Town Centre Securities

Financial performance

• Net assets – resilient performance:
o Like for like portfolio valuation down 1.5% from June 2025 (FY25: down 2.4%)
o Statutory net assets of £108.8m or 258p per share (FY25: £112.3m, 266p). EPRA net tangible assets (‘NTA’) measure at £107.5m or 255p per share (FY25 equivalent: £109.9m, 261p)
• Statutory results – reduced loss:
o Statutory loss after tax of £1.4m (FY25: loss of £3.4m) and statutory loss per share of 3.2p (FY25: loss of 8.2p), reflecting valuation losses and impairments across the portfolio of £3.7m
o Statutory loss before tax of £0.3m (FY25: loss of £1.1m)
• EPRA results:
o EPRA earnings before tax of £3.3m (FY25: £2.9m)
o EPRA earnings per share before tax of 7.8p (FY25: 7.0p)
o EPRA earnings after tax of £2.9m, up 64% (FY25: £1.8m)
o EPRA earnings per share of 6.9p (FY25: 4.2p)
• Loan to value ** – increased to 55.5% (FY25: 53.1%) following the two investments made in the year and the reduction in property values:
o Total net borrowings of £151.3m (FY25: £139.9m) including £77.1m debenture, the increase reflecting investments and a small debenture buyback
o Weighted average cost of borrowings at period end of 5.2%, 74.7% at fixed rates
• Shareholder returns
o Proposed final dividend of 2.5p, making the total dividend for the year 5.0p (FY25: 5.0p), equating to 72.1% of EPRA earnings. The final dividend will be paid on 7 January 2027 to shareholders on the register on 18 December 2026

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: 35% invested in retail and leisure; 28% offices; 13% car parks; 12% residential; 8% developments; and 4% hotels
• The portfolio is also very well focused, with 87% located in Leeds and Manchester
• The void rate across our portfolio decreased to 4.9% at 30 June 2026 (7.4% at 30 June 2025), following a number of key lettings in the year
• Strong rent collection for the period of over 99% which is comparable to last year
• Vicar Lane, Leeds repositioned as a prime leisure destination, with Dishoom opening its new restaurant in August 2026 and Sticks’n’Sushi set to open in early 2027, subject to planning
• The former nightclub unit and a two-floor office unit at the Merrion Centre relet to new leisure occupiers
• CitiPark gross revenue up 10.2% to £15.4m (FY25: £14.0m), with 99% of the car park portfolio now operating on CitiPark’s own barrierless, ANPR-based parking management system

Maximising available capital
A conservative capital structure, with a mix of short-term and long-term secure financing, has always underpinned our approach:
• In March 2026 we bought back for cancellation a further £5.3m of debenture stock at an all-in cost of £97.50 per £100 nominal, funded from working capital and a £2m revolving credit facility drawdown, reducing the debenture’s nominal value to £77.1m
• Handelsbanken revolving credit facility renewed for a further three years to June 2029 and Lloyds facility extended by one year to June 2028; renewal of the NatWest facility which currently expires in December 2027 is in progress
• Loan to value headroom over our bank facilities of £15.0m based on 30 June 2026 borrowings and valuations, with a further £39.3m of committed revolving credit facilities undrawn
• Loan to value increased to 55.5% following the investments made in the year and valuation reductions (FY25: 53.1%)

Investing in our development pipeline
TCS’s development pipeline, with an estimated GDV of over £500m, is a valuable and strategic point of difference, which we continue to progress and enhance:
• Merrion Centre: In December 2025, Leeds City Council issued the planning decision notice for a 1,039-bed purpose-built student accommodation scheme, repurposing the vacant 13-storey Wade House and constructing a new 37-storey tower on the adjacent 100MC site, with an estimated GDV of over £155m, of which we are focused on progressing the Wade House element.
• Whitehall Riverside: In July 2025 we unveiled ‘Z’, a smart, energy-efficient, best-in-class office development at the heart of a masterplan that also includes a multi-storey car park. We will commit to construction once pre-lets and an appropriate funding structure are secured and investment conditions support it
• Piccadilly Basin: Our Dale Street and Burlington Street surface car parks are key components of the Piccadilly Basin Strategic Regeneration Framework, which we are working to refresh, for a mixed residential, commercial and car parking scheme with an estimated GDV of over £170m

Acquiring investment assets to diversify the portfolio
We continue to explore opportunities in Leeds, Manchester and London, while retaining robust finances and linking new acquisitions with the recycling of existing capital:
• In November 2025 we acquired, off-market, a retail-led property on Marylebone High Street, London for £5.6m, comprising two ground and basement retail units let to Ganni and Moscot, and three long-leasehold residential apartments above
• In August 2025 we made a $5m (£3.8m) investment in a US fund specialising in small multi-family residential units in the Midwest, which is expected to deliver a preferred return of 8% per annum

Outlook – robust financial position
• Focusing on our core operations and bringing forward our developments when market conditions align with our conservative risk appetite
• Continuing 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, funded by recycling existing capital
• Bringing LTV back towards below 50% through asset recycling, retained earnings and income growth
• Resilient trading performance has continued into the first half of FY27:
o Rent collections remain robust with over 99% of amounts invoiced collected
o Car park and hotel businesses trading in line with our expectations
o Loan to value headroom of £15.0m on existing bank facilities at the date of this announcement
o Weighted average cost of borrowings at period end of 5.2%, with 74.7% at fixed rates

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