Slides
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.Investor PresentationRepositioning strategy advancingHalf Year to 30 June 2026
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.IntroductionStephen InglisChief Executive OfficerSimon MarriottProperty Fund DirectorAlistair HewittFinance Fund DirectorAdam DickinsonInvestor Relations Director
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3Controlled disposal programmeGood progress delivering £21.5m(before costs) in disposals, enhancing financial flexibility and accretive to earningsControlled disposal programmeGood progress delivering £21.5m(before costs) in disposals, enhancing financial flexibility and accretive to earningsContinue to reduce LTVReduced borrowings by £22.4m; Group Net LTV further reduced to 38.5%Continue to reduce LTVReduced borrowings by £22.4m; Group Net LTV further reduced to 38.5%12Lettings26 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 £5.0mLettings26 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 £5.0m3DividendDelivered fully covered 4p dividendTargeting 8p 2026*DividendDelivered fully covered 4p dividendTargeting 8p 2026*4 HY 2026 Strategy Highlights regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.*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.
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4 HY 2026: Key Highlights regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. Portfolio repositioning advancing 300 Bath Street,GlasgowManchester Green,ManchesterPortfolio£526.7m 106 properties (2025: 112) Dividend4.0pFully covered 1.05xRent Roll £48.4m (2025: £50.4m)616 tenants (2025: 659)EPRA NTA£305.8m (2025: £315.2m) Progression of the new strategyCommitted to income-focused portfolio with targeted value added enhancement opportunitiesPortfolio repositioningPortfolio5.7% below pre-sale valuation; focused on reduced LTV in advance or refinancingDisposals £21.5m (2025: £51.6m) before costs26 new lettings amounting to £1.9m rent rollNew lettings: 2.0% above ERV (2025: 3.9%)Challenging letting market - showing signs of strengthening for the right productEPRA occupancy: 74.3% (2025: 75.9%)10 projects on site c. £5m; 13 projects to commence c. £9.3mCAPEX £1.4m (2025: £11.8m)Financial OverviewFull year target 2026 dividend 8p*EPRA EPS: 4.2pps (HY 2025: 5.2pps)Like–for–like 1.3% valuation reduction; capex not fully reflected in HY ’26 valuationNet LTV: 38.5% (2025: 40.4%)In discussions with lenders regarding Dec’27 & Dec ’28 facility refinanceGross borrowings: £243.8m (2025: £266.2m)*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.
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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%)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 Strategic sales programme update regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.5H1 2026 Disposals by RegionStrategic sales post 30 June 2026•1 asset and 1 part-sale completed for c. £4.3m (before costs)•Occupancy: 37.1%Rationale for sale:•Reduce debt in advance of refinancing Dec ’27 & Dec ’28 facilities•Reduce costs associated with non-core and non-performing assets Chart may not sum due to rounding. H1 2026 Disposals by Segmentation 36.2%33.4%16.3%14.0% North West South East Scotland North East 68.1%17.8%14.0% Sales Core Value Add
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.6•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%) Portfolio – repositioning for long term growth 300 Bath Street, GlasgowCapitol Park, Trueman House, Leeds5.8%5.3%5.7%10.5%10.5%10.6%11.8%12.0%12.0%0%5%10%15%30-Jun-25 31-Dec-25 30-Jun-26YieldsNIYEYRY*Average rent including Newstead Cout £13.95psf (Office only: £15.37psf) £14.13 £15.25 £14.20 £15.60 £14.24 £15.81 £13£14£15£16Average Rent (All) Average Rent (Office Only)Average Rent (£psf)*30-Jun-2531-Dec-2530-Jun-26
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HY 2026 portfolio highlights regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. Major lettings and renewals successfully secured across the regions 7 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. 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.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 2031.1175 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.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 2031.3200 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.).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.).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
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8 Strategy: Portfolio segmentation Occupancy (EPRA) 30 June 26Valuation 30 June 26regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.Valuation 31 Dec 25Reclassification & Acquisitions£356.7m£103.2mDisposals** Value addValue addSignificant potential upside compared to current book values 66.3%66.3%£55.2m (10.5%*)£55.2m (10.5%*)£55.8m£55.8m-(£3.5m)£2.9mSalesSalesNon accretive assets and non-office. Strategic sales to reduce LTV and costs43.6%43.6%£29.5m (5.6%*)£29.5m (5.6%*)£47.0m£47.0m-(£15.0m) (£2.5m)RevaluationsCoreCoreIncome and value accretive82.0%82.0%£341.8m (64.9%*)£341.8m (64.9%*)£349.0m£349.0m-(£4.3m) (£2.9m)Capex to coreCapex to coreRequiring capital expenditure to become core. Well-located with potential to deliver rental and value growth 61.7%61.7%£100.2m (19.0%*)£100.2m (19.0%*)£103.4m£103.4m--(£3.2m)*Percentage of the 30 June 2026 portfolio** Dec 2025 ValueThis may not sum due to rounding. Disposals continuing from the sales segment
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.9Operational Review
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Prime supply constrained at just 2.4% of total availability2.5 m sq. ft. of office space is currently under construction in the Big Nine* regional markets0.00.51.01.52.02.53.03.52020 2021 2022 2023 2024 2025 2026 2027 2028Million Sq FtCompletedUnder Constuction LetUnder constuction unlet5-Year AverageSource: Avison Young Macro picture and trends for regional office: supply regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.10Avison Young , Big Nine include Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, Newcastle CoStar, Regional Office Outlook Q1 2026. Bath, Belfast, Birmingham, Bristol, Cardiff, Edinburgh, Exeter, Glasgow, Leeds, Manchester, Newcastle, Sheffield Source: CoStar 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. •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 lower01020304050607080902026Q22025Q42025Q22024Q42024Q22023Q42023Q22022Q42022Q22021Q42021Q22020Q42020Q22019Q42019Q22018Q42018Q22017Q42017Q2Million Sq FtPrimeGrade AGrade B/CConstruction starts for regional offices at lowest level in over a decade0123456789102026YTD2025202420232022202120202019201820172016Million Sq. Ft. Source: CoStar
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Macro picture and trends for regional office: demand regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.11 Rental Value Growth (Vs previous 12 months)Growth in Rest of UK office outpaces Central London Avison Young * Big Nine include Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, NewcastleMSCI, Monthly Property Index, Q2 2026 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•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 Source: MSCI 0.01.02.03.04.02017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q22023 Q32023 Q42024 Q12024 Q22024 Q32024 Q42025 Q12025 Q22025 Q32025 Q42026 Q12026 Q2 Take-up (m sq. ft.)City CentreOut of Town5-Year Quarterly Average Source: Avison Young Source: MSCI The rental premium for Prime space has continued to increase year on year since 20210%5%10%15%20%25%30%£0£10£20£30£40£502018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Prime rental premium (%) Rent (£ per sq ft)Average Grade A rentAverage Prime rentPrime rental premium Source: Savills
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Case study progress: Core 12 Norfolk House, Birmingham Background•Acquired in February 2019Asset 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 leasesReturns update•Value improvement of 2.3% in H1 2026 to £17.7mNext 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 regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
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Value Add – potential change of use assets regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.13 Feasibility studiesUndertake planning initiatives for change of useProtect and improve valueDisposal realisation Templeton on the Green, GlasgowThe Lighthouse, ManchesterTrinity Court, Cardiff
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Case study progress: Value Add regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.14 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 AsdaAsset 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 safeguardingNext 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
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Case study progress: Change of Use 15 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 propertiesReturns update•Value improvement of £2.4m in H1 2026 to £8.2mregionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.16ESG and New Initiatives
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ESG – Delivering sustainability and cost savings regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.17 Portfolio position vs UK office market•61.2% EPC A & B Vs only 19% of UK commercial buildings meet 2030 EPC B target*•Weighted average EPC score C 56 (FY 2025: C 58)•On target to achieve current guidelines of EPC B rating by 2030EnvironmentLinford Wood, Milton KeynesEPC – Competitive advantage through early compliance *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. Movement30-Jun-2631-Dec-25Rating+1.2pps61.2%60.0%A&B+1.3pps25.8%24.5%C (1.5)pps10.0%11.5%D (1.1)pps3.0%4.1%E and below Ppt: Percentage points Chart may not sum due to rounding. Installation complete at 17 sites (size 2,659 kWh)Energy generation from 14 sites – 880,000 kWhEquivalent to powering 660 UK homes annuallySolarInstallation completed across 45 sitesc. £190k pa savings to Regional REIT identified from gas and electricity efficienciesc. £3k per asset to install the sensors4D - smart tech for property efficiencies 300 Bath Street, GlasgowLinford Wood – Libra House, Milton Keynes Hampshire House, Eastleigh
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.18Financial Review
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Income overview regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. EPRA earnings H1 2025 (£m) versus H1 2026 (£m) 19Chart may not sum due to rounding. 8.5(5.7)2.40.8(0.4)1.1 6.830Jun2025EPRA earningsRental and property incomePropertycostsAdmin and other expensesFinanceincomeFinanceexpenses30Jun2026 EPRA Earnings0.01.02.03.04.05.06.07.08.09.0
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Investment property activity regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. Investment properties to 30 June 2026 (£m) 20Chart may not sum due to rounding. 555.2(20.8)0.0(2.1)1.4(7.1)526.7Valuations 31Dec25Disposals(Net of costs)Acquisitions(Incl. costs)Gain/(loss) onthe disposalof propertiesCAPEX Valuationchange 30Jun26Valuations 30Jun26450470490510530550570
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Balances sheet - overview regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. EPRA Net Tangible Asset (£million) 30 June 2026 21 Chart may not sum due to rounding. 315.216.1(4.4)(5.4)(1.4)(2.1)(4.9)(7.3)305.831Dec2025EPRA NTANet rentaland propertyincomeAdminexpenses Revaluation (Excl. net capitalexpenditure)Net capitalexpenditureLoss on thedisposal ofinvestmentproperties Net financeexpense (Incl. derivativegains)Dividends30Jun2026EPRA NTA280290300310320330340•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) 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)
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.22Swap RatesBlend%Swaps\Caps:Notional£’000AnnualInterest Rate %Gross loan to value**%MaturityDateHY ‘26 Facility £’000ChangeHY ‘26 Outstanding Debt*£'000YE ‘25 Outstanding Debt*£'000n/an/aFixed3.2847.3Dec-27103,675(14,664)103,675118,3390.990.9951,42017,832Over 3mth £ SONIA2.4043.2Dec-2869,253(3,196)69,25372,449n/an/aFixed3.3744.9Dec-2828,615(3,710)28,61532,3251.391.3934,5858,529Over 3mth £ SONIA2.2048.9Jun-2942,253(860)42,25343,113243,796(22,430)243,796266,226 *Before unamortised debt issue costs ** Based on Colliers International Property Consultants property valuations 30 June 2026 Conservative hedging strategy•100.4% hedged portfolio •2.1 years weighted average debt duration•3.4% weighted average cost of debtSummary•Bank borrowings reduced by £22.4m•In early discussions with lenders regarding Dec ‘27 & Dec ’28 facility •Progressing strategic sales programme to continue to reduce borrowings Debt: maturities and financingContinue to reduce L TV across all facilities
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.23Strategic Priorities
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Committed to fully covered dividendCommitted to fully covered dividendStrengthen core portfolio and continue to improve EPC ratingsStrengthen core portfolio and continue to improve EPC ratings24Committed to reducing debt through targeted disposals programme Committed to reducing debt through targeted disposals programme Driving income: increasing occupancy and rental growth across the portfolioDriving income: increasing occupancy and rental growth across the portfolio123Pursue opportunities to add value ahead of disposalsPursue opportunities to add value ahead of disposals45 Strategic priorities – the pathway to repositioning the portfolio regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.25Appendix•Property Portfolio•Financial Information
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.26Property portfolio
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Overview – Specialised platform and geographically diverse portfolio regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.27Office (89.5%)Industrial (4.8%)Retail (3.9%)Other (1.8%) Portfolio details as at 30 June 2026Capital rate (£psf)% by valuationValuation(£m)PropertiesSector110.3189.5%471.492Office60.334.8%25.34Industrial99.133.9%20.49Retail114.581.8%9.61Other105.71100.0%526.7106Total UK property locations as at 30 June 2026
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Diversified income stream regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. Portfolio details at 30 June 2026 28Table may not sum due to rounding. Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationPropertiesSector ReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m) 12.3%10.9%5.5%110.3167.515.3743.72.772.5%4.389.5%471.492Office8.0%8.0%6.5%60.332.35.141.83.297.3%0.44.8%25.34Industrial9.0%8.5%7.2%99.132.19.991.82.893.5%0.23.9%20.49Retail7.6%9.5%10.6%114.580.811.971.09.6100.0%0.11.8%9.61Other12.0%10.6%5.7%105.7172.613.9548.42.974.3%5.0100.0%526.7106Total Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationPropertiesRegion ReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m) 12.4%11.0%5.2%95.1313.613.798.63.274.8%0.917.0%89.323Scotland11.8%10.6%4.9%118.5211.117.596.52.278.6%0.614.6%76.816South East10.1%10.2%6.3%127.9411.014.537.83.074.4%0.717.3%91.016North East12.2%10.8%5.9%92.0416.712.3412.23.881.6%1.322.7%119.821Midlands12.0%10.7%6.3%102.518.214.595.41.663.7%0.510.7%56.312North West13.3%11.6%4.8%132.237.619.014.32.257.0%0.410.0%52.912South West9.7%9.0%7.1%93.694.410.133.62.590.4%0.47.7%40.86Wales12.0%10.6%5.7%105.7172.613.9548.42.974.3%5.0100.0%526.7106Total
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Strategy: Portfolio - segmentation regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.29 Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationSegmentationReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m)11.1%10.5%7.3%120.6342.714.8334.63.082.0%2.864.9%341.8Core 9.5%10.7%4.2%100.5315.713.807.72.061.7%1.019.0%100.2Capex to Core10.6%9.9%3.6%87.937.510.104.53.566.3%0.610.5%55.2Value Add15.3%12.4%-1.4%56.226.712.121.61.543.6%0.55.6%29.5Strategic Sales12.0%10.6%5.7%105.7172.613.9548.42.974.3%5.0100.0%526.7Total Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationSegmentation SummaryReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m)11.6%10.6%6.5%115.4058.414.6342.32.877.2%3.883.9%442.1Core/ Capex to Core13.6%10.9%1.7%73.4914.210.556.13.059.0%1.216.1%84.7Strategic Sales/ Value Add12.0%10.6%5.7%105.7172.613.9548.42.974.3%5.0100.0%526.7Total CoreCapex to Core Strategic SalesValue AddBoth income and value accretiveRequiring capital expenditure to become Core, which is generally funded by the CompanyNon accretive assets and non-office space in accordance with the long term strategyAlternative use value potential is greater than Capex to Core Table may not sum due to rounding.
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Top 15 Investments (market value) regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.30Table may not sum due to rounding. WAULT to first break (years)% of Gross rental incomeAnnualised gross rent(£m)EPRA Occupancy(%)Lettable area(Sq. Ft) % of portfolioMarket value(£m) Anchor tenantsSectorProperty2.42.7%1.356.3%152,4783.6%19.1Securigroup Ltd, Glasgow Tay House Centre Ltd, University of GlasgowOffice300 Bath Street, Glasgow5.83.4%1.681.9%118,5303.4%17.7Global Banking School Ltd, Lakbhir Dhillon and Balbier Dhillon, HP Asia LtdOfficeNorfolk House, Smallbrook Queensway, Birmingham7.11.3%0.650.6%86,9523.0%15.7Metropolitan Housing Trust Ltd, SMS Electronics Ltd, GTT-EMEA LtdOffice/ IndustrialBeeston Business Park, Nottingham3.22.5%1.2100.0%74,4252.8%14.7Wren Kitchens Ltd, Dreams Ltd, NCF Furnishings LtdRetail1-4 Llansamlet Retail Park, Nantyffin Rd, Swansea2.62.1%1.0100.0%84,0432.8%14.5Lloyd's Register EMEA, Complete Fertility Ltd, Silverstream Technologies (UK) Ltd, National Westminster Bank PlcOfficeHampshire Corporate Park, Eastleigh1.13.4%1.685.3%107,7602.5%13.0Chiesi Ltd, Ingredion UK Ltd, Assetz SME Capital LtdOfficeManchester Green, Manchester1.82.3%1.172.9%132,6912.5%13.0Virgin Media Ltd, Rexel UK Ltd, Brook Sports LtdOfficeEagle Court, Coventry Road, Birmingham3.43.8%1.8100.0%121,8842.3%12.3Firstsource Solutions UK Ltd, DHU Health Care C.I.C., Tentamus Pharma (UK) LtdOfficeOrbis 1, 2 & 3, Pride Park, Derby2.32.7%1.373.5%107,4142.3%12.3IMServ Europe Ltd, Mears Ltd, Eddyfi UK LtdOfficeLinford Wood Business Park, Milton Keynes3.62.5%1.291.2%77,6932.1%11.2Rolls-Royce Submarines Ltd, Heathrow Airport Ltd, Loganair LtdOfficeLightyear - Glasgow Airport, Paisley1.92.6%1.292.8%87,8742.1%11.1Ceva Logistics Ltd, Ashfield Healthcare Ltd, Brush Electrical Machines LtdOfficeAshby Park, Ashby De La Zouch2.02.1%1.0100.0%61,6431.9%9.8Utmost Life and Pensions Ltd, Musarubra UK Subsidiary 3 Ltd, Agria Pet Insurance LtdOfficeBuildings 2, Bear Brook Office Park, Aylesbury2.32.2%1.1100.0%49,1961.8%9.7Hermes Parcelnet Ltd, Harron Homes Ltd, BDW Trading LtdOfficeCapitol Park, Leeds2.41.7%0.8100.0%45,8561.8%9.7Menzies LLP, DMH Stallard LLP, Spirent Communications PlcOfficeOrigin 1 & 2, Crawley9.62.0%1.0100.0%83,7821.8%9.6Odeon Cinemas Ltd, The Original Bowling Company LtdOtherKingscourt Leisure Complex, Dundee3.337.3%18.083.3%1,392,22136.7%193.2Total
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Top 15 Occupiers (share of rental income) regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.31Table may not sum due to rounding. % of Gross rental incomeAnnualised gross rent (£m)Lettable area (Sq. Ft)WAULT to first break (years)SectorPropertyTenant2.9%1.473,6286.4EducationNorfolk House, Smallbrook Queensway, BirminghamGlobal Banking School Ltd2.9%1.475,3092.5Information and communicationEagle Court, Coventry Road, BirminghamSouthgate Park, PeterboroughVirgin Media Ltd2.2%1.1146,26210.0ManufacturingOne & Two Newstead Court, NottinghamGlenair UK Ltd2.1%1.077,5654.2Electricity, gas, steam and air conditioning supplyEndeavour House, SunderlandEDF Energy Ltd2.1%1.062,4332.3Administrative and support service activitiesOrbis 1, 2 & 3, Pride Park, DerbyFirstsource Solutions UK Ltd2.0%1.096,6543.0Public sector1 Burgage Square, Merchant Square, WakefieldBennett House, Stoke On TrentWaterside Business Park, SwanseaThe Secretary of State for Housing, Communities and Local Government1.6%0.841,5429.3Information and communicationKingscourt Leisure Complex, DundeeOdeon Cinemas Ltd1.3%0.654,5843.9Not specifiedNewburn & Gateway House, NewcastleTrue Potential LLP1.3%0.640,5292.2Human health and social work activities1175 Century Way, Thorpe Park, LeedsAlbert Edward House, PrestonFairfax House, WolverhamptonSouthgate Park, PeterboroughThe Foundation Chester Business Park, ChesterSpaMedica Ltd1.2%0.642,3014.8Human health and social work activitiesOrbis 1, 2 & 3, Pride Park, DerbyDHU Health Care C.I.C.1.1%0.521,6950.9Registered SocietyHampshire House, Hampshire Corporate Park, EastleighLloyd's Register EMEA1.0%0.528,7520.5Wholesale and retail tradeManchester Green, ManchesterChiesi Ltd1.0%0.525,7902.5Transportation and storageCapitol Park, LeedsHermes Parcelnet Ltd1.0%0.524,8040.9EducationThe Lighthouse - Salford Quays, ManchesterPearson Education Ltd1.0%0.529,4680.9Construction1175 Century Way, Thorpe Park, LeedsAspect House, Bennerley Road, NottinghamHomeserve Membership Ltd24.6%11.9841,3164.1Total
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Portfolio: diversified occupier base with blue chip tenants regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.32 •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. 11.9%10.9%10.1%8.2%7.5%7.2%6.7%5.7%4.9%4.8%4.8%4.1%13.2%Information and communicationAdministrative and support service activitiesWholesale and retail tradeManufacturingProfessional, scientific and technicalactivitiesEducationHuman health and social work activitiesFinancial and insurance activitiesNot specifiedConstructionPublic sectorTransportation and storageOther
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Gross office assets by value %Geographically diversified office led portfolio focused on the UK regions regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.33Figures based on Colliers International Property Consultants valuation Office average rent & capital rate £psfOffice WAUL T years90.4%90.3%89.5%0%10%20%30%40%50%60%70%80%90%100%30-Jun-25 31-Dec-25 30-Jun-264.3 4.3 4.6 2.6 2.6 2.7 01234530-Jun-25 31-Dec-25 30-Jun-26Years to expiryYears to first break£15.25 £15.60 £15.37 £109.45£108.58 £110.31 £0£20£40£60£80£100£120£140£0£2£4£6£8£10£12£14£16£1830-Jun-25 31-Dec-25 30-Jun-26Average Rent (lhs)Capital Rate (rhs)
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regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.34Financial Information
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Financial – Statement of comprehensive income regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.35 Change(£’000)H1 2025(£'000)H1 2026(£'000)(5,650)39,91934,269Rental and property income2,425(20,588)(18,163)Property costs(3,225)19,33116,106Net rental and property income765(5,207)(4,442)Administrative & other expenses(2,460)14,12411,664Operating profit (loss) before gains/(losses) on property assets/other investments(1,480)(578)(2,058)Gains(loss) on the disposal of investment properties & right of use asset5,338(12,213)(6,875)Change in fair value of investment properties & of right of use asset1,3981,3332,731Operating profit/(loss)3,637(9,193)(5,556)Net finance income/expense, impairment of goodwill and net movement in fair value of derivative financial instruments(13)(8)(21)Share of profit/loss of associated company5,022(7,868)(2,846)Profit/(loss) before tax---Taxation5,022(7,868)(2,846)Profit/(loss) after tax for the period (attributable to equity shareholders)3.1p(4.9)p(1.8)pEarnings/(losses) per share(1.0)p5.2p4.2pEPRA earnings/(losses) per share Table may not sum due to rounding.
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Financial – Statement of financial position regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.36 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) Change (£’000)Year ended 2025(£’000)H1 2026(£’000)Assets Non-current Assets(28,225)542,191513,966Investment properties(69)10,71010,641Right of use assets6403,4934,133Other non-current assets and derivative financial instrumentsCurrent assets(10,261)42,45632,195Current assets3,05737,72640,783Cash and cash equivalents(34,858)636,576601,718Total assetsChange (£’000)Year ended 2025(£’000)H1 2026(£’000)Liabilities2,410(43,240)(40,830)Current liabilitiesNon-current liabilities22,291(262,319)(240,028)Bank and loan borrowings - non current17(11,731)(11,714)Lease liabilities & deferred tax liability24,718(317,290)(292,572)Total liabilities(10,140)319,286309,146Net assets-618,010618,010Stated capital(10,140)(298,724)(308,864)Retained earnings/accumulated (losses)(10,140)319,286309,146Total equity(6.3)p197.0p190.7pNet assets per share (5.7)p194.4p188.7pEPRA net tangible value per share *
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Cash flow regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved. Cash bridge 30 June 2026(£m) 37Chart may not sum due to rounding. 37.718.920.8(23.2)40.8(3.8)(1.4)(8.1)31 Dec 2025Cash balanceCash fromoperationsNet interest,tax & costsAcquisitions, associates& CapexNetdisposalsDividends Borrowings andleases repaid,costs & derivatives30 Jun 2026Cash balance0102030405060708090
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DisclaimerThis document (“Document”) (references to which shallbe deemed to include any information which has beenmade or may be supplied orally in connection with thisDocument or in connection with any further enquiries)has been prepared by and is the sole responsibility of ESREurope LSPIM Limited and ESR Europe InvestmentManagement Limited (together “ESR Europe”), in theircapacities as Investment Adviser and AlternativeInvestment Fund Manager, respectively, of Regional REITLimited (“Regional REIT” or the “Company”) in relation tothe Company and its subsidiary undertakings (“theGroup”). Certain identified content is, however, externallysourced.This Document is published solely for informationpurposes. This Document does not constitute or formpart of, and should not be construed as, an offer to sell orthe solicitation or invitation of any offer to subscribe for,buy or otherwise acquire any securities or financialinstruments of any member of the Group or to exerciseany investment decision in relation thereto.The information and opinions contained in this Documentare provided as at the date of this Document solely foryour information and background, may be different fromopinions expressed elsewhere and are subject tocompletion, revision and amendment without notice.None of ESR Europe or its members, the Company, thedirectors of the Company, or any other person shall have any liability whatsoever (in negligence or otherwise) forany loss however arising from any use of this Document,its contents or otherwise arising in connection with thisDocument.The information contained in this Document has not beenindependently verified by ESR Europe or any otherperson. No representation, warranty or undertaking,either express or implied, is made by ESR Europe, theCompany, any other member of the Group and any oftheir respective advisers, representatives, affiliates,offices, partners, employees or agents as to, and noreliance should be placed on the fairness, accuracy,completeness, reasonableness or reliability of theinformation or the opinions contained herein. ESR Europethe Company, any other member of the Group and any oftheir respective advisers, representatives, affiliates,offices, partners, employees and agents expresslydisclaim any and all liability which may be based on thisDocument and any errors or inaccuracies therein oromissions therefrom.This Document may include statements which involveknown and unknown risks, uncertainties and otherimportant factors beyond the control of the Group thatcould cause the actual results, performance orachievements of Regional REIT to be materially differentfrom future results, performance or achievementsexpressed or implied by such forward-looking statements. They speak only as at the date of this Document andactual results, performance or achievements may differmaterially from those expressed or implied from theforward-looking statements. ESR Europe and RegionalREIT do not undertake to review, confirm or releasepublicly or otherwise to investors or any other person anyupdate to forward-looking statements to reflect anychanges in the Group’s expectations with regard thereto,or any changes in events, conditions or circumstances onwhich any such statement is based.This Document, and any matter or dispute (whethercontractual or non-contractual) arising out of it, shall begoverned or construed in accordance with English lawand the English courts shall have exclusive jurisdiction inrelation to any such matter or dispute.By continuing to use this Document, you are agreeing tothe terms and conditions set forth above.Copies of the 2025 Annual Report & Accounts of RegionalREIT are available from the registered office of RegionalREIT and on its website at www.regionalreit.com.regionalreit.com | © 2026 Regional REIT Limited. All Rights Reserved.38