Harworth Group Plc · LSE:HWG
Harworth — FY2025 Earnings Presentation
42 slides from Harworth's earnings presentation, Mar 17, 2026
Slide 1: 2025 Full year results
2025 Full year results 17 March 2026 Photo: enabling works Skelton Grange, Leeds (West Yorkshire) YAC | I&L | MD
Slide 2: Strategically positioned to unlock high value opportunities
FY 2025 results presentation Full year ended 31 December 2025 Strategically positioned to unlock high value opportunities Highlights ■ Strong operational momentum 8.4% TPR 70% I&L weighting 280bps > MSCI1 by portfolio value ■ Delivering against I&L growth strategy ■ Positioned to realise value of la
Slide 3: Long-term outperformance underpinned by strong delivery
Long-term outperformance underpinned by strong delivery - while selling £705m EPRA UK Real Estate Index HWG relative returns vs Relative TSR Relative TAR Gross portfolio value growth Cumulative HWG Property 73.5% Return vs MSCI UK Annual 70.0% + HWG Property Return Transform Regenerate Revitalise 60
Slide 4: Land-led, through-the-cycle business model and flexible land bank
Land-led, through-the-cycle business model and flexible land bank positions portfolio to drive value Creating value at each stage through management actions Recycle capital to reinvest into early stages & grow value Flexible land bank Value creation optionality for growth sectors Data Centres Transf
Slide 5: Largest ever volume of development ready land supporting future growth
Largest ever volume of development ready land supporting future growth 4.0m sq ft 1.6m sq ft 0.8GW I&L enabled / underway I&L demand pipeline Power connections Ready to realise value Lettings and land sales Data centre potential 15.2m sq ft Chatterley Valley (Staffordshire) Next phase of sites | NOW
Slide 6: 2025 financial & operating performance
2025 financial & operating performance
Slide 7: Disciplined capital deployment and enhanced financial capacity to scale I&L
Disciplined capital deployment and enhanced financial capacity to scale I&L 1.7% Total Accounting Return 224.4p EPRA NDV per share 1.775p Dividend per share 2024: 9.1% 2024: 222.3p 2024: 1.614p 5-year average: 8.2% 2020: 160.0p 2020: 1.102p £ 115m Total property sales £ 275m New RCF 15.6% Net loan t
Slide 8: Portfolio value gains driven by I&L: site & planning progress
Portfolio value gains driven by I&L: site & planning progress in stable market Profit / (loss) on sale Revaluation gains / losses Value gains TOTAL PROPERTY PORTFOLIO 44.5m £ Site progress in stable market I&L MD £36.0m £28.5m Planning progress I&L SL £9.1m Improved Grade A and occupancy I&L IP £(2.
Slide 9: High quality income and continued sales creating capital for investment
High quality income and continued sales creating capital for investment Maintaining I&L rent whilst improving quality Continued generation of property sales £25.0m 80% £250m £750m 76% £704m £216m 70% £650m £20.0m £19.7m 63% £106m FY24 £18.3m £200m £18.0m 60% sales at Ansty £550m £17.5m & Skelton 51%
Slide 10: On track to deliver 100% Grade A core IP by end of 2027
On track to deliver 100% Grade A core IP by the end of 2027 Headline rent pa 18.3m 4.6% Grade A value Non-Grade A value £297.2m £ 305.0m £ + FY2024: £17.5m Driven by positive leasing activity Passing rent psf £227.6m £ 6.38 FY2024: £5.90 + 8.3% Driven by directly developed Grade A EPRA vacancy 1.0%
Slide 11: Prudently leveraging our balance sheet to support site investments
Prudently leveraging our balance sheet to support site investments and realise value 5.4% £6.6m 15.6% LTV LTV £ 23.9m £ 192.4m £ 127.1m Cash & debt Cash & debt Cash headroom £ 76.0m headroom £9.8m £179.4m Cash £117.4m 119.6)m £( £ 121.2m £ 50.2m Transform Regenerate Revitalise £ 67.1m £46.7m 145.9m
Slide 12: Clear disciplined capital allocation supporting growth opportunities
Clear disciplined capital allocation supporting growth opportunities Acquisitions Enabling works Direct Dividends & land assembly & infrastructure spend development Capital uses (including BtS and Fwd fund) Driven by sales & H2-2026 spend focus: Underpinned by development pipeline development starts
Slide 13: Recycling from mature residential into high returning I&L pipeline
Recycling from mature residential into high returning I&L pipeline Residential Pipeline I&L Pipeline (m sq ft) (plots) 29,386 35.0 CONSENTED Pre Planning 11% 1,837 plots – sold in 2025 8.8 Draft Allocations Consented 11% 1.1 Planning risk reduces Allocations Transform Regenerate Revitalise 2.9 45% 7
Slide 14: Repositioning portfolio to outperforming sectors
Repositioning portfolio to outperforming sectors Portfolio Portfolio total value 937.2 ↑9% 858.8 I&L I&L total total 652.5 ↑20% 545.0 I&L IP I&L MD Port value ROCE1 (£m) (%) I&L SL I&L MD & SL 347.5 22.9 253.8 I&L IP 305.0 8.7 Residential total Residential total 284.8 ↓11% Other2 30.9 8.1 Transform
Slide 15: I&L development pipeline
I&L development pipeline Harworth
Slide 16: I&L platform positioned for growth to 85% portfolio weighting
I&L platform positioned for growth to 85% portfolio weighting, set for value realisation 70% 4.0m sq ft Wingates (Greater Manchester) | NOW | I&L | MD – ENABLING WORKS I&L, by portfolio value I&L enabled / underway 2020: 56% Construction-ready 75% 76% Consented or Grade A, by value in planning syste
Slide 17: Successfully scaling I&L pipeline to drive value
Successfully scaling I&L pipeline to drive value 4.0m sq ft c. £ 600m 1.6m sq ft 7.6m sq ft I&L enabled / underway GDV potential I&L demand pipeline Development & land sales Construction-ready 3-5 years Lettings and land sales 2021-2025 m sq ft Est. I&L GDV (£m) Land status 2.2 275-375 Enabling work
Slide 18: A regionally significant development pipeline
A regionally significant development pipeline 1 Wingates 1 Wingates Greater Manchester Greater Manchester NOW | I&L | MD NOW | I&L | MD Phase 1 Future Phases 1.0m sq ft 1.9m sq ft GDV: £180m GDV: £340m 2 2 Gateway 45 2 Skelton1 West Yorkshire 3 Chatterley 1 9 West Yorkshire YAC | I&L | MD YAC | I&L
Slide 19: Delivering across near- and medium-term pipelines with two core products
Delivering across our near- and medium-term pipelines with our two core products 4.0m sq ft Near-term H2-2026 development starts 15.2m sq ft Medium-term subject to market I&L enabled / underway Next generation of sites 2 core products: 2 core products: 1. Development to hold in IP 2. Land for sale S
Slide 20: Unlocking value from high growth opportunities
Unlocking value from high growth opportunities
Slide 21: Power-enabled land to support UK growth ambitions in digital infrastructure
Power-enabled land to support UK growth ambitions in digital infrastructure Strong Investment flows £ 230bn 20-30% by 2035 CAGR 6.0GW £ 100bn UK target capacity Unlocking funding DC growth by 2035 by 2030 Regional AI Growth Zones London capacity constrains benefitting North Committed Government Less
Slide 22: Growth sector momentum & favourable policy support
Growth sector momentum & favourable policy support reinforcing strategic importance of I&L land Align with HWG’s Market development pipeline demand drivers: Digital infrastructure growth 0.8GW 0.4GW 0.4GW ► data, advanced & clean technologies Power connections Years 2-5 Years 5-10 Reindustrialisatio
Slide 23: Power-enabled land & DC land sales can deliver outsized returns
Power-enabled land & DC land sales can deliver outsized returns for Harworth Aligns with HWG Land sales - Serviced land development planning & power sales pipeline HWG land portfolio Existing I&L pipeline Existing I&L pipeline Power requirements Secured / capacity long-term Secured / capacity long-t
Slide 24: Harworth's platform for Advanced Manufacturing growth
Harworth’s platform for Advanced Manufacturing growth Advanced manufacturing economics Aligns with HWG’s £ 82bn 760,000 Jobs development pipeline ► Harworth Platform: GVA capability, deliverability, scale ► Deep relationships: Government investment Tier 1 manufacturers, R&D partners set to double ►
Slide 25: Roadmap to £1bn EPRA NDV driven by land pipeline & high value uses
Roadmap to £1bn EPRA NDV driven by land pipeline & high value uses 2025 NDV growth: +1.1% Emerging markets: 0.8GW power positions1 ► knock-on effect in delivery ► Data centres, advanced manufacturing, timeline FY28 to FY29 EPRA NDV defence land sales TARGET £ 1.0bn Income less £ 727.3m costs2 I&L an
Slide 26: Funding our growth to £1bn EPRA NDV
Funding our growth to £1bn EPRA NDV Capital Capex ► Serviced land & property sales ► Land assembly, acquisitions & planning ▪ Residential land sales ► Direct development to hold ▪ I&L service land sales BtS & developments ► Infrastructure & serviced land investment ▪ IP churn Average annual sales On
Slide 27: Outlook
Harworth
Slide 28: Outlook
Outlook Progress Optimise Unlock high Create sustainable planning masterplans value uses developments Market outlook Harworth opportunity Through the cycle I&L market stable & resilient, with Platform to capture long-term structural growth & deliver attractive returns business model rent growth Near
Slide 29: Appendix
Appendix
Slide 30: Data centre product categories – risk and capital commitment
Data centre product categories – risk and capital commitment rise outside of land product Land sales - Serviced land Powered shell Fully-fitted planning & power sales & core data centre HWG land portfolio Existing I&L pipeline Existing I&L pipeline Serviced land Serviced land Power requirements Secu
Slide 31: Targets underpinned by growth drivers
Targets underpinned by growth drivers Baseline Progress Growth drivers Ambition 20201 FY 2025 56pp 1 Repositioning core IP to modern Grade A (% BY VALUE) <20 76 100 (% GRADE A BY AREA) 2 Increasing direct development of I&L stock (SQ FT)2 200,000 3 35% 270,000 800,000 (SQ FT AVERAGE RUN-RATE) Accele
Slide 32: I&L delivered 16% ROCE – driven by progress on sites
I&L delivered 16% ROCE – driven by progress on sites and supportive market Total I&L portfolio £ 0.2m £ 73.6m | 15.6% I&L Major Developments ROCE £( 0.3)m £ 36.0m | 22.3% ROCE I&L Strategic Land £( 0.4)m 28.5m | 23.8% ROCE Transform Regenerate Revitalise £ I&L Investment Portfolio £ 1.0m £ 9.1m | 8.
Slide 33: Residential supports cash generation
Residential supports cash generation – value gains impacted by inflation and site-specific costs HY2025 FY2025 ▪ Strategic Land - planning applications at early stage £( 14.3)m VGs | -5.0% ROCE £( 26.8)m VGs | -9.9% ROCE 6.2) ▪ £( H1 included some one-off site-specific m Waverley & Ironbridge costs
Slide 34: Portfolio bridge and value per segment
Portfolio bridge and value per segment Major Major Strategic Land Strategic Land Investment Other Total Developments Developments I&L Residential Portfolio I&L Residential Opening 138.1 223.8 109.7 61.0 297.2 29.0 858.8 Acquisitions 36.9 1.2 1.6 0.0 0.0 0.3 40.0 Development Expenditure 43.3 34.7 10.
Slide 35: Value gains driving EPRA NDV
Value gains driving EPRA NDV £ 44.5m 3.3m £ £ 20.6m (36.5)m £ £727.3m £ 719.5m £ (18.7)m £(5.4)m Transform Regenerate Revitalise FY2024 Net Revenue Value Gains Other1 Interest, FY2025 Administration Dividends NDV Costs Finance Costs & NDV Tax 1. Includes: Share Based Payment £2.9m, Issues of new Sha
Slide 36: Administration costs increased by 9%
Administration costs increased by 9% £39.0m £37.0m £0.6m £36.3m £2.2m £1.3m £0.1m £35.0m £0.2m £33.2m -£1.4m £33.0m £31.0m Transform Regenerate Revitalise £29.0m £27.0m £25.0m FY2024 Staff costs Legal & Professional Fees Marketing IT & Digital Transformation Insurnace Other FY2025 Increase Decrease
Slide 37: Supported by conservative funding structure
Supported by conservative funding structure & enhanced financial capacity to scale I&L 35.0% Debt facility metrics 31 Dec 2025 31 Dec 2024 25.0% Net debt (£m) 145.9 46.7 15.0% 15.6% 5.0% 6.6% 4.7% 5.4% Weighted average cost of debt 6.2% 7.1% 3.4% -5.0% FY2021 FY2022 FY2023 FY2024 FY2025 Net loan to
Slide 38: Transitioning to I&L to drive value
Transitioning to I&L to drive value RESIDENTIAL LANDBANK I&L LANDBANK 29,386 plots Residential 35.0 m sq ft Strategic Land I&L £61.5m Strategic Land Residential £149.3m Major Developments Capital growth £192.3m 64% £ 937.2m I&L Major Developments Transform Regenerate Revitalise FY2024: £858.8m £198.
Slide 39: Industrial & logistics land portfolio
Industrial & logistics land portfolio Potential to deliver 35.0m sq. ft of space Main industrial & logistics sites (31 Dec 2025) Sold or Estimated GDV Forecast Site type / Consented or Site developed remaining to Stage completion Ownership planned (sq. ft) (sq. ft) develop (£) date Advanced Manufact
Slide 40: Residential land portfolio
Residential land portfolio Potential to deliver 29,386 new homes Main residential sites (31 Dec 2025) Forecast Site type / Consented or planned Site Sold (plots) Stage completion Ownership (plots) date Mixed tenure delivery 1 Waverley (South Yorkshire) MD / FH 2,727 244 / 0 2025 or plot sale 2 Ruffo
Slide 41: Financial track record
Financial track record Income 2025 2024 2023 2022 2021 2020 2019 Revenue (£m) 129.7 181.6 72.4 166.7 109.9 70.0 85.5 Gross profit (£m) 12.6 31.1 12.4 83.4 48.7 10.6 27.9 Operating profit (£m) 21.6 74.6 54.2 44.5 121.9 27.8 24.3 Dividend per share (p) 1.775 1.6 1.5 1.3 1.1 1.8(1) 0.3 Total Return (%)
Slide 42: Operational track record
Operational track record Capital growth 2025 2024 2023 2022 2021 2020 2019 Residential plots sold 1,837 2,385 1,170 2,236 1,411 873 1,379 Direct development completed (m sq. ft) 0.3 0.1 0.2 0.4 0.1 - - 31 Dec 2025 31 Dec 2024 31 Dec 2023 31 Dec 2022 31 Dec 2021 31 Dec 2020 31 Dec 2019 Industrial & l