Slides
Page 1
Confidential Investor updateFebruary 2026
Page 2
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Introductions Investor update February 2026 2 Michael MorrisChief Executive Saira is a Chartered Accountant with over 20 years of experience working in the real estate and financial services sector. She is a member of the Institute of Chartered Accounts in England and Wales.Saira assumed responsibility for the financial strategy and reporting for the Group on 1 April 2024. Saira is also Chair of the Responsibility Committee and a member of the Transaction and Finance Committee. Saira JohnstonChief Financial Officer Michael has nearly 30years of experience in the UK commercial property sector. He has worked with the Group since launch in 2005 and is the Chief Executive. Within this role, he is responsible for the implementation of all aspects of the Company’s strategy. He is Chair of the Executive Committee and Chair of the Transaction and Finance Committee. He was appointed to the Picton Property Income Board on 1 October 2015.
Page 3
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Contents 3 Property market updateUK property market at a glance10MSCI monthly data11 Financial updateFinancial highlights5Net asset value movement6Capital structure 7 AppendixOur top 10 properties20Our strategy21 Investor update February 2026 Portfolio updatePortfolio overview13Key asset management initiatives15Vacancy update16Outlook17Summary18
Page 4
www.picton.co.uk Financial update Investor update February 2026
Page 5
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Financial highlights £22.5mProfit after tax (YTD) 2.85pDividend per share (YTD) 5.3%Total return (YTD) 108%Dividend cover (YTD)102.4pNAV per share EPRA earnings per share (YTD) 2.8p3.7pDec 2024 Mar 2025 101.5p100pSept 2025 Mar 2025111%113%Dec 2024 (9m)Mar 2025 Mar 2023 Mar 2023Mar 2023 3.1p3.1p4.2pDec 2024 Mar 2025Mar 2023 5 Positive earnings and total return Numbers are stated as at 31 December 2025 or for the nine-month period to 31 December 2024 or twelve-month period to March unless otherwise specified. £28.3m£37.3m 8.1%5.5%Dec 2024 Mar 2025 Dec 2024 Mar 2025 111%Dec 2024 Investor update February 2026
Page 6
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Net asset value movement 6 Increase of 0.9% with moderate valuation increases and accretive share buybacks Investor update February 2026 £533m 101.5p £103.0m 102.4p 1.1p 0.8p(0.5)p0.0p0.1p0.4p(1.0)p 98.0p 99 .0p 100.0p 101.0p 102.0p 103.0p 104.0p Sep-25EPRA EarningsValuationCapexLease IncentivesShare SchemeShare BuybackDividends PaidDec-25 Valuation LfL +0.3% Industrial +0.2%Office +0.3%Retail & Leisure +0.6%Share buyback£6.0m proceedsAvg price 76p * LfL denotes the like-for-like movement net of capital expenditure
Page 7
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Capital structure7 Investor update February 2026 Facility31 Dec 25 Canada LifeTerm loanFixed: 3.25%Maturity: 2031£129.0m AvivaTerm loanFixed: 4.38%Maturity: 2032Amortising£79.4m NatWestRevolving credit facility£50m undrawnMaturity: 2028 (+Twoone-year extensions)Floating: SONIA plus 165bps/170bpsundrawn TOTAL £208.4m 23%Loan to value 3.7%Weighted average interest rate 6.0yearsDebt maturity profile 22%28%Sept 2025Mar 2025 3.7%3.7%Sept 2025Mar 2025 6.26.7Sept 2025Mar 2025 106pEPRA Net Disposal Value (per share) Reflecting fair value of debt as at Dec 2025 Strong balance sheet with significant value in long-term fixed debt structure
Page 8
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Capital structure8 76pWeighted average price (3m) 25%Purchased at a discount to NAV (3m) 67pMar 2025 33%Mar 2025 Share buyback update to 31 December 2025 Portfolio reinvestment Investment opportunities Share buybacks £6.5 million (YTD)£2.5 million in quarter, primarily office upgrades at Milton Keynes and ChathamAdditional pipeline dependent on lease events £24.7m (since Jan 2025)Further £0.9m deployed in Jan 2026Paused during Strategic Review Capital priorities update –Initial programme £17.5 million commenced Jan 2025–Additional £12.5 million committed in Sept 2025 following further asset disposal –£6.0 million were purchased and cancelled in quarter –£23.8 million were purchased between commencement and the end of the period–Continued to be accretive to NAV and earnings Investor update February 2026
Page 9
www.picton.co.uk Property market update Investor update February 2026
Page 10
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL UK property market at a glance10 –Occupational markets supported by tight supply driving rental growth–Capital growth due to rental growth rather than yield compression –Investment activity stronger in Q4 post Budget – corporate / platform deals and alternative sectors–Improving sentiment as macro conditions stabilise MSCI Annual Capital GrowthAll Property1.2%Industrial3.0% Office-3.2%Retail1.9%MSCI Annual Rental Value GrowthAll Property3.5%Industrial4.7% Office3.6% Retail2.0% Source: MSCI UK Monthly Property Index MSCI Annual Total ReturnsAll Property6.7%Industrial7.8% Office1.7% Retail8.9% Occupational vs capital market disconnect Investor update February 2026
Page 11
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL MSCI monthly data Source: MSCI UK Monthly Property Index 11 Rental Value Growth (%) – consistently positive until retail dipped in December Capital Growth (%) - industrial and retail remained positive, offices improved since October nadir -0.6-0.4-0.20.00.20.40.60.81.01.2 Jan 2025Feb 2025Mar 2025Apr 2025May 2025Jun 2025Jul 2025Aug 2025Se p 2025Oct 2025Nov 2025Dec 2025AllRe tailOfficeIn dustrial -1.2-1.0-0.8-0.6-0.4-0.20.00.20.40.6 Jan 2025Feb 2025Mar 2025Apr 2025May 2025Jun 2025Jul 2025Aug 2025Se p 2025Oct 2025Nov 2025Dec 2025AllRe tailOfficeIn dustrialInvestor update February 2026
Page 12
www.picton.co.uk Portfolio updateInvestor update February 2026
Page 13
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Portfolio overviewPositive valuation movement, anticipated reduction in occupancy offset in the short term by exit payments 13 Portfolio composition £699mProperty valuation83%Occupancy300+Number of occupiers 46No. of assets7.4%Revisionary yield4.9%Net initial yield IndustrialOfficesRetail & Leisure 67% 21%12% 25-50%10-25%0-10% Geographical weighting Investor update February 2026
Page 14
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Portfolio activity – three months to Dec 20251414 Lettings 8Renewals/ regears 6Break removals -Rent reviews 115Transactions Lettings(New rent vs March 2025 ERV)5% New rent£1.1mERV£1.1m Break Removals(New rent vs March 2025 ERV)-New rent-Previous rent- New rent£0.5mPrevious rent£0.3m Rent reviews(New rent vs previous rent)3%New rent£0.03mPrevious rent£0.03m Renewals/Regears(New rent vs previous rent)47% £2.5mCapital invested £1.6m Lettings /lease renewals across 14 transactions 0.3%Like-for-like valuation increase (net of capital expenditure) Positive transactional activity delivering portfolio valuation growthDec-25Assets46Occupancy83%Valuation£699.1mCapital expenditure£2.5mEquivalent yield6.8%Passing rent£37.3mContracted rent£41.8mERV£55.9m Investor update February 2026
Page 15
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Colchester – Office‒Letting of part Ground Floor of refurbished Building 200–Record rent for the Business Park 49% ahead of previous rent –Additional letting pipeline agreed subject to contract–Phase 2 of the refurbishment to commence on exchange of contracts Key asset management initiatives15 Positive leasing momentum - ahead of ERV and passing rents 49% above previous rent ‒Two lettings completed at £0.1m, 28% ahead of March 2025 ERV‒Two lease renewals completed at £0.1m, 35% ahead of the passing rent‒Reception and common area upgrade; heritage application submitted 31% ahead of ERV Investor update February 2026 Harlow – Industrial‒Surrender of lease to insolvent occupier‒Simultaneous re-letting at £0.6 million, 4% ahead of March 2025 ERV ‒Ten-year lease 5% ahead of previous rent Glasgow – Office
Page 16
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Vacancy update16 Primarily offices (51%) and industrial (45%) 0.00.51.01.52.02.53.0 Ex pr ess Par k, Rushd enParkbury, Radlett 50 Farri ngdon Road, London30 & 50 Pembroke Court, ChathamMet ro, Salfor d Q uays, M anch est erColchester Business Park40 1 Grafton G ate , Milto n Keyn esQueens House, Glasgow6 Kingstreet Lane, WinnershTower Wharf, BristolAtl as House, Ma rlowTri dent House, St Alba nsDat apoin t, LondonParc Tawe, SwanseaNon su ch, E psom Regency Wharf, Birmingham53/57 Broadmead, Bri st ol72-78 Murraygate, DundeeRiverway, HarlowSt Cuthberts Lane, CarlisleMi ll P lace, Gloucester ERV £m –Occupancy of 83% in December 2025 (September 2025: 90%)–New vacancy of £4.4 million ERV, of which 86% is in the industrial sector and 14% in offices –The two newly vacant units at Rushden and Radlett represent 40% of the total vacant ERV – under refurbishment–77% of the current vacancy is less than 12 months old - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 VacantERVSe p 2025LettingsNewvacanc yChangein ERVVacantERVDec 2025 £m AllIn dustrialOfficeRe tail & Lei sureVacancy breakdown Investor update February 2026
Page 17
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Outlook 17 Significant reversion through re-leasing and resetting rents to ERV 4.9%Net initial yield 7.4%Reversionary yield Reversion timings Reversion bridge £9.3mUpside from vacancy £3.9mUpside from resetting to market rents 55.9 30.035.040.045.050.055.060.0 Pas sing rentRe nt fre eSteppedre ntsVacancyRe versionOver re ntingERV £m AllIn dustrialOfficeRe tail & Lei sure Contracted rent -£0.2£0 .0£0 .2£0 .4£0 .6£0 .8£1. 0£1. 2£1. 4 Mar-26Mar-27Mar-28Mar-29Mar-30 £m Industrial Retail & Leisure Offices 37.3 Investor update February 2026
Page 18
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Summary 18 ‒ Budget/tariffs etc unhelpful but markets robust ‒Modest rental and capital growth‒Occupational markets showing increasing activity ‒Continued demand for quality space – across all sectors Property market Continued focus on shareholder value ‒Significant value unlocked through share buybacks during 2025 ‒Strategic Review announced 13 January 2026 ‒Exploring all options to maximise value for shareholders ‒Otherwise operationally ‘business as usual’ Corporate ‒Transactional activity driving ERV growth ‒Leasing pipeline of £1.6 million per annum – primarily in office sector ‒Key recent industrial vacancies under refurbishment ‒Ongoing investment to accelerate leasing and create value Portfolio Investor update February 2026
Page 19
www.picton.co.uk Appendix Investor update February 2026
Page 20
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL 06/50 Farringdon Road, London EC108/Tower Wharf, Cheese Lane, Bristol07/Sundon Business Park, Luton 09/Trent Road, Grantham10/The Business Centre, Wokingham 02/River Way Industrial Estate, Harlow03/Datapoint, Cody Road, London E1604/Lyon Business Park, Barking05/Shipton Way, Rushden Our top 10 properties20 01/Parkbury Industrial Estate, RadlettApprox area (sq ft) / 337,900Capital value (£m) / >100Occupancy rate (%) / 81EPC rating / A-D Approx area (sq ft) /464,000Capital value (£m) / 50-100Occupancy rate (%) / 99EPC rating / A-D Approx area (sq ft) / 55,100Capital value (£m) / 30-50Occupancy rate (%) / 90EPC rating / B - C Approx area (sq ft) / 99,400Capital value (£m) / 30-50Occupancy rate (%) / 100EPC rating / B-D Approx area (sq ft) / 312,900Capital value (£m) / 20-30Occupancy rate (%) / 0EPC rating / C Approx area (sq ft) / 31,300Capital value (£m) / 20-30Occupancy rate (%) / 58EPC rating / B Approx area (sq ft) / 70,600Capital value (£m) / 20-30Occupancy rate (%) / 91EPC rating / B-C Approx area (sq ft) / 127,800Capital value (£m) / 20-30Occupancy rate (%) / 100EPC rating / A-D Approx area (sq ft) / 336,100Capital value (£m) / 20-30Occupancy rate (%) / 100EPC rating / C Approx area (sq ft) / 96,400Capital value (£m) / 20-30Occupancy rate (%) / 100EPC rating / B-D As at 31 December 2025 Investor update February 2026
Page 21
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Our strategy Through our occupier focused, opportunity led approach, we aim to bethe consistently best performing diversified UK REIT creating value for our shareholders.Our strategic priorities guide the direction of our business and are reviewed annually. Manage sector and asset allocation to grow income and capital Reduce exposure to lower yielding assets Grow occupancy and income profile Enhance asset quality and create space that meets evolving occupier expectations Outperform the MSCI UK Quarterly Property Index 1234 Maintain disciplined approach to capital structure and use of disposal proceeds Run an efficient and innovative operating platform Adapt to market trends with an agile and flexible business model Deliver earnings growth Improve share price rating to facilitate future growth Reduce our emissions to become net zero carbon by 2040 Actively engage with our occupiers, shareholders, communities and other stakeholders Promote our company values, nurture a positive working culture, and alignment of the team Ensure the long-term success of the business with strong governance and transparent reporting 1 1234 2345 1 2 3 PortfolioPerformanceOperationalExcellenceActing Responsibly 21 5Investor update February 2026
Page 22
www.picton.co.uk Occupier focused, Opportunity led.PICTON-INTERNAL Disclaimer Investor update February 2026 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 enter into any other transaction with the Company 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 assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities.This presentation contains certain statements that are neither financial results nor other historical information. These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ materially from those expressed or implied by these statements.Certain information contained in this presentation has been obtained from published sources prepared by other parties. Certain other information has been extracted from unpublished sources prepared by other parties which have been made available to Picton. Picton has not carried out an independent investigation to verify the accuracy and completeness of such third party information. No responsibility is accepted by Picton or any of associates, directors, officers, employees or advisers for the accuracy or completeness of such information.The distribution of this presentation in jurisdictions other than the UK may be restricted by law and regulation and therefore any persons who are subject to the laws of any jurisdiction other than the UK should inform themselves about, and observe, any applicable requirements. This presentation has been prepared for the purpose of complying with English law and regulation and the information disclosed may not be the same as that which would have been disclosed if this presentation had been prepared in accordance with the laws of the jurisdictions outside the UK.Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.Rule 29 of the Takeover Code (the 'Code')Following the publication of the Company's Strategic Review and Commencement of Formal Sale Process on 13 January 2026, the Company is in an offer period for the purposes of the Code. The Unaudited NAV as at 31 December 2025 (the 31 December NAV) and the portfolio valuation of £699.1 million (the Portfolio Valuation) contained in this presentation constitute asset valuations in accordance with Rule 29.1 of the Code. The Company has agreed with the Takeover Panel that in the event of a firm offer being announced for the Company, a valuation report in accordance with Rule 29 of the Code on the 31 December NAV or the Portfolio Valuation or any subsequent net asset value or portfolio valuation published by the Company prior to date of such offer will be published in due course and by no later than the publication of any offer document or scheme document in relation to such offer.Rule 26.1 disclosureIn accordance with Rule 26.1 of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.picton.co.uk by no later than 12 noon (London time) on the business day following the date of this announcement. Neither the content of any website referred to in this announcement nor the contents of any website accessible from hyperlinks is incorporated into or forms part of this announcement. 22
Page 23
www.picton.co.uk Contact details If you require any furtherinformation please contact www.picton.co.uk Investor update February 2026 Michael MorrisPicton Property Income LimitedStanford Building, 27A Floral StreetWC2E 9EZ+44 (0) 207 011 9980 23