Globalworth posts stable portfolio and stronger balance sheet despite earnings pressure

Globalworth Real Estate Investments ( (GB:GWI) ) has shared an update.

Globalworth reported a slight 0.9% increase in portfolio value to €2.6 billion in 2025, supported by modest revaluation gains and the return of its fully renovated Renoma mixed-use property in Poland. The group also launched Green Court D, its first post-pandemic office development in Bucharest, and maintained strong leasing momentum with 141,100 square metres let or extended at an average lease length of 4.8 years.

Commercial occupancy dipped to 85.4%, mainly due to Renoma’s reinclusion and refurbishment-related vacancy at the BOC property, though like-for-like occupancy fell only marginally. Contracted annualised rent rose 1.0% to €189.5 million, driven largely by indexation, and nearly all income continues to come from office and mixed-use assets.

On the sustainability front, 99% of the portfolio by value is green certified, with 52 properties holding BREEAM or LEED labels and 11 recertified at top grades, underscoring Globalworth’s ESG positioning. Fitch reaffirmed its investment-grade status while S&P rates the company BB with a stable outlook, reflecting resilient credit quality amid a challenging environment.

Financially, net operating income fell 4.6% to €137.0 million and adjusted normalised EBITDA declined 6.2% to €118.4 million, but like-for-like EBITDA was broadly flat, indicating underlying stability. EPRA earnings dropped to €32.5 million, hit by the absence of prior-year disposal gains and a significant one-off tax charge, even as IFRS earnings swung to a €9.6 million profit from a large loss in 2024 on much lower property fair value write-downs.

Globalworth maintained a strong liquidity position with €410.6 million in cash at year-end 2025, even after active debt management that included refinancing a €100 million secured facility, drawing €65 million of new long-term loans, and partially redeeming €125 million of 2029 notes in early 2026. The company’s loan-to-value ratio improved to 37.0%, while EPRA NRV per share declined 4.5% to €5.62, mainly due to the dilutive impact of scrip dividends issued at a discount, balancing shareholder distributions with balance-sheet strength.

More about Globalworth Real Estate Investments

Globalworth Real Estate Investments is a leading office investor in Central and Eastern Europe, focusing on high-quality office and mixed-use properties. Its portfolio spans 57 standing assets with 1.1 million square metres of gross lettable area, is overwhelmingly green-certified, and generates nearly all of its rent from office and mixed-use space, positioning the company as a major regional player in sustainable commercial real estate.

Average Trading Volume: 4,885

Technical Sentiment Signal: Sell

Current Market Cap: €515.3M

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