Great Portland Estates Plc · LSE:GPE
Great Portland Estates — H1 2026 Earnings Presentation
100 slides from Great Portland Estates's earnings presentation, Nov 18, 2025
Slide 1: Half Year Results 2025
Half Year Results 2025 We unlock potential, creating premium, sustainable space for London to thrive Minerva House, SE1
Slide 2: Executing our growth strategy
Half Year Results 2025 Executing our growth strategy: • Strong H1 operational performance • Excellent leasing, well ahead of target • Reiterate rental value growth guidance • Accretive acquisitions & profitable sales • Creating more premium spaces into market starved of quality • Well set to deliver
Slide 3: Agenda
Agenda Delivering Our Strategy Toby Courtauld, Chief Executive Market Opportunity Platform for Growth - Acquisitions & Sales Toby Courtauld, Chief Executive - Development - Fully Managed Nick Sanderson, Chief Financial & Operating Officer Financial Results Nick Sanderson, Chief Financial & Operating
Slide 4: Delivering Our Strategy – Our Investment Case
Delivering Our Strategy – Our Investment Case Doing what we said we would do Contra-Cyclical Capital Allocation; raise and buy when cheap...sell and distribute when too expensive. £m; Years to March Index 130 Central London Develop & net seller; equity returned real capital values1 (RHS) 250 120 166
Slide 5: Half Year 2025 Results
Half Year 2025 Results Outperforming despite challenging UK backdrop Strong Operational Performance Excellent leasing continues GPE Lettings (£m) & Vacancy Rate 20.0% • £37.6m; 7.1% > Mar ‘25 ERV1, leasing faster than underwrite 60 Investment Lettings Pre-lets Vacancy (right hand scale) • AI-led cus
Slide 6: Supportive Leasing Conditions
Supportive Leasing Conditions Best rents to continue rising despite macro uncertainty Best Rents to Grow; Why? London conditions supportive Jobs Up; Take Up In Line; Strong Active Demand Demand strong London Office Jobs1 City & West End c.2/3 will only Millions m sq ft 10 year avg lease prime3 • Off
Slide 7: London Investment Market Recovering
London Investment Market Recovering Values & turnover rising; more large deals Market Commentary Capital Values Rising Central London Real Capital Value1 Since Apr ‘24 • Capital values rising 125 Index, Sept 2000 = 100 Real +0.5% • +6% nominal since GPE Right Issue for acquisitions Nominal +6.0% • R
Slide 8: Market Outlook; Strongly Supports Our Strategy
Market Outlook; Strongly Supports Our Strategy Rental value growth guidance maintained Office Rents Yields Near Term Outlook Near Term Outlook Driver May ‘25 Nov ‘25 Driver May ‘25 Nov ‘25 GDP / GVA growth Rental growth Business confidence Weight of money Business investment Gilts Employment growth
Slide 9: Agenda
Agenda Delivering Our Strategy Toby Courtauld, Chief Executive Market Opportunity Platform for Growth - Acquisitions & Sales Toby Courtauld, Chief Executive - Development - Fully Managed Nick Sanderson, Chief Financial & Operating Officer Financial Results Nick Sanderson, Chief Financial & Operating
Slide 10: Successful Deployment of Rights Issue
Successful Deployment of Rights Issue Five acquisitions since May ’24; totaling £180m; more to come; and more sales Fully Managed Fully Managed HQ HQ Fully Managed The Courtyard Building, WC1 19/23 Wells St, W1 Whittington House, WC1 One Chapel Place, W1 The Gable, WC1 Purchased May ‘24 Purchased Oc
Slide 11: Acquisition - The Gable; Disposal - Newman St
Acquisition - The Gable; Disposal - 1 Newman St Finding opportunities in our backyard Acquisition - The Gable, WC1 4 1. The Gable 2. The Courtyard Alf Purchased Aug ’25 3 red Adding to Alfred Place Cluster (220k sq ft) 1 3. Alfred Place Cluster1 Pla 4. Goodge St ce Current GPE Holdings 2 5. Tottenha
Slide 12: Significant Capex Programme
Significant Capex Programme 36% of portfolio; delivering into deep supply shortage Chapel Place, 19/23 Wells St, The Gable, Whittington House, The Courtyard, 7/15 Gresse St, 2 Aldermanbury Minerva House, W1 W1 (Flex) WC1 (Flex) WC1 WC1 (Flex) W1 (Flex) Sq, EC2 SE1 3 On site HQ Development 71% pre le
Slide 13: HQ Developments
HQ Developments On site; good progress 2 Aldermanbury Square, EC2 30 Duke Street St James’s, SW1 322,600 sq ft; +83% 70,900 sq ft; +30% 100% pre let; c.1,700t of steel for re-use Steel reuse from City Place House = column free floors On budget; anticipated finish Q1 ’26 Offices 100% pre let, 15 yrs,
Slide 14: HQ Programme: The Next Phase
HQ Programme: The Next Phase Delivering into supply drought; Prime locations Soho Square Estate, W1 Whittington House, Alfred Place, WC1 92,600 sq ft; +61% 74,800 sq ft New build; best in class amenity Major refurb / extension inc. extensive terracing Planning permission granted Start on site Q4 ‘25
Slide 15: Growth across the portfolio
This Opportunities Growth is a title …across the portfolio Value Sept ‘25 £239m 79% West End Pipeline 8% £925psf2 Bring to site; 4 pipeline projects, c.390,000 sq ft HQ Developments Complete & lease £523m 25%1 Committed 17% £926psf Move into Stabilised Rent & value growth through… Kingsland & SIX St
Slide 16: Agenda
Agenda Delivering Our Strategy Toby Courtauld, Chief Executive Market Opportunity Platform for Growth - Acquisitions & Sales Toby Courtauld, Chief Executive - Development - Fully Managed Nick Sanderson, Chief Financial & Operating Officer Financial Results Nick Sanderson, Chief Financial & Operating
Slide 17: GPE Fully Managed: Delivering our Growth Strategy
GPE Fully Managed: Delivering our Growth Strategy Leasing successes driving annualised Fully Managed NOI to £25 million today (up 145% in LTM) Increasing Fully Managed Leasing Volumes and Rents psf Driving Performance 12 months to # No. of deals completed c.90% of GPE <5k sq ft office Lettings Sep ’
Slide 18: GPE Fully Managed: Strong Leasing Velocity
GPE Fully Managed: Strong Leasing Velocity Delivering premium spaces and experiences: 141 Wardour St, W1 & 170 Piccadilly, W1 141 Wardour St, W1 (24,800 sq ft) 170 Piccadilly, W1 (27,800 sq ft) • ERV: £6.1m, NOI: £3.8m • ERV: £6.9m, NOI: £3.6m • Launched September 2025 • Launched October 2025 • 100%
Slide 19: GPE Fully Managed: Driving Income & Value Growth
GPE Fully Managed: Driving Income & Value Growth Significant NOI growth delivered ahead of target; further +2.4x organic growth opportunity Organic Flex Growth (to 0.7m sq ft) Lifts Fully Managed NOI1 to £58m+; Acquisitions (to 1m sq ft) would Lift to £90m+ Ambition £m Fully Managed NOI 31.6 90.2 19
Slide 20: Financial Results: Delivering our Growth Strategy
Financial Results: Delivering our Growth Strategy Driving value and income growth Financial Priorities Our Performance 6 month 12 month Property value £3.1bn ↑ 1.5% ↑4.1% Best continues to outperform 1. Drive value growth EPRA NTA 504p ↑2.0% ↑5.9% Capturing development surpluses + EPS 3.9p ↑ 69.6% S
Slide 21: Property Valuation: Delivering our Growth Strategy
Property Valuation: Delivering our Growth Strategy Property valuation up 1.5% to £3.1bn; opportunity-rich portfolio (83% offices) Attractive ERV growth; Prime Spaces Driving Value Growth Equivalent Yield of 5.5% (or 7.0% on share price implied basis2) Property Valuation1 ERV Growth1 % 6m 12m 6m 12m
Slide 22: Driving Value Growth
Driving Value Growth Deliver further surpluses of c.£300m+ through capex and crystallising returns through sales c.£700m Capex Programme1; GDV £1.8bn; Mainly West End Disciplined Portfolio Management to Continue 600 % of portfolio5 On Site Pipeline Total Surplus2 £m (6) (4) Capex £290m £392m £682m £
Slide 23: Driving Income Growth
Driving Income Growth HQ and Fully Managed deliveries to drive rent roll growth and potential ≥3x EPS growth LfL Rental Income up 5%2 and Rent Roll Up 29% LTM; Potential Further 142% Organic Rent Roll Growth 350 £m £27.9m £306.7m c.£35m 300 £65.2m 250 £5.4m +64% £55.6m Ready to Fit4 200 £25.8m 150 £
Slide 24: Consistent Financial Strength
Consistent Financial Strength Maintaining capacity to deliver growth strategy Proactive Management of Debt Profile Robust Debt Metrics Pro Forma4 Sept ‘25 Mar ‘25 New 5+1+1 year £525m ESG-linked RCF signed Oct '25 EPRA LTV 28.2% 34.0% 30.8% • 105 bps margin (+/- 2.5bps based on ESG KPI's) • Provided
Slide 25: Financial Outlook: Delivering our Growth Strategy
Financial Outlook: Delivering our Growth Strategy Positive H2 outlook; priority to generate >10% RoE in medium term Medium H1 ‘26 H2 ’26 Term Financial Priorities Key Actions Measure Actual Guidance Outlook Deliver development surpluses of £300m+ Property value £3.1bn ↑ ↑↑ 1. Drive value growth Crys
Slide 26: Agenda
Agenda Delivering Our Strategy Toby Courtauld, Chief Executive Market Opportunity Platform for Growth - Development Toby Courtauld, Chief Executive - Acquisitions & Sales - Fully Managed Nick Sanderson, Chief Financial & Operating Officer Financial Results Nick Sanderson, Chief Financial & Operating
Slide 27: Outlook: More Growth
Outlook: More Growth Doing what we said we would do Strengthening market opportunity • London; Europe’s business capital; outperform UK; jobs growth • Healthy demand collides with supply drought • Rents rising; best outperforming the rest • Office values rising • Investment market; recovering • Prim
Slide 28: Agenda
Agenda Toby Courtauld, Chief Executive Nick Sanderson, Chief Financial & Operating Officer Dan Nicholson, Executive Director Q&A: Janine Cole, Sustainability & Social Impact Director ir@gpe.co.uk Simon Rowley, Flex Workspaces Director Marc Wilder, Leasing Director Andrew White, Development Director
Slide 29: Disclaimer
Disclaimer This presentation contains certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or impli
Slide 30: Appendix: Portfolio and Valuation
Appendix: Portfolio and Valuation 30
Slide 31: GPE at a Glance
GPE at a Glance Delivering a premium office and retail offer into the most prime central London locations £3.1 billion1 Property Portfolio – 94% Near Elizabeth line Our locations 6% West End 7% City Southwark 17% Flex Midtown HQ 15% 29% Smaller fitted 2.9m Product mix Delivering large spaces, often
Slide 32: The Valuation
The Valuation Including share of Joint Ventures Movement % Office vs Retail1 To 30 Sep‘25 £m 6 months 12 months Offices Retail2 H1’26 North of Oxford St 1,139.7 1.0% 2.7% +1.8% H1’26 +0.4% Rest of West End 899.3 0.6% 4.0% Total West End 2,039.0 0.8% 3.3% Total City, Midtown & 488.7 (0.3%) 3.3% South
Slide 33: The Valuation
The Valuation1 Drivers of valuation movement % movement Yield shift Rental value movement Residual 6 months (0.6%)((0.5%) 2.6% 12 months (0.3%) (2.4%) 6.8% (4.0%) (2.0%) - 2.0% 4.0% 6.0% 8.0% 1. Including share of Joint Ventures 33
Slide 34: The Valuation
The Valuation Including share of Joint Ventures Net Initial Yield1 Equivalent Yield Basis point +/- % % 6 month 12 month North of Oxford Street Offices 3.4% 5.6% 3 23 Retail 4.0% 5.5% 10 7 Rest of West End Offices 2.8% 5.0% -6 -7 Retail 4.1% 4.8% 1 5 Total West End 3.1% 5.3% 1 11 City, Midtown and S
Slide 35: The Valuation
The Valuation Including share of Joint Ventures 6 months to Value Sep’25 Change 12 months £m £m % % North of Oxford St 1,139.7 10.8 1.0% 2.7% Rest of West End 899.3 5.6 0.6% 4.0% Total West End 2,039.0 16.4 0.8% 3.3% City, Midtown and Southwark 488.7 (1.3) (0.3%) 3.3% Investment portfolio 2,527.7 15
Slide 36: The Valuation
The Valuation Wholly Owned 6 months to Value Sep‘25 Change 12 months £m £m % % North of Oxford St 1,098.8 11.6 1.1% 2.6% Rest of West End 534.6 3.2 0.6% 3.7% Total West End 1,633.4 14.8 0.9% 3.0% City, Midtown and Southwark 369.8 (3.7) (1.0%) 5.3% Investment portfolio 2,003.2 11.1 0.6% 3.4% Developm
Slide 37: The Valuation
The Valuation Joint Ventures (100%) 6 months to Value Sep‘25 Change 12 months £m £m % % North of Oxford St 81.7 4.6 5.9% (1.8%) Rest of West End 729.5 31.7 4.5% 0.7% Total West End 811.2 36.3 4.7% 0.4% City, Midtown and Southwark 237.8 (5.9) (2.4%) 2.0% Investment portfolio 1,049.0 30.4 3.0% 0.8% De
Slide 38: The Valuation
The Valuation1 ERV and reversionary potential Average Office Average Reversionary Movement in ERV Rent Passing Office ERV Potential 6 months To 30 Sep‘25 12 months % £m % £ per sq ft £ per sq ft % North of Oxford St Offices 2.9% 2.1 7.7% 105.90 119.10 9.8% Retail 1.7% 0.3 5.4% 14.1% Rest of West End
Slide 39: GPE Leasing Progress
GPE Leasing Progress GPE: Investment Portfolio Lettings1 Lettings, % ahead of ERV2 £m (18.6) (6.0) 7.8 13.3 8.7 4.2 4.5 8.7 1.5 3.4 5.9 8.4 0.7 7.5 4.1 9.1 10.6 7.4 40 2009 – FY 2025 Avg +4.3% above ERV 30 20 10 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 24 25 HY 26 GPE: Space Und
Slide 40: Portfolio Customer Mix
Portfolio Customer Mix Retail, hospitality and leisure 22% Corporates 23% Professional Financial and business 16% Services services 22% 17% TMT 40
Slide 41: Portfolio Management
Portfolio Management Customer retention, 12 months to Sep‘251 Area (000 sq ft) 300 276 250 98 200 178 150 76% 100 50 16% 8% 0 Expiries & Breaks Refurbishment / Sub total Retained Relet / Under offer Remaining Development 1. Joint Ventures at 100% 41
Slide 42: Portfolio Management
Portfolio Management Expiry profile1 % by total rental income subject to lease expiry or break % Investment Portfolio (Flex) Investment Portfolio (Non-Flex) HQ Development pipeline 40.0 30.0 2.9 0.3 6.5 20.0 10.7 1.4 18.4 10.0 1.4 17.7 8.0 8.4 9.5 7.2 4.2 3.4 0.0 '26 '27 '28 '29 '30 After Years to M
Slide 43: Portfolio Management
Portfolio Management Void rate, % by rental value1 % by rental value as at 30 September ‘25 50 Investment Portfolio Newly completed developments Development / refurbishment Pre-Let 45 9.8 40 11.2 11.6 35 14.7 30 2.4 3.3 3.5 4.2 7.1 13.1 25 14.5 4.7 5.5 15.4 4.7 5.8 6.4 30.4 20 HQ 13.3% 12.9 30.5 32.
Slide 44: Appendix: Financials
Appendix: Financials 44
Slide 45: Balance Sheet
Balance Sheet Proportionally consolidated for Joint Ventures £m Group JVs Total Mar ’25 Investment property 2,545.7 524.5 3,070.2 2,869.3 Other assets 39.6 3.7 43.3 31.3 Net debt at book value (973.6) 14.9 (958.7) (795.2) Other liabilities (98.9) (14.5) (113.4) (104.7) Net assets and EPRA NTA 1,512.
Slide 46: Income Statement
Income Statement Proportionally consolidated for Joint Ventures £m Group JVs Total Sep ’24 Rental income 35.0 7.9 42.9 39.2 Other income - 1.6 1.6 - Fees from joint ventures 1.3 - 1.3 1.0 Property and administration costs (24.6) (1.9) (26.5) (25.4) Revaluation of other investments 0.2 - 0.2 (0.1) Fi
Slide 47: EPRA Performance Measures
EPRA Performance Measures Measure Sep ’25 Mar ‘25 EPRA Net Tangible Assets £2,041.4m £2,000.7m EPRA NTA per share 504p 494p EPRA NDV £2,085.1m £2,047.2m EPRA NDV per share 514p 506p EPRA NRV £2,265.4m £2,210.0m EPRA NRV per share 559p 546p EPRA LTV 34.0% 30.8% Sep ’25 Sep ’24 EPRA earnings £15.7m £8
Slide 48: EPRA NTA and Earnings
EPRA NTA and Earnings NTA up 2.0%; EPRA Earnings up 84.7% driven by higher rental income Pence per share EPRA NTA £m EPRA Earnings 520 1.6 15.7 515 15 510 4 0.1 0.2 1.8 11 504 505 5 3.5 500 495 494 10 490 8.5 485 50 LfL rental income £m’s 45 480 + 5.0% 3.7 40 Supported 1.7 1.9 by… 35 475 30 5 25 470
Slide 49: Like-for-like rents
Like-for-like rents1 Including joint ventures at share Period to: HY March ‘22 March ‘23 March ’24 March ‘25 Sept ’25 Portfolio ERV (£m) 147.2 170.9 214.5 253.7 261.9 Like–for-like movement +3.0% +2.1% +3.8% +5.0% +2.6% Rent roll (£m) 104.1 106.4 107.5 123.2 138.3 Absolute movement +9.3% +2.2% +1.0%
Slide 50: Administration Costs
Administration Costs Salaries and other employee costs Performance/share-based pay £m Other Headcount 158 50 160 150 145 45 140 129 40 124 114 10.3 120 35 9.8 11.6 8.9 100 30 IT transformation costs: 12.0 25 7.9 11.9 £0.8m 80 8.6 7.8 9.6 20 5.0 60 7.7 3.9 15 3.7 6.1 6.0 40 10 20.1 18.1 18.3 16.5 13.
Slide 51: Robust Debt Metrics
Robust Debt Metrics Low-cost debt book Pro Forma5 Sep ‘25 Mar ’25 Net debt excluding JVs1 (book value £m) 998.7 835.7 Gearing (net debt/net equity) 49.0% 41.9% Total net debt including 984.9 820.9 50% JV cash balances (£m) EPRA loan-to-property value 28.2% 34.0% 30.8% Sep ‘25 Mar ’25 Interest cover
Slide 52: Robust Debt Metrics
Robust Debt Metrics Debt maturity profile Attractive Debt Profile2: 5.9yrs WADM; Well Positioned GPE Target LTV Range = 10%-35% through the Cycle EPRA LTV4 (%) 600 £525m RCF 3 40% £150m RCF 4 Undrawn RCF 5.05% Debenture Bonds £525m RCF 35% 500 Partially drawn5 Private Placement Notes Sustainable Bon
Slide 53: Joint Venture Business
Joint Venture Business Contribution to Group % of net assets held in JV Net assets held in JV1 40 Access to new property Risk sharing £141.2m 35 £339.8m 30 25 £47.6m 20 Total £528.6m 15 As % of 25.9% Group net assets 10 Previous joint venture partners 5 0 Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar
Slide 54: RoE 10%+ into Medium Term
RoE 10%+ into Medium Term 5.8% Clear path to double digit annual TAR GPE Guidance 14.0% Upside potential 12.0% 4.0% - 5.0% 10%+ 10.0% Yields: • At cyclical high 8.0% • Best assets: potential compression (25bps = c.5% value uplift) 6.0% 4.0% - 5.0% Set to grow with 4.0% development & Flex completions
Slide 55: Appendix: Flex
Appendix: Flex 55
Slide 56: Well-Located, Premium Buildings in Targeted Clusters
Well-Located, Premium Buildings in Targeted Clusters Proven in numerous buildings and locations: 641,900 sq ft; 173 units committed SIX St Andrew St, EC4 60% 26 3,100 sq ft 31/34 Alfred Place, WC1 West End1 buildings avg. unit size £216 psf 96 3.4 years avg. rent2 customers avg. lease length City Ci
Slide 57: Our Fully Managed Offer
Our Fully Managed Offer Premium GPE-owned space; hassle-free experience; all-in-one bill • Short form lease (via DocuSign) Private floor with your own front door; not by desk/room • Managed via in-house GPE lawyer • Outside the Act; no alienation Customer branded, customisable space • Annual rental
Slide 58: Our Fully Managed Offer
Our Fully Managed Offer With high quality service as standard All inclusive office offer: Opex breakdown: Building service charge 11% • Community manager Housekeeping 9% 32% Workplace experience • Business rates Utilities • Food & beverage 9% c.£45 psf M&E • Utilities 10% Connectivity and IT 18% Oth
Slide 59: Fully Managed: Three Significant Refurbishment Schemes
Fully Managed: Three Significant Refurbishment Schemes Collectively delivering best in class space into our target clusters The Courtyard, WC1 19/23 Wells St, W1 • On site; 47,000 sq ft1 • On site; 19,200 sq ft • ERV2 £223 sq ft • ERV2 £226 sq ft • Unit range: 1,000 to 6,100 sq ft • Unit range: 1,30
Slide 60: Fully Managed: Our Customer and Submarket Mix
Fully Managed: Our Customer and Submarket Mix Customer mix: predominantly well-established companies GPE submarket mix: focus on key clusters % committed at Sep ’25 (inc. on site refurbs) Avg Rent £psf at Sep ‘25 18% 21% Southbank 10% 32% 75% of Fully Avg Rent £174 psf Managed customers 31% 30% Fitz
Slide 61: Fully Managed: Thriving AI Customers
Fully Managed: Thriving AI Customers Fully Managed spaces are supporting the growth of AI in central London 11 £11.4m Buildings AI FM Rent Roll GPE’s newest AI customer at 19/23 Wells Street have signed a Memorandum of Understanding with the French government to build one of the largest decarbonised
Slide 62: Our Fully Managed Performance
Our Fully Managed Performance How we measure performance Lettings 12mths Target Calculation Purpose to Sep ‘25 Flex NE rent − opex − voids Yield on cost 6.0%+ 6.5% Book value + Capex Relative income return on capital invested Average over 10 years post refurb Fully Managed NE rent − Opex Excess inco
Slide 63: Appendix: Market Conditions
Appendix: Market Conditions 63
Slide 64: The Case for London
The Case for London Europe’s leading commercial city c.24% UK GDP Large • Largest city economy in Europe; c.24% of UK GDP • 1.2% forecast growth for 20267 #1 Digital FDI Leading in Europe • Global leadership in finance, services, tech and retail • #1 European city for digital technology FDI1 • Growt
Slide 65: London Market Conditions
London Market Conditions London growing and set to outperform the wider UK Robust London Business Activity1 London Remains in Upper Range of Activity; vs. Rest of UK1 PMI September 25: Business activity index 70 London Jobs Business Activity Sep ‘25: 53.8 5 4 3 2 1 0 -1 50 -2 -3 -4 -5 -6 ds on d ds
Slide 66: London Market Conditions
London Market Conditions New Space Letting at Record Speed1 Investment Market; Pressure on Yields 25% 1200 40 Months to 75% let Cost of Debt2 City Prime Yields 30 City Capital Values3 20 1000 10 Let post PC (months) 20% 0 (10) 800 (20) Let pre PC (months) 05 07 09 11 13 15 17 '19 '21 '23 YTD 15% '25
Slide 67: London Market Conditions
London Market Conditions Active Demand Occupiers Looking to Increase / Decrease Space by Area1 Active Demand by Sector1 m sq ft Tech & Media 25% 6.0 Professional Services Financial & Banking Increasing 5.0 20% 55% by area 4.0 15% 3.0 Decreasing 10% 14% by area 2.0 5% 1.0 0% 0.0 '14 '15 '16 '17 '18 '
Slide 68: Central London Active Demand
Central London Active Demand Active Demand Central London demand 10 year quarterly average m sq ft 14.0 13.0 12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 Q1 '07 Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Source: JLL. Demand ref
Slide 69: City Active Demand
City Active Demand >5,000 sq ft Change Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep 12 1st 6 2nd 6 000 sq ft ‘14 ‘15 ‘15 ‘16 ‘16 ‘17 ‘17 ‘18 ‘18 ‘19 ‘19 ‘20 ‘20 ‘21 ‘21 ‘22 ‘22 ‘23 ‘23 ‘24 ‘24 ‘25 ‘25 mths mths mths Professional Services 1,591 1,209 1,1
Slide 70: West End Active Demand
West End Active Demand >5,000 sq ft Change Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep 12 1st 6 2nd 6 000 sq ft ‘14 ‘15 ‘15 ‘16 ‘16 ‘17 ‘17 ‘18 ‘18 ‘19 ‘19 ‘20 ‘20 ‘21 ‘21 ‘22 ‘22 ‘23 ‘23 ‘24 ‘24 ‘25 ‘25 mths mths mths Professional Services 263 267 301
Slide 71: City Take-Up
City Take-Up Secondhand Refurbished Newly Built Pre-let 10-Year Average 2.5 m sq ft 1.4m sq ft 2.0 1.5 1.0 0.5 0.0 Q3 '05 Q3 '06 Q3 '07 Q3 '08 Q3 '09 Q3 '10 Q3 '11 Q3 '12 Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19 Q3 '20 Q3 '21 Q3 '22 Q3 '23 Q3 '24 Q3 '25 5.4 7.7 4.2 3.4 6.5 3.8 3.9 6.4 7.0 7.
Slide 72: West End Take-Up
West End Take-Up Secondhand Refurbished Newly Built Pre-let 10-Year Average m sq ft 0.9m sq ft 1.5 1.0 0.5 0.0 Q3 '05 Q3 '06 Q3 '07 Q3 '08 Q3 '09 Q3 '10 Q3 '11 Q3 '12 Q3 '13 Q3 '14 Q3 '15 Q3 '16 Q3 '17 Q3 '18 Q3 '19 Q3 '20 Q3 '21 Q3 '22 Q3 '23 Q3 '24 Q3 '25 3.6 4.4 3.8 1.9 3.6 3.1 3.0 3.3 3.3 3.5 3.
Slide 73: City Office Under Offer
City Office Under Offer m sq ft 2.0 10-year average: 1.5m sq ft 1.5 1.0 0.5 0.0 Q1 '04 Q1 '05 Q1 '06 Q1 '07 Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Source: CBRE 73
Slide 74: West End Office Under Offer
West End Office Under Offer m sq ft 2.5 2.0 10-year average: 1.2m sq ft 1.5 1.0 0.5 0.0 Q1 '04 Q1 '05 Q1 '06 Q1 '07 Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Source: CBRE 74
Slide 75: Central London Vacancy
Central London Vacancy Newly built & total vacancy (sq ft) as a % of total stock Central London West End 10.0% New completed vacancy: 9.1% 12.0% West End: 1.6% Core West End1: 0.3% 9.2% 9.0% (Core WE LT average1: 0.7%) 8.0% 6.0% 3.0% 1.6% 0.0% 6.0% '14 '16 '18 '20 '22 '24 City 4.0% 12.0% 8.4% 9.0% 2
Slide 76: Annual change in occupied stock, million sq ft
Annual change in occupied stock, million sq ft 0 2 4 6 8 -10 -8 -6 -4 -2 M sq ft 2006 Q1 Source: CBRE 2007 Q1 2008 Q1 Q1 Net Absorption 2009 Q1 2010 Q1 2011 Q1 2012 Q1 Central London Demand 2013 Q1 Net Absorption 2014 Q1 2015 Q1 2016 Q1 Change in occupied stock (LHS) vs Central London Prime Rent Ind
Slide 77: London Market Conditions
London Market Conditions PMA: Office Market Balance Months supply West End 100 City Forecast 80 60 40 Rent falling 20 Rent rising 0 '07 '10 '13 '16 '19 '22 '25 '28 Source: PMA 77
Slide 78: Rental Growth Forecasts
Rental Growth Forecasts City and West End Prime vs Grade B 170 Forecast 160 150 140 130 120 110 100 90 80 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 WE Prime City Prime Central London Grade B Source: Savills, indexed to 2020 78
Slide 79: West End Top Prime Rents
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Months Q1 1995 Source: CBRE Q1 1996 Q1 1997 Q1 1998 Q1 1999 vs. rent free periods Q1 2000 Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 West End Top Prime Rents Q1 2007 Rent Free Periods (LHS) Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Rent (RHS) Q1 2013 Q1 2014
Slide 80: City Top Prime Rents
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Months Q1 1995 Source: CBRE Q1 1996 Q1 1997 Q1 1998 Q1 1999 vs. rent free periods Q1 2000 Q1 2001 Q1 2002 Q1 2003 City Top Prime Rents Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Rent Free Periods (LHS) Q1 2009 Q1 2010 Q1 2011 Q1 2012 Rent (RHS) Q1 2013 Q1 2014 Q1 2
Slide 81: Retail
Retail Vacancy continues to fall, rents continue to grow and retailers active Recent Central London Transactions1 Prime West End vacancy vs rents1 Vacancy Rate Prime WE ZA Rent Prime ZA Rental Index (Unit count) (YoY change) Prime West End vacancy rate average 180 Prime West End vacancy rate - 2019
Slide 82: History of Rental Lags to Yield Moves
History of Rental Lags to Yield Moves West End Prime yields and rental growth Nominal Prime Rental Value (LHS) Prime Yields (RHS) £200 7.0% £190 £180 6.5% £170 8 qtrs 6.0% £160 £150 4 qtrs 5.5% £140 £130 5.0% 1 qtr £120 £110 4.5% 6 qtrs 5 qtrs £100 2 qtrs 4.0% £90 7 qtrs £80 3.5% £70 6 qtrs £60 3.0%
Slide 83: Equity Demand and Supply
Equity Demand and Supply Central London investment & development property Equity Demand1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 £bn May Nov May Nov May Nov May Nov May Nov May Nov Nov May Nov May Nov May Nov May Nov May Nov SE Asia Middle E Private 6.5 6.5 9.0 9.0 7.5 14.0 15.5
Slide 84: GPE Acquisition Criteria and Opportunities
GPE Acquisition Criteria and Opportunities Acquisition Criteria: Fully Managed Vendors’ Value Aspirations Continue to Soften • Amenity-rich locations; excellent transport links Stock Traded Near GPE ‘Fair Value’ • Clustering around existing GPE holdings: Soho, Mayfair/St James’s, Fitzrovia, Southwar
Slide 85: Asset Supply
Asset Supply1 Still Low at £4.9bn £bn 6.0 City West End £4.2bn £4.9bn £4.4bn £0.8bn 1.3 4.0 £1.3bn 2.4 £1.7bn 2.0 3.6 2.0 £0.7bn 0.0 On the market Sold Under offer Withdrawn Still Available New for sale On the market May '25 Nov '25 1. GPE, available stock on market 85
Slide 86: Central London Deals
Central London Deals Number of Deals £100m+ 25 20 15 Under 10 Offer 5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: JLL 86
Slide 87: Appendix: Sustainability
Appendix: Sustainability 87
Slide 88: Circularity: Delivering On Our Commitments
Circularity: Delivering On Our Commitments Market leading circularity credentials across our HQ and Fully Managed developments 30 Duke Street St James’s, SW1 SIX, 6 St Andrew St, EC4 170 Piccadilly, W1 • 78% of the steel frame from reused sources, 375 tonnes of • Retention and refurbishment • Protec
Slide 89: Minerva House, SE1
Minerva House, SE1 Circular economy and innovative transport approach Circular Economy: Reuse / Recycling of Structure & Façade, Bricks, Floor, Carpets and Glass Reuse / Recycling 77% 35% Retained Reinforcement 362m2 776m3 structure reduction of whole bricks of crushed brick and to be reused marble
Slide 90: Sustainability
Sustainability Statistics for end of FY ‘25 Progress on EPCs Progress towards Net Zero • Remains 100% compliant with ‘23 EPC legislation • 35% reduction in energy intensity (kWh/m2) when compared to • 43% of portfolio compliant with anticipated minimum B rating by 2016 baseline 2030 (fell last year
Slide 91: Social Impact – Delivering our New Strategy
Social Impact – Delivering our New Strategy A fairer future for london Promoting Inclusive Communities Delivering Healthier, Greener Spaces • 26 weeks of internships and work • PC of green terrace at 170 experience provided Piccadilly improving our • 30 young people reached through customer’s connec
Slide 92: Appendix: Investment and Development
Appendix: Investment and Development 92
Slide 93: Investing to Deliver Growth
Investing to Deliver Growth Total capex of c.£700m into supply constrained market meeting customer needs On Site Schemes – 3 HQ and 3 Fully Managed Refurbishments Expected Capex £290m Surplus to come £m New Build Earliest Capex to No 200 Area start come growth +10% ERVs ERV Millions 166 HQ schemes 5
Slide 94: Committed HQ Developments; Surplus to Come
Committed HQ Developments; Surplus to Come £111m +£17m -£16m +£25m £90m -£17m £65m -£30m May '25 Cost increases Yield expansion ERV growth Net profit Nov '25 Minerva letting Nov '25 with captured upside Minerva upside 94
Slide 95: Strong Track Record of Recycling Discipline
Strong Track Record of Recycling Discipline Sales of £3.5bn since 2012 Major sales accounted for over 80% of sales Major sales have accounted for >80% of sales proceeds £m Sales ’12 - ‘26 >£50m £2.8bn (81%) 600 <£50m £0.7bn (19%) 400 200 0 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26
Slide 96: 30 Duke Street St James's, SW1
This Street 30 Duke is a title St James’s, SW1 Unlocking development potential in the existing GPE pipeline Full planning consent Best-in-class offices / retail: 70,900 (+30%) Works commenced: Q1 ’24 Anticipated completion: Q3 ‘26 Exemplary sustainability & circular economy credentials • Reused stee
Slide 97: Minerva House, SE1
This is Minerva a titleSE1 House, Unlocking development potential in the existing GPE pipeline • Existing: 91,700 sq ft • Full planning consent: 143,000 sq ft office led scheme (+56%) • Refurbish floors 1-5; retention of existing structure & north and west building elevations • Significant carbon sa
Slide 98: Strong Track Record of Creating Premium Spaces
Strong Track Record of Creating Premium Spaces Last cycle programme: 2.4m sq ft; £533m development surplus; 22% profit on cost 33 Margaret Street, W1 240 Blackfriars Road, SE1 New build Completions since May 2009 Completed area sq ft 184/190 Oxford St, W1 Apr ‘11 26,400 23 Newman St, W1 (Residential
Slide 99: Delivering The Developments
Delivering The Developments Managing construction costs: inflation Average Construction Inflation Index1 HQ developments Forecast Flex refurbishments 180 Minerva House 170 New Fetter Lane 33 Margaret St Walmar House 160 24 Britton St 240 Blackfriars Rd 2 Aldermanbury Sq 6 3 4 30 Broadwick St 2 95 Wi
Slide 100: Our Integrated Team
Our Integrated Team GPE senior management Executive Committee Nick Sanderson Darren Lennark Marc Wilder Toby Courtauld Dan Nicholson Chief Financial & General Counsel & Company Leasing Director Chief Executive Executive Director Operating Officer Secretary Janine Cole Carrie Heiss Andrew White Rebec
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