British Land Company Plc · LSE:BLND
British Land — Q2 2026 Earnings Presentation
69 slides from British Land's earnings presentation, Nov 19, 2025
Slide 1: Half Year Results
19 NOVEMBER 2025 HALF YEAR R E S U LT S
Slide 2: Overview & Strategy
OV E RV I E W & ST R AT E GY SIMON CARTER 1 Broadgate, Broadgate Campus HALF YEAR RESULTS | 30 SEPTEMBER 2025
Slide 3: The UK's Leader In
THE UK’S LEADER IN Occupational fundamentals strong, investment markets playing catch-up Well placed to capitalise with quality assets, an experienced team and value add approach Attractive total return profile underpinned by sustainable earnings growth HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.3
Slide 4: London prime offices: demand tailwind and supply crunch
CAMPUSES LONDON PRIME OFFICES ARE EXPERIENCING A DEMAND TAILWIND AT THE SAME TIME AS A SUPPLY CRUNCH STRONG DEMAND TAILWINDS MEETING A SUPPLY CRUNCH, FUELS RENTAL GROWTH Historically when City core new/refurb vacancy4 is <2%, rental growth has spiked >10%... O F F I C E U T I L I S AT I O N M I D -
Slide 5: Campuses in the sweet spot of demand
CAMPUSES CAMPUSES IN THE SWEET SPOT OF DEMAND Across Broadgate, Regent’s Place & Paddington… Quality 90% refurbished in last 15 years product 73% EPC A/B1 100% of assets within a Location 5-minute walk to key transport node Amenity >100 F&B, retailers & leisure operators rich 5 Public squares/parks
Slide 6: Campuses placed to benefit from innovation occupier demand
CAMPUSES OUR CAMPUSES ARE WELL PLACED TO BENEFIT FROM INCREASING INNOVATION OCCUPIER DEMAND AND TAKE UP Unnamed (Therapeutics) > 2 X M O R E I N N O V AT I O N OCCUPIERS in our portfolio vs 2022 Unnamed (Peptides) Q 3 2 0 2 5 : $ 9 B N I N N O V AT I O N VC INVESTMENT IN UK 1 2019 2020 2021 2022 202
Slide 7: Attractive returns through capital light developments
CAMPUSES GENERATING ATTRACTIVE RETURNS THROUGH CAPITAL LIGHT DEVELOPMENTS WITH OUR JOINT VENTURE PARTNERS OUR BROADGATE DEVELOPMENTS OUR APPROACH TO DEVELOPMENTS MID- 7%+ TEEN% Yield on costs Ungeared IRRs 1 Broadgate: 96% let Broadgate Tower: 49% let or under offer DE- CA P I TA L RISKED LIGHT With
Slide 8: Retail parks remain retailers' preferred format
RETAIL PARKS RETAIL PARKS REMAIN RETAILERS’ PREFERRED FORMAT AND WITH NO SUPPLY, RENTAL TENSION CONTINUES TO INCREASE WHY RETAILERS PREFER DEMAND IS STRONG SUPPLY IS HEAVILY UK N E T S T O R E T A K E U P PARKS (2016-2024)2 CONSTRAINED N O N E W S U P P LY • 3 A AFSFOR DABI LI TY RETAIL +792 <5% of
Slide 9: Unmatched quality and scale of retail park portfolio
RETAIL PARKS UNMATCHED QUALITY AND SCALE OF RETAIL PARK PORTFOLIO 99% occupancy across our c.1,200 unit portfolio The largest owner and operator of Scale multi-let retails parks1 Wide Half the population of Britain lives Catchment within 30 mins’ drive of one of our parks Preferred retailer partner
Slide 10: Rent remains affordable in our sectors
AFFORDABILITY RENT REMAINS AFFORDABLE IN OUR SECTORS, SUPPORTING CONTINUED RENTAL GROWTH LONDON OFFICE RENTS ARE CHEAPER TODAY RETAIL PARKS REMAIN AFFORDABLE, WITH THAN IN 2000 RELATIVE TO WAGES LOW OCRS2 London office rents relative to wages (2000 = 100)1 17.7% (48)% 125 0.9% 5.5% 12.5% 100 0.7% 9.
Slide 11: Renewed confidence driving pickup in office investment
INVESTMENT MARKET RENEWED CONFIDENCE IS STARTING TO DRIVE A PICKUP IN OFFICE INVESTMENT ACTIVITY DIRECT REAL ESTATE INVESTORS 1.5X MORE LIKELY TO INVEST IN OFFICES VS LAST YEAR 1 +58% Year-on-year increase in central London office investment: £6.4bn (Q1-Q3 2025)2 >1.5x 47% £3.1bn London office inves
Slide 12: Total accounting return in line with 8-10% target
OUTLOOK TOTAL ACCOUNTING RETURN IN LINE WITH 8-10% TARGET VA LU E D R I V E R S EARNINGS YIELD VALUATION UPLIFT DEVELOPMENT UPSIDE 5% earnings yield (EPS/NTA) Driven by 3-5% rental growth, Mid-teen IRRs on 5-10% GAV and growing less c.1% depreciation CONFIDENT IN OUR TARGET OF INCOME FOCUSED 8-10% T
Slide 13: Financial Results
FINANCIAL R E S U LT S DAVID WALKER Southgate, Bath HALF YEAR RESULTS | 30 SEPTEMBER 2025
Slide 14: Key Topics
KEY TOPICS KEY TOPICS 1. Financial performance 2. Balance sheet & capital allocation 3. Five levers of earnings growth & outlook HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.14 Teesside Shopping Park, Teesside
Slide 15: EPS up 1%, well positioned for growth
FINANCIAL PERFORMANCE EPS UP 1%, WELL POSITIONED FOR GROWTH UNDERLYING PROFIT UNDERLYING EARNINGS PER SHARE DIVIDEND PER SHARE £155m 15.4p 12.32p +8% vs Sep 24 +1% vs Sep 24 +1% vs Sep 24 0.1p (1.3p)1 0.5p 0.2p 0.6p 15.3p 15.4p HY25 Like-for-like Development leasing Admin Expenses, One off Net finan
Slide 16: Temporary reduction in margin as developments complete
FINANCIAL PERFORMANCE TEMPORARY REDUCTION IN MARGIN AS DEVELOPMENTS COMPLETE 2025 2024 Six months to 30 September Change (£m) (£m) • HY25 benefitted from one-off provision Gross rental income 271 238 14% releases • HY26: Temporary increase in void costs as Property operating expenses (33) (20) 65% o
Slide 17: On track to achieve total accounting return
FINANCIAL PERFORMANCE ON TRACK TO ACHIEVE 8 -10% TOTAL ACCOUNTING RETURN EPRA NTA PER SHARE PORTFOLIO VALUES TOTAL ACCOUNTING RETURN 579p +1.2% 4.0% +2% vs Mar 25 Vs Mar 25 H1 performance 15p (11p) 10p (2p) 579p 567p Mar-25 Valuation Underlying Dividend Other Sep-25 Performance Profit HALF YEAR RESU
Slide 18: Good access to debt markets
BALANCE SHEET GOOD ACCESS TO DEBT MARKETS: CAPITALISING ON ATTRACTIVE PRICING & TERMS As at 30 Sep 2025 31 Mar 2025 Change £1.9bn financing activity completed since April: Net debt 2 £3.8bn £3.6bn £0.2bn — £450m Green Loan secured on 1 Broadgate Loan to value 2 39.1% 38.1% 100 bps — £730m syndicate
Slide 19: Disciplined approach to capital allocation
BALANCE SHEET DISCIPLINED APPROACH TO CAPITAL ALLOCATION: MANAGING ASSETS AGAINST OUR COST OF CAPITAL CREATING VALUE THROUGH ACTIVELY RECYCLING CAPITAL Disposal of mature assets Acquisitions Developments Shareholder distributions Source value-add opportunities Deliver schemes into supply 80% of Unde
Slide 20: Five levers of earnings growth
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH FEE INCOME COST CONTROL DEVELOPMENTS CAPITAL RECYCLING HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.20 20 Triton Street, Regent’s Place
Slide 21: Like-for-like growth
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH Delivered 4% like-for-like growth in H1 £6m of incremental rent 30 Brock St1 FEE INCOME COST CONTROL 7% 4% 2% DEVELOPMENTS Portfolio Campuses Retail & LUL CAPITAL RECYCLING ✓ Expect to deliver c
Slide 22: Fee income
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH FEE INCOME ✓ Continue to work with JV partners to generate fee income COST CONTROL ✓ Seek to grow fee income by 10% per year, and expect this to be achieved in FY26 as we execute against develop
Slide 23: Cost control
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH FEE INCOME H1 admin cost reductions delivered £5m / -12% of savings vs prior period COST CONTROL ✓ Expect FY26 admin costs of £75-76m DEVELOPMENTS CAPITAL RECYCLING HALF YEAR RESULTS | 30 SEPTEM
Slide 24: Developments
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH FEE INCOME ✓ Pre-let schemes, 1 Broadgate and The Optic, delivering net rental growth in H1 COST CONTROL ✓ Leasing on track at Norton Folgate and Aldgate Place DEVELOPMENTS ✓ 1 Triton Square lau
Slide 25: Capital recycling
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH ✓ Sold £59m of mature assets 5% above book value FEE INCOME ✓ Acquired £52m of retail, principally two retail parks, at 8.4% COST CONTROL Topped Up NIY ✓ Office investment market improving and a
Slide 26: Earnings levers drive sustainable EPS growth of 3-6%
OUTLOOK OUR EARNINGS LEVERS DRIVE SUSTAINABLE EPS GROWTH OF 3-6% INDICATIVE % EPS IMPACT P.A. LIKE-FOR-LIKE GROWTH c. +5% Levered 3-5% growth FEE INCOME 10% p.a. growth c. +1% COST CONTROL Efficiencies offsetting inflation - FINANCE COSTS 10-20bps WAIR increase p.a. c. -2% EPS GROWTH RATE PRE-CAPITA
Slide 27: Earnings outlook
OUTLOOK EARNINGS OUTLOOK FY26 Underlying EPS At least 28.5p FY27 Underlying EPS growth At least 6% (30.2p) With 3-6% p.a. growth from FY28 Detailed guidance can be found in the appendices. HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.27 Glasgow Fort, Glasgow
Slide 28: Leasing & Operational Update
LEASING & 0 O P E R AT I O N A L U P DAT E K E L LY C L E V E L A N D Elliott’s Field Shopping Park, Rugby HALF YEAR RESULTS | 30 SEPTEMBER 2025
Slide 29: Valuations up driven by strong rental growth
VALUATION VALUATIONS UP DRIVEN BY STRONG RENTAL GROWTH H1 VALUATION MOVEMENT H1 ERV MOVEMENT +1.2% +2.4% Driven by strong rental growth Top end of 3-5% annual guidance H1 Yield H1 Valuation H1 ERV Valuation Movement Movement NEY Movement 30 September 2025 (£m) (bps) (%) (%) (%) Total 9,801 -2 1.2 6.
Slide 30: Strong leasing across our campuses
CAMPUSES STRONG LEASING ACROSS OUR CAMPUSES, WITH MOMENTUM ACCELERATING 486k sq ft +3.0% 629k sq ft Under offer as at 30 September, 6.0% above Campus leasing Leasing above March 2025 ERV March 2025 ERV 308k sq ft 751k sq ft 88% Of additional space under offer after period Deals on previously vacant
Slide 31: Broadgate is full
49% FULL Broadgate Tower 201 Bishopsgate 390k sq ft2 410k sq ft FULL CAMPUSES BROADGATE IS FULL 155 Bishopsgate 390k sq ft PRACTICALLY FULL Broadwalk House FULL 280k sq ft FULL 199 Bishopsgate1 140k sq ft 135 Bishopsgate 330k sq ft Campus 50%1 FULL 2 Finsbury Av Exchange House 750k sq ft 380k sq ft
Slide 32: Surrender & re-lets: driving rental reversion & value
CAMPUSES SURRENDER & RE-LETS: DRIVING RENTAL REVERSION & VALUE EXCHANGE HOUSE SURRENDER & RE-LET DEAL OF NO CAPEX OF ON-FLOOR CAPEX COVERED BY SURRENDER PAYMENT RENT UPLIFT ON 10-YR TERM VALUE GROWTH DELIVERED EXCHANGE HOUSE TERRACE BROADGATE CAMPUS HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.32
Slide 33: Norton Folgate leasing progressing
63% 70% Nicholls & Clarke Elder Yard CAMPUSES 31k sq ft 82k sq ft NORTON FOLGATE LEASING PROGRESSING 100% Blossom Yard 137k sq ft Across six buildings Let, under offer or in negotiations 100% 100% 16 Blossom St 15 Norton Folgate 16k sq ft 100% 19k sq ft Loom Court 49k sq ft HALF YEAR RESULTS | 30 SE
Slide 34: One Triton Square: Regent's Place
ONE TRITON SQUARE ATRIUM CAMPUSES ONE TRITON SQUARE: REGENT’S PLACE A CAMPUS WITHIN A CAMPUS 317K SQ FT BUILDING OFFICE X3 OFFICE / LAB ENABLED X3 FITTED LABS X1 STOREY X1 267K SQ FT UNDER OFFER & IN NEGS Under offer: sq ft In negs: sq ft HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.34
Slide 35: Retail parks virtually full
RETAIL PARKS RETAIL PARKS VIRTUALLY FULL: LARGELY RACK RENTED AND NOW WELL POSITIONED TO DRIVE RENTS ON 681k sq ft 554k sq ft Retail park leasing, 6.1% above March 2025 Under offer, 6.3% above March 2025 ERV ERV In line 99% Leasing in line with previous passing rents Retail park occupancy HALF YEAR
Slide 36: First contrarian purchase: strengthening retailer mix
RETAIL PARKS OUR FIRST CONTRARIAN PURCHASE BACK IN 2021: STRENGTHENING THE RETAILER MIX… A1 RETAIL PARK, BIGGLESWADE AT PURCHASE 2021 NOW 2025 +6 Brand leaders 12% IRR since acquisition UNDER 1 DREAMS OFFER B&Q UNDER HOMEBASE SMYTHS SKETCHERS 1 WILKO OFFER TOYS 1 1 MOUNTAIN WAREHOUSE A1 RETAIL PARK
Slide 37: Recent purchase: maximising occupancy
RETAIL PARKS …AND ONE OF OUR RECENT PURCHASES: MAXIMISING OCCUPANCY… QUEENS DRIVE RETAIL PARK, KILMARNOCK AT PURCHASE 2024 NOW 2025 100% Let or under offer vs 73% let at purchase 14% IRR since acquisition QUEENS DRIVE HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.37
Slide 38: Attractive retail park investment opportunities
RETAIL PARKS WE CONTINUE TO FIND ATTRACTIVE RETAIL PARK INVESTMENT OPPORTUNITIES TURBARY RETAIL PARK, BOURNEMOUTH NOVEMBER 2025 7.4% 7.7% Day 1 NIY (early Current NIY (mid November) November)1 £27m 1. As a result of asset management activities completed in the same Acquisition month of acquisition.
Slide 39: Selectively adding space to top-performing schemes
SELECTIVELY ADDING SPACE TO TOP-PERFORMING SCHEMES AT ATTRACTIVE YIELD ON COST GLASGOW FORT, SCOTLAND ELLIOTT’S FIELD, RUGBY £16m extension for a national retailer & major leisure £2m drive-thru for national F&B operator, operator, adding 60k sq ft to the best-performing retail strengthening amenity
Slide 40: Summary
SUMMARY O C C U PAT I O N A L F U N D A M E N TA L S C O N T I N U I N G T O R E C Y C L E C A P I TA L & VA LU E G R O W T H AT AT T R A C T I V E Y I E L D S S T A N D I N G A S S E T S P R A C T I C A L LY D E V E LO P M E N T L E A S I N G HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.40
Slide 41: The UK's Leader In
THE UK’S LEADER IN Occupational fundamentals strong, investment markets playing catch-up Well placed to capitalise with quality assets, an experienced team and value add approach Attractive total return profile underpinned by sustainable earnings growth HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.41
Slide 42: Appendices
A P P E N D I C E S
Slide 43: Portfolio net yields
PORTFOLIO NET YIELDS PORTFOLIO: YIELDS Portfolio Net Yields1, 2 NEY EPRA NIY EPRA TUNIY3 Overall TUNIY4 EPRA NEY Movement EPRA NRY5 ERV Growth As at 30 September 2025 (%) (%) (%) (%) (bps) (%) (%) City Offices 3.1 4.5 4.5 5.4 (4) 6.0 3.3 West End Offices 4.4 5.1 5.1 5.7 2 6.5 2.3 Other Campuses 2.0
Slide 44: Income: annualised rent & ERV
VALUATION BASIS: INCOME: ANNUALISED RENT & ERV ANNUALISED RENT & ESTIMATED RENTAL VALUE (ERV) Annual Rent & ERV Group Annualised Joint Venture Total Rent1 Annualised Rent1 Annualised Rent1 ERV Contracted Rent2 ERV As at 30 September 2025 (£m) (£m) (£m) (£m) (£ psf) (£ psf) City3 16 70 86 156 63.8 73
Slide 45: Income: annualised accounting rent
ACCOUNTING BASIS: INCOME: ANNUALISED ACCOUNTING RENT ANNUALISED GROSS RENTAL INCOME Annualised Accounting Rent1 Group Joint Ventures Total As at 30 September 2025 (£m) (£m) (£m) City 18 97 115 West End 68 19 87 Other Campuses 12 3 15 Residential 4 - 4 All Campuses 102 119 221 Retail Parks 193 14 207
Slide 46: Income: potential future income
INDICATIVE POTENTIAL FUTURE INCOME INCOME: POTENTIAL FUTURE INCOME £22m £43m £(7)m £47m £10m £6m £621m £500m +3% £516m +20% 500 £516m 621 Annualised Agreement for Committed Future Committed Reversion, RPI Development Near term Potential accounting lease rents developments: committed developments: li
Slide 47: FY2026 Guidance
FY2026 GUIDANCE GUIDANCE FY2026 Guidance FY26 FY26 Guidance (May-25) (Nov-25) Changes to Previous Guidance — Like-for-like growth at the top end of 3-5% range Gross Rental Income £520 – 530m £530 – 540m — Higher surrender premia in H1 — Timing and phasing of development completion and lease up Net R
Slide 48: Portfolio valuation by sector
PORTFOLIO VALUATION BY SECTOR PORTFOLIO: VALUATION Portfolio Valuation by Sector1, 2 HY Value HY Value Portfolio Group Joint Ventures Total Change Change Weighting As at 30 September 2025 (£m) (£m) (£m)1 (%)2 (£m)2 (%) City 451 2,364 2,815 2.6 71 28.7 West End 1,566 552 2,118 (0.9) (19) 21.6 Other C
Slide 49: Lease length and occupancy
LEASE LENGTH AND OCCUPANCY PORTFOLIO: OCCUPANCY Lease Length and Occupancy Average Lease Length to Expiry Average Lease Length to Break EPRA Occupancy Occupancy1,2,3 As at 30 September 2025 (yrs) (yrs) (%) (%) City 9.5 7.3 90.2 92.3 West End 5.7 4.6 91.8 93.8 Other Campuses 13.2 11.2 64.6 77.9 Resid
Slide 50: Portfolio vacancy concentrated in new & refurbished space
PORTFOLIO VACANCY REMAINS CONCENTRATED IN NEW & PORTFOLIO: EPRA VACANCY REFURBISHED SPACE 1.4% 1.7% 1 Newly delivered space includes Under offer Norton Folgate, recently Asset management initiatives Newly delivered space 8.9% 0.8% refurbished space in Regent’s Place, Dock Shed and Southwark Urban Lo
Slide 51: Top occupiers
TOP 20 OCCUPIERS PORTFOLIO: TOP 20 OCCUPIERS Retail & London Urban Logistics Campuses Share of Share of OCCUPIER SPLIT BY INDUSTRY Category Rent Category Rent As at 30 September 2025 (%) As at 30 September 2025 (%) (% OF RENT) 01 Next 5.8 01 Meta 11.3 02 M&S 5.2 02 Allen Overy Shearman 5.5 Media & 0
Slide 52: Occupancy cost ratios
BRITISH LAND OCCUPANCY COST RATIO PORTFOLIO: OCCUPANCY COST RATIOS Retail Parks Occupancy Cost Ratio1 Shopping Centres Occupancy Cost Ratio1 19.2% (27)% 17.7% (48)% 2.0% 0.9% 16.4% 14.7% 14.1% 2.1% 5.5% 12.5% 5.5% 2.1% 12.4% 2.3% 0.7% 4.5% 9.8% 9.2% 1.7% 8.9% 4.4% 3.8% 0.6% 3.5% 0.6% 3.0% 0.6% 3.2%
Slide 53: Recently completed & committed developments
RECENTLY COMPLETED & COMMITTED DEVELOPMENTS DEVELOPMENTS: COMPLETED & COMMITTED Recently Completed and Committed Developments Let & Gross Yield on BL Share 100% sq ft PC Current Value Cost to Come1 ERV2 Under Offer3 Cost4 As at 30 September 2025 Sector (%) (‘000) (Calendar Year) (£m) (£m) (£m) (£m)
Slide 54: Near term developments & medium term pipeline
NEAR TERM DEVELOPMENTS & MEDIUM TERM PIPELINE DEVELOPMENTS: NEAR & MEDIUM TERM Near Term Developments BL Share 100% sq ft Earliest Start Current Value Cost to Come ERV Planning As at 30 September 2025 Sector (%) (’000) (Calendar Year) (£m) (£m)1 (£m)2 Status 1 Appold Street Office 50 408 Q1 2026 65
Slide 55: Estimated future development spend and capitalised interest
ESTIMATED FUTURE DEVELOPMENT SPEND AND CAPITALISED DEVELOPMENTS: FUTURE SPEND INTEREST Development Cost to Come (6 Months Breakdown)1 PC Mar 26 Sep 26 Mar 27 Sep 27 Mar 28 Sep 28 Mar 29 Sep 29 Mar 30 As at 30 September 2025 (Calendar Year) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) 1 Triton Square
Slide 56: Shortfall of new supply in the City
SHORTFALL OF NEW SUPPLY IN THE CITY DEVELOPMENTS: SUPPLY PIPELINE Declining prime office development creating undersupply in the City City supply pipeline (m sq ft)1 Including The Broadgate 2.5m sq ft Tower 2.0m sq ft 1.5m sq ft Including 2 Finsbury Avenue 1.0m sq ft 0.5m sq ft 0.0m sq ft 2025 2026
Slide 57: Debt metrics
DEBT METRICS BALANCE SHEET: DEBT METRICS Group 30 September 2025 31 March 2025 Loan to value (LTV) 31.5% 31.7% Net Debt to EBITDA1 7.2x 8.0x Undrawn facilities and cash £1.7bn £1.8bn Weighted average interest rate 3.4% 3.2% Interest cover 5.2x 5.7x Senior unsecured credit rating (Fitch) A A Proporti
Slide 58: Debt financing – diverse profile
DEBT FINANCING – DIVERSE PROFILE BALANCE SHEET: DEBT FINANCING £5.6BN GROSS DEBT AND FACILITIES (£4.0BN DRAWN) 1 30 SEPTEMBER 2025 STRONG CREDIT METRICS – £1.7bn undrawn facilities and cash £0.7bn – No requirement to refinance until mid 2029 £1.6bn – Debt fully hedged to March 2026, 75% on average o
Slide 59: Debt maturity
DEBT MATURITY BALANCE SHEET: DEBT MATURITY £m 2,000 Facilities Undrawn (Unsecured) Facilities Drawn (Unsecured) 1,800 Term Loans (Unsecured) 1,600 US Private Placements (Unsecured) 1,400 Sterling Bonds (Unsecured) Debentures (Secured) 1,200 JVs Bank Loans (Secured) 1,000 JVs Securitisation (Secured)
Slide 60: Loan to value
LOAN TO VALUE LOAN TO VALUE (0.5)% 0.5% 1.1% (0.4)% (1.2)% 1.2% 0.3% 39.1% 38.1% .4% .4% March 2025 Disposals Acquisitions Development Property Net operating Dividend Other1 September spend revaluations cashflow paid 2025 1. Other includes financing activity, working capital and other cash movements
Slide 61: Operating cash flow bridge
OPERATING CASH FLOW BRIDGE OPERATING CASHFLOW £31m £31m £(129)m £(25)m £236m £144m £110m Cash tenant income Distributions from Fees & other income Operating & admin Net finance costs Net cash inflow from HY26 dividend1 JVs expenses operating activities 1. To be paid in January 2026. HALF YEAR RESULT
Slide 62: Our sustainability strategy
OUR SUSTAINABILITY STRATEGY SUSTAINABILITY 25% £25m improvement in whole building energy Social Impact Fund We have a strong track record of action on environmental, social and efficiency comprising cash governance issues. This is the right thing to do and makes business sense. contributions and aff
Slide 63: Sustainability progress so far
SUSTAINABILITY PROGRESS SO FAR SUSTAINABILITY G R E E N E R SPACES THRIVING PLACES RESPONSIBLE CHOICES 44% A total of 70,809 9 people have 100% 6 reduction in operational including benefitted from our 4,053 carbon intensity across our managed portfolio education and vs our indexed FY19 employment of
Slide 64: Sustainability leadership
SUSTAINABILITY LEADERSHIP SUSTAINABILITY Global Real Estate EPRA Sustainability Sustainability Benchmark1 CDP Science Based Target Reporting Awards 2025: 5-star (Developments) 2024: B Approval in 2021 2025: Gold for the 14th year 5-star (Standing Investments) MSCI ESG Ratings2 FTSE4Good S&P Global C
Slide 65: Broadgate Campus
BROADGATE CAMPUS CAMPUS MAPS: BROADGATE HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.65
Slide 66: Paddington Central Campus
PADDINGTON CENTRAL CAMPUS CAMPUS MAPS: PADDINGTON HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.66
Slide 67: Regent's Place Campus
REGENT’S PLACE CAMPUS CAMPUS MAPS: REGENT’S PLACE HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.67
Slide 68: Canada Water Campus
CANADA WATER CAMPUS CAMPUS MAPS: CANADA WATER HALF YEAR RESULTS | 30 SEPTEMBER 2025 PG.68
Slide 69: Disclaimer
DISCLAIMER The information contained in this presentation has been extracted largely from the Half Year Results Announcement for the half year ended 30 September 2025. For the purpose of this document, references to "presentation" shall be deemed to include this document, the oral briefing provided