Regional Reit Ltd.LSE: RGL

Presentation HY 2026 Interim Results Announcement (half year presentation 2026)

Sep 8, 2026 at 6:13 AM UTC · Issued by Regional Reit Ltd.

Watch Regional Reit explain itRegional REIT Limited (RGL) Q2 2026 Earnings Call · Replay · Sep 14

Investor Presentation

Half Year to 30 June 2026

Repositioning strategy advancing

Simon Marriott

Property Fund Director

Adam Dickinson

Investor Relations Director

Introduction

Stephen Inglis

Chief Executive Officer

Alistair Hewitt

Finance Fund Director

HY 2026 Strategy Highlights

Lettings

26 new lettings providing £1.9m of rental income (marginally ahead of the £1.8m of breaks and expiries), includes the landmark £1.1m letting of 146,262 sq. ft. of two buildings in Nottingham, reducing annualised void costs by c. £0.7m, with tenant works estimated at £5.0m

Controlled disposal programme

Good progress delivering £21.5m(before costs) in disposals, enhancing financial flexibility and accretive to earnings

Continue to reduce LTV

Reduced borrowings by £22.4m; Group Net LTV further reduced to 38.5%

Dividend

Delivered fully covered 4p dividend Targeting 8p 2026*

*The dividend target stated is a target only and not a profit forecast. There can be no assurance that this target will be met, or that the Company will make any distributions at all and it should not be taken as an indication of the Company's expected future results.

HY 2026: Key Highlights

Portfolio repositioning advancing

Progression of the new strategy

Portfolio repositioning

Portfolio

Disposals £21.5m (2025: £51.6m) before costs New lettings: 2.0% above ERV (2025: 3.9%)

EPRA occupancy: 74.3% (2025: 75.9%)

Committed to income-focused portfolio with targeted value added enhancement opportunities

300 Bath Street,

Glasgow

Manchester Green,

Manchester

Portfolio

£526.7m

106 properties (2025: 112)

Dividend

Fully covered 1.05x

Rent Roll

£48.4m (2025: £50.4m)

616 tenants (2025: 659)

EPRA NTA

£305.8m (2025: £315.2m)

5.7% below pre-sale valuation; focused on reduced LTV in advance or refinancing

26 new lettings amounting to £1.9m rent roll

Challenging letting market - showing signs of strengthening for the right product

CAPEX £1.4m (2025: £11.8m)

Financial Overview

EPRA EPS: 4.2pps (HY 2025: 5.2pps) Net LTV: 38.5% (2025: 40.4%)

Gross borrowings: £243.8m (2025: £266.2m)

10 projects on site c. £5m; 13 projects to commence c. £9.3m

Full year target 2026 dividend 8p*

Like-for-like 1.3% valuation reduction; capex not fully reflected in HY '26 valuation

In discussions with lenders regarding Dec'27 & Dec '28 facility refinance

*The dividend target stated is a target only and not a profit forecast. There can be no assurance that this target will be met, or that the Company will make any 4

distributions at all and it should not be taken as an indication of the Company's expected future results.

Strategic sales during H1 2026

Disposals of £21.5m (before costs), NIY 5.4% (9.8% excl. vacant properties)
6 assets and 6 part-sales in total during H1 2026
Focus remains on disposals of non-core assets

Rationale for sale:

Reduce debt in advance of refinancing Dec '27 & Dec '28 facilities
Reduce costs associated with non-core and non-performing assets

H1 2026 Disposals by Segmentation

14.0%

17.8%

Sales

Core Value Add

68.1%

Strategic sales programme update

Seeking to continue targeted sales programme:

Currently 11 assets c.£32m are either contracted, under offer or in negotiations
Segment: Core (46.9%), Sales (40.2%), Capex to Core (13.0%)

H1 2026 Disposals by Region

14.0%

36.2%

North West

16.3%

South East

Scotland North East

33.4%

Strategic sales post 30 June 2026

1 asset and 1 part-sale completed for c. £4.3m (before costs)
Occupancy: 37.1%

Chart may not sum due to rounding. 5

Portfolio - repositioning for long term growth

£16

Average Rent (£psf)*

£15.60 £15.81

£15.25

Yields

15%

11.8%

12.0%

10.5%

12.0%

10.6%

£15

10%

£14.13 £14.20 £14.24 5.8% 5.3% 5.7%

£14 5%

£13

Average Rent (All) Average Rent (Office Only) 30-Jun-25

31-Dec-25

30-Jun-26

30-Jun-25 31-Dec-25 30-Jun-26

NIY EY RY

Offices 89.5% by value (Dec 25: 90.3%)
26 new lettings, of 201,816 sq ft of space, at a combined annualised rental income of £1.9m, average size 7,762 sq ft (Dec 2025: 3,773 sq ft)
Previously vacant, £1.1m letting of 146,262,sq.ft across 2 buildings in Nottingham, saving £0.7m of property costs, and tenant undertaking £5.0m in works; (£7.35 rent per sq. ft.)
Average requirements in the market increasing for new lettings
Rent collection strong at 99.7% (FY25: 100%)

*Average rent including Newstead Cout £13.95psf (Office only: £15.37psf)

300 Bath Street, Glasgow

Capitol Park, Trueman House, Leeds

HY 2026 portfolio highlights

Major lettings and renewals successfully secured across the regions

Woodlands Court, Bristol

Hill Partnerships Ltd. has let 3,584 sq. ft. of office space to January 2036, with an option to break in 2031, at a rental income of £73,930 pa (£20.63/ sq. ft.).

Garment Works, 30-34 Hounds Gate, Nottingham Existing tenant Arthur J Gallagher (UK) Ltd has renewed two leases with a combined space of 7,788 sq. ft. at a rental income of

£119,593 (£15.36/ sq. ft.). The lease is to April 2031.

St James Court, Bristol

Existing tenant Semtech EMEA Ltd has renewed two leases with a combined space of 17,400 sq. ft. at a rental income of £318,219 ( £18.29/ sq. ft.). The lease is to July 2036 with the option to break in 2031.

3200 Century Way, Thorpe Park, Leeds Assured Data Protection Ltd has let 8,119 sq. ft. of space to February 2036 with an option to break in 2031, at a rental income of £194,856 (£24.00/ sq. ft.).

One and Two Newstead Court, Nottingham

Let 146,262 sq. ft. of previously vacant space to June 2046 with a break option in 2036, at a rental income of £1,075,000 (£7.35/ sq. ft.). The tenant undertaking £5.0m of works.

1175 Century Way, Thorpe Park, Leeds

Existing tenant Vistry Homes Ltd has renewed its lease of 6,524 sq. ft. of space at a rental income of £150,052 (£23.00/ sq. ft.). The lease is to May 2036, with a break option in 2032.

The Royals, Altrincham Road, Manchester Existing tenant Threesixty Services LLP has renewed its lease of 8,117 sq. ft. of space at a rental income of £125,850 (£15.50/ sq. ft.). The lease is to June 2030.

Linford Wood Business Park, Milton Keynes Mears Ltd has let 8,357 sq. ft. of space to March 2036 with a break option in 2030, at a rental income of £188,100 (£22.51/ sq. ft.).

Previously vacant space 7

Strategy: Portfolio segmentation

Disposals continuing from the sales segment

Core

Capex to core

Value add

Sales

£55.2m (10.5%*)

(£3.5m)

£2.9m

£55.8m

£29.5m (5.6%*)

(£15.0m)

(£2.5m)

£47.0m

£341.8m (64.9%*)

£3(£546..37m)

(£2.9m)

£349.0m

£100.2m (19.0%*)

£103.2m-

(£3.2m)

£103.4m

Valuation 30 June 26

Disposals** Revaluations

Reclassification & Acquisitions

Valuation 31 Dec 25

66.3%

43.6%

82.0%

61.7%

Occupancy (EPRA) 30 June 26

Income and value accretive

Requiring capital expenditure to become core. Well-located with potential to deliver rental and value growth

Significant potential upside compared to current book values

Non accretive assets and non-office. Strategic sales to reduce LTV and costs

This may not sum due to rounding.

*Percentage of the 30 June 2026 portfolio

** Dec 2025 Value

Operational Review

Macro picture and trends for regional office: supply

Prime supply constrained at just 2.4% of total availability

2017201720182018201920192020202020212021202220222023202320242024202520252026

Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2

Source: CoStar

Prime Grade A Grade B/C

Supply side

According to data from CoStar, there was a decrease in availability for all regional office stock, with total supply falling by 2.4% in the first half of 2026 to 82.2m sq. ft.
Million Sq Ft
Avison Young estimates that approximately 2.5m sq. ft. of office space is currently under construction in the Big Nine regional markets, with Manchester, Leeds and Birmingham accounting for 41.9%, 16.0% and 15.6%, respectively. Completed
development for 2026 is forecast to fall 58.6% below 2025 numbers and 47.0% below trend
Constrained pipeline reflects ongoing viability challenges across regional markets, where construction costs remain similar to those in London and the South East, but achievable rents are lower
2.5 m sq. ft. of office space is currently under construction in the Big Nine* regional markets
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2020 2021 2022 2023 2024 2025 2026 2027 2028
Completed
Under constuction unlet
Under Constuction Let
5-Year Average
Source: Avison Young
Construction starts for regional offices at lowest level in over a decade
10
9
8
7
6
5
4
3
2
1
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
YTD
Source: CoStar
Million Sq. Ft.
Million Sq Ft
regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
Avison Young , Big Nine include Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, Newcastle 10
CoStar, Regional Office Outlook Q1 2026. Bath, Belfast, Birmingham, Bristol, Cardiff, Edinburgh, Exeter, Glasgow, Leeds, Manchester, Newcastle, Sheffield
Macro picture and trends for regional office: demand
Rental Value Growth (Vs previous 12 months) Growth in Rest of UK office outpaces Central London
Source: MSCI

Demand side
The Big Nine* regional markets recorded 3.4m sq. ft. of take-up in the first half of 2026. Demand increased in Q2 2026 to 2.0 m sq. ft., 36.8% higher than Q1 2026 and 21.1% higher than the Q2 2025 take-up figure
Data from MSCI shows that Rest of UK offices saw rental value growth of 4.7% (June 2026), compared to 3.6% for City offices-demonstrating stronger pricing power
Source: MSCI
Occupational demand was driven by the public services, education and health sector, which accounted for the highest proportion of take-up at 22.1% in the first half of 2026. The professional sector and the technology, media and telecommunications sector accounted for 20.5% and 17.3%
Take-up of office space across nine regional office markets Q2 '26 amounted to 2m sq.ft. 36.8% than Q1'26 and 21.1% than Q5'25
4.0
3.0
2.0
1.0
0.0
City Centre
Out of Town
5-Year Quarterly Average
Source: Avison Young
The rental premium for Prime space has continued to increase year on year since 2021
£50 30%
£40
25%
20%
£30
15%
£20
10%
£10
5%
£0
0%
2018 2019 2020 2021 2022 2023 2024 2025 H1 2026
Average Grade A rent
Average Prime rent
Prime rental premium
Source: Savills
Prime rental premium (%)
Rent (£ per sq ft)
Take-up (m sq. ft.)
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
2024 Q1
2024 Q2
2024 Q3
2024 Q4
2025 Q1
2025 Q2
2025 Q3
2025 Q4
2026 Q1
2026 Q2
regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
Avison Young * Big Nine include Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, Newcastle 11
MSCI, Monthly Property Index, Q2 2026
Case study progress: Core
Norfolk House, Birmingham
Background
Acquired in February 2019
Asset management initiatives
Delivered a c. £2.2m refurbishment for Global Banking School ("GBS")
Secured a new 44,245 sq. ft. lease with GBS for previously vacant Grade A office space, generating annual rent of £840,991 (£19.01/sq. ft.) on a 15-year term with a break option at year 10
Grown GBS's footprint further by completing a new lease for the 4th and 5th floors, on co-terminous terms with the existing ground, first and third floor leases
Returns update
Value improvement of 2.3% in H1 2026 to £17.7m Next steps
Progressed the transaction to full occupancy, with legals now underway for GBS to take the 2nd floor and extend across the remaining space - set to result in the property being fully let

Value Add - potential change of use assets

Feasibility studies

Undertake planning initiatives for change of use

Protect and improve value

Templeton on the Green, Glasgow

The Lighthouse, Manchester

Disposal realisation

Trinity Court, Cardiff

Case study progress: Value Add

Central Park, New Lane, Leeds

Background

Acquired as part of the Squarestone portfolio (2021), with the recent addition of Kennedy House (2025). A scheme which is made up of 5 buildings, one of which is let to Asda
Asset management initiatives
Following engagement with Leeds City Council, Leeds Station Onward Travel, the West Yorkshire Combined Authority and the Department for Transport (Dft), the Victoria Park and Central Park safeguarding is no longer the preferred solution
Safeguarding not yet formally removed; a fixed-term extension of the Asda planning consent is being progressed
Terms agreed with Asda for a new 10-year lease from Q1 2027 at £546,117 pa across 64,249 sq. ft. GIA, a 60% uplift, including a five-month rent-free apportioned over year one. Board approval expected September 2026, conditional on the consent extension and removal of the safeguarding
Next steps
Secure confirmation from the DfT that no objection will be raised regarding the Asda planning proposal being extended by 10 years from Q1 2027
Secure Asda planning extension with the local county council
Progress the pre-application for the wider site masterplan, leading to the instigation of the principle application formal planning process
regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 14

Case study progress: Change of Use
One & Two Newstead Court, Nottingham
Background
- Acquired in November 2015
- The property became fully vacant from April 2025, following E.ON plc's departure from Two Newstead Court (having previously vacated One Newstead Court)
  Asset management initiatives
- Pursued an asset management strategy targeting demolition and repurposing for industrial use. However, instead secured a new letting of the entire 146,262 sq. ft. floor space at One and Two Newstead Court, Nottingham, to a specialist electronics manufacturer, with no capex required
- Agreed a 20-year lease at a headline rent of £1,075,000 p.a., with five-yearly RPI rent reviews and breaks at years 10 and 15
- Let the offices in unrefurbished condition, with the tenant committing to substantial improvement works costing in the region of £5m - removing landlord's holding/void costs of approximately £700,000 p.a. on the two properties
  Returns update
- Value improvement of £2.4m in H1 2026 to £8.2m
  regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 15
  
  ESG and New Initiatives
  regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. 16
  
  ESG - Delivering sustainability and cost savings
  EPC - Competitive advantage through early compliance
  Environment

Portfolio position vs UK office market

Rating	31-Dec-25	30-Jun-26	Movement
A&B	60.0%	61.2%	+1.2pps
C	24.5%	25.8%	+1.3pps
D	11.5%	10.0%	(1.5)pps
E and below	4.1%	3.0%	(1.1)pps

61.2% EPC A & B Vs only 19% of UK commercial buildings meet 2030 EPC B target*
300 Bath Street, Glasgow
Weighted average EPC score C 56 (FY 2025: C 58)
Ppt: Percentage points Chart may not sum due to rounding.
On target to achieve current guidelines of EPC B rating by 2030
4D - smart tech for property efficiencies

Installation completed across 45 sites
c. £190k pa savings to Regional REIT identified from gas and electricity efficiencies
c. £3k per asset to install the sensors
Linford Wood - Libra House,
Milton Keynes
Solar

Installation complete at 17 sites (size 2,659 kWh)
Energy generation from 14 sites - 880,000 kWh
Equivalent to powering 660 UK homes annually

Hampshire House, Eastleigh

*British Property Federation (2025), "Research on EPC Ratings and Commercial Buildings in the UK." Analysis based on commercial real estate in London, Birmingham, Bristol, Leeds, Liverpool, Manchester, and Newcastle.

Financial Review

Income overview

EPRA earnings H1 2025 (£m) versus H1 2026 (£m)

8.5

1.1

6.8

0.8

(0.4)

(5.7)

2.4

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

30Jun2025

EPRA earnings

Rental and property income

Property costs

Admin and other expenses

Finance income

Finance expenses

30Jun2026

EPRA Earnings

Investment property activity

Investment properties to 30 June 2026 (£m)

570

550

555.2

0.0

1.4

(20.8)

(2.1)

526.7

(7.1)

530

510

490

470

450

Valuations 31Dec25

Disposals (Net of costs)

Acquisitions (Incl. costs)

Gain/(loss) on the disposal of properties

CAPEX Valuation change 30Jun26

Valuations 30Jun26

Balances sheet - overview

EPRA Net Tangible Asset (£million) 30 June 2026

16.1

(4.4)

(5.4)

315.2

(1.4)

(2.1)

(4.9)

305.8

(7.3)

EPRA NTA: £305.8m (188.7p basic and diluted)
(31 Dec '25: £315.2m, 194.4p basic diluted)*
IFRS: £309.1m (190.7p basic and diluted)

(31 Dec '25: £319.3m, 197.0p basic and diluted)

340

330

320

310

300

290

280

31Dec2025 EPRA NTA

Chart may not sum due to rounding.

Net rental and property income

Admin expenses

Revaluation (Excl. net capital expenditure)

Net capital expenditure

Loss on the disposal of investment properties

Net finance expense

(Incl. derivative gains)

Dividends 30Jun2026 EPRA NTA

EPRA Net Reinstatement Value(NRV): 30 June 2026 210.2p (31 December 2025: 217.1p); Net Disposal Value(NDV): 30 June 2026 192.1p (31 December 2025: 199.0p)

Debt: maturities and financing

Continue to reduce LTV across all facilities

Summary

Bank borrowings reduced by £22.4m
In early discussions with lenders regarding Dec '27 & Dec '28 facility
YE '25
Outstanding Debt*
£'000
HY '26
Outstanding Debt*
£'000
Change
HY '26
Facility
£'000
Maturity Date
Gross loan Annual
to value**
%
Interest Rate
%
SwapsCaps: Swap Rates Notional Blend
£'000 %
Fixed
n/a
n/a
Over 3mth £
SONIA
51,420
17,832
0.99
0.99
Fixed
n/a
n/a
Over 3mth £
SONIA
34,585
8,529
1.39
1.39
Progressing strategic sales programme to continue to reduce borrowings
Conservative hedging strategy
100.4% hedged portfolio
2.1 years weighted average debt duration
3.4% weighted average cost of debt

118,339	103,675	(14,664)	103,675	Dec-27	47.3	3.28
72,449	69,253	(3,196)	69,253	Dec-28	43.2	2.40
32,325	28,615	(3,710)	28,615	Dec-28	44.9	3.37
43,113	42,253	(860)	42,253	Jun-29	48.9	2.20
266,226	243,796	(22,430)	243,796

*Before unamortised debt issue costs ** Based on Colliers International Property

Consultants property valuations 30 June 2026

Strategic Priorities

Strategic priorities - the pathway to repositioning the portfolio

Driving income: increasing occupancy and rental growth across the portfolio

Strengthen core portfolio and continue to improve EPC ratings

Committed to reducing debt through targeted disposals programme

Committed to fully covered dividend

Pursue opportunities to add value ahead of disposals

Appendix

Property Portfolio

Financial Information

Property portfolio

Overview - Specialised platform and geographically diverse portfolio

Portfolio details

as at 30 June 2026

UK property locations

as at 30 June 2026

Sector	Properties	Valuation (£m)	% by valuation	Capital rate (£psf)
Office	92	471.4	89.5%	110.31
Industrial	4	25.3	4.8%	60.33
Retail	9	20.4	3.9%	99.13
Other	1	9.6	1.8%	114.58
Total	106	526.7	100.0%	105.71

Office (89.5%)
Industrial (4.8%)
Retail (3.9%)
Other (1.8%)

Diversified income stream

Sector

Properties Valuation

% by

valuation

Sq. ft.

Occupancy WAULT to

(EPRA) first break

Gross

rental income

Average

rent

ERV

Capital rate

Yield (%)

(£m)

(mil)

(%)

(yrs)

(£m)

(£psf)

(£m)

(£psf)

Net initial

Equivalent

Reversionary

Total

106

526.7

100.0%

5.0

74.3%

2.9

48.4

13.95

72.6

105.71

5.7%

10.6%

12.0%

Region

Properties Valuation

% by

valuation

Sq. ft.

Occupancy WAULT to

(EPRA) first break

Gross

rental income

Average

rent

ERV

Capital rate

Yield (%)

(£m)

(mil)

(%)

(yrs)

(£m)

(£psf)

(£m)

(£psf)

Net initial

Equivalent

Reversionary

Total

106

526.7

100.0%

5.0

74.3%

2.9

48.4

13.95

72.6

105.71

5.7%

10.6%

12.0%

Portfolio details at 30 June 2026

Office	92	471.4	89.5%	4.3	72.5%	2.7	43.7	15.37	67.5	110.31	5.5%	10.9%	12.3%
Industrial	4	25.3	4.8%	0.4	97.3%	3.2	1.8	5.14	2.3	60.33	6.5%	8.0%	8.0%
Retail	9	20.4	3.9%	0.2	93.5%	2.8	1.8	9.99	2.1	99.13	7.2%	8.5%	9.0%
Other	1	9.6	1.8%	0.1	100.0%	9.6	1.0	11.97	0.8	114.58	10.6%	9.5%	7.6%

Scotland	23	89.3	17.0%	0.9	74.8%	3.2	8.6	13.79	13.6	95.13	5.2%	11.0%	12.4%
South East	16	76.8	14.6%	0.6	78.6%	2.2	6.5	17.59	11.1	118.52	4.9%	10.6%	11.8%
North East	16	91.0	17.3%	0.7	74.4%	3.0	7.8	14.53	11.0	127.94	6.3%	10.2%	10.1%
Midlands	21	119.8	22.7%	1.3	81.6%	3.8	12.2	12.34	16.7	92.04	5.9%	10.8%	12.2%
North West	12	56.3	10.7%	0.5	63.7%	1.6	5.4	14.59	8.2	102.51	6.3%	10.7%	12.0%
South West	12	52.9	10.0%	0.4	57.0%	2.2	4.3	19.01	7.6	132.23	4.8%	11.6%	13.3%
Wales	6	40.8	7.7%	0.4	90.4%	2.5	3.6	10.13	4.4	93.69	7.1%	9.0%	9.7%

Strategy: Portfolio - segmentation

Segmentation

Valuation

% by valuation

Sq. ft.

Occupancy (EPRA)

WAULT to

first break

Gross rental income

Average rent

ERV

Capital rate

Yield (%)

(£m)

(mil)

(%)

(yrs)

(£m)

(£psf)

(£m)

(£psf)

Net initial

Equivalent

Reversionary

Core	341.8	64.9%	2.8	82.0%	3.0	34.6	14.83	42.7	120.63	7.3%	10.5%	11.1%
Capex to Core	100.2	19.0%	1.0	61.7%	2.0	7.7	13.80	15.7	100.53	4.2%	10.7%	9.5%
Value Add	55.2	10.5%	0.6	66.3%	3.5	4.5	10.10	7.5	87.93	3.6%	9.9%	10.6%
Strategic Sales	29.5	5.6%	0.5	43.6%	1.5	1.6	12.12	6.7	56.22	-1.4%	12.4%	15.3%

Total

526.7

100.0%

5.0

74.3%

2.9

48.4

13.95

72.6

105.71

5.7%

10.6%

12.0%

Segmentation Summary

Valuation

% by valuation

Sq. ft.

Occupancy (EPRA)

WAULT to

first break

Gross rental income

Average rent

ERV

Capital rate

Yield (%)

(£m)

(mil)

(%)

(yrs)

(£m)

(£psf)

(£m)

(£psf)

Net initial

Equivalent

Reversionary

442.1	83.9%	3.8	77.2%	2.8	42.3	14.63	58.4	115.40	6.5%	10.6%	11.6%
84.7	16.1%	1.2	59.0%	3.0	6.1	10.55	14.2	73.49	1.7%	10.9%	13.6%

Core/ Capex to Core

Strategic Sales/ Value Add

Total

526.7

100.0%

5.0

74.3%

2.9

48.4

13.95

72.6

105.71

5.7%

10.6%

12.0%

Table may not sum due to rounding.

Core

Capex to Core Strategic Sales Value Add

Both income and value accretive

Requiring capital expenditure to become Core, which is generally funded by the Company Non accretive assets and non-office space in accordance with the long term strategy Alternative use value potential is greater than Capex to Core

Top 15 Investments (market value)

Property	Sector	Anchor tenants	Market value (£m)	% of portfolio	Lettable area (Sq. Ft)	EPRA Occupancy (%)	Annualised gross rent (£m)	% of Gross rental income	WAULT to first break (years)
300 Bath Street, Glasgow	Office	Securigroup Ltd, Glasgow Tay House Centre Ltd, University of Glasgow	19.1	3.6%	152,478	56.3%	1.3	2.7%	2.4
Norfolk House, Smallbrook Queensway, Birmingham	Office	Global Banking School Ltd, Lakbhir Dhillon and Balbier Dhillon, HP Asia Ltd	17.7	3.4%	118,530	81.9%	1.6	3.4%	5.8
Beeston Business Park, Nottingham	Office/ Industrial	Metropolitan Housing Trust Ltd, SMS Electronics Ltd, GTT- EMEA Ltd	15.7	3.0%	86,952	50.6%	0.6	1.3%	7.1
1-4 Llansamlet Retail Park, Nantyffin Rd, Swansea	Retail	Wren Kitchens Ltd, Dreams Ltd, NCF Furnishings Ltd	14.7	2.8%	74,425	100.0%	1.2	2.5%	3.2
Hampshire Corporate Park, Eastleigh	Office	Lloyd's Register EMEA, Complete Fertility Ltd, Silverstream Technologies (UK) Ltd, National Westminster Bank Plc	14.5	2.8%	84,043	100.0%	1.0	2.1%	2.6
Manchester Green, Manchester	Office	Chiesi Ltd, Ingredion UK Ltd, Assetz SME Capital Ltd	13.0	2.5%	107,760	85.3%	1.6	3.4%	1.1
Eagle Court, Coventry Road, Birmingham	Office	Virgin Media Ltd, Rexel UK Ltd, Brook Sports Ltd	13.0	2.5%	132,691	72.9%	1.1	2.3%	1.8
Orbis 1, 2 & 3, Pride Park, Derby	Office	Firstsource Solutions UK Ltd, DHU Health Care C.I.C., Tentamus Pharma (UK) Ltd	12.3	2.3%	121,884	100.0%	1.8	3.8%	3.4
Linford Wood Business Park, Milton Keynes	Office	IMServ Europe Ltd, Mears Ltd, Eddyfi UK Ltd	12.3	2.3%	107,414	73.5%	1.3	2.7%	2.3
Lightyear - Glasgow Airport, Paisley	Office	Rolls-Royce Submarines Ltd, Heathrow Airport Ltd, Loganair Ltd	11.2	2.1%	77,693	91.2%	1.2	2.5%	3.6
Ashby Park, Ashby De La Zouch	Office	Ceva Logistics Ltd, Ashfield Healthcare Ltd, Brush Electrical Machines Ltd	11.1	2.1%	87,874	92.8%	1.2	2.6%	1.9
Buildings 2, Bear Brook Office Park, Aylesbury	Office	Utmost Life and Pensions Ltd, Musarubra UK Subsidiary 3 Ltd, Agria Pet Insurance Ltd	9.8	1.9%	61,643	100.0%	1.0	2.1%	2.0
Capitol Park, Leeds	Office	Hermes Parcelnet Ltd, Harron Homes Ltd, BDW Trading Ltd	9.7	1.8%	49,196	100.0%	1.1	2.2%	2.3
Origin 1 & 2, Crawley	Office	Menzies LLP, DMH Stallard LLP, Spirent Communications Plc	9.7	1.8%	45,856	100.0%	0.8	1.7%	2.4
Kingscourt Leisure Complex, Dundee	Other	Odeon Cinemas Ltd, The Original Bowling Company Ltd	9.6	1.8%	83,782	100.0%	1.0	2.0%	9.6
Total			193.2	36.7%	1,392,221	83.3%	18.0	37.3%	3.3

			WAULT to	Lettable	Annualised	% of
Tenant	Property	Sector	first break	area	gross rent	Gross rental
			(years)	(Sq. Ft)	(£m)	income

Top 15 Occupiers (share of rental income)

Global Banking School Ltd	Norfolk House, Smallbrook Queensway, Birmingham	Education	6.4	73,628	1.4	2.9%
Virgin Media Ltd	Eagle Court, Coventry Road, Birmingham Southgate Park, Peterborough	Information and communication	2.5	75,309	1.4	2.9%
Glenair UK Ltd	One & Two Newstead Court, Nottingham	Manufacturing	10.0	146,262	1.1	2.2%
EDF Energy Ltd	Endeavour House, Sunderland	Electricity, gas, steam and air conditioning supply	4.2	77,565	1.0	2.1%
Firstsource Solutions UK Ltd	Orbis 1, 2 & 3, Pride Park, Derby	Administrative and support service activities	2.3	62,433	1.0	2.1%
The Secretary of State for Housing, Communities and Local Government	1 Burgage Square, Merchant Square, Wakefield Bennett House, Stoke On Trent Waterside Business Park, Swansea	Public sector	3.0	96,654	1.0	2.0%
Odeon Cinemas Ltd	Kingscourt Leisure Complex, Dundee	Information and communication	9.3	41,542	0.8	1.6%
True Potential LLP	Newburn & Gateway House, Newcastle	Not specified	3.9	54,584	0.6	1.3%
SpaMedica Ltd	1175 Century Way, Thorpe Park, Leeds Albert Edward House, Preston Fairfax House, Wolverhampton Southgate Park, Peterborough The Foundation Chester Business Park, Chester	Human health and social work activities	2.2	40,529	0.6	1.3%
DHU Health Care C.I.C.	Orbis 1, 2 & 3, Pride Park, Derby	Human health and social work activities	4.8	42,301	0.6	1.2%
Lloyd's Register EMEA	Hampshire House, Hampshire Corporate Park, Eastleigh	Registered Society	0.9	21,695	0.5	1.1%
Chiesi Ltd	Manchester Green, Manchester	Wholesale and retail trade	0.5	28,752	0.5	1.0%
Hermes Parcelnet Ltd	Capitol Park, Leeds	Transportation and storage	2.5	25,790	0.5	1.0%
Pearson Education Ltd	The Lighthouse - Salford Quays, Manchester	Education	0.9	24,804	0.5	1.0%
Homeserve Membership Ltd	1175 Century Way, Thorpe Park, Leeds Aspect House, Bennerley Road, Nottingham	Construction	0.9	29,468	0.5	1.0%
Total			4.1	841,316	11.9	24.6%

13.2%

11.9%

4.1%

10.9%

4.8%

4.9%

10.1%

5.7%

8.2%

6.7%

7.2%

7.5%

Portfolio: diversified occupier base with blue chip tenants

616 tenants (Dec 2025: 659) across

1,017units (Dec 2025: 1,146)

Spread of assets - 106 properties (Dec 2025:

112)

The largest occupier represents only 2.9% of

rent roll (Dec 2025: 2.8%)

Top 15 tenants represent 24.6% of the

Group's gross rent roll (Dec 2025: 22.7%)

*Other - construction, other service activities, real estate activities, registered society, water supply, sewerage, waste management and remediation activities, accommodation and food service activities, activities of extraterritorial organisations and bodies, arts, entertainment and recreation, public administration and defence; compulsory social security, activities of households as employers, charity, mining and quarrying, activities of households as employers; undifferentiated goods.

Chart may not sum due to rounding.

Information and communication

Administrative and support service activities Wholesale and retail trade

Manufacturing

Professional, scientific and technical activities

Education

Human health and social work activities Financial and insurance activities

Not specified Construction Public sector

Transportation and storage

Other

Geographically diversified office led portfolio focused on the UK regions

Gross office assets by value %

100%

90%

80%

70%

60%

50%

90.4%

90.3%

89.5%

40%

30%

20%

10%

30-Jun-25

31-Dec-25

30-Jun-26

Office WAULT years

2.6

2.7

30-Jun-25

31-Dec-25

30-Jun-26

Years to expiry Years to first break

4.3

4.6

Office average rent & capital rate £psf

£18

£140

£16 £15.25

£109.45

£14

£15.60

£15.37

£120

£108.58

£110.31

£100

£12

£10

£80

£8

£60

£6

£40

£4

£20

£2

£0

30-Jun-25 31-Dec-25 30-Jun-26

Average Rent (lhs) Capital Rate (rhs)

Financial Information

Rental and property income	34,269	39,919	(5,650)
Property costs	(18,163)	(20,588)	2,425


Administrative & other expenses	(4,442)	(5,207)	765


Gains(loss) on the disposal of investment properties & right of use asset	(2,058)	(578)	(1,480)
Change in fair value of investment properties & of right of use asset	(6,875)	(12,213)	5,338


Taxation	-	-	-


Earnings/(losses) per share	(1.8)p	(4.9)p	3.1p

Financial - Statement of comprehensive income

	H1 2026 (£'000)	H1 2025 (£'000)	Change (£'000)

Net rental and property income	16,106	19,331	(3,225)

Operating profit (loss) before gains/(losses) on property assets/other investments	11,664	14,124	(2,460)


Operating profit/(loss)	2,731	1,333	1,398
Net finance income/expense, impairment of goodwill and net movement in fair value of derivative financial instruments	(5,556)	(9,193)	3,637
Share of profit/loss of associated company	(21)	(8)	(13)
Profit/(loss) before tax	(2,846)	(7,868)	5,022

Profit/(loss) after tax for the period (attributable to equity shareholders)	(2,846)	(7,868)	5,022


EPRA earnings/(losses) per share	4.2p	5.2p	(1.0)p
Table may not sum due to rounding.
regionalreit.com \| © 2026 Regional REIT Limited. All Rights Reserved.			35

H1 2026 (£'000)

Year ended 2025 (£'000)

Change (£'000)

Financial - Statement of financial position

H1 2026 (£'000)

Year ended 2025 (£'000)

Change (£'000)

Assets Non-current Assets
Investment properties	513,966	542,191	(28,225)
Right of use assets	10,641	10,710	(69)
Other non-current assets and derivative financial instruments	4,133	3,493	640


Current assets
Current assets	32,195	42,456	(10,261)
Cash and cash equivalents	40,783	37,726	3,057

Total assets	601,718	636,576	(34,858)

Liabilities
Current liabilities	(40,830)	(43,240)	2,410

Non-current liabilities
Bank and loan borrowings - non current	(240,028)	(262,319)	22,291
Lease liabilities & deferred tax liability	(11,714)	(11,731)	17
Total liabilities
Total liabilities	(292,572)	(317,290)	24,718
Net assets	309,146	319,286	(10,140)

Stated capital	618,010	618,010	-
Retained earnings/accumulated (losses)	(308,864)	(298,724)	(10,140)
Total equity
	309,146	319,286	(10,140)

Net assets per share	190.7p	197.0p	(6.3)p
EPRA net tangible value per share *
EPRA net tangible value per share *	188.7p	194.4p	(5.7)p

Table may not sum due to rounding.

*EPRA Net Reinstatement Value (NRV): 30 June 2026 210.2p (31 December 2025: 217.1p); Net Disposal Value (NDV): 30 June 2026

192.1p (31 December 2025: 199.0p)

Cash flow

Cash bridge 30 June 2026(£m)

20.8

18.9

(8.1)

(3.8)

(1.4)

37.7

40.8

(23.2)

31 Dec 2025

Cash balance

Cash from operations

Net interest, tax & costs

Acquisitions, associates & Capex

Net disposals

Dividends Borrowings and leases repaid,

costs & derivatives

30 Jun 2026

Cash balance

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This document ("Document") (references to which shall be deemed to include any information which has been made or may be supplied orally in connection with this Document or in connection with any further enquiries) has been prepared by and is the sole responsibility of ESR Europe LSPIM Limited and ESR Europe Investment Management Limited (together "ESR Europe"), in their capacities as Investment Adviser and Alternative Investment Fund Manager, respectively, of Regional REIT Limited ("Regional REIT" or the "Company") in relation to the Company and its subsidiary undertakings ("the Group"). Certain identified content is, however, externally sourced.

This Document is published solely for information purposes. This Document does not constitute or form part of, and should not be construed as, an offer to sell or the solicitation or invitation of any offer to subscribe for, buy or otherwise acquire any securities or financial instruments of any member of the Group or to exercise any investment decision in relation thereto.

The information and opinions contained in this Document are provided as at the date of this Document solely for your information and background, may be different from opinions expressed elsewhere and are subject to completion, revision and amendment without notice. None of ESR Europe or its members, the Company, the directors of the Company, or any other person shall have

any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this Document, its contents or otherwise arising in connection with this Document.

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