Workspace Group Plc · LSE:WKP
Workspace — H1 2025/26 Earnings Presentation
38 slides from Workspace's earnings presentation, Nov 19, 2025
Slide 1: Half Year Results 2025/26: Investor & Analyst Presentation
Workspace Group PLC Half Year Results 2025/26: Investor & Analyst Presentation 19 November 2025
Slide 2: Agenda
2 Workspace Group PLC Half Year Results 2025/26 AGENDA 01 OVERVIEW Lawrence Hutchings, CEO 02 FINANCIAL REVIEW Dave Benson, CFO 03 EXECUTING OUR STRATEGY Lawrence Hutchings, CEO 04 NEXT STEPS Lawrence Hutchings, CEO
Slide 3: Overview
3 Workspace Group PLC Half Year Results 2025/26 LAWRENCE HUTCHINGS, CEO OVERVIEW 01
Slide 4: Performance in line with expectations
4 Workspace Group PLC Half Year Results 2025/26 PERFORMANCE IN LINE WITH EXPECTATIONS OPERATIONAL PERFORMANCE – STRATEGIC ACTIONS GAINING TRACTION Enquiry to letting LFL retention2 NPS LFL rent per sq. ft. LFL rent roll conversion 16% 85% Mar 25: 83%3 +47 H1 24/25: +33 £47.55 Mar 25: £47.523 £107.1m
Slide 5: Financial Review
5 Workspace Group PLC Half Year Results 2025/26 DAVE BENSON, CFO FINANCIAL REVIEW 02
Slide 6: Softer demand but conversion improving
6 Workspace Group PLC Half Year Results 2025/26 SOFTER DEMAND BUT CONVERSION IMPROVING AVERAGE MONTHLY ENQUIRIES AVERAGE MONTHLY LETTINGS CUSTOMER DEMAND SOFTER STRONG CONVERSION 900 818 140 130 25% 796 800 759 114 700 120 109 688 666 104 102 20% 700 634 99 628 100 91 93 600 15% 80 500 60 10% 400 40
Slide 7: Underlying income and dividend maintained
7 Workspace Group PLC Half Year Results 2025/26 UNDERLYING INCOME AND DIVIDEND MAINTAINED £m Sep 25 Sep 24 Change Underlying rental income 67.3 66.8 +0.7% Unrecovered service charge costs (1.9) (2.8) Empty rates and other non-recoverable costs (6.0) (5.4) Services, fee, commissions and sundry income
Slide 8: Capital discipline maintained
8 Workspace Group PLC Half Year Results 2025/26 CAPITAL DISCIPLINE MAINTAINED BALANCE SHEET EPRA NTA PER SHARE (£) £m Sep 25 Mar 25 Investment property valuation 2,276 2,368 7.74 0.16 Net debt (833) (820) (0.19) 7.21 Other (47) (46) (0.49) (0.01) Net assets 1,396 1,502 EPRA NTA per share £7.21 £7.74
Slide 9: Valuation
9 Workspace Group PLC Half Year Results 2025/26 VALUATION 30 Sep 25 Movement in half year Valuation Cap. Val. Valuation Valuation1 Equivalent Yield ERV £m Initial Yield Equivalent Yield £psf £m % bps £psf Like-for-like 1,768 5.5% 6.7% 622 -55 -3.0% -17 -2.3% Completed projects 127 3.3% 6.7% 443 -10
Slide 10: Flexible debt facilities extended
10 Workspace Group PLC Half Year Results 2025/26 FLEXIBLE DEBT FACILITIES EXTENDED Facility Drawn Amount Amount Average Sep 25 Mar 25 Proforma1 debt £m £m interest rate Maturity Bank facilities drawn £169m £180m Fixed rate borrowings Fixed rate borrowings £585m £665m Private placements 220 220 3.4%
Slide 11: Financial considerations for H2 2025/26
11 Workspace Group PLC Half Year Results 2025/26 FINANCIAL CONSIDERATIONS FOR H2 2025/26 Softer economy and macroeconomic uncertainty creating tough operating environment H2 earnings will be impacted by: • lower opening rent roll • reduced pressure on occupancy from large unit vacations • increased
Slide 12: Executing on our strategy
12 Workspace Group PLC Half Year Results 2025/26 LAWRENCE HUTCHINGS, CEO EXECUTING ON OUR STRATEGY 03
Slide 13: A strategy to deliver income-led shareholder value
13 Workspace Group PLC Half Year Results 2025/26 A STRATEGY TO DELIVER INCOME-LED SHAREHOLDER VALUE FIX ACCELERATE SCALE 2025 2026 2027 2028+ 2025 2026 2027 2028+ 2025 2026 2027 2028+ Leveraging the unique Delivering a step change Aligning portfolio to attributes of our business in operational busin
Slide 14: Fix: Enhance and expand the core business
14 Workspace Group PLC Half Year Results 2025/26 FIX ACCELERATE SCALE ENHANCE AND EXPAND THE CORE BUSINESS PRIORITY: Stabilise and rebuild occupancy Customer retention New customers Conversion
Slide 15: We are laser-focused on rebuilding occupancy
15 Workspace Group PLC FIX Half Year Results 2025/26 WE ARE LASER-FOCUSED ON REBUILDING OCCUPANCY TWO DRIVERS OF OCCUPANCY RETENTION OF EXISTING CUSTOMERS NEW CUSTOMERS
Slide 16: Retention: stabilising our base is critical
16 Workspace Group PLC FIX Half Year Results 2025/26 RETENTION: STABILISING OUR BASE IS CRITICAL ACTIONS OUTCOMES Centre managers now leading on LFL retention rate up 2% to 85% renewals, expansions & contractions Expansions up 12% in October vs. Q2 Centre teams empowered to resolve monthly average i
Slide 17: Retention: pilot projects – improving our product
17 Workspace Group PLC FIX Half Year Results 2025/26 RETENTION: PILOT PROJECTS – IMPROVING OUR PRODUCT VOX STUDIOS, VAUXHALL THE LEATHER MARKET, LONDON BRIDGE • £0.7m spent to date on high impact areas • £0.5m spent to date on high impact areas • NPS score up to +78 from +41 a year ago • NPS score u
Slide 18: New customers: data-driven initiatives driving high quality enquiries
18 Workspace Group PLC FIX Half Year Results 2025/26 NEW CUSTOMERS: DATA-DRIVEN INITIATIVES DRIVING HIGH QUALITY ENQUIRIES ACTIONS 20% Brand preference OUTCOMES 15% 10% Leveraging third party data and Brand tracking shows 20% increase 5% market research to target prospects in first choice considerat
Slide 19: New customers: enhancing conversion
19 Workspace Group PLC FIX Half Year Results 2025/26 NEW CUSTOMERS: ENHANCING CONVERSION Optimising the sales team • Enhanced training and coaching building more commercial mindset • Incentivisation better aligned with targets Empowered centre teams Unit photo • Accountability for revenue targets •
Slide 20: Next steps: empowering centre teams to focus on retention
20 Workspace Group PLC FIX Half Year Results 2025/26 NEXT STEPS: EMPOWERING CENTRE TEAMS TO FOCUS ON RETENTION Shifting accountability from HO to the onsite teams • Customer-facing teams empowered and incentivised to drive revenue • Rolling out pilot changes to centre team structure Data-driven deci
Slide 21: Accelerate: transform and prepare for emerging opportunities
21 Workspace Group PLC Half Year Results 2025/26 FIX ACCELERATE SCALE TRANSFORM & PREPARE FOR EMERGING OPPORTUNITIES PRIORITY: Optimise portfolio and platform Disposal of low conviction assets Investing in conviction assets Optimising platform
Slide 22: A conviction approach to portfolio management
22 Workspace Group PLC ACCELERATE Half Year Results 2025/26 A CONVICTION APPROACH TO PORTFOLIO MANAGEMENT • £200m disposals targeted over two Our portfolio years; £52.4m exchanged or completed • Further disposals, in line with conviction VALUE OF PROPERTIES NUMBER OF PROPERTIES approach, where use o
Slide 23: Capital discipline
23 Workspace Group PLC ACCELERATE Half Year Results 2025/26 CAPITAL DISCIPLINE DEPLOYMENT OF CAPITAL TO MAXIMISE RISK-ADJUSTED MEDIUM TO LONG-TERM RETURNS • Rolling asset management programme to improve occupancy and drive returns Investing in occupancy • No material new development commitments • Re
Slide 24: Investing in our product: next phase of projects
24 Workspace Group PLC ACCELERATE Half Year Results 2025/26 INVESTING IN OUR PRODUCT: NEXT PHASE OF PROJECTS • Rolling out to additional high conviction assets, well-located for our target creative and innovative customer base • Selected buildings provide best opportunity to grow rent roll through i
Slide 25: Scale: innovate to create future options
25 Workspace Group PLC Half Year Results 2025/26 FIX ACCELERATE SCALE INNOVATE TO CREATE FUTURE OPTIONS PRIORITY Innovate today to deliver accretive scale in the future Strategic partnerships and lettings to access new sources of demand Qube creator hub at The Old Dairy
Slide 26: Strategic partnership
26 Workspace Group PLC SCALE Half Year Results 2025/26 STRATEGIC PARTNERSHIP WITH Strategic partnership Consistent with strategy and FIX ACCELERATE SCALE validated by research – capturing new whilst aligned flex demand Occupancy focus in Operating platform Scalable specialist advance of vacation – a
Slide 27: Next steps
27 Workspace Group PLC Half Year Results 2025/26 LAWRENCE HUTCHINGS, CEO NEXT STEPS 04 Video: Our customers
Slide 28: Our priorities and next steps
28 Workspace Group PLC Half Year Results 2025/26 OUR PRIORITIES AND NEXT STEPS We are making good progress against our strategy but there is a lot more to do. FIX: Rebuild occupancy and earnings • Focus on customer retention • Roll out staffing changes to decentralise and empower customer-facing tea
Slide 29: Q&A
29 Workspace Group PLC Half Year Results 2025/26 Q&A
Slide 30: Appendix
30 Workspace Group PLC Half Year Results 2025/26 APPENDIX
Slide 31: What makes us an inherently sustainable business
31 Workspace Group PLC Half Year Results 2025/26 WHAT MAKES US AN INHERENTLY SUSTAINABLE BUSINESS 1. Refurbishment-led ethos 2. Highly efficient portfolio 3. Enabling a fairer, flatter London • We champion adaptive reuse of buildings • Robust operational platform with • We enable local employment, l
Slide 32: Top decile scores across various ESG benchmarks
32 Workspace Group PLC Half Year Results 2025/26 TOP DECILE SCORES ACROSS VARIOUS ESG BENCHMARKS REFLECT OUR MARKET LEADING APPROACH AND IMPACT ENERGY EFFICIENT 8.8 Energy intensity 15% lower than 2030 net zero target for offices. Ranked Top 50 ESG company in the region across all industries FUTURE-
Slide 33: Our portfolio provides choice and good value
33 Workspace Group PLC Half Year Results 2025/26 OUR PORTFOLIO PROVIDES CHOICE AND GOOD VALUE LIKE-FOR-LIKE PROPERTIES: ERV £ PER SQ. FT.1 110 100 90 80 70 60 50 40 30 20 10 0 ERV per sq. ft. property average ERV per sq. ft. property range LFL ERV per sq. ft. average 1. From September 2025 Valuation
Slide 34: Completed projects
34 Workspace Group PLC Half Year Results 2025/26 COMPLETED PROJECTS Unaffected area Upgraded area New Space ERV psf Rent at 90% Sep-25 At September 2025 Valuation (£m) (sq. ft.) (sq. ft.) (sq. ft.) (Average) occupancy (£m) Rent roll (£m) Evergreen Studios 11 - - 16,887 £57 0.9 0.6 Wenlock Studios 15
Slide 35: Projects underway
35 Workspace Group PLC Half Year Results 2025/26 PROJECTS UNDERWAY Actual/ Cost to Unaffected Upgraded Rent at 90% Sep-25 Valuation Estimated Complete area area New Space ERV psf occupancy Rent roll At September 2025 (£m) cost (£m) (£m) Completion (sq. ft.) (sq. ft.) (sq. ft.) (Average) (£m) (£m) Th
Slide 36: Property portfolio
36 Workspace Group PLC Half Year Results 2025/26 PROPERTY PORTFOLIO LIKE-FOR-LIKE 41 LIKE-FOR-LIKE REFURBISHMENTS Map Property Net lettable Net rent ref name area (sq. ft.) roll (£) 1 Barley Mow Centre 77,056 2,049,077 2 Brickfields 56,441 2,536,285 40 29 46 3 Canalot Studios 48,336 1,355,905 6 21 4
Slide 37: Property portfolio
37 Workspace Group PLC Half Year Results 2025/26 PROPERTY PORTFOLIO LIKE-FOR-LIKE CONTINUED REFURBISHMENTS Map Property Net lettable Net rent Map Property Net lettable Net rent ref name area (sq. ft.) roll (£) ref name area (sq. ft.) roll (£) 20 Lock Studios 54,361 1,178,237 40 Busworks 103,110 1,43
Slide 38: Property portfolio
38 Workspace Group PLC Half Year Results 2025/26 PROPERTY PORTFOLIO SOUTH EAST OFFICE NON-CORE Map Property Net lettable Net rent Map Property Net lettable Net rent ref name area (sq. ft.) roll (£) ref name area (sq. ft.) roll (£) 54 Building 329* 33,967 560,600 62 Castle Lane 14,254 603,314 55 Crow