Londonmetric Property Plc · LSE:LMP
Londonmetric Property — FY2026 Earnings Presentation
26 slides from Londonmetric Property's earnings presentation, May 21, 2026
Slide 1: Full Year Results 2026
Full Year Results 2026 Year ended 31 March 2026 1
Slide 2: Overview
Overview Reliable, repetitive and growing income driving dividend progression Portfolio growth in year The UK’s leading NNN income REIT • Portfolio grown to £7.6bn – mission critical assets in winning sectors +£1.5bn £1.2bn from M&A activity • Income flowing and growing – net rental income up 17% in
Slide 3: Financial Highlights
Financial Highlights Full Year to 31 March 2026 Income Statement March 2026 March 2025 Net rental income EPRA Earnings £305.3m £268.0m £455m +17% increase EPRA Earnings (pps) 13.45p 13.14p Dividend progression Dividend (pps) 12.45p 12.00p 11 years Q1 27 guidance: +3.3% Balance Sheet March 2026 March
Slide 4: Financial Review
LONDONMETRIC PROPERTY PLC FINANCIAL REVIEW
Slide 5: Income Statement
Income Statement 31 March 31 March Change Net rental income 2026 2025 +17% Net rental income £455.3m £390.6m +16.6% 9 months of Urban Logistics REIT Administrative costs £(30.2)m £(27.1)m Gross: net income leakage Net finance costs £(123.9)m £(97.1)m 1.4% EPRA Earnings £305.3m £268.0m +13.9% Mar 25:
Slide 6: Balance Sheet
Balance Sheet1 31 Mar 2026 31 Mar 2025 Property portfolio2 £7,620.6m £6,155.3m Portfolio Cash £143.4m £81.2m +£1.5bn Debt £(2,952.3)m £(2,073.2)m Including £68m valuation uplift Fair value of derivatives £16.2m £23.7m Total accounting return Other net Liabilities3 £(113.6)m £(92.8)m +6.9% +7.7% excl
Slide 7: Debt Activity in year
Debt Activity in year Diversifying our debt base & leveraging our scale to maximise borrowing advantage New/refinanced 1 4.4% 4.4% 1 Refinanced £2.7bn Repayments 1,500 New 4.3% Including £500m public bond £1.5bn refinancing1, Repaid 1 1 5 Yr SWAP Lows -49bps margin 1,300 £1.1bn 4.2% 4.2% 1,100 Secur
Slide 8: Debt Metrics & Maturity
Debt Metrics & Maturity Positioned for flexibility and long-term strength Key Debt Metrics Average cost Average 4.4 yrs Net Debt / LTV 36.7% 4.0% 7.5x of debt maturity 5.2 yrs (incl. +1s) EBITDA Available Credit Rating BBB+ (Corporate) Interest cover Facilities £0.5bn Hedging 99.8% (Fitch) A- (On is
Slide 9: Net Contracted Income Progression (£m)
Net Contracted Income Progression (£m) 500 11.1 481.5 38.3 450 16.6 432.1 75.1 400 350 340.4 300 250 200 Mar-25 M&A + Other Asset Mgmt Mar-26 By 2028 Vacant ERV Proforma 9
Slide 10: Delivering Long Term Shareholder Returns
Delivering Long Term Shareholder Returns Focused on generating progressive and covered dividends EPRA Earnings Dividend Total Property Return Total Shareholder Return (pps) (pps)1,4 (rebased to 100)1,2 (rebased to 100)1,3 LondonMetric 400 14 200 400 LondonMetric LondonMetric Dividend CPI 190 MSCI UK
Slide 11: Property Review
LONDONMETRIC PROPERTY PLC PROPERTY REVIEW
Slide 12: Our NNN income compounding model
Our NNN income compounding model A true NNN REIT: discipline delivers uninterrupted, predictable and growing income streams 1. Relentless focus on cash return – Quality, quantity & timing Gross: net income – Limit income leakage from maintenance, operations, insurance or taxes 98.6% Very low income
Slide 13: Aligned to Structurally Supported Sectors
Aligned to Structurally Supported Sectors Prioritising asset selection, patience and strong conviction Forecast Rent Value1 Rent2 WAULT NIY3 EY3 31 March 2026 £m £m Years % % Growth p.a. 1.1% % 12.1% Logistics 4,023.7 216.6 10.3 5.0 6.2 +5.3 Entertainment & 13.8% 1,539.6 93.9 35.9 5.7 7.5 +4.0 Leisu
Slide 14: Acquisition Activity
Acquisition Activity Aligned to structurally supported sectors enjoying favourable demand/supply dynamics High conviction, thematic investor: key objective to delivery income growth Acquisitions in year: £1.55bn, 80% logistics M&A/ listed equity Sale & Leasebacks Pension funds Development fundings +
Slide 15: Disposal Activity
Disposal Activity Liquidity still affected by uncertain economic outlook and swap rates Macro environment remains uncertain • Current swap rates continue to dictate real estate liquidity Disposals in FY 26 • Limited liquidity >£20m, narrow pool of buyers £318m Wider demand for smaller lot sizes Disp
Slide 16: Asset Management Activity
Asset Management Activity £17m pa added rent in year, +4.2% LFL income growth £38m of embedded reversion over next two years Rent Reviews Lettings Top 10 occupiers (by rent) ~35% 9.1% Ramsay 11.3% 7.8% Merlin 9.4% 4.9% Travelodge 6.3% 3.3% Premier Inn 1.1% 2.2% Booker 0.7% 1.9% M&S 0.9% Key income g
Slide 17: Outlook
Outlook All weather and NNN delivering exceptional income, certainty of income growth and dividend progression Macro events continue to impact investor sentiment • Gilt rate and swap rate continue to influence market liquidity – political uncertainty unhelpful • UK consumer remains resilient with sa
Slide 18: Summary
Summary 1. Our NNN income model is driving earnings and dividends – Our rent flows and grows to historic levels – Operational efficiency enhancing our sector leading EPRA cost ratio 2. Our disciplined capital allocation has created an all weather portfolio – Consumer behaviour dictates the winning s
Slide 19: Appendices
APPENDICES LONDONMETRIC PROPERTY PLC 19
Slide 20: Portfolio Metrics
Portfolio Metrics Net Index/ Valuation Revaluation MSCI WAULT Contracted fixed Average Area (Share)1 Surplus/(Deficit) 3 CVg2,3 Occupancy NIY4 (years) Rent reviews Rent 31 March 2026 (m sq ft) (£m) (£m) (%) (%) (%) (%) Expiry Break (£m) (%) (£psf) Mega 2.4 316.5 2.0 0.6 0.4 100.00 4.6 13.8 13.8 15.7
Slide 21: Logistics Portfolio
Logistics Portfolio Aligned to a structurally supported sector enjoying favourable demand/supply dynamics Urban Regional Mega Value £4,023.7m FY25: £2,838m Occupancy ▪ Value: £2,904m ▪ Value: £802.8m ▪ Value: £316.5m 97% FY25: 97% ▪ £157.9m rent (£8. 80 psf) ▪ £43.0m rent (£6.50 psf) ▪ £15.7m rent (
Slide 22: Long Income Portfolio
Long Income Portfolio Assets with long, reliable income and contractual uplifts, generating strong property returns Entertainment & Leisure Convenience Healthcare & Education Value £3,516m Theme parks – 41% of subsector Food stores – 38% of subsector Hospitals – 86% of subsector Four assets at Thorp
Slide 23: Key occupiers
Key occupiers Strong relationships with all of our key occupiers Warrington • £5bn market cap • Strong sponsor support: • Strong brand: 630 UK • £4bn market cap • £7bn market cap LEGO family, CPPIB, budget hotels (Whitbread PLC) • UK hospitals performing: • PBT: £671m Blackstone, Wellcome #1 NHS pri
Slide 24: Income certainty & growth
Income certainty & growth Warrington WAULT: 16.9 years Contractual Uplifts: 69% of rent 0-3y, Fixed, Market 8% 19.7% 20+, Review, 24% 31.0% 4-10y, 28% Annual reviews 33% of rent 16-20y, 13% 10-15y, 27% RPI, CPI, 25.6% 23.7% Inflation capture through contractual rent reviews 100% Our index linked (RP
Slide 25: Net Zero to Further Improve Asset Quality
Net Zero to Further Improve Asset Quality We are supporting the UK transition to a low carbon economy Carbon Neutrality Net Zero for 51% estimated reduction Electrification of heating systems Fully Net Zero, including Scope 1 and 2 Scope 1 and 2 in carbon emissions on 100% of the units tenant emissi
Slide 26: Debt Facilities – 31 March 2026
Debt Facilities – 31 March 2026 Facility Lender Facility (£m) Drawn (£m)1 Maturity (yrs)2 Debt cost (%)3 Expiry Unsecured RCF (2026) Syndicate 235.0 114.2 4.0 Variable 2030 'Income Strip’ Unsecured RCF (2026) Syndicate 670.0 275.8 5.0 Variable 2031 Unsecured Term Loan (2026) Syndicate 297.5 297.5 2.