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Londonmetric Property : Presentation (lmp fy26 results presentation)

Londonmetric Property : Presentation (lmp fy26 results

Londonmetric Property PlcMay 21, 20263
Londonmetric Property : Presentation (lmp fy26 results presentation)

About this update from Londonmetric Property Plc

‌Full Year Results 2026 Year ended 31 March 2026 ‌Overview Reliable, repetitive and growing income driving dividend progression Portfolio growth in year +£1.5bn £1.2bn from M&A activity WAULT 17 years Occupancy: 98% Total property return +7.1% 170bps outperformance 4 Dividends: G&A ratio 9:1 Peer average 3 : 4:1 The UK's leading NNN income REIT Portfolio grown to £7.6bn - mission critical assets in winning sectors Income flowing and growing - net rental income up 17% in year Dividend progressing - 78% uplift since formation in 2013 Portfolio focused on reliable, repetitive and growing income £16.6m pa income added, 4.2% l-f-l income growth 19% 1 uplift on rent reviews, open market +33% £38m 2 embedded rent growth over next two years Scale delivering competitive advantage £2.7bn of new & refinanced debt on better terms Actively engaged on further investment opportunities Sector leading EPRA cost ratio of 7.7% Rent reviews on a 5-yearly equivalent basis Uplift expected on contractual reviews, open market reviews and upcoming lease events Based on weighted averages 2 Against MSCI All UK Property ‌Financial Highlights Full Year to 31 March 2026 Net rental income £455m +17% increase Dividend progression 11 years Q1 27 guidance: +3.3% Total accounting return +6.9% Excluding M&A costs: +7.7% LTV 36.7% Sept 25: 35.1% Income Statement March 2026 March 2025 EPRA Earnings £305.3m £268.0m EPRA Earnings (pps) 13.45p 13.14p Dividend (pps) 12.45p 12.00p Balance Sheet March 2026 March 2025 Portfolio value £7.62bn £6.16bn EPRA NTA (pps) 200.6p 199.2p Average Debt Cost 4.0% 4.0% 3 ‌FINANCIAL REVIEW ‌Income Statement Net rental income +17% 9 months of Urban Logistics REIT Gross: net income leakage 1.4% Mar 25: 1.2% Dividend cover 108% Full cash cover Exceptional costs 1 £42.8m One-offs 31 March 2026 31 March 2025 Change Net rental income £455.3m £390.6m +16.6% Administrative costs £(30.2)m £(27.1)m Net finance costs £(123.9)m £(97.1)m EPRA Earnings £305.3m £268.0m +13.9% EPRA Earnings (pps) 13.45p 13.14p +2.4% Dividend (pps) 12.45p 12.00p +3.8% IFRS Reported Profit £295.7m £347.9m 1. £16.3m of acquisition costs, £16.9m of early repayment charges on debt/hedging and £9.6m of goodwill impairment 5 ‌Balance Sheet 1 Portfolio +£1.5bn Including £68m valuation uplift Total accounting return +6.9% +7.7% excluding M&A costs 31 Mar 2026 31 Mar 2025 Property portfolio 2 £7,620.6m £6,155.3m Cash £143.4m £81.2m Debt £(2,952.3)m £(2,073.2)m Fair value of derivatives £16.2m £23.7m Other net Liabilities 3 £(113.6)m £(92.8)m IFRS Shareholders' Funds £4,714.3m £4,094.2m EPRA Adjustments £(16.2)m £(23.2)m EPRA Net Tangible Assets (NTA) £4,698.1m £4,071.0m EPRA NTA per share 200.6p 199.2p Proportionally consolidated basis Excluding income strip, headleases and right to use assets Including income strip, headleases and right to use assets 6 ‌Debt Activity in year Diversifying our debt base & leveraging our scale to maximise borrowing advantage Repaid £1.1bn Secured and RCFs New/refinanced £2.7bn Including £500m public bond 4.4% 4.2% Refinanced Repayments New 5 Yr SWAP Lows 1,500 £1.5bn refinancing 1 , -49bps margin 1,300 £500m Bond 4.7% 1,100 Reduced costs 49 bps margin reduction Repaid expensive debt Diversified debt base 9 new banks Debut public bond Maintained debt maturity 4.4 yrs 5.2 yrs inc +1s options Five year swap rate 4.0% 3.8% 3.6% £530m RCFs & Term Loan £150m USPP £50m RCF 0 0 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 £190m secured ULR RCF £62m secured LXI 4.3% Jan-26 Feb-26 Mar-26 900 Facility size (£m) 700 500 300 100 (100) (300) 3.4% £491m LXI & ULR secured 5.5% blended rate RCFs £175m £225m (500) 7 1. Margin improvement on existing floating rate debt with pre-existing hedging arrangements. ‌Debt Metrics& Maturity Positioned for flexibility and long-term strength Key Debt Metrics 36.7% 4.0% £0.5bn 99.8% 4.4 yrs 5.2 yrs (incl. +1s ) BBB+ (Corporate) A- (On issuance) 7.5x 3.8x Interest cover ratio (ICR) Credit Rating (Fitch) Hedging Available Facilities Net Debt / EBITDA Average maturity Average cost of debt LTV Debt Maturity 1 345 238 110 276 422 312 114 80 70 121 528 297 394 Debt by type 50% - RCF & Term Loans 20% - Private Placement 16% - Secured Debt 14% - Public Bond 1200 1000 800 600 400 200 0 93 93 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 Fixed debt Drawn debt - Hedged Undrawn debt 8 Including +1 options ‌Net Contracted Income Progression (£m) 500 450 400 75.1 16.6 432.1 38.3 11.1 481.5 350 340.4 300 250 200 Mar-25 M&A + Other Asset Mgmt Mar-26 By 2028 Vacant ERV Proforma 9 ‌Delivering Long Term Shareholder Returns Focused on generating progressive and covered dividends EPRA Earnings (pps) LondonMetric 14 12 10 8 6 4 2 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 200 190 180 170 160 150 140 130 120 110 100 Dividend (pps) 1,4 LondonMetric CPI 400 350 300 250 200 150 100 Total Property Return (rebased to 100) 1,2 LondonMetric MSCI UK All Properties 400 350 300 250 200 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 100 Total Shareholder Return (rebased to 100) 1,3 Dividend Share price 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1. 2013 = 100 Source: MSCI 10 Source: Factset, March 2026 Excludes special dividend paid, up to May 2026 ‌PROPERTY REVIEW ‌Our NNN income compounding model A true NNN REIT: discipline delivers uninterrupted, predictable and growing income streams Gross: net income 98.6% Very low income leakage Occupancy 98% WAULT: 17 years Income with contractual uplifts 69% Annual reviews: 33% EPRA cost ratio 7.7% Peer average: 23% Relentless focus on cash return Quality, quantity & timing Limit income leakage from maintenance, operations, insurance or taxes Allocate capital for future guaranteed rental growth Focus on strong demand/supply dynamics Avoid vacancy risk and the drag of speculative development Continue to leverage our scale Amplify the efficiencies of our platform Minimise cost of debt through diversified funding sources EPS growth +246% Since formation in 2013 DPS growth +78% Since formation in 2013 TSR +227% Since formation in 2013 12 ‌Aligned to Structurally Supported Sectors Prioritising asset selection, patience and strong conviction 31 March 2026 Value 1 £m Rent 2 £m WAULT Years NIY 3 % EY 3 % Forecast Rent Growth p.a. % Logistics 4,023.7 216.6 10.3 5.0 6.2 +5.3 Entertainment & Leisure 1,539.6 93.9 35.9 5.7 7.5 +4.0 Convenience 1,054.8 65.4 11.3 5.7 6.1 +2.6 Healthcare 4 921.5 51.4 13.0 5.2 5.7 +2.8 Other 81.0 4.8 18.5 5.6 7.4 n/a Portfolio 7,620.6 432.1 16.9 5.3 6.4 +4.3 1.1% 12.1% 13.8% Portfolio weighting 1 52.8% 20.2% Logistics Entertainment & Leisure Convenience Healthcare 4 Other , Other, 5.6% Geographical weighting (by value) London & South East, 40.5% Midlands, 23.7% North West, 10.4% North East & Yorkshire, 8.6% South West, 6.6% East of England 4.6% Includes development assets in each category. Excludes income strip assets (£237.1m) and head lease assets (£54.4m) but includes trading properties. Net contracted rent, includes development assets in each category 13 Topped up net initial yield and equivalent yield on investment portfolio Includes education assets which is 0.5% of portfolio ‌Acquisition Activity Aligned to structurally supported sectors enjoying favourable demand/supply dynamics High conviction, thematic investor: key objective to delivery income growth Acquisitions in year: £1.55bn, 80% logistics M&A/ listed equity Sale & Leasebacks Pension funds Development fundings +£1.2bn 4 M&As in three years: +£4.4bn Listed stakes added: +£38m +£171m Acquired 17 high quality Premier Inns (30-year leases) +£55m Expiries & liquidations creating attractive opportunities +£74m 100% pre-let on long leases with funding coupon 14 ‌Disposal Activity Liquidity still affected by uncertain economic outlook and swap rates Macro environment remains uncertain Current swap rates continue to dictate real estate liquidity Limited liquidity >£20m, narrow pool of buyers Wider demand for smaller lot sizes 57 assets sold in year, average size £6m, NIY of 5.8% £467m of former M&A assets sold, in line with underwrite Disposals in FY 26 £318m Disposals PPE £49m Disposals FY 26 (#, £m) 40 £88m £75m £62m £47m £47m 10 3 2 2 0-5m 5-10m 10-20m 20-30m 30-40m 40-50m Sector Split Hotels, pubs, 10% Logistics, 43% Car parks, offices, other, 11% Large food stores, 18% Retail Parks, Convenience, 18% Type of buyer European Income, 12% HNWs, 29% UK Institution, 25% Owner US PE, Occupier, 19% 15% 15 ‌Asset Management Activity £17m pa added rent in year, +4.2% LFL income growth £38m of embedded reversion over next two years Rent Reviews Lettings Extending leases, adding amenities 69 lettings & regears: +£6m Regears: +23% Vacancy: 1.2m sq ft (mostly ULR) Key income growth driver 258 reviews: +£11m Rent Uplift 1 : +19% Urban open market: +38% Top 10 occupiers (by rent) ~35% Ramsay Merlin Travelodge Premier Inn 1.1% 3.3% 4.9% 6.3% 9.1% 7.8% 9.4% 11.3% Booker M&S Great Bear Tesco Primark Amazon 2.2% 0.7% 1.9% 0.9% 1.6% 1.8% 1.5% 1.8% 1.4% 1.8% 1.3% 1.5% FY26 FY25 Income from top 3 occupiers 22% (2025: 27%) Five-yearly equivalent basis Expected contracted rent uplift on contractual reviews, open market reviews and upcoming lease events 16 ‌Outlook All weather and NNN delivering exceptional income, certainty of income growth and dividend progression Macro events continue to impact investor sentiment Gilt rate and swap rate continue to influence market liquidity - political uncertainty unhelpful UK consumer remains resilient with saving ratios high and wage growth outpacing inflation Our NNN income model drives reliable, predictable and growing income Consumer behaviour continues to determine winners - logistics, hospitality & grocery Mission critical assets delivering income growth Capex, opex and letting incentives continue to dilute returns across other sectors Market uncertainty creates opportunities Continued consolidation in listed markets Structural shifts in institutional pension funds - DB to DC Scale providing access to cheaper and more diverse debt 17 ‌Summary Our NNN income model is driving earnings and dividends Our rent flows and grows to historic levels Operational efficiency enhancing our sector leading EPRA cost ratio Our disciplined capital allocation has created an all weather portfolio Consumer behaviour dictates the winning sectors We continue to run our winners and sell our losers Long-term income compounding creates value Our message is simple: collect, compound and see yields compress Our ownership culture ensures full shareholder alignment 18 ‌APPENDICES 19 ‌Portfolio Metrics Valuation Revaluation MSCI WAULT Net Contracted Index/ fixed reviews Average Rent Area (Share) 1 Surplus/(Deficit) 3 CVg 2,3 Occupancy NIY 4 (years) Rent 31 March 2026 (m sq ft) (£m) (£m) (%) (%) (%) (%) Expiry Break (£m) (%) (£psf) Mega 2.4 316.5 2.0 0.6 0.4 100.00 4.6 13.8 13.8 15.7 100.0 6.5 Regional 5.9 749.0 17.9 2.5 2.9 100.00 4.8 15.6 12.8 38.8 75.1 6.5 Urban logistics 19.0 2,877.4 36.7 1.3 1.6 95.40 5.1 8.6 7.2 156.2 37.1 8.8 Logistics 27.3 3,942.9 56.6 1.5 1.8 96.70 5.0 10.3 8.7 210.7 48.7 8.1 Entertainment & Leisure 4.0 1,539.6 (13.0) (0.8) 1.1 98.10 5.7 35.9 33.7 93.9 98.4 15.5 Convenience 3.6 1,035.5 15.6 1.5 2.1 98.90 5.7 11.3 10.2 63.7 63.8 17.2 Healthcare & Education 1.2 921.5 (3.5) (0.4) (0.1) 100.00 5.2 13.0 13.0 51.4 100.0 42.9 Long Income 8.8 3,496.6 (0.9) - 1.1 98.80 5.6 23.3 22.0 209.0 88.7 20.0 Other 0.5 81.0 0.5 0.70 (2.7) 100.00 5.6 18.5 18.2 4.8 60.0 9.4 Investment Portfolio 36.6 7,520.5 56.2 0.8 n/a 97.70 5.3 16.9 15.5 424.5 69.0 11.0 Developments 0.1 100.1 7.7 8.2 n/a 100.0 5.0 16.5 16.5 7.6 - - Total Portfolio 36.7 7,620.6 63.9 0.8 1.4 97.70 5.3 16.90 15.5 432.1 - 11.0 Excludes income strip assets (£237.1m) and head lease assets (£54.4m) but includes trading properties. As calculated by MSCI. Development CVg included in respective sub sectors for MSCI but shown as a separate line item for revaluation surplus column Topped up NIY 20 ‌Logistics Portfolio Aligned to a structurally supported sector enjoying favourable demand/supply dynamics Urban Regional Mega Value: £2,904m £157.9m rent (£8. 80 psf) NIY 1 5.1%, EY 6.2% WAULT 8.6 years Contractual uplifts 37% Value: £802.8m £43.0m rent (£6.50 psf) NIY 1 4.8%, EY 6.2% WAULT 15.6 years Contractual uplifts 75% Value: £316.5m Value £4,023.7m FY25: £2,838m Occupancy 97% FY25: 97% WAULT 10.3 years FY25: 11.7 years Equivalent Yield 6.2% NIY 1 : 5.0% 8% Urban Logistics 20% Regional 72% Mega £15.7m rent (£6.50 psf) NIY 1 4.6%, EY 5.7% WAULT 13.8 years Contractual uplifts 100% Reversion on logistics +18% Our logistics portfolio has material rental reversion. Urban logistics accounts for 72% of our logistics exposure. Two thirds of our urban rent now has market linked rent reviews which is up from 53% at the start of the year. 1. Topped up NIY 10.0 G.0 8.0 7.0 6.0 Rent psf ERV psf 9.30 9.80 9.50 9.50 8.20 8.30 8.10 7.40 7.60 7.00 FY 22 FY 23 FY 24 FY 25 FY 26 21 ‌Long Income Portfolio Assets with long, reliable income and contractual uplifts, generating strong property returns Value £3,516m Contractual Uplifts 89% WAULT 23 years NIY 1 5.6% Equivalent Yield 6.7% Convenience 30% Entertainemnt & Leisure 44% Healthcare & Education 26% Entertainment & Leisure Convenience Healthcare & Education Theme parks - 41% of subsector Four assets at Thorpe Park (490 acres), Alton Towers (550 acres), Warwick Castle (100 acres) and Heide Park (in Germany, 210 acres). These assets are let with a WAULT of 51 years to Merlin Entertainments, with CPI+0.5% reviews on the UK assets and annual fixed reviews of 3.3% per annum on Heide park. All of our Merlin assets are guaranteed by Merlin's top operating company. C.20% of our rent is derived from Merlin's hotels with accommodation bookings an important source of revenue for Merlin. In total, the sites have c.6.5 million visitors per year and are valued at an average of c.£0.5 million per acre. Hotels - 40% of subsector 93 budget hotels, with a WAULT of 28 years, including 63 let to Travelodge (53 following PPP activity) with a WAULT of 24 years, mainly on 5 yearly CPI+0.5%/RPI linked reviews, and 26 let to Premier Inn with a WAULT of 24 years. Our hotels are nationwide, focused on roadside sites. Other - 19% of subsector Consists mainly of 16 pubs, five cinemas, five garden centres and the AO Manchester Arena, which is mostly let to SMG Europe for a further 19 years. Food stores - 38% of subsector 44 assets let at an average rent of £19.40 psf with key occupiers including M&S, Waitrose, Sainsbury's, Co-op, Costco, Tesco and Aldi. These are predominantly smaller format stores averaging c.30,000 sq ft. NNN retail - 37% of subsector 50 assets, primarily single or cluster assets let to discount, essential, electrical and home retail occupiers such as B&M, Currys, DFS, Dunelm, Home Bargains, Pets at Home and The Range at an average rent of £14.50 psf. These assets typically benefit from high alternative use values. Roadside - 14% of subsector 70 assets, primarily convenience stores with attached petrol filling stations, drive-thru coffee outlets and automated car washes. Key occupiers include Co-op, IMO, BP, McDonalds, MFG and Starbucks. Other - 11% of subsector 20 trade/DIY stores and autocentres (key occupiers include Halfords, Kwik Fit, Topps Tiles and Wickes) and eight car parks let to Q-Park with a WAULT of 26 years. Hospitals - 86% of subsector 12 private hospitals, of which 11 are let to Ramsay Health Care with a WAULT of 11 years and annual fixed rent reviews of 2.75%. All of our Ramsay hospitals have a parent company guarantee. The two largest hospitals are in Sawbridgeworth and Chelmsford with over half the hospitals located in the South East. Care homes - 8% of subsector Six assets mainly let to Bupa and Priory with a WAULT of 19 years. Education - 6% of subsector 24 children's nurseries and adventure centres and one student asset. Topped up NIY 22 ‌Key occupiers £5bn market cap UK hospitals performing: #1 NHS private hospital provider LMP's assets: Strong performers, >50% South East weighted LMP secured debt repaid: Optionality to monetise assets TopCo: LMP has guarantee Strong brand: 630 UK budget hotels FY25 revenue: £1.0bn (+1%), Q4 25: +4% LMP Activity: LMP sold 17 of the 69 hotels inherited through our LXi M&A Enhancing our assets: Through asset initiatives in conjunction with Travelodge Strong sponsor support: LEGO family, CPPIB, Blackstone, Wellcome FY25 revenue: £2.0bn with U/L EBITDA £571m Significant freehold: Sale & leaseback optionality with other liquidity levers e.g. recent £0.2bn sale to LEGO family Material investment: in their UK theme parks Top OpCo: LMP has guarantee £4bn market cap (Whitbread PLC) Largest owner of hotels in UK: 846 FY26 UK revenue: £2.7bn Property-backed: c.50% freehold LMP activity: Acquired 18 Premier Inn hotels in year Whitbread: LMP has guarantee Strong relationships with all of our key occupiers £7bn market cap PBT: £671m Food sales : +7% pa Annual capex on food opportunity: two-thirds of total M&S Capex (c£650-750m) LMP activity: 3 food store developments in year. On site with further 3 developments 23 ‌Income certainty & growth WAULT: 16.9 years Contractual Uplifts: 69% of rent 20+, 24% 0-3y, 8% 4-10y, 28% 16-20y, 13% 10-15y, 27% Market Review, 31.0% CPI, 25.6% Annual reviews 33% of rent Fixed, 19.7% RPI, 23.7% Inflation capture through contractual rent reviews Our index linked (RPI/CPI) reviews have a range of collars and caps, typically 1% to 4% over a five-year period: At 16% inflation (3% p.a.), over 5 years, 99% of CPI inflation is captured under our index-linked rent reviews At 22% inflation (4% p.a.), over 5 years, 93% of RPI inflation is captured under our index-linked rent reviews Fixed uplifts average 2.6% p.a. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% CPI RPI 2% 2.5% 3% 3.5% 4% 4.5% 5% 5.5% 6% 24 24 ‌Net Zero to Further Improve Asset Quality We are supporting the UK transition to a low carbon economy Carbon Neutrality Scope 1 and 2 Net Zero for Scope 1 and 2 51% estimated reduction in carbon emissions Electrification of heating systems on 100% of the units Fully Net Zero, including tenant emissions 2025 2027 2030 2040 2050 Achieved Establish baseline and target for embodied carbon emissions Energy efficiency improvements in action A complete refurbishment of a vacant unit, with degasification, solar PV and EV. Gas heating was replaced with a new electric heating and cooling system, and LED lighting was fitted throughout the warehouse. 154kWp of solar PV was installed, expected to supply 47% of the occupier's energy needs. Two twin EV chargers were also installed, supporting zero-emissions transport. A rental uplift of c.50% is expected on letting. EPC A Up from C New letting deal agreed at our logistics warehouse with sustainability improvements undertaken. As part of our upgrade works, we capped the gas supply, and a new all-electric air-conditioning system was installed to provide heating and cooling for the office element. Electric heaters were also installed in the staff ancillary and warehouse areas. Our works improved the EPC rating from a 'C' to a 'B' and the unit was re-let, achieving a 32% rental uplift. EPC B Up from C Lodge Farm (49,400 sq ft) Stargate (37,000 sq ft) 100% EPC ratings 92% 85% 58% 60% 49% Net zero target 2050 Fully net zero portfolio EPC A-C 92% A-B 60% Solar installed 12 MWp +3.9MWp in FY26 92% 80% 60% 40% A-B A-C 2024 2025 2026 5 Solar installed (MWp) 3.6 0.9 0.8 0.2 4 3 2 1 0 3.9 15 10 5 0 2022 2023 2024 2025 2026 PV Added (LHS) Total Capacity (RHS) 25 ‌Debt Facilities - 31 March 2026 Facility Lender Facility (£m) Drawn (£m) 1 Maturity (yrs) 2 Debt cost (%) 3 Expiry Unsecured RCF (2026) Syndicate 235.0 114.2 4.0 Variable 2030 Unsecured RCF (2026) Syndicate 670.0 275.8 5.0 Variable 2031 Unsecured Term Loan (2026) Syndicate 297.5 297.5 2.0 Variable 2028 Unsecured Term Loan (2026) Syndicate 297.5 297.5 3.0 Variable 2029 Unsecured Term Loan (2025) Syndicate 180.0 180.0 2.3 Variable 2028 Unsecured Term Loan (2025) CCB 50.0 50.0 2.6 Variable 2028 Private Placement (2025) Syndicate 150.0 150.0 5.1 5.4% 2028-32 Private Placement (2021) Syndicate 380.0 380.0 6.2 2.3% 2028-36 Private Placement (2018) Syndicate 150.0 150.0 4.8 3.6% 2029-34 Private Placement (2016) Syndicate 25.0 25.0 2.5 2.9% 2028 Bond (2025) Syndicate 250.0 250.0 3.7 4.6% 2029 Bond (2025) Syndicate 250.0 250.0 6.7 5.0% 2032 Secured 1 (Mucklow) SWIP 60.0 60.0 5.7 3.7% 2031 Secured 2 (CTPT) Canada Life 90.0 90.0 0.6 3.6% 2026 Secured 3 (LXI) SWIP 170.0 170.0 7.7 2.9% 2033 Secured 4 (Highcroft) Handelsbanken 27.2 27.2 2.7 3.2% 2026-30 Secured 5 (UL) Aviva 210.0 210.0 4.4 3.2% 2028-32 31 March 2026 3,492.2 2,977.2 4.4 4.0% 'Income Strip' As part of the merger with LXi, the Group acquired a financial liability associated with the sale of a 65-year income strip of Alton Towers and Thorpe Park in 2022. The Structure comprised selling the freehold of the two properties on a 999-year leaseback to a UK institutional investor with an option to buy back the freehold for £1 in 2087. Initial proceeds amounted to £257 million at a NIY of 2.96%. The Group has an obligation to pay rental income equivalent to 30% of the annual rental income received from the tenant. As of 31 March 2026, the total liability was £237.1 million with £9.4 million being due in less than one year. Gross debt excluding fair value adjustments Calculated on drawn basis Including amortisation of upfront costs 26

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