Globalworth Real Estate Investments Limited · LSE:GWI
Globalworth Real Estate Investments — H1 2025 Earnings Presentation
38 slides from Globalworth Real Estate Investments's earnings presentation, Oct 16, 2025
Slide 1: Globalworth: CEE's Leading Office Landlord – 2025 Interim Results Presentation
GLOBALWORTH CEE’S LEADING OFFICE LANDLORD 2025 INTERIM RESULTS PRESENTATION
Slide 2: Disclaimer
DISCLAIMER This presentation is published solely for information purposes, and it may not be reproduced or redistributed or republished, in whole or in part, for any purpose by any person other than Globalworth Real Estate Investments Limited (the “Company”) . By accessing this presentation, you are
Slide 3: Overview
OVERVIEW Globalworth Tower, Bucharest, Romania 2
Slide 4: Globalworth Snapshot
GLOBALWORTH SNAPSHOT Snapshot Portfolio1 Select metrics Operating figures: Globalworth is a leading real estate Group with a Present in two of the largest and most liquid CEE primary focus on Poland and Romania markets: Poland and Romania €2.6bn 56 We acquire, develop and manage commercial rea
Slide 5: Our Business Model
OUR BUSINESS MODEL Our Resources & Proven Investment Our Core Creating Sustainable Long- Relationships Model Activities term Value Skilled Team Locations 9 Financial Cities Invest in real estate opportunities Prime locations in fast- In-house team of Generate long-term sustainable growing regions of
Slide 6: H1-2025 Key Highlights
H1-2025 KEY HIGHLIGHTS Core Assets Effectively Asset Preserved and/ Solid Investment Resilient Enhancement and Property or Protected Capital in Sustainable Operating Initiatives Managing our Operational Structure Environment Performance Real Estate Efficiency & Communities • At the end of June 2025
Slide 7: Portfolio Evolution Since 2018
PORTFOLIO EVOLUTION SINCE 2018 Portfolio Value GLA Commercial Standing GLA Commercial Standing Occupied (k sqm) (€m) (k sqm) +154 €m 3,500 1,600 1,600 vs. 2018 1,400 1,400 3,000 3,153 3,159 1,383 1,366 3,045 3,033 2,995 1,200 1,200 2,500 1,239 1,272 2,600 2,616 1,180 1,184 1,206 2,462 1,000 1,000 1,
Slide 8: Financial Performance Evolution Since 2018
FINANCIAL PERFORMANCE EVOLUTION SINCE 2018 • Rental income (€m) • Adjusted normalised EBITDA (€m) • Dividend per share (€ cents) 180 150 65 60 141.6 150 160.5 160.4 55 60 120 130.2 151.5 150.3 149.8 152.8 129.0 126.0 131.4 126.2 50 54 119.0 137.6 45 120 90 40 35 90 30 34 60 25 29 74.9 28 60 57.3 25
Slide 9: Operating Performance Update
OPERATING PERFORMANCE UPDATE 88 Supersam, Katowice
Slide 10: H1-2025: Initiatives and Potential
H1-2025: INITIATIVES AND POTENTIAL Focusing on core-assets enhancement through value creation initiatives such is “Ace of Space” in Poland Ace of Space, our flexible office solution Globalworth Flex Office Portfolio Launched in 2024 to respond to the needs for smaller Occupancy 100% rent spaces an
Slide 11: H1-2025: Leasing Review
H1-2025: LEASING REVIEW 52.3k sqm of commercial space taken up or extended at an average WALL of 5.1 years • Leasing transactions of 52.3k sqm taken up or Leasing Activity (k sqm) extended in the first semester ‒ 45.9% of leasing involving new leases and expansions Leasing Activity by Type (k sqm) L
Slide 12: Asset Management / Sustainable Rental Income
ASSET MANAGEMENT / SUSTAINABLE RENTAL INCOME Annualised contracted rent remained stable recording a slight increase of 0.1% reaching €187.7m • Total contracted rent of €187.7m Commercial Rent: Expiration Profile (%) Commercial Rent: Commencement Period (€m) ‒ 99%+ office and mixed-use WALL: 4.4yrs 9
Slide 13: H1-2025: Standing Portfolio Overview
H1-2025: STANDING PORTFOLIO OVERVIEW Strong performance of our capital cities commercial portfolio with 93.7% average occupancy • 32 investments with 56 standing properties offering • Key Metrics 1.0m sqm similar with YE-2024 Standing GAV1 (€ m) Standing GLA1 (k sqm) Contracted Rent1(€ m) • Standing
Slide 14: Our Portfolio Snapshot
OUR PORTFOLIO SNAPSHOT 1313 Warsaw Trade Tower, Warsaw
Slide 15: Combined Portfolio Snapshot
COMBINED PORTFOLIO SNAPSHOT Globalworth Poland Globalworth Romania(1) Globalworth Group(1) As of June 30th , 2025 Standing Investments(2) 18 Warsaw, 7 Regional, 11 14 Office, 12 Others, 2 32 Office & Mixed Use, 30 Others, 2 Standing GLA k (sqm)(3) 530.1 172.6 357.5 481.5 461.6 19.9 1,011.6 991.72 19
Slide 16: Modern Class A Portfolio in Prime CBD Locations and Select Regional Hubs
GLOBALWORTH MODERN CLASS A PORTFOLIO IN PRIME CBD LOCATIONS AND SELECT REGIONAL HUBS … Standing Portfolio as of June 2025: €2.5bn with c. 1.0m sqm GLA in Poland and Standing Modern Portfolio as of 30 June 2025: Romania and 98.2% Green Certified Breakdown by Year of Last Refurbishment (€m) 4 Years or
Slide 17: Leased to International Blue-Chip Tenants with Strong Defensive Leases
… LEASED TO INTERNATIONAL BLUE-CHIP TENANTS WITH STRONG DEFENSIVE LEASES Diversified base of tenants with 72.6% of contracted rent from multinationals and high dispersion with the largest tenant being 3.5% of contracted rent Romania Poland Group Globalworth's multi-tenant / campus leasing model re
Slide 18: Best in Class & Mixed-Use Portfolio in Poland
BEST IN CLASS & MIX-USE PORTFOLIO IN POLAND… Warsaw GAV €603.4m Standing Properties 12 Gdansk Standing GLA 172.6k sqm Standing Occupancy 90.0% Standing Contracted Rent: €42.0m Standing 100% Potential Rent €46.1m WARSAW Regional Poland 57.3% of our Polish portfolio by value is in 5 regional cities GA
Slide 19: Best in Class Portfolio in Romania
…AND BEST IN CLASS PORTFOLIO IN ROMANIA Bucharest NEW CBD GAV €902.7m Standing Properties 13 Standing GLA 357.7k sqm Standing Occupancy 95.1% Unicredit HQ NEW CBD Standing Contracted Rent €68.0m TCI Standing 100% Potential Rent €70.9m Future GLA 17.2k sqm RBC Future ERV €3.9m City Offices Other Buch
Slide 20: Capital Markets Update
CAPITAL MARKETS UPDATE 1919 Spektrum Tower, Warsaw
Slide 21: Capital Markets: Equity Update
CAPITAL MARKETS: EQUITY UPTDATE Unique track record of raising substantial equity and continued support from our shareholders The first half of 2025 was characterised by a Shareholding Structure relatively calm macroeconomic environment with inflation stabilizing around central banks 31 December 2
Slide 22: Capital Markets: Bond Update
CAPITAL MARKETS: BOND UPDATE • After the 2024 successful exchange of our bonds, we significantly strengthened our financial and debt maturity profile • Fitch re-affirmed our investment grade rating, while S&P changed the group’s corporate credit rating to BB with a stable outlook. H1 2025 Eurobond P
Slide 23: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION 2222 Globalworth Campus, Bucharest 22
Slide 24: Financial Highlights H1 2025
FINANCIAL HIGHLIGHTS H1 2025 Total rental income decreased by €4.0m or 5.0% Rental Income due to disposals from H1 2024 (industrial Portfolio Value1 NOI Like-for-like Like-for-like properties), however on a like-for-like basis our €2.6bn €68.6m €74.9m rental income increased with €1.9m vs 2024YE:
Slide 25: Financial Highlights: Condensed Income Statement as of 30 June 2025
FINANCIAL HIGHLIGHTS: CONDENSED INCOME STATEMENT AS OF 30 JUNE 2025 Our total NOI for H1 2025 is €67.0m, with €68.6m NOI generated by like-for-like standing properties • €5.3m lower when compared with H1 2024, the drop is also due to €5.6m rental income not consolidated following the sale of prope
Slide 26: Financial Highlights: EPRA Earnings and EBITDA as of 30 June 2025
FINANCIAL HIGHLIGHTS: EPRA EARNINGS AND EBITDA AS OF 30 JUNE 2025 EPRA earnings €'m H1-25 H1-24 ∆ % Net profit attributable to shareholders 8.0 (65.3) 73.3 (112%) Changes in fair value of investment property 1.7 50.5 (48.9) (97%) Deferred tax charge non-EPRA 6.6 (7.8) 14.4 (185%) Other non-EPRA adju
Slide 27: Financial Highlights: Condensed Balance Sheet as of 30 June 2025
FINANCIAL HIGHLIGHTS: CONDENSED BALANCE SHEET AS OF 30 JUNE 2025 Strong liquidity with cash balance at €325.5m and €115m undrawn facilities covering one-third of the outstanding €1.3 bn debt EPRA NRV is €5.67 per share (€5.89 per share on December 2024) Investment property freehold increased w
Slide 28: Financial Highlights: Condensed Cash Flow as of 30 June 2025
FINANCIAL HIGHLIGHTS: CONDENSED CASH FLOW AS OF 30 JUNE 2025 Operating Cash Flow increased with €15.8m, lower working capital and lower interest payments compensated by less EBITDA €5.3m proceeds from real estate sale €115.2m higher cash end balance, that reached €325.5m at the end of June 202
Slide 29: Financial Highlights: EPRA NRV Bridge Dec-24 to Jun-25
FINANCIAL HIGHLIGHTS: EPRA NRV BRIDGE DEC-24 TO JUN-25 EPRA & IFRS NAV per share (€) ERPA NRV is €5.67 per share at 30 June 2025 from the EPRA IFRS NAV is €5.26 per share on 30 June 2025 earnings generated in the period, impacted by the scrip dividend after accounting for deferred tax liability of i
Slide 30: Financial Highlights: Financing Metrics as of 30 June 2025
FINANCIAL HIGHLIGHTS: FINANCING METRICS AS OF 30 JUNE 2025 Consolidated Loan to Value Ratio Our loans and borrowings balance on 30 June 2025 is €1,305.5m, lower by 0.4% representing secured loans amortization and payment of coupon in March 2025. €m 30-Jun-25 31-Dec-24 Balance Sheet Debt (at Face V
Slide 31: Sustainable Development Update
SUSTAINABLE DEVELOPMENT UPDATE 3030 Globalworth Square, Bucharest 30
Slide 32: ESG Update: Green Buildings
ESG UPDATE: GREEN BUILDINGS We aim for all our buildings to have green certifications Acquisition of ESG-related certifications Green Certifications of Standing Portfolio and Year of Last Refurbishment (30 June 2025) (€ GAV) 6 properties were certified or recertified with LEED Platinum certificati
Slide 33: Sustainable Development Update: People
SUSTAINABLE DEVELOPMENT UPDATE: PEOPLE 2025 H1– Globalworth Foundation In the first half of 2025, Globalworth and the Globalworth Foundation continued with their very active social programme, contributing €130k to over 17 initiatives in Romania and Poland by participating in projects such as: • Re
Slide 34: Additional Operational, Investment & Portfolio Information
ADDITIONAL OPERATIONAL, INVESTMENT & PORTFOLIO INFORMATION 3333 Globalworth Tower, Bucharest 33
Slide 35: Combined Standing Portfolio Snapshot by Location and Type (Jun 2025)
COMBINED STANDING PORTFOLIO SNAPSHOT BY LOCATION AND TYPE (JUN 2025) Number of Value Area Occupancy Rate Rent Contracted Headline Rent / Sqm or Unit Investments Properties GAV GLA by GLA Contracted WALL 100% Rent Office Commercial Industrial (#) (#) (€m) (k sqm) (%) Rent (€m) Years (€m) (€/sqm/m) (€
Slide 36: Strong Growth Potential from Development Landbank
STRONG GROWTH POTENTIAL FROM DEVELOPMENT LANDBANK Future Potential Developments Constanta The Luterana Secured Projects Podium III Green Court D Globalworth West Business Park Globalworth has several land banks to (Other Phases)1 Development be potentially developed in the future in phases, mainly o
Slide 37: Portfolio Yields and Vacancy as of Jun. 2025
PORTFOLIO YIELDS AND VACANCY AS OF JUN. 2025 100% Rent Yield Globalworth Vacancy Rate - Sqm Romania Poland Portfolio Poland Romania Portfolio €m €m €m Available Standing Commercial GLA (k Combined Property Portfolio 1,411.6 1,204.5 2,616.1 (A) 22.7 119.2 141.9 sqm) Less: Residential Units -- (17.8)
Slide 38: For more information, please see www.globalworth.com
For more information, please see www.globalworth.com 3737
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