Londonmetric Property Plc · LSE:LMP
Londonmetric Property — Q2 2025 Earnings Presentation
26 slides from Londonmetric Property's earnings presentation, Nov 20, 2025
Slide 1: Half Year Results
Half Year Results Half Year Ended 30 September 2025 www.londonmetric.com
Slide 2: Agenda
AGENDA Highlights Financial Review Property Review Outlook Q&A 2
Slide 3: Overview
Overview Reliable, repetitive and growing income driving strong performance • The UK’s leading NNN income REIT Portfolio – Own mission critical assets in winning sectors – 54% logistics £7.4bn – Grow income – Net rental income up 15%, dividend progressed 7% EY: 6.3% – Lowest cost – Sector leading EP
Slide 4: Financial Highlights
Financial Highlights Half Year to 30 September 2025 Income Statement September September September Net rental income 2025 2024 2023 £221.2m EPRA Earnings £148.6m £135.4m £53.1m +15% in period Dividend progression EPRA Earnings (pps) 6.7p 6.6p 5.3p Eleventh year Dividend (pps) 6.1p 5.7p 4.8p +7% in p
Slide 5: Financial Review
LONDONMETRIC [ay PROPERTY PLC FINANCIAL REVIEW
Slide 6: Income Statement
Income Statement 30 Sept 30 Sept Change Net rental income 2025 2024 +15% Net rental income £221.2m £193.1m +14.6% 3 months of Urban Logistics REIT Administrative costs £(14.6)m £(12.9)m Gross: net income Net Finance costs £(59.7)m £(45.4)m 98.5% Mar 25: 98.8% EPRA Earnings £148.6m £135.4m +9.7% EPRA
Slide 7: Balance Sheet
Balance Sheet 30 Sept 2025 31 Mar 2025 Portfolio Property portfolio1 £7,380.8m £6,155.3m +£1.2bn Including £29m valuation uplift Cash £206.2m £81.2m Total accounting return Debt £(2,799.4)m £(2,073.2)m +4.1% Fair value of derivatives £15.2m £23.7m +3.3% including M&A costs Other net liabilities £(11
Slide 8: Debt Metrics
Debt Metrics Continued disciplined approach to capital structure 30 Sept 2025 31 Mar 2025 Credit rating3 Gross Debt £2,799m £2,073m BBB+ A- on unsecured issuance Total debt facilities £3,682m £2,922m New facilities in FY26 (YTD) Average maturity1 4.2 years 4.7 years £730 million Average cost of debt
Slide 9: Financing
Financing Diversified sources of funding and significant flexibility Debt Activity & maturity (total facilities £m)1 4,000 Available facilities1 3,682 £0.6bn 3,500 (490) 3,392 Providing flexibility 530 200 2,922 (633) 3,000 484 Options to (254) extend on 2,500 (368) £790m 2,000 (1,028) Options to ex
Slide 10: Net Contracted Income Progression (£m)
Net Contracted Income Progression (£m) 500 8.8 7.6 448.9 450 20.2 9.8 0.3 421.1 64.7 400 350 5.9 340.4 300 250 200 1 1,4 4 Mar-25 Highcroft ULR Asset Mgmt Inv. & Other 3 Sep-25 LMP ULR Proforma Vacant ERV 2 Near Term Rental Growth 1. Contracted rent at date of completion of acquisition 2. Expected r
Slide 11: Delivering Long Term Shareholder Returns
Delivering Long Term Shareholder Returns EPRA Earnings Dividend Total Property Return Total Shareholder Return (pps) (pps)1,4 (rebased to 100)1,2 (rebased to 100)1,3 14.0 200 350 400 LondonMetric London Metric Dividends 13.0 190 12.0 CPI MSCI All Properties Share price 350 11.0 180 300 10.0 170 300
Slide 12: Property Review
LONDONMETRIC [ay PROPERTY PLC PROPERTY REVIEW
Slide 13: Aligned to structurally supported sectors
Aligned to structurally supported sectors Prioritising asset selection, patience and strong conviction Portfolio weighting (by value1) Value1 NIY2 EY2 Rent LFL income 30 September (£m) (%) (%) reviews growth pa Other, 1.6% 2025 last 12m expected4 (%) (%) Healthcare, Logistics 3,987 5.0 6.1 +3.3 +6 1
Slide 14: Investment activity
Investment activity Liquidity still affected by uncertain economic outlook and swap rates Five year swap rate • Macro environment remains uncertain 370bps − Current swap rates continue to dictate real estate liquidity -30bps YTD − Limited liquidity >£20m, narrow pool of buyers Disposals YTD • Wider
Slide 15: M&A activity
M&A activity Efficient platform & NNN approach delivering tangible benefits • M&A adding quality businesses, driving scale Net contracted rent1 − 4 public takeovers over 2 years added £4.4bn1 of assets +£267m • Successfully exiting non core and weaker assets 6.7% EY − £372m sold (8% of assets), in l
Slide 16: Occupier-led business model
Occupier-led business model Top 10 occupiers1 Frames our Buy, Hold and Sell decisions Ramsay 9.3% 11.3% • Actively managing income granularity Merlin 8.0% 9.4% 5.0% – Top 10 occupiers down from 38% to 33% (2019: 51%) Travelodge 6.3% M&S 1.9% – Top 3 occupiers down from 27% to 22% (2019: 25%) 0.9% Gr
Slide 17: Asset Management
Asset Management £10m pa additional rent from occupier initiatives in H1 Like for like income growth Rent Reviews Lettings +5.2% Annualised (+2.6% for 6 months) Occupancy 98.1% WAULT: 16.4 years Income with contractual uplifts Driving income growth Extending leases, adding amenities 67% Annual revie
Slide 18: Outlook
Outlook All weather and NNN portfolio delivering exceptional income, certainty of income growth and dividend progression • Macro events continue to influence investor sentiment – Gilt rate and swap rate continue to influence investment markets – Continued interest rate cuts and decelerating inflatio
Slide 19: Appendices
LONDONMETRIC [ay PROPERTY PLC APPENDICES
Slide 20: Investment Strategy
Investment Strategy Focused on thematics, mission critical assets and strong occupiers • Disruptive technologies driving modern shopping habits Logistics • Logistics is our leading sector & strongest conviction call Entertainment • Economic/generation shift drive memories over material things & Leis
Slide 21: Portfolio Metrics
Portfolio Metrics Net Index/ Valuation Revaluation MSCI WAULT Average Area Occupancy NIY3 Contracted Fixed Rent (Share)1 Surplus/(Deficit) CVg2 (years) Rent reviews 30 September 2025 (m sq ft) (£m) (£m) (%) (%) (%) (%) Expiry Break (£m) (%) (£psf) Mega 2.4 316.1 1.3 0.4 0.3 100.0 4.6 14.3 14.3 15.7
Slide 22: Logistics Portfolio
Logistics Portfolio Aligned to a structurally supported sector enjoying favourable demand/supply dynamics Urban Regional Mega Value £3,987m FY25: £2,838m Occupancy 97.5% FY25: 97.1% WAULT 9.9 years • Value: £2,930m • Value: £741m • Value £316m FY 25: 11.7 years • £159m rent (£8.50 psf) • £37m rent (
Slide 23: Long Income Portfolio
Long Income Portfolio Assets with long, reliable income and contractual uplifts, generating strong property returns Entertainment & Leisure Convenience Healthcare & Education Value £3,279m Total property return (H1 26) Theme parks – 46% of subsector Foodstores – 43% of subsector Hospitals – 86% of s
Slide 24: Income certainty & growth
Income certainty & growth Warrington WAULT: 16.4 years Inflation capture through contractual rent reviews 100% Our index linked (RPI/CPI) reviews have RPI CPI 0-3y, 90% 8.1% a range of collars and caps, typically 1% 80% 20y+, to 4% over a five-year period: 70% 23.2% • At 16% inflation (3% p.a.), ove
Slide 25: Sustainability
Sustainability Upgrading our portfolio by working with occupiers and through our investment & forward funded development activity Our Net Zero Pathway1,2 EPC ratings4 100% 92% 91% 85% 80% 58% 57% 60% 49% 40% Investment Asset Management Development A-B A-C 2024 2025 2026 Solar installed (MWp) 4 3.6 1
Slide 26: Debt Facilities – 30 September 2025
Debt Facilities – 30 September 2025 Lender Facility Drawn Maturity Debt cost Expiry (£m) (£m)1 (yrs)2 (%)3 'Income Strip’ Unsecured RCF (2021) Syndicate 225.0 150.0 0.6 Variable 2026 Unsecured RCF (2021) Wells Fargo 175.0 115.0 0.6 Variable 2026 275.0 200.0 2.1 As part of the merger with LXi, the Un
LondonMetric Property — Q2 2025 Earnings Presentation on 6ix