Globalworth Real Estate Investments (GWI) H1 2026 earnings summary

Executive summary

• Portfolio focused on office real estate in Poland and Romania, valued at €2.6bn with 56 standing properties as of June 2026.

• Revenue rose 3.6% year-over-year to €119.9m, with NOI up 2.1% to €68.4m and adjusted normalised EBITDA up 2.1% to €58.5m.

• IFRS profit increased to €20.2m (7 cents/share), up from €8.0m (3 cents/share) in H1 2025, aided by a €7.7m revaluation gain.

• Portfolio occupancy increased to 86.6%, with 106.1k sqm leased or extended and strong leasing activity.

• Emphasis on ESG, with 99% of the portfolio green certified and all Romanian offices WELL Health-Safety rated.

Financial highlights

• Consolidated revenue for H1 2026 was €119.9m (+3.6% YoY); NOI: €68.4m (+2.1% YoY); adjusted normalised EBITDA: €58.5m (+2.1% YoY).

• IFRS EPS: 7 cents (up from 3 cents); EPRA EPS: 8 cents (up from 6 cents).

• EPRA NRV per share at €5.52, up 1.7% from December 2025, but down from €5.62 due to scrip dividend dilution.

• Cash and cash equivalents: €273.4m; total debt: €1.22bn; average cost of debt: 4.68%.

• Dividend of €0.05/share paid in April 2026, with a further €0.07/share declared for H1 2026, mostly via scrip.

Outlook and guidance

• Continued focus on operational excellence, sustainable growth, and maintaining high occupancy.

• CEE real estate market expected to consolidate and grow steadily, with resilient demand and stabilising yields.

• Ongoing development of Green Court D in Bucharest, 61.8% pre-leased and delivery expected in 2027.

• Committed to further reducing GHG emissions and enhancing building energy efficiency.

• Office market fundamentals in Poland and Romania remain stronger than Western Europe, with supply constraints supporting rents.