Harworth Group Plc · LSE:HWG
Harworth — Merger or Acquisition (August 2026)
11 slides from Harworth's merger presentation, Aug 26, 2026
Slide 1: Cash offer for Harworth Group plc by Peel Group
Cash offer for Harworth Group plc by Peel Group 26 August 2026
Slide 2: Legal notices
Legal notices NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION This document is not, and should not be construed as, an offer to sell or the solicitation of an of
Slide 3: Background to Peel's 172.5 pence cash offer for Harworth Group plc
1 Background to Peel’s 172.5 pence cash offer for Harworth Group plc ▪ Cash offer of 172.5 pence per share for all shares not currently owned by the Peel Group (“Peel”)1,2 Offer structure ▪ Minimum acceptance condition of more than 50% of Harworth’s voting rights ▪ Completion expected in Q4 2026 ▪ P
Slide 4: In Peel's view, Harworth's strategy has not provided appropriate risk-adjusted returns
2 In Peel’s view, Harworth’s strategy has not provided appropriate risk-adjusted returns Total accounting return since 1 January 2021 Comparison of TAR track record Peel assesses Harworth's track record over a 4-year period, From January 2022 to December 2025, Harworth’s implying an annualised TAR o
Slide 5: Overhead and financing costs are a significant drag on the Company's returns
3 Overhead and financing costs are a significant drag on the Company’s returns Overhead and financing costs Costs are increasing, driven by a growing administrative cost base and higher net finance costs, and are significantly outpacing rental income growth 103.2% increase2 Chart Title £47.0m £39.9m
Slide 6: Revaluation gains increasingly offset by operational costs
4 Revaluation gains increasingly offset by operational costs Valuation gains in context Investment portfolio NIY and 10 year GILTs3 The net initial yield for the investment portfolio at Valuation gains are slowing, increasingly offset by rising December 2025 is 4.6%, while 10-Year GILTs at December
Slide 7: EPRA NDV growth targets have been delayed
5 EPRA NDV growth targets have been delayed Reported EPRA NDV since 2021 The Company’s £1bn EPRA NDV target has been delayed1, originally committed for end of 2027 and now deferred to 2028- 2029. In Peel’s view this is very unlikely to be achieved £1bn EPRA NDV target delayed by ~1-2 years 2021 targ
Slide 8: Unrealistic level of gains required to meet £1bn EPRA NDV target
6 Unrealistic level of gains required to meet £1bn EPRA NDV target Harworth’s target value gains in context Harworth is projecting “£350m to £450m of potential value gains” over three to four years; the midpoint of £400m would represent c.63% of FY25 reported portfolio value (excluding Industrial an
Slide 9: Converting data centre / powered land pipeline into investor returns remains uncertain
7 Converting data centre / powered land pipeline into investor returns remains uncertain in current market conditions In Peel’s view, Harworth’s data centre / powered land strategy is still early stage, highly speculative and unlikely to convert to cash sales or deliver the contribution required to
Slide 10: Public market listing is of limited benefit and the concentrated shareholder register limits exit options
8 Public market listing is of limited benefit and the concentrated shareholder register & low liquidity limits exit options for shareholders Concentrated shareholder register Low share liquidity Significant and persistent discount Harworth has not raised equity in Largest three shareholders own Harw
Slide 11: Questions shareholders should ask of Harworth management and next steps
9 Questions shareholders should ask of Harworth management and next steps Questions shareholders should ask of Harworth Process and next steps Management ▪1 What share price discount to EPRA NDV is ▪1 Offer Document (including timetable) posted appropriate for Harworth based on its risk- to sharehol