Transformational acquisition of Capital & Regional completed in December 2024; assets performing well and integration progressing in-line with expectations

Another strong operational quarter with increased occupancy and excellent leasing performance during Q4

Continued consumer spend outperformance¹

Portfolio returned to capital growth in H2 FY25

LTV at c.42%, in-line with post Capital & Regional acquisition proforma; to reduce to within NRR guidance of <40% with modest disposals

FY25 Underlying Funds From Operations ('UFFO') per share and EPRA Net Tangible Assets ('NTA') per share expected to be in-line with analyst consensus²

In December 2024 NewRiver completed the acquisition of Capital & Regional for £151 million, funded through a combination of cash and shares; the acquisition increased the size of NewRiver's portfolio by 65% through the combination of high-quality, complementary assets with similarly low-risk tenant profile

The Capital & Regional assets have now fully transferred onto NewRiver's operating platform and continued progress has been made in unlocking annual cost synergies identified; expected to deliver mid-to high-teens accretion to UFFO per share and to be fully unlocked within 12 months of completion on an annualised basis

Portfolio occupancy of 96.1% vs 95.9% at 31 December 2024

939,700 sq ft of leasing in FY25; long-term transactions +8.8% vs ERV and +17.5% vs previous rent

Leasing performance in Q4 was particularly strong; with a highlight transaction completed at Cuckoo Bridge Retail Park in Dumfries, where Sainsbury's has taken a new 15 year lease on the 48,100 sq ft former Homebase store at a rent 60% above both the previous rent and valuer's ERV

In March 2025 NewRiver was announced as the first commercial partner with Royal Mail on the roll out of its new parcel locker network

Total in store spend growth within the NewRiver portfolio was +4.3% year-on-year in the twelve months to March 2025. This was a significant outperformance relative to the UK average growth in retail and supermarket spend of +1.5%

Accounting for an online spend contribution where the customer had previously spent in store, the year-on-year growth figure rises to 4.9%

Healthy spend growth at NewRiver assets leading to highly affordable portfolio Occupational Cost Ratio of 8.3%

The independent valuers have concluded their work on NewRiver's property portfolio as at 31 March 2025, valuing the portfolio at £897 million; this is increased from £540 million in September 2024 due to the Capital & Regional acquisition and a c.0.6% increase in capital values (net of capex)

Core Shopping Centres, 73% of the total portfolio, increased by c.0.6% in H2 and c.0.2% in FY25; Retail Parks, 21% of the total portfolio, recorded a c.1.7% increase in H2 and c.3.5% in FY25