NewRiver Reit (NRR) H2 2026 TU earnings summary

Executive summary

• Capital & Regional assets fully integrated, unlocking £6.2 million in annual net cost synergies and increasing London retail weighting to 43% of the portfolio.

• Operational outperformance with continued valuation growth for the third consecutive half-year and strong leasing activity.

• Balance sheet strengthened through refinancing and disposals, reducing LTV to close to medium-term guidance of under 40%.

• FY26 Underlying Funds From Operations (UFFO) per share and EPRA Net Tangible Assets (NTA) per share expected to align with analyst consensus.

Financial highlights

• FY26 UFFO per share expected at 8.3–8.5 pence; consensus UFFO at £37.2 million.

• EPRA NTA per share expected at 105–108 pence; consensus at 107 pence.

• Portfolio capital values increased 0.5% in H2 and 0.7% like-for-like for FY26.

• Retail disposals of £110 million completed at book value.

• Snozone EBITDA up 10% year-over-year to £3.2 million.

Outlook and guidance

• Positioned for growth with strengthened portfolio, platform, and balance sheet.

• UFFO and EPRA NTA per share expected to be in line with analyst consensus.