | |||
| Office | 80.0% | 95.9% | 87.4% |
| Mixed-Use | 20.0% | 0.0% | 10.7% |
| Other | 0.0% | 4.1% | 1.9% |
| GAV Split by City | |||
| Bucharest | 0.0% | 98.9% | 45.7% |
| Constanta | 0.0% | 0.7% | 0.3% |
| Craiova | 0.0% | 0.4% | 0.2% |
| Warsaw | 42.9% | 0.0% | 23.1% |
| Krakow | 20.1% | 0.0% | 10.8% |
| Wroclaw | 17.5% | 0.0% | 9.4% |
| Katowice | 11.6% | 0.0% | 6.2% |
| Gdansk | 4.1% | 0.0% | 2.2% |
| Lodz | 3.9% | 0.0% | 2.1% |
| GAV as % of Total | 53.8% | 46.2% | 100.0% |
- Standing Investments representing income producing properties. One investment can comprise multiple buildings. e.g. Green Court Complex comprises three buildings or one investment.
- Includes all property assets, land and development projects valued at 31 December 2025. Assets owned under JV are presented at 100% (e.g. Constanta Business Park).
- Occupancy of standing commercial properties adjusted with the active leases related to our ESG commitments (1,954 sqm in BOC Tower, Bucharest) and with the available area of the spaces leased to GW Flex Sp. z.o.o, was 76.9%, 94.0% and 84.6% as of 31 December 2025 for Poland, Romania and at group level, respectively. 4. Includes pre-let commercial standing and development/re-development assets.
- Including 7.0k sqm of residential assets in Romania.
- Total rent comprises commercial (€188.2 million) and residential (€0.2 million in Romania) standing properties and pre-let rent from assets under development (€1.1 million in Romania).
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 31 December 2025. Approximately 98.4% 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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