TRANSFORMATIONAL ACQUISITION OF ASSURA

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Combination between PHP and Assura successfully delivered, creating a £6 billion healthcare REIT investing in critical healthcare infrastructure

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On track to deliver annualised synergies identified at the time of the merger of £9 million with £7.5 million or 83% of total annualised synergies already delivered since Competition and Markets Authority (“CMA”) clearance, as integration moves forward at pace and the benefits of the combination are delivered for shareholders

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Good progress is being made on expanding the existing primary care joint venture and establishing a strategic joint venture for our private hospital portfolio, where we see exciting growth opportunities

EARNINGS AND DIVIDENDS

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Adjusted earnings per share up 4% at 7.3 pence (2024: 7.0 pence)

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IFRS earnings per share increased to 6.6 pence (2024: 3.1 pence) reflecting non-cashflow gains arising on the valuation of the Group’s property portfolio and interest rate derivatives

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Annualised contracted rent roll now stands at £342 million (2024: £154 million) with rent reviews and asset management in the year generating an additional £9 million of annualised income, an increase of just under 7% over the previous passing rent or over 3% on an annualised basis, which supports our positive rental growth outlook

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EPRA cost ratio 9.8% (2024: 10.1%), excluding Axis overheads and direct vacancy costs, representing one of the lowest in the UK REIT sector

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Quarterly dividends totalling 7.1 pence (2024: 6.9 pence) per share distributed in the year, a 3% increase, and fully covered

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Second quarterly dividend of 1.825 pence per share declared and payable on 8 May 2026, equivalent to 7.3 pence on an annualised basis and a 3% increase over the 2025 dividend per share, marking the start of the Company’s 30th consecutive year of dividend growth

The Company intends to maintain its strategy of paying a progressive, fully covered dividend

TRANSFORMATIONAL ACQUISITION OF ASSURA

●

Combination between PHP and Assura successfully delivered, creating a £6 billion healthcare REIT investing in critical healthcare infrastructure

●

On track to deliver annualised synergies identified at the time of the merger of £9 million with £7.5 million or 83% of total annualised synergies already delivered since Competition and Markets Authority (“CMA”) clearance, as integration moves forward at pace and the benefits of the combination are delivered for shareholders

●

Good progress is being made on expanding the existing primary care joint venture and establishing a strategic joint venture for our private hospital portfolio, where we see exciting growth opportunities

EARNINGS AND DIVIDENDS

●

Adjusted earnings per share up 4% at 7.3 pence (2024: 7.0 pence)

●

IFRS earnings per share increased to 6.6 pence (2024: 3.1 pence) reflecting non-cashflow gains arising on the valuation of the Group’s property portfolio and interest rate derivatives

●

Annualised contracted rent roll now stands at £342 million (2024: £154 million) with rent reviews and asset management in the year generating an additional £9 million of annualised income, an increase of just under 7% over the previous passing rent or over 3% on an annualised basis, which supports our positive rental growth outlook

●

EPRA cost ratio 9.8% (2024: 10.1%), excluding Axis overheads and direct vacancy costs, representing one of the lowest in the UK REIT sector

●

Quarterly dividends totalling 7.1 pence (2024: 6.9 pence) per share distributed in the year, a 3% increase, and fully covered

●

Second quarterly dividend of 1.825 pence per share declared and payable on 8 May 2026, equivalent to 7.3 pence on an annualised basis and a 3% increase over the 2025 dividend per share, marking the start of the Company’s 30th consecutive year of dividend growth

The Company intends to maintain its strategy of paying a progressive, fully covered dividend