NewRiver Reit (NRR) H1 2026 earnings summary

Executive summary

• Achieved strong operational momentum and earnings growth, driven by the integration of Capital & Regional and robust performance in retail assets, unlocking £6.2m in annual net cost synergies.

• Portfolio focused on retail parks and shopping centres, with high occupancy (95.3%), strong tenant retention (96%), and continued leasing momentum.

• Disciplined capital allocation with three shopping centre disposals and a significant share buyback, enhancing EPS and NTA per share.

• Customer spend in the portfolio outperformed the national average by 5.4% year-over-year.

• Balance sheet remains robust with stable leverage, healthy cash reserves, and reaffirmed investment grade credit ratings.

Financial highlights

• Underlying Funds From Operations (UFFO) rose 31% to £15.1m (3.3p per share) from £11.5m (3.7p per share) year-over-year, driven by Capital & Regional acquisition.

• Net property income increased to £31.4m from £21.8m year-over-year.

• EPRA NTA per share increased to 104p from 102p at March 2025.

• Total accounting return of +5.4%.

• Ordinary dividend of 3.1p per share, fully covered by UFFO.

Outlook and guidance

• Positive outlook for the retail sector, with strong prospects for rental growth and continued valuation stability.

• Committed to reducing LTV to below 40% through further disposals, with £40m of assets under offer or completed.

• Plan to remain an unsecured borrower and be active in refinancing over the next six months.

• Expecting further income disruption in H2 from retailer restructurings, estimated at £0.5m–£1m, but confident in medium-term rent recovery.

• Shares continue to trade at a discount to NAV; increasing scale is a strategic priority.