Workspace Group Plc · LSE:WKP
Workspace — FY2025/26 Earnings Presentation
36 slides from Workspace's earnings presentation, Jun 10, 2026
Slide 1: Transforming to an Earnings-Focused Business
Workspace Group PLC Full Year Results 2025/26: Investor & Analyst Presentation 10 June 2026 TRANSFORMING TO AN EARNINGS - FOCUSED BUSINESS
Slide 2: Agenda
2 Workspace Group PLC Full Year Results 2025/26 AGENDA 01 OVERVIEW Charlie Green, CEO 02 FINANCIAL RESULTS & OUTLOOK Tom Edwards-Moss, CFO 03 WORKSPACE TODAY Charlie & Tom 04 TRANSFORMING WORKSPACE Charlie & Tom 05 SUMMARY Charlie
Slide 3: Overview
3 Workspace Group PLC Full Year Results 2025/26 CHARLIE GREEN, CEO OVERVIEW 01
Slide 4: Overview Today: FY26 financials reflect a difficult year
4 Workspace Group PLC Full Year Results 2025/26 OVERVIEW TODAY FY26: the financials reflect We have reached a steady The market opportunity is a difficult year state with stability in all significant: near-term metrics upside and medium-term transformation
Slide 5: 2025/26 Summary
5 Workspace Group PLC Full Year Results 2025/26 2025/26 SUMMARY Stabilised portfolio occupancy Net rental income Trading profit after interest at 31 March 2026 81.6 % £113.4M £60.5M down 7.1% year on year down 9.4% year on year down 1.4pp year on year Total FY26 Dividend Property valuation EPRA NTA
Slide 6: Financial Results & Outlook
6 Workspace Group PLC Full Year Results 2025/26 TOM EDWARDS-MOSS, CFO FINANCIAL RESULTS & OUTLOOK 02
Slide 7: Income Statement Summary
7 Workspace Group PLC Full Year Results 2025/26 INCOME STATEMENT SUMMARY £m FY26 FY25 YoY Movement Rental income 134.3 138.2 (3.9) (2.8%) Direct property costs (20.9) (16.1) (4.8) 29.8% Net rental income 113.4 122.1 (8.7) (7.1%) Less net rental income from assets sold 3.5 9.5 Underlying net rental i
Slide 8: Balance Sheet Summary
8 Workspace Group PLC Full Year Results 2025/26 BALANCE SHEET SUMMARY Key balance sheet line items Net debt (£m) £m Mar 26 Mar 25 Investment property valuation 2,133 2,368 (7.0%)1 111 Net debt (758) (820) (7.6%) 63 Other (47) (46) (2.2%) (52) (5) (758) Net assets 1,328 1,502 (11.6%) (820) (55) EPRA
Slide 9: Portfolio Valuation
9 Workspace Group PLC Full Year Results 2025/26 PORTFOLIO VALUATION 31 March 2026 Movement in year Valuation Equivalent Cap. Val. Valuation Valuation 1 Equivalent Initial Yield ERV £ psf £m Yield £ psf £m % Yield bps Stabilised portfolio 1,780 5.5% 6.7% 612 (105) (5.6%) -18 (3.8%) Completed projects
Slide 10: Debt Facilities
10 Workspace Group PLC Full Year Results 2025/26 DEBT FACILITIES March 2026 March 2025 Drawn Facility Average Proforma Debt Maturity amount amount interest rate Drawn debt £761m £845m Fixed rate borrowings Bank facilities drawn £176m £180m Private placements £220m £220m 3.4% 2027-2029 Fixed rate bor
Slide 11: Financial Considerations for FY27
11 Workspace Group PLC Full Year Results 2025/26 FINANCIAL CONSIDERATIONS FOR FY27 Moving to an earnings focus • Expecting a substantial step down in FY27 Trading Profit compared to FY26, as previously guided • Capex of £55m forecast in FY27 (£42.5m value-add vs £12.5m maintenance) • Funding accreti
Slide 12: Workspace Today
12 Workspace Group PLC Full Year Results 2025/26 Charlie & Tom WORKSPACE TODAY 03
Slide 13: Strategic Analysis
13 Workspace Group PLC Full Year Results 2025/26 STRATEGIC ANALYSIS The market has evolved Occupier demands have We have the strategy to significantly in recent fundamentally changed, in meet this demand, with an years, but Workspace has a structurally growing flex elevated offer driving not taken a
Slide 14: Customer Activity – Stable Position
14 Workspace Group PLC Full Year Results 2025/26 CUSTOMER ACTIVITY – STABLE POSITION Average monthly enquiries Average monthly lettings • Strong conversion rate Consistent demand Similar consistency from enquiries to lettings 800 727 140 128 25% • FY26 enquiries and 634 666 638 700 568 598 120 109 1
Slide 15: Near-Term Opportunity to Drive Rents
15 Workspace Group PLC Full Year Results 2025/26 NEAR -TERM OPPORTUNITY TO DRIVE RENTS Ten buildings produce £60m (47%) of our contracted total rent roll of £127m 150 125 Near - term upside through pricing consistency and pricing structure 100 75 50 25 0 Biscuit Factory Kennington Park Centro Buildi
Slide 16: Transforming Workspace
16 Workspace Group PLC Full Year Results 2025/26 Charlie Green, CEO TRANSFORMING WORKSPACE 04
Slide 17: The Market Today
17 Workspace Group PLC Full Year Results 2025/26 THE MARKET TODAY Occupiers demand more: Design Service Amenities Convenience Tech and AI Brand Value
Slide 18: Owning the Best Value Category
18 Workspace Group PLC Full Year Results 2025/26 OWNING THE BEST VALUE CATEGORY Where we have been Where we’re heading Space Managed (Managed) (Serviced) Price and Product
Slide 19: Elevating Our Product
19 Workspace Group PLC Full Year Results 2025/26 ELEVATING OUR PRODUCT Space Managed Additional revenue • Meetings • Events • All inclusive price • Other • All inclusive price • Room only, no furnishings • All furnishings included • Access to building amenities • Cleaning and maintenance included •
Slide 20: Investing in Our Product
20 Workspace Group PLC Full Year Results 2025/26 INVESTING IN OUR PRODUCT Disposals Investments Funding accretive investment and further Buildings: refurbishments only increasing balance sheet capacity: • £200m target by YE27 Product: design and fit out to invest and reduce debt (£75m remaining) Peo
Slide 21: Technology and AI Driving Growth
21 Workspace Group PLC Full Year Results 2025/26 TECHNOLOGY AND AI DRIVING GROWTH Predictive INTELLIGENT intelligence DATA- DRIVEN OPERATIONS INSIGHTS AI - NATIVE CULTURE PLATFORM DATA Scalable Personalised delivery experiences Building an AI - native operating platform, powered by well - managed da
Slide 22: Roll Out Strategy: Case Study Buildings
22 Workspace Group PLC Full Year Results 2025/26 ROLL OUT STRATEGY: CASE STUDY BUILDINGS The design and fit out of these spaces, whilst protecting existing income, will be completed within the next 12 -18 months Salisbury House, EC2 Cargo Works, SE1 Edinburgh House, SE11 Centro Buildings1, NW1 Build
Slide 23: Rolling Out the Strategy Across the Portfolio
23 Workspace Group PLC Full Year Results 2025/26 ROLLING OUT THE STRATEGY ACROSS THE PORTFOLIO At the same time, we are going ahead with extensive improvements across the portfolio
Slide 24: Medium Term Ambition for Trading Profit Before Interest
24 Workspace Group PLC Full Year Results 2025/26 MEDIUM TERM AMBITION FOR TRADING PROFIT BEFORE INTEREST Recycling shareholders’ capital into low risk/high return refurbishments… Over £125m +33% +50% £90m c. £80m excluding non- recurring items, FY26 disposals* March 2026 Disposals Occupancy Contract
Slide 25: Transforming to an Earnings-Focused Business
25 Workspace Group PLC Full Year Results 2025/26 TRANSFORMING TO AN EARNINGS - FOCUSED BUSINESS Near - term upside and medium - term transformation • Operating in the structurally growing flex market • We have the scale, portfolio and operating platform to own the best -value category for SMEs in Lo
Slide 26: Q&A
26 Workspace Group PLC Full Year Results 2025/26 Q&A 05
Slide 27: Appendix
27 Workspace Group PLC Full Year Results 2025/26 APPENDIX 06
Slide 28: Customer Activity – Stable Progression
28 Workspace Group PLC Full Year Results 2025/26 CUSTOMER ACTIVITY – STABLE PROGRESSION Average monthly enquiries Average monthly lettings Consistent demand Similar consistency 900 796 140 130 128 25% 800 688 700 727 628 634 666 638 120 102 109 107 700 598 99 20% 568 100 91 93 600 79 82 500 80 15% 4
Slide 29: Valuation Breakdown
29 Workspace Group PLC Full Year Results 2025/26 VALUATION BREAKDOWN Underlying revaluation decrease Equivalent Yield ERV £ psf Full Year H2 H1 Mar 26 Sep 25 Mar 25 Mar 26 Sep 25 Mar 25 £m £m £m Stabilised portfolio (105) (53) (52) 6.66% 6.66% 6.84% £48.94 £49.79 £50.87 Completed projects (20) (7) (
Slide 30: Debt Facility Detail
30 Workspace Group PLC Full Year Results 2025/26 DEBT FACILITY DETAIL 31 March 2026 Facility Drawn Interest Rate Facility maturity Unsecured Debt Term Loan Facility £80m £80m SONIA + 1.77% November 2027+ Revolver Loan £200m* £51.8m SONIA + 1.77% June 2029++ Revolver Loan £135m* £44.2m SONIA + 1.82%
Slide 31: Stabilised Portfolio – ERV £psf Range
31 Workspace Group PLC Full Year Results 2025/26 STABILISED PORTFOLIO – ERV £PSF RANGE ERV £ PER SQ. FT. 120 110 100 90 80 70 60 50 40 30 20 10 0 ERV £ per sq. ft. range within building Property average ERV per sq. ft Average Stabilised Portfolio ERV per sq. ft. Average Stabilised Portfolio Actual £
Slide 32: Customers by Industry
32 Workspace Group PLC Full Year Results 2025/26 CUSTOMERS BY INDUSTRY Professional, Technical & Consultancy Services Information, Communication & Technology 3% 3% 3% Arts, Entertainment & Recreation 18% 3% Wholesale & Retail 4% Construction & Property 5% Financial Services Marketing 6% Design 15% O
Slide 33: Property Portfolio
33 Workspace Group PLC Full Year Results 2025/26 PROPERTY PORTFOLIO Stabilised portfolio Stabilised portfolio Refurbishments Map Property Net lettable Net rent Non - core ref name area (sq. ft.) roll (£) 1 Barley Mow Centre 77,922 2,096,214 2 Brickfields 55,091 2,330,192 3 Busworks 103,295 1,430,148
Slide 34: Property Portfolio
34 Workspace Group PLC Full Year Results 2025/26 PROPERTY PORTFOLIO Stabilised portfolio (continued) Refurbishments Map Property Net lettable Net rent Map Property Net lettable Net rent ref name area (sq. ft.) roll (£) ref name area (sq. ft.) roll (£) 20 Mare Street Studios 52,744 1,952,887 6 Centro
Slide 35: Property Portfolio
35 Workspace Group PLC Full Year Results 2025/26 PROPERTY PORTFOLIO South East office Non - core Map Property Net lettable Net rent Map Property Net lettable Net rent ref name area (sq. ft.) roll (£) ref name area (sq. ft.) roll (£) 48 Building 329, Bracknell* 31,333 551,980 44 Parkhall Business Cen
Slide 36: Completed Projects
36 Workspace Group PLC Full Year Results 2025/26 COMPLETED PROJECTS Unaffected area Upgraded area New Space ERV psf Rent at 90% March 2026 At March 2026 Valuation (£m) (sq. ft.) (sq. ft.) (sq. ft.) (Average) occupancy (£m) Rent roll (£m) Evergreen Studios 10.5 - - 16,887 £54.79 0.8 0.7 Centro Worksh