Presentation (lmp fy26 results presentation)

‌Full Year Results 2026

Year ended 31 March 2026

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 outperformance4

Dividends: G&A ratio

9:1

Peer average3: 4:1

• 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%

• £38m2 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%

1. Rent reviews on a 5-yearly equivalent basis

2. Uplift expected on contractual reviews, open market reviews and upcoming lease events

3. Based on weighted averages 2

4. Against MSCI All UK Property

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%

3

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 costs1

£42.8m

One-offs

1. £16.3m of acquisition costs, £16.9m of early repayment charges on debt/hedging and £9.6m of goodwill impairment 5

Portfolio

+£1.5bn

Including £68m valuation uplift

Total accounting return

+6.9%

+7.7% excluding M&A costs

1. Proportionally consolidated basis

2. Excluding income strip, headleases and right to use assets

3. Including income strip, headleases and right to use assets 6

Diversifying our debt base & leveraging our scale to maximise borrowing advantage

4.4%

4.2%

5 Yr SWAP

Lows

1,500

1,300

1,100

Five year swap rate

4.0%

3.8%

3.6%

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.

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

Debt Maturity1

80

70

121

394

1200

1000

800

600

400

200

0

93 93

FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37

8

1. 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

2. Source: MSCI 10

3. Source: Factset, March 2026

4. Excludes special dividend paid, up to May 2026

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%

1. Relentless focus on cash return

   • Quality, quantity & timing

   • Limit income leakage from maintenance, operations, insurance or taxes

2. Allocate capital for future guaranteed rental growth

   • Focus on strong demand/supply dynamics

   • Avoid vacancy risk and the drag of speculative development

3. Continue to leverage our scale

   • Amplify the efficiencies of our platform

   • Minimise cost of debt through diversified funding sources

12

Prioritising asset selection, patience and strong conviction

1.1%

12.1%

13.8%

Portfolio weighting1

52.8%

20.2%

, Other,

5.6%

Geographical weighting (by value)

1. Includes development assets in each category. Excludes income strip assets (£237.1m) and head lease assets (£54.4m) but includes trading properties.

2. Net contracted rent, includes development assets in each category 13

3. Topped up net initial yield and equivalent yield on investment portfolio

4. Includes education assets which is 0.5% of portfolio

Aligned to structurally supported sectors enjoying favourable demand/supply dynamics

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

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 Uplift1: +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%)

  1. Five-yearly equivalent basis

  2. 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

1. 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

2. 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

3. Long-term income compounding creates value

   • Our message is simple: collect, compound and see yields compress

   • Our ownership culture ensures full shareholder alignment

18

19

1. Excludes income strip assets (£237.1m) and head lease assets (£54.4m) but includes trading properties.

2. As calculated by MSCI.

3. Development CVg included in respective sub sectors for MSCI but shown as a separate line item for revaluation surplus column

4. Topped up NIY 20

Aligned to a structurally supported sector enjoying favourable demand/supply dynamics Urban Regional Mega

• Value: £2,904m

• £157.9m rent (£8. 80 psf)

• NIY1 5.1%, EY 6.2%

• WAULT 8.6 years

• Contractual uplifts 37%

• Value: £802.8m

• £43.0m rent (£6.50 psf)

• NIY1 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%

  NIY1: 5.0%

  8%

  Urban Logistics

  20%

  Regional

  72%

  Mega

• £15.7m rent (£6.50 psf)

• NIY1 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

Assets with long, reliable income and contractual uplifts, generating strong property returns

Value

£3,516m

Contractual Uplifts

89%

WAULT

23 years

NIY1

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.

1. Topped up NIY 22

• £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

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

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

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

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

1. Gross debt excluding fair value adjustments

2. Calculated on drawn basis

3. Including amortisation of upfront costs 26