Newriver Reit Plc · LSE:NRR
Newriver Reit — Newriver Reit Plc Reit — H1 2026 Earnings Presentation
40 slides from Newriver Reit's earnings presentation, Dec 2, 2025
Slide 1: Disciplined Growth, Scalable Platform
DISCIPLINED GROWTH, SCALABLE PLATFORM HALF YEAR RESULTS 2026 6 months to 30 September 2025 2 December 2025 HALF YEAR PRESENTATION 6 MONTHS TO 30 SEPTEMBER 2025 1
Slide 2: Strong Operational Momentum and Positive Outlook
STRONG OPERATIONAL MOMENTUM AND POSITIVE OUTLOOK Growth in Underlying Dividend per share Half Portfolio well positioned for growth Synergies Unlocked Funds From Operations Year £6.2m £15.1m 3.1p Annual net cost synergies (HY25 £11.5m) (HY25 3.0p) Successful integration of C&R Leasing vs Previous Cus
Slide 3: Improving Demand Fundamentals and Rental Growth Outlook
IMPROVING DEMAND FUNDAMENTALS AND RENTAL GROWTH OUTLOOK Online retail flatlining and omnichannel Retail only core sector to experience Retail spend continues to grow retailers winning market share falling vacancy in past two years Lloyds Annual Consumer Spend Growth1 Pureplay retailers % of all onli
Slide 4: Investor Demand Continues to Increase
INVESTOR DEMAND CONTINUES TO INCREASE Retail total return outperformance vs Values reset and rents coming off a low Increasing liquidity in capital markets other core sectors base MSCI Annual Total Return %1 MSCI Capital Values and ERVs over past 15 years1 Investment Volumes £bn2 12 months to Septem
Slide 5: Finance Review
FINANCE REVIEW Will Hobman: Chief Financial Officer HALF YEAR PRESENTATION 6 MONTHS TO 30 SEPTEMBER 2025
Slide 6: Key Highlights
KEY HIGHLIGHTS Completed Capital & Regional post transaction workstreams • Integrated retail assets into our platform and IT systems £6.2m • Fully unlocked synergies identified in-line with communicated timelines Synergies unlocked Disciplined capital allocation • Completed £70m of asset disposals a
Slide 7: Loan to Value: In-line with March and Committed to Guidance
LOAN TO VALUE (%): IN-LINE WITH MARCH AND COMMITTED TO GUIDANCE H1 MOVEMENT H1 MOVEMENT COMPLETED DISPOSAL GUIDANCE EX BUYBACK BUYBACK PROFORMA <40% 42.3% (3.9) 4.6 42.3% (0.7) 41.6% (0.8) 0.1 37.7% c.£30m of disposals required to bring Being: Being: LTV within (0.2)% Revaluation 4.3% Buyback guidan
Slide 8: Balance Sheet: In-Position to Commence Refinancing
BALANCE SHEET: IN-POSITION TO COMMENCE REFINANCING KEY METRICS ACTIVITY IN HY26 HY26 FY25 Investment Grade Credit rating reaffirmed • Fitch affirmed NRR’s BBB/Stable Rating in September 2025 Cash & cash equivalents £89m £62m Exercised +1 on £140m Mall Facility Gross debt £444m £444m • Maturity exten
Slide 9: C&R Synergies Unlocked: Mid- to High-Teens Accretion on Track
C&R SYNERGIES UNLOCKED: MID-TO HIGH-TEENS ACCRETION ON TRACK TOTAL ACCRETION ON HY26 ACCRETION NEAR-TERM ACCRETION £6.2m of admin cost synergies TRACK identified at acquisition Pre C&R 1 2 3 4 5 Baseline Disposals to <40% and Synergies expected to be fully 0.1p 4.7p2 Mall refinance 0.1p unlocked wit
Slide 10: Underlying Funds From Operations: Increased Scale Post C&R Acquisition
UNDERLYING FUNDS FROM OPERATIONS: INCREASED SCALE POST C&R ACQUISITION H1 MOVEMENT H1 MOVEMENT Proportionally HY26 HY25 EXCLUDING PHASING & SEASONALITY INCLUDING PHASING & SEASONALITY consolidated £m £m C&R Buyback Revenue 54.5 29.9 Operational AM fees net of costs 1.7 1.2 Property operating expense
Slide 11: Snozone: EBITDA Seasonality
SNOZONE: EBITDA SEASONALITY • Snozone is performing well but is a seasonal business, Snozone contribution to reducing NRR’s H1 UFFO and increasing H2 UFFO FY25 UFFO of £3.7m exceeded its annual • Peak trading is typically from mid-November to end of EBITDA as period of ownership (from 10 March / ear
Slide 12: H1 Dividend: Topped-Up to Reflect Snozone Seasonality
H1 DIVIDEND: TOPPED-UP TO REFLECT SNOZONE SEASONALITY 3.9p 0.6 0.6 3.3p 3.1p Adjustment based on £2.9m 0.5 Snozone EBITDA on a look- H1 DPS based on 80% back basis: i.e. generated in payout of Snozone Adjusted 12 months ended 30 H1 UFFO per share Full year dividend September 2025 based on 80% of Sti
Slide 13: Portfolio Review & Outlook
PORTFOLIO REVIEW & OUTLOOK Allan Lockhart: Chief Executive HALF YEAR PRESENTATION 6 MONTHS TO 30 SEPTEMBER 2025
Slide 14: High Occupancy, High Retention, Affordable Rents Underpin Rental Growth
HIGH OCCUPANCY, HIGH RETENTION, AFFORDABLE RENTS UNDERPIN RENTAL GROWTH High occupancy maintained High consistent retention rate1 Strong leasing vs valuer’s ERV 95.6% 96.7% 98.0% 96.1% 95.3% 94% 96% +11.3% 90% 92% 90% +8.8% +7.4% +3.6% +1.1% FY22 FY23 FY24 FY25 HY26 FY22 FY23 FY24 FY25 HY26 FY22 FY2
Slide 15: Supported by Active Demand for Space
SUPPORTED BY ACTIVE DEMAND FOR SPACE Strong portfolio line-up with low Consistent high deal volume each Significant deal pipeline tenant concentration risk year Top Retailers % Total Rent Total leasing volumes (sq ft) by half year period 3.3% Completed In legals 1 +800k sq ft letting volume per annu
Slide 16: Customer Spend Outperformance
CUSTOMER SPEND OUTPERFORMANCE: RIGHT ASSETS, RIGHT LOCATIONS, LET TO THE RIGHT OCCUPIERS Spend for retailers within NewRiver portfolio Portfolio strategically well positioned consistently outperforms the national average Customer Spend Growth Year-on-year growth 6 months to September 2025 NewRiver p
Slide 17: Dumfries Retail Park: Creating Value Through Active Asset Management
DUMFRIES RETAIL PARK: CREATING VALUE THROUGH ACTIVE ASSET MANAGEMENT Improved tenant line-up at increased rents Pro-active asset management to unlock value Tenant line up at acquisition Current tenant line up +28% increase in rent D A Next Click and Collect pod C installed whilst planning -20% reduc
Slide 18: Snozone: Opportunities for Growth
SNOZONE: OPPORTUNITIES FOR GROWTH UK’s best indoor ski slope operator Dominant operations across the UK and Spain 3 centres Milton Keynes Castleford Highly profitable business with broad offering from teaching and Madrid recreational skiing to F&B and events 5x winner Highly experienced leadership w
Slide 19: Capital Partnerships: A Key Capital Light Growth Driver
CAPITAL PARTNERSHIPS: A KEY CAPITAL LIGHT GROWTH DRIVER Specialist asset backed Clear recognition with Co-investment opportunities operating platform increased fee income Operating at scale 19% pa1 Active discussion across retail sectors Net Fee Income Increase £2.9m £2.3bn 78 Assets under Managemen
Slide 20: Portfolio Is Well Positioned to Deliver Growth
PORTFOLIO IS WELL POSITIONED TO DELIVER GROWTH Investment outlook for retail Active discussions on accretive Ambition to scale further strong growth opportunities Robust occupier market: Active discussions: across NewRiver portfolio spend £2.3bn AUM: Active in every retail subsectors, deal types gro
Slide 21: Appendices
APPENDICES Appendix title Slide # Appendix title Slide # Background information Valuation Presentation team 22 Valuation analysis for Core Shopping Centres and Retail Parks – Initial Yield 34 Performance track record 23 Valuation analysis for Core Shopping Centres and Retail Parks – Equivalent Yield
Slide 22: 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 15 years of post qualified CEO effective 1 May 2018 experience, having qualified at BDO LLP working in its Aud
Slide 23: Performance Track Record
PERFORMANCE TRACK RECORD HY26 FY25 HY25 FY24 HY24 Underlying FFO (‘UFFO’) £15.1m £30.5m £11.5m £24.4m £12.3m Underlying FFO (‘UFFO’) per share 3.3p 8.1p 3.7p 7.8p 4.0p Ordinary dividend per share 3.1p 6.5p 3.0p 6.6p 3.4p Ordinary dividend cover (based on UFFO) 106% 125% 125% 118% 118% EPRA Net tangi
Slide 24: Portfolio Segmentation: Key Characteristics as at September 2025
PORTFOLIO SEGMENTATION: KEY CHARACTERISTICS AS AT 30 SEPTEMBER 2025 Retail Parks Shopping Centres Shopping Shopping - Core Centres Centres - Regen - Work Out Valuation £190.5m £589.3m £25.3m £28.0m Portfolio Weighting 23% 71% 3% 3% Number of Assets 13 20 2 3 Average Lot Size (100% Share) £18.3m £31.
Slide 25: Top 10 Assets by Value
TOP 10 ASSETS BY VALUE: AS AT 30 SEPTEMBER 2025 Floor area Gross rent Name (sq ft) (NR Share) Occupancy Key occupiers The Mall, Wood Green 656,000 £14.0m 98% Primark, Travelodge, TK Maxx, Cineworld 17&Central, Walthamstow 260,000 £6.6m 99% ASDA, The Gym, TK Maxx, Lidl Broadway Shopping Centre, Bexle
Slide 26: Retail Lease Profile
RETAIL LEASE PROFILE Passing rent subject to expiry Passing rent ERV of leases of leases expiring expiring £m £m FY26 6.0 6.8 FY27 5.6 6.8 FY28-FY29 14.9 15.9 Total 26.5 29.6 Passing rent subject to review 1 Passing rent ERV of leases WALE of subject to subject to leases subject review review to rev
Slide 27: Reconciliation of IFRS Profit After Taxation to UFFO
RECONCILIATION OF IFRS PROFIT AFTER TAXATION TO UFFO HY26 HY25 £m £m Profit after taxation 14.4 8.2 Net property valuation movement (4.6) 2.2 Net property valuation movement - associates’ (0.1) - Loss on disposal of investment properties 1.4 0.2 Loss on disposal of subsidiary 1.1 - Exceptional costs
Slide 28: Adjusted Funds From Operations (AFFO)
ADJUSTED FUNDS FROM OPERATIONS (AFFO) HY26 HY25 Analysis of HY26 HY25 Criteria Capitalised Recoverable £m £m capital £m £m from tenants expenditure Gross rental income (GRI) 43.2 25.8 Essential (0.4)1 0.2 Works required to FFO before void costs for repairs 16.4 11.9 maintain physical environment
Slide 29: Balance Sheet
BALANCE SHEET • Investment property decreased to £835m at 30 September Proportionally 30 Sept 31 March 30 Sept 31 March 30 Sept 2025 (vs £897m at 31 March 2025) following the disposal Consolidated 2025 2025 2024 2024 2023 of Newtownabbey, Leith and Wallsend, partly offset by a portfolio valuation up
Slide 30: Financial Policies and Additional Guidelines
FINANCIAL POLICIES AND ADDITIONAL GUIDELINES Proportionally consolidated Financial Policies 30 September 2025 31 March 2025 30 September 2024 Net debt £352.8m £379.2m £116.6m Principal value of gross debt £444.3m £444.3m £304.3m Weighted average cost of debt – drawn only1 3.5% 3.5% 3.5% Weighted ave
Slide 31: Loan to Value
LOAN TO VALUE 30 September 31 March 30 September 31 March 30 September 2025 2025 2024 2024 2023 £m £m £m £m £m Borrowings 437.6 437.0 297.1 296.6 297.2 Cash and cash equivalents (88.6) (61.3) (184.4) (132.8) (137.3) Net debt 349.0 375.7 112.7 163.8 159.9 Equity attributable to equity holders of the
Slide 32: 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 25x 8x 60% 7x 50% 20x Policy < 50% 6x 42
Slide 33: Number of Shares
NUMBER OF SHARES 30 September 31 March 30 September 31 March 30 September Number of shares (m) 2025 2025 2024 2024 2023 Weighted average – basic1,5 464.7 376.3 314.2 311.4 311.3 Weighted average – diluted2,5 466.4 378.6 316.6 313.9 313.3 Period end – basic3,5 429.0 476.7 377.7 310.8 313.7 Period end
Slide 34: 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: £31.7m Average Lot Size: £18.3m NIY: 7.4% NIY: 6.0% 20% 20% 18% 18% 16% 16% 14% 14% 12% 12% NIY % NIY % 10% 10% 8% 8% 6% MSCI1 Shopping 6% Centre NIY 7.
Slide 35: Valuation Analysis: Equivalent Yield
VALUATION ANALYSIS FOR CORE SHOPPING CENTRES AND RETAIL PARKS: EQUIVALENT YIELD NewRiver Shopping Centres NewRiver Retail Parks Average Lot Size: £31.7m Average Lot Size: £18.3m NEY: 8.6% NEY: 6.5% 20% 20% 18% 18% 16% 16% 14% 14% 12% MSCI1 Shopping 12% NEY % NEY % Centre NEY 9.1% 10% 10% MSCI1 Retai
Slide 36: Valuations: Consecutive Periods of Growth
VALUATIONS: CONSECUTIVE PERIODS OF GROWTH Stable yield profile and ERV growth 4 consecutive period of stable or growing valuations Portfolio Valuation LFL Movement +0.6% EY +0.5% Weighting Movement % As at 30 September % £m H1 % EY ERV 2025 Shopping Centres – -0.4% -0.4% 71% 589.3 +0.4% 8.6% +0.0% +
Slide 37: ESG: Delivering on Our Commitment
ESG: DELIVERING ON OUR COMMITMENT ESG performance improvements throughout our portfolio Recognised by improvement in industry benchmarks 13% 24% Reduction in absolute portfolio energy Reduction in absolute portfolio Scope consumption 1&2 GHG emissions 45% 75% 87/100 A Reduction in absolute portfolio
Slide 38: 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 39: 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 40: NewRiver REIT plc
NewRiver REIT plc 89 Whitfield Street London W1T 4DE www.nrr.co.uk HALF YEAR PRESENTATION 6 MONTHS TO 30 SEPTEMBER 2025 40
Newriver Reit Plc Reit — H1 2026 Earnings Presentation on 6ix