REG - Globalworth Real Est - Condensed Unaudited Results for FY 31 Dec 2025

Globalworth Real Estate InvestmentsAnnouncement

27/02/2026 07:00

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RNS Number : 6126U  Globalworth Real Estate Inv Ltd  27 February 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

 

27 February 2026

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Preliminary Unaudited Financial Results for the year ended 31 December 2025

Globalworth, the leading office investor in Central and Eastern Europe, is
pleased to provide a comprehensive update of its operations, along with a
preliminary release of its unaudited Consolidated Financial Statements for the
year ended 31 December 2025.

The Company intends to announce its audited Financial Results for the year
ended 31 December 2025 and publish its 2025 Annual Report towards the end
of March 2026.

 

Key Highlights for the year ended 31 December 2025

·    Portfolio Value: The total combined portfolio market value slightly
increased by 0.9% reaching €2.6 billion, primarily influenced by small
revaluation gains

o  The like-for-like appraised value of our standing commercial properties
owned throughout the year increased with €21.9 million to €2.4 billion,
0.9% higher compared to 31 December 2024. The like-for-like analysis excludes
assets under development during the period (i.e., Renoma) and land bank
assets.

 

·    Standing Portfolio Footprint: Standing portfolio footprint reached
1.1 million sqm of high quality GLA across 57 properties, higher with 44.1k
sqm compared to 31 December 2024

o  The increase was mainly generated by the re-addition to our standing
portfolio of Renoma, our iconic, mixed-use property from Wroclaw (Poland),
after its full renovation

 

·    New office development in Bucharest: In the second part of the year,
we have started our first office development since the Covid Pandemic, Green
Court D, which, on completion, will add a further 17.2k sqm of
state-of-the-art GLA to our portfolio

 

·    Leasing: 141.1k sqm of commercial space were leased or extended
during last year, with an average WALL of 4.8 years, in a market now shaped by
both opportunities and challenges

 

·    Commercial Occupancy: The average occupancy of our combined standing
portfolio was 85.4% as of 31 December 2025, down 1.4% from 2024 year-end,

o  Decrease of commercial occupancy was mainly driven by the re-inclusion of
Renoma in our standing portfolio, after a full renovation.

o  Like-for-like occupancy slightly decreased with 0.3%, influenced by the
high base effect in Romania, where the occupancy stood at 96.8% as of December
2024, compared to 94.4% as of December 2025. The movement was largely driven
by BOC, a property that underwent a series of investment works, with part of
the refurbishment completed by the end of 2025 and the remaining works
scheduled for completion in the first half of 2026.

 

·    Contracted Rent: Annualised contracted rents increased by 1.0% to
€189.5 million, compared to €187.5m as of 31 December 2024

o  Like-for-like annualised commercial contracted rents in our portfolio
increased by 0.2% to €181.6 million, evolution being driven by the impact of
rent indexation which offset the impact from negative net take-up

o  98.7% of the rent comes from office and mixed-use properties

o  97.9% of total contracted rent is active on 31 December 2025, with the
remainder to commence in the future

 

·    Sustainability:

o  Virtually our entire commercial standing portfolio is green certified with
99.0%, by value, being holder of a green certification

o  We own 52 green-certified properties with a total value of €2.5 billion

o  During the year we have recertified 11 properties with BREEAM Excellent
and LEED Platinum certifications

o  We have issued during first half of 2025 the Group's seventh sustainable
development report

 

·    Credit Ratings: In July, Fitch reaffirmed Globalworth's investment
grade rating and kept the outlook to stable. S&P changed, during March
2025, our corporate credit rating to BB with a stable outlook.

 

·    Operating Income: Net Operating Income decreased by 4.6% year-on-year
to €137.0 million

o  Like-for-like net operating income, excluding industrial disposals during
2024, showed a 1% growth to €138.6 million largely driven by indexation
rate.

 

·    Finance Costs: decreased by €9.5 million year-on-year, as
comparative period had included €12.8 million of one-off costs related to
the refinancing of the 2025's and 2026's Notes in 2024

o  Like-for-like basis finance cost increased by €2.6 million (3.8%) mainly
from interest on new secured loans drawdown.

o  The weighted average interest rate slightly decreased to 4.81% as of 31
December 2025 (2024: 4.87%) with 91.4% of the outstanding debt either fixed or
hedged.

 

·    Earnings: 2025 EPRA earnings are €32.5 million (2024: €56.1
million), mainly impacted by €5.6 million earnings associated with asset
disposals and one-off income tax charge of €14.3 million for fiscal periods
2017-2022.

 

·    EBITDA: Adjusted normalised EBITDA decreased by 6.2% to €118.4
million (2024: €126.2 million)

o  Like-for-like EBITDA was €120.0 million (2024: €120.4 million) a
decreased of only €0.4 million as a result of higher administrative
expenses. Like-for-like EBITDA excludes EBITDA from properties disposed of in
both the current and prior year.

 

·    Equity: Profit attributable to equity holders enhanced equity by
€9.6 million (2024: loss of €81.6 million) as the fair value loss recorded
on our investment properties reduced to €15.0 million as compared to €99.8
million loss in prior year

o  In 2024, we recorded a one-off €24.1 million loss from subsidiary sales
and €13.2 million loss from joint venture sale.

 

·    Dividends: In April Scrip Dividend elections representing an average
of 98.4% of total share capital were received for a €0.09 per share dividend
amount announced resulting payment of €0.5m cash dividend to the remaining
shareholder. In September 2025, we paid cash dividend of €0.05 per share
representing €14.5 million to all the shareholders.

 

·    Valuation: Preliminary EPRA Net Reinstatement Value (NRV) stands at
€1.6 billion (€5.62 per share), a 4.5% decrease per share from €5.89 as
of 31 December 2024. This reduction is due to the dilutive impact of €0.15
from the 11.8 million new scrip dividend shares issued in H1 2025 at a
significant discount to NRV per share.

 

·    Earnings per Share: IFRS Earnings per share was 3 cents in 2025
(2024: - 31 cents).

 

·    Liquidity: We continue to maintain a strong cash balance, being
€410.6 million as of 31 December 2025 and €279.1 million following the
completion of 2029's Notes redemption in February 2026.

 

·    Debt Management: Our total debt increased by €51.8 million.
Weighted average debt maturity remained stable at to 4.5 years (2024: 4.9
years)

o  In April 2025, we successfully refinanced €100 million secured facility,
which was expiring in May 2025, by extending it for another five years.

o  In August 2025, we drew down two new ten-year term loans in total amount
of €65 million signed in November 2024

o  Subsequently, in February 2026 we partially redeemed €125 million of
Senior Notes due in 2029 at a call price of 102 per cent. The redemption was
funded from existing liquidity.

 

·    LTV: Improved to 37.0% as of 31 December 2025 (from 38.1% on 31
December 2024) following value accretive investments in our standing
portfolio.

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

                                                                             31 December  31 December

                                                                              2025        2024
                                                                             €'000        €'000
 Revenue                                                                     236,334      238,268
 Operating expenses                                                          (99,309)     (94,610)
 Net operating income                                                        137,025      143,658
 Administrative expenses                                                     (18,944)     (17,962)
 Fair value loss on investment property                                      (14,964)     (99,839)
 Share-based payment expense                                                 (262)        (352)
 Loss on disposal of subsidiary                                              -            (24,623)
 Loss on disposal of investment property                                     -            (321)
 Depreciation and amortisation expense                                       (1,110)      (876)
 Other expenses                                                              (2,527)      (4,693)
 Other income                                                                598          1,386
 Foreign exchange loss                                                       (1,432)      (828)
 Gain/(Loss) from fair value of financial instruments at fair value through  495          (3,206)
 profit or loss
 Gain/(Loss) before net financing cost                                       98,879       (7,656)
 Finance cost                                                                (71,045)     (80,589)
 Finance income                                                              9,847        12,123
 Share of loss of equity-accounted investments in joint ventures             (132)        (8,443)
 Profit/(Loss) before tax                                                    37,549       (84,565)
 Income tax (expense)/ income                                                (27,953)     2,991
 Profit/(Loss) for the year                                                  9,596        (81,574)
 Items that will not be reclassified to profit or loss
 Gain on equity instruments designated at fair value through other           -            90
 comprehensive income
 Other comprehensive income for the period, net of tax                       -            90
 Total comprehensive income for the year                                     9,596        (81,484)

 Profit/(Loss) attributable to:                                              9,596        (81,574)
 -      ordinary equity holders of the Company                               9,596        (81,619)
 -      non-controlling interests                                            -            45

 Total comprehensive income attributable to:                                 9,596        (81,484)
 -      ordinary equity holders of the Company                               9,596        (81,529)
 -      non-controlling interests                                            -            45

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

                                                                31 December  31 December
                                                                2025         2024
                                                                €'000        €'000
 ASSETS
 Investment property                                            2,642,130    2,585,345
 Goodwill                                                       12,039       12,039
 Advances for investment property                               1,317        3,625
 Investments in joint-ventures                                  4,074        3,960
 Equity investments                                             8,272        8,010
 Other long-term assets                                         2,064        1,765
 Prepayments                                                    240          259
 Financial assets at fair value through profit or loss          8,789        3,067
 Deferred tax asset                                             2,059        2,629
 Non-current assets                                             2,680,984    2,620,699

 Trade and other receivables                                    16,568       51,351
 Contract assets                                                7,113        5,702
 Guarantees retained by tenants                                 40           97
 Income tax receivable                                          720          118
 Prepayments                                                    2,173        2,447
 Cash and cash equivalents                                      410,594      333,560
 Current assets                                                 437,208      393,275
 Investment property held for sale                              -            35,763
 Total current assets                                           437,208      429,038
 Total assets                                                   3,118,192    3,049,737

 EQUITY AND LIABILITIES
 Issued share capital                                           1,847,532    1,822,934
 Treasury shares                                                (4,722)      (4,752)
 Fair value reserve of financial assets at FVOCI                (5,379)      (5,379)
 Share-based payment reserve                                    200          185
 Retained earnings                                              (324,047)    (294,036)
 Total equity                                                   1,513,584    1,518,592

 Interest-bearing loans and borrowings                          1,327,575    1,178,250
 Deferred tax liability                                         126,050      118,184
 Lease liability                                                27,511       24,414
 Deposits from tenants                                          3,994        3,517
 Guarantees retained from contractors                           3,032        2,977
 Other non-current financial liabilities                        973          1,882
 Trade and other payables                                       -            399
 Non-current liabilities                                        1,489,135    1,329,623

 Interest-bearing loans and borrowings                          40,100       132,581
 Guarantees retained from contractors                           4,600        4,774
 Trade and other payables                                       34,422       38,048
 Contract liability                                             3,802        320
 Current portion of lease liabilities                           1,975        1,946
 Deposits from tenants                                          19,696       19,536
 Income tax payable                                             10,878       816
 Current liabilities                                            115,473      198,021
 Liabilities directly associated with the assets held for sale  -            3,141
 Total current liabilities                                      115,473      201,162
 Total equity and liabilities                                   3,118,192    3,049,737

 

 

COMBINED CONSOLIDATED PORTFOLIO SNAPSHOT

AS AT 31 DECEMBER 2025

 

Our real estate investments are in Poland and Romania, the two largest markets
in the CEE. As of 31 December 2025, our portfolio was spread across 9 cities,
with Poland accounting for 53.8% by value and Romania 46.2%.

 

 Combined Portfolio Snapshot (as of 31 December 2025)
                                 Poland                    Romania                   Combined Portfolio
 Standing Investments((1))       19                        14                        32
 GAV((2)) / Standing GAV (€m)    €1,411m / €1,404m         €1,211m / €1,176m         €2,622m / €2,580m
 Occupancy((3))                  78.0%                     94.4%                     85.4%
 WALL((4))                       3.9 years                 4.9 years                 4.3 years
 Standing GLA (k sqm)((5))       578.3k sqm                479.8k sqm                1,058.1k sqm
 Contracted Rent (€m)((6))       €99.9m                    €89.7m                    €189.5m
 GAV Split by Asset Usage
    Office                       80.0%                     95.9%                     87.4%
    Mixed-Use                    20.0%                     0.0%                      10.7%
    Other                        0.0%                      4.1%                      1.9%
 GAV Split by City
    Bucharest                    0.0%                      98.9%                     45.7%
    Constanta                    0.0%                      0.7%                      0.3%
    Craiova                      0.0%                      0.4%                      0.2%
    Warsaw                       42.9%                     0.0%                      23.1%
    Krakow                       20.1%                     0.0%                      10.8%
    Wroclaw                      17.5%                     0.0%                      9.4%
    Katowice                     11.6%                     0.0%                      6.2%
    Gdansk                       4.1%                      0.0%                      2.2%
    Lodz                         3.9%                      0.0%                      2.1%
 GAV as % of Total               53.8%                     46.2%                     100.0%

 1. Standing Investments representing income producing properties. One
 investment can comprise multiple buildings. e.g. Green Court Complex comprises
 three buildings or one investment.
 2. Includes all property assets, land and development projects valued at 31
 December 2025. Assets owned under JV are presented at 100% (e.g. Constanta
 Business Park).
 3. Occupancy of standing commercial properties adjusted with the active leases
 related to our ESG commitments (1,954 sqm in BOC Tower, Bucharest) and with
 the available area of the spaces leased to GW Flex Sp. z.o.o, was 76.9%, 94.0%
 and 84.6% as of 31 December 2025 for Poland, Romania and at group level,
 respectively.

 4. Includes pre-let commercial standing and development/re-development assets.
 5. Including 7.0k sqm of residential assets in Romania.
 6. Total rent comprises commercial (€188.2 million) and residential (€0.2
 million in Romania) standing properties and pre-let rent from assets under
 development (€1.1 million in Romania).

 

 

 

 

 

For further information visit www.globalworth.com (http://www.globalworth.com)
or contact:

Enquiries

 Rashid Mukhtar                                   Tel: +40 732 800 000

 Group CFO

 Panmure Liberum (Nominated Adviser and Broker)   Tel: +44 20 7886 2500

 Atholl Tweedie

 

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.

 

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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