RNS Number : 7156Y
Globalworth Real Estate Inv Ltd
31 March 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
31 March 2026
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Audited Results for the year ended 31 December 2025,
Publication of Annual Report and
Notice of AGM
Globalworth, the leading office investor in Central and Eastern Europe, announces that further to the publication on 27 February 2026 of its Preliminary Financial Results for the year ended 31 December 2025 ("FY25"), it today releases its Annual Report and Audited Consolidated Financial Results for FY25 ("2025 Annual Report"), extracts from which are set out in the Appendix below.
The 2025 Annual Report is available on Globalworth's website, www.globalworth.com under the Financial Reports and Presentations section.
The Annual General Meeting of the Company ("AGM") will be held on 22 June 2026 at 8.00 a.m. British Summer Time at The Old Government House Hotel, Ann's Place, St Peter Port, Guernsey, GY1 2NU. The notice of this year's AGM will be included in a separate circular to shareholders, will be issued to shareholders and notified via RNS at least 10 clear days before the meeting, and will also in due course be available on the Company's website in accordance with AIM Rule 20.
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 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.
For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.
Appendix
Our Performance
Highlights of the year
Financial Highlights
Portfolio open market value
€2.6bn
+0.8% vs 31 Dec. 2024
Cash balance
€410.6m
23.0% on 2024
Revenues
€236m
(0.8)% on 2024
NOI
€137.0m
(4.6)% on 2024
Shareholders' equity
€1.5bn
(0.4)% on 31 Dec. 2024
EPRA NRV per share
€5.62
(4.5)% on 31 Dec. 2024
Our Portfolio
Combined portfolio value (GAV) €2.6bn €2.6bn on 31 Dec. 2024
Standing GLA 1,058.1k sqm 1,014.0k sqm on 31 Dec. 2024
Contracted Rent €189.5m €187.5m on 31 Dec. 2024
Standing commercial occupancy 85.4% 86.7% on 31 Dec. 2024
Standing Properties 57 56 on 31 Dec. 2024
GLA under development 17.2k sqm 48.3k sqm on 31 Dec. 2024
Read more online
CEO Statement
A year of steady performance
Dear Stakeholders,
During last year we, as a group, have focused on enhancing our portfolio quality and driving long-term value creation for all our partners, in a market increasingly defined by flight-to-quality and the shift of hybrid work toward more in-office days.
We consistently pursued our fundamental goal to provide best in class office space by blending cutting edge technologies with true care for genuine human connections.
Globalworth has maintained robust financial and operational performance, supported by a high-quality office portfolio which continues to be proactively managed through an approach that is blending a "local landlord" care with its dedication to sustainable practices.
Capitalising on resilience and adaptability
We have noticed in the year recently ended, a global economy shifting from pandemic recovery to navigating a new, more fragmented reality, placing a premium on adaptability for businesses and investors. For Europe a continued, albeit moderate growth, will combine with cooling inflation and stabilised capital markets.
After a transformative few years and a period of constrained supply, the office market of the CEE is shaping up for a positive year as 2026 economic visibility improves.
The European Union economy is projected to grow by 1.4% to 1.5% in 2026, with Poland forecasted to be a regional leader with a robust 3.5% growth supported by strong domestic demand, while Romania's faces slower growth, just above 1.0% due to fiscal consolidation.
Globalworth has kept its focus on financial discipline and core business resilience through several key initiatives, which remained consistent throughout the latest several years:
· Continuous investment in our standing commercial portfolio aimed at preserving and upgrading the quality and desirability of our assets.
· Actively promoting measures to enhance the ESG credentials of our buildings.
· Ensuring a flexible capital structure, responsive to market changes, while continuously exploring opportunities to optimise financing costs.
· Maintaining strict cost discipline to improve operational efficiency without compromising asset performance
We are convinced that thanks to our actions throughout 2025 and our strong tenant relations, we have maintained a solid business position, ready to capitalise on future challenges and opportunities. Globalworth remained a leading office landlord of the CEE office market, always at the forefront of the industry transformation.
Our heartfelt appreciation goes to all our team members that have contributed to our results, for their continuous commitment, enthusiasm, and dedication, without whom our market leading role, would not have been achieved. Furthermore, we express our sincere gratitude to our shareholders, partners, and communities for their steadfast support and persistent confidence in the resilience of our business and its inherent potential.
Evolving Property Portfolio
Our predominantly Class "A" office portfolio is being continuously subject to carefully selected upgrade and improvement initiatives aimed at preserving its best-in-class status for which our company is well known in the market.
During the year we have completed the refurbishment works in Renoma, our iconic mixed-use asset from Wroclaw, Poland, re-adding to our standing portfolio footprint 48.3k sqm of recently renovated GLA.
By the end of the year, after careful considerations, we have confidently started constructing Green Court D, our first post-pandemic office project, weighing on the resilient demand, the upward trends in office headline rents and the historically low supply of the latest years. The project will complete our Green Court Complex project located in one of the most vibrant areas of Bucharest, part of the already established Northern Business and Residential Corridor.
As of the 31st of December 2025, Globalworth's combined standing portfolio footprint increased slightly to 1.1 million sqm of high quality GLA (from 1.0 million sqm as of December 2024), following the re-inclusion of Renoma into our standing portfolio.
Our combined portfolio had an aggregate market value of €2.6 billion at the end of December 2025, slightly higher by 0.9% compared to the end of 2024, mostly driven by the 0.9% like for like appreciation of the assets owned throughout the period.
Resilient Leasing Activity and Stable Like-for-Like Occupancy
Our main performance trigger is our ability to continuously lease spaces within our portfolio. In 2025, we successfully negotiated the take-up or extension of 141,000 sqm of commercial space, with an average Weighted Average Lease Length (WALL) of 4.8 years.
Letting activity was mainly driven by renewals, accounting for 64.3% by GLA, with new contracts, including expansions by existing tenants accounting for the remainder of 35.7%. Notably, about 75% of our renewals in 2025 were related to leases maturing in 2026 or later, pointing to our pro-active approach towards lease maturities.
As of 31 December 2025, the occupancy rate of our combined commercial portfolio was at 85.4%, marking a 1.4% decrease compared to 2024. However, this decrease was mostly due to the re-inclusion of Renoma, after a full renovation, into our standing portfolio.
Like-for-like standing occupancy of our combined commercial portfolio declined marginally with 0.3% to 86.4% as of December 2025 from 86.7% as of December 2024, with the main impact coming from Romanian commercial assets that recorded occupancy of 94.4% as of December 2025 compared to an outstanding 96.8% average occupancy as of December 2024. The decrease was primarily influenced by BOC, a project that underwent investment works, including a lobby refurbishment completed by late 2025, with exterior works scheduled for completion in the first half of 2026.
Headline market rental rates continued their upward trend albeit at a slower pace, as inflation cooled down, and with a visible differentiation between Class A properties that are well located and have strong ESG credential compared to other properties.
Total annualised contracted rent for our combined portfolio increased by 1.0% to €189.5 million, relative to year-end 2024, with the like-for-like annualised contracted rents in our standing commercial portfolio edging slightly higher by 0.2% to €181.6 million (excluding Renoma, GCD and the residential portfolio), compared to previous year (€181.2 million as of 31 December 2024).
Our rental income is well-diversified and usually secured by triple net leases, with our leasing partners being large multinational groups or reputed national companies activating in various economic fields, with no excessive reliance on any group or industry sector.
As the offices are regaining investor interest globally, particularly in APAC and EMEA, with a focus on refurbishment and sustainability upgrades, the CEE office industry is well positioned for a rebound in 2026, with core cities and ESG-compliant, flagship assets expected to lead the way. The sector is back in the spotlight, as pragmatic investors, seeking not only diversification but also income stability, are starting to consider the attractive yields relative to other asset classes and the competitive spread to financing costs.
Our Financial Results
During last year, we maintained a consistent focus on operational efficiency and strategic growth, which ultimately supported this year's financial results.
Our rental income rose in both standing properties and those under refurbishment on a like-for-like basis, increasing by €3.1 million compared with last year. This growth was mainly driven by indexation, though it was partly offset by lower rates applied when renewing existing leases for extended periods or signing new lease agreements.
As well, in those properties we recorded net service charge increase of €2.4 million compared to last year, thus Net Operating Income on like-for-like basis is €138.6 million, compared to €137.8 million in 2024. The positive result on standing properties is triggered by Romanian portfolio maintaining increased occupancies with a slightly recovery of occupancies in Poland.
However, overall portfolio consolidated rental income decreased to €150.0 million, €2.8 million lower than in prior year (2024 benefits from €5.6 million rental income from industrial portfolio sold in July). Consolidated net operating income reaching €137.0 million or €6.7 million lower than 2024. Our adjusted normalised EBITDA reached €118.4 million, after deducting recurring administrative and other expenditure categories. On a like-for-like basis the adjusted normalised EBITDA is a healthy €120.0 million, with only €0.4 million lower than in 2024.
Our net result for 2025 improved to €9.6 million from a loss of €81.6 million in 2024, driven by substantially lower property revaluation losses, the absence of loss on disposal of properties and significantly lower share of loss on joint ventures investments.
Dividend
We disbursed two interim dividends in relation to the 2025 financial year of at least 90% of the EPRA Earnings for their corresponding half-year periods, as stipulated by our Articles of Incorporation. During March 2026, we announced the second interim dividend of €0.05 per share in respect of the twelve-month financial period ended 31 December 2025 with a scrip dividend alternative. Also, in September 2025, we have paid an interim dividend in respect of the six-month ended 30 June 2025 of €0.05 per ordinary share, thus resulting in €14.5 million cash dividend outflow.
Balance Sheet
We maintained in 2025 our focus into managing high-performing buildings and having strong liquidity position. Our liability management strategy is extending near-term facilities, including arranging new secured financing with local and regional banks in the markets where we operate.
Our cash reserves grew substantially in 2025, demonstrating the financial strength of our core business, with €410.6 million cash balance at the end of 2025.
Our total debt at the end of 2025 is at €1.37 billion, with €65 million new secured ten-year term loans drew down during the year. Also, we have successfully refinanced a €100 million secured facility and extending its maturity by a further five years. It is important to note that following this extension there is no debt maturing within 12 months (from balance sheet date) other than normal amortisation of principal while the average debt maturity is 4.5 years.
We continue to maintain a low weighted average interest rate cost, which as of 31 December 2025 was 4.81%, lower than 4.87% in 2024. Majority of our debt, 63.9%, carries fixed interest rates while 27.5% of debt facilities are hedged through interest rate swaps. Our leverage ratio reached 37.0% at 31 December 2025, compared to 38.1% on 31 December 2024.
The EPRA Net Reinstatement Value (NRV) as of 31 December 2025 was €1.63 billion, or €5.62 per share. This represents an 4.5% decrease from €5.89 per share on December 31, 2024. The decrease was primarily due to the issuance of an €11.8 million scrip dividend shares during 2025, which diluted the NRV per share as well as a valuation loss on the property portfolio in 2025.
S&P Global Ratings maintained Globalworth's rating to BB stable following their recent annual review in March 2026. Fitch Ratings reaffirmed, in June 2025, Globalworth's investment grade rating and stable outlook following the annual review of our ratings.
Sustainable Development, virtually our entire standing commercial portfolio being green certified
"People, Places and Technology" are the main pillars that drive our sustainable development strategy. Our commitments are to deliver environmentally sustainable buildings, that minimise our impact to the environment, to provide safe workplaces that rise above our occupiers' requirements and to make positive contributions to our communities.
With this in mind, we have accepted the challenge of proactively managing the consumption and associated carbon emissions produced during the construction and operation of our properties. Our goal is to further minimise our carbon footprint across the entire value chain, from areas directly within our control to those managed by our tenants.
Our environmental target is to reduce GHG emissions intensity by 46% by 2030 compared to our 2019 baseline levels (for Scope 1 and 2) and to commit to measuring and reducing Scope 3 emissions. As evidenced in our annual Sustainable Development Reports we are taking several measures to ensure the fulfilment of such targets.
We have recertified 11 of our properties during the year, with our green portfolio comprising 52 environmentally friendly properties valued at €2.5 billion. We are thrilled that virtually our entire standing commercial portfolio enjoys high-level green certifications with 99.0%, by value, being holder of LEED, BREEAM or EDGE certifications.
In addition, all our standing office properties in Romania are holders of WELL Health-Safety Rating, with several other properties holding additional certifications.
Furthermore, we maintained our commitment to community support, endorsing more than 25 social initiatives in Romania and Poland.
Outlook
After a stabilising 2025, the year ahead of us is already signalling the return of core-capital into the CEE real estate industry. Pragmatic optimism of investors is being sustained by a better visibility of macro-economic trends, despite geopolitical risks still lurking in the shadows, while the office sector is regaining its foothold on the investment scene sustained by solid fundamentals in traditional markets and in capital cities.
CEE office markets have been shaped by global trends we are already familiar with, like the generalised flight to quality of tenants, the shift of hybrid work towards increased office attendance and a sluggish, if any, office supply, all these shaping an environment where vacancies have largely stabilised and prime rent evolution has proved resilient.
For the year ahead we are balancing our optimism with the responsibilities towards our stakeholders and communities. Globalworth has grown into a mature real estate leader, guided by resilient financial policies and operational efficiency excellence who is actively applying the highest standards of sustainable development.
We are confident that our consistency in applying all these beliefs and principles in our everyday work is what makes us stand out and act like a true industry leader, ready to capitalise on opportunities and challenges alike.
Piotr Olendski, Roy Vishnovizki
Joint Chief Executive Officers
30 March 2026
Standing Portfolio Review
We operate best-in-class real estate spaces in Poland and Romania
We provide our business partners with high-quality spaces in major real estate markets in Poland and Romania that are sustainable, technologically advanced, and custom fitted to their requirements, offering premium services to allow businesses to thrive.
By effectively managing our real estate portfolio, we aim to offer our investors an efficient gateway to the two largest markets in Central and Eastern Europe.
Standing Portfolio Evolution
Following the completion of refurbishment works in Renoma, our landmark, mixed-use property from Wroclaw, Poland, the footprint of our high-quality standing portfolio increased to 1.1m sqm, being valued at €2.6 billion as of 31 December 2025.
Overall, our standing portfolio predominantly comprises 28 Class A offices (48 properties in total) and three mixed-use investments (with seven properties in total) in central locations in Bucharest (Romania), Warsaw (Poland) and five of the largest office markets/cities in Poland (Krakow, Wroclaw, Katowice, Gdansk and Łódź), which in total account for 98.9% of our standing portfolio by value.
During the year, our standing commercial portfolio's total GLA increased with 47.4k sqm or 4.7% to reach 1,051.1k sqm at the end of December 2025.
+ Renoma / Completion of refurbishment works in mixed-use property (Wroclaw, Poland)
+48.3k sqm
+/- Net remeasurement adjustments and other
-0.9k sqm
Standing Commercial 31 December 2025
1,051.1k sqm
+ Upground residential in Bucharest (RO)(*)
7.0k sqm
Total Standing 31 December 2025
1,058.1k sqm
* In 2025, units with 3.2k GLA were sold in our Upground residential complex.
Standing Portfolio Value at €2.6 billion
The appraised value of our combined standing portfolio as of 31 December 2025 was €2.6 billion (more than 99% in commercial properties), which was 5.3% higher compared to 31 December 2024. Most of this overall increase is attributable to the re-addition of Renoma to our standing portfolio, following refurbishment, the property being valued at €115.6 million as of 31 December 2025.
The value of like-for-like standing commercial properties reached €2.4 billion as of 31 December 2025 higher with €21.9 million (or 0.9%) compared to the prior year.
* Like-for-Like change represents the changes in value of all standing properties owned by the Group both at the beginning and at the end of the reporting period, including retail and residential units in our Upground Complex.
Stable Like-for-Like Occupancy
Our standing commercial portfolio's average occupancy as of 31 December 2025 was 85.4%, representing a 1.4% decrease over the previous twelve months (86.7% as of 31 December 2024). However, most of this decrease was driven by the re-addition to the standing portfolio of Renoma mixed use property, once the refurbishment was completed, which had an occupancy of 63.6% as of December 2025.
On a like-for-like basis, occupancy marginally decreased with 0.3% to 86.4% at the end of the year (from 86.7% as of December 2024), influenced by the high base effect in Romania, where the occupancy stood at an exceptional 96.8% as of December 2024 while remaining still at a strong level of 94.4% as of December 2025.
Across our standing portfolio, on 31 December 2025, we had 897.3k sqm of commercial GLA leased to more than 650 tenants at an average WALL of 4.3 years, the majority of which is let to national and multinational corporates that are well-known within their respective markets.
Other Adjustments (relocations, remeasurements, etc.)
(0.0)
0.5
0.5
Occupied Standing GLA - 31 December 2025
451.1
78.0%
446.2
94.4%
897.3
85.4%
Standing Portfolio Snapshot
As of 31 December 2025, our combined standing portfolio comprised 33 investments (32 on 31 December 2024) with 57 buildings (56 on 31 December 2024) in Poland and Romania. The appraised value of our standing portfolio was €2,580.2 million, of which 98.4% was green-certified.
Globalworth Combined Portfolio: Key Metrics
Total Standing Properties
31 Dec. 2023
31 Dec. 2024
31 Dec. 2025
Number of Investments
41
32
33
Number of Assets
71
56
57
GLA (k sqm)
1,386.0
1,014.0
1,058.1
GAV (€m)
2,736.4
2,449.2
2,580.2
Contracted Rent (€m)
192.0
181.5
188.4
Of which Commercial Properties
31 Dec. 2023
31 Dec. 2024
31 Dec. 2025
Number of Investments
40
31
32
Number of Assets
70
55
56
GLA (k sqm)
1,367.4
1,003.7
1,051.1
GAV (€m)
2,700.0
2,428.5
2,565.7
Occupancy (%)
88.3%
86.7%
85.4%
Contracted Rent (€m)
191.5
181.2
188.2
Potential rent at 100% occupancy (€m)
217.7
205.5
216.8
WALL (years)
4.9
4.6
4.3
Portfolio Development and Evolution
Growth and developments
At Globalworth, most of 2025 was about focusing on our core asset base, continuing with initiatives aimed at preserving and enhancing the quality and desirability of our premium assets.
Review of deliveries and developments
After careful considerations, having in mind the resilient demand and the positive trends of rent and vacancy that we have begun witnessing for established business districts, we have confidently started, in the second part of last year, our first office development since the Covid Pandemic, Green Court D. The building is part of our wider Green Court Complex, it's located in one of Bucharest's most vibrant areas, and, on completion, will add a further 17.2k sqm of state-of-the-art office space to our standing portfolio.
Properties under development
Green Court D
Location
Bucharest New CBD
Expected Delivery
Q3 2027E
GLA - on Completion (k sqm)
17.2
CAPEX to 31 December 2025 (€m)
4.3
GAV (€m)
8.8
Estimated CAPEX to Go (€m)
37.7
ERV (€m)
4.3
Estimated Yield on Development Cost
10.3%
As of February 2026, Green Court D was 61.8% pre-leased to leading companies in CEE.
At the beginning of the year, we had ongoing works related to the refurbishment of Renoma, our iconic mixed-use property from Wroclaw, Poland, which we completed later in the year. The property is now offering 48.3k sqm of high quality GLA, being 63.6% occupied by the end of December 2025.
Completion of refurbishment works
Renoma
Location
Wroclaw
GLA (k sqm)
48.3
GAV (€'m)
115.6
Occupancy (%)
63.6%
Contracted Rent (€'m)
6.5
WALL (years)
4.0
ERV (€'m)
9.8
Estimated Yield on GAV
8.5%
Standing properties operation
Offering modern and fit-for-purpose real estate space to our business partners is a key component of our strategy at Globalworth.
Through our continuous "hands-on" approach combining active management initiatives and selective investments, we are preserving and enhancing the value of our properties, generating long-term income, while offering best-in-class real estate space to our business partners.
We manage all our properties in Poland internally, and in Romania, we manage all but one of our offices in-house. This translates to 1,002.9k sqm of high-quality commercial spaces with an appraised value of €2.5 billion internally managed by our expert team.
Internally Managed Commercial Portfolio as of 31 December 2025
Poland
Romania
Group
GLA (k sqm)
578.3
424.6
1,002.9
% of Commercial GLA
100%
90%
95%
% of Office and Mixed-Use GLA
100%
91%
96%
GAV (€'m)
1,404.0
1,073.0
2,477.0
% of Commercial GAV
100%
92%
97%
% of Office and Mixed-Use GAV
100%
93%
97%
In 2025, we invested over €37.5 million in our standing commercial portfolio through carefully selected improvement initiatives. As a result of our continuous investments, we hold a modern portfolio with 33 of our standing commercial properties, accounting for more than two thirds of our standing portfolio, having been delivered or significantly refurbished in the past 10 years.
Land bank potential
We own, directly or through JV partnerships, other land plots in prime locations in Bucharest, regional cities in Romania and Poland, covering a total land surface of 0.3 million sqm (comprising 1.3% of the Group's combined portfolio value), for future developments of office, industrial or mixed-use properties. When fully developed, these land plots have the potential to add a total of a further c. 207.3k sqm of high-quality GLA to our standing portfolio footprint.
These projects, which are classified as "Future Development", continue to be reviewed periodically by the Group, with the pace at which they will be developed subject to tenant demand and general market conditions.
Future Developments
Podium Park III
Globalworth West
Constanta Business Park (phased)*
Luterana
Location
Krakow
Bucharest
Constanta
Bucharest
Status
Constr. Postponed
Constr. Postponed
Planned
Planned
GAV (€m)
6.9
5.9
7.9
12.3
* 50:50 Joint Venture; figures shown on 100% basis.
Asset Management Review
Proactively managing our real estate portfolio
Leasing Review
We are present in six of the seven largest office markets in Poland and in Bucharest, the largest office market of Romania. These office markets provide essential infrastructure that enables communities and businesses to thrive while supporting meaningful human connections.
The office has been shaped in the recent years by a "human-centric" evolution that is blending technology with employee wellbeing, transforming the old, obsolete open offices we were used to, into a destination dedicated to enhancing human collaboration and innovation, which offers comfort, flexibility and genuine experiences to the people.
We, at Globalworth, are proud to offer state-of-the-art spaces that have the highest ESG credentials and consider ourselves at the forefront of this industry transformation.
New Leases
Our principal focus is to ensure a high usage of our spaces by proactively renewing our leases with existing tenants and the timely take-up of spaces becoming available in our properties.
In the twelve months of 2025, the Group successfully negotiated the take-up (including expansions) or extension of 141.0k sqm of commercial spaces in Poland (67.6% of transacted GLA) and Romania (32.4% of transacted GLA), with an average WALL of 4.8 years. Our leasing activity in 2025 was focused on lease extensions, with such leases accounting for 64.3% of our total leasing activity being signed at a WALL of 4.4 years while take-up of available spaces accounted for 35.7% signed at a WALL of 5.4 years.
In total, we signed new take-up (incl. expansions) in our portfolio for 50.4k sqm of GLA, with the majority involving spaces (74.1%) leased to new tenants, and the remaining areas being taken up by existing tenants which were expanding their operations.
· New leases were signed with 54 new tenants for 37.4k sqm of GLA at a WALL of 5.4 years. The majority were for office spaces, accounting for 86.1% and the remainder involving retail/other commercial spaces.
· In addition, 26 existing tenants choose to expand their spaces by 13.1k sqm at an average WALL of 5.4 years.
Selected Take-up Leases Signed in 2025
City
Property
GLA
Cognizant Technology
Krakow (PL)
Quattro Business Park
4.9k
Wemat Global
Bucharest (RO)
Green Court D (pre-lease)
4.6k
Banca Transilvania
Bucharest (RO)
Green Court Complex
3.1k
Polish Water Management Authority
Gdansk (PL)
Tryton Business House
3.1k
Schneider Electric
Bucharest (RO)
Globalworth Campus
2.3k
We also renewed leases for a total of 90.6k sqm of GLA with 71 of our tenants at a WALL of 4.4 years. It is important to note that c.75% (by GLA) of these renewals were for leases that were expiring in 2026 or later.
Selected Leases Extensions Signed in 2025
City
Property
GLA
Nokia Solutions
Wroclaw (PL)
West Gate & West Link
29.6k
Olympus Business Services
Wroclaw (PL)
Retro Office House
4.6k
Regina Maria
Bucharest (RO)
Globalworth Tower
3.3k
TJX Poland
Wroclaw (PL)
Renoma
3.1k
Jaral Sp. Z.o.o.
Krakow (PL)
Rondo Business Park
3.0k
Summary Leasing Activity for Combined Portfolio in 2025
GLA (k sqm)
No. of Tenants*
WALL (yrs)
New Leases (incl. expansions)
50.4
76
5.4
Renewals / Extensions
90.6
71
4.4
Total
141.0
138
4.8
* Number of individual tenants.
Rental Levels
For the last two years we have witnessed upward pressure on headline rental levels due to historical shortage of new supply and supported by rent indexations; this was more visible in the two capital cities that we operate in, compared to other regional cities. Such trend is expected to continue in the following period especially for high quality, ESG compliant buildings in prime locations.
Most of our leases typically adjust to inflation annually, in the first quarter of the year, with eligible leases indexed at an average of 2.5% in 2025. This positive impact is also combining with the rates at which leases were renewed, or new leases signed, and is reflected in the evolution of our average rents.
At the end of December 2025, our average headline rents in our standing properties for office and retail spaces were €16.0/sqm/month (€15.9 at YE-2024) and €16.5/sqm/month (€16.2 at YE-2024) respectively.
Average Portfolio Headline Rents in Standing Portfolio (€/sqm/m)
31 Dec. 2025
31 Dec. 2024
Change (%)
Office
16.0
15.9
0.7%
Retail/Commercial
16.5
16.2
1.6%
Average Headline Rents of New Leases Signed in Period (€/sqm/m)
31 Dec. 2025
31 Dec. 2024
Change (%)
Office
16.4
15.9
2.8%
Retail/Commercial
16.0
14.3
11.9%
Average
16.2
15.7
3.2%
Contracted Rents (on annualised basis)
Total annualised contracted rent across our portfolio in Poland and Romania increased by 1.0% to €189.5 million compared to year-end 2024, driven by positive indexation impact and leasing activity in our projects.
Total annualised contracted rents in our standing commercial portfolio were €188.2 million on 31 December 2025, up 3.9% compared to 31 December 2024, impacted by re-addition of Renoma to the standing portfolio, increasing to €189.3 million when including rental income contracted in Green Court D, our new office development in Bucharest, started in the second half of last year.
Like-for-like annualised commercial contracted rents in our standing commercial portfolio increased slightly by 0.2% to €181.6 million at the end of December 2025 compared to the same period in 2024 (€181.2 million), influenced by rent indexation and small negative net take-up.
Annualised Contracted Rent Evolution 2025 (€m)
Poland
Romania
Group
Rent from Standing Commercial Properties ("SCP") 31 December 2024
91.3
89.9
181.2
Less: Space Returned
(4.7)
(6.2)
(10.9)
Plus: Rent Indexation
1.5
1.9
3.4
Plus/Less: Lease Renewals (net impact) and Other
(0.2)
(0.5)
(0.7)
Plus: New Take-up
5.4
3.3
8.6
Total Like-for-like Rent from SCP 31 December 2025
93.3
88.3
181.6
Plus: (Re)Developments Completed During the Period
6.5
-
6.5
Total Rent from SCP
99.9
88.3
188.2
Plus: Residential Rent
-
0.2
0.2
Total Rent from Standing Properties
99.9
88.5
188.4
Plus: Pre-let rent on Projects Under Development
-
1.1
1.1
Total Contracted Rent as at 31 December 2025
99.9
89.6
189.5
Combined Annualised Commercial Portfolio Contracted Rent Profile as of 31 December 2025
Poland
Romania
Group
Contracted Rent (€'m)
99.9
89.4
189.3
Tenant origin - %
Multinational
64.8%
79.3%
71.7%
National
33.8%
18.9%
26.7%
State Owned
1.4%
1.8%
1.6%
Note: Commercial Contracted Rent excludes c.€0.2 million from residential spaces as at 31 December 2025
Annualised Contracted Rent by Period of Commencement Date as of 31 December 2025 (€m)
Active Leases
H1-2026
H2-2026
>2026
Total
Standing Properties
185.5
2.9
0.0
-
188.4
Developments
-
-
-
1.1
1.1
Total
185.5
2.9
0.0
1.1
189.5
Annualised Commercial Portfolio Lease Expiration Profile as of 31 December 2025 (€m)
Year
2026
2027
2028
2029
2030
2031
2032
2033
2034
>2034
Total
16.1
22.5
22.5
31.0
31.2
22.4
12.6
11.9
10.8
8.4
% of total
8.5%
11.9%
11.9%
16.4%
16.5%
11.8%
6.6%
6.3%
5.7%
4.4%
The Group's rent roll across its combined portfolio is well diversified, with the largest tenant accounting for 3.5% of contracted rents, while the top three tenants account for 9.4% and the top 10 account for 23.1%.
Cost of Renting Spaces
Renting spaces typically involves certain costs, such as rent-free periods, fit-out expenses for the leased spaces, and brokerage fees, which the landlord incurs. These incentives can vary significantly between leases and depend on market conditions, type of lease signed (new take-up or lease extension), space leased (office, retail, other), lease duration and other factors.
While headline (base) rents present the reference point typically communicated in the real estate market when referring to the level at which lease contracts are expected to be signed or are signed, the effective rent is a more useful indicator of a rental agreement's profitability.
In calculating our effective rent, we account for the costs incurred over the lease's lifetime, which we deduct from the headline (base) rent, thus allowing us to assess the profitability of a rental agreement. To analyse the effective rent more accurately we are excluding short-term leases, leases signed with group entity for flexible office spaces and leases signed or renewed as part of our ESG commitments.
Overall, in 2025, we successfully negotiated the take-up (including expansions) or extension of 134.4k sqm of commercial spaces in our portfolio (excluding the above-mentioned specific leases). The weighted average effective rent for these new leases was €12.8/sqm/month with a WALL of 4.9 years.
The difference between headline (base) and effective rents in 2025 was, on average, 21.4%, substantially lower compared to the level recorded in FY2024 (average of 27.1%) impacted by a relatively low level of leasing activity, reflecting a market that is mixing challenges for older, poorly located buildings with opportunities for ESG-aligned, prime located assets.
In total, new leases signed during the year will generate an estimated future rental income of €137.8 million (including auxiliary spaces and revenues from flex offices), with leases from office properties accounting for 91.6% of future rental income.
Weighted Average Effective Rent (€ / sqm / m) - Leases signed in 2025
Poland
Romania
Group
Headline Commercial Rent
16.4
16.0
16.2
Less: Rent Free Concessions
(2.3)
(1.2)
(1.9)
Less: Tenant Fitouts
(1.5)
(1.1)
(1.3)
Less: Broker Fees
(0.3)
(0.1)
(0.2)
Effective Commercial Rent
12.3
13.6
12.8
WALL (in years)
4.7
5.3
4.9
Portfolio Valuation
In line with our practice of biannual valuations, we valued our entire portfolio in Poland and Romania as of 30 June and 31 December 2025.
The valuations were performed by Knight Frank and AXI Immo for our properties in Poland, with Colliers and Cushman & Wakefield valuing our properties in Romania (more information is available under note 4 of the audited annual consolidated financial statements as of and for the period ended 31 December 2025).
Assigning the appraisal of our portfolio to several independent and experienced service providers makes the process of determining the value of our properties transparent and impartial. Through our oversight, we ensure that a consistent methodology, reporting, and timeframe are respected.
As such, the portfolio's third-party appraised value on 31 December 2025 was estimated at €2.6 billion, which was 0.9% higher compared to the end of 2024. The like-for-like increase in value of our standing commercial assets owned throughout the year was €21.9 million meaning an average increase of 0.9% compared to the values at the end of 2024.
In valuing our properties, key market indicators used by our independent appraisers, although they vary, consider factors such as the commercial profile of the property, its location, age and the country in which it is situated.
Combined Portfolio Value Evolution as of 31 December 2025 (€m)
Poland
Romania
Group
Total Portfolio Value on 31 December 2024
1,404.0
1,195.7
2,599.7
Less: Properties Held in Joint Venture*
-
(7.9)
(7.9)
Total Fully Owned Portfolio on 31 December 2024
1,404.0
1,187.8
2,591.8
Plus/Less: Transactions
-
(6.9)
(6.9)
o/w New Acquisitions
-
-
-
o/w Disposals
-
(6.9)
(6.9)
Plus: Capital Expenditure
15.1
23.7
38.8
o/w Developments
-
1.0
1.0
o/w Standing Properties
15.1
22.7
37.8
o/w Future Developments
-
-
-
Plus/Less: Net Revaluations Adjustments
(8.2)
(1.4)
(9.6)
o/w Developments/Redevelopments
5.4
0.6
6.0
o/w Standing Properties
(13.6)
(2.0)
(15.6)
o/w Lands, Future Developments and Acquisitions
-
-
-
Total Fully Owned Portfolio on 31 December 2025
1,410.9
1,203.2
2,614.1
Plus: Properties Held in Joint Venture*
-
7.9
7.9
After Disposals in the Period
-
-
-
After Net Revaluation Adjustments
-
-
-
Total Portfolio Value on 31 December 2025
1,410.9
1,211.1
2,622.0
* Properties held through joint ventures are shown at 100%, Globalworth owns 50% stake in the respective joint ventures.
Financial Review
Navigating Complexity, Building Resilience
1 Introduction and highlights
2025 was a demanding year for real estate markets across Central and Eastern Europe. Elevated interest rates, continued yield repricing and the impact of 2024 portfolio disposals shaped our financial performance - with revenues of €236 million, NOI of €137 million and Adjusted Normalised EBITDA of €118.4 million.
Revenues
€236m
(0.8)% on 2024
IFRS Earnings per share1
3 cents
(30) cents in 2024
EPRA NRV2,3
€1,631m
(0.5)% on 31 Dec. 2024
Adjusted normalised EBITDA2,4
€118.4m
(6.2)% on 2024
LTV2,5
37.0%
38.1% at 31 Dec. 2024
NOI Like-for-Like2,6
€138.6m
0.6% on 2024
Portfolio Open Market Value (OMV)2
€2.6bn
0.8% on 31 Dec. 2024
EPRA NRV per share2,3
€5.62
(4.5)% on 31 Dec. 2024
EPRA Earnings per share2,3
11 cents
(47.6)% on 2024
Dividends paid in 2025 per share
14 cents
(33.3)% on 2024
1. See note 12 of the consolidated financial statements for calculation.
2. See Glossary (pages 142-144) for definitions
3. See note 23 of the consolidated financial statements for calculation.
4. See page 38 for further details.
5. See note 20 of the consolidated financial statements for calculation.
6. Excluding industrial properties.
We returned to positive IFRS earnings of €9.6 million, against a loss of €81.6 million in the prior year. Like-for-like NOI grew across the portfolio, and fair value losses contracted sharply to €15.0 million from €99.8 million in 2024 - a clear signal that valuations are stabilising. We refinanced our near-term maturities, leaving no debt due in the next 12 months, and closed the year with €410.6 million in cash. Our LTV stood at 37.0%, well within our target range, and portfolio value was essentially unchanged at €2.6 billion.
The focus throughout the year remained on maintaining financial stability - managing maturities, preserving liquidity and continuing to invest selectively in the portfolio - while keeping the Group well positioned to respond to opportunities as market conditions evolve.
2 Revenues and Profitability
Our main source of revenue is rental income received from our partners who lease space within our properties.
In addition, we record revenue from service charges, which are intended to recover the costs associated with maintaining common areas and providing shared services across our properties. This service charge income is offset by the corresponding expenses incurred in delivering those services.
In 2025 total consolidated revenue is €236.3 million, with c.€2.0 million less revenue as compared to €238.3 million in 2024, entirely attributable to properties disposed during 2024.
Rental Income
Like-for-like gross rental income from offices and mixed-use properties grew by €3.1 million, driven by rental indexation and improving occupancies across our Polish regional portfolio (occupancy on like for like basis increased by 2.8%). Poland delivered particularly strong growth, with rental income up 7.6% to €78.7 million, while Romania saw a 3.3% decline to €71.4 million, reflecting higher vacancy in certain Bucharest assets. This geographic shift is reflected in our revenue split, with Poland now representing 53% of total revenues, compared to 50% in 2024.
Overall rental income of €150.0 million was €2.8 million lower year-on-year, but this decline is wholly explained by €5.9 million of income from properties sold during 2024 that does not recur. On a like-for-like basis, the portfolio performed ahead of the prior year by 2.1%.
Total Revenue and Net Operating Income
Year ended 31 December
Note to the financial statements
2025 €'m
2024 €'m
Contracted rent
187.8
188.9
Adjustment for lease incentives
(37.8)
(36.1)
Rental income
7
150.0
152.8
Service charge income
7
80.6
78.6
Other income
7
5.7
6.9
Operating Expenses
8
(99.3)
(94.6)
Net Operating expense
(13.0)
(9.1)
Net Operating Income (NOI)
137.0
143.7
Year ended 31 December
2025 €'m
2024 €'m
Office
134.5
132.5
Bucharest
70.1
72.4
Regional
38.7
35.4
Warsaw
25.7
24.7
Mixed-Use
14.3
13.2
Industrial
0.3
5.9
Other
0.9
1.2
Rental Income by Segment
150.0
152.8
Net Operating Income
NOI for 2025 reached €137.0 million, compared to €143.7 million in 2024. As with rental income, the headline decline of €6.7 million reflects the impact of disposed properties. Excluding disposals, like-for-like NOI increased by €0.8 million, with Poland contributing €2.0 million more (up 3.0%), partially offset by a €1.2 million reduction in Romania (down 1.6%).
Operating Expenses and Cost Recovery
Total operating expenses increased by €4.7 million, to €99.3 million, due to increase in Poland by €5.5 million compensated by €0.8 million decrease in Romania. Of this, 84.5% (2024: 87.2%) was reinvoiced to tenants through service charges, broadly consistent with prior year levels. The recovery rate differs markedly between our two markets: Romania achieved 94.6% (2024: 92.9%) cost recovery, reflecting stronger occupancy, while Poland recovered 78.1% (2024: 83.2%), with the gap primarily driven by vacant space in the Polish portfolio that is actively being re-let. Reducing this vacancy and improving the Polish recovery rate remains a near-term operational priority.
Service charge income of €80.6 million (2024: €78.6 million) is reported gross and is largely offset by the corresponding operating expenses. The net service charge cost to the Group was €13.0 million, compared to €9.1 million in 2024, with the increase attributable to the higher vacancy-related costs in Poland noted above.
Revenue Share per Country
Period ended 31 December 2025
Poland
Romania
2025
53.0%
47.0%
Period ended 31 December 2024
Poland
Romania
2024
50.2%
49.8%
Net Operating Income Share per Country
Period ended 31 December 2025
Poland
Romania
2025
49.0%
51.0%
Period ended 31 December 2024
Poland
Romania
2024
46.0%
54.0%
Net Operating Income Build Up
Year ended 31 December (€ million)
NOI - 2024
Disposal
NOI Change - Poland
NOI Change - Romania
NOI - 2025
143.7
-6.0
0.5
-1.2
137.0
Adjusted Normalised EBITDA
When we assess the ongoing performance of our core operations, we focus on Adjusted Normalised EBITDA as a key metric. This measure excludes non-recurring or non-cash items that wouldn't reflect our typical business activity, as revaluations, gains or losses from asset sales and exceptional expenses.
Adjusted Normalised EBITDA, which excludes non-cash and non-recurring items such as revaluations and disposal gains, was €118.4 million, down 6.2% from €126.2 million in 2024. The decrease reflects the loss of NOI from disposed properties and a modest increase in recurring administrative expenses to €18.6 million. On a like-for-like basis, the underlying EBITDA trajectory of the portfolio remains stable.
Adjusted Normalised EBITDA
Year ended 31 December
2025 €'m
2024 €'m
Net Operating Income
137.0
143.7
Administrative expenses - recurring
(18.6)
(17.5)
Adjusted Normalised EBITDA
118.4
126.2
Property Valuation
We revalue 100% of the portfolio on a bi-annual basis. At 31 December 2025, our portfolio increased in value by 0.8% overall, with Romania up with 1.3% (€15.4 million) and Poland up 0.4% (€5.3 million). Against total capital investment of €61.8 million during the year (covering capex, tenant fit-outs and other improvements) the net fair value loss recognised in the income statement was €15.0 million. This represents a significant improvement from the €99.8 million loss recorded in 2024 and reflects the broad stabilisation of yields across our markets.
Property Valuation
Year ended 31 December
2025 €'m
2024 €'m
Fair value loss on investment property
15.0
99.8
Finance Costs and Income
Year ended 31 December
Note to the financial statements
2025 €'m
2024 €'m
Finance cost
10
71.0
68.5
Debt close-out costs
10.2
-
12.1
Gain from Notes buy-back
10.3
-
(0.4)
Income from bank deposits
10.3
(6.9)
(7.7)
Other finance income
10.3
(2.9)
(4.0)
Net Finance Cost
61.2
68.5
Net finance cost for 2025 was €61.2 million, a reduction of €7.3 million compared to €68.5 million in 2024, notwithstanding a €2.5 million increase in gross finance costs to €71.0 million. The improvement at the net level reflects the absence of the €12.1 million one-off Notes exchange costs recorded in 2024, and continued strong returns on our cash balances.
The rise in gross finance cost is driven by two factors: additional interest on new secured facilities drawn down in late 2024 and during 2025, and elevated Euribor base rates, contributing €3.7 million of incremental interest expense. This was partially offset by a €1.5 million reduction in unsecured facility costs, following the hedging of our €85 million IFC loan in 2024.
Interest income on cash deposits remained significant at €6.9 million, reflecting our strong liquidity position maintained throughout the year.
Other Financial Income
This category remained relatively flat, €2.5 million in 2025 compared to €2.6 million in 2024, representing charge on consideration receivable on the Warta sale that carries interest of 13%.
Share in Joint Venture
At the end of 2025 we have joint venture investment in Black Sea Business Park SRL, holding Constanta Business Park of €4.0 million. In prior year, the Group disposed its 50% interest in previous owned joint venture investments from Romania. Interest earned on loans provided to our joint ventures in 2025 was €0.2 million.
Income tax expense
The 2025 income tax charge includes a €10.7 million one-off item related to prior years in Poland, which distorts the year-on-year comparison. Excluding this item, the underlying current tax expense increased by €0.5 million on a like-for-like basis, broadly in line with the portfolio's operational performance. Deferred tax expense of €7.8 million compares to a deferred tax income of €8.0 million in 2024, reflecting the partial reversal of the prior year's valuation-driven deferred tax movements.
IFRS and EPRA Earnings
IFRS Earnings is a standard accounting measure that reflects our overall profit or loss. However, it can be impacted by non-cash or one-off costs like property revaluations, gain on Notes buy-backs and gain/loss on property disposals. EPRA Earnings adjust for such non-recurring and non-cash items and reflect a relevant measure for real estate companies like ours, providing a clearer picture of our ongoing operational performance.
IFRS Earnings returned to positive territory in 2025, reaching €9.6 million or 3 cents per share, compared to a loss of €81.6 million (−30 cents per share) in 2024. This recovery is primarily driven by the sharp reduction in fair value losses from €99.8 million to €15.0 million.
EPRA Earnings, were €32.5 million or 11 cents per share. The decline from €56.1 million in 2024 reflects three principal factors: €6.6 million lower NOI from disposed properties, a €15.1 million higher income tax charge (including the Polish one-off noted above), and €1.0 million of additional administrative costs. Stripping out the one-off tax item, the underlying EPRA earnings trajectory is more stable than the headline figure suggests.
IFRS Earnings vs EPRA Earnings
Total €'m
Per share cents
IFRS Earnings
9.6
3
FV loss on properties
15.0
5
FV gain on financial instrument
(0.5)
(0)
Deferred tax on investment property
7.0
2
JVs and others
1.4
1
EPRA Earnings
32.5
11
3 Assets
Our Assets: Primarily Real Estate
Real estate remains the dominant component of our asset base, with investment properties and cash equivalents together accounting for 97.9% of total assets of €3,118.2 million (2024: €3,049.7 million). Total investment property at 31 December 2025 stood at €2,642.1 million, comprising exclusively freehold properties across our Polish and Romanian portfolios. The prior year figure of €2,621.1 million included €35.8 million of properties classified as held for sale, which were transferred to standing assets in 2025.
Investing in the Future: During 2025 we invested €53.4 million in capital expenditure across the portfolio, €27.6 million in Poland and €25.8 million in Romania. Investment was directed at both sustaining and improving existing assets, with the largest single allocation being €23.7 million for tenant improvements, reflecting our commitment to retaining and attracting quality occupiers. The remainder was deployed across operational efficiency upgrades (€4.9 million), common and outdoor area enhancements (€7.6 million), flex office space development (€5.6 million), building automation (€4.3 million), HVAC systems (€3.9 million) and health and safety requirements (€3.2 million).
Towards the end of the year, we commenced construction of Green Court D in Romania, our first new office development since the pandemic, with €1.0 million of initial capex recorded. This marks a measured step towards portfolio growth, undertaken from a position of balance sheet strength.
Property Valuation and Market Impact
As a result of market conditions and higher yields, we recorded a net fair value loss of €15.0 million on the portfolio, comprising a €14.6 million loss on freehold properties and a €0.4 million loss on leasehold assets. This represents a significant improvement from prior year levels and is consistent with the broader stabilisation we are observing across our markets.
Liquidity and Other Assets
Cash and cash equivalents at year end were €410.6 million, up from €333.6 million at 31 December 2024. This strong liquidity position reflects disciplined cash management and provides substantial flexibility as we look ahead. Other assets of €61.4 million include trade and other receivables of €16.6 million, non-current financial assets of €8.8 million, equity investments of €8.3 million and contract assets of €7.1 million. Our joint venture investment of €4.1 million represents our interest in Black Sea Business Park SRL, holding a development plot (for retail and logistics) in the Constanta area of Romania.
Assets
Note to the financial statements
31-Dec-25 €'m
31-Dec-24 €'m
NCA - Investment property
3
2,642.1
2,585.3
CA - Investment property held for sale
-
35.8
Total Investment Property
2,642.1
2,621.1
NCA - Investments in joint-ventures
27
4.1
4.0
Cash and cash equivalents
18
410.6
333.6
Other Assets
61.4
91.0
Total Assets
3,118.2
3,049.7
CAPEX
€ million
HVAC
3.9
Automations
4.3
Electrical and green energy
0.2
Health and safety
3.2
Operational efficiency
4.9
Common and outdoor areas
7.6
Flex office spaces
5.6
Tenant improvements
23.7
53.4
Poland
€ million
Mixed-Use (incl. refurbishment)
9.9
Regional
9.3
Warsaw
8.4
27.6
Romania
€ million
Office
25.4
Residential
0.4
25.8
IP Movement Freehold €'m
Poland
Romania
Total
OMV December 2024
1,404.0
1,195.7
2,599.7
JV properties - December 2024
-
7.9
7.9
Investment Property - December 2024
1,404.0
1,187.8
2,591.8
CAPEX Standing
22.3
24.9
47.2
CAPEX Under Development
5.3
1.0
6.3
Agency and cash incentive
4.0
4.4
8.4
Non-cash amortisation
(10.1)
(9.5)
(19.6)
Apartment Disposals
-
(6.9)
(6.9)
Fair value Gain/(loss)
(16.1)
1.5
(14.6)
Investment Property - December 2025
1,409.3
1,203.2
2,612.5
JV properties - December 2025
-
7.9
7.9
OMV December 2025
1,409.3
1,211.1
2,620.4
4 Liabilities
Liabilities
Note to the financial statements
31-Dec-25 €'m
31-Dec-24 €'m
NCL - Interest-bearing loans and borrowings
14
1,327.6
1,178.2
CL - Interest-bearing loans and borrowings
14
40.1
132.6
Total Interest-bearing loans and borrowings
1,367.7
1,310.8
Deferred Tax Liabilities
11.1
126.0
118.2
Other Current Liabilities
75.4
68.6
Other Non-Current Liabilities
35.5
33.2
Total Liabilities
1,604.6
1,530.8
Total liabilities at 31 December 2025 were €1,604.6 million, an increase of €73.8 million or 4.8% compared to €1,530.8 million at the end of 2024. Interest-bearing loans and borrowings remain the predominant component at 85.2% of total liabilities (2024: 85.6%), reflecting the stable financing structure of the Group. The increase in total liabilities was principally driven by the drawdown of two new ten-year term loans totalling €65 million with Banca Transilvania, secured against the Group's office buildings.
Deferred tax liabilities increased by €7.8 million to €126.0 million, largely as a result of revaluation gains on investment properties in Romania. Other current and non-current liabilities, including tenant deposits, lease obligations and income tax payables, increased by €9.1 million to €110.9 million, with higher income tax payables partially offset by the settlement of liabilities associated with assets held for sale in the prior year.
5 Interest-bearing Loans and Borrowings
Debt Structure and Composition
Total consolidated debt at 31 December 2025 was €1,367.7 million (2024: €1,310.8 million), denominated entirely in Euro and comprising medium to long-term facilities. The portfolio consists of €508.1 million in unsecured Notes maturing in 2029 and 2030, €84.7 million under the IFC unsecured facility, and €774.9 million of secured loans backed by real estate mortgages and related security arrangements. Unsecured facilities account for 42.7% of total debt, compared to 44.4% in 2024.
Key Financing Events in 2025
Two significant transactions shaped our debt profile during the year. In April 2025, we successfully refinanced with Helaba/PBB €100 million secured facility originally due to mature in May 2025, extending its maturity by five years under a revised security structure by replacing two Poland regional properties with a Warsaw property. In August 2025, we drew down in full the two ten-year term loans of €30 million and €35 million with Banca Transilvania, which had been entered into in November 2024. As a result of these actions, there is no debt maturing within the next 12 months (from balance sheet date) other than normal principal amortisation, a material improvement in our near-term refinancing risk profile.
Cost and Duration of Debt
The weighted average cost of debt at 31 December 2025 was 4.81%, a marginal improvement from 4.87% in 2024, notwithstanding a higher interest rate environment. The weighted average maturity of the debt portfolio is 4.5 years (2024: 4.9 years), reflecting the natural passage of time offset partially by the new ten-year facilities drawn during the year. The majority of our debt (i.e. 63.9%) carries fixed interest rates, with a further 27.5% hedged through interest rate swaps.
Only 8.6% of the outstanding balance carries floating rate exposure, down from 13.4% at end 2024, providing strong natural protection against Euribor movements.
The high level of fixed interest rate debt ensures natural hedging to the Euro, the currency in which the most significant part of our liquid assets (cash and cash equivalents and rental receivables) is originally denominated and the currency for the fair market value of our investment property. Therefore, an increase of 25 basis points in the Euribor would result in a higher interest expense of €0.3 million per annum.
Average cost of debt
4.81%
Weighted average debt maturity
4.5 years
Weighted average interest rate versus debt duration to maturity
Weighted average interest rate
Weighted average duration to maturity
30 June 2023
3.29%
3.4
31 December 2023
3.7%
3.7
30 June 2024
5.1%
5.2
31 December 2024
4.87%
4.9
30 June 2025
4.86%
4.7
31 December 2025
4.81%
4.5
Maturity Profile (by year) of the Principal Loan Outstanding at 31 December 2025
(€ million)
Bank
Notes
2026
17.2
-
2027
80.9
-
2028
102.5
-
2029
153.1
223.9
2030
296.1
268.4
2031
123
-
2032
9.5
-
2033
10.6
-
2034
31.3
-
2035
36.2
-
2036
0.7
-
Group's strong cash position is sufficient to cover debt maturities over the next two years
Years
Cash balance coverage
2026
17.2
24x
2027
80.9
5x
2028
102.5
4x
Cash balance at 31 December 2025 €410.6 million
at 31 December 2024 €333.6 million
Maturity Profile
The debt maturity profile at 31 December 2025 is well distributed, with no significant near-term concentration of maturities. The largest repayment obligations fall in 2029 and 2030, aligned with the maturity of our two unsecured Notes. Bank debt amortises gradually across the intervening years, providing a manageable and predictable repayment schedule. Importantly, our cash position of €410.6 million provides coverage of approximately 5x the debt maturing in 2027 and 4x in 2028, underscoring the Group's capacity to service its obligations without reliance on refinancing activity in the near term.
Debt Repayments in 2025
During the year, the Group repaid €58.1 million in bank debt principal and €61.3 million in accrued interest on outstanding facilities, including €29.6 million in coupon payments on the Notes. In addition, we drew down €65 million under the new ten-year Banca Transilvania facilities to enhance liquidity and extend the overall maturity of the debt portfolio.
Debt Covenants
As of 31 December 2025, the Group was in compliance with all of its debt covenants and there have been no breaches of the aforementioned covenants occurring during the period ended 31 December 2025.
The Group's financial indebtedness is arranged with standard terms and financial covenants, the most notable as at 31 December 2025 being the following:
Unsecured Notes and IFC loan
· the Consolidated Coverage Ratio, with minimum value of 150% covenant value was aligned for all debt facilities;
· the Consolidated Leverage Ratio, with maximum value of 60%;
· the Consolidated Secured Leverage Ratio with a maximum value of 30%; and
· the Total Unencumbered Assets Ratio, with minimum value of 125% (additional covenant applicable for the IFC loan).
Secured Bank Loans
· the debt service cover ratio ("DSCR") / interest cover ratio ("ICR"), with values ranging from 120% to 250% (be it either historic or projected); and
· the LTV ratio, with contractual values ranging from 45% to 83%.
6 Liquidity and Loan-to-Value ratio (LTV)
Liquidity
Liquidity management remained a central focus throughout 2025. Cash and cash equivalents at 31 December 2025 were €410.6 million, up €77.0 million from €333.6 million at the end of 2024. Of this balance, €29.5 million is restricted under conditions imposed by financing banks, leaving freely available liquidity of €381.1 million. This level of cash provides the Group with significant operational and strategic flexibility, and comfortably covers all near term debt obligations without the need for refinancing.
Loan-to-Value Ratio
The Group's LTV ratio improved to 37.0% at 31 December 2025, from 38.1% at the end of 2024. The 1.1 percentage point reduction reflects two contributing factors: a 0.8 percentage point improvement from lower net debt (interest-bearing loans and borrowings net of cash), and a further 0.3 percentage point reduction attributable to the modest increase in portfolio open market value. EPRA LTV, which applies a slightly different methodology, stood at 38.2%, broadly unchanged from 38.0% in 2024. Both measures remain well within the Group's stated target range of 40% and are comfortably below covenant thresholds across all facilities.
7 EPRA NRV
Overview
EPRA NRV is the measure we use to assess the long-term net asset value of the Group, reflecting the estimated cost of rebuilding the portfolio at current market values on the assumption that properties are held rather than sold. It is the most relevant NAV metric for a company with our strategy and holding period assumptions.
Movement in 2025
EPRA NRV at 31 December 2025 was €1,631.5 million, a modest decline of €7.5 million or 0.5% from €1,639.0 million at the end of 2024. On a per share basis, NRV decreased from €5.89 to €5.62, with the difference partly reflecting the dilutive effect of scrip dividend shares issued during the year.
The movement in NRV during 2025 can be summarised as follows. EPRA Earnings of €32.5 million provided the primary positive contribution. This was offset by a combination of the €15.0 million cash dividend paid to shareholders, a €6.6 million fair value loss on financial instruments, a €2.6 million adjustment in respect of joint ventures, and €15.8 million of other movements - principally the increase in deferred tax liabilities arising from investment property revaluations and changes in the fair value of financial instruments.
EPRA NRV
€'m
€
EPRA NRV 31 December 2024
1,639.0
5.89
EPRA Earnings
32.5
0.11
FV loss on properties
(15.0)
(0.05)
Adjustment in respect of JV
(2.6)
(0.01)
FV loss on financial instruments
(6.6)
(0.02)
Cash dividend
(15.0)
(0.05)
Scrip shares
-
(0.24)
Others*
(0.8)
(0.01)
EPRA NRV 31 December 2025
1,631.5
5.62
* Others include movement in deferred tax liability and change in value of financial instruments.
EPRA NRV per Share (€)
€
Income statement
EPRA NRV 31 December 2024
5.89
EPRA Earnings
0.11
FV loss on properties
(0.05)
Adjustment in respect of JV
(0.01)
FV loss on financial instruments
(0.02)
Others
(0.01)
Changes in equity
Cash dividend
(0.05)
Scrip shares
(0.24)
EPRA NRV 31 December 2025
5.62
8 Cash Flows
Cash flows
Year ended 31 December
2025 €'m
2024 €'m
Operating Profit before Changes in Working Capital
116.7
126.5
Changes in Working Capital
(41.3)
(72.0)
Cash Flows from Operating Activities
75.4
54.5
Cash Flows (used)/from in Investing Activities
(29.5)
102.8
Cash Flows from/(used) in Financing Activities
32.0
(220.4)
Net Increase in Cash and Cash Equivalents
77.9
(63.1)
Effect of foreign exchange fluctuations
(0.9)
0.3
Cash and Cash Equivalents at Year End
410.6
333.6
Note: The totals in the table do not add up due to rounding.
Overview
The Group generated a net increase in cash of €77.9 million during 2025, closing the year with €410.6 million in cash and cash equivalents compared to €333.6 million at the end of 2024. This improvement reflects stronger operating cash conversion, disciplined investment activity and well-managed financing transactions across the year.
Operating Cash Flows
Cash generated from operating activities was €75.4 million, a significant improvement of €20.8 million compared to €54.5 million in 2024. While operating profit before working capital changes decreased by €9.8 million to €116.7 million - reflecting the lower NOI from disposed properties - this was more than offset by a meaningful improvement in working capital, driven primarily by a reduction in trade and other receivables. Higher taxes paid of €6.3 million and increased interest payments of €2.9 million partially offset these gains.
Changes in working capital requirement for 2025 reflect improved collectability of rent and services charge receivables, expiry of rent free periods, combined with a slight increase in payable for operating costs at year end and with cashing in the balance of VAT receivables. Furthermore, in Romania, from the beginning of 2025, we started to reinvoice tenants their actual share of utilities cost for common spaces for each month, compared to previous year when such costs were invoiced quarterly as part of budgeted service charge rate. The budgeted service charge rate is reconciled at year-end with actual expenses, with any resulting differences subsequently reinvoiced to the tenants in Romania on an annual basis.
Investing Activities
Net cash outflow from investing activities was €29.5 million, a notable swing from the €102.8 million inflow in 2024, which had been driven by significant disposal proceeds collected during the year. In 2025, capital expenditure of €62.6 million was the primary outflow, partially offset by €26.4 million received on the consideration receivable from Warta disposal in 2023, €8.0 million from investment property sales and €1.3 million from other net investment activity. The capex investment reflects our continued commitment to maintaining and improving asset quality across the portfolio.
Financing Activities
Cash inflow from financing activities was €32.0 million, compared to an outflow of €220.4 million in 2024, which had included the significant costs associated with the Notes exchange and debt restructuring. In 2025, the Group drew down €65 million under the new Banca Transilvania facilities, repaid €13.2 million of scheduled bank loan amortisation and €2.7 million of other recurring financing charges, and paid €15.0 million in cash dividends and €2.1 million in lease liabilities.
9 Dividends
Dividends
Year ended 31 December
2025 €'m
2024 €'m
Dividends declared
39.6
54.4
Share capital increase - scrip shares
(24.6)
(53.5)
Dividends paid
15.0
0.9
Dividends per Share - Cents
14
21
Distribution Policy
Globalworth distributes at least 90% of its EPRA Earnings to shareholders on a bi-annual basis. The scrip dividend alternative, where available, allows qualifying shareholders to elect to receive new ordinary shares in lieu of cash, calculated at a 20% discount to the average mid-market share price over the five dealing days from the ex-dividend date.
2025 Distributions
Two distributions were made in respect of 2025. The dividend declared for the six-month period ended 31 December 2024 was 9 cents per share. Following strong shareholder take-up of the scrip alternative, 11.8 million new shares were issued in April 2025, with only €0.5 million paid in cash, representing a 98.2% scrip election rate, reflecting meaningful shareholder confidence in reinvesting in the Company at the prevailing share price.
For the six-month period ended 30 June 2025, a dividend of 5 cents per share was declared and distributed entirely in cash in September 2025. Total dividend paid in cash during 2025 was €15.0 million, compared to €0.9 million in 2024, with total dividends declared of €39.6 million (2024: €54.4 million) after accounting for €24.6 million satisfied through the scrip issuance.
EPRA Select Key Performance Measures Snapshot
The European Public Real Estate Association ("EPRA"), is a widely recognised market standard guidance and benchmark provider for the European real estate industry. The following performance indicators have been prepared in accordance with best practices as defined by EPRA in its Best Practices Recommendations guide, available on EPRA's website (www.epra.com).
Our performance under the EPRA guidelines
2025
2024
Purpose
Pages
EPRA NRV (€ million)
1,631.50
1,639.00
EPRA Net Reinstatement Value.
Metric making adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, assuming that entities never sell assets and aims to represent the value required to rebuild the entity.
118
EPRA NRV per share (€)
5.62
5.89
EPRA Net Reinstatement Value per share.
118
EPRA Earnings (€ million)
32.52
56.11
Earnings from operational activities.
Metric measuring a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.
102
EPRA Earning per share (€)
0.11
0.21
Earnings from operational activities per share.
102
EPRA Net Initial Yield ("NIY") (%)
5.90%
6.00%
Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs.
A comparable measure for portfolio valuations.
136
EPRA Topped-up NIY (%)
6.60%
6.80%
This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).
A comparable measure for portfolio valuations.
136
EPRA Vacancy (%)
13.50%
12.30%
Estimated Market Rental Value ("ERV") of vacant space divided by ERV of the whole portfolio.
A "pure" (%) measure of investment property space that is vacant, based on ERV.
136
Group EPRA LTV (%)
38.20%
38.00%
Debt divided by market value of the property.
A key (shareholder-gearing) metric to determine the percentage of debt comparing to the appraised value of the properties.
139
Combined EPRA LTV (%)
38.30%
38.00%
139
EPRA Cost Ratio (including direct vacancy costs) (%)
22.00%
18.40%
Administrative and operating costs (including and excluding costs of direct vacancy) divided by gross rental income.
Present a consistent baseline from which companies can provide further information around costs.
138
EPRA Cost Ratio (excluding direct vacancy costs) (%)
15.60%
13.10%
Administrative and operating costs (including and excluding costs of direct vacancy) divided by gross rental income.
Present a consistent baseline from which companies can provide further information around costs.
138
EPRA Capex (€ million)
42.20
59.17
Capitalised expenses for the financial period.
A key table to understand the property-related expenses that have been capitalised from the investments made during the year on a proportionate basis.
140
Financial Statements
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
Note
31 December 2025 €'000
31 December 2024 €'000
Revenue
7
236,334
238,268
Operating expenses
8
(99,309)
(94,610)
Net operating income
137,025
143,658
Administrative expenses
9
(18,944)
(17,962)
Fair value loss on investment property
3
(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)
Profit/(Loss) before net financing cost
98,879
(7,656)
Finance cost
10
(71,045)
(80,589)
Finance income
9,847
12,123
Share of loss of equity-accounted investments in joint ventures
27
(132)
(8,443)
Profit/(Loss) before tax
37,549
(84,565)
Income tax
11
(27,953)
2,991
Profit/(Loss) for the year
9,596
(81,574)
Items that will not be reclassified to profit or loss
Gain on equity instruments designated at fair value through other comprehensive income
-
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
Earnings per share (€ cents)
Restated*
- Basic
12
3
(30)
- Diluted
12
3
(30)
* The IFRS Earnings per share for the year 2024 have been restated following the IAS 33 "Earnings per Share" requirements regarding accounting for scrip dividend shares issued in 2025.
Financial Statements
Consolidated Statement of Financial Position
As at 31 December 2025
Note
2025 €'000
2024 €'000
Assets
Investment property
3
2,642,130
2,585,345
Goodwill
26
12,039
12,039
Advances for investment property
5
1,317
3,625
Investments in joint ventures
27
4,074
3,960
Equity investments
16
8,272
8,010
Other long-term assets
2,064
1,765
Prepayments
240
259
Non-current financial assets
8,789
3,067
Deferred tax asset
11.1
2,059
2,629
Non-current assets
2,680,984
2,620,699
Trade and other receivables
17
16,568
51,351
Contract assets
7
7,113
5,702
Guarantees retained by tenants
40
97
Income tax receivable
720
118
Prepayments
2,173
2,447
Cash and cash equivalents
18
410,594
333,560
Current assets
437,208
393,275
Investment property held for sale
3.3
-
35,763
Total current assets
437,208
429,038
Total assets
3,118,192
3,049,737
Equity
Issued share capital
21
1,847,532
1,822,934
Treasury shares
25
(4,722)
(4,752)
Share-based payment reserve
24
200
185
Retained earnings
(324,047)
(294,036)
Fair value reserve of financial assets at FVOCI
(5,379)
(5,379)
Total equity
1,513,584
1,518,952
Liabilities
Interest-bearing loans and borrowings
14
1,327,575
1,178,250
Deferred tax liability
11.1
126,050
118,184
Lease liabilities
3.2
27,511
24,414
Deposits from tenants
3,994
3,517
Guarantees retained from contractors
3,032
2,977
Other financial liabilities
973
1,882
Trade and other payables
15
-
399
Non-current liabilities
1,489,135
1,329,623
Interest-bearing loans and borrowings
14
40,100
132,581
Guarantees retained from contractors
4,600
4,774
Trade and other payables
15
34,422
38,048
Contract liability
7
3,802
320
Current portion of lease liabilities
3.2
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
3.3
-
3,141
Total current liabilities
115,473
201,162
Total equity and liabilities
3,118,192
3,049,737
The financial statements were approved by the Board of Directors on 30 March 2026 and were signed on its behalf by:
Andreas Tautscher
Director
Financial Statements
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
Note
2025 €'000
2024 €'000
Operating activities
Profit/(Loss) before tax
37,549
(84,565)
Adjustments to reconcile profit/(loss) before tax to net cash flows from operating activities
Fair value loss on investment property
3.4
14,964
99,839
Loss on sale of residential properties
17
1,194
Share-based payment expense
24
262
352
Depreciation and amortisation expense
1,110
876
Net movement in allowance for expected credit losses
19.2
559
2,872
Net foreign exchange differences
1,432
828
(Gain)/loss from fair valuation of financial instrument at fair value through profit or loss
(495)
3,206
Loss on disposal of subsidiary
-
24,623
Loss on disposal of investment property
-
321
Share of loss of equity-accounted joint ventures
27
132
8,443
Finance income
10.3
(9,847)
(12,123)
Financing cost
10
71,045
80,589
Operating profit before changes in working capital
116,728
126,455
Decrease/(Increase) in contract assets, trade and other receivables
26,687
(11,091)
Increase/(Decrease) in contract liabilities, trade and other payables
3,181
(1,467)
Interest paid
(61,318)
(58,380)
Interest received
6,945
7,749
Income tax paid
(10,723)
(4,473)
Payments for financial assets at fair value through profit or loss
(6,136)
(4,762)
Interest received from joint ventures
-
517
Net cash flows from operating activities
75,364
54,548
Investing activities
Expenditure on investment property completed and under refurbishment
(61,811)
(55,952)
Expenditure on investment property under development
(772)
(2,771)
Proceeds from sale of investment property
34,429
100,831
Proceeds from sale of financial assets through profit and loss
-
3,322
Payments for investment in equity investments
16
(262)
(199)
Investment in and loans given to joint ventures
27
(15)
(6,997)
Repayment of loan from joint ventures
-
3,788
Proceeds from sale of joint venture investments and settlement of loans given to joint ventures
27
-
61,578
Receipt from equity investments held at fair value through OCI
-
123
Payment for purchase of other long-term assets
(1,089)
(910)
Net cash flows (used in)/from investing activities
(29,520)
102,813
Financing activities
Transaction costs on issuance of scrip dividend shares
(18)
(11)
Proceeds from interest-bearing loans and borrowings
14
109,966
162,975
Repayment of interest-bearing loans and borrowings
14
(58,133)
(363,615)
Interim dividend paid (net of scrip)
22
(14,961)
(817)
Payment for lease liability obligations
(2,150)
(2,191)
Payment of bank loan arrangement fees and other financing costs
14
(2,650)
(16,747)
Net cash flows from/(used in) financing activities
32,054
(220,406)
Net increase/(decrease) in cash and cash equivalents
77,898
(63,045)
Net foreign exchange difference
(864)
346
Cash and cash equivalents at 1 January
18
333,560
396,259
Cash and cash equivalents at 31 December
18
410,594
333,560
Financial Statements
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Note
Issued capital €'000
Treasury shares €'000
Share-based payment reserve €'000
Retained earnings €'000
Fair value reserve of financial assets at FVOCI €'000
Total €'000
Non- controlling interests €'000
Total Equity €'000
As at 1 January 2024
1,769,456
(4,797)
-
(158,066)
(5,469)
1,601,124
1,411
1,602,535
Interim dividends paid in cash and scrip dividend
22
53,489
45
-
(54,351)
-
(817)
-
(817)
Transaction costs on issuance of shares for scrip dividend
(11)
-
-
-
-
(11)
-
(11)
Share-based payment expense
-
-
185
-
-
185
-
185
Non-controlling interest component of subsidiaries disposed
-
-
-
-
-
-
(1,456)
(1,456)
Settlement of fair value reserve of equity instruments designated at FVOCI in cash
-
-
-
-
90
90
-
90
Loss for the year
-
-
-
(81,619)
-
(81,619)
45
(81,574)
Total comprehensive income for the year
-
-
-
(81,619)
90
(81,529)
45
(81,484)
At 31 December 2024
1,822,934
(4,752)
185
(294,036)
(5,379)
1,518,952
-
1,518,952
Interim dividends paid in cash and scrip dividend
22
24,616
30
-
(39,607)
-
(14,961)
-
(14,961)
Transaction costs on issuance of scrip dividend shares
(18)
-
-
-
-
(18)
-
(18)
Settlement of share-based payment
-
-
(247)
-
-
(247)
-
(247)
Share-based payment expense
-
-
262
-
-
262
-
262
Profit for the year
-
-
-
9,596
-
9,596
-
9,596
Total comprehensive income for the year
-
-
-
9,596
-
9,596
-
9,596
At 31 December 2025
1,847,532
(4,722)
200
(324,047)
(5,379)
1,513,584
-
1,513,584
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