Derwent London Plc · LSE:DLN
Derwent London — H1 2025 Earnings Presentation
101 slides from Derwent London's earnings presentation, 2025
Slide 1: Interim Results 2025
Interim Results 2025
Slide 2: Contents
Contents Presenters Contents Paul Williams Introduction and overview 01 Emily Prideaux Operational performance 06 Damian Wisniewski Regeneration pipeline 12 Nigel George Results and financial review 26 Valuation and investment 37 Sustainability 42 Summary 44 Appendices 46 Executive Committee and sen
Slide 3: Introduction and overview
Introduction and overview Paul Williams Holden House W1 (CGI) 1
Slide 4: Positioned for growth
Positioned for growth • £13.8m new rent1 YTD; open-market lettings 10.5% above Dec 2024 ERV • H1 total accounting return of 3.0% (7.3% over 12 months) • Advancing next phase of major projects • Holden House W1: commenced Aug 2025 • 50 Baker Street W1: agreement of new headlease • Positive office mar
Slide 5: Consistent outperformance
Consistent outperformance Total property return vs MSCI Central London Offices 2020-2024 H1 2025 +230bp pa +120bp • Driving growth through our active approach • c.£920m invested in portfolio since 2020, including £84m in H1 2025 • c.£1,040m of disposals since 2020, including c.£215m contracted to co
Slide 6: Our key differentiators
Our key differentiators Creating the right product • Design-led • Innovative engineering • Adaptable spaces Relationship-driven • Portfolio-wide amenity approach • DL/Members • DL/Lounges Meeting demand • Headquarters • Furnished + Flexible • Right locations Intelligent and sustainable approach • De
Slide 7: Confidence in our total return
Confidence in our total return Earnings visibility Capital growth Development returns • 6.7 year WAULT1 • Stable yields • Deep pipeline • Capture rental growth • 3-6% ERV growth • Major projects • Cost control • Prime buildings to • Rolling refurbishments outperform • 3.0-3.25% yield on NTA • £150-£
Slide 8: Operational performance
Operational performance Emily Prideaux DL/78 Fitzrovia W1 6
Slide 9: Occupier market themes
Occupier market themes The right space, location and landlord Long-term real estate planning • ‘More and better’ (growth > contraction) • Commitment to London • Sustainable, high quality intelligent design Location • Transport connectivity (Elizabeth line) • Micro-location • Local amenity Strategic
Slide 10: Take-up and demand
Take-up and demand Take-up Expansion vs Contraction Floorspace (million sq ft) • H1 2025 take-up 5.2m sq ft 1.6 Contraction Expansion Net 1.4 • c.70% Grade A 1.2 • Occupier sublet withdrawals 1.0 0.8 • 78% of companies expanded 0.6 0.4 0.2 0.0 (0.2) 192,000 sq ft 107,000 sq ft 404,000 sq ft 77,000 s
Slide 11: Supply continues to lag demand
Supply continues to lag demand Pipeline Vacancy • 11.8m sq ft under construction • Central London vacancy 7.8% (Dec 2024: 7.6%) • 7.1m sq ft speculative – 7 months’ supply • New Grade A vacancy rate only 2.0% • 40% pre-let or under offer • West End 1.4% < City 2.0% • Take-up on upward trajectory • S
Slide 12: Derwent London leasing and asset management
Derwent London leasing and asset management £13.8m of leasing, renewals and regears YTD Vacancy and WAULT • Further £3.8m under offer • 78% of breaks/expires retained or re-let • EPRA 3.7% vacancy rate • ‘Topped-up’ WAULT 6.7 years Leasing activity Renewals and regears Rent reviews • £6.0m YTD; 10.5
Slide 13: Excellence in...Place, Space, Partnership
Excellence in... ...Place ...Space ...Partnership • Central London portfolio • High quality • Track record • 75% in the West End • Sustainable • Brand and reputation • 80% within <10min walk • Amenity-rich • Portfolio approach of Elizabeth line • DL/Lounges • Service and amenity • Cluster advantage
Slide 14: Regeneration pipeline
TITLE Regeneration pipeline Emily Prideaux 1 Footnote Middlesex House W1 Derwent London plc – Interim Results 2025 • Appendix x 12
Slide 15: Our 2.2m sq ft pipeline
Our 2.2m sq ft pipeline A pipeline positioned to deliver strong returns Major schemes – c.0.9m sq ft • 25 Baker Street W1 • Network W1 Target profit • Holden House W1 on cost • 50 Baker Street W1 15%-25% • Greencoat & Gordon House SW1 Refurbishments – c.0.1m sq ft • Middlesex House W1 • 1-2 Stephen
Slide 16: Developments on site: profit on cost
Developments on site: profit on cost • 298,000 sq ft • PC: Q3 2025 On-site projects Summary £m End value 1,188 Less: Total cost1 1,036 • 139,000 sq ft Project surplus 152 Less: Booked to Jun 25 80 • PC: Q4 2025 Surplus to come 72 Profit on total cost 15% Yield on cost2 5.8% Yield on completion3 6.6%
Slide 17: On-site development
On-site development Capex to complete £42m Offices • 100% pre-let • Rent £20.7m (net) Retail • 55% pre-let • ERV £0.6m (net) Private residential • 23 of 41 units exchanged for £113.1m • £3,676 psf average capital value Hopkins Architects 15
Slide 18: On-site development 139,000 sq ft
On-site development 139,000 sq ft (offices 134,000 sq ft; retail 5,000 sq ft) ERV £13.2m Capex to complete £20m Embodied carbon intensity c.530 kgCO2e/sqm BREEAM Outstanding PC: Q4 2025 Piercy&Company architects Derwent London plc – Interim Results 2025 16
Slide 19: On-site redevelopment behind retained façade
On-site redevelopment behind retained façade 133,500 sq ft (offices 113,000 sq ft; retail 20,500 sq ft) ERV £14.9m Capex to complete £147m Embodied carbon intensity c.590 kgCO2e/sqm BREEAM Outstanding PC: H2 2028 DSDHA architects Derwent London plc – Interim Results 2025 • Appendix x 17
Slide 20: Rooftop terrace and amenity space
Rooftop terrace and amenity space Characterful office space Beautifully designed atrium Innovative and sustainable cooling system Uncompromised views across London DSDHA architects Derwent London plc – Interim Results 2025 18
Slide 21: On-site comprehensive refurbishment
Reception Stage 4 On-site comprehensive refurbishment 49,700 sq ft (scheme) £80+ psf ERV1 £60 psf previous/passing rent2 PC date: H2 2026 Architectural repositioning New reception/entrance Generous roof terrace New end-of-journey facilities CAT A and fully-fitted space Fletcher Priest architects 1 O
Slide 22: On-site rolling refurbishment
On-site rolling refurbishment On-site rolling refurbishment 27,200 sq ft (scheme) 31,500 sq ft (scheme) £82+ psf ERV1 £70 psf ERV1 £63 psf previous/passing rent2 £60 psf previous/passing rent2 PC date: H2 2025 PC date: H2 2025 ORMS architectsvious/passing rent Carmody Groarke architectsassing rent 1
Slide 23: Comprehensive refurbishment
TITLE On site: H1 2026 Comprehensive refurbishment 107,800 sq ft (scheme) £80+ psf ERV 1 £55 psf previous/passing rent 2 Embodied carbon intensity c.210 kgCO2e/sqm BREEAM Excellent Target PC: H2 2027 Rooftop amenity and terrace Squire and Partners architects 1 Footnote 1 Office ERV after capex 2 ‘To
Slide 24: Fifty Baker Street
F I F T Y B A K E R S T W 1 On site: H2 2026 Redevelopment Headlease regeared with The Portman Estate 236,000 sq ft Embodied carbon intensity c.530 kgCO2e/sqm BREEAM Outstanding Target PC: H2 2029 AHMM architects Derwent London plc – Interim Results 2025 22
Slide 25: Fifty Baker Street features
TITLE F I F T Y B A K E R S T W 1 Confident, sustainable and refined façade Prominent entrance Beautifully designed voluminous reception Extensive rooftop terrace Generous internal amenity 17 private residential units AHMM architects 1 Footnote Derwent London plc – Interim Results 2025 23
Slide 26: Longer term pipeline
Longer term pipeline Main Entrance 20 Farringdon Road EC1 Blue Star House SW9 Comprehensive refurbishment Hotel development (341 rooms) Start date: 2027 Start date: 2027 166,300 sq ft 86,100 sq ft target/uplift: 60% 53,400 sq ft existing £80+ psf scheme ERV 1 £52 psf previous/passing rent 2 Grid Arc
Slide 27: Our 2.2m sq ft pipeline
Our 2.2m sq ft pipeline Major schemes c.0.9m sq ft 25 Baker Street W1 Network W1 Holden House W1 50 Baker Street W1 Greencoat & Gordon House SW1 Other smaller Refurbishments refurbishments c.0.1m sq ft Middlesex House W1 1-2 Stephen Street W1 1 Oliver’s Yard EC1 Main Entrance Longer-term pipeline c.
Slide 28: Results and financial review
Results and financial review Damian Wisniewski Tea Building E1 26
Slide 29: Financial highlights
Financial highlights EPRA NTA per share1, 2 EPRA earnings per share2 Cash and undrawn facilities3 3,187p 52.2p £604m Jun 2024: 3,044p H1 2024: 52.7p Jun 2024: £566m Dec 2024: 3,149p -0.9% Dec 2024: £487m Gross rental income Net rental income Interest cover ratio (ICR)4 £109.1m £94.0m 3.2x H1 2024: £
Slide 30: EPRA NTA movement
EPRA NTA movement Pence 3,500 3,250 +1.2% 52 (56) 46 0 (4) 3,187 3,149 3,000 Investment properties £38.2m 34p Trading properties £8.6m 8p Owner-occupied property £4.5m 4p Total £51.3m 46p 2,750 2,500 31 Dec EPRA Dividends Revaluation Profit Other 30 Jun 2024 earnings paid surplus/ on 2025 (deficit)
Slide 31: EPRA earnings
EPRA earnings £m 140 Slide Slide 31 120 30 2.4 109.1 (14.5) 100 (17.4) 80 (21.4) 0.4 0.1 60 (0.1) 58.6 52.2p 40 per share 20 0 Gross Other Property Admin Net Waivers & Tax Other EPRA rental income expenditure expenses finance impairments credit/ earnings income costs (charge) 52.7p H1 2024 107.5 2.7
Slide 32: Gross rental income
Gross rental income £m Brunel Building W2 £0.5m Like-for-like vs H1 2024 Other £0.5m 140 Total £1.0m Gross 120 1.0 5.1 rental income 100 107.5 £6.1m (3.3) (1.2) 109.1 +3.1% The Featherstone Building EC1 £1.1m 1-2 Stephen Street W1 (£0.7m) 80 1 Soho Place W1 £0.7m Middlesex House W1 (£0.5m) The White
Slide 33: Property expenditure
Property expenditure H1 2024 H2 2024 H1 2025 £m £m £m Irrecoverable service charges Voids 1.5 1.6 2.7 Inclusive leases 0.5 0.7 0.7 Caps 0.5 1.0 0.6 Balancing charges/other 0.3 0.5 0.1 2.8 3.8 4.1 Property costs Legal and letting 2.1 2.0 2.5 Rates 2.0 1.7 1.9 Ground rent 1.0 0.5 1.0 Marketing 0.4 0.3
Slide 34: H1 2025 project expenditure
H1 2025 project expenditure Investment Trading Trading Fixed property property1 stock2 Investments Assets Other Total H1 2024 25 Baker Street W1 10.7 1.4 - - - - 12.1 63.2 Network W1 29.6 - - - - - 29.6 13.4 On-site major projects 40.3 1.4 - - - - 41.7 76.6 Completed major projects - - - - - - - 5.0
Slide 35: Estimated future project expenditure
Estimated future project expenditure 1 H2 2025 22 13 8 11 4 14 2 7 6 88 2026 20 7 26 25 16 32 4 49 6 167 2027+ 113 23 3 11 13 163 0 20 40 60 80 100 120 140 160 180 25 Baker Street W11 Network W1 Holden House W1 50 Baker Street W1 Lochfaulds solar park (Scotland) Other on-site projects2 Refurbishment
Slide 36: Refinancing activity
Refinancing activity • Feb 2025 – £115m unsecured term loan/revolving credit facility (RCF) signed. 2-year term with a one-year extension option • Jun 2025 – £250m 5.25% unsecured bonds issued with a 7-year term • Jun 2025 – £175m 1.5% convertible bonds repaid on maturity • Jun 2025 – £100m term loa
Slide 37: Weighted average interest rates
Weighted average interest rates H1 2025 • Weighted average over the 6 month period: 3.6% (cash) or 3.7% (IFRS) • Weighted average at period end: 4.1% (cash and IFRS) H2 2025 outlook • Following August base rate cut: Actual Jun 2025 Estimated Dec 2025 4.1% 4.0% H1 2026 maturities Current Current rate
Slide 38: Debt summary
Debt summary Proforma maturity profile of debt facilities3 Weighted average £m Total facilities maturity of borrowings 600 Fixed rate bonds & USPPs 408 Drawn bank loans £2,130m1 4.5 years 500 475 Headroom Jun 2024: £1,908m Jun 2024: 4.5 years 400 Dec 2024: £1,940m Dec 2024: 4.0 years 300 82.5 250 EP
Slide 39: Valuation and investment
Valuation and investment Nigel George White Collar Factory EC1 37
Slide 40: Valuation performance
Valuation performance Investment portfolio valued at £5.2bn H1 2025 Portfolio valuation Market trends valuation movement ERV Yields Values £m % Offices – high quality West End 3,862.9 1.6 Offices – other City Borders 1,182.2 (0.3) Retail and hospitality2 Central London 5,045.1 1.1 Provincial 105.0 6
Slide 41: Rental values and yields
Rental values and yields Rental value growth Rental values % 6 • Rental values increased 2.0% in H1 2025 • West End +2.4%, City Borders +0.4% 4 • Offices +1.7%, Retail +5.4% 2 • Average office passing rent £51.88 psf1 0 (Dec 2024: £50.05 psf) • Average ‘topped-up’ office rent £63.20 psf1 (2) Derwent
Slide 42: Build-up of portfolio ERV
Build-up of portfolio ERV • Contracted rent of £208.9m Build-up of ERV3 • Portfolio reversion of £114.3m1 Annualised Potential annualised accounting rent4 accounting rental uplift5 £207.3m £61.8m • £37.0m contracted, including £m 350 332.3 • 1 Soho Place W1 £9.6m 323.2 5.86 14.9 20.5 • 1-2 Stephen S
Slide 43: Investment market
Investment market H1 2025 Outlook • Investment market opening up • Greater price discovery for core assets • £3.3bn of transactions in H1 (c.70% of 2024 total) • Broadening investor pool • Increased activity from overseas investors • London seen as safe haven • Improved liquidity for larger lot size
Slide 44: Sustainability
Sustainability Nigel George The Featherstone Building EC1 42
Slide 45: Focus on energy intensity and self-generation
Focus on energy intensity and self-generation Energy 18.4MW Scottish solar park • Energy usage down 9% vs H1 2024 • Great progress on-site • Occupier engagement • All frames now installed • Operational initiatives • Panel installation commenced in July • Intelligent Buildings/AI • Completion and gen
Slide 46: Summary
Summary Paul Williams White Collar Factory EC1 44
Slide 47: Summary
Summary Positioned for Attractive market Looking ahead growth backdrop • Progressing developments • London office specialist • Rents are growing with and projects demand outpacing • Right product, right • Strategic capital recycling supply location • Yields past peak as • 2025 ERV growth +3 to +6% •
Slide 48: Appendices
Appendices 46
Slide 49: Appendices
TITLE Appendices Financials 48 Valuation 61 Portfolio income profile 68 Sustainability 77 London office market 81 Developments and refurbishments 93 1 Footnote Derwent London plc – Interim Results 2025 47
Slide 50: Appendices: Financials
TITLE Financials Appendices 01. Headline numbers 49 02. Group balance sheet 50 03. EPRA net asset value metrics 51 04. Group income statement 52 05. IFRS profit/(loss) and EPRA earnings 53 06. Explanation of EPRA adjustments 54 07. Cash flow 55 08. Like-for-like income reconciliation 56 09. Green de
Slide 51: Appendix 1 – Headline numbers
Appendix 1 – Headline numbers Jun 2025 % change Dec 2024 Jun 2024 Net asset value (NAV) £3,575.8m 1.0* £3,539.8m £3,419.5m EPRA net tangible assets per share1,2 3,187p 1.2* 3,149p 3,044p EPRA net disposal value per share 1,2 3,276p 0.5* 3,261p 3,164p Total accounting return 3.0% n/a 3.2% (1.0%) Gros
Slide 52: Appendix 2 – Group balance sheet
Appendix 2 – Group balance sheet Jun 2025 Dec 2024 Jun 2024 £m £m £m Investment property 4,791.4 4,670.1 4,471.1 Owner-occupied property 53.5 49.0 44.1 Investment in joint ventures - - 36.9 Other non-current assets 209.4 205.8 205.1 5,054.3 4,924.9 4,757.2 Non-current assets held for sale - 25.7 - T
Slide 53: Appendix 3 – EPRA net asset value metrics
Appendix 3 – EPRA net asset value metrics Jun 2025 Dec 2024 EPRA NTA1 EPRA NDV2 EPRA NRV3 EPRA NTA1 EPRA NDV2 EPRA NRV3 £m £m £m £m £m £m Net assets attributable to equity shareholders 3,575.8 3,575.8 3,575.8 3,539.8 3,539.8 3,539.8 Revaluation of trading properties 9.2 9.2 9.2 0.6 0.6 0.6 Deferred
Slide 54: Appendix 4 – Group income statement
Appendix 4 – Group income statement Half year ended Year ended Half year ended Jun 2025 Dec 2024 Jun 2024 £ £m £m Gross property income 109.1 217.6 107.8 Profit on disposal of trading properties 0.1 - - Other income 2.4 5.1 2.4 Waivers and impairments (0.6) (0.4) (0.4) Other property outgoings (14.4
Slide 55: Appendix 5 – IFRS profit/(loss) and EPRA earnings
Appendix 5 – IFRS profit/(loss) and EPRA earnings Half year ended Year ended Half year ended Jun 2025 Dec 2024 Jun 2024 £m £m £m IFRS profit/(loss) for the period attributable to shareholders 94.5 115.9 (27.5) Revaluation (surplus)/deficit (38.2) 2.7 87.2 Joint venture revaluation surplus - 0.3 - Lo
Slide 56: Appendix 6 – Explanation of EPRA adjustments
Appendix 6 – Explanation of EPRA adjustments Adjustments H1 2025 H1 2024 H1 2025 A B C D EPRA EPRA IFRS basis basis £m £m £m £m £m £m £m Net property and other income 96.6 (0.1) 0.5 - - 97.0 97.8 Administrative expenses (17.5) - - - 0.1 (17.4) (19.8) Revaluation surplus 38.2 - (38.2) - - - - Loss on
Slide 57: Appendix 7 – Cash flow
Appendix 7 – Cash flow Half year ended Year ended Half year ended Jun 2025 Dec 2024 Jun 2024 £m £m £m Cash generated from operations 84.0 155.4 80.9 Expenditure on trading properties /stock (10.4) (52.8) (22.2) Interest received 0.2 0.3 0.2 Finance costs (14.9) (38.3) (15.5) Tax paid in respect of o
Slide 58: Appendix 8 – Like-for-like income reconciliation
Appendix 8 – Like-for-like income reconciliation Like-for-like Like-for-like Development Acquisitions movement portfolio property & disposals Total H1 2025 £m £m £m £m H1 2025 h1 Gross rental income 101.8 5.2 2.1 109.1 Other property expenditure (12.0) (2.0) (0.5) (14.5) Write-off/impairment of rece
Slide 59: Appendix 9 – Green debt facilities and expenditure
Appendix 9 – Green debt facilities and expenditure Green debt facilities at 30 June 2025 Green borrowings and qualifying expenditure £m • £300m green tranche within £450m revolving credit 1,000 Green RCF Available green headroom Green expenditure facilities Green bond Drawn green facilities • £350m
Slide 60: Appendix 10 – Debt summary
Appendix 10 – Debt summary Jun 2025 Dec 2024 Proforma maturity profile of drawn debt3 Bank facilities drawn £307m £293m £m 0 50 100 150 200 250 300 350 400 450 500 Bonds and USPPs £1,230m £1,155m 2025 Drawn facilities £1,537m £1,448m 2026 175 55 82.5 Unutilised facilities and cash1 £604m £487m 2027
Slide 61: Appendix 11 – Debt facilities
Appendix 11 – Debt facilities1 Drawn Undrawn Total Maturity £m £m £m 6.5% secured bonds 175.0 - 175.0 March 2026 1.875% green bonds 350.0 - 350.0 November 2031 5.25% bonds 250.0 - 250.0 May 2032 2.68% private placement notes 55.0 - 55.0 January 2026 3.46% private placement notes 30.0 - 30.0 May 2028
Slide 62: Appendix 12 – Net debt
Appendix 12 – Net debt Jun 2025 Dec 2024 £m £m Borrowings – current 252.4 194.1 Borrowings – non-current 1,298.6 1,269.4 Acquired fair value of secured bonds less amortisation (2.6) (3.4) Unamortised discount on unsecured bonds 2.5 1.3 Equity component of convertible bonds - 7.7 Unwinding of discoun
Slide 63: Appendices: Valuation
TITLE Valuation Appendices 13. Property return 62 14. Valuation performance by village 63 15. Rental value growth and average rents 64 16. Valuation yields 65 17. Context to yield movement 66 18. Portfolio statistics by village 67 1 Footnote Derwent London plc – Interim Results 2025 61
Slide 64: Appendix 13 – Property return
Appendix 13 – Property return • Derwent London H1 2025 total property return 3.1% • MSCI Central London Offices1 1.9% • Since 2007 cumulative total property return 192% • Cumulative total property return 116% Total property return Cumulative total property return % Index (31 Dec 2007=100) 18 350 Der
Slide 65: Appendix 14 – Valuation performance by village
Appendix 14 – Valuation performance by village Valuation Valuation Weighting movement Jun 2025 Jun 2025 H1 20251 £m % % West End Central Fitzrovia 1,800.5 35 2.8 Marylebone 580.1 11 4.0 Victoria 387.9 8 (2.9) Soho/Covent Garden 382.9 8 1.4 Paddington 324.1 6 (1.1) Mayfair 117.0 2 3.6 3,592.5 70 1.9
Slide 66: Appendix 15 – Rental value growth and average rents
Appendix 15 – Rental value growth and average rents Rental value growth1 H1 2024 H2 2024 2024 H1 2025 % % % % West End 1.9 2.4 4.3 2.4 City Borders 1.9 1.7 3.7 0.4 Central London 1.9 2.2 4.1 1.8 Provincial 5.7 6.9 13.0 12.0 Underlying 2.0 2.3 4.3 2.0 Average rents – central London offices ‘Topped-up
Slide 67: Appendix 16 – Valuation yields
Appendix 16 – Valuation yields Yield profile1 Initial yields2 % 8 Reversionary yield Net initial ‘Topped-up’ True equivalent yield yield initial yield 7 Initial yield % % West End 4.1 4.9 6 City Borders 5.3 6.0 Central London 4.4 5.2 5 Provincial 2.6 5.4 4 EPRA portfolio 4.4 5.2 3 2 2007 2009 2011 2
Slide 68: Appendix 17 – Context to yield movement
Appendix 17 – Context to yield movement • As at 30 Jun 2025 Valuation yields1 % 12 • Derwent London true equivalent yield 5.69% Derwent London true equivalent yield UK 10-year Gilt (down 4bp in H1 2025) BBB yield 10 • BBB yield 5.68% (down 8bp in H1) • UK 10-year Gilt yield 4.48% (down 9bp in H1) 8
Slide 69: Appendix 18 – Portfolio statistics by village
Appendix 18 – Portfolio statistics by village Vacant Net Vacant Floor floor contracted Average space Estimated area1 area rental rental rental Lease Total rental Valuation Weighting ‘000 ‘000 income income value reversion2 reversion value £m % sq ft sq ft £m pa £ psf £m pa £m pa £m pa £m pa West End
Slide 70: Appendices: Portfolio income profile
TITLE Portfolio income profile Appendices 19. Build-up of portfolio ERV 69 20. Available space and projects 70 21. Vacancy rate and lease expiry analysis 71 22. Lease expiry profile and lease length 72 23. Timing of the reversion 73 24. Portfolio summary 74 25. Major tenants 75 26. Rent and tenant b
Slide 71: Appendix 19 – Build-up of portfolio ERV
Appendix 19 – Build-up of portfolio ERV Rent uplift pa Rent pa £m £m £m Contracted rental income, net of ground rents 208.9 Contractual rental uplifts 1 Soho Place W1 9.6 1-2 Stephen Street W1 5.4 80 Charlotte Street W1 4.3 The White Chapel Building E1 2.2 Strathkelvin Retail Park 1.9 The Feathersto
Slide 72: Appendix 20 – Available space and projects
Appendix 20 – Available space and projects Pre-let/ Pre-let Vacant sold Total Gross Net net area area area vacant Ground vacant rent Total ‘000 ‘000 ‘000 ERV rent ERV ERV net ERV sq ft sq ft sq ft £m pa £m pa £m pa £m pa £m pa Comment Available to occupy 23,600 sq ft let in Q3 at £1.15m The White Ch
Slide 73: Appendix 21 – Vacancy rate and lease expiry analysis
Appendix 21 – Vacancy rate and lease expiry analysis Vacancy rates • Derwent London EPRA vacancy rate1 3.7% at Jun 2025 % 10 Derwent London (by rental value) • 3.4% in Mar 2025; 3.1% in Dec 2024 9 CBRE central London offices (by floorspace) 8 CBRE West End offices (floorspace) • CBRE central London
Slide 74: Appendix 22 – Lease expiry profile and lease length
Appendix 22 – Lease expiry profile and lease length Expiries and breaks as a percentage of portfolio income1 West City End Borders Provincial H2 2025 2026 2027 2028 2029 Total Expiries 4 2 1 7 6 8 5 4 30 Holding over - 1 - 1 - - - - 1 Rolling breaks 1 1 - 2 1 - - - 3 Single breaks 3 - - 3 3 3 4 4 17
Slide 75: Appendix 23 – Timing of the reversion
Appendix 23 – Timing of the reversion Contracted uplifts and pre-lets: £58.0m Reviews and expiries: £20.5m £m £m 25 Pre-let developments 9 Expiries Contracted uplifts and pre-lets 8 Reviews 9.1 20 7 6 15 2.3 5 6.9 10 0.5 4 15.2 10.7 3 4.2 2.4 5.4 1.5 5 7.3 2.4 2 1.4 1.3 2.5 1 1.3 1.6 1.4 0 (0.1) 0.5
Slide 76: Appendix 24 – Portfolio summary
Appendix 24 – Portfolio summary Floor area: 0.97m sq ft Rental income: £30.5m WAULT: 5.5 yrs Rent2: £47.49 Future ERV: £49.61 Core Proforma for Old Street Pipeline appraisal income Quarter EC1 53% Potential projects 47% 18% acquisition⁵ Floor area: 0.78m sq ft Floor area: 1.96m sq ft Rental income:
Slide 77: Appendix 25 – Major tenants
Appendix 25 – Major tenants ‘Topped-up’ Passing rent % rent % 01 Public sector1 6.0 7.0 02 Expedia 5.9 7.5 03 Burberry 5.4 6.6 04 Boston Consulting Group 5.1 6.5 05 PIMCO (pre-let) 4.0 - 06 G-Research 3.6 2.3 07 Arup 3.6 2.6 08 Fora 3.0 3.0 09 Apollo 3.0 1.9 10 Paymentsense 2.4 3.0 11 Sony Pictures
Slide 78: Appendix 26 – Rent and tenant banding
Appendix 26 – Rent and tenant banding Central London ‘topped-up’ Profile of tenants’ office rent banding1 business sector2 £0-£30 psf Other 5% Flexible office providers 4% £30-£40 psf 4% £80+ psf 8% Business services Technology 20% 22% 6% Public sector £40-£50 psf 7% 10% Financial 7% £208.9m £70-£80
Slide 79: Appendices: Sustainability
TITLE TO BE UPDATED Sustainability Appendices 27. Portfolio EPC profile 78 28. EPC rating progression 79 29. Embodied carbon 80 1 Footnote Derwent London plc – Interim Results 2025 77
Slide 80: Appendix 27 – Portfolio EPC profile
Appendix 27 – Portfolio EPC profile Exempt Project A B C D E 0.3 ERV 11.0 10.7 47.4 17.4 8.5 4.7 2030 compliant: 69.4% 1.1 Floorspace 7.9 10.1 45.7 19.8 8.7 6.7 2030 compliant: 64.8% 0 10 20 30 40 50 60 70 80 90 100 London commercial portfolio (%) Derwent London plc – Interim Results 2025 78
Slide 81: Appendix 28 – EPC rating progression
Appendix 28 – EPC rating progression1 London commercial portfolio by ERV (%) 100 99.9 100 100 100 100 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Jun 2025 90 87.5 86.9 86.8 85.7 80 78.9 70 68.4 69.2 69.4 65.3 60 61.0 50 40 30 20 10 0 2023 compliant (A to E) 2027 compliant (A to C) 2030 compliant (A to B) 1
Slide 82: Appendix 29 – Embodied carbon
Appendix 29 – Embodied carbon Embodied Embodied carbon carbon footprint intensity Year Scheme tCO2e kgCO2e/sqm 2020 80 Charlotte Street W1 19,790 506 2021 6-8 Greencoat Place SW1 763 191 Small refurbishments (three) 273 128 2022 1 Soho Place W1 16,401 550 The Featherstone Building EC1 8,603 539 Fran
Slide 83: Appendices: London office market
TITLE London office market Appendices 30. Take-up 82 31. Take-up by business sector 83 32. Take-up by type 84 33. Under offer and active demand 85 34. Vacancy rates 86 35. Availability by location 87 36. Supply 88 37. New construction starts 89 38. Prime office rents 90 39. Investment market 91 40.
Slide 84: Appendix 30 – Take-up
Appendix 30 – Take-up Market statistics Office take-up Floorspace (million sq ft) 20 Central London • Central London 18 • 5.2m sq ft of take-up in H1 2025 16 • 3.3% increase on H1 2024 14 Annual average 12 • 14.8% below the LTA 10 8 • West End 6 • 1.7m sq ft of take-up in H1 4 2 • 38% higher than H1
Slide 85: Appendix 31 – Take-up by business sector
Appendix 31 – Take-up by business sector % 100 Tech, media & telecoms 90 Public sector 80 Professional 70 Manufacturing, industrial & energy Insurance 60 Consumer services & leisure 50 Business services 40 30 20 Banking & finance 10 0 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 H1 2025 Source:
Slide 86: Appendix 32 – Take-up by type
Appendix 32 – Take-up by type Floorspace (million sq ft) 16 Pre-let New completed 14 Secondhand modern Secondhand other Average 12 10 8 6 4 2 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Source: CBRE Derwent London plc – Interim Results 2025 84
Slide 87: Appendix 33 – Under offer and active demand
Appendix 33 – Under offer and active demand Office space under offer Floorspace (million sq ft) Under offer 5.0 West End City Docklands Midtown Southbank • 3.0m sq ft under offer in central London at H1 2025 4.5 • Slightly below the 3.3m sq ft at start of year 4.0 • 11.6% below the 10-year average 3
Slide 88: Appendix 34 – Vacancy rates
Appendix 34 – Vacancy rates % 16 West End City 14 Central London 12 10 8 6 4 2 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: CBRE Derwent London plc – Interim Results 2025 86
Slide 89: Appendix 35 – Availability by location
Appendix 35 – Availability by location Floorspace (million sq ft) % 27 90 West End Tenant controlled % City Secondhand % 24 Docklands, Midtown & Southbank 80 21 70 18 60 15 50 12 40 9 30 6 20 3 10 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 0 2025 Source: CBR
Slide 90: Appendix 36 – Supply
Appendix 36 – Supply Existing supply Office development pipeline Floorspace (million sq ft) Vacancy rate (%) • Central London vacancy rate 7.8% at H1 2025 12 12 Central London Under construction available • Up from 7.6% at the start of the year but a reduction from Under construction let/under offer
Slide 91: Appendix 37 – New construction starts
Appendix 37 – New construction starts Central London office starts (million sq ft) 3.0 Construction starts 4-quarter rolling average 2.5 2.0 1.5 1.0 0.5 0.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: CBRE Derwent London plc – Interim Results 2025 89
Slide 92: Appendix 38 – Prime office rents
Appendix 38 – Prime office rents £ psf 180 Q2 2016 (EU referendum) Q4 2019 (pre-pandemic) 170 Q2 2025 160 140 120 120 120 115 110 107.50 100 95 92.50 90 90 90 87.50 85 85 85 82.50 82.50 82.50 80 80 77.50 77.50 73 70 67.50 60 40 20 0 Mayfair Soho North of North of Midtown Victoria Paddington City & S
Slide 93: Appendix 39 – Investment market
Appendix 39 – Investment market Central London office investment • £3.3bn of investment transactions in H1 2025 £bn 22 H1 H2 • Up 70% on H1 2024 20 18 • Below the H1 long term average of £5.2bn 16 • Lots sizes getting larger with £60m in H1 2025 compared 14 Annual average to £33m in 2024 12 10 8 6 4
Slide 94: Appendix 40 – Investment demand and yields
Appendix 40 – Investment demand and yields Investment demand by source Central London office yields Prime office yield (%) 7.0 West End City Middle 6.5 East 13% 6.0 5.5 UK & Europe SE Asia 5.0 35% 13% 4.5 £21.4bn 4.0 3.5 North 3.0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Amer
Slide 95: Appendices: Developments and refurbishments
TITLE Developments and refurbishments Appendices 41. Developments on site: profit on cost 94 42. Project summary: current projects 95 43. Project summary: future projects 96 44. Portfolio map 97 1 Footnote Derwent London plc – Interim Results 2025 93
Slide 96: Appendix 41 – Developments on site: profit on cost
Appendix 41 – Developments on site: profit on cost On site H2 start Summary £m End value 1,188 Less: Total cost1 1,036 Project surplus 152 Less: Booked to Jun 25 80 Surplus to come 72 Profit on total cost 15% Yield on cost2 5.8% Yield on completion3 6.6% Completion H2 2025 H2 2025 H2 2028 Sensitivit
Slide 97: Appendix 42 – Project summary: current projects
Appendix 42 – Project summary: current projects Current Pre Total Current net scheme Proposed H2 2025 2026 2027+ capex to office income area area capex capex capex complete Delivery c.ERV Property £m pa ‘000 sq ft ‘000 sq ft £m £m £m £m date psf On-site major developments 25 Baker Street W11 - 143 2
Slide 98: Appendix 43 – Project summary: future projects
Appendix 43 – Project summary: future projects Current Pre- net scheme Proposed Earliest income area area possession Property £m pa ‘000 sq ft ‘000 sq ft year Comment Consented 50 Baker Street W1 4.3 122 236 2026 4.3 1221 236 Under appraisal2 Greencoat & Gordon House SW1 5.5 108 108 2026 Excludes ba
Slide 99: Appendix 44 – Portfolio map
Caledonian Road Camden Road Appendix 44 – Portfolio map Essex Road London Fields Camden Town Primrose Hill Carnegie St Islington Wharfdale Rd Angel Kings Cross Albany Regent’s Park S t Pancras Hoxton St International Th Maida Vale am es lin k Euston Old Street Up pe rW ob Old Street Clerkenwell urn
Slide 100: Executive Committee and senior management
Executive Committee and senior management Executive Committee Senior management Paul Williams Chief Executive Lesley Bufton Head of Marketing Damian Wisniewski Chief Financial Officer Tim Hyman Group Architect Nigel George Executive Director Benjy Lesser Head of Design & Innovation Emily Prideaux Ex
Slide 101: Disclaimer
Disclaimer This presentation has been prepared by Derwent London plc (the apparent. Past performance is not indicative of future results “Company”). No representation or warranty (express or implied) and forward-looking statements are not guarantees of future of any nature is given nor is any respon