Globalworth Reports Preliminary 2025 Results: Portfolio Value Rises and Profit Returns

Income statement: underlying steady, reported profit returns

Net Operating Income (NOI) was €137.0 million, down 4.6% year-on-year. Excluding 2024 industrial disposals, like-for-like NOI grew 1% to €138.6 million, largely from indexation. Adjusted normalised EBITDA came in at €118.4 million, down 6.2%, while like-for-like EBITDA was broadly flat at €120.0 million (2024: €120.4 million) as admin costs ticked up.

EPRA earnings were €32.5 million (2024: €56.1 million), mainly impacted by €5.6 million earnings associated with asset disposals and a one-off income tax charge of €14.3 million covering fiscal periods 2017-2022. Crucially, fair value losses on investment property shrank to €15.0 million (2024: €99.8 million), helping IFRS earnings swing back to a €9.6 million profit, or 3 cents per share (2024: -31 cents).

Funding, liquidity and LTV: conservative and well hedged

The finance line is cleaner this year: total finance costs fell by €9.5 million because 2024 included €12.8 million of one-offs from note refinancings. On a like-for-like basis, finance costs rose €2.6 million (3.8%) due to interest on new secured loans. The weighted average interest rate dipped to 4.81% (2024: 4.87%) and 91.4% of debt is fixed or hedged.

Cash was a chunky €410.6 million at year-end, reducing to €279.1 million after the February 2026 partial redemption of €125 million of 2029 Senior Notes at 102. Total debt increased by €51.8 million, and the weighted average debt maturity sits at 4.5 years (2024: 4.9 years). Loan-to-value (LTV) improved to 37.0% (from 38.1%), helped by value-accretive capex in the standing portfolio.

• April 2025: €100 million secured facility successfully refinanced and extended for five years.
• August 2025: two new ten-year term loans totalling €65 million drawn.
• February 2026: €125 million of 2029 Notes redeemed at 102, funded from liquidity.

Dividends and NRV per share

Globalworth distributed in two ways. In April, shareholders largely elected for scrip on the €0.09 per share dividend (98.4% participation), resulting in a modest €0.5 million cash outflow to the remaining shareholder. In September, a cash dividend of €0.05 per share was paid, totalling €14.5 million.

Preliminary EPRA Net Reinstatement Value (NRV) is €1.6 billion or €5.62 per share, down 4.5% per share from €5.89. The company attributes €0.15 of that per-share reduction to dilution from 11.8 million new scrip shares issued in H1 2025 at a discount to NRV.

Sustainability and credit ratings

On the ESG front, 99.0% of the commercial standing portfolio by value is green-certified. The group owns 52 green-certified properties worth €2.5 billion and recertified 11 assets during the year with BREEAM Excellent and LEED Platinum levels. The seventh sustainable development report was issued in H1 2025.

Ratings-wise, Fitch reaffirmed Globalworth’s investment grade rating with a stable outlook in July. S&P, in March 2025, changed the corporate credit rating to BB with a stable outlook.

Where the portfolio sits: Poland vs Romania

Globalworth remains a CEE office specialist with income-producing assets making up approximately 98.4% of the portfolio.

	Poland	Romania	Group
GAV / Standing GAV	€1,411m / €1,404m	€1,211m / €1,176m	€2,622m / €2,580m
Occupancy	78.0%	94.4%	85.4%
WALL	3.9 years	4.9 years	4.3 years
Standing GLA	578.3k sqm	479.8k sqm	1,058.1k sqm
Contracted rent	€99.9m	€89.7m	€189.5m

Key numbers at a glance

Metric	2025	2024
Portfolio value	€2.6 billion	€2.6 billion (c.)
Net Operating Income	€137.0 million	€143.7 million
Adj. normalised EBITDA	€118.4 million	€126.2 million
EPRA earnings	€32.5 million	€56.1 million
IFRS EPS	3 cents	-31 cents
Contracted rent	€189.5 million	€187.5 million
Commercial occupancy	85.4%	86.8%
Cash and cash equivalents	€410.6 million	€333.6 million
Weighted average interest rate	4.81%	4.87%
LTV	37.0%	38.1%

My take: the good, the bad, and what to watch

Positives

• Back to black: IFRS profit of €9.6 million helped by much smaller valuation losses.
• Defensive funding: 91.4% of debt fixed/hedged, average rate down to 4.81%, and strong year-end liquidity even after the 2029 Notes redemption.
• Portfolio resilience: like-for-like NOI and EBITDA broadly held up thanks to indexation; LTV improved to 37.0%.
• ESG credentials: 99.0% of the commercial portfolio by value is green-certified – helpful for occupier demand and financing.

Watch-outs

• Occupancy drift: 85.4% is workable but leaves room to fill, especially in Poland (78.0%). Leasing into 2026 will be key, including post-refurb assets like BOC and Renoma.
• Underlying earnings: EPRA earnings fell to €32.5 million and adjusted EBITDA eased; the one-off tax hit is done, but rent growth needs to outpace costs to re-accelerate.
• Dilution effect: EPRA NRV per share dropped 4.5%, with €0.15 per share from scrip dilution. Capital allocation and buyback vs scrip will be part of the debate.

Jargon buster

• EPRA earnings – an industry measure of recurring profit from rental operations, stripping out most valuation and non-recurring items.
• EPRA NRV – Net Reinstatement Value, a long-term measure of net asset value designed for property companies.
• LTV – loan-to-value, debt as a percentage of property value. Lower is generally safer.
• WALL – weighted average lease length, the average time to lease expiry across the portfolio.

What I’m watching next

• Audited results and the 2025 Annual Report due late March 2026.
• Leasing momentum and occupancy recovery, especially in Poland and at refurbished assets.
• Green Court D pre-letting and delivery timetable.
• Further debt actions, interest cost trajectory, and the balance between cash dividends and scrip.

Overall, this is a steady set from Globalworth: modest valuation gains, a clean return to profit, prudent treasury work, and clear leasing work to do. In a market still balancing hybrid working with quality flight, that combination is far from a bad place to be.