Globalworth Real Estate Investments (GWI) H1 2025 earnings summary

Executive summary

• Combined portfolio value rose 0.6% to €2.6bn, with a stable footprint and focus on core office and mixed-use assets in Poland and Romania.

• Net profit for H1 2025 was €8.0m, a turnaround from a €65.2m loss in H1 2024, driven by improved rental income and lower revaluation losses.

• Occupancy rate slightly decreased to 85.9%, mainly due to vacancies in two Bucharest offices, but Bucharest office occupancy remains above 95%.

• Strong liquidity with €325.5m in cash and €115m undrawn facilities; no major debt maturities until 2027.

• Continued emphasis on ESG, with 52 green-certified properties and a target to reduce GHG emissions intensity by 46% by 2030.

Financial highlights

• Net operating income (NOI) was €67.0m, down 7.4% year-over-year, but like-for-like NOI increased 2.9%.

• Adjusted normalised EBITDA was €57.3m, down 9.9% year-over-year; like-for-like EBITDA rose 1.6%.

• EPRA NRV per share was €5.67, a 3.7% decrease from year-end 2024, mainly due to scrip dividend share issuance.

• IFRS earnings per share were 3 cents (vs. -24 cents in H1 2024); EPRA earnings per share were 6 cents (vs. 11 cents in H1 2024).

• Dividends paid in H1 2025 were 9 cents per share, down from 11 cents in H1 2024.

Outlook and guidance

• Macroeconomic environment is stabilizing, with Poland and Romania expected to outperform EU GDP growth in 2025 and 2026.

• Office market fundamentals remain strong, with limited new supply and upward pressure on prime rents.

• Strategy focuses on value preservation, ESG, and selective investment aligned with market trends like hybrid work.

• Management expects to maintain strong liquidity and operational efficiency, with continued portfolio optimization.