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Interim Results Presentation For the six months ended 30 June 2026 24 September 2026 This presentation does not constitute investment advice or an offer to buy or sell securities. Investment involves risk, including potential loss of capital. Secure futures, secure income
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2 Michael Carey Managing Director Nat Markham CFO 3 Introduction 4 Financial Results 12 Portfolio 18 Strategy & Growth 26 Q&A Agenda and Presenting Team Tom Still Managing Director
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3 Launch of Living REIT with a broader mandate and clear growth strategy Expansion of addressable market to sectors with complementary investment characteristics Significant strategic progress 1. The acquisition completed after 30 June 2026 and is a post period - end event. Earnings accretion expected i n the first full financial year ( FY27 ) . Senior living acquisition delivering high - single digit earnings accretion 1 Acquisition creates a larger, diversified platform Continued earnings and income growth Improved rent collection and further uplift to dividend target Proactive approach to asset management delivering for shareholders Active oversight of Approved Providers and early intervention where issues emerge
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4 Financial Results Nat Markham CFO Homechase House, Devon
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5 +2.3% Net rental income growth H1 2025: +3.6% 1.20x Adjusted EPRA Dividend cover H1 2025: 1.21x +2.2% Adjusted EPRA Earnings growth H1 2025: +21.9% 92.7% Rent collection FY 2025: 91.5% Highlights for the six months ended 30 June 2026 +3% FY26 Dividend Target increase FY25: +3% 95.4p IFRS & EPRA NTA per share FY 2025: 94.2p
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6 £million H1 2026 H1 2025 Change Net rental income 20.2 19.8 +2.3% Administrative & other expenses (1.7) (1.8) Management fees (1.8) (1.6) Finance expense (3.8) (3.7) EPRA earnings 13.0 12.7 Adjusted EPRA earnings 13.5 13.2 EPRA cost ratio 17.1% 16.5% Adjusted EPRA earnings per share 3.4p 3.3p +2.2% Dividends paid 11.2 10.9 +3.0% Adjusted EPRA dividend cover 1.20x 1.21x - 0.01x Income statement Change calculations may not cast due to rounding differences.
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7 £million H1 2026 FY 2025 Change Portfolio valuation 597.5 602.8 Assets held for sale - 1.9 Trade and other receivables 8.6 6.6 Cash and cash equivalents 42.0 25.4 Total assets 648.2 636.8 +1.8% Current liabilities (10.1) (2.7) Non - current liabilities (262.9) (263.3) Total liabilities (273.0) (266.0) Net assets 375.2 370.8 +1.2% EPRA NTA per share 95.4p 94.2p +1.2% Statement of financial position Change calculations may not cast due to rounding differences.
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8 Pro forma NTA per share bridge 94.23p 3.30p (0.76p) (1.41p) (1.45p) 93.92p 1. Q2 dividend declared is not reflected in 30 June 2026 EPRA NTA . 1 31 - Dec - 25 Revaluation Q1 dividend paid Q2 dividend paid Pro - forma 30 - Jun - 26 EPRA earnings
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9 Sector leading debt profile % Fixed – Average maturity – Average debt cost – FV debt adjustment – Debt facilities – Net LTV – 30 June 2026 Post transaction % Fixed 1 90% Average maturity 1 6.7 years Average debt cost 1 3.06 % FV debt adjustment 2 £51.5m Debt facilities £293.5m Net LTV 37.8% 1. Assumes full drawdown of all debt facilities and a SONIA rate of 4.10% as at 30 June 2026. 2. Represents the difference between the fair value and carrying value of the debt .
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10 Sector leading debt profile % Fixe d 1 90% Average maturity 1 6.7 years Average debt cost 1 3.06 % FV debt adjustment 2 £51.5m Debt facilities £293.5m Net LTV 37.8% 1. Assumes full drawdown of all debt facilities and a SONIA rate of 4.10% as at 30 June 2026. 2. Represents the difference between the fair value and carrying value of the debt . 3. Assumes full drawdown of all debt facilities and a SONIA rate of 4.12% as at 30 September 2026 . 4. Represents the difference between the fair value and carrying value of the debt as at 30 June 2026 plus the Scottish Widows facility at acquisition. 5. Expected Net LTV post acquisition . % Fixed 3 92 % Average maturity 3 8.9 years Average debt cost 3 3.16% FV debt adjustment 4 £85.0m Debt facilities £385.6m Net LTV 5 c.45% 30 June 2026 Post transaction
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11 Favourably placed against peers Weighted average cost of debt 3.16% 3.82% UK REIT industry 2 Weighted average term to maturity 8.9 years 4.8 years UK REIT industry 2 1. Assumes full drawdown of all debt facilities and a SONIA rate of 4.12% as at 30 September 2026. 2. UK REIT sector weighted average cost of debt and weighted average debt term based on the Deutsche Numis coverage universe, weigh ted by gross debt outstanding. Excludes companies subject to announced or proposed corporate transactions or with predominantly non - ste rling debt. 1 1
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12 Portfolio Tom Still Managing Director Fair Oak Road, Southampton
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13 SSH portfolio as at 30 June 2026 £ 43.3m Contracted rent 3,301 Lettable homes HY25: 43.2m FY25: 3,412 88% Resident occupancy 6.54% Net Initial Yield FY25: 87% FY25: 6.42% 92.7% Rent collection 78% EPC C or above FY25: 91.5% FY25: 77%
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14 Atrato proactive asset management Stakeholder engagement • 91% of the portfolio inspected • 89% of Approved Providers met • Top 10 Care Providers met, covering 50% of SSH residents Portfolio optimisation • Inherited legacy issues addressed • Properties sold releasing cash • Proceeds will be utilised to reduce debt Decisive action when needed • Focus on asset management and property fundamentals • Tight tenant oversight delivers data • Pre - emptive , decisive action taken when tenant challenges arise
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15 LIVE’s largest tenant upgraded 2 4 % of the enlarged portfolio by rental income 1 The Regulator grades Approved Providers (APs) APs rated on Financial (“V”) and Governance (“G”) grounds Lease based APs typically deemed Non - Compliant Inclusion upgraded to “Compliant” Inclusion upgraded to G2V2 compliant rating Regulatory buy in of the lease - based model of SSH Positive direction of travel for SSH sector Gives LIVE’s other APs a blueprint to a compliant rating Demonstrates the institutionalisation of the SSH sector 1. Calculated using gross rental income of the SSH portfolio as at 30 June 2026 and Senior Living portfolio as at 31 December 2025.
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16 Pivotal leases assigned at contracted rent Atrato aware of issues ahead of market Identified emerging financial issues early Atrato took decisive action LIVE leases assigned to IHL with no impact on rental income Pivotal later de - registered as an AP 1 Other landlords suffered material losses 1. Pivotal was de - registered as a Registered Provider by the Regulator of Social Housing on 27 May 2026 .
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17 Auckland assignment underway Problem properties with other landlords LIVE portfolio performing Atrato proactive approach Decision taken to transfer to alternative, compliant AP Assignment agreed with no earnings impact Assignment expected to complete in Q4 2026
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18 Secure futures, secure income Strategy & Growth Michael Carey Managing Director Brunswick House, Newcastle
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19 Building a leading UK Living platform Earnings accretive acquisition completed Senior Living portfolio acquired with high single - digit earnings accretion 1 , increasing pro forma GAV to c.£825m 2 Investment policy broadened Shareholder - approved mandate now spans the wider Living sector alongside our core SSH portfolio Positioned for further growth Greater scale, diversification and share liquidity 1. Expected in first full year post acquisition. 2. Pro forma gross asset value of the Enlarged Group, based on LIVE’s portfolio as at 30 June 2026 and the gross asset value of the acquired Senior Living Portfolio.
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20 Using our shares for accretive acquisition Nationwide portfolio Portfolio Value £185 million Purchase Consideration funded via £63m new equity | £45m cash 66 million shares issued at EPRA NTA 1 . Existing cash plus new £30m debt facility Acquired £92m Debt 2 17 years fixed at 3.46% UK’s Largest Independent Senior Living Rental Portfolio 2,163 homes 1. Issued at 31 December 2025 EPRA NTA per share of 94.23 pence. 2. Outstanding principal a s at acquisition date of 16 July 2026. Transaction structure
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21 A larger, more diversified Group GAV 2 £ 825m Net rental income 3 £ 52m Lettable homes 1 5,464 1. Reflects number of lettable homes across the SSH and Senior Living portfolios as at 30 June 2026. 2. Pro forma gross asset value of the Enlarged Group, based on LIVE’s portfolio as at 30 June 2026 and the gross asset value of the acquired Senior Living Portfolio. 3. Combined annualised net rental income of the SSH portfolio as at 30 June 2026 and Senior Living portfolio as at 31 December 2025. Investment focus UK Living sectors
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22 • Demographic tailwinds • Structural undersupply • Inflation - aligned, sustainable income • Earnings accretive • Secure, affordable housing • Well - maintained homes supporting wellbeing Senior Living assets are highly complementary to SSH Structurally supported Attractive income Positive resident outcomes
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23 Senior Living portfolio optimisation Capitalising on market shift to rental Senior living residents are opting to rent their accommodation rather than buy Accretive deployment of restricted cash Cash acquired through the acquisition can only be used for further senior living acquisitions Asset recycling Target disposals of units in less - dense blocks, recycling proceeds into denser and higher - yielding assets
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24 £20m £21m £22m £23m £24m £25m £26m £27m £28m 55 60 65 70 75 80 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026 Annualised earnings (£m) Share price (p) Share Price Earnings Complete transformation of the Company Atrato appointed as Investment Manager Lauder Teacher appointed as PR Adviser Investor tour of completed asset New Chair appointed New investment policy & re - brand to LIVE 3% dividend increase New Audit Chair appointed Pivotal transfer Second consecutive 3% dividend increase Senior L i ving acquisition Deutsche Numis appointed as corporate broker Inclusion upgraded to Compliant RCF arranged Corporate Governance Finance activity Strategic initiatives 1. Represents adjusted earnings attributable to shareholders. FY24 and FY25 reflect reported full - year adjusted earnings. HY26 earnings have been annualised by doubling adjusted earnings for the six months ended 30 June 2026 and are presented for illustrative purposes on ly. 1
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25 Active asset management opportunities Earnings growth from Senior Living acquisition Ambition for further acquisitions using shares Positioned for further growth Ashdown Gate, East Grinstead
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26 Q&A Secure futures, secure income Michael Carey Managing Director Nat Markham CFO Tom Still Managing Director Riding Hill Gardens, Bradford
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27 Living REIT key terms The Company UK listed REIT (Real Estate Investment Trust) London Stock Exchange Main Market Management Atrato Partners Limited as Investment Manager Management Fee Management fee structure is calculated on market capitalisation based on the following tiers: • 1.25% up to £150 million; • 1.00% between £150 million to £300 million; • 0.70% above £300 million The equivalent of 25% of the annual management fee will be held in LIVE shares Success Fee If Atrato arranges and effects the sale of any properties at the direction of the Company, and the Company elects to return such value to shareholders, the Company shall pay to Atrato a fee equal to 0.5% of the gross sale price of the relevant properties if Atrato arranges and effects property sales at the Company’s direction Gearing Our medium to long - term target LTV is 40% of the Group’s GAV, up to a maximum of 50% Governance An independent board of directors; compliant with the AIC Code of Corporate Governance
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28 Facility Key Rate type Repayment Fixed rate Bullet Fixed rate Bullet Floating rate / RCF Bullet at maturity Sector leading debt profile (30 June 2026) % Fixed 90% Average maturity 6.7 years Average debt cost 2 3.06% FV debt adjustment 3 £51.5m Debt facilities £293.5m Net LTV 37.8% 5.0 41.5 77.5 27.0 117.5 25.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 £m 1. Committed undrawn facility as at 30 June 2026. 2. Weighted average cost of debt based on £263.5m fixed - rate debt at 2.74%, £25.0m at SONIA + 175bps and £5.0m at SONIA + 180bps, assuming SONIA of 4.10% as at 30 June 2026, resulting in a weighted average cost of debt of 3.06%. 3. Fair value adjustment represents the difference between the fair value and carrying value of the debt . 1
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29 Facility Key Rate type Repayment Fixed rate Bullet Fixed rate Bullet Floating rate / RCF Bullet at maturity Fixed rate Partially amortising Leading position maintained post transaction 5.0 41.5 77.5 27.0 117.5 77.0 25.0 15.1 2026 2028 2030 2032 2034 2036 2038 2040 2042 £m 1. Cumulative amortised principal repayments from June 2026 to June 2043. 2. Assumes full drawdown of all debt facilities and a SONIA rate of 4.12% as at 30 September 2026 3. Fair value adjustment reflects the excess of fair value over carrying value of debt as at 30 June 2026, except for the Scottish Widows facility which is calculated at the acquisition date of 16 July 2026 4. Expected Net LTV post acquisition % Fixed 92% Average maturity 8.9 years Average debt cost 2 3.16% FV debt adjustment 3 £85.0m Debt facilities £385.6m Net LTV 4 c.45% 1
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30 Disclaimer THESE MATERIALS AND THEIR CONTENTS ARE NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION, OR TO ANY RESIDENT THEREOF. THESE MATERIALS ARE NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES. BY ATTENDING ANY MEETING OR VIEWING ANY PRESENTATION IN CONNECTION WITH THE MATERIALS, INCLUDING ANY RECORDING, OR BY READING THE MATERIALS, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS, LIMITATIONS AND CONDITIONS. The following applies to these slides, the information contained in the slides, any question and answer session, and the oral pr esentation of the slides and the recording thereof, in addition to any written or oral material prepared, discussed or distributed during the presentation mee tin g (together, the “Materials”). The Materials, which have been prepared by Atrato Partners Limited (“Atrato”), which is authorised and regulated by the Finan cia l Conduct Authority (FRN 830613) and is the Alternative Investment Fund Manager (“AIFM”) of Living REIT plc (the “Company”), are produced solely for i nfo rmation purposes for shareholders of the Company in connection with the Company’s results for the six months ended 30 June 2026. The Materials sho uld be read together with the Company’s half - year report for that period and its most recent annual report and financial statements, which set out the ris k factors relevant to an investment in the Company. The Materials are not intended to, and do not constitute or form part of, any offer, invitation or the solicitation of an off er to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in the Company or any other invitation or inducement to engage in in vestment activities and do not constitute a recommendation to sell or buy any such securities, nor shall the Materials (or any part of them) nor the fact of th eir distribution form the basis of, or be relied on in connection with, any contract or investment decision. The Materials do not constitute investment, legal, t ax or accounting advice. The value of investments and the income from them can go down as well as up and investors may not recover the amount originally investe d. The financial information for the six months ended 30 June 2026 contained in the Materials is unaudited and does not constitu te statutory accounts within the meaning of section 434 of the Companies Act 2006. The Materials contain alternative performance measures, including EPRA ear nings, adjusted EPRA earnings and adjusted EPRA earnings per share, EPRA cost ratio, EPRA NTA per share, adjusted EPRA dividend cover, net initial yi eld, net loan - to - value and weighted average cost of debt, which are not defined under IFRS, are not a substitute for the equivalent IFRS measures and ma y n ot be comparable with measures used by other companies; definitions and, where applicable, reconciliations are set out in the Company’s half - year repo rt. Information presented on a pro forma basis for the enlarged group following the senior living portfolio acquisition completed on 16 July 2026 is il lus trative only, is based on stated assumptions and is not a profit forecast.
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31 Disclaimer The Materials contain forward - looking statements, including as to the Company’s strategy, targets, dividend policy and dividend targets, expected earnings accretion, leverage and anticipated transactions and lease assignments. Such statements are not statements of historical fact , a re based on current beliefs, expectations and assumptions, and involve known and unknown risks and uncertainties, many of which are beyond the Company’s c ont rol; actual results may differ materially from those expressed or implied. Recipients should not place undue reliance on forward - looking statements, whi ch speak only as at the date of the Materials, and, save as required by applicable law or regulation, neither the Company nor Atrato undertakes any obligation to update them. Pa st performance, including share price movements, total shareholder return, rent collection, earnings, net asset values and divid end s, is not a reliable indicator of future results. Dividends are not guaranteed and dividend targets are targets only and are not profit forecasts. The information in the Materials, including peer group, market and other third - party data and regulatory gradings published by t he Regulator of Social Housing, has not been independently verified and is subject to change without notice. No representation or warranty, express or implied, is given by the Company, Atrato or any of their respective affiliates, directors, officers, employees or advisers as to its accuracy, fairnes s o r completeness, and no liability is accepted for any loss howsoever arising from its use, save to the extent that such liability cannot lawfully be excluded. The Materials are not directed to or intended for distribution, or transfer, either directly or indirectly to, or use by, any pe rson or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, transfer, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The distribution of the Materials o r a ny information contained in them may be restricted by law in certain jurisdictions, and any person into whose possession any document containing the Materials or any part of them comes should inform themselves about, and observe, any such restrictions. In this respect, neither the Company nor any of its conne cte d persons accepts any liability to any person in relation to the distribution or possession of the Materials or any information contained in them t o o r in any such jurisdiction. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “S ecurities Act”) or under the securities law of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly , i n or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and ot her wise in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Company has not been, and will not be , r egistered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”) and, as such, investors will not be entitled to the be nefits of the Investment Company Act.