HARWORTH GROUP PLC
(‘Harworth’ or the ‘Group’ or the ‘Company’)
Full Year Results for the year ended 31 December 2025
Sustained Industrial & Logistics momentum & strategically positioned to unlock high value opportunities
Harworth Group plc, a leading regeneration, strategic land and development business, today announces its results for the year ended 31 December 2025. See page 2 for summary of business and abbreviations1.
| Summary highlights2 | 2025 | 2024 | % change | 2025 | 2024 | % change | |
| Total accounting return (%) | 1.7 | 9.1 | -7.4pp | Value gains (£m) | 44.5 | 97.2 | -54.2 |
| EPRA NDV per share (p)3 | 224.4 | 222.3 | +0.9 | Total Property Return (%)4 | 8.4 | 12.0 | -3.6pp |
| EPRA NDV (£m)3 | 727.3 | 719.5 | +1.1 | Total property sales (£m)5 | 115.0 | 215.8 | -46.7 |
| Net loan to portfolio value (%) | 15.6 | 5.4 | +10.2pp | Residential plot sales6 | 1,837 | 2,385 | -23.0 |
| Portfolio value (PV) (£m) | 937.2 | 858.8 | +9.1 | Inv. Portfolio value (£m)7 | 305.0 | 297.2 | +2.6 |
| I&L weighting of PV (%) | 70 | 63 | +7pp | Inv. Portfolio Grade A (%)8 | 76 | 63 | +13pp |
| Financial highlights9 | 2025 | 2024 | % change | 2025 | 2024 | % change | |
| Total dividend per share (p)10 | 1.775 | 1.614 | +10.0 | Operating profit (£m) | 21.6 | 74.6 | -71.0 |
| Net debt (£m) | 145.9 | 46.7 | +212.0 | Stat. portfolio value (£m)11 | 899.4 | 821.6 | +9.5 |
| Net assets per share (p) | 215.6 | 213.7 | +0.9 | Net asset value (£m) | 699.0 | 691.7 | +1.1 |
Lynda Shillaw, Chief Executive of Harworth, commented: “I am pleased with the performance of our teams and our operational execution throughout 2025, positioning the portfolio to realise future upside potential and delivering a total property return of 8.4%, outperforming the MSCI UK Annual Property Index of 5.6%. As we continue to execute our strategy and reposition the portfolio towards I&L, our long-term through-the-cycle model, management actions and disciplined approach to capital deployment remain essential to creating value for shareholders, including our £1bn of EPRA NDV ambition and high-single, low double-digit total accounting return target. Over the last five years to 2025, the sustained delivery of our strategy has delivered cumulative Total Accounting Returns of 44.5%.
“Harworth is at the intersection of some of the UK’s most powerful trends, including data, advanced technologies, reindustrialisation and clean growth. Our land bank provides both strategic levers and optionality to generate attractive risk-adjusted returns, and the Harworth Platform underpinned by our specialist skills and ability to deliver successful serviced land and developments for world-leading businesses is central to stimulating and supporting economic growth in our regions.
“Land at scale, suitably zoned and power-enabled, is key to accessing emerging market opportunities such as data centres. For a subset of sites, we have been actively pursuing upside opportunities with 0.8GW of power connections either conditionally secured or in the pipeline with Network Operators. Together with further applications currently advancing, these represent significant progress towards both near and longer-term transactions that have the potential to deliver enhanced value gains and superior returns.
“While we are monitoring the conflict in the Middle East and its potential impact on the UK economy and our markets, we remain encouraged by a continued pipeline of strong interest across our I&L land and property portfolio of 1.6m sq ft. We are in a strong position to capitalise on market trends and unlock value to crystallise attractive medium-term opportunities, giving the Board confidence in Harworth’s potential to deliver exciting projects and achieve attractive shareholder returns.”
2025 PERFORMANCE
Strong I&L performance supporting future growth
- I&L land and property portfolio now at 70% of portfolio value (2024: 63%) delivering return on capital deployed across I&L Major Developments and Strategic Land of 22.9% and 8.7% on the I&L Investment Portfolio.
- I&L Investment Portfolio valued at £305.0m, with EPRA vacancy12 reduced to 1.0% (2024: 5.6%) following strong lettings and disposals.
- Completed £47.7m of IP headline sales and 1.4m sq ft of leasing, including 379,000 sq ft of new leases, adding £3.7m of rent, like-for-like rent up 10.4%.
- IP Grade A quality increased to 76% by value and 64% by area (2024: 63% by value, 45% by area).
Accelerated Residential sales drive capital recycling
- Completed 1,837 plots sales (including 725 plots under Planning PPAs, generating £3.1m of fees) and delivered £52.0m of freehold headline sales at a marginal discount to June book values.
- Residential sales since 2020 crystalised £343m of capital, reducing consented plots by 67% to improve capital efficiency.
EPRA NDV driven by I&L value gains
- EPRA NDV per share of 224.4p (2024: 222.3p) delivering a total accounting return (‘TAR’) of 1.7%.
- Net value gains of £44.5m, reflecting £73.6m in I&L value gains, partially offset by £28.7m of value losses across Residential Major Developments, reflecting prevailing residential market weakness.
DRIVERS OF FUTURE GROWTH
Data centre and power-enabled land platform gaining momentum
- Significant progress identifying data centre and power-enabled land portfolio within our land bank.
- 0.8GW of power connections conditionally secured, or advancing through Network Operators’ pipelines.
- Near-term opportunities in active discussion.
I&L land & property portfolio positioned to realise value
- Enabling works completed or significantly progressed on land with capacity to deliver 4.0m sq ft into I&L and emerging growth sectors, positioning the portfolio to accelerate value realisation.
- Acquired remaining 50% interest from JV partner at Gateway 45 adjacent to Microsoft’s proposed hyperscale data centre at Skelton Grange, £53.2m of cash and associated value gains expected over the next year
- Strong interest in 1.6m sq ft of potential deals across a broad range of I&L transactions.
- 22.2m sq ft of I&L land with consent or awaiting determination of planning, driving pipeline for next generation of sites, including Northern Gateway JV.
- I&L land bank capacity to deliver up to 35.0m sq ft, 75% consented or in the planning system.13
Enhanced financial capacity to scale I&L
- Refinanced and enlarged RCF to £275m (from £240m) with accordion to £325m, 25bps to 35bps improvement in margin ratchet.
- Year-end liquidity of £127.1m; LTV at 15.6%, below <20% year-end target, supports value enhancing investments.
About Harworth
We aim to create long-term, through-the-cycle value by focusing on:
| Two structurally undersupplied sectors: 1. Industrial & Logistics (‘I&L’) growing to 85% weighting 2. Residential (‘R’) | Two core products: 1. Serviced remediated land for sale 2. Development land to hold and for sale |
| Three portfolios: 1. I&L Investment Portfolio (‘IP’), 2. Strategic Land (‘SL’) 3. Major Developments (‘MD’) | Three regions: 1. Yorkshire & Central (‘YAC’), 2. Midlands (‘MID’) 3. North West (‘NOW’) |
Our land bank stands at 35.0m sq ft of I&L of which 75% is consented or in the planning system13 (Dec 2024: 33.6m sq ft; 63%) and 29,386 Residential plots of which 45% are consented or in the planning system (Dec 2024: 31,264; 46%).
Since 2021, we have achieved planning on 9.2m sq ft of I&L space with an estimated Gross Development Value (‘GDV’) of £1.3bn, we have concluded on cumulative sales of c. £700m, including 9,000 Residential plots and we have bought or taken options over I&L land totalling 14.3m sq ft, with an estimated GDV of £2.1bn.
Harworth Group plc (LSE: HWG), is a leading regeneration, strategic land and development business focused on the I&L and Residential sectors. We own, develop, and manage a portfolio of over 15,000 acres of Strategic Land over 100 sites located throughout the North of England and Midlands. We specialise in delivering long-term value for all stakeholders by regenerating large, complex sites, into new I&L developments and serviced remediated land for sale into the I&L and Residential land markets. Our long-term through-the-cycle business model is to create sustainable places, support new homes, jobs and communities where people want to live and work. Visit www.harworthgroup.com for further information. LEI: 213800R8JSSGK2KPFG21
Notes:
1. All values are Harworth’s share, unless noted otherwise
2. Represent our Alternative Performance Measures (APMs). A full description of these is set out in Note 2 to the financial statements with a reconciliation between statutory measures and APMs set out in the Appendix to the financial statements
3. European Public Real Estate Association Net Disposal Value
4. Total Property Return (TPR) is the ungeared return of the portfolio as a percentage of capital employed. TPR figures calculated by MSCI.
5. A reconciliation of Total property sales is set out in the Appendix
6. Residential plot sales for 2025 includes 1,112 freehold plot sales and 725 plot sales through Planning Promotion Agreements (PPAs)
7. The Investment Portfolio represents our primary income generating I&L portfolio. It excludes Strategic Land, Major Developments, Natural Resources, and Agricultural land
8. Measured by value. Grade A by area is 64%
9. The financial highlights represent our statutory measures
10. The Ex-dividend date, Record date and Payment date for the 2025 final dividend can be found in the Shareholder Information section of this announcement
11. Statutory portfolio value includes investment properties, development properties, Assets Held for Sale (AHFS), occupied properties and investment in joint-ventures, refer to Note 2 to the financial statements
12. European Public Real Estate Association vacancy rate 13. In the planning system includes draft allocations, allocations and awaiting determination