Supermarket Income Reit Plc · LSE:SUPR
Supermarket Income Reit — FY2026 Earnings Presentation
33 slides from Supermarket Income Reit's earnings presentation, Sep 16, 2026
Slide 1: A Platform for Growth - Full Year Results
A PLATFORM FOR GROWTH SUPR Primary 1 #405268 FULL YEAR RESULTS 16 SEPTEMBER 2026 Tesco, Colchester
Slide 2: Delivering value for shareholders
Delivering value for shareholders £2.2bn +2% 9.2% SUPR Primary 1 Portfolio value Sustainable increase EPRA cost ratio #405268 in dividend for FY27 Portfolio value as at 16 September 2026, including joint venture at share EPRA cost ratio includes direct vacant property costs 2
Slide 3: Highly active year of strategic progress
Highly active year of strategic progress JV scaled to £855m through a series of transactions £676m earnings accretive acquisitions since July 2025 SUPR Primary 1 £1bn debt financings, including debut public bond #405268 Proactive lease renewals, proving sustainable rents Proceeds from £100m equity r
Slide 4: Ambitions to double the portfolio
Ambitions to double the portfolio Interim results presentation (March 2026) set out the avenues for growth: Illustrative Portfolio Evolution European foodstores Grocery distribution Grocery anchored 10% 10% retail(1) 7% European foodstores 15% £2bn £4bn 10% Grocery anchored 65% UK foodstores SUPR Pr
Slide 5: Proceeds of £100m equity raise fully deployed in two months
Proceeds of £100m equity raise fully deployed in two months First equity raise since 2022 £222m Grocery assets Acquired 9 grocery properties 82% Investment grade(1) SUPR Primary 1 Accretive to earnings per share #405268 87% Inflation-linked(1) Supporting dividend growth 6.6% NIY Scaling further redu
Slide 6: Acquiring high-quality grocery properties
Acquiring high-quality grocery properties Tesco Edinburgh Sainsbury’s Avonmouth M&S Nottinghamshire Large format omnichannel store Mission critical logistics Grocery anchored retail park 128k sq ft 5 yrs 67k sq ft 14 yrs 50k sq ft 5 yrs GIA Remaining term GIA Remaining term GIA Remaining term Annual
Slide 7: Various sources of capital to deliver growth
Various sources of capital to deliver growth Equity raising Organic scale enhancing earnings and supporting dividend growth Joint Ventures Management fee-generating whilst warehousing future pipeline Debt financing Lower cost of financing can enhance returns Capital recycling Redeploying disposal pr
Slide 8: Financial Results
Financial Results SUPR Primary 1 #405268 Photo: Tesco, Colchester 8
Slide 9: Financial highlights
Financial highlights £122m 9.2% 5.7p +6% -380bps -4% Net rental EPRA cost EPRA income(1) ratio earnings £2.2bn 87.5p 7.5% +37% +0.4% +30bps Portfolio EPRA NTA Total value(1,2) per share accounting return Photo: Tesco, Scunthorpe All figures as at 30 June 2026 unless stated otherwise 1) Proportionall
Slide 10: Successful deployment delivers 23% growth in passing rent
Successful deployment delivers 23% growth in passing rent Movement in passing rent since completion of the joint venture (£m)(1) Highly secure, efficient income profile(1) 14.8 144.3 8.4 2.1 129.5 100% 100% 117.0 23.1 Occupancy Rent collection SUPR Primary 1 (21.1) #405268 Capital deployed in year:
Slide 11: £635m of capital recycling to drive future earnings growth
£635m of capital recycling to drive future earnings growth Recycled capital spread(1) Annualised net income accretion (pence per share) Benefit of 0.3p net income management accretion fee 0.2 0.3 +120bps 0.6% 1.8 positive spread SUPR Primary 1 #405268 6.8% 6.2% (1.7) Disposal Redeployment Income Rec
Slide 12: One of the lowest cost ratios in the sector
One of the lowest cost ratios in the sector Internalisation delivering material reduction in EPRA cost ratio(1) c.£4m of cost savings 13.6% delivered since internalisation SUPR Primary 1 #405268 On target to deliver <9% 9.2% cost ratio in FY27 Low incremental cost as SUPR scales Pre-Internalisation
Slide 13: 4% reduction in EPS as we redeploy capital
4% reduction in EPS as we redeploy capital and strengthen balance sheet Movement in EPRA EPS for 12-months to 30 June 2026 6.0p 0.2p 5.7p (0.3)p 0.1p 0.1p (0.4)p SUPR Primary 1 One-off impact in FY26 #405268 Jun-25 Cash drag on Increase in JV fee LFL net Cost Jun-26 asset transfers WACD income rent
Slide 14: Delivering income led total accounting return
Delivering income led total accounting return Movement in EPRA NTA per share for 12-months to Jun-26 TAR underpinned by investment grade income 5.7 SUPR Sector 2.8 Average(1) 87.1 87.5 c.10% (1.7) (0.2) (6.2) c.43% SUPR Primary 1 #405268 c.90% c.57% Jun EPRA Dividends Realised / Acquisition Other Ju
Slide 15: c.£1bn of refinancings improving diversification and maturity
c.£1bn of refinancings improving diversification and maturity Maturity profile as of 30 June 2025 (£m) Maturity profile as of today (£m) 2.8 yrs 3.6 yrs average average 96 maturity maturity 250 54 102 SUPR Primary 1 105 #405268 398 105 75 268 219 105 105 100 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY26 F
Slide 16: Remain committed to our BBB+ credit rating
Remain committed to our BBB+ credit rating Loan to value(1) Net debt / EBITDA(1) 60% 9.0x Debt covenant Rating sensitivity 44% 45% 7.9x 7.8x 37% 37% 7.1x 31% SUPR Primary 1 5.1x #405268 Jun-23 Jun-24 Jun-25 Jun-26 Pro-forma Jun-23 Jun-24 Jun-25 Jun-26 Manage leverage through the cycle Expect to oper
Slide 17: Well placed to deliver our strategy
Well placed to deliver our strategy Successful Platform Delivering redeployment of positioned for attractive capital growth shareholder SUPR Primary 1 returns #405268 £676m deployed into One of the lowest cost ratios 7.5% TAR, underpinned by earnings enhancing in sector investment grade income acqui
Slide 18: Market and investment update
Market and investment update SUPR Primary 1 #405268 18
Slide 19: Omnichannel grocers continue to dominate the market
Omnichannel grocers continue to dominate the market Supermarket operators by market share (%)(1) £44bn(2) 28.1% 37% online Instore market share Online 15.6% SUPR Primary 1 #405268 11.6% 10.6% 8.4% 8.3% £3bn(2) 2.1% 18% online market share Omnichannel grocers best placed to win through scale Source:
Slide 20: Omnichannel stores capturing majority of sales growth
Omnichannel stores capturing majority of sales growth LFL sales growth(1) 89% Omnichannel stores combine these sales channels Omnichannel stores in SUPR’s portfolio(2) 11.2% 10.2% SUPR Primary 1 #405268 4.1% 3.9% 0.3% -0.2% FY25 FY26 FY25 FY26 FY25 FY26 Online Large format Convenience 1) Tesco FY26
Slide 21: Large format stores provide better value and greater choice
Large format stores provide better value and greater choice Price comparison of a weekly grocery basket across store formats Why consumers prefer large format to convenience: £169 £16 per week = Items often 10-20% cheaper(2) >£800 £153 annual SUPR Primary 1 savings(1) #405268 20,000-30,000 products
Slide 22: Omnichannel sales are growing ahead of rents
Omnichannel sales are growing ahead of rents Actual sales data from one of SUPRs omnichannel stores: 3.9% RTO Store level sales growth outstripping inflation SUPR Primary 1 4.1% #405268 RTO Proving affordability of rents Supports sustainable rental growth 1) 12-month rolling sales based on trading d
Slide 23: Generating value through active management
Generating value through active management Partnership with Lidl to develop a new store at Bristol retail park 20-year Lease term SUPR Primary 1 #405268 RPI Inflation-linked reviews 8% Yield on cost 23
Slide 24: Active management enhancing tenant lineup
Active management enhancing tenant lineup RETAIL WAREHOUSING UNITS At acquisition: Not trading from store Concessionary lettings 100% Occupancy +6 yrs WAULT since acquisition SUPR Primary 1 #405268 Today: +£400k Rental income +10% Valuation increase(1) All figures assume Lidl development has complet
Slide 25: Unlocking value through lease renewals
Unlocking value through lease renewals Extended duration of income Index-linked lease terms Proving affordable rents Total return accretion 76k sq.ft. omnichannel store 83k sq.ft. omnichannel store SUPR Primary 1 #405268 -15% 0% No rent-free 15 yrs term No rent-free 15 yrs term Rent Rent period +9yr
Slide 26: Market evidence demonstrating higher affordable rents
Market evidence demonstrating higher affordable rents New store openings providing open market Driving OMV evidence of higher affordable rents reviews M&S, Southeast M&S, Berkshire Waitrose, Surrey SUPR Primary 1 #405268 £28 £24 £24 Rent psf Rent psf Rent psf New: 20yrs index-linked New: 20yrs index
Slide 27: Recent market transactions support asset values
Recent market transactions support asset values Sainsbury’s Hertfordshire Lidl sale and leaseback Morrisons Plymouth £[30]m £34m 15 yrs 5.0% £113m 20 yrs[5]% 4.8% £23m 22 yrs 6.1% Purchase Purchase Lease NIY Purchase price Lease NIY NIY Purchase Lease NIY price term price term price term Site cover
Slide 28: £676 million of earnings accretive acquisitions
£676 million of earnings accretive acquisitions £508m £109m UK foodstores European direct sale & leaseback SUPR Primary 1 £44m £15m #405268 Grocery anchored retail parks Grocery distribution 6.5% 13 years 94% 74% Inflation-linked Investment NIY WAULT reviews(1) grade(1) Including post year end acqui
Slide 29: Well-positioned to continue to grow
Well-positioned to continue to grow Highly active year of significant strategic progress Targeting strong total return backed by high-quality income Multiple avenues to grow and drive shareholder returns 29
Slide 30: Q&A
Q&A SUPR Primary 1 #405268 Photo: Sainsbury’s, Ashford 30
Slide 31: High-quality portfolio let to leading supermarket operators
High-quality portfolio let to leading supermarket operators 140 £2.2bn 11 yrs 83% 100% Supermarkets Portfolio value WAULT Inflation-linked Occupancy Exposure by rent 39% SUPR Primary 1 25% #405268 10% 7% 5% 5% 1% 1% Non-food 7% All figures including JV at share and post year end transactions 31
Slide 32: Important Information
Important Information THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, REDISTRIBUTED, COPIED OR PUBLISHED (IN WHOLE OR IN PART) TO ANY OTHER PERSON FOR ANY PURPOSE. ANY RECIPIENT OF THIS PRESENTATION AGREES TO KEEP PERMANE
Slide 33: Important Information
Important Information The information contained in this presentation has not been independently verified by the Company, or any other person, and some of the information is still in draft form. No representation, warranty or undertaking, express or implied, is made by the Company or any of its advis
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