Schroder European Real Estate Investment Trust (SERE) investor relations material

Executive summary

• Announced intention, subject to shareholder approval, to commence an orderly wind down and return capital to shareholders due to persistent 40% discount to NAV and market preference for larger, more liquid vehicles.

• Wind down process expected to take up to three years, with phased asset sales and continued dividend payments during the period.

• Portfolio remains resilient with robust occupancy, high rent collection, and targeted asset management initiatives supporting earnings.

Financial highlights

• Quarterly dividend maintained at EUR 0.0148 per share, totaling EUR 0.0296 for the six months to 31 March 2026, with a dividend cover of 93%.

• NAV at EUR 151.3 million or EUR 1.152 per share, with a NAV total return for the period of 0.7%.

• Dividend yield exceeds 8% annualized, reflecting the 40% discount to NAV.

• Portfolio independently valued at EUR 192.6 million, down EUR 2.2 million (-1.1%) over six months.

• Underlying EPRA earnings before exceptional items: EUR 3.6 million; IFRS profit: EUR 1.1 million for the six months ended 31 March 2026.

Outlook and guidance

• Asset sales will be gradual, focusing on maximizing price and liquidity, with proceeds used to repay debt and return capital.

• Dividend payments to continue throughout the wind down, but cover may fall as major tenants vacate and assets are sold.

• Shareholder circular and vote on strategy change expected by mid-August.

• Updates on sequencing and capital return framework to follow.