Regional Reit Ltd. · LSE:RGL

Regional Reit — FY2025 Earnings Presentation

48 slides from Regional Reit's earnings presentation, March 2026

Slide 1: Investor Presentation Year End to 31 December 2025
Investor Presentation Year End to 31 December 2025 2025 a year of delivery – 2026 a year of strategy advancement 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: 2025 Strategy Highlights
2025 Strategy Highlights Controlled disposal programme 1 Delivered £51.6 million in controlled disposals reducing loan-to-value and enhancing financial flexibility Proac ve Reﬁnancing 2 Early refinancing of £72.4 million mitigated risk and improved cashflow management Opera onal Cost Savings 3 Reneg
Slide 4: FY 2025: Key Highlights
FY 2025: Key Highlights Driving strategic repositioning for long term growth Progression of the new strategy Portfolio Repositioning portfolio Committed to income-focused portfolio with targeted value added enhancement opportunities £555.2m 300 Bath Street, Glasgow 112 properties Portfolio Dividend
Slide 5: Strategic sales programme update
Strategic sales programme update Regional office investment edged up 1.2 % year-on-year to Rationale for sale: £3.1 billion, ending a three-year period of decline • Reduce debt and costs associated with non-core and non-performing assets Regional Offices 5-Year Average Annual % Change • Recycle fund
Slide 6: Portfolio – repositioning for long term growth
Portfolio – repositioning for long term growth Average Rent (£psf) Yields £16.00 £15.60 15% 11.6% 11.8% 12.0% £15.50 £15.25 10.5% £14.97 10.4% 10.5% £15.00 10% £14.50 £14.13 £14.20 5.9% 5.8% 5.3% £13.92 £14.00 5% £13.50 The Mash, The Maltings, Hull £13.00 0% 31-Dec-24 30-Jun-25 31-Dec-25 31-Dec-24 3
Slide 7: FY 2025 portfolio highlights
FY 2025 portfolio highlights Major lettings and renewals successfully secured across the regions 300 Bath Street, Glasgow Newburn & Gateway House, Newcastle Securigroup Ltd. has let 9,618 sq. ft. of space to November Existing tenant True Potential LLP has renewed its lease to June 2035 with a break
Slide 8: Strategy: Portfolio segmentation
Strategy: Portfolio segmentation Core Capex to core Value add Sales Valuation 31 Dec 25 £349.0m (62.9%*) £103.4m (18.6%*) £55.8m (10.0%*) £47.0m (8.5%*) Disposals** £14.9m £356.7m £7.7m £103.2m £19.7m £8.6m Revaluations £12.2m £6.7m £4.0m £5.7m Reclassification & Acquisitions (£4.9m) £8.7m £14.4m (£
Slide 10: Macro picture and trends for regional office supply & demand
Macro picture and trends for regional office supply & demand Demand side Rental Value Growth (Vs previous 12 months) Growth in Rest of UK office outpaces Central London • The Big Nine* regional markets recorded 7.6m sq. ft. of take-up in 2025. 4% 3.2% 3% 2.9% 2% • Data from MSCI shows that Rest of U
Slide 11: Macro picture and trends for regional office supply & demand
Macro picture and trends for regional office supply & demand Supply side Prime supply constrained at just 5% of total availability • Avison Young estimates 2.5m sq ft of office space is under construction across the Big Nine, with refurbishments playing a key role in addressing the Prime (sq ft) Gra
Slide 12: Capex Strategy
Capex Strategy Core and Capex to Core Linford Wood – Libra House, Milton Keynes 2025 Completed 18 projects: £10.1m On site 10 projects: £3.9m Clearblue, Bedford Additional 13 projects due to commence: c. £9.4m Woodlands Court, Bristol regionalreit.com | © 2026 Regional REIT Limited. All Rights Reser
Slide 13: Case study progress: Core
Case study progress: Core Linford Wood & Equinox North, Bristol Linford Wood – Libra House, Milton Keynes Equinox North, Bristol Work undertaken total cost: £0.9m Work undertaken total cost: £0.2m • General site improvements to improve rents • Common area refurbishment • Removal of redundant M&E FY
Slide 14: Case study progress: Capex to Core
Case study progress: Capex to Core Clearblue Innovation Centre, Bedford Work undertaken total cost: £0.7m EPC improvement works; agreed terms for 10-year lease extension FY Update • Lease extension to September 2033 completed • EPC improvement works achieving B-rating completing October 25 • Propert
Slide 15: Case study progress: Capex to Core
Case study progress: Capex to Core Woodlands Court, Bristol Work undertaken total cost: £1.0m • Refurbishment throughout • Comprehensive refurbishment: new variable refrigerant flow AC, gas infrastructure removal, new carpets, decoration, LED lighting, kitchen, new toilets and shower facilities FY U
Slide 16: Case study progress: Capex to Core
Case study progress: Capex to Core 3200 Century Way, Thorpe Park, Leeds Post works Work undertaken total cost: £0.9m • Refurbishment of first floor (10,705 sq ft) FY Update • Rental improvement from £20.25 to £24/sq ft Rental uplift 18.5% • 8,177 sq ft in legals £196,248 (£24). Strong interest in re
Slide 17: Value Add – potential change of use assets
Value Add – potential change of use assets Templeton on the Green, Glasgow Feasibility studies Undertake planning initiatives for change of use Origin Two, Crawley Protect and improve value Disposal realisation The Lighthouse, Manchester regionalreit.com | © 2026 Regional REIT Limited. All Rights Re
Slide 19: ESG – Delivering sustainability
ESG – Delivering sustainability EPC – Competitive advantage through early compliance Environment Portfolio position vs UK office market 3200 Century Way, Thorpe Park Leeds EPC improved from a B to an A • 60% EPC A & B Vs only 19% of UK commercial buildings meet 2030 EPC B target * • Occupiers making
Slide 20: ESG – Sustainability update & new initiatives
ESG – Sustainability update & new initiatives 4D - smart  Installation of sensors recently completed across 46 sites – monitored now on going; coverage tech for estimated at 2,489,195 sq. ft.  4,057 sensors installed producing 157 million readings per year property  109 tonnes of CO2 avoided acro
Slide 22: Debt: maturities and financing
Debt: maturities and financing Refinancing of RBS, Bank of Scotland & Barclays completed Summary Conservative hedging strategy • Bank borrowings reduced by £50.5m • 101% hedged portfolio; new hedging completed in advance of Aug ‘26 (current position 100%) • August 2026 facility completed well in adv
Slide 23: Key metrics overview
Key metrics overview Dec 24 Dec 25 Change Investment Property £622.5m £555.2m (£67.3m) Acquisitions before costs - £1.1m £1.1m Portfolio – Acquisition Net Initial Yield - - - Active management Disposals net of costs £28.6m £48.4m £19.8m Disposal Net Initial Yield 8.3% 8.2% (0.1ppt) Capex £8.2m £11.8
Slide 24: Investment property activity
Investment property activity Investment properties 31 December 2025 (£m) 640 622.5 620 600 11.8 580 1.2 (48.4) (3.2) 560 555.2 (28.6) 540 520 500 Valuations Disposals Acquisitions Gain/(loss) on CAPEX Valuation Valuations 31Dec24 (Net of costs) (Incl. costs) the disposal change 31Dec25 31Dec25 of pr
Slide 25: Income overview
Income overview EPRA earnings 31 December 2024 (£m) versus 31 December 2025 (£m) 25.0 22.7 20.0 3.0 19.1 (4.8) (0.9) (0.5) (0.4) 15.0 10.0 5.0 0.0 31Dec2024 Rental and Property Admin and Finance Finance 31Dec2025 EPRA earnings property income costs other expenses income expenses EPRA Earnings region
Slide 26: Balances sheet - overview
Balances sheet - overview EPRA Net Tangible Asset (£million) 31 December 2025 380 • EPRA NTA: £315.2m (194.4p basic and diluted) 40.3 (31 Dec ‘24: £340.7m, 210.2p basic diluted)* 370 (9.9) • IFRS: £319.3m (197.0p basic and diluted) 360 (31 Dec ‘24: £351.6m, 216.9p basic and diluted) (15.0) 350 340.7
Slide 28: Strategic priorities – the pathway to repositioning the portfolio
Strategic priorities – the pathway to repositioning the portfolio 1 Remain committed to reducing debt through targeted disposals programme 2 Driving income: increasing occupancy and rental growth across portfolio 3 Continue to improve EPC ratings and strengthen core portfolio 4 Pursue opportunities
Slide 30: ESG: Focused on delivering sustainability
ESG: Focused on delivering sustainability Good progress across portfolio Social • Committed to promoting diversity in the workplace • Committed to making a positive difference in society with charitable donations; ESR Europe match funding for good causes and encouraging staff to be active in their l
Slide 32: Overview – Specialised platform and geographically diverse portfolio
Overview – Specialised platform and geographically diverse portfolio UK property locations Portfolio details as at 31 December 2025 as at 31 December 2025 Valuation % Capital rate Sector Properties (£m) by valuation (£psf) Office 98 501.6 90.3% 108.58 Retail 9 20.3 3.7% 97.69 Industrial 4 23.8 4.3%
Slide 33: Diversified income stream
Diversified income stream Portfolio details at 31 December 2025 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
Slide 34: 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 349.0 62.9% 2.9 86.5% 3.0 36.0 14.6
Slide 35: 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 Glasgow Tay House Centre Ltd, University of Glasgow, 300 Bath Street, Glasgow O
Slide 36: 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 Limited Norfolk House, Bimringham Education 6.9 73,628 1.4 2.8% Virgin Media Limited Eagle Court, Coventry Ro
Slide 37: Portfolio: diversified occupier base with blue chip tenants
Portfolio: diversified occupier base with blue chip tenants Information and communication Administrative and support service activities • 659 tenants (Dec 2024: 780) across 1,146 13.5% 12.3% Wholesale and retail trade units (Dec 2024: 1,271) 4.0% Professional, scientific and technical 11.5% activiti
Slide 38: 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 5 100% £16 £15.60 £160 £15.25 £14.97 90% 4.4 £14 £140 4.3 4.3 4 80% £12 £120 £110.99 £109.45 £108.58 70% 3 £10 £100 60% 2.7 £8 £80 50% 2
Slide 39: Rent collections – remain strong
Rent collections – remain strong Rent collected vs invoiced (%) 2024 2025 2024 2025 (%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total Total Rent 99.2 99.5 98.9 98.8 98.6 99.4 99.1 99.1 99.5 99.3 collected regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. As at 13 March 2026 quarterly rental invo
Slide 40: ESR Europe LSPIM
ESR Europe LSPIM Strength and depth of a vertically integrated multi-disciplined platform What does the platform deliver: • Multiple touch points with the tenants from the asset and property managers, to the finance department and credit control • Over 80 experienced staff dedicated to Regional REIT
Slide 42: Financial – Statement of comprehensive income
Financial – Statement of comprehensive income Year ended Dec 2024 Year ended Dec 2025 Change (£'000) (£'000) (£’000)* Rental and property income 90,981 78,628 (12,353) Property costs (45,021) (38,373) 6,648 Net rental and property income 45,960 40,255 (5,705) Administrative & other expenses (9,851)
Slide 43: Financial – Statement of financial position
Financial – Statement of financial position Year ended Year ended Year ended Year ended 2024* 2025 Change 2024* 2025 Change (£’000) (£’000) (£’000) (£’000) Assets Non-current Assets Liabilities Investment properties 607,458 542,191 (65,267) Current liabilities (46,752) (43,240) 3,512 Right of use as
Slide 44: Cash flow
Cash flow Cash bridge 31 December 2025(£m) 120.0 48.4 100.0 (15.2) (1.4) 80.0 22.2 (9.2) 60.0 56.7 (13.0) 40.0 37.7 (50.8) 20.0 - regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. Chart may not sum due to rounding. 44
Slide 45: Income and cost focused
Income and cost focused Year ending Year ending Change* 31 Dec 2024** 31 Dec 2025 Net rental and property income £46.0m £40.3m (£5.7m) Operating profit before gains/losses on property assets/other investments £36.1m £30.3m (£5.8m) IFRS EPS (2024 restated**) (33.5p) (10.1p) 23.4p EPRA EPS (2024 resta
Slide 46: Financial position
Financial position Year ending Year ending Change* 31 Dec 2024** 31 Dec 2025 Investment Property £622.5m £555.2m (£67.3m) IFRS NAV (fully diluted, 2024 restated**) 216.9p 197.0p (19.9p) EPRA NTA (fully diluted, 2024 restated**) 210.2p 194.4p (15.8p) Borrowings (incl. retail eligible bond) £316.7m £2
Slide 47: Cost focused
Cost focused EPRA cost ratio excl. direct costs EPRA cost ratio incl. direct costs Peer 5 42% Peer 1 74% Peer 6 24% Peer 2 71% Peer 7 22% Regional REIT Ltd 50% Peer 8 19% Peer 3 50% Regional REIT Ltd 18% Peer 4 48% Peer 5 45% Peer 6 32% Peer 7 27% Peer 8 24% Peer 9 24% Average 27% Average 44% Source
Slide 48: 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

Regional REIT — FY2025 Earnings Presentation on 6ix

Regional Reit — FY2025 Earnings Presentation

Slide 1: Investor Presentation Year End to 31 December 2025

Slide 2: Introduction

Slide 3: 2025 Strategy Highlights

Slide 4: FY 2025: Key Highlights

Slide 5: Strategic sales programme update

Slide 6: Portfolio – repositioning for long term growth

Slide 7: FY 2025 portfolio highlights

Slide 8: Strategy: Portfolio segmentation

Slide 9: Operational Review

Slide 10: Macro picture and trends for regional office supply & demand

Slide 11: Macro picture and trends for regional office supply & demand

Slide 12: Capex Strategy

Slide 13: Case study progress: Core

Slide 14: Case study progress: Capex to Core

Slide 15: Case study progress: Capex to Core

Slide 16: Case study progress: Capex to Core

Slide 17: Value Add – potential change of use assets

Slide 18: ESG and New Initiatives

Slide 19: ESG – Delivering sustainability

Slide 20: ESG – Sustainability update & new initiatives

Slide 21: Financial Review

Slide 22: Debt: maturities and financing

Slide 23: Key metrics overview

Slide 24: Investment property activity

Slide 25: Income overview

Slide 26: Balances sheet - overview

Slide 27: Strategic Priorities

Slide 28: Strategic priorities – the pathway to repositioning the portfolio

Slide 29: Appendix

Slide 30: ESG: Focused on delivering sustainability

Slide 31: Property portfolio

Slide 32: Overview – Specialised platform and geographically diverse portfolio

Slide 33: Diversified income stream

Slide 34: Strategy: Portfolio - segmentation

Slide 35: Top 15 Investments (market value)

Slide 36: Top 15 Occupiers (share of rental income)

Slide 37: Portfolio: diversified occupier base with blue chip tenants

Slide 38: Geographically diversified office led portfolio focused on the UK regions

Slide 39: Rent collections – remain strong

Slide 40: ESR Europe LSPIM

Slide 41: Financial Information

Slide 42: Financial – Statement of comprehensive income

Slide 43: Financial – Statement of financial position

Slide 44: Cash flow

Slide 45: Income and cost focused

Slide 46: Financial position

Slide 47: Cost focused

Slide 48: Disclaimer