First Property Group Plc · LSE:FPO
First Property — H1 FY2026 Earnings Presentation
23 slides from First Property's earnings presentation, Nov 27, 2025
Slide 1: Interim Results for the six months to 30 September 2025
Interim Results for the six months to 30 September 2025 First Property Group plc 27 November 2025
Slide 2: Commenting on the results, Ben Habib, Chief Executive
Commenting on the results, Ben Habib, Chief Executive of First Property Group, said: I am pleased by these results which reflect continued improvement in the Group’s underlying assets and operations. The economic and market turmoil set in train by lockdowns, changing working habits, damaging governm
Slide 3: Highlights - 30 Sept 2025
Highlights - 30 Sept 2025 • Revenue earned by the Group during the period was £3.65 million (30 September 2024: £3.94 million). • Yielding a profit before tax of £1.48 million (30 September 2024: £1.16 million). • Increased profit due to higher rent and service charge income from Blue Tower, Warsaw
Slide 4: Key Financial Highlights – 30 Sept 2025
Key Financial Highlights – 30 Sept 2025 Statutory Profit Total AUM £1.48m 28% £194m 12% Sep 2024: £1.16m Mar 2025: £216m NAV Diluted EPS 0.79p 13% £47.03m 4% Mar 2025: £45.0.9m Sep 2024: 0.91p Cash Adjusted NAV £3.29m 32% £56.47m 7% Mar 2025: £4.82m Mar 2025: £52.99m Adjusted NAV per Net Debt share
Slide 5: Contributors to profit before tax – 30 Sept 2025
Contributors to profit before tax – 30 Sept 2025 Contribution to PBT (prior to deduction of unallocated central overheads) 10,000 8,000 6,000 4,000 2,000 - Sept-16 Sept-17 Sept-18 Sept-19 Sept-20 Sept-21 Sept-22 Sept-23 Sept-24 Sept-25 (2,000) Contrbution from Fund Management Contribution to PBT fro
Slide 6: Case study – property trading
Case study – property trading ➢ Freehold Vacant Office Building on a 1.57 acre plot within an established business park; ➢ Purchased for £0.57 million, Sold October 2025 for £1.48 million; ➢ Profit on disposal £0.91 million; ➢ IRR: 160%. 6
Slide 7: Group Structure - 30 Sept 2025
Group Structure - 30 Sept 2025 The Group’s earnings are derived from: 1. Group Properties Division - principal investments by the Group, to earn a return on its own capital • 7 directly owned properties of which 6 are classified as investment properties (5 in Poland, 1 in Romania) and 1 as a trading
Slide 8: Group Properties Division: Directly owned properties
Group Properties Division: a. 7 Directly owned properties Number *Contribution to Book Value at 30 Market Value at 30 Location Asset Class of Group PBT 30 September 2025 September 2025 Properties September 2025 Poland, Warsaw Offices 1 £25.12m £31.79m £0.87m Poland Supermarkets 1 £2.10m £3.28m £0.05
Slide 9: Group Properties Division: Blue Tower, Warsaw
Group Properties Division: The Group’s primary asset - Blue Tower, Warsaw ➢ Prime location in Warsaw’s CBD above a subway station and at the main junction of the city’s bus and tram network. ➢ The Group owns: ▪ 80.3% of the tower; ▪ 90% of Corp Sp. z o.o., the company which is constitutionally tied
Slide 10: Group Properties Division: Associates and Investments
Group Properties Division: b. Associates and Investments Group’s share Group’s share of of post-tax Current post-tax profits profits earned % Owned Book Value of FPG’s Market Value earned by fund by fund by FPG share of FPG’s 30 September 30 September share 2024 2025 Associates FOP 45.71% 14,132 14,
Slide 11: Fund Management Division: Revenue and AUM
Fund Management Division: Revenue and AUM 10 800 Performance Fee FPAM Revenue 3rd Party AUM 9 700 8 600 7 500 Annualised fee 6 Revenue (£ Million) income: AUM (£ Million) 5 400 £1.30m (31 Mar 2025: 4 £1.20m), 300 3 EXCLUDING 200 performance fees. 2 100 1 - - Sept-16 Sept-17 Sept-18 Sept-19 Sept-20 S
Slide 12: Fund Management Division: Reconciliation of AUM movement
Fund Management Division: Reconciliation of AUM movement Funds managed for third parties (including funds in which the Group is a minority shareholder) UK CEE Total Number of Properties £m. £m. £m. As at 1st April 2025 56.8 107.1 163.9 18 Purchases 7.1 - 7.1 1 Property Sales (2.6) - (2.6) (1) Capita
Slide 13: Fund Management Division: Third party funds under management
Fund Management Division: Third party funds under management Assets Under % of Total Assets Under Management at Country of No. of Third-Party Management at FUND Fund Expiry Market Value at Investment Properties Assets Under Market Value at 30 September Management 31 March 2025 2025 OFFICES UK Jun-24
Slide 14: Fund Management Division: Split by asset class and location
Fund Management Division: Split of third-party funds managed by asset class and geographical location UK Poland Romania Total % of Total Offices £22.2m £37.7m £8.4m £68.3m 47.2% Retail warehousing £10.8m - - £10.8m 7.5% Supermarkets - £12.4m - £12.4m 8.6% Shopping centres - £53.3m - £53.3m 36.8% Tot
Slide 15: Our Markets
Our Markets Poland ➢ Polish GDP grew by 3.4% year-on-year (YoY) in Q2 and 3.7% in Q3. This acceleration marked the strongest economic expansion since Q3 2022, driven primarily by robust household consumption and a recovery in public investment. ➢ The National Bank of Poland’s policy interest rate wa
Slide 16: Appendix
Appendix ➢ Why invest in Fprop? ➢ Dividend History ➢ Adjusted NAV Bridge ➢ NAV per share 2007-2025 ➢ FPAM Track Record - Existing Funds ➢ FPAM Track Record - Closed Funds ➢ Disclaimer 16
Slide 17: Why invest in Fprop plc?
Why invest in Fprop plc? 1. Expertise: ▪ Experienced, nimble management team; ▪ Excellent investment track record: c16% p.a. growth in adjusted net assets, including dividends paid since 2006. 2. Diversified earnings: ▪ From Group Properties and from fund management fees; ▪ From mix of jurisdictions
Slide 18: Dividend History
Dividend History Dividend History 1.80 Interim dividend: 1.60 Nil (FY 2025: Nil) 1.40 Final dividend: 1.20 Nil 1.00 (FY 2025: Nil) 0.80 Total for FY 2026: Nil 0.60 (FY 2025: Nil) 0.40 0.20 - Interim Final Total Dividend 18
Slide 19: NAV per share 2007-2025
NAV per share 2007-2025 70 EPRA NAV 60 Book NAV • NAV per share at book value: 31.81p (31 50 March 2025: 30.50p) • EPRA NAV per share: Pence per share 40 38.07p (31 March 2025: 30 35.72p) • Cash per share: 2.23p 20 (31 March 2025: 3.26p) 10 External valuers: 0 • CBRE • JLL • Knight Frank • Koterski
Slide 20: Adjusted NAV Bridge
Adjusted NAV Bridge 46 Adjusted NAV breakdown 30 Sep 2025 44 Associates and 16.29p £24.17m 42 Investments Cash 2.22p £3.29m 40 7 directly owned 21.96p £32.57m properties less loans Pence Per Share 0.38 0.04 38.07 Less non controlling 38 1.08 (1.56p) (£2.32m) (0.01) interests 0.86 Other working capit
Slide 21: FPAM Track Record - Existing Funds
FPAM Track Record - Existing Funds IRR pa - Implied ROE pa - since inception ROE FY 2025/26 on original equity 30% 25% 20% 15% 10% 5% 0% 5PT UK PPP OFFICES SIPS FOP FGC SPEC OPPS FKR FCL FPL FUL -5% -10% -15% -20% -25% ▪ Implied IRR’s: assumed sale price = NAVs as at 30 September 2025; ▪ ROE’s since
Slide 22: FPAM Track Record - Closed Funds
FPAM Track Record - Closed Funds IRR pa - Actual 120% 100% 80% 60% 40% 20% 0% 1PT 2PT 3PT USS PDR RPT FRS -20% 22
Slide 23: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be "forward- looking" statements, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects, and future develop
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