Primary Health Properties Plc · LSE:PHP
Primary Health Properties — H1 2026 Earnings Presentation
49 slides from Primary Health Properties's earnings presentation, Jul 30, 2026
Slide 1: Primary Health Properties PLC
Primary Health Properties PLC A leading investor in critical healthcare infrastructure in the UK and Ireland Interim results for the six months to 30 June 2026 30 July 2026 Image: Ballincollig Enhanced Community Care Centre, Westfield 1
Slide 2: Interim results - opening remarks
Interim results - opening remarks We have delivered a strong operational performance, with positive rental growth and growing volume of asset management and development activity Disciplined cost control of overheads and finance costs, alongside the positive contribution from the merger with Assura,
Slide 3: H1 Highlights: Earnings growth driven by operational activities and boosted by merger with Assura
81nidZpGqzkSDMpD H1 Highlights: Earnings growth driven by operational activities and boosted by merger with Assura Positive trend in rental growth +6% The combination is delivering earnings Uplift on reviews growth, supported by our regular settled1 operational activities which drive Enhanced volume
Slide 4: H1 Highlights: Transaction objectives remain on track
81nidZpGqzkSDMpD H1 Highlights: Transaction objectives remain on track Integration & synergies Deleveraging plan Acquisition bridging facility materially delivered remains on track nearly repaid ✓ 92% of cost synergies already delivered ✓ Exclusive terms agreed on £0.7bn ✓ £800m refinancing complete
Slide 5: New private hospital JV – exciting opportunity in a growth sector
81nidZpGqzkSDMpD New private hospital JV – exciting opportunity in a growth sector Exclusive terms agreed for £0.7bn JV Strategic benefits ▪ New JV with global long term institutional investor Releasing capital for deleveraging ▪ 50/50 ownership on day 1 ▪ New partner is long-established with good k
Slide 6: PHP’s capital structure and financial policies
81nidZpGqzkSDMpD PHP’s capital structure and financial policies Today Short term Future target 60% Proforma LTV progression trajectory 55% Unsecured borrowings 74% c.80% >90% 50% LTV 57% See chart 40-50% Target 45% Range Net debt/EBITDA 10.4x <10x <9x 40% Interest cover 2.6x 2.9x >3x 0% BBB+ BBB+ To
Slide 7: Strong financial results
Strong financial results Image: Station Medical Centre, Hereford Interim results presentation H1 2026 7
Slide 8: Strong H1 2026 performance reflecting the benefits of the merger
Strong H1 2026 performance reflecting the benefits of the merger Performance Six months to Jun 2026 Six months to Jun 2025 Change Net rental income (£m) 176 79 +123% Adjusted earnings (£m) 98 47 +109% Adjusted earnings per share (pence) 3.8p 3.5p +9% Dividend per share (pence) 3.65p 3.55p +3% Divide
Slide 9: Financing – strong progress on post-merger objectives and becoming fully unsecured
Financing – strong progress on post-merger objectives and becoming fully unsecured £1.2bn acquisition bridging loan substantially Benefit of scale reflected in debt cost synergies refinanced ▪ £0.9bn cancelled to date following various Credit margin 40bps cheaper than facilities replaced refinancing
Slide 10: Positive trend in rental growth continued in H1 2026
Positive trend in rental growth continued in H1 2026 ▪ Enlarged group remains focused on delivering organic Number Previous rent Rent increase Increase Increase rental growth from existing assets (per annum) (per annum) total annualised £m £m % % ▪ Total annual rent roll growth of £4 million, equiva
Slide 11: Asset management & development pipelines provide vital rental evidence
Asset management & development pipelines provide vital rental evidence Asset management and development Rent per square metre progression pipelines provide vital rental evidence £psm ▪ +13% uplift on rents in asset management 300 +25-30% c.280 pipeline c.260 ▪ 68 schemes, uplift to £218psm from 250
Slide 12: Positive steps to manage earnings growth
Positive steps to manage earnings growth EPRA cost Net rental Liability EPS ratio control & income growth management growth synergies Contracted rent £345m Current ratio Average interest cost H1 2026: / H1 RRs +3.2% 8.7% 3.8% 3.8p / +9% ▪ Portfolio that delivers ▪ Track record of EPRA ▪ Transition t
Slide 13: A portfolio with structural growth
A portfolio with structural growth Image: Stourside Hospital, Stourbridge Interim results presentation H1 2026 13
Slide 14: PHP operates in three resilient healthcare markets with significant growth opportunities
PHP operates in three resilient healthcare markets with significant growth opportunities Primary care – UK Primary care – Ireland Private hospitals Current portfolio c.£4.9bn c.£0.3bn c.£0.8bn1 Estimated market share 15% 15% 5% Sector investment characteristics Sustained growth in demand for healthc
Slide 15: Neighbourhood Health Centres – NHS guidance published
Neighbourhood Health Centres – NHS guidance published NHS has published guidance on what constitutes an NHC First tranche of 27 NHCs announced ▪ Next step in succession of announcements from the current 3 are PHP assets Government, stemming from the NHS 10-year plan ▪ Fleetwood, Shefford and St Hele
Slide 16: On site at Weston-super-Mare to enhance neighbourhood services
On site at Weston-super-Mare to enhance neighbourhood services Nature of scheme ▪ Five storey new build development bringing together a number of NHS services ▪ Meets requirements of neighbourhood health centre, majority of space let to local ICB with sub let to GPs and community interest company su
Slide 17: On site in Tetbury for new medical centre to support population growth
On site in Tetbury for new medical centre to support population growth Nature of scheme ▪ Local population growth and new housing schemes generated healthcare provision as a s.106 requirement ▪ New building will house relocating GP practice and pharmacy ▪ Partnership with the housing developer to de
Slide 18: Growing pipeline of risk-controlled development opportunities
Growing pipeline of risk-controlled development opportunities On site Immediate pipeline £12m PHP’s 20% share of capital for 4 new development projects Yield on cost expected to Weston-super-Mare Brockworth be >12% Coleford • Supports Government priority to create neighbourhood health facilities Tet
Slide 19: Completed neighbourhood asset management project in Wakefield
Completed neighbourhood asset management project in Wakefield Nature of scheme ▪ Health hub serving over 27,000 patients ▪ Site expansion - 13 consulting rooms added ▪ Additional capacity for enhanced community- based services, easing pressure on hospitals ▪ Services include minor operations, out-of
Slide 20: On site at new build private hospital in Peterborough
On site at new build private hospital in Peterborough Nature of scheme ▪ New build £21m project to develop new day case surgery unit that will create additional capacity in local area ▪ Focus on delivering NHS-referred procedures, easing pressure on NHS locally ▪ Also contains outpatient clinic and
Slide 21: Closing remarks
Closing remarks Image: Celbridge Primary Care Centre interim results presentation H1 2026 21
Slide 22: PHP: a proven platform in a growing healthcare sector
PHP: a proven platform in a growing healthcare sector PHP’s portfolio – modern Operating in a Sector-leading financial healthcare properties growth sector performance & cost control ▪ The UK’s largest healthcare REIT, with ▪ Demographic tailwind created by ▪ Active management of portfolio over 1,100
Slide 23: Closing remarks
Closing remarks Transaction objectives remain on track 30 years of dividend growth – ▪ Synergies materially delivered and integration on track to becoming a Dividend King substantially complete ▪ Deleveraging plan is well advanced 7.3p1 7.1p 6.9p ▪ Acquisition bridging facility to be repaid from JV
Slide 24: Appendices
Appendices Image: Shirley Health Partnership, Southampton Interim results presentation H1 2026 24
Slide 25: Attractive strategy and financial framework
Attractive strategy and financial framework Operating policies ▪ Progressive dividend paid on a quarterly basis ▪ 80% to 90% government backed income target ▪ Focus on organic rental growth >3% to deliver sector leading, risk adjusted total property returns ▪ Long income with occupiers on new or reg
Slide 26: The UK’s largest healthcare REIT with a £6bn property portfolio offering secure, long-dated income
The UK’s largest healthcare REIT with a £6bn property portfolio offering secure, long-dated income Portfolio £6bn Scotland & NI 5% by value Rent roll £345m North West 76% 11% Govt-backed North East & Ireland Yorkshire 40% 6% 17% Midlands & Indexed/fixed uplifts East Anglia 22% Wales 6% London Occupa
Slide 27: Key portfolio metrics
Key portfolio metrics Primary care Primary care Private JVs & Total Rent roll Income expiry profile – UK – Ireland hospitals other (£m) Number of assets 1,057 28 33 22 1,140 Value (approx.) £4.8bn £0.3bn £0.8bn £0.1bn £6.0bn 90 Rent roll £277m £20m £45m £3m £345m 80 WAULT 8.0 yrs 17.5 yrs 21.5 yrs 1
Slide 28: Portfolio statistics
Portfolio statistics Capital value Number Value (£m) % Geographical analysis Number Value (£m) % >£10m 130 2,187 37 Midlands & East Anglia 256 1,328 22 £5m - £10m 244 1,644 28 North East & Yorkshire 225 1,023 17 £3m - £5m 321 1,261 21 London 120 813 14 £1m - £3m 409 845 14 South East 173 790 13 <£1m
Slide 29: Experienced Executive Leadership Team
Experienced Executive Leadership Team Mark Davies Richard Howell CEO CFO Emma Mackenzie Steven Noble Sarah Taylor COO CIO CPO Interim results presentation H1 2026 29
Slide 30: UK Primary Care
UK Primary Care Attractive market Driving returns from Access to pipeline for Value enhancing opportunity existing portfolio growth use of capital Strong political will to move Day-to-day focus on generating Growing pipeline of risk- Current development more services out of hospitals growth from ren
Slide 31: Primary Care Ireland
Primary Care Ireland Attractive market Driving returns from Access to pipeline for Value enhancing opportunity existing portfolio growth use of capital Local team (Axis PHP) and Centralised HSE plan to roll out Irish assets are generally of strength of relationships in Ability to enhance returns by
Slide 32: Private hospitals
Private hospitals Attractive market Driving returns from Access to pipeline for Value enhancing opportunity existing portfolio growth use of capital Sustained growth in Currently on site with one new independent hospital revenues, Private hospital portfolio has build project in Peterborough Well-adv
Slide 33: Best of both approach to combination has enhanced Group capabilities
Best of both approach to combination has enhanced Group capabilities Asset management Development PHP’s strong track record and approach, along with greater breadth of Assura acquisition has strengthened development capabilities, not just in relationships across enlarged team, creates more opportuni
Slide 34: Healthcare trends support compelling property opportunity
Healthcare trends support compelling property opportunity Sustained growth in waiting lists creates need Political will to improve NHS performance The number of private hospitals has not kept for primary care infrastructure & opportunity through moving more services out of hospital pace with sector
Slide 35: Irish portfolio – market leading portfolio quality
Irish portfolio – market leading portfolio quality £350m Enhanced primacy care centres providing better local Current valuation £20m Rent roll healthcare access for patients Youghal Primary Care Centre 17 yrs 5.0% Due to complete Q1 2027, consolidating the primary services for the area in one enhanc
Slide 36: Private hospital portfolio – focus on quality locations and operators
Private hospital portfolio – focus on quality locations and operators £0.8bn £45m Geographical diversified, with weighting to London and South-East Current valuation Rent roll 21 yrs Scotland 2.8x 1 Currently on site with £21m WAULT Rent cover private hospital in Peterborough North East for Ramsay H
Slide 37: Independent providers offer secure tenant covenant
Independent providers offer secure tenant covenant Nuffield Health Circle Health Group Spire Healthcare Ramsay Healthcare UK Established Most recent revenue £1.0bn £1.3bn £1.6bn £1.4bn operators with Estimated market share 14% 17% Generalist Generalist sustained Payor focus 80% private / 20% NHS 64%
Slide 38: Portfolio rent review basis
Portfolio rent review basis Portfolio benefits from greater proportion being directly Primary care Primary care Private tied to inflation metrics Rent by segment UK Ireland hospitals ▪ Improving performance seen in open market reviews Contracted rent roll £277m £20m £45m ▪ Positive trend has continu
Slide 39: Open market reviews outstanding – relating to 60% of the portfolio
Open market reviews outstanding – relating to 60% of the portfolio Drivers of future rental growth Open market Number of rent reviews outstanding reviews ▪ Typically, 3-yearly review cycle 2026 YTD (current rent) completed ▪ Building cost inflation – captured through rents on asset Reviews relating
Slide 40: Income statement
Income statement H1 2026 H1 2026 H1 2026 H1 2025 Full year 2025 Adjusted earnings Capital & other Total Total Total £m £m £m £m £m Rental & other income 183 14 197 90 259 Direct property expenses (7) (14) (21) (11) (27) Net rental income 176 – 176 79 232 Share of profits from JVs 1 – 1 – 1 Administr
Slide 41: Balance sheet
Balance sheet 30 Jun 2026 31 Dec 2025 30 Jun 2026 30 Jun 2026 EPRA proportionally EPRA proportionately Wholly owned Share of joint ventures consolidated consolidated £m £m £m £m Investment properties 5,935 50 5,985 5,940 Properties held for sale 5 – 5 11 Group investment property 5,940 50 5,990 5,95
Slide 42: Close control on EPRA Cost Ratio
Close control on EPRA Cost Ratio EPRA Cost Ratio has stayed consistently low Outlook 12.5% 12.6% 11.5% 12.0% 11.9% ▪ £9m of cost synergies identified at time of Assura acquisition 9.9% 10.1% 10.1% 9.8% 9.3% 8.7% 9.0% ▪ 92% (£8.3m) delivered to date ▪ Primarily headcount and PLC overhead related ▪ Re
Slide 43: Financing – focused on immediate priorities with strong support from PHP’s lenders
Financing – focused on immediate priorities with strong support from PHP’s lenders Deleveraging priorities ▪ £103m tranche of primary care assets agreed for Debt maturity profile transfer to existing joint venture ▪ Establishment of private hospital joint venture will raise further proceeds to reduc
Slide 44: Financing – facilities and debt metrics
Financing – facilities and debt metrics Facility Drawn Facility Drawn Debt metrics Jun-26 Dec-25 Secured facilities Maturity Unsecured facilities Maturity £m £m £m £m Net debt to EBITDA 10.4x 10.4x Secured bond 2.83% Mar-27 100 100 Backstop facility Feb-281 264 264 Interest cover 2.6x 2.8x Aviva MXF
Slide 45: Asset management – PHP approach drives value
Asset management – PHP approach drives value PPG Hospital, Birmingham– completed March 2026 H1 2026 activities 120 sqm extension, £1.3m capex 8% yield on cost Five completions, exchanged on two new asset Extension to building to allow additional MRI scanner to management projects, 21 lease re-gears
Slide 46: Asset management – PHP approach drives value
Asset management – PHP approach drives value Relationship-based approach to collaborate with the local ICB Developments 1. Fareham – completed ▪ Recently completed asset management projects at Poole, South 2. Shirley – completed Petherton and Peacemarsh 3. Winchester – completed 4. Weston-super-Mare
Slide 47: Development activity
Development activity ▪ Short-cycle and de-risked development activity: adding high quality assets, capturing attractive development margins and supporting ESG commitments ▪ Combination with Assura has enhanced development capability and pipeline ▪ A number of potential development opportunities in b
Slide 48: PHP’s approach to ESG
PHP’s approach to ESG Strategy supports a low carbon approach PHP’s net zero carbon (NZC) framework Continued progress on ESG commitments ▪ Operations, developments and asset 2023 Operations to be NZC EPC ratings H1 2026 2025 2024 management activities to be NZC by 2030 ▪ Achieved in all years since
Slide 49: Disclaimer
Disclaimer This document comprises the slides for a presentation in respect of Primary Health Properties PLC (the “Company”) (the “Presentation”). Image list: No reliance may be placed for any purposes whatsoever on the information in this Presentation or on its completeness. The Presentation is int
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