Harworth Group Plc · LSE:HWG
Harworth — Merger or Acquisition (September 2026)
13 slides from Harworth's merger presentation, Sep 9, 2026
Slide 1: Peel's Unrecommended Offer fundamentally undervalues Harworth
Peel’s Unrecommended Offer fundamentally undervalues Harworth 9 September 2026
Slide 2: Peel's Unrecommended Offer fundamentally undervalues Harworth
Peel’s Unrecommended Offer fundamentally undervalues Harworth A The unrecommended offer is at a 19.7% discount to Harworth’s EPRA NDV1 as at 30 June 2026 B Harworth’s EPRA NDV of 214.8p per share does not fully capture potential additional embedded value of 82.6p Six hyperscale data centre2 land sal
Slide 3: Superior value above EPRA NDV for Harworth shareholders
Superior value above EPRA NDV for Harworth shareholders Harworth shareholders are entitled to participate in the significant value upside above EPRA Net Disposal Value 297.4p +9.5p +5.1p +37.3p + Significant purchaser +40.2p synergies 214.8p Current Offer Price: 172.5p 2 HY26 EPRA NDV Potential Valu
Slide 4: An extensive pipeline of hyperscale data centre opportunities
An extensive pipeline of hyperscale data centre opportunities Harworth Group has a substantial and growing pipeline of hyperscale data centre opportunities 0.8GW UK powered land pipeline ` Skelton Harworth’s 0.8GW accepted powered land pipeline Site 2 Site 3 Site 4 Site 5 Site 6 Opportunity1 amongst
Slide 5: A clear data centre strategy
A clear data centre strategy 0.8GW of secured powered land today, a credible route to 1.9GW, and a further five hyperscale land sales identified in the current portfolio Majority of value is crystallised before the land sale Secured and scaled pipeline, with embedded upside Clear data centre strateg
Slide 6: A significant industrial & logistics development pipeline
A significant industrial & logistics development pipeline The industrial & logistics development pipeline represents a significant opportunity to monetise value in the short to medium-term Harworth’s industrial & logistics development pipeline 3.8 million sq. ft. construction-ready land Area Estimat
Slide 7: A strong track record of growth and returns
A strong track record of growth and returns Industrial & logistics portfolio already delivering 24% ROCE, ahead of the market Repositioning portfolio to outperforming industrial & logistics sectors Case study: Skelton Grange Total ROCE Avg. annual ROCE Former coal-fired power station acquired for c.
Slide 8: Creating a simpler, lower cost and higher returning platform
Creating a simpler, lower cost and higher returning platform Accelerating reallocation of capital to become a pure play powered land and industrial & logistics specialist Building on strong track record of growth and returns and successfully repositioning the portfolio to drive future return Pipelin
Slide 9: Offer highly opportunistic, taking advantage of weak macroeconomic environment
Offer highly opportunistic, taking advantage of weak macroeconomic environment Significant share price dislocation since Middle East conflict1 Offer represents a discount to historical share prices and net assets3 ME conflict (27 Feb 2026) %Δ since 200 ME conflict 225 2.5% 214.8 3.7% 175 200 189.5 1
Slide 10: Peel's Unrecommended Offer is highly opportunistic and does not reflect value of Harworth's assets
Peel’s Unrecommended Offer is highly opportunistic and does not reflect the value of Harworth’s assets and its growth prospects Significant potential embedded value in Harworth’s portfolio equal to 82.6p per share which is not reflected in Harworth’s EPRA NDV – all shareholders should retain the opp
Slide 11: Appendix
Appendix
Slide 12: Breakdown of sources of additional value
Breakdown of sources of additional value Total Value Additional Values Description Source £m Per Harworth share • As a separate exercise to the independent Red Book valuations as at 30 June 2026, JLL has undertaken an assessment of the potential NRV of Harworth's near to medium-term industrial & log
Slide 13: Disclaimer
Disclaimer This presentation has been prepared by Harworth Group plc ("Harworth") in relation to the unrecommended offer made by Peel Pepper (UK) Limited to acquire Harworth (the "Unrecommended Offer"). This presentation should be read in conjunction with Harworth's response circular in relation to
Harworth Group — Merger or Acquisition (September 2026) on 6ix