Slide 1: Half Year Results 2026
Half Year Results 2026 9 September 2026 www.harworthgroup.com Harworth Group plc | Half Year Results 2026
Slide 2: Agenda
Agenda 1. Introduction 2. Financial & operational review 3. Strategic update Harworth Group plc | Half Year Results 2026 2
Slide 3: Highlights of H1 2026
Highlights of H1 2026 Strong pipeline momentum: Our largest-ever substantially Acceleration of key initiatives progress on data centre and construction-ready land bank to create a simpler, lower-cost industrial & logistics offering c.£600m of and higher-returning platform transactions GDV potential
Slide 4: 34.8m sq ft land bank, 0.8GW, c.£600m GDV potential
Difficult to replicate industrial & logistics land bank 34.8m sq ft 3.8m sq ft c.£600m land bank substantially GDV potential over construction-ready 3-5 years Progress so far this year: 0.8GW 0.3m sq ft Pre-lets completed or in accepted power offers legals so far this year 73% 1.5m sq ft consented o
Slide 5: A substantial data centre pipeline
A substantial data centre pipeline Attractive regional markets driven by Established powered land track record with potential for five further hyperscale sites power scarcity in the South and Government support June 2024 Near to medium-term £106.6m powered land Four further potential sale to Microso
Slide 6: Financial & operational review
Financial & operational review Kitty Patmore Chief Financial Officer Harworth Group plc | Half Year Results 2026
Slide 7: Operational highlights so far this year
Operational highlights so far this year Progressed infrastructure Three Grade A pre-lets Site enabling works at Accepted a new 0.2GW 58% of budgeted full year works on key completed or in legals, Skelton Grange hyperscale power offer at a data sales, including 952 industrial & logistics sites adding
Slide 8: H1 financial performance overview
H1 financial performance overview Total Accounting Return EPRA NDV per share Total portfolio value gains (3.7)% 214.8p £(14.9)m H1 2025: 1.1% 31 Dec 2025: 224.4p H1 2025: £15.5m Total property sales Net LTV Total dividend per share £13.2m 20.3% 0.592p 30 June 2025: 19.0% H1 2025: £18.9m H1 2025: 0.5
Slide 9: Portfolio value movements
Portfolio value movements Valuation movements from 31 Dec 2025 to 30 June 2026 (£m) Key drivers Total £(14.9)m Progress with I&L and data centre pipeline Major £12.7m Industrial & logistics Developments offsetting market construction cost inflation Strategic Market construction cost inflation on sit
Slide 10: Net debt increase with investment in sites
Net debt increase with investment in sites Net debt (£m) 20.3% 17.1% 15.6% LTV LTV LTV as a result of ongoing management of 99.5m development spend and working capital 127.1m Cash & debt headroom Cash 7.0 8.3 (10.8) £9.8m Cash & debt 25.7 headroom 13.9 190.0 145.9 31 Dec 25 Cash & WC used in ops Dev
Slide 11: On track to deliver 100% Grade A Investment Portfolio
On track to deliver 100% Grade A Investment Portfolio Investment Portfolio value breakdown (£m) Further progress post period-end 319.3 Three Grade A pre-lets adding 301.4 £3.7m of rental income at 17% premium to combined ERV 227.6 £8.1m non-Grade A disposal at a 3% premium to book value 77% 66% <20%
Slide 12: Strategic update
Strategic update Lynda Shillaw Chief Executive Harworth Group plc | Half Year Results 2026
Slide 13: Track record of growth and returns since 2021
Track record of growth and returns since 2021 5-year average TAR 8.1% 3.1% Harworth Sector average 9.2m sq ft Over £700m of £15.4m of Average TAR of 8.1% of planning headline sales with industrial & logistics upper quartile approvals with a a 24% profit on land acquired with performance amongst GDV
Slide 14: Acceleration of key initiatives
Acceleration of key initiatives Becoming a pure play powered land and industrial & logistics 1 specialist to fully align to structural growth markets A pure play powered land and industrial & logistics specialist Refocusing on strategic land, enabling works and selective 2 development where returns
Slide 15: Becoming a pure play powered land and industrial & logistics specialist
Acceleration of key initiatives 1 Becoming a pure play powered land and industrial & logistics specialist Industrial & logistics portfolio already delivering 24% ROCE, ahead of the market Total ROCE Avg. annual ROCE (2023-25) (2023-25) Industrial & logistics land and developments (including data cen
Slide 16: Becoming a pure play powered land and industrial & logistics specialist
Acceleration of key initiatives 1 Becoming a pure play powered land and industrial & logistics specialist Harworth’s data centre powered serviced land product: high returns, capital positive Models preferred by others Powered serviced land sale Powered shell Low capital relative to and core ROCE a
Slide 17: Refocusing on strategic land, enabling works and selective development
Acceleration of key initiatives 2 Refocusing on strategic land, enabling works and selective development A growing pipeline of industrial & logistics Capital focused on areas where we have a and powered land opportunities competitive advantage and strong 5-year track record 34.8m sq ft Industrial &
Slide 18: Refocusing on strategic land, enabling works and selective development
Acceleration of key initiatives 2 Refocusing on strategic land, enabling works and selective development Estimated Area GDV Land status A pipeline primed to deliver (m sq ft) (%) (£bn) Flexibility on structures, including use of off-balance sheet structures Substantially 3.8 0.6 construction-ready M
Slide 19: Sizing the Investment Portfolio to support funding
Acceleration of key initiatives 3 Sizing the Investment Portfolio to support funding, while recycling to optimise returns A high-quality Investment Portfolio… …to be sized to support funding and release capital for developments £301m Investment 77% 8.2% Transfers in from Grade A ROCE p.a. Portfolio
Slide 20: Simpler, lower-cost and higher-returning platform
Acceleration of key initiatives 4 Aligning our operating model and cost base with a pure play powered land and industrial & logistics approach Single sector focus on industrial & logistics and adjacent industries Current Future Simpler, c.100 c.60 lower-cost land & development land & development and
Slide 21: Outlook
Outlook Strong operational track record over strategic plan period, including in H1 2026 against a challenging macro backdrop Well-positioned as we accelerate key initiatives to align organisational structure and capital allocation with changed external environment Redirecting capital away fro
Slide 22: Appendices
Appendices Harworth Group plc | Half Year Results 2026
Slide 23: Income statement
Income statement H1 H1 FY H1 H1 FY Revenue breakdown (£m) Income statement (£m) 2026 2025 2025 2026 2025 2025 Total property sales 13.2 18.9 115.0 Revenue 41.3 47.5 129.8 Cost of sales (45.4) (42.1) (117.2) Income Generation portfolio 11.4 13.6 25.0 HY 2026 comprised a £3.0m Gross (loss)/profit (4.1
Slide 24: Balance sheet
Balance sheet Balance sheet (£m) 30 Jun 2026 30 Jun 2025 31 Dec 2025 Property portfolio(1) 900.7 908.6 899.4 Trade receivables & other assets 112.5 138.6 115.7 30 June 2026: The Group maintains a strong balance sheet, with net debt of £190.0m and net loan to portfolio Net debt (190.0) (179.4) (145.9
Slide 25: Portfolio bridge and value per segment
Portfolio bridge and value per segment H1 2026 H1 2025 30 June 26 31 Dec 25 (Loss)/ (Loss)/ Reval. Reval. (losses)/ profit Total profit Total Total valuation Total valuation Category (losses)/gains gains on sale on sale Residential Development (1.6) (14.2) (15.8) (6.1) (8.4) (14.5) 172.0 192.3 Major
Slide 26: Value gains driving EPRA NDV (£m)
Value gains driving EPRA NDV (£m) 5.3 727.3 1.9 (14.9) 0.0 Cash (17.9) 697.7 £9.8m (4.0) £179.4m Cash £117.4m NDV at 31 Dec 2025 Net Revenue Value Gains Other¹ Admin Cost Interest, Fin Cost & Tax² Dividends NDV at 30 June 2026 1. Includes: Share Based Payment £1.9m, Issues of new Shares and Other (£
Slide 27: Administration costs (£m)
Administration costs (£m) 0.3 17.9 0.3 0.2 0.2 (0.1) 17.1 (0.1) Cash £9.8m £179.4m Cash £117.4m H1 2025 Staff costs Legal & professional fees Marketing IT & Digital Transformation Insurance Other HY 2026 Harworth Group plc | Half Year Results 2026 27
Slide 28: Industrial & logistics land portfolio
Industrial & logistics land portfolio Potential to deliver 34.8m sq. ft of space Main industrial & logistics sites (30 June 2026) Site Ownership1 Sold / developed / Remaining Estimated GDV Development Forecast # pre-let space remaining stage2 completion (sq ft) (sq ft) (£) (1- 5) Advanced Manufactur
Slide 29: Progress on reducing size and capital intensity of residential portfolio ahead of exit
Progress on reducing size and capital intensity of residential portfolio ahead of exit Total plots Consented plots 31,264 -9% -35%1 4,568 47% 62% 29,386 3,598 3,065 28,584 of pipeline of pipeline in consented or in the capital-light PPAs, 31 Dec 31 Dec 30 June 31 Dec 31 Dec 30 June planning system J
Slide 30: Debt overview
Debt overview Debt metrics 30 June 2026 31 December 2025 Net LTV Net debt (£m) 190.0 145.9 19.0% 20.3% 15.6% Weighted average cost of debt 9.4% 5.7 6.2 (%) 4.7% 5.4% Net loan to portfolio value (%) 20.3 15.6 31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25 30 Jun 26 Drawn debt (30 June 2026) Debt p
Slide 31: Financial track record
Financial track record Income H1 2026 2025 H1 2025 2024 2023 2022 2021 Revenue (£m) 41.3 129.7 47.5 181.6 72.4 166.7 109.9 Gross profit (£m) (4.1) 12.6 5.4 31.1 12.4 83.4 48.7 Operating profit (£m) (24.9) 21.6 7.1 74.6 54.2 44.5 121.9 Dividend per share (p) 0.592 1.775 0.538 1.6 1.5 1.3 1.1 Total Re
Slide 32: Operational track record
Operational track record H1 2026 2025 H1 2025 2024 2023 2022 2021 Residential plots sold 155 1,837 649 2,385 1,170 2,236 1,411 Direct development completed (m sq. ft) 0.0 0.3 0.1 0.1 0.2 0.4 0.1 30 June 2026 31 Dec 2025 30 Jun 25 31 Dec 2024 31 Dec 2023 31 Dec 2022 31 Dec 2021 Industrial & logistics
Slide 33: Disclaimer
Disclaimer This presentation has been prepared by Harworth Group plc ("Harworth") in relation to its half year results for the six months ended 30 June 2026, published on 9 September 2026 (the "HY26 Results"). This presentation should be read in conjunction with the HY26 Results. This presentation i
Slide 34: Disclaimer (continued)
Disclaimer (continued) There are a number of factors that could affect the future operations of the Harworth group and that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include: changes in the globa