Globalworth Real Estate Investments (GWI) H2 2025 earnings summary

Executive summary

• Focus on office and mixed-use real estate in Poland and Romania, with a €2.6bn portfolio and 57 standing properties as of 2025 year-end.

• Portfolio occupancy at 85.4%, with capital cities exceeding 93% and a diversified tenant base, 71.7% of rent from multinationals.

• 2025 saw resilient operational performance, strong liquidity, and continued investment in sustainable assets.

Financial highlights

• Consolidated revenue for FY25 was €236.3m, down 0.8% year-over-year; like-for-like rental income grew 2.1%.

• NOI (like-for-like) was €138.6m (+0.6%); total NOI €137.0m (-4.6% due to disposals).

• IFRS earnings before tax €37.5m (2024: €-84.6m); IFRS net profit €9.6m (2024: €-81.6m).

• EPRA earnings €32.5m (2024: €56.1m); EPRA NRV €1.63bn, down 0.5%.

• LTV improved to 37.0% (2024: 38.1%); cash and equivalents at €410.6m.

• Dividend per share €0.14 (2024: €0.21); 98% of shareholders opted for scrip dividend.

Outlook and guidance

• Long-term LTV target around 40%; liquidity post-2029 notes redemption remains strong at €279.1m.

• Focus on optimizing financing costs, selective asset disposals, and maintaining high occupancy.

• Continued commitment to sustainable development and ESG targets.