Town Centre Securities

Financial performance

• Net assets – resilient performance:
o Like for like portfolio valuation down 2.4% from June 2024:
o Statutory net assets of £112.3m or 266p per share (FY24: £117.4m, 279p). EPRA net tangible assets (‘NTA’) * measure at £109.9m or 261p per share (FY24 equivalent: £114.5m, 272p)
• Statutory results – reduced loss before tax:
o Statutory loss before tax of £3.4m (FY24: loss of £7.8m) and statutory loss per share of 8.2p (FY24: earnings of 17.5p), reflects impact of portfolio valuation reduction
• EPRA results:
o EPRA earnings before tax* of £3.0m (FY24: £3.9m)
o EPRA earnings per share before tax* of 7.0p (FY24: 8.6p)
o EPRA earnings* after tax of £1.8m (FY24: £6.3m)
o EPRA earnings per share* of 4.2p (FY24: 14.0p)
• Loan to value ** – increased to 53.1% (50.8%) following valuation reduction and the reassessment of lease liabilities arising from index-linked rent reviews:
o Total net borrowings of £139.9m (FY24: £137.2m) including £82.4m debenture
• Weighted average cost of borrowings at period end of 5.2%, 87.5% at fixed rates
• Shareholder returns
o Proposed final dividend of 2.5p, making the total dividend for the year 5.0p (FY24: 8.5p, which reflected TCS leaving the REIT regime in the prior year).
_{* Alternative performance measures are detailed, defined and reconciled within Note 6 and the financial review section of this announcement
** LTV Calculation includes finance lease assets and liabilities}

Protecting shareholder value whilst safeguarding the business for the future
Progress delivered under the four key strategic initiatives is as follows:

Actively managing our assets
Our long-standing strategy of active management and redevelopment, to drive income and capital growth, has continued:
• We have a well diversified portfolio comprising: 30% invested in retail and leisure; 29% offices; 14% car parks; 14% residential; 9% developments; and 4% hotels
• The portfolio is also very well focused, with 89% located in Leeds and Manchester
• The void rate across our portfolio decreased to 7.4% at 30 June 2025 (8.1% at 30 June 2024)
• Strong rent collection for the period of 99.2% (FY24: 99.2%)
• Roll out of our own car park management system across our car park portfolio completed

Maximising available capital
A conservative capital structure, with a mix of short-term and long-term secure financing, has always underpinned our approach:
• The final element of deferred consideration arising from the sale of our investment in YourParkingSpace Limited was received in July 2024 (£3.1m)
• Comfortable loan to value headroom over our bank facilities of £24.6m based on 30 June 2025 borrowings and valuations
• Loan to value increased to 53.1% following valuation reductions in the period and an increase in lease liabilities (FY24: 50.8%)

Investing in our development pipeline
TCS’s development pipeline, with an estimated GDV of over £400m, is a valuable and strategic point of difference, which we continue to progress and enhance. Notably, in the past six months at two of our largest sites with greatest potential:
• Merrion Centre: In June 2025, we received planning approval for student accommodation as part of the Merrion Centre’s evolution. This approval incorporates a 1,039 new bed purpose built student accommodation scheme based on the redevelopment of Wade House and the adjacent 100MC site (for details click here)
• Whitehall Riverside: Following the securing of planning consent at Whitehall Riverside, a mixed-use scheme, in May 2023 (the formal decision notice was then issued in March 2024), we continue to move forward with both build contractors/professional teams and potential tenants for all phases of the development (for details click here).

Outlook – strong financial position to pursue attractive opportunities

• Focus on our core operations and bringing forward our developments
• Continue to explore opportunities both within traditional real estate in Leeds, Manchester and London and in complementary areas that can add value and further diversify risk.
• Resilient trading performance has continued into the first half of FY26:
o Rent collections remain robust with over 99% of amounts invoiced in the last quarter of the year now collected
o Car parks’ recovery momentum continues
o Significant headroom of £24.6m on existing revolving credit facilities
o Weighted average cost of borrowings at period end of 5.2%, with 87.5% at fixed rates
• The Company’s share price continues to trade at a significant discount to its NTA per share

To read in full and see all announcements please visit tcs-plc.co.uk/investors