NewRiver REIT plc ($NRR)

Well, good morning, everyone, and thank you for joining us. Today is really about demonstrating something quite straightforward that the strategy that we've been pursuing over the past few years is now translating into progress. And the operational evidence is beginning to show clearly in the numbers. FY '26 was our first full year of benefit from the Capital Regional acquisition, and we see it as an important step forward in both scaling our platform and improving the composition of our portfolio. Our presentation this morning is focused on 3 key things: first, how the business has performed during the year. Second, how we have repositioned the portfolio; and third, how we leverage that improved position into income growth and long-term value for shareholders. Turning to FY '26. We've delivered growth across the measures that matter most. Underlying funds from operations increased to GBP 37.2 million. Our well-covered dividend has grown to 6.7p per share, and we delivered a sector-leading 9.4% total accounting return. Two things are driving this: operational delivery and capital discipline. On operational delivery, we agreed rents 37.3% ahead of the previous passing rent and 8.5% ahead of ERV. That is real pricing power across the portfolio, and it is showing through in our third consecutive period of valuation growth. On capital discipline, we have recycled assets at book value, completed a share buyback, reduced our LTV and refinanced the balance sheet onto a fully unsecured structure. So what we're seeing is not simply short-term improvement, but the early evidence of a portfolio that is more focused and well positioned for income-led growth. If I turn specifically to Capital & Regional, this has been a successful first full year, and we have delivered against the objectives we set out at the time of the transaction. Integration is complete. And importantly, it has been achieved without disruption to the underlying business. That is a significant achievement across multi-tenanted retail and our execution reflects positively on our people, our operating platform and the preparation work that we undertook before completion. We have delivered GBP 6.2 million of synergies and at the same time, the portfolio is performing in line with expectations. Importantly, London retail exposure now represents 43% of the balance sheet. And those assets are generating strong leasing outcomes with rents agreed ahead of ERV. So just to be clear, what we are seeing here is the investment case in action. Scale, improved portfolio positioning and operational delivery translating into financial outcomes. And beyond that, we have demonstrated that we are able to integrate a complex business and operate it at scale. That capability matters as we look forward. The Capital Regional acquisition has done what we said it would do and has positively impacted the shape of NewRiver. Just stepping back for a moment. Our strategy is deliberately simple and anchored in consumer behavior. We focus on essential everyday destinations. These are high-frequency locations where people visit regularly for the things they need, such as groceries and services. They return because they have to and increasingly because they want to. That behavioral driver is critical because it gives us a structural demand advantage, not a cyclical one. High-frequency visits support footfall. Footfall supports spending. Spending support sustainable rents and those rents underpin long-term value and financial flexibility. So the chain that connects consumer behavior to valuation is clear. What we're increasingly seeing across the market is that demand is concentrating into fewer, better locations where occupiers can operate profitably and consistently. Rather than spreading our capital across the broader market, we are deliberately focused on those locations where occupational demand is deepest, most repeatable and less cyclical. This is why we are focused on London retail, U.K. major cities and retail parks. And that focus determines how we allocate capital and manage the portfolio. Of course, strategy alone does not deliver returns. Execution does. And what differentiates NewRiver is not just the assets we own, but the platform through which we operate them. What you can see on this slide is our framework. Portfolio, people and partnerships are tied together within our platform, which drives performance and compound returns. We combine high-quality locations, specialists on the ground retail expertise and an integrated operating model that is increasingly informed by data. This allows us to make better leasing decisions to respond more quickly to changes in demand and to maintain a disciplined approach to rental affordability. Our objective is not to react to the market. Our focus is on actively managing our portfolio within it. We also have a partnership platform, which extends our capabilities and provides attractive capital-light earnings growth beyond the balance sheet. So overall, the platform enables us to convert occupational demand into consistent rental income, and that is what supports our ability to compound value over time. Our partnership business is the clearest illustration of that point. We now manage over GBP 2 billion of assets across a wide range of capital partners with approximately GBP 200 million of rent roll under management. We have grown fee income consistently over time, and it scales without consuming capital. This shows us that there is clear demand in the market for a specialist retail operating partner, which gives us confidence that we can continue to deliver strong fee income growth in the years ahead. For shareholders, it improves our earnings quality. Partnerships diversify our revenue, enhance scale contribute to growth and reduce capital intensity. We have an active pipeline, and we expect partnerships to continue to be a growth driver. Alongside operational delivery, we have made a number of important capital allocation decisions during the year. Our priorities are clear, and we apply them consistently. First, we fund the operating platform and organic growth in the portfolio. Second, we managed the balance sheet. Third, we allocate capital to the highest use value. Fourth, we maintain a progressive dividend. In FY '26, we acted on all 4, GBP 110 million of disposals at book value. A GBP 36 million share buyback and the business we financed to a fully unsecured structure at a lower margin that reflects our investment-grade rating. The outcomes are visible. LTV down to 40%, dividend per share up 3%, NTA per share up 3%. Total accounting return increased to 9.4%. The way to point is this, the refinancing has changed the shape of the balance sheet. We now have meaningful cash and undrawn revolving credit facility, clear multiyear maturity profile and ICR and net debt-to-EBITDA among the strongest in the sector. 1 year beyond the Capital Regional acquisition, the story has shifted from balance sheet management to optionality. That flexibility is itself part of the investment case from here. Our aim is to deliver annualized dividend per share growth over the next 3 years, whilst absorbing higher finance costs as we refinance our debt book. Rental growth will be the primary driver of that growth. But given that we also have one of the lowest payout ratios in the sector, it means we have the flexibility in our dividend policy to support dividend per share growth to smooth the refinancing transition. And with that, I will hand over to Will to take you through the financials in more detail.

Thanks, Allan, and good morning, everyone. It's my pleasure to be taking you through our full year results. Starting with the key highlights. The first of which is that we've now completed all of the Capital & Regional post-acquisition work streams. By the time of our half year results, we integrated the assets onto our platform and systems and unlocked the GBP 6.2 million of admin cost synergies identified during our diligence, in line with planned time lines, i.e., within 12 months of completion on a look-forward basis. And more recently, we refinanced the Mal facility, which will be repaid on expiry of its 3.5% coupon in January 27. We've also demonstrated our disciplined approach to capital allocation, sell GBP 110 million of assets in line with book value and recycling a proportion of the proceeds into our own shares at a 26% discount, proactively facilitating growth points exit from our share register. Lastly, we've increased the scale of the business, while maintaining balance sheet strength and completing the first phase of our refinancing. These highlights have culminated in a total account of return of 9.4% and leave us well positioned as we look forward. And I'll have more details on these areas in the coming slides, starting with the balance sheet, and specifically loan to value. This slide shows that we started the year with LTV of 42% as expected following completion of the C&R acquisition. At the time of the C&R transaction, we explained that we remain committed to our LTV guidance and that we were confident in our ability to return to the 40% level through a realistically achievable amount of asset disposals. Our activity during the year has demonstrated this clearly. Not only bringing LTV back in line with guidance, but also successfully pursuing further strategic capital allocation opportunities. During the first half, we completed GBP 70 million of disposals which reduced LTV to 38%, meaning that in mid-August, when Growthpoint announced its intention to sell its holding in NewRiver, we had the firepower to facilitate their exit by buying back 10% of our share capital with the remaining 4% acquired by new and existing shareholders at 75p per share, representing a 6% discount to the price at which we raised equity to part from the C&R transaction. And a 26% discount to March 25 NTA per share. We did this primarily because the transaction was accretive to UFFO and NTA per share. But also to clear a potential overhang on our shares. Following the buyback, LTV increased back up to 42% at the half year, which we were again able to reduce to 40% by the end of the year through further targeted and disciplined asset disposals. Lastly, on this slide, I'd like to spend a moment on LTV guidance from here. Over the last 18 months, we've shown that we're comfortable temporarily increasing LTV above guidance levels to ensure compelling capital allocation opportunities do not pass us by. Such as the acquisition of C&R and the share buyback. And that we're comfortable to do so because of our portfolio stable valuation and because of its inherent liquidity which we've demonstrated by selling GBP 110 million of assets during the year as well as the strength of our overall financial position, taking LTV alongside our net debt to EBITDA and interest cover ratios which remain among the best in the listed peer group. So in summary, our LTV guidance is unchanged, and we shall remain disciplined. At the same time, we're clear on our ambition to grow the business and so retain the flexibility to increase LTV above guidance for short periods in order to take advantage of compelling growth opportunities as they arise. Next, more on balance sheet metrics and the refinancing plans we flagged at the half year and which we recently completed. Our cash position remains strong and has increased since March last year because proceeds from asset disposals during the year outweighed the cash cost of the buyback. Gross debt is broadly unchanged from March last year with the main components at the year-end, still the GBP 140 million Mall facility and GBP 300 million bond. EPRA NTA per share has increased, principally due to the buyback which, alongside the dividend paid during the year, has delivered a much improved total account return of 9.4%. Our overall debt metric position remains strong, which was recognized by Fitch during the year when they reaffirm NewRiver's investment-grade credit ratings at BBB with a stable outlook and BBB+ on the bond itself. Moving on to refinancing. I said at the half year that we shortly commenced the first phase of our refi plans focused on the Mall facility. That our aim was to complete this phase in the first 6 months of 2026. That our preference was to remain an unsecured borrower. And that in any refinancing, we wanted to make sure we extracted maximum benefit from our current debt structure, which has inherent value given where rates are today. I'm pleased to report that we've delivered on all of these objectives. Taking each in turn, the first phase of refinancing completed in mid-April, ahead of schedule and despite ongoing global uncertainty. We agreed a new GBP 240 million facility, split into 2 equal parts and refinancing both the Mall facility and the existing RCF. The GBP 120 million term facility commitment has a full year term and 3 additional plus 1s, which would take maturity out to 2033 and will be drawn to repay the Mall facility in January 27. The GBP 120 million RCF has a 5-year term and 2 additional plus 1s and replaces the existing GBP 100 million RCF, which was due to mature later this year. The facility is unsecured. So when the Mall is repaid, we'll return to a fully unsecured balance sheet. And the structure enables us to extract maximum benefit from the 3.5% coupon on the Mall facility while improving our maturity profile because we negotiated a delayed drawdown of the term facility commitment until the Mall's current coupon expires in January '27, which means we'll pay a commitment fee of GBP 0.6 million prior to drawing versus GBP 2 million if the facility have been drawn at signing. UFFO saving in FY '27 of around GBP 1.4 million, which due to our dividend policy, will flow straight through to our shareholders. Lastly, given continued market volatility and with rates trending lower over the last couple of weeks, we recently fully hedged the term facility commitment with a forward starting color, which means that the all-in cost of the term facility commitment once drawn is fixed at between 4.4% and 5.9%. The impact and importance of the refinancing we've just completed is clear on this slide. The top chart shows our debt position at the end of March, immediately before the refinancing at which point, we add access to significant cash and liquidity, but all of our drawn debt and our undrawn RCF expired over the next 12 to 24 months. I've said previously that because of our elevated cash holdings, our total refinancing requirement was less than the GBP 440 million of gross debt we had drawn at the year-end. But even factoring in cash holdings of GBP 116 million this left us with a near-term minimum refinancing requirement of around GBP 350 million. The lower chart illustrates the impact of the refinancing by showing our debt position at 31st of March 27 i.e., once the Mall has been repaid and the term facility commitment has been drawn. All else being equal, cash reduces to GBP 96 million, and we'll utilize GBP 20 million of cash as we'll utilize GBP 20 million of cash to repay the GBP 140 million Mall facility in addition to drawing the term facility commitment. But because we've also increased the undrawn RCF from GBP 100 million to GBP 120 million we've maintained access to exactly the same amount of liquidity as before, over GBP 200 million. And because the RCF now matures in April 2031 at the earliest as opposed to November this year, we now have access to that liquidity for considerably longer, which means that our near-term minimum refinancing requirement is now just over GBP 100 million. In practice, we'd always want to maintain an undrawn component of our RCF. But the important point to note is that as things stand, our next refinancing requirement is not the full GBP 300 million bond and is instead somewhere between that and the minimum requirement of just over GBP 100 million. So looking ahead over the next 12 months, we'll progress plans to refinance the bond. And given the refinancing completed to date, our investment-grade credit rating and the access to cash and liquidity, we've maintained and extended, we'll do so from a position of strength. Next, UFFO which increased from GBP 30.5 million last year to GBP 37.2 million this year, principally because of the scale added via the C&R acquisition. The bridge on this slide focuses on the per share movement, which is important as it forms the basis of our dividend policy and increase from 8.1p in the prior year to 8.3p this year. C&R had a further positive impact during the year, having already made a significant contribution during FY '25. You may remember that because the acquisition completed in December '24, we benefited last year from Snozone's peak trading season without incurring this controlled loss period. So the contribution from SnoZone is less this year, but that's due to seasonality rather than underlying performance. In actual fact, on a like-for-like basis compared to the 12 months to March 25, Snozone's EBITDA was up by 10%. Disposals reduced FFO by 0.9p reflecting the impact of prior and current year sales, the largest of which was new NABI, which we completed in the first quarter. Next, the share buyback, which we completed towards the end of the first half and so it benefited the second half of FY '26 and will further benefit the first half of FY '27. Finally, on to operational matters, which have added 0.2p per share including an increased contribution from capital partnerships through asset management fees and the ongoing impact of our positive leasing activity both of which helped mitigate the temporary income disruption from retail restructurings, which we flagged within our half year results materials. This positive operational momentum demonstrates the resilience of our model, our flexibility and our ability to capture opportunities from a position of strength. And ultimately, the earnings growth this provides flows directly through to our dividend, which is shown on this slide. As you all know, we paid dividends twice per annum announced within our half and full year results and based on 80% of UFFO. Today, we've reported UFFO per share of 8.3p, which means our dividend for FY '26 is 6.7p per share. Up 3% versus the 6.5p dividend declared in FY '25 with a 3.1p first half dividend already declared and paid. And a 3.6p final dividend declared today and to be paid in August, representing a dividend yield of almost 9% and an earnings yield of almost 11% based on last night's closing share price. With the gap between the 2 yields clearly demonstrating the conservative payout ratio used to set the minimum annual dividend per our policy. That conservative policy is important because it gives us the flexibility to top up the dividend to look through periods of short-term growth interruption as we did during FY '24 while awaiting deployment opportunities. And as we could do again in the future. Because looking beyond FY '27 and into FY '28 and FY '29, we're likely to face higher finance costs as we repay the Mall and refinance the bond, which may initially outpace the income growth, we believe the business is well positioned to deliver. Our flexible and conservative policy means we have the ability to smooth the impact of the refinancing transition and still support fully covered dividend growth. Thank you all for listening. I'll now hand you back to Allan.

Thanks, Will. You've heard the financial picture. I will now take you through the operational evidence sitting behind those numbers and show you where the growth is coming from. We assess performance through a small number of measurable indicators. Each one tells us something specific about income quality and growth potential. Leasing shows us the depth of demand and how much reversion we are capturing. Occupancy and retention gives us visibility over income durability. The trajectory of leasing uplift tells us whether growth is improving over time. And affordability shows us that rental income is sustainable. Across each of these measures, performance in FY '26 has been strong. Leasing spreads remain positive. Occupancy and retention are high and the trajectory of growth continues to improve. Taken together, these indicators give a consistent picture. The portfolio is resilient. Demand is strong. Income is durable and affordability supports the next leg of growth. Leasing demand has been the single clearest positive signal throughout the year. Over the past 4 years, we have delivered over 3.6 million square feet of leasing ahead of both ERV and previous passing rent. That is sustained positive activity across different market conditions. The tenant mix is what sits behind it 22% groceries and Food to Go, 14% services, 13% health and well-being. These are categories driven by structural consumer demand not discretionary spend. We continue to maintain low concentration in our rent roll with no single tenant representing more than 4% of our total portfolio rent. The occupational demand that we are seeing is not cyclical in the traditional sense. It is structural, repeatable and driven by how people actually shop today. That gives us good visibility over future rental income. The portfolio you see today is materially different from 3 years ago and that was a conscious strategic decision. The portfolio has grown by over GBP 200 million. London retail has increased from 12% to 43% of the balance sheet. And 75% of the portfolio is now concentrated in our 3 highest conviction areas for consistent rental growth. 96% of the portfolio now sits in what we call core. This shift is fundamental. It reflects a clear decision to concentrate capital where leasing liquidity is strongest and rental growth is most achievable. And it is this repositioning that gives us confidence in the sustainability of income growth and valuation over time. When we look at performance through that strategic lens, the alignment is consistent with what our data tells us. The areas where we have concentrated capital are also the areas delivering the strongest outcomes across our 3 highest conviction areas, London retail, U.K. major cities and retail parks capital growth is positive, leasing is well ahead of ERV, and consumer spend is growing. This is where the operational evidence becomes the like-for-like income story. Reversion is being captured. The trajectory is accelerating, and the concentration of capital in the right areas is doing the work it was meant to do. So rather than spreading capital thinly, we're concentrating it where the evidence supports continued growth. And that alignment between strategy and performance is a key part of our investment case. I should highlight the role of execution at asset level using a few examples that show how active management is driving income growth. Regears, renewals and targeted investments are delivering measurable uplifts in rent and improving income quality. This is where the strategy becomes tangible, not in theory, but in the day-to-day management of assets. Our data, our people and our platform enable us to consistently unlock value across the whole portfolio. And it is this consistent execution that underpins overall performance. So to conclude, this has been a year of strong progress. We have scaled the platform with Capital & Regional fully integrated, reposition the portfolio towards our highest conviction areas and strengthened the balance sheet through to a fully unsecured structure all while delivering earnings and NTA per share growth and a market-leading total accounting return. The strategy is clear, is Central everyday destinations delivered through 1 integrated operating model. The portfolio is delivering was 75% concentrated in our 3 highest conviction areas, where we are seeing rental and capital growth. And we're confident in the outlook supported by leasing liquidity, capital discipline and a well-covered progressive dividend. Taken together, we are targeting a total accounting return of 9% to 11% per annum through to FY '29. That is the framework we want to be judged against. And we believe the business is set up to deliver it.

Okay. Thanks so much. We'll now move to Q&A. We've got several questions that have come in already. So we'll work through those. Starting with, can you provide an update on the performance of your retail parks relative to your shopping center assets? And has your view on the optimal portfolio mix evolved over the past year, Allan?

Well, our retail parks are performing very well. We're very positive around the retail park sector, which is why we started investing in retail parks about 10 years ago. But our shopping center portfolio is also performing well. But when we look at some specifics, what we see is our occupancy in retail parts is very high, very similar to our shopping center portfolio. And over the last financial year, we had a very strong tenant retention rate, which actually was 10% which is a really good indicator that our tenants are trading fantastically well because all of them tuned to remain in our assets when the leases come up to expiry or when they may have a break clause. The other really strong performance around retail parks has been the compound annual growth rate in terms of rents over the last 3 years on a 3-year rolling aggregated leasing performance that's delivering around about 2.2% compound annual growth rate over a 10-year period. So really pleased with the way our retail parks are performing, and we expect this part of our portfolio to be delivering consistent rental growth in the years ahead.

The share price is around 80p, and now there's 104p. So I'm buying GBP 1 of assets for 77p, but the dividend yield at current levels is only around 7% to 8%. With interest rates where they are, well, how should I hold this rather than put my money in a savings account or guilt?

Well, first of all, I think we disclosed an NTA big share of 105p. And today, I think the share price is 75p. So if I get my math correct, given that we declared dividend for FY '26. So of 6.7p would imply a dividend yield of 9%. And with that dividend yield of 9%, I think you've got strong prospects for income growth. And I also would argue that the strong prospects of capital growth in the future, given our shares are trading at a material discount to NAV. So when you put all of that together, and compare that to a 10-year gilt, which I think today was trading at around about 4.9%. Just on the income return alone, you're getting a 400 basis points outperformance. So I think that fully justifies some of the acquiring shares in NewRiver.

Great. Thank you. Next question. You bought Capital & Regional, and you said it would be transformational. But UFFO per share has actually gone down from 3.7% last year to 3.3 this half. If the deal was so good, why am I running less per share than I did before?

So I think we're going to start there is I think those numbers are probably perhaps from our half year results materials and they're absolutely right. It's 3.1p in the first half at 3.3p in the first half of this year versus 3.7 in the first half of last year. And that's all because of the seasonality of the SnoZone business. And we talked about that quite a lot at the half year. If I focus on the results that we reported yesterday, we reported UFFO per share of 8.3p per share. That compares to 8.1p per share last year, where we had a partial benefit from Capital Regional and it compares to a sort of pre-transaction baseline of 7.4p per share. So from our perspective, it's a really good question. There is seasonality in the first half of the year, and that's what you were seeing in the numbers from the half year. But actually, now we've annualized those out to a sort of full year position we're really comparing 8.3p to 7.4p before the transaction, we are confident in saying that the deal has been transformational.

Thank you. The next question is about Snozone. You earn an indoor a ski slope. I came here to ask about a retail REIT. Can you explain and plain English why a company that owns shopping centers in Doncaster and Librum? Also on as Kisloke and why that's good use to put my money?

Well, you came to the right place. We are a retail REIT, but as part of the Capital & Regional transaction, Really, that transaction was all about us acquiring 6 shopping centers. They had a portfolio of 6 shopping centers. We are shopping center owners and expert owners. So we acquired those 6 shopping centers further GBP 350 million effectively. However, that Capital & Regional also owned for Snozone business, which is an indoor ski slope business, as you say, there are 3 slopes, 2 in the U.K. and 1 in Madrid. So we acquired that business effectively for nil value. You'll have seen in the results that we reported yesterday. It contributed GBP 3.2 million of earnings. So from our perspective, and that's really valuable. It's an independently run business. It's a really good management team in place that we've got to know well over the last 15 months or so. So look, you're absolutely right. We are retail owners. The Capital & Regional transaction is really all about buying 6 shopping centers. Snozone came along with that transaction. And at the moment, we're happy holders.

If the business is performing well, why is the share price still below an NP?

Well, hopefully, the presentation that you just had clearly demonstrates that the business is performing well. Our operating metrics and leasing performance and balance sheet management has been very, very strong in the last financial year. But you're right, the share price is trading at a discount to NAV. But there are many other factors beyond our control as to why the share price is trading below NAV. That could be things like the macro volatility, the cost of capital increasing, which we've seen in things like the 5-year swap rate, the increase in the 10-year Gil. And the listed real estate sector on the stock market, it's all trading at a discount. We're broadly in line with that sector discount. But what we would argue is that creates the opportunity for investors as somebody mentioned earlier, they can buy GBP 1 of essential everyday destinations for a bargain price of 75p. So we think that creates a great opportunity for investors.

What percentage of your rents come from essential versus nice to have shops?

Well, I think we sort of online back on Slide 17 of the presentation, which showed our sort of tenant mix. And you can see on that slide, very clearly where a lot of our tenants are focused on that sort of the Central spend groceries and food to go 22% health and well-being, which is a structurally growing trend. We're about 14% services at 13% and so on. So our portfolio is very much focused more on needs-based spending rather than our discretionary spending. And I think that's definitely the right place to be in an environment where there's some inflationary pressures and the cost of capital has been increasing and the macro volatility has also increased. And that's why we're confident around the resilience of our portfolio due to the sort of tenant profile that we have.

Next question, what's your edge versus bigger REITs? Is it scale, asset type or just valuation?

Well, I think there's a number of things. First of all, I think our edge is the fact that we're a specialist, sector focused. We believe we have an edge now in retail because retail is a sector that is probably in its best position for at least 10 years. We think our platform gives us an incredible edge. We are probably 1 of the leading managers of multi-tenanted retail real estate in the U.K. And that's created an opportunity for us to manage assets on behalf of other capital partners and to deliver a growing income stream where we provide asset management services in return for fee income. And that fee income over the last 5 years has been growing at around 20% per annum, and we think we can continue to grow that. And I think our other edge is that we offer a really compelling investment opportunity in terms of the total return prospects for NewRiver. We've just scout in our results announced total accounting return for FY '26 and 9.4%. That's one of the leading total accounting return for those companies that have reported this season. And it's fair to say already in terms of year-to-date, we're outperforming the listed worst sector. I think our shares are up 9% year-to-date. And indeed, we outperforming the FTSE oil share, which I think has grown up 4% year-to-date. So we've got many edges, and I think this is something that investors can be confident about.

Why not follow peers and shift line to logistics alternatives.

Well, we think the great opportunity is in retail. Other sectors are expensive, but we're a sector specialist. We strongly believe in specialization and allow investors to make the decision as to where they allocate capital. And given our expertise and experience in retail, which goes back many years, we're less experienced in logistics and alternatives, so that wouldn't be appropriate for us to invest in those sectors where we don't have that relevantly experience.

Okay. How protected are you from interest rate volatility and when the key debt maturities hit?

So right now, we are protected. So all of our drawn debt is fully fixed. So we have an all-in fixed cost of 3.5%. And but we do have upcoming majorities. So just like all other REITs. So -- and we'll be refinancing from historical rates at those points. And we talked about this in Slides 11 and 12 in the presentation. But just to recap the 2 key maturities that we have coming up are the Mall facility in January '27 and the bond which matures in March 2028. Now you'll remember from the presentation that actually the Mal facility is a facility that we inherited as part of the capital regional transaction. It's a secured facility. And effectively, it has an all-in cost of 3.5%. And we were very clear when we reported our half year results back in December that we were going to look and refinance the site in the next 6 months, in the first 6 months of 2026. We're very clear we wanted to go back to being a fully unsecured debt structure, which we have been prior to the C&R transaction. But we were also very clear which I think is one of the things the question is kind of driving out that we wanted to get maximum benefit out of the existing cost from the malt facility because 3.5% is not where the market is right now. So what we did -- and we signed this and we announced this back in the middle of April, we refinanced the Mall facility. So we've dealt with that in the maturity now. So we really have one more maturity to deal with, which is the bond. And even though we aren't drawn yet, just to point on how exposed we are to interest rate volatility. A few weeks after we signed the new unsecured facility to refinance the Mal. We also fixed the cost of that new facility when it is drawn in January 2027. So we took out a forward starting color, which fixes the cost between 4.4% and from that refinancing. So we have one more refinancing to do. We've got to refinance of GBP 300 million bond. That matures in March 28, as I said. One of the points that we tried to pull out in the slides is that actually, because we have significant cash holdings. So right now, we have cash holdings of GBP 116 million. And because as part of the refinancing the undertook, we also extended our RCF by 5 years. We've actually got access to around GBP 200 million or over GBP 200 million of cash and liquidity. So when we're looking forward and when we're thinking about that bond refinancing, actually, I hope that provides some useful context around the GBP 300 million. The refinancing we've already done has done part of the job and the cash that we have means that actually our requirement is lower than GBP 300 million.

Okay. Fantastic. Thank you, Will. It's a at-the-desk question, which is speed. At what point does the Board consider buybacks to be more attractive and more attractive use of cash than acquisitions given the persistent discount now?

Well, buyback is one of our options when it comes to capital allocation and when we are in a position to invest surplus capital. We have a number of options, which can be investing into our existing portfolio, which we sort of do on a regular basis, investing into new opportunities in the direct real estate market. Undertaking a buyback or buying back some of our debt. And when we allocate capital, we're looking to do so that's going to produce the very best risk-adjusted return. And sometimes that will be opportunities in the marketplace. But other times, it could be an opportunity to buy back our own shares, which we did last year. We did a buyback last year invested GBP 36 million buy back our shares in August last year, which was the right thing to do because it took out a shareholder that had about 14% of its shares following the capital regional transaction and that become a bit of an overhang. But we're able to do it at a price that was accretive to both earnings and NTA per share. So buyback is something we will always consider when it comes to capital allocation.

Okay. Good. GBP 300 million bond matures in March 2028, less than 2 years away. You say you're well placed managed from a position of strength. Can you be more specific but you're planning to refinance in the unsecured bond market and at what all-in cost versus the current 3.5% Q4, EG today's rate, what's the annual interest cost step up on that bond refinancing loan?

Yes. I mean I think are really planning on issuing a bond. I mean that is an option that's available to us. So ever since the bond was issued back in 2018. We've maintained the same investment-grade credit ratings with Fitch. So we have a BBB rating with a stable outlook and BBB+ on the bond. Those ratings were reaffirmed in September 25 and more recently in February 26. So from our perspective, we've had a really good experience with the bond that we issued back in 2018. And certainly, that is an option available to us as is with our rating USPs. There are also another option that's available to us. And actually, the GBP 240 million unsecured facility that we've just completed. That's a bank facility with 4 U.K. clearing banks. Interestingly, we had definitely more tension and more interest from the U.K. clearer than we've had in the past as well. So I think we've maintained access to a pretty wide pool of credit. And in terms of all-in cost, I mean, we've just we've just sort of put the collar in place at between 4.4% and 5.9% in terms of where the bond or where we might be able to refinance today, I think we've been talking about a range of between 5% and 6% for -- over the last kind of year or so. And depending on what's going on in the world at the moment that we kind of move within that band, I would say. But certainly, we've done the refinancing we need to do right now. Over the next 12 months, we'll be looking at the bond. And in terms of what the interest cost step-up will be, again, that is very much linked to how much we actually need to refinance.

How much reversion will your rental growth remains embedded within the portfolio and what gives you confidence in delivering it?

Well, there is quite significant reversion within our portfolio and our job is to go out and capture that. And we think that, that reversion is building nicely because you will have seen in our presentation. We've now been consistently doing our new leasing deals at a higher level than the barriers ERBs over the last sort of 4 years or so. So yes, there's a lot to go after. The team at NewRiver are very focused around delivering that reversion. Overall, it's around about 20% to 25%. And this is something that we're very focused on delivering, and we feel very confident that we will be able to do so.

In simple terms, what am I getting as a shareholder over the next 3 years? Is it income, growth or both?

Well, we're very focused on delivering both. I mean I think as a shareholder, you're obviously receiving a fairly attractive income return, as we talked about earlier in the dividend yield being around about 9%. We think there are very strong prospects for a very attractive capital return because, today, we're trading around about a 25%, 26% discount. So when you put the 2 of those together, and then we think on a sort of total return basis, it looks very attractive for all shareholders. For us, at the sort of real estate level within the business, we are very focused around delivering rental income growth. The leasing performance over the last few years is telling us that rental growth story is building really nicely in our portfolio. And as rents grow, values will grow. And once your value start to rise consistently, your LTV comes down, it means we can access liquidity and start to deploy that into new opportunities to deliver even further earnings growth. It's really a flywheel of value creation. And we think the business is well set up to deliver that. And as a shareholder, that will come through not only on the income return what we think also the capital return.

On leasing. How confident are the rental rates on new leases being signed today will be sufficient to absorb the refinancing headwind, particularly given the color range on the term facility of 4.4 to 5.9.

Well, we'll have to wait and see where the sort of finance costs sort of end up when we complete the refinancing. But what we can say is that the rental growth story is building really nicely. We showed in our presentation that the 3-year aggregated rolling leasing performance is suggesting or it's not suggesting it's coming out with a compound annual growth rate in our rents of around 1.8% for the last sort of 8 or 9 years. And that's been building up over the last 4 years. Where it's gone from a negative position of GBP 0.4 million to GBP 1.8 million in FY '26. PAUSE If we just look at the leasing deals we did in FY '26 in isolation, the CAGR is 3%. So we think the rental growth story is coming through. And in order to absorb the higher finance cost PAUSE rental growth will be the main driver to do that and provide growth for our shareholders through the earnings per share growth over the excellent cycle.

But one of the other things that we said in the presentation is just around our dividend payout. So in order to absorb the increase in finance costs. Allan has quite rightly said we have rental growth. But also in the meantime, if there is a timing difference or a phasing difference between the refi headwinds coming through and the rental growth coming through. We pay out 80% of our UFFO as dividends. And shareholders might remember back in FY '24, where we were waiting to deploy into the capital and regional transaction. We actually topped up our dividend payout very slightly because the 80% is effectively setting the minimum dividend. At the time, we had around GBP 130-plus million of cash and base rates were at around 5.25%. So we were actually putting that cash on deposit of 5.2%. We were paying 3.5% on our debt. And therefore, we were -- there was an arbitrage. And actually, what we did was we made the decision to pay out 100% of that interest income to our shareholders, which meant actually our payout in '24 was 85%. So we do have the capacity flex up that payout in the future if it's appropriate.

Great. Just a couple of questions left now. The shares continue to trade at a significant discount to underlying asset value. What do you believe is the most effective way to close that gap for shareholders?

Well, I think probably 2 things. First of all, it's delivering earnings per share growth. As that becomes more evidence, more visible then ultimately, I think that will lead to a re-rating of NewRiver, which will be reflected in a higher share price. I think also greater scale if we can deliver more scale to -- in the business than I think that will result in closing the gap for shareholders because there are genuine benefits from scale. First of all, it should lower your cost of capital. Secondly, it will make you more cost efficient and thirdly, provide better liquidity for shareholders. So earnings per share growth and scale, I think, will be 2 key factors that should result in a holding of that gap for shareholders, which will -- by doing that, we'll deliver that at very attractive capital return on top of the attractive income returns that shareholders are receiving through the dividend yield, which, as Will said, is very well covered. I think we have one of the most conservative payout ratios in the market.

and then the final question, but just a good one to close out on. Looking ahead to 2027, what are the key milestones that we should be looking out for that would indicate that business is continuing to execute its strategy successfully?

Well, many of the things that we outlined in the presentation, so our operating numbers, whether that's occupancy, tenant retention rate, rent collection starts our leasing performance. The CAGR is a very important thing that we track, and we would expect to see that continue to improve from that we disclosed in the presentation for FY '26. So operational leasing, all very key to demonstrating the continued success of the business and then feeding that into earnings per share growth, NTA per share growth and then delivering that market-leading total accounting return of between 9% and 11%, which is what we're targeting to do.

Fantastic. Thank you. Well, that is all the questions. So I'll hand over for a short.

Well, yes, thank you very much, and thank you to everyone for joining us today. Hopefully, we've been able to demonstrate that our strategy is delivering and that we have a clear path for growth. do look out for our annual report that's going to be out later this month, and we very much enjoyed speaking to you and anybody got any follow-up questions, do get in touch with us.

Thank you. Thank you to the management team for joining us today. That concludes the NewRiver results presentation. Please take a moment to complete a short survey following the event. The recording of this presentation will be made available and engage investor. I hope you enjoyed today's webinar.