Slides
Page 1
E WW 90 00 RR Interim Results 2026 DERWENT LONDON
Page 2
Contents Introduction & overview 01 Financial review 04 Market update 19 Development 30 Outlook 39 Appendices 41 Executive Committee & senior management 65 Disclaimer 66 Presenters Paul Williams Damian Wisniewski Emily Prideaux Contents Derwent London – Interim Results 2026
Page 3
Introduction & overview Paul Williams 1
Page 4
Derwent London – Interim Results 2026 Key business highlights 2 • £30.4m of leasing and asset management across all villages • New lettings ahead of ERV • Renewals/regears extending income • Further £5.3m of rent currently under offer; EPRA vacancy 4.4% Network W1 Ongoing strong leasing performance • Completion and pre-letting of Network W1: c.11% ungeared IRR • Two major construction contracts signed within budget • Four major projects on site: target ungeared IRRs 10%+ Delivering value through West End development • H1 EPRA earnings slightly ahead of guidance at 48.7p • Upgrading 2026 guidance to ‘0% to -3%’ • NTA (3,157p) and TAR (-0.4%) impacted by: • Old Street Quarter provision and outward yield shift Financial overview 2
Page 5
Derwent London – Interim Results 2026 Executing against capital allocation plan 3 £279m completed/ exchanged YTD >£100m under offer/ on market Robust balance sheet Leverage remains low Commitment to 50 Baker Street W1; 12%+ ungeared IRR Development • Value driven, selective approach • T argeting 10%+ ungeared IRR Acquisitions • Future pipeline for next decade • Old Street Quarter EC1 Balance sheet • Maintain strong financial position • Net debt/EBITDA <9 .5x Disposals • £1bn over next three years • Mature/lower returning assets • Consider creation of co-investment vehicles Disciplined redeployment Shareholder distributions • Dividends • Share buybacks 56.0p/£63m 2025 final dividend paid £50m share buyback launched
Page 6
4 Financial review Damian Wisniewski
Page 7
5 Key financial messages Derwent London – Interim Results 2026 Delivering against the strategic targets set out in February Greencoat & Gordon SW1 5 • Disposals of £279m completed or exchanged • £50m share buyback programme commenced in May • LTV and net debt/EBITDA ratios reduced over six months • H1 EPRA earnings slightly ahead of guidance • U pgrading 2026 earnings guidance • Interim dividend increased again by 2% • EPRA NTA impacted by: • 6bp out ward yield movement • P rovision against Old Street Quarter site • Balance sheet remains strong • Cr edit rating reaffirmed • B ank facilities arranged/extended
Page 8
• Appendix 1 EPRA NTA per share1 3,157p Jun 2025: 3,187p Dec 2025: 3,225p Cash and undrawn facilities3 £481m4 Jun 2025: £636m Dec 2025: £652m EPRA earnings per share2 48.7p H1 2025: 52.2p -6.7% Gross rental income £106.9m H1 2025: £109 .1m -2.0% Net debt/EBITDA 8.6x Jun 2025: 9 .5x Dec 2025: 8.8x Net rental income £92.9m 2025: £94.0m -1.2% T otal accounting return -0.4% H1 2025: 3.0% FY 2025: 5.0% EPRA loan-to-value (LTV) ratio 28.8% Jun 2025: 30.5% Dec 2025: 29 .4% Interim dividend per share 26.0p 2025: 25.5p +2.0% 6 Financial highlights 1 EPRA Net Tangible Assets per share on a diluted basis 2 Reconciliation to IFRS figures in Appendix 2 3 Excludes tenant deposits 4 £581m on a proforma basis following the new £100m RCF signed in July 2026 Derwent London – Interim Results 2026
Page 9
H1 2025 3,149 52 (56) - (4) 46 - - 3,187 7 EPRA NTA movement 31 Dec 2025 Revaluation (deficit)/ surplus EPRA earnings Loss on disposals Dividends paid Other 30 Jun 2026 Old Street Quarter provision Share buyback 2,750 3,000 3,250 3,500 Pence per share 7 Slide 13 Slide 10 Slide 11 Slide 15 3,157 3,225 (56)49 (41) (18) -2.1%(3)(6) Developments1 £44.0m 39p Investment properties (£63.0m) (56p) 25 Savile Row W1 (HQ) (£1.6m) (1p) T otal (£ 20.6m) (18p) 1 Comprises recently completed and on-site projects Derwent London – Interim Results 2026
Page 10
8 T otal accounting return 1.5 1.0 1.2 0.2 (3.0) (1) 0 1 2 3 4 5 % EPRA earnings Capital growth Development returns Share buyback Yield shift Old Street Quarter provision +3.7% (0.4)% (1.3) • Reported TAR of -0.4% impacted by: • Shar e buyback • Yield shif t • Old Str eet Quarter provision • Before these three items, TAR would have been +3.7% Derwent London – Interim Results 2026
Page 11
Investment portfolio £5.0bn • Underlying ERV growth 2.6% • Str ongest six-monthly growth since 2016 • P ositive new lettings, renewals and rent reviews • W est End 3.2%, City Borders 1.4% • Equivalent yield up 6bp overall • 15bp underlying out ward yield shift1 • T rue equivalent yield 5.77% (Dec 2025: 5.71%) • ‘ Topped-up’ net initial yield 5.2% (Dec 2025: 5.1%) 9• Appendices 6 and 7 Valuation drivers ERV growth offset by yield shift Rental value growth True equivalent yield movement 5.0 4.5 4.0 5.5 6.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 % (4) (6) 25 (3) 3 3 0 (3) 1 (9) (15)(4) 42 42 18 0 (4) 2 6 (4) (2) 0 2 4 6 % 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 H1 growth H2 growth • Average office rents: • P assing £50.79 psf (Dec 2025: £50.64 psf) • ‘ Topped-up’ £67 .94 psf (Dec 2025: £64.39 psf) 1 After adjusting for Network W1 completion and sale of Horseferry House SW1 in H1 Derwent London – Interim Results 2026
Page 12
10 Portfolio valuation themes Valuation performance by category 10.3 1.3 0.2 (5.3) (5) (10) 0 5 10 15 Valuation movement (%) Developments² >£1,500 psf £1,000 to £1,500 psf <£1,000 psf • Development valuations outperforming • Net work W1 increase on pre-let/completion • Balance of portfolio decreased 1.3% • W est End (-0.9%) outperformed City Borders (-2.6%) • <£1,000 psf – shortening leases/higher capex • L arger lot sizes – yields impacted by low liquidity • Underperformance vs MSCI Central London Office Index (1.3%) % pa since: H1 2026 2024 2022 Derwent London 1.6 4.5 0.0 MSCI Central London Offices1 3.2 3.7 (1.6) MSCI UK All Property1 2.1 5.4 0.6 T otal property return 1 Quarterly Index 2 Recently completed and on-site projects Derwent London – Interim Results 2026
Page 13
Old Street Quarter • Completion expected late-2027 • Subject to externally appraised valuations from acquisition • Market values have fallen since May 2022 • Equivalent to 1.3% reduction in TAR • To be reassessed every 6 months up to acquisition • Provision will be set-off against fair value adjustment at acquisition £45.8m provision1 recognised at 30 Jun 2026 May 2022 agreed to acquire site for £239m 11 1 Assessed under IAS 37 Derwent London – Interim Results 2026
Page 14
• Appendix 3 109.1 2.1 10.4 (13.6) (1.1) 106.9 0 20 40 60 80 100 120 140 £m 30 Jun 2025 Lettings & asset management: Prior year Breaks, expiries & voids Disposals 30 Jun 2026Current year Development and refurbishment properties (£8.4m) Other (£5.2m) T otal (£13.6m) Francis House SW1 (£1.2m) Other £0.1m T otal (£1.1m) 25 Baker Street W1 £8.6m Other £1.8m T otal £10.4m Gross rental income 1.0% Net rental income 2.7% Net property and other income 2.6% 12 Gross rental income Network W1 £1.3m Other £0.8m T otal £2.1m Network annualised income £11m Derwent London – Interim Results 2026 Like-for-like vs H1 2025
Page 15
EPRA earnings • Appendix 2 13Derwent London – Interim Results 2026 30 40 50 60 70 £m H1 2025 EPRA earnings Gross rental income Property expenditure Admin expenses Net finance costs Other H1 2026 EPRA earnings 58.6 (2.2) 1.0 0.5 (2.8) (0.5) 54.6 48.7p per share 52.2p per share Slide 12 • Actions taken to reduce staff costs by £1.4m on an annualised basis • Net finance costs impacted by: • Weighted average interest rate up c.30bp to 3.9% in H1 2026 • Convertible bonds at 2.3% IFRS rate repaid in June 2025 • Capitalised interest of £6.1m, £2.3m lower than H1 2025 Costs £1.5m lower than H1
Page 16
Earnings outlook for 2026 upgraded 2026 2027 2030 5% to 10% 0% to -3% 25% to 30% Growth compared to 2025 Current year EPS guidance upgraded to ‘0% to -3%’ from ‘-3% to -5%’ • Lower admin costs expected • Capitalised interest c.£2m below 2025 • H2 total earnings broadly in line with H1 • Share buyback helps H2 EPS 2027 • Reversion capture • Cost efficiencies • Capitalised interest up c.£10m • Disposals • Stable cost of debt 2030 • Reversion growth/capture • Project completions • Disposals • Stable cost of debt 14 The Featherstone Building EC1Derwent London – Interim Results 2026
Page 17
• Appendix 14 7 18 25 53 9 20 29 17 4 9 13 6 11 5 16 43 3 2 5 6 18 18 32 23 41 14 8 8 16 17 60 85 145 156 0 20 40 60 80 100 120 140 160 180 200 £m Actuals H1 2026 Forecast H2 2026 Forecast 20272026 50 Capitalised interest/overhead Share buyback Other¹ Old Street Quarter EC1 50 Baker Street W1 Middlesex House W1 Greencoat & Gordon SW1 Holden House W1 1 Includes various rolling refurbishments and EPC upgrades 15 Capital allocation Project expenditure • H1 2026 spend of £60m • Accelerating from H2 as projects progress • Full year projection of £145m for 2026 in line with previous forecast • Investment will drive future earnings growth Share buyback • £50m commenced 18 May 2026; completion expected by 30 September 2026 • £18.1m purchased in H1 2026 at average price of £18.33 • 42% discount to June NTA • +7p per share impact on EPRA NTA at H1 Derwent London – Interim Results 2026
Page 18
Build-up of portfolio ERV (net effective basis) 208.8 10.8 11.3 44.9 16.3 292.1 100 150 200 250 300 Annualised accounting rent (£m) Jun 2026 rent Vacant (available) Vacant (refurb) Major projects¹ Reviews & expiries ERV Reversion: £83.3m Headline rent basis Jun 2026 250.12 56.1 14.1 13.5 18.5 352.3 Dec 2025 248.33 40.2 1 7.4 11.2 18.2 335.3 Potential portfolio reversion £83.3m 40% uplift Capex required for major projects1 £417m 16 1 Comprises 50 Baker Street W1, Holden House W1, Greencoat & Gordon SW1 and Middlesex House W1 2 Net passing rent at 30 Jun 2026 £189 .2m plus contracted uplifts £60.9m 3 Net passing rent at 31 Dec 2025 £194.8m plus contracted uplifts £53.5m Dec 2025 210.4 32.2 13.9 8.9 15.9 281.3 Derwent London – Interim Results 2026
Page 19
Refinancing activity 17 Weighted average interest rate for the year 2026 activity Derwent London – Interim Results 2026 1 Actual Average 2025 3.8% H1: 3.6% H2: 4.1% Estimated 2026 3.9% H11: 3.9% H2: 3.8% Highlights • Repaid £230m of fixed rate debt in H1, with weighted average interest rate of 5.6% • Replaced with bank debt at c.4.9% • No debt maturities until November 2027 • Jan 2026 – £82.5m term loan maturity extended by one year to 2028 • Feb 2026 – £55m private placement notes repaid on maturity • Mar 2026 – £175m LMS secured bonds repaid on maturity • Jul 2026 – new £100m unsecured RCF, 5-year term, with two one-year extension options • Jul 2026 – £450m unsecured RCF maturity extended by one year to 2030
Page 20
• Appendix 4 Cash and undrawn facilities1 £481m2 Jun 2025: £636m Dec 2025: £652m Interest cover ratio (ICR) 3.0x Jun 2025: 3.2x Dec 2025: 3.1x Weighted average maturity of borrowings 4.3 years Jun 2025: 4.5 years Dec 2025: 4.2 years Net debt/EBITDA 8.6x Jun 2025: 9 .5x Dec 2025: 8.8x 18 Debt summary Debt portfolio 100% unsecured Derwent London – Interim Results 2026 Fixed rate borrowings 71% Jun 2025: 80% Dec 2025: 82% EPRA loan-to-value (LTV) ratio 28.8% Jun 2025: 30.5% Dec 2025: 29 .4% Senior unsecured credit rating ‘ A-’ 4 30 118 475 250 127127 182.5 55.5 345 0 100 200 300 400 500 600 £m 2026 2027 2028 2029 2030 2031 2032 2033 2034 Fixed rate bonds & USPPs Drawn bank loans Headroom 100 105 Proforma maturity profile of debt facilities3 1 Excludes tenant deposits 2 £581m on a proforma basis following the new £100m RCF signed in July 2026 3 Includes new £100m RCF and extension of £450m RCF signed in July 2026 4 Corporate credit rating ‘BBB+/stable outlook’
Page 21
19 Market update Emily Prideaux
Page 22
Derwent London – Interim Results 2026 • Constrained supply • L owest level since 2020 • Increased demand • S econd highest level on record • Strong market rental growth • G rowth across sub-markets Quarter Demand Supply T ake-up (sq ft) Under offer (sq ft) Demand (sq ft) Availability (sq ft) Vacancy rate (%) Q2 2025 3.1m 3.3m 11.7m 24.2m 7.8 % Q3 2025 2.7m 3.8m 9.9 m 24.6m 8.1% Q4 2025 3.3m 3.6m 9.8 m 21.4m 7 .3% Q1 2026 2.2m 4.0m 11.4m 20.6m 6.8% Q2 2026 2.7m 4.0m 11.9m 19 .4m 6.5% Central London office key market metrics Occupational market Strong fundamentals 20• Appendices 19 to 21
Page 23
Demand – second highest level on record 0 2 4 6 8 10 12 14 Floorspace (million sq ft) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10-year average Central London office active demand Source: CBRE 21 • Q2 2026 demand • 11.9m sq ft • 45% above 10-year average Derwent London – Interim Results 2026
Page 24
Central London development pipeline Central London availability by quality • Availability below 10-year average for first time since Q2 2020 • Central London vacancy 6.5%; West End 5.1% • Grade A vacancy continues to reduce • Central London: 1.5%; West End: 1.2% • 54% of space due for completion in H2 2026 is pre-let or under offer • 13.2 million sq ft of space under construction, of which: • 4.4m sq ft (33%) pre-let or under offer • Completion delays expected Supply – constrained supply driving rental growth Derwent London – Interim Results 2026 0 2 4 6 8 10 12 0 2 4 6 8 10 12 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Under construction available Under construction let/under offer Completed Completed average Vacancy rate 0 2 4 6 8 10 12 14 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Floor area (million sq ft) Vacancy rate (%) Floor area (million sq ft) Vacancy rate (%) West End Central London 0 5 10 15 20 25 30 Floorspace (million sq ft) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Pre-let New completed Secondhand 10-year average Source: CBRE Source: CBRE 22• Appendices 20 and 21
Page 25
London – a beneficiary of AI growth 23 • Talent and innovation • 26 of the global top 200 universities • Access to capital • Third largest global hub across all VC investment • London leads European VC into AI which has exceeded $25bn in last 2 y ears • Mature ecosystem • E uropean city with most ‘Fortune 500 Europe’ companies • Home to newly formed AI-centric initiatives (London AI hub and Ignite L ondon) Derwent London – Interim Results 2026 Network W1 Europe’s centre for AI T ake-up & demand Key AI leasing deals in 2026 • c.700k sq ft take-up in H1 2026 (approx. double total of 2025) • c.600k sq ft known active demand • CBRE projecting further 2.5m sq ft AI take up by 2033
Page 26
• Strong demand for well-located Core Plus and Value-Add opportunities • Investors attracted by robust occupational market and positive rental growth forecasts • Subdued market sentiment since Middle East conflict • Limited pricing evidence for larger lot sizes Investment market Key themes • D omestic capital dominated in H1: 51% by value • c.£25bn of equity targeting London • Highest level since mid-2023 • B road geographic mix of investors Equity by region Average lot size Equity targeting London £bn % UK & Europe 8.5 34% Asia 6.9 27% North America 6.7 27% Middle East 3.1 12% T otal 25.2 100% £25bn +7% vs Dec 2025 £54m H1 2025: £60m Derwent London – Interim Results 2026 24• Appendix 22
Page 27
Derwent London – Interim Results 2026 Derwent London activity Capital recycling • Remain disciplined buyers • Recycle disposal proceeds into future pipeline, in line with capital allocation framework • Core Plus as well as Value-Add Focus on disposals • £1bn target over three years • £ 279m completed/exchanged YTD • On track for £400m in 2026 • Decisive plan to further optimise portfolio Acquisitions ¹ Headline consideration £131.8m before rental top-ups. ² Office element sold with vacant possession; £0.6m rental income on retail. Consideration £m Initial yield % Completed Horseferry House SW1¹ 129 .3 6.0 80-85 Tottenham Court Road W1² 32.6 1.7 3 private flats at 25 Baker Street W1 6.9 - Contracts exchanged 90 Whitfield Street W1 110.5 5.0 T otal 2 79. 3 5.0 H1 2026 disposals 25
Page 28
Derwent London – Interim Results 2026 Derwent London activity Leasing • Lettings YTD: £22.1m • 5 .1% ahead of Dec 2025 ERV • H1: £ 21.4m new lettings • Includes: • £14 .1m office pre-let at Network W1 • £4 .7m ‘Furnished + Flex’ deals • £5.3m under offer Letting activity 0 5 10 15 20 25 30 35 40 45 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 YTD Rental income (£m pa) H1 H2 Under offer 26
Page 29
0 5 10 15 20 25 30 35 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Rental income (£m pa) Lease renewals Regears Derwent London activity Asset management • Total asset management activity of £7 .4m in H1 with a further £1.4m in H2 to date • High levels of renewals and regears in H1 • £7 .1m in 38 deals delivering a 5.8% rental uplift • Portfolio WAULT maintained at 6.0 years, rising to 6.8 on ‘topped-up’ basis • EPRA vacancy increased slightly to 4.4% (Dec 2025: 4.1%) • 3 .5% excluding space under offer for disposal Asset management activity 27Derwent London – Interim Results 2026
Page 30
Derwent London – Interim Results 2026 Furnished + Flexible • 8 .4% of London office portfolio or 12% including third parties HQ offices • 88% of London office portfolio DL/Members • DL/Lounges • DL/App • DL/Service Best-in-class product & service 4.25m sq ft office portfolio to meet London’s demand 28
Page 31
Our Flex portfolio • Further growth of Flex portfolio (F+F) • Returns focused approach • Cost conscious (operational and capex) • Likely growth from 8.4% to c.15% (excluding third party providers) Derwent London – Interim Results 2026 29 0 100 200 300 400 500 600 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 H1 2026 Floorspace (’000 sq ft) F+F On-site F+F Third party serviced offices 80 Goswell Road EC1
Page 32
30 Development Emily Prideaux
Page 33
Proving rental growth Strong performance in spite of outward yield shift Landscape for London development Draft London plan Pro-growth local authorities Constrained supply environment Proven rental growth • 16% overall ERV beat vs appraisal ERV • 5% annual rental growth since start of project • PIMCO sublet enhances reversion (e.g. 5th floor and below) • Ungeared IRR: 11.3% • Databricks rent of £103 psf vs £87 psf ERV at appraisal • 22% overall ERV beat vs appraisal ERV • 4% annual rental growth since start of project • Ungeared IRR: 10.7% 25 Baker Street W1 Network W1 £87 £100 £103 0 20 40 60 80 100 120 ERV or Rent (£ psf) Aug 2021 appraisal ERV Dec 2025 ERV Mar 2026 Databricks pre-let 4% pa growth £90 £98 £104 £115 0 20 40 60 80 100 120 140 ERV or Rent (£ psf) Dec 2020 appraisal ERV Feb 2023 PIMCO pre-let rent Jun 2026 ERV Dec 2025 PIMCO sub-let rent 5% pa growth 31Derwent London – Interim Results 2026
Page 34
On site at four major West End projects 1 Comprising book value at commencement, capex, voids and other costs, plus notional interest to the end of the rental incentive period 2 ERV of 131,400 sq ft building, includes tenanted 23,600 sq ft 3 ERV yield on cost at practical completion, assuming capitalised interest and staff costs 4 Capital-weighted IRR to income stabilisation Completion H2 2029 H2 2028 H2 2027 H1 2027 Offi ce area (sq ft) 47 4,800 204,000 113,000 107 ,800 5 0,0 0 0 Total project area (sq ft) 527 ,300 236,000 133,500 107 ,800 5 0,0 0 0 Total cost1 (£m) 872 412 251 135 74 Appraised ERV (£ psf) - 130 120 90 95 Appraised ERV (£m pa) 60.3 29 .2 16.4 10.02 4.7 Returns 32Derwent London – Interim Results 2026 Yield on completion3 c.7% Project IRR4 c.12% Profit on cost c.18% IRR sensitivity Rent +£10 psf +4% Yield -25bp +2% • Appendix 14
Page 35
50 Baker Street W1 Best-in-class redevelopment in prime sub-market Redevelopment 236,000 sq ft • L andmark building at the centre of Baker Street • Confident ar chitecture articulated by sophisticated and sustainable materials • Large flexible floorplates • Stunning rooftop amenities 33Derwent London – Interim Results 2026
Page 36
Holden House W1 New development behind retained façade Redevelopment 133,500 sq ft • Mixing of r etained elegant façade and striking new architecture • Innovative servicing strategy • Carbon conscious construction and oper ation 34Derwent London – Interim Results 2026
Page 37
Greencoat & Gordon SW1 Heritage refurbishment delivering flexible occupier solutions Refurbishment 107 ,800 sq ft • R e-imagining of characterful warehouse building • Celebr ation of Victorian industrial aesthetic • Fle xible interconnecting floorplates 35Derwent London – Interim Results 2026
Page 38
Middlesex House W1 50,000 sq ft of flexible workspace Refurbishment 50,000 sq ft • R efurbished 1930s building with new reception and enhanced experience • Fle xible floor plates flooded with light • Communal r ooftop terrace and amenity • F urnished + Flexible/ managed 36Derwent London – Interim Results 2026
Page 39
Building the right product in the right location PC: H2 2029 236,000 sq ft PC: H2 2027 107 ,800 sq ft PC: H2 2028 133,500 sq ft PC: H1 2027 50,000 sq ft 37Derwent London – Interim Results 2026
Page 40
Maximising value and future pipeline Alternative uses and strategic partnerships 20 Farringdon Road EC1 • Vacant possession H1 2027 • 167 ,000 sq ft adjacent to Elizabeth line • Repositioning of asset – office refurbishment, new ground floor plus new amenities and rooftop 38 Old Street Quarter EC1 • 2.5-acre mixed-use, living-led campus redevelopment • Target: 750,000+ sq ft (+85%) • Start date: 2028+ • Optionality around delivery • Str ategic partnership with Related Argent • Fle xibility to JV, forward fund and plot sales 230 Blackfriars Road SE1 • 0.9-acre mixed-use redevelopment • Target: 200,000+ sq ft (+200%) • Start date: 2030+ • Optionality around delivery • De velop vs Sell Derwent London – Interim Results 2026
Page 41
Outlook Paul Williams 39
Page 42
Derwent London – Interim Results 2026 A positive outlook 40 40 1 Assuming stable yields Guidance Leasing and asset management • Strong momentum to grow and capture rental growth Disposals • Decisive plan to further optimise portfolio Reinvestment into high returning opportunities • Four West End regeneration projects (527 ,300 sq ft) • Attr active returns with strong rental growth prospects • Complete remainder of £50m share buyback T otal accounting return • 7 -10% 1 pa TAR anticipated over medium-term ERV guidance • Reiterated at 4-7% in 2026 (H1 2026: 2.6%) EPRA earnings guidance • Upgrading 2026 guidance to ‘0% to -3%’ (from ‘-3% to -5%’) • Reaffirming 2027 (5-10%) and 2030 (25-30%) guidance Returns-focused capital allocation
Page 43
Appendices 41
Page 44
42Derwent London – Interim Results 2026 Appendix 1 – Headline numbers Jun 2026 % change Dec 2025 Jun 2025 Net asset value (NAV) £3,515.3m (2.8)1 £3,615.3m £3,575.8m EPRA net tangible assets per share2 3,157p (2.1)1 3,225p 3,187p EPRA net disposal value per share2 3,246p (1.7)1 3,302p 3,276p Total accounting return (0.4%) n/a 5.0% 3.0% Gross rental income £106.9m (2.0) £218.3m £109 .1m Net rental income £92.9m (1.2) £190.0m £94.0m EPRA earnings per share3 48.7p (6.7) 98.4p 52.2p (Loss)/profit for the period (£18.6m) - £161.1m £94.5m Interim dividend per share 26.00p 2.0 25.50p 25.50p Net debt £1,377 .9m (3.3)1 £1,425.2m £1,523.0m EPRA loan-to-value (LTV) ratio 28.8% n/a 2 9.4% 30.5% NAV gearing 3 9. 2 % n/a 3 9.4% 42.6% Net interest cover ratio 3.0x n/a 3.1x 3.2x Net debt/EBITDA 8.6x n/a 8.8x 9. 5 x 1 Compared to Dec 2025 2 On a diluted basis 3 Reconciliations to IFRS figures in Appendix 2
Page 45
43Derwent London – Interim Results 2026 Appendix 2 – EPRA earnings adjustments A – Disposal of investment and trading property and associated tax B – Revaluation of investment property and other interests, and associated deferred tax C – Non-operating and exceptional items H1 2026 IFRS £m Adjustments H1 2026 EPRA basis £m H1 2025 EPRA basis £m A B C £m £m £m Net property and other income 95.2 0.2 0.4 - 95.8 9 7.0 Onerous contract provision (45.8) - - 45.8 - - Administrative expenses (17 .8) - - 0.9 (16.9) (17 .4) Revaluation deficit (19 .0) - 1 9.0 - - - Loss on disposal (6.3) 6.3 - - - - Net finance costs (24.2) - - - (24.2) (21.4) Profit before tax (17 .9) 6.5 1 9.4 46.7 54.7 58.2 Tax (charge)/credit (0.7) - 0.6 - (0.1) 0.4 (Loss)/earnings attributable to equity shareholders (18.6) 6.5 20.0 46.7 54.6 58.6 Earnings per share (16.6p) 48.7p 52.2p
Page 46
44Derwent London – Interim Results 2026 Appendix 3 – Like-for-like income reconciliation Like-for-like movement H1 2026 Like-for-like portfolio £m Other £m T otal £m H1 2026 Gross rental income 89. 5 1 7. 4 106.9 Other property expenditure (10.0) (3.5) (13.5) Write-off/impairment of receivables (0.4) (0.1) (0.5) Net rental income 79.1 13.8 92.9 Other 2.5 (0.2) 2.3 Net property and other income 81.6 13.6 95.2 H1 2025 Gross rental income 88.6 20.5 1 0 9.1 Other property expenditure (11.6) (2.9) (14.5) Write-off/impairment of receivables - (0.6) (0.6) Net rental income 7 7. 0 1 7. 0 94.0 Other 2.5 0.1 2.6 Net property and other income 79. 5 1 7.1 96.6 H2 2025 Gross rental income 89.9 19 .3 109 .2 Other property expenditure ( 9.6) (2.3) (11.9) Write-off/impairment of receivables - (1.3) (1.3) Net rental income 80.3 15.7 96.0 Other 2.8 4.2 7.0 Net property and other income 83.1 1 9.9 103.0 1.0% 2.7% 2.6% (0.4%) (1.5%) (1.8%)
Page 47
45Derwent London – Interim Results 2026 Appendix 4 – Debt facilities 1 Facility extended in July 2026 Drawn £m Undrawn £m T otal £m Maturity 1.875% green bonds 350.0 - 350.0 November 2031 5.25% bonds 250.0 - 250.0 May 2032 3.46% private placement notes 30.0 - 30.0 May 2028 4.41% private placement notes 25.0 - 25.0 January 2029 2.87% private placement notes 93.0 - 93.0 January 2029 2.97% private placement notes 50.0 - 50.0 January 2031 3.57% private placement notes 75.0 - 75.0 May 2031 3.09% private placement notes 52.0 - 52.0 January 2034 4.68% private placement notes 75.0 - 75.0 January 2034 Bonds and USPPs 1,000.0 - 1,000.0 Revolving credit facility 44.5 55.5 100.0 November 2027 Revolving credit facility 105.0 345.0 450.0 July 20301 Term loan 82.5 - 82.5 December 2027 Term loan 82.5 - 82.5 February 2028 Term loan 100.0 - 100.0 June 2028 Committed bank facilities 414.5 400.5 815.0 At 30 June 2026 1,414.5 400.5 1,815.0 Revolving credit facility – arranged in July 2026 - 100.0 100.0 July 2031 T otal facilities 1,414.5 500.5 1,915.0
Page 48
46Derwent London – Interim Results 2026 Appendix 5 – Property return 1 Quarterly Index T otal property return (3.4) (8.0) (9.1) (7.3) (7.9) (12) (9) (6) (3) 0 3 6 9 2022 2023 2024 2025 % Derwent London MSCI Central London Offices¹ MSCI UK All Property¹ (1.0) 4.1 5.5 1.3 5.5 6.0 4.8 H1 2026 1.6 2.1 3.2 Index (31 Dec 2007=100) 50 100 150 200 250 300 350 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2024 2025 2026 2022 Derwent London MSCI Central London Offices¹ MSCI UK All Property¹ 130% 203% 117% Cumulative total property return • Total property return 1.6% • MSCI Central London offices1 3.2%
Page 49
47Derwent London – Interim Results 2026 Appendix 6 – Portfolio valuation Weighting % Valuation Jun 2026 £m Capital value1 £ psf Valuation movement H1 2026 % 2 ERV growth H1 2026 % 3 True equivalent yield Jun 2026 % 3 Net initial yield Jun 2026 % 3 ‘T opped-up’ initial yield Jun 2026 % 3 West End 75 3,701.4 1,205 0.9 3.2 5.45 3.5 5.0 City Borders 23 1,153.1 737 (2.6) 1.4 6.51 5.0 5.7 Central London 98 4,854.5 1,026 0.0 2.6 5.75 3.9 5.2 Provincial 2 115.8 2184 (0.2) 1.7 7.0 2 4.7 5.6 Overall portfolio 100 4,970.3 971 0.0 2.6 5.77 3.9 5.2 Developments5 13 651.1 10.3 Investment portfolio (ex-developments) 87 4,319 .2 (1.3) 1 Excludes 0.7m sq ft of on-site developments in H1 2026 2 Underlying – properties held throughout the year 3 On EPRA basis 4 Excludes Scottish land 5 Five on-site developments in H1 2026, Network W1 (completed May 2026), 50 Baker Street W1, Holden House W1, Greencoat & Gordon SW1 and Middlesex House W1
Page 50
48Derwent London – Interim Results 2026 Appendix 7 – Portfolio valuation ERV growth True equivalent yields H1 2025 % H2 2025 % H1 2026 % Dec 2025 % Yield shift bp Jun 2026 % West End 2.4 2.3 3.2 5.42 3 5.45 City Borders 0.4 1.3 1.4 6.34 17 6.51 Central London 1.8 2.0 2.6 5.69 6 5.75 Provincial 12.0 3.5 1.7 6.97 5 7.0 2 Portfolio 2.0 2.0 2.6 5.71 6 5.77 2 3 4 5 6 7 8 % 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Reversionary yield True equivalent yield Initial yield Valuation yields2 Valuation Number of properties Weighting % > £300m 4 34 £200m-£300m 4 21 £100m-£200m 9 24 £50m-£100m 9 12 < £50m 31 9 57 100 Portfolio breakdown ERV and true equivalent yields1 1 On EPRA portfolio 2 Six-monthly data
Page 51
49Derwent London – Interim Results 2026 Appendix 8 – Portfolio statistics Floor area ‘000 sq ft Net contracted rental income £m pa 1 Vacant (major projects) £m pa 1 Vacant (refurbs) £m pa 1 Vacant (available) £m pa 1 Lease reversion £m pa 1,2 Estimated rental value £m pa 1 Average rental value £ psf 1 West End 3,252 120.4 55.6 9.0 8.0 63.4 256.4 80.32 City Borders 1,564 64.0 - 5.1 4.8 15.6 89 .5 58.32 Central London 4,816 184.4 55.6 14.1 12.8 79.0 345.9 73.17 Provincial 351 4.8 - - 0.7 0.9 6.4 18.10 Investment portfolio 5,167 189 .2 55.6 14.1 13.5 79.9 352.3 69.4 3 1 Headline rental basis 2 Contractual uplifts, rent review/lease renewal, reversion and pre-lets
Page 52
50Derwent London – Interim Results 2026 Appendix 9 – Lease expiry profile and lease length 1 Based upon annualised rental income of £189 .2m West End City Borders Provincial H2 2026 2027 2028 2029 2030 T otal Expiries 1 1 - 2 11 5 5 10 33 Holding over - - - - - - - - - Rolling breaks 1 - - 1 - - - - 1 Single breaks - - - - 5 5 4 1 15 T otal 2 1 - 3 16 10 9 11 49 36 29 32 2 49 27 22 1 1 1 0 10 20 30 40 50 % Up to 5 years 5 to 10 years 10 to 15 years 15 to 20 years Over 20 years No lease breaks exercised Lease breaks exercised at first opportunity Profile of rental income expiry1 Expiries and breaks as a percentage of portfolio income1 • Average lease length of 6.0 years (Dec 2025: 6.0 years) • 6.8 years on ‘topped-up’ basis (Dec 2025: 7 .0 years)
Page 53
51Derwent London – Interim Results 2026 Appendix 10 – Timing of the reversion Reviews and expiries (headline) 0.7 3.2 0.9 0.7 1.3 0.1 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 H2 2026 2027 2028 2029 2030 >2030 £m 0.6 1.3 1.5 0.1 2.5 0.5 4.3 0.8 0 1 2 3 4 5 6 7 £m H2 2026 2027 2028 2029 2030 >2030 Projects Underlying H2 2026 2027 2028 2029 2030 >2030 Rent psf £50 £56 £58 £61 £91 £77 ERV psf £58 £70 £66 £64 £95 £75 Uplift 16% 25% 14% 5% 4% (3%) 0.7 3.2 0.9 0.7 1.3 0.1 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 H2 2026 2027 2028 2029 2030 >2030 £m 0.6 1.3 1.5 0.1 2.5 0.5 4.3 0.8 0 1 2 3 4 5 6 7 £m H2 2026 2027 2028 2029 2030 >2030 Projects Underlying Lease expiries: £11.6m1Rent reviews: £6.9m 1 £9 .4m on a net effective basis
Page 54
52Derwent London – Interim Results 2026 Appendix 11 – Portfolio summary 5.17m sq ft 1 £189.2m rent 58% 42% Future appraisal 18% Major projects 11% Consented 1% Core income 58% Under appraisal 12% Portfolio Rental income: £189.2m WAULT: 6.0 yrs WAULT 4 : 6.8 yrs Office rent 2 : £67.94 Office ERV: £76.84 Rental income: £142.2m WAULT: 6.7 yrs Office rent 2 : £78.96 Office ERV: £82.12 Rental income³: -£0.1m Office ERV: £107.26 Rental income: £0.6m WAULT: 2.0 yrs Office rent 2 : £11.26 Rental income: £15.3m WAULT: 1.5 yrs Office rent 2 : £44.89 Potential projects Rental income: £47.1m WAULT: 4.1 yrs Office rent 2 : £45.81 Rental income: £31.2m WAULT: 5.4 yrs Office rent 2 : £48.02 Core & major projects Rental income: £142.1m WAULT: 6.7 yrs Office rent 2 : £78.73 ERV: £86.44 Core income 53% Pipeline 47% Proforma for Old Street Quarter EC1 acquisition/uni2075 1 Comprises 4.64m sq ft of existing buildings plus 0.53m sq ft of on-site developments 2 ‘Topped-up’ rent 3 Including ground rent during construction period at 50 Baker Street W1 4 After adjusting for ‘topped-up’ rents and pre-lets 5 Existing Moorfields Eye Hospital area of 400,000 sq ft on a 2.5 acre site
Page 55
Derwent London – Interim Results 2026 Appendix 12 – Major tenants ‘T opped-up’ rent % Passing rent % 01 Expedia 6.3 8.3 02 Boston Consulting Group 6.0 7. 7 03 Databricks 5.5 - 04 Public sector 1 5.4 6.6 05 Arup 4.4 5.8 06 PIMCO 4.3 - 07 G Research 3.9 2.6 08 Fora 3.3 4.1 09 Apollo 3.1 2.1 10 Paymentsense 2.5 3.3 11 Sony Pictures 2.2 2.9 12 Moelis 2.0 1.3 13 Adobe 1.8 2.2 14 Fremantle 1.5 1.0 15 Accenture 1.4 1.8 16 Telecity Group/Digital London 1.3 1.4 17 Mother 1.3 1.4 18 Soho House 1.3 1.6 19 Morningstar 1.1 1.5 20 The Doctors Laboratory 1.1 1.3 T otal 5 9.7 56.9 1 Includes universities, the NHS and central government departments 53
Page 56
54Derwent London – Interim Results 2026 Appendix 13 – Rent and tenant banding 1 Based on floor area 2 Based on annualised rental income £189.2m Media 13% Business services 26% Retail head office 3% Fintech 8% Online leisure 8% Financial 10% Technology 7% Retail & hospitality 9% Public sector 7% Flexible office providers 5% Other 4% £0-£30 psf 6% £30-£40 psf 8% £40-£50 psf 7% £50-£60 psf 16% £60-£70 psf 15% £70-£80 psf 16% £80+ psf 32% Central London ‘topped-up’ office rent banding1 Profile of tenants’ business sector2
Page 57
55Derwent London – Interim Results 2026 Appendix 14 – Project summary Property Pre scheme area ‘000 sq ft Proposed area ‘000 sq ft H2 2026 capex £m 2027 capex £m 2028+ capex £m T otal capex to complete £m Delivery date Major projects 25 Baker Street W1 (completed) 143 298 5 3 - 81 H2 2025 Network W1 (completed) 70 141 3 4 - 7 H1 2026 Holden House W1 91 134 18 53 57 128 H2 2028 Greencoat & Gordon SW1 108 108 20 17 6 43 H2 2027 Middlesex House W1 51 50 9 6 - 15 H1 2027 50 Baker Street W1 122 236 5 43 183 231 H2 2029 585 967 60 126 246 432 Other on-site projects Scotland - - 3 - - 3 2 Planning and design - - 2 5 2 93 Other - - 12 8 12 324 - - 17 13 14 44 T otal 585 967 77 139 260 476 Capitalised interest - - 6 14 32 52 Capitalised staff costs - - 2 3 9 14 T otal including interest 585 967 85 156 301 542 Consented Blue Star House SW9 53 86 53 86 Other pipeline Under appraisal 635 635 Future appraisal 929 929 T otal pipeline 2,202 2,617 1 Includes profit share payments 2 Includes Strathkelvin Retail Park and Lochfauld solar park 3 Includes Old Street Quarter EC1 4 Includes EPC upgrades & smaller rolling refurbishments
Page 58
56Derwent London – Interim Results 2026 Appendix 15 – Energy use and intensity Energy use Energy intensity 166 139 140 142 149 137 125 85 74 75 72 79 73 67 67 81 65 65 70 70 64 58 0 20 40 60 80 100 120 140 160 180 kWh/sqm 2019 2020 2021 2022 2023 2024 2025 2026 H1 H2 33.1 26.0 26.7 25.4 30.2 27.8 25.4 25.9 31.5 64.6 49.2 49.7 50.4 56.7 51.8 48.7 23.2 23.0 25.0 26.5 24.0 23.3 0 10 20 30 40 50 60 70 kWh (millions) 2019 2020 2021 2022 2023 2024 2025 2026 H1 H2
Page 59
57Derwent London – Interim Results 2026 Appendix 16 – Responsible development Net Zero Carbon (NZC) business by 2030 Energy intensity • 4% year-on-year reduction • 2030: 123kWh/m2 Reduce carbon • 42% reduction in Scope 1 & 2 baseline by 2030 (SBTi) • Continue transition to all-electric buildings where feasible Reduce embodied carbon • 2025 Target ≤600 kgCO2e/m² • 2030 Target ≤500 kgCO2e/m² • Offset residual emissions • Collaboratively work to reduce the carbon content of concrete via our Accelerating Concrete Decarbonisation Group (ACDG) Invest in renewable energy • 100% Green tariffs for electricity and gas • Deliver and energise Lochfauld solar park to self-generate ≥40% of our managed portfolio electricity Increase biodiversity • All major developments to achieve a 15% biodiversity net gain 2020 Fir st in industry to commit to NZC strategy 2025 P athway progress since 2025 • 20% energy consumption reduction since 2019 • 40% of managed portfolio buildings now all-electric 2030 Ne t Zero Carbon Our 2030 targets Lochfauld solar park – Scotland
Page 60
58Derwent London – Interim Results 2026 Appendix 17 – Responsible development (continued) Net Zero Carbon (NZC) business by 2030 Embodied carbon Sub and super-structure account for around 55% of upfront embodied carbon, which is often concrete • Retention of structure • Lower carbon concrete and products • Supply chain engagement • ACDG – Derwent London initiated developer-led, cross-supply chain group to accelerate concrete decarbonisation Reducing energy use across the portfolio Working with our occupiers to cut energy use across the portfolio, as well as reducing landlord energy consumption • Active occupier engagement and partnership approach • Green leases • Electrifying our portfolio, with 40% of our managed portfolio buildings now all-electric • Tangible occupier initiatives e.g. ‘You Hold the Power to Save’ campaign • Optimisation of building management systems • Intelligent Building platforms Circular economy Extended use and reuse of structure, materials and equipment • Pre-development audits • Extensive dismantling strategies • Procurement of recycled and reused products • Reuse of furniture and fittings Scotland Unique holdings in Scotland delivering significant contribution to our NZC Pathway • Lochfauld solar park, nearing completion, once delivered will generate ≥40% of our electricity consumption • Tree planting on 43Ha of woodland • Opportunity for Anaerobic Digestion (AD) to generate renewable gas • Site of Special Scientific Interest (SSSI) • Sustainable farming practices
Page 61
59Derwent London – Interim Results 2026 Appendix 18 – EPC rating progression 1 London commercial portfolio and assumes projects have completed London commercial portfolio by ERV¹ (%) 99.9 61.0 100 65.3 100 68.4 100 69.2 100 72.0 100 85.5 0 10 20 30 40 50 60 70 80 90 100 2023 compliant (A to E) 2031 compliant (A to B) Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Jun 26
Page 62
60Derwent London – Interim Results 2026 Appendix 19 – Central London office take-up Source: CBRE T ake-up T ake-up by business sector T ake-up by type Secondhand other Secondhand modern New completed Pre-let 0 2 4 6 8 10 12 14 16 Floorspace (million sq ft) 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Average Source: CBRE Banking & finance Business services Consumer services & leisure Insurance Manufacturing, industrial & energy Professional Public sector Tech, media & telecoms 10 20 30 40 50 60 70 80 90 100 % 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 H1 2026 Source: CBRE West End Central London 0 2 4 6 8 10 12 14 16 18 20 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 H1 2026 H1 2026 Floorspace (million sq ft) Floorspace (million sq ft) Annual average 0 1 2 3 4 5 6 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Annual average
Page 63
61Derwent London – Interim Results 2026 Appendix 20 – Central London office demand and supply v Vacancy rates Source: CBRE Availability by location Source: CBRE Active demand Source: CBRE Under offer Source: CBRE Floorspace (million sq ft) 0 10 20 30 40 50 60 70 80 90 % 0 3 6 9 12 15 18 21 24 27 2010 2012 2014 2016 2018 2020 2022 2024 H1 2026 West End City Docklands, Midtown & Southbank Tenant controlled % Secondhand % 0 2 4 6 8 10 12 14 16 18 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Vacancy rate (%) West End City Docklands Central London 0 2 4 6 8 10 12 14 Floorspace (million sq ft) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10-year average 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Floorspace (million sq ft) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 West End City Docklands Midtown Southbank Average
Page 64
62Derwent London – Interim Results 2026 Appendix 21 – Central London office pipeline Source: CBRE Development pipeline New construction starts Pre-let activity Source: CBRE 0 2 4 6 8 10 12 0 2 4 6 8 10 12 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Under construction available Under construction let/under offer Completed Completed average Vacancy rate 0 2 4 6 8 10 12 14 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 Floor area (million sq ft) Vacancy rate (%) Floor area (million sq ft) Vacancy rate (%) West End Central London Construction starts 4-quarter rolling average 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Floorspace (million sq ft) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 5 10 15 20 25 30 35 40 0 2 4 6 8 10 12 14 16 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Take-up (million sq ft) Pre-let (% of take-up) Pre-let Existing building Pre-let % Source: CBRE
Page 65
63Derwent London – Interim Results 2026 Appendix 22 – Central London office investment market 0 2 4 6 8 10 12 14 16 18 20 22 £bn 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 H1 H2 Source: CBRE Source: CBRE Investment volumes Investment activity by region Investment by purchaser region (%) 0 10 20 30 40 50 60 70 80 90 100 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 UK USA/Canada Asia European Middle East/North Africa Other Overseas UK & Europe 34% North America 27% East Asia 19% SE Asia 8% Middle East 12% £25.2bn Investment demand by source Source: CBRE 3.5 3.0 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Prime office yield (%) 200420022000 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 West End City Prime yields Source: CBRE
Page 66
Derwent London – Interim Results 2026 64 Southwark Park London Fields Thameslink Portland Pl Blackfriars Rd Blackfriars Bridge St George’s Rd Minories St James’s St Albany St Poland St New Square Upper Woburn Pl Woburn Pl Wharfdale Rd Carnegie St Horse Guards Parade Cannon Street Rd Cable St The Highway Bream’s Buildings Angel Euston Kings Cross Camden Town Camden Road Kentish Town Highbury & Islington Russell Square Warren Street Great Portland Street Regent’s ParkBaker Street Marylebone Edgware Road Oxford Circus Piccadilly Circus Green Park Victoria Kensington Gardens Notting Hill Gate Hyde Park Corner Knightsbridge Pimlico River Thames River Thames River Thames Leicester Square Covent Garden Temple Chancery Lane Holborn Farringdon Clerkenwell Green Barbican Moorgate Old Street Liverpool Street Aldgate East Aldgate Tower Hill Tower Gateway Monument Cannon Street Mansion House Blackfriars Tate Modern Bank St Paul’s Charing Cross Waterloo Southwark Borough London Bridge Lambeth North Westminster Embankment St James’s Park Bond Street Marble Arch Lancaster Gate Hyde Park Green Park Buckingham Palace Queensway Bayswater Paddington Royal Oak Westbourne Park Shoreditch High Street Whitechapel Hoxton Essex Road St Pancras International Fenchurch Street Regent’s Park Primrose Hill St James’s Park Tate Britain Chalk Farm Caledonian Road Vauxhall Maida Vale Earl’s Court River Thames River Thames Goodge St Lambeth Rd Houses of Parliament The City Clerkenwell southbank BRIXTON Islington 5 Fitzrovia Soho / Covent Garden Old Street Shoreditch Thameslink Mayfair Tottenham Court Road Victoria Whitechapel Elizabeth line Elizabeth line Custom House | London City Airport | Shen/f_ield Marylebone Paddington 5.17m sq ft • Current 4.64m sq ft • On site 0.53m sq ft Valuation £5.0bn Income £189 .2m pa ERV £352.3m Appendix 23 – Portfolio map
Page 67
65Derwent London – Interim Results 2026 Executive Committee and senior management Executive Committee Senior management Paul Williams Chief Executive Damian Wisniewski Chief Financial Officer Emily Prideaux Executive Director David Lawler Company Secretary Richard Baldwin Director of Development Richard Dean Director of Investment Jennifer Whybrow Head of Financial Planning & Analysis Jay Joshi Group Financial Controller Victoria Steventon Head of Property Management Philippa Abendanon Head of Occupier Markets Robert Duncan Head of IR & Strategic Planning Katy Levine Head of Human Resources Matt Cook Head of Digital Innovation & Technology Julie Schutz Head of Internal Audit Nigel George Investment Advisor Lesley Bufton Head of Marketing Tim Hyman Group Architect Benjy Lesser Head of Design & Innovation Matt Massey Head of Project Management Matt Peaty Head of Health & Safety Jonathan Theobald Head of Investment Analytics Paul Atkins Head of Tax Charlotte Maclean Land & Asset Manager (Scottish Estate) Stef Doede Head of Financial Reporting Kane Lewis Head of Leasing
Page 68
66Derwent London – Interim Results 2026 Disclaimer This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries, this “presentation”) has been prepared by Derwent London plc (the “Company”). No representation or warranty (express or implied) of any nature is given nor is any responsibility or liability of any kind accepted by the Company, any of its subsidiary undertakings, any of its parent undertakings or any subsidiary undertaking of any such parent undertaking (collectively, the “Group”) or any of its directors, officers, employees, advisers, affiliates, representatives or other agents (collectively, “Associates”), with respect to the truthfulness, completeness, reliability or accuracy of any information, opinion, projection, representation or warranty (expressed or implied), any errors or misstatements in this presentation, or any other written or oral statement provided, or as to the existence, substance or materiality of any information omitted from this presentation. In particular, no responsibility or liability is or will be accepted and no representation or warranty is or is authorised to be given by the Group or any of its Associates as to the accuracy, reliability, completeness or reasonableness of any forward-looking statement, including any future projections, management targets, estimates or assessments of future prospects contained in this presentation, or of any assumption or estimate on the basis of which they have been given (which may be subject to significant business, economic or competitive uncertainties, assumptions and contingencies or subjective judgments concerning anticipated results, which are inherently subject to risks, beyond the control of the management of the Group). These assumptions and judgments may or may not prove to be correct and there can be no assurance that any projected results are attainable or will be realised. Any such forward-looking statements have not been independently audited, examined or otherwise reviewed or verified and nothing in this presentation should be construed as a profit forecast. Except where otherwise indicated, this presentation speaks as of the date hereof. All views expressed in this presentation are based on financial, economic, market and other conditions prevailing as of the date of this presentation. The Group does not undertake to provide access to any additional information or to update this presentation or any future projections, management targets, estimates or assessment of future prospects or any other forward-looking statements, including (without limitation) to reflect events that occur or circumstances that arise after the date of this presentation, or to correct any inaccuracies in this presentation which may become apparent. Past performance is not indicative of future results and forward-looking statements are not guarantees of future performance. This presentation is for information purposes only and does not constitute an offering document or an offer of transferable securities to the public in the UK. This presentation is not intended to provide the basis for any credit or other evaluation of any securities of the Company and should not be considered as a recommendation, invitation or inducement that any investor should subscribe for, dispose of or purchase any such securities or any other security of or other form of interest in the Company or in any assets of the Company or enter into any other transaction with any member of the Group or any other person. The merits and suitability of any investment action in relation to securities should be considered carefully and involve, among other things, an independent assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities. This presentation is being communicated or distributed within the UK only to persons to whom it may lawfully be communicated, and has not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000. It may not be reproduced (in whole or in part), distributed or transmitted to any other person without the prior written consent of the Company. In particular, this presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation, and this presentation must not be acted on or relied on by such persons or entities. Any such distribution could result in a violation of the law of such jurisdictions. Neither the Group nor any of its Associates accepts liability to any person in relation thereto. Any recipients of this presentation outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction, and are treated as having represented that they are able to receive this presentation without contravention of any unfulfilled registration requirements or other law or regulation in the jurisdiction in which they reside or conduct business.