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NewRiver REIT plc
(“NewRiver” or the “Company”)


Full Year Trading Update


Capital & Regional successfully integrated, operational outperformance and balance sheet strengthened NewRiver today provides a trading update for the year ended 31 March 2026 ahead of its Full Year Results, which
will be announced in June 2026.


● Capital & Regional (“C&R”) assets successfully integrated and delivering growth during first full year of ownership: cost synergies unlocked and London retail weighting increased to 43% of portfolio
● Operational outperformance reflecting continued strength of underlying occupiers and portfolio position
● Continued valuation growth in H2, representing third consecutive half year period of growth
● Balance sheet further strengthened through recent refinancing, which along with disposal activity, has reduced LTV to close to medium-term guidance level of <40%
● FY26 Underlying Funds From Operations (‘UFFO’) per share and EPRA Net Tangible Assets (‘NTA’) per share expected to be in-line with analyst consensus
Allan Lockhart, Chief Executive, commented: “Our first full year of ownership of the Capital & Regional portfolio has delivered against the strategic objectives of the transaction. Integration is complete, all of the identified synergies have been delivered and the enlarged portfolio has generated positive operational momentum and continued valuation growth.
We have combined this with disciplined capital allocation, disposing of assets at book value, executing an accretive share buyback, and completing a refinancing that returns the Group to a fully unsecured debt structure with extended maturities.
Against a more volatile macro backdrop, NewRiver is well-positioned. The portfolio has been strengthened, and we have the platform, pipeline, and balance sheet to deliver growth.”
Capital & Regional acquisition delivering growth: synergies unlocked and London retail weighting increased
● C&R assets fully integrated onto NewRiver’s platform; £6.2 million of annual net cost synergies unlocked
● London retail weighting increased to 43% of portfolio. London retail long-term leasing transactions at +12.8% vs
ERV, +31.8% above previous passing rent, and capital value growth of +2.0% in FY26
● Snozone delivered another year of growth, with full year EBITDA of £3.2 million up +10% year-on-year
Operational outperformance reflecting continued strength of underlying occupiers and portfolio position
● 930,700 sq ft of leasing in FY26; 185 long-term transactions secured £9.1 million of annual rent at +8.5% vs
ERV, +37.3% above previous passing rent, with a WALE of 9.0 years
● High occupancy maintained at 95.0%; tenant retention remains strong at 92.7%
● Consumer spending across the portfolio grew +2.3% in Q4 (to March 2026), ahead of the benchmark (+0.8%).
Groceries (+7.2%) and Discount (+9.8%) within our portfolio remained strong – reinforcing the resilience of our essential, everyday retail focus
Disciplined capital allocation, disposals at book value and continued valuation growth
● Portfolio capital values increased +0.5% in H2 and +0.7% on a like-for-like basis for FY26
● Retail disposals of £110 million in-line with March 2025 book values, including H2 sales of The Marlowes in
Hemel Hempstead, Sprucefield Retail Park in Lisburn and Cuckoo Bridge Retail Park in Dumfries


● A proportion of FY26 disposal proceeds were recycled into a 10% share buyback which was accretive to both UFFO and Net Tangible Assets on a per share basis
● Following the C&R acquisition, FY26 disposals and the repositioning of the Capitol Centre, Cardiff, the portfolio is now 76% Core Shopping Centres, 20% Retail Parks, 3% Regeneration and only 1% Work Out


● LTV reduced to close to 40% guidance and cash increased to c.£115 million, providing additional balance sheet strength £240m refinancing: longer maturities, returning to a fully unsecured debt structure
● New £240 million unsecured facility agreed in April 2026: £120 million Term Facility Commitment (matures in April 2030, extendable to April 20333) at a margin of 190 bps and £120 million Revolving Credit Facility
(“RCF”) (matures in April 2031, extendable to April 20333) at a margin of 175 bps
● The Term Facility will refinance the secured £140 million Mall Facility in January 2027, which was retained following the C&R acquisition due to its attractive 3.5% coupon; delayed draw structure delivers a saving of approximately £1.4 million in FY27 vs drawing the facility immediately
● The RCF is £20 million larger than the facility it replaces with a significant margin reduction