Harworth Group (HWG) Investor Update summary

Strategic and operational progress

• Achieved strong operational momentum, with significant progress on strategic objectives and portfolio growth, despite a challenging market backdrop.

• Industrial and logistics assets delivered an 8% property return, driving portfolio value and future growth.

• Residential assets remained stable overall, with mixed valuation outcomes but continued positive total accounting return.

• Gross assets increased 53% since 2020 to £945 million, with £607 million of assets sold and capital reinvested.

• EPRA NDV rose 41% to £725 million since 2020, showing consistent growth through volatile markets.

Development and investment activity

• Invested nearly £55 million in industrial and logistics sites in H1 2025, focusing on infrastructure and enabling works.

• Completed key developments, including 80,000 sq ft at Advanced Manufacturing Park and 169,000 sq ft at Droitbridge.

• Acquired full ownership of Gateway 45 for £20 million, unlocking a prime site with 800,000 sq ft consented.

• Submitted planning applications for 4.9 million sq ft in H1, with 71% of the 34.6 million sq ft pipeline now consented or in planning.

• On site with 3.3 million sq ft of development, targeting 100% Grade A investment portfolio by 2027 (currently 66% by value).

Portfolio and financial performance

• Portfolio valued at £944 million as of June 30, 2025, with two-thirds weighted to industrial and logistics.

• Investment portfolio valued at £319 million, with annualized rental income up 4.6% and rent per sq ft up 6.3%.

• Vacancy reduced to 3.1% post-period end, supported by successful lettings and asset sales.

• Residential land bank exceeds 31,000 plots, with over 3,000 plots progressing through planning.

• Sold 649 residential plots in H1, with further 1,500 plots conditionally exchanged for H2, on track to exceed 2,000 plot sales target.