Shaftesbury Capital Plc · LSE:SHC
Shaftesbury Capital — Q2 2026 Earnings Presentation
47 slides from Shaftesbury Capital's earnings presentation, Jul 29, 2026
Slide 1: 2026 Interim Results
2026 Interim Results 29 July 2026 Strong fundamentals delivering income and value growth
Slide 2: Excellent fundamentals underpinning growth
Excellent Strong Delivering Positioned for fundamentals financial income and growth underpinning performance value growth growth and position 2026 Interim Results 2
Slide 3: Excellent fundamentals underpinning growth
Option 1 Excellent fundamentals underpinning growth Significant growth potential across our portfolio 2026 Interim Results 3
Slide 4: Delivering consistent strong performance
Delivering consistent strong performance Delivering strong performance – Increase in rents, values, income and dividend – Excellent leasing momentum and pipeline – Capital discipline – Strong balance sheet Consistent operational performance – Positive trends in footfall and sales Chinatown – High oc
Slide 5: Clear strategy delivering sustainable growth
Clear strategy delivering sustainable growth Strong performance H1 2026 highlights across key metrics ◔ Portfolio valuation 1 +3.4% ▲ EPRA NTA per share +3.9% ▲ Total property return +5.0% ▲ vs +2.6% MSCI Return 2 ▤ Total accounting return +4.9% ▲ ≋ Underlying earnings +8% ▲ Interim dividend +16% ▲
Slide 6: Unique portfolio in the heart of London's West End
Unique portfolio in the heart of London’s West End Impossible-to-replicate portfolio of heritage properties – Unrivalled concentration of entertainment and cultural attractions – Wide variety of retail, leisure, food & beverage experiences – High footfall with seven-days-a-week trading environment –
Slide 7: Long-term strength of the West End
Long-term strength of the West End Consistent long-term rental growth Long-term stability of prime West End yields – Estimated ERV growth of 4% for West-End retail-led assets – Prime retail yields consistently centred around 4% through 1 3 over the long-term multiple cycles – Reflects scarcity value
Slide 8: Strong financial performance and position
Option 1 Strong financial performance and position 2026 Interim Results 8
Slide 9: Continued earnings progression
Continued earnings progression H1 2026 H1 20251 Group share £m £m Rental income 97.3 98.7 L-f-L rental growth +4% 2 Property costs (17.0) (15.1) compared with £92m in H1 2025 Net rental income 80.3 83.6 adjusted for mid -period Covent Garden partnership transaction Other income 2.0 1.1 Administratio
Slide 10: Delivering rental value and income growth
Delivering rental value and income growth +3.8% L-f-L 20.3 281.1 13.8 +2.0% 28% L-f-L 12.6 14.9 income 219.5 reversion Group share Group share £191.1m £244.1m £million Annualised Contracted EPRA vacancy Under Net under ERV gross income refurbishment rented Realised on expiry of Of which £5.7m is ren
Slide 11: Valuation growth driving increased NTA per share
Valuation growth driving increased NTA per share Group share balance sheet 30 Jun 2026 31 Dec 2025 £m £m Property portfolio 1 4,840 4,661 Net debt (787) (813) Other 60 106 Net assets 4,113 3,954 EPRA net tangible assets 4,112 3,955 EPRA net tangible assets per share (pence)2 223 215 Valuation up +3.
Slide 12: ERV and property valuation growth
ERV and property valuation growth Valuation increase driven by rental growth Valuation +3.4% to £5.6bn (16) 50 5,621 5,407 180 – +3.8% L-f-L ERV growth to £281m 738 706 – Equivalent yield stable at 4.4% – 4.6% equivalent yield for the commercial portfolio £million 4,701 4,883 Group share portfolio N
Slide 13: Strong credit metrics and significant financial flexibility
Strong credit metrics and significant financial flexibility £0.8bn 16% 1 Access to substantial liquidity of £1.0bn Net debt EPRA LTV Weighted average maturity of drawn debt of 4.7 years Weighted average cost of debt of 3.9% 4.7x 6.4x Net debt to Interest cover EBITDA Strong support from debt markets
Slide 14: Diversified debt profile and sources of funding
Diversified debt profile and sources of funding – Repayment of the £275 million exchangeable bond in March 2026 with Group cash – Strengthened liquidity position with new £300 million revolving credit facility at Covent Garden in June 2026 – Access to undrawn facilities provides flexibility to repay
Slide 15: Delivering income and value growth
Delivering income and value growth 2026 Interim Results 15
Slide 16: Globally renowned destinations in the heart of London's West End
Globally renowned destinations in the heart of London’s West End Carnaby | Soho Covent Garden +2.6% valuation growth +3.7% valuation growth +3.9% ERV growth +3.9% ERV growth Chinatown +4.1% valuation growth +3.4% ERV growth 2026 Interim Results Metrics reflect full year L-f-L growth to June 2026 16
Slide 17: Positive leasing spreads driving rental growth
Positive leasing spreads driving rental growth 226 New lettings/renewals 26 Rent reviews High occupancy £23.2m £7.3m 2.6% +4.9% vs Dec-25 ERV +16.7% vs previous rent ERV available to let +18.4% vs previous rent 2026 Interim Results 17
Slide 18: Strong retail market
Strong retail market +4.6% 38% London remains a priority global gateway city for ERV L -f-L growth of portfolio value international retailers £103.1m Retail leasing activity driving +5.4% valuation 419 £143 growth Units ERV 0.8m sq ft per sq ft – 17 new retail openings across the portfolio Availabil
Slide 19: High quality F&B offering
High quality F&B offering Leasing activity in H1 focused on founder-led restaurant brands and established operators upsizing 12 new openings across the portfolio High occupancy – Only 0.2% of the portfolio ERV available to let Burro, Floral Court St, John, Neal’s Yard 27 new lettings and renewals: £
Slide 20: Office and Residential
Office and Residential Residential Office High quality office space +2.2% 18% +2.7% 11% ERV L -f-L growth of portfolio value ERV L -f-L growth of portfolio – Amenity value and excellent environmental £58.7m £26.7m value credentials – 38 new lettings and renewals: £3.1m of rental income; +10.5% vs De
Slide 21: Investment, expansion and growth opportunities
Investment, expansion and growth opportunities Investment opportunities across our portfolio – Refurbishment, asset management, public realm and repositioning opportunities Active capital rotation – £8m of acquisitions, £23m of capital expenditure – £64m of disposals (non-core asset, Lillie Square)
Slide 22: Positioned for growth
Positioned for growth 2026 Interim Results 22
Slide 23: Positioned for growth
Positioned for growth Proven operating platform and experienced team – Driving returns, earnings and value progression Significant income and earnings growth potential – Strong leasing pipeline and levels of activity – Consistent operational performance Clear strategy and financial strength – Invest
Slide 24: Q&A
Option 1 Q&A 2026 Interim Results 24
Slide 25: Appendices
Option 1 Appendices 2026 Interim Results 25
Slide 26: Our strategy
Our strategy 2026 Interim Results 26
Slide 27: Our portfolio under management
Our portfolio under management 14% 53% 33% Metrics reflect percentage of portfolio under management value at 30 June 2026 2026 Interim Results 27
Slide 28: Diverse mixed-use portfolio
Diverse mixed-use portfolio Split by use Split by destination 38% 53% 36% Retail 46% 33% 33% 33% F&B 38% 18% 20% Office 14% 11% 16% 11% Residential Portfolio under management Group share of portfolio Metrics reflect percentage of portfolio valuation at 30 June 2026 2026 Interim Results 28
Slide 29: Historical reversionary potential and ERV growth
Historical reversionary potential and ERV growth +25% ERV 3.5 year growth1 +26% AGI 3.5 year growth1 281 270 258 252 251 Covid-19 239 237 225 227 221 220 215 205 208 203 193 185 187 181 178 175 £million 165 165 156 153 145 143 131 129 122 121 115 108 94 2010 2011 2012 2013 2014 2015 2016 2017 2018 2
Slide 30: Significant opportunity to grow rents
Significant opportunity to grow rents Retail ITZA rental tones by street Average SHC Zone A Average SHC Zone A retail significantly below prime Broad range of price points rents £610 psf West End average £1,600 psf £240 £350 £330 £240 £420 £320 £1,325 £575 £550 £300 £850 £950 Map is for indicative p
Slide 31: Well-positioned for sustainable rental growth
Well-positioned for sustainable rental growth Broad range of rental tones with significant growth potential – Average SHC Zone A rent £610 psf – Remains significantly below West End average Zone A £1,600 psf Retail ITZA rental tones by street 2,000 1,500 Shaftesbury Capital ownership; streets are ba
Slide 32: Portfolio summary by use
Portfolio summary by use Retail F&B Office Commercial Residential Total Group 38% 33% 18% 89% 11% 100%1 share2 Valuation (£m) 2,104.0 1,843.2 1,032.0 4,979.2 641.4 5,620.6 4,883.2 Annualised gross income (£m) 80.7 76.7 38.9 196.3 23.2 219.5 191.1 ERV (£m) 103.1 92.6 58.7 254.4 26.7 281.1 244.1 ERV p
Slide 33: Portfolio summary by destination
Portfolio summary by destination Total Group 53% 33% 14% 100%1 share2 Valuation (£m) 2,949.6 1,876.6 794.4 5,620.6 4,883.2 Annualised gross income (£m) 113.6 71.4 34.5 219.5 191.1 ERV (£m) 148.1 95.5 37.5 281.1 244.1 ERV psf (£) 104 102 89 101 101 L-f-L valuation movement +3.7% +2.6% +4.1% +3.4% +3.
Slide 34: Portfolio leasing summary by use and destination
Portfolio leasing summary by use Retail F&B Office Residential Total 38% 33% 18% 11% 100% H1 2026 transactions 45 27 38 116 226 Contracted rent (£m) 9.5 5.0 3.1 5.6 23.2 % above Dec 25 ERV 1.8% 9.0% 10.5% 3.9% 4.9% % above previous passing rent 28.1% 25.6% 13.8% 2.4% 18.4% Portfolio leasing summary
Slide 35: Vacancy by use
Vacancy by use Retail F&B Office Residential Total Available1 ERV (£m) 1.6 0.5 3.3 1.5 6.9 % of portfolio 0.6% 0.2% 1.2% 0.6% 2.6% Area (‘000 sq ft) 14 7 46 23 90 Under offer ERV (£m) 1.4 3.3 0.5 0.5 5.7 % of portfolio 0.5% 1.2% 0.2% 0.2% 2.1% Area (‘000 sq ft) 9 41 6 7 63 Under refurbishment ERV (£
Slide 36: Consistent progression in earnings and dividends
Consistent progression in earnings and dividends Track record of growing underlying earnings and dividends Underlying earnings per share Dividend per share H1 ▲ +17% avg. p.a. H2 ▲ +21% avg. p.a. 4.5 4.0 4.0 3.5 3.2 3.4 Pence per share 2.3 2.1 2.1 2.4 1.8 2.4 2.4 1.7 2.2 1.8 2.4 2.4 2.4 2.2 2.2 1.9
Slide 37: Cost ratio on a Group share basis
Cost ratio on a Group share basis H1 20261 FY 20251 Group share £m £m Rental income 97.3 195.6 Property costs (17.0) (34.5) Other income 2.0 3.0 Administration costs (20.8) (41.0) Total costs (35.8) (72.5) Share -based payments (4.8) (7.7) Total costs excluding share-based payments (31.0) (64.8) Cos
Slide 38: Impact of Covent Garden partnership on income
Impact of Covent Garden partnership on income 2025 H1 2026 99 +4% L-f-L 97 92 (15) (17) (14) £million 84 80 78 H1 2025 H1 2025 H1 2026 Reported Adjusted Reported Group share Group Share Group share Gross rental income H1 2025 comparator adjusted to reflect completion of CG partnership from 1 January
Slide 39: Access to significant liquidity
Access to significant liquidity Access to total liquidity £1 billion2 879.8 Including cash received post period end £41.7m1 Includes repayment of £million £275m exchangeable bond 33.9 40.3 339.1 (38.4) 110.2 (256.8) (7.9) Opening Underlying Dividend Capex, acquisitions Financing Non-underlying Closi
Slide 40: EPRA NTA per share +3.9%
EPRA NTA per share +3.9% 2.4 8.4 223.1 (2.1) (0.2) (0.1) Pence per share 214.7 Dec-25 Gain on Underlying Dividends Non-underlying Other Jun-26 revaluation earnings paid costs 2026 Interim Results 40
Slide 41: Debt covenants summary
Debt covenants summary Nominal Average Test ICR LTV value interest rate Maturity frequency Covenant Covenant 2030: £130m Aviva term loan £450m 4.7% 2033: £200m Half yearly 1.35x 65% 2035: £120m Canada Life term loan £67m 4.5% 2029 Quarterly 1.4x 60% 2026: £163m Private placements1 £380m 2.7% 2027-20
Slide 42: Creating sustainable and vibrant places
Creating sustainable and vibrant places Commitment to sustainability and environmental responsibility – Net Zero Carbon by 2040 – Comprehensive sustainability strategy and reporting Enhancing environmental performance is part of our regular capex programme – Low carbon, energy efficient refurbishmen
Slide 43: Our sustainability strategy
Our sustainability strategy Our strategy aims to sustainably add value to our buildings and tackle climate change whilst supporting local communities and our people, underpinned by our values, good governance and stakeholder engagement Buildings Places People Be a leader in the sustainable developme
Slide 44: A sustainable and responsible business
A sustainable and responsible business We’re proud to be recognised in Britain’s Most Admired Companies 2025 as the most admired company in the Property / Residential & Commercial REITs sector, securing Benchmarks sector gold. Memberships 2026 Interim Results 44 1. https://www.lseg.com/en/ftse-russe
Slide 45: Principal risks
Principal risks • Uncertain political climate and/or changes to legislation and policies • Adverse impact on business and consumer confidence, increased material costs, prolonged supply chains and reduced labour supply Economic, political & • Inflationary pressures on operating costs, including ener
Slide 46: Important notices
Important notices This presentation contains “forward-looking statements” regarding the belief or current expectations of Shaftesbury Capital PLC, its Directors and other members of its senior management about Shaftesbury Capital PLC’s businesses, financial performance and results of operations. The
Slide 47: AFTESBURY ITAL
AFTESBURY ITAL