Regional Reit Ltd. · LSE:RGL
Regional Reit — H1 2026 Earnings Presentation
38 slides from Regional Reit's earnings presentation, Mar 20, 2026
Slide 1: Investor Presentation
Investor Presentation Half Year to 30 June 2026 Repositioning strategy advancing regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
Slide 2: Introduction
Introduction Stephen Inglis Simon Marriott Chief Executive Officer Property Fund Director Alistair Hewitt Adam Dickinson Finance Fund Director Investor Relations Director regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
Slide 3: HY 2026 Strategy Highlights
HY 2026 Strategy Highlights Lettings 1 26 new lettings providing £1.9m of rental income (marginally ahead of the £1.8m of breaks and expiries), includes the landmark £1.1m letting of 146,262 sq. ft. of two buildings in Nottingham, reducing annualised void costs by c. £0.7m, with tenant works estimat
Slide 4: HY 2026: Key Highlights
HY 2026: Key Highlights Portfolio repositioning advancing Progression of the new strategy Portfolio Portfolio repositioning Committed to income-focused portfolio with targeted value added enhancement opportunities £526.7m 300 Bath Street, Glasgow Portfolio 106 properties (2025: 112) 5.7% below pre-s
Slide 5: Strategic sales programme update
Strategic sales programme update Rationale for sale: H1 2026 Disposals by Segmentation • Reduce debt in advance of refinancing Dec ’27 & Dec ’28 facilities 14.0% • Reduce costs associated with non-core and non-performing assets 17.8% Sales Core Strategic sales during H1 2026 Value Add • Disposals of
Slide 6: Portfolio – repositioning for long term growth
Portfolio – repositioning for long term growth Average Rent (£psf)* Yields £16 £15.60 £15.81 15% 11.8% 12.0% 12.0% £15.25 10.5% 10.5% 10.6% £15 10% £14.13 £14.20 £14.24 5.8% 5.3% 5.7% £14 5% 300 Bath Street, Glasgow £13 0% Average Rent (All) Average Rent (Office Only) 30-Jun-25 31-Dec-25 30-Jun-26 3
Slide 7: HY 2026 portfolio highlights
HY 2026 portfolio highlights Major lettings and renewals successfully secured across the regions The Royals, Altrincham Road, Manchester 1175 Century Way, Thorpe Park, Leeds Existing tenant Threesixty Services LLP has renewed its lease Existing tenant Vistry Homes Ltd has renewed its lease of of 8,1
Slide 8: Strategy: Portfolio segmentation
Strategy: Portfolio segmentation Disposals continuing from the sales segment Core Capex to core Value add Sales Valuation 30 June 26 £341.8m (64.9%*) £100.2m (19.0%*) £55.2m (10.5%*) £29.5m (5.6%*) Disposals** (£4.3m) £356.7m - £103.2m (£3.5m) (£15.0m) Revaluations (£2.9m) (£3.2m) £2.9m (£2.5m) Recl
Slide 9: Operational Review
Operational Review regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 9
Slide 10: Macro picture and trends for regional office: supply
Macro picture and trends for regional office: supply Prime supply constrained at just 2.4% of total availability Supply side • According to data from CoStar, there was a decrease in availability for all regional 90 office stock, with total supply falling by 2.4% in the first half of 2026 to 82.2m sq
Slide 11: Macro picture and trends for regional office: demand
Macro picture and trends for regional office: demand Rental Value Growth (Vs previous 12 months) Growth in Rest of UK office outpaces Central London Demand side • The Big Nine* regional markets recorded 3.4m sq. ft. of take-up in the first half of 2026. Demand increased in Q2 2026 to 2.0 m sq. ft.,
Slide 12: Case study progress: Core
Case study progress: Core Norfolk House, Birmingham Background • Acquired in February 2019 Asset management initiatives • Delivered a c. £2.2m refurbishment for Global Banking School ("GBS") • Secured a new 44,245 sq. ft. lease with GBS for previously vacant Grade A office space, generating annual r
Slide 13: Value Add – potential change of use assets
Value Add – potential change of use assets Feasibility studies Templeton on the Green, Glasgow Undertake planning initiatives for change of use Protect and improve value The Lighthouse, Manchester Disposal realisation Trinity Court, Cardiff regionalreit.com | © 2026 Regional REIT Limited. All Rights
Slide 14: Case study progress: Value Add
Case study progress: Value Add Central Park, New Lane, Leeds Background • Acquired as part of the Squarestone portfolio (2021), with the recent addition of Kennedy House (2025). A scheme which is made up of 5 buildings, one of which is let to Asda Asset management initiatives • Following engagement
Slide 15: Case study progress: Change of Use
Case study progress: Change of Use One & Two Newstead Court, Nottingham Background • Acquired in November 2015 • The property became fully vacant from April 2025, following E.ON plc's departure from Two Newstead Court (having previously vacated One Newstead Court) Asset management initiatives • Purs
Slide 16: ESG and New Initiatives
ESG and New Initiatives regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 16
Slide 17: ESG – Delivering sustainability and cost savings
ESG – Delivering sustainability and cost savings EPC – Competitive advantage through early compliance Environment Portfolio position vs UK office market • 61.2% EPC A & B Vs only 19% of UK commercial buildings meet 2030 EPC B target* Rating 31-Dec-25 30-Jun-26 Movement 300 Bath Street, Glasgow A&B 6
Slide 18: Financial Review
Financial Review regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 18
Slide 19: Income overview
Income overview EPRA earnings H1 2025 (£m) versus H1 2026 (£m) 9.0 8.5 8.0 7.0 1.1 6.8 0.8 6.0 2.4 (0.4) 5.0 4.0 3.0 (5.7) 2.0 1.0 0.0 30Jun2025 Rental and Property Admin and Finance Finance 30Jun2026 EPRA earnings property income costs other expenses income expenses EPRA Earnings regionalreit.com |
Slide 20: Investment property activity
Investment property activity Investment properties to 30 June 2026 (£m) 570 555.2 550 0.0 1.4 530 (20.8) (2.1) 526.7 (7.1) 510 490 470 450 Valuations Disposals Acquisitions Gain/(loss) on CAPEX Valuation Valuations 31Dec25 (Net of costs) (Incl. costs) the disposal change 30Jun26 30Jun26 of propertie
Slide 21: Balance sheet - overview
Balances sheet - overview EPRA Net Tangible Asset (£million) 30 June 2026 340 • EPRA NTA: £305.8m (188.7p basic and diluted) 16.1 (31 Dec ‘25: £315.2m, 194.4p basic diluted)* 330 • IFRS: £309.1m (190.7p basic and diluted) (31 Dec ‘25: £319.3m, 197.0p basic and diluted) (4.4) 320 (5.4) (1.4) 315.2 (2
Slide 22: Debt: maturities and financing
Debt: maturities and financing Continue to reduce LTV across all facilities Summary Conservative hedging strategy • Bank borrowings reduced by £22.4m • 100.4% hedged portfolio • In early discussions with lenders regarding Dec ‘27 & Dec ’28 facility • 2.1 years weighted average debt duration • Progre
Slide 23: Strategic Priorities
Strategic Priorities regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 23
Slide 24: Strategic priorities – the pathway to repositioning the portfolio
Strategic priorities – the pathway to repositioning the portfolio 1 Driving income: increasing occupancy and rental growth across the portfolio 2 Strengthen core portfolio and continue to improve EPC ratings 3 Committed to reducing debt through targeted disposals programme 4 Committed to fully cover
Slide 25: Appendix
Appendix • Property Portfolio • Financial Information regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 25
Slide 26: Property portfolio
Property portfolio regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 26
Slide 27: Overview – Specialised platform and geographically diverse portfolio
Overview – Specialised platform and geographically diverse portfolio UK property locations Portfolio details as at 30 June 2026 as at 30 June 2026 Valuation % Capital rate Sector Properties (£m) by valuation (£psf) Office 92 471.4 89.5% 110.31 Industrial 4 25.3 4.8% 60.33 Retail 9 20.4 3.9% 99.13 Ot
Slide 28: Diversified income stream
Diversified income stream Portfolio details at 30 June 2026 Gross % by Occupancy WAULT to Average Sector Properties Valuation Sq. ft. rental ERV Capital rate Yield (%) valuation (EPRA) first break rent income (£m) (mil) (%) (yrs) (£m) (£psf) (£m) (£psf) Net initial Equivalent Reversionary Office 92
Slide 29: Strategy: Portfolio - segmentation
Strategy: Portfolio - segmentation Gross % by Occupancy WAULT to Average Capital Segmentation Valuation Sq. ft. rental ERV Yield (%) valuation (EPRA) first break rent rate income (£m) (mil) (%) (yrs) (£m) (£psf) (£m) (£psf) Net initial Equivalent Reversionary Core 341.8 64.9% 2.8 82.0% 3.0 34.6 14.8
Slide 30: Top 15 Investments (market value)
Top 15 Investments (market value) % of Market Lettable EPRA Annualised WAULT to % of Gross Property Sector Anchor tenants value area Occupancy gross rent first break portfolio rental (£m) (Sq. Ft) (%) (£m) (years) income 300 Bath Street, Glasgow Office Securigroup Ltd, Glasgow Tay House Centre Ltd,
Slide 31: Top 15 Occupiers (share of rental income)
Top 15 Occupiers (share of rental income) WAULT to Lettable Annualised % of Tenant Property Sector first break area gross rent Gross rental (years) (Sq. Ft) (£m) income Global Banking School Ltd Norfolk House, Smallbrook Queensway, Birmingham Education 6.4 73,628 1.4 2.9% Virgin Media Ltd Eagle Cour
Slide 32: Portfolio: diversified occupier base with blue chip tenants
Portfolio: diversified occupier base with blue chip tenants Information and communication Administrative and support service activities • 616 tenants (Dec 2025: 659) across Wholesale and retail trade 1,017units (Dec 2025: 1,146) 13.2% 11.9% Manufacturing 4.1% Professional, scientific and technical •
Slide 33: Geographically diversified office led portfolio focused on the UK regions
Geographically diversified office led portfolio focused on the UK regions Gross office assets by value % Office WAULT years Office average rent & capital rate £psf 5 £18 £140 100% 4.6 £16 £15.25 £15.60 £15.37 90% £120 4.3 4.3 £109.45 £108.58 £110.31 4 80% £14 £100 70% £12 3 60% £80 £10 50% 2.7 2.6 2
Slide 34: Financial Information
Financial Information regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 34
Slide 35: Financial – Statement of comprehensive income
Financial – Statement of comprehensive income H1 2026 H1 2025 Change (£'000) (£'000) (£’000) Rental and property income 34,269 39,919 (5,650) Property costs (18,163) (20,588) 2,425 Net rental and property income 16,106 19,331 (3,225) Administrative & other expenses (4,442) (5,207) 765 Operating prof
Slide 36: Financial – Statement of financial position
Financial – Statement of financial position H1 Year ended H1 Year ended 2026 2025 Change 2026 2025 Change (£’000) (£’000) (£’000) (£’000) (£’000) (£’000) Liabilities Assets Non-current Assets Current liabilities (40,830) (43,240) 2,410 Investment properties 513,966 542,191 (28,225) Right of use asse
Slide 37: Cash flow
Cash flow Cash bridge 30 June 2026(£m) 90 80 20.8 70 (8.1) 60 18.9 50 (3.8) (1.4) 40.8 40 37.7 (23.2) 30 20 10 0 31 Dec 2025 Cash from Net interest, Acquisitions, associates Net Dividends Borrowings and 30 Jun 2026 Cash balance operations tax & costs & Capex disposals leases repaid, Cash balance cos
Slide 38: Disclaimer
Disclaimer This document (“Document”) (references to which shall any liability whatsoever (in negligence or otherwise) for They speak only as at the date of this Document and be deemed to include any information which has been any loss however arising from any use of this Document, actual results, p