Primary Health Properties Plc · LSE:PHP
Primary Health Properties — FY2025 Earnings Presentation
45 slides from Primary Health Properties's earnings presentation, Mar 17, 2026
Slide 1: Primary Health Properties PLC Results for the year ended 31 December 2025
Primary Health Properties PLC The UK’s leading investor in critical healthcare infrastructure Results for the year ended 31 December 2025 17 March 2026 Image: Ballincollig Enhanced Community Care Centre, Westfield 1
Slide 2: Presentation team
Presentation team Mark Davies Richard Howell CEO CFO Steven Noble David Purcell CIO Investor Relations Annual results presentation FY 2025 2
Slide 3: Financial highlights 31 December 2025 – a transformational year
Financial highlights 31 December 2025 – a transformational year Continued financial performance whilst delivering scale 30 years of dividend growth – +4% growth in adjusted earnings per share on track to becoming a Dividend King +3% rental growth 3.7% current weighted average cost of debt 7.3p
Slide 4: Transformational merger of PHP and Assura successfully delivered
81nidZpGqzkSDMpD Transformational merger of PHP and Assura successfully delivered, creating a £6bn healthcare REIT in a structurally growing sector Integration of the two businesses progressing ahead of target and achieving “best of both” +80% total annualised synergies of £9m already delivered in t
Slide 5: Our primary care joint venture is a great source of capital
81nidZpGqzkSDMpD Our primary care joint venture is a great source of capital USS primary care JV Strategic benefits to PHP Terms agreed on £103m portfolio of PHP assets Access to low cost of capital Subject to due diligence; target completion Q2 2026 Brings financial benefits to all parties wh
Slide 6: Private hospital JV – exciting opportunity in a high return growth sector
81nidZpGqzkSDMpD Private hospital JV – exciting opportunity in a high return growth sector New private hospitals JV Strategic benefits to PHP Progressed discussions with four highly credible counterparties Releasing capital for deleveraging Institutional appetite has strengthened for private £
Slide 7: Attractive strategy and financial framework
Attractive strategy and financial framework Operating policies Progressive dividend paid on a quarterly basis 80% to 90% government backed income target Focus on organic rental growth >3% to deliver sector leading, risk adjusted total property returns Long income with occupiers on new or reg
Slide 8: Strong financial results
Strong financial results Image: Station Medical Centre, Hereford Annual results presentation FY 2025 8
Slide 9: Strong FY25 performance
Strong FY25 performance Performance 31 Dec 2025 31 Dec 2024 Change Gross annual passing rent roll (£m) 342 154 +122% Net rental income (£m) 230 154 +49% Adjusted earnings (£m) 131 93 +41% Adjusted earnings per share (pence) 7.3p 7.0p +4% Dividend per share (pence) 7.1p 6.9p +3% LFL rental growth (£m
Slide 10: Growth in NTA from portfolio revaluation and fair value of low-cost debt
Growth in NTA from portfolio revaluation & additional financial benefit for shareholders from fair value of low-cost debt 110 108 Adjusted NTA 104p Reflects fair value of fixed rate debt, which 6p impact on EPRA offers long term value for shareholders 106 NTA: 3p from effects of exchange ratio and 3
Slide 11: Financing – strong progress on post-acquisition objectives
Financing – strong progress on post-acquisition objectives and on journey to becoming fully unsecured Transaction funded with £1.2bn unsecured bridging loan £225m subsequently cancelled due to the £4bn £3.4bn £0.6bn refinancing work noted below Change of control actions on Assura facilities comple
Slide 12: Financing – focused on immediate priorities with strong support from lenders
Financing – focused on immediate priorities with strong support from PHP’s lenders Deleveraging priorities Indicative deleveraging plan Dec-25 Proforma £103m tranche of primary care assets transferred to existing joint venture LTV 57% c.50%1 Establishment of private hospital joint venture ND/EDI
Slide 13: Improving rental growth outlook in primary care
Improving rental growth outlook in primary care Strong rental performance in 2025 Rent per square metre progression £9m of additional rental income, +3% £psm +6.5% uplift on open market reviews settled 300 +25-30% c.280 (2.1% on annualised basis) c.260 250 Asset management and development +10-15
Slide 14: Positive steps to manage earnings growth
Positive steps to manage earnings growth EPRA cost Net rental Liability EPS ratio control & income growth management growth synergies Contracted rent £342m Current ratio Average interest cost 2025: / LfL +3% <10% 3.7% 7.3p / +4% Portfolio that delivers Track record of EPRA Transition to fully
Slide 15: A portfolio with structural growth
A portfolio with structural growth Image: Stourside Hospital, Stourbridge Annual results presentation FY 2025 15
Slide 16: PHP operates in three resilient healthcare markets with growth
PHP operates in three resilient healthcare markets with growth Primary care – UK Primary care – Ireland Private hospitals Current portfolio c.£5.0bn c.£0.3bn c.£0.7bn Estimated market share 15% 15% 5% Sector investment characteristics Sustained growth in demand for healthcare facilities Attrac
Slide 17: Sustained growth in waiting lists drives the need for supply
The sustained growth in waiting lists drives the need for supply Waiting lists have remained at elevated levels Waiting list pressure can be eased by: 9m NHS England Total Waiting List (Source: NHS England) Primary healthcare in local 8m communities 7m 6m 5m Diagnostic 4m hubs 3m 2m 1m 0m Increasing
Slide 18: Significant growth in private healthcare creates property opportunity
Significant growth in private healthcare creates property opportunity The number of private hospitals has not kept pace with sector revenue growth – creating opportunity for investment 8.0 £7.8bn 7.5 Independent sector revenue growth (Source: Laing Buisson) Growing demand, 7.0 1.3 lack of supply 6.5
Slide 19: Best of both approach has enhanced Group capabilities
Best of both approach has enhanced Group capabilities Asset management Development PHP’s strong track record and approach, along with greater breadth of Assura acquisition has strengthened development capabilities, not just in relationships across enlarged team, creates more opportunities primary ca
Slide 20: Asset management – PHP approach drives value
Asset management – PHP approach drives value Sprowston, Norwich – completed March 2025 2025 activities 192 sqm extension, £1.3m capex 5% yield on cost Exchanged on eight new asset management Uplift in rent to £215 psm – positive evidence in region projects, 21 lease re-gears and 20 new lettings Refu
Slide 21: Risk-controlled development
Risk-controlled development Growing pipeline of opportunities whilst retaining discipline to only commence schemes that enhance earnings Primary care UK Primary care Ireland Private hospitals Weston-super-Mare Castlebar Primary Care Centre Peterborough 2 on site, funded within existing joint ventu
Slide 22: Closing remarks
Closing remarks Image: Kilburn Park Medical Centre, London Annual results presentation FY 2025 22
Slide 23: PHP: a proven platform in a growing healthcare sector
PHP: a proven platform in a growing healthcare sector PHP’s portfolio – modern Operating in a Sector-leading financial healthcare properties growth sector performance & cost control The UK’s largest healthcare REIT, with Demographic tailwind created by Active management of portfolio over 1,100
Slide 24: Closing remarks
Closing remarks Strong set of results 2025 was a transformational year Established the UK’s largest listed healthcare REIT 30th year of consecutive dividend growth Integration is already delivering Best of both approach leading to a very strong platform Confidence in hitting £9m synergy ta
Slide 25: Appendices
Appendices Image: Shirley Health Partnership, Southampton Annual results presentation FY 2025 25
Slide 26: Combination has created the UK’s largest healthcare REIT with a £6bn portfolio
Combination has created the UK’s largest healthcare REIT with a £6bn combined property portfolio Portfolio c.£6 billion (2024: £2.8 billion) Rent roll Scotland & NI £342 million (2024: £154 million) North West 5% by value 11% Government backed income North East 76% (2024: 89%) Ireland 17% 6% Index l
Slide 27: Key portfolio metrics
Key portfolio metrics Primary care Primary care Private JVs & Total Rent roll Income expiry profile – UK – Ireland hospitals other (£m) Number of assets 1,059 28 33 22 1,142 Value (approx.) £4.9bn £0.3bn £0.7bn £0.1bn £6.0bn 90 Rent roll £275m £20m £44m £3m £342m 80 WAULT 8.4 yrs 16.1 yrs 22.0 yrs 1
Slide 28: Portfolio statistics
Portfolio statistics Capital value Number Value (£m) % Geographical analysis Number Value (£m) % >£10m 131 2,218 37 Midlands & East Anglia 257 1,319 22 £5m - £10m 244 1,636 28 North East 225 1,014 17 £3m - £5m 312 1,209 20 London 120 809 14 £1m - £3m 417 844 14 South East 174 782 13 <£1m (inc. land
Slide 29: The transformational merger of PHP and Assura
The transformational merger of PHP and Assura Strategic priorities Status Timeline Already achieved £7.5m (83%) through a Cost synergy benefits of H1 2026 reduction in people cost and duplicated £9m per annum Full year earnings impact 2027 fees & overheads Discovery phase completed Integrating two b
Slide 30: The Government's 10 Year Health Plan for England, July 2025
The Government's 10 Year Health Plan for England, July 2025 Shift from hospitals to community with Neighbourhood Health Centres (NHC) at the core of the Government’s vision PHP is strategically well placed to assist and support the Government and NHS with the NHC programme as well as the Neighbourho
Slide 31: Healthcare trends support compelling property opportunity
Healthcare trends support compelling property opportunity Sustained growth in waiting lists creates need Political will to improve NHS performance The number of private hospitals has not kept for primary care infrastructure & opportunity through moving more services out of hospital pace with sector
Slide 32: Irish portfolio – market leading portfolio quality
Irish portfolio – market leading portfolio quality Enhanced primacy care centres providing better local £341m Current valuation £20m Rent roll healthcare access for patients Youghal Primary Care Centre 16 yrs 5.1% Due to complete Q1 2027, consolidating the primary services for the area in one enhanc
Slide 33: Private hospital portfolio – focus on quality locations and operators
Private hospital portfolio – focus on quality locations and operators £0.7bn Geographical diversified, with weighting to London Current valuation £44m Rent roll and South-East Scotland 22 yrs 2.8x 1 Currently on site with £21m WAULT Rent cover private hospital in Peterborough North East for Ramsay H
Slide 34: Independent providers offer secure tenant covenant
Independent providers offer secure tenant covenant Nuffield Health Circle Health Group Spire Healthcare Ramsay Healthcare UK Established Most recent revenue £1.0bn £1.3bn £1.6bn £1.4bn operators with Estimated market share 14% 17% Generalist Generalist sustained Payor focus 80% private / 20% NHS 64%
Slide 35: 2025 saw strong rental growth performance across enlarged portfolio
2025 saw strong rental growth performance across enlarged portfolio Enlarged group remains focused on delivering organic Number Previous rent Rent increase Increase Increase rental growth from existing assets (per annum) (per annum) total annualised £m £m % % Total annual rent roll growth of £9.1m o
Slide 36: Portfolio rent review basis
Portfolio rent review basis Portfolio benefits from greater proportion being directly Primary care Primary care Private tied to inflation metrics Rent by segment UK Ireland hospitals Improving performance seen in open market reviews Contracted rent roll £275m £20m £44m Positive trend has continu
Slide 37: Open market reviews outstanding – relating to 60% of the portfolio
Open market reviews outstanding – relating to 60% of the portfolio Drivers of future rental growth Open market Number of rent reviews outstanding reviews Typically, 3-yearly review cycle 2025 (current rent) completed Building cost inflation – captured through rents on asset Reviews relating to c
Slide 38: Close control on EPRA Cost Ratio
Close control on EPRA Cost Ratio EPRA Cost Ratio has stayed consistently low Outlook 12.5% 12.6% 11.5% 12.0% 11.9% £9m of cost synergies identified at time of Assura acquisition 9.9% 10.1% 10.1% 9.8% 9.3% 9.0% 83% delivered to date Primarily headcount and PLC overhead related Remainder of sa
Slide 39: Financing – facilities and debt metrics
Financing – facilities and debt metrics Debt metrics Dec-25 Dec-24 Facility Drawn Secured facilities Maturity £m £m Net debt to EBITDA1 10.4x 9.3x NatWest loan Oct-26 100 6 Interest cover 2.8x 3.1x Under the Backstop facility, Group Santander facility Jan-27 50 - LTV must not exceed 65% of LTV 57%
Slide 40: Balance sheet
Balance sheet 2025 2025 2025 EPRA proportionally 2024 Net tangible assets Wholly owned Share of joint ventures consolidated Wholly owned £m £m £m £m Investment properties 5,891 49 5,940 2,750 Properties held for sale 11 – 11 3 Group investment property 5,902 49 5,951 2,753 Net debt (3,392) – (3,392)
Slide 41: Asset management – PHP approach drives value
Asset management – PHP approach drives value Relationship-based approach to collaborate with the local ICB Developments 1. Fareham – completed Recently completed asset management projects at Poole, South 2. Shirley – completed Petherton and Peacemarsh 3. Winchester – completed 4. Weston-super-Mare
Slide 42: Development activity
Development activity Short-cycle and de-risked development activity: adding high quality assets, capturing attractive development margins and supporting ESG commitments Merger with Assura has enhanced development capability and pipeline A number of potential development opportunities in both t
Slide 43: Eastergate Medical Centre, West Sussex
Eastergate Medical Centre, West Sussex Serving the needs of the local community Practice has moved from an outdated facility, this allow greater patient list size with space for expansion to suit local housing developments As well as the GP practice, local PCN is based here allowing greater rang
Slide 44: PHP’s approach to ESG
PHP’s approach to ESG Strategy supports a low carbon approach PHP’s net zero carbon (NZC) framework Continued progress on ESG commitments Operations, developments and asset 2023 Operations to be NZC EPC ratings 2025 2024 2023 management activities to be NZC by 2030 Achieved in all years since 20
Slide 45: Disclaimer
Disclaimer This document comprises the slides for a presentation in respect of Primary Health Properties PLC (the “Company”) (the “Presentation”). Image list: No reliance may be placed for any purposes whatsoever on the information in this Presentation or on its completeness. The Presentation is int
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