Slide 1: Essential Everyday Destinations: Full Year Results 2026
ESSENTIAL EVERYDAY DESTINATIONS FULL YEAR RESULTS 2026 12 months to 31 March 2026 2 June 2026 FULL YEAR PRESENTATION 12 MONTHS TO 31 MARCH 2026 1
Slide 2: FY26: Growth Delivered Across the Business
FY26: GROWTH DELIVERED ACROSS THE BUSINESS Growth In Underlying Earnings growth driven by C&R integration and operational delivery Dividend Per Share Funds From Operations Leasing momentum confirms pricing power and affordability £37.2m 6.7p (FY25 £30.5m) (FY25 6.5p) across the portfolio Leasing vs
Slide 3: C&R Acquisition: A Successful First Year, Objectives Delivered
C&R ACQUISITION: A SUCCESSFUL FIRST YEAR, OBJECTIVES DELIVERED Financial Case Proven £6.2m +2.0% Synergies Delivered London Valuation Growth Full Integration Without Disruption 93% 99% Tenant Retention Rate Rent Collection London Exposure Increased and 43% +12.8% Portfolio Performing London Weightin
Slide 4: A Simple Strategy: Essential Everyday Destinations
A SIMPLE STRATEGY: ESSENTIAL EVERYDAY DESTINATIONS Focus on where demand is deepest Where people shop week in and week out for the things they need Three Strategic Focus Areas London Retail UK Major Cities Retail Parks Dense catchments, constrained supply, occupier demand concentrating into fewer, m
Slide 5: One Integrated Platform Driving Performance
ONE INTEGRATED PLATFORM DRIVING PERFORMANCE Portfolio People Partnerships Essential Everyday Destinations Specialist Retail Expertise Capital-Light Fee Income Platform Integrated, Scalable and Data-led Converting demand into income and compounding returns FULL YEAR PRESENTATION 12 MONTHS TO 31 MARCH
Slide 6: Partnerships: Capital-Light, Scalable Earnings
PARTNERSHIPS: CAPITAL-LIGHT, SCALABLE EARNINGS Leicester, Highcross Milton Keynes, Midsummer Place A proven engine of high-quality earnings growth +£800m AUM £3.6m +20% pa Growth In Past Three Years FY26 Net Fee Income Fee Income Increase1 Bradford, The Broadway Canterbury, Whitefriars £2.1bn 71 £20
Slide 7: Disciplined Capital Allocation Delivered Growth
DISCIPLINED CAPITAL ALLOCATION DELIVERED GROWTH FY26 Actions Capital Allocation Decisions Value Creation £36m +3% Successfully integrated C&R Share Buyback Dividend Per Share £110m disposals at book value £8.8m +3% Investment In Portfolio NTA Per Share Re-financed to fully unsecured structure 40% LT
Slide 8: Finance Review
FINANCE REVIEW Will Hobman: Chief Financial Officer FULL YEAR PRESENTATION 12 MONTHS TO 31 MARCH 2026
Slide 9: Key Highlights
KEY HIGHLIGHTS Capital & Regional post transaction workstreams completed £6.2m • Integrated retail assets into our platform and IT systems • Fully unlocked synergies identified in-line with communicated timelines • Mall Facility successfully refinanced Synergies Unlocked Disciplined capital allocati
Slide 10: Loan to Value: Returned to 40% Guidance Level
LOAN TO VALUE (%): RETURNED TO 40% GUIDANCE LEVEL H1 MOVEMENT H2 MOVEMENT LOOK FORWARD Disposal proceeds redeployed into accretive buyback Disposal proceeds reduce LTV to guidance Guidance 42% (4.7) 0.7 (0.6) 42% (2.2) 4.6 0.8 (0.5) 40% Partially redeployed into accretive • Medium-term guidance of b
Slide 11: Balance Sheet: First Phase of Refinancing Complete
BALANCE SHEET: FIRST PHASE OF REFINANCING COMPLETE KEY METRICS REFINANCING ACTIVITY COMPLETED FY26 FY25 TARGETED IN H1 RESULTS DELIVERED BY FY RESULTS Cash & cash equivalents £116m £62m Agreed £240m Facility in April-26 £120m Term Facility Commitment and £120m RCF Refinance Mall Facility Gross debt
Slide 12: £240M Unsecured Refinancing: Impact on Maturity and Refinancing Requirement
£240M UNSECURED REFINANCING: IMPACT ON MATURITY AND REFINANCING REQUIREMENT AT 31 MARCH 2026 – IMMEDIATELY PRE-REFINANCING Corporate bond (Unsecured) £300m 1) Undrawn RCF maturing in November 2026 The Mall (Secured) 2) Mall Facility maturing in January 2028 but fixed £140m The Mall matures in Jan 20
Slide 13: Underlying Funds From Operations: Increased Scale Post C&R Integration
UNDERLYING FUNDS FROM OPERATIONS: INCREASED SCALE POST C&R INTEGRATION ACCRETION DELIVERED THROUGH OPERATIONAL Proportionally FY26 FY25 TARGETED NET CAPITAL ALLOCATION MOMENTUM consolidated £m £m C&R Revenue 107.2 76.7 2.0p total 0.7p2 (0.9)p 0.2p Net asset management fees 3.6 2.9 0.2p3 1.3p1 Proper
Slide 14: Full Year Dividend: Conservative and Growing with In-Built Flexibility
FULL YEAR DIVIDEND: CONSERVATIVE AND GROWING WITH IN-BUILT FLEXIBILITY CONSERVATIVE: 125% covered GROWING: +3% YoY growth IN-BUILT FLEXIBILITY 8.3p 80% Payout 6.7p +3% Growth 6.5p 3.6 pence per share H2 dividend Total FY26 dividend of 6.7 pence Dividend policy directly links to be paid in August H2
Slide 15: Operational Performance & Outlook
OPERATIONAL PERFORMANCE & OUTLOOK Allan Lockhart: Chief Executive FULL YEAR PRESENTATION 12 MONTHS TO 31 MARCH 2026
Slide 16: Operational Performance: The Metrics That Matter
OPERATIONAL PERFORMANCE: THE METRICS THAT MATTER High Retention and Growth Trajectory Affordability Headroom Reversion Captured Occupancy Improving Supports Growth Leasing vs Valuer’s ERV Tenant Retention Rate Rolling CAGR: Last 3 Years Leasing Occupational Cost Ratios Transactions2 CAGR over Averag
Slide 17: Active Demand, Diversified Income, Strong Tenants
ACTIVE DEMAND, DIVERSIFIED INCOME, STRONG TENANTS Tenant Mix Aligned With Essential +900k Leasing Volume Per Year Low Tenant Concentration Risk Everyday Demand Total Leasing Volumes (sq ft) Retailer Sub-sector By Gross Rent Top Retailers % Total Rent In legals 3.6% 1 979k Groceries & Services 940k 9
Slide 18: Portfolio Repositioned for Growth
PORTFOLIO REPOSITIONED FOR GROWTH Capital & Regional integrated Portfolio increased by £208m 75% in highest conviction areas London Retail UK Cities 9% 43% London Retail Town Centre 12% 34% GAV UK GAV London Led Repositioning Cities £802m Regen and Work out £594m Regen and 12% 10% 12% to 43% Work ou
Slide 19: Where Growth Is Strongest
WHERE GROWTH IS STRONGEST Three priority areas, driving both rental and capital growth Balance Sheet Capital CAGR FY26 Lease Customer Spend Leasing vs ERV Weighting Growth Events Growth1 London Retail 43% +2.0% +12.8% +9.4% +3.9% UK Major Cities 12% +0.2% +8.5% +2.7% +1.7% Retail Parks 20% +0.7% +7.
Slide 20: Asset Management in Action
ASSET MANAGEMENT IN ACTION London Retail UK Major Cities Retail Parks Wood Green, The Mall Cardiff, Capitol Centre Bradford, Enterprise Retail Park Dominant London destination anchored by Primark, Essential-led, supermarket anchored retail park City centre site repositioned as a leisure destination
Slide 21: Focused on Growth and Compounding Returns
FOCUSED ON GROWTH AND COMPOUNDING RETURNS 1 A year of strong progress C&R integrated, earnings growing, balance sheet strengthened 2 A clear strategy Essential Everyday Destinations, delivered through one operating model 3 A portfolio set up to deliver 75% exposure to our three priority areas, drivi
Slide 22: Appendices
APPENDICES Appendix title Slide # Appendix title Slide # Background information Valuation Presentation team 23 Valuation analysis for Core Shopping Centres and Retail Parks – Initial Yield 35 Performance track record 24 Valuation analysis for Core Shopping Centres and Retail Parks – Equivalent Yield
Slide 23: Presentation Team
PRESENTATION TEAM Allan Lockhart Will Hobman Chief Executive Chief Financial Officer • Co-founded NewRiver in 2009 as Property Director. Appointed • Will is a Chartered Accountant with over 16 years of post qualified CEO effective 1 May 2018 experience, having qualified at BDO LLP working in its Aud
Slide 24: Performance Track Record
PERFORMANCE TRACK RECORD FY26 HY26 FY25 HY25 FY24 HY24 Underlying FFO (‘UFFO’) £37.2m £15.1m £30.5m £11.5m £24.4m £12.3m Underlying FFO (‘UFFO’) per share 8.3p 3.3p 8.1p 3.7p 7.8p 4.0p Ordinary dividend per share 6.7p 3.1p 6.5p 3.0p 6.6p 3.4p Ordinary dividend cover (based on UFFO) 125% 106%4 125% 1
Slide 25: Portfolio Segmentation: Key Characteristics as at 31 March 2026
PORTFOLIO SEGMENTATION: KEY CHARACTERISTICS AS AT 31 MARCH 2026 Retail Parks Shopping Shopping Shopping Centres Centres Centres - Core - Regen - Work Out Valuation £160.5m £606.1m £26.0m £8.4m Portfolio Weighting 20% 76% 3% 1% Number of Assets 11 20 2 2 Average Lot Size (100% Share) £14.6m £32.6m £1
Slide 26: Top 10 Assets by Value: As at 31 March 2026
TOP 10 ASSETS BY VALUE: AS AT 31 MARCH 2026 Floor area Gross rent Name (sq ft) (NRR share) Occupancy Key occupiers The Mall, Wood Green 656,000 £14.4m 98% Primark, Travelodge, TK Maxx, Cineworld 17&Central, Walthamstow 260,000 £6.6m 95% ASDA, The Gym, TK Maxx, Lidl Broadway Shopping Centre, Bexleyhe
Slide 27: Retail Lease Profile
RETAIL LEASE PROFILE Passing rent subject to expiry Passing rent ERV of leases of leases expiring expiring £m £m FY27 5.2 6.5 FY28 7.2 7.8 FY29-FY30 14.1 14.9 Total 26.5 29.2 Passing rent subject to review 1 Passing rent ERV of leases WALE of subject to subject to leases subject review review to rev
Slide 28: Reconciliation of IFRS Profit After Taxation to UFFO
RECONCILIATION OF IFRS PROFIT AFTER TAXATION TO UFFO FY26 FY25 £m £m Profit after taxation 31.7 23.7 Net property valuation movement (4.2) (2.1) Net property valuation movement - associates (0.1) 0.1 Loss on disposal of investment properties 3.6 0.7 Loss on disposal of subsidiary 0.9 - Loss on dispo
Slide 29: Adjusted Funds from Operations (AFFO)
ADJUSTED FUNDS FROM OPERATIONS (AFFO) FY26 FY25 Analysis of FY26 FY25 Criteria Capitalised Recoverable £m £m capital £m £m from tenants expenditure Gross rental income (GRI) 84.0 62.6 Essential (0.7)1 0.5 Works required to FFO before void costs for repairs 39.9 31.7 maintain physical environment
Slide 30: Balance Sheet
BALANCE SHEET • Investment property decreased to £802m at 31 March 2026 Proportionally 31 March 30 Sept 31 March 30 Sept 31 March (versus £835m at 30 September 2025 and £898m at 31 Consolidated 2026 2025 2025 2024 2024 March 2025) following the disposal of Dumfries, Hemel and our 10% share in the Sp
Slide 31: Financial Policies and Additional Guidelines
FINANCIAL POLICIES AND ADDITIONAL GUIDELINES Proportionally consolidated Financial Policies 31 March 2026 30 September 2025 31 March 2025 Net debt £324.5m £352.8m £379.2m Principal value of gross debt £442.0m £444.3m £444.3m Weighted average cost of debt – drawn only1 3.5% 3.5% 3.5% Weighted average
Slide 32: Loan to Value
LOAN TO VALUE 31 March 30 September 31 March 30 September 31 March 2026 2025 2025 2024 2024 £m £m £m £m £m Borrowings 438.3 437.6 437.0 297.1 296.6 Cash and cash equivalents (115.5) (88.6) (61.3) (184.4) (132.8) Net debt 322.8 349.0 375.7 112.7 163.8 Equity attributable to equity holders of the pare
Slide 33: Financial Position in Context: Peer Group and NRR Policy
FINANCIAL POSITION IN CONTEXT: PEER GROUP AND NRR POLICY Net Debt: EBITDA ICR LTV • Considerable headroom to Policy • Considerable headroom to Policy • Considerable headroom to Policy • Amongst the strongest in the sector • Amongst the strongest in the sector • In-line with guidance 25x 8x 60% 7x 50
Slide 34: Number of Shares
NUMBER OF SHARES 31 March 30 September 31 March 30 September 31 March Number of shares (m) 2026 2025 2025 2024 2024 Weighted average – basic1,5 447.3 464.7 376.3 314.2 311.4 Weighted average – diluted2,5 448.8 466.4 378.6 316.6 313.9 Period end – basic3,5 432.0 429.0 476.7 377.7 310.8 Period end – d
Slide 35: Valuation Analysis: Initial Yield
VALUATION ANALYSIS FOR CORE SHOPPING CENTRES AND RETAIL PARKS: INITIAL YIELD NewRiver Core Shopping Centres NewRiver Retail Parks Average Lot Size: £32.6m Average Lot Size: £14.6m NIY: 7.3% NIY: 5.8% 20% 20% 18% 18% 16% 16% 14% 14% 12% 12% NIY % NIY % 10% 10% 8% 8% 6% MSCI1 Shopping 6% Centre NIY 7.
Slide 36: Valuation Analysis: Equivalent Yield
VALUATION ANALYSIS FOR CORE SHOPPING CENTRES AND RETAIL PARKS: EQUIVALENT YIELD NewRiver Shopping Centres NewRiver Retail Parks Average Lot Size: £32.6m Average Lot Size: £14.6m NEY: 8.5% NEY: 6.4% 20% 20% 18% 18% 16% 16% 14% 14% 12% 12% MSCI1 Shopping NEY % NEY % 10% Centre NEY 8.9% 10% MSCI1 Retai
Slide 37: Valuations: Consecutive Periods of Growth
VALUATIONS: CONSECUTIVE PERIODS OF GROWTH Stable yield profile and ERV growth 5 consecutive period of stable or growing valuations Portfolio Valuation LFL Movement 0.6% EY 0.5%2 0.5% Weighting Movement % As at 31 March 2026 % £m FY % EY ERV Shopping Centres – (0.4%) (0.4%) 76% 606.1 +1.0% 8.5% -0.1%
Slide 38: ESG: Delivering on Our Commitment
ESG: DELIVERING ON OUR COMMITMENT ENVIRONMENTAL GOVERNANCE 6% Like-for-like Scope 1&2 74% Portfolio EPCs 92% Top 50 retailers have 87/100 portfolio emissions reduction rated C+ net-zero targets +7 vs FY25 68% 77% 94% FY26 leases contained renewable electricity commitment by occupier Recycling rate (
Slide 39: Acquisition of Capital & Regional: Material, Recurring Cost Savings Unlocked
ACQUISITION OF CAPITAL & REGIONAL: MATERIAL, RECURRING COST SAVINGS UNLOCKED £m 1 2 3 8 1 C&R admin costs of £8.0m in year to 30 December 2023 IT Property Mgmt Income Head Office 7 C&R Admin costs were £6.9m net of Property Management 6 Professional 2 income Advisory Fees 5 Admin Net of Property Syn
Slide 40: Disclaimer
DISCLAIMER The information in this presentation may include forward-looking statements, which are based on current expectations and projections about future events. These forward-looking statements reflect the directors' beliefs and expectations and are subject to risks, uncertainties and assumption
Slide 41: NewRiver REIT plc
NewRiver REIT plc 89 Whitfield Street London W1T 4DE www.nrr.co.uk FULL YEAR PRESENTATION 12 MONTHS TO 31 MARCH 2026 41