Globalworth Real Estate Investments Limited · LSE:GWI
Globalworth Real Estate Investments — FY2024 Earnings Presentation
39 slides from Globalworth Real Estate Investments's earnings presentation, Apr 15, 2025
Slide 1: Globalworth 2024 Annual Results Presentation
GLOBALWORTH CEE’S LEADING OFFICE LANDLORD 2024 ANNUAL RESULTS PRESENTATION
Slide 2: Overview
OVERVIEW The page numbering is dependent on the placeholder “CLICK TO..” text boxes on the page layout in the master view, so please DO NOT remove them Globalworth Tower, Bucharest, Romania 1
Slide 3: Snapshot
SNAPSHOT Snapshot Portfolio1 Select metrics Operating figures: Globalworth is a leading real estate Group with a Present in 9 of the largest and most liquid sub- primary focus on Poland and Romania markets in Poland and Romania €2.6bn 56 We acquire, develop and manage commercial real Princip
Slide 4: Business Model
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 Pol
Slide 5: Focus on Operational Excellence & Sustainable Growth
FOCUS ON OPERATIONAL EXCELLENCE & SUSTAINABLE GROWTH Strategic disposals of Effectively Asset Preserved and/ Flexible Investment Resilient non-core assets and Property or Protected Capital in Sustainable Operating Managing our Operational Structure Environment Performance Real Estate Efficiency & Co
Slide 6: Portfolio Evolution Since 2018
PORTFOLIO EVOLUTION SINCE 2018 Portfolio Value GLA Commercial Standing GLA Commercial Standing Occupied (k sqm) (€m) (k sqm) +138 €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 1,180 1,184 1,206 2,462 1,000 1,000 1,117 1,
Slide 7: Financial Performance Evolution Since 2018
FINANCIAL PERFORMANCE EVOLUTION SINCE 2018 • Rental income (€m) • Adjusted normalised EBITDA (€m) • Dividend per share (€ cents) 170 150 70 60 160 140 60 160.5 160.4 141.6 50 54 150 152.8 130 151.5 150.3 130.2 131.4 40 149.8 129.0 126.0 126.2 140 120 30 34 28 29 119.0 137.6 20 25 130 110 19 10 120 1
Slide 8: 2024 Operating Performance Update
2024 OPERATING PERFORMANCE UPDATE 77 Supersam, Katowice
Slide 9: Developments and Divestments
DEVELOPMENTS AND DIVESTMENTS Successfully divested of non-core assets, including our Romanian logistic portfolio, enhancing the liquidity available to the group Disposals of non-core assets: Divestmented Fully Owned Logistic Portfolio Fully owned logistic portfolio, with a total GLA of Timisoara T
Slide 10: Leasing Review
LEASING REVIEW Leasing activity focused on renewals with such leases in Polish portfolio accounting for more then a third of 2024 leasing activity • Leasing transactions of 162.9k sqm were taken up or Leasing Activity (k sqm) extended in 2024 ‒ 48.7% of leasing involving new leases and expansions Le
Slide 11: Asset Management / Sustainable Rental Income
ASSET MANAGEMENT / SUSTAINABLE RENTAL INCOME Tenant concentration and lease expiry profile remained healthy with an average of 10% expiries per year in the next 3 years Total contracted rent of €187.5m Commercial rent: lease expiration profile (€m) Commercial rent: commencement period (€m) +99% fr
Slide 12: Standing Portfolio
STANDING PORTFOLIO Improved performance of our capital cities commercial portfolio at 95.4% average occupancy 32 investments with 56 standing properties offering 1.0m sqm ‒ our standing commercial portfolio decreased during 2024 following the successful disposal LfL Standing GAV 2 (€ m) Standing G
Slide 13: Our Portfolio Snapshot
OUR PORTFOLIO SNAPSHOT 1212 Warsaw Trade Tower, Warsaw
Slide 14: Combined Portfolio Snapshot
COMBINED PORTFOLIO SNAPSHOT Globalworth Poland Globalworth Romania(1) Globalworth Group(1) As of December 31st , 2024 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) 530.4 172.5 358.0 483.6 461.6 21.9 1,014.0 992.0
Slide 15: Class A Modern Portfolio in Prime CBD Locations and Regional Hubs
GLOBALWORTH CLASS A MODERN PORTFOLIO IN PRIME CBD LOCATIONS AND SELECT REGIONAL HUBS … Standing Portfolio as of December 2024: >€2.4bn with c. 1.0m sqm GLA in Poland Standing Modern Portfolio as of 31 December 2024: and Romania and 92.9% Green Certified Breakdown by Year of Last Refurbishment (€m) 4
Slide 16: 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 72.8% of contracted rent from multinationals and high dispersion with the largest tenant being 3.8% of contracted rent Romania1 Poland1 Group1 Globalworth's multi-tenant / campus leasing model
Slide 17: Best in Class & Mix-Use Portfolio in Poland
BEST IN CLASS & MIX-USE PORTFOLIO IN POLAND… Warsaw GAV €599.2m Standing Properties 12 Gdansk Standing GLA 172.5k sqm Standing Occupancy 91.4% Standing Contracted Rent: €42.3m Standing 100% Potential Rent €45.7m WARSAW Regional Poland 57.3% of our Polish portfolio by value is in 5 regional cities GA
Slide 18: Best in Class Portfolio in Romania
…AND BEST IN CLASS PORTFOLIO IN ROMANIA Bucharest NEW CBD GAV €894.8m Standing Properties 13 Standing GLA 359.5k sqm Standing Occupancy 95.9% Unicredit HQ NEW CBD Standing Contracted Rent €68.5m TCI Standing 100% Potential Rent €70.5m Future GLA 17.2k sqm RBC Future ERV €3.8m City Offices Other Buch
Slide 19: 2024 Capital Markets Performance
2024 CAPITAL MARKETS PERFORMANCE 1818 Spektrum Tower, Warsaw 18
Slide 20: Capital Markets: Equity Performance
CAPITAL MARKETS: EQUITY PERFORMANCE Unique track record of raising substantial equity and continued support from our shareholders During last period, despite economic uncertainty, Shareholding Structure tightening monetary policies and high interest rates, the CEE real estate market remained attra
Slide 21: Capital Markets: Bond Performance
CAPITAL MARKETS: BOND PERFORMANCE • Successfully exchanged €850m Eurobonds due in 2025/26 with new €640m notes due in 2029/30 • Further deleveraged by redeeming €65m and buy-back of €83m from the new bonds 2024 Eurobond Perfomance • At the beginning of the year, our two Eurobonds outstanding in tota
Slide 22: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION 2121 Globalworth Campus, Bucharest 21
Slide 23: Financial Highlights 2024
FINANCIAL HIGHLIGHTS 2024 3.9% like for like rental income growth on standing properties, excluding logistic portfolio Consolidated Revenue down by 0.9% to €238m for FY-24 Rental Income NOI Rental Income decreased by 4.7% mainly from the in rental Portfolio Value1 €152.8m €143.7m generated by di
Slide 24: Financial Highlights: Condensed Income Statement
FINANCIAL HIGHLIGHTS: CONDENSED INCOME STATEMENT Total rental income decreased by 4.7%, (LfL rental income show €1m rise, increase in Romanian rent of €4.9m compensated the drop in Poland Regional All amounts in €'m properties due to vacancies) Description 2024 2023 ∆ % Change Rental Income 152.8
Slide 25: Financial Highlights: Condensed Balance Sheet
FINANCIAL HIGHLIGHTS: CONDENSED BALANCE SHEET Figures in €m Investment property freehold: Balance Sheet 31-Dec-24 31-Dec-23 ∆ % Change • Major impact is the sale of industrial portfolio and the loss on Investment property - freehold 1 2,558.6 2,819.8 (261.2) (9.3%) valuation Investment property - le
Slide 26: Financial Highlights: Condensed Cash Flow
FINANCIAL HIGHLIGHTS: CONDENSED CASH FLOW Figures in €m Interest paid: Cash Flow 31-Dec-24 31-Dec-23 ∆ % Change • €28.1m interest payments on fixed rated bonds (€29m in 2023), payments include prepaid accrued interest on buy-back 1 Profit/(Loss) For the Period (84.6) (61.5) (23.0) 37% • €4.9m intere
Slide 27: EPRA NRV and Earning Metrics
EPRA NRV AND EARNING METRICS EPRA NRV per Share (€) The EPRA Net Reinstatement Value (“NRV”) reflects the estimated Total (€m ) Per share (€) long-term value of a company’s net assets, assuming the company EPRA NRV Dec-23 1,750.6 6.94 keeps its properties and doesn’t sell them. EPRA Earnings 56.1
Slide 28: Financing Metrics FY 2024
FINANCING METRICS FY 2024 All amounts in €'m 31-Dec-24 31-Dec-23 Key Balance Sheet Metrics Balance Sheet Debt (at Face Value) 1,323 1,619 ■ Dec-24 LTV is 38.1% (2023: 42.2%) Less: Cash/Cash Equivalents (334) (396) ■ WACC 4.8% at Dec 2024 (2023: 3.7%) Net Debt 989 1,223 ■ 44% is unsecured financing f
Slide 29: Sustainable Development Update
SUSTAINABLE DEVELOPMENT UPDATE 2828 Globalworth Square, Bucharest 28
Slide 30: Commitment to Highest Standards of Sustainable Development
COMMITMENT TO HIGHEST STANDARDS OF SUSTAINABLE DEVELOPMENT 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 (31 Dec 2024) (€ GAV) 36 properties were recertified with BREEAM
Slide 31: Sustainable Development Update: People
SUSTAINABLE DEVELOPMENT UPDATE: PEOPLE 2024 – Globalworth Foundation We view our role as increasingly responsible towards the people that work at and visit our properties, as well as towards the wider community of which we consider ourselves to be an integral part We own >1.3m sqm of high-qualit
Slide 32: GW Green Capex Program
GW GREEN CAPEX PROGRAM Capex Category Romania Total Poland Total Spent GW Total Spent 2024 spent 2024 2024 (€m) (€m) (€m) HVAC - Bring HVAC systems in all buildings at the same level of energy efficiency, technology and comfort 2.7 0.9 3.6 Automations - A fully integrated Building Management System
Slide 33: Additional Operational, Investment & Portfolio Information
ADDITIONAL OPERATIONAL, INVESTMENT & PORTFOLIO INFORMATION 3232 Globalworth Tower, Bucharest 32
Slide 34: Combined Standing Portfolio Snapshot by Location and Type
COMBINED STANDING PORTFOLIO SNAPSHOT BY LOCATION AND TYPE (DEC 2024) 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 35: Landbank Potential
LANDBANK POTENTIAL Future Developments Constanta Luterana Secured Projects Podium III Green Court D Globalworth West Business Park2 Development Globalworth has several developments to be developed in the future in phases, mainly office and industrial projects, in Future Future Future Future Future S
Slide 36: Portfolio Yields as of Dec. 2024 (including EPRA)
PORTFOLIO YIELDS AS OF DEC. 2024 (INCLUDING EPRA) 100% Rent Yield EPRA NIY and ‘topped-up’ NIY Poland Romania Portfolio Poland Romania Portfolio €m €m €m €m €m €m Combined Property Portfolio 1,404.0 1,195.7 2,599.7 Investment property – wholly owned 1,404.0 1,187.8 2,591.8 Less: Residential Investme
Slide 37: Portfolio Vacancy as of Dec. 2024 (including EPRA)
PORTFOLIO VACANCY AS OF DEC. 2024 (INCLUDING EPRA) Globalworth Vacancy Rate - Sqm EPRA Vacancy Rate - Income Romania Poland Portfolio Romania Poland Portfolio Available Standing Commercial GLA (k (A) 15.1 117.9 133.0 Estimated Rental Value of vacant space (A) 3.3 20.9 24.3 sqm) Estimated rental valu
Slide 38: 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 39: For more information, please see www.globalworth.com
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