Globalworth Real Est - Notice of Interim Results & Prelim Interim Results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
26 August 2026
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 2026 during the week commencing 21 September 2026. In advance, we are releasing unaudited preliminary financials.
Key Highlights for the period ended 30 June 2026
· Portfolio Value: The total combined portfolio value as of 30 June 2026 increased slightly by 0.4% compared to December 2025, reaching €2.6 billion, primarily influenced by revaluation gains which were partly offset by sales in the period.
o On a like-for-like basis the value of our standing commercial portfolio owned throughout H1-2026 increased by 0.8% (or €20.8 million), compared to 31 December 2025.
· Standing Portfolio Footprint: Standing portfolio footprint decreased slightly by 8.6k sqm to reach 1.0 million sqm of high-quality GLA across 56 properties, the evolution being driven by the sale of one office building in Warsaw, which we deemed as non-core due to smaller size and by the sale of residential units in our Upground project from Bucharest, Romania.
· Leasing: 106.1k sqm of commercial space leased or extended, with an average WALL of 4.3 years with Romania and Poland accounting for 52.8% and 47.2% of leases signed in the first six months of 2026, respectively.
· Commercial Occupancy: The average occupancy of our combined standing portfolio was 86.6% as of 30 June 2026, 1.2% higher compared to 2025 year-end.
o Like-for-like occupancy increased by 1.1%, influenced mostly by positive net take-up across our Polish assets.
· Contracted Rent: Annualised contracted rent increased in the first six months of 2026 by 3.2%, reaching €195.5 million as of 30 June 2026 compared to €189.5 million as of 31 December 2025
o Like-for-like annualised commercial contracted rents in our standing portfolio increased by 2.8% to €192.7 million, evolution being driven by the impact of rent indexation and positive net take-up in our standing portfolio.
o 98.0% of rent comes from standing office and mixed-use properties.
o 96.2% of contracted rent is active, with the remainder to commence in the future.
· Debt Management: Our total debt reduced by €133.4 million due to €125 million 2029 Notes redemption and to periodic repayment of secured loans and weighted average debt maturity reached 4.1 years
· Credit Ratings: During H1 2026, both rating agencies have maintained their credit ratings for the group, with Fitch reaffirming our investment grade rating of BBB- with a stable outlook following their annual review, while S&P maintained the group's corporate credit rating at BB with a stable outlook.
· Operating Income: Net Operating Income reached €68.4 million, an increase of 2.1% year-on-year, from €67.0 million in H1-2025
o Like-for-like net operating income for H1-2026 was €68.3 million, €0.1 million higher (or 0.1%) than H1 2025 of €68.2 million (adjusted for disposal of Philips)
o In the first half of 2026, eligible leases were indexed at an average of 2.37% (H1-2025: 2.5%).
· Finance Costs: increased by €1.0 million to €35.7 million, from €34.7 million in H1-2025.
o €1.3 million higher interest cost on secured loans originated mainly from facilities drawdowns in H2-2025.
o €0.2 million lower net interest expense recorded for the two Senior Notes, following the €125.0 million 2029 Notes redemption in February 2026 (€3.1 million gross interest expense compensated by €2.9 million close-out costs)
o On like-for-like basis finance costs decreased by €1.9 million (5.4%) after excluding the €2.9 million 2029 Notes close-out costs.
· Earnings: EPRA earnings reached €24.0 million, €6.3 million (35.6%) higher than €17.7 million in H1-2025, mainly impacted by €5.7 million less income tax, €1.4 million increase in NOI, €0.3 million less administrative and other net costs which was partly offset by €1.1 million higher net finance cost
· EBITDA: Adjusted normalised EBITDA increased by €1.2 million (2.1%) to €58.5 million (H1-2025: €57.3 million) driven by the NOI increase compensated by a slight increase in administrative expenses
· Equity: Profit attributable to equity holders enhanced net assets by €20.2 million (H1-2025: €8.0 million). H1-2026 recorded €7.7 million gain from fair valuation of investment property compared to €1.7 million loss recorded in H1-2025, €1.5 million gain on valuation of variable-fixed interest rate swap compared to loss of €2.0 million in H1-2025
· Dividends: 10.0 million Scrip Dividend Shares, covering 98.6% of total dividend distributed (€14.5 million), were issued in April 2026, with an interim cash dividend of €0.3 million (€0.05 per share) paid to the remaining shareholders in H1 2026.
· Valuation: Preliminary EPRA Net Reinstatement Value (NRV) stands at €1.7 billion (€5.52 per share), a 1.8% decrease per share from €5.62 as of 31 December 2025. This reduction is due to the dilutive impact of €0.19 per share following the 10.0 million new scrip dividend shares issued in H1-2026 at a discount to NRV per share which compensated increase from profits for the period of H1-2026.
· Earnings per Share: IFRS Earnings per share was 7 cents in H1-2026 (H1-2025: 3 cents).
· Liquidity: We continue to maintain a strong cash balance, being €273.4 million as of 30 June 2026 covering 22.3% of the outstanding debt.
· LTV: Improved to 36.7% as of 30 June 2026 (from 37.0% on 31 December 2025) following value accretive investments in our standing portfolio.
· Sustainability:
- €2.5 billion invested in 51 (31 December 2025: 52) green certified properties within our portfolio, accounting for 99.0% of our total standing commercial portfolio by value.
- 5 properties were recertified during first half of the year with LEED Platinum and BREEAM Outstanding certifications in our portfolio.
- Issued the Group's eighth sustainable development report, the first one to receive limited audit assurance.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2026
30 June
2026
Unaudited
30 June
2025
Unaudited
€'000
€'000
Revenue
119,907
115,697
Operating expenses
(51,484)
(48,654)
Net operating income
68,423
67,043
Administrative expenses
(9,902)
(9,764)
Fair value gain/(loss) on investment property
7,683
(1,659)
Share-based payment expense
(102)
(128)
Loss on disposal of investment property
(89)
-
Depreciation and amortisation expense
(434)
(554)
Other expenses
(764)
(1,468)
Other income
203
141
Foreign exchange loss
(1,412)
(1,268)
Gain/(Loss) from fair value of financial instruments at fair value through profit or loss
1,503
(2,021)
Gain before net financing cost
65,109
50,322
Finance cost
(35,709)
(34,657)
Finance income
2,597
5,544
Share of gain/(loss) of equity-accounted investments in joint ventures
51
(59)
Profit before tax
32,048
21,150
Income tax expense
(11,880)
(13,119)
Profit for the period
20,168
8,031
Total comprehensive income for the period
20,168
8,031
Profit attributable to:
- ordinary equity holders of the Company
20,168
8,031
Total comprehensive income attributable to:
- ordinary equity holders of the Company
20,168
8,031
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
30 June
31 December
2026
2025
Unaudited
Audited
€'000
€'000
ASSETS
Investment property
2,643,951
2,642,130
Goodwill
12,039
12,039
Advances for investment property
3,320
1,317
Investments in joint-ventures
4,236
4,074
Equity investments
8,313
8,272
Other long-term assets
1,989
2,064
Prepayments
204
240
Non-current financial assets
9,686
8,789
Deferred tax asset
2,071
2,059
Non-current assets
2,685,809
2,680,984
Trade and other receivables
16,825
16,568
Contract assets
6,044
7,113
Guarantees retained by tenants
24
40
Income tax receivable
102
720
Prepayments
5,439
2,173
Cash and cash equivalents
273,355
410,594
Current assets
301,789
437,208
Investment property held for sale
6,910
-
Total current assets
308,699
437,208
Total assets
2,994,508
3,118,192
EQUITY AND LIABILITIES
Issued share capital
1,861,763
1,847,532
Treasury shares
(4,711)
(4,722)
Share-based payment reserve
36
200
Retained earnings
(318,404)
(324,047)
Fair value reserve of financial assets at FVOCI
(5,379)
(5,379)
Total equity
1,533,305
1,513,584
Interest-bearing loans and borrowings
1,133,642
1,327,575
Deferred tax liability
135,965
126,050
Lease liability
24,960
27,511
Deposits from tenants
4,647
3,994
Guarantees retained from contractors
3,215
3,032
Other financial liabilities
368
973
Non-current liabilities
1,302,797
1,489,135
Interest-bearing loans and borrowings
94,378
40,100
Guarantees retained from contractors
3,186
4,600
Trade and other payables
33,894
34,422
Contract liability
3,270
3,802
Current portion of lease liabilities
1,705
1,975
Deposits from tenants
19,226
19,696
Income tax payable
2,747
10,878
Current liabilities
158,406
115,473
Total equity and liabilities
2,994,508
3,118,192
COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT
AS OF 30 JUNE 2026
Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As of 30 June 2026, our portfolio was spread across 9 cities, with Poland accounting for 53.5% by value and Romania 46.5%.
Combined Portfolio Snapshot (as of 30 June 2026)
Poland
Romania
Combined Portfolio
Standing Investments(1)
18
14
32
GAV(2) / Standing GAV (€m)
€1,408m / €1,401m
€1,224m / €1,185m
€2,632m / €2,586m
Occupancy(3)
79.9%
94.7%
86.6%
WALL
3.8 years
4.7 years
4.3 years
Standing GLA (k sqm)(4)
572.0k sqm
477.5k sqm
1,049.5k sqm
Contracted Rent (€m)(5)
€102.5m
€93.0m
€195.5m
GAV Split by Asset Usage
Office
79.8%
96.3%
87.5%
Mixed-Use
20.2%
0.0%
10.8%
Industrial
0.0%
0.4%
0.2%
Others
0.0%
3.3%
1.5%
GAV Split by City
Bucharest
0.0%
98.9%
46.0%
Constanta
0.0%
0.7%
0.3%
Craiova
0.0%
0.4%
0.2%
Warsaw
42.5%
0.0%
22.8%
Krakow
20.2%
0.0%
10.8%
Wroclaw
17.5%
0.0%
9.4%
Katowice
11.8%
0.0%
6.3%
Gdansk
4.2%
0.0%
2.2%
Lodz
3.8%
0.0%
2.0%
GAV as % of Total
53.5%
46.5%
100.0%
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 2026
3. Adjusted standing commercial occupancies as of Jun'26 are as follows:
• 79.3% for Globalworth Poland, adjusted with the available areas of spaces leased to GW Flex
• 94.3% for Globalworth Romania, adjusted with social commitment lease (DGASMB in BOC)
• 86.1% for the full Group portfolio, considering above-mentioned adjustments
4. Including 5.0k sqm of residential assets in Romania
5.Total rent comprises commercial (€192.7 million) and residential (€0.1 million in Romania) standing properties and pre-let rent in assets under development (€2.7 million in Green Court D, Bucharest, Romania)
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 2026. Approximately 98.3% of the portfolio is in income-producing assets, predominately in the office sector, being leased to a diversified array of over 650 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Constanta and Craiova.
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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