GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED

Earnings Release • Aug 28, 2025

National Storage Mechanism | Additional information

RNS Number : 9467W

Globalworth Real Estate Inv Ltd

28 August 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

28 August 2025

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Notice of Interim Results & Preliminary Interim Financial Information

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 20 25

	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
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 20 25

	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%
1. Standing Investments representing income producing properties. One investment can comprise multiple buildings. e.g. Globalworth Campus comprises three buildings or one investment.
2. 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.
4. Including 8.6k sqm of residential assets in Romania.
5. 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).

For further information visit www.globalworth.com or contact: 

Enquiries 

Rashid Mukhtar Group CFO	Tel: +40 732 800 000
Panmure Liberum (Nominated Adviser and Broker) Atholl Tweedie	Tel: +44 20 7886 2500

About Globalworth / Note to Editors: 

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.

IMPORTANT NOTICE: This announcement has been prepared for the purposes of complying with the applicable laws and regulations of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

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