Notice of Interim Results & Prelim Interim Results

Globalworth Real Estate Inv Ltd

26 August 2026

 

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: [phone]
Panmure Liberum (Nominated Adviser and Broker) Atholl Tweedie	Tel: [phone]

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.

 

END