Interim Report and Unaudited Interim Condensed Consolidated Financial Statements 30 June 2026

GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED

INTERIM REPORT AND UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

30 JUNE 2026

Financial Highlights: H1-2026 3

Chief Executive's Review 4

Management Review 7

Financial Review 19

Unaudited Interim Condensed Consolidated Financial Statements 27

Additional Information 64

Glossary 68

Company Directory 74

0.4% on YE-25 1.3% on YE-25 9 cents in H1-25

NOI1

NOI1 Like-for-like

LTV2

36.7%

+2.1% in H1-25 0.1% in H1-25 37.0% at YE-25

EBITDA3 Like-for-like

+2.1% in H1-25 €58.4m in H1-25 €410.6m on YE-25

€5.52

34 cents in H1-25 6 cents in H1-25 €5.62 at YE-25

1 Net Operating Income ('NOI')

2 Loan to value ('LTV')

3 Earnings before interest, taxes, depreciation, and amortisation ('EBITDA')

4 Restated for scrip shares in April 2026

Dear Stakeholders,

At the beginning of 2026, before the outbreak of the conflict in the Middle East, the global economy was gaining momentum, despite a challenging geopolitical environment and uncertainty over US tariffs. This was supported by easing inflation and a strong investment cycle driven by AI-related spending. The conflict materially changed the outlook, creating a significant energy shock.

Since then, the global economy has proven more resilient than feared, absorbing the shock with limited evidence of second-round effects, although the disinflation trend that had been underway since early 2024 has now stalled. Growth remains uneven: the war shock is weighing on energy importers and vulnerable economies, while AI-driven demand is supporting countries that are more integrated into the global technology value chain. Global growth is now projected at 3.0% for 2026 and 3.4% for 2027, broadly unchanged on a cumulative basis from the April 2026 forecast. Risks are more balanced than in April, although downside risks from renewed conflict and financial market repricing persist.

During the first half of the year, Globalworth continued its strategy of business consolidation, carefully managing and enhancing its high-quality office portfolio while combining prudent financial planning with its core mission: to be the preferred office landlord, providing cutting-edge spaces and services to its partners.

While EU forecasts have been revised downwards, with part of the recovery postponed to 2027, the CEE region remains a bright spot, albeit with clear geographic divergence. We are seeing mixed trends in the two markets in which we operate: Poland is leading growth alongside the Czech Republic and Croatia, while Romania is experiencing a slowdown closely linked to fiscal consolidation measures and energy market dynamics.

Globalworth's steady performance continued throughout the first half of the year, characterised by robust financial and operational results, as we focused on delivering a "local landlord" experience to our tenants while creating sustainable value for our communities and stakeholders.

Recognising the efforts that made our resilient performance possible, we are genuinely grateful to all our team members for their unwavering enthusiasm, dedication and positive attitude, which provide the extra quality that differentiates us from our competitors. We also extend our sincere appreciation and warmest regards to all our stakeholders, partners and communities for their continued support and trust, which make us both proud and responsible.

Our Portfolio

Our portfolio consists predominantly of Class "A" office space, complemented by investments in several landmark mixed-use office and retail assets in Poland, a residential investment with a retail component, one logistics property in Romania and several land plots that provide future development potential for the business.

During the first six months of 2026, the footprint of our standing portfolio remained above 1 million sqm. This followed the sale of one small office asset in Warsaw, which we considered non-core, and the sale of residential units from our Upground retail and residential project in Bucharest.

However, the total combined portfolio value increased slightly, by 0.4%, during the first half of the year. This was supported by a 0.8% (€20.8 million) increase in the like-for-like value of our standing commercial assets owned throughout the period, partly offset by disposals during the six months.

Our Leasing and Occupancy

During the first half of 2026, we met our target and leased 106.1k sqm of commercial space, with a Weighted Average Lease Length (WALL) of 4.3 years.

As of 30 June 2026, the average occupancy rate across our combined commercial portfolio stood at 86.6%, an increase of 1.2 percentage points compared with year-end 2025, when it was 85.4%, with the most visible gains recorded in our Warsaw and regional Poland submarkets, both of which registered increases of approximately 2.0%.

In both Romania and Poland, new office supply remains well below historical levels, reflecting the prolonged development slowdown seen in recent years. Early signs now suggest that this slowdown may be bottoming out, with new supply beginning to pick up in Poland, although the overall development pipeline remains subdued. As occupier demand gradually recovers in a more stable macroeconomic environment, the limited development pipeline is expected to continue supporting upward pressure on prime rents. At the same time, the ongoing "flight to quality" continues to reinforce demand for well-located, sustainable, A-grade office buildings, strengthening the competitive position of high-quality portfolios such as Globalworth's as the scarcity of comparable assets becomes increasingly evident.

Our total annualised contracted rent increased by 3.2%, reaching €195.5 million compared to the year-end 2025 figures (€189.5 million). This was driven by rent indexation and positive leasing activity across our projects.

Our Financial Results

Net rental income increased to €76.2 million in H1 2026, up €1.2 million year-on-year, driven primarily by indexation.

We recorded €76.2 million net rental income, €1.2 million higher compared to the first half of last year as an effect of indexation and partially offset by the reduced rates at which existing leases were renewed for extended period or new leases were signed, accounting also for the new lease incentives amortisation during the period.

Our net service charge expense is €7.8 million, €0.1 million lower year on year.

Like-for-like net operating income increased slightly to €68.3 million, compared with €68.2 million in H1 2025. The €0.3 million decline in Romania was offset by a €0.4 million increase in Poland. Reported net operating income reached €68.4 million, reflecting €0.1 million contribution from the disposed Philips property and the absence of €1.6 million of one-off non-recoverable property costs incurred in Poland in H1 2025.

Adjusted normalised EBITDA for the first half of 2026, on a like-for-like property basis, reached €58.4 million, broadly in line with the amount generated in the first six months of last year.

Our net result for the first half of 2026 was a profit of €20.2 million in H1 2026 (€8.0 million profit in similar period 2025). This included a

€7.7 million gain from the fair value of investment properties (€1.7 million loss in similar period 2025).

Dividend

In February 2026, we announced a second interim dividend of €0.05 per share for the financial year ended 31 December 2025, with a scrip alternative at a reference price of €1.42 per share. Shareholders representing approximately 98.03% of Globalworth's share capital elect to receive shares, resulting in a cash outflow of only €0.3 million and supporting the Group's liquidity position.

Also, in August 2026, we announced the payment of an interim dividend in respect of the six-month ended 30 June 2026 of €0.07 per ordinary share, payable on 9 October 2026. A scrip dividend alternative is also being offered on this occasion.

Balance Sheet

As of 30 June 2026, our portfolio of €2.6 billion investment properties remains concentrated in Bucharest and Warsaw, where office occupancy exceeds 94%. Combined with the strong ESG credentials of our assets, this provides continued access to secure financing from local and regional banking partners.

Cash and cash equivalents stood at €273.4 million as of 30 June 2026, representing approximately 22% of outstanding debt. During the period, we redeemed €125 million of the 2029 Notes using existing liquidity resources. As a result, 90.7% of total debt remains fixed-rate or hedged, while 37% is unsecured financing sourced from the public debt markets. Average debt maturity was 4.1 years, and the loan-to-value ratio was 36.7%, consistent with our long-term target of around or below 40%.

EPRA Net Reinstatement Value was €1.66 billion, or €5.52 per share, at 30 June 2026. This compares with €5.62 per share at 31 December 2025, with the decrease primarily attributable to the increased share count following the scrip dividend issued in April 2026.

Fitch Ratings re-affirmed, in June 2026, Globalworth's investment grade rating, keeping the stable outlook, also S&P Global Ratings reaffirmed during first half of the year the BB rating and the stable outlook.

Environmental and social

During the period, we issued our eighth Sustainable Development Report, covering 2025, and received limited audit assurance for the first time.

We continued to invest in our green portfolio and, during the first six months of 2026, recertified five properties in our portfolio with LEED Platinum and BREEAM Outstanding, the highest grades within their respective certification systems. As of the end of June 2026, we are proud to manage a portfolio of 51 green-certified properties valued at €2.5 billion, accounting for 99.0% of our total standing commercial portfolio by value.

Outlook

Following a solid performance in 2025, the CEE real estate market is entering a phase of consolidation and steady growth, supported by cautious optimism, stabilising yields and resilient demand. The macroeconomic backdrop remains supportive: inflation seems to be under control despite recent energy-driven shocks, which in turn is supporting investor sentiment and accelerating a shift towards domestic capital.

Globalworth's strategy is now focused on enhancing core business efficiencies, preserving value and maintaining a proactive financial policy. Our commitment to sustainable development and, more broadly, to the highest ESG standards has positioned us as the landlord of choice for corporates and multinationals seeking a home for their operations.

Office market fundamentals in our focus countries remain notably stronger than in Western Europe, supported by higher GDP growth rates, newer office stock, higher office attendance and sharp supply constraints, combined with better yield profiles in CEE countries. While Poland remains the undisputed regional leader, the Romanian market is continuing to narrow the gap despite the challenges of fiscal consolidation within Romania.

We are confidently steering our company towards a future in which we continue to capitalise on our expertise, scale and proven business model to deliver value for all our stakeholders. Our optimism remains balanced by our responsibilities towards the communities we serve, as we actively pursue initiatives and opportunities that help us continue to improve.

Piotr Olendski and Roy Vishnovizki Joint Chief Executive Officers

21 September 2026

Green Court D - our latest office project in Bucharest

Last year, after careful consideration, we confidently started our first office development since the Covid pandemic, Green Court D. The building is part of our wider Green Court Complex, located in one of Bucharest's most vibrant areas, and, on completion, it will add a further

17.2k sqm of state-of-the-art office space to our standing portfolio, strengthening Globalworth's position as the largest business community in Romania. As of June 2026, the construction works are progressing as planned, with the building reaching a pre-leasing of 61.8%.

Sale of non-core asset

In May 2026, we successfully finalised the sale of Philips House, a 6.2k sqm office building in Warsaw, which we had deemed a non-core asset due to its smaller size.

Property Sold in H1-2026

Philips House

Location Warsaw

Year of Acquisition 2017

GLA (k sqm) 6.2

GAV as Dec'25 (€ m) 10.8

Land bank potential

We own, directly or through JV partnerships, other land plots in prime locations in Bucharest and Constanta, Romania and in Krakow, Poland, covering a total land surface of 0.3 million sqm (comprising 1.2% of the Group's combined GAV), for future developments of office, retail, industrial or mixed-use properties. When fully developed, these land plots have the potential to add a total of over 200k sqm of high-quality GLA to our standing portfolio footprint.

These projects, which are classified as "Future Development", continue to be reviewed by the Group periodically. The pace at which they will be developed is subject to tenant demand and general market conditions.

Leasing Review

New Leases

Our core focus continues to be the renewal of leases with existing tenants in our portfolio and the take-up of available space in standing properties and developments, maximising the utilisation degree and efficiency of our buildings.

In the first six months of 2026, Globalworth successfully negotiated the take-up (including expansions) or extension of 106.1k sqm of commercial spaces in Romania (52.8% of transacted GLA) and Poland (47.2% of transacted GLA), with an average WALL of 4.3 years. Our leasing activity during the first half of 2026 was focused on lease extensions, with such leases accounting for 63.6% of our total leasing activity being signed at a WALL of 3.4 years, while take-up of available spaces accounted for 36.4% signed at a WALL of 5.8 years.

The office has been shaped in recent years by a "human-centric" transformation that is blending technology with employee wellbeing, transforming the traditional, outdated open offices we were used to, into a destination dedicated to enhancing human connections, collaboration and innovation, whilst offering comfort, flexibility and meaningful experiences.

Lease renewals in the first half of the year accounted for a total of 67.6k sqm of GLA, with 49 of our tenants, and at a WALL of 3.4 years. The most notable extensions were in relation to leases at: Green Court Complex, Globalworth Square (Bucharest); Spektrum Tower, Nordic Park (Warsaw); and Silesia Star (Katowice); while c.71% of the renewals by GLA were for leases that were expiring in 2027 or later, which demonstrates our proactive approach to leases nearing maturity.

In total, we signed new take-ups for 38.6k sqm of GLA, with 79.3% of those being spaces leased to new tenants, and the rest being taken up by existing tenants expanding their operations.

• New leases were signed with 35 tenants for 30.6k sqm of GLA at a WALL of 5.6 years. The majority were for office spaces, accounting for 98.0%, with the remainder involving retail and storage spaces. The largest new leases in this period were signed in Green Court D (pre-lease), our latest office development from Bucharest, Quattro Business Park (Krakow) and Globalworth Square (Bucharest).

• In addition, 11 tenants signed new leases, expanding their operations by 8.0k sqm at an average WALL of 6.6 years, with the most notable expansions being signed at Green Court Complex (Bucharest), and Silesia Star and Supersam (Katowice).

Summary Leasing Activity for Combined Portfolio in H1-2026

*Number of individual tenants

Rental levels

For the last two years we have witnessed upward pressure on headline rental levels due to a historical shortage of new supply which has been coupled with rent indexations; this dynamic has been particularly visible in the two capital cities in which we operate, as opposed to in the regional cities, and this trend is expected to continue for the foreseeable future, especially for high-quality, ESG compliant buildings in prime locations.

The rents for most of our leases typically adjust on an annual basis in the first quarter of the year. In the first half of this year, eligible leases

were indexed at an average of 2.4%. These indexation adjustments, combined with the rates at which leases were renewed or new leases signed, have led to a positive impact on the evolution of our average rents.

At the end of June 2026, our average headline rents in our standing properties for office and retail spaces were €16.2/sqm/month (€16.0 at YE-2025) and €16.7/sqm/month (€16.5 at YE-2025) respectively.

Office leases signed in the first half of the year were at an average rent of €16.7/sqm/month while retail spaces were leased at an average of €18.8/sqm/month. The overall commercial GLA take-up during the first six months of 2026 was at an average rent of €16.7/sqm/month.

Contracted Rents (on annualised basis)

Total annualised contracted rent across our portfolio in Poland and Romania increased by 3.2% during the first six months of 2026, to

€195.5 million, driven by rent indexations and positive leasing activity.

Like-for-like total annualised contracted rent in our standing commercial portfolio was €192.7 million as at 30 June 2026, 2.8% higher than 31 December 2025 (€187.4 million). Annualised contracted rent from pre-leased space in Green Court D, our latest office development in Bucharest, had reached €2.7m by the end of the first half of the year.

Tenant origin - %

Note: Commercial Contracted Rent excludes c.€0.1 million from residential spaces as of 30 June 2026

Annualised Contracted Rent by Period of Commencement Date as of 30 June 2026 (€m)

The Group's rent roll across its combined portfolio is well diversified, with the largest tenant accounting for 3.5% of contracted rents, while the top three tenants account for 9.3% and the top 10 account for 22.9%.

Cost of Renting Spaces

The headline (base) rent represents the reference point typically communicated in the real estate market when a new lease is signed. Renting spaces typically involves certain costs, such as rent-free periods, fit-out expenses for the leased spaces, and brokerage fees, which the landlords incur. These incentives can vary significantly between leases and depend on market conditions, type of lease signed (new take-up or lease extension), space leased (office, retail, other), lease duration and other factors.

In calculating our effective rent, we account for the costs incurred over the lifetime of a lease, which we deduct from the headline (base) rent, thus allowing us to assess the profitability of a rental agreement.

Overall, in the first half of 2026, we successfully negotiated the take-up (including expansions) or extension of 103.8k sqm of commercial spaces in our portfolio, excluding leases granted in connection with our social commitments. The weighted average effective rent for these new leases was €12.8/sqm/month with a WALL of 4.2 years.

The difference between headline (base) and effective rents in the first half of 2026 was, on average, 23.3%, which was higher than FY2025 (average of 21.4%), but in line with the performance of the previous year.

In total, new leases signed in the first six months of 2026 will generate a future headline rental income of €100.5 million (including auxiliary spaces and revenues from GW flex offices), with leases from office properties accounting for 90.4% of future headline rental income.

In line with our practice of biannual valuations, our entire portfolio in Poland and Romania was revalued as of 30 June 2026.

The valuations were performed by Knight Frank and Axi Immo for our properties in Poland, with Colliers and Cushman & Wakefield valuing our properties in Romania (more information is available under note 4 of the unaudited interim condensed consolidated financial statements as of and for the period ended 30 June 2026).

Assigning the appraisal of our entire portfolio to independent and experienced service providers in this way makes the process of determining the value of properties transparent and impartial. Through our oversight, we ensure that a consistent methodology, reporting, and timeframe are respected.

As such, the third-party appraised value of the entire portfolio on 30 June 2026 was estimated at €2.6 billion, 0.4% higher than as at 31 December 2025. The like-for-like increase in value of our standing commercial assets owned throughout H1-2026 was €20.8 million meaning an average increase of 0.8% compared to the values at the end of 2025.

In valuing our properties, key market indicators used by our independent appraisers typically include factors such as the commercial profile of the property, its location, age and the country in which it is situated, although they can vary from time to time. These factors have remained consistent against year-end 2025, with ERVs displaying a selective upward trend, especially in prime locations and for class A assets.

(*) Joint Venture Portfolio is shown at 100%; Globalworth owned 50% stake as of June 30th,2026.

Standing Portfolio Evolution

The footprint of our standing portfolio decreased slightly, to 1.0 million sqm following the disposals made during H1-2026 and is valued at

€2.6 billion as of 30 June 2026.

Overall, our standing portfolio is almost entirely focused on 27 Class "A" office (47 properties in total) and three mixed-use investments (with seven properties in total) in central locations in Bucharest (Romania), Warsaw (Poland) and five of the largest office markets/cities of Poland (Krakow, Wroclaw, Katowice, Gdansk and Lodz), which together account for c. 99.0% of our standing portfolio by value. In addition, in Romania we own a small logistic park in Craiova and part of a residential complex in Bucharest with a retail component on the ground floor.

As of 30 June 2026, our combined standing portfolio comprised 32 investments (33 as of 31 December 2025) with 56 buildings (57 as of 31 December 2025) in Poland and Romania. This decrease of one investment/building is due to the sale of Philips House in Warsaw, Poland in H1-2026.

The appraised value of our combined standing portfolio as of 30 June 2026 was €2.6 billion (more than 99% in commercial properties), which was 0.2% higher than 31 December 2025, the increase during the first half of 2026 being mostly due to valuation gains which were partly offset by sales during the period. The value of our like-for-like standing commercial properties owned throughout the first six months of the year reached €2.6 billion as of 30 June 2026, €20.8 million (or 0.8%) higher than December 2025.

Globalworth Combined Portfolio: Key Metrics

Evolution of Combined Standing Portfolio over H1-2026

(*) Like-for-Like change represents the changes in GLA or GAV of standing properties owned by the Group at 31 December 2025 and 30 June 2026. (**) Includes impact in areas (sqm) from the remeasurement of certain properties and other GAV adjustments (redevelopment capex, reclassification).

Occupancy of Commercial Standing Portfolio increasing by more than 1.0 percentage point in the first six months of 2026

Our standing commercial portfolio's average occupancy as of 30 June 2026 was 86.6%, representing an increase of 1.2 percentage points over the past six months (85.4% as of 31 December 2025), with the most visible improvements occurring in our Regional Polish and Warsaw submarkets.

On a like-for-like basis, occupancy increased by 1.1 percentage points to 86.6% at the end of June 2026 (from 85.5% as of December 2025).

Across the portfolio, at the end of the first half of 2026, we had 904.5k sqm of commercial GLA leased to c. 700 tenants at an average WALL of 4.2 years, the majority of which is let to national and multinational corporates that are well-known within their respective markets.

Occupancy Evolution H1-2026 (GLA 'k sqm) - Commercial Portfolio

* Renewals are neutral to the occupancy calculation.

Standing Properties Operation

Offering best-in-class real estate space to our business partners remains a key component of our strategy at Globalworth.

Through our continuous "hands-on" approach, combining active management initiatives and selective investments, we are preserving and enhancing the value of our properties, generating long-term income, while offering best-in-class real estate space to our business partners.

We are pleased that all our properties in Poland are now internally managed by the Group, while in Romania, we manage all but one of our offices in-house. Overall, we internally manage 996.3k sqm of high-quality commercial spaces with an appraised value of €2.5 billion. Of our total standing commercial portfolio, internally managed properties account for 96.5% by value (96.7% of office and mixed-use standing properties) as of 30 June 2026.

In the first half of 2026, we invested €12.6 million in select improvement initiatives in our standing commercial portfolio. As a result of our continuous investments, we hold a modern portfolio with 33 of our standing commercial properties, accounting for more than two thirds of our standing portfolio, having been delivered or significantly refurbished in the past 10 years.

Green Buildings

Consistent with our commitment to energy-efficient properties, during H1-2026 we recertified 5 properties in our portfolio with LEED Platinum and BREEAM Outstanding, the highest certification grade of their respective type.

Overall, as of 30 June 2026, our combined standing portfolio comprised 51 green-certified properties, accounting for 99.0% of our standing commercial portfolio by value. BREEAM-accredited properties account for 57.9% of our green-certified standing portfolio by value, with the remaining properties being holders of other certifications (LEED or EDGE).

Furthermore, as part of our overall green initiatives, we kept our policy of securing 100% of the energy used in our Polish and Romanian properties from renewable sources.

Social Initiatives

In the first half of 2026, Globalworth and the Globalworth Foundation continued with their very active social programme, contributing €80k to more than 11 initiatives in Romania and Poland.

Initiatives to which we contributed included:

• Open Learning powered by Globalworth. This is an educational initiative, built around the idea of "Learn where business happens." The programme is aimed at high school and university students in Wroclaw, connecting them with leading companies operating in the region through practical learning experiences in real workplaces.

• Blood donation day: organised in our offices both in Romania and Poland for our community members

  In addition to these, we had several other campaigns within our communities, the noteworthy of which are:

  • Book Clubs. Organised for our Bucharest Globalworth Community, we shared our thoughts, sipped tea and wine, enjoyed cookies, and connected with fellow book lovers

  • Bike to Work and No Car Day campaigns. To celebrate World Environment Day, we dedicated the entire week to our No Car Day initiative across our office buildings. We supported our community members who chose to bike to work by offering dedicated bike parking, showers, and secure lockers across our buildings.

  • Earth Hour. We turned off all non-essential lights in our buildings for Earth Hour, joining the global movement to protect our planet.

Reporting

As part of our efforts to improve disclosure in relation to our sustainable development strategy, initiatives and performance, we published Globalworth's "2025 Sustainable Development Report".

This is the eighth report published by the Group and has been prepared in accordance with the GRI Standards: Core Option and with the European Public Real Estate Association's Sustainability Best Practice Reporting Recommendations (EPRA sBPR), and was our first report to receive limited assurance from auditors. The limited assurance was given for the energy consumption and carbon footprint of the Group.

Our real estate investments are in Poland and Romania, the two largest markets in the CEE. As of 30 June 2026, our portfolio was spread across 9 cities, with Poland accounting for 53.5% by value and Romania 46.5%.

1. Standing Investments representing income producing properties. One investment can comprise multiple buildings. e.g. Globalworth Campus comprises three buildings or one investment

2. Includes all property assets, land and development projects valued at 30 June 2026

3. Adjusted standing commercial occupancies as of Jun'26 are as follows:

   • 79.3% for Globalworth Poland, adjusted with the available areas of spaces leased to GW Flex

   • 94.3% for Globalworth Romania, adjusted with social commitment lease (DGASMB in BOC)

   • 86.1% for the full Group portfolio, considering above-mentioned adjustments

4. Including 5.0k sqm of residential assets in Romania

5. Total rent comprises commercial (€192.7 million) and residential (€0.1 million in Romania) standing properties and pre-let rent in assets under development (€2.7 million in Green Court D, Bucharest, Romania)

Equity Capital Markets Review

During the first half of 2026, CEE's capital markets were shaped by a shift towards domestic capital. They were also marked by growth divergence and cautious optimism. Despite global macroeconomic challenges and geopolitical tensions, the regional real estate market remained resilient. This resilience was supported by strong fundamentals, robust demand, and solid infrastructure investment.

Real estate valuations have stabilised after the post-2022 adjustments and they are now starting to edge up. This signals growing investor confidence. Structural drivers continue to support the recovery, including rental growth and the ongoing supply squeeze. We expect values in prime, well-located, sustainable offices to continue recovering in 2026 and beyond.

As of 30 June 2026, the FTSE EPRA Developed Europe index recorded a performance of -2.8%. The FTSE EPRA Global index recorded a performance of +11.7%. Both figures cover the six months from 1 January 2026. Over the same period, Globalworth's share price performance was -15.0%. However, we believe this was mainly driven by the limited free float and low liquidity of our shares, and it does not take account of the Company's strong fundamentals, operational performance, or long-term value creation potential.

During the first half of 2026, Globalworth's share price traded consistently below its last reported EPRA NRV (€5.62 per share as at 31 December 2025). The lowest closing price was €1.66 per share on 7 May 2026. The highest closing price was €2.27 per share on 16 February 2026.

Zakiono Enterprises Ltd, jointly and equally owned by CPI Property Group S.A. ("CPI") and Aroundtown SA ("Aroundtown"), holds 60.9% of the Group's share capital. Growthpoint Properties Ltd holds a further 29.6%. Shareholders representing in aggregate more than 98% of Globalworth's issued share capital chose the scrip dividend alternative for the interim dividend announced and paid during the first half of 2026 which, we believe, demonstrates their commitment to the business.

Globalworth Shareholding

30 June 25 30 June 26

CPI Property Group Together: Zakiono Enterprises 60.9% 60.9%

Basic Data on Globalworth Shares (Information as of 30 June 2026)

Number of Shares 300.6m plus 0.7m shares held in treasury

Globalworth H1-2026 Share Price Performance

120%

115%

110%

105%

100%

95%

90%

85%

80%

75%

Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

Bonds Update

We finance ourselves through a combination of equity and debt, and we compete with many other real estate companies for investor trust to support our initiatives.

Following our bond refinancing exercise in 2024, and subsequent redemptions and buybacks, total debt stood at €1.2 billion as of 30 June 2026. Our two bonds, which currently comprise €98.9 million of Senior Notes due in 2029 and €268.4 million of Senior Notes due in 2030, together with the €85 million IFC unsecured loan, make up less than €0.5 billion of the total debt. The balance is financed through secured loans with reputable local and regional banking groups.

During the first half of 2026 we redeemed €125m of our Senior Notes due in 2029 which we funded from existing liquidity resources, anticipating a positive impact on our overall financing costs.

This proactive approach to managing debt and liquidity underscores GWI's commitment to maintaining financial health and maintaining strategic flexibility in an evolving market landscape.

Globalworth is rated by two of the three major agencies. Fitch maintained our investment-grade rating of BBB- with a stable outlook after its annual review of the Group. S&P kept the Group's corporate credit rating at BB, also maintaining a stable outlook.

Globalworth H1-2026 Eurobond Yield Performance

6.400%

6.350%

6.300%

6.250%

6.200%

6.150%

6.100%

6.050%

6.000%

Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26

1. Introduction and Highlights

   The Group delivered a solid performance in the first half of 2026, with revenue increasing by 3.6% to €119.9 million, NOI by 2.1% to €68.4 million and adjusted normalised EBITDA by 2.1% to €58.5 million. EPRA earnings increased to €24.0 million, or 8 cents per share, supported by the improvement in operating performance. IFRS profit increased to €20.2 million, or 7 cents per share, reflecting the higher operating result and a €7.7 million revaluation gain.

   The Group maintained a strong balance sheet, with a combined portfolio value of €2.6 billion, cash and cash equivalents of €273.4 million and an LTV of 36.7%, remaining below the Group's long-term target of around 40%. During the period, we redeemed €125 million of the 2029 Notes using existing cash resources, reducing total debt and the weighted average cost of debt to 4.68%. With 90.7% of debt fixed or hedged and full compliance with all financial covenants, the Group remains well positioned to meet its obligations and continue investing selectively in the quality and long-term value of its portfolio.

   We measure our performance using a range of metrics widely recognized in the real estate sector, based on consolidated figures, incorporating our joint ventures, to show in the best way possible how we manage our portfolio and operations. Additionally, we report like-for-like metrics and adopt standards set by EPRA, aimed at enhancing transparency and ensuring comparability across the European real estate industry.

   Revenues €119.9 3.6% on H1 2025	Combined Portfolio Value (OMV)1 €2.6bn 0.4% on 31 Dec. 2025
   NOI1 €68.4m 2.1% on H1 2025	NOI1 Like-for like €68.3m 0.1% on H1 2025
   Adjusted normalised EBITDA1 €58.5m 2.1% on H1 2025	Adjusted normalised EBITDA1 Like-for-Like €58.4m €58.4m in H1 2025
   IFRS Earnings per share2 7 cents 3 cents in H1 2025	EPRA NRV per share1,3 €5.52 -1.8% on 31 Dec. 2025
   EPRA NRV1,3 €1,659.3m 1.7% on 31 Dec. 2025	EPRA Earnings per share1,2 8 cents 6 cents in H1 2025
   LTV1,4 36.7% 37.0% at 31 Dec. 2025	Dividends paid in H1 2026 per share 5 cents 9 cents in H1 2025

   1. See Glossary for definitions.

   2. See note 12 of the unaudited condensed consolidated financial statements for calculation.

   3. See note 20 of the unaudited condensed consolidated financial statements for calculation.

   4. See note 17 of the unaudited condensed consolidated financial statements for calculation.

2. Revenues and Profitability

   Total consolidated revenue generated by our properties in the first half of 2026 was €119.9 million, an increase of €4.2 million, or 3.6%, compared with the same period in 2025.

   Rental income, our core revenue stream, was €76.2 million in H1 2026, compared with €74.9 million in the same period of 2025. Of the total, €40.5 million, or 53%, was generated in Poland (H1 2025: €39.2 million; 53%) and €35.7 million, or 47%, was generated in Romania (H1 2025: 47%).

   Revenue share per country

   Period ended 30 June 2026

   Period ended 30 June 2025

   Romania

   47%

   Romania

   47%

   Poland 53%

Our Net Operating Income ("NOI") was €68.4 million, €1.4 million or 2.1% higher than €67.0 million NOI recorded in H1 2025. However, the like-for-like NOI for H1 2026 was €68.3 million, with only €0.1 million higher, or 0.1%, than H1 2025, after excluding the €1.6 million one-off non recoverable operating costs recorded in H1 2025 and €0.1 million NOI generated in H1 2026 by the disposed property (H1 2025: €0.5 million).

The majority of our leases are triple-net leases; therefore, most operating expenses are recharged to tenants. At Group level, the recovery rate was approximately 83% (H1 2025: approximately 83%), comprising 91% in Romania and 79% in Poland (H1 2025: 92% and 76%, respectively).

NOI share per country

Period ended 30 June 2026

Period ended 30 June 2025

Romania

50%

Romania

51%

Adjusted normalised EBITDA reached €58.5 million in H1 2026 (H1 2025: €57.3 million), an increase of €1.2 million, or 2.1%, reflecting the

€1.4 million increase in NOI, partly offset by a €0.2 million increase in administrative expenses.

Finance costs for H1 2026 were €35.7 million (H1 2025: €34.7 million), an increase of €1.0 million, mainly reflecting:

• €1.3 million increase in interest on secured loans following drawdowns under new facilities in the second half of 2025

• €3.1 million decrease in interest on fixed-rate Notes following the redemption of €125 million of 2029 Notes in February 2026

• €2.9 million increase in debt-issue cost amortisation, reflecting the close-out costs associated with the Notes redeemed; and

• €0.1 million decrease in bank charges and interest on lease liabilities

  Finance income for H1 2026 was €2.6 million, €2.9 million lower than in H1 2025, mainly reflecting:

• a €1.7 million decrease in income from short-term and overnight placements with banks;

• a €1.3 million decrease in income from a loan receivable, which was collected in full in the second half of 2025; partly offset by

• a €0.1 million increase in interest income from discounting.

Profit before tax in H1 2026 was €32.0 million, compared with €21.2 million in H1 2025. This included a revaluation gain of €7.7 million, compared with a revaluation loss of €1.7 million in H1 2025.

Current income tax expense was €2.0 million, €5.6 million lower than in H1 2025 (€7.6 million), as the prior period included a one-off withholding tax charge of €5.9 million in Poland. Deferred income tax expense was €9.9 million (H1 2025: €5.5 million), mainly reflecting the uplift in investment property valuations

EPRA earnings for the first half of 2026 were €24.0 million, or 8 cents per share, an increase of €6.3 million, primarily reflecting higher adjusted normalised EBITDA and lower withholding tax expense in Poland. EPRA earnings per share were moderated by the increase in the weighted average number of shares to 295.5 million in H1 2026 (H1 2025: 285.2 million), following the issue of scrip dividend shares in April 2026.

IFRS earnings for H1 2026 were €20.2 million, or 7 cents per share, compared with €8.0 million, or 3 cents per share, in H1 2025.

EPRA EPS

JVs and others

Deferred tax

FV gain on properties

IFRS EPS

(2.6)

7.0

8.0

0.2

3.4

IFRS EPS to EPRA EPS cents per share bridge

1. Balance Sheet

   As of 30 June 2026, we own real estate that makes up most of our assets, with investment properties and cash equivalents accounting for over 97% of our total value.

   The combined market value of our investment property portfolio was €2,631.9 million, an increase of €11.5 million from 31 December 2025 (€2,620.4 million). This comprised €2,623.7 million of wholly owned investment property and €8.2 million (31 December 2025: €7.9 million), representing 100% of the value of properties held by a joint venture in which we have a 50% interest

   The carrying value of our wholly owned investment property, excluding €6.9 million of land held for sale, was €2,616.8 million, comprising

   €1,215.3 million in Romania and €1,401.5 million in Poland. During the period, we invested €22.4 million in our properties (€10.5 million in Romania and €11.9 million in Poland) and recorded a fair value gain of €8.9 million for investment property freehold (€8.2 million in Romania and €0.7 million in Poland). We continued to dispose of residential properties in Romania, selling assets with a total fair value of €3.7 million, and sold an office property in Warsaw, Poland, with a fair value of €9.2 million.

   The pie chart below presents further details of our capital expenditure:

   CAPEX H1 2026 (€'m)

   Development,

   €5.6m

   Electrical & Green Energy, €0.2m

   FLEX space improvements, €0.2m HVAC, €0.4m

   Health & Safety, €0.6m

   Tenant Automations, €0.9m

   improvements,

   €8.9m

   Operational Efficiency, €2.3m

   Common & outdoor areas, €3.3m

   
   
   

   Our cash position remained strong at €273.4 million at 30 June 2026, compared with €410.6 million at 31 December 2025, following the redemption of €125 million of the 2029 Notes at 102% of par value in February 2026.

   Total assets at the end of the period were €2,995 million, 4.0% lower compared to €3,118 million at 31 December 2025.

   EPRA NRV was €1,659.3 million at 30 June 2026, 1.7% higher than €1,631.5 million at 31 December 2025. EPRA NRV per share was

   €5.52 (31 December 2025: €5.62), a decrease of 1.8%. The decrease in EPRA NRV per share was driven by the increase in the fully diluted number of shares following the issue of 10.0 million scrip dividend shares in April 2026.

   EPRA to IFRS NAV per share (€)

   5.52

   0.02

   0.03

   5.10

   (0.47)

   EPRA NRV June-26 Deferred tax liability

   Goodwill

   Others - non EPRA IFRS NAV June-26

2. Dividends

   Globalworth distributes at least 90% of its EPRA Earnings to shareholders on a biannual basis. The distribution in the first half of 2026 included a scrip dividend alternative, under which qualifying shareholders could elect to receive new ordinary shares in the Company instead of cash in respect of all or part of their dividend entitlement. The number of Scrip Dividend Shares was calculated using a price representing a 20% discount to the average middle-market quotation for the Company's shares over the five consecutive dealing days beginning on the Ex-Dividend Date (the 'Reference Price').

   The dividend declared for the six-month period ended 31 December 2025 was 5 cents per share. Following the scrip dividend election, 10.0 million new shares were issued in April 2026, and the Group paid a total cash dividend of €0.3 million, resulting in shareholders representing 98.03% of Globalworth's share capital opting to reinvest in the Company.

   The results for the period are set out in the consolidated statement of comprehensive income from the interim condensed consolidated financial statements below.

3. Financing and Liquidity Review

   Our key priorities included maintaining strong cash reserves, managing debt maturities, reducing the weighted average cost of debt and preserving access to revolving credit facilities for unforeseen liquidity needs.

   We closely monitor our cost of debt and manage interest-rate risk through hedging and by adjusting the mix of fixed- and floating-rate debt. Regular monitoring of covenant compliance and opportunities to reduce financing costs is also central to maintaining financial flexibility.

   Debt Summary

   The Group's total debt at 30 June 2026 was €1,219.9 million (31 December 2025: €1,353.3 million), comprising mainly medium- to longterm debt denominated entirely in euros. This included €85.0 million of unsecured loans, €367.3 million of unsecured Notes and €767.6 million of secured loans.

   In the first half of 2026, the Company announced on 26 January 2026 and completed on 5 February 2026 the redemption of €125 million of 2029 Notes at 102% of par value plus accrued interest, funded from existing cash resources.

   In March 2026, the Group signed a €39.4 million secured facility with Banca Transilvania to finance the development of the new Green Court D office project. The facility is available for drawdown until September 2028, followed by a ten-year repayment period.

   Our debt portfolio continues to demonstrate a highly hedged interest rate structure with a predominance of fixed-rate debt, providing protection against interest rate volatility while maintaining a gradual reduction in funding costs.

   As of 30 June 2026, our debt portfolio maintained a strong fixed-rate positioning, with 90.7% of total liabilities bearing fixed interest rates, compared to 91.4% at year-end 2025. The weighted average term of Euribor variable-fixed rate swap instruments was 3.50 years (31 December: 3.92 years) and the average hedged rate against Euribor in variable-fixed interest rate swaps was unchanged at 1.93% on 30 June 2026.

   Weighted average interest rate versus debt duration to maturity

   6.00% 6.0

   5.00% 5.0

   4.00% 4.0

   3.00% 3.0

   2.00% 2.0

   1.00% 1.0

   0.00% 0.0

   31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun

   23 24 24 25 25 26

   Weighted average interest rate

   Weighted average duration to maturity

   
   
   

   Interest rate

   Years

   The Group's weighted average interest rate decreased slightly to 4.68% from 4.81% as of 31 December 2025. The weighted average debt maturity was 4.1 years (31 December 2025: 4.6 years), as shown in the chart below.

   4.68%

   Average cost of debt

   Debt Repayment (€'m)

   600.0

   500.0

   400.0

   300.0

   200.0

   100.0

   -

   2026

   2027

   2028

   Notes

   2029

   IFC

   2030

   Bank

   2031

   2032-2036

   4.1 years Weighted average

   debt

   The Group has a €62.7 million credit facility maturing in February 2027. The Group has commenced discussions regarding the refinancing of the facility and, based on its liquidity position at 30 June 2026, also has sufficient resources to repay it at maturity if required. This flexibility allows the Group to evaluate refinancing alternatives on appropriate terms while maintaining a prudent liquidity position.

   Bank Coverage of Debt maturities (€273m)

   coverage €102.5m

   €80.9m

   31.4X

   €8.7m

   3.4X

   2.7X

   2026

   2027

   2028

   Group's strong cash position of €273 million is sufficient to cover debt maturities over the next two years

   Liquidity & Loan-to-value ratio (LTV)

   Careful management of our financial and operational resources remained a key focus throughout this period of heightened volatility and uncertainty.

   Of the Group's €273.4 million of cash and cash equivalents at 30 June 2026 (31 December 2025: €410.6 million), €31.0 million was restricted under conditions imposed by financing banks.

   The Group's loan-to-value ratio at 30 June 2026 was 36.7% (31 December 2025: 37.0%), consistent with its strategy of maintaining longterm LTV at or below approximately 40%.

   Debt Structure as at 30 June 2026

   Debt Structure - Secured vs. Unsecured Debt

   At 30 June 2026, unsecured facilities represented 37.1% of total debt outstanding (31 December 2025: 42.7%). These comprised Notes maturing in 2029 and 2030 totalling €367.3 million and the €85.0 million IFC facility. The remaining 62.9% of total debt was secured by real estate mortgages, share and receivables pledges, and loan subordination agreements in favour of the financing banks.

   Debt Denomination Currency and Interest Rate Risk

   Our loan facilities are denominated entirely in euros. At 30 June 2026, 9.3% of total debt carried floating interest rates based on three-or six-month EURIBOR plus a margin (31 December 2025: 8.6%), 60.6% carried fixed interest rates (31 December 2025: 63.9%) and 30.1% was hedged through interest-rate swaps (31 December 2025: 27.5%). Accordingly, 90.7% of total debt was fixed or hedged at 30 June 2026 (31 December 2025: 91.4%).

   The euro denomination of our debt provides a natural currency hedge against our predominantly euro-denominated liquid assets, rental receivables and investment property values, while fixed-rate debt and interest-rate swaps mitigate interest-rate risk. Based on the Group's debt balances at 30 June 2026, a 100-basis-point increase in EURIBOR would increase annual interest expense by approximately €1.1 million.

   Debt Covenants

   As of 30 June 2026, the Group is in compliance with all of its debt covenants.

   The Group's financial indebtedness is arranged with standard terms and financial covenants, the most notable being the following: Unsecured Notes and IFC loan:

   • the Consolidated Coverage Ratio, with minimum value of 150% (covenant value was aligned for all debt facilities)

   • the Consolidated Leverage Ratio, with maximum value of 60%

   • the Consolidated Secured Leverage Ratio with a maximum value of 30%, and

   • the Total Unencumbered Assets Ratio, with minimum value of 125% (additional covenant applicable for the IFC loan).

     Secured Bank Loans:

   • the debt service cover ratio ('DSCR') / interest cover ratio ('ICR'), with values starting from 120% (be it either historic or projected), and

   • the LTV ratio, with contractual values ranging from 45% to 83%.

4. Principal Risks and Uncertainties

   The principal risks which may have a material impact on the Group's performance, together with the corresponding mitigating actions, are presented on pages 56 to 61 of the Annual Report for the year ended 31 December 2025, which is available at https://www.globalworth.com.

   These principal risks comprise the following:

   • Market conditions and the economic environment, particularly in Romania and Poland

   • Changes in the political or regulatory framework in Romania, Poland or the European Union

   • Inflation in Romania and Poland

   • Execution of investment strategy

   • Valuation of portfolio

   • Inability to lease space

   • Counterparty credit risk

   • Sustainable portfolio risk and response to climate change

   • Lack of available financing and refinancing

   • Breach of loan covenants

   • Changes in Interest and foreign exchange rates

   • Compliance with fire, structural, health and safety, or other regulations, and

   • Cyber security

   There have been no new principal risks identified during the six-month period ended 30 June 2026, and the identified principal risks are expected to continue to remain relevant during the second half of 2026.

5. Going Concern

The Directors have considered the Company's ability to continue to operate as a going concern based on the Management's cash flow projections for the 15 months subsequent to the date of approval of the unaudited interim condensed consolidated financial statements. The Directors believe that the Company would have sufficient cash resources to meet its obligations as they fall due and continue to adopt the going concern basis in preparing the unaudited interim condensed consolidated financial statements as of and for the six months ended 30 June 2026.

FOR THE PERIOD ENDED 30 JUNE 2026

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026

* The IFRS earnings per share as of 30 June 2025 have been restated following the IAS 33 'Earnings per share' requirements regarding accounting for scrip dividend shares issued in the period of 01 January 2026 to 30 June 2026.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026

The financial statements were approved by the Board of Directors on 21 September 2026 and were signed on its behalf by: Andreas Tautscher,

Director

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIOD ENDED 30 JUNE

Issued share Treasury Share- based

Retained

Fair value reserve

Total

capital

shares

payment reserve

earnings of financial assets

at FVOCI

Equity

Notes €'000 €'000 €'000 €'000 €'000 €'000

Issued share

Treasury Share- based

Retained

Fair value reserve

Total

dividend cash

At 30 June 2025 1,847,540 (4,733) 67 (311,086) (5,379) 1,526,409

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SECTION I: BASIS OF PREPARATION

1. Basis of Preparation Corporate Information

   Globalworth Real Estate Investments Limited ('the Company' or 'Globalworth') is a company with liability limited by shares and incorporated

   and domiciled in Guernsey on 14 February 2013, with registered number 56250. The registered office of the Company is located at PO Box 336, Fourth Floor, Plaza House, Admiral Park, St Peter Port, Guernsey, GY1 3UQ. Globalworth, being a real estate entity, has had its ordinary shares admitted to trading on AIM (Alternative Investment Market of the London Stock Exchange) under the ticker "GWI" since 2013.

   On 23 July 2021 Zakiono Enterprises Limited ("Zakiono"), a company wholly owned by Tevat Limited, became a controlling shareholder by holding 60.6% share capital of the company through public offer. Tevat Limited is a joint venture between CPI Property Group S.A. and Aroundtown SA. As of 30 June 2026, Zakiono holds 60.9% share capital of the company.

   The Company's Eurobonds were admitted to the Official List of Euronext Dublin and to trading on its Global Exchange Market (GEM) in April 2024. The main country of operation of the Company is Guernsey. The Group's principal activities and nature of its operations are mainly investments in real estate properties, through both acquisition and development, as set out in the Strategic Report section of the 2025 Annual Report.

   Directors

   The Directors of the Company are:

   • Piotr Olendski, Joint Chief Executive Officer and Executive Director

   • Martin Bartyzal, Independent Non-Executive, Chair of the Board, Member of the Remuneration Committee

   • Andreas Tautscher, Senior Independent Non-Executive, Chair of the Audit and Risk Committee, Member of Nomination Committee

   • Daniel Malkin, Independent Non-Executive, Chair of the Nomination Committee, Member of the Audit & Risk Committee

   • Favieli Stelian, Independent Non-Executive, Chair of the Investment Committee, Member of the Remuneration Committee

   • Norbert Sasse, Non-Executive, Member of the Investment Committee

   • Panico Theocharides, Non-Executive, Member of the Nomination Committee

   • Richard van Vliet, Independent Non-Executive, Chair of the Remuneration Committee and Member of the Audit & Risk Committee

   • David Maimon, Independent Non-Executive, Member of the Audit & Risk Committee and Investment Committee

   On 6 November 2025, Roy Vishnovizki was appointed Joint Chief Executive Officer alongside Piotr Olendski. He is not a director of the Company.

   Basis of Preparation and Compliance

   The interim condensed consolidated financial statements of the Group (or 'financial statements' or 'consolidated financial statements') for the six months ended 30 June 2026 have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting". These interim condensed consolidated financial statements are presented in euros ("EUR" or "€") and all values are rounded to the nearest thousand ("000") unless otherwise indicated, being the functional currency and presentation currency of the Company.

   These consolidated financial statements have been prepared on a historical cost basis, except for investment property, financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss that have been measured at fair value.

   The Company has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors have considered the Company's ability to continue to operate as a going concern based on the management's cash flow projections for the 15 months subsequently to the date of approval of the unaudited interim condensed consolidated financial statements. The Directors believe that the Company would have sufficient cash resources to meet its obligations as they fall due to and continue to adopt the going concern basis preparing the unaudited interim condensed consolidated financial statements for the six months ended 30 June 2026.

   
   
   

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SECTION I: BASIS OF PREPARATION

   Accounting policies

   These consolidated financial statements apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group's consolidated financial statements for the year ended 31 December 2025, which were prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union ('EU') and the Companies (Guernsey) Law 2008, as amended. The interim condensed consolidated financial statements included in this Interim Report do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.

   Basis of Consolidation

   These condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries ('the Group') as of and for the period ended 30 June. Subsidiaries are fully consolidated (refer to note 23) from the date of acquisition, being the date on which the Group obtains control, and continues to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the period from the date of obtaining control to 30 June, using consistent accounting policies. All intra-group balances, transactions and unrealised gains and losses resulting from intra-group transactions are eliminated in full. Non-controlling interest represents the portion of profit or loss, other comprehensive income and net assets not held by the Group and is presented separately in the income statement and within equity in the consolidated statement of financial position, separately from net assets and profit and loss attributable to the equity holders of the Company.

   Foreign Currency transactions and balances

   Foreign currency transactions during the period are initially recorded in the functional currency at the exchange rates approximating those ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies other than functional currency of the Company and its subsidiaries are retranslated at the rates of exchange prevailing on the statement of financial position date. Gains and losses on translation are taken to profit and loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

2. Critical Accounting Judgements, Estimates and Assumptions

   The preparation of consolidated financial statements in conformity with IFRS Accounting Standards requires management to make certain judgements, estimates and assumptions that affect reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures and the disclosures of contingent liabilities.

   Selection of Functional Currency

   The Company and its subsidiaries used their judgment, based on the criteria outlined in IAS 21 "The Effects of Changes in Foreign Exchanges Rates", and determined that the functional currency of all the entities is the EUR. In determining the functional currency consideration is given to the denomination of the major cash flows of the entity e.g., revenues and financing.

   Consequently, the Company uses EURO (€) as the functional currency, rather than the local currency Romanian Lei ("RON") for the subsidiaries incorporated in Romania, Polish Zloty ("PLN") for the subsidiaries in Poland and Pounds Sterling ("GBP") for the Company and the subsidiary incorporated in Guernsey.

   Further additional critical accounting judgements, estimates and assumptions are disclosed in the following notes to the financial statements.

   • Investment Property, see note 3 and Fair value measurement and related estimates and judgements, see note 4;

   • Commitments (operating leases commitments - Group as lessor), see note 6;

   • Taxation, see note 11;

   • Trade and other receivables, see note 14;

   • Share-based payment reserve, see note 21;

   • Investment in Joint Ventures, see note 22; and

   • Investment in Subsidiaries, see note 23.

   This section focuses on the assets on the balance sheet of the Group which form the core of the Group's business activities. This includes investment property (both 100% owned by the Group and by the Joint Ventures), related disclosures on fair valuation inputs, commitments for future property developments and investment property-leasehold and related lease liability recognised for the right of perpetual usufruct of the lands. Further information about the property portfolio is described in the Management Review section of the Interim Report.

3. Investment Property

   Investment property - freehold Investment TOTAL

   	Completed	Investment	Investment	Land for	Sub-total	property
   	investment	property under	property under	further		leasehold-
   	property	refurbishment	development	development		Right of
   						usufruct of the land
   Note	€'000	€'000	€'000	€'000	€'000	€'000	€'000
   1 January 2025	2,416,010	110,860	12,300	19,400	2,558,570	26,775	2,585,345
   Subsequent expenditure	37,875	4,473	957	18	43,323	-	43,323
   Net lease incentive movement	(2,074)	951	-	-	(1,123)	-	(1,123)
   Transfer to completed investment property	115,620	(115,620)	7,100	(7,100)	-	-	-
   Disposal during the year	(6,891)	-	-	-	(6,891)	-	(6,891)
   Transfer from held for sale assets	33,230	-	-	-	33,230	2,533	35,763
   Additions of right of usufruct of the land	-	-	-	-	-	677	677
   Fair value gain/(loss) on investment property	(15,127)	(664)	1,213	(18)	(14,596)	(368)	(14,964)
   31 December 2025	2,578,643	-	21,570	12,300	2,612,513	29,617	2,642,130

   Subsequent expenditure		12,847 (4,071) (12,909) - - - -11,970	-	5,670 668 - (5,700) (6,910) - -(1,398)	-	18,517 (3,403) (12,909) -(6,910) - -8,972	-	18,517 (3,403) (12,909) -(6,910) (1,710) 553 7,683
   Net lease incentive movement			- - - - - - -		- - 5,700 - - -(1,600)		- - - -(1,710) 553 (1,289)
   Disposal during the year	3.5
   Transfer to land for further development Transfer to held for sale Decrease in right of usufruct of the land Additions of right of usufruct of	3.2
   the land Fair value gain /(loss) on	3.4
   investment property
   30 June 2026		2,586,480	-	13,900	16,400	2,616,780	27,171	2,643,951

   1. Investment Property - Freehold Judgements

      Classification of Investment Property

      Investment property comprises completed property, property under construction or refurbishment and land bank for further development which are not occupied substantially for use by, or in the operations of, the Group, nor for sale in the ordinary course of business, but are held, or to be held, primarily to earn rental income and for capital appreciation. The Group considers that, when the property is in a condition which will allow the generation of cash flows from its rental, the property is no longer a property under development or refurbishment but an investment property. If the property is kept for sale in the ordinary course of the business, then it is classified as inventory property.

      Disposal of Investment Property not in the Ordinary Course of Business

      The Group occasionally enters into such contracts with customers to sell properties that are complete. The sale of completed property is generally expected to be the only performance obligation, and the Group has determined that it will be satisfied at the point in time when control transfers. For unconditional exchange of contracts, this is generally expected to be when legal title transfers to the customer. For conditional exchanges, this is expected to be when all significant conditions are satisfied. The recognition and measurement requirements in IFRS 15 are applicable for determining the timing of derecognition and the measurement of consideration (including applying the requirements for variable consideration) when determining any gains or losses on disposal of non-financial assets when that disposal is not in the ordinary course of business.

   2. Investment property - Leasehold

      Right of Perpetual Usufruct of the Land (the "RPU") or "right-of-use assets"

      Under IFRS 16, right-of-use assets that meet the definition of investment property are required to be presented in the statement of financial position as investment property. The Group has the right of perpetual usufruct of the land (the "RPU" or "right-of-use assets") contracts for the property portfolio in Poland which meet the definition of investment property under IAS 40. Therefore, the Group has combined its 'Right-of-use assets' being Investment property - freehold under the line item "Investment property" along with the investment property -freehold in the statement of financial position. The corresponding lease liabilities are presented under the line item 'Lease liabilities' as non-current and the related short-term portion are presented in the line item "Current portion of lease liability".

   3. Investment Property Held for Sale

      Judgements and Assumptions Used in the Classification of Investment Properties as Held for Sale

      During the period ended 30 June 2026, the Group entered into a preliminary agreement (PSPA) to sell a plot of land held by Podium Park Sp. z o.o. and received an advance of €0.9 million from the buyer. As of 30 June 2026, the property is valued at €6.9 million and was reclassified from investment property under development to assets held for sale. On 8 September 2026, Podium Park Sp. z o.o. entered into a conditional sale agreement due to the statutory pre-emption rights of the municipality and the owner of the special economic zone. If neither party exercises its pre-emption right in 30 days, the company will enter into the final sale agreement (SPA) with the initial buyer no later than 15 December 2026.

   4. Investment property - Fair value gain/(loss)

      Note	30 June 2026 €'000	30 June 2025 €'000
      Fair value gain/(loss) on investment property	7,683	(1,659)
      - Related to investment property 3.1	7,683	(1,659)
      - Related to investment property - held for sale 3.3	-	-

   5. Sale of investment property

      In the first half of 2026 the Group completed investment property disposal for an amount of €12.9 million that mainly include the sale of Philips, a Standing office property, located in Warsaw, held by Lamantia sp. z o.o. for a total consideration of €9.2 million and residential units from Upground residential complex having a value of €3.7 million, located in Bucharest.

4. Fair Value Measurement and Related Estimates and Judgements Investment Property Measured at Fair Value

   The Group's investment property portfolio for Romania was valued by Colliers Valuation and Advisory SRL and Cushman & Wakefield International Real Estate Advisor Ltd and for Poland by Knight Frank Sp. z o.o. and AXI IMMO Group Sp. z o.o. All independent professionally qualified valuers hold a recognised relevant professional qualification and have recent experience in the locations and segments of the investment properties valued using recognised valuation techniques.

   Our Property Valuation Approach and Process

   The Group's investment department includes a team that reviews twice in a financial year the valuations performed by the independent valuers for financial reporting purposes. For each independent valuation performed, the investment team along with the finance team:

   • verifies all major inputs to the independent valuation report.

   • assesses property valuation movements when compared to the initial valuation report at acquisition or latest period end valuation report; and

   • holds discussions with the independent valuer.

   The fair value hierarchy levels are specified in accordance with IFRS 13 "Fair Value Measurement". Some of the inputs to the valuations are defined as "unobservable" by IFRS 13 and these are analysed in the tables below. Any change in valuation technique or fair value hierarchy (between level 1, level 2 and level 3) is analysed at each reporting date or as of the date of the event or variation in the circumstances that caused the change. As of 30 June 2026 (2025: same) the values of all investment properties were classified as level 3 fair value hierarchy under IFRS 13 and there were no transfers from or to level 3 from level 1 and level 2.

   Valuation Techniques, Key Inputs and Underlying Management's Estimations and Assumptions

   Property valuations are inherently subjective as they are made on the basis of assumptions made by the valuer. Valuation techniques comprise the discounted cash flows, the sales comparison approach, and the residual value method.

   The Group has based its assumptions and estimates on the parameters available when the unaudited interim condensed consolidated financial statements were prepared, including the amendments or possible amendments of the current lease contracts, delays to non-committed capital expenditure, cost-cutting initiatives and delays in construction activity. The key assumptions concern the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. However, all such assumptions or estimates are sensitive to change due to the current market environment. The climate-related risks are embedded in the determination of future cash flows that are used for the fair value of investment properties. Further information is disclosed in Operational Review and Strategic Review sections of the 2025 Annual report. Such uncertainty is reflected in the assumptions used for the valuation and the Group disclosed below the sensitivity to different key inputs to overall valuation.

   Key information about fair value measurements, valuation technique and significant unobservable inputs (Level 3) used in arriving at the fair value under IFRS 13 are disclosed below:

   Fair value

   Class of property	30 June 2026 €'000	31 December 2025 €'000	Valuation Technique	Country	Location	Input	30 June 2026	31 December 2025
   Completed	484,640	488,053	DCF	Poland	Office	Rent per sqm	€12.00 - €24.00	€11.50 - €24.00
   Investment				Warsaw		Discount rate	6.16% - 10.45%	5.09% - 9.20%
   property						Exit yield	6.15% - 7.90%	6.05% - 7.90%
   	632,520	632,570	DCF	Poland	Office	Rent per sqm	€12.50 - €15.75	€12.50 - €15.50
   				Regional		Discount rate	5.21% - 16.45%	4.45% - 16.34%
   						Exit yield	6.70% - 10.00%	6.80% - 10.00%
   	284,320	281,820	DCF	Poland Warsaw and Regional	Mixed -use	Rent per sqm Discount rate Exit yield	€13.50 - €25.00	€13.50 - €24.00
   							5.57% - 9.06%	6.35% - 8.81%
   							5.90% - 7.50%	5.67% - 7.00%
   	1,158,800	1,147,100	DCF	Romania	Office	Rent per sqm	€2.00 - €40.00	€2.00 - €40.00
   						Discount rate	8.20% - 9.25%	8.20% - 9.25%
   						Exit yield	6.75% - 7.55%	6.75% - 7.45%
   	5,000	4,900	DCF	Romania	Industrial	Rent per sqm	€4.57 - €4.57	€4.35 - €4.35
   						Discount rate	9.50% - 9.50%	9.50% - 9.50%
   						Exit yield	7.50% - 7.50%	7.50% - 7.50%
   	10,400	9,700	DCF	Romania	Residential	Rent per sqm	€7.72 - €16.00	€7.72 - €15.75
   						Discount rate	9.50% - 9.50%	9.75% - 9.75%
   						Exit yield	7.50% - 7.50%	7.50% - 7.50%
   	10,800	14,500	SC	Romania	Residential	Sales value (sqm)	€1,500	€1,500
   Sub-total	2,586,480	2,578,643
   Investment	13,900	14,700	RM	Romania	Office	Rent per sqm	€19.00 - €19.00	€14.00 - €19.00
   property under						Discount rate	9.00% - 9.00%	9.00% - 9.50%
   development						Exit yield	7.00% - 7.00%	7.00% - 7.50%
   						Capex (€m)	€31.40	€35.76
   	-	6,870	SC	Poland Regional	Office	Sales value (sqm)	-	€1,132
   Land bank - for further development	16,400	12,300	RM	Romania	Office	Rent per sqm Exit yield	€14.00 - €20.25 7.2% - 7.5%	€19.35 - €20.00 7.2%-7.2%
   Investment property held for sale	6,910	- SC		Poland Regional	Office	Sales value (sqm)	€ 1,139	-
   TOTAL investment
   property held for sale	6,910	-
   TOTAL investment property freehold	2,616,780	2,612,513

   Income approach: Discounted Cash Flows ('DCF'), Residual Method ('RM'); Market approach: Sales Comparison ('SC')

   All classes of property portfolio were categorised as Level 3 under the fair value hierarchy. The fair value movement on investment property recognised, as gain, in the income statement includes an amount of €7.7 million (June 2025: loss of €1.7 million) for fair value measurements as of the statement of financial position date related to investment properties categorised within Level 3 of the fair value hierarchy. In arriving at estimates of market values as at 30 June 2026 and 31 December 2025, the independent valuation experts used their market knowledge and professional judgement and did not rely solely on comparable historical transactions. In these circumstances, there was a greater degree of uncertainty in estimating the market values of investment properties than would have existed in a more active market.

   Sensitivity Analysis on significant estimates used in the valuation

   The assumptions on which the property valuations have been based include, but are not limited to, rent per sqm (per month), discount rate, exit yield, cost to complete, comparable market transactions for land bank for further development, tenant pro file for the rented properties, and the present condition of the properties. These assumptions are market standard and in line with the International Valuation Standards ('IVS'). Generally, a change in the assumption made for the rent per sqm (per month) is accompanied by a similar change in the rent growth per annum and discount rate (and exit yield) and an opposite change in the other inputs.

   Other Disclosures Related to Investment Property

   Interest-bearing loans and borrowings are secured on investment property freehold, see note 13 for details. Further information about individual properties is disclosed in the asset management review section in the Interim Report.

   A quantitative sensitivity analysis, in isolation, of the most sensitive inputs used in the independent valuations performed, as of the statement of financial position date, are set out below:

   Investment property

   €0.5 change in rental value per month, per sqm

   25 bps change in market yield

   5% change in Capex €50 change in sales

   prices per sqm

   2.5% change in vacancy in Perpetuity1

   Year	Country	Increase €'000	Decrease €'000	Increase €'000	Decrease €'000	Increase €'000	Decrease €'000	Increase €'000	Decrease €'000		Increase €'000	Decrease €'000
   2026	Poland	35,900	(35,860)	(56,840)	61,360	-	-	-	-		(31,946)	-
   2026	Romania	24,400	(25,100)	(42,200)	44,900	-	-	300	(300)		(12,800)	10,400
   2025	Poland	35,900	(35,950)	(56,270)	60,670	-	-	-	-		(31,762)	-
   2025	Romania	24,200	(24,400)	(41,700)	44,400	-	-	400	(400)		(12,400)	10,400
   2026	Romania	2,600	(2,700)	(3,500)	3,700	(3,800)	3,700	-	-		-	-
   2025	Romania	2,700	(2,500)	(3,300)	3,800	(3,900)	4,000	-	-		-	-
   2026	Romania	1,000	(1,000)	(1,700)	1,700	(1,600)	1,600	-	-		-	-

   Completed

   Under

   development

   Land bank -for further development

   2025 Romania 1,100 (1,200) (1,900) 1,900 (1,800) 1,700 - - - -

   1. The vacancy in perpetuity sensitivity analysis is not followed for the Polish properties portfolio as this factor is considered in the valuation methodology as part of yields and not a variable in isolation. Generally, a change in the assumption made for the estimated rental value is accompanied by a directionally similar change in the rent growth per annum and the discount rate (and exit yield), and an opposite change in the long-term vacancy rate.

   4.1 Investment properties owned by Joint Ventures
   	30 June 2026	31 December 2025
   Note	€'000	€'000

   Land for further development 22.2	8,200	7,900
   	8,200	7,900

   Sensitivity analysis on significant estimates used in the valuation of investment properties owned by the joint venture

   The Group holds 50% interest in Black Sea Business Park SRL (similar on 31 December 2025), owning a plot of land where the investment property is valued at fair value under the similar Group accounting policies by Cushman & Wakefield International Real Estate Advisor Ltd.

   The table below describes key information about the fair value measurements, valuation technique and significant unobservable inputs (Level 3) used in arriving at the fair value under IFRS 13.

   Carrying value Range

   Class of Joint Venture property	30 June 2026 €'000	31 December 2025 €'000	Valuation Country technique	Input	30 June 2026	31 December 2025
   Land bank - for further development	8,200	7,900	SC Romania	Sales value /sqm	€34.00	€33.00
   TOTAL	8,200	7,900

   Market approach: SC: Sales Comparison

   A quantitative sensitivity analysis (for properties owned by joint ventures), in isolation, of the most sensitive inputs used in the independent valuations performed, as of the statement of financial position date, are set out below. Generally, a change in the assumption made for the estimated rental value is accompanied by a directionally similar change in the rent growth per annum and the discount rate (and exit yield), and an opposite change in the long-term vacancy rate.

   Joint ventures 2.5% change in vacancy in perpetuity

   Investment Property	Year	Country	Increase €'000	Decrease €'000
   Land bank - for further development	2026	Romania	500	(500)
   	2025	Romania	400	(400)

   The Group is committed to responding to the effects of climate change and its Sustainability Policy covers the impact of the Group's operations and processes, the long-term environmental performance of the properties owned and developed, as well as the reduction of energy consumption and greenhouse gas emissions. The Group, therefore, actively invests in properties which are either certified as environmentally friendly or have the potential to be classified as such following our own initiatives.

   The Company conducted a climate change transition and physical risks and opportunities assessment, across its value chain, in alignment with TCFD recommendations (i.e. Task Force on Climate-Related Financial Disclosures). Climate analysis indicates that the probability of floods to occur is very likely across RCPs climate scenarios (2.6, 4.5 and 8.5 W/m 2) for several locations in Poland and likely in Romania, where construction operations are in progress. As Globalworth considers that extreme precipitation and flood events will increase and that direct operations might be compromised, it is investing in solutions that will provide business continuity. Already, we are implementing procedures, and flood protection has been purchased for the majority of the properties, as we consider flooding to be one of the main natural hazards occurring in Poland and Romania, which, in certain circumstances, may take the form of a disaster.

5. Advances for investment Property

   	30 June 2026 €'000	31 December 2025 €'000
   Advances to contractors for investment properties completed and development	3,320	1,317
   	3,320	1,317

6. Commitments

   Commitments for Investment Property

   As at 30 June 2026 the Group agreed to construction contracts with third parties and is consequently committed to future capital expenditure in respect of completed investment property of €9.3 million (2025: €7.7 million), had committed with tenants to incur incentives (such as fit-out works and other lease incentives) of €13.0 million (2025: €8.8 million) and had committed to future capital expenditure in respect of investment property under development of €28.6 million (2025: €32.6 million)

   As of 30 June 2026, the Group's joint ventures had no commitments for the construction of investment property (2025: nil). Judgements Made for Properties Under Operating Leases, being the lessor

   The Group has determined, based on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of the investment properties leased to third parties and, therefore, being the lessor accounts for these leases as operating leases.

   The duration of these leases is one year or more (2025: one year or more) and rentals are subject to annual upward revisions based on the consumer price index. The future aggregate minimum rentals receivable under non-cancellable operating leases for investment properties - freehold are as follows:

   	30 June 2026 €'000	31 December 2025 €'000
   Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	184,146 535,269 98,913	159,283 542,556 98,869
   	818,328	800,708

   
   
   

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SECTION III: FINANCIAL RESULTS

   This section quantifies the financial impact of the operations for the period; further analysis on operations is presented in the Financial Review section of the Interim Report. This section includes the results and performance of the Group, including earnings per share and EPRA Earnings. This section also includes details about the Group's tax position in the period and deferred tax assets and liabilities held at the period end.

7. Revenue

   Revenue from asset management fees, marketing and other income are recognised at the time the service is provided.

   	30 June 2026 €'000	30 June 2025 €'000
   Contracted rent	96,307	94,511
   Adjustment for lease incentives	(20,116)	(19,572)
   Rental income	76,191	74,939
   Revenue from contracts with customers
   Service charge income	42,654	39,973
   Fit-out services income	200	264
   Income from other services rendered	670	422
   Marketing and other income	192	99
   	43,716	40,758
   	119,907	115,697

   The total contingent rents and surrender premia recognised as rental income during the period amount to €0.6 million (30 June 2025: €0.9 million) and €1.8 million (30 June 2025: €1.0 million), respectively.

8. Operating Expenses

   	30 June 2026 €'000	30 June 2025 €'000
   Property management, utilities and insurance	48,637	44,789
   Property maintenance costs and other non-recoverable costs	2,250	3,250
   Expenses related to other services rendered	392	350
   Property expenses arising from investment property that generate rental income	51,279	48,389
   Property expenses arising from investment property that did not generate rental income	7	13
   Fit-out services costs	198	252
   	51,484	48,654

9. Administrative expenses