Notice of Interim Results & Prelim Interim Results
Globalworth Real Estate Investments Limited announced preliminary unaudited interim financial information for the six months ending 30 June 2026, with the full report due the week of 21 September 2026. The company's total portfolio value reached €2.6 billion, a slight 0.4% increase from December 2025, driven by revaluation gains partially offset by sales. Annualised contracted rent rose by 3.2% to €195.5 million, and average occupancy improved to 86.6%. Total debt decreased by €133.4 million, and the company maintained its investment-grade credit rating from Fitch (BBB-) and a BB rating from S&P. EPRA earnings increased by 35.6% to €24.0 million, and IFRS Earnings per share was 7 cents. The preliminary EPRA Net Reinstatement Value per share stood at €5.52, a 1.8% decrease from year-end 2025.
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Globalworth plans to publish its Interim Report and Financial Statements for the six months ending 30 June 2026 during the week commencing 21 September 2026. In advance, we are releasing unaudited preliminary financials.
Key Highlights for the period ended 30 June 2026
- Portfolio Value: The total combined portfolio value as of 30 June 2026 increased slightly by 0.4% compared to December 2025, reaching €2.6 billion, primarily influenced by revaluation gains which were partly offset by sales in the period.
o On a like-for-like basis the value of our standing commercial portfolio owned throughout H1-2026 increased by 0.8% (or €20.8 million), compared to 31 December 2025.
- Standing Portfolio Footprint: Standing portfolio footprint decreased slightly by 8.6k sqm to reach 1.0 million sqm of high-quality GLA across 56 properties, the evolution being driven by the sale of one office building in Warsaw, which we deemed as non-core due to smaller size and by the sale of residential units in our Upground project from Bucharest, Romania.
- Leasing: 106.1k sqm of commercial space leased or extended, with an average WALL of 4.3 years with Romania and Poland accounting for 52.8% and 47.2% of leases signed in the first six months of 2026, respectively.
- Commercial Occupancy: The average occupancy of our combined standing portfolio was 86.6% as of 30 June 2026, 1.2% higher compared to 2025 year-end.
o Like-for-like occupancy increased by 1.1%, influenced mostly by positive net take-up across our Polish assets.
- Contracted Rent: Annualised contracted rent increased in the first six months of 2026 by 3.2%, reaching €195.5 million as of 30 June 2026 compared to €189.5 million as of 31 December 2025
o Like-for-like annualised commercial contracted rents in our standing portfolio increased by 2.8% to €192.7 million, evolution being driven by the impact of rent indexation and positive net take-up in our standing portfolio.
o 98.0% of rent comes from standing office and mixed-use properties.
o 96.2% of contracted rent is active, with the remainder to commence in the future.
- Debt Management: Our total debt reduced by €133.4 million due to €125 million 2029 Notes redemption and to periodic repayment of secured loans and weighted average debt maturity reached 4.1 years
- Credit Ratings: During H1 2026, both rating agencies have maintained their credit ratings for the group, with Fitch reaffirming our investment grade rating of BBB- with a stable outlook following their annual review, while S&P maintained the group's corporate credit rating at BB with a stable outlook.
- Operating Income: Net Operating Income reached €68.4 million, an increase of 2.1% year-on-year, from €67.0 million in H1-2025
o Like-for-like net operating income for H1-2026 was €68.3 million, €0.1 million higher (or 0.1%) than H1 2025 of €68.2 million (adjusted for disposal of Philips)
o In the first half of 2026, eligible leases were indexed at an average of 2.37% (H1-2025: 2.5%).
- Finance Costs: increased by €1.0 million to €35.7 million, from €34.7 million in H1-2025.
o €1.3 million higher interest cost on secured loans originated mainly from facilities drawdowns in H2-2025.
o €0.2 million lower net interest expense recorded for the two Senior Notes, following the €125.0 million 2029 Notes redemption in February 2026 (€3.1 million gross interest expense compensated by €2.9 million close-out costs)
o On like-for-like basis finance costs decreased by €1.9 million (5.4%) after excluding the €2.9 million 2029 Notes close-out costs.
- Earnings: EPRA earnings reached €24.0 million, €6.3 million (35.6%) higher than €17.7 million in H1-2025, mainly impacted by €5.7 million less income tax, €1.4 million increase in NOI, €0.3 million less administrative and other net costs which was partly offset by €1.1 million higher net finance cost
- EBITDA: Adjusted normalised EBITDA increased by €1.2 million (2.1%) to €58.5 million (H1-2025: €57.3 million) driven by the NOI increase compensated by a slight increase in administrative expenses
- Equity: Profit attributable to equity holders enhanced net assets by €20.2 million (H1-2025: €8.0 million). H1-2026 recorded €7.7 million gain from fair valuation of investment property compared to €1.7 million loss recorded in H1-2025, €1.5 million gain on valuation of variable-fixed interest rate swap compared to loss of €2.0 million in H1-2025
- Dividends: 10.0 million Scrip Dividend Shares, covering 98.6% of total dividend distributed (€14.5 million), were issued in April 2026, with an interim cash dividend of €0.3 million (€0.05 per share) paid to the remaining shareholders in H1 2026.
- Valuation: Preliminary EPRA Net Reinstatement Value (NRV) stands at €1.7 billion (€5.52 per share), a 1.8% decrease per share from €5.62 as of 31 December 2025. This reduction is due to the dilutive impact of €0.19 per share following the 10.0 million new scrip dividend shares issued in H1-2026 at a discount to NRV per share which compensated increase from profits for the period of H1-2026.
- Earnings per Share: IFRS Earnings per share was 7 cents in H1-2026 (H1-2025: 3 cents).
- Liquidity: We continue to maintain a strong cash balance, being €273.4 million as of 30 June 2026 covering 22.3% of the outstanding debt.
- LTV: Improved to 36.7% as of 30 June 2026 (from 37.0% on 31 December 2025) following value accretive investments in our standing portfolio.
- Sustainability:
- €2.5 billion invested in 51 (31 December 2025: 52) green certified properties within our portfolio, accounting for 99.0% of our total standing commercial portfolio by value.
- 5 properties were recertified during first half of the year with LEED Platinum and BREEAM Outstanding certifications in our portfolio.
- Issued the Group's eighth sustainable development report, the first one to receive limited audit assurance.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2026
| 30 June 2026 Unaudited | 30 June 2025 Unaudited | |
|---|---|---|
| €'000 | €'000 | |
| Revenue | 119,907 | 115,697 |
| Operating expenses | (51,484) | (48,654) |
| Net operating income | 68,423 | 67,043 |
| Administrative expenses | (9,902) | (9,764) |
| Fair value gain/(loss) on investment property | 7,683 | (1,659) |
| Share-based payment expense | (102) | (128) |
| Loss on disposal of investment property | (89) | - |
| Depreciation and amortisation expense | (434) | (554) |
| Other expenses | (764) | (1,468) |
| Other income | 203 | 141 |
| Foreign exchange loss | (1,412) | (1,268) |
| Gain/(Loss) from fair value of financial instruments at fair value through profit or loss | 1,503 | (2,021) |
| Gain before net financing cost | 65,109 | 50,322 |
| Finance cost | (35,709) | (34,657) |
| Finance income | 2,597 | 5,544 |
| Share of gain/(loss) of equity-accounted investments in joint ventures | 51 | (59) |
| Profit before tax | 32,048 | 21,150 |
| Income tax expense | (11,880) | (13,119) |
| Profit for the period | 20,168 | 8,031 |
| Total comprehensive income for the period | 20,168 | 8,031 |
| Profit attributable to: | ||
| - ordinary equity holders of the Company | 20,168 | 8,031 |
| Total comprehensive income attributable to: | ||
| - ordinary equity holders of the Company | 20,168 | 8,031 |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||
| AS AT 30 JUNE 2026 | ||
| 30 June | 31 December | |
| 2026 | 2025 | |
| Unaudited | Audited | |
| €'000 | €'000 | |
| ASSETS | ||
| Investment property | 2,643,951 | 2,642,130 |
| Goodwill | 12,039 | 12,039 |
| Advances for investment property | 3,320 | 1,317 |
| Investments in joint-ventures | 4,236 | 4,074 |
| Equity investments | 8,313 | 8,272 |
| Other long-term assets | 1,989 | 2,064 |
| Prepayments | 204 | 240 |
| Non-current financial assets | 9,686 | 8,789 |
| Deferred tax asset | 2,071 | 2,059 |
| Non-current assets | 2,685,809 | 2,680,984 |
| Trade and other receivables | 16,825 | 16,568 |
| Contract assets | 6,044 | 7,113 |
| Guarantees retained by tenants | 24 | 40 |
| Income tax receivable | 102 | 720 |
| Prepayments | 5,439 | 2,173 |
| Cash and cash equivalents | 273,355 | 410,594 |
| Current assets | 301,789 | 437,208 |
| Investment property held for sale | 6,910 | - |
| Total current assets | 308,699 | 437,208 |
| Total assets | 2,994,508 | 3,118,192 |
| EQUITY AND LIABILITIES | ||
| Issued share capital | 1,861,763 | 1,847,532 |
| Treasury shares | (4,711) | (4,722) |
| Share-based payment reserve | 36 | 200 |
| Retained earnings | (318,404) | (324,047) |
| Fair value reserve of financial assets at FVOCI | (5,379) | (5,379) |
| Total equity | 1,533,305 | 1,513,584 |
| Interest-bearing loans and borrowings | 1,133,642 | 1,327,575 |
| Deferred tax liability | 135,965 | 126,050 |
| Lease liability | 24,960 | 27,511 |
| Deposits from tenants | 4,647 | 3,994 |
| Guarantees retained from contractors | 3,215 | 3,032 |
| Other financial liabilities | 368 | 973 |
| Non-current liabilities | 1,302,797 | 1,489,135 |
| Interest-bearing loans and borrowings | 94,378 | 40,100 |
| Guarantees retained from contractors | 3,186 | 4,600 |
| Trade and other payables | 33,894 | 34,422 |
| Contract liability | 3,270 | 3,802 |
| Current portion of lease liabilities | 1,705 | 1,975 |
| Deposits from tenants | 19,226 | 19,696 |
| Income tax payable | 2,747 | 10,878 |
| Current liabilities | 158,406 | 115,473 |
| Total equity and liabilities | 2,994,508 | 3,118,192 |
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS OF 30 JUNE 2026
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As of 30 June 2026, our portfolio was spread across 9 cities, with Poland accounting for 53.5% by value and Romania 46.5%.
Combined Portfolio Snapshot (as of 30 June 2026)
| Poland | Romania | Combined Portfolio | |
|---|---|---|---|
| Standing Investments (1) | 18 | 14 | 32 |
| GAV (2) / Standing GAV (€m) | €1,408m / €1,401m | €1,224m / €1,185m | €2,632m / €2,586m |
| Occupancy (3) | 79.9% | 94.7% | 86.6% |
| WALL | 3.8 years | 4.7 years | 4.3 years |
| Standing GLA (k sqm) (4) | 572.0k sqm | 477.5k sqm | 1,049.5k sqm |
| Contracted Rent (€m) (5) | €102.5m | €93.0m | €195.5m |
| GAV Split by Asset Usage | |||
| Office | 79.8% | 96.3% | 87.5% |
| Mixed-Use | 20.2% | 0.0% | 10.8% |
| Industrial | 0.0% | 0.4% | 0.2% |
| Others | 0.0% | 3.3% | 1.5% |
| GAV Split by City | |||
| Bucharest | 0.0% | 98.9% | 46.0% |
| Constanta | 0.0% | 0.7% | 0.3% |
| Craiova | 0.0% | 0.4% | 0.2% |
| Warsaw | 42.5% | 0.0% | 22.8% |
| Krakow | 20.2% | 0.0% | 10.8% |
| Wroclaw | 17.5% | 0.0% | 9.4% |
| Katowice | 11.8% | 0.0% | 6.3% |
| Gdansk | 4.2% | 0.0% | 2.2% |
| Lodz | 3.8% | 0.0% | 2.0% |
| GAV as % of Total | 53.5% | 46.5% | 100.0% |
- Standing Investments representing income producing properties. One investment can comprise multiple buildings. e.g. Globalworth Campus comprises three buildings or one investment
- Includes all property assets, land and development projects valued at 30 June 2026 3. Adjusted standing commercial occupancies as of Jun'26 are as follows: • 79.3% for Globalworth Poland, adjusted with the available areas of spaces leased to GW Flex • 94.3% for Globalworth Romania, adjusted with social commitment lease (DGASMB in BOC) • 86.1% for the full Group portfolio, considering above-mentioned adjustments
- Including 5.0k sqm of residential assets in Romania
5.Total rent comprises commercial (€192.7 million) and residential (€0.1 million in Romania) standing properties and pre-let rent in assets under development (€2.7 million in Green Court D, Bucharest, 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 30 June 2026. Approximately 98.3% 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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