Great Portland Estates Plc · LSE:GPE
Great Portland Estates — FY2026 Earnings Presentation
107 slides from Great Portland Estates's earnings presentation, May 2026
Slide 1: Full Year Results 2026
Full Year Results 2026 We unlock potential, creating premium, sustainable space for London to thrive Hanover Square, W1
Slide 2: Executing our growth strategy
Full Year Results 2026 Executing our growth strategy • Excellent operational performance • Record leasing, well ahead of target • Acquisitions @ discounts, sales @ premia • Creating more prime spaces into market starved of quality Strategic & financial optionality; absent a macro-driven downturn… •
Slide 3: Agenda
Agenda Executing our growth strategy Strong operational performance Toby Courtauld, Chief Executive A platform for growth Financial results Jayne Cottam, Chief Financial Officer Driving growth Market opportunity Toby Courtauld, Chief Executive Capital allocation - Acquisitions & sales Toby Courtauld
Slide 4: Executing our Growth Strategy
Executing our Growth Strategy Doing what we said we would do Strategic Themes Excellent Progress Centre; 100% central locations only Prime central London Best; outperformance vs rest accelerating Record leasing; well ahead of ERV; more to come Premium HQ & Flex offices Our rents rising; still afford
Slide 5: Excellent Operational Performance
Excellent Operational Performance Outperforming despite challenging backdrop GPE lettings (£m) & vacancy rate Record leasing year 20.0% • £70.9m, 10.3%> ERV1; Q4 15.8%> ERV1 Pre-lets • Maintaining in Q1; no impact from current hostilities Investment lettings £70.9m Rent roll up 46% to £153m 80 10.3%
Slide 6: Agenda
Agenda Executing our growth strategy Strong operational performance Toby Courtauld, Chief Executive A platform for growth Financial results Jayne Cottam, Chief Financial Officer Driving growth Market opportunity Toby Courtauld, Chief Executive Capital allocation - Acquisitions & sales Toby Courtauld
Slide 7: Financial Results: Delivering our Growth Strategy
Financial Results: Delivering our Growth Strategy Driving income and value growth Financial Priorities 12-Month Performance Drive EPRA EPS 8.5p ↑63% Strong growth as expected; ahead of consensus 1. income Total DPS 8.2p ↑4% Dividend grown, cover delivered growth + Drive Property value £3.0bn ↑4.3% B
Slide 8: Property Valuation: Delivering our Growth Strategy
Property Valuation: Delivering our Growth Strategy Property valuation up 4.3% to £3.0bn; opportunity-rich portfolio (87% offices) Attractive ERV Growth; Prime Spaces Driving Value Growth Best Continues to Outperform Property Valuation1 ERV Growth1 Capital value growth (%) Retail -2.1% +1.6% EPC Cap
Slide 9: Driving Income Growth
Driving Income Growth HQ and Fully Managed deliveries continue progress towards ≥3x EPS growth Rent Roll Up 46% LTM; Potential Further 95% Growth £m 350 5.2p 8.5p c. +20% c.10p +3x vs FY ‘25 c.15-20p Medium term FY ‘25 EPS FY ‘26 EPS EPS by FY ’27 EPS £27m £299m c.£60m 300 +63% £77m 250 Ready to Fit
Slide 10: GPE Fully Managed: Driving Income & Value Growth
GPE Fully Managed: Driving Income & Value Growth Significant NOI growth delivered ahead of target; further +2.1x organic growth opportunity Organic Growth Lifts Fully Managed NOI1 to £58m+ £m Fully Managed NOI1 Contribution to P&L Gross Profit3 8% 28% >40% £8m £58m £16m Service Profit £14m Generatin
Slide 11: Driving Value Growth
Driving Value Growth Further development surpluses of c.£260m+ based on current assumptions £590m Capex Programme1; GDV £1.6bn; Mainly West End 500 Surplus2 £m Capex Surplus to come 2,3 Pipeline (3 schemes) £367m £139m £427m On site (6 schemes) £223m £121m -25bp yield compression 400 Total £590m £26
Slide 12: Consistent Financial Strength
Consistent Financial Strength Maintaining capacity to deliver growth strategy GPE Target LTV Range = 10%-35% Through the Cycle Robust Debt Metrics Mar ‘26 Mar ‘25 • New 5+1+1 year £525m ESG-linked RCF signed Oct '25 EPRA LTV1 28.6% 30.8% • £150m ESG-linked RCF maturity extended to Oct '28 Interest c
Slide 13: Financial Outlook: Delivering our Growth Strategy
Financial Outlook: Delivering our Growth Strategy Priority to generate 10%+ RoE Financial Priorities Key Actions Deliver further 20% earnings growth in FY ‘27 Drive 1. income Capture 95% organic rent roll growth potential growth Driving operational and corporate efficiencies + Drive Deliver developm
Slide 14: Agenda
Agenda Executing our growth strategy Strong operational performance Toby Courtauld, Chief Executive A platform for growth Financial results Jayne Cottam, Chief Financial Officer Driving growth Market opportunity Toby Courtauld, Chief Executive Capital allocation - Acquisitions & sales Toby Courtauld
Slide 15: Supportive Leasing Conditions
Supportive Leasing Conditions Despite macro uncertainties, best rents to continue rising. Why? Demand > Supply Jobs Up; Take Up In Line; Strong Active Demand Demand at record levels London Office Jobs1 City & West End +13% Millions m sq ft 10 year avg LTM • Office jobs by 2030 up 170k = c.17m sq ft
Slide 16: London Investment Market; Mixed
London Investment Market; Mixed Liquidity for prime, despite macro economic volatility Market Commentary Capital Values Rising; GPE Outperforming CL Offices Real Capital Value1 Since Apr ’24 Capital values rising Index, March 2000 = 100 125 Real -0.9% • +6.0% vs +8.1% GPE assets since Apr ’24 acquis
Slide 17: Market Outlook; Strongly Supports Our Strategy
Market Outlook; Strongly Supports Our Strategy Rental value growth guidance maintained; yields stable Office Rents Yields Near Term Outlook Near Term Outlook Driver Nov ‘25 May ‘26 Driver Nov ‘25 May ‘26 GDP / GVA growth Rental growth Business confidence Weight of money Business investment Gilts Emp
Slide 18: Agenda
Agenda Executing our growth strategy Strong operational performance Toby Courtauld, Chief Executive A platform for growth Financial results Jayne Cottam, Chief Financial Officer Driving growth Market opportunity Toby Courtauld, Chief Executive Capital allocation - Acquisitions & sales Toby Courtauld
Slide 19: Our Contra-Cyclical Capital Allocation Model
Our Contra-Cyclical Capital Allocation Model Raise and acquire when cheap...sell and distribute when valuations attractive Equity raised; buy at discounts, Equity raised; net buyer Reposition & net seller (HQ); equity returned sell completed HQ at premia £m Index 166 138 336 145.0 850.0 Rights Issue
Slide 20: Successful Deployment of Rights Issue
Successful Deployment of Rights Issue Six acquisitions since May ’24; £230m or £498 inc. capex Fully Managed Fully Managed HQ HQ Fully Managed HQ The Courtyard Building, WC1 19/23 Wells St, W1 Whittington House, WC1 One Chapel Place, W1 The Gable, WC1 10 South Crescent, WC1 Purchased May ‘24 Purchas
Slide 21: Acquisitions
Acquisitions Two deals adding to Alfred Place Cluster; £69m; 70% discount to replacement cost Alfred Place Cluster, WC1 10 South Crescent, WC1 • £51 million; 155 yr LLH Whittington House • £708 psf capital value; 67% discount to replacement cost (on site) • NIY 7.1% (once retail unit let) To Alf tte
Slide 22: Profitable Disposals
Profitable Disposals Crystallising completed business plans Four deals; £516m (£490m our share); £1,251 psf avg; 2% in aggregate ahead of March '25 book values • Challenger House, E1; May '25; £42m • 1 Newman St, W1; 'Oct 25; £250m wells&more, W1 103/113 Regent Street, W1 Mar '09: PC; valued at £66m
Slide 23: HQ Developments
HQ Developments On site; good progress; valuation up 22% 30 Duke Street St James’s, SW1 (100% pre let) The Delft, SE1 (c.40% pre let) Practical Completion Q3 ‘26 Practical Completion Q2 ‘27 Development Yield1 7.2% Development Yield1 7.9% Profit on Cost2 37.1% Profit on Cost2 26.9% Ungeared IRR2 30.5
Slide 24: Significant Capex Programme
Significant Capex Programme 11 schemes, 27% of portfolio; delivering into deep supply shortage 3 On site HQ Development 0.3m sq ft, +31% £36m ERV 51% pre let1 3 On site Flex Refurbs All Fully Managed 0.1m sq ft Chapel Place, The Gable, Whittington House, The Courtyard, £26.8m ERV; £15.0m NOI W1 WC1
Slide 25: Investing in Our Market-Leading Flex Offer
Investing in Our Market-Leading Flex Offer Record Fully Managed leasing Last 12 months delivered Lettings; 12 months to Mar ’26 • £40.9m, 7.7% > Mar ERV • Outperforming all operating targets • 3 new buildings, GPE Flex total 654k sq ft today • 85% let / under offer; beating underwrite 6.7% 64% 37% C
Slide 26: Growth opportunities across the portfolio
This Opportunities Growth is a title …across the portfolio March ‘26 Value £402m • 64% West End HQ Committed 14% £1,336psf • All 3 move to Stabilised by May 27 Developments 20%1 £184m • 71% West End Pipeline 6% £1,001psf2 • Bring 3 schemes to site Rent & value growth through… Kingsland & Carrington
Slide 27: Agenda
Agenda Executing our growth strategy Strong operational performance Toby Courtauld, Chief Executive A platform for growth Financial results Jayne Cottam, Chief Financial Officer Driving growth Market opportunity Toby Courtauld, Chief Executive Capital allocation - Acquisitions & sales Toby Courtauld
Slide 28: Outlook
Outlook Doing what we said we would do Market opportunity • London; Europe’s business capital; jobs growth • Healthy demand collides with supply drought • Rents rising; best outperforming the rest • Investment market; mixed but best > rest • Prime yield compression possible Executing our growth stra
Slide 29: Agenda
Agenda Toby Courtauld, Chief Executive Jayne Cottam, Chief Financial Officer Dan Nicholson, Executive Director Q&A: Janine Cole, Sustainability & Social Impact Director ir@gpe.co.uk Simon Rowley, Leasing & Flex Workspaces Director Andrew White, Development Director Rebecca Bradley, Customer Experien
Slide 30: 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 31: Appendix: Portfolio and Valuation
Appendix: Portfolio and Valuation 31
Slide 32: The Valuation: Drivers of valuation movement
The Valuation1 Drivers of valuation movement % movement Yield shift Rental value movement Residual 6 months (1.1%) 3.0% 1.2% 12 months (1.6%) 5.8% 0.1% (2.0%) - 2.0% 4.0% 6.0% 8.0% 1. Including share of Joint Ventures 32
Slide 33: 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 3.9% 5.9% 9 13 Retail 4.8% 5.8% -2 15 Rest of West End Offices 3.8% 5.1% 4 -2 Retail 3.9% 4.7% 4 5 Total West End 3.9% 5.4% 8 9 City, Midtown and So
Slide 34: The Valuation
The Valuation Including share of Joint Ventures 12 months to Value Mar’26 Change 6 months £m £m % % North of Oxford St 704.1 16.5 2.4% 2.5% Rest of West End 911.8 39.1 4.5% 3.9% Total West End 1,615.9 55.6 3.6% 3.2% City, Midtown and Southwark 864.5 (9.0) (1.0%) (0.7%) Investment portfolio 2,480.4 4
Slide 35: The Valuation: Wholly Owned
The Valuation Wholly Owned 12 months to Value Mar‘26 Change 6 months £m £m % % North of Oxford St 664.3 18.0 2.8% 2.8% Rest of West End 549.3 8.5 2.2% 1.6% Total West End 1,213.6 26.5 2.5% 2.2% City, Midtown and Southwark 738.6 (1.6) (0.9%) (0.2%) Investment portfolio 1,952.2 24.9 1.2% 1.3% Developm
Slide 36: The Valuation: Joint Ventures
The Valuation Joint Ventures (100%) 12 months to Value Mar‘26 Change 6 months £m £m % % North of Oxford St 79.7 (3.8) (4.5%) (2.7%) Rest of West End 725.0 54.8 8.2% 7.5% Total West End 804.7 51.0 6.8% 6.4% City, Midtown and Southwark 251.8 (5.1) (2.0%) (3.7%) Investment portfolio 1,056.5 45.9 4.5% 3
Slide 37: The Valuation: ERV and reversionary potential
The Valuation1 ERV and reversionary potential Average Office Average Reversionary Movement in ERV Rent Passing Office ERV Potential 12 months To 31 Mar‘26 6 months % £m % £ per sq ft £ per sq ft % North of Oxford St Offices 4.8% 2.1 1.8% 108.80 140.60 12.3% Retail 0.9% 0.1 0.2% 6.4% Rest of West End
Slide 38: 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 7.7 60 ‘09 – FY ‘26 Avg +4.5% above ERV 50 40 30 20 10 0 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 24 25 26 Years to Marc
Slide 39: Portfolio Customer Mix
Portfolio Customer Mix Retail, hospitality and leisure 16% Corporates 24% Financial Services 30% 16% Professional and business services 13% TMT 39
Slide 40: Portfolio Management
Portfolio Management Customer retention, 12 months to Mar‘261 Area (000 sq ft) 300 284 250 81 203 200 150 76% 100 50 12% 12% 0 Expiries & Breaks Refurbishment / Sub total Retained Relet / Under offer Remaining Development 1. Joint Ventures at 100% 40
Slide 41: Portfolio Management: Expiry profile
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 0.4 2.5 5.9 20.0 28.4 5.6 21.1 1.3 10.0 5.0 10.9 8.3 1.9 5.3 3.2 0.2 0.0 '27 '28 '29 '30 '31 After Years to M
Slide 42: Portfolio Management: Void rate
Portfolio Management Void rate, % by rental value1 % by rental value as at 31 March ‘26 50 Investment Portfolio Newly completed developments Development / refurbishment Pre-Let 45 9.8 40 11.2 11.6 35 14.7 7.7 30 2.4 3.3 3.5 4.2 7.1 13.1 25 14.5 4.7 5.5 4.7 5.8 HQ 10.0% 6.4 30.4 20 12.9 30.5 32.0 20.
Slide 43: Appendix: Financials
Appendix: Financials 43
Slide 44: Balance Sheet
Balance Sheet Proportionally consolidated for Joint Ventures £m Group JVs Total Mar ’25 Investment property 2,427.6 528.2 2,955.8 2,869.3 Other assets 44.9 2.7 47.6 31.3 Net debt at book value (770.7) 16.3 (754.4) (795.2) Other liabilities (112.6) (9.7) (122.3) (104.7) Net assets and EPRA NTA 1,589.
Slide 45: Income Statement
Income Statement Proportionally consolidated for Joint Ventures £m Group JVs Total Mar ’25 Rental income 71.3 18.0 89.3 83.2 Other income - 1.6 1.6 - Fees from joint ventures 4.2 - 4.2 2.5 Property and administration costs (51.2) (3.9) (55.1) (53.7) Revaluation of other investments 0.4 - 0.4 (0.4) F
Slide 46: EPRA Performance Measures
EPRA Performance Measures Measure Mar ’26 Mar ‘25 EPRA Net Tangible Assets £2,126.7m £2,000.7m EPRA NTA per share 524p 494p EPRA NDV £2,172.5m £2,047.2m EPRA NDV per share 535p 506p EPRA NRV £2,342.4m £2,210.0m EPRA NRV per share 577p 546p EPRA LTV 28.6% 30.8% Mar ’26 Mar ’25 EPRA earnings £34.5m £2
Slide 47: EPRA NTA and Earnings
EPRA NTA and Earnings NTA up 6.1%; EPRA Earnings up 70.8% driven by higher rental income Pence per share EPRA NTA £m EPRA Earnings 540 40 8 3.0 34.5 530 35 1 524 29 8 0.8 520 0.8 0.5 30 5.2 510 25 4.0 500 20.2 494 20 100 LfL rental income £m’s 490 90 80 24.5 Supported 15 by… 70 21.0 + 5.1% 3.2 480 6
Slide 48: Like-for-like rents
Like-for-like rents1 Including joint ventures at share Year to: March ‘22 March ‘23 March ’24 March ‘25 March ’26 Portfolio ERV (£m) 147.2 170.9 214.5 253.7 256.1 Like–for-like movement +3.0% +2.1% +3.8% +5.0% +5.8% Rent roll (£m) 104.1 106.4 107.5 123.2 153.6 Absolute movement +9.3% +2.2% +1.0% +14
Slide 49: Administration Costs
Administration Costs Salaries and other employee costs Performance/share-based pay £m IT transformation costs: Other Headcount £1.8m 50 170 180 45 158 150 160 145 40 140 129 10.3 12.1 124 35 9.8 114 120 11.6 30 8.9 100 12.0 12.5 25 7.9 11.9 8.6 80 7.8 9.6 20 7.7 60 15 3.7 40 10 20.1 19.6 18.1 18.3 1
Slide 50: Robust Debt Metrics
Robust Debt Metrics Low-cost debt book Mar ‘26 Mar ’25 Net debt excluding JVs1 (book value £m) 799.7 835.7 Gearing (net debt/net equity) 37.7% 41.9% Total net debt including 785.0 820.9 50% JV cash balances (£m) EPRA loan-to-property value 28.6% 30.8% Mar ‘26 Mar ’25 Interest cover ratio as per bank
Slide 51: Robust Debt Metrics: Debt maturity profile
Robust Debt Metrics Debt maturity profile Attractive Debt Profile: 5.4 years WADM GPE Target LTV Range = 10%-35% through the Cycle EPRA LTV (%) % Interest rate1 600 £525m RCF 2 40% £150m RCF 3 Undrawn RCF 4.8% Debenture Bonds £525m RCF 35% 500 Private Placement Notes Partially drawn Sustainable Bond
Slide 52: Disciplined Portfolio Management to Continue
Disciplined Portfolio Management to Continue % of portfolio1 20% HQ Development Programme 48% 65% 56% Active Portfolio Management 50% 33% Stabilised 24% Today Post Capex Post £1bn Sales Pre Acquisitions 1. By value, at share 52
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 £125.6m 35 £365.1m 30 25 £46.8m 20 Total £537.5m 15 As % of 25.3% 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: Equity market
Equity market 5.8% FTSE 350 REITs Total Returns Correlation of trading NTA premium / (discount) vs Forecast TAR ’26-’28 Share Price P / (D) to NTA (%) - GPE Other FTSE 350 REITs (10%) (20%) (30%) (40%) GPE Actual FY25 GPE Actual FY26 GPE Target FY27 10%+1 (50%) (60%) 5% 6% 7% 8% 9% 10% 11% 12% TAR %
Slide 56: Appendix: Flex
GPE. Greater together
Slide 57: Well-Located, Premium Buildings in Targeted Clusters
Well-Located, Premium Buildings in Targeted Clusters Proven in numerous buildings and locations: 654,000 sq ft; 178 units committed SIX St Andrew St, EC4 51% 25 3,100 sq ft 31/34 Alfred Place, WC1 West End1 buildings avg. unit size £223 psf 102 3.4 years avg. rent2 customers avg. lease length City C
Slide 58: GPE Fully Managed
GPE Fully Managed Delivering significant beat to Ready to Fit Fully Managed generating 40% more cash than Ready to Fit Deducting £113 psf of costs to reach NOI… £223 psf Gross to Rent free £18 psf net c.50% 11% 9% 32% Opex 9% £44 psf £44 psf 10% 11% 18% Building service charge Housekeeping Workplace
Slide 59: Our Fully Managed Offer
Our Fully Managed Offer With high quality service as standard All inclusive office offer: Attracting Corporate and AI-Led Customers • Community manager • Business rates AI • Food & beverage • Utilities • Cleaning • Maintenance inc. handyman service • Planting • Waste management No. of units1 143 Ann
Slide 60: GPE Fully Managed: Strong Leasing Velocity
GPE Fully Managed: Strong Leasing Velocity Growing with our customers PMG Rocketmill Standard Chartered at City Tower Mar ’25; Kent House, W1; 4,000 sq ft; £1.0m pa Apr ’25; Initial lease for swing space; 6,200 sq ft; Mar ’26; Elsley House, W1; 10,000 sq ft prelet; Jul ’25; Additional 3,800 sq ft; t
Slide 61: GPE Fully Managed: Wells St, W1
GPE Fully Managed: 19 Wells St, W1 Successfully growing our Fitzrovia cluster Oct ‘24 • Acquired for £19m from British Land (operated as Storey) • Fitzrovia cluster, near Elsley House and Kent House • Stripped out ground and basement retail unit; Oct ‘24 – Nov ‘25 • Re-geared long leasehold with Ber
Slide 62: 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 City Tower, EC2 • On site; 48,700 sq ft1 • On site; further 38,000 sq ft • ERV2 £223 sq ft • ERV £209 sq ft • Unit range: 1,000 to 6,100 sq ft • Unit range:
Slide 63: 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 Mar ’26 (inc. on site refurbs) Avg Rent £psf at Mar ‘26 11% 18% 21% Southbank 10% 32% 29% Avg Rent £179 psf 28% 31% 30% Fitzrovia 42% City 12%
Slide 64: Fully Managed: Thriving AI-led Customers
Fully Managed: Thriving AI-led Customers Fully Managed spaces are supporting the growth of AI in central London AI-led Fully Managed Portfolio Overview AI-led Fully Managed Leasing FY26 £15.2m 10 16 3,924 sq ft 6 12 AI FM Rent Roll Buildings Total AI-led Customers Average Lease Size New AI FM Custom
Slide 65: Our Fully Managed Performance
Our Fully Managed Performance How we measure performance 12mths to Lettings Mar ‘26 Target Calculation Purpose Flex NE rent − opex − voids Yield on cost 6.7% 6.0%+ Relative income return on capital invested Book value + Capex Fully Managed NE rent − Opex Excess income being generated for every £1 of
Slide 66: Appendix: Market Conditions
Appendix: Market Conditions 66
Slide 67: 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 March 26: Business activity index 70 London Jobs Business Activity Mar ‘26: 54.2 5 4 3 2 1 0 -1 50 -2 -3 -4 -5 n NE d ds s d NW S
Slide 68: London Market Conditions: Active Demand
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% 47% by area 4.0 15% 3.0 Decreasing 10% 15% by area 2.0 5% 1.0 0% 0.0 + k K k k k e k K k K
Slide 69: London Market Conditions: Rent as % of salary cost
London Market Conditions Structural decline in rent as % of salary cost London Office Rent as a % of Salary Costs 60% 50% City West End 40% 30% 20% 10% 8.1% 4.7% 0% '72 '76 '80 '84 '88 '92 '96 '00 '04 '08 '12 '16 '20 '24 Source: ONS, PMA 69
Slide 70: Central London Active Demand
Central London Active Demand Active Demand Central London demand 10 year quarterly average m sq ft 15.0 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 Q1 '26 Source: JLL
Slide 71: City Active Demand
City Active Demand >5,000 sq ft Change Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 12 1st 6 2nd 6 000 sq ft ‘15 ‘15 ‘16 ‘16 ‘17 ‘17 ‘18 ‘18 ‘19 ‘19 ‘20 ‘20 ‘21 ‘21 ‘22 ‘22 ‘23 ‘23 ‘24 ‘24 ‘25 ‘25 ‘26 mths mths mths Professional 1,209 1,177 1,136 945 1,
Slide 72: West End Active Demand
West End Active Demand >5,000 sq ft Change Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 12 1st 6 2nd 6 000 sq ft ‘15 ‘15 ‘16 ‘16 ‘17 ‘17 ‘18 ‘18 ‘19 ‘19 ‘20 ‘20 ‘21 ‘21 ‘22 ‘22 ‘23 ‘23 ‘24 ‘24 ‘25 ‘25 ‘26 mths mths mths Professional 267 301 242 379 422
Slide 73: Central London Take-Up
Central London Take-Up Central London development leasing velocity Months from PC to achieve 75% let 40 2025: on average, schemes reached 30 75% let 19 months before completion 20 10 0 -10 -20 -30 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Source: CBRE 73
Slide 74: Central London Take-Up: Pre-let activity
Central London Take-Up Pre-let activity Pre-let activity represents 51% of Central London office take in 2026 to date Prelet (off-plan) Prelet (under construction) Traditional lease 5-year annual pre-let average 10-year annual pre-let average Pre-let as % of total (RHS) 14.0 60% 12.0 51% 50% Sq ft (
Slide 75: 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 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 Q1 '26 6.8 6.5 2.8 6.1 4.8 3.5 4.4 7.1 7.5 6.
Slide 76: 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 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 Q1 '26 4.0 4.1 2.7 2.6 3.4 3.3 3.1 2.7 3.4 3.7 3.
Slide 77: 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 Q1 '26 Source: CBRE 77
Slide 78: 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 Q1 '26 Source: CBRE 78
Slide 79: 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: 12.0% West End: 1.5% 8.8% Core West End1: 0.3% 9.1% 9.0% (Core WE LT average1: 0.6%) 8.0% 6.0% 3.0% 1.5% 0.0% 6.0% '14 '16 '18 '20 '22 '24 '26 City 4.0% 12.0% 9.0% 7.
Slide 80: Annual change in occupied stock, million sq ft
Annual change in occupied stock, million sq ft -8 -6 -4 -2 0 2 4 6 8 -10 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 2017 Q1 Change in occupied stock (LHS) vs Central London Prime
Slide 81: Central London Supply
Central London Supply Occupier controlled supply Sublease space currently represents 14% of total available space; lowest on record Sublease as a % of total available space M Sq ft Sublease space 5Y average 10Y average Sublease as a % of total available space 8.0 40% Q1’26: 14% 6.0 30% 4.0 20% 2.0 1
Slide 82: PMA: Office Market Balance
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 82
Slide 83: West End Top Prime Rents
10.0 15.0 20.0 25.0 30.0 35.0 0.0 5.0 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 84: City Top Prime Rents
10.0 15.0 20.0 25.0 30.0 35.0 0.0 5.0 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 85: 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 86: Investment Market Conditions: Yields
Investment Market Conditions Yields Office Yields1 corrected aggressively post QE unwinding Correlation to interest rates in line with long term average 25% 1200 7.0 Cost of Debt2 West End City Prime Yields City Capital Values3 City 1000 20% 6.0 800 15% 5.0 600 (%) 10% 400 4.0 5% 200 3.0 '00 '02 '04
Slide 87: 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) £210 7.0% £200 £190 6.5% £180 8 qtrs £170 6.0% £160 4 qtrs 5.5% £150 £140 5.0% £130 1 qtr £120 4.5% £110 6 qtrs 5 qtrs £100 2 qtrs 4.0% £90 £80 7 qtrs 3.5% £70 6 qtrs £60
Slide 88: Investment Demand and Asset Supply
Investment Demand and Asset Supply Central London Equity Demand1 Asset Supply2 Multiple x 30 £bn 5.0 4.9x 4.8x 4.8x 20 25.2 23.5 21.4 10 4.4 4.9 5.2 0.0 May '25 Nov '25 May '26 1. CBRE 2. GPE, available stock on the market 88
Slide 89: Equity Demand and Supply
Equity Demand and Supply Central London investment & development property Equity Demand1 202 SE Asia 2014 2015 2016 2017 2018 2019 0 2021 2022 2023 2024 2025 2026 Middle E 8% E Asia 12% £bn May Nov May Nov May Nov May Nov May Nov May Nov Nov May Nov May Nov May Nov May Nov May Nov May 19% Private 6.
Slide 90: GPE Acquisition Criteria and Opportunities
GPE Acquisition Criteria and Opportunities Acquisition Criteria: Fully Managed Vendors’ Value Aspirations • Amenity-rich locations; excellent transport links Stock Traded Near GPE ‘Fair Value’ • Clustering around existing GPE holdings: Soho, Mayfair/St James’s, Fitzrovia, Southwark, Farringdon/Midto
Slide 91: Asset Supply
Asset Supply1 Still Low at £5.2bn £bn 6.0 City West End £3.7bn £5.2bn £4.9bn £0.9bn 1.3 1.3 £1.0bn 4.0 £1.5bn 2.0 3.9 3.6 £1.5bn £0.7bn 0.0 On the market Sold Under offer Withdrawn Still Available New for sale On the market Nov '25 May '26 1. GPE, available stock on market 91
Slide 92: 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 92
Slide 93: Appendix: Sustainability
GPE. Greater together u awit Appendix: Sustaina 7 ae ty
Slide 94: Delivering on our Roadmap to Net Zero
Delivering on our Roadmap to Net Zero Strong progress 2 Aldermanbury Square Degassing our portfolio Delivering outstanding sustainability performance 49%1 of the portfolio gas-free • Circularity score 36% Commitment: remove gas fired boilers from portfolio by 2030 • Embodied carbon • 49%1 of the por
Slide 95: Sustainability
Sustainability Statistics for end of FY ‘26 Progress on EPCs Progress towards net zero • 40% reduction in energy intensity (kWh/m2) when • 92% of the portfolio rated EPC C or above compared to 2016 baseline • 53% of portfolio compliant with potential minimum B rating • 47% reduction in upfront embod
Slide 96: Social Impact Strategy
Social Impact Strategy £698k social value created FY ’26; total £5.2m created towards £10m 2030 target Charity Partnerships Employees • XLP: £737k fundraised for our main charity partner over the • 24 weeks of internships provided in partnership with four-year partnership 10,000 Interns Foundation •
Slide 97: Delivering on our Social Impact Strategy
Delivering on our Social Impact Strategy £737k fundraised for XLP Working with partners to expand opportunities for young people XLP four-year partnership • Mentoring, employability workshops We are committed to building a sustainable legacy and contributing to a fairer future for London. • £737,689
Slide 98: Appendix: Investment and Development
Appendix: Investment and Development
Slide 99: Investing to Deliver Growth
Investing to Deliver Growth Total capex of c.£600m into supply constrained market meeting customer needs On Site Schemes – 3 HQ and 3 Fully Managed Refurbishments Expected Capex £223m Surplus to come New Build Earliest Capex to No +10% £m Area start come growth ERVs ERV NOI 300 30 Duke Street 70,500
Slide 100: Committed HQ Developments
Committed HQ Developments Surplus to come Surplus to come: May ‘26 vs Nov’25 H1 ‘26: £30m development profits captured +£14m FY ‘26 Total Profit Captured: £82m £65m +£7m +£52m £58m +£24m £34m Nov '25 New Commitments ERV growth Net profit captured May' 26 +10% ERV Growth May '26 with 10% ERV Growth 1
Slide 101: Strong Track Record of Recycling Discipline
Strong Track Record of Recycling Discipline Sales of £3.7bn since 2012 Major sales accounted for over 80% of sales Major sales have accounted for >80% of sales proceeds £m Sales ’12 - ‘26 >£50m £3.0bn (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 102: 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 Best-in-class offices / retail: 70,500 (+29%) Works commenced: Q1 ’24 Anticipated completion: Q3 ‘26 Exemplary sustainability & circular economy credentials • Reused steel4 to enable column-fr
Slide 103: The Delft, SE1
TheThis Delft,isSE1 a title Unlocking development potential in the existing GPE pipeline • 143,000 sq ft office led scheme (+56%) • Refurbish floors 1-5; retention of existing structure & north and west building elevations • Significant carbon saving over new build scheme • Additional 3 new storeys
Slide 104: Whittington House, WC1
This is a House, Whittington title WC1 Unlocking development potential in the existing GPE pipeline Development Yield1 7.0% Profit on Cost2 18.5% Ungeared IRR2 13.5% Surplus to Come3 c.£20m • Existing: 74,800 sq ft • Planning permission granted & on site: • Refurbishment of 8 floors of sustainable H
Slide 105: Strong Track Record of Creating Premium Spaces
Strong Track Record of Creating Premium Spaces Last cycle programme: 2.7m sq ft 240Margaret 33 Blackfriars Road, Street, SE1 W1 12/14 New Fetter Lane, EC4 New build Completions since May 2009 Completed area sq ft 184/190 Oxford St, W1 Apr ‘11 26,400 23 Newman St, W1 (Residential) Oct ‘11 24,900 24 B
Slide 106: Delivering The Developments
Delivering The Developments Managing construction costs: inflation Average Construction Inflation Index1 HQ developments Components of price inflation over past 5 years2: Flex Refurbishments Forecast 50%: 1. SIX St Andrew St Flex refurbishments 2. 31/34 Alfred Place • Pure inflation; Ukraine, labour
Slide 107: Our Integrated Team
Our Integrated Team GPE senior management Executive Committee Darren Lennark Toby Courtauld Jayne Cottam Dan Nicholson General Counsel & Company Chief Executive Chief Financial Officer Executive Director Secretary Janine Cole Rebecca Bradley Simon Rowley Carrie Heiss Andrew White Sustainability & So
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