Real Estate Investors Plc · LSE:RLE
Real Estate Investors — H1 2026 Earnings Presentation
21 slides from Real Estate Investors's earnings presentation, September 2026
Slide 1: Real Estate Investors Plc Results for the period ended 30 June 2026
Real Estate Investors Plc Results for the period ended 30 June 2026 Investor and Analyst Presentation
Slide 2: Company Overview
REAL ESTATE INVESTORS PLC COMPANY OVERVIEW REI Portfolio Diversified Active Asset Multi- Attractive Orderly Sale Today Portfolio Management banked Returns of Assets • Gross property assets • Multi-sector • Opportunities within • Banked across 2 • Uninterrupted and • Persistent discount of £111.5 mil
Slide 3: Highly Experienced Board Management Aligned with Shareholders
HIGHLY EXPERIENCED BOARD MANAGEMENT ALIGNED WITH SHAREHOLDERS Non-Executive Executive William Wyatt Peter London Ian Stringer Paul Bassi CBE Marcus Daly FCA Non-Executive Chairman Non-Executive Director Non-Executive Director Chief Executive Officer Finance Director • Joined REI Board in 2010 and •
Slide 4: A Resilient Record During Uncertain Times
A RESILIENT RECORD DURING UNCERTAIN TIMES SINCE 2012 TOTAL DIVIDENDS DECLARED/PAID TO SHAREHOLDERS = £58.1 MILLION Financial General Scottish EU Start of Cost of living Labour Election / Middle East/ BREXIT COVID Crisis Election Referendum Referendum Ukraine War crisis Late Budget USA War 2006 2010
Slide 5: H1 2026 Operational Highlights
H1 2026 OPERATIONAL HIGHLIGHTS • Strong overall rent collection for H1 2026 of 98.59% Contracted Rental Income £m • Contracted rental income: £7.9 million p.a. (FY 2025: £8.3 million p.a.) due to disposals and lease events • Gross property assets: £111.5 million (FY 2025: £115.7 million) 17.7 16.7 1
Slide 6: H1 2026 Key Metrics
H1 2026 KEY METRICS • EPRA NTA per share of 47.6p (FY 2025: 49.1p) EPRA NTA per share (p) • EPRA EPS of 0.77p (H1 2025: 0.85p) 67.4 58.8 62.2 55.2 54.9 51.3 49.1 47.6 • Q2 2026 dividend per share of 0.375p (Q2 2025: 0.4p) paid as an Ordinary Dividend FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 F
Slide 7: H1 2026 Financials: Consistent Performance Despite Conditions
H1 2026 FINANCIALS CONSISTENT PERFORMANCE DESPITE CONDITIONS • Revenue of £4.6 million (H1 2025: £4.8 million) H1 2026 H1 2025 Income Statement £m £m • Underlying profit before tax* of £1.3 million (H1 2025: £1.5 million) Revenue 4.6 4.8 • Loss before tax of £1.3 million (H1 2025: £0.3 million profi
Slide 8: H1 2026 Financials: Strong Balance Sheet/Reducing Debt
H1 2026 FINANCIALS STRONG BALANCE SHEET/REDUCING DEBT Gross property assets H1 2026 FY 2025 Net assets Balance Sheet £m £m £111.5m £83.2m Property 111.5 115.7 Cash 4.3 6.1 Debt (30.9)* (34.2) Other (1.7) (1.7) Net assets 83.2 85.9 EPRA NTA per share Net LTV Adjustments - - 47.6p 24.4% EPRA NTA 83.2
Slide 9: H1 2026 Financials: Reducing Debt & Low Gearing
H1 2026 FINANCIALS REDUCING DEBT & LOW GEARING • Total debt of £30.9 million at period end (FY 2025: £34.2 million) Current Debt Profile Lender Debt Facility Debt Hedging Debt Facility • £3.3 million of debt repaid with disposal proceeds & cash balances in H1 2026 (as at 30 June Maturity (as at 30 J
Slide 10: Movement in EPRA NTA per Share (p)
MOVEMENT IN EPRA NTA PER SHARE (P) 60 50 49.1 0.7 47.6 -1.5 -0.7 40 30 20 10 0 01-Jan-26 Underlying Profits Revaluation/deficit on sales Dividend 30-Jun-26 REI PLC 9
Slide 11: Movement in EPRA Earnings per Share (p)
MOVEMENT IN EPRA EARNINGS PER SHARE (P) 0.9 0.85 0.8 0.18 0.77 0.7 -0.14 0.6 -0.12 0.5 0.4 0.3 0.2 0.1 0 01-Jul-25 Rental Income Holding Costs Finance Costs 30-Jun-26 REI PLC 10
Slide 12: Uninterrupted Dividend: £58.1 Million Total Dividends Paid Since 2012
UNINTERRUPTED DIVIDEND £58.1 MILLION TOTAL DIVIDENDS PAID SINCE 2012 Uninterrupted dividend payments despite disposals Shareholder Distribution Year on Year £58.1 million total dividends declared/paid since 2012 Q2 dividend for 2026 of 0.375p per share (Q2 2025: COVID19 +7% PERIOD 0.4p) Interi
Slide 13: Orderly Sales Programme: Progress in a Challenging Market
ORDERLY SALES PROGRAMME PROGRESS IN A CHALLENGING MARKET • Due to ongoing political and economic uncertainty it is clear the sales programme will not be completed within the 3-year timeframe • Challenging market backdrop of Middle East conflict, cost of borrowing, GILT yield rises, high inflation, c
Slide 14: Completed & Contracted Sales: 92% of Book Value Achieved
COMPLETED & CONTRACTED SALES 92% OF BOOK VALUE ACHIEVED Maypole Retail Park, Birmingham Virginia House, Worcester 53-57 Parade, Leamington Spa Sold for £5.4 million Sold for £1.865 million Sold for £1.727 million Following a successful leasing Previously an office scheme, change of Through active as
Slide 15: Asset Management Initiatives Enhancing Value
ASSET MANAGEMENT INITIATIVES ENHANCING VALUE Over the course of 2026, there has been steady progress in the completion of asset management initiatives designed to maximise asset value prior to sale, as well as improve or protect portfolio occupancy and income. When asset management initiatives have
Slide 16: Target Q4 Sales: Actively Marketing
TARGET Q4 SALES ACTIVELY MARKETING In addition to £6.2 million of sales currently in solicitors’ hands, we have over £40 million of assets on the market for sale having undergone successful asset management initiatives Examples of assets on the market that have benefitted from recent asset managemen
Slide 17: Diverse Regional Portfolio Balanced Risk
DIVERSE REGIONAL PORTFOLIO BALANCED RISK Sector Income by Sector Income by Sector (£) (%) Office 4,189,793 53.33% Traditional Retail 887,604 11.30% Discount Retail - Poundstretcher/B&M etc 713,500 9.08% Medical and Pharmaceutical - Boots/Holland & Barrett/Superdrug etc 483,749 6.16% Food and Beverag
Slide 18: Top Tenants by Income: Occupier Diversity & Robust Covenants
TOP 10 TENANTS BY INCOME OCCUPIER DIVERSITY & ROBUST COVENANTS Rank Tenant Rent £’000 % Sector Property 98.59% 1 625 7.96 Office Birchfield House, Oldbury Overall Rent Collection in 2 450 5.73 Discount Retail Jasper, Tunstall H1 2026 3 396 5.04 Office Avon House, Bromsgrove £7.9 million p.a. 4 350 4
Slide 19: ESG & the REI Portfolio: A Responsible Landlord
ESG & THE REI PORTFOLIO A RESPONSIBLE LANDLORD Energy Performance Certification Portfolio Carbon Emissions Monitoring & Reporting In accordance with government guidelines, REI also continues to ensure its assets The asset management team continue to ensure that our remaining portfolio meet the UK st
Slide 20: H2 2026 Outlook: Continued Strategy
H2 2026 OUTLOOK CONTINUED STRATEGY Following a challenging first half of 2026, Q3 saw an improvement in sales momentum It is clear that, due to ongoing political and economic uncertainty, the sales programme will not be completed within the stated the 3-year timeframe Management remain mindful of po
Slide 21: Operational Team
OPERATIONAL TEAM Ian Clark Andrew Osborne Jack Sears Anna Durnford BSc (Hons) MRICS BSc (Hons) BSc (Hons) MRICS Donna Mooney Director, Investor Relations Director, Asset Manager Investment Manager Asset Management Receptionist/Administrator • Joined REI in 2007 • Joined REI in 2011 • Joined REI in 2
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