Shaftesbury Capital Plc · LSE:SHC
Shaftesbury Capital — FY2025 Earnings Presentation
54 slides from Shaftesbury Capital's earnings presentation, Feb 25, 2026
Slide 1: 2025 Annual Results
2025 Annual Results 25 February 2026 Delivering sustained income and value growth
Slide 2: Confidence in delivering our long-term prospects
Confidence in Delivering our long-term Strong income and prospects Prime West financial value growth End portfolio performance and position 2025 Annual Results 2
Slide 3: Prime West End portfolio
Option 1 Prime West End portfolio Significant growth potential across our portfolio 2025 Annual Results 3
Slide 4: Another year of growth
Another year of growth Strong operating and financial performance – Positive trends in footfall and sales – Excellent leasing momentum and pipeline – Delivering rental income and valuation growth – Strong balance sheet and access to substantial liquidity Introduction of long-term, private capital –
Slide 5: Unique portfolio in the heart of London's West End
Unique portfolio in the heart of London’s West End Impossible-to-replicate portfolio of heritage properties – Unrivalled concentration of entertainment and cultural attractions – Wide variety of retail, leisure, food & beverage experiences Carnaby | Soho – High footfall with seven-days-a-week tradin
Slide 6: Clear strategy delivering excellent performance
Clear strategy delivering excellent performance 2025 Highlights Portfolio valuation EPRA NTA per share +6.6%1 (L-f-L) +7.2% Total property Total accounting return return +10.1% +9.1% Underlying earnings Dividend per share per share +12.2% +14.3% Delivering on our medium-term targets 1. Reflects port
Slide 7: Strong financial performance and position
Option 1 Strong financial performance and position 2025 Annual Results 7
Slide 8: Growth in underlying earnings and dividends
Growth in underlying earnings and dividends 20251 2024 Group share £m £m Rental income 195.6 205.0 Property costs (34.5) (37.9) Rental growth +5.9%2 L-f-L Net rental income 161.1 167.1 Other income 3.0 2.8 Administration costs 3 (41.0) (39.4) Underlying earnings +12.2% Net finance costs (41.4) (57.2
Slide 9: Delivering rental value and income growth
Delivering rental value and income growth 17.6 270.3 11.3 10.8 26% 15.6 Income 215.0 reversion £million +5.3% +6.2% L-f-L L-f-L Annualised Contracted EPRA vacancy Under Net under ERV gross income Realised on expiry of Of which £4.0m is refurbishment rented rent-free periods, and under offer, Realise
Slide 10: Valuation growth driving increased NTA per share
Valuation growth driving increased NTA per share Group share balance sheet 2025 2024 £m £m Property portfolio 1 4,661 4,929 Net debt (813) (1,405) Other 106 150 Net assets 3,954 3,674 EPRA net tangible assets 3,955 3,671 EPRA net tangible assets per share (pence)2 215 200 Valuation up 6.6% to £5.4bn
Slide 11: Portfolio valuation growth with improved ERVs
Portfolio valuation growth with improved ERVs Valuation increase driven primarily by rental growth Valuation +6.6% to £5.4bn 5,407 4,974 – 6.2% L-f-L ERV growth to £270m 257 31 105 706 – Equivalent yield contracted marginally to 4.43% (666) (Dec 24: 4.45%) £million – 4.6% equivalent yield for the co
Slide 12: Significant financial flexibility
Significant financial flexibility Enhanced credit metrics… …and flexibility 1 Net debt £1.4bn £0.8bn Access to £1bn of liquidity EPRA LTV 27% 17% Weighted average maturity of drawn debt of over 4 years Interest cover 2.9x 4.0x Weighted average cost of debt of 3.6% Net debt to EBITDA 10.9x 6.6x Inter
Slide 13: Diversified debt profile and sources of funding
Diversified debt profile and sources of funding Debt maturity profile £150m unsecured RCF extended from 2027 150 maturity to 2030 £300m unsecured RCF Expected to be extended from 2028 Completion of new repaid in March 2026 maturity to 2029 £300m 5-year Covent £million using cash resources Garden RCF
Slide 14: Looking ahead
Looking ahead Progression in earnings and dividends Strong financial performance Deploying capital accretively Enhanced financial flexibility Maintaining balance sheet strength and flexibility Target total returns Value Sustained rental progression and Attractive total growth enhanced return profile
Slide 15: Delivering income and value growth
Delivering income and value growth 2025 Annual Results 15
Slide 16: Globally renowned destinations in the heart of London's West End
Globally renowned destinations in the heart of London’s West End Covent Garden +5.5% valuation growth +5.6% ERV growth Carnaby | Soho +8.5% valuation growth +7.5% ERV growth Chinatown +6.4% valuation growth +5.5% ERV growth Metrics reflect full year L-f-L growth to December 2025 Map is for indicativ
Slide 17: Positive leasing performance
Positive leasing performance 434 New lettings/renewals 56 Rent reviews High occupancy £38.8m £14.1m 2.6% +10.3% vs Dec-24 ERV +8.1% vs Dec-24 ERV ERV available to let +13.9% vs previous rent +7.7% vs previous rent 2025 Annual Results 17
Slide 18: Strong retail market
Strong retail market +8.1% 36% Retail leasing activity driving 10.4% valuation ERV L -f-L growth of portfolio value growth £97.9m – Positive trading conditions – 30 new retail openings across the portfolio 419 £137 Units ERV 0.8m sq ft per sq ft Availability on many streets at or near record lows –
Slide 19: Continued F&B demand for our prime locations
Continued F&B demand for our prime locations Operators attracted to our vibrant, predominantly pedestrian-centric destinations 24 new openings across the portfolio High occupancy Ria’s & Heard, Fouberts Place Harry’s, Russell Street – Only 0.5% of the portfolio ERV available to let 37 new lettings a
Slide 20: Office and Residential
Office and Residential Residential Office High quality office space +5.8% 19% +4.4% 12% ERV L -f-L growth of portfolio value ERV L -f-L growth of portfolio – Amenity value and excellent environmental £57.1m £26.0m value credentials – 46 new lettings and renewals: £6.1m of rental income; +7.2% vs Dec
Slide 21: Investment, expansion and growth opportunities
Investment, expansion and growth opportunities Investment opportunities across our portfolio – Refurbishment, asset management, public realm and repositioning opportunities Capital rotation – £80m of acquisitions and £33m of capex – Several buildings currently under review – £12m of assets disposed
Slide 22: Confidence in our long-term prospects
Confidence in our long-term prospects 2025 Annual Results 22
Slide 23: Long-term rental growth underpinned by strong fundamentals
Long-term rental growth underpinned by strong fundamentals Aggregated ownership; public Consistent high occupancy realm enhancement to shape our places Long-term resilience of the West End Adaptable mixed -use Forward-looking approach, portfolio with low capex using our data and creative requirement
Slide 24: Confidence in our long-term prospects
Confidence in our long-term prospects Consistent, long-term rental growth – Driving returns, earnings and value progression Significant growth potential across our portfolio – Strong leasing pipeline and excellent levels of activity Well-positioned to capitalise on market opportunities – Clear strat
Slide 25: Q&A
Option 1 Q&A 2025 Annual Results 25
Slide 26: Appendices
Option 1 Appendices 2025 Annual Results 26
Slide 27: Our strategy
Our strategy 2025 Annual Results 27
Slide 28: Our portfolio under management
Our portfolio under management 14% 52% 34% Metrics reflect percentage of portfolio under management value at 31 December 2025 2025 Annual Results 28
Slide 29: Diverse mixed-use portfolio
Diverse mixed-use portfolio Split by use Split by destination 36% 52% 36% Retail 45% 33% 33% 34% F&B 39% 19% 20% Office 14% 12% 16% 11% Residential Portfolio under management Group share of portfolio Metrics reflect percentage of portfolio valuation at 31 December 2025 2025 Annual Results 29
Slide 30: Historical reversionary potential and ERV growth
Historical reversionary potential and ERV growth +22% ERV 3 yr growth1 +26% AGI 3 yr growth1 270 258 252 Covid-19 251 239 237 225 227 221 215 205 208 203 193 185 187 181 178 175 £million 165 165 156 153 145 143 131 129 122 121 115 108 94 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 31: Consistent progression in earnings and dividends
Consistent progression in earnings and dividends Track record of growing underlying earnings and dividends Underlying earnings per share Dividend per share Pence per share +23% avg. p.a. 4.5 +19% avg. p.a. 4.0 4.0 3.5 3.2 3.4 2.3 2.1 2.1 2.4 1.8 2.4 1.7 1.8 2.4 2.4 2.2 1.9 1.9 1.5 1.7 1.6 1 2 2 2022
Slide 32: Significant opportunity to grow rents
Significant opportunity to grow rents Retail ITZA rental tones by street Average SHC Zone A Average SHC Zone A retail significantly below prime Broad range of price points rents £586 psf West End average £1,533 psf £320 £230 £335 £230 £420 £310 £1,300 £565 £455 £330 £840 £935 Map is for indicative p
Slide 33: Well-positioned for sustainable rental growth
Well-positioned for sustainable rental growth Broad range of rental tones with significant growth potential – Average SHC Zone A rent £586 psf – Remains significantly below West End average Zone A £1,533 psf Retail ITZA rental tones by street 1,500 1,000 Shaftesbury Capital ownership; streets are ba
Slide 34: Portfolio summary by use
Portfolio summary by use Retail F&B Office Commercial Residential Total Group 36% 33% 19% 88% 12% 100%1 share2 Valuation (£m) 3 1,977.6 1,782.0 1,006.8 4,766.4 638.8 5,405.2 4,698.8 Annualised gross income (£m) 75.8 76.4 39.0 191.2 23.8 215.0 187.6 ERV (£m) 97.9 89.3 57.1 244.3 26.0 270.3 234.8 ERV
Slide 35: Portfolio summary by use (continued)
Portfolio summary by use (continued) Retail F&B Office Commercial Residential Total Group 36% 33% 19% 88% 12% 100%1 share2 Net initial yield 3.6% 3.9% 3.4% 3.7% 3.0% 3.6% 3.6% Topped up net initial yield 3.8% 4.2% 3.8% 3.9% N/A 3.9% 3.9% Equivalent yield 4.5% 4.6% 4.8% 4.6% 3.3% 4.4% 4.4% WAULT (yea
Slide 36: Portfolio summary by destination
Portfolio summary by destination Total Group 52% 34% 14% 100%1 share2 Valuation (£m) 3 2,825.5 1,816.9 762.8 5,405.2 4,698.8 Annualised gross income (£m) 109.5 72.2 33.3 215.0 187.6 ERV (£m) 142.1 91.9 36.3 270.3 234.8 ERV psf (£) 102 99 86 98 98 L-f-L valuation movement (FY) +5.5% +8.5% +6.4% +6.6%
Slide 37: Portfolio summary by destination (continued)
Portfolio summary by destination (continued) Total Group 52% 34% 14% 100%1 share2 Net initial yield 3.5% 3.5% 3.9% 3.6% 3.6% Topped up net initial yield 3.9% 3.8% 4.3% 3.9% 3.9% Equivalent yield 4.5% 4.4% 4.2% 4.4% 4.4% WAULT (years) 3, 5 4.8 4.1 6.5 4.8 4.8 Floor area (sq ft m) 4, 5 1.5 0.9 0.4 2.8
Slide 38: Portfolio leasing summary by use
Portfolio leasing summary by use Retail F&B Office Residential Total 36% 33% 19% 12% 100% 2025 transactions 66 37 46 285 434 Contracted rent (£m) 13.1 8.7 6.1 10.9 38.8 % above Dec 24 ERV 11.8% 15.7% 7.2% 6.4% 10.3% % above previous passing rent 18.7% 27.3% 11.1% 3.9% 13.9% H2 2025 transactions 32 1
Slide 39: Portfolio leasing summary by destination
Portfolio leasing summary by destination Total 52% 34% 14% 100% 2025 transactions 196 164 74 434 Contracted rent (£m) 18.3 14.2 6.3 38.8 % above Dec 24 ERV 9.6% 9.8% 13.9% 10.3% % above previous passing rent 17.8% 9.9% 11.6% 13.9% H2 2025 transactions 115 86 40 241 Contracted rent (£m) 8.6 6.8 4.2 1
Slide 40: Vacancy by use
Vacancy by use Retail F&B Office Residential Total Available1 ERV (£m) 1.7 1.4 1.9 1.8 6.8 % of portfolio 0.7% 0.5% 0.7% 0.7% 2.6% Area (‘000 sq ft) 15 19 32 31 97 Under offer ERV (£m) 1.7 2.0 0.2 0.1 4.0 % of portfolio 0.7% 0.8% 0.1% 0.0% 1.6% Area (‘000 sq ft) 9 26 4 2 41 Under refurbishment ERV (
Slide 41: Creation of long-term partnership with Norwegian sovereign wealth fund
Creation of long-term partnership with Norwegian sovereign wealth fund 25% investment by NBIM in Covent Garden on 1 April 2025 • Valued Covent Garden at £2.7 billion, in line with Dec-24 valuation • £574 million cash proceeds for the Group on 1 April 2025 • Shaftesbury Capital retains 75 per cent ow
Slide 42: Cost ratio on a Group share basis
Cost ratio on a Group share basis 20251 2024 Group share £m £m Rental income 195.6 205.0 Property costs (34.5) (37.9) Other income 3.0 - Administration costs (41.0) (39.4) Total costs (72.5) (77.3) Cost ratio (incl. share-based payments) 37.1% 37.7% Share -based payments (7.7) (3.1) Total costs excl
Slide 43: Impact of Covent Garden partnership on income
Impact of Covent Garden partnership on income 2024 2025 Base for 2026 1 2024 vs 2025 comparison: +5.9% L-f-L 2 2025 comparator for £216m 2026: £189m gross £205m income reflecting full £196m year of partnership, (38) adjusting for Q1 non- (38) controlling share of (35) gross income of £7m £million 17
Slide 44: EPRA NTA per share +7.2%
EPRA NTA per share +7.2% 4.5 15.6 (3.7) (0.7) 214.7 (1.2) Pence per share 200.2 Dec-24 Gain on Underlying Dividends Non-underlying Other Dec-25 revaluation earnings paid costs 2025 Annual Results 44
Slide 45: Access to significant liquidity
Access to significant liquidity Access to total liquidity £1 billion2 574.0 (67.5) 675.0 (107.4) £million 339.1 (242.0) (14.6) Repayment of term loans: 86.8 (£42m) Canada Life (£200m) Senior unsecured term loan 109.8 Opening Underlying CG partnership Dividend Capex, acquisitions Financing Non-underl
Slide 46: Debt covenants summary
Debt covenants summary Nominal Average Test ICR LTV value interest rate Maturity frequency Covenant Covenant 2030: £130m Aviva term loan £450m 4.7% 2033: £200m Half yearly 1.35x 65% 2035: £120m Canada Life term loan £67m 4.5% 2029 Quarterly 1.4x 60% Exchangeable bond1 £275m 2.0% 2026 - - - 2026: £16
Slide 47: Significant covenant headroom
Significant covenant headroom 2025 2024 Loan-to-value (Group share) £m £m Debt at nominal value 1,152.4 1,514.8 Less: cash 1 (339.1) (109.8) Net debt 813.3 1,405.0 Property portfolio at market value 4,700.7 4,973.5 Loan-to-value 17.3% 28.2% EPRA net debt 2 798.6 1,385.9 EPRA property portfolio 2 4,7
Slide 48: Creating sustainable and vibrant places
Creating sustainable and vibrant places Commitment to sustainability and environmental responsibility – Net Zero Carbon by 2040 54% Carbon footprint reduction against – Comprehensive sustainability strategy and published 2019 baseline reporting Enhancing environmental performance is part of our regu
Slide 49: Our sustainability strategy
Our sustainability strategy Our strategy aims to sustainably add value to our buildings and tackle climate change whilst supporting local communities and our people, underpinned by our values, good governance and stakeholder engagement Buildings Places People Be a leader in the sustainable developme
Slide 50: A sustainable and responsible business
A sustainable and responsible business We’re proud to be recognised in Britain’s Most Admired Companies 2025 as the most admired company in the Property / Residential & Commercial REITs sector, securing Benchmarks sector gold. 2 1 Memberships 2025 Annual Results 1. https://www.lseg.com/en/ftse-russe
Slide 51: Lillie Square
Lillie Square We own a 50% interest in Lillie Square; all figures represent our 50% share Valuation - 4.6% decrease (L-f-L) to £62.3m (2024: £65.3m) Funding - Cash position £4.9m (2024: £4.9m) 2025 Annual Results 51
Slide 52: Principal risks
Principal risks • Decline in real estate valuations due to macroeconomic conditions • Changes to government policy, legislation and regulation impacting the property sector • Weak or volatile business and consumer confidence Economic and • Inflationary pressures on operating costs, including energy
Slide 53: Important notices
Important notices This presentation contains “forward-looking statements” regarding the belief or current expectations of Shaftesbury Capital PLC, its Directors and other members of its senior management about Shaftesbury Capital PLC’s businesses, financial performance and results of operations. The
Slide 54: AFTESBURY ITAL
AFTESBURY ITAL