Supermarket Income Reit Plc · LSE:SUPR
Supermarket Income Reit — H1 2026 Earnings Presentation
40 slides from Supermarket Income Reit's earnings presentation, Mar 11, 2026
Slide 1: Specialists in Grocery Real Estate: Half Year Results
SPECIALISTS IN GROCERY REAL ESTATE SUPR Primary 1 #405268 HALF YEAR RESULTS 11 MARCH 2026 Tesco, Scunthorpe
Slide 2: Agenda and Presenting Team
Agenda and Presenting Team Creating a platform for growth Financial results SUPR Primary 1 #405268 Market and investment update Rob Abraham Mike Perkins CEO CFO Q&A 2
Slide 3: Significant levels of activity during the period
Significant levels of activity during the period Delivering on strategy to grow earnings Increasing minimum dividend SUPR Primary 1 uplift to +2% FY27 onwards #405268 Shareholders now seeing the benefits of the strategy Positioned for further growth Attractive near term pipeline of over £500m 3
Slide 4: Proactive steps taken to create a platform for growth
Proactive steps taken to create a platform for growth March 2025 March 2026 Greater shareholder External management Internalised alignment Capital recycling and £403m JV in execution JV scaled to £845m(1) management fee income SUPR Primary 1 #405268 Cost efficient, scalable 13.6% EPRA cost ratio(2)
Slide 5: Senior hires with a depth of grocery property expertise
Senior hires with a depth of grocery property expertise Jamie Cowen Justin Upton Strategy Director Head of Investment Previous experience: Previous experience: SUPR Primary 1 #405268 Director of Estates & CIO Fund Manager Investment 30 years in real estate 25 years in real estate capital investment
Slide 6: Opportunities for growth across grocery real estate
Opportunities for growth across grocery real estate UK foodstores Grocery-anchored European Large format PE-backed Small format retail(2) foodstores SUPR Primary 1 #405268 Exposure Today(1) 65% 12% 6% 7% 10% Small format = <30k sq.ft. 1) Exposure by rent roll as at 31 December 2025 2) Non-food expos
Slide 7: Ambitions to double the portfolio
Ambitions to double the portfolio Maintaining attractive investment fundamentals ~90% ~12 years ~80% ~70% Investment Grocery income WAULT Inflation linked grade income SUPR Primary 1 #405268Portfolio Evolution Illustrative European foodstores Grocery distribution 10% 10% Grocery anchored 7% European
Slide 8: Financial Results
Financial Results SUPR Primary 1 #405268 Photo: Tesco, Colchester 8
Slide 9: Financial headlines
Financial headlines £57m 9.2% 3.1p -2% -440bps +1% Net rental EPRA Cost Dividends income(1) Ratio paid £2bn 87.5p 4.0% +20% +0.5% -10bps Portfolio EPRA NTA Total Value(1,2) per share Accounting Return Photo: Tesco, Scunthorpe All figures as at 31 December 2025 unless stated otherwise 1) Proportional
Slide 10: 2% reduction in net rental income as we redeployed JV proceeds
2% reduction in net rental income as we redeployed JV proceeds Movement in net rental income(1) Highly secure, efficient income profile 6.2 100% 100% Net rental income (£m) 1.1 57.8 Occupancy Rent collection (0.7) 56.6 (7.8) SUPR Primary 1 #405268 19 rent reviews: 3.8% LFL uplift(2) 76% 99.5% Invest
Slide 11: Over £2m of cost savings achieved in H1 26
Over £2m of cost savings achieved in H1 26 EPRA cost ratio for peer group of FTSE 350-listed REITS 32% 52.6% Reduction in admin costs SUPR Primary 1 #405268 9.2% EPRA Cost Ratio 9.2% 7.7% <9.0% On target for FY27 Peer 1 SUPR Peer 13 Peer group consists of FTSE 350-listed REITs. All figures sourced f
Slide 12: Operational efficiencies offset higher debt cost
Operational efficiencies offset higher debt cost Movement in EPRA EPS 0.2p 3.0p 0.1p (0.2)p 2.7p (0.3)p (0.1)p Fee income + cost savings offset higher debt cost Pence per share SUPR Primary 1 #405268 Dec-24 Transfer Management Cost Increase in Increase in Dec-25 to JV fee income savings debt cost dr
Slide 13: 20% increase in portfolio value
20% increase in portfolio value Six-month movement in portfolio value(1) 98 27 7 2,057 103 9 1,951 197 (115) 1,625 £ million £398m at 6.5% NIY SUPR Primary 1 #405268 (2) (3) Jun-25 Acquisitions: Acquisitions: Acquisitions: Capitalised Revaluation Dec-25 Transfer Acquisitions Pro-forma UK France JV (
Slide 14: EPRA NTA per share
EPRA NTA per share Six-month movement in EPRA NTA per share 2.7 2.0 87.1 0.3 87.5 (1.5) (3.1) Pence per share SUPR Primary 1 #405268 Jun-25 EPRA Dividends Realised / Acquisition Other Dec-25 earnings paid unrealised gains costs 4.0% TAR - 88% income return underpinned by investment grade covenants 1
Slide 15: Diversifying our funding sources
Diversifying our funding sources Debt maturity profile(1,2) (£m) Debt composition 3.0 yrs 12% average 98 3.9 yrs maturity maturity £284m benefits from 2x 1-year 27% extension 61% options SUPR Primary 1 #405268 250 450 Bank debt Bond US PP notes 75 105 107 4.8% 92% FY26 FY27 FY28 FY29 FY30 FY31 FY32
Slide 16: Remain committed to our BBB+ credit rating
Remain committed to our BBB+ credit rating Loan to value(1) Net debt / EBITDA(1) 60% 9.0x Debt covenant Rating sensitivity 43% 8.2x 7.9x 37% 37% 7.1x 31% SUPR Primary 1 #405268 5.1x Jun-23 Jun-24 Jun-25 Mar-26 Jun-23 Jun-24 Jun-25 Mar-26 Reduce to <40% over time Expect to be 7-8x within 12 months Op
Slide 17: Summary
Summary Delivered Earnings Upgraded material cost accretive dividend reductions acquisitions guidance SUPR Primary 1 #405268 32% reduction in overhead £398m of acquisitions, at Minimum 2% p.a. uplift for costs 6.5% NIY FY27 onwards 17
Slide 18: Market and investment update
Market and investment update SUPR Primary 1 #405268 18
Slide 19: Grocers competing for market share
Grocers competing for market share UK Grocery Market Share: December 2024 vs December 2025 28.5% 28.7% SUPR Primary 1 16.0% 16.3% #405268 12.4% 11.4% 10.1% 10.1% 8.6% 8.5% 7.3% 7.8% 4.6% 4.7% 1.9% 2.1% Kantar UK grocery market share for the 12 weeks to 29 December 2024 and 12 weeks to 28 December 20
Slide 20: Acquiring omnichannel stores with strong fundamentals
Acquiring omnichannel stores with strong fundamentals Accretive 7.4% Net Initial Yield Sale & Leaseback 23 years Average years Strong trading, established grocery locations trading 100% Alternative occupier Mission critical assets with low competition demand £19.90 Average Highly affordable rents at
Slide 21: Scarcity of new foodstore locations supports demand
Scarcity of new foodstore locations supports demand Wolverhampton: Homebase vacancy: Over 40 years as a foodstore with multiple grocers Demands for new grocery space 2019 2024 2020 2025 2004: Morrisons forced to sell stores Homebase administration provided rare opportunity following Safeway merger W
Slide 22: UK online grocery market share continues to grow
UK online grocery market share continues to grow +180 bps 13.3% +40 bps -140 bps +20 bps +400 bps -30 bps 12.2% 11.9% Pandemic drove 11.5% 11.6% 11.8% step change in online grocery 7.5% SUPR Primary 1 #405268 2019 2020 2021 2022 2023 2024 2025 Source: Kantar UK grocery market online share 52 weeks t
Slide 23: Omnichannel grocers continue to dominate online grocery
Omnichannel grocers continue to dominate online grocery Online channel sales growth (%)(1) In-store and online market share (%)(2) 9.5% £44bn(3) Instore 5% 11.9% Online £24bn(3) -1.6% SUPR Primary 1 #405268 2% £18bn(3) 24% £13bn(3) 2% 8.7% 1% 14% 9% £3bn(3) 8% 15.0% 2% <1% Omnichannel grocers best p
Slide 24: Rapid online grocery now ~10% of convenience channel
Rapid online grocery now ~10% of convenience channel Failed disruptors Utilising omnichannel store networks Dark stores Grocer solutions Delivery providers +47%(1) YoY sales growth 1,600(2) Operating stores SUPR Primary 1 ~50 #405268 Operating stores Attempted to build new supply chains ~100 Operati
Slide 25: Owning mission critical real estate for supermarket tenants
Owning mission critical real estate for supermarket tenants Long established supply chain & store network: high barriers to entry ~20 Tesco RDCs >80% Regional grocery distribution centre Online grocery fulfilled from omnichannel stores SUPR Primary 1 #405268 ~80% ~20% Grocery sales Grocery sales ~80
Slide 26: Rapidly scaled strategic joint venture to 23 stores
Rapidly scaled strategic joint venture to 23 stores Demonstrating value of platform and sector specialism April 2025 Seeded with 8 SUPR assets for £403m November 2025 SUPR Primary 1 Upsized with 10 Asda assets for £196m #405268 March 2026 Expected completion of 5 SUPR assets for £232m £845m 6.5% £2m
Slide 27: £398 million of earnings accretive acquisitions since July
£398 million of earnings accretive acquisitions since July £170m £98m 6.5% NIY(1) 15 years UK investment grade Sub-IG direct sale & leaseback WAULT SUPR Primary 1 #405268 £28m £103m 100% Inflation-linked reviews 70% Investment grade Smaller format European direct sale & leaseback Targeting mission c
Slide 28: €123m Carrefour sale & leaseback of omnichannel stores
€123m Carrefour sale & leaseback of 20 omnichannel stores Direct relationship with a leading grocer 21.4% €42bn BBB Market share(1) Annual sales(2) Credit rating Portfolio of 20 strong trading stores(3): SUPR Primary 1 Tranche 1 and 2 #405268 6.6% €9.7 44k Tranche 3 Net Initial Yield Avg. rent per s
Slide 29: Capital discipline: focus on quality and returns
Capital discipline: focus on quality and returns Tesco Hampshire Tesco Berkshire Sainsbury’s Greater Manchester £27psf 4-5% 10 yrs £43psf 6%+ 14 yrs £35psf 4-5% 16 yrs Rent to Rent to Rent to Rent WAULT Rent WAULT Rent WAULT turnover turnover turnover Site cover Site cover Site cover Competition Com
Slide 30: Well positioned for the next phase of growth
Well positioned for the next phase of growth Operating in a defensive sector, resilient through economic cycles Underpinned by a relationship-led model with the best-in-class grocers Portfolio of mission critical food infrastructure Attractive property fundamentals with triple net leases Proceeds of
Slide 31: Q&A
Q&A SUPR Primary 1 #405268 Photo: Sainsbury’s, Ashford 31
Slide 32: Appendix
Appendix SUPR Primary 1 #405268 32
Slide 33: High quality portfolio let to leading supermarket operators
High quality portfolio let to leading supermarket operators £2bn 82% 12 yrs 128 100% Portfolio value Index-linked WAULT Supermarkets Occupancy Exposure by rent 39% 26% 10% 8% 5% 4% 1% 1% Non-food 7% All figures as at 31 December 2025 and including JV at share 33
Slide 34: EPRA Earnings
EPRA Earnings Six months to Six months to Proportionally consolidated basis 31-Dec-25 31-Dec-24 £m £m Net rental income 56.6 57.8 Management fees 0.6 - Administrative & other expenses(1) (5.0) (7.5) Net finance expense (18.4) (13.0) SUPR Primary 1 EPRA earnings #405268 33.8 37.3 Gross to net rent ma
Slide 35: EPRA NTA
EPRA NTA As at As at Proportionally consolidated basis 31-December-25 30-June-25 £m £m Portfolio valuation(1) 2,057 1,625 Borrowings (980) (604) Cash 55 101 Other net liabilities SUPR Primary 1 (40) (34) #405268 EPRA net tangible assets 1,092 1,088 EPRA NTA per share 87.5 pence 87.1 pence Loan to va
Slide 36: Consistent growth in the UK grocery market
Consistent growth in the UK grocery market 4.1% CAGR since IPO(1) 279 272 265 256 245 238 UK grocery market sales (£bn) 217 208 209 SUPR Primary 1 189 192 #405268 185 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Source: IGD, UK grocery market 1) CAGR from 2017 to 2025 36
Slide 37: Value-driven sustainability strategy
Value-driven sustainability strategy Pillar 1 Pillar 2 Pillar 3 Climate & Tenant & Responsible Environment Community Business Science Based Targets Annual ESG Due Diligence Dual Gold Awards validated and approved assessment of tenants EPRA BPR and sBPR Climate Transition Plan Bi-annual ESG Data UN G
Slide 38: External recognition of sustainability progress
External recognition of sustainability progress EPRA sBPR Gold Award: Recognises best-in-class annual sustainability performance reporting. MSCI ESG A Rating: Measures resilience to SUPR Primary 1 financially #405268 relevant, industry-specific sustainability risks and opportunities. ISS ESG Prime S
Slide 39: Important Information
Important Information THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, REDISTRIBUTED, COPIED OR PUBLISHED (IN WHOLE OR IN PART) TO ANY OTHER PERSON FOR ANY PURPOSE. ANY RECIPIENT OF THIS PRESENTATION AGREES TO KEEP PERMANE
Slide 40: Important Information
Important Information The information contained in this presentation has not been independently verified by the Company, or any other person, and some of the information is still in draft form. No representation, warranty or undertaking, express or implied, is made by the Company or any of its advis
Supermarket Income REIT — H1 2026 Earnings Presentation on 6ix