TRANSFORMING TO AN

EARNINGS-FOCUSED

BUSINESS

Workspace Group PLC

Annual Report and Accounts 2026

WE OWN A PORTFOLIO OF 50+ CHARACTERFUL

BUILDINGS ACROSS LONDON, PROVIDING FLEXIBLE

WORK SPACE TO START-UPS, SMES AND SCALE-UPS.

OUR AMBITION IS TO BE THE FIRST-CHOICE

PROVIDER FOR THIS MARKET.

WHO WE ARE

IN THIS REPORT

Overview

2 Performance highlights in 2025/26

4 Business model

6 Chair’s statement

Strategic report

9 Chief Executive Officer’s review

11 Our Transformation Plan

18 Our market

23 Our stakeholders

35 Our key performance indicators

41 Business review

50 Sustainability review

60 Principal risks and uncertainties

68 Compliance statements

Governance report

93 Governance highlights in 2025/26

94 Our robust oversight

95 Chair’s introduction to Governance

103 Board leadership and company purpose

121 Division of responsibilities

132 Composition, succession and evaluation

152 Audit, risk and internal control

169 ESG Committee report

178 Remuneration

221 Report of the Directors

224 Directors’ responsibility statement

Financial statements

225 Independent auditor’s report

232 Consolidated income statement

232 Consolidated statement

of comprehensive income

233 Consolidated balance sheet

234 Consolidated statement of changes in equity

234 Consolidated statement of cash flows

235 Notes to the financial statements

258 Company balance sheet

259 Company statement of changes in equity

259 Notes to the Parent Company

financial statements

Additional information

262 Five-year performance

263 EPRA performance measures

264 Property portfolio

265 Glossary of terms

266 Investor information

WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our business is built on the strength

of our characterful London portfolio.

Targeted investment to enhance

our buildings and our product will

help deliver a step change in pricing

and create growth over time.

1 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PERFORMANCE HIGHLIGHTS IN 2025/26

81.6%

down by 1.4 p.p year on year

26.1p

down by 8.1% year on year

£113.4m

down by 7.1% year on year

£6.87

down by 11.2% year on year

1. Alternative Performance Measure – Please see note 9 for a calculation

of EPRA NTA per share, and more information can be found on page 243.

£60.5m

9.4% reduction year on year

£2,133m

7.0% underlying reduction from March 2025

1. Alternative Performance Measure – A reconciliation of basic and diluted

earnings to trading profit after interest is in note 8 to the financial statements,

and more information can be found on page 242.

Stabilised portfolio occupancy at 31 March 2026

Total Dividend

Net rental income

EPRA NTA per share

Trading profit after interest

Property valuation

Read more in the Chief Executive Officer’s review

Pages 9 to 10

Read more on Our Transformation Plan

Pages 11 to 18

1. Prior year was restated – read more

in the Business review on page 42.

3 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OPERATIONS

Delivered

by our

great

people

Our

customer

proposition

Supported

by our

operating

platform

Our purpose,

values and culture

drive everything

we do

Delivering

income and

capital

growth

Building

climate

resilience

A unique

portfolio of

buildings

PROPERTY

BUSINESS MODEL

Value creation:

Delivering economic,

environmental and social value

Together, our operating platform, people and portfolio form a resilient, asset-backed

business model that is increasingly focused on earnings, capital efficiency and long-term

returns for shareholders.

Values and culture

Our people are guided by a clear set of

values and make Workspace what it is.

We’re investing in their development,

adding skills where needed, to drive

the business forward

Our values

Page 28

Our operations

We are enhancing our operating platform

to deliver on customer experience. Staying

close to our customers gives us insights

and data about what they need.

Our market – experience

Page 19

Sustainability

We believe our business model is

inherently sustainable and delivers

economic, environmental and social

value, supporting SMEs and the

communities in which we operate.

Sustainability review

Pages 50 to 59

Our property

We have a unique portfolio of historic

and characterful assets. Capital recycling

of low conviction assets allows us to invest

in elevating our product and create vibrant

hubs of economic activity in London.

Investing across our portfolio

Page 13

How we create value

Our stakeholders

Pages 23 to 34

4 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS MODEL continued

Our customer proposition

We provide flexible,

characterful workspace

for London’s SMEs, offering

customers the freedom to

shape space that reflects

their identity and supports

the way they work. Our

proposition combines

distinctive buildings,

trulyflexible terms and

agrowing range of services

designedtomeet evolving

occupier expectations.

During the year, our focus

has been on stabilising the

offer and we have invested

in the product selectively.

Moving forward, we will be

addressing our amenities and

services and revisiting our

brand with a focus on two

product tiers. These actions

will help to ensure our offer

becomes relevant in amarket

increasingly driven by

occupier decisions.

Delivered by our great people

Our people are central to

delivering a consistently

high-quality customer

experience. We have a

values-led culture that

promotes accountability,

collaboration and customer-

focus, supported by a diverse

workforce with deep local

knowledge of our buildings

and customers. We benefit

from a mix of long-tenured

colleagues who provide

continuity and institutional

memory, alongside new

talent bringing fresh

perspectives.

Our emphasis now is on our

culture. This is the cornerstone

of our being able to deliver

on the transformation of

this business.

Supported by our

operating platform

Our in-house operating

platform brings together

skilled teams, systems and

data to manage the full

customer lifecycle, from

enquiry through to renewal.

This vertically-integrated

model allows us to retain

control of the customer

experience while capturing

operational efficiencies

atscale.

However, this is a

continuous journey.

Reviewing our operating

platform is a constant.

We are upgrading our

CRM, investing in AI,

all with the objective of

capturing the data that

allows us to understand

customer behaviour, and

drive efficiencies across

thebusiness.

A unique portfolio of buildings

We own a predominantly

London-based portfolio

ofdistinctive, characterful

buildings, typically

locatedinwell-connected

neighbourhoods where

thereis good demand from

our core market of SME

occupiers. There are

opportunities within the

portfolio where investment

will drive our product offer

and there are value-accretive

asset management projects

to unlock.

During the year, we have

continued to refine the

portfolio through

adisciplined approach

to capital allocation.

We are continuing with

a programme of disposals

of non-core assets and we

will be investing in selected

assets to best demonstrate

the proof of concept for

the transformation.

Delivering income

and capital growth

Our properties generate

recurring rental income,

which we reinvest to maintain

and enhance the portfolio

and return to shareholders

through dividends. To date,

we have been focused on

improving the durability and

quality ofincome by

balancing occupancy and

pricing.

Now, wewill be investing in

our assets where returns are

most compelling, to drive

sustainable income growth

and long term capital value.

There will be an emphasis

on those assets with the

greatest potential for returns

and we will be reviewing the

entire portfolio to add value

wherever possible.

Building climate

resilience

Sustainability is integral

toour business model

and asset strategy.

This strategy is to deliver

refurbishment-first buildings,

significantly reducing

embodied carbon.

During the year, we have

continued to improve the

environmental performance

of our portfolio through

energy efficiency initiatives

and responsible procurement.

We also work closely with

customers to drive lower

operational emissions. In

doing so, we not only reduce

environmental impact but

also future-proof our assets

against climate-related risks

and regulatory change,

supporting long-term

resilience and value creation.

OPERATIONS

How we deliver income growth through our

customer offer, people and operating platform

PROPERTY

How we create the physical environment

for our customers

How sustainability supports the drive for operational excellence

We embrace a performance-driven mindset, with our sustainability initiatives

playing a key role in helping us operate efficiently, reducing both costs and resource use.

This focus is increasingly important as our customers themselves are sustainability-driven,

and meeting their expectations remains a top priority.

How sustainability supports local economies across London

Our buildings are deeply embedded in the communities where we operate.

With close to four million square feet across 17 London boroughs, our investment and

operations directly support local economies, creating employment opportunities and

serving the needs of local businesses. By providing high-quality, sustainable and affordable

work spaces in emerging areas, we are flattening the working map of London.

5 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHAIR’S STATEMENT

26.1p

Dividend per share

£60.5m

Trading profit after interest

1. A reconciliation of basic and diluted

earnings to trading profit after interest

isinnote 8 to the financial statements.

Dear shareholder,

It is my pleasure to write this statement for

Workspace’s Annual Report and Accounts for

the year ended 31 March 2026. I have enjoyed

meeting many of you over the past year.

In the last six months, I and some of my

fellow Directors have spent time engaging

directly with many of our largest shareholders.

We are grateful for the ongoing, positive and

constructive dialogue we have with our

investors and for the support and openness

with which you share your perspectives on

the business, its strategy and its performance.

Macroeconomic Cycle

It has been another year marked by

macroeconomic uncertainty and a challenging

operating backdrop. Inflationary pressures,

higher interest rates and subdued levels of

business confidence have continued to weigh

on decision‑making across our customer

base.Against this backdrop, the Board has

been clear that this was a year for focus and

discipline, with FY26 centred on streamlining

the business, managing operating costs,

sharpening priorities and beginning to

deliveron our strategy to Fix the portfolio

positioning, Accelerate and rebuild lettings,

thereby positioning the business to Scale in

thefuture. Iwould like to thank shareholders

for their continued support during what has

been ademanding period of change. I would

also like to thank colleagues across the

Group:theirprofessionalism and focus have

been instrumental in the progress we have

made todate.

The year also marked an important

transitioninthe leadership of the business.

Following rigorous processes, with assistance

from independent external search agency

Heidrick & Struggles, we welcomed Charlie

Green as Chief Executive Officer and Tom

Edwards‑Moss as Chief Financial Officer.

Leadership

The Board has been delighted with how

quickly and effectively they have formed

astrong working partnership and established

momentum across the organisation. While

weknew that Charlie brought valuable prior

knowledge of Workspace and the wider

sector,we have been struck by the speed

withwhich he has been able to build a deep

understanding of the business, its complex

operating platform and the financials

underlying the business model, enabling him

totake important early action to accelerate

theexecution of the strategy. His experience

and profound understanding of the sector

have allowed us to achieve this quickly.

I would also like to place on record the

Board’sthanks to Lawrence Hutchings for his

contribution to the development of the Group’s

strategy, and to Dave Benson, whose tireless

efforts as CFO have ensured a smooth and

orderly transition. Dave’s knowledge of the

business and his commitment to supporting

the new leadership team have been invaluable

and exemplify the strength of Workspace’s

culture and his integrity.

The Board has

been clear that this

was a year for focus

and discipline

Duncan Owen

Chair

6 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHAIR’S STATEMENT continued

Strategy and performance

As the Company turns its focus to the next

phase of execution, Workspace’s portfolio

remains one of our greatest strengths.

Weowna unique collection of historic

andcharacterful buildings across London,

themajority of which we have identified as

high‑conviction assets which will continue

tobenefit from our operating model. These

properties sit in locations with enduring

demand from our SME customers and many

offer significant ongoing potential to be

upgraded as part of proactive portfolio

management, reflecting the evolution of

whatour customers value today.

Alongside this, we remain committed to

adisciplined programme of disposals of

lower‑conviction assets. As always, the Board

carefully assesses the use of proceeds from

these sales with a clear focus on maximising

long‑term shareholder returns. At this point in

the cycle, we see a clear benefit in prioritising

balance sheet strength ahead of the Group’s

refinancing events, while also continuing to

invest selectively in the existing portfolio

where returns are most compelling.

In this context, our approach to the dividend

isdisciplined. The Board has reviewed the

dividend policy and intends to return to

earnings cover of 1.2x for FY26 onwards,

reflecting a balanced approach between

reinvesting in the portfolio and maintaining

anappropriate level of return to shareholders.

Outlook

Looking ahead, the external environment

remains uncertain and the operating conditions

in our market are likely to remain tough

forsome time. No one underestimates the

challenge ahead. However, we are confident

that Workspace has the right Board, Executive,

wider team and portfolio to navigate this

period and to create shareholder value

overthe long term. We have a high‑quality

London‑focused portfolio, a differentiated

operating platform and a leadership team

witha clear plan and a common sense

ofpurpose. Our priority is delivering

sustainable shareholder returns and

rebuildinglong‑term value. While the path

willnot be straightforward, we believe the

actions now underway position Workspace

tore‑establish its market leadership.

I would especially like to thank my fellow

Boardmembers for their continued

commitment and constructive approach

throughout the year, and all our colleagues

fortheir hard work and dedication. With the

right focus and discipline, Workspace will

emerge from this period stronger and

evenbetter placed for the future.

Duncan Owen

Chair

FIVE REASONS TO INVEST IN WORKSPACE

1 Structural demand from London SMEs

Our new product and brand proposition

will be positioned to best capture demand

from London’s SME population, including

start‑ups and scaleups.

2 Scalable operational platform

We are reviewing our structure and

investing in our people, buildings and

systems, with more accountability

and operational efficiency alongside

data‑driven actionable insights.

3 Outstanding portfolio of buildings

We are investing in our strongest assets

to best address the changing needs of

occupiers and, in doing so, create a distinct

competitive advantage.

4 Disciplined approach to capital allocation

We are taking a focused and disciplined

approach to the allocation of shareholders’

capital to drive earnings across the portfolio.

5 A strategy to maximise earnings

We are repositioning and elevating our

product and offer to own the SME category

to drive earnings, creating a strong foundation

to capture future growth.

Find out more about Our Transformation Plan

Pages 11 to 17

7 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

STRATEGIC

REPORT

Focused

Charlie Green, CEO,

describes how we are executing

on our strategy to create an

earnings-focused business.

Performance

A look at how we performed

over the year and what drove

the numbers.

Engagement

Understand the stakeholder

relationships that matter to

our business and how we

build them.

Our Transformation Plan

Our Executive Team are

leading delivery of a clear plan

to strengthen the foundations

of the business and enhance

the quality of our offer.

Positive impact

How we’re reducing our

footprint and creating buildings

that work better for people

and the planet.

Insight-led

See how we use insights

to help drive customer

engagement and shape

how we evolve our offer.

Evaluate

The risks we’ve identified and

how we’re addressing them.

Chief Executive Officer’s reviewIn this section

This section describes our strategy and strategic

progress. We ask each member of our Executive

team to describe how each part of the strategy

is being delivered, including successes, things we

learnt and the plan and timings looking forward.

Business reviewOur stakeholders

Strategy

Sustainability review

Our market

Principal risks and uncertainties

Find out more

Page 9

Find out more

Page 41

Find out more

Page 23

Find out more

Page 11

Find out more

Page 50

Find out more

Page 18

Find out more

Page 60

9 Chief Executive Officer’s review

11 Our Transformation Plan

18 Our market

23 Our stakeholders

35 Our key performance indicators

41 Business review

50 Sustainability review

60 Principal risks and uncertainties

68 Compliance statements

8 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHIEF EXECUTIVE

OFFICER’S REVIEW

We have a clear

path to deliver

earnings growth

OUR OPPORTUNITY IS TO

REPOSITION AND ELEVATE OUR

PRODUCT AND OFFER SO THAT WE

BETTER ADDRESS THE CHANGING

NEEDS OF THE MARKET.

Charlie Green

CEO

The year ended 31 March 2026 has been one

oftransition for Workspace, both operationally

and in leadership, and that process continues

as we reposition the business. The business

hasstrong underlying fundamentals with an

exceptional portfolio and by driving the Fix,

Accelerate, Scale strategy, we can deliver

significant value creation over time.

Both Tom Edwards‑Moss, our CFO, and I joined

Workspace in February 2026. In the weeks

andmonths since, our priority has been to

understand every aspect of the business, from

the portfolio, people and operating model to

the financial performance and, importantly,

thesignificant potential of Workspace.

Performance during the year

The macroeconomic backdrop has

undoubtedly created a challenging trading

environment. Notwithstanding this, enquiry

levels have remained resilient and improved

conversion to lettings is an encouraging

indicator of the strength and relevance of

thebusiness. Occupancy improved modestly

towards the year end, driven in part by actions

taken on pricing and asset management.

Aspreviously stated, alongside the impact of

ongoing disposals, this reduced rent roll over

the period. Net rental income was £113.4m,

resulting in Trading Profit after interest of

£60.5m for the year.

This reduction in trading profit clearly

highlights the need to reposition the business.

We must strengthen and modernise our offer

to take full advantage of our exceptional

portfolio of buildings. That requires elevating

our offer to meet the evolving demands of

occupiers today. We need to invest in our

buildings and invest in the product. As we

progress this strategy, alongside the impact

ofdisposing of higher‑yielding assets and

increased interest costs, there will be anear‑

term impact on profitability, as stated in our

Q4 Trading Update.

Business review

Pages 41 to 49

Charlie Green

CEO

9 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHIEF EXECUTIVE OFFICER’S REVIEW continued

From strategy to execution

We have a significant opportunity to reposition

the business in line with our strategy. We will

recycle proceeds into low‑risk, high‑return

refurbishments and deliver a new Managed offer,

alongside a Space only offer, generating returns

substantially in excess of our cost of capital.

We have set a medium‑term ambition to

deliver, organically, annual trading profit before

interest of over £125m. The emphasis now is on

disciplined execution of that strategy. We will

also assess opportunities togrow the portfolio

in due course, where it isaccretive to returns.

We have a focused plan to transform the

business, with a clear emphasis on shareholder

returns through sustainable earnings growth.

We continue to make progress recycling

capital through the disposal of non‑core assets,

with £125.7m exchanged or completed prior

to year‑end and £6.0m exchanged since, with

a further £60.4m in active discussions against

our two‑year £200m target. £100m+ of further

disposals are under consideration to accelerate

our accretive investment in the portfolio and

further increase balance sheet capacity.

Our investment will create an offer and brand

that positions Workspace as the market leader

in our sub‑sector of the flex market, delivering

an elevated offer that is better suited to today’s

demand. Achieving this requires investment

not only in our buildings, but also inour people

and systems. Over time, our operating platform

will allow us to benefit from additional revenue

streams and better leverage our ability to grow.

We are starting major improvements across

four key buildings (Salisbury House, EC2,

Cargo Works, SE1, Edinburgh House, SE11

andCentro Buildings, NW1), as case studies,

toenhance customer areas, amenities and

deliver the Managed offer to improve

operational earnings for each of the properties,

establishing proof of concept. In the meantime,

we will be reviewing and investing to improve

other assets and offices across the portfolio.

A portfolio with clear potential

Workspace has an outstanding portfolio of

buildings and operates in markets supported

by continued long‑term structural demand.

Our opportunity is to reposition and elevate

our product and offer so that we better

address the changing needs of our customers

and, in doing so, leverage our scale advantage.

By improving the customer proposition in

adisciplined and targeted way, we will drive

higher occupancy and support pricing growth,

delivering sustainable earnings growth and,

ultimately, better returns for shareholders

overthe medium term.

Conclusion

Workspace has strong foundations:

acharacterful London‑focused portfolio,

ascalable operating platform and a clear

strategic direction. The task now is to execute

against that strategy, creating a new product

and brand proposition that better reflects

thechanging working patterns and customer

expectations evident across the market today.

I could not be more excited about the

opportunity ahead and look forward to

sharingour progress as we deliver on our

medium‑term ambition to generate,

organically, over £125m of trading profit

beforeinterest.

Finally, I would like to thank the Workspace

team for their hard work and continued

commitment through this period of change,

aswell as our customers and shareholders

fortheir ongoing support.

Charlie Green

Chief Executive Officer

17%

Enquiries to lettings conversion

£127.3m

Total rent roll (at March 2026)

OUR STRATEGY

The Board and management remain

confident that we have the right strategy

with Fix, Accelerate, Scale, with the

right execution.

Fix

Strengthen and modernise our offer

Our near‑term priority remains to stabilise

and rebuild occupancy and support pricing

growth, through a focus on customer

retention, while driving improved conversion

to bring in new customers.

Accelerate

Optimise the portfolio and platform

We are accelerating the disposal of non‑core

assets and investing to upgrade ourproduct

and drive earnings growth. Enhancements

to our systems and technology create the

opportunity to significantly improve

ouroperational platform.

Scale

Innovate to create future options

We have an ambition to grow the business

in the medium‑term and are working hard

toposition Workspace today to scale in

thefuture.

10 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR TRANSFORMATION PLAN

Reshape our offer

Investing in

the product

See page 12

We are elevating our offer to better

meet the needs of our start-up, SME

and scale-up customers. A clear,

two-tiered approach, with both

Space and Managed options, will

allow us to capture more demand,

increase pricing over time and

support earnings growth.

Evolving the brand

See page 14

We are changing our brand to

provide greater clarity on who we

areand who we are for. Our brand

runs through all touchpoints of the

business, from our characterful

buildings to our people who bring

them to life forour customers.

Enhancing tech

& systems

See page 15

We are increasing our focus on

dataand AI to improve customer

engagement and significantly

enhance our operating platform,

providing a more robust and scalable

foundation for the business.

Strengthening

team capability

See page 16

Our people are at the heart of this

transformation. We are investing

to fill identified skill gaps and will

provide more support for our teams

on the ground who are critical to

delivering for our customers.

Refocus our portfolio

Disposing of non-core assets will

enable us to continue to pay down

debt, increasing balance sheet

capacity and give Workspace the

opportunity to grow in the future

from a position of strength.

The Executive Committee are driving

the transformation

The Executive Committee, led by CEO Charlie

Green, are playing a central role in shaping

and driving the transformation of Workspace.

This includes setting clear strategic priorities,

overseeing capital allocation and ensuring

disciplined execution across the business.

The Executive Committee is shaping the

evolution of our offer, the repositioning of

our buildings and the development of our

technology and data capabilities, with regular

review and challenge to ensure progress

is aligned with our strategic objectives.

Working closely with their teams across

the business, both centrally and on-site,

the Executive Committee ensures that these

priorities are translated into clear plans and

delivered consistently, with accountability

embedded at all levels. This framework

enables a coordinated approach to

transformation, with strong engagement

across the organisation and a clear focus

on a high-performance culture. Through

this, the Executive Committee is ensuring

that investment decisions are targeted and

that the business remains responsive to

changing customer needs and market

conditions, supporting improved

performance over time.

Together, these priorities form a clear and focused plan to

transform Workspace, strengthening the foundations of the

business while enhancing the quality of our product and offer.

Under the leadership of the Executive team, this programme

is designed to reposition the portfolio, improve performance

and create a platform for sustainable earnings growth and

shareholder returns.

11 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our customers want more

OUR TRANSFORMATION PLAN continued

In parallel, we are simplifying our leasing

structure across all units, moving to

all-inclusive pricing that brings together rent,

services and utilities into a single, transparent

offering. This will make it easier for customers

to understand and access our product, while

also supporting more active management

of our assets over time. By strengthening the

quality of our product, and delivering a more

complete, design-led proposition, we are

creating greater scope to enhance pricing

over time, supporting income growth across

theportfolio.

We are reshaping our product to better meet

the evolving needs of our customers, with a

clearer and more flexible two-tiered approach.

Within our portfolio of characterful, historic

properties, we will offer space, a simple

room-only product on an all-inclusive basis.

Alongside this, we are developing a fully

managed product, providing fitted space

and complete services to our customers,

with all-inclusive pricing, greater emphasis

on shared spaces for customers to enjoy and

a more integrated customer experience.

This tiered approach enables us to serve

a broader range of customer needs, from

those seeking flexibility and control, to those

looking for a ready-to-move-in, fully managed

solution. We are addressing the increasing

demand from customers for an experience

they value – design-led, shared spaces,

convenience and a seamless experience.

Reshape our offer:

Investing in

our product

AS WE IMPROVE THE QUALITY OF

OUR PRODUCT, WE WILL DELIVER

MORE FOR OUR CUSTOMERS WHILE

CREATING MORE OPPORTUNITY

TO MOVE PRICING IN LINE WITH

THE VALUE WE DELIVER.

Jessica Berney

Head of Portfolio Management

We are seeing clear shifts in customer

expectations, with increasing demands

from the space itself. Customers are looking

for amenity-rich, generous collaboration

space and design-led environments that

better support the way their teams work

day-to-day. There is also growing interest

in a more integrated experience, including

access to events, shared facilities and a

sense of community within our buildings.

In response, we are evolving our product

to place greater emphasis on these elements,

ensuring our spaces and our teams not only

meet functional requirements but also

support interaction, creativity and

connection. This reflects a wider trend

towards experience, rather than simply

a place to work.

Sustainability standards are also

increasingly important to our customers.

From comprehensive waste and recycling

facilities to energy-efficient systems and

smart metering that help reduce

consumption, we go above and beyond to

meet these expectations. We also support

sustainable transport and wellbeing with

bike storage, showers and onsite greenery

– all designed to promote a greener,

healthier way of working.

Jessica Berney

Head of Portfolio

Management

12 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR TRANSFORMATION PLAN continued

RESHAPE OUR OFFER INVESTING IN OUR PRODUCT continued

Investing across our portfolio

With major refurbishment projects completed,

we are now directing capital to targeted

improvements across the portfolio. This includes

unit upgrades in line with our Space proposition,

broader building enhancements and elevating

the quality of our space and customer

experience. Alongside this, we are investing in

core building infrastructure where needed,

including air conditioning and access systems,

ensuring our portfolio remains fit for modern

occupier needs. By prioritising investment, we

can respond more directly to customer demand,

support occupancy and drive revenue growth.

Our four key testing buildings

We are applying this approach through

Case Studies across four buildings where

we have carved out selected vacant areas,

to demonstrate how we can enhance

performance. These buildings represent a

range of locations, price points and demand

profiles, enabling us to develop and refine our

approach. This includes buildings with strong

underlying demand, such as Salisbury House,

as well as those where we can improve

occupancy or capture additional rental growth.

The case studies target converting an entire

floor into a fully fitted, fully Managed product

and increasing the shared spaces, kitchens,

focus booths and phone booths on those floors.

The capital investment also includes improving

the arrival experience and physical space for

customers and guests, while improving the

building amenities. This will create more

attractive environments that better support

customers’ ways of working, while enabling

stronger rental performance over time.

We are also investing capital to convert

individual units into a fully fitted, fully Managed

offer across the portfolio, enabling an immediate

progressive rollout of our Managedproposition.

Salisbury House

Location: Moorgate

Size: 220,000 sq. ft.

Case study size: 27,000 sq. ft.

Occupancy: 87.4%

Rent psf: £68.15

Capex: £5m-£6m

Improvements throughout

the building including to

shared spaces, amenities

and meeting rooms,

converting most units

to Managed product.

Centro Buildings

Location: Camden

Size: 205,000 sq. ft.

Case study size: 48,500 sq. ft.

Occupancy: 65.2%

Rent psf: £35.60

Capex: £8m-£10m

Increased amenity

provision including café,

fitness area, meeting room

and event space, alongside

building connectivity

improvements.

Edinburgh House

Location: Kennington

Size: 65,000 sq. ft.

Case study size: 15,000 sq. ft.

Occupancy: 83.0%

Rent psf: £48.15

Capex: £1.5m-£2m

Improvements throughout

the building including new

kitchenette spaces and

furnishing and decorative

enhancements.

Cargo Works

Location: Southbank

Size: 71,000 sq. ft.

Case study size: 12,000 sq. ft.

Occupancy: 74.6%

Rent psf: £67.69

Capex: £1.5m-£2m

Improvements throughout

the building including to

shared spaces, amenities

and meeting rooms,

converting most units

to Managed product.

13 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

WATCH THIS (WORK)SPACE…

OUR TRANSFORMATION PLAN continued

WE’RE EVOLVING OUR BRAND TO

FOCUS ON CREATING DESTINATIONS

AND EXPERIENCES  SPACES DEFINED

NOT JUST AS PLACES TO WORK,

BUT BY THE BUILDINGS THEMSELVES,

AND THE PEOPLE WITHIN THEM.

Will Abbott,

Chief Customer Officer

Looking ahead, our focus is on simplifying

and sharpening how we present this

proposition, providing greater clarity on

who we are and who we are for.

Our brand will evolve, alongside our product,

to feel more sophisticated, with a warmer

and more engaging tone of voice while

maintaining a high level of professionalism.

To support the investment in our product,

we are also moving towards a more

targeted, digital-first and content-led

approach to marketing, improving how

we connect with customers and ensuring

the brand is increasingly expressed through

the experience itself.

Our brand is critical in how Workspace

will differentiate in acompetitive and often

homogeneous market. As our strategy

evolves, we are taking a more deliberate

approach to how our brand is defined and

expressed, while also ensuring our

proposition meets the ever-changing needs

of our customers.

Our brand is rooted in our buildings –

aportfolio of distinctive, characterful

spaces that each have an identity of their own.

These are complemented by the experiences

we create within them and the people across

Workspace who will bring our brand to life for

customers every day. Together, these elements

will define our brand, with visual identity and

communications acting to support and

express this more clearly and more aligned

with our customers’ expectations.

Reshape our offer:

Evolving

the brand

Will Abbott

Chief Customer Officer

14 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR TRANSFORMATION PLAN continued

At the same time, it will help us to improve

the digital experience for customers, from

enquiry through to signing a lease and

paying their bills throughout occupation.

Building on this foundation, we are

increasing our focus on data and AI, which

will be supported by new leadership and

continued investment in these capabilities.

Our priority is to further strengthen data

quality and governance, enabling us to

scale the use of AI to enhance customer

engagement, improve operational

effectiveness and support more informed,

faster decision-making. Over time, this will

support our ability to respond more quickly

to customer demand, optimise our product

offering and drive sustainable income

growth across the portfolio.

Over the past two years, we have

transformed our technology and data

architecture at Workspace. In the first half

of2026/27, we will complete the migration

ofour core systems onto a single, modern

cloud-based platform, replacing a number

oflegacy and disconnected systems.

This provides a more robust and scalable

foundation for the business, improving data

quality, enhancing insight and supporting

more timely decision-making.

This platform is already enabling faster

development of our customer proposition,

giving us the ability to deliver new products,

services and pricing initiatives more efficiently,

supported by aligned systems across

customer, property and finance functions.

Reshape our offer:

Enhancing

tech & systems

WE’RE COMING THROUGH

A SIGNIFICANT PERIOD OF

TRANSFORMATION, HAVING BUILT

A MUCH STRONGER TECHNOLOGY

AND DATA FOUNDATION. THERE IS

AN OPPORTUNITY NOW TO BUILD

ON THAT AND SCALE HOW WE USE

DATA AND AI TO IMPROVE BOTH

THE CUSTOMER EXPERIENCE AND

HOW WE OPERATE THE BUSINESS.

Chris Boultwood

Head of Technology

Chris Boultwood

Head of Technology

15 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR TRANSFORMATION PLAN continued

At the same time, we are investing in

additional resource for our onsite teams,

who are critical to delivering for our

customers. Byimproving central support,

we are enabling teams onthe ground to

focus on customer relationships and take

greater ownership of retention and driving

revenue performance within their buildings.

We are complementing this with increased

focus on training and development, ensuring

our people have the skills to adapt as the

business evolves and creating clearer

opportunities for progression. This more

joined-up approach will help us build a

stronger, more resilient organisation that

can deliver improved customer outcomes

and support long-term growth.

Delivering our transformation depends on

acapable and well-supported organisation,

and our people are central to that.

We are addressing priority skill gaps

wherewe can drive clear value, including

strengthening our procurement capability

tointroduce more consistent, group-wide

disciplines, and building expertise bybringing

in data and AI leadership tosupport improved

insight and operational efficiency.

Reshape our offer:

Strengthening

team capability

CREATING THE RIGHT CULTURE IS ONE

OF OUR MOST IMPORTANT PRIORITIES.

BY INVESTING IN OUR PEOPLE, SETTING

A CLEAR DIRECTION AND FOSTERING A

HIGHPERFORMANCE ENVIRONMENT,

WE WILL BUILD A BUSINESS THAT IS BEST

PLACED TO MEET THE NEEDS OF OUR

CUSTOMERS AND LEAD OUR MARKET.

Charlie Green

Chief Executive Officer

16 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

TRANSFORMING WORKSPACE continued

Refocus our portfolio

Disposal of non-core assets

The disposal of those assets not aligned

to our long-term strategy is a key component

of our objective to enhance balance sheet

capacity and reposition the portfolio for the

future. We have made strong progress against

the £200m two-year target we set out last

year, with £125.7m of assets now exchanged

or completed during FY2025/26, and £6.1m

exchanged in June 2026, with a further

£60.1m of assets under active discussion.

We are also considering further disposals

of £100m+. Through these disposals, we are

actively recycling capital out of assets with

lower strategic relevance or returns potential,

and investing back into our core portfolio for

the strongest returns, reducing net debt and

thereby increasing balance sheet capacity

with significant liquidity.

Capital allocation to drive long-term growth

This disciplined approach to capital allocation

supports a clear shift in focus towards

investing in our existing portfolio, where

we see the greatest opportunity to enhance

value. By directing capital into higher-return

opportunities, while balancing dividend

commitments, we are ensuring that resources

are allocated efficiently across the business.

This provides the flexibility to invest in

repositioning our assets and evolving our

offer, while maintaining financial resilience

and creating capacity to support sustainable

growth over the medium term.

Disposals

£200m targeted over two years: progress

Completed £112.7m

Exchanged during FY2025/26 £13.0m

Exchanged in June 2026 £6.0m

Active discussions £60.4m

Remaining target £7.9m

56%

completed within first

year of two-year target

£19m

exchanged and

expected to complete

in FY2026/27

£111m

of disposal proceeds

received within the year

17 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR MARKET

Understanding the

market opportunity

We’re in constant conversation with our thousands of

SME customers, capturing feedback through our centre

teams on the ground, surveys, interviews and sentiment

tools. These real‑time insights tell us exactly what businesses

need and where the opportunity is for growth. This combined

with our research and knowledge of the wider market,

is ultimately shaping how we evolve our buildings and offer.

Our five insights:

1. Design

2. Experience

3. Value

4. Brand

5. Technology

Insight 1.

Design

Customers are drawn to good design, both for its aesthetic

and its function. For workplaces, design is the single most

important tool for attracting customers in the first instance

and is key in retaining them over the long term.

Today, work environments have caught up with other sectors

such as hotels, restaurants and residential, as landlords and

operators increasingly deliver design that resonates with

its audience.

Good design should delight the customer and make life

easier for them. As working behaviours change, the needs

of customers have to be supported, with dynamic, enriching

designs that are stylistically led and allow buildings to be used

in the most effective way, whether through open, collaborative

areas or more private, acoustically sensitive spaces.

Workspace will be creating design‑led spaces moving forward,

authentic to the architecture of each individual building.

18 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Insight 2.

Experience

The experience customers have within a workplace

has become a fundamental factor in both their decision

to commit to a building and their willingness to remain

there over the long term.

Together with design, service and amenities

drive experience.

The workplace sector has much to learn from hospitality.

Great service is ultimately about caring for customers and

anticipating their needs. That requires a visible on‑site

presence, with talented people and a culture that values

attention to detail.

Amenities are the features and services that enhance

comfort, convenience and enjoyment, beyond the core

function of providing space. These may include meeting

rooms, breakout areas, wellness facilities, roof gardens

and cafés. All are demanded in today’s market.

Workspace will deliver service and amenity that customers

genuinely value, while applying disciplined commercial

judgement to ensure there is both customer satisfaction

and long‑term business performance.

OUR MARKET continued

19 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Insight 3.

Value

Value has become a far more important driver of decision

making than price alone. Businesses remain focused on

controlling cost, but they are willing to invest where there

is a return in better environments that may improve

productivity and deliver stronger employee experience.

The conversation has shifted from a focus on the lowest

price, to asking what returns our customers are getting

for their money. Businesses will pay the right rent for

the right product.

Alongside this is a need for simplicity of pricing as more

and more businesses want to move away from the traditional

rent pricing (rent per square foot) to a simple all‑inclusive

rate that is easier to understand and easier to manage.

Reducing friction increases value.

Workspace will be increasing rents in line with delivering

greater value.

OUR MARKET continued

20 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Insight 4.

Brand

Brand is every touch point of a business, from the design

of the buildings and the behaviour of the people to the visual

identity of the company.

Historically, brand has played a limited role in real estate.

Buildings were chosen on location (location, location),

size and cost.

Today, customers are seeking relationships with their

landlord or operator and Brand establishes that engagement.

In a busy market, it means being distinctive from

competitors, influencing decision‑making and supporting

customer loyalty.

Workspace will be re‑branding to be more modern

and relevant in today’s market. Our scale is a significant

advantage in establishing our brand as the market leader

in our category.

OUR MARKET continued

21 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Insight 5.

Technology

Technology is rapidly reshaping every aspect of business.

Businesses are using AI to improve productivity, automate

routine tasks and make faster, more informed decisions.

In parallel, workspace providers have an opportunity

to harness data and technology to better understand

customer behaviour, optimise operations and deliver

more responsive services. The ability to capture, analyse

and act upon data will become a significant source

of competitive advantage.

At a building level, technology is enabling smarter, more

sustainable workplaces with reduced energy consumption.

Operational complexity is being reduced with improved

access and security systems and occupancy monitoring.

Workspace is investing in its infrastructure and embracing

AI operationally and culturally to drive performance.

OUR MARKET continued

22 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Understanding

and engaging

with our

stakeholders

has guided our

strategic delivery

OUR STAKEHOLDERS

Stakeholders Page

1. Our customers 25

2. Our people 27

3. Our investors 29

4. Our partners and suppliers 29

5. Our communities 31

6. The environment 33

Our key stakeholders always come first. Regular engagement, both in person and collecting

data in real‑time, helps us understand their priorities and make decisions that deliver

sustainable, long‑term value.

Value to stakeholder Stakeholder group Value to Workspace

Flexible, well‑run workspace;

reliable support; fair pricing;

choice across 50+ locations

Our customers Revenue, insights, retention,

brand advocacy

Career development, culture,

recognition, wellbeing

andstability

Our people Skills, expertise, great service

delivery, cultural strength

Long‑term returns,

transparency, disciplined

capital allocation, transparent

Our investors Access to capital, institutional

support, strategic certainty

Stable relationships, clear

expectations, reliable pipeline

Our partners

and suppliers

High‑quality delivery, cost

efficiency, risk management

Local economic contribution,

well‑maintained buildings,

youth skillsprogramme

Our communities Strengthened local

knowledge, market insight,

community support

Lower carbon emissions,

sustainable buildings

The environment Operational resilience,

reduced energy costs,

ESGalignment

The Section 172(1) statement is incorporated

by reference into the Strategic Report

Pages 107 to 120

Active engagement that delivers mutual long-term value

23 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our customers

Who they are

London’s start‑ups, SMEs and scale‑ups

from a broad range of sectors.

How they impact our decision-making

What customers tell us, through feedback,

surveys and direct engagement shapes how

we run our buildings and develop our offer.

The value we create

Flexible space, with the services

and support customers need as their

businesses evolve.

Our people

Who they are

A diverse team with expertise across

property, operations, customer service,

technology and finance.

How they impact our decision-making

Employee feedback, engagement surveys

and direct dialogue.

The value we create

We give our employees the opportunity

tobuild long‑term careers with us, backed

by training and development.

Our investors

Who they are

A mix of institutional and private investors,

with a focus on income growth.

How they impact our decision-making

We are responsible stewards of capital

and, as a REIT, we prioritise the distribution

of income through the dividend.

The value we create

Long‑term income through dividends,

alongside the potential for capital growth

over time.

Our partners and suppliers

Who they are

Contractors across the property industry,

alongside partners in fields such as cleaning,

IT, marketing and security.

How they impact our decision-making

They are critical to our customer proposition,

and many are customers themselves.

The value we create

We use our scale to back smaller suppliers

and promote ethical practices.

Our communities

Who they are

The neighbourhoods we operate in across

London, and the businesses and residents

that make them what they are.

How they impact our decision-making

We aim to contribute positively to the

neighbourhoods we operate in, opening

our centres to the communities around us.

The value we create

We invest in the regeneration of local areas

and bring footfall to nearby businesses.

The environment

Why it matters

We recognise the climate emergency

and the built environment’s contribution

to global carbon emissions.

How it impacts our decision-making

We deliver and manage low‑carbon

buildings across our portfolio.

The value we create

We contribute to a more sustainable built

environment and aim to reach net zero

carbon by 2040.

Find out more

Page 25

Find out more

Page 31

Find out more

Page 29

Find out more

Page 27

Find out more

Page 33

Find out more

Page 29

We listen to our

stakeholders and

the insights we

gather directly

inform our

decision-making

OUR STAKEHOLDERS continued

24 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

How we engage

We maintain an active dialogue with

customers from enquiry onwards, using

day‑to‑day feedback and regular surveys

to improve service, guide building upgrades

and shape our decisions.

How the Board engaged

– Considered results of customer survey

– Evaluated key monthly customers metrics

Significant topics raised

– High level of customer service

– Positive and welcoming atmosphere

incentres

– Positive feedback on maintenance

andrepairs

– Desire for better café satisfaction

– Praise for customer events programme

– A request for practical in‑person training

on modern business skills

Activity in the year

– Launched MyWorkspace, a new online

hubwhere customers can manage their

account, access services and stay up

to date with events

– Launched Skills Academy, offering

face‑to‑face expert‑led training sessions

on AI, coaching and leadership

– Partnered with Qube at The Old Dairy,

adding specialist studio space and

broadening our creative community

– Launched a podcast, showcasing

ourcustomers

– Launched new CRM for Meeting Rooms

– Delivered over 100 customer events,

including continuing both our popular

Founder Forum and London’s Brightest

Businesses panel events

– Seven new Workspace‑run cafés,

with abeverage and light food options

– Opened Centro Workshops in Camden,

delivering 40 new units with a

Workspace‑run café, new reception,

breakouts, tea points and a meeting room

– Launched partnership with NoBA Capital

and Portobello Business Centre,

broadening our reach among London’s

start‑up and founder community

OUR STAKEHOLDERS continued

92%

Positive and welcome

atmosphere

92.4%

Customer satisfaction

Read more about our stakeholders

engagement disclosure in Governance

Pages 107 to 120

Our customers

25 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

Maximising sustainability

impact together with

our customers

Workspace’s brand survey reveals

that90%of London SMEs consider

sustainability important to their business,

with nearly three‑quarters committed to

decarbonising their businesses. As home

tonearly 4,000 London SMEs, we have

anopportunity to leverage this shared

commitment to strengthen our collective

environmental andsocial impact.

Our approach and activity

– Extensive training of all customer‑facing

teams on sustainability

– Centralised centre management

structure to achieve greater consistency

in implementation and communication

of sustainability initiatives

– Over 100 events delivered, focused

on various sustainability topics, both

environmental and social

– Multi‑channel communications strategy

toprofile sustainability messages and

raise awareness

– Portfolio‑wide campaigns, focused on

driving sustainable behaviours with our

customers (see case studies on the right)

85%

Customer ESG score

100+

Sustainability events

1. % of customers who agree Workspace is an

environmentally and socially responsible business,

measured via bi‑annual customer survey.

Our customers continued Sustainability campaign B Corp competition

Workspace delivered a B Corp competition

with Portobello Business Centre and

Transformacy to support SMEs in improving

social and environmental performance.

The winning business received a fully

funded consultancy package.

The three‑month programme combined

workshops, expert‑led sessions, and tailored

one‑to‑one support, culminating in a live

pitch event featuring six shortlisted SMEs,

with candlemakers Stennah & Hope

announced as the winner. The judging

panel, made up of team members from

Transformacy, Portobello Business Centre,

Workspace, and external experts, reinforced

the importance of collaboration in helping

SMEs strengthen responsible business

practices and progress towards certification.

This year, Workspace launched Stay in

the Loop, a portfolio‑wide sustainability

campaign to raise awareness of waste

and embed circular thinking across its

communities. The campaign encouraged

customers to reduce waste, extend material

lifecycles, and make more sustainable choices

around energy, food and procurement.

Across London workspaces, eight activation

events took place, including reusable cup

giveaways, responsible brand markets,

circular fashion pop‑ups and free

sustainability consultations. Over 400

customers engaged through in‑person

activities and 15 responsible brands

showcased their products and services.

Hundreds more accessed online resources,

including the campaign webpage and

Circular Business Guide.

Delivered with customers, site teams,

and partners, the campaign showed

how collaboration can drive behaviour

change and embed sustainability into

everyday practice.

26 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

How we engage

We listen to our people through our annual

survey and regular in‑person and virtual

sessions, giving us clear insight into what’s

working and where we can improve.

How the Board engaged

– Reviewed and discussed new recruitment

policies

– Reviewed employee survey results

– Hosted an employee engagement session

with a mix of centre and head office staff

– Held three Board meetings at our centres

Significant topics raised

– Desire for clearer strategic direction

– More empowerment for centre teams

– Introduction and visibility of our new CEO,

Charlie Green

– Career development

– Systems improvement

Internal promotions

4,270

Hours of learning and

development programmes

Our people

Activity this year

– Frequent strategy updates and all staff

town halls

– Launched new internal comms format:

filmed fireside chat with CEO

– Relaunched the Employee Handbook and

updated internal policies, including flexible

working policy

– Moved to a temporary office in Camden,

beginning a project to create a refurbished

head office shaped around staff needs

andculture

– Continued investment in learning and

development: expanded apprenticeships,

launched a summer intern programme and

delivered new training for line managers

– Empowered centre managers with

greaterautonomy

– Introduced ‘Little Big Wins’, a new internal

recognition awards programme

– Charity, Wellbeing & Social Committee

hosted 15 wellbeing and cultural events,

including the Christmas Family Event

and the Workspace Walk

– Ongoing improvements to internal systems

to support efficiency and collaboration

27 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

Living our values

A clear framework for success

Our people are at the heart of everything

we do, and our values shape how they deliver.

It’s why customers consistently tell us our

service is one of the things they value most

about Workspace

We are building on this strong foundation

by fostering a cultural shift to empower our

frontline teams, ensuring clear accountability

at all levels andfurther breaking down

barriers within thebusiness.

Our values

Find a way

We look for those who are persistent and

have the confidence to move things forward

even when there are challenges. Flexibility

and adaptability are key, but so are focus

and determination.

Know your stuff

We like people who are serious about

theirsubject; those who are open‑minded,

interested and ask questions.

We don’t just react to what customers,

colleagues or the market are telling us,

weanticipate it. And our focus on

technology helps us to do just that.

Show you care

We value great social skills and those

whoinstinctively build strong relationships.

Wethink hard about how to give back to

our communities.

Make it fun

We depend on the imagination and

creativity of all our people. We like people

who thrive on injecting enjoyment and

colour into the day‑to‑day.

Read how our people are

driving customer retention

Page 16

Our people continued

28 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

How we engage

We regularly engage with existing and

prospective shareholders through an active

investor relations programme around our

financial results and corporate activity. The

Board reviews a detailed bi‑monthly investor

relations report which includes notable views

expressed by shareholders as well as wider

market participants, alongside share register

movements, broader sector and peer

newsand progress on various investor

relations initiatives.

How the Board engaged

– The Chair and Senior Independent Director

engaged with investors following the

Executive Director appointments

– Attended the AGM

– Reviewed and discussed investor

and market reports

– Approved results statements

– Approved payment of the interim

and full‑year dividend

Significant topics raised

– Financial and trading performance

– CEO and CFO transition

– Our market and competition

– Our Fix, Accelerate, Scale strategy

– Disposal of low‑conviction assets

– Capital allocation

– Our future financing options and cost

ofdebt

– Shareholder returns

Activity in the year

– 119 investor meetings (in‑person and virtual)

– Three sell‑side analyst and buy‑side

investor site tours

– Five real estate conferences attended

inthe UK

– AGM

How we engage

We work closely with long‑term suppliers

across construction, facilities management,

professional services and local government,

setting clear ethical and sustainability

standards and collaborating to deliver

high‑quality, responsible buildings.

How the Board engaged

– Discussed supplier engagement plans

on ESG, including Scope 3 emissions

– Approved Modern Slavery Statement

Significant topics raised

– Supply chain waste practices

– Real London Living Wage

– Compliance with building regulations

andneighbourhood plans

– Supply chain carbon emissions

Activity this year

– Mandated all contractors working

on Workspace sites are paid the

Real London Living Wage

– Continued adoption of environmental

andsocial impact initiatives across

our supply chain

– Supplier ESG forum set up to support

ourSME suppliers in driving

sustainability performance

– Continued enhanced ethical and

sustainability checks through the

supplier onboarding portal

100%

construction & facilities

partners mandated to pay

the Real London Living Wage

Our investors Our partners and suppliers

29 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Progressing supply chain decarbonisation

This year, we continued to build momentum

behind our supply chain decarbonisation

framework, following its launch last year when

75% of our top 20 suppliers confirmed their

support for the initiative.

As part of our Year 2 engagement

programme, we re‑engaged with 30 key

suppliers to review progress and better

understand their position on carbon reduction.

21 suppliers reported that they are already

advancing carbon footprint assessments,

and attended a carbon literacy workshop

delivered by Workspace in partnership

with our sustainability adviser Greengage,

alongside suppliers that were yet to embark

on their carbon accounting journey.

In addition, 12 of the 30 suppliers engaged

provided emissions data, strengthening

the quality and completeness of our

Scope 3 reporting.

These activities are helping to deepen

supplier engagement and embed more

consistent carbon measurement practices

across our value chain.

Apprentices hired

by our suppliers

£4.9m

Indirect social value

Suppliers engaged

on climate transition

Focusing on supplier

sustainability engagement

Maintaining momentum on meaningful

supplier engagement

– Supplier onboarding portal embedded,

with the technology enabling robust

vetting and consistent onboarding checks

– Continued commitment to Real London

Living Wage across the supply chain

– Continued engagement with over 40%

of our overall supplier spend to progress

on our supply chain decarbonisation

strategy, with the notable delivery of

a carbon accounting literacy workshop

– Collection of carbon data from

12 key suppliers

– Close partnership with suppliers and

building contractors to enhance social

value through our operational and

construction activities, resulting in

an indirect social value contribution

of £4.9m (see page 59)

OUR STAKEHOLDERS continued

Our partners and suppliers continued

OUR PROGRESS REFLECTS STRONG

SUPPLIER PARTNERSHIPS AND

SHARED COMMITMENT TO

COLLECTIVE CLIMATE ACTION.

Andy Watts

Head of Facilities Management

30 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

How we engage

We support local communities by bringing

jobs and economic activity into the areas

where we operate, creating welcoming

hubs and providing skills and employment

opportunities for young people.

How the Board engaged

– Reviewed progress on Social Impact

Programme

– Discussed community partnerships

and youth skills initiatives

Significant topics raised

– Direct social value target of £1m‑£1.15m

– New partnerships to drive impact

Activity throughout the year

– 1,643 volunteering hours, including

762 hours of skilled volunteering dedicated

to Skills and Employment of young people

through our Growth Happens at

Workspace workstream

– £36k donated to charity partners Future

Frontiers, ELBA and Career Ready

– Provided work space as lettings in kind

to 21 charities

– Provided in kind meeting space to

11 charities and not‑for‑profit organisations

– Partnered with Portobello Business Centre

to offer free advice to SMEs and support

their youth enterprise programme

– Worked with Southwark Council to host

free heart health screenings in our local

buildings, installed health booths across

central and south clusters

– Promoted Workspace careers to

local students through school and

university outreach

– Launched a work experience and

internship programme for young people

– Rolled out the World of Work programme

at Barley Mow, Fleet Street and

Kennington Park, offering students tours,

workshops and mentoring

£1.19m

Direct social value

generated

Our communities

31 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

Broadening Horizons

Our community engagement activity

focuses on practical volunteering and

paidwork experience, targeted at young

people who face barriers to education

andemployment.

Through our ‘Growth Happens at

Workspace’ programme, Workspace

employees support young Londoners at

twocritical transition points: before GCSE

choices are selected and asstudents move

from education intoemployment.

£136k

Social impact value generated

through ‘Growth Happens

at Workspace’

762

Employee volunteering hours

as part of the ’Growth Happens

at Workspace’ programme

121

Beneficiaries of skills and

employment programme

BY INTERVENING BEFORE GCSE

CHOICES ARE MADE AND AGAIN

AT THE POINT OF ENTRY INTO WORK,

WE HELP REMOVE PRACTICAL

BARRIERS AND SUPPORT INFORMED

PROGRESSION INTO FURTHER

EDUCATION OR EMPLOYMENT.

Adam Austin

Learning and Development Manager

Career Ready supports sixth‑form

students from schools in socially deprived

areas as they prepare to enter the workforce.

Students receive regular mentoring from

Workspace employees, followed by a

four‑week paid internship at Workspace,

paid at Real London Living Wage levels.

They gain experience across arange of

teams, including finance, leasing, facilities

management, sustainability, IT and front

of house operations. At the end of the

programme, interns present to Workspace’s

senior team, sharing feedback and

observations on their experience.

Four interns completed the programme this

year, with four further places confirmed for

the year ahead.

Future Frontiers

The four‑week Future Frontiers programme

pairs Year 10 students, many of whom are

atrisk of not achieving English, Maths

andScience, with Workspace mentors.

Thefocus is on increasing awareness of

post‑GCSE pathways, including further

education, apprenticeships and direct

entryinto work. Students explore different

industries and job roles and are given the

opportunity to speak directly with

professionals working in areas they are

interested in for their future careers. During

2025–26, two Future Frontiers programmes

were delivered at different points in the

academic year, supporting 30 students.

Our communities continued Career Ready

32 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR STAKEHOLDERS continued

How we engage

We recognise the climate emergency and

know that the real estate sector contributes

to nearly 40% of global carbon emissions.

We have pledged to become a net zero

carbon business by 2040. Our model of

refurbishing existing buildings substantially

reduces embodied carbon. Our operating

platform enables us to monitor energy

usagein real time, ensuring efficiency and

responsiveness. By actively engaging with

our customers to improve environmental

performance, we ultimately drive higher

satisfaction scores in our customer survey.

How the Board engaged

– During the financial year ended 31 March

2026, all Board members sat on the ESG

Committee (see the ESG Committee

Report on pages 169 to 177)

– Monitored progress against our net zero

pathway and interim milestones

– Reviewed ESG performance, disclosures,

feedback and ratings

36%

Reduction in emissions

since 2020

4.2%

Biodiversity net gain

since 2024

The environment

Significant topics raised

– Emissions reduction plan aiming

to achievenet zero carbon by 2040

– Contributing to local biodiversity

enhancements

Activity in the year

– Drove progress against our net zero

pathway by implementing energy

optimisation programmes across the

portfolio and degassing our buildings,

delivering 17% reduction in whole building

energy‑related emissions intensity.

– Enhanced greenery across our portfolio,

delivering additional 4.2% gain

inbiodiversity

– Upgraded a further 4.4% of our portfolio

to EPC A/B standards

– Delivered the ‘Stay in the Loop’

sustainability campaign, directly engaging

more than 400 customers on waste

reduction and circularity

33 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Impact on Workspace Very significant

Importance to external stakeholders Very significant

Significant

Sustainable

transport

Page 56

Water

Page 55

Sustainable

procurement

Pages 30, 56

Nature and

biodiversity

Pages 55, 86

Climate

adaptation

Pages 56, 75

Charitable and

community support

Pages 58, 59

Skills and employment

Pages 32, 57 to 59

Customer

engagement

Pages 26, 58

Diversity

and inclusion

Pages 57, 144

to 151

Risk

management

Pages 60, 166

Regulatory

change

Pages 54, 55

Health

and safety

Page 71

Energy

and carbon

Pages 52 to 55

Waste and

resources

Page 56

Sustainable

building design

Pages 54, 55

Ethics,

conduct and

compliance

Page 70

Wellbeing

Pages 57, 151

Transparency

Page 50

Key outputs from the stakeholder

engagement

While energy and carbon, health and safety,

regulatory compliance, and ethical practices

remain key priorities, we are also proactively

responding to evolving stakeholder

expectations by placing greater emphasis

onrisk management, wellbeing, sustainable

procurement and sustainable building design.

In line with our long‑term social impact

commitment, skills development and

employment remain central to our charity

andcommunity initiatives. Weare also

strengthening our focus on wellbeing,

another key pillar of our social impact

framework, recognising its importance

for both employees and customers.

Addressing our material ESG issues

Each of our material issues is supported by

clearly defined Environmental, Social and

Governance (‘ESG’) targets, which underpin

delivery of our sustainability strategy. These

targets ensure that we are focusing on the

areas that matter most to our stakeholders

and where we can have the greatest impact.

Progress against these targets is monitored

regularly to drive accountability and

continuous improvement across the

business. Further detail on our performance

against these targets can be found in the

Sustainability review (pages 50 to 59).

Our materiality matrix – key sustainability issues

Environmental issue

Social issue

Governance issue

Material move since 2024/25

See how our material issues relate to the UNSDGs

within the Sustainability review

Pages 54 to 58

Stakeholder engagement

to guide sustainability

Our sustainability strategy seeks to maximise

value for all stakeholders, including our

people, customers, suppliers, investors

and the environment.

To achieve this, we regularly refresh our

materiality assessment with our stakeholders

to prioritise the sustainability issues most

important to them.

Step 1.

Identify key stakeholders

List material issues

Our materiality assessment helps us understand

the issues that matter most to our internal

and external stakeholders. We identified and

assessed a number of environmental, social

and governance issues to refine our approach.

Step 2.

Consult stakeholders

In this process we engaged with all our

stakeholders – employees, customers,

suppliers, regulators and investors

We consulted with our internal and external

stakeholders, including customers and

employees through our surveys and ongoing

interactions with our suppliers to confirm

our material issues, as shown on the matrix.

Step 3.

Analyse consultation outputs, considering:

– Importance to stakeholders

– Significance of impacts

– Ability of the business to influence

Our sustainability strategy covers all

issues identified as material to our business.

The performance section in the report details

how we are positively impacting these issues.

How stakeholders guide

our materiality process:

OUR STAKEHOLDERS continued

The environment continued

Read more about our

sustainability performance

Pages 50 to 59

34 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR KEY PERFORMANCE INDICATORS

Financial performance

1. Net rental income 2. Trading profit after interest 3. EPRA NTA per share

£113.4m £60.5m £6.87

2026 113.4

122.1

126.2

2025

2024

2026 60.5

66.8

66.0

2025

2024

2026 6.87

7.74

8.00

2025

2024

Why this is important to Workspace

Net rental income is the rental income receivable after

payment of direct property expenses, including service

charge costs and other direct unrecoverable property

expenses. It is important to Workspace because it measures

our operating performance. It is a key driver of trading profit,

which in turn determines dividend growth.

Why this is important to Workspace

Trading profit after interest is net rental income, less

administrative expenses and net finance costs. It is a key

measure for Workspace and its investors as it determines

dividend growth, and so the returns we provide to our

shareholders. It measures the underlying performance of the

business. The Executive Directors are incentivised on trading

profit after interest. A reconciliation of basic and diluted

earnings to trading profit after interest is in note 8 to the

financial statements.

Why this is important to Workspace

EPRA NTA per share is a definition of net tangible assets

as set out by the European Public Real Estate Association.

It represents net assets minus any intangible assets and

financial derivatives and excluding deferred taxation relating

to valuation movements and derivatives, divided by the

number of shares in issue. It is important to Workspace as

it provides stakeholders with information on our net asset

value. It is a key external measure for property companies

and is used to benchmark against share price.

Movement in 2025/26

Net Rental Income decreased by 7.1% (£8.7m) to £113.4m,

following the disposals made in the year and underlying net

rental income which excludes the net impact of acquisitions

and disposals in the current and prior year, was down 2.4%

to £109.9m, due to a reduction in stabilised portfolio

occupancy across the year.

Movement in 2025/26

Trading profit after interest decreased by 9.4% (£6.3m) to

£60.5m. Total administrative expenses decreased by £1.6m

to £21.7m which includes a £0.9m decrease in share-based

payment costs, leaving a £0.7m underlying decrease in

administration costs with lower staff costs due to

performance in the year and tight control of other costs

offsetting inflation. Net finance costs decreased to £31.2m

in the year, reflecting the decrease in SONIA during the

period and a reduction in net debt.

Movement in 2025/26

Our EPRA NTA per share decreased by 11.2% (0.87p) to

£6.87. This was driven by the underlying decrease in the

valuation of our portfolio and dividend in the year was

covered by trading profit in the year.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

35 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR KEY PERFORMANCE INDICATORS continued

Financial performance continued

4. Dividend per share 5. Stabilised portfolio rent roll growth 6. Stabilised portfolio occupancy

26.1p -4.6% 81.6%

2026 26.1

28.4

28.0

2025

2024

2026(4.6)

(0.8)

9.6

2025

2024

2026 81.6

83.0

88.1

2025

2024

Why this is important to Workspace

This is the dividend payment per share in issue. Dividend per

share is a key measure of the returns we are providing to our

investors. It is important to Workspace because we aim to

provide good returns for our shareholders, and also to work

within our REIT requirements for income distribution.

Why this is important to Workspace

Stabilised portfolio properties are those with stabilised

occupancy, excluding recent acquisitions and disposals

and buildings impacted by significant refurbishment or

redevelopment activity. Rent roll is the current annualised

net rent receivable for occupied units at the date of reporting.

Monitoring rent roll growth on the stabilised portfolio is an

important measure of the underlying performance of the

business and a key driver of future net rental income. We

monitor the stabilised portfolio rent roll on a weekly basis

in management meetings and it is also a key performance

indicator in our monthly Board reporting.

Why this is important to Workspace

Stabilised portfolio occupancy is the area of let space

within the stabilised portfolio divided by the net lettable

area of the stabilised portfolio. It is important as it gives us

vital information on the performance of our core properties.

It drives pricing and operational decisions and can be a

measure of customer demand for the space. Again, this

is monitored on a weekly basis in management meetings

and it is also a key performance indicator in our monthly

Board reporting.

Movement in 2025/26

The dividend per share is 26.1p, reflecting the change

in dividend policy in the year.

Movement in 2025/26

The stabilised portfolio rent roll has decreased by 4.6% (£5.2m)

in the year, driven by a 2.1% decrease in rent per sq. ft. from

£47.30 to £46.31 and by a decrease in occupancy to 81.6%.

Movement in 2025/26

Stabilised portfolio occupancy decreased to 81.6% from

83%, however, it has increased in the second half of the year

from 80.5%.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

1. ‘Stabilised portfolio occupancy’, previously referred to as ‘like-for-like

occupancy’, is defined in the Glossary on page 265.

36 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR KEY PERFORMANCE INDICATORS continued

Financial performance continued

7. Property valuation 8. Total accounting return 9. Total shareholder return

£2,133m (7.6)% (12.5)%

2026 2,133

2,368

2,446

2025

2024

2026(7.6)

0.3

(10.9)

2025

2024

2026(12.5)

(15.2)

22.3

2025

2024

Why this is important to Workspace

Our properties are critical to our business and the valuation

demonstrates the value we are delivering to our shareholders

and a measure of how well we are managing our buildings

and driving rental income. The property portfolio is

independently valued, jointly by CBRE and Knight Frank.

We aim to enhance the value of our properties through

active asset management, including refurbishment and

redevelopment schemes. The movement in property valuation

is a key driver in our EPRA NTA per share measure.

Why this is important to Workspace

Total Accounting Return (TAR) is an important measure as

it reflects the total value created for shareholders over the

period, combining changes in EPRA net tangible assets with

dividends paid, and therefore provides a comprehensive

view of the Group’s underlying performance and success

in generating returns from its property portfolio.

Why this is important to Workspace

Total Shareholder Return is the return obtained by a

shareholder, calculated by combining both share price

movements and dividend receipts. This is important to

Workspace because it shows the value that our shareholders

receive from investing in Workspace shares. We aim to

create maximum value for our shareholders, and as such this

measure forms part of the performance criteria within our

LTIP schemes.

Movement in 2025/26

There was an underlying reduction of 7.0% (£160m) in our

property valuation, taking the valuation to £2,133m. This was

driven by a reduction in estimated rental values with a small

inward shift in valuation yields. See Property Valuation section

of the Business review on pages 45 to 46 for more detail.

Movement in 2025/26

Total accounting return decreased to (7.6)% primarily

due to the property valuation deficit during the year, which

more than offset the positive contribution from trading

profits, with dividends and other movements further

reducing EPRA NTA per share. The calculation of TAR

is set out in note 9 of the financial statements.

Movement in 2025/26

The movement in Total Shareholder Return is due to a

decrease in the share price over the year, with dividends

maintained during the year.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

37 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR KEY PERFORMANCE INDICATORS continued

Non-financial performance

1. Customer enquiries (monthly average) 2. Viewings (monthly average) 3. Lettings (monthly average)

649 497 109

2026 649

703

788

2025

2024

2026 497

507

524

2025

2024

2026 109

106

103

2025

2024

Why this is important to Workspace

Customer enquiries represent the number of enquiries we

receive for our space. Enquiries come through our website,

via brokers, via phone, from walk-ins or existing customers

looking to expand, contract or move locations. Measuring

enquiries helps us to assess the customer demand for our

product. Our internal marketing platform generates

enquiries, and by increasing marketing activity we can drive

enquiries, for example around the launch of a new building.

Why this is important to Workspace

This is the number of viewings of individual units by new

or existing customers looking for new or additional space.

Viewings are important because they provide an opportunity

to get customers into our centres to see first-hand the

quality of our space, and to drive lettings. It is important

to monitor the conversion of enquiries to viewings and

then of viewings to offer letters.

Why this is important to Workspace

This is the number of lettings that we complete. It is a key

measure for Workspace because lettings drive our net rental

income and therefore trading profit. Lettings set the tone for

estimated rental values, and so impact our property

valuation too.

Movement in 2025/26

There was an average of 649 enquiries per month over

the year, with an average of 727 enquiries per month

in the final quarter.

Movement in 2025/26

There was an average of 497 viewings per month over the

year, with a good conversion rate from enquiry to viewing

of 77% for the year.

Movement in 2025/26

The average number of lettings completed per month

was 109, a level consistent with the prior year.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

38 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Non-financial performance continued

OUR KEY PERFORMANCE INDICATORS continued

4. Renewals (monthly average) 5. Like-for-like emissions reduction (scope 1 and 2) 6. EPC A/B rated portfolio

47 14% 64%

2026 47

2025

2024

2026 6,527

7,546

8,718

2025

2024

2026 64

2025

2024

Why this is important to Workspace

This is the number of lease renewals we sign with existing

customers per month. These are important as they

demonstrate how sticky our customers are. We track

customer retention which allows us to capture reversion

within our portfolio.

Why this is important to Workspace

Achieving net zero carbon by 2040 is a key priority for

the business, driven by market and legislative expectations.

We have a comprehensive net zero pathway to achieve our

target of 90% reduction in emissions by 2040. To meet this

target, our priority is to significantly reduce our scope 1 and

2 emissions, as these are under our direct control. We have

identified key initiatives that will continue to drive year on

year reduction in emissions. Notably, ongoing investment in

degassing our portfolio and energy optimisation, delivered

by our rolling refurbishment programme.

Why this is important to Workspace

We have set an EPC upgrade trajectory, aligned with

proposed legislative requirement for all non-exempt

properties to be EPC A/B rated by 2030. While the

legislation is yet to be confirmed, staying ahead of

compliance protects the space we are able to let within our

buildings and mitigates the risk of income and value decline

as we approach the 2030 deadline. Our rolling refurbishment

programme enables us to continue to upgrade our portfolio

to EPC A/B rating, aligned with asset level business plans.

Movement in 2025/26

The average number of renewals completed per month

was 47, consistent with the prior year.

Movement in 2025/26

We achieved a 14% reduction in location-based scope 1 and 2

emissions across like-for-like portfolio this year compared to

last year. This was underpinned by a 2% reduction in electricity

consumption and a 6% reduction in gas consumption on a

like-for-like basis compared to the same period last year.

Movement in 2025/26

4% of our portfolio has been upgraded this year to an EPC

A/B rating, bringing the total EPC A/B rated area in the

portfolio to over 64%, up from 60% last year.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

39 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Non-financial performance continued

OUR KEY PERFORMANCE INDICATORS continued

7. Customer ESG score 8. Direct social value 9. Employee inclusivity score

85% £1.19m 73%

2026 85

2025

2024

2026 1.19m

1.02m

827k

2025

2024

2026 73

2025

2024

Why this is important to Workspace

As key stakeholders in our business, it’s essential that

our customers value our ESG approach. Strong customer

advocacy of our ESG credentials is closely linked to

recommendation levels and overall satisfaction, ultimately

driving business value. The metric is captured via our

bi-annual customer survey where we ask if customers agree

Workspace is an environmentally and socially responsible

business. We also seek specific sustainability feedback from

our customers to continue to improve our approach.

Why this is important to Workspace

With an inherently sustainable business model, social impact

sits at the heart of Workspace’s strategy. For our business,

it also serves as a key differentiator for our brand and driver

for customer satisfaction. To capture the positive outcomes

generated through our sustainability initiatives and direct

operations, we adopted social value as a business metric.

This enables us to consolidate the impact of a range of

initiatives into a single benchmark, supporting consistent

measurement and continuous improvement.

Why this is important to Workspace

Fostering a diverse and inclusive business is a key priority

for us and our employees. Diverse experiences and inclusive

culture drives business performance. We benchmark our

employee diversity figures twice a year and are pleased that

our workforce reflects London’s diverse population. The

inclusivity score metric is captured via our annual employee

survey where we ask our people if they agree Workspace is

an inclusive business.

Movement in 2025/26

Year-end customer survey revealed 85% of customers agree

Workspace is a socially and environmentally responsible

business, up from 84% last year. Details on what drove

the enhancement in score can be found on page 58.

Movement in 2025/26

£1.19m of direct social value has been generated from our

business operations, up from £1.02m last year. Details on

what drove the increase in social value can be found on

page 59.

Movement in 2025/26

Year-end employee survey results showed an inclusivity

score of 73%, a decrease of 13 percentage points compared

with the previous year, reflecting broader changes across

the business during the reporting period. Details on our

approach to diversity and inclusion can be found on

pages 57 and 144 to 150.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

40 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW

2025/26 was a

year of transition

with resilient

customer demand

This year was one of transition for Workspace, both

operationally and in leadership, and that process continues

as we reposition the business. Enquiry levels remained

resilient and the improved conversion to lettings showed

the encouraging strength and relevance of the business,

where we are yet to see a negative impact from the

challenging macroeconomic climate.

The emphasis is now on disciplined execution of our

strategy in order to drive higher occupancy and support

pricing growth, delivering sustainable earnings growth

to maximise shareholder returns.

Total rent roll

£127.3m

Trading profit

after interest

£60.5m

Property valuation

£2,133m

Our Transformation Plan

Pages 11 to 17

41 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Customer activity

We have seen resilient customer demand with 1,310 lettings and 558 renewals completed in the

year with a total rental value of £50.4m (FY25: 1,266 lettings and 500 renewals completed with

a total rental value of £46.4m).

Average monthly

2025/26

2024/25

2025/26

Enquiries 649 703 727 568 666 634

Viewings 497 507 528 444 519 495

Conversion 77% 72% 73% 78% 78% 78%

Lettings 109 106 128 107 109 93

Conversion 17% 15% 18% 19% 16% 15%

Trading has been steady, with overall lettings for FY26 similar to prior year despite a modest

decrease in enquiries due to increased conversion rates.

Monthly

May

2026

April

2026

May

2025

April

2025

Enquiries 541 654 644 631

Viewings 457 456 547 465

Conversion 84% 70% 85% 74%

Lettings 91 73 92 65

Conversion 17% 11% 14% 10%

With Easter, the May bank holidays and half term usually falling within the first two months of

the financial year, this period is traditionally quieter: lettings activity has been similar to the same

period in the prior year.

Rent roll

Total rent roll, representing the total annualised net rental income at a given date, was down 8.6%

(£12.0m) in the year to £127.3m at 31 March 26, as set out in the table below.

Total rent roll £m

At 31 March 25

139.3

Stabilised Portfolio (5.3)

Completed projects 1.2

Projects underway and design stage (0.1)

South East Office (0.1)

Non-core (0.2)

Disposals (7.5)

At 31 March 26 127.3

1. Restated for Workspace and third-party cafés being removed from floor area and rent roll to standardise reporting.

Six Months Ended

Total portfolio 31 March 26 30 September 25

31 March 25

Floor space sq. ft. 3.8m 3.8m 3.8m

Floor space sq. ft. change (0.5%) 1.2% 0.9%

Occupancy 79.4% 77.8% 80.7%

Occupancy change 1.6pp (2.9pp) (1.8pp)

Rent per sq. ft. £41.96 £42.84 £42.99

Rent per sq. ft. change (2.1%) (0.3%) 3.2%

Rent roll £127.3m £128.1m £131.8m

Rent roll change (0.6%) (2.8%) 2.0%

1. Restated for disposals of Chocolate Factory (part); The Planets, Woking; Shaftesbury Centre, Ladbroke Grove; Q West,

Brentford; The Mille, Brentford; Morie Street, Wandsworth; Castle Lane, Victoria; Cannon Wharf, Surrey Quays; 338 Goswell

Road, Angel; Peer House, Holborn and Havelock Terrace, Battersea. Also, restated for Workspace and third-party cafés being

removed from floor area and rent roll to standardise reporting and the removal of floor space at Kennington Park, Oval which

is being converted to self-storage space.

The total Estimated Rental Value (ERV) of the portfolio, comprising the ERV of the Stabilised

Portfolio and those properties currently undergoing refurbishment or redevelopment (but only

including properties at the design stage and non-core properties at their current rent roll and

occupancy), was £175.7m at 31 March 26.

If all properties were at 90% occupancy (or current occupancy if higher in the South East Offices)

at the CBRE and Knight Frank estimated rental values at 31 March 26, the rent roll would be

£158.5m, £31.2m higher than the actual rent roll at 31 March 26.

42 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Stabilised Portfolio

Stabilised Portfolio is defined as properties within London which have been owned and

consistently in operation and not affected by development or refurbishment activity during the

current and prior reporting years or which have twelve months of stable occupancy – whichever

is earlier.

The Stabilised Portfolio represents 85% of the total rent roll as at 31 March 26. It comprises

38 properties all within London, with stabilised occupancy, and excludes recent acquisitions

and disposals, buildings impacted by significant refurbishment or redevelopment activity,

or contracted for sale.

Six Months Ended

Stabilised portfolio 31 March 26 30 September 25

31 March 25

Floor space sq. ft. 2.9m 2.9m 2.9m

Floor space sq. ft. change (0.6%) (0.3%) 0.2%

Occupancy 81.6% 80.5% 83.0%

Occupancy change 1.1pp (2.5pp) (1.1pp)

Rent per sq. ft. £46.31 £47.37 £47.30

Rent per sq. ft. change (2.2%) 0.1% 2.7%

Rent roll £108.3m £109.9m £113.5m

Rent roll change (1.5%) (3.2%) 1.5%

1. Restated for the transfer in of Barley Mow, Chiswick; Pall Mall Deposit, Ladbroke Grove; Portsoken House, Aldgate; Swan Court,

Wimbledon; Omnibus House, Camden; United House, Camden and the development part of The Light Bulb, Wandsworth,

where occupancy is now stabilised post-refurbishment and the transfer out of Morie Street, Wandsworth; Castle Lane, Victoria;

Cannon Wharf, Surrey Quays; 338 Goswell Road, Angel; Peer House, Holborn (sold) and 66 Wilson Street, Moorgate

(exchanged). Also, restated for Workspace and third-party cafés being removed from floor area and rent roll to standardise

reporting and the removal of floor space at Kennington Park, Oval which is being converted to self-storage space.

The Stabilised Portfolio occupancy was down by 1.4pp to 81.6% in the financial year, with an

overall decrease in the Stabilised Portfolio rent roll of 4.6% (£5.2m) to £108.3m. We saw some

recovery in occupancy in H2 at the expense of some reduction in pricing.

We have seen ERV per sq. ft. decrease by 3.8% in the year. If all the properties in the Stabilised

Portfolio were at 90% occupancy at the CBRE and Knight Frank estimated rental values at

31 March 26, the rent roll would be £128.1m, £19.8m higher than the actual rent roll at 31 March 26.

Completed projects

There are six projects in the completed projects category, comprising Evergreen Studios, Centro

Workshops, Leroy House, Parkhall (excluding Blocks A&B), Chocolate Factory and Wenlock Studios.

The combined rent roll increased overall by £1.2m in the year to £5.1m, with occupancy at 63.5%

(Mar 25: 61.7%). The combined net lettable area increased by 58,000 sq. ft. to 277,000 sq. ft. with

the main movements being new space at Chocolate Factory accounting for 40,000 sq. ft. and

the completed Centro Workshops adding 21,000 sq. ft., offset by 3,000 sq. ft. being converted

to communal space at Parkhall (excluding Blocks A&B) and 500 sq. ft. at Evergreen Studios.

If the buildings in this category were all at 90% occupancy at the ERVs at 31 March 26, the rent

roll would be £9.2m, an uplift of £4.1m.

Refurbishments

Our major refurbishment at The Biscuit Factory (J Block) with The Biscuit Factory (part and

Cocoa Studios), is due to complete soon and will add 38,500 sq. ft. of new space and 231,000 sq.

ft. of upgraded space (83,000 sq. ft at J Block plus the entire Biscuit Factory site will benefit

from the upgraded amenities).

The rolling refurbishments at Fleet Street and Corinthian House have been paused pending review.

As at 31 March 26, rent roll was £6.3m, down £0.1m in the year, with occupancy at 68.3% (Mar 25: 66.7%).

Assuming 90% occupancy at the ERVs at 31 March 26, the rent roll at these three buildings once

they are completed would be £12.0m, an uplift of £5.7m.

South East Office

As at 31 March 26, the rent roll of the South East office portfolio, comprising eight buildings,

was £6.9m, down £0.1m in the year, with occupancy at 86.1% (Mar 25: 87.3%) and net lettable

area steady at 333,000 sq. ft.

Assuming 90% occupancy (or current occupancy if higher) at the ERVs at 31 March 26, the rent

roll would be £8.6m, an uplift of £1.7m.

Non-core

As at 31 March 26, the rent roll of the non-core portfolio was £0.7m, down £0.2m from 31 March 2025,

with occupancy down 18.7pp to 54.2% (March 25: 72.9%) as vacant possession is being obtained

at Parkhall (Blocks A & B) prior to completion and net lettable area was steady at 35,000 sq. ft.

Disposals

During the year, £125.7m of properties exchanged or completed as sales, a 7.2% discount to the

most recent book value prior to sale. In aggregate, disposals have delivered £111m of proceeds

(net of sales costs) in the year, at a combined net initial yield of 5.9%.

In June, we exchanged on the sale of Chiswick Studios, Chiswick for £3.0m and One Crown Square,

Woking for £3.0m, for a combined yield of 11.5% and a 15.5% discount to the March 26 net book

value. There are active discussions on a further eight assets for approximately £60.4m in value

and are also a further £100m+ of disposals beyond the previously guided £200m disposal target.

43 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Profit performance

Trading profit after interest for the year was down 9.4% (£6.3m) on the prior year at £60.5m.

£m 2026 2025 YoY

NRI

Movement

Rental income 134.3 138.2 (3.9) (2.8%)

Unrecovered service charge costs (4.8) (4.2) (0.6) 13.5%

Empty rates and other non-recoverable costs (13.4) (11.5) (1.9) 16.5%

Services, fees, commissions and sundry income (2.7) (0.4) (2.3) 575%

Net rental income

113.4 122.1 (8.7) (7.1%)

Less net rental income from assets sold 3.5 9.5 6.0 63.2%

Underlying net rental income 109.9 112.6 (2.7) (2.4%)

Administrative expenses – underlying (20.0) (20.7) 0.7 3.4%

Administrative expenses – share based payment costs

(1.7) (2.6) 0.9 34.6%

Net finance costs (31.2) (32.0) 0.8 2.5%

Trading profit after interest 60.5 66.8 (6.3) (9.4%)

1. There is an analysis of net rental income and segmental breakdown of net rental income in note 1 in the financial statements.

2. These relate to both cash and equity settled costs.

Net rental income decreased by £8.7m (7.1%), of which £6.0m related to disposals. On an

underlying basis, net rental income, excluding the impact of disposals, has decreased by £2.7m.

The underlying decrease in net rental income of £2.7m reflects:

– £2.1m increase in vacancy related costs comprising £0.9m higher unrecovered direct costs,

reflecting lower occupancy and increased cleaning, security and maintenance costs; and £1.2m

higher empty rates, driven by increased vacant space, particularly at Leroy House and The

Chocolate Factory which are letting up

– £0.7m increase in marketing costs, reflecting higher promotional spend

– £1.9m increase in services costs, driven by enhanced amenity provision, including additional

cafés and Wi-Fi upgrades, across 20 properties, and increased utilities costs

– Partially offset by £2.0m of one-off income, comprising £1.0m of higher cash settlements

received in the year; and £1.0m of bad debt releases.

Underlying administrative expenses (excluding share based payment costs) decreased by £0.7m

to £20.0m, with lower staff costs reflecting performance in the year and tight control of other

costs offsetting inflation. Share-based costs decreased by £0.9m to £1.7m driven by lower

vesting levels.

Net finance costs decreased by £0.8m to £31.2m in the year reflecting the reduction in average

net debt following asset disposals. The average debt balance over the year was £31.8m lower

than in the prior year.

Loss before tax was £120.5m compared to a profit of £5.4m in the prior year.

£m

31 March

2026

31 March

2025

Trading profit after interest 60.5 66.8

Change in fair value of investment properties (159.5) (56.3)

Loss on sale of investment properties (13.8) (1.5)

Loss on disposal of fixed assets (0.4) –

Other costs (7.3) (3.6)

Profit/(loss) before tax (120.5) 5.4

Adjusted underlying earnings per share 31.3p 34.5p

The change in fair value of investment properties, including assets held for sale, was a decrease

of £159.5m compared to a decrease of £56.3m in the prior year.

The loss on sale of investment properties of £13.8m was driven by disposals below book value

and costs associated with disposals in the year.

Other costs are made up of exceptional costs and include one-off items relating to the

replacement of the finance and property management system and CRM system at £3.1m in the

year and organisational restructure costs of £4.2m. Full details can be found in Note 3(b) in the

financial statements.

Adjusted underlying earnings per share, based on trading profit after interest and calculated

on a diluted share basis, was down 9.3% to 31.3p. The calculation of adjusted, basic, diluted and

EPRA earnings per share is shown in note 8 to the financial statements.

Dividend

The Board recently reviewed the dividend policy and decided to return to ensuring the total

dividend per share in each financial year is covered at least 1.2 times by adjusted underlying

earnings per share.

Consequently, the Board is recommending a final dividend of 16.7p per share, taking the full year

dividend to 26.1p (2025: 28.4p), to be paid on 3 August 2026 to shareholders on the register at

3 July 2026. The dividend will be paid as a REIT Property Income Distribution (PID) net of

withholding tax where appropriate.

44 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Property valuation

At 31 March 26, our property portfolio was independently valued by CBRE and Knight Frank at

£2,133m, an underlying decrease of 7.0% (£160m) in the year. The main movements in the valuation

are set out below:

£m

Valuation at 31 March 25 2,368

Capital expenditure 48

Disposals (123)

Underlying revaluation movement (160)

Valuation at 31 March 26 2,133

A summary of the full year valuation and revaluation movement by property type is set out below:

Valuation

£m

31 March

2026

Underlying revaluation decrease

Full Year H2 H1

Stabilised Portfolio 1,780 (105) (6%) (53) (3%) (52) (3%)

Completed projects 133 (20) (13%) (7) (5%) (13) (9%)

Refurbishments 148 – – 5 3% (5) (4%)

South East office 58 (19) (25%) (9) (13%) (10) (13%)

Non-core 14 – – – – – –

Disposals – (16) – – – (16) (14%)

Total 2,133 (160) (7%) (64) (3%) (96) (4%)

Stabilised Portfolio

There was a 5.6% (£105m) underlying decrease in the valuation of the Stabilised Portfolio

to £1,780m. This was driven by lower occupancy with a 3.8% decrease in the ERV per sq. ft.

offset by a 18bps inward shift in equivalent yield.

We saw a stronger performance in ERV for smaller space, which represents the majority of our

lettings activity, with a decrease of 2.8% in the year for units under 1,000 sq. ft., compared to

larger spaces, where ERVs decreased by 4.7%. Larger units will continue to be divided into

smaller units where we believe this will enhance returns. With the elevated product strategy

we intend to drive increases in ERVs across all unit sizes.

31 March

2026

31 March

2025

Change

ERV per sq. ft. £48.94 £50.87 (3.8%)

Rent per sq. ft. £46.31 £47.30 (2.1%)

Equivalent yield 6.7% 6.8% 18bps

Net initial yield 5.5% 5.6% 5bps

Capital value per sq. ft. £612 £640 (4.3%)

1. Restated for the transfer in of Barley Mow, Chiswick; Pall Mall Deposit, Ladbroke Grove; Portsoken House, Aldgate; Swan Court,

Wimbledon; Omnibus House, Camden; United House, Camden and the development part of The Light Bulb, Wandsworth,

where occupancy is now stabilised post-refurbishment and the transfer out of Morie Street, Wandsworth; Castle Lane, Victoria;

Cannon Wharf, Surrey Quays; 338 Goswell Road, Angel; Peer House, Holborn (sold) and 66 Wilson Street, Moorgate

(exchanged). Also, restated for Workspace and third-party cafés being removed from floor area and rent roll to standardise

reporting and the removal of floor space at Kennington Park, Oval which is being converted to self-storage space.

A 2.5% increase in ERV per sq. ft. would increase the valuation of the Stabilised Portfolio by

approximately £46m while a 25bps increase in equivalent yield would reduce the valuation

by approximately £62m.

Completed projects

There was an underlying decrease of 13.1% (£20m) in the value of the six completed projects

to £133m. This was driven by a 8.1% decrease in the ERV per sq. ft.. The overall valuation metrics

for completed projects are set out below:

31 March

2026

31 March

2025 Change

ERV per sq. ft. £36.36 £39.57 (8.1%)

Rent per sq. ft. £28.86 £29.00 (0.5%)

Equivalent yield 6.6% 6.4% 19bps

Net initial yield 3.7% 2.5% 122bps

Capital value per sq. ft. £473 £490 (3.4%)

45 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Current refurbishments

The value of our current refurbishments was held steady at £148m, with the capital value

per sq. ft. at £419 (including new space at Biscuit Factory not currently lettable) and capital

expenditure of £16.4m during the year.

The decrease in like-for-like value of our refurbishments reflected the combination of an outward

movement in yields, increase in build costs and offset by an increase in ERVs.

South East office

There was a 24.7% (£19m) underlying decrease in the valuation of the South East office portfolio

to £58m with 24bps outward shift in equivalent yield, and a 4.1% decrease in ERV per sq. ft.,

the overall valuation metrics are set out below:

31 March

2026

31 March

2025 Change

ERV per sq. ft. £27.40 £28.58 (4.1%)

Rent per sq. ft. £24.13 £24.13 –

Equivalent Yield 10.5% 10.2% 24bps

Net Initial Yield 9.5% 8.9% 57bps

Capital Value per sq. ft. £177 £227 (22.3%)

Refurbishment activity

A summary of the status of the refurbishment pipeline at March 26 is set out below:

Projects Number Capex spent Capex to spend

Upgraded and new

space (sq. ft.)

Underway 3 £39m £4m 334,500

Activity is nearing completion at our major refurbishment project with £32m of capital

expenditure spent to date and an estimated £1m outstanding; The Biscuit Factory in Bermondsey,

which will deliver 38,500 sq. ft. of new space and 231,000 sq. ft. of upgraded space within the

first half of 2026/27 (83,000 sq. ft at J Block plus the entire Biscuit Factory site will benefit

from the upgraded amenities).

Further rolling refurbishments at Fleet Street and Corinthian House have been paused

pending review.

Stabilised Portfolio

Refurbishments

Non-core

46 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Case studies

We are starting refurbishments across four key buildings to improve customer areas, amenities

and unit standards to improve the rental return on these spaces.

Works will begin shortly at Salisbury House, Cargo Works, Edinburgh House and Centro Buildings.

The current performance indicators are detailed below with the expected capital expenditure

and target metrics.

31 March 26

Salisbury

House

Cargo

Works

Edinburgh

House

Centro

Buildings

Current floor size 220,000 sq. ft. 71,000 sq. ft. 65,000 sq. ft. 205,000 sq. ft.

Occupancy 87.4% 74.6% 83.0% 65.2%

Average rent £psf £68.15 £67.69 £48.15 £35.60

Case study

Case study floor size 27,000 sq. ft. 12,000 sq. ft. 15,000 sq. ft. 48,500 sq. ft.

Planned capex £5m-£6m £1.5m-£2m £1.5m-£2m £8m-£10m

Incremental yield on cost 25-30% 15-20% 15-20% 12.5-17.5%

Target unlevered IRR 15-20% 10-15% 10-15% 10-15%

1. Includes Centro Workshops and floor area in Centro 1,3 & 4 currently not available to let.

Cash flow

A summary of cash flows is set out below:

£m

31 March

2026

31 March

2025

Net cash from operations after interest 63 77

Dividends paid (55) (56)

Capital expenditure (52) (60)

Property disposals and cash receipts 111 77

Other

(5)

(3)

Net movement 62 35

Opening debt (net of cash) (820) (855)

Closing debt (net of cash) (758) (820)

1. Comprises exceptional costs, finance costs, share scheme settlements, proceeds and interest from other investments.

2. 2026 includes £3.2m investment in Qube (2025: £nil).

There is a reconciliation of net debt in note 16(b) in the financial statements.

The overall decrease of £62m in net debt largely reflects the disposals made in the period

net of capital expenditure.

Net assets

Net assets decreased in the year by £174.0m to £1,328m. EPRA net tangible assets (NTA) per share

at 31 March 26 was down 11.2% (£0.87) to £6.87.

EPRA NTA per share £

At 31 March 25 7.74

Adjusted trading profit after interest 0.31

Property valuation deficit (0.82)

Dividends paid (0.28)

Other (0.08)

At 31 March 26 6.87

The calculation of EPRA NTA per share is set out in note 9 of the financial statements.

Total accounting return

The total accounting return for the year was (7.6%) compared to 0.3% in the prior year ended

31March 2025. The total accounting return comprises the change in absolute EPRA net tangible

assets per share plus dividends paid in the year as a percentage of the opening EPRA net

tangible assets per share. The calculation of total accounting return is set out in note 9

of the financial statements.

Financing

As at 31 March 26, the Group had £3m of available cash and £239m of undrawn facilities:

31 March 2026 Drawn Facility Interest Rate Facility maturity

Unsecured Debt

Term Loan Facility £80.0m £80m SONIA+1.77% November 2027+

Revolver Loan £51.8m £200m* SONIA+1.77% June 2029++

Revolver Loan £44.2m £135m* SONIA+1.82% November 2029+

Private Placement Notes

(i) 10-year notes (2017) £120.0m £120m 3.19% August 2027

(ii) 10-year notes (2019) £100.0m £100m 3.60% January 2029

Green Bond £300.0m £300m 2.25% March 2028

Unsecured Debt Total £696.0m £935m

Secured Debt

Aviva

£65.0m £65m 4.02% May 2030

Secured Debt Total £65.0m £65m

Total Debt £761.0m £1,000m 3.60%

2.6 years

1. Aviva loan is secured on Kennington Park asset.

2. Based on SONIA at 3.73% (March 26).

* Includes accordion option, subject to bank consent.

+ Includes option to extend to by one year, subject to bank consent.

++ Includes option to extend twice by one year each, subject to bank consent.

47 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

The majority of the Group’s debt comprises fixed-rate committed facilities including a £300m

green bond, £220m of private placement notes, and a £65m secured loan facility.

Liquidity and flexibility is provided by floating-rate sustainability-linked Revolving Credit

Facilities (RCFs) totalling £335m which were £96m drawn as at March 26. In May 2025 the

terms of the £200m RCF were amended to extend the maturity to 30 June 2029, with options

to extend by up to a further two years and an option to increase the facility amount to £300m,

subject to lender consent. In November 2025, the maturity of the £135m RCF (including an option

to increase the facility amount to £255m, subject to lender consent) and £80m term loan were

extended by one year to 30 November 2029 and 30 November 2027 respectively. Both facilities

have options to extend by a further year, subject to lender consent. The average debt facility

maturity is 2.6 years (Mar 25: 3.1 years). In June 26, the lenders approved the one year extension

of the maturity of the £200m RCF to 30 June 2030, which takes the average debt facility

maturity to 2.8 years on a proforma basis.

At 31 March 26, the Group’s effective interest rate on drawn debt was 3.6% (average cost of debt

over the year was 3.8%), based on SONIA at 3.73%, with 77% (£585m) of drawn debt at fixed

rates. The average interest cost of our fixed-rate borrowings was 2.9% and our floating-rate bank

borrowings had an average margin of 1.8% over SONIA. A 1% change in SONIA would change the

effective interest rate by 0.3pp (at current debt levels).

At 31 March 26, loan to value (LTV) was 35% (Mar 25: 34%) and interest cover, based on net rental

income and interest paid over the last 12-month period, was 3.6 times (Mar 25: 3.8 times),

providing good headroom on all facility covenants.

Credit rating

We have decided to transition our credit rating to Fitch. Fitch provides credit ratings to more

of the UK real estate sector and we believe its methodology is more appropriate for a company

of Workspace’s scale. Fitch has commenced coverage of Workspace today with a credit rating

of BBB- and stable outlook. We have given notice to S&P to terminate its coverage.

Sustainability

We believe our portfolio is inherently sustainable, underpinned by our refurbishment-led ethos

resulting in 40-70% lower embodied emissions, compared to industry best practice, from our

development and refurbishment activities and our energy efficient operations. The average energy

intensity of our portfolio is 17% lower than industry best practice for net zero carbon offices,

set at 90kWhe/m

. Further improving the energy efficiency of our buildings is key in helping

us to achieve our target of being a net zero carbon business.

The Workspace portfolio is currently 64.4% EPC A and B rated, an increase of 4.4 p. p (in year

target: 6%) in the year, ensuring our portfolio is future proofed against the proposed regulated

trajectory for all commercial buildings to be EPC A/B rated by 2030. We also continue to procure

100% renewable electricity, with two-thirds of this demand being met via our power purchase

agreement with a solar plant in Devon. In the year we achieved a 2.5% (in year target: 5%)

reduction in operational energy intensity across all properties owned for the last 24 months

(excluding disposals). To ensure we build long-term climate resilience, we have updated our net

zero carbon commitment – being the first UK REIT to adopt the latest building sector guidance

from The Science Based Targets Initiative – committing us to a target of 90% emissions reduction

by 2040 against our 2020 baseline. We are pleased to report that we have already reduced our

emissions by 36% and have strong foundations in place to continue to drive climate action at pace.

1. https://ukgbc.org/wp-content/uploads/2020/01/UKGBC-Net-Zero-Carbon-Energy-Performance-Targets-for-Offices.pdf.

Centro Workshops refurbishment

This year, we completed a major

refurbishment of Atelier House, delivering

21,000 sq. ft. of high-quality, sustainable

workspace for our customers. The project

focused on enhancing both environmental

performance and customer experience

through significant upgrades across

the building.

Works included the installation of best-in-class

shower facilities, high-efficiency LED lighting

and HVAC upgrades designed to improve

comfort while reducing operational energy

demand. New breakout spaces, phone booths

and meeting rooms were also introduced to

support flexible working and collaboration,

while recycled materials were used for

furniture where feasible.

The refurbished space achieved an EPC A,

demonstrating strong environmental

performance alongside the delivery of modern,

high-quality workspace. The project reflects

our commitment to creating sustainable

spaces that support both customer wellbeing

and our wider carbon reduction objectives.

48 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BUSINESS REVIEW continued

Outlook statement

Enquiries and lettings remain resilient, despite the noted economic backdrop.

As outlined in the Q4 Trading Update released in April 2026, we expect a substantial step down

in trading profit after interest for the financial year ending 31 March 2027 on account of a number

of factors, including lower opening rent roll versus FY26, disposals, higher borrowing costs, less

capitalised interest, higher expenses and a reduced contribution from other non-recurring items.

Along with disposing of the remaining £75m properties identified to reach the £200m target,

we are considering a further £100m+ of property disposals by the end of FY27. This will increase

our capacity for accretive investment within the portfolio.

While we can cover all of our debt maturities until March 2028 using existing undrawn facilities,

we are actively reviewing our refinancing options.

We are confident in the structural demand for our space and excited by the opportunity to

deliver sustainable earnings growth by elevating our product through investment in our portfolio.

We have set ourselves a medium-term ambition to generate, organically, over £125m of annual

trading profit before interest.

Property statistics

Half Year ended

31 Mar

2026

30 Sep

2025

31 Mar

2025

30 Sep

2024

Workspace Portfolio

Property valuation £2,133m £2,276m £2,368m £2,423m

Number of locations 57 64 67 73

Lettable floorspace (million sq. ft.) 3.8 4.2 4.3 4.3

Number of lettable units 4,503 4,707 4,744 4,650

Rent roll of occupied units £127.3m £134.0m £139.4m £140.1m

Average rent per sq. ft. £41.96 £41.91 £41.50 £40.27

Overall occupancy 79.4% 75.4% 78.5% 81.5%

Stabilised Portfolio number of properties 38 38 39 39

Stabilised Portfolio lettable floor space (million sq. ft.) 2.9 2.9 2.7 2.7

Stabilised Portfolio rent roll growth (1.5%) (3.2%) 0.7% (1.6%)

Stabilised Portfolio rent per sq. ft. growth (2.2%) 0.1% 2.0% 2.7%

Stabilised Portfolio occupancy movement 1.1pp (2.5pp) (1.2pp) (3.8pp)

1. The overall portfolio has been restated in the current financial year for the disposals of Chocolate Factory (part); The Planets,

Woking; Shaftesbury Centre, Ladbroke Grove; Q West, Brentford; The Mille, Brentford; Morie Street, Wandsworth; Castle

Lane, Victoria; Cannon Wharf, Surrey Quays; 338 Goswell Road, Angel; Peer House, Holborn and Havelock Terrace, Battersea.

Also, restated for Workspace and third-party cafés being removed from floor area and rent roll to standardise reporting and

the removal of floor space at Kennington Park, Oval which is being converted to self-storage space.

2. The Stabilised Portfolio category has been restated in the current financial year for the transfer in of Barley Mow, Chiswick;

Pall Mall Deposit, Ladbroke Grove; Portsoken House, Aldgate; Swan Court, Wimbledon; Omnibus House, Camden; United

House, Camden and the development part of The Light Bulb, Wandsworth, where occupancy is now stabilised post-

refurbishment and the transfer out of Morie Street, Wandsworth; Castle Lane, Victoria; Cannon Wharf, Surrey Quays;

338 Goswell Road, Angel; Peer House, Holborn (sold) and 66 Wilson Street, Moorgate (exchanged). Also, restated for

Workspace and third-party cafés being removed from floor area and rent roll to standardise reporting and the removal

of floor space at Kennington Park, Oval which is being converted to self-storage space.

3. Stabilised Portfolio statistics for prior years are not restated for the changes made to the Stabilised property portfolio

in the current financial year.

4. Occupancy is the area of space let divided by the total net lettable area (excluding land used for open storage) expressed

as a percentage. Net lettable area is the internal area of a building that is available to let.

5. Overall rent per sq. ft. and occupancy statistics includes the lettable area at the properties in the Stabilised Portfolio and all

refurbishment and redevelopment projects, including those projects recently completed and also properties where we are

in the process of obtaining vacant possession.

The Strategic Report on pages 8 to 91 was approved by the Board of Directors on 9 June 2026

and signed on its behalf by:

Charlie Green Tom Edwards-Moss

Chief Executive Officer Chief Financial Officer

49 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW

An integrated approach

Sustainability is core to our business model,

guiding our decision-making process across

our properties and operations. Our three-

pillar sustainability strategy – (1) Delivering

aclimate-resilient portfolio, (2) Looking after

our people, (3) Supporting our communities

– allows us to continually improve our

environmental and social impact, whilst

adding value for all our stakeholders.

Each year we review our material sustainability

issues (see page 34) to prioritise impact

initiatives and drive progress by setting

incrementally stretching targets. Inaddition,

we’ve strategically aligned our objectives and

targets with the United Nations Sustainable

Development Goals (‘SDGs’). This ensures

that our efforts are in harmony with the

global ambitions outlined by the SDGs.

Governance

Overall responsibility for our sustainability

strategy sits with the Chief Executive

Officer, supported by the Workspace

Board. A dedicated Board ESG Committee

(see page 169) strengthens governance and

supports integration across business decisions.

The Executive Committee plays a key

role in setting and delivering the strategy.

At an operational level, Environmental and

Social Committees, comprising senior

representatives from across the business,

oversee implementation and report progress

to the Board.

Best practice disclosure

Sustainability is integrated throughout

this report, providing clear insight into our

approach, strategic alignment and

performance against KPIs. Commentary on

all sustainability targets is included, alongside

TCFD and TNFD disclosures, emissions data

and our stakeholder approach. We report

in accordance with GRI 2021 and align with

SASB guidelines (pages 84 to 85), and

publish our EPRA sustainability report online.

Driving performance through sustainability

Our performance-driven strategy embeds

sustainability into operations. Ambitious

targets across material issues are integrated

across teams with clear accountability, and

progress is monitored closely throughout

the year to support continuous improvement

and measurable impact.

Sustainability

is at the core

of our business

Sustainability performance dashboard

This dashboard summarises our current performance against our long-term goals across

three pillars.

Sustainability pillar Theme Ambition Current performance Goal

Delivering a climate-

resilient portfolio

Energy

& Carbon

Reduce emissions

by 90% by 2040,

from a 2020 baseline

36%

On track

90%

Nature Achieve 15% Biodiversity

Net Gain across the

portfolio by 2030,

from a2024 baseline

4.2%

On track

15%

For more information

See pages 52 to 56

Waste Continue to divert 100%

waste from landfill, aim

for 5% annual reduction

in produced waste

Achieved

Looking after

our people

Diversity

& Inclusion

Annual target to maintain

a diverse business,

representative of London’s

demographics

Achieved

Aim for an employee

inclusivity score of 90%

73%

Behind target

90%

Customer

Engagement

Target a customer ESG score

of 85% to 90%

85%

Within target range

90%

For more information

See pages 57 to 59

Supplier

Engagement

Engage our top 50 suppliers

on climate transition by 2027

to drive scope 3 emissions

reduction

30 suppliers

On track

Supporting our

communities

Social Value Deliver £10m of cumulative

direct social value by 2030,

since 2022

£3.6m

On track

£10m

For more information

See pages 58 to 59

Skills and

Employment

Reach 3,000 young people

with skills and employment

support by 2030, since 2024

1,111

On track

3,000

50 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW continued

2026 HIGHLIGHTS

Delivering a climate-resilient portfolio Looking after our people Supporting our communities Sustainability benchmarks and ratings

2.5%

Reduction in like-for-like energy use

2026 34.96 GWh

35.84 GWh2025

100%

Workspace-procured electricity

comes from renewable sources

100+

Sustainability events delivered

78%

Recycling rate

2026 78

2025

2024

85%

Customer ESG score

2026 85

2025

2024

1. % of customers who agree Workspace is

environmentally and socially responsible.

73%

Employee inclusivity score

1,366

Customers attended our wellbeing events

Employee training hours per FTE

Employees on apprenticeships

121

Beneficiaries of the Growth Happens

at Workspace programme

£1.19m

Direct social value generated

2026 £1.19m

£1.02m

£827k

2025

2024

£4.9m

Indirect social value

1,643

Employee volunteering hours

2026 1,643

2,578

1,560

2025

2024

1. See page 59 for detailed breakdown of social value.

GOLD

EPRA Sustainability Best

Practice Recommendations

Award

MSCI ESG rating

Negligible Risk

Sustainalytics ESG Risk Rating

Find out more

Pages 58 to 59

Find out more

Pages 57 to 59

Find out more

Pages 52 to 56

51 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW continued

As a long-term asset owner, future-proofing

our portfolio is a key priority. That’s why

we made a commitment to net zero carbon.

Our agile approach and early action have

enabled us to stay ahead of the curve and

remain well-prepared for emerging climate

risks and opportunities.

As a signatory to the BBP Climate

Commitment, we report annually on our

progress against our net zero pathway.

Our absolute greenhouse gas emissions

are reported in line with the GHG Protocol

guidelines and while we procure 100% of

our electricity from renewable sources,

we report Scope 2 emissions using a

location-based methodology.

Location-based scope 1, 2, 3

GHG emissions (tCO

Scope 1

1,627

Scope 2

5,213

Scope 3

14,220

Accelerating DecarbonisationClimate resilience through net zero carbon transition

Over the year, we made significant progress

in decarbonising our operational footprint

by transitioning 20% of lettable space,

previously on brown electricity contracts

managed directly by Workspace tenants,

onto our renewable Workspace energy

contract. This shift allowed the business

to unlock 188 tCO

e of carbon savings, a

material contribution towards our net zero

carbon trajectory.

In parallel, we continued to enhance our

smart building capability, with 87% of our

managed buildings now fully integrated into

our Optergy building management system.

This system enables facilities managers

to more easily identify energy-saving

opportunities, particularly through

improved control of timers, scheduling

and building systems.

Together, these initiatives are helping to

unlock consistent operational energy savings

while improving visibility and control across

our portfolio, strengthening our ability to

deliver long-term carbon reductions.

Our net zero carbon pathway

We have a long-standing commitment to

achieving net zero carbon, with our initial

science-based targets (SBTs) validated

in 2020. However, evolving climate science

has made it clear that the pace and scale

of action must increase. In response, we have

updated our net zero commitment last year

to align with the latest SBTi Net-Zero and

building sector guidance, committing to

fully decarbonise our business by 2040.

Our new targets specifically include:

– 90% reduction in whole building

energy-related GHG emissions intensity

by 2040 from a 2020 base year (with a

58% interim reduction target by 2030).

– 90% reduction in absolute scope 3 GHG

emissions by 2040 from a 2020 base

year (with a 46% interim reduction target

by 2030).

We have reduced our carbon emissions by

36% since 2020 keeping us on track for our

2040 net zero objective, and the chart below

shows our indicative emissions reductions

trajectory. We intend to continue on our

climate transition journey at pace, by focusing

on the following key pillars of our net zero

carbon pathway.

1. Whole building operational emissions:

Ensuring our portfolio is energy efficient

and powered by renewables.

2. Supply chain emissions:

Taking timely action to optimise our

procurement and help our suppliers

progress on their climate transition.

3. Embodied carbon:

Continuing with a refurbishment-led ethos

to minimise emissions from development

and construction activities.

4. Offsetting:

Investing in high-quality removal projects

for residual emissions only.

Net zero pathway

Carbon Emissions reduction Trajectory (tCO

5,000

0,000

5,000

0,000

,000

0,000

,000

2019/20 2025/26 2040*2030

Offsetting for

10% residual

emissions

-36%

-29%

-78%

Other Scope 3 emissions reduction trajectory

(tCO

2040 target1,919

13,032

19,172

2025/26

2019/20 (baseline)

1. Excluding energy directly procured by customers.

52 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

200

150

100

Energy use intensity kWhe/m

internal area

Buildings in portfolio

Properties

2030 Target

20 40 Target

SUSTAINABILITY REVIEW continued

Climate resilience through net zero carbon transition continued

Driving energy reduction across the portfolio

This graph shows the energy use intensity of

the 55 buildings in the portfolio. The average

energy intensity of our portfolio is 75 kWhe/m

of internal area, which is over 27% lower than

the 2030 Net Zero Carbon Buildings Standard

target for offices. At an individual building level,

13 buildings already meet the 2040 target

depicted by the bronze line. As explained

in page 54, we continue to prioritise high

energy use buildings for site audits and

energyefficiency investments.

As a long-term goal, we are aiming for an

average portfolio energy intensity in line with

the 2040 net zero target and to achieve an

EPC A/B rating (where feasible) by 2030.

Weproject a total investment of £35-67m will

be required to meet this goal by 2030 (thisis

inclusive of the required ongoing annual

maintenance CAPEX).

Over the 2025/26 financial year, we invested

over £11.5m of CAPEX across 33 properties to

improve the energy efficiency and EPC ratings

of our buildings, helping us deliver a2.5%

reduction in energy use intensity, across the

like-for-like portfolio. We also upgraded 4.4%

of our portfolio to EPC A/Bratings.

April 2025 to March 2026 energy use intensity across the portfolio (kWhe/m

internal area)

53 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW continued

Delivering a climate-resilient portfolio

Relevant material issue

– Energy & carbon

– Regulatory change

Relevant material issue

– Energy & carbon

Relevant material issue

– Energy & carbon

Relevant material issue

– Energy & carbon

– Sustainable building design

Workspace response

– Reduce whole-buildings energy-related

GHG emissions (market-based) by 10%

Workspace response

– Reduce operational energy intensity by 5%

Workspace response

– Reduce gas consumption by 15% (c.1.2 Gwh)

Workspace response

– Convert 5% lettable space from customer-direct

electricity to a Workspace contract

Status: Achieved

Status: Partially achieved Status: Partially achieved Status: Achieved

We achieved a 17% reduction in whole building

energy-related emissions intensity since last

year. The reduction was primarily driven by

limiting gas use in buildings and transferring

customer energy contracts to Workspace

energy, which is 100% renewable.

This reduction was primarily driven by the

limiting of gas use in buildings, rolling out

smart Building Energy Management Systems,

optimising temperature set points and timing

controls and implementing over 40 HVAC

upgrade projects.

Whole building energy-related emissions

2040 target1.3

5.2

12.6

2025/26

2019/20 (baseline)

We achieved a 2.5% reduction in like-for-like

Energy Use Intensity (‘EUI’) since last year

across the portfolio. This was mainly driven

by a material 6% reduction in gas use across

the portfolio, along with a 2% reduction

in landlord-procured electricity. This year,

we invested over £11.5m on various energy-

efficiency initiatives across the portfolio,

including LED lighting, presence-detection

sensors, smart-building management systems,

secondary glazing and heat pumps.

Targeted effort was also made to reduce the

EUI at high energy consuming buildings.

It is worth noting that electricity demand

increased following the phase out of gas

boilers and the installation of additional air

conditioning systems which slightly offset

the savings from reduced gas use.

We achieved a 6% reduction in gas

consumption across our like-for-like portfolio

since last year. This was driven primarily by

reducing gas use in buildings and installing

heat pumps to electrify heating systems.

During the year, we decommissioned 4 boilers,

bringing the proportion of the portfolio that

is fully electric or on district heating to 60%.

Absolute scope 1 gas GHG emissions

2025/26 1,328

1,507

2,620

2024/25

2019/20 (baseline)

In the last year, we transitioned 20% of

lettable space, previously on brown electricity

contracts managed directly by Workspace

tenants, onto our Workspace energy contract.

This improved our visibility of energy use

within customer spaces and, because our

power is fully renewable, enabled customers

to benefit from zero-emissions electricity.

Asaresult, 79% of our lettable space is

nowsupplied with fully renewable electricity.

GREATER VISIBILITY AND INCREASED

ACCESS TO RENEWABLE ENERGY

ARE HELPING OUR CUSTOMERS

MAKE LOWERCARBON CHOICES,

WITH 79% OF OUR LETTABLE

SPACE NOW SUPPLIED BY

ZEROEMISSIONS ELECTRICITY.

Ariane Ephraim

Sustainability Lead

Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs

Addressing our material environmental issues

54 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Relevant material issue

– Energy & carbon

– Sustainable procurement

Relevant material issue

– Energy & carbon

– Regulatory change

Relevant material issue

– Nature and biodiversity

Relevant material issue

– Water

Workspace response

– 6% increase in EPC A/B

Workspace response

– All major projects to target EPC A/B, BREEAM

outstanding (excellent for refurbishment), energy

and embodied carbon target in line with UK net

zero building standard

Workspace response

– Add 0.5 Biodiversity units

to the operational portfolio

Workspace response

– 5% reduction in potable water consumption

Status: Partially achieved

Status: Achieved Status: Partially achieved Status: Not achieved

This year we upgraded 4.4% of our portfolio

(173,469 sq. ft.) to EPC A/B rating by installing

highly efficient lighting and HVAC systems

across the portfolio. A material proportion

of the EPC upgrades achieved this year were

achieved through the delivery of large

refurbishment projects, such as Biscuit Factory

and Atelier House. As a result, 64.4% of our

whole portfolio has an EPC rating of A/B.

EPC breakdown across

the portfolio (by area)

A/B

64%

19%

12%

We continue to implement our Sustainable

Development Framework across all major

projects. This framework ensures all our

projects meet the net zero carbon brief.

We undertake whole-life carbon analysis

at key design stages to help us assess and

reduce embodied carbon by optimising

design and material choices. The Biscuit

Factory project which we completed this

year resulted in embodied carbon emissions

of 436kgCO

and achieved BREEAM

Excellent and an EPC A rating.

Our portfolio is 64.4% A/B rated, with 22

BREEAM certified buildings, and we continue

to ensure all projects in the pipeline are being

designed to achieve at least an ‘Excellent’

BREEAM certification and A rated EPC

(B for refurbishments).

This year, we delivered 14 greenery projects

across several high-conviction assets,

including Leather Market and Vox Studios.

All projects incorporated planting in line

with our Biodiversity Design Guide, ensuring

biodiversity enhancement and climate-resilient

planting. In total, this generated an additional

0.34 Biodiversity Units, taking the portfolio

to 4.2% Biodiversity Net Gain since 2024.

The projects have been very well received by

customers, enhancing the appeal of our sites

and improving customer satisfaction levels.

We have published an update of our reporting

aligned with the Taskforce on Nature-related

Financial Disclosure (TNFD). See pages 86

to 91 for more details.

1. Biodiversity Units (‘BU’) are a measure of habitat

provision based on its size, condition and distinctiveness.

2. Biodiversity Net Gain (‘BNG’) equals = biodiversity units

post project (-) biodiversity units pre-project.

We witnessed a slight increase in water

consumption this year compared to last year,

despite the continued rollout of water-saving

fixtures and improved metering across

our portfolio.

We have nearly 100% visibility of our water

consumption and track it monthly. This has

also enabled us to accurately benchmark

ourwater consumption and drive material

consumption reductions. Our water

consumption intensity across the portfolio

is0.5 m

of lettable area, which is inline

with the Real Estate Environmental Benchmark

(‘REEB’) for UK offices.

Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs

Delivering a climate-resilient portfolio continued

SUSTAINABILITY REVIEW continued

Addressing our material environmental issues continued

55 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW continued

Addressing our material environmental issues continued

Relevant material issue

– Climate adaptation

Relevant material issue

– Sustainable procurement

Relevant material issue

– Sustainable transport

Relevant material issue

– Waste and resources

Workspace response

– Ensure active management of climate risk

across the portfolio

Workspace response

– Enhance emissions data reporting across Tier 1

suppliers and take active steps to drive emissions

reduction through sustainable procurement

Workspace response

– Enhance site-wide infrastructure to enable

greater uptake of sustainable transport modes

Workspace response

– Achieve recycling rate of 80%, reduce waste

by 5% and divert 100% waste from landfill

Status: Ongoing

Status: Ongoing Status: Ongoing Status: Partially achieved

We have a robust understanding of our

exposure to physical climate risk and closely

monitor impacts of extreme weather events,

such as flooding and storms. We commissioned

Willis Towers Watson to reassess the climate

risk profile of our portfolio using the latest

climate models. See our TCFD report for

updated risk assessment (pages 73 to 80).

Our mitigation strategy is detailed on

pages 78 to 79.

One of our main risks is related to flooding

atselected sites. We have a dedicated

taskforce that continues to monitor our

flood management plans, including business

continuity processes. This taskforce monitors

any incidents of flooding and remedial actions

being taken. We also continued to roll-out

flood risk and drainage management surveys

across the portfolio, resulting in no material

flood-related damage or business interruption.

Following the successful launch of our

supplier decarbonisation roadmap last year,

we continued to deepen engagement with

our Tier 1 suppliers on emissions reporting.

We collected emissions data from 12 suppliers,

improving the coverage and accuracy of our

Scope 3 disclosures. In parallel, we supported

key suppliers through training on net zero

and emissions reporting. To strengthen

collaboration across the supply chain, we also

launched a Supplier ESG Forum, providing a

platform for suppliers to share learning and

best practice on climate transition planning

and implementation.

Suppliers engaged

on climate transition

We have over 60 EV charging points across

the portfolio, which were used over 2,000

times in the past year, saving 48 tCO

e whilst

helping to avoid material amounts of air

pollution and fossil fuel consumption from

traditional thermal vehicles. We have also

upgraded site facilities to encourage green

transport and provide over 1,600 secure

cycling racks and 100 showers across

the portfolio.

We achieved an average recycling rate of

78% across the portfolio and diverted 100%

of waste from landfill. A total of 2,768 tonnes

of waste was generated across the portfolio,

comprising 63% post-consumer waste,

22% general waste, 10% food/composting

and 5% bottom ash.

We also reduced the overall tonnage of

waste generated across our portfolio by

5.4% compared with last year (equivalent

to 132 tonnes of waste). Initiatives such

as our Too Good To Go partnership and

reusable coffee cup scheme contributed to

this reduction by helping customers minimise

food and single-use packaging waste across

our spaces.

Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs

Delivering a climate-resilient portfolio continued

56 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW continued

Looking after our people

Addressing our material social issues

Relevant material issue

– Wellbeing

– Health and safety

Relevant material issue

– Diversity and inclusion

Relevant material issue

– Skills and employment

Relevant material issue

– Skills and employment

– Sustainable procurement

Workspace response

– Support and enhance the wellbeing

of our employees and customers

Workspace response

– Foster a diverse and inclusive culture

Workspace response

– Support employee growth through career

development and position Workspace

as an employer of choice

Workspace response

– Support young people with tailored

education, skills development, and

employment opportunities

Status: Ongoing

Status: Partially achieved Status: Ongoing Status: Ongoing

This year we rolled out an enhanced wellbeing

programme for our employees and customers.

We facilitated 15 employee wellbeing events and

half of our employees enrolled into our health

cashback offering. We also delivered close

to 70 employee hours of mental health and

neurodiversity awareness training. Employee

wellbeing remains a key area of focus, and we

will continue to build on our progress in the

coming year through targeted initiatives.

Our focus this year for customers was on

enhancing our wellbeing offering, focusing

on hands on experiences. We hosted over

50 sessions including sketch workshops and

terrarium building, benefitting over 1,300

customers and with an average feedback

score of 4.9/5.

We continue to monitor and benchmark

ourworkforce diversity metrics twice a year,

confirming that we remain closely aligned

withthe demographic profile of London.

Abreakdown showing the number of

directors, senior managers and all employees

by gender is set out on page 147. We recently

published our fourth Gender Pay Gap Report

accompanied by a clear action plan.

Inclusive recruitment and career pathways

continued to be a key focus for us this year,

enabling us to promote social mobility.

Throughout the year we celebrated various

cultural events, including World Hijab Day,

Pride and Rosa Parks Day. We also received

an inclusivity score of 73% in our recent

employee survey.

We supported 9 employees to complete

accredited qualifications, including programmes

with the Institute of Workplace and Facilities

Management, and the National Examination

Board in Occupational Safety and Health. In

addition, we delivered a range of personal and

professional development sessions, such as

customer service and grievance management

training. In total, we provided over 2,484 hours

of professional training. We also supported

11 apprentices to gain new qualifications while

successfully combining study with practical,

on-the-job experience at Workspace.

We also supported six employees in their

career progression through our in-house career

pathways programme. Of the 38 internal

promotions made during the year, 23 were

awarded to women. Employee feedback,

gathered through our feedback channels

andsurveys, is actively used to inform

communication and ensure we continue to

meet employee expectations. Overall, we are

pleased to report a low employee attrition rate

of 20.6%, compared with a benchmark of 28%

for similar-sized organisations.

Through our ‘Growth Happens at Workspace’

programme, we partnered with skills and

education charities, including Future Frontiers

and Career Ready, to deliver a range of

initiatives supporting young Londoners with

tailored education, skills development and

access to employment opportunities.

Overall, the programme reached 121

beneficiaries during the year, 10 training

sessions and 15 mentors providing one-to-one

guidance. In total, we delivered 762 hours of

skilled careercoaching. In addition, we launched

our internship programme, supporting four

young Londoners through year-round

mentoring and afour-week paid work

experience placement.

Throughout the year, we also maintained

active engagement with our suppliers to

promote employment opportunities. We are

pleased to report that two of our key suppliers

hired a total of seven apprentices, all of whom

gained valuable practical skills and experience

while working on Workspace contracts.

Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs Relevant UN SDGs

57 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

SUSTAINABILITY REVIEW continued

Addressing our material social issues continued

Looking after our people continued

Relevant material issue

– Customer engagement

Relevant material issue

– Skills and employment

Workspace response

– Upskill and engage our customers to drive

greater sustainable behaviours

Workspace response

– Run our community skills and employment

programme, InspiresMe, across twelve centres

Status: Achieved

Status: Partially achieved

We rolled out a multifaceted customer

engagement programme to raise awareness

of sustainability issues, using a combination

of newsletters, social media, building

installations, events and targeted campaigns.

We hosted 35 customer events focused

on sustainability skills, reaching more than

300 customers across our portfolio.

Our flagship campaign, Stay in the Loop,

focused on increasing awareness on waste

management and circularity, and encouraged

the adoption of more sustainable behaviours.

The campaign was particularly well received

by customers, with 400 customers actively

participating across our portfolio.

We are pleased to say that 84.6% of

our customers agree that Workspace is

environmentally and socially responsible.

85%

Customer ESG score

We successfully delivered InspiresMe,

our community skills and employment

programme, in partnership with our customers

and local schools, across nine centres, spanning

across various London boroughs.

Over 1,000 students were reached through

our CV workshops, career sessions and eight

students completed work placements with 8

of our customers. The responses from school

partners and customers were extremely

positive with 100% of the schools who took

part agreeing they were keen to continue

with this initiative next year.

100%

of schools who took part

would continue next year

Relevant UN SDGs Relevant UN SDGs

Addressing our material social issues

Supporting our communities

Relevant material issue

– Charitable and community support

Relevant material issue

– Charitable and community support

Workspace response

– Implement a place-based social impact

initiative across all clusters

Workspace response

– Support charities and voluntary, community

and social enterprises (‘VCSE’) through our

lettings in kind offering

Status: Achieved

All 15 clusters, groups of closely located

Workspace centres, covering 53 sites, ran

either the InspiresMe or a place-based social

impact initiative. These initiatives were led

bythe Centre Managers in partnership

withour customers. Place-based initiatives

are apartnership with a local charity or

community-oriented organisation. These

ranged from sports charities to business

improvement districts, from homeless

charities to local food kitchens.

We supported these initiatives in a range

of ways from putting on fundraising events

to giving them space for free to host events.

Overall, our centre teams volunteered

over300 hours to support charity and

community organisations.

We also partnered with City Harvest to

run portfolio wide food collection drives,

collecting close to 1,200kg of food.

1,200kg

Food donations

Workspace provided £423k worth of lettings

and meeting room bookings as in-kind

support to various charities.

These charitable organisations are dedicated to

a wide array of causes, including homelessness,

health, justice and emergency aid.

£423k

In-kind support

Relevant UN SDGs Relevant UN SDGs

58 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

This is our fourth year partnering with Social Value Portal to quantify our social value creation. The National Themes, Outcomes and Measures (‘TOMs’) Framework has been used to calculate the

financial value associated with each of our initiatives, which is deemed ‘additional’ to business as usual. The table provides a breakdown of various initiatives and social value created by our business

activities. A significant proportion of our social value contribution comes from tailored engagement with the beneficiaries which we believe delivers long lasting impact. In addition to our direct

social value contribution, we have also calculated the indirect value generated through our collaboration with our suppliers and customers.

Strategic focus Impact beneficiaries Impact themes Social initiatives generating direct value

Social initiatives

generating indirect value

Direct/indirect

impact breakdown

Looking after

our People

Employees

Customers

Suppliers

Community

Charity

Responsible and

inclusive practices

Direct

£484k

£3.3k delivered

through EDI training –

523 employee hours

were dedicated to EDI

training, including

anti-harassment and

neurodiversity

awareness training

£252.2k delivered

through spend with

VCSE or hyper-local

organisations

£37.1k delivered

through upskilling

programmes

for customers

£191,705 delivered

through employment

of 3.63 disabled FTEs

Employment

and skills

Direct

£12k

Indirect

£4.9m

£7.5k delivered

through 16 weeks

of work placement

supported by

Workspace

£1.4k delivered through

46.7 weeks of existing

apprenticeships

training

£3.3k delivered

through 10.7 weeks

of new apprenticeships

training

£27.9k delivered through

446 weeks of apprenticeships

£4.75m delivered

through hiring or retaining

95 local people

£77.7k delivered through

hiring or retaining

1.47 NEET FTEs.

Supporting our

Communities

Wellbeing

Direct

£107k

£68.3k delivered

through investment

in wellbeing offering

for customers

£1.0k delivered through

investment in wellbeing

campaigns for staff

£9.8k delivered

through 106 hours

of financial literacy

support for employees

£28.9k delivered

through all employees

having access to a

comprehensive

wellbeing programme

Charity and

community support

Direct

£591k

£99.8k delivered

through 939 hours

of skilled volunteering

£6.9k delivered

through 396 hours of

unskilled volunteering

£5.4k delivered

through centre teams

contributing 307 hours

to support the local

community projects

£478.5k delivered

through total in-kind

contributions, including

in-kind lettings, to

local charities

Direct

£1.19m

Indirect

£4.9m

SUSTAINABILITY REVIEW continued

Social value generated by Workspace FY2025/26

59 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Bottom up

Top down

Culture and

leadership

Monitoring,

auditing and

reporting

Risk

assessment

and

evaluation

Risk

identification,

ownership and

appetite

Assurance

mapping

Response

and controls

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management is integral to how we

operate and deliver our strategy. Over the

year, we continued to strengthen the way

risk considerations are incorporated into

day-to-day activities, ensuring that key

decisions, whether relating to transactions,

property disposals, or specific projects,

are informed by a clear understanding

of potential risks and opportunities.

We maintain a clear focus on the principal

risks that could impact the achievement of

our strategic priorities. In line with the 2024

UK Corporate Governance Code’s enhanced

expectations for Audit, Risk and Internal

Control, including the forthcoming Provision

29 requirement for boards to make a

declaration as to the effectiveness of material

internal controls, we continued to develop a

more structured and transparent approach

to identifying, managing and monitoring risks

and controls across all areas of the business.

More information on how we are preparing

for Provision 29 can be found on page 167.

Our risk culture

A positive and open culture underpins our

risk framework. Employees across all levels

of the business are encouraged to raise risks

or opportunities, regardless of scale, enabling

early identification and response. The flow of

information across teams enhances visibility of

emerging issues and ensures that both strategic

and operational risks are actively monitored.

Together, these practices ensure that risk

management remains a core component of

how Workspace operates, supporting robust

decision-making, resilience and long-term

value creation.

Risk governance

The Board assesses and monitors the

principal risks of the business and considers

how these risks could best be mitigated,

where possible through a combination of

internal controls and risk management.

Overall, key risks that could affect the

Group’s medium-term performance and the

factors that mitigate these risks have not

materially changed from those set out in the

Group’s Annual Report and Accounts 2025.

However, Workspace has undertaken

adetailed review of its principal risks to

ensure they remain appropriately aligned to

the environment in which we operate. As part

of this review, a number of principal risks

were updated. The Customer Demand risk

was expanded to reflect a great focus on

customer retention while Cyber was

broadened to include Technology, Systems

and AI. In addition, new risks of Operational

Delivery and Capital Allocation were

introduced. Together, these amendments

bring the principal risks into closer alignment

with current market conditions and the

operational challenges facing the business.

These risks have been assessed in line with

the 2024 UK Corporate Governance Code

requirements and are shown below. The

Board is satisfied that we continue to operate

within our risk profile.

As a business, we are also at risk from the

transition to a net zero carbon economy in

the form of increasing regulation and changes

in customer demand. We are actively managing

our climate change risk and have put in place

mitigation measures for the most material

impacts. We have included Task Force on

Climate-related Financial Disclosures (‘TCFD’)

in the Annual Report on pages 73 to 80 as

well as Taskforce on Nature-related Financial

Disclosures (‘TNFD’) which can be found on

pages 86 to 91.

Risk control assurance

methodology Activity

Risk identification,

ownership and

appetite

Risks are identified through project assessment or by staff raising them

organically, captured in the Group’s risk registers, and assigned to a Risk Owner

responsible for their ongoing management and oversight.

Risk assessment

and evaluation

Each risk is assessed and scored for impact and likelihood, with an Inherent

Risk Score assigned before controls, a Residual Risk Score after existing controls,

and a Target Risk Score set to reflect the Group’s desired risk tolerance.

Response

and controls

Each Residual Risk Score is assessed against its Target Risk Score, and where

it exceeds target, specific controls are identified and implemented to reduce

the risk, with designated Control Owners accountable for putting these controls

in place and ensuring their effectiveness.

Assurance mapping

Assurance mapping is underway to identify the assurance in place for each

material control, with ongoing reviews to assess and ensure the continued

effectiveness of that assurance.

Monitoring, auditing

and reporting

Risks are monitored by Risk Owners, with Control Owners confirming their

controls remain effective, and any significant changes or new risks are

escalated to the Executive Committee, Audit Committee or Board as needed.

Further details of the risk management

framework can be found on

Page 168

Audit Committee

The Audit Committee oversees the Group’s risk

management framework, reviewing internal

control and risk management disclosures

before they are endorsed by the Board.

Board of Directors

The Board sets the Group’s overall risk appetite,

tolerance and strategy, oversees all principal risks

and receives advice and recommendations

from both the Audit and Executive Committees.

Executive Committee

The Executive Committee oversees and

manages day-to-day risk management

procedures and control effectiveness,

reporting to the Audit Committee.

Risk Owners

Risk Owners monitor, manage, update and report

on their assigned risks and control effectiveness,

identify emerging risks and engage with the

Executive Committee for review and challenge.

Governance of risk

60 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PRINCIPAL RISKS AND UNCERTAINTIES continued

The financial year has seen a fragile UK

economic backdrop, with inflation persistently

above the Bank of England’s 2% target, weak

consumer and business confidence, and

heightened uncertainty driven by global

geopolitical tensions, including the recent

escalation of conflict in the Middle East.

Thisconflict has also intensified pressure

on global supply chains, contributing to rising

construction costs and longer lead times for

materials, which affects Workspace’s

refurbishment activity. These conditions

have contributed to softer demand across the

economy as business sentiment continues to

weaken. At the same time, London’s flex office

market remains competitive, with ongoing

recalibration of occupier requirements placing

further pressures on occupancy and pricing

for Workspace’s portfolio.

Emerging risks

Emerging risks are monitored on an ongoing

basis and discussed monthly, with any issues

requiring prompt attention escalated to the

Board. During the year, a number of emerging

risks were considered including geopolitical

developments, ongoing conflict in the Middle

East and Ukraine, pressures within the

construction sector and changes to

employment legislation. The impact of shifts

in customer behaviour, including increased

vacancy in our larger units was also monitored

alongside broader macroeconomic factors such

as inflation and interest rate expectations, and

their potential impact on property valuations

and operating performance.

Financial position

The Group continued to exercise disciplined

cost control and carefully manage capital

expenditure to support and protect its financial

position. Management maintained regular

oversight of financial performance, reviewing

reports and updated forecasts throughout

the year to assess the impact on cash flows

and to ensure ongoing compliance with

debt covenants.

During the year, the £200m revolving credit

facility, originally entered into in December

2021 was amended and restated in May 2025,

extending maturity to June 2029. This helped

the Group to maintain flexibility in its

financing arrangements.

As of 31 March 2026, the Group had cash and

undrawn credit facilities of £241.7m along with

headroom on its financial covenants and met

all loan covenants throughout the year.

The Group has sufficient liquidity to repay

all facilities maturing until March 2028, giving

optionality over its refinancing strategy.

Employees

Employee health, safety and wellbeing are

integral to our culture and underpin our

approach to risk management. We remained

focused on maintaining a safe, supportive and

inclusive working environment. This is

complemented by a comprehensive and

competitive benefits package designed to

support the overall wellbeing of all colleagues.

Climate change

Workspace recognises that climate change

presents an increasingly material risk to

our business. Our portfolio, like that of other

real estate owners, is exposed to physical

climate-related impacts including temperature

extremes, shifts in precipitation patterns

andthe heightened frequency of severe

weather events, all of which may drive higher

operational loads and increase stress on

ourassets.

Climate change is recognised asa source

of financial risk, and we continue to enhance

the transparency of our reporting in line with

the Task Force on Climate related Financial

Disclosures (‘TCFD’). Our TCFD disclosures

are presented on pages 73 to80, with

climate-related risks tracked through a dedicated

risk register overseen bythe Sustainability

team, detailed on pages 67 and 77 to 79.

We also recognise the growing importance

ofnature related considerations, and our

disclosure aligned with the Taskforce on

Nature related Financial Disclosures (‘TNFD’)

is set out on pages 86 to 91.

61 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Probability (post-mitigation)

ProbableUnlikely

Low

Impact

Severe

PossibleLow

Medium High

How we evaluate risk

Risk is measured by using impact and

probability within a five-year period. Principal

risks are identified and then mapped on the

risk matrix.

The low, moderate, high risk severity score

is determined using the following calculation:

Impact x Impact x Probability, which provides

a weighted impact scoring. The impact is

determined on a scale from 1 (low) to 4 (severe)

based on revenue, property valuation, health

and safety and reputational consequences.

Probability is determined onascale from

1 (unlikely) to 4 (probable), considering the

likelihood of the risk materialising within

a five-year period.

As discussed on the above page, there have

been some changes to the principal risks this

year, which are reviewed in detail bi-annually.

The principal risks have been updated to reflect

the risks currently faced by the Company, and

the strategy that was launched in June 2025.

PRINCIPAL RISKS AND UNCERTAINTIES continued

Impact criteria

Impact 1 – Low 2 – Medium 3 – High 4 – Severe

Revenue/Cash Revenue <£2m

Cash <£1m

Revenue £2m-£15m

Cash £1m-£5m

Revenue £15m-£25m

Cash £5m-£15m

Revenue >£25m

Cash >£15m

Property valuation <2% unexpected

reduction

2-5% unexpected

reduction

5-10% unexpected

reduction

>10% unexpected reduction

Hazard/Health & Safety Minor injury/first aid

required

Minor reportable injury/

RIDDOR report required

Major reportable injury Large scale injuries

Reputational Third-party

communications with

no lasting impact

on reputation

Adverse local media

attention which could

lead to a small number of

complaints and damage

the brand locally

Adverse national publicity

resulting in short-term

damage to public and/or

political confidence

Adverse sustained national

publicity resulting in loss of

public and/or political

confidence

Principal risks

Key: Principal risks Page

Customer demand and retention 63

Financing 63

Capital allocation 64

Customer payment default 64

Technology, cyber and systems 65

Culture 65

Supply chain and third-party relationships 66

Regulatory 66

Climate change 67

Operational delivery 67

Probability scale

Likelihood

Probable >80%

Possible 50-79%

Low 21-49%

Unlikely <20%

62 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PRINCIPAL RISKS AND UNCERTAINTIES continued

Impact

Severe

Probability (post-mitigation)

Possible

Change from last year

The existing risk of Customer Demand has been

expanded to explicitly incorporate retention of

existing customers.

Risk appetite

Medium

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Relevant KPIs

Financial

1. Net rental income

2. Trading profit after interest

5. Stabilised portfolio rent roll

growth

6. Stabilised portfolio

occupancy

7. Property valuation

8. Total accounting return

Non-financial

1. Customer enquiries

2. Viewings

3. Lettings

4. Renewals

7. Customer ESG score

Impact

Severe

Probability (post-mitigation)

Low

Change from last year

The risk of Financing has expanded to include

explicit reference to credit rating risk and financing

covenant sensitivity. The previous risk of Valuation

has now also been incorporated Into this risk. This

change reflects the fact that valuation movements

impact financing outcomes, most notably

covenant headroom, liquidity and refinancing, and

are therefore more appropriately captured within

the Financing risk, avoiding duplication across the

principal risk framework. Due to macroeconomic

factors, the probability of this risk post-mitigation

has changed from unlikely, to low.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Relevant KPIs

Financial

2. Trading profit after interest

3. EPRA NTA per share

4. Dividend per share

7. Property valuation

9. Total shareholder return

Principal risk

Workspace’s ability to attract and retain customers

depends on delivering a relevant and competitive

product offering, including the quality and location

of our buildings, the flexibility of our leasing model,

and the amenities and services we provide. Failure

to adapt and invest in our product to meet or

exceed evolving customer expectations, combined

with wider economic pressures affecting demand,

could lead to reduced occupancy, lower pricing

power and weaker income performance.

Risk impact

– Fall in occupancy and/or rental levels at our

properties.

– Reduction in rent roll.

– Reduction in property valuation.

Mitigation

– Broad mix of buildings across London with

different space offerings, at various price points

to match customer requirements.

– Enhance market insight, segmentation, data and

reporting to track customer trends, optimise sales

performance and develop new propositions.

– Improvements to product offer, including building

design, more flexible terms and additional

services and benefits to enhance the proposition

for both new and existing customers.

– A Case Study programme has been created as an

enhanced approach to the pilot programme, to

test our managed offer proposition and communal

space enhancements in a live environment, based

on customer feedback and market demand.

– Increased accountability for centre staff to

maintain ongoing relationships with our

customers, understand their requirements and

implement change to meet their needs.

– Business plans are stress tested to assess the

sensitivity of forecasts to reduced levels of

demand and implement contingency measures.

– Targeted marketing creates demand for

Workspace and drives conversion to viewings,

with advertising content and messaging regularly

reviewed and updated.

Principal risk

Macroeconomic uncertainty, a reduction in the

availability of long-term financing and an increase

in bond yields could impact asset valuations, credit

rating and our ability to fund the business. As

existing low-cost debt matures, funding costs are

likely to rise, reducing returns and having a negative

impact on covenant headroom.

Risk impact

– Inability to fund business plans and invest

in new opportunities.

– Cost of refinancing increases, reducing trading

profits more than expected.

– Impact on share price and credit rating.

– Financing covenants linked to loan to value

(‘LTV’) ratio and/or interest cover.

Mitigation

– We regularly review funding requirements for

business plans, and we have a wide range of

options to fund our forthcoming plans. We prepare

a five-year business plan which is reviewed and

updated annually. Further detail is provided in

the viability statement on pages 68 and 69.

– We have a broad range of funding relationships in

place and regularly review our refinancing strategy.

– Market-related valuation risk is largely dependent

on independent, external factors.

– We maintain a conservative LTV ratio which can

withstand a severe decline in property values

without covenant breaches.

– We maintain a specific interest rate profile via

the use of fixed rates on the majority of our debt

facilities so that our interest payment profile is

broadly stable. Where appropriate, we may also use

interest rate hedges to further fix our interest costs.

– Loan covenants are monitored and reported to

the Board on a monthly basis, and we undertake

detailed cash flow monitoring and forecasting.

– In May 2025 the £200m Revolving Credit Facility

(‘RCF’) was refinanced with an extended maturity

to June 2029, and in June 2026, was extended

by a further year.

– In November 2025, we extended the maturity of

the £135m RCF to November 2029 and extended

the maturity of the £80m term loan by a further

12 months to November 2027, providing further

certainty over our funding position going forwards.

Customer demand and retention Financing

63 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PRINCIPAL RISKS AND UNCERTAINTIES continued

Principal risk

Workspace’s ability to execute its strategy depends

on achieving appropriate pricing on asset disposals

and redeploying the proceeds effectively. Market

volatility, reduced buyer demand, or misaligned

pricing expectations may result in sales below

valuation or delay transactions, limiting capital

available for reinvestment and reducing financial

flexibility. In turn, allocating funds to projects that

fail to deliver anticipated returns or operational

benefits may hinder income growth and slow

portfolio progress. Together, these factors increase

the risk of constrained reinvestment capacity,

weaker financial performance, and reduced

shareholder value.

Risk impact

– Inability to fund business plans and invest

in existing portfolio or new opportunities.

– Impact on share price and earnings.

– Impact on overall shareholder returns.

Mitigation

– We maintain a disciplined and forward-looking

capital plan, supported by detailed business

planning and a five-year portfolio strategy to

identify priorities, reinvestment needs and

long-term value drivers.

– We apply a disciplined investment process,

using established criteria, reinforced by detailed

financial appraisals reviewed by the Executive

Committee and approved by the Board for both

disposals and acquisitions.

– Invest in the ongoing optimisation of our portfolio,

including regulatory compliance upgrades (such as

MEES) and targeted refurbishment, while exploring

alternative use and mixed use opportunities to

preserve and enhance long-term value.

– Optimise portfolio investment, ensuring capital

is directed towards income and value accretive

assets or initiatives and/or lower long-term

operating cost exposure.

Principal risk

Uncertainty remains around the macroeconomic

environment. Although inflation and interest rates

have reduced during the period, given the broader

geopolitical climate and recent increases to living

wage and national insurance costs, there remains

a risk of an economic downturn, which could put

pressure on rent collection figures.

Risk impact

– Negative cash flow and increasing interest costs.

– Breach of financial covenants.

Mitigation

– Rent collection and customer payment levels have

remained strong throughout the year, however the

economic environment remains challenging.

– The risk continues to be mitigated by strong

credit control processes and an experienced team

of credit controllers, able to make quick decisions

and negotiate with customers for payment.

In addition, we hold a three-month deposit

for the majority of customers.

– Centre staff maintain relationships with customers

and can identify early signs of potential issues

whilst receiving early sign of default from credit

control team.

– As a consequence, a near 40% reduction in trade

receivables has been achieved.

Capital allocation Customer payment default

3 4

Impact

High

Probability (post-mitigation)

Possible

Change from last year

This is a new principal risk. Capital allocation

has been introduced to reflect the increasing

importance of disciplined capital deployment in

the current market environment, where valuation

uncertainty, reduced buyer demand and higher

financing costs heighten the challenge of disposing

of assets and efficiently redeploying capital into

high-conviction, value-enhancing opportunities.

Risk appetite

Medium

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Relevant KPIs

Financial

1. Net rental income

2. Trading profit after interest

3. EPRA NTA per share

5. Stabilised rent roll growth

7. Property valuation

9. Total shareholder return

Impact

High

Probability (post-mitigation)

Low

Change from last year

The probability post-mitigation has been revised

from possible to low, reflecting the mitigations

stated to the right including credit control

processes and improvements in aged debt.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Relevant KPIs

Financial

1. Net rental income

2. Trading profit after interest

4. Dividend per share

6. Stabilised portfolio

occupancy

9. Total shareholder return

Non-financial

4. Renewals

64 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PRINCIPAL RISKS AND UNCERTAINTIES continued

Principal risk

Workspace depends on reliable technology

platforms, integrated data systems, Artificial

Intelligence (‘AI’) and strong cyber-security

to operate effectively and support customers.

As these technologies evolve, risks arising from the

accuracy and reliability of AI generated outputs,

failures in system performance, data quality,

platform integration or cyber-security could

disrupt operations, impact business continuity,

impair customer service and reduce the quality

of financial and strategic decision-making.

As technology remains central to how the business

runs and how decisions are made, any weaknesses

in our systems or data pose a material operational

and reputational risk.

Risk impact

– Inability to process new leases and invoice

customers.

– Reputational damage.

– Increased operational costs.

Mitigation

– Technology risk is managed using a mitigation

framework comprising network security, IT

security policies and third-party risk assessments.

Controls are regularly reviewed and updated and

include technology such as next generation

firewalls, multi layered access control through to

people solutions such as user awareness training,

mock-phishing emails and cyber-attack

simulations.

– Assurance over the framework’s performance

is gained through an independent maturity

assessment, penetration testing and network

vulnerability testing, all performed annually.

– We are committed to continue the adoption

of the NIST Cybersecurity Framework to enhance

our cyber security maturity. This adoption will

strengthen risk management, improve controls,

fortify incident response, and ensure consistent

protection and recovery, validated through

external independent assessments.

– Tested business continuity and disaster recovery

processes, ensuring critical systems and data

can be restored rapidly following outages

or cyber incidents.

Principal risk

Organisational culture and behaviours, and policies

that fail to reflect core values, motivate teams or

support strategic goals, could lead to lower employee

engagement and a risk to execution of strategy.

Risk impact

– Increased costs from high staff turnover.

– Delay in growth plans.

– Reputational damage.

Mitigation

– We are establishing a more empowered culture,

with greater accountability across the business, in

particular for our customer-facing teams, enabling

them to act more quickly and drive performance.

This means new ways of working across the

business and greater inter-departmental

collaboration.

– Incentive schemes align employee objectives with

the strategic objectives of the Group to motivate

employees to work in the best interests of the

Group and its stakeholders. This is supported

by a formal appraisal and review process for

all employees.

– Our HR and People teams run a broad training

and development programme designed to ensure

employees are supported and encouraged to

progress with learning and study opportunities.

– We have revised our internal application process

for existing employees with 37 individuals being

internally promoted and nine employees acting

up in role during this period.

– We continue to enhance internal communications

and engagement with employees through CEO

updates and regular ‘town hall’ meetings including

open Q&A.

Technology, cyber and systems Culture

Impact

High

Probability (post-mitigation)

Low

Change from last year

The previous risk of Cyber has been expanded to

Technology and Systems, with the inclusion of AI.

The probability post-mitigation has been revised

from possible to low, reflecting cyber security

controls and ongoing system enhancements.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Relevant KPIs

Financial

2. Trading profit after interest

8. Total accounting return

9. Total shareholder return

Non-financial

1. Customer enquiries

3. Lettings

4. Renewals

Impact

High

Probability (post-mitigation)

Possible

Change from last year

This risk was updated and retitled from

Resourcing to Culture as part of the half-year

results in November 2025.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Relevant KPIs

Financial

2. Trading profit after interest

4. Dividend per share

8. Total accounting return

9. Total shareholder return

Non-financial

1. Customer enquiries

3. Lettings

4. Renewals

9. Employee inclusivity

score

65 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PRINCIPAL RISKS AND UNCERTAINTIES continued

Principal risk

Workspace relies on a wide network of suppliers,

contractors and service partners to operate

buildings, deliver refurbishment and redevelopment

projects, and support day-to-day services to

customers. Disruptions within the supply chain,

including rising energy and construction costs,

materials shortages, changes in supplier capability,

or contractor insolvencies may impact project

delivery, operational performance and cost

efficiency. Failure by key suppliers or partners

tomeet required standards could impact customer

experience, delay developments, and limit effective

portfolio management.

Risk impact

– Decline in customer confidence.

– Increased project or operational costs.

– Fall in customer demand.

– Weaker cash flow.

– Reputational damage.

Mitigation

– Maintain a robust tendering and supplier selection

process, including the onboarding of suppliers

onto the supplier portal to ensure suppliers and

service partners meet required standards on

financial stability, compliance and performance.

– Monitor supplier performance through service

level agreements, with clear escalation processes

and corrective actions where underperformance

is identified.

– Manage exposure to refurbishment, construction

and materials cost volatility through active project

oversight, competitive procurement and strong

contractor relationships.

– Request compliance with London Living Wage

commitments through the onboarding process,

supporting consistency and stability across core

service providers.

– Maintain strong oversight of development

and refurbishment partners, enabling early

identification of risks that could impact project

timelines or service delivery.

– Request new and existing suppliers are operating

in line with our sustainability strategy.

Principal risk

A failure to keep up to date and plan for changing

regulations in key areas such as health and safety,

the employment landscape and sustainability,

could lead to fines or reputational damage.

Risk impact

– Increased costs.

– Reputational damage.

Mitigation

– Health and safety is one of our primary concerns,

and strong leadership promotes a culture of

awareness throughout the business. We have

well-developed policies and procedures in place

to help ensure that any workers, employees,

or visitors on site comply with strict safety

guidelines, and we work with well-respected

suppliers who share our high-quality standards

in health and safety.

– We have a Health and Safety Consultant to

support our commitment to Health and safety

throughout the business. Health and safety

management systems are updated in line with

changing regulations and regular audits are

undertaken to identify any potential improvements.

– We closely monitor developments in the

employment landscape, including changes in

employment law, workplace expectations and

regulatory requirements. Our dedicated HR team

maintains robust policies and procedures to

support compliance and best practice, which

are regularly reviewed and updated to reflect

legislative changes and emerging risks.

– Sustainability requirements remain a key focus

for the Group, and are taken seriously across the

business. We have committed to becoming a net

zero carbon business and being climate resilient.

We undertake an annual review of all ESG

regulations and our policies and procedures to

ensure compliance. We also closely monitor and

manage physical risk arising from climate change

along with a mitigation strategy.

– Workspace has a robust legal framework in

place,managed by the Company Secretary

andexternal legal advisers, to ensure full

compliance with applicable laws, regulations,

andcorporate governance.

Supply chain and third-party relationships Regulatory

7 8

Impact

High

Probability (post-mitigation)

Low

Change from last year

This risk has been broadened to include wider

supply chain disruption.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Scale: Innovate to create future options

Relevant KPIs

Financial

1. Net rental income

2. Trading profit after interest

4. Dividend per share

5. Stabilised rent roll growth

6. Stabilised occupancy

7. Property valuation

8. Total accounting return

9. Total shareholder return

Non-financial

3. Lettings

4. Renewals

5. Like-for-like emissions

reduction (scope 1 and 2)

6. EPC A/B rated portfolio

Impact

Medium

Probability (post-mitigation)

Low

Change from last year

No change.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Relevant KPIs

Financial

2. Trading profit after interest

4. Dividend per share

7. Property valuation

9. Total shareholder return

Non-financial

3. Lettings

4. Renewals

5. Like-for-like emissions

reduction (scope 1 and 2)

6. EPC A/B rated portfolio

7. Customer ESG score

66 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PRINCIPAL RISKS AND UNCERTAINTIES continued

Principal risk

Failure to recognise that climate change presents

afinancial risk to our business, alongside our

customers’ increasing expectations for the

sustainable operation of our properties, could

havea significant impact on the business.

Risk impact

– Loss of rent roll.

– Negative impact on value.

– Reduced occupancy levels.

– Reputational damage.

Mitigation

The inherent risk from climate change is universal,

with a high likelihood of risk materialising in the

near future resulting in a potentially material impact

on businesses in general. For Workspace, our risk

is lower when compared to many other real estate

businesses, in particular our exposure to physical

risk. However, transition risk is an industry-wide

risk and is impacting all real estate businesses due

to the environmental impact associated with the

sector. As a result, the regulatory requirements

continue to address the high impact associated

construction and operations of buildings. In

response to this, Workspace has been proactively

managing its risk exposure. Our mitigation

strategyincludes:

– Periodic assessment of our climate risk exposure,

using climate modelling every time the portfolio

changes.

– Active management of acute physical risks such

as floods and storms across the portfolio through

emergency preparedness, site maintenance

surveys and business continuity planning.

– Delivery of net zero carbon and EPC upgrades

across the portfolio to manage transition risk.

– Embedding of climate-related objectives linked

with remuneration, to incentivise focused action.

– Active management of our energy and raw

materials costs via efficiency measures and

designoptimisation.

Principal risk

Workspace’s ability to maintain an efficient cost

base and protect income is critical to shareholder

returns. Rising operating costs, inflationary pressure

on energy, utilities and services, and higher

construction and refurbishment costs can all reduce

operating margins. Inefficiencies in processes,

systems or supplier arrangements may also impact

financial performance, particularly in a competitive

market with softer customer demand. Any

sustained imbalance between income and costs

could affect profitability, dividend capacity and

the ability to reinvest in the portfolio.

Risk impact

– Increased operational costs.

– Weaker cash flow.

– Negative impact on overall shareholder return.

– Delay in growth plans.

Mitigation

– Maintain disciplined cost control, with

regular review of operating expenditure, supplier

arrangements and service delivery models to

ensure value for money.

– Strengthen procurement processes, leveraging

competitive tendering and long-term supplier

relationships to manage cost inflation across

energy, services and construction activities.

– Enhance operational systems and processes,

improving efficiency, reducing manual work and

helping maintain accurate, timely reporting on

income and cost performance.

– Monitor income and margin performance

regularly, with Board oversight of operating ratios,

cost trends and efficiency initiatives.

Climate change Operational delivery

9 10

Impact

Medium

Probability (post-mitigation)

Possible

Change from last year

No change

Risk appetite

Low

Link to strategy

Accelerate: Optimise portfolio and platform

Relevant KPIs

Financial

1. Net rental income

2. Trading profit after interest

7. Property valuation

8. Total accounting return

Non-financial

3. Lettings

5. Emissions reduction

6. EPC A/B rated portfolio

7. Customer ESG score

Impact

High

Probability (post-mitigation)

Low

Change from last year

This is a new principal risk. Operational delivery

as a risk reflects the increasing importance of

maintaining an appropriate balance between

income and operating costs. With rising operating,

energy and construction costs, together with

margin pressure in a softer demand environment,

presenting a more significant risk to profitability

and reinvestment capacity.

Risk appetite

Low

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Relevant KPIs

Financial

1. Net rental income

2. Trading profit after interest

4. Dividend per share

5. Stabilised portfolio

rent roll growth

6. Stabilised portfolio

occupancy

8. Total accounting return

9. Total shareholder return

Non-financial

1. Customer enquiries

2. Viewings

3. Lettings

4. Renewals

67 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS

Going concern

The Group’s activities, strategy and

performance are explained in the Strategic

Report on pages 1 to 91.

Further detail on the financial performance and

financial position of the Group is provided in

the financial statements on pages 232 to 261.

The Directors have conducted an extensive

review of the appropriateness of adopting

the Going Concern basis of accounting.

More details can be found on page 235.

Following this review and having made

appropriate enquiries, the Directors have

a reasonable expectation that the Group and

the Company have adequate resources and

sufficient headroom on the Group’s bank loan

facilities tocontinue for the period ending

30 June 2027. For this reason, the Directors

believe that it is appropriate to continue to

adopt theGoing Concern basis in preparing

the Group’s accounts.

Assessment of prospects

The Group assesses its prospects primarily

through the annual Strategic Review process.

This includes an assessment of the macro-

economic environment, consideration of the

Group’s principal risks and a review of the

Group’s five-year plan. Particular attention is

given to existing refurbishment commitments,

long-term financing arrangements, compliance

with financing and REIT covenants and key

financial metrics of the business.

An updated business plan for the five years

to 31 March 2031 was reviewed by the Board

in April 2026.

Persistent higher levels of inflation and weak

consumer and business confidence, along with

heightened uncertainty driven by global

geopolitical tensions, including the conflict

in the Middle East, has seen a fragile UK

economic outlook. Consideration has been

given to a number of downside assumptions

covering the period to 31 March 2031.

We have modelled a severe but realistically

possible downside scenario based on the

following key assumptions:

– A fragile UK economic outlook along with

weak consumer and business confidence,

resulting in a reduction in customer demand

over the next three years compared to

current levels.

– Occupancy reduces by c.4pp to 75%

over the next three years, with associated

increase in void costs and downward

pressure on pricing of new lettings, and

thereafter a gradual recovery to c.78%

by 31March 2031.

– New lettings at below the average price per

sq. ft. of vacating customers resulting in an

overall reduction in average rent per sq. ft.

over FY28 of 2.5% before recovering in FY30

and FY31.

– Elevated levels of cost inflation, principally

5% annual inflation on overheads

– Increased cost of borrowing resulting in

refinancing of fixed-rate debt at UK five-year

gilt plus margin of 2.75%.

– Outward movement in investment yields

resulting in a lower property valuation.

The Group’s activities, strategy and

performance are explained in the Strategic

Report on pages 1 to 91, including a description

of the Group’s strategy and business model on

pages 4, 5 and 10.

Assessment of time period

The Board has selected a review period of five

years for the following reasons.

The Group’s strategic review covers a five-year

forecast period and the Board believes this is

an appropriate period over which to assess

viability. All of the Group’s existing debt facilities

mature within this period, taking into account

extension options.

Although financial performance is assessed

over a period of five years, the wider strategy

and business model are considered with the

longer-term success of the Group in mind.

The Directors believe they have no reason

to expect a significant adverse change in the

Group’s viability immediately following the

end of the five-year assessment period.

Assessment of viability

The Board has considered the key risks and

mitigating factors that could impact the Group,

details of which can be found on pages 60 to 67.

Those risks that could have an impact on the

ongoing success of the Group’s strategy,

particularly in light of the current geopolitical

situation, were identified and the resilience of

the Group to the impact of these risks in a

severe, yet plausible downside scenario has

been evaluated.

Sensitivity analyses have been prepared to

understand the impact of the identified risks

on solvency and liquidity. The specific risks

which were evaluated are shown in the

following table.

Going concern Viability statement

68 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

Risk sensitivity analyses

Specific risk Risk category Sensitivity analysis

Demand for space falls

dramatically impacting

occupancy and pricing

levels, or customer default

increase leading to a

breach of loan covenants

– Customer demand At the point in the scenario modelled

where ICR is at its lowest, net rental

income would need to decrease by 38%

compared to the year to 31 March 2026.

Property values are

adversely impacted by

the uncertainty in the

economy leading to a

breach of covenants

– Valuation At the point in the scenario modelled

when LTV is at its highest, the property

valuation would need to fall by 48% to

breach the covenant, compared to the

valuation as at 31 March 2026 (adjusted

for planned disposals).

Changes in the economic

and regulatory UK

environment impact the

availability and pricing

of debt

– Financing The Group’s committed facilities will

need to be refinanced during the viability

assessment period. At the point in the

scenario the ICR is at its lowest, overall

borrowing rate would have to increase

by c.140bps from the already

conservative inputs in the Downside

Case (e.g. spread over gilts of 2.75% vs

current market at c.1.75%). The Group

currently has a low LTV of 35%, maintains

good relationships with funders and is

confident in its ability to refinance these

facilities as they mature.

Risk sensitivity analyses

The Group benefits from a largely freehold

property portfolio and a flexible business

model that allows the business to adapt to the

changing requirements of its customer base.

This, coupled with a strong balance sheet,

means the Company can withstand a significant

downturn in the economy and demand.

In the scenario tested, the most significant

impact on the viability of the Group would be

on liquidity headroom resulting from an inability

to refinance existing debt facilities as they fall

due. To mitigate this risk, the Group regularly

reviews funding requirements and maintains

a close relationship with existing and potential

funding partners to facilitate the continuing

availability of debt finance.

The maturity of debt facilities is spread over a

range of years to avoid a concentration of risk

in one period and gearing is relatively low with

LTV of 35% as at 31 March 2026.

There are a number of mitigating factors that

were not considered in the scenarios tested

but which could be actioned if required:

– Additional asset disposals

– Cancellation or significant reduction

in dividend

Conclusion

The sensitivity and stress analyses outlined

above indicate that the Group will have

adequate means to maintain headroom in its

facilities and covenants to continue operations

for the period under review. On this basis, the

Directors have a reasonable expectation that

the Group will be able to continue in operation

and meet its liabilities as they fall due over the

five-year period to 31 March 2031.

69 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

Non-financial and sustainability information statement

As we have fewer than 500 employees, the non-financial and sustainability information statement (‘NFSIS’) requirements contained in Sections 414CA and 414CB of the Companies Act 2006

do not apply to us. However, due to our commitment to promoting transparency in our reporting and business practices, we have elected to provide further information in the table below.

The time periods for reporting on the matters set out below have been informed by applicable law and prevailing market practice, taking into account the Group’s particular circumstances and

the nature of its business. The description of our business model can be found on pages 4 to 5 and the description of our non-financial key performance indicators can be found on pages 38 to 40.

Many of the policies referenced below can be found at: https://www.workspace.co.uk/investors/sustainability/our-policies.

Policies Associated due diligence, outcome of policies and impacts of activities

Related principal risks

(Pages 60 to 67)

Climate and

environmental matters

– Environmental Policy

– Climate Change Policy

– Net zero carbon pathway

– Green Finance Framework and allocation report

– TCFD Report – pages 73 to 80

– TNFD Report – pages 86 to 91

– SECR disclosure – pages 81 to 83

– Climate and environmental activities during the year – pages 54 to 56

and 169to177

– Climate-related financial disclosures – pages 73 to 80

Risk 9 – Climate change

Social matters

– Social Impact Strategy

– Real London Living Wage Commitment

– Social-related activities during the year – pages 57 to 59

– Social Impact programme – pages 57 to 58

Social matters are not

deemed to be a principal

risk for the Group; however,

we are continuing to focus

on social matters through

our Social Impact Strategy

Employees

– Employee Code of Conduct

– Equal Opportunities and Dignity at Work Policy

– Sexual Harassment Policy

– Hybrid Working Policy

– Parental Leave policies

– Carer’s Leave Policy

– Diversity and inclusion – pages 144 to 150

– Training & development – pages 149

– Employee wellbeing – page 151

– Employee engagement – pages 115 and 130 and 27

Risk 6 – Culture

70 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Policies Associated due diligence, outcome of policies and impacts of activities

Related principal risks

(Pages 60 to 67)

Health and safety

– Health and Safety Policy – Our Health and Safety Policy was formally reviewed in January 2026 and

approved in March 2026

– The Group’s Health and Safety Committee met in August 2025 where an update

was provided on accident, incident and reporting, training and development

plans, health and safety policies and questions from the group were discussed

– The Board receives regular reports and reviews our health and safety processes

at least annually, and the Executive Committee receives monthly reports

– Workspace continues to invest in our Computer Aided Facilities Management

(‘CAFM’) systems. All planned and reactive work is recorded in our

CAFMsystem

– We train our employees so that they are competent and confident to carry out

their jobs in a safe and professional manner. Each new starter is given in-house

induction training targeted to the health and safety responsibilities they will

hold, with ongoing training provided via toolbox talks and regular formal

meetings with managers and the Health and Safety Consultant

– We closely manage our contractors’ activities and the associated risks to the

health and safety of customers and visitors, particularly where building works

are being carried out in close proximity to common parts and customer-

occupied areas

– Our comprehensive and robust auditing arrangements include a rolling

programme of internal site health and safety audits. All Workspace premises

aresubject to such audits. These arrangements are supplemented with random

inspections and site visits. Workspace periodically commissions external

providers to review our health and safety processes, procedures and internal

auditing arrangements. The information gathered is used to evaluate the

effectiveness of our arrangements and controls. In 2024, the Health and Safety

team undertook a full review of the Group’s health and safety arrangements

and produced a five-year plan until 2029

– In December 2025, an internal Health and Safety Consultant was appointed and

has been working to further enhance the policies and processes at the Company,

including the commission of an external audit which is due to take place in the

upcoming financial year

Risk 8 – Regulatory

COMPLIANCE STATEMENTS continued

Non-financial and sustainability information statement continued

71 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Policies Associated due diligence, outcome of policies and impacts of activities

Related principal risks

(Pages 60 to 67)

Human rights and

modern slavery

– Human Rights Policy

– Anti-Slavery Policy

– Modern Slavery Statement

– Supplier Code of Conduct

– We take a zero-tolerance approach to modern slavery and other breaches of

fundamental human rights (as stated in the UN Universal Declaration of Human

Rights and the ILO Declaration on Fundamental Principles and Rights at Work)

– Following the updated government guidance on the Modern Slavery Statement

issued in May 2025, we have mapped out our Tier 1 (direct suppliers) during the

year, conducted a risk assessment and engaged with six of our top suppliers

around modern slavery. This engagement will continue into FY27, where audits

will be scheduled and further mapping of Tier 2 suppliers will be conducted

– No incidences of human rights abuse or modern slavery have been identified

(2025: Nil)

Risk 6 – Culture

Risk 7 – Supply Chain and

Third-Party Relationships

Risk 8 – Regulatory

Anti-bribery

and corruption

– Anti-Bribery and Corruption Policy

– Gifts and Hospitality Policy

– Conflicts of Interest Policy

– Anti-facilitation of Tax Evasion Policy

– Supplier Code of Conduct

– Failure to Prevent Fraud

– We take a zero-tolerance approach to bribery and corruption and

we are committed to implementing and to enforcing effective systems

to counter bribery

– No incidences of bribery or corruption have been identified (2025: Nil)

– All conflicts of interest are recorded on a central register and we have

procedures in place for managing conflicts of interest

– During the year, no Director had any beneficial interest in a contract significant

to the Group’s business, other than contract of employment (2025: Nil)

– In September 2025, we published our internal Failure to Prevent Fraud policy

following the introduction of the Economic Crime and Corporate Transparency

Act 2023

Risk 8 – Regulatory

Political and

charitable donations

and expenditure

– Our policy is not to make any political donations

or incur any political expenditure

– We only make charitable donations that are legal

and ethical

– The Group did not make any political donations or incur any political

expenditure during the year (2025: Nil)

Risk 8 – Regulatory

Data privacy

– Data Protection Policy

– CCTV Policy

– Data Breach Policy

– Subject Rights Policy

– Data Protection Impact Assessment Policy (‘DPIA’)

– Regular reports are provided to the Executive Committee and the Board

– Mandatory data protection training is provided to all staff at induction and

annual online refresher training is conducted via the learning management

portal

– More tailored, role-specific training is provided to staff where appropriate

(for example, training for the marketing team on direct marketing rules)

– Data privacy is a key consideration whenever new projects are contemplated

or changes to existing arrangements are proposed

Risk 8 – Regulatory

Whistleblowing

– Whistleblowing Policy – An open and transparent culture means any concerns are raised directly

to the HR team or members of the Executive Committee

– Employees also have access to a telephone line for anonymous reporting

of concerns

– During the year under review, we did not receive any whistleblowing

messages to the telephone line (2025: Nil)

– The Board receives an annual update each year confirming the number

of whistleblowing reports received (if any)

Risk 6 – Culture

Risk 8 – Regulatory

COMPLIANCE STATEMENTS continued

Non-financial and sustainability information statement continued

72 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

TCFD pillar and

recommendation Recommended disclosures

Compliance

status Progress to date 2026/27 objectives

1. Governance

Disclose the

organisation’s

governance around

climate-related risks

and opportunities.

– Describe the Board oversight of

climate-related risks and opportunities

Achieved

– Board ESG Committee

oversees climate-related risks,

opportunities and goals

– Joint Audit and ESG meeting

held in January 2026 which

reviewed ESG policies and

related assurance

– Executive ownership of

climate-related objectives,

with performance linked

to their remuneration

– Board ESG Committee

to continue monitoring

climate-related risks

and opportunities

– Emission reduction

objectives in line with

science-based targets

to be included in

relevant teams’

objectives

– Describe management’s role in assessing

and managing climate-related risks

and opportunities

Achieved

2. Strategy

Disclose the actual

and potential impacts

of climate-related risks

and opportunities on

the organisation’s

businesses, strategy

and financial planning

where such information

is material.

– Describe the climate-related risks and

opportunities the organisation has identified

over the short, medium and long term

Achieved

– Re-assessment of climate-

related risks and opportunities

undertaken against 4°C and

1.5°C global temperature rise

scenarios (see pages 74 to 76)

– A disclosure on potential

impact and resilience of

strategy on pages 74 to 77

– Annual re-assessment

of transition risks will

be carried out

– Describe the impact of climate-related risks

and opportunities on the organisation’s

businesses, strategy and financial planning

Achieved

– Describe the resilience of the organisation’s

strategy, taking into consideration different

climate-related scenarios, including a 2°C

or lower scenario

Achieved

3. Risk management

Disclose how

the organisation

identifies, assesses,

and manages climate-

related risks.

– Describe the organisation’s processes for

identifying and assessing climate-related risks

Achieved

– Risks identified using climate

models, academic research

and expert advice

– Based on probability and

impact scale, risk level assessed

as low, moderate or high

– Utilising enterprise risk

management framework

to capture, document and

manage risks

– Climate risk is

identified as a principal

risk and will continue

to be assessed as part

of the overall risk

management

framework, including

abi-annual review

ofeffectiveness

ofcontrols

– Describe the organisation’s processes

for managing climate-related risks

Achieved

– Describe processes for identifying, assessing,

and managing climate-related risks and

integrating them into the organisation’s

overall risk management

Achieved

4. Metrics and targets

Disclose the metrics

and targets used to

assess and manage

relevant climate-

related risks and

opportunities where

such information

is material.

– Disclose the metrics used by the

organisation to assess climate-related risks

and opportunities in line with its strategy

and risk management process

Achieved

– Annual publication of energy

consumption, renewable

energy generation and

procurement, carbon emissions

(from fuels, waste, water),

recycling rates, EPC split,

voluntary green certifications,

energy efficiency projects,

portfolio flood exposure

– Emissions reduction targets are

in line with latest SBTi criteria

– Key metrics to

continue being tracked

on a monthly basis

andpresented to

theBoard

– Disclose scope 1, scope 2, and if appropriate,

scope 3 greenhouse gas (‘GHG’) emissions

and the related risks

Achieved

– Describe the targets used by the organisation

to manage climate-related risks and

opportunities and performance against targets

Achieved

COMPLIANCE STATEMENTS continued

TCFD

Workspace considers climate change to be a

principal risk and a material issue. In line with

the ‘Task Force on Climate-related Financial

Disclosures’ (‘TCFD’) recommendations and

recommended disclosures, we have provided

information to our stakeholders on our climate-

related risks and opportunities, in turn helping

them to make informed decisions.

We have assessed our material climate risks

and opportunities, and their potential impact

using a number of climate-change scenarios.

This assessment has provided us with an

in-depth view of the levels of risks across the

portfolio and helped us test the resilience of

our strategy. We also have a more robust

understanding of the opportunities to

Workspace, arising from the transition to

alow-carbon economy. We have used the

findings of this assessment to update our

approach to risk management, implement

astrategy to mitigate material risks and

maximise the opportunity. Aligned to this is

our net zero carbon target, which ensures we

are closely managing our transition risks and

building resilience.

The following section includes our climate-

related financial disclosures for purposes of the

UK Listing Rules, including details on climate

change scenarios and how they may affect

ourbusiness in the short, medium and long

term. As required by the UK Listing Rules

(UKLR 6.6.6R), we confirm that this report

isconsistent with all of the TCFD

recommendations and recommended

disclosures, taking into account Section C

ofthe TCFD Annex entitled ‘Guidance for

AllSectors’ and (where appropriate) Section E

of the TCFD Annex entitled ‘Supplemental

Guidance for Non-Financial Groups’.

73 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

The role of the Board

Our Chief Executive Officer has the highest

level of responsibility for climate-related risks

and opportunities and, together with the rest

of the Workspace Board, ensures we maintain

close oversight of climate-related issues.

Climate-related issues are regularly considered

by the Board as part of broader decision-

making processes regarding strategy, risk

management, budgeting, business planning

and overseeing the Group’s performance

objectives. To do this effectively, the Board

has set up an ESG Committee comprising of

all members of the Board – the Board Chair,

the five independent Non-Executive Directors,

the Chief Executive Officer and the Chief

Financial Officer. The ESG Committee receives

a detailed update on our sustainability and

climate-related goals three times a year, from

members of the Executive Committee and

the Sustainability Lead.

During the year, the ESG Committee

considered the following climate-related

issues: reviewed implementation plans,

investment required and progress made

on our net zero pathway, approved interim

emissions reduction milestones and inclusion

of relevant KPIs as performance targets for

Executive Directors and reviewed the

effectiveness of our climate-related policies.

See page 174 for further details of climate-

related responsibilities of the Board and its

Committees (including the Audit and

Remuneration Committees). The Board also

received a technical briefing on evolving

sustainability legislative requirements as

part of their forward-looking review.

Climate risk remained a principal business risk

this year and the Board reviewed the mitigation

strategy and effectiveness of controls as

part of the principal risk register review.

As a responsible business, we consider

climate-related risks and opportunities across

our portfolio and business wide activities.

We have identified the physical and transition

risks arising from climate change and are

committed to actively managing these risks.

Due to the nature of our business model,

Workspace is also in a position to capture

several opportunities arising from the

transition to a low-carbon economy.

This year we worked with Willis Towers

Watson (‘WTW’) to re-assess the impact

of climate-related risks through quantitative

and qualitative scenario analysis, considering

short-term (now to 2030) medium-term

(2050) and long-term (beyond 2050) time

horizons. The short-term time horizon aligns

with our portfolio strategy and financial

planning. Our portfolio strategy includes

business plans and budgets for individual

assets out to 2030. Where feasible, we have

incorporated plans to decarbonise our core

portfolio in the business plans, aiming to

drive accelerated transition out to 2030,

whilst continuing to monitor regulatory and

market risk to plan for medium-term.

The re-assessment we have conducted this

year is based on two pre-defined climate

scenarios – a 4°C global temperature rise

scenario in line with the Intergovernmental

Panel on Climate Change (‘IPCC’)

Representative Concentration Pathway

(‘RCP 8.5’) and a 1.5°C global temperature

rise scenario in line with RCP 2.6.

This year’s reassessment also used the latest

climate models from the Couples Model

Intercomparison Projects (‘CMIPs’)*.

Compared to ‘CMIP5’, the latest iteration

(‘CMIP6’) offers a more granular view of

regional physical risk analysis with improved

representation of extreme heat, heavy rainfall

This information is provided to the Board

and the Executive Committee via the Risk

Management Group, comprising of senior

members from different parts of the business.

The Risk Management Group meets monthly

and is responsible for monitoring and

implementing risk management activities,

including climate risk.

We have also linked climate-related

performance measures to the Executive

Directors’ LTIP grants this year, accounting

for 15% of weighting. These targets are also

incorporated into wider team objectives.

TheBoard received regular reports tracking

progress against these goals. See pages 169

to 177 for further details.

Management responsibility

The Head of Portfolio Management is the

Executive owner of our climate strategy and

the Sustainability Lead reports to the Board

ESG Committee on all climate-related issues.

They are supported by the members of the

Environmental Committee in the day-to-day

management and delivery of climate-related

initiatives. The Environmental Committee is

made up of cross-functional members who

head up various business departments, such

as development, asset management, facilities

management, investment and support

functions. The Committee includes a number

of other Executive Committee members, which

ensures senior-level ownership and oversight

of implementation plans and also streamlines

communication to the wider Executive team

and the Board. The Environmental Committee

meets bi-monthly and is responsible for

operationalising our climate-related objectives,

and hence is well positioned to manage,

report, communicate and inform our

approach on climate-related issues.

and drought. It also explicitly integrates

economical, technological factors as well as

policy assumptions, through the use of Shared

Socioeconomic Pathways (‘SSPs’).

The 4°C warming scenario assumes that

markets, governments and society will

continue business as usual with increasing

adoption of energy and resource intensive

lifestyles and abundant exploitation of fossil

fuels. There will be limited action taken to

mitigate climate change in this scenario

and hence as a result in the period after

2030-2050, the physical effects of climate

change will begin to intensify rapidly.

The 1.5°C warming scenario assumes

proactive and sustained action to reduce

carbon emissions over the next 25 years to

build a low-carbon economy, in the form of

stringent Government policies on stricter

energy efficiency building codes and carbon

taxes. There will also likely be significant

public and private sector investment in low

emissions technologies to help the global

economy achieve net zero goals by 2050.

Overall, this scenario would result in higher

transition risk in the short and medium-term.

Given the warming over pre-industrial levels

is going to be limited, the extent of physical

risk will only be slightly higher than it is today.

We also commissioned WTW to assess

London-specific risks, including intensified

Urban Heat Island effect and a potential

Thames barrier failure scenario. This reinforced

the need for resilient refurbishment practices,

green infrastructure, and appropriate

ACinstallation.

* CMIP is a global framework that brings together

leading climate models to provide consistent

projections of future climate conditions used

in climate risk assessments.

TCFD continued

1. Governance 2. Strategy

74 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TCFD continued

2. Strategy continued

Our assessment considered all plausible climate-related risks and opportunities that are

applicable for real estate businesses. These are identified in the table below. The impact of

physical risks is mainly in the form of direct damage to property, business interruption or supply

chain disruption. Impact of transition risks is mainly in the form of increased cost of business,

property obsolescence or failure to meet customer expectations.

Risks related to the physical impacts of climate

Acute climate risks Chronic climate risks

Winter storm Heat stress

Tornado Precipitation

River flood Drought

Flash flood Fire weather

Coastal flood Sea level rise

Hailstorm

Lightning

Risks and opportunities related to the transition to a lower-carbon economy

Policy and legal risks/opportunities

– Pricing of GHG emissions

– Proposed MEES requirements

(EPC B by 2030)

– Climate Change litigation

– Enhanced emissions reporting obligations

– Increasingly stringent planning requirements

Technology risks/opportunities

– Substitution of existing technology to lower

emissions options

Market risks/opportunities

– Change in customer demands

– Increased cost of raw materials

– Increased cost and availability of electricity

– Cost of capital

– Emissions offset

Reputation risks/opportunities

– Investment risk

– Employee risk

We worked with WTW this year to re-assess

asset by asset exposure for a range of climate

risks (as shown in the table to the left) at the

present day, as well as for future years under the

selected scenarios. Data used for the analysis

includes state of the art models and databases

within the insurance industry (including WTW

Global Peril Diagnostic, Munich Re hazard

database, Swiss Re CatNet amongst others),

climate models, published research and

information from IPCC. The assessment was

further supplemented with local information

and data that we hold on the assets.

To assess the transition risks, we conducted

scenario analysis using the guidance issued by

TCFD. The scenario used for the analysis aligns

with projections to keep global warming below

1.5°C above pre-industrial temperatures and it

was constructed based on a variety of sources

including RCP 2.6 scenario from IPCC,

International Energy Agency (‘IEA’) and the

Network for Greening the Financial System

(‘NGFS’). NGFS has also been used as a primary

source for carbon price estimates. Potential

transition risks to Workspace were identified

and articulated using academic research and

discussions with Workspace teams (as shown

in the table on the bottom left).

All the identified risks were assessed in terms

of impact and probability via a series of subject

matter expert interviews with Workspace teams

(such as finance, investment, technology, legal,

development, HR and leasing). Where the risk

criteria allowed for quantification, financial

impacts were estimated using assumptions

and likelihood assessed and aligned to our

Enterprise Risk Management (‘ERM’) risk rating

criteria (details of our ERM framework can

be found on pages 62 and 168). This helped

us narrow down the material issues applicable

to Workspace as shown on page 34, along

with risk levels.

Our analysis showed that all of London and

the South East could be exposed to a mix

of acute and chronic climate risks such as

flooding, windstorm, drought and heat stress,

thereby affecting our properties as well.

The analysis showed that the chronic risk

would become more evident in the long-term,

butthe impact level will still be low and

manageable under the 1.5°C scenario. The

impact level is deemed moderate under the

4°C scenario, arising from failure to transition.

Acute risk, on the other hand, could be felt

today. Using catastrophe models such as

Property Quantified and KatRisk, we

simulated thousands of acute climate events

to estimate the level of impact in terms of

property damages and business interruption.

Taking this probabilistic view and accounting

for actual vulnerability of our locations has

further provided rigour to our risk level

projections. Overall, we estimate the level

of impact from acute risks (such as flooding,

flash floods and wind storms) is low.

On transition risk, the impact is evident even

now, and could be significant under the 1.5°C

warming scenario due to stringent policy

requirements, increasing customer

expectations and expected raw materials price

increases. We have estimated the risk level to

be moderate, considering impact in terms of

increased cost, property obsolescence and

customer demand. However, through our

sustainable business model we hold an

advantage over our peers and have made

anet zero carbon commitment in line with

the UK’s commitment in Climate Change Act

2008 (2050 Target Amendment) Order 2019,

thereby minimising our risk. We are also well

positioned to capture the transition

opportunities, such as operational cost

efficiencies, lower cost of capital and

changing customer demands.

75 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TCFD continued

2. Strategy continued

The table below shows the summary of material risks and opportunities, applicable to Workspace, across the various time horizons and considering the two warming scenarios.

Current/short term (2030) Medium term (2030-2050) Long term (beyond 2050)

1.5°C scenario

Moderate transition risk resulting from:

– Proposed MEES requirements for all

commercial buildings to be EPC B by 2030,

requiring investment in energy efficiency

upgrades across the portfolio

– Changing customer demands on

sustainability, requiring swift adaptation

ofour older buildings to meet high

sustainability standards

Moderate transition risk resulting from:

– Proposed MEES requirements

– Increase in planning requirements, resulting

in higher upfront investment in energy

efficiency or offsetting

– Increased costs of raw materials

– Increased costs associated with offsetting

ofscope 3 emissions

Low transition risk in the long term,

assuming the UK economy has already

transitioned to a low-carbon world.

Transition opportunity arising from:

– Operational cost savings and efficiencies

from upgraded EPCs and implementation

oflow-carbon technologies

– Enhanced customer attractiveness due

to our ability to meet their expectations

on sustainability across many of our new

and refurbished buildings

– Access to green finance

Transition opportunity continues to exist

due to operational cost savings, customer

expectations and access to green finance.

Low transition opportunity in the long term,

assuming the UK economy has already

transitioned to a low-carbon world.

Low physical risk

– Existing exposure to windstorm across

theportfolio (unrelated to changing

temperature). The impact in terms of

physical damage and business disruption

islow considering asset vulnerability

– Flood risk exposure at three buildings and

risk of localised flash flooding due to heavy

precipitation across nine buildings. The

impact in terms of physical damage and

business disruption is low considering

assetvulnerability

Low physical risk with no significant changes

to current risks profile, other than the already

existing exposure to windstorm and flood risk.

Low physical risk, mainly due to smaller

manageable changes in chronic risks such

asdrought and heat stress. The main impact

from droughts is water scarcity and impact

on green areas. Heat stress can impact

running costs and customer wellbeing. On

acute risk, windstorm continues to pose risk.

However, the impact in terms of physical

damage and business disruption is low

considering asset vulnerability.

4°C scenario

Transition risk non-existent in this scenario,

in the current/short-term

Transition risk non-existent in this scenario,

in the medium term

Moderate physical risk arising from failure

to transition:

– Continued exposure to windstorm, flood

risk at three buildings and localised flash

flooding across ten buildings

– Increased drought risk across all buildings

– Increased heat stress across all buildings

– Increased subsidence risk across all

buildings

Low physical risk, due to already existing

exposure to windstorm (unrelated to changing

temperature), flood risk at three buildings and

localised flash flooding across nine buildings.

The impact in terms of physical damage and

business disruption is low considering

assetvulnerability.

Low physical risk with no significant changes

to current risks profile, other than the already

existing exposure to windstorm and flood risk.

76 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TCFD continued

2. Strategy continued 3. Risk management

Strategy and financial planning

Our sustainability strategy has a key focus

on climate change mitigation and adaptation,

ensuring we are minimising the environmental

impact of our portfolio and building resilience

for the long term. We are delivering on this

ambition by embedding climate considerations

in financial and strategic decisions across the

life cycle of our properties: Development,

Investment and Asset Management and the

services we deliver to our customers.

Development: As a business, our primary

focus is on repurposing old buildings to

higher standards and hence inherently our

activity is less carbon intensive than some of

our peers. However, we continue to focus on

further minimising our environmental and

carbon impact, ensuring what we build is fit

for the future. Our sustainable development

brief requires all our development and

refurbishment projects to meet high energy

and carbon specifications, thereby minimising

our exposure to risks such as proposed

MEESrequirements, stringent planning

requirements, raw material costs and

increased customer demands. We also ensure

that we test our design brief against physical

risks such as heat stress and flooding.

Investment: Climate considerations inform

allour investment decisions, whether it’s

spending capex on building upgrades or

acquiring new properties. We conduct

sustainability due diligence, taking into

account a number of warming scenarios,

prior to acquisition to assess climate-related

risks associated with the building and forward

plan the investment and interventions

required to mitigate any material risks.

Asset management: Our flexible business

model allows us to implement a rolling

programme of refurbishments across the

existing portfolio, to ensure we continue to

improve the energy and carbon performance

of all our buildings and remain compliant with

legislation. Our flood risk assessment has also

helped us prioritise adequate defences and

mitigation plans for exposed assets.

Services to customer: Climate considerations

are fully embedded in our operational

platform, ensuring our site teams are delivering

customer services sustainably. This includes

initiatives to manage whole building energy

consumption, raising awareness with our

customers to reduce carbon and manage our

waste sustainably. We are also actively

upgrading our portfolio to be more sustainable,

in line with changing customer expectations.

Financial planning: Climate considerations

inform our business financial reporting and

planning. The Board deem there is no material

financial impact from climate-related issues,

considering valuation of properties, going

concern and viability of the Group and the

capital expenditure required. The Board

reviewed the investment plan to transition our

portfolio to net zero carbon and upgrade EPC

to A and B, where feasible, (see pages 54 to

55) and this has enabled us to forward plan

investments on interventions such as energy

efficiency technology, decarbonising heat,

onsite renewables and sustainable materials

and construction practices. To ensure we

have access to capital at competitive rates,

our financing is also linked to climate-related

criteria (£300m Green Bond, £335m ESG-linked

revolving credit facility and a £65m loan

from Aviva).

Resilience of strategy

The climate scenario assessment has enabled

us to test the resilience of our strategy and

revealed that our overall exposure to climate-

related risks is moderate, mainly arising from

transition risk under 1.5°C scenario (see table

on page 76). The geographic concentration

of our portfolio in London and low

vulnerability of assets to acute risks means

that the overall exposure to physical climate

risks is low, even under a 4°C scenario.

Our strategy and financial planning

effectively addresses the transition risk

identified in the 1.5°C scenario. Our sustainable

business model, whereby our carbon and

energy intensity is lower compared to the

industry average and our focus on

repurposing older buildings to meet high

sustainability standards ensures we are

building resilience across the business in the

near to medium term. Our robust operational

platform allows us to proactively manage

environmental performance of our assets and

mitigate both physical and transition risks.

Given our long-term ownership of buildings,

coupled with our flexible lease model which

allows us to invest across our portfolio in a

timely manner and actively address climate

risks, we are confident that our strategy is

resilient against plausible climate scenarios.

Further, our pathway to become net zero

carbon (see pages 52 to 53), ensures we

are aligning our business to a 1.5°C warming

scenario and mitigating any potential risks.

Identifying and assessing risk

We have an established Risk Management

Framework in place to help us capture,

document and manage risks facing our

business, including climate-related risks.

The Audit Committee along with the full

Board have overall responsibility for risk

management. See our Risk Management

Framework on page 60 and 168 along with

our criteria for determining risk scoring.

We identify risks across two key areas:

Principal Business (Strategic) risks and

Operational risks. Climate-related risks have

been factored in to both these categories.

The scenario analysis conducted with WTW

helped us assess the level of exposure to

climate risk, its likelihood (taking into

account both existing and emerging

regulatory and market risks), and determine

its financial materiality using a structured

template (see impact criteria on page 62)

tocapture any impact on revenue, costs or

property valuation. This allowed us to map

our risk levels as low, moderate or high,

using our risk scoring matrix (page 62). In

our case, we observed no significant change

in risk profile between various time horizons

and hence the mitigation strategy is focused

on short to medium term actions, covering

our response out to 2050, including delivery

of our net zero carbon commitment.

Depending on the extent of planned

mitigation measures in place, as already

captured in our net zero pathway and

existing business processes, we were able to

narrow down the material risks which had a

level of residual impact that we will continue

to manage effectively. These are captured in

the tables on pages 78 to 79 along with

current mitigation strategy for the two

climate scenarios we have assessed.

77 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

3. Risk management continued

The table below shows the summary of material risks and opportunities, applicable to Workspace, across the various time horizons and considering the two warming scenarios.

Risk Evaluation of residual risk Mitigation strategy

Transition risks and opportunities in the current/short and medium term – 1.5°C warming scenario

Policy and legal –

EPC rating requirements

– 19% of the Workspace portfolio is rated C and 16% is rated D and E. Additional

investment of £35-67m will be required to meet EPC A/B across the portfolio

by 2030 (c.£9-17m annually)

– However, taking into account the annual maintenance capex for ongoing

refurbishments throughout the year, the actual additional investment required

will be much lower than c.£4-5m annually

– Opportunity: There will be an opportunity arising from higher operational

savings due to upgraded environmental performance

– Target set to upgrade a significant proportion of the portfolio to EPC A/B

each year. We successfully upgraded 4.4% of the portfolio to EPC A/B

thisyear

– A rolling programme of EPC and net zero audits is being undertaken to

identify asset level upgrade plans and a process is in place to upgrade a unit

once vacant

– A detailed investment plan is created for annual budgeting purposes

– Central register created to track EPC compliance status monthly

Policy and legal –

increasingly stringent

planning requirements

– Workspace is able to meet London Plan requirement of 35% emissions

reduction over Part L, of the building regulations

– If the requirements were to get more stringent in future (say 50% reduction

or inclusion of offsetting for upfront carbon at planning stage), we would need

to design buildings differently, which could raise project costs

– By implementing our net zero design brief, we are able to achieve 35%

reduction at minimal incremental cost

– Continual tracking of planning requirements to inform our design brief

– Strategy in place to minimise whole life carbon through responsible design

and material choices

Market – change in

customer demands

– Based on a recent survey, over 25% of London SMEs factor in sustainability

as one of the top five criteria in their choice of office space

– We are rapidly decarbonising our portfolio in line with our net zero pathway,

ensuring we are well placed to meet changing customer expectations and

capture more market share by being ahead of our peers. In the interim,

there is some risk to our older properties which are not in the top tier

of energy/carbon performance and are awaiting upgrades

– Opportunity: There will also be an opportunity from increased customer

demands (i.e. successful lettings, high occupancy) for our newly refurbished

or developed buildings that meet high sustainability standards

– Our net zero pathway ensures we continue to enhance our portfolio to meet

changing customer demands

– Through continual collection of customer preferences and data, we intend

to proactively manage customer expectations

– Improved communications with customers on our sustainability efforts

further strengthen customer satisfaction

Market – increased

cost of raw materials

– We expect the costs of carbon intensive raw materials (such as cement, steel)

will increase in the future

– The resulting impact will depend on our build activity in a year and the

percentage of cost passed on by suppliers

– Our focus on repurposing limits our exposure to raw materials and

associated cost increased

– Continued efforts to explore new materials and technologies will help further

reduce embodied carbon of our developments

Market – emissions offset

– Our current emissions are around 21,060 tonnes of CO

e. In line with our

net zero pathway, we expect to reduce our emissions by 90% by 2040 from

a 2020 baseline (32,695 tonnes of CO

– Applying UCL projected cost of carbon at $100 per tonne

worst case

scenario, this could cost us up to £245k annually from the point we achieve

our net zero carbon target

– Continue to drive progress on our net zero pathway by upgrading our

properties to eliminate scope 1 and 2 emissions

– Continue efforts to explore new materials and technologies to reduce

embodied carbon of our developments, driving our scope 3 emissions down

– Continue engaging with tier 1 suppliers to implement the newly established

supply chain decarbonisation roadmap, requiring top 50 suppliers to report

carbon data annually and setting their own net zero targets

COMPLIANCE STATEMENTS continued

TCFD continued

1. Source: https://www.ucl.ac.uk/news/2021/jun/ten-fold-increase-carbon-offset-cost-predicted.

78 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

3. Risk management continued

The table below shows the summary of material risks and opportunities, applicable to Workspace, across the various time horizons and considering the two warming scenarios.

Risk Evaluation of residual risk Mitigation strategy

Physical risks in the current/short and medium term – 1.5°C warming scenario

Windstorm

– Most of our buildings could be exposed to risk of windstorm and missile

impact from flying debris. However, given the solid façade and relatively lower

height of our buildings, we estimate level of impact in property damages and

business interruption to be low (less than £1.7m, assuming worst case scenario).

The risk profile will likely remain within the current levels of variability,

with changing temperatures

– Business continuity and emergency response planning measures in place

tominimise potential impact in case of storm warnings

– Protection against portable and not secured items in building vicinity

is being incorporated

River flood

– Flood defences provide an adequate level of protection however, there are

some local areas at risk which exposes three of our buildings. The impacts

could be water ingress, damage in lower floor and some level of interruption

to the business. Taking into account our flood mitigation strategy and

emergency preparedness plans, we estimate level of impact in property

damages and business interruption to be low (less than £1.2m, assuming worst

case scenario). The risk profile only moderately changes with time or changing

temperature

– Comprehensive flood risk management plans created for exposed assets

– Business continuity and emergency response planning measures put in place

in case of flooding

– Flood mitigation measures being incorporated in design of new projects

– Insurance protection in place in case of physical damage or interruption

Localised flash flooding

– Whilst the precipitation stress due to heavy rainfall is likely to stay the same,

nine of our buildings could be exposed to localised flash flooding due to local

terrain features which could cause water ingress and damage in lower floors.

A deeper dive of these buildings has revealed lower vulnerability to localised

flash flooding and hence we estimate level of impact in property damages and

business interruption to be low (less than £1.6m, assuming worst case scenario).

The risk profile is not likely to change with time or changing temperatures

– Comprehensive flash flood risk assessment being undertaken across

theportfolio

– Business continuity and emergency response planning measures put in place

to minimise impact in case of high precipitation warning

– Regular drainage survey being undertaken across select buildings to ensure

sufficient water attenuation on site

– Flood mitigation measures being incorporated in design of new projects,

including blue roofs and rain water harvesting systems

Physical risks in the long term – 4°c warming scenario

Drought

– Under this climate scenario, London and the South East of the UK could be

exposed to drought stress, affecting all our properties in the long term. Whilst

our water consumption is not material, this would result in slightly increased

utility costs and impact on green areas

– We are installing water efficient fittings across our buildings

– Our landscaping has been designed to bear warmer climates in mind

Heat stress

– In this scenario, by the end of the century, London and the South East of the

UK could be exposed to medium level of exposure to heat stress resulting in

the number of heatwave days increasing to 20 days per year, thereby affecting

all our properties. On average, there will be an increase in our cooling demand.

The scenario will also result in milder winters, which would in turn reduce our

heating demand on average. In the current/short term, heat stress will not

be asignificant issue despite slight increase in heatwave days

– A rolling programme of air conditioning is being implemented across

the portfolio to ensure customers are comfortable in high temperatures

– Additional measures such as outdoor greenery and shade being

incorporated to provide ‘refuges’ in hotter weather conditions

– Review of current heating and cooling usage being undertaken to ensure

wecontinue to optimise consumption, in response to outdoor temperatures

1. Note: Under the 4°C warming scenario – windstorm, flood risk and flash flood risk will exist as well, and potentially could edge further. However, the risk profile will not change significantly. The mitigation strategy listed above will continue to be effective.

COMPLIANCE STATEMENTS continued

TCFD continued

79 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TCFD continued

4. Metrics and targets

Metrics used to assess climate-related risks

and opportunities

To understand our climate-related impact

and performance we report on a wide range

of consumption and intensity metrics relating

to energy, carbon, waste and water, such as:

– Total energy consumption (page 81).

– Total electricity consumption, including

proportion generated from renewables

(page 81).

– Proportion of electricity sourced from

renewable sources (page 84).

– Total fuel consumed on site (page 81).

– Building emissions intensity by floor area

(page 81).

– Total emissions from water consumption

(page 81).

– Total emissions from waste, waste recycled

and diverted from landfill (page 81).

– EPC split of the portfolio by floor area

(page 55).

– Number of buildings with sustainability

certification (page 55).

– Number of energy efficiency projects

implemented and associated capital

expenditure (page 82).

– Number of buildings exposed to flooding

(page 79).

– ESG metrics linked to remuneration and

performance against these (pages 39 to 40

and 208).

– Internal carbon price of $100/tonne

(page78).

Pages 50 to 59 provide further detail on

targets we have set against all climate-related

metrics and progress made to date.

Scope 1, 2, 3 GHG emissions and related risks

Carbon emissions represent one of our largest

environmental impacts and we are actively

working to reduce our sources of carbon

where possible (see our net zero carbon

pathway on page 52). Significant contributors

to our operational carbon emissions are the

electricity and gas consumed within our

buildings and by improving the energy

efficiency of our buildings and electrifying the

heating systems we aim to reduce our overall

carbon footprint. Following an in-depth

analysis of our scope 3 emissions, we now have

a much better understanding of the emissions

associated with our development and

refurbishment activities which make up

asignificant portion of our scope 3 emissions.

We are also implementing a supply chain

decarbonisation roadmap to accurately assess

and reduce our supply chain emissions. Refer

to page 81 for our scope 1, 2 and 3 greenhouse

gas emissions data and year-on-year changes

(calculated using GHG protocol).

Targets used to manage climate-related risks

and opportunities

To reduce our carbon emissions, we continue

to focus on designing low-carbon buildings

and implementing energy efficiency

initiatives throughout the portfolio, whilst

actively engaging our customers and

suppliers to reduce scope 3 emissions.

Our main goal is to significantly decarbonise

our business (see page 52 and 53 for the

scope of our net zero carbon commitment,

aligned to latest SBTi guidance). This is

underpinned by the following emissions

reduction targets:

– Aim to reduce our total greenhouse gas

emissions by 90% by 2040, from a 2020

baseline.

– Aim to significantly decarbonise heating

from our portfolio by 2030 where feasible.

– Aim to source 100% energy from

renewablesources.

– Undertake whole life carbon assessment

ofall development and refurbishment

projects.

We use the following KPIs to assess progress

against these targets:

– Reduction in scope 1 and 2 emissions.

– % of our property portfolio that is EPC

A/B rated.

See page 39 for further details.

90%

Reduction in total

greenhouse gas

emissions by 2040,

from 2020 baseline

80 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

Greenhouse gas (‘GHG’) emissions and energy use data for Streamlined Energy & Carbon Reporting (‘SECR’)

Source of emissions 2019/20 2024/25 LfL 2024/25 2025/26 LfL 2025/26

2025/26 vs

2024/25 %

change

LfL 2025/26 vs

2024/25 %

change

2025/26 vs

2019/20 %

change

Scope 1 (Direct) 3,451 1,945 1,688 1,627 1,578 -16% -6% -53%

Gas (tCO

e) 2,620 1,507 1,361 1,328 1,280 -12% -6% -49%

Fugitive Emissions (tCO

e) 828 438 327 298 298 -32% -9% -64%

Vehicle Emissions (tCO

e) 3 0 0 0 0 n/a n/a -100%

Scope 2 Location-based (Energy Indirect) 7,144 6,372 5,858 5,213 4,948 -18% -16% -27%

Scope 2 Market-based (Energy Indirect) 123 190 152 168 153 -12% 1% 36%

Electricity (Location-based) (tCO

e) 7,021 6,181 5,706 5,045 4,795 -18% -16% -28%

Electricity (Market-based) (tCO

e) 0 0 0 0 0 0% 0% 0%

Purchased Heat (Location-based) (tCO

e) 123 190 152 168 153 -11% 1% 36%

Purchased Heat (Market-based) (tCO

e) 123 190 152 168 153 -11% 1% 36%

Vehicle Emissions (tCO

e) – Location-based 0 0.4 0.4 0.0 0.0 -100% -100% 0%

Vehicle Emissions (tCO

e) – Market-based 0 0.4 0.4 0.0 0.0 -100% -100% 0%

Total Scope 1 & 2 (Location-based) 10,595 8,317 7,546 6,840 6,527 -18% -14% -35%

Energy consumption used to calculate above emissions (kWh) 42,429,912 39,149,360 35,840,992 36,723,968 34,960,953 -6% -2.5% -13%

Intensity Ratio: Net Lettable Area tCO

e/sq. ft. 0.00268 0.00178 0.00193 0.00157 0.00167 -12% -14% -41%

Intensity Ratio: Gross Internal Area tCO

e/sq. ft. 0.00191 0.00127 0.00135 0.00111 0.0014 -12% -14% -42%

Scope 3 (Other Indirect) 22,100 18,395 n/a 14,220 n/a -23% n/a -36%

Fuel and Energy-Related Activities (tCO

e) 2,025 2,320 n/a 2,212 n/a -5% n/a 9%

Customer Direct Energy (tCO

e) 2,928 1,683 1,353 1,188 987 -29% -27% -59%

Water Supply (tCO

e) 91 33 n/a 40 n/a 21% n/a -56%

Water Treatment (tCO

e) 187 40 n/a 36 n/a -11% n/a -81%

Waste Management (tCO

e) 82 20 n/a 14 n/a -30% n/a -83%

Embodied carbon in development projects (tCO

e) 8,982 3,974 n/a 2,244 n/a -44% n/a -75%

Purchased goods and services (tCO

e) 7,647 9,900 n/a 8,219 n/a -17% n/a 7%

Employee Commuting (tCO

e) 84 394 n/a 265 n/a -33% n/a 216%

Business Travel (tCO

e) 74 30 n/a 2 n/a -94% n/a -98%

Total Scope 1, 2 & 3 (tCO

e) 32,695 26,712 n/a 21,060 n/a -21% n/a -36%

Total energy consumption – whole building (kWh) 55,120,583 47,414,532 42,487,982 43,403,579 40,508,058 -8% -5% -21%

Total gas use – whole building (kWh) 15,617,931 9,352,996 8,403,226 8,199,861 7,823,586 -12% -7% -47%

Total electricity use – whole building (kWh) 38,801,849 37,001,628 33,239,989 34,243,114 31,811,142 -7% -4% -12%

Total purchased heat – whole building (kWh) 700,803 1,059,909 844,767 960,603 873,330 -9% 3% 37%

Self-generated renewable electricity (kWh) 129,533 218,594 218,594 240,423 240,423 10% 10% 86%

1. Note: All figures reported relate to emissions and energy consumed in the United Kingdom.

SECR

81 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

Reporting framework

Policy a Reporting period:

1 April 2025 – 31 March 2026

Reporting Frequency – Annual, aligned

with financial reporting

Regulatory:

Schedule 7 of the Large and Medium-sized

Companies and Groups (Accounts and Reports)

Regulations 2008

Boundary:

Our GHG emissions have been prepared

using the ‘operational control’ approach, in

compliance with the Greenhouse Gas Protocol

guidance. Scope 1 and 2 emissions include

customer consumption where we procure

gas, electricity or heat on their behalf.

Where electricity is directly purchased by

our customers (c.25% of NLA as at April 2025),

we have estimated usage and corresponding

emissions have been included under our

scope 3 reporting.

In cases where a property has been acquired

or sold during the reporting period, we report

its greenhouse gas emissions up to the sale

date or from the acquisition date. We exclude

properties from greenhouse gas reporting for

the duration of any major refurbishment or

construction project.

Reporting standards:

World Resources Institute/World Business

Council for Sustainable Development

Greenhouse Gas Protocol: A Corporate

Accounting and Reporting Standard, Revised

Edition (the GHG Protocol). World Resources

Institute/World Business Council for Sustainable

Development Greenhouse Gas Protocol:

Corporate Value Chain (scope 3).

We have also aligned our reporting with:

– EPRA ‘Sustainability Best Practice

Recommendations’ (‘SBPR’). Published

in theSustainability review section of our

investor website.

– Sustainability Accounting Standards Board

(‘SASB’) real estate metrics. Pages 84 to 85.

– Global Reporting Initiative (‘GRI’) 2021

Standard. Published in the sustainability

section of our investor website.

Verification:

Bureau Veritas were appointed for

independent third-party verification of

our carbon data. The verification has been

performed to the international standard

ISAE3410 Specification. Limited level of

assurance, based upon a 5% materiality

threshold has been carried out. The full

assurance statement can be found in the

Sustainability review section of our investor

website. Further, our social value data has

been verified by Social Value Portal.

Other:

When reporting totals, the location-based

emissions are used. All our portfolio market-

based emissions are backed by Renewable

Energy Guarantees of Origin (‘REGOs’).

Any questions about the reported information,

please contact:

info@workspace.co.uk

Performance against targets and KPIs

We achieved a 18% reduction in scope 1

andscope 2 emissions across the portfolio

compared to FY 24/25. This is underpinned by

a 6% reduction in Workspace procured energy

consumption (12% reduction in gas and 5%

reduction in electricity). On alike-for-like basis,

which only includes properties that have been

owned for the entirety of the April 2024 to

March 2026 period, we achieved a 14%

reduction in scope 1 and 2 emissions and

a 2.5% reduction in energy consumption.

The reduction in energy use was driven

by investment in high efficiency heat pump

installations across a number of properties and

optimisation of controls and setpoints. We also

rolled out a number of energy efficiency

upgrades across the portfolio such as LED

lighting, presence detection sensors, a smart

Building Energy Management System (‘BEMS’)

and ran several energy awareness sessions

with customers. In addition, granular energy

data enabled us to monitor and optimise real

time energy demand.

In line with common practice in the property

sector, we use a carbon intensity metric of

tCO

e/sq. ft. This year, we have delivered savings

of 14% in our scope 1&2 location-based emissions

per sq. ft. of Net Lettable Area (‘NLA’), across

the like-for-like portfolio.

Our market-based electricity figure is zero

because all of the electricity we purchase for

our portfolio is now on a renewable energy

contract backed by Renewable Energy

Guarantees of Origin (‘REGOs’), including the

power purchase agreement with a solar plant

in Devon.

Energy efficiency actions taken during 2025/26

We have proactively identified and delivered a

range of energy efficiency projects across our

portfolio (invested £11.5m across 33 properties),

such as LED and PIR lighting upgrades,

installation of secondary glazing and a rolling

programme of high efficiency heat pumps.

We have also benefitted from improved data

management and customer engagement

initiatives across a number of our buildings.

We have continued to roll out our BEMS,

Optergy, which is a smart metering technology

that has enabled real-time energy monitoring

at the building level right down to individual

plant equipment. The data provided by the

BEMS is used by our in-house Facilities

Management teams to improve energy

management practices and reduce GHG

emissions. The Optergy portal is now fully

enabled at 53 sites and enables us to view

and monitor our energy consumption profiles,

down to the unit level. See pages 54 and 55 for

further details on energy efficiency measures

implemented during the year.

Method for data collection

We collect utility data across our portfolio

from manual meters, automated meters and

invoices, which are all collated on our energy

reporting and billing platform. Our site teams

are responsible for reading manual meters and

log consumption data onto our energy and

billing platform on a monthly basis. To remove

reliance on manual meter reading, we

continuously look at upgrading to automatic

meters, which are currently in place across the

majority of our main incomers. Our in-house

energy analyst reviews the accuracy of energy

data and analyses monthly performance trends

to help prioritise properties for energy

efficiency improvements.

SECR continued

82 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

2024/25 period to enable a like-for-like

comparison. On page 53, we present the

energy use intensity for each building in our

portfolio. Theenergy use is normalised by the

total internal area of each asset, revealing the

relative performance of individual buildings

and allowing us to benchmark it against

industry best practice. This normalisation using

total internal area allows us to take into

account extensive usage of common areas

provided as amenity spaces for our customers,

ensuring a comprehensive assessment of

energy performance of our buildings.

Fugitive emissions stem from the use of

refrigerants and have been calculated based

on refrigerant leak event schedules provided

by our air conditioning contractors.

Vehicle emissions are calculated from the use

of our company cab.

Waste data is captured by our waste

contractor Veolia, who weighs recycled and

general waste across the portfolio at each

waste collection and provides us with a

monthly tonnage report.

Embodied carbon in development projects

relates to GHG emissions stemming from

our construction and refurbishment activities.

Since 2021, we systematically carry out

whole-life carbon analysis for all developments

and major refurbishment projects, and

therefore have project specific embodied

carbon data on our most recent projects.

Whilst there is no standardised carbon

emission factor for calculating embodied

carbon emissions from smaller refurbishment

projects, embodied carbon factors advised by

our JLL’s research team have allowed us to

estimate embodied carbon emissions for small

projects, representative of standard market

practice (196kgCO

e/m

for office retrofits

involving heat decarbonisation, 77kgCO

e/m

for light office retrofits).

Purchased goods and services relate to the

upstream emissions from the business’ use

of products and services. Emissions were

calculated using a combination of spend-based

and activity-based method, applying carbon

factors from the BEIS database and supplier

reported emissions, respectively. We intend

to continue to move towards an activity-based

method for our upstream emissions as more

supply chain data becomes available. This will

provide greater accuracy of the purchased

goods and services emissions. Currently, less

than 5% of the purchased goods and services

emissions reported are based on carbon data

reported directly by our suppliers (typically

Scope 1, 2, 3 upstream). This carbon data could

only be partially verified.

Business travel data includes flights and

car mileage claimed for business purposes

by our employees.

Emissions from commuting include carbon

emissions from homeworking in addition to

office commuting. For this year’s reporting,

weassumed the Head Office employees to

beworking in the office four days a week and

at home one days a week. All site employees

are assumed to be working on-site five

daysaweek. Assumption on modes of

transportation used by commuters came

fromthe Department of Transport statistics.

With the exception of embodied carbon and

purchased goods and services, GHG emissions

were calculated using DEFRA (Department

forEnvironment, Food & Rural Affairs)

2025factors.

We estimate electricity consumption data

where customers have their own utility

supplier. Where this relates to units in

abuilding where we otherwise have access

to energy consumption, we estimate ‘Customer

direct’ electricity usage based on the energy

usage of the rest of the building, using a floor

area pro-rating method. Where this relates

toaFRI building, energy consumption is

estimated based on the average energy usage

of the building type in the portfolio. Whilst

our‘Customer direct’ gas consumption is very

low, we have included estimations for gas

consumption where we have been made aware

of customer managed gas supplies. GHG

emissions calculated from ‘Customer direct’

electricity and gas consumption are included

inour scope 3 reporting. Every time a unit

becomes vacant and we take over the

‘Customer direct’ supply, we transition

theassociated energy use to our scope 1

and2emissions. It is worth noting that there

may be a short period following a unit

becoming vacant during which Workspace

temporarily manages a legacy ‘brown’

electricity contract. However, consumption

during this period is immaterial, as the units

are not in use.

This year, we made the decision to restate our

2024/25 emissions data, specifically electricity,

gas and heat-related emissions as well as

emissions from purchased goods and services

following significant improvements in the

accuracy of our historical data. We have also

restated emissions from fuel and energy

related activities for FY 24/25 and FY 2019/20,

to account for transmission and distribution

emissions from well-to-tank emissions

associated with electricity and heat. On page

81, we have also reported like-for-like figures,

which include properties that have been

owned for the entirety of the April 2024 to

March 2026 period. Given we took over a

significant number of ‘customer direct’

supplies during the course of the year, the data

for these meters have been back dated for the

ROBUST MONITORING AND

TRANSPARENT DISCLOSURE

OF OUR IMPACT UNDERPIN

ACCOUNTABILITY AND ENABLE

US TO DELIVER PURPOSEFUL,

MEASURABLE PROGRESS.

Ariane Ephraim

Sustainability Lead

SECR continued

Methodology note on EPC A/B Rated Space

(relevant to ESG LTIP results on page 209):

Energy Performance Certificates (EPCs) are standardised

ratings that assess the energy efficiency of buildings on a

scale from A (most efficient) to G (least efficient), based on

factors such as construction, insulation, heating, and energy

use. To measure the energy performance of our real estate

portfolio, we maintain a comprehensive, unit-level schedule

of EPC ratings for all assets. These certificates are prepared

by accredited, independent third-party EPC assessors in line

with regulatory requirements. At the end of each financial

year, we calculate the share of EPC A and B rated space by

aggregating the net lettable area (NLA) of all units holding

valid A or B ratings and expressing this as a proportion of

the total portfolio NLA with disclosed EPCs. This approach

ensures consistency and comparability over time. Using this

methodology, we have achieved a 21.4 percentage point

increase in the proportion of EPC A/B rated space over the

past three years, measured between the portfolio positions

as at 31 March 2023 and 31 March 2026, reflecting ongoing

improvements in the energy efficiency of our portfolio. Floor

areas referenced within EPC certificates may in some cases

include common parts, which can result in minor discrepancies

when compared to the net lettable area figures used in the

EPC schedule for calculation purposes.

83 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

SASB sustainability accounting standard – real estate metric

Topic Accounting metric Code Comment

Energy

management

Energy consumption data coverage as a percentage of

total floor area, by property subsector

IF-RE-130a.1 The energy consumption reported on page 81, falling within our scope 1 and 2 emissions, covers

75% for our portfolio’s total nettable floor area, as at 1 April 2025, and corresponds to the areas

where Workspace have operational control.

Energy data falling outside of our procurement control is estimated and corresponding carbon

emissions are reported under scope 3 on page 81. A portion of this consumption is associated

with the assets in the portfolio which are on FRI lease.

(1) Total energy consumed by portfolio area with data

coverage

(2) Percentage grid electricity

(3) Percentage renewable, by property subsector

IF-RE-130a.2 (1) See ‘Energy Consumption used to calculate above emissions (kWh) on page 81.

(2) 99% of electricity consumed was purchased from the grid, the rest was self-generated

by on-site solar panels.

(3) 100% of electricity procured was from certified renewable sources (REGO-backed).

Additionally we have 15 sites that are equipped with solar panels. Refer to pages 54 and 82

for more information on our renewable electricity procurement.

Like-for-like percentage change in energy consumption

for the portfolio area with data coverage, by property

subsector

IF-RE-130a.3 Refer to Ele-LfL, Fuel-LfL and DH&C-LfL metrics in our EPRA report.

Percentage of eligible portfolio that

(1) Has an energy rating and

(2) Is certified to ENERGY STAR, by property subsector

IF-RE-130a.4 Refer to Cert-Tot metric in our EPRA report. Energy Performance certificates (‘EPCs’) and

BREEAM certification have been used as the relevant UK alternative to ENERGY STAR.

Description of how building energy management

considerations are integrated into property investment

analysis and operational strategy

IF-RE-130a.5 Energy management is identified as one of the key material issues for the business and

underpins the delivery of our net zero carbon pathway. As a result, stretching greenhouse gas

emissions reduction targets directly influence Executive remuneration. Refer to pages 52 to 56

in this report for more information on our strategy and approach to energy management, along

with impact delivered.

Water

management

Water withdrawal data coverage as a percentage of

(1) Total floor area and

(2) Floor area in regions with High or Extremely High

Baseline Water Stress, by property subsector

IF-RE-140a. (1) Our water consumption data coverage amounts to 96% of our portfolio.

(2) 100% of our properties are located in areas classified as under high water stress according

to the World Resource Institute’s (‘WRI’) Water Risk Atlas tool.

(1) Total water withdrawn by portfolio area with data

coverage and

(2) Percentage in regions with High or Extremely High

Baseline Water Stress, by property subsector

IF-RE-140a.2 (1) Refer to Water-Abs metric in our EPRA report.

(2) 100% of our office properties are located in areas classified as under high water stress

according to the World Resource Institute’s (‘WRI’) Water Risk Atlas tool.

Like-for-like percentage change in water withdrawn for

portfolio area with data coverage, by property subsector

IF-RE-140a.3 Refer to Water-LfL metric in our EPRA report.

Description of water management risks and discussion

of strategies and practices to mitigate those risks

IF-RE-140a.4 We include emissions associated with water supply and water treatment in our scope 3 footprint

and intend to address it as part of our net zero carbon pathway. Our climate risk assessment

also indicated water stress as a key risk in the long term and we have put in place a mitigation

strategy in the form of water efficient design brief and adaptive landscaping around our sites

(page 55). We are also rolling out metering to gain better coverage of our water data.

84 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Topic Accounting metric Code Comment

Management

of tenant

sustainability

impacts

(1) Percentage of new leases that contain a cost

recovery clause for resource efficiency related

capital improvements

(2) Associated leased floor area, by property subsector

IF-RE-410a.1 Our new leases are inclusive of rent and all bills, including utilities. A responsible energy

consumption clause has been included in those leases, which allows us to charge an excessive

usage fee in instances of consistent high energy consuming behaviour. Those inclusive leases

represented 76% of our total sales volume in 2025/26.

(1) Percentage of tenants that are separately metered

or submetered for grid electricity consumption

(2) Percentage of tenants that are separately metered

or submetered for water withdrawals, by property

subsector

IF-RE-410a.2 (1) 60% of tenant spaces are submetered for grid electricity consumption (as at 1st April 2025)

(2) Customers are billed for water usage on a floor area pro rating basis. A small number of

tenants manage their own water meter (gyms and restaurant units) in addition to single-let

properties’ tenants.

Discussion of approach to measuring, incentivising,

and improving sustainability impacts of tenants

IF-RE-410a.2 Our operational platform allows us to maintain a close working relationship with our customers

and collaborate on whole building initiatives. We have a multi-faceted customer engagement

strategy on sustainability, which includes sending quarterly sustainability newsletters to

customers across all of our properties, share building-level sustainability performance data,

along with practical guidance on how to operate buildings more sustainably. This year we

delivered over 100 sustainability-themed customer events ranging from energy savings

awareness to recycling and zero-waste environmental workshops.

Climate change

adaptation

Area of properties located in 100-year flood zones,

by property subsector

IF-RE-450a.1 1,474,619 sq. ft. of lettable area are located in a 100-year flood zone according to the

Environment Agency flood map.

Description of climate change risk exposure analysis,

degree of systematic portfolio exposure, and strategies

for mitigating risks

IF-RE-450a.2 Refer to the TCFD section of this report on pages 73 to 80.

COMPLIANCE STATEMENTS continued

SASB sustainability accounting standard – real estate metric continued

Activity metric as at 1 April 2025 Code Comment

Number of assets, by property subsector IF-RE-000.A 64 offices

1 other (leisure)

Leasable floor area, by property subsector IF-RE-000.B 4,252,420 sq. ft. of offices

98,255 sq. ft. of leisure assets

Percentage of indirectly managed assets, by property subsector IF-RE-000.C 2% of office space floor area is indirectly managed

Average occupancy rate, by property subsector (average for FY25/26) IF-RE-000.D 77% average occupancy rate across offices

85 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TNFD

TNFD pillar and recommendation Recommended disclosures

Alignment with

disclosure requirements

1. Governance

Disclose the organisation’s

governance of nature-related

dependencies, impacts, risks

and opportunities.

A. Board oversight of nature-related dependencies, impacts, risks and opportunities Fully aligned

B. Management’s role in assessing/managing dependencies, impacts, risks

and opportunities

Fully aligned

C. Human rights policy and engagement activities in assessment of dependencies,

impacts, risks and opportunities

Fully aligned

2. Strategy

Disclose the effects of nature-

related dependencies, impacts,

risks and opportunities on the

organisation’s business model,

strategy and financial planning

where such information

is material.

A. Dependencies, impacts, risks and opportunities for short, medium and long term Partially aligned

B. Effect on business model, value chain, strategy, financial planning, transition plans Partially aligned

C. Business’ strategy resilience against various scenarios N/A

D. Interface with priority locations Partially aligned

3. Risk management

Describe the process used by

the organisation to identify,

assess, prioritise and monitor

nature-related dependencies,

impacts, risk and opportunities.

A. Process for identifying, assessing and prioritising dependencies, impacts,

risks and opportunities in direct operations and value chain

Partially aligned

B. Process for monitoring dependencies, impacts, risks and opportunities Partially aligned

C. Integration into overall risk management Partially aligned

4. Metrics and targets

Disclose the metrics and

targets used to assess and

manage material nature-related

dependencies, impacts, risks

and opportunities.

A. Metrics used to assess and manage risks and opportunities Fully aligned

B. Metrics used to assess and manage dependencies and impacts Partially aligned

C. Description of targets (and performance monitoring) to manage dependencies,

impacts, risks and opportunities

Partially aligned

Introduction

Workspace considers nature and biodiversity

to be a material issue, intrinsically linked to

several of our other priority areas, including

climate resilience, customer expectations,

wellbeing, and regulatory compliance.

Recognising the growing urgency of nature

loss and its implications for our business

andstakeholders, we are committed to

understanding and addressing our

nature-related impacts and dependencies.

In line with the recommendations of the

Taskforce on Nature-related Financial

Disclosures (‘TNFD’), we are pleased to present

our TNFD report. This disclosure provides

transparency on the nature-related risks and

opportunities we face, supporting stakeholders

in making informed decisions. We intend to

build on this foundation, refining and expanding

our approach annually as we deepen our

assessment of nature-related issues and embed

them more fully into our strategic planning and

risk management processes.

The need for action is clear. Globally, wildlife

populations have declined by nearly 70% over

the past 50 years (Source: WWF’s living planet

report). In the UK, one in six species is now at

risk of extinction (Source: State of nature report

2023). London is not immune to these pressures.

Urban development and rising temperatures

are straining natural habitats, with far-reaching

consequences for public health, community

resilience, and quality of life.

With ownership and management of 56 sites

throughout various London boroughs and the

South East, Workspace is well placed to

broaden access to green spaces, bolster local

biodiversity, and create benefits for surrounding

communities. To address these goals, we’ve

developed our Nature and Biodiversity Strategy,

Make Space for Nature, which can be found on

our website.

86 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

TNFD continued

COMPLIANCE STATEMENTS continued

In this strategy we have set ambitious,

measurable targets to enhance the ecological

value of our operational and development

portfolios, ensuring nature is a core

consideration in the design, construction,

and management of our spaces.

1. Governance

Board Oversight

Our Chief Executive Officer has the highest

level of responsibility for nature-related risks

and opportunities and together with the rest

of the Workspace Board, ensures we maintain

oversight of nature-related issues. During the

financial year ended 31 March 2026, the

Board ESG Committee, comprised our Chair,

five Non-Executive Directors, our CEO and

CFO. The Board ESG Committee receives

adetailed update three times a year on our

sustainability strategy, including nature-

related issues, from members of the Executive

Committee and the Sustainability Lead.

This year, the Board ESG Committee

reviewed progress we have made on our

nature strategy. The strategy includes

measurable targets for our developments

andexisting portfolio, which are now fully

integrated into key performance metrics,

andmonitored by the Board ESG Committee

annually. The Committee also received

adetailed ESG regulatory update from

theExecutive Committee and Sustainability

Lead during the year, including changes to

national and local nature-relatedregulations.

Management’s Role

The Head of Portfolio Management is the

Executive owner of our nature strategy the

Sustainability Lead and reports to the Board

ESG Committee on all nature-related issues.

They are supported by the members of the

Environmental Committee in setting our nature

and biodiversity strategy and mobilising

delivery. Nature-related targets set out in our

strategy are now fully embedded into the

objectives of relevant team members.

Human rights and engagement

As a property business, we recognise that

nature-related impacts often intersect with

the rights and wellbeing of local communities.

We integrate human rights considerations

into our governance of nature-related risks,

particularly when developing or managing

properties that may affect local ecosystems,

contribute to deforestation, or limit public

access to natural assets. We engage with

customers, suppliers, and local stakeholders

to identify and address all risks, ensuring our

activities support equitable and sustainable

development in line with international human

rights and environmental standards.

87 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TNFD continued

2. Strategy

Nature-related Dependencies and Impacts

Workspace recognises the vital connection

between a thriving natural environment

andthe long-term success of its business.

Asa provider of flexible workspaces across

adensely urbanised city, we both depend on

and impact key ecosystem services, including

climate regulation, stormwater management,

and air purification. Our reliance on nature’s

provisioning services is especially pronounced

in our value chain, notably in construction,

which demands significant volumes of natural

raw materials.

Shifting regulatory and market expectations

present both risks and opportunities.

Increasingly, local and national regulations

require greater attention to greening and

biodiversity in development projects. At the

same time, evolving customer expectations

are a key driver of action. Our recent London

SME survey revealed that access to greenery

is a significant factor in office space selection.

We’ve seen highly positive responses to the

greening of our sites, highlighting a clear

opportunity to expand this across our

portfolio and enhance customer satisfaction.

In collaboration with nature and biodiversity

experts Greengage, and through engagement

with internal teams, we have undertaken an

initial mapping of our nature-related risks

and opportunities associated with our direct

operations. Building on this foundation,

we plan to conduct a comprehensive

double materiality assessment of our

direct and indirect impacts, dependencies,

risks, and opportunities related to nature.

This will be guided by the TNFD’s LEAP

(Locate–Evaluate–Assess–Prepare) approach.

Nature-related risks and opportunities

Category Nature-related risks/opportunity Description

Effect on business model, value chain,

strategy and financial planning Impact

Physical risk

Biodiversity degradation

near urban sites

Reduced ecosystem services (e.g.

pollination, shading, air quality) impacting

customer wellbeing and quality of life

Diminished attractiveness

of our portfolio

Low

Physical risk

Climate stress from loss

of natural safeguards

Lack of green space exacerbates urban

heat island effect and flood risk

High operational costs due to heat

stress and flood damage remediation

Moderate

Physical risk

Drought risk Water scarcity causing operational issues High operational costs Low

Transition risk

Regulatory compliance

(e.g., Biodiversity Net Gain,

local planning requirements,

nature-related disclosure)

Additional planning restrictions, cost

increases, or delays for non-compliance

Compliance risk, development

cost increase due to delays

Low

Transition risk

Stakeholder expectation

misalignment

Reputational risk due to lack of

appropriate response to nature

degradation

Reduced brand attractiveness and

customer recommendation levels

Low

Transition risk

Access to capital Increased scrutiny on nature and

biodiversity KPIs as part of lending

requirements

Increase cost of capital Low

Transition risk

Cost of raw materials Degraded provision of ecosystem

services causing lack in supply of raw

materials, such as timber

Construction cost increase Low

Opportunity

Enhanced asset value

from green spaces

Nature-enhanced assets may command

higher rents and customer retention

Increased and sustained rental income Low

Opportunity

Customer wellbeing

and productivity

Access to nature linked to improved

customer satisfaction and wellness

Reputational benefits and increased

tenant retention and attraction

Low

Opportunity

Alignment with urban

planning and resilience

strategies

Supporting local climate/nature

goals can streamline approvals

and community goodwill

Facilitating planning approvals

and portfolio growth

Low

88 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TNFD continued

2. Strategy continued

While we have mapped our operational

portfolio against priority biodiversity

locations – confirming that none of our sites

fall within designated areas – we have not yet

conducted a comprehensive assessment of

our broader value chain. This is a priority

we intend to address in due course. Similarly,

wehave not undertaken dedicated nature-

related scenario analysis, primarily due to the

current lack of robust and widely accepted

methodologies. However, several risks and

opportunities identified through our existing

TCFD climate scenarios are directly linked

to nature, such as surface water flooding.

Addressing our nature-related impacts,

dependencies, risks and opportunities

Our ‘Make Space for Nature’ strategy aims

toaddress our nature-related risks and

opportunities via three primary objectives:

1. Achieve ambitious Biodiversity Net Gain

The statutory metric (‘BNG’) provides a

quantifiable and verifiable method to assess

our habitat creation efforts and environmental

impact, which also helps to meet regulatory

requirements. The aim is to achieve

quantifiable biodiversity net gains, which

exceed minimum compliance standards, for

all new developments, major refurbishments

and existing assets. This includes enhancing

habitats for priority species and implementing

green infrastructure across all assets where

opportunity exists. Quantifying habitat

enhancement and creation also allows

us toincorporate nature and biodiversity

performance consideration into financial

planning both at design stage of

development/refurbishment projects and

intoannual asset management budgeting.

2. Health and wellbeing engagement

The increase in urban density can constitute

abarrier to accessing nature, a crucial

contributor to physical and mental health.

Asan actor of urban transformation,

Workspace recognises that people’s

connection to nature is essential to their

wellbeing and needs to be preserved. By

creating sizeable and inviting green spaces

aspart of each project, we are committed

to meeting our customers’ expectations

and enhancing their wellbeing and that

of localcommunities.

3. Ecosystem service provision and resilience

We recognise that the evolving climate

presents low to moderate risks to our

business, manifesting as extreme weather

events such as flooding, and chronic

challenges like heat and drought stress.

By integrating nature-based solutions into

the design of our buildings effectively help

to mitigate against these risks. The creation

of blue and green spaces contribute to

reducing the Urban Heat Island effect, and

outdoor greenery offers shaded spaces that

help mitigate the effects of heat stress. Green

infrastructure on site also helps managing

surface water by increasing the amount of

permeable ground across our properties.

To measure our progress, we have baselined

our contribution to local biodiversity and set

measurable targets (see Metrics and Targets

on page 91 and additional information on

page 55).

15%

Aim for biodiversity net gain

by 2030, against 2024 baseline

89 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TNFD continued

3. Risk management

Given the central role of nature-based

solutions in climate change adaptation and

mitigation, nature and climate-related risks

are deeply interdependent. As such,

Workspace integrates nature-related risks

into its broader climate risk management

approach through its enterprise risk

management framework (see page 77

intheTCFD section for further detail).

As outlined in the Strategy section, the three

objectives of our ‘Make Space for Nature’

strategy (biodiversity net gain, wellbeing,

climate resilience) together address our

direct nature-related risks and opportunities.

To mitigate against the risks, we have

incorporated the strategy, along with clear

action plans, into the objectives of relevant

teams, both for our operational portfolio

and development projects.

Operational portfolio:

Following a comprehensive biodiversity

baselining exercise of our portfolio, we have

identified enhancement opportunities across

our operational portfolio and created a

pipeline of greening projects which were

prioritised based on site needs, customer

expectations and space availability.

To ensure any enhancement or addition

of green spaces across our portfolio

addresses our three strategic objectives,

we have developed a Biodiversity Design

Guide to inform and support decision-making.

This guide provides clear green

infrastructure specifications, including

species selection and is used by both our

asset management and development teams

to inform project specification.

Mitigating strategy for nature-related risks

Category Nature-related risks/opportunity Mitigation strategy

Physical risk

Biodiversity degradation near urban

sites > Reduced ecosystem services

(e.g. pollination, shading, air quality)

impacting customer wellbeing and

quality of life

– Rolling programme of greening

projects, informed by Biodiversity

Design Guide, to enhance onsite

biodiversity

– All major projects incorporate

aminimum BNG target, exceeding

minimum compliance requirements

Physical risk

Climate stress from loss of natural

safeguards > Lack of green space

exacerbates urban heat island effect

and flood risk

– Biodiversity Design Guide

encourages implementation of

sustainable drainage systems and

enhancement in vegetative cover,

including tree planting

Physical risk

Drought risk > Water scarcity

causing operational issues

– Specification of drought resistant

planting and water efficient fittings

to minimise our water consumption

Transition risk

Regulatory compliance > Additional

planning restrictions, cost increases,

or delays for non-compliance

– All major projects incorporate a

minimum BNG target, exceeding

minimum compliance requirements

Transition risk

Stakeholder expectation

misalignment > Reputational risk

due to lack of appropriate response

to nature degradation

– ‘Make Space for Nature’ strategy

communicated to all stakeholders

with public reporting of progress

and TNFD disclosure to ensure our

approach and response is widely

understood

Transition risk

Access to capital > Increased

scrutiny on nature and biodiversity

KPIs as part of lending requirements

– Incorporation of BNG target as a key

sustainability KPI, with a long term

measurable goal

– TNFD disclosure ensures lenders are

informed of progress being made

Transition risk

Cost of raw materials > Degraded

provision of ecosystem services

causing lack in supply of raw

materials, such as timber

– Focus on refurbishment minimises

reliance on raw materials

– Plans to update procurement

policies to take into account

nature-related considerations

This guidance also includes maintenance

regimen, horticultural best practice,

cost estimations and links to ecosystem

service provision.

Developments:

Our Sustainable Development Framework has

guided our development teams in translating

Workspace’s sustainability ambitions

consistently into project designs. Building

onthis existing process, we have incorporated

our latest nature-specific targets into the

Framework to ensure meaningful and

measurable contributions to local biodiversity

are achieved at project level (exceeding the

minimum compliance requirements), whilst

maximising customer wellbeing. This also

places nature-based solutions at the heart

ofour climate-related adaptation and

mitigation strategy.

The table on the right outlines our mitigation

strategy against each of the nature-relatedrisks.

90 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPLIANCE STATEMENTS continued

TNFD continued Supporting London’s biodiversity

4. Metrics and targets

To measure our nature-related impact

and dependency, we are now tracking and

reporting on a number of metrics such as:

– Biodiversity Net Gain achieved on each

development project

– Urban Greening Factor achieved on new

development project

– Number of ecosystem services uplifted

on new development project

– Annual Biodiversity Net Gain uplift across

our operational portfolio (page 55)

– Number of additional greening projects or

greenery condition improvement projects

carried our annually (page 55)

– Number of customer and employee nature

awareness events delivered (page 58)

– Instances of surface flooding affecting

our buildings (page 56)

– Waste generated and disposal (page 56)

– Water use (page 55)

The table on the right provides further detail

on targets we have set against nature-related

risks and opportunities.

Nature and biodiversity targets

Target Process

Existing

portfolio

1. Achieve 15% BNG across the

operational portfolio (based

on habitat units) by 2030 from

a 2023/24 baseline.

– We will seek to green our buildings

where feasible.

– We will implement adequate

‘biodiversity actions’ (such as planters,

trees, etc) where feasible.

– We aim to monitor and report against

the targets every two years including

verification from a third party.

New

Developments

1. Achieve 25% BNG, for sites with

existing greening

OR achieve

2 BU/ha, for dense urban sites

with little greening

2. Achieve a Urban Greening

Factor (‘UGF’) of 0.3.

3. Achieve an uplift in at least five

ecosystem services, as assessed

via the Environmental Benefits

for Nature (‘EBN’) Tool.

– We will apply the ‘Biodiversity

Requirements’ for new developments

during the design process, to provide

process-led environmental net gain

on each site.

– We will monitor and report against the

targets from RIBA Stage 3 onwards.

Business-wide

commitment

1. Communicate response

externally via TNFD disclosure.

2. Update procurement policies

to include nature-related

considerations.

– We will continue to evolve our TNFD

disclosure as the strategy evolves

beyond direct operations.

– We will build on existing sustainable

procurement policy to consider

embodied ecological impact of

materials and information on suppliers’

nature impacts.

1. Where the baseline value of site is one biodiversity unit or above.

2. Where the baseline value of site is less than one biodiversity unit.

3. Nature and Biodiversity metrics for new developments (see table to the right) are not reported this year as no new

development project has been designed since the publication of the ‘Make Space for Nature’ strategy.

Greening Screenworks and Pill Box

At Screenworks, we enhanced the existing

green roof and introduced a new green wall

to further improve the site’s environmental

performance and customer experience.

Theintervention added nine plant species,

including four pollinator-friendly species,

significantly increasing local ecological value.

At Pill Box, eleven trees were introduced

along with a green roof.

The two projects delivered 0.18 additional

biodiversity units to their sites, making a

material contribution towards our 2030

Biodiversity Net Gain target.

Beyond environmental benefits, the

upgraded spaces are actively used and

enjoyed by customers, providing improved

access to nature within the workplace.

91 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

GOVERNANCE

REPORT

Informed

The Board carefully considers

the needs and views of our

customers, employees,

communities and investors

in shaping key decisions.

Transparent

We continue to strengthen our

risk management and internal

controls, ensuring open, clear

reporting on how these

frameworks evolve.

Committed

The Board remains fully

committed to maintaining

high standards of governance

and supporting the long‑term

success of the business.

Integrated

Our sustainable approach

guides how we design,

operate and future‑proof

our buildings.

Accountable

We operate with disciplined

governance that supports

long‑term, sustainable growth

across our London portfolio.

Aligned

Our remuneration policy

aligns reward with the delivery

of our strategy and value

creation for shareholders.

Key decisions and s172In this section

Our governance framework is designed

to support robust decision-making, clear

accountability and effective challenge, enabling

the Board to exercise proper judgement in key

strategic decisions.

Audit, risk and internal control

How we govern

ESG Committee report

Division of responsibilities

Remuneration

Find out more

From page 110

Find out more

From page 152

Find out more

From page 126

Find out more

From page 169

Find out more

From page 121

Find out more

From page 178

95 Chair’s introduction to governance

103 Board leadership and company purpose

121 Division of responsibilities

132 Composition, succession and evaluation

152 Audit, risk and internal control

169 ESG Committee report

178 Remuneration

221 Directors’ Report and responsibility

statement

92 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

From page 97

From page 166

Read more about the transition

Page 112

Page 115

EMPOWERING OUR PEOPLE,

UNDERPINNED BY CLEAR

ACCOUNTABILITY AND

STRONG, EXPERIENCED

LEADERSHIP ARE

CENTRAL TO THE DELIVERY

OF OUR STRATEGY.

Duncan Owen

Non-Executive Chair

Board oversight of culture

and employee engagement

During a year of significant leadership and organisational

change, the Board has placed particular emphasis on its

responsibility to monitor and assess culture. The Board draws

on multiple sources including employee survey results and

feedback from employee engagement sessions. These inform

the Board’s assessment of how culture is being embedded

across the organisation.

Risk management and internal controls

The Board continues to oversee the Group’s risk management

and internal control framework, supported by the Audit

Committee, as part of its established governance and

assurance processes. In response to Provision 29 of the 2024

UK Corporate Governance Code, the Board is overseeing a

targeted review of the framework to assess readiness for the

enhanced disclosure requirements.

This work builds on the Group’s established risk and control

framework and is strengthening the Board’s understanding of

how it operate across the business, with further enhancements

underway, ahead of the first effectiveness declaration.

Employee engagement

In January 2026, Nick Mackenzie assumed the role of

designated Non-Executive Director for employee engagement,

drawing on his extensive executive experience and leadership

of structured workforce engagement.

Nick held his first session in March 2026, which was well

attended and provided the Board with valuable insight into

employee perspectives on operational priorities, including

internal communication and how change is experienced

acrossteams.

Executive Director succession

During the year, the Company saw changes at Executive

level, with the appointment of Charlie Green as Chief

Executive Officer and Tom Edwards-Moss as Chief

Financial Officer, both joining the Board in February 2026.

These appointments strengthen the Board’s leadership

capability and support the delivery of the Group’s strategy.

GOVERNANCE HIGHLIGHTS IN 2025/26

93 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

OUR ROBUST OVERSIGHT

Objective

Majority of independent Directors

in the Board.

Planned

Well planned succession planning.

Expert

Audit Committee includes three financial

experts, with an experienced Audit Chair

and former partner at PwC.

Focused

None of the Board members

are considered overboarded.

Trustworthy

100% independence

in key Committees.

Validated

Board performance review confirms

a well functioning Board.

Skilled

Diversity of skills across the Board.

Balanced

100%

At least one woman in

a senior Board position.

Committed

All Directors have demonstrated a

strong commitment, attending 100% of

Board and Committee meetings including

making themselves available for ad hoc

and unscheduled meetings.

Accountable

Clear separation between the Chair and CEO

roles, with a Senior Independent Director.

Diverse

At least one Director from a minority

ethnic background.

Progressing

We are working towards having at least

40% women on our Board, in line with

FCA’s diversity targets

A strong governance framework

These highlights provide a high-level snapshot

of how the Group meets key corporate

governance and regulatory requirements.

The indicators summarise the composition,

independence and effectiveness of the Board

and its Committees, as well as key diversity and

engagement metrics. Together, these measures

demonstrate the strength of our governance

framework, our commitment to best practice,

and the consistent application of robust oversight

across the business.

1. As at 31 March 2026, women on the Workspace Board

represented 33.3%, which has increased to 37.5%

following the CFO transition. Whilst the Company does

not yet meet the 40% threshold, the Company has

measures in place to continue strengthening gender

balance. Please see page 146 for more detail.

94 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Quick links

Page

Chair’s introduction to governance 95

Board leadership and company purpose 103

Division of responsibilities 121

Composition, succession and evaluation 132

Audit, risk and internal control 152

ESG Committee report 169

Remuneration 178

Report of the Directors 221

Statement of Directors’ responsibilities 224

GOOD GOVERNANCE UNDERPINS

EFFECTIVE LEADERSHIP, SUPPORTED

BY CLEAR ACCOUNTABILITY

AND OPERATIONAL DISCIPLINE,

AND POSITIONS THE BUSINESS

TO ACCELERATE DELIVERY

OF ITS STRATEGY.

Duncan Owen

Non-Executive Chair

Duncan Owen

Non-Executive Chair

CHAIR’S INTRODUCTION TO GOVERNANCE

95 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Dear shareholder,

I am pleased to present Workspace’s

Corporate Governance Report for the 2025/26

financial year.

This year marked a period of transition for

the Group, alongside important moments of

progress. Our governance framework continued

to support effective oversight and decision-

making during a year that included leadership

change, the progress on delivery of our strategy

and ongoing navigation of adynamic external

environment. We were alsopleased to be

recognised as FTSE 250 Annual Report of the

Year 2025 at the CGI Awards, reflecting the

clarity of our reporting and the quality of our

stakeholder-focused disclosures.

Board changes and succession planning

Maintaining continuity and capability remains

a core responsibility of the Board. Following

Lawrence Hutchings’ decision to step down in

January 2026, the Board focused on maintaining

stability and momentum through an orderly

leadership transition, with the assistance of

external search agency Heidrick & Struggles.

Charlie Green joined Workspace as Chief

Executive Officer in February 2026, bringing

deep sector and operational experience,

having co-founded The Office Group (‘TOG’

now Fora) and led its development over more

than two decades.

Tom Edwards-Moss also joined the Board in

February 2026 as Chief Financial Officer. He

brings extensive experience across listed real

estate and capital markets, most recently as

Chief Executive Officer (and previously Chief

Financial Officer) of Hibernia Real Estate

Group, alongside earlier roles in investment

banking. His expertise is well aligned with the

Group’s ongoing focus on financial discipline,

capital allocation and long-term value creation.

Together, these appointments strengthen the

Board’s leadership capability and support the

continued delivery of the Group’s strategy.

Performance and focus on strategy

Occupancy improved modestly towards the

year-end, in part driven by action taken on

pricing and, alongside the impact of ongoing

disposals, this reduced rent roll over the period.

The Board and management remain confident

that our Fix, Accelerate, Scale strategy is the

right one. The emphasis now is on execution.

We have a clear and focused plan to transform

the business, strengthening the fundamentals

while improving the quality of our offer to

meaningfully improve performance over time.

Board oversight of culture

Culture remains fundamental to the long-term

success of the Group, particularly during a

period of leadership and organisational change.

During the year, the Board strengthened its

direct engagement with colleagues through site

visits, and an employee engagement session,

supported by regular reporting on workforce

feedback to inform Board decisions.

Nick Mackenzie assumed the role of

designated Non-Executive Director for

employee engagement, drawing on his

experience of workforce engagement in large

operational organisations and strengthening

the Board’s direct understanding of how

culture is experienced across the business.

Recognising the scale of change during the

year, the Board placed increased emphasis

on actively monitoring culture and ensuring

appropriate actions were taken to support

consistency, accountability and performance.

In response to employee feedback, steps were

taken to strengthen communication, improve

feedback loops and provide greater clarity

around priorities and decision-making.

The Board also agreed to deepen engagement

through additional one-to-one sessions with

members of the Executive Committee,

ensuring employee insights are reflected in

both Board discussion and management action

as the organisation continues to evolve.

The Board additionally oversees the responsible

adoption of new technologies, including AI,

and considers their impact on ways of working

and organisational culture to ensure they

support the Group’s long-term objectives.

Internal Board Performance Review

During the year, the Board undertook a detailed

internal performance review, combining

quantitative and qualitative feedback.

Directors were asked to score key aspects

of Board and Committee performance and

to provide written commentary, including

on culture, strategy, the quality of information

received and the effectiveness of key metrics.

The review provided the Board with valuable

insight into how it operates in practice,

particularly during a period of leadership

change. The feedback reflected a high level

of confidence in the Board’s overall

effectiveness, alongside a clear commitment

to continuous improvement. Importantly, the

outcomes reinforced the value of the diverse

skills, experience and perspectives brought

by Directors, spanning real estate, financial

and strategic, operational and marketing.

This mix supports robust challenge, informed

decision-making and effective oversight.

Read more about the internal performance review

Pages 141 to 143

UK Corporate Governance Code 2024

This is the first year the Company is reporting

against the UK Corporate Governance Code

2024 (the ‘Code’), with the exception of

Provision 29 which will apply from FY27.

The Company has complied with the provisions

of the Code, effective for the financial year

ended 2026. During the year, the Board has

continued to oversee the preparatory work

underway to support compliance with the

updated Provision 29. This programme reflects

the Board’s focus on maintaining a robust

control environment ahead of the introduction

of the annual effectiveness declaration.

Looking forward

The year has marked a period of progress and

renewal for the Group. With the right leadership

in place and a clear focus on disciplined

execution, the Board believes the business

iswell positioned to advance itsstrategy.

Looking ahead, the Board remains committed

to high standards of governance, transparency

and stakeholder engagement. I would like to

thank our colleagues for their commitment and

professionalism during a year of change, and

our shareholders for their continued support.

Duncan Owen

Non-Executive Chair

9 June 2026

CHAIR’S INTRODUCTION TO GOVERNANCE continued

WE WERE DELIGHTED TO BE AWARDED

FTSE 250 ANNUAL REPORT OF THE

YEAR 2025 AT THE CGI AWARDS,

WITH THE JUDGES COMMENDING THE

CLARITY AND ACCESSIBILITY OF OUR

REPORTING, THE STRENGTH OF OUR

GOVERNANCE DISCLOSURES AND

THE TRANSPARENT WAY IN WHICH

KEY DECISIONS ARE ARTICULATED.

96 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Spotlight on:

How we monitor

and embed

our culture

Q&A

HOW DOES THE BOARD ACTIVELY OVERSEE

THE EMBEDDING OF THE GROUP’S CULTURE?

Duncan Owen (Chair): The Board recognises

culture must be led, evidenced, and

reinforced to support long-term strategy.

This year, we reviewed employee engagement,

and from January 2026, Nick Mackenzie took

over as designated Non-Executive Director

for workforce engagement. Nick’s first session

took place in March 2026, followed by a

detailed report to the Board. He then engaged

with members of the Executive Committee to

share feedback and support the identification

of actions to strengthen the Group’s culture,

bringing additional insight and perspective.

Six town hall events led by the CEO and the

Executive Committee provided employees with

updates, insights from the employee survey,

and opportunities for engagement. Together

with Board meetings and site visits, these

sessions strengthen visibility and open

dialogue, helping the Board assess how

culture is embedded across the business.

Further, cultural alignment and Company

values are considered as part of the

recruitment process, while our performance

management framework requires colleagues

to demonstrate how they have embodied

these values, reinforcing expected behaviours

and accountability.

HOW DO YOU ENSURE OUR PEOPLE FEEL HEARD

AND INVOLVED IN SHAPING THE CULTURE?

Charlie Green (Chief Executive Officer):

Since joining Workspace, I’ve spent a lot of

time meeting colleagues across the business,

visiting buildings and speaking directly to

customers. It’s important for me to understand

what’s working, what isn’t and where people

think we can improve.

Communication is critical to build on the

culture moving forward. It needs to be clear

and consistent. People want to know what’s

happening, why decisions are being made

and how they can contribute. We’ve

continued to hold regular town halls and

I recently sat down with one of our Centre

Managers for a filmed Q&A that was shared

across the business. It was simply an open

conversation about what I’ve learned so far

and where I think the opportunities lie.

Duncan Owen

Chair

Charlie Green

Chief Executive Officer

(‘CEO’)

CHAIR’S INTRODUCTION TO GOVERNANCE continued

Duncan Owen, Chair, and Charlie Green,

Chief Executive Officer, describe how

culture drives behaviour, and how the

Board ensures the right culture is in

place to achieve our strategy.

Executive Committee

Roles and responsibilities pages 128 and 129

Achieving a diverse and inclusive pipeline

Page 148

97 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Many people at Workspace care deeply

about the Company and our customers.

My job is to make sure those voices are heard

and that feedback leads to action. That is the

most effective way to build trust.

Duncan Owen: Ensuring our people feel heard

and involved is fundamental to maintaining

a healthy and inclusive culture.

Alongside engagement sessions and survey

feedback, the Board receives regular updates

on employee communications and town hall

events, which provide important forums for

employees to hear directly from the

Executive Committee, ask questions and

understand how their feedback is shaping

decisions. We are particularly focused on

ensuring that communication is not just top

down, but that there are clear feedback loops

so colleagues can see how their views are

influencing outcomes.

I hold regular one-to-one meetings with

members of the Executive Committee, and

the Board also invites employees to present

updates and presentations at Board and

Committee meetings, providing direct

visibility into business activity and how our

values are reflected in day-to-day operations.

HOW HAS LEADERSHIP CHANGE BEEN

MANAGED FROM A CULTURAL PERSPECTIVE?

Charlie Green: My first priority has been to

listen. Workspace has a strong culture and

many talented people who genuinely care

about what they do. Before making changes,

I wanted to understand what makes this

business special.

This is a business with great foundations,

committed people and a real sense of pride.

At the same time, I believe we have an

opportunity to become more focused, more

accountable and more entrepreneurial. My

ambition is to help create a high-performance

culture that combines great customer service

with clear ownership, faster decision-making

and a relentless focus on execution.

The insights from Board visits, together with

employee engagement feedback shared by

Nick Mackenzie and the Board, have reinforced

the importance of our customer-first,

empowered and accountable culture. They

have also highlighted opportunities to further

support teams through clearer decision-making

frameworks and continued investment in skills

and development. The openness of feedback

and the willingness of our people to share their

insights has given me a strong foundation from

which to continue building aculture that

empowers teams, accelerates improvements

and supports our long-term growth ambitions.

An important part of that culture is setting

a vision that people can believe in. We have

to have ambition that will inspire people and

that has to be practical enough to be

achievable. When people understand where

we’re going and why it matters, they are far

more likely to feel engaged in the journey.

HOW DO OUR CULTURAL PRIORITIES

COME TO LIFE WITHIN THE BUSINESS?

Charlie Green: Culture is what happens every

day in our buildings, in our central office and

in the way we serve our customers.

Everyone single person at Workspace

contributes in some way to creating the

customer experience. We all influence on

whether customers choose Workspace and

whether they stay with us.

I want our people to feel empowered to make

decisions, solve problems and take ownership.

The best businesses are built by people who

care, communicate openly and take pride

in doing a great job.

We continue to embed sustainability into

everyday operations, from responsible

procurement to energy efficiency

improvements across our buildings.

Inaddition, inclusion remains a priority,

reflected in our celebration of a wide range

ofreligious and cultural events and in the

ongoing expansion ofour colleague benefits,

such as the optionintroduced last year to

purchase additional holiday.

As we evolve Workspace, we’re focused

on creating a culture that can support

a market-leading business. That means

continuing to invest in our people while

raising standards, increasing accountability

and encouraging everyone to think and act

with an ownership mindset.

Duncan Owen: From the Board’s perspective,

the business is evolving, and it is important to

ensure colleagues feel supported, valued and

equipped to deliver long-term performance.

Beyond formal reporting, the Board makes a

conscious effort to experience the organisation

first hand. Three Board meetings were held

at our business centres, enabling Directors

to interact with colleagues and observe how

the culture manifests in customer interactions

and team dynamics.

These visits, together with engagement

sessions and survey data, enable the Board

to identify consistencies or discrepancies

between intended and lived culture.

Where issues are identified, the Board

seeks assurance that management has

taken appropriate corrective action and

tracks outcomes over time.

CHAIR’S INTRODUCTION TO GOVERNANCE continued

HOW WE MONITOR AND EMBED OUR CULTURE continued

Employee

engagement

lunch with Nick

Mackenzie

98 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

HOW WILL THE BOARD CONTINUE TO OVERSEE

CULTURE AS THE BUSINESS EVOLVES?

Charlie Green: Culture will play a central

role in the transformation of Workspace

over the coming years. We will continue

to engage directly with the team across

the business and maintain an open dialogue

through regular communication, making

sure people understand where we’re going,

what is expected of them and how they can

contribute to our success. I believe people

do their best work when they are united

behind a common purpose. Our role as

leaders is to provide clarity, set an

aspirational but achievable vision, and

create an environment where everyone is

pulling in the same direction. Our ambition

is to build a business that people are proud

to work for, customers are proud to be part

of and shareholders are proud to own. That

requires a culture built on communication,

accountability, high standards and a shared

commitment to delivering great results.

We have a lot of people who care deeply

about Workspace and our customers.

The opportunity now is to channel that

commitment into a high-performing culture.

Duncan Owen: Looking forward, the Board

is focused on enhancing its oversight by

moving towards more regular, data-led

culture monitoring. During the year, we will

develop a suite of culture KPIs to provide

timely insight into cultural health between

annual surveys, drawing on indicators such

as engagement trends, retention and

participation in learning. We will also

continue to strengthen the feedback

loop between employees, the designated

workforce NED, the Executive Committee

and the Board, ensuring that insight flows

both ways and that progress against actions

is visible and measurable.

Board site visit in

2025 to Barley Mow

Business Centre.

CHAIR’S INTRODUCTION TO GOVERNANCE continued

HOW WE MONITOR AND EMBED OUR CULTURE continued

Board Focus Area Activity

Executive

Engagement

The Board will maintain regular and structured engagement

with members of the Executive Committee to relay feedback

received from employee engagement sessions to enable the

Board to assess cultural alignment and effective outcomes.

Broader Board

Involvement

Non-Executive Directors will continue to participate in

employee engagement sessions, site visits and listening

forums to gain first-hand insight into employee experience,

operational delivery and cultural dynamics, to help Directors

test how the Group’s values are embedded in practice.

Communication

and Feedback

The Board will review the effectiveness of internal

communications and feedback mechanisms, including

theoperation of feedback loops between employees,

management and the Board. Particular focus will be placed

on how employee feedback is captured, escalated and

responded to, and whether actions taken are clearly

communicated back to colleagues.

Monitoring

The Board will maintain oversight of culture through

acombination of quantitative and qualitative measures,

including employee engagement feedback, agreed culture-

related metrics and direct engagement across the business.

This approach allows the Board to assess whether culture

is being embedded in practice and reflected in day-to-day

behaviours, and helps the Board to monitor its effectiveness.

Embedding our culture: Board focus over the coming year

99 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHAIR’S INTRODUCTION TO GOVERNANCE continued

Our responses to the changes introduced by the UK Corporate Governance Code 2024

Principal Code section Change to Code Intention How we have met the requirements How we have complied

Board leadership and

company purpose

Principle C

Principle C was substantively revised to

require governance reporting to focus

on board decisions and their outcomes

in the context of the company’s strategy

and objectives, with clear explanations

for any departures from the Code.

The intention is to improve

the quality and usefulness

of governance reporting by

reducing boilerplate disclosures

and providing greater insight

into how board actions support

long-term success.

The Board has structured governance reporting in this

Annual Report around key decisions taken during the year

and the outcomes achieved, including how these decisions

supported the Company’s strategy and purpose.

See pages 110 to 112

Provision 2

Provision 2 was amended to require

boards not only to assess and monitor

culture, but also to consider and report

on how the desired culture has been

embedded across the organisation.

The intention is to ensure that

culture is actively embedded

in day-to-day behaviours and

decision-making, rather than

monitored solely through

high-level indicators.

The Board has assessed how the Company’s values and

desired culture are embedded through leadership behaviours,

employee engagement, performance management and

operational practices.

See pages 97 to 99

Composition, succession

and evaluation

Principle J

Principle J was amended to promote

diversity, inclusion and equal

opportunity without referencing

specific diversity characteristics,

recognising that diversity policies

can be broad and flexible.

The intention is to encourage

companies to take a holistic and

inclusive approach to diversity

and succession planning, tailored

to their individual circumstances.

The Board has maintained oversight of a broad diversity

and inclusion framework covering Board composition,

senior management and the wider workforce.

See page 147

Provision 23

Provision 23 was amended to require

disclosure of any additional initiatives

that support the company’s diversity

and inclusion policy.

The intention is to provide

greater transparency on the

practical actions and initiatives

companies are taking to support

diversity and inclusion beyond

formal policy statements.

The Company has disclosed its diversity and inclusion policy

alongside a description of additional initiatives implemented

during the year to support diversity across the organisation.

See pages 148 to 151

Audit, risk and

internal control

Provision 29

Provision29 was amended to

requireboards to provide an explicit

declaration on the effectiveness of the

company’s material controls, including

financial, operational, reporting and

compliance controls. The provision

applies for the first time to the

Group in FY27.

The intention is to strengthen

accountability for internal

controls, improve transparency

and provide stakeholders

with greater confidence

that material risks are being

effectively identified, managed

and monitored, supported

by a robust andevidenced

assessment process.

Although Provision 29 is applicable to the Group from FY27,

the Board has undertaken significant preparatory work during

the year to support future compliance. With the support of

PwC, the Group has reviewed and enhanced its internal

controls framework, identified its material controls across

financial, operational, reporting and compliance areas, and

commenced the mapping of assurance activities to support

future testing of control effectiveness. This workwill continue

into FY27 and will informthe Board’s first formal declaration

on internal controleffectiveness.

See page 167

100 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CHAIR’S INTRODUCTION TO GOVERNANCE continued

UK Corporate Governance Code 2024

Compliance statement

The Board confirms that, for the year ended 31 March 2026,

we have complied with all of the applicable provisions of the

UK Corporate Governance Code 2024 other than Provision

32 ofthe Code. Lesley-Ann Nash was appointed as Chair of

the Remuneration Committee with effect from 10 September

2021 and on appointment had served nine months as

amember of the Remuneration Committee. While we

notethe requirement of Provision 32 that remuneration

committee chairs should have served on a remuneration

committee for at least 12 months prior to their appointment,

Lesley-Ann has now served on the Remuneration Committee

for over four years and the Board continues to have every

confidence that Lesley-Ann has the skills and experience

to carry out the role.

The application of the Code’s Principles is evidenced

throughout the Annual Report and the tables to the right

and below show how the Governance section has been

structured around the Code Principles (A to R).

Further information on the Code can be found on the

Financial Reporting Council’s website at www.frc.org.uk.

Provision 29 of the 2024 Code will apply from FY27.

During the year, the Company has continued to comply

with Provision 29 of the previous (2018) edition of the Code.

In parallel, the Board has also undertaken preparatory work

in respect of Provision 29 of the 2024 Code, which introduces

enhanced reporting and a formal effectiveness declaration

on material controls. A programme of work to support

compliance with these new requirements was progressed

during the year.

EFFECTIVE GOVERNANCE IS ABOUT

SOUND JUDGEMENT, DISCIPLINED

OVERSIGHT AND TAKING THE RIGHT

DECISIONS IN THE LONGTERM

INTERESTS OF THE BUSINESS.

Charlie Green

Chief Executive Officer

DEFINED RESPONSIBILITIES IN ROLES

ACROSS THE ORGANISATION

SUPPORTS THE HIGHEST LEVELS OF

INTEGRITY AND GOVERNANCE AND

STRENGTHENS ACCOUNTABILITY.

Carmelina Carfora

Company Secretary

Principle A

A successful company is led by an effective and

entrepreneurial board, whose role is to promote

the long-term sustainable success of the company,

generating value for shareholders and contributing

to wider society. The board should ensure that

the necessary resources, policies and practices

are in place for the company to meet its objectives

and measure performance against them.

Our Board

Pages 104 to 106

Board

performance

review

Pages 141 to 143

Principle B

The board should establish the company’s

purpose, values and strategy, and satisfy

itself that these and its culture are aligned.

All directors must act with integrity, lead

by example and promote the desired culture.

Purpose, values

and culture

Page 28

Strategy and Our

Transformation

Plan

Pages 10 to 17

Business model

Pages 4 to 5

Principle C

Governance reporting should focus on board

decisions and their outcomes in the context

of the company’s strategy and objectives.

Where the board reports on departures

from the Code’s provisions, it should provide

a clear explanation.

Our governance

framework

Page 124

Risk management

and internal controls

Pages 166 to 168

Principal risks

and uncertainties

Page 60

Principle D

In order for the company to meet its

responsibilities to shareholders and

stakeholders, the board should ensure

effective engagement with, and encourage

participation from, these parties.

Our stakeholders

Page 24

Section 172(1)

statement

Pages 109 to 112

Principle E

The board should ensure that workforce

policies and practices are consistent with the

company’s values and support its long-term

sustainable success. The workforce should

be able to raise any matters of concern.

Purpose, values

and culture

Page 28

Employee

engagement

Pages 27 to 28

and 115

Whistleblowing

Policy

Page 72

Principle F

The chair leads the board and is responsible

for its overall effectiveness in directing the

company. The chair should demonstrate

objective judgement throughout their tenure

and they should promote a culture of openness

and debate. In addition, the chair facilitates

constructive board relations and the effective

contribution of all non-executive directors,

and the chair ensures that directors receive

accurate, timely and clear information.

Board roles and

responsibilities

Page 122

Chair’s

introduction

to governance

Page 95

Board

performance

review

Pages 141 to 143

Principle G

The board should include an appropriate

combination of executive and non-executive

(and, in particular, independent non-executive)

directors, such that no one individual or small

group of individuals dominates the board’s

decision-making. There should be a clear

division of responsibilities between the

leadership of the board and the executive

leadership of the company’s business.

Board roles and

responsibilities

Page 122

Non-Executive

Directors

Page 126

The relationship

between the Board

and the Executive

Committee

Page 128

Principle H

Non-executive directors should have sufficient

time to meet their board responsibilities.

They should provide constructive challenge,

strategic guidance, offer specialist advice

and hold management to account.

Board roles and

responsibilities

Page 122

Non-Executive

Directors

Page 126

Principle I

The board, supported by the company

secretary, should ensure that it has the

policies, processes, information, time and

resources it needs in order to function

effectively and efficiently.

Our governance

framework

Page 124

Information flow

to the Board

Page 125

Board leadership and company purpose Division of responsibilities

Our responses to the changes introduced

by the UK Corporate Governance Code 2024

Page 100

101 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Principle M

The board should establish formal and

transparent policies and procedures to ensure

the independence and the effectiveness of

internal and external audit functions. The board

should satisfy itself on the integrity of financial

and narrative statements.

Audit Committee

Report

Page 152

Principle N

The board should present a fair, balanced and

understandable assessment of the company’s

position and its prospects.

Fair, balanced and

understandable

reporting

Page 163

Principle O

The board should establish and maintain an

effective risk management and internal control

framework, and determine the nature and

extent of the principal risks the company is

willing to take in order to achieve its long-term

strategic objectives.

Our governance

framework

Page 124

Risk management

and internal

controls

Page 166

Principal risks

and uncertainties

Page 60

Principle P

Remuneration policies and practices should

be designed to support strategy and promote

long-term sustainable success. Executive

remuneration should be aligned to company

purpose and values, and be clearly linked to

thesuccessful delivery of the company’s

long-term strategy.

Remuneration

Committee

Chair’s letter

Page 181

Remuneration

at a glance

Page 186

Our new

remuneration

policy

Page 195

Principle Q

A formal and transparent procedure for

developing policy on executive remuneration

and determining director and senior

management remuneration should be

established. No director should be involved

in deciding their own remuneration outcome.

Remuneration

Committee

Chair’s letter

Page 181

Our new

remuneration

policy

Page 195

Principle R

Directors should exercise independent

judgement and discretion when authorising

remuneration outcomes, taking account

of company and individual performance,

and wider circumstances.

Remuneration

Committee

Chair’s letter

Page 181

Employee

alignment

and fair pay

Page 193

Principle J

Appointments to the board should be subject

to a formal, rigorous and transparent procedure,

and an effective succession plan for the board

and senior management should be maintained.

Both appointments and succession plans

should be based on merit and objective criteria.

They should promote diversity, inclusion and

equal opportunity.

Diversity and

inclusion

Page 144

Principle K

The board and its committees should have

acombination of skills, experience and

knowledge. Consideration should be given to

the length of service of the board as a whole

and membership regularly refreshed.

Board composition

Page 140

Principle L

Annual evaluation of the board should consider

its performance, composition, diversity and

how effectively members work together to

achieve objectives. Individual evaluation should

demonstrate whether each director continues

to contribute effectively.

Board

performance

review

Pages 141 to 143

CHAIR’S INTRODUCTION TO GOVERNANCE continued

UK CORPORATE GOVERNANCE CODE 2024 continued

OUR FOCUS REMAINS ON ENSURING THE

BOARD HAS THE RIGHT SKILLS AND EXPERTISE

TO SUPPORT EFFECTIVE LEADERSHIP AND

GUIDE THE BUSINESS THROUGH ITS NEXT

PHASE OF GROWTH.

Duncan Owen

Chair of the Nominations Committee

THE COMMITTEE CONTINUES TO OVERSEE THE

GROUP’S FINANCIAL REPORTING, EXTERNAL

AUDIT, INTERNAL CONTROLS AND RISK

MANAGEMENT, ENSURING THESE REMAIN FIT

FOR PURPOSE AS THE BUSINESS EVOLVES.

Rosie Shapland

Chair of the Audit Committee

WE ARE COMMITTED TO ENSURING

REMUNERATION ARRANGEMENTS

SUPPORT THE DELIVERY OF OUR STRATEGY

AND REINFORCE THE CULTURE AND VALUES

THAT DEFINE THE COMPANY.

Lesley-Ann Nash

Chair of the Remuneration Committee

19%

Minority ethnic representation in the Executive Committee

and senior management group as at 31 March 2026.

2,133m

Property valuation

4.2%

Decrease in mean hourly gender

pay gap compared to 2024

Composition, succession and evaluation Audit, risk and internal control Remuneration

102 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Charlie Green

Chief Executive Officer

BOARD LEADERSHIP AND COMPANY PURPOSE

Quick links

Page

Our Board 104

Board and Committee meeting attendance 106

Board decisions and activities in 2025/26 107

GUIDED BY STRONG BOARD

LEADERSHIP, WE ARE FOCUSED

ON DELIVERING OUR STRATEGY

AND CREATING MEANINGFUL,

LONGTERM VALUE FOR ALL

OUR STAKEHOLDERS.

Charlie Green

Chief Executive Officer

103 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our Board

Under the leadership of our Chair, Duncan

Owen, the Board sets the strategic direction

of the Company and provides oversight to

support long-term success. The Board is

collectively accountable to shareholders

and seeks to ensure that the business

remains aligned with its purpose, values,

culture and strategy.

During the year, the Board welcomed a new

Chief Executive Officer and Chief Financial

Officer, strengthening leadership capability

as the Company moves into its next

phase.The Board’s role is to set strategic

direction, oversee performance and ensure

transparent and effective reporting

toshareholders.

Committee membership key

Executive

Audit

Remuneration

Nominations

ESG

Investment

Disclosures

Denotes chair of a committee

Non-Executive Chair Executive Directors

Appointed

Board: July 2021, Chair: July 2023

Current external appointments

– Duncan is chair of Link PLC, Asia’s largest

publicly listed REIT. He is chair of their

Nominations Committee and the Finance

and Investment Committee as well as a

member of the Remuneration and

Sustainability Committees.

– Duncan is also chair of the Oxford Science

Park Ltd and a council member of the

Royal College of Music.

Relevant skills, business experience

and contribution

Duncan has over 35 years of global experience

in the real estate investment and development

sector. He has a deep understanding of the

London Office sector and listed capital markets,

including leadership of IPO transactions and

corporate acquisitions at listed companies and

broader portfolio, investment and capital allocation

matters. He was previously a director of LaSalle

Investment Management, on the board ofInsight

Investment, was the co-founder of Gatehouse

Investment Management Limited, CEO of Invista

Real Estate Investment Management plc, Global

Head of Real Estate at Schroders PLC and CEO of

Immobel Capital Partners. Up until October 2025,

he was Chair of Sellar, the developer and asset

manager of schemes such asthe Shard and

Paddington Square. He was previously a member

of the board of governors ofthe Church

Commissioners and chair of its Real Assets

Investment Committee. He is amember of the

Royal Institution of Chartered Surveyors, sat on

the policy committee of the BPF (British Property

Federation) for 14 years and studied at INSEAD.

Appointed

February 2026

Current external appointments

– Charlie does not have any current external

appointments.

Relevant skills, business experience

and contribution

Charlie is an experienced Chief Executive and

co-founder of The Office Group (‘TOG’, now Fora),

which he grew over two decades into a leading

flexible workspace business with more than

70 locations across the UK. He led the company

through multiple investment cycles, including

Blackstone’s majority acquisition in 2017 and its

merger with Fora in 2021 with direct experience

of scaling a flexible workspace platform through

different market conditions, including occupancy,

pricing, customer proposition and disciplined

growth. Charlie played a central role in establishing

TOG’s reputation for customer-focused, design-led,

sustainable workplaces, shaping its culture and

overseeing the growth of a team of more than

450 people. Charlie was formerly Acquisitions

Director at MWB Group Plc, focusing on Central

London offices and building the platform for its

serviced office subsidiary. Prior to founding TOG,

he consulted on various assets for Workspace

Group PLC. Charlie is a member of the Royal

Institution of Chartered Surveyors. He serves on

the Enterprise Committee of the Design Museum

and is Patron of the charity Global Generation,

reflecting his long-standing commitment to

design, sustainability and community impact.

Appointed

February 2026

Current external appointments

– Tom does not have any current external

appointments.

Relevant skills, business experience

and contribution

Tom has direct listed REIT, financing, capital

allocation and public company experience,

including in a value realisation context. He was the

Chief Executive of Hibernia Real Estate Group Ltd.

(‘Hibernia’) prior to joining Workspace. He joined

the business in 2014 as Chief Financial Officer of

Hibernia REIT PLC’s investment manager and was

appointed Chief Financial Officer of Hibernia REIT

PLC following the internalisation of the investment

manager in 2015, joining the Board at that point

and holding the position until the business’

acquisition by Brookfield in 2022 when he became

CEO. Prior to Hibernia, he spent nearly nine years

at Credit Suisse in the UK & Ireland Investment

Banking Team. Tom qualified as a Chartered

Accountant at PwC.

Duncan Owen

Non-Executive Chair

Charlie Green

Chief Executive Officer

Tom Edwards-Moss

Chief Financial Officer

Details of individual attendance

at Board meetings held during the year

Page 106

More information on the skills

and the experience of the Board members

Pages 104 to 106 and 144

Board meeting attendance

Page 106

Composition, skills and diversity of the Board

Pages 140 and 146

BOARD LEADERSHIP AND COMPANY PURPOSE continued

R N G G E I DG E I D

104 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Appointed

November 2020

Current external appointments

– Rosie is a Non-Executive Director at PayPoint

plc where she is Chair of the Audit Committee

and a member of the Nomination and

Remuneration Committees.

– Rosie is a Non-Executive Director of SThree plc,

chairing their Audit & Risk Committee and

a member of the Nomination and

Remuneration Committees.

– Rosie is currently also the Senior Independent

Director at Foxtons Group plc, where she is

Chair of their Audit Committee, and a member

of their Remuneration, Nomination and ESG

Committees. As announced in February 2026,

Rosie will be stepping down from the Foxtons

Board at the end of July, following the release

of their interim results.

Relevant skills, business experience

and contribution

Rosie is an experienced Audit Committee Chair,

a Fellow of the Institute of Chartered Accountants

in England and Wales and previously an audit

partner at PwC, where she built over 30 years’

audit and risk expertise alongside a broad range

of experience of advising public company boards.

She has many years’ experience of operating

within the finance sector and has strong financial

technical expertise, as well as extensive

experience of governance, risk management,

investment and corporate transactions, and

people development and remuneration, all of

which support her role as Senior Independent

Director, including independent Board oversight

and shareholder engagement.

Appointed

January 2021

Current external appointments

– Lesley-Ann is a Non-Executive Director on the

board of Homes England where she chairs their

Nominations and Remuneration Committees.

– Lesley-Ann is also aNon-Executive Director

on the board of the Confederation of

British Industry (‘CBI’).

Relevant skills, business experience

and contribution

Lesley-Ann was previously a Director in the

Cabinet Office of HM Government and a Managing

Director at Morgan Stanley, as well as having

previously worked at UBS and Midland Bank.

She has deep global capital markets experience

on both buy and sell sides, extensive knowledge

of central and local government and experience

of policy development, procurement and major

programme delivery and a track record of

promoting inclusion and diversity and delivering

meaningful cultural change, as well as public

company board experience. She also has deep

financial fluency gained as a fellow of the

Chartered Institute of Management Accountants

(‘CIMA’). She was also previously on the board

of BusinessLDN, a Non-Executive Director of

St. James’s Place plc and on the board of North

London Hospice.

Appointed

January 2022

Current external appointments

– Manju is a Non-Executive Director at

Aberdeen UK Smaller Companies Growth

Trust plc, where she is Audit Committee Chair

and a member of their Management

Engagement and Nomination Committees.

– Manju is a Non-Executive Director at Smiths

News plc, where she is Audit Chair designate

and sits on their Remuneration, Sustainability

and Nomination Committees.

– She is also a Non-Executive Director at

London & Partners, an international trade

and investment agency for London.

Relevant skills, business experience

and contribution

Manju brings significant experience in audit,

financial reporting, risk management, strategy,

digital transformation, ESG and stakeholder

engagement, across a breadth of industry sectors.

Prior to her non-executive career, Manju spent

over 25 years with Harvey Nichols Group, the

international retailer, serving as Chief Executive

from 2020 to 2023, having previously held the

positions of co-Chief Operating Officer and Chief

Financial Officer. She led the evolution of the

Harvey Nichols brand and customer proposition,

adapting to changing consumer behaviours, while

delivering digital transformation, organisational

change and sustainable growth across retail,

hospitality and e-commerce operations in the UK

and international markets. Manju is a Chartered

Accountant (‘ICAEW’) and she is also a member

of Chapter Zero, a network of board directors

focused on strengthening climate governance and

she is a strong advocate for diversity and inclusion

and the value of diverse perspectives in effective

leadership and governance.

Appointed

January 2022

Current external appointments

– Nick is CEO at Greene King, the pub retailer

andbrewer.

Relevant skills, business experience

and contribution

Nick is currently the CEO of Greene King and

has been in that role for over 7 years. Prior to that

Nick spent 17 years at Merlin Entertainments plc,

having started his career in pubs at Bass plc

and Allied Domecq. He was also previously a

Non-Executive Director at Daniel Thwaites plc.

He has significant expertise in strategy, real estate

and business development and experience of

public company boards. Nick is Chair of British

Beer & Pub Association, on the advisory board of

WiHTL and has sat on various Government councils

representing the pub and hospitality sector.

Rosie Shapland

Senior Independent

Non-Executive Director

Lesley-Ann Nash

Independent

Non-Executive Director

Manju Malhotra

Independent

Non-Executive Director

Nick Mackenzie

Independent

Non-Executive Director

Senior Independent Non-Executive Director Non-Executive Directors

R N GA R N GA N GA N G

BOARD LEADERSHIP AND COMPANY PURPOSE continued

OUR BOARD continued

1. Lesley-Ann was appointed Chair of the Remuneration

Committee in September 2021.

1. Rosie was appointed Senior Independent Director

in February 2022 and Chair of the Audit Committee

in July 2021.

1. Manju was appointed Chair of the ESG Committee

on 1 April 2024.

105 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Non-Executive Directors continued Company Secretary Board members meeting attendance

Appointed

June 2024

Current external appointments

– David is a Non-Executive Director at listed

fund Gresham House Energy Storage PLC.

Relevant skills, business experience

and contribution

David was an investment columnist for the

Financial Times for over 15 years and is now an

investment columnist for the Daily Telegraph.

Healso writes regular columns for Citywire, as

well as for Investment Week, MoneyWeek and the

Investor’s Chronicle in previous years, giving him

a strong perspective on public market investors,

valuation issues and investor communications.

In addition, David has built up a number of media

businesses, including the corporate comms

business The Rocket Science Group, the fintech

news service AltFi, and, most recently, www.

etfstream.com, afast-growing brand focused

on the ETF industry. He’s also been a director

of several start-ups.

Appointed

March 2010

Carmelina supports the effective operation of the

Board and its Committees, acting as Secretary to

the Board and the Nominations, Remuneration,

Audit and ESG Committees. She provides advice

on governance and regulatory matters and, at the

direction of the Chair, is responsible for ensuring

the Board receives accurate, timely and well

considered information to support effective

decision-making.

Her role includes coordinating the induction

of new Directors and the ongoing development

ofthe Board, as well as overseeing the Group’s

corporate governance framework and compliance

with legislation. Carmelina also has responsibility

for risk management, health and safety and

sustainability, ensuring these areas are

appropriately governed and integrated into Board

oversight, alongside the administration of the

Group’s share schemes.

David Stevenson

Independent

Non-Executive Director

Carmelina Carfora

Company Secretary

Board Audit Remuneration Nominations ESG

Duncan Owen 10/10 – 8/8 3/3 3/4

4,5

Charlie Green

1/1 – – – –

Tom Edwards-Moss

1/1 – – – –

Lawrence Hutchings

8/8 – – – 2/2

Dave Benson 10/10 – – – 4/4

Rosie Shapland 10/10 4/4

8/8 3/3 4/4

Lesley-Ann Nash 10/10 4/4

8/8 3/3 4/4

Manju Malhotra 10/10 4/4

– 3/3 4/4

Nick Mackenzie 10/10 – – 3/3 4/4

David Stevenson 10/10 – – 3/3 4/4

1. Charlie Green was appointed as CEO with effect from 2 February 2026.

2. Tom Edwards-Moss was appointed as CFO with effect from 23 February 2026.

3. Lawrence Hutchings stepped down from the Board on 19 January 2026.

4. The Audit Committee meeting in January 2026 was a joint meeting with the ESG Committee.

5. Duncan Owen was unable to attend the ESG Committee meeting in January 2026 due to his attendance at external

meetings in relation to Workspace business.

Diversity and Inclusion at Workspace

Pages 144 to 150

EFFECTIVE GOVERNANCE AT

WORKSPACE IS ABOUT CLEAR

ACCOUNTABILITY, ROBUST OVERSIGHT

AND DISCIPLINED DECISIONMAKING

AT BOARD LEVEL.

Carmelina Carfora

Company Secretary

N G

BOARD LEADERSHIP AND COMPANY PURPOSE continued

OUR BOARD continued

106 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD DECISIONS AND ACTIVITIES IN 2025/26

BOARD LEADERSHIP AND COMPANY PURPOSE continued

Board decisions

informed by our

stakeholders

The Board’s approach to stakeholders

is vital to effective decision-making at

Workspace. In approving key decisions,

the Board focuses on the long-term

impacts on stakeholders to ensure

alignment with our commitments.

Quick links

Page

Our decision-making framework 108

How the Board considers

Section 172(1) matters 108

Section 172 (1) statement 109

Section 172(1) decision criteria 109

Key Board decisions in 2025/26 110

Board activities in 2025/26 113

Stakeholders 113

Strategy 116

Succession 116

Operations 117

Finance 118

Reporting 118

Risks 119

Governance 119

107 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our

decision-making

framework

The Board has a clear framework for

including stakeholders and Section 172(1)

matters in decision-making. From receiving

information to monitoring the outcomes

of the decisions, they take the spirit of

the regulation into account.

– The Board are aware of their individual duties

and responsibilities as Directors and the need

to consider s.172(1) factors, which are

embedded in the Matters Reserved to the

Board and Committees’ terms of reference.

– The Board are reminded at Board meetings

of their duty to promote the success of

theCompany.

– Regular updates are provided from the

sustainability team on ESG matters such

as net zero strategy and targets, to support

effective oversight of the Group’s

environmental and social priorities.

– The Board engages directly with investors

and employees, and also receives feedback

from the CEO and CFO on their meetings

with investors, analysts and debt finance

providers (see page 130).

– Regular updates are provided to the Board

by the Executive Committee and external

advisers on engagement with a broader

range of stakeholders including

shareholders, customers, suppliers and the

wider community (see page 130).

– During the year, Nick Mackenzie took over the

role as the designated Non-Executive Director

for employee engagement from Duncan Owen.

Nick held his first session with employees in

March 2026, to capture their feedback and

understand their views and discussed the

feedback with the Board (see page 130).

– For key strategic decisions, the Board

considers a stakeholder impact analysis

toassess anticipated effects and identify

mitigating actions, ensuring stakeholder

considerations inform Board discussions.

This was applied to property disposals,

prepared by the Head of Investment and

included in Board papers, to support

consideration of impacts on customers,

employees and local communities.

How the Board considers Section 172(1) matters

Board information

Find out more

Pages 130

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Board discussion

and decision-making

Find out more

Pages 110

– The Board’s decision-making is supported by

high-quality information, the collective skills

and experience of its members, and regular

input from management and external

advisers. Throughout the year, the Board

received updates on financial matters,

operational performance, risk, governance

and stakeholder engagement to support

informed and balanced decision-making.

During the year, this included external

advisers attending Board meetings to

provide updates on topics such as Provision

29 of the 2024 UK Corporate Governance

Code and the programme of work being

progressed to support compliance.

– The Board also holds an annual strategy day

focused on the Group’s long-term direction,

emerging opportunities and risks, market

developments and the strategic priorities

underpinning sustainable growth. External

speakers are invited to provide expert insight

and broader market context. This ensures

forward-looking discussions and strategic

alignment across the Group. Further detail

is provided on page 131.

– The Board maintains oversight of the

Company’s purpose, values, culture and key

policies governing business conduct and

ethical behaviour, together with the risk

management and internal controls

framework, to underpin responsible

decision-making. These form a core part

of the Board’s oversight and help ensure

that decisions support responsible business

practices. Details can be found on page 115.

– The Board considers the interests of the

Company’s key stakeholders, including

customers, shareholders, employees,

suppliers, and the wider community,

alongside the likely long-term consequences

of its actions.

Monitoring

Find out more

Pages 110

– The Board monitors the short, medium

andlong-term impact of its key decisions

through regular updates from the Executive

Committee and detailed follow-up

reporting on major projects, transactions

and strategic initiatives.

– For significant matters, such as material

disposals, the Board considers a tailored

s.172 impact analysis, which assesses

expected stakeholder outcomes, potential

risks, long-term implications and alignment

with the Company’s purpose, values and

strategy. These analyses support effective

oversight and ensure that decisions

continue to deliver the intended

stakeholder benefits over time.

– Feedback and insights from key stakeholder

groups are captured through arange of

engagement channels and reported to the

Board at appropriate intervals. This enables

the Board to assess how significant

decisions have been received, identify

emerging issues or unintended impacts,

and ensure stakeholder considerations

remain integral to future decision-making.

For example, feedback from analysts and

investors following the full-year and

half-year results is summarised and

presented to the Board, providing insight

into external perspectives on performance,

strategy and key areas of focus. This

ongoing monitoring supports the Board’s

commitment to responsible governance

and long-term sustainable success.

108 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

F B

BF B

F B

The Board of Workspace Group PLC (the ‘Board’) confirms

that, during the year ending 31 March 2026, it has acted in

good faith to promote the long-term success of the Company

(and its Group) for the benefit of its shareholders, while

having due regard to the matters set out in Section172(1)

of the Companies Act 2006 (as outlined to the right).

The Board has identified the Company’s key stakeholders

to be its shareholders, employees, customers, suppliers,

and local communities. The Board also considers the impact

of operations on the environment to be of key importance.

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Section 172(1) decision criteria

Our decision-making framework continued

Section 172(1) statement

In making decisions, the Board considers the matters set out in Section 172(1) of the

Companies Act 2006. These considerations are embedded within the Board’s decision-making

framework, as outlined below.

The likely consequences of

any decision in the long term

The impact of the Company’s

operations on the community

and the environment

The interests of the

Company’s employees

The desirability of the

Company maintaining a

reputation for high standards

of business conduct

The need to foster the

Company’s business

relationships with suppliers,

customers and others

The need to act fairly

as between members

of the Company

Purpose, values and culture

Page 28, 97 and 115

Our business model

Pages 4 to 5

Our strategy and Our Transformation Plan

Pages 10 to 17

Dividend

Page 44

Community and environment engagement

Pages 31 to 34 and 115

Sustainability review

Pages 50 to 59

TCFD

Pages 73 to 80

TNFD

Pages 86 to 91

Employee engagement

Pages 27 to 28 and 115

Diversity and inclusion

Pages 144 to 150

Compliance statements

Pages 68 to 91

Purpose, culture and values

Pages 28, 97 and 115

Whistleblowing

Page 72

Risk management and internal controls

Pages 166 to 168

Customer proposition

Page 5

Customer and supplier engagement

Pages 25 to 26 and 29 to 30

Anti-bribery & corruption

and modern slavery

Page 72

Shareholder engagement

Pages 29 and 113 to 114

AGM

Page 114

Key Board decisions in 2025/26

Pages 110 to 112

109 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Section 172(1) criteria

The likely consequences of any

decision in the long term

The interests of the Company’s

employees

The need to foster the Company’s

business relationships with suppliers,

customers and others

The impact of the Company’s

operations on the community

and the environment

The desirability of the Company

maintaining a reputation for high

standards of business conduct

The need to act fairly between

members of the Company

Key decision

Strategy

Overview

During the year, the Board’s principal strategic

focus was the launch and subsequent

refinement of the Group’s strategy, which

was announced alongside the full year results

on 5June 2025. This strategy, as detailed on

page 10, together with the transformational

plan, sets out how we plan to strengthen

long-term performance, operational resilience

and sustainable value creation. Further detail

is available on Our Transformation Plan

pages 11 to 17.

Following the appointment of the new

Chief Executive Officer, Charlie Green, and

Chief Financial Officer, Tom Edwards-Moss,

the Board reviewed the transformation plan

to accelerate the delivery of the strategy,

ensuring alignment with the Group’s purpose

and long-term objectives. Throughout this

process, the Board considered the differing

time horizons and ensured that decision-making

was informed by a clear understanding of

the interests of the Group’s key stakeholders,

in line with its duties under Section 172 of

the Companies Act 2006.

Balancing stakeholder needs

In evolving the strategy, the Board sought

to balance the needs and interests of the

Company’s stakeholders while maintaining

a clear focus on long-term value creation. The

transformational plan places customers at its

centre, with a continued emphasis on service,

quality, and resilience. For employees, the

strategy prioritises organisational capability,

leadership, engagement and the creation of

a culture that supports transformation and

long-term success.

The Board also considered the impact of

the strategy on wider stakeholders, including

local communities and suppliers, particularly

in relation to planned operational and

structural changes. Financial discipline and

sustainable capital allocation remain core

to the strategy, supporting returns for

shareholders while maintaining a strong

balance sheet and prudent risk profile.

Stakeholder considerations informed

the original strategy launch in June 2025

and its continued execution, with the Board

assessing potential impacts, trade-offs and

mitigating actions. This supports the

Company’s long-term success and reflects

a balanced approach to the interests of

key stakeholder groups.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Section 172(1) factors

Key Board decisions

in 2025/26

The Board makes decisions based on

their benefit to both the Company (and

its Group) and our wider stakeholders.

Some of the key decisions considered

by the Board in the year ending 31 March

2026, and how the Board had regard to

Section 172(1) matters when discussing

them, are outlined to the right and on

thefollowing page.

110 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Key Board decisions in 2025/26 continued

Key decision

Strategic Partnership with Qube

at The OldDairy

Overview

In November 2025, the Board approved

astrategic partnership with Qube to deliver

aflagship creator hub at The Old Dairy in

Shoreditch, combining specialist studio and

recording facilities with co-working and office

space. Aligned with the Group’s strategy, the

partnership is intended to attract and retain

high-growth creative and content-led

businesses, access new market segments and

support the potential to scale this specialist

offering across the wider portfolio.

Stakeholder considerations

The Board, in assessing the Company’s

partnership with Qube, considered the

interests of all key stakeholders, together

with its long-term impact. The Board’s

decision-making process concluded that the

partnership would support long-term value

creation through diversifying the Company’s

customer base and enhancing the long-term

income potential of The Old Dairy.

The structure of the partnership, as

deliberated and approved by the Company,

facilitates a collaborative, long-term

relationship with Qube, which included

Qube taking a 20-year 32,000 sq. ft. lease at

The Old Dairy and the Company having made

a £3.0m equity investment in Qube, designed

to align interests over the duration of the

partnership and to build a strong relationship

with an established and growing operator

in the creative sector.

In relation to customers, the Board

considered that the partnership would

broaden the customer’s existing offering by

introducing high-quality, specialist facilities,

strengthening the Company’s ability to meet

the needs of existing and prospective

creative and content-led businesses.

The Board recognised that delivering the

partnership would require close collaboration

across internal teams, while also supporting

capability-building in managing a specialist

partnership. The partnership was also

considered consistent with fostering a culture

of innovation within the business.

The Board also assessed the wider impact of

the partnership on the community, including

increasing the vibrancy of The Old Dairy

and supporting the creative ecosystem

in Shoreditch, alongside the environmental

benefits of repurposing and upgrading an

existing asset to meet evolving demand.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Section 172(1) factors

Key decision

Approved the disposal of assets

throughout the year, totalling £109m

Overview

During the year, the Board approved the

disposal of several assets as part of the

Group’s disciplined approach to portfolio

optimisation. Ensuring that the portfolio

maintains the right mix of buildings to meet

current and future customer needs is central

to these decisions. The Board considered

s.172 impact assessments for material disposals

to evaluate the long-term strategic fit of the

asset, the potential impact on customers and

employees, and the contribution to sustainable

value creation for the Company.

Balancing stakeholder needs

Through its structured assessment, the

Board considered the interests of all relevant

stakeholders by assessing the operational

impact of each disposal. The disposals were

considered to support sustainable long-term

value creation by enhancing portfolio quality,

recycling capital into the portfolio and

strengthening the resilience of future

income potential.

In relation to customers, the Board considered

the impact on occupiers at each property

and sought to ensure appropriate continuity

arrangements where required. Thepotential

impacts on employees was considered as

part of the decision-making process, with

support provided where required to manage

any associated transitions.

The Board also had regard to the importance

of maintaining strong relationships with

affected suppliers, where applicable,

throughout the disposal process.

Wider considerations by the Board included

the potential impact on local communities

and the future use of assets, alongside the

environmental benefits of repositioning

the portfolio towards more sustainable,

higher-quality buildings.

The decision to proceed with the disposals

was made with consideration to the impact

assessment which concluded that they would

support long-term value creation and

strengthen the overall quality and

sustainability of the portfolio.

Link to strategy

Accelerate: Optimise portfolio and platform

Section 172(1) factors

111 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Key Board decisions in 2025/26 continued

Key decision

Executive Director succession

Overview

As part of its responsibilities for maintaining

effective leadership and governance, the Board

prioritised Executive Director succession during

the year, culminating in the appointment of

a new Chief Executive Officer, Charlie Green,

on 2 February 2026 and a new Chief Financial

Officer, Tom Edwards-Moss, on 23 February

2026. These appointments followed a

comprehensive and structured succession

planning process led by the Board and

supported by the Nominations Committee.

The Board considered Executive Director

succession to be critical to the long-term

success of the Company, particularly in

the context of the delivery of the Group’s

transformational strategy. The timing and

sequencing of appointments were carefully

managed to ensure leadership continuity,

stability and effective handover, while

providing the Company with the skills and

experience required to lead the next phase

of strategic execution.

Balancing stakeholder needs

In considering Executive Director succession,

the Board balanced the interests of key

stakeholders, recognising the importance of

strong and credible leadership in supporting

confidence and continuity during a period

of strategic change. The Board oversaw a

managed transition designed to minimise

disruption and maintain delivery of the

Group’s strategy. In making the

appointments, the Board sought to provide

clear leadership for employees, maintain

focus on customer outcomes and service

resilience, and ensure continued financial

discipline for the benefit of shareholders

and other stakeholders.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Section 172(1) factors

112 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Board activities

in 2025/26

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Stakeholders

Investor engagement

Market engagement

We maintain regular dialogue with both

current and potential shareholders through

an active investor relations programme. The

Board receives regular updates on investor

engagement and market feedback.

The Investor Relations team leads a broad

programme of engagement, from formal

announcements, the AGM and results

presentations to roadshows, investor

meetings, conferences, media activity and site

tours. Alongside these structured interactions,

we remain in regular dialogue with existing

and potential shareholders to ensure our

strategy and value creation approach are

consistently understood. A summary of the

topics raised by investors this year is

provided on page 29.

During the year ending 31 March 2026, we

engaged with 90 institutions via one-to-one

and group meetings; most were held in

person, supplemented by virtual meetings.

Investor meetings are attended by various

senior executives, including the CEO, CFO,

Chair, Senior Independent Director, and

Executive Committee members, as well as

the Corporate Communications and Investor

Relations team. Key investor engagement

during the year included the following:

– 119 investor meetings (in-person and virtual)

– Three sell-side analyst and buy-side

investor site tours

– Five real estate conferences attended

globally

– AGM

Following their appointments, Charlie Green

and Tom Edwards-Moss undertook a series

of meetings with our major shareholders

to introduce themselves and gather their

perspectives on the Company and its direction.

Duncan Owen and Rosie Shapland held

several meetings during the year with

investors. Committee Chairs also remain

available for shareholder discussions

when appropriate.

As part of the 2026 Remuneration Policy

Review, Lesley-Ann Nash, Chair of the

Remuneration Committee, engaged with

shareholders on the minor proposed change

to Policy, seeking feedback from shareholders

who held approximately 60% of the issued

share capital.

If shareholders have any concerns, that cannot

be resolved through the usual channels with

the CEO, CFO or Chair, or where such contact

may be inappropriate, then the Senior

Independent Director, RosieShapland,

is available to address them. Contact details

for our Investor Relations team, Company

Secretary and Company Registrars can be

found at the back of this Report as well as

on our website.

Our Transformation Plan

Pages 11 to 17

Section 172 Statement

Page 109

Investor engagement

Pages 29, 113 and 114

The Board’s activities during the year

reflectits oversight of matters critical to

theeffective stewardship of the Group. For

the first time, we have also identified how

each key activity relates to the factors set

out in Section 172(1) of the Companies Act

2006, to support clearer and more

integrated reporting.

Section 172(1) criteria

The likely consequences of any

decision in the long term

The interests of the Company’s

employees

The need to foster the Company’s

business relationships with suppliers,

customers and others

The impact of the Company’s

operations on the community

and the environment

The desirability of the Company

maintaining a reputation for high

standards of business conduct

The need to act fairly between

members of the Company

113 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Stakeholders continued

Annual Report and Website

The Company’s Annual Report is

available to all shareholders. Shareholders

can opt to receive a printed copy by post

or a PDF version via email, or to access it

directly from our website. Shareholders who

hold their shares through a nominee account,

and experience difficulty obtaining the

Annual Report from their nominee provider,

may contact the Company Secretary to

request acopy.

Our investor website is

www.workspace.co.uk/investors. It contains

our Annual Reports, half and full-year results

presentations, and our financial and dividend

calendar for the upcoming year. Our website

also outlines our Company strategy, business

model, property portfolio and it has a

detailed section covering our ESG activities.

AGM

Our 2025 AGM was held on 16 July 2025 and

all resolutions passed with over 95% of votes

in favour. Our 2026 AGM will be held at the

Company’s Eventspace venue at Salisbury

House, 114 London Wall, EC2M 5QD on

Thursday 23 July 2026 at 11.00am and we

look forward to welcoming our shareholders

there. The Notice of Meeting, together with

an explanation of the business to be dealt

with at the Meeting, is included as a separate

document sent to shareholders who have

elected to receive hard copies of shareholder

information and it is also available on the

Company’s website.

Following shareholder engagement, since

2019 we have sought approval for a resolution

authorising political donations up to £20,000

in aggregate. This year we are again

proposing a resolution with an upper limit

of £20,000 in aggregate. This resolution

is proposed as a precaution to prevent the

Company’s normal business activities being

inadvertently caught by the broad definitions

used in the relevant provisions of the

Companies Act 2006.

It remains the Company’s policy not to

makepolitical donations or incur political

expenditure within the ordinary meaning of

those terms and the Board has no intention

ofusing the authority for that purpose.

In addition, and in line with the resolution

approved at last year’s AGM, the Directors

are again proposing a single resolution

disapplying pre-emption rights at the 2026

Annual General Meeting that would apply

only in very limited circumstances. The

proposed disapplication resolution is limited

to allotments and/or sales: (i) in connection

with pre-emptive offers and offers to holders

of equity securities other than ordinary

shares (if required by the rights of those

securities or as the Directors otherwise

consider necessary); and (ii) in connection

with the terms of any employees

sharescheme.

Section 172(1) factors

See key on page 113.

Board activities in 2025/26 continued

– Q4 business update

– Full-year results

– Investor roadshow

– Q2 business update

– Global real estate

conference

– Q3 business update

2025

2026

April

January

August

June

March

October

May

February

September

December

July

November

– AGM & Q1 update

– Half-year results

– Investor roadshow

– Global real estate

conferences

Investor meetings

Investor relations calendar of events 2025/2026

Understanding our stakeholders allows us to

make decisions with their interests in mind.

Investor events key

Investor meetings

Investor tours

114 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Stakeholders continued

Community and environment engagement

All new Board members undergo an induction

to understand the Group’s commitment to

sustainability. Our Board-level ESG

Committee allows for dedicated discussions

on our progress towards our sustainability

goals and updates are provided by the

sustainability team. The Board are regularly

informed about our wellbeing initiatives,

community impact projects, and

engagement with charity partners.

During the year, we provided over £400k

of lettings-in-kind to charities and social

enterprises, enabling organisations to scale

their impact and deliver essential services

within our communities.

In 2025, we reviewed and approved the

Company’s new social impact strategy.

We activated our ‘Growth Happens at

Workspace’ social impact workstream in

close partnership with Future Frontiers and

Career Ready. This included one-to-one

mentoring sessions with pupils to build

confidence, develop employability skills and

broaden career awareness, alongside hosting

structured internships that provide practical

workplace experience and create pathways

into sustained employment opportunities.

Link to strategy

Fix: Strengthen and modernise our offer

Scale: Innovate to create future options

Section 172(1) factors

See key on page 113.

Community engagement

Pages 31 to 32 and 115

Board activities in 2025/26 continued

Employee engagement

The Board recognises the essential role our

employees play in the Group’s success. By

listening closely to our people, we support

their wellbeing and gain valuable insight into

the needs of our customers. Throughout the

year, the Board engaged with employees

from across the business and reviewed and

considered feedback, including findings from

the annual employee survey. Together, the

Board and Executive Committee review and

approve key policies, practices and decisions

to ensure they reflect our culture and remain

aligned with our values and purpose. Further

details on how the Board monitors and embeds

our culture can be found on pages 97 to 99.

From January 2026, Nick Mackenzie took

over from Duncan Owen as our designated

Non-Executive Director responsible for

employee engagement. Nick held his first

session in March 2026, with strong

attendance from a range of employees

working across different areas of the

business. Feedback is reported back to

the Board, ensuring colleagues’ perspectives

are effectively communicated and used to

inform the Board’s understanding of culture,

operations and emerging themes across

thebusiness.

The Board held several meetings across the

Company’s portfolio. TheJuly Board meeting

and AGM was held atSalisbury House, the

Strategy Day in September 2025 was held at

The Leather Market, and the Board meeting

in November 2025 was held at Vox Studios.

Link to strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Section 172(1) factors

See key on page 113.

Employee engagement

Pages 27 to 28 and 115

115 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Strategy

Succession

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Annual strategic review

The Board held its annual strategic review in September 2025 at The Leather Market in Bermondsey.

External speakers were invited to present on selected topics of interest, as well as members of the

Executive Committee. The review covered key elements of the Group’s strategy including brand

communications, the market, macro-economic influences, technology and the composition of the

investmentportfolio.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Advancement of

refreshed strategy

A refreshed strategy was outlined at the full-year results on 5 June 2025 and disclosed within the 2025

Annual Report and Accounts. As detailed on pages 11 to 17, the focus is now to execute on the strategy,

with an emphasis on evolving the brand, investing in the product, enhancing tech and systems and

strengthening team capabilities.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Qube

In November 2025, the Board reviewed and approved a strategic partnership with Qube to deliver a flagship

creator hub at The Old Dairy in Shoreditch. As part of its consideration, the Board assessed the proposal’s

strategic fit, noting that the development will combine specialist studio and recording facilities with

co-working and office space. The Board concluded that the partnership supports the Group’s strategy by

enhancing the appeal of the portfolio to high-growth creative and content-led businesses, enabling access

to new market segments and providing a platform for potential future scaling across the wider portfolio.

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Sustainability agenda

The Board ESG Committee remained a central forum for the oversight and development of environmental,

social and governance matters during the year. Its work spanned a broad range of topics, including the

launch of Centro Forums, continued progress towards the Group’s science-based net zero targets, the

creation of social value, and horizon scanning for upcoming ESG related legislation.

The Committee also initiated a review of the Group’s sustainability strategy and priorities.

Across the year, the Board received regular briefings from the sustainability team, providing visibility over

key initiatives and developments. The Board also considered assurance plans linked to the Group’s ESG

policies, processes and internal controls.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Executive succession

Charlie Green joined the Board as CEO on 2 February 2026 to accelerate the delivery of the strategy

set up by Lawrence Hutchings, who left the Company on 19 January 2026.

Tom Edwards-Moss was appointed as CFO on 23 February 2026 following Dave Benson’s

announcement to step down in August 2025. Dave Benson stepped down as CFO on 23 February 2026,

but remained an Executive Director until 30 April 2026.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Board activities in 2025/26 continued

Sustainability review

Pages 50 to 59

116 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Operations

Board activities in 2025/26 continued

Read more about our customer engagement

Pages 25 to 26

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Property disposals

During the year, the Group completed and exchanged property disposals totalling £125.7m as part of its

active portfolio management strategy. Transactions included (but not limited to) the sale of assets such

as Morie Street (Wandsworth), Castle Lane (Victoria), 338 Goswell Road (Angel), Cannon Wharf (Surrey

Quays), The Mille (Brentford), Peer House, and Blocks A and B at Parkhall Business Centre (Dulwich).

Accelerate: Optimise

portfolio and platform

– Investors

See key on page 113.

Portfolio valuation

The Board reviewed and approved the full and half-year valuations of the Group’s property portfolio in

May 2025 and November 2025 respectively. In May 2025, the portfolio was valued by CBRE, and from

November 2025, the portfolio was jointly valued by both CBRE and Knight Frank.

Accelerate: Optimise

portfolio and platform

– Investors

See key on page 113.

Valuer rotation

Following the successful onboarding, Knight Frank worked as a joint valuer alongside CBRE. Knight

Frank and CBRE completed the portfolio valuation together for the half-year results in November 2025

and have undertaken the same joint approach for the full-year valuation in June 2026. The Board noted

the smooth transition and the enhanced resilience provided by operating with two valuers in line with

RICS valuer rotation requirements.

Accelerate: Optimise

portfolio and platform

– Investors

See key on page 113.

Portfolio management

The Board has been kept informed on planned refurbishment and development projects across the

portfolio. This year, material capital projects have included Centro Workshops, Jams Studios at the

Biscuit Factory and the pilot projects at Leather Market and Vox Studios.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Customer Engagement

The Board were updated on initiatives to drive customer engagement through the year. These included

targeted site improvements, increased customer contact, support, as well as community events, helping

increase customer satisfaction and NPS. Additionally, MyWorkspace, the Group’s new customer portal,

went live with the first phase of the new cloud-based CRM system in September 2025.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

See key on page 113.

117 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Finance

Reporting

Board activities in 2025/26 continued

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Financing

In May 2025, the £200m revolving credit facility was refinanced with an extended maturity to June 2029,

and in June 2026, was extended by a further one year. Further, in November 2025, the maturity of the

£135m revolving credit facility was extended to November 2029, and the maturity of the £80m term loan

was extended by a further 12 months to November 2027. More details can be found on page 48.

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Investors

See key on page 113.

Budget and Forecasts

The Board maintains close oversight of the Group’s financial position, regularly reviewing its capital

structure and forecasts, alongside detailed monthly performance reporting at each Board meeting.

This supports timely assessment of trading performance and emerging trends. In May 2025,

the Board approved the Group’s 2025/26 budget.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Investors

See key on page 113.

Dividend payments

The Board recommended the final dividend paid to shareholders in August 2025 and the interim dividend

which was paid in February 2026. In April 2026, the Board reviewed the Group’s dividend policy, electing

to return to a policy of 1.2x earnings cover with immediate effect.

Fix: Strengthen and

modernise our offer

– Investors

See key on page 113.

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Full, half-year and

trading statements

The Board reviewed and approved the full year and half-year results, together with trading statements,

focusing on the integrity, consistency and clarity of their financial and operational narrative. As part

of its review, the Board considers the appropriateness of the judgements, disclosures and assumptions

underpinning the Group’s financial results. The Board also undertook a detailed review of the Annual

Report as a whole, ensuring that it provides fair, balanced and understandable information to enable

the Company’s stakeholders to assess the Company’s strategy, performance and prospects.

Fix: Strengthen and

modernise our offer

Scale: Innovate to create

future options

– Investors

See key on page 113.

Viability and going

concern statements

The Board reviewed the Company’s viability over the next five years and approved both the viability

and going concern statements.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Investors

See key on page 113.

Viability statement

Pages 68 to 69

Going concern statement

Page 68

118 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Board activities in 2025/26 continued

Risks

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Provision 29

The Board has continued to ensure effective oversight of management’s preparation and readiness to ensure

the Company’s compliance with Provision 29 of the UK Corporate Governance Code 2024 which will apply

to the financial year ending 31 March 2027. During the year, the Board has reviewed the controls

provisionally identified by management as material across financial, operational, reporting and compliance

areas. Regular updates were provided by the Company Secretary and external advisers, PwC, on the

Company’s ongoing readiness for the declaration, including work undertaken to map assurance processes

and document the design and operating effectiveness of controls. The Board will continue to be involved

in further preparatory work in advance of the Company’s first declaration in the next financial year.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

See key on page 113.

Principal risks

The Board reviewed the Group’s principal risks and their potential impact on the delivery of the strategy

while also receiving updates from the Chair of the Audit Committee on key risk areas discussed during the

year. As part of this review, the Board approved several changes to the Group’s principal risks which are

detailed on pages 60 to 67.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Governance

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Internal Board

performance review

The Board participated in an internal Board performance review, conducted internally by the Company

Secretarial team. Actions arising from the review can be found on page 142.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– Customers

– People

– Investors

– Partners and suppliers

– Communities

– Environment

See key on page 113.

Diversity and inclusion

The Board discussed and approved the 2025 Company’s gender pay gap report, which was published

in March 2026 and can be found at https://www.workspace.co.uk/investors/about-us/governance/

our-policies/gender-pay-gap-report.

This year, our mean hourly pay gap decreased by 4.2 percentage points from 29.39% in 2024 to 25.19%

in 2025. The mean bonus pay gap also reduced from 48.28% in 2024 to 46.70% in 2025.

The Board reviewed and discussed the Company’s progress towards achieving its target of 16% ethnic

diversity among the individuals within its Executive Committee and senior managers, by December

2027, in line with the Parker Review. See page 147 for more detail.

Accelerate: Optimise

portfolio and platform

Scale: Innovate to create

future options

– People

– Investors

See key on page 113.

Principal risks

Pages 60 to 67

Provision 29

Pages 60 and 167

Diversity and inclusion

Pages 144 to 150

119 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Governance continued

BOARD LEADERSHIP AND COMPANY PURPOSE continued

BOARD DECISIONS AND ACTIVITIES IN 2025/26 continued

Board activities in 2025/26 continued

Theme Activities Link to strategy Relevant stakeholders Section 172(1) factors

Regulatory and

legal updates

The Company’s legal advisers attended the March 2026 Board meeting to provide an update on recent

regulatory developments, which the Board discussed and considered. They will continue to attend

Board meetings as required to provide relevant legal and regulatory updates.

The Board also received regular legal and governance updates from the Company Secretary, including

briefings on the amendments to the Employment Rights Act 2025, UK Listing Regime, the UK Corporate

Governance Code 2024 including the requirements under Provision 29. The Economic Crime and

Corporate Transparency Act 2023 mandates enhanced filing, identity verification, and a ‘failure to

prevent fraud’ offence which was discussed by the Board. By November 2025, all Board members had

successfully completed voluntary identity verification, with the exception of Charlie Green and Tom

Edwards-Moss who completed theirs on joining the Company. These early actions, alongside wider

preparations for new filing requirements, ensure the Group is fully compliant and well-positioned

to meet its enhanced corporate accountability obligations.

The sustainability team provided the Board with updates including briefings on upcoming ESG-related

regulatory changes.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

– People

– Investors

– Communities

See key on page 113.

Workforce policies

and practices

The Board is responsible for approving all key policies and practices that may affect our employees and

shape organisational behaviour. As part of this process, policies are regularly reviewed to ensure they

align with the Group’s purpose, culture and values. All policies are available to employees on the Group’s

intranet. All new employees are provided with training on our policies at induction sessions, with annual

refreshers provided to all staff in key areas such as anti-bribery, data protection and cyber security.

The Board recently reviewed and approved a refreshed version of the Employee Handbook and Code

of Conduct, which consolidates key policies and procedures applicable to all staff and reinforces the

standards of behaviour expected across the business. The updated Handbook and Code of Conduct

were distributed to employees in 2025. The Board has, and will continue to, review and consider any

amendments to the Employee Handbook and Code of Conduct and related policies and practices

which are necessary to implement the provisions of the Employment Rights Act 2025 and associated

legislation which will enter into force throughout 2026 and into 2027.

The Board recognises that effective communication is essential to maintain our business values, and

we encourage our employees to speak out if they witness any wrongdoing. This is reinforced in our

whistleblowing procedures. Further information can be found on page 72.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

– People

– Investors

– Communities

See key on page 113.

Committee membership

and terms of reference

During the year, the Board considered the structure of its Committees as part of the Board performance

review. In connection with the work undertaken in ensuring an effective Committee structure, the Board,

with support from the Nominations Committee, resolved to amend the constitution of the ESG Committee

to comprise Manju Malhotra (as Chair of the Committee), Duncan Owen, David Stevenson, Rosie Shapland,

Charlie Green (CEO) and Tom Edwards-Moss (CFO) to reflect an appropriate balance of skills and

experience to support effective oversight of ESG matters, and to ensure that ESG considerations

are appropriately integrated into the Company’s strategy and the Board’s decision-making.

The Board also considered the schedule of matters reserved to the Board and the terms of reference

applicable to each Committee.

Fix: Strengthen and

modernise our offer

Accelerate: Optimise

portfolio and platform

– Investors

See key on page 113.

120 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Quick links

Page

Board roles and responsibilities 122

Our governance framework 124

How we govern 126

AT WORKSPACE, THE DISTINCTION

BETWEEN EXECUTIVE AND NON

EXECUTIVE ROLES SHAPES HOW

THE BOARD OPERATES DAYTODAY.

EXECUTIVE DIRECTORS LEAD THE

BUSINESS AND DEVELOP

PROPOSALS WHILE NONEXECUTIVE

DIRECTORS PROVIDE INDEPENDENT

OVERSIGHT, CONSTRUCTIVE

CHALLENGE AND EXTERNAL

PERSPECTIVE. TOGETHER, THEY

ENSURE A BALANCED APPROACH,

ENABLING WELLINFORMED AND

EFFECTIVE DECISIONMAKING.

Carmelina Carfora

Company Secretary

DIVISION OF RESPONSIBILITIES

Carmelina Carfora

Company Secretary

121 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Non-Executive

DIVISION OF RESPONSIBILITIES continued

Duncan Owen

Non-Executive

Chair

Rosie Shapland

Non-Executive

Director

Nick Mackenzie

Non-Executive

Director

Charlie Green

Chief Executive

Officer

Lesley-Ann Nash

Non-Executive

Director

David Stevenson

Non-Executive

Director

Tom Edwards-Moss

Chief Financial

Officer

Manju Malhotra

Non-Executive

Director

Carmelina Carfora

Company

Secretary

Board of Directors

Board roles

and responsibilities

The roles of the Chair and the Chief

Executive Officer are clearly defined and

kept separate. The Chair is responsible

for leading the Board and ensuring its

effectiveness, while the Chief Executive

Officer has responsibility for the leadership

and day-to-day management of the business.

Further detail on the Group’s governance

framework can be found on page 124.

The role specifications set out on the

following pages describe in more detail the

respective responsibilities of Executive and

Non-Executive Directors and how these

operate in practice at Workspace.

Chair:

Duncan Owen

– Lead the effective operation

and governance of the Board.

– Set agendas which support efficient

and balanced decision-making.

– Ensure the Board plays a full and

constructive part in the development

of the Group’s strategy and making

sure that there is sufficient time for

boardroom discussion.

– Ensure effective Board

relationships and foster a culture

that supports constructive debate.

– Facilitate the effective contribution

of the Non-Executive Directors and

monitor that all Directors receive

accurate, timely and clear

information.

– Oversee the annual Board

performance review and identify

key actions required.

– With the Nominations Committee,

ensure the Board remains

appropriately balanced to deliver

the Group’s strategic objectives

and confirm that the Nominations

Committee meets the requirements

of good corporate governance.

– Promote effective engagement

with the Group’s shareholders and

other key stakeholders.

– Lead initiatives to assess the culture

across Workspace and ensure that

the Board sets the correct tone.

– Review, with the Board, diversity

and inclusion initiatives.

– The Chair is not involved in

an executive capacity with any

of the Group’s activities.

Designated Non-Executive Director

for Employee Engagement:

Nick Mackenzie

– Represent the Board, alongside

other Non-Executive Directors,

in discussions with employees,

communicating Board decisions

on specific matters.

– Develop, implement and report

back on employee engagement

initiatives in conjunction with

management.

– Communicate to employees the

outcomes and the developments

made by the Board on specific

matters.

Senior Independent Director:

Rosie Shapland

– Provide an alternative

communication channel for

shareholders and other stakeholders,

if required, being available to meet

with investors on request.

– Provide a sounding board for

theChair.

– If necessary, deputise for the

Chair in his absence and counsel

all Board colleagues.

– Act as an intermediary for Non-

Executive Directors when necessary.

– At least annually, lead a meeting

of the Non-Executive Directors

without the Chair present, to

appraise the performance of the

Chair and to address any other

matters which the Directors might

wish to raise. The outcomes of

these discussions are then

conveyed to the Chair.

Independent Non-Executive Directors:

Rosie Shapland, Lesley-Ann Nash,

Manju Malhotra, Nick Mackenzie

and David Stevenson

– Provide constructive challenge

to our Executive Directors, help

to develop proposals on strategy

and market performance.

– Scrutinise, measure and review

the performance of the Executive

Directors and senior management

against agreed performance

objectives.

– Promote the highest standards

of integrity and corporate

governance.

– Review the succession plans

for the Board and key members

of senior management.

– Determine appropriate levels

of remuneration for the senior

executives.

– Oversee the integrity of financial

reporting, as well as the

effectiveness of risk management

systems and internal controls.

– Serve on or chair various Board

Committees.

Board of Director’s biographies

Pages 104 to 106

122 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Chief Executive Officer:

Charlie Green

– Lead the development and delivery of

the Group’s Board-approved strategy, with

overall accountability for performance,

culture and execution.

– Chair the Executive Committee and provide

clear leadership to the senior management

team, ensuring strategic priorities are

translated into effective operational plans.

– Set the organisational direction, structure

and leadership capability required to deliver

the strategy, including senior team

succession planning and talent

development.

– Hold executive responsibility for the Group’s

operational and commercial performance,

maintaining customer focus and alignment

with the Group’s purpose and values.

– Lead on culture, employee engagement,

diversity and inclusion, and wellbeing,

setting the tone from the top and

embedding these into leadership

behaviours and decision-making.

– Oversee the Group’s sustainability strategy,

including delivery of the net zero carbon

pathway, ensuring ESG considerations

areintegrated into business planning

andoperations.

– Act as a principal ambassador for the

Company with customers, partners,

investors and other key stakeholders,

alongside the Chair and CFO.

– Ensure the Board receives timely, accurate

and high-quality information to support

effective oversight and decision-making.

Chief Financial Officer:

Tom Edwards-Moss

– Partner closely with the CEO and Board

to shape and deliver the Group’s strategy,

ensuring financial discipline underpins

decision-making.

– Provide leadership across financial

performance, capital allocation and balance

sheet management to support long-term

value creation.

– Responsible for financial planning,

forecasting, reporting, treasury and tax,

ensuring robust controls, high-quality

reporting and effective risk management.

– Oversee the development and effectiveness

of the finance function, ensuring appropriate

capability, systems and insight to support

the business.

– Lead the Group’s approach to capital

structure, liquidity and funding, supporting

disciplined investment, portfolio

optimisation and shareholder returns.

– Oversee information technology and

the delivery of IT initiatives that enhance

operational efficiency, data quality and

digital capability.

– Alongside the CEO and Chair, lead

engagement with investors, analysts, lenders

and other key financial stakeholders.

Company Secretary:

Carmelina Carfora

– Support the effective operation of the Board

and its Committees, acting as Secretary to

the Board and the Nominations, Audit, ESG

and Remuneration Committees.

– Advise the Board and Chair on corporate

governance matters, ensuring the

governance framework remains robust,

effective and aligned with regulatory

requirements and best practice.

– Provide regular updates on corporate

governance and regulatory developments,

including changes to legislation, the UK

Corporate Governance Code, listing

and disclosure obligations, and advise

on their implications.

– Ensure the Board receives accurate,

timely and high-quality information to

support effective oversight, informed

decision-making and constructive challenge.

– Have responsibility for the Group’s

enterprise risk management framework,

overseeing its integration into business

planning and Board oversight.

– Oversee governance arrangements for

health and safety, ensuring appropriate

policies, reporting and assurance are

in place to support effective oversight

of safety risks.

– Oversee governance of ESG matters,

supporting the Board and ESG Committee

in integrating sustainability considerations

into strategy, risk management and

decision-making.

– Coordinate Director induction and ongoing

development, supporting Board effectiveness

and ensuring Directors have access to

relevant information and insights.

– Oversee compliance with statutory

and regulatory requirements and the

administration of the Company’s share

schemes, ensuring transparency and

integrity in corporate processes.

Executive

Executive Committee

Page 129

DIVISION OF RESPONSIBILITIES continued

BOARD ROLES AND RESPONSIBILITIES continued

123 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

The terms of reference of each Board Committee

are available on the Company’s website at

www.workspace.co.uk/investors/about-us/

governance/committee-terms-of-reference.

Our Governance

Framework

The Board holds overall responsibility

for governance across the Group. Our

framework supports consistent, high-quality

governance practices that support effective

decision-making and the Company’s

long-term success.

To support its work, the Board delegates

specific responsibilities to its Nominations,

Audit, ESG and Remuneration Committees.

Further information on the role, composition

and activities of each Committee is provided

in the Committee Reports on pages 132 to 220.

Together, these Committees play a key role

in ensuring robust oversight, transparent

reporting and well-informed decision-making.

Each Committee operates under terms of

reference which were reviewed during the

year by both the Committees and the Board.

The performance of each Committee was

also evaluated as part of the internal Board

performance review, confirming that all

continue to operate effectively. More detail

on this process can be found on page 142.

Responsibility for day-to-day operations

continues to be delegated to the Executive

Committee, except for matters specifically

reserved to the Board, which were reviewed in

November 2025 and March 2026. The matters

are available on the Company’s website at

https://www.workspace.co.uk/investors/

about-us/governance/board-responsibilities.

124 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

OUR GOVERNANCE FRAMEWORK continued

Board of Directors

The Board is responsible for shaping Workspace’s long-term success by setting a clear purpose, defining the Group’s strategic direction and ensuring that our

culture, values and governance support sustainable value creation for shareholders and wider stakeholders. Through active oversight and informed decision-making,

the Board ensures that strategy, risk management and performance remain aligned to the long-term interests of the business.

The Board delegates certain matters to its four principal Committees:

Supporting Committees

The Executive Committee oversees a range of operational and supporting Committees that provide focused oversight of key business activities

and risks. This structure ensures effective governance, informed decision-making and the appropriate escalation of matters to the Board.

Executive Committee

The Executive Committee is responsible for delivering the Company’s strategy and overseeing

the day-to-day operations of the business, ensuring that key decisions, performance management

and operational priorities are executed effectively and in line with the Board’s direction.

Disclosure Committee

The Disclosure Committee is responsible for identifying, assessing and controlling inside information,

andensuring that any information requiring public disclosure is released accurately, appropriately

andina timely manner in line with legal and regulatory requirements.

Nominations Committee

Chaired by Duncan Owen

Audit Committee

Chaired by Rosie Shapland

Remuneration Committee

Chaired by Lesley-Ann Nash

ESG Committee

Chaired by Manju Malhotra

Membership

Non-Executive Directors

Membership

Non-Executive Directors

Membership

Non-Executive Directors

Membership

Directors

Key responsibilities:

– Oversees orderly Board and Committee

succession planning, regularly reviewing their

structure, size, composition and diversity to

ensure they remain equipped to meet the needs

of the business now and in the future.

– Promotes the development of a broad, inclusive

and diverse talent pipeline, monitoring the

effectiveness of initiatives designed to broaden

access, support career progression and

strengthen representation across the organisation.

– Assesses whether the Board collectively retains

the right balance of skills, experience, knowledge

and personal attributes, ensuring it can operate

effectively, provide constructive challenge and

support delivery of the Group’s strategy.

– Leads the process for recommending the

appointment of the Non-Executive Director

responsible for employee engagement, ensuring

the role is appropriately positioned to bring

meaningful workforce insight to the Board.

Pages 132 to 151

Key responsibilities:

– Oversees the integrity, clarity and completeness

of the Group’s financial reporting, ensuring that

accounting judgements, estimates and

disclosures are robust, balanced and clearly

presented for stakeholders.

– Manages the relationship with the external

auditor, including assessing their independence,

effectiveness and quality of audit work, and

making recommendations on their appointment,

reappointment and fees.

– Reviews the Group’s risk management framework,

with specific oversight of risks not directly related

to real estate, development and valuation (which

are reviewed by the Board), ensuring these risks

are clearly identified, assessed, and appropriately

mitigated.

– Monitors the effectiveness of the Group’s internal

controls and risk management systems, focusing

on the key financial, operational, compliance and

reporting controls that support sound governance

and decision-making.

Pages 152 to 168

Key responsibilities:

– Determines the Remuneration Policy for

Executive Directors, ensuring that remuneration

structures are clearly linked to performance and

fully aligned with our purpose, values, culture

and the remuneration framework across the

wider workforce.

– Considers senior management remuneration

presented by the CEO.

– Reviews workforce remuneration and related

policies.

– Monitors the competitiveness and structure of

incentive arrangements, ensuring they encourage

responsible risk-taking, support the long-term

financial health of the business and reflect evolving

market and investor expectations.

– Engages with shareholders and workforce

representatives where appropriate, ensuring

transparency around remuneration decisions

and supporting constructive dialogue on the

alignment of pay with long-term value creation.

Pages 178 to 220

Key responsibilities:

– Oversees the development and execution of

theGroup’s ESG strategy, ensuring it remains

aligned with our purpose, values and long-term

business objectives.

– Monitors ESG-related risks and opportunities,

reviewing how these may impact the Group’s

operations, stakeholders and long-term resilience.

– Sets ESG objectives and tracks performance

against them, ensuring progress is measured,

transparent and supported by clear action plans.

– Ensures the quality, accuracy and transparency

ofESG reporting, reflecting evolving market

expectations and best practice in sustainability

disclosure.

– Evaluates the establishment and effectiveness of

appropriate ESG-related policies and procedures.

Advises and supports the Board and Committees

on ESG considerations, ensuring that sustainability,

stakeholder and responsible-business matters are

integrated into broader Board decision-making.

Pages 169 to 177

125 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

Page

Non-Executive Directors 126

Election and re-election of Directors 127

Relationship between the Board and the

Executive Committee 128

Composition of the Executive Committee 129

Information and support to the Board 130

How we govern

Non-Executive Directors

Independence of Non-Executive Directors

During the year, the Board reviewed the

independence of all Non-Executive Directors,

excluding the Chair, whose independence

was confirmed on appointment. The Board

concluded that each Non-Executive Director

remains independent of executive

management and free from any relationships

or circumstances that could materially affect,

orappear to affect, the impartiality of

theirjudgement.

This independence is safeguarded through

a number of established practices including:

– Regular private meetings of the

Non-Executive Directors, both collectively,

individually with the Chair and without

Executive Directors present. These sessions

are typically held in advance of each Board

meeting and provide an opportunity for

open discussion on matters relating to

Board effectiveness and the operation of

the Group. During the year, such meetings

were held on a regular basis.

– A clear division of responsibilities between

the Chair, who is responsible for leadership

of the Board, and the Chief Executive Officer,

who has responsibility for the executive

management of the Group as described

on pages 122 and 123.

The Non-Executive Directors bring a broad

mix of business skills, industry knowledge

and leadership experience gained across

diverse organisations. This breadth of

perspective enables them to provide

independent judgement and constructive

external challenge during Board discussions,

strengthening the quality of debate and

decision-making.

They play a pivotal role in supporting and

challenging the Executive team, contributing

actively to the development of strategy and

ensuring that performance, culture and

decision-making remain aligned with long-

term objectives and stakeholder interests.

Through their oversight, the Non-Executive

Directors help maintain strong accountability

and uphold the highest standards of

governance across the Group.

66.7%

Independent Non-Executive

Chair and Directors as at

31 March 2026

Board biographies

Pages 104 to 106

126 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

HOW WE GOVERN continued

Non-Executive Directors continued Election and re-election of Directors

In accordance with the UK Corporate

Governance Code, all Directors will stand

for election or re-election at the Annual

General Meeting to be held on 23 July 2026.

Following the internal Board performance

review (pages 141 to 143), and having

regard to each Director’s skills and

experience (pages 104 to 106 and 144)

as well as the contribution they continue to

make to the Group’s strategic progress and

long-term resilience, the Board considers

that the election or re-election of each

current Director is in the best interests

of the Company.

The explanatory notes in the Notice of

Meeting for the AGM provide further detail

on why the Board recommends the election

or re-election of each Director.

Mr Green and Mr Edwards-Moss each have

service contracts, further details of which

are provided on page 219.

None of the Non-Executive Directors have

service contracts; they are appointed under

letters of appointment. The appointments

of Rosie Shapland, Lesley-Ann Nash,

Manju Malhotra, Nick Mackenzie and David

Stevenson may be terminated by either the

Company or the individual giving three

months’ written notice, while the appointment

of Duncan Owen may be terminated by either

party giving six months’ written notice.

The terms and conditions of appointment

for the Non-Executive Directors, including

the expected time commitment, are

available for inspection at the Company’s

registered office.

Director’s external appointments

and time commitments

The Board takes Director time commitments

seriously, with expectations set out in letters

of appointment. Any new external

appointments must be notified to the

Chairman, who informs the Board for

consideration. While recognising the value

external roles can bring in terms of knowledge

and experience, the Board ensures they do

not compromise a Director’s ability to devote

sufficient time to Workspace.

Where appointments are disclosed, the

Board assesses potential impact on meeting

preparation, stakeholder engagement,

training, and overall effectiveness, as well as

conflicts, portfolio balance, and compliance

with the Code and investor guidance.

Executive Directors may also accept

a non-executive role at another company

with the prior approval of the Board.

The Board is satisfied that each of the

Non-Executive Directors continues to devote

sufficient time and attention to the Company’s

business to fulfil responsibilities effectively.

They bring valuable independent insight,

constructive challenge and strategic guidance

through their work and contribution to the

Board and its Committees. Details of individual

attendance at Board and Committee

meetings are set out on page 106.

Annual General Meeting

Page 114

127 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

HOW WE GOVERN continued

The relationship between the Board and the Executive Committee

The Board considers there to be an appropriate balance

between Executive and Non-Executive Directors required to

lead the business and safeguard the interests of shareholders.

As at 31 March 2026, the Board comprised the Chair, five

Non-Executive Directors (all of whom are independent) and three

Executive Directors, as Dave Benson stepped down as a Director

from the Board on 30 April 2026. This composition meets the

requirement of the Code for at least half the Board, excluding

the Chair, to be independent Non-Executive Directors.

The Board delegates all operational matters to the Executive

Committee except for the matters reserved to the Board.

Executive Committee – managing the business

Chaired by Charlie Green, the Executive Committee supports

the Board by overseeing the implementation of Workspace’s

strategy and managing the Group’s day-to-day operations.

Thisstructure ensures effective execution of strategic

objectives and operational efficiency.

The Executive Committee is accountable to the Board

for implementation of the agreed strategy.

Board of Directors

The Board is responsible for considering market trends

and their impact on our strategy, assessing appropriate

levels of risk and setting the objectives for the business,

including its ESG strategy.

The Executive Committee

The Executive Committee is responsible for managing

thebusiness, overseeing day-to-day operational decisions

and ensuring the effective delivery of the strategy set by

the Board.

Key responsibilities:

– Review and approval of the Group’s strategy, business

objectives and annual budgets ensuring they support the

long-term resilience and value creation of the business.

– Approve the Group’s capital allocation strategy, including

dividend policy and authorising the payment and

recommendation of the interim and final dividends and the

use of asset disposal proceeds, ensuring these remain aligned

with the Group’s capital allocation priorities.

– Approve the full-year and half-year results on the

recommendation of the Audit Committee, including reviewing

the going concern basis of accounting and the viability

assessment. Overseeing health and safety performance

acrossthe Group, ensuring appropriate policies, culture and

controls are in place to protect employees, customers and

partners. Onthe advice of the Nominations Committee,

reviewing succession plans for the Board and the senior

management team.

– Review and approval of corporate transactions.

– Setting and promoting the Group’s purpose, values and

standards, ensuring they are embedded throughout the

organisation and reflected in culture and conduct. Approval

ofdecisions likely to have a material impact on the Company

or Group from any perspective, including, but not limited to,

financial, operational, strategic or reputational.

– Setting the Group’s risk appetite and tolerance, alongside

overseeing the effectiveness of the risk management

and internal controlframework.

Key responsibilities:

– Develop the Group’s strategy and budget for approval by

theBoard, ensuring proposals are commercially robust and

aligned with long-term priorities.

– Engage regularly with centre teams and operational staff,

reviewing feedback and acting on opportunities to improve

service, efficiency and overall performance. Take collective

responsibility for the day-to-day running of the business,

ensuring operations remain efficient, compliant and aligned

with the Group’s objectives. Assess, analyse and review

initiatives and opportunities of strategic importance,

presenting recommendations and insights to the Board as

appropriate. Monitor operational and financial results against

plans and budgets to ensure timely action is taken to address

variances or emerging risks.

– Review and approve capital expenditure within the authorities

delegated by the Board, ensuring investment decisions are

well-governed and strategically aligned.

– Develop leadership skills and the future talent of the

businessso that strong succession plans are in place as the

Group develops.

– Discuss updates on the Group’s sustainability strategy and

review progress to ensure ESG considerations are embedded

across operations.

– Consider regulatory and market developments, assessing their

impact on operations and ensuring continued compliance.

– Focus on the effectiveness of risk management and control

procedures, embedding this into the business and

ensuringthat material risks are identified, monitored and

appropriately mitigated.

As at the date of this report, the Board

comprises eight people

The Chair, five Non-Executive Independent Directors

and two Executive Directors

Female (including those self-identifying as women)

Male (including those self-identifying as men)

Our strategy

Fix: Strengthen and modernise our offer

Accelerate: Optimise portfolio and platform

Scale: Innovate to create future options

Transforming Workspace

Pages 11 to 17

128 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

HOW WE GOVERN continued

Charlie Green

Chief Executive Officer

Will Abbott

Chief

Customer

Officer

Claire Dracup

Director of

People &

Culture

Paul Hewlett

Director of

Strategy &

Corporate

Development

Richard Swayne

Investment

Director

Jessica Berney

Head of Portfolio

Management

James Graham

Head of Revenue

Executive

Director

Executive

Director

Tom Edwards-Moss

Chief Financial Officer

Carmelina Carfora

Company Secretary

Composition of the Executive Committee

Full details of Charlie, Tom

and Carmelina’s responsibilities

and experience

Pages 104 and 106

Board skills and diversity

Pages 104 to 106, 144 and 146

Specific responsibilities:

Marketing, demand

generation, brand

development, digital

strategy and experience,

and customer

engagement.

Background and

relevant experience:

Will joined Workspace

in2020, having spent over

20 years in marketing

roles across a diverse

range of businesses.

After beginning his career

in advertising, Will moved

to BSkyB before working

in digital media, FMCG,

financial services and

travel sectors. Prior to

Workspace, Will was

Marketing Director at

Insurer Hiscox, and

latterly was Chief

Marketing Officer of

Neilson Active Holidays.

Specific responsibilities:

HR, training and staff

development, internal

culture, management of

the customer experience

improvement programme,

management of the head

office, personal assistants

and admin teams,

Chair of the Social

Sustainability Committee

and responsible for

delivery ofall social

sustainability initiatives.

Background and

relevant experience:

Claire joined Workspace

in 1995, initially as

aCentre Manager before

progressing to Portfolio

Manager. In 2008, Claire

became Head of Support

Services and was

responsible for facilities

management, security,

health and safety,

andbusiness centre

support, which included

recruitment, training and

improvements to service

and quality control. Claire

joined the Executive

Committee in April 2020.

Specific responsibilities:

Corporate strategic

initiative development

and execution, including

Executive sponsor

for AI; investor relations

strategy and corporate

communications.

Background and

relevant experience:

Paul joined Workspace

as Director of Strategy &

Corporate Development

in 2021. He was previously

Executive Director of the

UK Investment Banking

Real Estate team at

J.P. Morgan Cazenove.

Paul has over 20 years

of Corporate Finance

advisory and Corporate

Broking experience,

advising companies

across the real estate

sector on corporate

strategy and a wide

variety of transactions,

most notably focused

onMergers & Acquisitions

and Equity Capital Markets.

Specific responsibilities:

Investment strategy,

acquisitions and

disposals, and valuations,

and member of the

Environmental Committee.

Background and

relevant experience:

Richard joined Workspace

in November 2014 as an

Investment Manager.

He was promoted to Head

of Investment in October

2017 and to Investment

Director in April 2020.

Prior to joining

Workspace, Richard

worked for Cushman &

Wakefield Investors and

LFF Real Estate Partners.

He is qualified as a

Chartered Surveyor and

holds the Investment

Management Certificate.

Specific responsibilities:

Asset management,

development and

refurbishments, building

and surveying matters,

capital expenditure, and

design team oversight as

well as member of the

Environmental Committee.

Background and

relevant experience:

Jessica joined Workspace

in July 2025. She

previously spent 13 years

at Schroders Capital,

where she was Fund

Manager, UK Strategic

Partnerships, with

responsibility for growth

of the UK real estate

business. Prior to that,

Jessica spent nearly

seven years at Invista

Real Estate, latterly as a

Director responsible for

four balanced funds and

all retail sub-sectors.

Specific responsibilities:

Sales, leasing

and retention.

Background and

relevant experience:

James joined Workspace

in January 2026. He

previously spent four

years at International

Workplace Group plc,

inroles including Global

Commercial Director and,

most recently, Sales &

Operations Director.

James has significant

experience leading large

commercial functions

and in retail operations,

including roles at Asda,

Tesco, Topshop/Topman

and other recognised high

street names.

129 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

HOW WE GOVERN continued

Information flow to the Board

Information and support to the Board

The Board and its Committees receive timely, comprehensive,

and high-quality papers, enabling Directors to prepare

effectively for meetings and exercise informed judgement.

The Chief Executive Officer and Chief Financial Officer keep

the Board appropriately informed on the Group’s performance,

people, operations and strategy, with updates on trading,

refurbishment and redevelopment activity, acquisitions and

disposals, and engagement with key stakeholders.

Committee Chairs engage, as appropriate, with members

of the Executive Committee, senior management and external

advisers to provide additional insight and support effective

oversight of their Committees’ responsibilities.

The Company Secretary, supported by external advisers,

provides regular updates on legal and regulatory developments.

During the year, these included the implementation of the 2024

UK Corporate Governance Code, amendments to the UK Listing

Rules, ESG-related legislative developments and the implications

of the Economic Crime and Corporate Transparency Act 2023

(‘ECCTA’), including enhanced Companies House powers,

identity verification requirements and the new corporate

offence of failure to prevent fraud.

External advisers also brief the Board periodically; in March

2026, Slaughter and May attended a Board meeting to provide

an update on legal and regulatory matters. The Company’s

brokers also attended meetings throughout the year to provide

investor and market updates.

The Board uses a secure electronic portal to access meeting

papers and supporting materials, which are distributed in

advance to ensure Directors have the most up-to-date

information. A structured follow-up process is operated by

the Company Secretary to track and support timely completion

of agreed actions.

Directors have access to independent professional advice at

the Company’s expense where required to support the proper

discharge of their duties.

Scheduled Board inputs 2025/2026

Senior management meetings

Board meetings

Presentations

Employee engagement lunch

Board presentations Employee Engagement

New Directors meet individually with

members of senior management as part

of their induction, helping to build early

understanding of the business, its operations

and leadership. The Chief Executive Officer

and Chief Financial Officer maintain an

ongoing dialogue with senior management

to monitor operational delivery and

performance. Key themes, risks and issues

emerging from these discussions are

reported to the Board, ensuring timely

visibility and appropriate oversight.

Employees below Board level are regularly

invited to Board meetings, providing insight

into operational delivery, strategy execution

and emerging priorities. This supports the

Board’s understanding of performance,

culture and our customers, and enables the

Board to hear directly from the business.

During the year, the Board received

presentations from senior leaders covering

strategy execution, investor engagement,

brand and customer proposition, social

impact, people initiatives, sustainability,

and technology and cyber security.

The Board also reviewed feedback from

customer and employee surveys to inform

its understanding of customer experience

and employee sentiment.

These sessions enable Directors to

question, challenge and engage in open

discussion, while giving colleagues valuable

exposure to the Board. This two-way

engagement strengthens understanding

and supports effective oversight.

From January 2026, Nick Mackenzie assumed

responsibility as the Board’s designated

Non-Executive Director for employee

engagement, succeeding Duncan Owen.

Nick held his first informal lunch session

in March 2026 with employees from across

the business. The session encouraged

open discussion and gave employees

the opportunity to share their views

on Company operations and the wider

employee experience. Feedback was

reported to the Board, helping to inform its

understanding of culture, engagement and

emerging themes across the organisation.

Mr Mackenzie also discussed feedback with

members of the Executive Committee,

ensuring insights are also considered at

management level. Moving forward, Nick

will hold a minimum of three employee

engagement sessions per year.

The annual employee survey also provides

afurther opportunity to capture workforce

sentiment across the Group.

Ad hoc Board inputs in 2025/26

Presentations from brokers | Updates on strategy development | Updates from legal advisers

130 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

DIVISION OF RESPONSIBILITIES continued

HOW WE GOVERN continued

How the Board discharges its responsibilities Training and development

The Board discharges its responsibilities

through an annual programme of Board and

Committee meetings aligned with the Group’s

financial and reporting calendar. Additional

meetings are held as required to consider

other Board business, including the strategy

day, key management and financial updates,

and the approval of acquisitions and

refurbishment programmes. In the year

ended 31 March 2026, the Board met formally

on 10 occasions, with supplementary

meetings convened as necessary to support

timely decision-making. A strategy day was

held in September 2025.

The Board engaged with a range of the

Group’s advisers to support its understanding

of market conditions and developments

affecting the business. Presentations were

received from the Group’s brokers, JP Morgan

and Stifel, during the year, and in March 2026,

the Group’s corporate legal advisers, Slaughter

and May, attended to provide an update on a

range of legal and regulatory matters.

The Group’s property valuer, CBRE, presented

to the Board in May 2025. From November

2025, the Group adopted a dual-valuer

approach, with CBRE and Knight Frank jointly

valuing the property portfolio. Both valuers

presented to the Board on portfolio valuation

outcomes and market conditions in November

2025 and June 2026.

Directors are expected to attend all meetings

of the Board, the Committees on which they

serve and the Annual General Meeting, and

to devote sufficient time to the Group’s

affairs to enable them to discharge their

responsibilities effectively. If a Director is

unable to attend a meeting, they receive the

relevant papers in advance and are given the

opportunity to share their views with the

Chair ahead of the meeting.

The Chair schedules time with the Non-

Executive Directors, without the Executive

Directors present, in advance of Board

meetings and maintains regular dialogue with

the Chief Executive Officer, Chief Financial

Officer and other members of the senior

management team. These discussions

provide space for open exchange, reflection

and challenge, and support effective

leadership of the Board.

If any Director has concerns regarding

the operation of the Group or any proposed

actions that cannot be resolved through

discussion, these concerns are recorded in

the Board minutes. No such concerns were

raised during the year under review.

Given the dynamic environment in which

Workspace operates, it remains essential that

the Board maintains a strong understanding

of the property sector, the Group’s operating

model and developments in the wider legal

and regulatory landscape. Ongoing Director

development supports effective oversight,

informed challenge and value creation.

Directors continue to build their knowledge

and insight through a combination of external

seminars, briefings and industry engagement

relevant to their roles. This is particularly

important for those undertaking Chair or

Committee Chair responsibilities, where

exposure to evolving market practice,

regulatory expectations and emerging risks

supports effective leadership of the Board

and its Committees.

External input forms an integral part of the

Board’s ongoing development. During the

year, advisers contributed to Board discussions,

providing perspectives on legal, regulatory

and governance developments, as well as

broader market conditions and industry trends.

At the Board’s strategy day in September

2025, external advisers also contributed to

discussions on the Group’s strategic priorities

and operating environment.

The Company Secretary supports the Board’s

development by providing regular updates

on legal, regulatory and governance matters,

drawing on input from external advisers

where appropriate. During the year, briefings

covered a broad range of topics, including

the 2024 UK Corporate Governance Code,

the amended UK Listing Rules, the new

corporate offence of failure to prevent fraud,

cyber security and digital resilience, executive

remuneration trends (including ESG

considerations), diversity and inclusion,

conflicts of interest, and wider market

developments.

In particular, the Board received updates on

Provision 29 of the UK Corporate Governance

Code 2024, including the associated

reporting requirements in relation to the

monitoring and review of the effectiveness of

the Company’s risk management and internal

control framework. The Company Secretary

is working with PwC to review the Group’s

existing processes and supporting the Board

in further strengthening its approach ahead

of the first declaration of effectiveness of

material controls.

Directors are encouraged to identify areas

where additional insight would be valuable.

In response, the Company Secretary arranges

targeted briefings, delivered internally or by

external specialists, ensuring the Board

continues to operate with the appropriate

skills, knowledge and confidence to discharge

its responsibilities effectively.

Board training sessions and

updates in 2025/2026

131 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Quick links

Page

Membership and attendance

at Nominations Committee meetings 133

Chair’s letter 135

Role of the Nominations Committee 136

Nominations Committee activities

in2025/26 138

Diversity and inclusion 144

THE BOARD PLACED SIGNIFICANT

EMPHASIS ON LEADERSHIP

SUCCESSION THIS YEAR,

CULMINATING IN THE

APPOINTMENTS OF A NEW CHIEF

EXECUTIVE OFFICER AND CHIEF

FINANCIAL OFFICER. THIS

TRANSITION STRENGTHENS THE

EXECUTIVE TEAM AND POSITIONS

THE GROUP TO DELIVER ITS

STRATEGIC PRIORITIES WITH

CLARITY AND MOMENTUM.

Duncan Owen

Chair of the Nominations Committee

COMPOSITION, SUCCESSION AND EVALUATION

Duncan Owen

Chair of the Nominations Committee

132 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

During the year, the Nominations Committee comprised the

Chair of the Company, who is also Chair of the Committee,

unless the Committee is dealing with the matter of

succession of the Chair of the Company and all of the

independent Non-Executive Directors. The Company

Secretary acts as the secretary to the Committee.

Member since

Meetings

attended

2025/26

Duncan Owen (Chair)

2021

3/3

Rosie Shapland

2020

3/3

Lesley-Ann Nash

2021

3/3

Manju Malhotra

2022

3/3

Nick Mackenzie

2022

3/3

David Stevenson

2024

3/3

Executive transition

– Oversaw a significant leadership transition

during the year, with the appointments of

a new Chief Executive Officer and Chief

Financial Officer. Its focus was on ensuring

a well-managed transition that maintained

continuity while strengthening the

leadership platform to deliver the Group’s

strategic ambitions.

– Maintained close oversight of the transition,

including assessing leadership capability

against the Group’s evolving strategic

priorities and overseeing tailored induction

programmes for both appointments.

– Charlie Green joined as Chief Executive

Officer on 2 February 2026 and Tom

Edwards-Moss joined as Chief Financial

Officer on 23 February 2026. To support

continuity, Tom worked alongside the

outgoing CFO, Dave Benson through

a phased handover until 30 April 2026.

– The transition was executed smoothly,

with strong alignment between the Board,

the new Executive Directors and the wider

Executive team, and with no disruption

to the Group’s operations. Further details

can be found on pages 112 and 139.

Board composition

and succession

– Continued to take a forward-looking

approach to Board composition, actively

reviewing the balance of skills, experience,

tenure and independence of the

Non-Executive Directors.

– Following this review, the Committee

and the Board are satisfied that the Board

is well-balanced and brings the breadth

and depth of experience required to

support delivery and execution of the

Group’s strategy, while providing effective

oversight of risk and shaping the culture

that underpins long-term performance.

COMPOSITION, SUCCESSION AND EVALUATION continued

Key topics considered by the Committee during the yearNominations Committee membership and attendance

Key topic Activity Outcome

More information on the skills and

experience of all Committee members

Pages 104 to 106 and 144

133 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Key topics considered by the Committee during the year continued

COMPOSITION, SUCCESSION AND EVALUATION continued

Strengthening executive

leadership

– Maintained active oversight of the composition, capability and succession

of the Executive leadership team, including regular review of roles, skills

and organisational structure to ensure alignment with the Group’s

evolving priorities.

– This resulted in targeted changes to the composition of the Executive team,

strengthening leadership capability and ensuring it remains well positioned

to deliver the Group’s strategy.

Internal Board

performance review

– Oversaw the Board’s internal performance review duringthe year, enabling

the Board to reflect on its collective effectiveness and identify opportunities

to further strengthen its performance between externally facilitated

evaluations. In light of changes within the seniorleadership team during the

year, the review also provided a timely opportunity to consider how effectively

the Board engages with and supports management as the Company’s

strategic priorities continue to evolve. Theevaluation considered the quality

of Board discussion and challenge, oversight of strategy, culture and risk,

and whether the Board’s composition and experience remain aligned with

the Company’s priorities.

– The internal Board Performance review confirmed that the Board and its

Committees continue to operate effectively, with open and constructive

debate and a strong focus on the Company’s strategic priorities. The review

also identified opportunities to further enhance Board effectiveness,

including increasing direct engagement with operational activities across the

business, strengthening the Board’s approach to employee engagement as

an important indicator of culture, and deepening oversight of the Company’s

technology capabilities, including the evolving use of artificial intelligence

within the business. In doing so, the Board also reflected on the effectiveness

of the Company’s risk management and internal control framework and how

this support robust decision-making and long-term resilience.

– A number of actions were agreed and progress will be monitored during FY27

to support the Board’s continued development (see page 142 for more detail).

Diversity and inclusion

– Continued to oversee the Board’s approach to diversity and inclusion

during the year, reviewing progress against the Board’s diversity objectives

and the disclosure requirements of the UK Corporate Governance Code and

the Financial Conduct Authority’s Listing Rules. In doing so, the Committee

considered gender and ethnic diversity alongside the broader mix of skills,

experience and perspectives that supports effective Board debate and

decision-making.

– Discussed initiatives aimed at strengthening inclusive talent pipelines

and supporting sustainable succession planning across the organisation.

– Continued progress towards our diversity objectives across the organisation,

including reviewing the Company’s gender pay gap report and the initiatives

in place to address the gap and support greater gender balance and broader

diversity within the workforce and leadership pipeline.

– Considered the Company’s broader ESG agenda. As part of the Board’s ESG

review in January, the Board reviewed progress against key social metrics,

including an increase in the Company’s direct social value contribution, a key

measure for the Group. This reflects the impact of social value initiatives

introduced during the year, including the launch of an internship programme

and the adoption of more inclusive recruitment practices. Further information

on the Company’s diversity initiatives is provided on pages 150.

Key topic Activity Outcome

134 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Dear shareholder,

I am pleased to present this review of the

activities of the Nominations Committee

for the financial year ended 31 March 2026.

This has been a significant year for the

Committee, with a clear focus on leadership

succession at the most senior levels of the

Group and on ensuring that the Board and

Executive team continue to have the

appropriate balance of skills, experience and

independence to support the Company’s

long-term sustainable success.

A key priority during the year was the

appointment of a new Chief Executive Officer

and Chief Financial Officer. The Committee

led both processes, assisted by external

search agency Heidrick & Struggles to ensure

rigorous, well-managed and orderly transitions.

Charlie Green joined as Chief Executive

Officer in February 2026, bringing deep

sector experience and a strong track record

of building and scaling high-quality flexible

workspace platforms. Shortly thereafter,

Tom Edwards-Moss joined as Chief Financial

Officer, adding significant capital markets

expertise and listed real estate experience.

Together, these appointments strengthen

the Executive leadership team and provide

a strong platform for the continued delivery

of the Group’s strategy, alongside disciplined

balance sheet management and sustainable

income growth.

NOMINATIONS COMMITTEE CHAIR’S LETTER

At the same time, the Committee maintained

close oversight of the broader Executive

leadership team during a period of change,

ensuring that it continues to reflect the

appropriate balance of skills, experience and

capability aligned to the Group’s evolving

strategic priorities. This included a continued

focus on succession and leadership depth

across key roles to support the Group’s

longer-term development.

The Committee also kept the overall

composition of the Board under review, taking

into account the balance of skills, experience,

independence and diversity, as well as the

Group’s strategic objectives. Female

representation on the Board was 33.3% at

the year-end, increasing to 37.5% on 1 May 2026,

following the CFO transition. While diversity

remains an important consideration, succession

planning and future appointments are informed

by a broader, holistic assessment of Board

composition and long-term needs.

During the year, the Committee oversaw

the annual internal Board performance review,

which confirmed that the Board continues to

operate effectively and remains aligned with

the Group’s strategic priorities. The review also

highlighted areas of continued focus, including

allocating sufficient time for forward-looking

strategic discussion and maintaining emphasis

on workforce engagement and culture, reflecting

the Board’s broader role in supporting

long-term sustainable success.

COMPOSITION, SUCCESSION AND EVALUATION continued

LEADERSHIP AND SUCCESSION

HAVE BEEN A KEY FOCUS FOR

THE COMMITTEE THIS YEAR. THE

APPOINTMENTS ACROSS THE CEO,

CFO AND EXECUTIVE COMMITTEE

ROLES STRENGTHEN THE

LEADERSHIP TEAM AND ENSURE

THE COMPANY HAS THE CAPABILITY

REQUIRED TO DELIVER THE NEXT

PHASE OF ITS STRATEGY.

Duncan Owen

Chair of the Nominations Committee

Looking ahead, the Committee will continue

to focus on maintaining a high-quality and

effective leadership team, ensuring that both

the Board and Executive Committee have the

skills, experience and perspectives required

to support the Group’s next phase of

development. This includes sustaining a

strong and diverse leadership pipeline and

maintaining appropriate depth of capability

across the organisation.

The Committee is confident that the Group is

well positioned, with a strengthened leadership

team and a Board whose composition remains

closely aligned with itsstrategic priorities.

Duncan Owen

Chair of the Nominations Committee

9 June 2026

135 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The role of the

Nominations

Committee

The Nominations Committee principal role

is to lead the process for appointments to

the Board, whether to fill any vacancies that

may arise or to change the number of Board

members. It will ensure plans are in place for

orderly succession to the Board and senior

management positions, and oversee the

development of a diverse pipeline for

succession. The Committee will also enlist

the services of external executive search

firms to assist with the recruitment process.

COMPOSITION, SUCCESSION AND EVALUATION continued

How the Committee operates

The Committee supports the Company’s

commitment to diversity, inclusion and equal

opportunity. These principles are reflected

in the Committee’s approach to senior

recruitment and succession planning,

and the Committee reviews progress against

the Company’s diversity objectives and the

strength of internal talent pipelines to support

long-term succession.

During the year, the Committee oversaw

anumber of senior appointments, including

changes at Executive Director and Executive

Committee level. These appointments were

delivered through rigorous and transparent

selection procedures, ensuring the leadership

team continues to reflect the skills and

experience required to support the Group’s

strategic priorities.

The Committee’s meetings are typically

scheduled to coincide with Board meetings,

with additional meetings arranged as

requiredto support succession activity.

TheCommittee also meets on an ad hoc

basiswhere necessary.

Only members of the Committee have the

right to attend meetings. However, the Chief

Executive Officer and other individuals may

be invited to attend where their insight is

helpful, particularly in relation to senior

leadership succession and talent development.

All Directors may obtain independent

professional advice at the Company’s

expense where necessary to discharge their

duties. NoDirector made use of this facility

during theyear.

The Committee reports to the Board

following each meeting, and actions and

recommendations are tracked to completion.

The Committee also oversaw the internal

Board Performance Review, which was

conducted by the Legal and Company

Secretarial team and presented to the Board

in March 2026. This review assessed Board

effectiveness, composition and alignment

ofskills to the Company’s evolving strategy.

The outcomes confirmed effectiveness

andidentified proportionate actions to

maintain strong strategic focus, stakeholder

engagement and alignment between Board

composition and future needs. See more

on page 142.

The Committee recommends the Non-Executive

Director designated for workforce engagement

and supports arrangements that promote

effective engagement between the Board

and employees. In January 2026, the Board

agreed that Nick Mackenzie would assume

this role, reflecting the value of his executive

leadership experience in supporting effective

workforce engagement.

The Committee also recognises the importance

of ongoing development for all Directors.

Training needs are kept under review and

coordinated by the Company Secretary,

who facilitates relevant briefings and, where

appropriate, brings in external advisers to

support the Board’s understanding of key

governance, legal and regulatory changes,

andmarket developments. Directors also

undertake their own professional development

through seminars, industry forums and other

external engagements to ensure the Board

continues to maintain the knowledge and

insight required to discharge its

responsibilitieseffectively.

THE NOMINATIONS COMMITTEE

PLAYS A VITAL ROLE IN ENSURING

THE BOARD AND EXECUTIVE

LEADERSHIP HAVE THE RIGHT

BALANCE OF SKILLS, EXPERIENCE

AND PERSPECTIVES TO SUPPORT

THE LONGTERM SUCCESS OF

THE COMPANY.

Duncan Owen

Chair of the Nominations Committee

136 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

THE ROLE OF THE NOMINATIONS COMMITTEE continued

Committee responsibilities

– Overseeing the Board’s workforce

engagement arrangements, including

recommending the appointment of the

designated Non-Executive Director for

workforce engagement and supporting

mechanisms that enable meaningful and

constructive dialogue with employees.

– Overseeing Director inductions and ongoing

development to ensure the Board maintains

a current and informed understanding

of the business, governance requirements

and emerging regulatory developments.

– Embedding sustainability through

composition and skills mapping, succession

planning and training.

The Nominations Committee supports the

Boardin ensuring that the Board and its

Committees have the right balance of skills,

experience and independence to operate

effectively and in the best interests of the

Company. The Committee also oversees

orderly succession planning for the Board and

senior leadership and plays an important role

in evaluating the Board’s overall effectiveness.

In relation to senior leadership, the

Committee considers succession and talent

matters across the Executive Committee and

wider senior management group, informed

by the Chief Executive Officer’s input on key

roles within the business.

The Committee’s principal responsibilities

include:

– Leading the process for Board appointments

and overseeing orderly succession planning

for Directors and senior management,

ensuring alignment with the Company’s

long-term strategy.

– Reviewing the structure, size and composition

of the Board, its Committees and the

Executive Committee to ensure they have

an appropriate combination of independence

and diversity to operate effectively.

– Overseeing Board succession and tenure

planning, including Non-Executive Director

independence and progressive Board

refreshment.

– Overseeing the annual Board performance

review, including its Committees and

individual Directors, which was internally

facilitated by the Company Secretarial team

this year.

– Reviewing the time commitment required

from the Chair and all Non-Executive

Directors to ensure they are able to devote

sufficient time to their roles.

– Recommending the appointment, election

and re-election of Directors, taking into

account performance, contribution, time

commitment and independence.

– Overseeing the development of the senior

leadership pipeline, including succession

planning for the Executive Committee

and other critical roles.

– Supporting the Company’s commitment to

diversity, inclusion and equal opportunities,

ensuring that these principles are embedded

within Board composition, succession

planning and recruitment processes.

137 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

Executive Director recruitment process

Nominations

Committee

activities in 2025/26

Page

Executive Direction recruitment process 138

Executive Director transition 139

Executive Direction Induction 139

Performance of the Nominations

Committee 140

Board composition 140

Board performance review 141

1. Role Specification

The Committee develops a role

specification and list of characteristics

deemed essential for the two Executive

Director roles appointed during the year.

4. Assessment

Heidrick & Struggles carried out an

assessment of potential candidates and

presented a longlist to the Chair, which is

subsequently reviewed by the Committee.

7. Board decision

and announcement

The Board considers the recommendation

of the Committee and, if deemed

appropriate, approves the appointment,

following which an announcement is made

via the RNS.

8. Induction

The new Executive Directors undertook

a formal induction programme, as detailed

on page 139.

2. Engage a search agency

Heidrick & Struggles were engaged by

the Committee. They are an external and

independent board consultancy firm which

specialises in building Board capability.

Heidrick & Struggles are signatories to the

voluntary code for executive search firms.

5. Candidate Interviews

Shortlisted candidates were required to

undertake rigorous executive leadership

assessments, conducted by the search

agency and met Committee members

through a series of interviews.

3. Search

Heidrick & Struggles undertook a

comprehensivesearch to identify a

diverse pool of candidates, drawn from

both internal and external sources, who

meet the agreed specification.

6. Committee Recommendations

Following careful consideration

of each candidate’s experience, skills

and suitability, the Committee makes

a recommendation to the Board on

the preferred appointment.

Induction of Charlie Green

and Tom Edwards-Moss

Page 139

138 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

NOMINATIONS COMMITTEE ACTIVITIES IN 2025/26

Induction of Charlie Green and Tom Edwards-MossExecutive Director transition

Charlie Green was appointed as Chief

Executive Officer with effect from 2 February

2026, following Lawrence Hutchings stepping

down from the role on 19 January 2026.

Tom Edwards-Moss was appointed Chief

Financial Officer with effect from 23 February

2026. On the same date, Dave Benson stepped

down from the role as Chief Financial Officer

and remained on the Board as an Executive

Director until 30 April 2026, working alongside

Tom Edwards-Moss to ensure continuity and

an orderly handover.

Onboarding programme

Each newly appointed Director undertakes a structured induction programme designed to

provide a thorough understanding of the Group’s strategy, operations, governance framework

and their responsibilities as a member of the Board.

Following their appointments, Charlie Green and Tom Edwards-Moss completed a

comprehensive induction programme tailored to their roles. The programme included

a combination of briefings, meetings and site visits to ensure they developed a detailed

understanding of the business and its strategic priorities.

Activity

Strategy and

Business Model

The induction included meetings with the Chair, each of the

Non-Executive Directors and members of the Executive Committee,

providing insight into the Group’s strategy, operating model, financial

performance and priorities for the year ahead.

Operational

and functional

briefings

Charlie and Tom also participated in a series of operational and functional

briefings with senior leaders across the business, including marketing,

asset management, investment, brand development, ESG and technology.

These sessions provided a detailed overview of the activities that support

Workspace’s long-term strategy.

Portfolio

site-visits

To deepen their understanding of the portfolio and customer proposition,

both Directors visited properties across the portfolio and met with

customer-facing teams to gain first-hand insight into building operations

and marketdynamics.

Governance

Framework

Governance and stakeholder briefings were provided by the Company

Secretary and the Corporate Communications team, covering the Group’s

governance framework, legal and regulatory responsibilities, Board

processes and the Company’s approach to shareholder engagement.

Meetings were also held with key advisers, including the Company’s

brokers and external advisers, to provide broader market context and

insight into the legal and regulatory environment in which theGroup

operates. These briefings were supported by access to acomprehensive

suite of reference materials, including information on recent financial

performance, the Schedule of Matters Reserved to the Board, risk

management, technology platforms, investor relations activities and key

Company policies, such as share dealing procedures, conflicts of interest

and Directors’ duties.

Ongoing support

from the Company

Secretary

The Company Secretary also meets regularly with both Directors to

provide practical briefings on key Company processes, such as the year-end

reporting cycle and the operation of the Company’s share schemes.

These regular updates are designed to support a rapid understanding of

the Company’s governance arrangements and decision-making processes

during the early stages of their appointments.

139 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

NOMINATIONS COMMITTEE ACTIVITIES IN 2025/26 continued

Performance of the Nominations Committee Board composition

The Committee’s performance and

effectiveness are reviewed annually by both

the Committee and as part of the Board

performance review.

This year, the Board performance review

was internally facilitated by the Workspace

Legal and Company Secretarial team.

The review concluded that the Committee

continues to operate effectively, providing

robust oversight of Board composition,

succession planning and the development

of the senior leadership pipeline in line

with the principles of the UKCorporate

Governance Code.

The Committee terms of reference

are available on the Company’s website:

https://www.workspace.co.uk/investors/

about-us/governance/board-committees.

Board performance review process

and outcomes

Page 142

Biographical details of each Director,

outlining their relevant skills and experience

Pages 104 to 106

Reviewing the Board

and Committee composition

As part of the internal Board performance

review (see pages 141 to 143), the Committee

reviewed the composition of the Board and

its Committees. This included consideration

of the balance of skills, experience,

independence, tenure and broader diversity

across the Board, as well as alignment with

the Company’s evolving strategy and

succession plans.

The Committee concluded that the Board

continues to benefit from a complementary

mix of experience, external perspectives and

constructive challenge. It remains satisfied that

each Director continues to make a valuable

and effective contribution and demonstrates

a clear commitment to promoting the

long-term success of the Company.

While no changes to the Board’s composition

are expected to arise directly from the

performance review, the Committee has

a forward plan for Non-Executive Director

succession, aligned to the Company’s future

needs and governance requirements.

In undertaking its review, the Board also

considered the provisions of the UK Corporate

Governance Code relating to independence and

Board composition. In the opinion of the Board,

the Chair and all Non-Executive Directors

demonstrate independence of judgement

and character and bring an appropriate

balance of skills, experience and perspective.

OUR BOARD IS WELLBALANCED

AND APPROPRIATELY SKILLED, WITH

DEEP EXPERIENCE AND DIVERSE

PERSPECTIVES THAT ENHANCE

OVERSIGHT AND STRENGTHEN

BOARD EFFECTIVENESS.

Duncan Owen

Chair of the Nominations Committee

All Directors are considered to devote

sufficient time to their roles and are free from

any relationships or circumstances that could

compromise their independent judgement.

As at the date of the 2026 AGM, no

Non-Executive Director will have served

on the Board for more than six years.

As at 31 March 2026, the Board comprised

the Chair, three Executive Directors and five

Non-Executive Directors and from 30 April

2026, Dave Benson stepped down as a

Director. Further details regarding Director

independence, together with the Board’s

recommendations for election and re-election,

are set out on page 127 and in the Notice

of Annual General Meeting.

In line with the UK Corporate Governance

Code, all Directors will retire and stand for

election or re-election by shareholders at

the 2026 Annual General Meeting.

Time commitments

The Board is satisfied that each Directors

devoted sufficient time to their duties and that

their other appointments do not compromise

the effective discharge of their responsibilities

to the Company. In reaching this conclusion

the Board also took account of the additional

time of the required during the current year,

to support the Executive Team and managed

changes within senior leadership.

Throughout the year, Directors maintained

a high level of engagement, attending all

scheduled meetings and additional sessions

as required. Individual attendance is set out

on page 106. In addition to formal Board and

Committee meetings, the Non-Executive

Directors engaged regularly with the

Executive Directors and with senior

management across the Group throughout

the year. These interactions provide valuable

insight into leadership capability, support

the early identification of high potential

individuals and strengthen the Committee’s

understanding of succession related

opportunities in business areas. This work

remains an important component of ensuring

the Group has the leadership capacity required

to support long-term strategy delivery.

The Committee also recognises that service

on other boards, in executive or non-executive

capacities, can enhance Directors’

effectiveness by broadening experience and

perspective, and supports such roles where

they are compatible with an appropriate time

commitment to Workspace.

140 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

An established review cycle with incremental improvements

made each year

2023/24

External board

performance review

The 2023/24 external Board

performance review, conducted by

Fidelio Partners, was conducted against

the backdrop of a new Board Chair. The

external performance review focused on

Board oversight in the development of

the leadership team and implementation

of the Company’s strategy.

2024/25

Internal Board

performance review

This internal performance review,

undertaken with the assistance of

Fidelio Partners following the externally

facilitated review completed in the prior

year, assessed the overall effectiveness

of the Board. Particular focus was given

to the CEO transition in November

2024, strategy evolution and oversight

of culture.

2025/26

Internal Board

performance review

The internal performance review was

conducted by the Workspace Company

Secretarial team. It focused on the

strategy and composition of the Board.

The Board confirmed that it continues

to operate effectively. Actions were

identified to support continued strategic

alignment, succession and stakeholder

engagement.

For the 2026/27, we will be undertaking

an external board performance review,

in accordance with the requirements

of Provision 21 of the UK Corporate

Governance Code 2024.

COMPOSITION, SUCCESSION AND EVALUATION continued

NOMINATIONS COMMITTEE ACTIVITIES IN 2025/26 continued

Board performance review

The Board is aware of the need to continually

review its performance and each year the

Board, its Committees and each individual

Director undergo a formal evaluation

process, overseen by theChair.

This year, an internal performance review

was conducted by the Workspace Legal and

Company Secretarial team. This followed an

externally facilitated review in 2023/24 and

an internally led review in 2024/25.

The Board performance review considered

the overall effectiveness of the Board and

its Committees, including how the Board

supports the delivery of the Group’s

strategy. Particular focus was given to the

ongoing oversight and embedding of culture

and workforce engagement arrangements,

succession planning and Committee

composition. The review comprised a

tailored questionnaire completed by all

Non-Executive Directors.

Future priorities to further enhance the

Board’s effectiveness were identified and

agreed. Progress against these priorities will

be monitored by the Chair and the Company

Secretary over the coming year and reported

in next year’s Annual Report.

The review concluded that the Board

continues to operate effectively,

demonstrating strong engagement

and clear focus on strategic priorities.

The Board is satisfied that the priorities

identified following the performance review

carried out in FY25 have been adequately

addressed, and details can be found on

page 143.

An evaluation of the Chair was also

conducted by the Senior Independent

Non-Executive Director, privately with

the Non-Executive Directors.

Key outcomes of the review

Page 142

THIS YEAR’S INTERNAL BOARD

PERFORMANCE REVIEW CONFIRMED

THAT THE BOARD IS OPERATING

EFFECTIVELY AND MAINTAINS A CLEAR

FOCUS ON STRATEGY, GOVERNANCE

AND LONGTERM PERFORMANCE.

141 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

NOMINATIONS COMMITTEE ACTIVITIES IN 2025/26 continued

Board internal performance review process

November 2025:

Board discussion

January–February 2026:

Focused questionnaire

April 2026:

Findings discussed

April 2026:

Outcomes

A Board discussion was held to agree

the key focus areas for this year’s

internal review. This discussion ensured

the review reflected the Board’s own

priorities and the evolution of the

Company’s strategy.

The Workspace Company

Secretarial team developed

a tailored questionnaire covering

the Board’s agreed focus areas.

The questionnaire was issued

to all Non-Executive Directors.

The findings and results from the

questionnaire were presented and

discussed by the Board at their

meeting in April 2026.

Key outcomes agreed feedback

shows continued confidence in the

Board’s performance, composition,

and commitment to the Group’s

strategy. An action plan was created

for recommendations.

Key questions:

– How effective is the Board in supporting

and overseeing the delivery of the

Company strategy?

– How effective do you consider the Board

to be in terms of composition, diversity

and dynamic?

– Does the Board possess the right

skillset to meet the strategic demands

of the business?

– How effective is the current Committee

structure?

– Does the Board receive sufficient

information to demonstrate delivery,

execution and progress of the strategy?

– How well does the Board monitor and

assess organisational culture and the

embedding of desired cultural behaviour?

Focus areas:

– The format was similar to previous

reviews and overall positive scoring

indicated that the Board feels confident

in their performance, contribution

and composition.

– The quantitative section of the

questionnaire enabled the Board to

provide feedback across all key areas

of its work.

– The qualitative section of the

questionnaire enabled a deep dive on

various key areas including the strategy,

culture and shareholder engagement.

Discussion points:

– The Board reviewed feedback on

its strengths, including accountability,

governance, constructive challenge

and the quality of the Board dynamic.

– The Board discussed areas highlighted

for potential development, including ways

to measure the Company’s culture, and

opportunities to further strengthen the

data provided to ensure focused, concise

and insight-driven reporting.

– The Board also considered feedback on

the Company’s risk appetite and culture,

assessing whether these remain

appropriate, clearly embedded and

aligned with the Company’s strategic

objectives and values.

Development themes:

– Continued oversight of strategy.

– Ongoing focus on succession planning.

– Continued development of workforce

engagement.

– Sustained focus on people and culture.

– Ensure clear information flow to aid

Board decision-making.

142 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

NOMINATIONS COMMITTEE ACTIVITIES IN 2025/26 continued

Key priorities identified during the financial year 2024/25

Item discussed by the Board Focus area Our progress

Ongoing oversight

of strategy

Maintain regular updates from the

Executive Committee on strategy

development

Strategic updates were provided at Board meetings through the CEO’s report, supported by contributions from the

Executive Committee. The Board also held a dedicated Strategy Day in September 2025 and received detailed strategic

deep dives during the year, including a session attended by the Executive Committee. These updates have supported

the Board’s ongoing oversight of strategic direction and alignment with the Group’s long-term objectives.

Composition of the Board

and Executive Committee

Maintain ongoing review of

succession planning for both

the Board and the Executive

Committee

Progress has been made during the year with the appointments of Charlie Green as Chief Executive Officer and

Tom Edwards-Moss as Chief Financial Officer in early 2026. These appointments have strengthened leadership capacity

and alignment with the Group’s strategic priorities, while supporting appropriate balance of experience and insight at

Board and Executive Committee level. The Committee also reviews Non-Executive Director succession, which is aligned

to the Company’s future needs and governance requirements.

Employee Engagement

Continue to embed and oversee the

role of the designated Non-Executive

Director for employee engagement

Workforce engagement activity continued following the appointment of Nick Mackenzie as the designated Non-Executive

Director for employee engagement in January 2026. Nick held his first session in March 2026. Feedback was discussed

with the Executive Committee and actions agreed. Work is underway to develop a more structured workforce

engagement plan to strengthen Board visibility and insight into workforce priorities.

People and culture

Continue oversight of people-related

matters, including talent, pipeline,

diversity, workforce sentiment

and priorities

The Board continued to strengthen its oversight of people-related matters, including culture, succession, diversity and

organisational health. People and HR updates are now included within the Executive Committee and Board reporting

cycle, providing regular visibility of the talent pipeline, workforce sentiment and key people priorities.

143 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE

Board diversity

Workspace is committed to Board-level diversity, recognising

that varied perspectives strengthen corporate culture and

drive improved performance.

Board evolution

4.2 years

Average tenure as of 31 March 2026

A board with the appropriate skills and knowledge

to deliver our strategy

The Board has a strong, diverse and well-balanced mix of skills,

experience and perspectives that the Nominations Committee

considers essential to the effective delivery of the Group’s

strategy. Collectively, Directors bring deep expertise spanning

real estate and property, with half of the Board having relevant

sector experience, together with experience in consumer and

retail-focused businesses, small and medium-sized enterprises,

finance, risk management, technology and environmental,

social and governance matters. This breadth of experience

supports informed decision-making, robust debate and

effective oversight of the business.

The Board is led by a Chair with significant property and

leadership experience, who fosters an inclusive culture and

ensures that all perspectives are heard. The Committee is satisfied

that the current composition of the Board provides the capability,

experience and judgement required to lead the Group successfully

and create sustainable long-term value for shareholders.

Our future-proofing approach to our Board’s

skills and experience

We regularly review the Board’s skills, knowledge and

experience to ensure ongoing alignment with the Company’s

strategic priorities and operating environment.

Through this ongoing focus, the Committee believes the

Board is well positioned to respond to future opportunities

and challenges, while maintaining the right balance of

continuity and evolution to support the successful delivery

of Workspace’s strategy.

Gender diversity of the Board

31 March 2026

Men (including those self-identifying as men)

66.7%

Women (including those self-identifying as women)

33.3%

Ethnic diversity of the Board

31 March 2026

Do not identify as ethnic minority

77.8%

Identify as ethnic minority

22.2%

Age diversity of the Board

31 March 2026

60-69

22.2%

50-59

66.7%

40-49

11.1%

Board independence

31 March 2026

Non-Executive Chair

11.1%

Executive Directors

33.3%

Independent Non-Executive Directors

55.6%

Board skills and experience

9 June 2026

Executive

leadership

Property and

Real Estate

Financial and

strategic

Corporate

governance

Customer and

Marketing

People and

Remuneration

Sustainability

Digital and AI

Executive Directors

Charlie Green CEO

Tom Edwards-Moss CFO

Non-Executive Directors

Duncan Owen Chair

Rosie Shapland

Lesley-Ann Nash

Manju Malhotra

Nick Mackenzie

David Stevenson

Board composition

Page 140

Executive Director transition

Pages 112 and 139

Length of tenure for the Board

9 June 2026

osie Shapland

uncan Owen Chair

harlie Green CEO

esley-Ann Nash

avid Stevenson

ick Mackenzie

anju Malhotra

2020 (6 November 2020)

2026

2021 (22 July 2021)

2026

Appointment

on continuous

contracts

2021 (1 January 2021)

2022 (26 January 2022)

on-Executive Directors

xecutive Directors

om Edwards-Moss CFO

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Current term

Remainder of term

2024 (1 June 2024)

2022 (26 January 2022)

1. All figures as at 31 March 2026 include the continued presence of an outgoing

Executive Director due to the timing of the CFO transition until 30 April 2026,

which affects the disclosed percentages. From 1 May 2026, female

representation on the Board returned to 37.5%.

144 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE continued

Board diversity continued

Board diversity, principles and progress

We acknowledge that a diverse group of Board Directors brings varied perspectives and effectively challenges debates and decisions. When recruiting new Board members, the Nominations

Committee follows the policy and the principles outlined below. These principles are designed to enhance diversity within our Board and its Committees while developing a pipeline of high-potential,

diverse leaders and senior managers.

Ensure the Board comprises an appropriate balance of skills,

experience, independence and diverse characteristics, including

gender, ethnicity, professional background and cognitive diversity.

This breadth of perspectives supports effective challenge, informed

decision-making and robust governance, and contributes to the

long-term success and sustainability of the business.

Ensure that Board recruitment and succession processes are open,

transparent and designed to attract a diverse and high-quality pool

of candidates. This includes the use of inclusive role specifications,

diverse longlists and shortlists, and careful consideration of how

and where roles are advertised.

The Board and Nominations Committee engages executive search

firms that are signatories to the Standard Voluntary Code of Conduct

for Executive Search Firms, and require advisers to demonstrate a

clear commitment to diversity and inclusion in the identification and

assessment of candidates.

Maintain oversight of initiatives designed to develop a strong

pipeline of diverse, high-potential employees and senior managers,

supporting effective succession planning at Board and Executive

levels and helping ensure the Board continues to reflect the skills

and perspectives required to deliver the Company’s strategy.

Board diversity, in its broadest sense, is reviewed regularly by

the Nominations Committee and at least annually by the full Board

as part of the Board performance review, supporting an appropriate

balance of perspectives and experiences. This ensures the

Board continues to benefit from an appropriate balance of skills,

experience and perspectives and remains effective in supporting

the Company’s strategy.

The Board is committed to fair, transparent and merit-based

appointment processes. While appointments are made on the basis

of individual capability, experience and fit with the Company’s

strategic needs, due regard is given to ensuring diversity of

perspectives and backgrounds within the candidate pool.

The Board will continue to engage executive search firms that have

signed up to the Standard Voluntary Code of Conduct to support

the identification of high-quality candidates.

The Nominations Committee maintains oversight of the Company’s

approach to developing a diverse pipeline of talent. The HR team

continues to progress existing initiatives, aimed at recruiting

high-potential employees from a range of backgrounds.

Diversity remained a key theme of this year’s internal Board

performance review. No concerns were raised regarding inclusion or

the Board’s commitment to diversity, though the review reinforced

the importance of continued focus on pipeline development and

future succession planning.

As at 31 March 2026, female representation on the Board was 33.3%

(2025: 37.5%), falling below the 40% FTSE Women Leaders target

due to the timing of the CFO transition and the continued presence

of an outgoing Executive Director on the Board until 30April 2026.

As at that date, the Board comprised nine Directors rather than eight,

which affects the disclosed percentage. Female representation

on the Board as at the date of this Report of 9June 2026 is 37.5%.

The Committee recognises this position and will take gender balance

fully into account in future succession planning and Non-Executive

Director appointments.

The appointments of Charlie Green as CEO and Tom Edwards-Moss

as CFO followed rigorous and transparent recruitment processes

supported by Heidrick & Struggles. They both bring relevant sector,

operational and financial expertise to support the delivery of the

Company’s strategic priorities. Heidrick & Struggles have no other

connection with the Company or individual Directors.

During the year, regular updates were presented to the Executive

Committee and Board on diversity and inclusion initiatives, including

detailed updates on initiatives and progress made on targets at the

ESG Committee meetings. These updates covered progress against

existing programmes and initiatives aligned to the Company’s people

and ESG priorities, including inclusive development, early careers

and fair recruitment practices. The Board considers this ongoing

engagement and oversight to be an important part of supporting a

diverse and inclusive workforce. Further details on these initiatives

can be found on pages148 to 150.

Principles Implementation Progress against objectives

145 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE continued

Board and Executive Committee diversity

The Board continues to support the

recommendations of both the FTSE Women

Leaders Review and the Parker Review, and

of the targets set out in UKLR 6.6.6R(9). Such

diversity brings different perspectives and

experience which enhances strategic

decision-making and supports the

development of an inclusive culture.

The tables to the right set out the numerical

data required to be disclosed in accordance

with UKLR 6.6.6R(9), as at 31 March 2026.

The Board is aware that as of 31 March 2026,

the Company is short of the target of 40%

female representation, with 33.3% of the

Board being women due to the CFO

transition. From 1 May 2026, female

representation on the Board returned to

37.5%. Board positions are, by their nature,

limited in number meaning vacancies are less

common, but when vacancies do become

available the Board will continue to recruit in

a manner which attracts a diverse mix of

candidates and to shortlist anequal number

of men and women whereverpossible.

The data contained in the disclosures to

theright were self-reported by members of

the Board and Executive Committee. The

Executive Committee were asked to specify

their gender identity and ethnic origin via

ourHR system, with each question using

adropdown menu with options to select.

TheBoard were separately each asked the

same questions with the same options.

Charlie Green, Tom Edwards-Moss and, until

30 April 2026, Dave Benson, are members of

both the Board and the Executive Committee

and therefore are included in both the

calculations relating to the Board and those

relating to Executive management.

Gender and ethnic diversity of the Board and the Executive Committee

As at 31 March 2026

Gender

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO,

SID and Chair)

Number

in Executive

management

Percentage

of Executive

management

Men (including those self-identifying as men) 6 66.6% 3 7 70%

Women (including those self-identifying as women) 3 33.3% 1 3 30%

Non-binary 0 0% 0 0 0%

Not specified/prefer not to say 0 0% 0 0 0%

Ethnicity

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO,

SID and Chair)

Number

in Executive

management

Percentage

of Executive

management

White British or other White (including minority-white groups) 7 78% 4 10 100%

Mixed/Multiple Ethnic Groups 0 0% 0 0 0%

Asian/Asian British 1 11% 0 0 0%

Black/African/Caribbean/Black British 1 11% 0 0 0%

Other ethnic group 0 0% 0 0 0%

Not specified/prefer not to say 0 0% 0 0 0%

Target:

At least one of the senior Board positions

should be held by a woman

Status:

Achieved. Rosie Shapland is Senior

Independent Director

Senior Board positions held by a woman

Target:

At least one member of the Board should

be from an ethnic minority

Status:

Achieved. Two members of the Workspace

Board are from a minority background

Members of the Workspace Board

who are from a minority background

Target:

At least 40% of the individuals

on the Board should be women

Status:

Not currently met

Members of the Workspace Board

who are women

33.3%

Progress against UKLR 6.6.6R(9) targets

As at 31 March 2026

Further information on the composition of the Board

Pages 104 to 106 and 140

Further information on the composition of the Executive Committee

Page 129

1. As at 31 March 2026. From 1 May 2026,

female representation returned to 37.5%.

146 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE continued

Executive Committee and senior manager diversity Wider workforce diversity

The tables below set out the gender and

ethnic diversity of the individuals comprising

our Executive Committee and senior managers.

In line with the FTSE Women Leaders Review

and the Parker Review, we consider senior

managers to be those employees deemed to

be senior managers of the Group who report

directly to an Executive Committee member.

In respect of the UK Corporate Governance

Code 2024, we consider the Executive

Committee and senior managers to be our

‘senior management’ as defined by the Code.

Gender diversity of Executive

Committee and senior managers

As at 31 March 2026

2026

Female (6)

28.6%

Male (15)

71.4%

Ethnic diversity of Executive

Committee and senior managers

As at 31 March 2026

2026

Minority ethnic (4)

19.0%

White (17)

81.0%

The charts below show the gender, ethnicity

and age diversity of all our employees.

This disclosure is made in accordance with

section 414C(8)(c)(iii) of the Companies Act

2006. The Board breakdown required by

section 414C(8)(c)(i) of the Companies Act

2006 is set out on page 144.

In addition, for the purposes of disclosure

under section 414C(8)(c)(ii) of the Companies

Act 2006, the Group had four male and three

female senior managers as at 31 March 2026,

calculated in accordance with sections 414C(9)

and (10)(b) of the Companies Act2006.

Gender diversity of all employees

As at 31 March 2026

2026

Female: (163)

57.6%

Male: (120)

42.4%

Age diversity of all employees

As at 31 March 2026

2026

18–29:(88)

31.1%

30–39: (96)

33.9%

40–49: (63)

22.3%

50–59: (24)

8.5%

60–69: (12)

4.2%

70–79: (0)

Ethnic diversity of all employees

As at 31 March 2026

2026

White: (186)

65.7%

English/Welsh/Scottish/Northern Irish/British (129) 45.5%

White – Irish (9) 3.2%

White – Other (48) 17.0%

Black: (26)

9.2%

Black/African/Caribbean/Black British – Caribbean (11) 3.9%

Black/African/Caribbean/Black British – African (12) 4.2%

Black/African/Caribbean/Black British – Other (3) 1.1%

Asian: (40)

14.1%

Asian/Asian British – Indian (17) 6.0%

Asian/Asian British – Bangladeshi (4) 1.4%

Asian/Asian British – Pakistani (7) 2.5%

Asian/Asian British – Chinese (2) 0.7%

Asian/Asian British – Other (10) 3.5%

Mixed: (27)

9.5%

Mixed – White and Black Caribbean (5) 1.8%

Mixed – White and Black African (7) 2.5%

Mixed – White and Asian (4) 1.4%

Mixed – Other (10) 3.5%

Mixed (1) 0.4%

Other ethnic group: (4)

1.4%

Parker Review target

In line with the guidance published by the

Parker Review, the Board set a target of 16%

minority ethnic representation within the

group comprising our Executive Committee

and senior managers, as defined by the

Parker Review, by 31 December 2027.

Progress against Parker Review target

31 March

2025

31 March

2026

Target

31 December

2027

13% 19% 16%

19%

Minority ethnic representation within the group

comprising our Executive Committee and

senior managers as of 31 March 2026

147 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE continued

Culture

Achieving a diverse

and inclusive

pipeline

Building a diverse and inclusive organisation

remains an important part of how we operate

and how we deliver our long-term strategy.

The Board recognises that a range of

backgrounds, experiences and perspectives

strengthens discussion and challenge, and

supports better and more balanced

decision-making.

When considering Board and senior

leadership appointments, the Committee

remains committed to maintaining an

appropriate balance of skills, experience

and diversity as part of its approach to

Board composition and succession planning.

In making appointments to the Board and

in senior management succession and

recruitment, the Committee seeks to engage

Executive search firms that are signatories to

the Voluntary Code of Conduct of Executive

Search Firms and expect them to draw from

wide and diverse candidate pools. While all

appointments continue to be made on merit,

diversity remains an important consideration

when reviewing Board composition and

succession planning.

Further details on Board and Executive

succession planning are provided on page 140.

Internal promotions

of women in 2025/26

Student work

placements

in 2025/26

Apprentices supported

in 2025/26

Neurodiversity training

sessions in 2025/26

– Creating an environment where everyone

can thrive remains a core priority for the

Company. Colleagues are entitled to work

in a respectful and inclusive environment,

free from discrimination, bullying or

harassment. The Board recognises the

importance of culture to the long-term

success of the business and continues

to consider this as part of its approach to

principal risks and governance oversight.

– Inclusive practices are embedded

throughout recruitment, development,

performance review and promotion

processes. The HR team continues to oversee

these frameworks to ensure they remain

fair, objective and equitable, supported by

regular monitoring of diversity data across

the organisation.

– The Board and Executive Committee

receive regular updates on progress,

external developments and areas of future

focus, enabling appropriate oversight and

continued improvement.

– The Company continues to invest in

training that underpins its culture, including

unconscious bias and anti-harassment

training. During the year, neurodiversity

awareness training was also introduced

for managers and wider teams, supporting

greater understanding and inclusion across

the business.

– The Board recognises that during the

year, the business experienced a period

of significant change, including leadership

transitions and economic uncertainty which

affects employee sentiment and culture.

It remains encouraged by the resilience

of colleagues and the Board will continue

to focus on engagement, communication

and support across the organisation.

148 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE continued

Training and developmentRecruitment and selection

– We continue to refine our recruitment

approach to ensure fairness and widen

access to opportunities.

– Job descriptions are reviewed to ensure

the consistent use of inclusive language

that appeals to a broad range of

candidates, and anonymised CV screening

is used to help reduce unconscious bias

during the recruitment process.

– Hiring managers receive structured

guidance and training to support

objective, consistent decision-making.

– Internal mobility remains a priority, with

all vacancies advertised internally first.

When recruiting externally, we broaden

our reach via social media, targeted talent

platforms and partnerships with local job

centres, schools and universities, as well

as working with organisations such as

Sapphire Partners and the White Ensign

Association to support social mobility.

– Where external recruitment partners are

used, we expect clear evidence of a

commitment to diversity and an ability

to identify balanced and diverse longlists,

particularly for senior roles.

– We continue to invest in colleague

development at all levels. Members of

the Executive Committee and HR hold

regular discussions with senior managers

to identify development opportunities,

and our annual appraisal cycle helps

to identify high potential individuals

for targeted support.

– Our internal training programme

supports skill development in areas such

as leadership, communication and people

management, while external training and

further study are sponsored where

appropriate. We continue to build clearer

career pathways across centre operations

and facilities roles to support progression.

Apprenticeship programmes remain a

key element of our approach, helping to

widen access to opportunities and support

early careers, and we have supported

11 apprenticeships this year.

WE ARE COMMITTED TO PROVIDING

MEANINGFUL DEVELOPMENT

OPPORTUNITIES FOR OUR PEOPLE,

HELPING THEM BUILD THE SKILLS,

EXPERIENCE AND CONFIDENCE

NEEDED TO PROGRESS

AND SUCCEED.

Spotlight on wellbeing initiatives

Page 151

Our future plans

Our key aims for next year include:

– Continue to focus on ensuring job

adverts use non-discriminatory language,

in particular by making use of AI tools.

– Minimise reliance on recruitment agencies

and broaden our talent pool by actively

encouraging apprenticeship hires for

juniorroles.

– Focus on employee retention and

development by implementing career

pathways for additional roles within

the business.

– Continue to strengthen our relationships

with our alternative candidate providers.

– Promote our Company through the Armed

Forces Covenant to highlight opportunities

to former members of the Armed Forces.

– Enhance the awareness of Workspace

among potential job applicants by

showcasing employee stories and our

internal culture via our social media channels.

– Continue to support our line managers

with best practice guidelines and regular

updates to support their teams.

– Continue to promote our benefits including

buying additional annual leave and how it

can be used to split the cost of unpaid leave

over a longer period, in particular to

employees with caring commitments.

– Externally benchmark our employee

benefits to ensure they remain competitive.

– Continue to actively promote our

‘Supporting Others’ network and encourage

the development of additional employee

networks, for example BAME or

LGBTQ+ networks.

– Run a series of ‘lunch and learn’ sessions

with external speakers to help line

managers and staff to better understand

different perspectives.

– Enhance the functionality of our Learning

Management System to expand and

improve our training and development

opportunities.

LOOKING AHEAD, WE REMAIN

FOCUSED ON ENHANCING TRAINING

AND DEVELOPMENT, AND ENSURING

INCLUSIVE RECRUITMENT

PRACTICES TO SUPPORT A DIVERSE

AND SUSTAINABLE TALENT PIPELINE.

149 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

COMPOSITION, SUCCESSION AND EVALUATION continued

DIVERSITY AND INCLUSION AT WORKSPACE continued

Our progress from last year

Area What we said we would focus on Our progress

Inclusive Recruitment

and Language

Ensure job adverts consistently use inclusive,

non-discriminatory language, supported by AI tools,

and broaden our talent pool by increasing direct

sourcing and reducing reliance on agencies.

We have implemented inclusive-language templates and rolled them out across all job adverts.

AI language checks embedded into the posting workflow, help remove gender coded or

exclusionary terms. We expanded direct sourcing (careers page, social channels, employee

referrals) and continued outreach with universities, job centres and community partners to

widen access. We signed up to the Armed Forces Covenant. The outcome of this is a broader

and more representative applicant pool reaching shortlist stages and a more consistent

candidate experience. Quarterly reporting is delivered to the Executive Committee.

Early Careers, Internships

and Apprenticeships

Strengthen early career entry routes by expanding

apprenticeships for junior roles and designing a paid

internship programme for individuals aged 16+.

Apprenticeships have been prioritised for suitable junior roles, with hiring managers assessing

apprenticeship suitability before external advertising. We introduced a paid internship

programme (target teams, role profiles, supervision model, and onboarding support drafted).

The outcome of this has been stronger early career pipeline and wider access for candidates

not served by traditional routes.

Career Pathways

and Development

Expand career pathways across more teams, improve

consistency of career conversations through updated manager

guidance, and enhance our Learning Management System

(‘LMS’) to support development.

Career pathway frameworks have been expanded beyond Customer Experience and Facilities

into additional teams to clarify progression routes. Updated manager guidance has been issued

on goal setting, check ins and development conversations issued and integrated into manager

training. There have also been LMS enhancements delivered (targeted learning paths, easier

discovery of courses, better analytics to track completion and uptake). This has resulted in

clearer progression visibility for colleagues and more consistent development conversations.

Benefits and

Employee Support

Promote the buy additional leave policy, particularly

for colleagues with caring responsibilities, and benchmark

our benefits externally to ensure competitiveness.

Buy additional leave policy has been promoted via the intranet and manager briefings,

highlighting use cases for colleagues with caring responsibilities. External benefits

benchmarking has been conducted, including market comparators, peer practice and

uptake indicators assessed, to inform next phase proposals. This has improved flexibility and

an evidence based approach to refining our employee value proposition. Proposals continue

to be reviewed by the Executive Committee, with the Board updated on material changes.

Inclusion, Networks

and Cultural Awareness

Continue to promote our existing employee network, explore

new employee-led groups, and introduce ‘lunch and learn’

sessions to strengthen inclusion and cultural understanding.

Ongoing support for our existing employee network, including communications, meeting

cadence and resource signposting and assessment of interest for additional employee-led

groups where demand exists. Lunch and learn series and further training have been designed

covering inclusion, wellbeing and professional skills. This has provided deeper engagement

on inclusion topics and more structured knowledge sharing.

Employer Brand and

Engagement Visibility

Enhance Workspace’s visibility by showcasing employee

stories, career journeys and our culture across external

channels to attract a broader range of applicants.

Employee-led content has been increased across social channels, with refreshed careers

materials including role spotlights, day-in-the-life pieces and progression stories. We have

aligned messaging with our values and development offer to provide clearer insight into life

at Workspace. This has resulted in stronger employer brand visibility and clearer signals of

our culture for prospective candidates.

150 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Overview

During the year, the Board continued to

support initiatives that promote colleague

wellbeing, inclusion and engagement across

the Group.

Support for colleagues with caring

responsibilities continued through the

Supporting Others Network, which provides

a safe forum for discussion, shared experience

and peer support. In addition, the Company

hosted an external guest speaker session

on menopause to improve understanding

of its impact and to support colleagues

and managers in creating a more inclusive

working environment.

Physical wellbeing and community

connection were also a focus during the

year. The Company partnered with external

providers to offer group gym sessions for

colleagues and hosted volunteering days

across the year. Colleagues are entitled to

up to three paid volunteering days per year,

in addition to annual leave, enabling them

to support local communities and causes

of personal importance.

Building on initiatives introduced in the

prior year, the Company also continued

to offer a buying annual leave policy,

supporting flexibility and work-life balance.

The Committee recognises the positive

impact these initiatives have on colleague

engagement, wellbeing and retention and

views them as an important contributor

to the Group’s long-term success.

THE WELLBEING INITIATIVES

DELIVERED DURING THE YEAR

REPRESENT PRACTICAL STEPS

TO SUPPORT COLLEAGUES AND

PROMOTE A MORE INCLUSIVE

AND SUPPORTIVE WORKING

ENVIRONMENT, REFLECTING THE

BOARD’S ONGOING COMMITMENT

TO LISTENING AND RESPONDING

TO EMPLOYEE NEEDS.

Wellbeing initiatives held

throughout the financial year

COMPOSITION, SUCCESSION AND EVALUATION continued

Spotlight on:

Wellbeing initiatives

151 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Quick links

Page

Membership and attendance

at Audit Committee meetings 153

Chair’s letter 155

Role of the Audit Committee 159

Significant matters considered 161

External audit 163

Risk management

and internal controls 166

FURTHER STRENGTHENING THE

GROUP’S CONTROL ENVIRONMENT

WAS A KEY FOCUS FOR THE

COMMITTEE DURING THE YEAR.

THIS INCLUDED PREPARATIONS FOR

THE NEW PROVISION 29 INTERNAL

CONTROLS DECLARATION,

OVERSIGHT OF THE FIRST YEAR

OF THE DUALVALUER MODEL AND

CONTINUED ENHANCEMENTS

TO THE GROUP’S IT AND FINANCIAL

REPORTING CONTROLS.

Rosie Shapland

Chair of the Audit Committee

AUDIT, RISK AND INTERNAL CONTROL

Rosie Shapland

Chair of the Audit Committee

152 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The Committee continues to be fully independent, with

members bringing broad commercial experience, financial

expertise and deep understanding of real estate and

operational risk. Details on the skills and experience

of all Directors can be found on pages 104 to 106.

Member since

Meetings

attended

2025/26

Rosie Shapland

2020

4/4

Lesley-Ann Nash

2021

4/4

Manju Malhotra

2022

4/4

1. In accordance with the UK Corporate Governance Code 2024, the Board

considers that Rosie Shapland has significant recent and relevant financial

experience and that the Committee as a whole has competence relevant

to the sector in which Workspace operates.

2. Other Non-Executive Directors are welcome to attend meetings should

they wish to do so. All Non-Executive Directors attended the meetings held

in May and November 2025 to review the full and half-year results as well as

March 2026 and the joint meeting of the Audit and ESG Committees held

in January 2026.

Portfolio valuation

– Assessed the objectivity and independence

of the external valuers.

– From November 2025, the Company

implemented a dual-valuer approach,

with CBRE and Knight Frank jointly valuing

the portfolio in line with the valuer rotation

principles set out in the Royal Institution

of Chartered Surveyors UK Red Book.

– Reviewed and discussed the portfolio

valuation presentations given to the Board

by the external valuers in May and November

2025, and the FY26 year-end valuations

in June 2026, and cross checked the

methodology applied by management

and the valuers.

– Challenged the key assumptions, including

market comparables, estimated rental values

(‘ERVs’), and other valuation inputs.

– Discussed with the external auditor the audit

methodology, challenge of assumptions and

conclusions, both at the half and full year.

– The Committee concluded that the

portfolio valuation and underlying

assumptions were appropriate and

supported by market evidence.

– From November 2025, the use of two

external valuers provided additional market

perspective in the Committee’s review of

this significant judgement area, which has

a direct impact on property-linked gearing

and covenant compliance.

– The Committee concluded that the

procedures performed and challenge

applied by the external auditor and

assumptions on portfolio valuation

were appropriate.

Financial and

narrative reporting

– Reviewed the interim report and the

Annual Report and Accounts, assessing

whether the disclosures were fair, balanced

and understandable.

– Reviewed the appropriateness of the

Group’s accounting policies and their

consistent application.

– Considered the key judgements, estimates

and assumptions applied in the preparation

of the financial statements.

– Considered reports from management and

the external auditor on the financial reporting

process and key areas of judgement.

– The Committee recommended to

the Board that the Annual Report and

Accounts, taken as a whole, is fair, balanced

and understandable and provides the

information necessary for shareholders to

assess the Group’s performance, business

model and strategy.

– The Committee concluded that key

management judgements, estimates and

assumptions were reasonable. It challenged

management where appropriate, including

in relation to expected credit loss provisions,

downside scenarios considered as part of

the viability assessment, the classification

of non-recurring costs as other expenses

rather than as a component of trading profit,

the classification of assets held for sale and

gains and losses on asset disposals.

AUDIT, RISK AND INTERNAL CONTROL continued

Key topics considered by the Committee during the yearAudit Committee membership and attendance

Key topic Activity Outcome

153 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Key topics considered by the Committee during the year continued

AUDIT, RISK AND INTERNAL CONTROL continued

Audit matters

– Reviewed and discussed reports from BDO summarising their findings

from the 2025/26 year-end audit and the half-year review for the six months

ended 30 September 2025.

– Assessed the independence, objectivity and effectiveness of the

external auditor.

– Met with the external auditor to discuss key areas of judgement

and management assumptions arising from the audit.

– Based on its review of the audit findings, discussions with the external

auditor and consideration of performance against the Audit Quality

Indicators agreed at the start of the audit process, the Committee concluded

that the external audit remained effective, with appropriate challenge and

independent judgement exercised by BDO. No threats to the auditor’s

independence were identified, and the Committee noted improvements

in audit efficiency and communication compared with prior years.

– Approved the remuneration and terms of engagement of the auditor

including the audit strategy.

Changes to

principal risks

– Reviewed the Group’s principal risks to ensure they appropriately reflect

the current risk environment, including updates to risk descriptions and

classifications where necessary.

– Recommended refinements to the principal risks, as detailed on pages 60 to 67.

– Considered emerging risks, including digital resilience and inflationary cost

pressures to assess whether these should now be added as new principal risks

or incorporated within existing principal risks.

– Following its review, the Committee concluded that the principal risks remain

appropriate and aligned to the Group’s risk profile. Refinements were made

to improve clarity and reflect the evolving risk environment, and the

Committee was satisfied that relevant emerging risks are appropriately

considered within the risk framework.

Internal controls

and risk management

– Reviewed the effectiveness of the Company’s control environment, including

the process for management self-certification of the operating effectiveness

of controls.

– Oversaw enhancements to the Group’s internal control framework during

the year.

– Received an update from the Group’s Head of Technology on improvements

to IT general controls following recommendations made by BDO following

the prior year and current year audit.

– Oversaw preparations for implementation of Provision 29 of the 2024 UK

Corporate Governance Code, including management’s work with PwC to review

the risk management framework and identify material controls ahead of FY27

and the current considerations with respect to assurance requirements.

– Based on the assurance received during the year, the Committee concluded

that the Group’s internal control framework remained effective and that no

significant control deficiencies were identified. The Committee noted progress

in optimising the new finance system and was satisfied with management’s

response to IT general control recommendations raised by BDO as part of

their audits.

– The Committee received an update from the Company Secretary, alongside

PwC, on preparations for the declaration required under Provision 29 of the

2024 UK Corporate Governance Code. The Committee remains satisfied with

the progress being made and the direction of travel as the Group continues

to enhance its risk management framework and internal controls ahead of

FY27 and develops an appropriate material controls assurance programme.

Governance and

effectiveness

– Reviewed the Committee’s terms of reference to ensure they remain

appropriate and aligned with evolving governance expectations.

– Considered the outcome of the Committee’s internal performance review

and identified areas for continued effectiveness and focus.

– Discussed developments under the 2024 UK Corporate Governance Code and

considered their implications for the Committee’s responsibilities and oversight.

– The internal review confirmed that the Committee continues to operate

effectively and to discharge its responsibilities across financial reporting,

risk management and audit oversight.

Key topic Activity Outcome

154 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Dear shareholder,

I am pleased to present this year’s Audit

Committee Report for the year ended

31 March 2026. During the year the Committee

has continued to focus on ensuring the

integrity of the Group’s financial reporting,

the robustness of portfolio valuation and

further strengthening of the Group’s

control environment.

The year saw several important governance

developments, including the introduction of

a dual-valuer model for the Group’s property

portfolio, significant progress in the

preparations for the new declaration on

the effectiveness of material controls under

Provision 29 of the UK Corporate Governance

Code, as well as challenges arising from

leadership changes within the Executive

team. The Committee also oversaw continued

enhancements tothe Group’s internal control

and risk management framework.

Audit Committees and the External Audit:

Minimum Standard

The Audit Committee’s oversight of the

external audit was conducted in accordance

with the Financial Reporting Council’s Audit

Committees and the External Audit: Minimum

Standard. The Minimum Standard sets out

expectations for FTSE 350 audit committees

across the governance of the external audit,

including auditor tendering and appointment,

audit planning and scope, independence and

objectivity, effectiveness of audit challenge,

audit quality, and ongoing oversight of the

external auditor.

AUDIT COMMITTEE CHAIR’S LETTER

External Auditor

Throughout the year, the Committee

maintained regular engagement with BDO

in their role as External Auditor. Meetings

were held with BDO at key stages of the

audit cycle, including private sessions without

management present. We reviewed the

planned audit approach, areas of heightened

focus and the level of challenge applied to

management’s key estimates, particularly

in relation to property valuation, expected

credit lossprovisioning and the classification

of certain costs as other expenses.

The Committee observed a clear

demonstration of professional scepticism

throughout the audit process, supported

by well-evidenced feedback and clearly

articulated findings. The Committee

concluded that the audit was conducted

to ahigh standard and that BDO applied

appropriate challenge and professional

scepticism in reviewing management’s

key judgements and estimates.

Rotation of valuers

From November 2025, CBRE and Knight

Frank jointly valued the portfolio for the

purpose of the half-year and full year

reporting in FY26. For the full-year ended

31 March 2025, the portfolio was valued

solely by CBRE. The Committee oversaw

the introduction of the dual-valuer approach

toensure that valuation governance,

independence and methodology

remainedrobust.

AUDIT, RISK AND INTERNAL CONTROL continued

Material Controls (Provision 29)

The role of the Audit Committee

Pages 159 to 160

Developing a robust viability statement

Page 162

Risk Management Framework

Page 168

SUPPORTING STRONG ASSURANCE

ACROSS THE GROUP REMAINED

AN IMPORTANT AREA OF FOCUS,

INCLUDING PROGRESS ON

VALUATION, GOVERNANCE AND

WORK TOWARDS MEETING THE

UK CORPORATE GOVERNANCE

CODE REQUIREMENTS ON

THE EFFECTIVENESS OF

MATERIAL CONTROLS.

Rosie Shapland

Chair of the Audit Committee

155 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

As part of its review, the Committee

requested enhancements to the clarity

and transparency of disclosures. These

improvements have been incorporated

within both the financial statements and

the accompanying narrative reporting.

We also considered, as we do on a regular

basis, the potential for fraud in revenue

recognition, scope for management override

of controls and compliance with regulations.

We found no concerns arising from

thisreview.

A description of the significant matters that

the Committee considered during the year

can be found on page 161 to 163.

Challenging management’s assumptions

A key part of the Committee’s role is to

ensure that management’s assumptions

are appropriately supported and subject

to rigorous challenge. During the year,

the Committee requested additional analysis

and supporting evidence in a number of

areas, including sensitivity analysis, credit

loss provisioning and items classified as

other expenses.

This process enhanced the robustness of

the supporting analysis and provided greater

clarity over the judgements underpinning

the financial statements.

AUDIT, RISK AND INTERNAL CONTROL continued

AUDIT COMMITTEE CHAIR’S LETTER continued

The transition also anticipates the mandatory

valuer rotation requirements set out in the

Royal Institution of Chartered Surveyors UK

Red Book, which introduces time-limited

rotation cycles for valuation firms and

responsible valuers, with a transition period

running until 30 April 2026.

The Committee reviewed and challenged the

key valuation inputs and assumptions at half

year and year end, including estimated rental

values, yields, market comparables, cash flow

assumptions and development appraisals.

The Committee also considered the

consistency of assumptions applied by the

two valuers and the range of market evidence

supporting the valuation conclusions.

Financial reporting and significant judgements

The Audit Committee plays an important role

in supporting the Board in ensuring that the

Group’s financial statements present a true

and fair view of its financial position and

performance. During the year, the Committee

considered the accounting policies used, and

the key financial judgements and estimates

underpinning the preparation of the financial

statements, together with other significant

financial reporting matters.

The twice-yearly valuation of the Group’s

investment portfolio was a key area of

review for the Committee. This included

consideration of the valuation process and

confirmation of the valuers’ independence.

Following this review, the Committee

concluded that the valuation process remains

robust, the assumptions and estimates applied

are appropriate, and that the valuers continue

to operate independently. Further details are

set out on page 161.

The Committee, alongside the Board,

monitors the Group’s progress in executing

its strategy to enhance balance sheet

capacity and optimise capital allocation,

including the disposal of non-core assets.

Alongside the Board, it reviews progress

against the £200m disposal target,

with particular focus on valuation, key

judgements, and the impact on liquidity,

net debt and covenants.

The Committee also considers how

the disciplined recycling of capital into the

core portfolio supports improved returns

and long-term value creation, ensuring

alignment with strategic priorities while

maintaining financial resilience.

Strategy Execution and Capital Allocation

See more about the refocus of our portfolio

Page 17

156 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Viability and going concern statements

The Committee considered the going concern

statements in the interim statement and the

Annual Report, and the viability statement

in the Annual Report. This included reviewing

the work undertaken by management, which

considered plausible downside scenarios

factoring in the Group’s principal risks and

potential uncertainties, and assessing the

appropriateness of the five-year viability

assessment period.

Following this review, we were satisfied

that management had conducted robust

viability and going concern assessments

and recommended approval of these to

theBoard.

2026 Annual Report

Having reviewed management’s reports,

engaged directly with the external valuers

and considered the findings of BDO, the

Committee concluded that:

– the valuation process and methodologies

applied to the Group’s investment portfolio

were appropriate and robust;

– the financial statements reflect reasonable

and supportable judgements;

– the Group’s accounting policies remain

appropriate and were consistently

applied; and

– both the external auditor and the external

valuers maintained their independence

and objectivity.

The Committee also confirmed to the Board

that the Annual Report and Accounts, taken as

a whole, is fair, balanced and understandable,

and provides the information necessary for

shareholders to assess the Group’s position

and performance, business model and strategy,

in line with the expectations of the Financial

Reporting Council and the requirements of

the UK Corporate Governance Code 2024.

Credit Control and aged debt

Management prioritised improvements

to credit control and accounts receivable

processes during the year, with updates

provided to the Audit Committee. These

actions led to a near 40% reduction in trade

receivables, strengthening the Group’s overall

control environment.

Cyber security

The Committee reviewed management’s

updates on technology risk, including cyber

security monitoring, penetration testing, incident

response preparedness and progress on IT

general controls remediation. We continue to

prioritise resilience and operational continuity,

ensuring that enhancements to controls were

timely andaligned with the Group’s broader

riskappetite.

Risk, control and assurance

A key area of focus during the year was

preparation for reporting in accordance

with Provision 29 of the 2024 UK Corporate

Governance Code which requires boards

to make a declaration on the effectiveness

of material controls for financial periods

beginning on or after 1 January 2026.

To support this work, the Group appointed

PwC in December 2025 to carry out an

independent review of the Group’s risk

management framework and material

controls, benchmarked against market

practice. Their findings which were presented

to the Board during the year, have informed

astructured programme of work focused on

strengthening documentation, finalising our

material controls set and commencing the

design of a programme of assurance, ahead

of the Group’s first formal declaration to be

made in the 2027 Annual Report.

Aspart of the Group’s existing control

framework, control owners completed

six-monthly self-certifications confirming the

operation ofkey controls during the period,

with no significant control failures identified.

Together with the Board, the Audit

Committee has reviewed the effectiveness

ofthe Group’s risk management and internal

control systems and have not identified any

significant failings or weaknesses.

We do not have a formal internal audit

function, a matter which is kept under review

by the Audit Committee.

AUDIT, RISK AND INTERNAL CONTROL continued

AUDIT COMMITTEE CHAIR’S LETTER continued

See our viability and

going concern statements

Pages 68 to 69

157 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Joint ESG and Audit Committee

In January 2026, the Audit Committee held

ajoint meeting with the ESG Committee.

Areview of the controls supporting

ESG-related disclosures, climate-related risks

and sustainability reporting was conducted.

Thesession ensured alignment between

theGroup’s ESG metrics and its financial

reporting, enhancing coherence across

the Annual Report.

Both Committees were satisfied that the

Company’s policies and procedures in this area

are operating effectively, and that appropriate

assurance procedures are inplace.

Looking forward, the Committee will continue

to review upcoming regulations thatmay

affect the Company’s future ESGassurances

and reporting obligations, which are

monitored by management and considered

by the Committee on an ongoingbasis.

Committee composition and effectiveness

During the year, the Committee comprised

three independent Non-Executive Directors,

with a wide range of experience. The Board is

satisfied that the Committee Chair has recent

and relevant financial experience and that

the Committee’s composition provides an

appropriate balance of skills, experience and

independence to enable it to discharge its

responsibilities effectively. The Committee

members bring a broad range of sector and

financial expertise, ensuring robust oversight

of financial reporting, internal controls and

risk management. The Board also

considers that the Committee as a whole

has competence in the sector in which

the Company operates.

At the invitation of the Committee Chair,

meetings are attended by the Board

Chairman, Board members, the external

auditor and relevant senior management

members to support open and

independentdiscussion.

The internal annual Board performance

review concluded that the Committee

continues to operate effectively.

The Committee remains committed

to maintaining the highest standards of

governance, financial reporting and assurance.

We will continue to provide rigorous oversight

and constructive challenge as the Group

delivers its strategy and prepares for the

evolving expectations of the UK corporate

governance framework. I would like to thank

my fellow Committee members, management

and our advisers for their continued

professionalism and engagement during

the year.

Rosie Shapland

Chair of the Audit Committee

9 June 2026

Over the coming year, the Committee

will focus on the following priorities:

Internal material controls declaration

Continue preparing for the requirements

of the UK Corporate Governance Code 2024

Provision 29, and the introduction of a formal

declaration on the effectiveness of material

controls for FY27.

Valuation governance

Continue to oversee the dual-valuer

framework and compliance with the Royal

Institution of Chartered Surveyors’ mandatory

valuer rotation requirements, with strong

independence, challenge and transparency

within the valuation process.

Audit and assurance oversight

Ensure continued alignment with the

expectations of the FRC’s Audit Committees

and the External Audit: Minimum Standard.

Capital allocation

Support capital allocation decisions,

including the controlled and appropriate use

of proceeds from asset recycling, ensuring

financial discipline.

Information and Cyber Security

Continue to oversee the effectiveness

of the Group’s cyber security framework,

with ongoing robust penetration testing

programmes and incident response

preparedness. The Committee will also

monitor the increasing regulatory and

investor expectations relating to technology

resilience and cyber risk management,

ensuring the Group remains positioned

to respond to these evolving requirements’.

Climate-related financial risk

Monitor the financial impacts of climate risk,

ensuring they are appropriately reflected in

valuations, viability modelling and disclosures,

supported by external assurance over

emissions data.

Our future plans

AUDIT, RISK AND INTERNAL CONTROL continued

AUDIT COMMITTEE CHAIR’S LETTER continued

Fair, balanced and understandable reporting

Page 163

158 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The role of the

Audit Committee

The Audit Committee is responsible for

safeguarding the integrity of the Group’s

financial reporting and ensuring that the

Board receives clear, reliable and decision-

useful information. The Committee provides

independent oversight of the financial

statements, valuation governance, the

internal control environment, the risk

management framework and the work

of the External Auditor.

During the year, the Committee’s remit

evolved in response to the requirements

of the UK Corporate Governance Code

2024, which places greater emphasis

on outcomes-focused reporting and

strengthened Board oversight of internal

controls in advance of the formal

declaration on the effectiveness of material

controls required under Provision 29.

AUDIT, RISK AND INTERNAL CONTROL continued

How the Committee operates

Forward planning

Subjects include consideration of the

impact of future accounting standards,

such as the introduction of IFRS18 for

FY28, governance and regulatory

developments, including changes to the

UK Corporate Governance Code, and the

continued effectiveness of the Group’s

reporting and assurance frameworks.

Audit Committee

Assess and discuss topics with senior

management and the External Auditor.

Regular inputs received from

Workspace management and the

External Auditor.

– The Committee comprises fully independent

Non-Executive Directors with a broad range

of commercial, financial, real estate and

operational experience. Rosie Shapland,

as Chair, continues to meet the requirement

for recent and relevant financial experience

drawing on her chartered accountancy

background and over 30 years of audit

experience. Rosie also has a current portfolio

of audit committee chair roles, and maintains

regular attendance at accounting and audit

related NED training events, including

technical updates and related commercial

considerations.

– Meetings are scheduled to align with the

financial reporting, valuation and audit cycle,

allowing the Committee to review half-year

and full-year reporting, valuation outcomes,

and audit planning at the appropriate stages.

The Committee met four times during the

year in May 2025, November 2025, January

2026 and March 2026. The January meeting

included a joint session with the ESG

Committee, recognising the growing

interrelationship between financial reporting,

climate-related disclosures, operational risk

and sustainability-related controls. The

Committee also met in June 2026 to consider

the Group’s FY26 financial reporting and the

findings of the External Auditor.

– A structured forward agenda ensures that

significant matters are considered at the

appropriate points in the reporting and audit

cycle. These include valuation governance,

financial reporting judgements, audit risk

areas, control enhancements and progress

against the Group’s material controls

roadmap. Papers are circulated sufficiently

in advance to allow members adequate time

for review and to support informed

discussion and challenge. The Committee

receives detailed reports from the External

Auditor, the portfolio valuers, management

and senior members of staff.

– The Committee meets privately with the

External Auditor at key points in the audit

cycle to support open and independent

dialogue and to ensure the auditor can raise

any matters freely and without restriction.

– The Chair also maintains regular

engagement with the External Audit

lead partner, the Board Chair, the CEO,

the CFO and other senior members of

management. These discussions provide

early visibility of emerging risks, control

matters and other issues relevant to the

Committee’s responsibilities.

– Representatives from CBRE and Knight

Frank attend the Board’s twice-yearly

valuation meetings to present their

conclusions and discuss key assumptions

and market inputs. This provides the

Committee with direct visibility of the

valuation process and the opportunity to

observe the challenge applied by the Board,

supporting assurance over the consistency

of methodology, the appropriateness of

assumptions and the independence of the

valuers. The Committee specifically

discusses the External Auditor’s approach

to auditing the valuation and the areas

of challenge.

– In anticipation of the requirements

of Provision 29 of the UK Corporate

Governance Code 2024, the Committee has

overseen a programme of work to strengthen

the documentation, evidencing and testing

of the Group’s material controls. This work

will support the Board’s future declaration

on the effectiveness of internal controls

for the FY27 reporting cycle.

THE AUDIT COMMITTEE REMAINED

FOCUSED ON PROVIDING ROBUST

CHALLENGE TO MANAGEMENT,

ENSURING EXTERNAL AUDITOR

INDEPENDENCE AND

STRENGTHENING GOVERNANCE

PROCESSES IN RESPONSE TO

REGULATORY DEVELOPMENTS,

EMERGING RISKS AND EVOLVING

REPORTING EXPECTATIONS.

Rosie Shapland

Chair of the Audit Committee

159 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

AUDIT, RISK AND INTERNAL CONTROL continued

THE ROLE OF THE AUDIT COMMITTEE continued

Committee responsibilities

framework and compliance with the

mandatory valuer rotation requirements of

the Royal Institution of Chartered Surveyors.

– Reviews and challenges the methodology,

key judgements and assumptions applied

by CBRE and Knight Frank, ensuring that

valuation outcomes are appropriately

supported by market evidence and reflect

prevailing market conditions.

– Benefits from direct engagement with the

valuers, who attend the Board’s twice-yearly

valuation meetings to present their

conclusions and discuss key assumptions

and market inputs.

– The Chair of the Committee attends selected

meetings with the Group’s external valuers

to observe the process of challenge and

professional judgement applied during the

valuation process.

– Oversees the continued development of

valuation governance processes, including

enhanced consistency checks between

valuers and improvements in the quality of

information supporting the valuation process.

Internal controls and risk management

The Committee oversees the effectiveness

of the Group’s risk management and internal

control framework across financial,

operational, reporting and compliance areas.

This includes monitoring the operation of key

controls, reviewing developments in the control

environment and considering management’s

reporting on control performance and

remediation activities.

In addition, the Committee considers the

Company’s statement on risk management

and internal controls prior to Board approval,

ensuring that disclosures reflect the current

expectations of the UK Corporate Governance

Code 2024 and support the Board’s

preparation for the formal declaration on the

effectiveness of material controls required

under Provision 29, for FY27.

The Committee also maintains oversight

of whistleblowing arrangements, fraud and

anti-bribery controls, allowing employees to

raise concerns confidentially and that related

policies, investigations and reporting

processes operate effectively. See page 72

for information on our Anti-Bribery Policy.

The Committee considers whether the Group

should maintain an internal audit function and

concluded that such function is not required

given the scale and complexity of the business.

Governance, best practice and development

The Committee monitors developments

in governance, market expectations and

regulation to ensure its work remains aligned

with evolving best practice. The Committee has

kept abreast of changes to the UK Corporate

Governance Code, with a focus on preparing

for the Provision 29 declaration in FY27.

The Committee considers developments

in accounting, assurance, valuation and

ESG-related reporting frameworks, and

remains informed of investor and market

expectations through engagement with

the Company’s advisers and brokers.

In addition, the Committee oversees its own

effectiveness and governance arrangements.

This includes setting the Committee’s annual

workplan, reviewing its performance and

approving updates to its terms of reference

to reflect regulatory developments and

best practice.

Environmental, social and governance

considerations are reflected in the Committee’s

work where relevant, particularly in relation

to climate-related and other non-financial

disclosures within the Annual Report.

Financial reporting

The Committee’s responsibilities in relation

to financial reporting include:

– Reviewing the interim and year-end

financial statements, ensuring disclosures

are transparent, messaging is clear and the

narrative is consistent with financial results.

This includes scrutiny of significant

judgements, estimates and assumptions,

with particular focus on provisioning,

classification of costs, property valuations

and the potential impact of climate-related

and macroeconomic factors. Significant

matters considered are set out on page 161.

– Assessing the appropriateness of the

Group’s accounting policies and practices,

taking into account developments in

accounting standards, changes in the

external environment and the evolution

of the Group’s business activities.

– Monitoring the effectiveness of internal

controls over financial reporting,

enhancements to the finance system and

processes and IT general controls. Further

details are provided on page 166.

– Advising the Board on the going concern

and viability statements, including

reviewing the underlying assumptions,

stress testing and available financing

headroom supporting these assessments.

More information on the Group’s viability

and going concern conclusions can be

found on pages 68 to 69.

– Reviewing the Annual Report as a whole

and advising the Board on whether it is fair,

balanced and understandable, and whether

it provides the information necessary for

shareholders to assess the Group’s position,

performance, business model and strategy,

in line with the expectations of the UK

Corporate Governance Code 2024.

The Group’s business model, strategy

and transformation plan are outlined

on pages 4 to 5, 10 and 11 to 17.

External audit

The Committee’s responsibilities in relation

to the external audit include:

– Assessing the work of the External Auditor,

including the robustness of the challenge

applied to management’s significant

judgements and estimates and the

sufficiency of audit evidence supporting the

financial statements. Further details are set

out on pages 163 to 165.

– Evaluating the effectiveness of the external

audit process, taking into account audit

planning, the quality and clarity of reporting,

responsiveness to Committee queries,

technical insight and the level of professional

scepticism demonstrated by the audit team,

making use of the Audit Quality Indicators

agreed with BDO.

– Reviewing and monitoring the

independence and objectivity of the

External Auditor, including compliance with

the Group’s non-audit services policy and

the requirements of the Financial Reporting

Council’s Audit Committees and the External

Audit: Minimum Standard. Further information

is provided on page 165.

– Approving the remuneration and terms

of engagement of the External Auditor.

– Overseeing the audit tender process when

required, ensuring that the outcome

supports high audit quality, appropriate

market competition and alignment with

the Minimum Standard.

Portfolio valuation

The Committee supports the Board in

overseeing the valuation of the Group’s

property portfolio. In doing so, the Committee:

– Reviews and discusses the External Auditor’s

assessment of the valuation process,

including their testing of key assumptions,

data inputs and valuation methodologies.

– Considers, alongside the Board, the

independence and objectivity of the external

valuers, including oversight of the dual-valuer

Risk management and internal controls

Pages 166 to 168

160 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

AUDIT, RISK AND INTERNAL CONTROL continued

Page

Valuation of the investment

property portfolio 161

Developing a robust

viability statement 162

Fair, balanced and

understandable reporting 163

Significant matters

considered by the

Audit Committee

Valuation of the investment property portfolio

A programme of meetings were held between

CBRE, Knight Frank and management ahead

of each valuation to review:

– London commercial market dynamics

and trends including current demand and

supply conditions, yield movements and key

comparable transactions shaping assumptions.

– Updates on active refurbishments,

development projects, improvement

works and future schemes to ensure capex,

timelines and leasing expectations were

reflected appropriately.

– Estimated rental values (‘ERVs’) and letting

evidence by cross checking valuers’ ERVs

against recent Workspace lettings and

incentive trends to validate underlying

assumptions.

– Property specific information including

occupancy, operational updates and any asset

specific considerations that could influence

future cash flows or valuation sentiment.

– Other inputs and relevant valuation outputs

to ensure alignment and consistency across

both valuers.

This provided a deeper understanding of

market evidence, tighter sensitivity analysis and

valuation movements in the financial statements.

Our dual-valuer approach aligns with the RICS

UK Red Book updates introducing mandatory

valuer rotation cycles, which become fully

effective following the transition period

ending April 2026.

The Committee reviews all financial

information contained in the interim and

full-year statements, testing the

appropriateness of the Group’s accounting

policies, the presentation of transactions and

the clarity and completeness of disclosures.

We subject management’s key judgements

and estimates to robust challenge, seeking

corroborative evidence, benchmarking against

internal and external data points, and ensuring

that disclosures explain both the assumptions

used and the sensitivity of outcomes.

Recognising the impact that complex,

judgement-heavy areas can have on reported

performance, the Committee concentrated

on matters that could materially influence

the Group’s results or involve significant

estimation uncertainty.

In addition to portfolio valuation, we

scrutinised several other areas considered

by management and discussed these with

BDO, including:

– the recoverability of trade receivables and

associated expected credit loss provisioning;

– the classification of other expenses;

– the measurement and classification of

assets held for sale; and

– the accounting for disposals completed

during the year.

Following targeted challenge and

evidence-gathering, the Committee was

satisfied that the resulting accounting

treatments and disclosures are appropriate

and that the financial statements present

a fair and balanced view of the Group’s

financial position and performance.

The Group’s properties are central to

its business model and the valuation of the

portfolio remains a key indicator of value

creation, operational performance and

capital allocation discipline. Given the level

of judgement involved, the Committee

maintained close oversight of the valuation

process throughout the year.

Our property portfolio is independently

valued twice annually. This was completed

by CBRE Limited for the year-ended 31 March

2025 and from November 2025, a dual-valuer

approach was implemented, with CBRE and

Knight Frank appointed to conduct the

valuation jointly.

In May 2025, the Committee and the Board

reviewed CBRE’s findings on the full-year

portfolio valuation. In November 2025 and

June 2026, CBRE and Knight Frank presented

their valuation findings together to the

Committee and the Board. Given the

significance of the valuation, the Committee,

management and the Board challenged the

valuers on methodology, independence

safeguards and the key inputs and

assumptions underpinning the valuations.

BDO met with the valuers to test assumptions

and understand how the valuation were

carried out to ensure appropriate consistency

across approaches.

161 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Developing a robust viability statement

AUDIT, RISK AND INTERNAL CONTROL continued

SIGNIFICANT MATTERS CONSIDERED BY THE AUDIT COMMITTEE continued

The Committee reviewed the Group’s

viability statement framework and scenarios.

We challenged the severity of downside cases,

the linkage to principal and emerging risks,

financing and covenant headroom, and the

clarity of mitigations and management actions.

This approach supports a robust and

well-evidenced viability assessment, with

clearer insight into stress outcomes, available

headroom and management actions, and

enabled effective challenge. Please see below

the stages taken in developing our robust

viability statement.

Stage 4:

Conclusions

Responsibility Responsibility Responsibility Responsibility

Stage 3:

Scenario sensitivity analysis

Stage 2:

Risk assessment

Stage 1:

Risk identification

The Group’s strategic and operational

risks were reassessed to identify those

most relevant to the viability period.

Particular focus was given to risks that

could affect solvency or liquidity, whether

arising individually or through combined

or correlated impacts. This ensured that

the scenario analysis was grounded in the

risks most likely to influence the Group’s

long-term financial resilience.

For each risk, the following factors

were considered:

– Risk appetite – what risk level the Board

is prepared to accept;

– Control environment/mitigations,

including enhancements implemented

in-year; and

– Quantum and probability – potential

impact and likelihood.

Severe but plausible scenarios and

combinations were modelled to evaluate

liquidity, covenant headroom and key

financial ratios over the assessment

period, with specific attention to valuation

movements, rental income resilience and

refinancing assumptions.

The Committee reviewed results,

challenged assumptions and sensitivities,

and recommended the viability statement

to the Board. The Board discussed the

conclusions and approved the statement.

Executive Committee Executive Committee Executive Committee

Risk Owners Risk Owners Risk Owners

The Board

Audit Committee

162 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

External Audit

Fair, balanced and understandable reporting

AUDIT, RISK AND INTERNAL CONTROL continued

SIGNIFICANT MATTERS CONSIDERED BY THE AUDIT COMMITTEE continued

On behalf of the Board, the Committee considered whether the Annual Report and Accounts,

taken as a whole, is fair, balanced and understandable and whether it provides the information

necessary for shareholders to assess the Group’s performance, business model and strategy.

Audit Committee review

The Committee reviewed the Annual Report at an early stage and at

regular intervals, enabling sufficient time to test balance, clarity and

consistency across the report and to align each section of the Report.

Report from the CFO and Management Team

The Committee considered reports from the CFO and management.

These papers highlighted significant changes, key judgements and areas

of focus, and explained any relevant reporting developments.

External Audit Review

BDO presented the results of their audit work, including observations on

disclosure clarity and the treatment of significant judgements and estimates.

Fair, balanced and understandable assessment

Management prepared a formal, fair, balanced and understandable

assessment, which the Committee scrutinised, focusing on the

completeness of evidence supporting key statements and linkages

between strategy, KPIs and outcomes.

Recommendation to Board and Board’s conclusion

The Committee recommended to the Board, and the Board concluded, that

the Annual Report and Accounts is fair, balanced and understandable and

provides the information necessary for shareholders to assess the Group’s

position and performance, business model and strategy.

The process we followed

The Committee has primary responsibility for

managing the relationship with the External

Auditor, assessing their performance,

effectiveness and independence annually

and recommending to the Board their

reappointment or removal.

Following a competitive tender process,

BDO were first appointed by the

shareholders as the Workspace External

Auditor at the 2024 AGM for the financial

year ended 31 March 2025 and continue

to be Workspace’s External Auditor.

The current lead audit engagement partner is

Richard Levy, in the second year of his term.

Audit and non-audit fees

Non-audit fees remained immaterial relative to

audit fees during the year, supporting auditor

independence, with full details set out in note 2

on page 164. The non-audit services performed

by BDO were limited to the review of the

Group’s half-year results.

Audit quality

A key part of the Committee’s role is overseeing

the relationship with and performance of the

External Auditor, with particular emphasis on

their independence, and the quality, rigour and

challenge of the audit. The Committee reviews

the effectiveness of the audit throughout the

year, taking into account:

– the audit strategy for the year, including

scope and risk coverage;

– the expertise and resourcing of the

engagement team;

– the depth of analysis behind key accounting

and audit judgements;

– the auditor’s mindset and professional

scepticism, and the quality of challenge

to management;

– the clarity and usefulness of reporting and

discussions at Committee meetings; and

– the outcome of the Committee’s annual

effectiveness evaluation of the audit process,

supported this year by assessment against

agreed Audit Quality Indicators.

The Committee held detailed discussions with

BDO regarding the key risks to audit quality

and the actions taken to address them such as

the audit firm-level and network-level controls

on which they placed reliance. The Committee

also sought insight into the outcomes of BDO’s

internal and external inspections, enabling it to

understand how these findings informed the

firm’s approach, areas of focus and quality

improvement measures.

163 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Each year, the Committee undertakes an

assessment of the qualifications, expertise,

resourcing and independence of the External

Auditor, alongside a review of the effectiveness

of the overall audit process. This incorporates

consideration of the FRC’s Audit Quality

Review (‘AQR’) results for BDO as part of the

Committee’s audit strategy discussions and the

Chair’s regular meetings with the audit partner,

including before Audit Committee cycles.

The Committee reviewed the External Auditor’s

written reports, including their internal control

observations, thematic feedback and other

formal communications. The Committee

concluded that these reflected a strong

understanding of the Group’s business model,

risk profile and operational environment, with

clear and constructive commentary on areas

for improvement.

This year, the Committee agreed a set of Audit

Quality Indicators (‘AQIs’) with BDO as part

of the audit planning process. These indicators

cover key aspects of audit quality, including:

– experience of the team

– level of senior team involvement

– documentation quality and challenge

– audit progress milestones

– innovation and specialist engagement.

Performance against the agreed AQIs is

monitored throughout the audit and forms a

key component of the Committee’s assessment

of the effectiveness of the external audit at the

conclusion of the audit process.

The Committee considers that the External

Auditor has demonstrated consistent

professional scepticism, reflected in their

critical assessment of management information,

testing of the reasonableness of underlying

assumptions and their willingness to seek

corroborative evidence where needed.

The External Auditor raised targeted

challenges to management’s judgements and

estimates during the audit and the Committee

observed that this contributed positively to the

robustness of the financial reporting process.

Audit plan

The Committee considered BDO’s audit plan

and was satisfied that it included appropriate

responses to the areas ofidentified risk.

At the June 2026 Audit Committee meeting,

the Committee reviewed whether the External

Auditor had delivered the plan as agreed

and discussed the reasons for any changes,

including shifts in perceived audit risk and

the work undertaken to address those risks.

The Committee confirmed the plan directly

addressed the areas of greatest risk, particularly

investment property valuation and sought

explanations for anyscope changes during

the audit.

There were no additional areas that the

Committee required BDO to consider other

than the significant audit matters, detailed

on pages 161 to 163.

AUDIT, RISK AND INTERNAL CONTROL continued

EXTERNAL AUDIT continued

Audit and non-audit fees (BDO)

2025–2026

£579k

Audit: £504k, Non-Audit: £75k

Audit £504k

£75k Non-Audit

Audit and non-audit fees (BDO)

2024–2025

£570k

Audit: £503k, Non-Audit: £67k

Audit £503k

£67k Non-Audit

Audit and non-audit fees (KPMG)

2023–2024

£714k

Audit: £617k, Non-Audit: £97k

Audit £617k

£97k Non-Audit

Our Strategy and Our Transformation Plan

Pages 10 and 11 to 17

The effectiveness of external audit

As noted above, BDO was first appointed

by shareholders at the 2024 AGM following

acompetitive tender process and has

provided external audit services to the

Group during the financial year.

The Committee has reviewed the quality

ofBDO’s work since their appointment,

including the robustness of the procedures

performed and the clarity of their reporting.

Based on the Committee’s discussions

withthe audit partner, and interactions

throughout the audit cycle, the Committee

is satisfied that the audit team

demonstrated the appropriate level

of technical expertise and professional

scepticism in testing management’s policies,

assumptions and significant judgements,

consistent with expectations under the

FRC’s Audit Committees and the External

Audit: Minimum Standard.

Following completion of the external audit,

the Committee will undertake a post-audit

review with BDO to evaluate the delivery

ofthe audit process and discuss areas for

further enhancement. This review will be

based on the Audit Quality Indicators

agreed by the Committee with BDO,

detailed on page 163.

Based on initial considerations by the

Committee and Chief Financial Officer, of

the quality, effectiveness and independence

of the External Auditor, the Committee has

recommended to the Board that BDO be

reappointed as the Company’s External

Auditor for the next financial year, and the

Board has accepted this recommendation.

A resolution proposing BDO’s reappointment

will be presented to shareholders at the

upcoming AGM on 23July 2026, in line with

the requirement for annual reappointment.

164 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

AUDIT, RISK AND INTERNAL CONTROL continued

EXTERNAL AUDIT continued

Auditor independence and objectivity Safeguarding auditor independence

In addition to evaluating audit effectiveness,

the Committee assessed the independence

and objectivity of the External Auditor.

This assessment was informed by the formal

assurances provided by BDO on the safeguards

and internal controls they apply to maintain

independence, together with the Committee’s

oversight of the Non-Audit Services Policy

and the nature and level of fees paid during

the year. These disclosures align with

expectations of the UK Corporate Governance

Code 2024 and the FRC’s Minimum Standard,

which require transparent reporting on how

auditor independence is safeguarded.

BDO have confirmed to the Committee that:

– the audit of the consolidated financial

statements was undertaken in accordance

with the UK firm’s internal policies and

procedures, which are designed to support

audit quality and independence;

– they operate internal procedures to identify

and assess any non-audit engagements

that could threaten independence and

to ensure that appropriate safeguards

are applied;

– in their professional judgement, the

safeguards in place sufficiently address

all identified threats to independence;

– total fees paid by the Group during the year

do not constitute a material proportion of

the firm’s overall fee income; and

– they are satisfied that audit independence

has been maintained throughout the year.

The Committee reviewed these confirmations

alongside BDO’s broader reporting to the

Committee and concluded that the External

Auditor continues to operate with appropriate

independence and objectivity.

The Audit Committee will continue to review

the effectiveness and independence of the

External Auditor annually to ensure that the

objectivity of the audit process is maintained

and that the Group continues to receive a

high-quality, robust external audit.

The Group complied with the Competition

and Markets Authority’s Statutory Audit

Services Order 2014, which governs audit

tendering and the provision of non-audit

services during the financial year. The audit

was last tendered in 2023, following which

BDO LLP succeeded KPMG LLP for the audit

of the year ended 31 March 2025. There are

no contractual restrictions affecting the

Committee’s choice of External Auditor,

nor any obligations requiring a minimum

tenure period.

Where the External Auditor is being

considered for non-audit services, the

scope of work and proposed fees must be

approved in advance by the Chief Financial

Officer, the Company Secretary and the

Chair of the Audit Committee. This ensures

that any engagement is appropriate,

does not compromise auditor objectivity,

and is consistent with the UK Corporate

Governance Code’s principles on maintaining

auditor independence.

For larger assignments, typically those in

excess of £100,000, a competitive tender

process is required unless there are

compelling commercial or timing reasons

to select the External Auditor or another

specific firm. This process ensures

transparency, provides reassurance on value

and quality, and helps avoid over-reliance

on the incumbent auditor, fully aligned with

both CMA requirements and FRC guidance.

165 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

AUDIT, RISK AND INTERNAL CONTROL continued

Risk management

and internal

controls

The Committee, on behalf of the Board,

keeps under review the effectiveness of

the Group’s risk management and internal

control systems through management

updates and outputs from the Risk

Management Group (‘RMG’) and Risk

Owners, to ensure that controls remain

appropriate and effective. The framework

is designed to manage, rather than eliminate,

business risk and to provide reasonable

assurance against material misstatement

in the financial statements, in line with the

FRC’s Risk & Internal Control Guidance.

During the year we reviewed the Group’s

risk governance arrangements. Although the

RMG continued to exist, monthly meetings

were paused while the framework was

evaluated; three RMG meetings were held

(plus a separate training and update session

facilitated by PwC) to consider enhancements

to risk processes and control documentation.

In parallel, the Company Secretary and

Interim Finance Director met with each Risk

Owner twice during the year to review their

risk registers, controls, evidence and planned

actions; outputs were escalated to the

Executive Committee, Audit Committee

and Board.

While no significant control weaknesses

were identified, the Group is undergoing

organisational change and the risk governance

structure will be finalised in FY27.

To support readiness for the UK Corporate

Governance Code 2024 Provision 29

(Board declaration on the effectiveness

of material controls for periods beginning

on or after 1January 2026), the Committee

endorsed and the Board approved

management’s engagement of PwC to review

the risk management framework and internal

controls and support preparation for the new

requirement. PwC’s work, including training

for management, has informed the roadmap

towards the first public declaration.

As noted in last year’s Annual Report,

a post-implementation review of the new

finance and property management system

by Grant Thornton identified opportunities

to enhance processes and the control

environment. In addition, as part of this

year’s audit, BDO highlighted a number of

IT general control (‘ITGC’) recommendations,

which were presented to the Committee in

March 2026. The majority of recommendations

have been implemented, with a clear action

plan in place to complete the remaining

items. The Committee is satisfied that

mitigating, monitoring and reviewing controls

exist and that a comprehensive action plan

is being delivered.

The Board, supported by the Audit

Committee, has reviewed the effectiveness

of the Group’s risk management and internal

control systems. No significant failings or

weaknesses were identified during the period.

The Directors confirm that the processes

described on page 168 have been in place

during the 2025/26 financial year and

up to the date of approval of the Annual

Report and Accounts.

Principal risks and uncertainties

Pages 60 to 67

166 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Audit Committee

The Audit Committee sets the tone for risk

and control, providing governance, challenge

and oversight of processes and assurance

across the Group.

The Board

The Board has defined its risk appetite for

strategic and operational risks. A standard

risk-assessment methodology is applied to

monitor inherent and residual risk and to

compare residual risk against target risk,

in line with the FRC’s guidance.

The Group had the following key procedures

and monitoring processes in place during the

year to provide effective internal control:

– Ongoing risk identification, evaluation and

management, including self-certification

of effective operating of controls by Risk

Owners. In 2025/26, self-certifications were

reviewed by the Company Secretary and

Interim Finance Director with escalation

of significant issues to the Executive

Committee, the Audit Committee and

the Board.

– Clear control ownership with designated

owners, which are embedded across

the business, with a process in place

to enhance documentation as part

of Provision 29 readiness.

– On behalf of the Board, the Audit

Committee reviews fraud and anti-bribery

policies and procedures. No instances

of bribery or corruption were reported

during the year. In light of new legislation,

a Failure to Prevent Fraud risk assessment

and policy were developed and approved

by the Board.

Throughout the year, the Committee has

continued to oversee preparations to ensure

readiness for compliance with Provision 29

of the 2024 UK Corporate Governance Code.

The updated Provision 29 which applies

to the Company for its financial year ending

31March 2027 requires a declaration within

the Annual Report on the effectiveness of

material controls as at the balance sheet date.

This covers controls relating to financial

reporting, operational activities and compliance.

The Company has identified its material

controls, and PwC were engaged during

the year to support readiness for the FY27

Provision 29 declaration, including assurance

mapping and enhanced documentation

of design and assessment of operating

effectiveness in line with emerging

best-practice guidance.

– Financial performance is monitored with a

monthly process for reporting and reviewing

performance against the business plan.

Monthly performance packs, including those

informing half-year and year-end statements,

are also approved by the CFO and

distributed to the Board.

– On behalf of the Board, the ESG Committee

reviews environmental and people-related

risks and their integration into the wider risk

framework; the Audit and ESG Committees

met jointly in January 2026 to review

policies, procedures and related assurance.

– The Committee reviews technology risks,

including IT systems and cyber security,

to ensure the IT function implements

preventative and detective controls and

monitors remediation progress to further

strengthen ITGCs.

– As required by the Code, the Board,

through the Audit Committee, conducted a

robust assessment of principal and emerging

risks that could threaten the business model,

future performance, solvency or liquidity.

During the year, the ‘resourcing’ risk was

reframed to ‘culture’ to reflect the centrality

of culture to the successful execution of

the Group’s strategy.

Looking ahead, the Committee will

oversee the further embedding of Risk

Owner accountability within business

processes, and continue the delivery of the

PwC-supported roadmap towards next year’s

Provision 29 declaration. This will include

ongoing enhancement of documentation,

testing and evidence gathering to support

the Board’s declaration on the effectiveness

of material controls.

AUDIT, RISK AND INTERNAL CONTROL continued

RISK MANAGEMENT AND INTERNAL CONTROLS continued

Preparation for compliance with Provision 29 of the UK Corporate Governance Code 2024

December 25 – February 26

– Material controls identified and initial

scoping completed.

– PwC instructed; roadmap developed

and agreed with management.

– PwC presented to the Board in January

2026 on scope, approach and milestones.

– Risk framework and material controls

bench-marked to peers and the Company’s

risk profile.

March 26 – July 26

– Refine the material controls list and

codify the risk/control methodology.

– Assurance map documented; address

any assurance gaps.

– Finalise the FY27 material controls set

and the phased assurance plan.

August 26– December 26

– Perform evidence-based assurance over

material controls (design/operation).

– Review findings and remediate any gaps;

update documentation accordingly.

January 27 – March 27

– Continue assurance to year end; close

any residual actions.

– Prepare the Board declaration and

supporting evidence pack for FY27

Provision 29 reporting.

Governance of risk

Page 60

167 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Top down

Bottom up

AUDIT, RISK AND INTERNAL CONTROL continued

RISK MANAGEMENT AND INTERNAL CONTROLS continued

The Audit Committee provides oversight of the Group’s risk management framework;

the Board sets and monitors overall risk appetite and strategy, with specific accountability

for property valuation, development and real estate risks. The framework is set out

below. Following organisational changes during the year, the Group has commenced

a review of its risk management process to strengthen and further embed risk practices

across the business. As part of this review, the composition of the Risk Management

Group is being updated, with the revised structure expected to be rolled out during FY27.

Board of Directors

– Sets the Group’s overall risk appetite, tolerance and strategy.

– Oversees the Group’s principal risks, including property valuation,

development and real estate risks.

– Receives advice and recommendations from the Audit Committee

and Executive Committee.

Executive Committee

– Oversees and manages the Group’s day-to-day risk management

procedures.

– Reports to the Audit Committee on the operation and effectiveness

of controls.

Risk owners

– Each risk identified by the Group is assigned a Risk Owner.

– Risk Owners are responsible for monitoring, managing and reporting

on their risks, as well as identifying any emerging risks.

– Risk registers and controls are discussed with the Company Secretary

and senior members of the finance team to embed risk management.

– In these sessions, the Company Secretary and Interim Finance Director

reviewed and challenged the risk information provided by Risk Owners.

– Reports are provided to the Executive Committee via the Company

Secretary, with escalation to the Audit Committee where necessary.

Audit Committee

– Oversees the Group’s risk management framework.

– Reviews the Company’s annual report disclosures on internal control

systems and risk management prior to endorsement by the Board.

Activities

Risk

Risk identification, ownership and appetite

– Risks are identified during project planning

or through being raised by employees.

– Risk appetite defines the level of risk the

Group is willing to accept.

– Identified risks are captured in Risk Registers.

– A Risk Owner is assigned to each risk and

has responsibility for its ongoing assessment

and monitoring.

Risk assessment and evaluation

– Each risk is evaluated and scored according

to the potential impact and likelihood

of it materialising.

– Every risk has an Inherent Risk Score (pre-controls)

and a Residual Risk Score (post-existing controls).

– A Target Risk Score is set to reflect the Group’s risk

tolerance for that risk.

Controls

Response and controls

– Each Residual Risk Score is compared

to its Target Risk Score.

– Where the Residual Risk Score exceeds target,

actions are defined to reduce it towards target.

– Control Owners are assigned to and accountable

for monitoring that controls operate effectively.

Assurance mapping

– Assurance mapping is currently underway

to confirm what assurance is in place for

the effective operation of each control.

– Ongoing reviews will be conducted

on the effectiveness of the assurance.

Monitoring

Monitoring and reporting

– Risks are regularly monitored by the

Risk Owners.

– Control owners regularly certify that their

controls continue to operate effectively.

– Risk Owners, together with the Company Secretary

and Interim Finance Director, oversee this activity

and escalate significant changes or new risks

to the Executive Committee, Audit Committee

and/or Board, as appropriate.

Our risk management framework Our risk management process Internal audit

Due to its size and lack of complexity,

the Group does not have an internal audit

function, a matter reviewed by the Audit

Committee during the year. The Committee

has advised the Board that, currently, it

considers there to be no need for an internal

audit function. The External Auditor has

confirmed this currently has no impact

on their audit approach.

The Group is currently undergoing a period

of transition and the Company Secretary

and Interim Finance Director have taken

responsibility through the year to manage

and monitor the ongoing maintenance of

our risk management and control processes.

As part of our evolving internal assurance

processes, departmental control reviews

across the business have taken place.

Sessions with individual Risk Owners, the

Company Secretary and Interim Finance

Director have also taken place, to review and

embed risk processes and control reviews.

No significant issues were identified from

these reviews.

To supplement reviews of risk management

and internal control, a programme of

operational, facilities management and health

and safety reviews are undertaken across

our properties by qualified senior head office

personnel. Any significant findings are

reported to the Audit Committee.

In addition, all key controls are recorded

on a central register and, every six months,

control owners are required to certify the

effectiveness of controls for which they

are responsible and to provide details

of further actions to address any identified

ineffectiveness. No significant issues were

identified during the year.

168 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Quick links

Page

Membership and attendance

at ESG Committee meetings 170

Chair’s letter 172

Governance of ESG matters at Workspace 174

Spotlight on growing London’s

future potential 175

ESG policies, procedures and

relatedassurance 176

SUSTAINABILITY IS INTEGRAL

TO WORKSPACE’S PURPOSE,

BUSINESS MODEL AND LONG

TERM SUCCESS. THROUGH THE

ESG COMMITTEE, THE BOARD

PROVIDES STEWARDSHIP TO

ENSURE THE STRATEGY REMAINS

ALIGNED WITH A SUSTAINABLE

ECONOMY, REINFORCING THE

RESILIENCE OF THE BUSINESS

AND ITS CAPACITY TO

CREATE ENDURING VALUE

FOR STAKEHOLDERS.

Manju Malhotra

Chair of the ESG Committee

ESG COMMITTEE REPORT

Manju Malhotra

Chair of the ESG Committee

169 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

As at 31 March 2026, the Committee consisted of the

Board Chair, the five independent Non-Executive Directors,

the Chief Executive Officer and the Chief Financial Officer

(biographies are available on pages 104 to 106). At the

request of the Committee, members of the Executive

Committee, the senior management team and/or external

advisers may be invited to attend all or part of any meeting,

as and when appropriate.

Member since

Meetings

attended

2025/26

Manju Malhotra (Chair)

2022

4/4

Duncan Owen

2022

3/4

Rosie Shapland

2022

4/4

Lesley-Ann Nash

2022

4/4

Nick Mackenzie

2022

4/4

David Stevenson

2024

4/4

Lawrence Hutchings

2024

2/2

Dave Benson

2022

4/4

1. There were two ESG Committees held in January 2026. One meeting

was ajoint meeting with the Audit Committee.

2. Duncan Owen was unable to attend the ESG Committee meeting

in January 2026 due to his attendance at external meetings in relation

to Workspace business.

Meetings of the ESG Committee

During the year under review, the Committee held four

meetings. These took place in April 2025, September 2025,

January2026 and a joint ESG and Audit Committee meeting

was held in January 2026.

Credible climate

leadership

– Reviewed implementation plans to support

climate transition in line with the Company’s

science-based net zero targets.

– Reviewed business plans focusing on

high-conviction assets, assessing alignment

with net zero transition pathway and

associated investment requirements.

– Assessed the suitability of interim emission

reduction milestones and the inclusion of

key KPIs as performance targets for

Executive Directors.

– Approved the supply chain decarbonisation

roadmap, supporting its phased roll out

across all Tier 1 suppliers.

– Reviewed the portfolio’s exposure to

physical climate risks, incorporating updated

climate models and scenario analysis (see

pages 75 to 80 for further details).

– The business continues to progress the

implementation of its climate transition

inline with strategy, with investment

pragmatically prioritised towards

high-conviction assets in the near term.

Long-lasting

social impact

– Continued oversight of Workspace’s social

impact strategy, centred on its flagship

‘Growth Happens at Workspace’ programme,

with a focus on skills development and

employment outcomes.

– Evaluated the appropriateness of

incorporating key social impact KPIs into

Executive Directors’ performance objectives.

– Commissioned an independent external

review of the sustainability strategy, with

particular emphasis on the effectiveness

of the Company’s approach to its

employees, customer and communities

as priority stakeholders.

– The business continues to refine

its approach to social value creation,

strengthening accountability and

ensuring value is delivered across

all stakeholder groups.

ESG COMMITTEE REPORT continued

Key topics considered by the Committee during the yearESG Committee membership and attendance

More information on the skills and

experience of all Committee members

Pages 104 to 106

Key topic Activity Outcome

170 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Key topics considered by the Committee during the year continued

ESG COMMITTEE REPORT continued

Building long-term

resilience

– Evaluated the materiality of various ESG issues, weighing risks and

opportunities for Workspace to identify priorities.

– Assessed the effectiveness of climate risk management and internal controls.

– Received a briefing on upcoming regulatory changes and evaluated

compliance readiness.

– A future-focused business approach that is resilient to evolving regulatory

and market risks, supported by a materiality review that identified and

prioritised key areas of opportunity.

Leading the way on

corporate governance

and reporting

– Proposed ESG objectives for Executive Directors to the Remuneration

Committee and assessed outcomes at year-end.

– Collaborated with the Audit Committee to review all ESG policies

and assurance programmes for effectiveness.

– Reviewed and approved ESG disclosures, along with feedback received,

toidentify opportunities for enhancing transparency in our reporting.

– A robust governance framework for sustainability matters, with business-wide

accountability in delivering strategic priorities. Reaffirmation of business

commitment to transparent practices, by championing adoption ofbest

practice sustainability disclosure.

Key topic Activity Outcome

171 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Dear shareholder,

I am pleased to present the ESG Committee

Report for the year ended 31 March 2026.

Established in April 2022, the ESG Committee

has strengthened the Board’s oversight of

environmental and social considerations.

Sustainability sits at the heart of Workspace’s

strategy and long-term success, with a clear

focus on maintaining a resilient business

model. This approach positions Workspace to

lead with purpose, deliver meaningful impact,

and realise the opportunities arising from

aprogressive ESG agenda.

The Committee’s work is guided by four

strategic themes:

(i) Credible climate leadership;

(ii) Long-lasting social impact;

(iii) Building long-term resilience; and

(iv) Leading the way on corporate governance

and reporting.

Through these themes Workspace has

continued to deepen the alignment between

ESG and core business strategy. Workspace’s

approach to ESG goes beyond a general

framework. It is directly aligned with and

driven by our core business outcomes. We

believe sustainability is a key value driver, and

our priorities consistently reinforce essential

business goals such as operational efficiency,

customer satisfaction, and long-term resilience,

securing success well into thefuture.

This year, the Committee has played an

important role in shaping and supporting

several key outcomes: progressing climate

transition with a pragmatic approach to

ESG COMMITTEE CHAIR’S LETTER

investment, focused on high-conviction

assets, sharpening focus and delivery of

social impact, strengthening stakeholder value

proposition and upholding high standards

ofESG governance and risk management.

Further details on these activities can be

found on pages 176 to 177.

Driving environmental stewardship

As part of our commitment to climate

leadership, Workspace joined the Better

Buildings Partnership (‘BBP’) Climate

Commitment in 2019, pledging to achieve

anet zero carbon real estate portfolio.

Toadvance this ambition and align with the

1.5°C pathway, we have set Science-Based

Targets aiming to reduce emissions by

90%by 2040, relative to a 2020 baseline.

Achieving this requires comprehensive

transformation across our business, and

I’m proud of the progress made so far.

Since 2020, Workspace has cut emissions

by 36%, driven by a core focus on operational

excellence. Net zero transition plans are

integrated into asset-level business strategies,

ensuring that climate action is embedded as

‘business as usual’.

Understanding the vital connection between

climate and nature, the Committee has also

overseen the advancement of Workspace’s

nature strategy. This includes initiatives like

native planting in external spaces, which not

only boost biodiversity but also enhance the

wellbeing and experience of our customers.

It’s encouraging to see these efforts well

received, enriching the appeal of our

buildings across the portfolio.

ESG COMMITTEE REPORT continued

Board skills and experience

Pages 104 to 106

AS CHAIR OF THE ESG COMMITTEE,

MY FOCUS IS ON ENSURING

SUSTAINABILITY REMAINS

EMBEDDED IN WORKSPACE’S

BUSINESS MODEL AND LONG

TERM DECISIONMAKING. THIS

YEAR, WE HAVE STRENGTHENED

CLIMATE LEADERSHIP, SHARPENED

OUR APPROACH TO DELIVERING

SOCIAL IMPACT, AND REINFORCED

GOVERNANCE TO SUPPORT

A RESILIENT BUSINESS AND

ENDURING STAKEHOLDER VALUE.

Manju Malhotra

Chair of the ESG Committee

172 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Delivering meaningful social impact

The ‘S’ in ESG is a powerful value driver for

Workspace. As the home to around 4,000

ofLondon’s SMEs and custodians of close

to four million square feet of workspace,

we are deeply embedded in the communities

we serve. This year, Workspace generated

£1.19 million in social value, and marked

the first year of our flagship social impact

programme, ‘Growth Happens at Workspace’,

focused on skills development and

employment (see page 32).

I am proud to report progress inexpanding

opportunities for young people across London,

with 121 individuals benefitting from initiatives

including work experience placements,

workshops, mentoring, and career talks.

Additionally, Workspace supported four work

placement opportunities, providing valuable

real-world experience across various teams

(see page 57).

Embedding ESG into the workings

of other Committees

To ensure the ESG agenda is not siloed,

wealso identified ways in which ESG

considerations are embedded within the

workings of other Committees. We held

ajoint meeting with the Audit Committee

toreview the ESG policies and effectiveness

of the assurance programme in place.

TheCommittee worked closely with the

Remuneration Committee to set ESG-linked

performance targets aligned with the Group’s

core business priorities. ESG considerations

also informed discussions at the Nominations

Committee in relation to Board level skills

andexperience.

Looking forward

As part of the Board’s review of its Committee

structure, it was agreed that the composition

of the ESG Committee be revised. The

Committee now comprises myself as Chair,

together with Duncan Owen, David Stevenson,

Rosie Shapland, the Chief Executive Officer

and the Chief Financial Officer, reflecting an

appropriate balance of skills and experience

to support effective oversight of ESG matters.

All Board members will be invited to attend

meetings as appropriate.

As a Committee, we will continue to guide

thebusiness to ensure ESG remains deeply

embedded and its impact closely measured.

We will also focus on streamlining governance

to enable more agile and informed

decision-making, ensuring ESG remains fully

integrated and responsive to Workspace’s

evolving business strategy.

Manju Malhotra

Chair of the ESG Committee

9 June 2026

ESG COMMITTEE REPORT continued

ESG COMMITTEE CHAIR’S LETTER continued

173 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

ESG COMMITTEE REPORT continued

Governance of ESG matters at Workspace

The role of the Board

The Board retains overall responsibility for

overseeing Workspace’s ESG agenda and

ensuring that sustainable, long-term value

creation remains central to the Group’s

strategy. The ESG Committee, which includes

the full Board – the Chair, all independent

Non-Executive Directors, the Chief Executive

Officer and the Chief Financial Officer –

provides dedicated governance to ensure

ESG considerations are fully embedded in

strategic planning, risk management and

operational decision-making.

The Committee receives comprehensive

updates on Workspace’s sustainability

strategy, performance and targets three

times a year. These updates are delivered

by members of the Executive Committee and

the Sustainability team, enabling the Board

to monitor progress, evaluate emerging risks

and opportunities, and guide enhancements

to the programme.

The ESG Committee also supports the

work ofother Board Committees by ensuring

ESGfactors are appropriately integrated into

remuneration, nomination and governance

processes, as well as into audit and risk oversight.

Management responsibility

The Executive Committee is responsible

forsetting the Group’s sustainability strategy

and ensuring it is fully aligned with our

long-term business objectives. Each Executive

Committee member leads the delivery of

environmental and social programmes within

their functional area, embedding sustainability

into operational decision-making across

thebusiness.

The Executive Committee receives monthly

updates on ESG matters, including progress

against annual ESG targets, enabling regular

oversight and timely intervention

whereneeded.

At an operational level, day-to-day delivery

of ESG initiatives is led by the Environmental

and Social Sustainability Committees –

cross-functional groups made up of

departmental heads who are accountable

for individual workstreams. Both Committees

include several Executive Committee members,

ensuring strong senior ownership, clear

accountability for implementation plans and

streamlined communication back to the wider

Executive Committee.

Ownership and accountability

ESG considerations are embedded throughout

the business, with clear oversight and

accountability at every level, from the Board,

through the Executive Committee, to

operational delivery teams. Core ESG targets

have been translated into performance

objectives for the relevant functions, ensuring

accountability for delivery. These objectives

are also incorporated into remuneration

frameworks, reinforcing alignment between

sustainability performance and reward.

Terms of Reference

The Committee’s role and responsibilities are

set out in the terms of reference, the latest

version of which are available on the Company’s

website at www.workspace.co.uk/investors/

about-us/governance/board-committees.

Performance of the ESG Committee

This year, the internal Board performance

review was conducted internally by the

Workspace Legal and Company

Secretariat team.

The review concluded that the ESG

Committee continues to operate effectively

but consideration could be given to streamline

the Committee membership and continue to

prioritise key risks and strategic ESG matters.

With effect from May 2026, it was agreed

that the Committee would comprise of Manju

Malhotra as Chair of the Committee, Duncan

Owen, Rosie Shapland, David Stevenson,

Charlie Green and Tom Edwards-Moss.

Nominations Committee

Chaired by Duncan Owen

Key responsibilities:

– Ensuring requisite strength of Board

ESG expertise

Key responsibilities:

– Integrity of ESG disclosures and targets

– Strategic risk management, including

reputational risk

Key responsibilities:

– Aligning compensation with ESG goals

– Ensuring clarity of ESG metrics and KPIs

Key responsibilities:

– Detailed scrutiny and oversight of ESG

– Ensuring adequate resource

– Driving Board focus on ESG

Board of Directors

Audit Committee

Chaired by Rosie Shapland

Remuneration Committee

Chaired by Lesley-Ann Nash

ESG Committee

Chaired by Manju Malhotra

174 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

ESG COMMITTEE REPORT continued

Spotlight on:

Growing London’s

future potential

Overview

This year, Workspace continued to help

broaden horizons for young Londoners

facing barriers to education and employment

through mentoring, volunteering and paid

work experience opportunities. By sharing

their time, experience and career journeys,

Workspaceemployees helped students

build confidence, explore future pathways

and gain exposure to industries and roles

they may not otherwise have encountered.

Through partnerships with Future Frontiers

and Career Ready, we supported students

at key transition points in their education

and early careers, including delivering

one-on-one mentoring sessions as well

aspaid internships across teams such as

finance, leasing, sustainability and facilities

management, all paid at the Real London

Living Wage.

WE BELIEVE LONDON’S FUTURE IS

SHAPED BY THE OPPORTUNITIES

WE HELP TO CREATE. SUPPORTING

YOUNG PEOPLE THROUGH REAL

EXPERIENCES IN OUR BUILDINGS

NOT ONLY STRENGTHENS OUR

COMMUNITIES BUT ALSO

NURTURES TALENT AND AMBITION.

Charlie Green

Chief Executive Officer

175 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Environmental

Environmental and climate change policy – Demonstrates measurable improvements in environmental

performance by embedding climate-responsible practices

across operations, resulting in reduced environmental impacts.

Net zero pathway – Analysis of key milestones within the net zero pathway

to ensure Workspace is on track and aware of potential

blockers to achieve key goals.

Sustainable development brief – Ensures all development and refurbishment projects

deliver quantifiable improvements in energy efficiency,

carbon reduction, waste minimisation, water performance,

materials sustainability, nature enhancement and wellbeing.

Green finance framework – Enables the business to access green financing on the

basis of clear, externally recognised sustainability criteria,

supporting investment in environmentally-aligned projects

and strengthening our ESG credentials with lenders.

Climate risk register and disclosure – Provides a transparent and externally reportable

assessment of physical and transitional climate risks,

enabling the business to take targeted actions that improve

climate resilience and meet TCFD reporting expectations.

Nature and biodiversity strategy – Delivers measurable reductions in nature-related impacts

and supports biodiversity enhancements across our

portfolio, strengthening resilience to climate-related

nature risks and improving ecosystem outcomes.

Social

Health and safety policy – Improves safety performance through reduced incidents,

stronger risk controls and clear compliance with Health

and Safety legislation, resulting in a safer workplace for

employees and visitors.

Supplier code of conduct – Ensures suppliers’ behaviours meet Workspace’s ethical

and sustainability standards, reducing ESG-related supply

chain risks and improving responsible sourcing outcomes.

Modern slavery statement – Strengthens protections across the business and

supply chain by identifying and mitigating modern slavery

risks, ensuring ethical labour practices and compliance

with legislation.

ESG COMMITTEE REPORT continued

Key topics considered by the Committee during the yearESG policies, procedures and related assurance

Workspace holds an annual joint meeting

of the Audit Committee and ESG Committee

to review and approve a comprehensive

assurance programme that assesses the

effectiveness of ESG-related policies

and processes.

The table opposite outlines the policies

and procedures that support the execution

of Workspace’s ESG strategy. These policies

are designed to guide the Company in

conducting business in an environmentally

and socially responsible manner, ensuring

that sustainability is fully integrated into the

Company’s operations and decision-making.

Following a detailed review, both Committees

confirmed that all ESG policies are being

effectively implemented and are supported

by a robust assurance framework.

Key topic Activity Outcome

176 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Social continued

Social impact framework – Generates demonstrable social value by tracking and improving Workspace’s contribution to communities,

customers and stakeholders, with transparent reporting in the Annual Report.

Equal opportunities and dignity at work policy – Reinforces fair and respectful workplace practices, resulting in better employee experience, improved equity

and greater compliance with equality legislation.

Diversity and inclusion – Promotes measurable improvements in workforce diversity and fosters a more inclusive culture, enhancing

employee engagement and supporting better business performance.

Sexual harassment policy – Ensures a safer working environment with clear processes that reduce incidents of harassment and support

timely, confidential resolution where concerns arise.

Governance

ESG-linked remuneration – Strengthens accountability for ESG performance by directly tying leadership remuneration to measurable

ESG outcomes, driving progress against strategic priorities.

ESG risk register – Provides clear visibility of material ESG risks and enables targeted mitigation actions, improving organisational

resilience and ensuring ESG risks are systematically monitored and managed.

Anti-bribery and corruption, and gifts

and hospitality policy

– Reduces the risk of unethical conduct by ensuring employees make compliant, transparent decisions,

thereby protecting the business from legal, financial and reputational harm.

Whistleblowing policy – Creates a safer and more transparent organisational culture by enabling employees to raise concerns

confidently, resulting in earlier detection of issues and safeguarding staff from retaliation.

Key topics considered by the Committee during the year continued

ESG COMMITTEE REPORT continued

Key topic Activity Outcome

177 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Quick links

Page

Membership and attendance at

Remuneration Committee meetings 179

Chair’s letter 181

Remuneration at a glance 186

Strategic, employee and wider

stakeholder alignment 188

Our new Remuneration Policy 195

Annual report on remuneration 204

AS WORKSPACE CONTINUES

TO PROGRESS ITS STRATEGY,

REMUNERATION REMAINS A KEY

LEVER TO PROMOTE SUSTAINED

HIGH PERFORMANCE AND

TO ALIGN INCENTIVES WITH

THE DELIVERY OF THE GROUP’S

STRATEGY OVER TIME.

Lesley-Ann Nash

Chair of the Remuneration Committee

REMUNERATION

Lesley-Ann Nash

Chair of the Remuneration Committee

178 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Remuneration

policy review

– Undertook a comprehensive review of the

Directors’ Remuneration Policy (the ‘Policy’)

which was approved by shareholders in

July 2023.

– Considered the updated strategy, current

market practices and corporate governance

expectations, concluding that the existing

remuneration framework can effectively

support the attraction and retention of the

leadership talent necessary to deliver the

Company’s updated business strategy.

– A minor amendment is proposed to the Policy

to increase the CFO’s maximum annual bonus

opportunity from 120% to 150% of base salary.

This change aligns the CFO’s incentive opportunity

with that of the CEO and is intended to ensure

appropriate alignment and market competitiveness

during a key phase for the Company.

– The revised Policy will be submitted to shareholders

for approval at the July 2026 Annual General

Meeting (‘AGM’).

CEO and CFO

succession

– Agreed the remuneration arrangements for

the new Chief Executive Officer (‘CEO’), Charlie

Green and new Chief Financial Officer (‘CFO’),

Tom Edwards-Moss, who both joined the

Company in February 2026.

– Determined the leaver arrangements for

the outgoing CEO, Lawrence Hutchings,

and outgoing CFO, Dave Benson.

– The leaving arrangements for Lawrence Hutchings

and Dave Benson and the remuneration packages

for Charlie Green and Tom Edwards-Moss are fully

aligned with the Directors’ Remuneration Policy

approved by shareholders at the 2023 AGM.

– Charlie’s base salary was set at £580,000 and

Tom’s was set at £410,000 on appointment. Further

details on both Charlie and Tom’s remuneration can

be found on pages 186 to 204.

– A summary of the leaver arrangements for

Lawrence Hutchings and Dave Benson is set out

in the Chair’s letter and on pages 218.

Executive

and senior

management

remuneration

framework

– Reviewed the annual bonus outcomes for

the 2024/25 financial year (28% of maximum,

including the application of downwards

discretion, as noted on the following pages)

and considered the vesting outcome of the

2022 LTIP award, which vested at 25% of

maximum in June 2025.

– Reviewed the performance targets for the

2025/26 annual bonus and the performance

targets applying to the LTIP awards granted

in June 2025.

– Approved the overall remuneration package

for a new Executive Committee member,

James Graham, who commenced employment

in January 2026.

– The Committee agreed the performance targets

for the LTIP granted in June 2025 and adjusted

the weightings of two performance measures,

increasing Total Accounting Return (‘TAR’) to 35%

and reducing the ESG weighting to 15% to reflect

the importance of TAR as a core measure of success

and effective execution of the Company’s strategy.

– In June 2025, Restricted Share Awards were granted

to the senior management team for the third

consecutive year (excluding Executive Directors).

REMUNERATION continued

Key topics considered by the Committee during the yearRemuneration Committee membership and attendance

The Committee consists of Non-Executive Directors and is

chaired by Lesley-Ann Nash. Details of individual attendance

at the meetings held during the year are set out below. More

information on the skills and experience of all Committee

members can be found on page 104 to 106.

Member since

Meetings

attended

2025/26

Lesley-Ann Nash (Chair)

2021

8/8

Duncan Owen

2023

8/8

Rosie Shapland

2020

8/8

Support for the Remuneration Committee

During the year, the Committee sought external support

from PwC and internal support from the previous and

current CEO and CFO, who attended Committee meetings

by invitation from the Chair, to advise on specific matters

raised by the Committee, particularly those relating to the

performance and remuneration of the senior management

team. The Company Secretary attended each meeting as

Secretary to the Committee. No Director was present for any

discussions that related directly to their own remuneration.

Key topic Activity Outcome

179 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

Key topics considered by the Committee during the year continued

Wider

workforce

remuneration

– Reviewed remuneration decisions across the wider

workforce, including discretionary remuneration awards

made to employees below Board and Executive Committee

level, to support delivery of specific strategic objectives and

to ensure appropriate alignment with Executive Director

remuneration outcomes.

– The Committee was kept informed by the CEO and CFO of remuneration changes across the wider

workforce for the period ending FY26. In its consideration, the Committee took into account pay

practices, remuneration approaches and results of benchmarking undertaken by the HR team.

This reflected any completion of qualifications, training and development.

Gender

pay gap

– Continued to monitor the Company’s compliance with the

Equality Act 2010, which requires employers with 250 or more

employees on 5 April each year (the ‘Snapshot Date’) to

publish a gender pay gap report. The report is available on the

Company’s website. https://www.workspace.co.uk/investors/

about-us/governance/our-policies/gender-pay-gap-report

– Reviewed the gender pay gap data prepared by the HR team,

which identified a gender pay gap in both hourly pay and

bonus outcomes on a mean and median basis.

– Approved the Company’s 2025 Gender Pay Gap Report for publication during the year. The report

confirmed a 4.2% reduction in the mean hourly gender pay gap, reflecting an increase in the

proportion of women in the upper and upper-middle pay quartiles.

– Monitoring of compliance with the Equality Act 2010, together with its review of the underlying

gender pay gap data. It was confirmed that a gender pay gap remains in both hourly pay and bonus

outcomes on a mean and median basis. The principal driver continues to be workforce composition

at senior levels rather than unequal pay for equivalent roles. Action taken over recent years, including

inclusive recruitment practices and targeted development initiatives are beginning to translate into

measurable improvements in gender representation and pay outcomes.

– Continue to monitor the gender pay gap outcomes in the context of future reward decisions.

Committee

governance

– Reviewed key trends in executive remuneration and market

practices, including updates on the current executive pay

landscape, shareholder guidance and recent corporate

governance developments.

– Undertook a review of the Committee’s own performance

and effectiveness.

– Reviewed the Committee terms of reference in March 2026.

– Completed a review of the Long Term Incentive Plan rules,

which are approaching the end of their ten-year term.

– Concluded that the Committee continues to operate effectively, with appropriate focus and

challenge, and remains well placed to discharge its responsibilities.

– The review of the Long Term Incentive Plan rules confirmed that the existing framework remains

appropriate, with only minor, technical amendments required to ensure the continued effective

operation. Updated LTIP rules will be submitted for shareholder approval at the 2026 AGM.

2024

Corporate

governance

code

– Considered the updated UK Corporate Governance Code

(the ‘Code’), which applies to financial years beginning on

or after 1January 2025.

– The Committee noted that the most significant change

in the context of remuneration is the introduction of

Provision 38, relating to malus and clawback. As such,

the annual remuneration report includes enhanced disclosure

on the Company’s malus and clawback provisions, set out

on pages 197 and 198.

– Confirmed that the new Code requirements have been fully incorporated into the updated Long

Term Incentive Plan rules, which will be submitted for shareholder approval at the 2026 AGM, and

enhanced disclosure on the operation of malus and clawback can be found on pages 197 to 198.

– In addition, the Committee focused on ensuring that remuneration arrangements continue to

support the long-term performance of the business. When reviewing remuneration outcomes for

the 2024/25 financial year, the Committee considered performance in the context of wider business

performance and the experience of key stakeholders.

Key topic Activity Outcome

180 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

£60.5m

Trading profit

after interest

26.1p

Full-year dividend

92.4%

Customer satisfaction

Dear shareholder,

As Chair of the Remuneration Committee and

on behalf of the Board, I am pleased to present

our Report on Directors’ Remuneration for

the 2026 financial year.

Introduction

In preparing this year’s Remuneration Report,

the Committee has focused on streamlining

its disclosures to provide a clearer and more

concise account of the Committee’s key

considerations during the year, while more

effectively demonstrating how remuneration

promotes and aligns with the Company’s

strategic priorities and wider stakeholders.

The year represented a period of transition

for Workspace. Lawrence Hutchings joined

the Company as Chief Executive Officer (‘CEO’)

in November 2024 and, working closely with

the Executive Committee, led the development

and launch of a refreshed strategy in June

2025. Centred on rebuilding occupancy and

delivering operational excellence, the strategy

was well received by both internal and

external stakeholders and provides a clear and

focused framework for the Company’s future

direction. As announced on 19 January 2026,

Lawrence stepped down as CEO from that

date and will continue to be an employee

until 19 July 2026. The Board would like

to thank Lawrence for his leadership and

contribution during this important phase.

Charlie Green was appointed as CEO on

2 February 2026 and brings significant

leadership experience to the role.

REMUNERATION continued

REMUNERATION COMMITTEE

CHAIR’S LETTER

The report this year is split into:

– Remuneration at a glance: a snapshot of

remuneration outcomes for 2025/26 and

how we intend to implement our proposed

Remuneration Policy in 2026/27.

– Strategic, employee and wider

stakeholder alignment: demonstrating

how executive pay aligns to our business

strategy, wider stakeholders including

employees, and how remuneration

cascades down the organisation

– pages 188 to 194.

– Our new Directors’ Remuneration Policy

that will be put to shareholder vote at our

2026 AGM – pages 195 to 203.

– Annual Report on Directors’ remuneration

setting out how the Remuneration Policy

was implemented in 2025/26,

implementation of the 2026 Remuneration

Policy for 2026/27, and other remuneration

disclosures – pages 204 to 220.

In addition, Tom Edwards-Moss joined the

Company as Chief Financial Officer (‘CFO’)

on 23 February 2026, further strengthening

the Executive leadership team as Workspace

enters its next phase of development. This

follows Dave Benson’s announcement to step

down from his role as Chief Financial Officer

and Director in 2026. Dave Benson remained

as an Executive Director until 30 April 2026

to ensure a smooth and orderly handover

of responsibilities with Tom Edwards-Moss.

Dave made a significant contribution to the

Company during his tenure, and we are

grateful for his support in ensuring an

effective handover.

WE ARE CONFIDENT THAT OUR

REMUNERATION FRAMEWORK

MAINTAINS A CLEAR AND

CONSISTENT LINK BETWEEN PAY

OUTCOMES AND PERFORMANCE,

WITH VARIABLE REMUNERATION

DIRECTLY ALIGNED TO THE

ACHIEVEMENT OF WORKSPACE’S

STRATEGIC OBJECTIVES, AND

LONGTERM STAKEHOLDER VALUE.

Lesley-Ann Nash

Chair of the Remuneration Committee

181 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Business performance

Net rental income was £113.4m, driving

a trading profit of £60.5m in the year.

The Board is proposing a final dividend of

16.7p, bringing the total dividend for the year

to 26.1p, consistent with the Group’s revised

dividend policy of targeting dividend cover

of 1.2x trading profit after interest. While the

Board is conscious of the Company’s share

price performance over the past 12 months,

it remains focused on delivering sustainable

returns for shareholders and is confident that

the Company’s strategy positions Workspace

well for long-term success.

When reviewing remuneration outcomes for

Executive Directors for the 2025/26 financial

year, the Committee considered the wider

business context and the experience of the

Company’s key stakeholders, including

shareholders, employees, customers and

suppliers. Further detail on how remuneration

outcomes reflect these stakeholder experiences

is provided on pages 190 to 193.

2025/26 Annual Bonus outcome

The 2025/26 Annual Bonus was assessed

against a balanced scorecard comprising

financial objectives (70% of the maximum

opportunity comprising trading profit and

strategic financial) and non-financial objectives

(30% of the maximum opportunity, comprising

operational efficiency, customer satisfaction

and sustainability).

However, given the macroeconomic challenges

facing the Company, for trading profit after

interest, 28.3% of maximum outcome was

achieved versus the stretching target, with

a total trading profit after interest of £60.5m

achieved. This results in a payout of 14.15% of

the maximum bonus award for trading profit

performance.

The strategic financial objectives focused on

improving customer acquisition and retention,

the disciplined deployment of capital, and the

identification and investment in new business

models, markets and technologies to support

future growth. Performance against these

objectives reflected continued progress in

strengthening customer relationships, targeted

investment across the portfolio and the selective

pursuit of opportunities aligned with the

Company’s long-term strategy. As a result,

these objectives were partially met.

Good progress was also made against

the non-financial measures. During the year,

the Executive team identified and delivered

£2 million of cost efficiencies and improved

the effectiveness of service delivery, with

a customer satisfaction score of 92.4%.

The total formulaic outcome under the annual

bonus was therefore 45.93% of maximum.

In line with our Policy, the Committee

reviewed the outcome of each measure and

also undertook a holistic view of the outturn

versus underlying performance and value

delivered to our shareholders. We have also

considered the treatment of bonus payments

across the organisation. As a result of this review,

the Committee decided to exercise discretion,

reducing the overall annual bonus outcome

by 35%, from 45.93% to 29.85% of maximum.

In reaching this decision, the Committee

was mindful of the relative weighting and

outcomes of the financial and non-financial

elements of the bonus. The application of

discretion reflects our judgement that the

overall outcome should be more closely

aligned with the level of financial performance

achieved during the year, ensuring a balanced

and proportionate result that appropriately

reflects both Company performance and

the experience of shareholders.

REMUNERATION continued

REMUNERATION COMMITTEE CHAIR’S LETTER continued

Vesting of 2023 LTIP

The LTIP awards granted to Executive

Directors in 2023 were subject to performance

conditions measured over the three financial

years from 1 April 2023 to 31 March 2026.

The LTIP measures for this award were:

– TSR relative to the FTSE 350 Real Estate

companies (excluding agencies) (25%)

– Earnings per Share (‘EPS’) growth (25%)

– Total Accounting Return (‘TAR’) (25%)

– Environmental, Social and Governance

(‘ESG’) metrics (25%)

Having tested the performance conditions,

EPS and TAR thresholds were not achieved

and TSR was below median, meaning these

elements were not achieved. The reduction

in scope 1 gas emissions target was met in full,

while the increase in percentage of EPC A or B

rated space measure outcome was between

threshold and maximum performance.

Therefore, the overall formulaic outcome

for the 2023 LTIP was 17% of maximum.

As per our Policy, a performance underpin

applies to the LTIP which allows the Committee

to reduce the level of vesting if the outturn is

inconsistent with the overall performance of

the business. In reviewing this, the Committee

considered that the 2023 LTIP outcomes were

appropriate, and no discretion was applied

by the Committee.

This report outlines the key decisions made by

the Committee during the year, including the

proposed Directors’ Remuneration Policy, which

will reach the end of its three-year term following

approval at the 2023 AGM. The proposed Policy

will be submitted to shareholders for approval

at the 2026 Annual General Meeting.

Delivering on our strategic priorities

and living our values

The Executive Committee has continued to

drive the Company’s strategy forward during

the year, with a focus on delivering against

our key strategic priorities and embedding

our values across the organisation. As a result,

we have seen resilient demand for our space

from London’s SMEs and have driven improved

conversion from enquiries to lettings.

Occupancy also improved modestly towards

the year end, in part driven by action taken on

pricing and, alongside the impact of ongoing

disposals, this reduced rent roll over the period.

Our remuneration framework is closely

aligned with the Company’s values, ensuring

that reward outcomes reflect not only what is

achieved but how it is delivered. The Committee

places particular emphasis on promoting

behaviours consistent with our culture,

embedding these expectations within both

performance assessment and incentive design.

In doing so, we aim to reinforce sustainable

decision-making, accountability, and long-term

value creation, while maintaining a clear and

transparent link between pay and performance.

182 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Executive Director Succession

Chief Executive Officer

As already mentioned, Lawrence stepped

down as CEO with effect from 19 January 2026.

The Board would like to thank Lawrence for

his leadership and contribution.

Charlie Green joined as CEO on 2 February

2026, an experienced CEO and Co-Founder

of The Office Group (‘TOG’, now Fora).

Charlie played a key role in establishing TOG’s

reputation for customer-focused, design-led,

sustainable workplaces. The Board is

confident that Charlie’s extensive expertise

in growth strategies and operational

performance positions him well to accelerate

the execution of our strategy, with a clear

focus on driving income growth and delivering

sustainable, dividend-led shareholder returns.

The Board remains fully supportive of

the strategy and transformation plan and

is encouraged by the positive momentum

it has begun to deliver.

On appointment, Charlie’s base salary was

set at £580,000, a 3.6% increase to that of

his predecessor. The Committee believes that

this salary level is representative of Charlie’s

skills, experience and the scope of the role.

Charlie will receive a cash allowance in lieu

of pension of 6% of salary for the first year

of employment and 10% of salary thereafter.

The incentive opportunities remain unchanged

from the levels awarded to the outgoing CEO:

a maximum Annual Bonus opportunity of

150% of base salary and a maximum LTIP

award of 200% of base salary, including a

pro-rated annual bonus for service in 2025/26.

Further details may be found on page 186.

Lawrence will continue to be paid his

contractual salary and benefits until 19 July

2026 and will be paid in lieu of his salary for

the unexpired portion of his notice period,

subject to mitigation. He remained eligible for

the 2025/26 Annual Bonus, which is pro-rated

to 19 January 2026 and subject to deferral

in line with our Policy. His unvested Deferred

Bonus Award will continue to vest based on

the original vesting date.

Upon leaving his former employer, Lawrence

forfeited outstanding incentives and, at

appointment, was awarded buyout awards

under the Company’s Long Term Incentive Plan

(the ‘LTIP’). These awards will vest on their

normal vesting date, subject to the satisfaction

of any relevant performance conditions

(measured over the full performance period).

Vested shares will be released on the earlier of

the end of the normal holding period and the

second anniversary of the date of termination

of employment.

Lawrence’s unvested share award under the

LTIP granted in 2025, will lapse on termination

of employment.

Lawrence will be subject to the Company’s

post-cessation shareholding requirements.

He is required to maintain 100% of the shares

he held on the date of termination for two years

following his departure, in line with the

Directors’ Remuneration Policy. Further details

of Lawrence’s leaver arrangements are set out

on page 218.

Chief Financial Officer

On 14 August 2025, we announced that

Dave Benson, CFO, had informed the Board

of his intention to step down from his role

as CFO and as a Director during 2026.

Following this announcement, a rigorous and

comprehensive search process was initiated,

and Tom Edwards-Moss joined the Company

as CFO on 23 February 2026. Dave stepped

down in April 2026 after completing a full

handover, ensuring continuity and stability

within the finance function.

REMUNERATION continued

REMUNERATION COMMITTEE CHAIR’S LETTER continued

Tom has served as Chief Executive of

Hibernia Real Estate Group Ltd since 2022,

having originally joined the business in 2014

as Chief Financial Officer. He brings deep

sector expertise, strong financial leadership

and strategic insight, positioning the

Company well to accelerate the execution

of our strategy and long-term value creation

for shareholders.

On appointment, Tom’s base salary was set

at £410,000, a 2.5% increase to that of his

predecessor. The Committee believes that

this salary level is representative of Tom’s

skills, experience and the scope of the role.

Tom will receive a cash allowance in lieu of

pension of 6% of salary for the first year of

employment and 10% of salary thereafter.

Tom is eligible for a pro-rated 2025/26 annual

bonus incentive opportunity of 120% of

salary, in line with his predecessor. As set out

in the Remuneration Policy review section

below, for 2026, the CFO annual bonus

incentive opportunity will be 150% of base

salary (subject to approval) and a maximum

LTIP award of 200% of base salary. Further

details may be found on page 186.

Dave continued to be paid his contractual

salary and benefits until 30 April 2026.

He remains eligible for the 2025/26 Annual

Bonus, subject to deferral in line with our

Policy. His unvested Deferred Bonus Awards

will continue to vest based on their original

vesting date.

Dave’s in-flight LTIP awards will continue

to vest on their normal vesting dates and

are subject to the satisfaction of relevant

performance conditions (measured over the

full performance period and pro-rated for

time). Vested shares will be released on the

earlier of the end of the normal holding

period and the second anniversary of the

date of termination of employment.

OUR RECENTLY APPOINTED

EXECUTIVE LEADERSHIP TEAM

BRINGS A FRESH PERSPECTIVE AND

FOCUS, WITH ENCOURAGING

EARLY PROGRESS IN THE DELIVERY

OF OUR STRATEGIC PRIORITIES.

Lesley-Ann Nash

Chair of the Remuneration Committee

183 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Bottom

quartile

Third

quartile

Second

quartile

Top

quartile

Bottom

quartile

Third

quartile

Second

quartile

Top

quartile

FTSE 250

FTSE 350

Real Estate

FTSE 350

Real Estate

Charlie Green

Chief Executive Officer

Tom Edwards-Moss

Chief Financial Officer

Positioning of total remuneration of the Company relative to market benchmarks.

Previous positioning of total remuneration of the Company relative to market benchmarks

prior to the proposed change under the 2026 Remuneration Policy as detailed to the left.

Dave is subject to post-cessation shareholding

requirements, requiring him to retain 100% of

the shares he held on the date of termination

for two years following his departure, in line

with the Directors’ Remuneration Policy.

Further details of Dave’s leaver arrangements

are set out on page 218.

Remuneration Policy review

Our current Directors’ Remuneration Policy

was approved by shareholders at our 2023

AGM with a vote in favour of 99.8%. In line

with the regulatory timeline for Policy reviews,

we will be seeking shareholder approval for

a new Policy at our 2026 AGM.

After a comprehensive review of Workspace’s

updated strategy, current market practices and

corporate governance expectations, the

Committee has determined that the existing

remuneration framework can continue to

support the attraction and retention of the talent

necessary to deliver our business strategy.

Our Policy structure remains aligned with UK

market practice, consisting of fixed and variable

pay mechanisms, with minimal changes

proposed as part of the review. We are confident

that the right proportion of fixed and variable

pay, underpinned by stretching performance

targets, continues to provide a strong alignment

between executive pay and shareholder

outcomes. In undertaking this review, the

Committee remained mindful of its responsibility

to maintain a remuneration approach that

motivates Directors and colleagues, supports the

delivery of operational excellence and underpins

long-term, income-led shareholder value.

The Committee will also place increased focus

on the target-setting process for future years,

ensuring that it continues to reflect a clear

and robust link between incentive outcomes

and the experience of our shareholders and

wider stakeholders.

Following a review of market competitiveness,

the Committee is proposing a single, targeted

amendment to executive remuneration, to the

maximum annual bonus opportunity for the

CFO from 120% to 150% of base salary. This

change aligns the CFO’s bonus opportunity

with that of the CEO and is intended to ensure

appropriate incentive alignment during a

pivotal period for the Company. A bonus

opportunity of 150% of salary is consistent with

the level typically offered to CFOs within the

FTSE 350 Real Estate Super Sector and is

positioned around the median of the FTSE 250.

Chart A to the right shows the relative position

of target total compensation for our Executive

Directors compared to our competitive market.

Whilst not the primary driver, this change

moves the CFO’s total target remuneration

closer to the FTSE 250 market median, and

remains below the FTSE 350 Real Estate

lower quartile.

REMUNERATION continued

REMUNERATION COMMITTEE CHAIR’S LETTER continued

Remuneration packages versus the market

Total target compensation compared to our peers

Chart A below shows the relative position of target total compensation for our Executive

Directors compared to our peers. In setting the target total compensation for the Executive

Directors, one of the factors the Committee considers is the competitive market for our

Executive Directors, which we deem to be the FTSE 250 constituents and FTSE 350 Real

Estate companies, and the size of the Company compared to these peers.

Chart A

STAKEHOLDER CONSULTATION

Remuneration Policy 2026

Stakeholder Consultation:

As part of the 2026 Remuneration Policy

Review, the Committee undertook a

programme of shareholder consultation,

engaging with shareholders representing

approximately 60% of the Company’s issued

share capital. Shareholders who responded

expressed full support for the proposals,

and no material concerns were raised.

Accordingly, the Committee has proceeded

with the minor changes to the Policy as

originally communicated.

184 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

REMUNERATION COMMITTEE CHAIR’S LETTER continued

Proposed implementation of the new policy

for 2026/27

Base salary

The CEO and CFO will not receive a base salary

increase for the upcoming year.

Annual Bonus 2026/27

The 2026/27 annual bonus maximum

opportunities will be 150% of salary for the

CEO and CFO. The Committee has undertaken

a review of the annual bonus measures and

has made a number of refinements to simplify

the structure and further sharpen the focus

on profitability.

The principal change is to simplify the financial

metrics to make that portion of the bonus

based purely on trading profit, with a weighting

of 75% (replacing the previous combination of

trading profit at 50% and Strategic Financial

measures at 20%). We have made more minor

adjustments to the weightings on Customer

Satisfaction (increased to 15% from 10%) and

Sustainability (increased to 10% from 7.5%),

with the Operational Efficiency measures

removed to further support simplification.

The Committee notes that the specific targets

under the measures are commercially sensitive

and will be disclosed retrospectively in next

year’s report.

2026 LTIP

The 2026 LTIP opportunity levels will be 200%

of salary for the CEO and CFO.

As we deliberately reposition the business

under the new leadership and execute our

strategy, there will be a step down in

profitability before we rebuild. The 2026 LTIP

measures and targets have been designed

specifically to incentivise that rebuild and

align remuneration outcomes with the growth

in earnings and shareholder value that the

Committee expects to be delivered over the

performance period. Weightings on EPS and

Relative TSR have been increased from 25% to

45%. In balance, the Total Accounting Return

(‘TAR’) measure used in prior cycles has been

removed, and the ESG performance measure

has been adjusted from 15% to 10% weighting.

The ESG measures remain focused on energy

reduction, with details of the exact measures

for the 2026 LTIP set out on page 216.

In line with the approach for all measures,

the EPS range has been calibrated against

the Company’s medium-term plan. Threshold

Adjusted Underlying EPS for FY29 has been

set at 23.3p, with maximum vesting at 31.2p.

In setting this range, the Committee was mindful

of the ongoing refinancing challenges facing

the Company and the wider sector, as well as

the expectations around our medium-term

profitability referred to above. With all that

in mind, we are confident that these targets

support the Company to return to growth

under the new leadership and evolved strategy,

whilst reflecting a significant level of stretch,

particularly in the context of current market

forecasts. That said, recognising the trajectory

that these EPS targets represent, the threshold

payout under the EPS measure will be reduced

to 0% (from 20%).

Consistent with previous awards, a performance

underpin will apply, providing the Committee

with discretion to reduce vesting where the

formulaic outcome is not considered reflective

of the overall performance of the Company,

individual performance or other relevant

factors. The Committee will also actively review

the impact of any potential windfall gains when

determining the final vesting outcome for the

2026 LTIP Award. Further details of the 2026

LTIP are set out on page 216.

The performance based LTIP award will also

apply to eligible employees in 2026, moving

away from the RSA approach used in recent

years. The same measures and targets will

apply to all eligible participants, creating

consistency across the population,

encouraging an environment of shared

long-term goals and success.

Remuneration Committee Performance Review

During the year, the Company undertook an

internal Board performance review to assess the

effectiveness of the Board and its Committees.

As part of this process, structured feedback

was gathered, including specific observations

relating to the Remuneration Committee.

The feedback highlighted areas where the

Committee is performing well, alongside

opportunities to further enhance its

effectiveness. The Committee has considered

this feedback and is taking it into account in

its ongoing approach to decision making and

oversight. Overall, the review concluded that

the Remuneration Committee continues to

operate effectively.

Strategic, employee and

wider stakeholder alignment

Pages 188 to 194

Concluding remarks

During the year, the Committee’s work has

been shaped by a period of transition for the

business. We focused on ensuring continuity

and stability in leadership through the CEO

and CFO transitions, while maintaining a clear

and consistent approach to remuneration

decision-making.

In determining remuneration outcomes, the

Committee carefully considered performance

in the context of the Company’s strategic

priorities and the experience of key stakeholders.

We remained disciplined in our assessment of

pay outcomes, with continued emphasis on

maintaining a strong and transparent link

between remuneration and performance.

Looking ahead, the Committee is confident that

the proposed Directors’ Remuneration Policy

provides a robust and appropriate framework to

support the delivery of the Company’s strategy

and the creation of sustainable, long-term value

for shareholders.

I would like to thank shareholders for their

continued engagement and support, which

the Committee values highly.

Lesley-Ann Nash

Chair of the Remuneration Committee

9 June 2026

185 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

REMUNERATION AT A GLANCE

Remuneration outcomes

Executive pay is structured to align with and incentivise the successful execution of our strategy,

while actively supporting the promotion of our core values.

Executive Directors’ single figure of total remuneration

Figures reflect time as an Executive Director in 2025/26 for each individual.

The full table and footnotes can be found on pages 204.

Charlie Green

CEO

Tom Edwards-Moss

CFO

Lawrence Hutchings

Outgoing CEO

Dave Benson

Outgoing CFO

Period in the year as

Executive Director

2 February 2026 –

31 March 2026

23 February 2026 –

31 March 2026

1 April 2025 –

19 January 2026

1 April 2025 –

31 March 2026

Fixed pay

Base salary

£96.7k £42.7k £447.6k £400.0k

Pension

£5.8k £2.6k £31.7k £40.0k

Benefits

£0.7k £0.3k £3.7k –

Variable pay

Annual bonus

£43.3k £15.3k £20 0.4k £143.3k

LTIP

– – – £116.9k

Other (SAYE, SIP,

Buyouts)

– – – –

Total

£146.5k £60.9k £683.4k £700.2k

Malus and/or Clawback was not enacted during 2025/26.

Annual bonus payout in respect of 2025/26

Measure:

Financial Objectives

Threshold

(0% payout)

Maximum

(100% payout)

Formulaic outcome

and opportunity

as a % of award

Trading Profit

£57.6 m £63.4m

Actual: £60.5m

14.15% 50%

Strategic Financial

0% 100%

Ac t ual: 59.15%

11.83% 20%

Measure:

Sustainability, operational

and customer objectives

Sustainability

0% 100%

Actual: 66.0%

4.95% 7.5%

Operational Efficiency

0% 100%

Actual: 40.0%

5% 12.5%

Customer satisfaction

80% Maximum: 86%

Actua l : 92 .4%

10% 10%

Total outcome 45.93% 100%

Total outcome including 35% downwards discretion 29.85% 100%

See pages 205 to 208 for further details on achievement against each annual bonus performance measure in respect

of 2025/26.

2023 LTIP award vesting in respect of 2025/26

Threshold

(20% payout)

Maximum

(100% payout)

Formulaic outcome

and opportunity

as a % of award

Total Shareholder Return relative

to FTSE 350 Real Estate

companies (excluding agencies)

Median Upper

quartile

Actual: 32nd percentile

0% 25%

Earnings Per Share growth

5% p.a. 10% p.a.

Actua l: -1.3%

25%

Total Accounting Return

4.5% p.a. 10% p.a.

Actual: -22.9%

0% 25%

Measure:

ESG

Reduction in Scope 1

gas emissions

15% Maximum: 20%

Actual: 43%

12.5%

Increase in % of EPC A or B

rated space

20 p. p 27 p. p

Actual: 21.4 p. p

4.5%

12.5%

Total outcome 17% 100%

See page 209 for further details on achievement against each LTIP performance measure.

186 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Policy implementation for 2026/27 (subject to shareholder approval at the 2026 AGM)

Fixed pay

Base salary

– Charlie Green: £580,000

– Tom Edwards-Moss: £410,000

Pension

– 6% of salary, increasing to 10% after a year’s service,

in line with the policy applying to the wider workforce

Benefits

– Market typical benefits including private health insurance,

and death in service cover.

Variable pay

Annual bonus

– Maximum opportunity: 150% of salary for Executive

Directors

– 33% of any bonus earned is deferred in shares for 3 years

– Malus and Clawback provisions apply

– 2026/27 performance measures are:

– Trading Profit After Interest (75%)

– Customer Satisfaction (15%)

– Sustainability (10%)

LTIP

– Maximum opportunity: 200% of salary for Executive

Directors

– Three-year performance period and two-year

holding period

– Malus and Clawback provisions apply

– The 2026 LTIP performance measures are:

– Earnings Per Share Growth (‘EPS’) (45%)

– Total Shareholder Return (‘TSR’) relative to FTSE 350

Real Estate companies (excluding agencies) (45%)

– Environmental, Social and Governance (‘ESG’) metrics

(10%)

Shareholding requirement

– 200% of salary.

– Post-cessation shareholding requirement of 200%

of salary for two years post-departure.

Executive Director shareholding requirement

Delivery of remuneration

Elements of pay 2026/27 2027/28 2028/29 2029/30 2030/31

Base salary

Paid in cash

Pension

Cash in lieu

of pension

contributions

Annual bonus

67% in cash 33% deferred in shares for 3 years

Share ownership/

LTIP

Three-year performance period Two-year holding period

Malus and

clawback

Annual bonus: to the end of the deferral period

LTIP: to the end of the holding period

Implementation for 2026/27

1. All shares that are either unvested and not subject to performance or subject to performance have been included

on anetof tax basis (i.e. at a 50% discount).

2. This is based on a share price of £4.05 being the average share price over the year to 31March 2026 and salaries of,

£580,000, £410,000 and £400,000 for Charlie Green, Tom Edwards-Moss and Dave Benson respectively. Lawrence

Hutchings’ shareholding has been based on a price of £3.97 being the 3-month average share price to 19 January 2026

and a salary of £560,000.

REMUNERATION continued

REMUNERATION AT A GLANCE continued

% of salary 0 50% 100% 150% 200% 250% 300% 350%

Outgoing Chief Executive Officer

Lawrence Hutchings

Dave Benson

Owned outright or vested.

Unvested and not subject to performance.

Subject to performance.

Chief Executive Officer

Charlie Green

Tom Edwards-Moss

187 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Alignment to our purpose and strategy

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT

Our purpose

Our purpose is to give businesses the freedom to grow

Our strategy

Our strategy delivers our purpose

Our executive remuneration framework

directly promotes the delivery of our strategy

and reinforces our commitment to living our

core values and supporting our stakeholders.

Our purpose, strategy and stakeholders

Our remuneration framework is bound to

Workspace’s purpose, values and long-term

strategy, and is designed to promote

sustainable value creation for shareholders

and wider stakeholders. This ensures that

incentive outcomes are aligned with the

delivery of our strategic priorities, responsible

decision-making, effective risk management

and the long-term interests of shareholders

and wider stakeholders.

Our remuneration framework combines

fixed pay and variable pay components to

provide an appropriate balance between

reward for role, performance and contribution.

Fixed pay supports the attraction and retention

of talent with the skills critical to delivering

the strategy, while variable remuneration

through annual bonus and long-term incentive

arrangements, aligns executive rewards with

the achievement of strategic objectives and

long-term value creation.

Our stakeholders

Consideration of our stakeholders

informs our strategy

Our values

Our remuneration framework

Fixed pay Variable pay

Our Customers

Our People

Our Investors

Our Partners and suppliers

Our Communities

The Environment

Find a way

Know your stuff

Show you care

Make it fun

Fix: Strengthen and modernise our offer

Accelerate: Transform and prepare for

emerging opportunities

Scale: Innovate to create future options

Base salary Benefits Other (SAYE, SIP,

Buyouts)

Pension LTIPAnnual bonus

Find out more about our stakeholders

Page 23

Find out about our values

Page 28

Employee alignment and fair pay

How remuneration cascades down the organisation

Page 192

188 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Element of

Remuneration

Measures

(% of award)

Why it is important to deliver our strategic priorities

and support our stakeholders

Link to strategy Link to different

stakeholders

Link to purpose

2026/27

Annual

Bonus

Trading profit after interest

75%

Trading profit after interest

Trading profit after interest is a key measure for Workspace and determines dividend

growth, and also the returns we provide to our shareholders.

Fix

– Our investors

– Our partners &

suppliers

Ownership of our buildings, an

extensive portfolio, and a continual

pipeline of upgrades ensure we

provide an unparalleled customer

offer, cementing our position as

home to London’s brightest

businesses. This is supported

by our financial performance

and operational efficiency.

Customer satisfaction

15%

Customer satisfaction

Customers are at the heart of Workspace and the use of customer satisfaction objectives

demonstrates our commitment to providing the best value to our customers.

Fix

– Our customers We work hard to continually

enhance and refine the customer

experience, so that customers have

the freedom to focus on growing

their businesses.

Sustainability

10%

Sustainability

The sustainability objectives incentivise the Executive Directors

to deliver progress against our three-pillar sustainability strategy.

Fix

Accelerate

Scale

– The environment

– Our communities

– Our people

– Our partners &

suppliers

Giving customers the space to grow

sustainably. We deliver our purpose

by actively listening to our

stakeholders to understand what

matters most.

2026

LTIP

Earnings per share (‘EPS’)

growth

45%

Earnings Per Share (‘EPS’) growth

EPS growth is a key headline measure of Workspace’s financial performance, with

outcomes better aligned to our success in active portfolio management and investment.

Fix

Accelerate

– Our investors Ownership of our buildings, an

extensive portfolio, and a continual

pipeline of upgrades ensure we

provide an unparalleled customer

offer, cementing our position as

home to London’s brightest

businesses. This is supported

by our financial performance

Total Shareholder Return

(‘TSR’) relative to FTSE 350

Real Estate companies

(excluding agencies)

45%

Total Shareholder Return (‘TSR’) relative to FTSE 350 Real Estate companies

(excluding agencies)

TSR is paramount to Workspace because it shows the value that our shareholders receive

from investing in Workspace. We aim to create maximum value for our shareholders

therefore it is important to ensure outcomes from the LTIP align with the experience of our

shareholders, with participants only rewarded if returns exceed those achieved elsewhere

within the sector.

Fix

Accelerate

Scale

– Our investors

Environmental, Social

and Governance (‘ESG’)

measures

10%

Environmental, Social and Governance (‘ESG’) measures

ESG measures demonstrate our commitment to long-term Company strategy focusing

on creating sustainable environments.

Fix

Accelerate

Scale

– The environment Giving customers the space to grow

sustainably. We deliver our purpose

by actively listening to our

stakeholders to understand what

matters most.

Alignment to our purpose and strategy continued

Our annual bonus and LTIP are closely aligned to our strategic priorities. They each demonstrate a clear focus on operational performance, customers and the environment.

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT continued

189 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Wider stakeholder alignment

Our people

Employee engagement and

wellbeing are embedded

within our sustainability

objectives and are directly

linked to annual bonus

outcomes for Executive

Directors and members

of the Executive Committee.

These measures are

designed to reinforce

the alignment between

leadership focus, employee

experience and the

development of a positive

organisational culture.

Our Partners and suppliers

We work closely with a

diverse network of long

standing suppliers who play

a critical role in the delivery

of our strategy and the

operation of our portfolio.

Positive and collaborative

relationships with suppliers,

contractors and local

authorities are particularly

important in the context

of refurbishments and

redevelopments, where high

standards of delivery, safety

and sustainability are crucial.

We expect all partners

and suppliers operating on

Workspace premises to meet

high standards of ethical

conduct. As an accredited

Living Wage Employer, we

are committed to ensuring

that suppliers and partners

pay at least the Real London

Living Wage, and require

adherence to our Supplier

Code of Conduct, which

sets out expectations

around ethical behaviour,

employment practices and

environmental standards.

Our investors

We are committed

to maintain open and

constructive dialogue with

investors on remuneration

matters. During the year,

the Committee engaged

with major shareholders

and investor bodies as part

of the Remuneration Policy

Review, in advance of

submission for approval

at the 2026 AGM.

The engagement formed

part of the Committee’s

consideration of the

continuing appropriateness

of the remuneration

framework and the proposals

for the new three year Policy.

The Committee concluded

that the overall remuneration

structure remains

appropriate, with a minor

targeted change proposed,

detailed on page 197.

The Committee values the

role of investor dialogue in

informing its decision-

making and will continue to

engage with shareholders

as appropriate, in relation

to the Company’s approach

to executive remuneration.

This year’s employee survey

feedback provides important

insight into how colleagues

experienced the business

during the year. In particular,

73% of employees agreed that

Workspace is an inclusive

employer in our most recent

year-end employee survey.

In a year where overall

engagement has been less

positive, we have focused

on the practical levers that

support the day-to-day

experience, including manager

capability, with employees

noting supportive behaviours

from line managers.

During the year, we delivered a

programme of activity focused

on developing employee skills

and supporting longer-term

career progression. This

included the introduction

of clearer career pathways,

expanded professional

development opportunities

and increased investment in

training across the business.

Our apprenticeship

programme continued to

grow, with 11 apprentices

supported across a range of

roles, helping to build a diverse

future talent pipeline and

provide accessible entry

routes into the organisation.

During the year, we

continued our supplier

engagement on social impact

and sustainability, with a

focus on employment related

initiatives. We are encouraged

that two companies within

our supply chain employed

a total of seven apprentices

on Workspace contracts,

supporting development

and helping to create positive

employment outcomes.

We maintained engagement

with our twenty key suppliers

on climate transition

planning through asupplier

decarbonisation forum,

enabling participants to

share best practice and

explore practical approaches

to reducing emissions across

the supply chain. This

supports our own net zero

ambition and encourages

collective progress.

In line with updated modern

slavery guidance, we have

mapped our Tier 1 suppliers

by spend and business

reliance, and have begun

targeted engagement to

better understand and

mitigate potential areas

of risk. This work forms part

of our wider approach to

responsible business and

supports greater visibility

and assurance across our

supply chain.

We also strengthened our

commitment to diversity and

inclusion through targeted

initiatives designed to

promote inclusive behaviours

and equal opportunity.

Employees completed

diversity and inclusion

training during the year,

increasing awareness across

the business. Alongside this,

management actions that

form part of the non-financial

measures underpinning

executive bonus outcomes

included mandatory

diversity and inclusion

training for all employees,

inclusive leadership training

for senior leaders, targeted

mentoring and development

support for under

represented groups, and the

use of consistent, transparent

criteria for recruitment,

training selection, promotion

and succession planning.

See page 193 for further

details on our approach

to Fair Pay.

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT continued

190 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Wider stakeholder alignment continued

Our environment

We recognise the climate

emergency and the

significant contribution of

the real estate sector, which

accounts for nearly 40%

of global carbon emissions.

In response, we remain firmly

committed to our net zero

carbon ambition, with

delivery embedded within

both our operational

priorities and executive

incentive framework.

In 2023, we took a

deliberate step to strengthen

accountability for

sustainability by embedding

ESG measures into the Long

Term Incentive Plan. These

measures continue to focus

on reducing energy

emissions and upgrading

our portfolio to higher

sustainability standards,

reinforcing the link between

leadership decision-making

and long-term environmental

outcomes.

Our communities

Social impact is inherent

to our business, and during

the year we focused on

delivering tangible benefits

for the communities in which

we operate.

Community engagement

is embedded within our

sustainability objectives

and reinforced through the

annual bonus framework,

ensuring that leadership

focus translates into

meaningful action. During

the year, our teams prioritised

initiatives supporting

responsible business

practices, wellbeing, skills

development, employment

and local engagement.

This approach resulted

in employees contributing

more than 1,643 hours of

volunteering, with our

community activity

generating £1.19 million

of social value, exceeding

our FY26 annual target

of £1.15 million.

Our customers

Customer satisfaction is

a core driver of long-term

value at Workspace, and

remains a component of

the annual bonus for

Executive Directors.

During the year, we

continued to enhance

the customer experience

through targeted

improvements across the

portfolio including upgrades

to communal areas, cafés,

meeting rooms and the

introduction of phone

booths across the portfolio.

We also expanded our

programme of wellbeing

and networking events

designed to support

engagement.

These initiatives were

reflected in consistently

strong customer satisfaction,

with 92.4% of customers

reporting that they would

be likely, or very likely to

recommend Workspace.

Alongside our operational

activity, we work closely with

customers to support the

adoption of more sustainable

behaviours. During the year,

this included the delivery of

‘Stay in the Loop’, our annual

sustainability engagement

campaign, which focused on

practical actions customers

can take to reduce energy use,

improve waste management

and better understand the

environmental performance

of their workspace.

The campaign achieved

strong levels of engagement

across the portfolio, reaching

over 400 customers, and

contributed to increased

awareness and participation

in sustainability initiatives

at site level.

Our sustainability engagement

continues to resonate positively

with customers, with 85%

agreeing that Workspace is

a socially and environmentally

responsible business. This is

consistent with progress made

during the year, including a

3% reduction in energy

consumption across our

like-for-like portfolio compared

with the previous year.

Our flagship skills and

employment programme,

Growth Happens at

Workspace, illustrates this

in action. Through the

programme, we provided

four work placement

opportunities, 762 hours of

skilled career coaching and

delivered 10 bespoke training

sessions in partnership with

our customers. These

initiatives focused on

improving access to

opportunity and supporting

progression into work, while

strengthening the connection

between Workspace, our

customers and the local

communities we serve.

Further detail on our

community initiatives and

the social value delivered

is set out on page 208.

Over the year, we also

achieved a 2.5% reduction in

energy use intensity, driven

primarily by a 6% reduction in

gas consumption, reflecting

ongoing electrification

efforts and targeted

operational efficiencies

across the portfolio.

Overall, the actions taken

during the year demonstrate

continued progress towards

our environmental

objectives, while supporting

customers to reduce the

environmental impact of

their own operations.

Further examples of how this

is delivered in practice are

set out on pages 50 to 59.

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT continued

WE REMAIN FOCUSED

ON ENSURING THAT

CUSTOMER

EXPERIENCE

CONTINUES TO BE

EXPLICITLY REFLECTED

IN PERFORMANCE

MEASURES

REINFORCING

ACCOUNTABILITY

FOR OPERATIONAL

EXCELLENCE.

191 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT continued

Employee alignment and fair pay

Remuneration element

Executive Directors

Rest of employees

280

Base salary

All employees

Salaries are set to reflect the market value of each role, taking account of responsibilities, skills and experience, and are designed to support attraction and retention while

promoting internal consistency and alignment across the organisation.

Pension

All employees

Employees are eligible for a 2:1 match on employee pension contributions of 3% or 5% of salary. Payments are made through salary sacrifice.

Benefits

Health and

wellbeing

benefits

All employees

We are committed to supporting employee health and wellbeing, recognising its importance to resilience, performance and long-term engagement. All employees have

access to Company-funded healthcare benefits, an enhanced sick pay scheme, the option to purchase additional annual leave, and an Employee Assistance Programme

providing confidential counselling and medical advice for employees and their households. During the year, employees received mental health awareness training and were

signposted to appropriate support where needed. The Company continued to improve how wellbeing support is communicated and accessed, to ensure employees are aware

of available resources, particularly during periods of organisational change.

Flexible

benefits

All employees

All employees have access to a range of flexible benefits designed to complement core health and wellbeing provision and support different lifestyles and circumstances.

Employees have access to annual health checks and consultations focused on mental health and nutrition. Employees also benefit from year-round offers and discounts and

can support chosen charities through payroll giving, providing practical support and flexibility alongside core reward arrangements.

Annual bonus

Cash

All employees

All employees are eligible to participate in the Company’s annual bonus arrangements, which reward the achievement of objectives aligned with the Group’s financial and

strategic performance. Individual objectives are agreed as part of the appraisal process, ensuring alignment between personal contribution, team priorities and business

goals. The Remuneration Committee considers remuneration across the wider workforce when reviewing executive pay, supporting a fair and balanced approach to reward

across the organisation.

Deferral Executive Directors only

A portion of any annual bonus earned by Executive Directors is deferred into shares

for three years, reinforcing alignment with shareholders and long-term value creation.

Deferred shares remain subject to the Company’s malus and clawback provisions

throughout the deferral period, in line with the Directors’ Remuneration Policy.

Rest of employees

Deferral arrangements do not apply to the wider workforce. Employees below

Executive Director level participate in annual bonus plans that reflect individual

contribution and business performance within the year. The Committee considers

this appropriate, given differences in role, responsibility and remuneration structures.

Share ownership

LTIP

Executive Directors only

Performance share awards may be granted annually and vest subject to challenging

performance conditions over three years, followed by a two-year holding period.

The LTIP aligns remuneration with long-term performance, value creation and

shareholder interests, and is subject to malus and clawback provisions in accordance

with the Directors’ Remuneration Policy.

Rest of employees

LTIP may be granted to certain senior employees at the Committee’s discretion and

vest subject to the same challenging performance conditions as the Executive Directors,

over three years. This creates a consistent approach across the LTIP population. The

Committee considers this approach proportionate, reflecting differences in roles and

responsibilities while targeting long-term incentives where they are most effective.

Save As You

Earn (‘SAYE’)

All employees

All employees are eligible to participate in the Company’s Save As You Earn (‘SAYE’) share scheme. The scheme provides employees with the opportunity to acquire shares

in Workspace at a discounted price after completing a three or five-year savings period. Participation in the SAYE scheme enables employees to share in the Company’s

longer-term performance, while aligning employee interests with those of shareholders. The scheme operates in accordance with HMRC approved rules and is open to

all eligible employees on the same terms.

1. Charlie Green joined as CEO on 2 February 2026 and Tom Edwards-Moss joined as CFO on 23 February 2026. Lawrence Hutchings stepped down on 19 January 2026 and Dave Benson remained an Executive Director until 30 April 2026. Consequently,

there were three Executive Directors as at 31 March 2026.

192 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Employee alignment and fair pay continued

Fair pay at Workspace

Market competitive

We aim to ensure that pay across the

business is competitive, fair and reflective

of the skills, responsibilities and experience

required for each role. Salaries are regularly

benchmarked against external market data

across all roles, and we actively review and

address any instances where pay falls below

our defined competitive ranges.

Free from discrimination

We are committed to fair and unbiased

recruitment and reward practices. When

hiring for new roles, we use recruitment

software that anonymises CVs to help reduce

unconscious bias, and we conduct regular

equal pay audits to identify and address

any disparities.

In addition, we have broadened access to

employment opportunities by expanding

recruitment channels beyond traditional

agencies. This includes establishing links with

Jobcentre Plus and becoming a signatory to

the Armed Forces Covenant, supporting both

serving and former members of the UK Armed

Forces in transitioning to civilian employment.

We are also working towards achieving

gender balance across all professional

training and internal promotion opportunities,

with a focus on ensuring fair and equitable

access to development at all levels of the

organisation. During the year, this included

supporting colleagues from across a broad

range of functions and career stages through

targeted training programmes, professional

qualifications and leadership development

initiatives, helping to build capability and

progression opportunities for both emerging

and experienced talent. Further details on

supporting professional development can

be found on page 194.

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT continued

In addition, we issue personalised benefit

statements, enabling employees to easily

view and understand the full value of the

benefits available to them.

The Company offers pension benefits for

its employees. In line with previous years,

pension contributions range from 3% to 5% of

an employee’s salary. The scheme is available

to all employees in accordance with the

Government auto-enrolment regulations.

In addition, the Company offers all employees

the services of an independent pension

adviser to enable them to plan effectively

for their future.

Open and transparent

We are committed to open, clear and

transparent communication on reward

across the organisation, helping employees

understand how remuneration operates and

how pay outcomes reflect Company and

individual performance. Ahead of the

introduction of new or amended remuneration

arrangements, structured briefings and

supporting communications are provided to

ensure clarity on pay frameworks, incentive

structures and all employee share schemes.

Employee perspectives are also captured

through ongoing engagement, including

town halls and direct engagement led

by Nick Mackenzie, as the Designated

Non-Executive Director for employee

engagement, who provides an independent

channel for workforce views to be shared

with the Board. Feedback from these

engagements informs Board discussions

on people, culture and reward, supporting

effective oversight and ensuring that

employee considerations are appropriately

reflected in decision-making.

During the year, there has been a 4.2% reduction

in the mean hourly gender pay when compared

to the 2024 report. This reflects a number of

steps over recent years to address our gender

pay gap including the application of inclusive

recruitment practices, targeted development

initiatives and flexible working arrangements.

Supporting a good standard of living

We recognise that fair pay is only one element

of supporting employees’ overall standard

of living. Our reward approach provides

consistent, practical support to promote

wellbeing, resilience and work–life balance.

This includes access to a 24/7 Employee

Assistance Programme, Company-funded

healthcare, enhanced sick pay and annual

health screening, supporting both physical and

mental wellbeing. Employees may also

purchase additional holiday, providing greater

flexibility to balance professional and personal

commitments. These benefits are available

consistently across the workforce and are

intended to provide meaningful support.

Share in our success

All employees are given the opportunity to

participate in the Company’s Sharesave (‘SAYE’)

scheme, enabling them to share directly in the

long-term success of the business and align their

interests with those of shareholders. In 2025,

we launched the SAYE scheme and saw strong

employee engagement, with approximately

55 employees choosing to participate.

Benefits for all

We offer a comprehensive range of benefits

designed to support employees at different

stages of life and career. These include a

healthcare cash plan, the option to purchase

additional annual leave, and a range of

family-friendly policies that promote flexibility

and wellbeing. During the year, we refreshed

our intranet pages to improve the visibility

and accessibility of benefits information.

Stakeholder experiences in 2025

Pages 190 to 191

Remuneration decisions informed

by wider workforce

The Committee is kept informed of salary

increases across the wider workforce,

together with any significant changes

in pay practices or policy, and takes these

into account when making remuneration

decisions for Executive Directors.

We receive regular updates from the

Executive Board Directors and actively

monitor data on wider workforce bonus

payouts and share awards.

Communication and engagement

with employees

We engage regularly with our employees

on a variety of issues including business

performance and the impact of strategic

initiatives. Engagement is supported

through a range of formal and informal

channels including appraisals, employee

surveys, presentations, town hall events

and wellbeing initiatives.

193 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Employee alignment and fair pay continued

REMUNERATION continued

STRATEGIC, EMPLOYEE AND WIDER STAKEHOLDER ALIGNMENT continued

I have also broadened my exposure across

the business, working with a range of teams

and subject areas, which has strengthened

my ability to apply my knowledge in different

contexts and understand the wider

commercial implications of my work.

The Company’s support, including funding

for the qualification and flexibility around

study, has made it possible for me to develop

new skills while continuing to perform my role

effectively. This has strengthened my

experience, enhanced the contribution I can

make across the business, and supported my

longer term career development.

Holly Poulastides

Company Secretarial Assistant

Investing in our talent

OVER THE LAST TWO YEARS,

I HAVE BEEN SUPPORTED BY

THE COMPANY TO STUDY FOR

THE SOLICITORS QUALIFYING

EXAMINATION (‘SQE’) ALONGSIDE

MY ROLE IN THE COMPANY

SECRETARIAL TEAM, WHERE

I PROVIDE BROADER SUPPORT

TO THE COMPANY SECRETARY.

This has been a hugely valuable opportunity

for me, both professionally and personally.

Over the course of my studies and

practical experience, I have developed a

deeper understanding of complex legal and

governance matters, enabling me to engage

more confidently and contribute in a

meaningful way in discussions that require

a higher level of judgement.

Spotlight

on talent:

Supporting

professional

development

AS PART OF OUR COMMITMENT

TO DEVELOPING AND RETAINING

COLLEAGUES, WE OFFER A

RANGE OF NONFINANCIAL

INITIATIVES DESIGNED TO

ENHANCE LONGTERM

CAREER PROGRESSION AND

PROFESSIONAL CAPABILITY.

Lesley-Ann Nash

Chair of the Remuneration Committee

194 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our key remuneration principles

Alignment with our strategy and purpose

The Committee continues to link remuneration outcomes to the delivery of strategy, ensuring

reward structures support performance, achievements and sustainable growth. This approach

helps align the incentives of Executive Directors and employees with the priorities facing the

business during the year. Further details on the short and long-term performance metrics

that underpin this approach are set out on page 189.

A focus on risk

The Committee ensures that the design and operation of incentive arrangements

appropriately reflect risk considerations. Performance measures are selected to promote

sustainable, long-term value creation and are balanced across financial and non-financial

objectives. The Committee retains discretion to adjust outcomes where they do not

appropriately reflect underlying performance, and both the annual bonus and LTIP are

subject to robust malus and clawback provisions. This supports effective risk management,

aligning with the ‘risk’ and ‘proportionality’ principles of the UK Corporate Governance Code.

Acting in a sustainable way

Sustainability is integral to Workspace’s strategy and is reflected in the design of Executive

incentive arrangements, with a particular focus on delivering progress against the Company’s

net zero ambitions. Sustainability and ESG measures are included within both the annual

bonus and long-term incentive plan alongside financial and customer measures, linking

Executive incentives to long-term performance and business resilience.

Transparency and simplicity for

the benefit of all our stakeholders

The Committee aims to keep Executive remuneration clear and easy to understand.

The structure uses a limited number of incentive plans with clearly defined performance

measures, targets and maximum outcomes, whilst ensuring participants have clear line of

sight between agreed KPIs, delivery against those measures and resulting pay outcomes.

Consistency of application

Both short-term and long-term incentive plans, implemented across the organisation, are

designed to directly link reward with the achievement of the business strategy. Whilst there

are elements of remuneration that differ across the workforce, consistency is applied where

appropriate, with further details set out in our cascade of remuneration on page 193. For

2026, individuals participating in a long-term incentive plan will participate in the same LTIP

as the Executive Directors (replacing the historic below-Board RSA), increasing alignment

and shared goals across the population. A significant proportion of these rewards are

delivered in equity, ensuring that Executive Directors are closely aligned with shareholders.

Additionally, Executives are required to build substantial shareholdings in Workspace.

This section sets out the Directors’

Remuneration Policy. A binding shareholder

resolution to approve the Policy will be

proposed at the Company’s 2026 Annual

General Meeting (‘AGM’) to be held on

23 July 2026. Subject to shareholder

approval, the Policy will take effect from

the date of the 2026 AGM and will be

available on the Company’s website at

workspace.co.uk/investors, within the

corporate governance section.

The Committee values constructive and

ongoing dialogue with shareholders and

welcomes feedback on Directors’

remuneration. As part of the Remuneration

Policy Review, the Committee undertook

direct consultation with major shareholders.

A letter outlining the Committee’s proposals

was shared with investors representing

around two-thirds of the Company’s issued

share capital, as well as with key investor

bodies, including ISS, Glass Lewis and the

Investment Association. Feedback was

supportive and no amendments to the

proposal were considered necessary.

The policy will be put to shareholders

for approval at the 2026 AGM.

REMUNERATION continued

OUR NEW REMUNERATION POLICY

Consideration of shareholder views

195 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Purpose and link to strategy

Pension

To provide market

competitive

pensions.

Base salary

To reflect market

value of the role

and an individual’s

experience,

performance

and contribution.

Benefits

To provide market

competitive

benefits.

Operation Changes from previous policyPerformance metricsMaximum opportunity

Salaries are normally

reviewed annually.

Salary levels take account of:

– Role, performance and

experience.

– Business performance and the

external economic environment.

– Salary levels for similar roles at

relevant comparators.

– Salary increases across the Group.

Directors participate in a defined

contribution pension scheme or

may receive a cash allowance in

lieu of pension contribution.

Benefits typically include private

health insurance, and death in

service cover. Where appropriate,

other benefits may be offered

including, but not limited to,

allowances for relocation. In

addition, Directors are eligible to

participate in all-employee share

plans, currently the SAYE and

Share Incentive Plan.

None.Both Company and individual

performance are considered

when setting Executive Director

base salaries.

None.None.

2026/27

2027/28

2028/29

2029/30

2030/31

The table below describes the Policy in relation to the components of remuneration for Executive Directors.

Fixed components of Executive pay

Increases are applied

in line with the outcome

of the review. There is no

prescribed maximum.

Increases for Executive

Board Directors will

typically be in line with

those of the wider

workforce.

Up to 10% of salary.

For individuals with less

than a year’s service

with Workspace, this

will be 6% of salary.

Benefits may vary

by role and individual

circumstance, and are

reviewed periodically.

There is no overall

maximum.

Include car allowance,

private health insurance

and other benefits.

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Remuneration policy table

196 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Performance is measured relative to a selection of financial,

operational, ESG, strategic and individual objectives in the

year aligned with the Company’s strategic plan.

Performance measures and weightings are reviewed each

year to ensure they remain appropriate and reinforce the

business strategy. At least 60% of the total bonus will be

based on financial measures.

Bonus awards are at the Committee’s discretion and the

Committee will consider the Company’s performance in the

round. The Committee may override the formulaic bonus

outcome within the limits of the plan where it believes the

outcome is not reflective of performance, to ensure fairness

to both shareholders and participants.

The bonus pays out on a straight-line basis from threshold

to 100% at maximum performance.

Annual Bonus

To reinforce and

reward delivery

of annual strategic

business priorities,

based on

performance

measures relating

to both Group

and individual

performance.

Bonus deferral

provides alignment

with shareholder

interests.

A portion of the annual bonus is

deferred into shares for a period

of three years. The deferral is 33%

of bonus earned.

Dividend equivalents are accrued

on deferred shares.

The Committee may apply malus and

clawback in circumstances of gross

misconduct, material misstatement

of the Group’s results, an error in

calculation, serious reputational

damage, and corporate failure up

to the end of the deferral period*.

The maximum

bonus opportunity

for Executive

Board Directors is

150% of salary p.a.

The maximum bonus

opportunity for the

CFO increased from

120% of salary to

150% of salary, in line

with the maximum

bonus opportunity

for the CEO.

Variable components of Executive pay

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

* The malus and clawback periods are designed to align with respective deferral, vesting and holding periods. These are considered appropriate timeframes to review whether any trigger events have occurred under the malus and clawback provisions.

Remuneration policy table continued

Purpose and link to strategy

Operation Changes from previous policyPerformance metricsMaximum opportunity

2026/27

2027/28

2028/29

2029/30

2030/31

197 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Remuneration policy table continued

Variable components of Executive pay continued

Performance share plan awards will be based on a selection

of financial, share price, ESG and strategic measures aligned

with the Company’s strategic plan.

For 2026 awards the performance measures will be:

– Earnings Per Share (‘EPS’) Growth (45%) Total

Shareholder Return (‘TSR’) relative to FTSE 350

Real Estate companies (excluding agencies) (45%)

– Environmental, Social and Governance (‘ESG’) (10%)

See page 216 for more information regarding changes

to measures and weightings.

The Committee retains discretion to reduce vesting if

performance is inconsistent with the overall performance

of the business.

For threshold performance, vesting is typically 20%

of maximum.

The Committee may, in the context of the underlying business

strategy, use different measures and/or vary the weightings

of the measures. The Committee would consult with major

shareholders prior to making any significant changes.

Long Term Incentive

Plan (‘LTIP’)

To reward and align

to the delivery of

sustained long-term

performance and to

align the interests

of participants

with those

of shareholders.

The Committee may grant annual

awards of Performance Shares which

vest after three years, subject to

performance conditions.

Vested shares are subject to a further

two-year holding period.

The Committee has discretion to

apply malus and clawback to awards

(circumstances as listed in the Annual

Bonus row above) up to the fifth

anniversary of the date of the grant

of an award*.

Dividend equivalents may be

accrued on shares in respect of the

performance and holding period.

Notes to the Remuneration Policy table

Share awards will be operated in accordance with the rules of the relevant plan. In accordance with those rules, the Committee has discretion in the following areas:

– In the event of a variation of share capital or a demerger, delisting, special dividend, rights issue or other similar event which may, in the Committee’s opinion, affect the current or future

value of shares, the number of shares subject to an award and/or any performance condition attached to awards, may be adjusted.

– The Committee may determine that awards may be settled in cash.

– The Committee may determine the basis on which dividends will be calculated which may include notional reinvestment. The Committee may increase the time horizons for deferral

or holding period.

– The Committee may determine that dividends which accrue on shares subject to an award may be paid fully or partly in shares.

Normal maximum

award of up to

200% of salary p.a.

An award of 300%

of salary p.a. may

be made in

exceptional

circumstances.

None.

Purpose and link to strategy Operation Changes from previous policyPerformance metricsMaximum opportunity

2026/27

2027/28

2028/29

2029/30

2030/31

198 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Remuneration policy table continued

Variable components of Executive pay continued

Shareholding

Requirement

Fees

To reflect the time

commitment in

performing the

duties and

responsibilities

of the role.

Shareholding guideline for Executive Board Directors of 200% of salary.

Post-cessation shareholding requirement of 200% of salary for two years post-departure.

In the event a leaver has not met the relevant shareholding requirement at the point of cessation

of employment, they would be required to retain their full pre-cessation shareholding for the

two-year period.

The Chair receives an annual fee.

Non-Executive Directors receive an annual base fee. Additional fees are paid to Non-Executive Directors

for additional responsibilities such as chairing a Board Committee.

Fees are reviewed from time to time, taking into account time commitment, responsibilities and fees paid

by companies of a similar size and complexity.

Expenses incurred in the performance of non-executive duties for the Company may be reimbursed

or paid for directly by the Company, including any tax due on the expenses. Non-Executive Directors do

not normally receive any benefits, however these may be provided in the future if in the view of the Board

this was considered appropriate.

Total fees paid to Non-Executive Directors will remain within the limit stated in the Articles of Association.

None.

Purpose and link to strategy

Operation

Changes from previous policy

2026/272026/27

2027/282027/28

2028/292028/29

2029/302029/30

2030/312030/31

Non-Executive Directors’ remuneration

199 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Performance measures and targets

As part of the review of the Policy, the

Committee gave careful consideration to

performance measures and targets for

incentives to ensure that they are aligned to

the Company’s strategy and to performance

for our shareholders.

For 2026/27, the Committee has reviewed

the annual bonus measures and weightings to

reflect the priorities of the new executive team

and to simplify the scorecard. The principal

change is an increased weighting on trading

profit, alongside the removal of Operational

Efficiency and Strategic Financial measures;

weightings on Customer Satisfaction and

Sustainability have increased as a result.

The Committee notes that the specific targets

under the measures are commercially sensitive

and will be disclosed retrospectively in next

year’s report.

The Committee also reviewed the LTIP

performance measures, with the aim of

ensuring a clear focus on profitability and

shareholder value creation over the

performance period, alongside continued

accountability for ESG outcomes. Full details

of the LTIP to be granted in FY27, alongside

measures, weightings and targets can be

found on page 216.

The Committee may, in the context of the

underlying business strategy, use different

performance measures and/or vary the

weightings of the measures. Shareholder

consultation would be conducted prior

to any significant changes.

The Committee will set Group financial targets

for the annual bonus with reference to the prior

year and forward-looking business forecasts,

ensuring the levels of performance required

are appropriately challenging.

The measurement of performance against

performance targets is at the Committee’s

discretion, which may include appropriate

adjustments to financial or non-financial

elements and/or consideration of overall

performance in the round.

Performance conditions and targets may be

varied if an event occurs or circumstances arise

which cause the Committee to determine that

they have ceased to be appropriate. If they are

varied, they must, in the opinion of the

Committee, be fair, reasonable and materially

no less difficult than the original condition

when set.

The maximum aggregate value of incentives

(excluding buyouts) on appointment will be

in line with the aggregate maximums in the

Policy table.

To facilitate recruitment the Committee may

need to ‘buy out’ remuneration forfeited on

joining the Company. This will be considered

on a case-by-case basis and may comprise

cash or shares. In general:

– If such remuneration was in the form of

shares, compensation would be in the

Company’s shares.

– If remuneration was subject to achievement

of performance conditions, compensation

would normally be subject to performance.

– The timing of any compensation will, where

practicable, match the vesting schedule of

the remuneration forfeited.

Recruitment and promotion policy

The Committee will appoint new Executive Board Directors with a package that is in line with

the Remuneration Policy in place and agreed by shareholders at the time.

Component Approach

Base salary

The base salaries of new appointees will be determined by reference to the

individual’s role and responsibilities, experience and skills, relevant market

data, internal relativities and their current basic salary.

Base salary may be higher or lower than the previous incumbent. Salaries

may be set at an initially lower level with the intention of increasing salary

at a higher than usual rate as the executive gains experience in the role.

Pension

New appointees will be eligible to participate in the Group’s defined

contribution pension plan or receive a cash alternative, in line with

the Policy.

Benefits

New appointees will be eligible to receive benefits in line with the Policy,

including relocation benefits if appropriate (relocation benefits are subject

to a maximum time limit of two years).

Annual bonus

The structure described in the Policy table will normally apply to new

appointees with the relevant maximum being pro-rated to reflect the

proportion of the year served.

The Committee retains the flexibility to determine that for the first year

of appointment any annual incentive award will be subject to such terms

as it may determine.

LTIP

New appointees will be eligible for awards under the LTIP which will

normally be on the same terms as other executives, as described in the

Policy table.

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Remuneration policy table continued

200 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The over-riding principle would be that the

value of any replacement buyout awards

should be no more than the commercial value

of awards which have been forfeited. For any

buyout award, the leaver provisions may be

determined at the time of the award.

The approach in cases of appointing a new

Executive Board Director by way of internal

promotion will be consistent with the policy

for external appointees detailed above.

Where such an individual has contractual

commitments made prior to their promotion

to Executive Board Director level, the Company

will continue to honour these arrangements.

Similarly, if an Executive Board Director is

appointed following a merger or an acquisition

of a company by Workspace, legacy terms

and conditions may be honoured.

For interim positions a cash supplement may

be paid rather than salary (for example a

Non-Executive Director taking on an executive

function on a short-term basis). Executive

Director service contracts and Non-Executive

Director letters of appointment are detailed

on page 219.

Termination policy

Payments of basic salary, benefits and pension

made up to the termination date are in line

with contractual notice periods. Payments

in lieu of notice are limited to the Executive

Board Director’s basic salary for the unexpired

portion of the notice period. A payment may

be made in lieu of unused holiday entitlement.

The Company may make phased payments

which are paid in monthly instalments and

subject to mitigation.

The Committee reserves the right to make any

other payments in connection with a Director’s

cessation of office or employment where the

payments are made in good faith in discharge

of an existing legal obligation (or by way of

damages for breach of such an obligation)

or by way of a compromise or settlement

of any claim arising in connection with the

cessation of a Director’s office or employment.

Any such payment may include, but is not

limited to, paying reasonable relocation costs,

any reasonable level of fees for outplacement

assistance and/or the Director’s legal or

professional advice fees in connection with

his cessation of office or employment.

In the event that a participant ceases to

be an employee of Workspace, treatment of

outstanding awards under the Group’s incentive

plans will be determined based on the relevant

plan rules.

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Component Approach

Annual bonus

There is no automatic entitlement to an annual bonus. The Committee

retains discretion to award bonuses for leavers taking account of the

circumstances of departure. Leavers during the plan year normally lose any

entitlement to bonus unless the individual is considered a ‘good leaver’

Good leavers are eligible for an award to the extent that performance

conditions have been satisfied and pro-rated for the proportion of the

financial year served, with Committee discretion to treat otherwise.

Deferred

bonus shares

Deferred bonus shares normally lapse unless the individual is considered

a ‘good leaver’

, in which case awards normally continue and are released

at the usual time, although the Committee has the discretion to allow

earlier release.

On death, awards typically vest immediately.

LTIP

Under the LTIP, unvested shares normally lapse when a participant ceases

to be a Group director or employee unless the individual is considered a

‘good leaver’, in which case awards are normally tested for performance

over the full performance period and pro-rated for time based on the

proportion of the performance period served, with Committee discretion

to determine otherwise. On death, awards will typically vest on the date

of the death on the basis set out above for ‘good leavers’.

LTIP awards which are subject to an additional holding period will typically

be retained and released at the end of that holding period, although the

Committee retains discretion to allow earlier release.

All-employee

plans

For all-employee HMRC registered plans such as SAYE and SIP, leavers will

be treated in accordance with the approved rules of these plans.

1. A good leaver is defined as an employee who ceases to hold employment during the plan year by reason of: injury,

ill-health or disability proved to the satisfaction of the Committee; retirement with the agreement of the Company by

which he is employed; the participant’s employing Company ceasing to be under control of the Company; the business

or part of the business to which the participant’s employment relates being transferred to a person who is not under

control of the Company; or any other reason which the Committee in its absolute discretion so permits.

Remuneration policy table continued

201 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Treatment of corporate events

In the event of a change of control of the

Company, awards will normally vest based on

the extent to which the Committee determines

that the performance conditions have been

met, the underlying performance of the

Company and the participant and such other

factors as the Committee considers relevant.

Time pro-rating for service in the performance

period will apply unless the Committee decides

otherwise. Outstanding deferred bonus awards

will vest in full as soon as practicable in such

circumstances. In the event that the Company

is wound-up or other corporate events such

as a variation of share capital, demerger,

special dividend or any other transaction which,

in the Committee’s opinion will materially

impact the value of shares, the Committee

may, at its discretion, allow deferred bonus

and LTIP awards to vest on the same basis

as for a change of control described above.

Alternatively, an adjustment may be made to

the number of shares if considered appropriate.

Consideration of employment conditions

elsewhere in the Company

When setting remuneration for Executive

Directors the Committee takes into account

contextual information about pay and

conditions within the Group, including salary

increases and bonus awards for all employees.

The Committee members receive regular

updates from the Executive Directors in

relation to employee feedback, and on pay

and employment conditions elsewhere in the

Company. Nick Mackenzie is our designated

Non-Executive Director responsible for

overseeing employee engagement. During

the last financial year, employees were not

formally consulted on the design of the

Executive Directors’ Policy but were informed

of the Company’s performance and key

remuneration decisions.

We are committed to sharing business success

across the organisation with all employees

participating in a short-term incentive plan.

At more senior levels, remuneration is more

long term and larger proportions are dependent

on both Group and individual performance and

paid in the form of shares. We operate both

an SAYE and a SIP open to all employees. The

illustration on page 192 provides an overview

of remuneration throughout Workspace and

the way in which our share incentive plans

cascade through the organisation.

Legacy commitments

The Committee reserves the right to make any

remuneration payments and payments for loss

of office (including exercising any discretions

available to it in connection with such

payments) notwithstanding that they are not

in line with the Policy set out above where the

terms of the payment were agreed: (i) before

16 July 2014 (the date the Company’s first

shareholder-approved Directors’ Remuneration

Policy came into effect); (ii) before the Policy

set out above came into effect, provided that

the terms of the payment were consistent with

the shareholder-approved Directors’

Remuneration Policy in force at the time they

were agreed; or (iii) at a time when the relevant

individual was not a Director of the Company

and, in the opinion of the Committee, the

payment was not in consideration for the

individual becoming a Director of the

Company. For these purposes ‘payments’

include the Committee satisfying awards of

variable remuneration and, in relation to an

award over shares, the terms of the payment

are ‘agreed’ at the time the award is granted.

Minor amendments

The Committee may make minor amendments

to the Policy (for regulatory, exchange control,

tax or administrative purposes or to take

account of a change in legislation) without

obtaining shareholder approval.

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Remuneration policy table continued

202 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Based on our proposed Remuneration Policy,

we set out below scenarios for the potential

remuneration to be earned by our Executive

Directors under the Policy for various

performance assumptions. In line with

the Companies (Miscellaneous Reporting)

Regulations 2018, we have included the impact

of a potential scenario of a 50% share price

appreciation on the LTIP.

A high proportion of the Executive Board

Directors’ packages are made up of shares,

supporting the alignment of executive pay

with the interests of our shareholders.

The increased value in remuneration from

share price appreciation is beneficial for

both Executive Directors and shareholders.

Single figure scenarios – Charlie Green, CEO Single figure scenarios – Tom Edwards-Moss, CFO

ixed pay

-target

aximum

aximum with

% share price

ppreciation

3,5003,0002,5002,0001,5001,000500

£000

ixed pay

-target

aximum

aximum with

% share price

ppreciation

3,5003,0002,5002,0001,5001,000500

£000

REMUNERATION continued

OUR NEW REMUNERATION POLICY continued

Base salary

Salary as at 1 April 2026.

Pension

Current contribution rate

of 6% of salary.

Benefits

As provided in the single figure table

on page 204.

Annual bonus

Minimum – no bonus payable;

On-target – 50% of maximum

potential bonus;

Maximum – maximum potential bonus.

LTIP

Minimum – no LTIP vesting;

On-target – 20% of maximum

(threshold vesting);

Maximum – maximum LTIP vesting.

Share price growth

Impact of 50% share price appreciation

over three years (on the LTIP).

Base salary

Salary as at 1 April 2026.

Pension

Current contribution rate

of 6% of salary.

Benefits

As provided in the single figure table

on page 204.

Annual bonus

Minimum – no bonus payable;

On-target – 50% of maximum

potential bonus;

Maximum – maximum potential bonus.

LTIP

Minimum – no LTIP vesting;

On-target – 20% of maximum

(threshold vesting);

Maximum – maximum LTIP vesting.

Share price growth

Impact of 50% share price appreciation

over three years (on the LTIP).

Possible payouts under policy

203 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The Annual Report on Directors’ remuneration explains the remuneration outcomes for 2025/26 and the implementation of pay for 2026/27.

This section sets out the Annual Report on Remuneration. An advisory shareholder resolution to approve this section, together with the Committee’s Chair statement on pages 181 to 185, will be

put forward at the 2026 AGM of the Company on 23 July 2026.

What we paid our Directors in 2025/26

The illustrations below set out a single figure for the total remuneration received by each Executive Board Director for the year ended 31 March 2026 and the prior year.

Charlie Green

CEO

Tom Edwards-Moss

CFO

Lawrence Hutchings

Outgoing CEO

Dave Benson

Outgoing CFO

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

Fixed pay

Base salary

96.7 NIL 42.7 NIL 447.6 208.9 400.0 400.0

Pension

5.8 NIL 2.6 NIL 31.7 12.5 40.0 40.0

Benefits

0.7 NIL 0.3 NIL 3.7 1.2 0 0

Total fixed 103.2 NIL 45.6 NIL 483.0 222.6 440.0 440.0

Variable pay

Annual bonus

43.3 NIL 15.3 NIL 200.4 88.2 143.3 135.1

LTIP

4,5

0 NIL 0 NIL 0 0 116.9 143.3

Other – SAYE, SIP, BUYOUT

0 NIL 0 NIL 0 250.0 0 NIL

Total variable 43.3 NIL 15.3 NIL 200.4 338.2 260.2 278.4

Total 146.5 NIL 60.9 NIL 683.4 560.8 700.2 718.4

Of which share

price growth

0 NIL 0 NIL 0 0 0 0

1. Pension: During 2025/26 each of Charlie Green, Tom Edwards-Moss, Lawrence Hutchings, and Dave Benson received a cash allowance in lieu of pension contribution.

2. Benefits: Taxable value of benefits received in the year by Executive Directors private health insurance and death in service cover.

3. Annual bonus: This is the total bonus earned in respect of performance during the relevant year, and for Mr Green, Mr Edwards-Moss, and Mr Hutchings is pro-rated to reflect time served during the performance periods. For 2024/25 and 2025/26, the

Committee set a minimum deferral requirement of 33% of the bonus earned. For 2025/26, this deferral was equivalent to £14.2k for Mr Green, £5k for Mr Edwards-Moss, £66.1k for Mr Hutchings and £47.2k for Mr Benson.

4. The 2025/26 figure includes the estimated value of 17% of the 2023 LTIP shares that is due to vest based on performance to 31 March 2026. The share price used is the three-month average to 31 March 2026 of £4.01. This will be updated in next year’s

report to reflect the share price on the date of vesting. As allowable under the relevant plan rules and approved Policy, the Committee determined that dividend equivalents are payable under the 2023 LTIP award – this figure includes accrued dividends

on vested shares.

5. With regards to the 2022 LTIP which vested on 24 June 2025, the 2024/2025 figures have been updated to reflect the share price on the date of vesting on 24 June 2025 of £4.258912.

6. Mr Hutchings was granted a buyout award on joining the Company to compensate him for awards forfeited at his previous employer. The 2024/25 value set out in the table above relates to the portion of his buyout award that is not subject to

performance conditions.

7. The Committee did not exercise any discretion in relation to share price movement over the performance period.

8. Mr Green was appointed as CEO on 2 February 2026. Mr Edwards-Moss was appointed as CFO on 23 February 2026. Mr Hutchings stepped down from the Company and as CEO on 19 January 2026. All figures in the above table reflect the amounts

earned for their services during their respective periods as Executive Directors.

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION

Single figure of Executive Directors (audited)

204 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

For 2025/26 the maximum bonus opportunity

for the Executive Directors was 150% of salary

for the CEO and 120% of salary for the CFO.

Payouts are subject to the assessment of

performance against stretching financial,

strategic and business performance targets,

and are calculated on a straight-line basis from

0% at threshold to 100% at maximum

performance. Mr Green, Mr Edwards-Moss and

Mr Hutchings received a pro-rated annual

bonus to reflect their time as an Executive

Director in the financial year, and all Executive

Directors are required to defer 33% of their

bonus into Company shares for three years.

The targets are set based on our budgeting

process, which takes account of market

expectations, planned acquisitions and

disposals of assets, and aspirations around

Company growth.

The performance measures, targets and

outcomes for each measure are shown

to the right.

As set out in more detail in the Chair’s letter

on page 182, the Committee exercised its

discretion to reduce the formulaic annual bonus

outcome by 35% to reflect the wider business

context and experience of key stakeholders.

Annual bonus

Outcomes under the 2025/26 annual bonus

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Measure:

Threshold

(0% payout)

Maximum

(100% payout)

Formulaic outcome and opportunity

as a % of award

Financial objectives

Trading Profit

£57.6 m £63.4 m

Actual: £60.5m

14.15% 50%

Strategic Financial

0% 100%

Ac t ual: 59.15%

11.83% 20%

Measure:

Sustainability, operational

and customer objectives

Sustainability

0% 100%

Actual: 66.0%

4.95% 7. 5%

Operational Efficiency

0% 100%

Actual: 40.0%

5% 12.5%

Customer Satisfaction

80% Actua l : 92 .4%

Maximum: 86%

10%

Formulaic total outcome Salary used to

calculate bonus

Maximum bonus

opportunity

Outturn

45.93% 100%

Discretionary reduction

applied to outcome of 35%

29.85%

Final Outcome (£000)

Charlie Green, CEO

£96.7k 150%

of salary

£43.3k £14.3k

of which is

deferred into shares

Final Outcome (£000)

Tom Edwards-Moss, CFO

£42.7k 120%

of salary

£15.3k £5.0k

of which is

deferred into shares

Final Outcome (£000)

Lawrence Hutchings, Outgoing CEO

£447. 6k 150%

of salary

£200.4k £66.1k

of which is

deferred into shares

Final Outcome (£000)

Dave Benson, Outgoing CFO

£400.0k 120%

of salary

£143.3k £47. 2k

of which is

deferred into shares

Annual bonus payout in respect of 2025/26 (audited)

205 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Customer retention

Deployment of capital

Technology

Strategic financial

objectives

Operational excellence

CRM launch & MyWorkspace roll out

Employee Engagement

Operational efficiency

objectives

Improve customer advocacy

of our sustainability credentials

Increase our social value contribution

Champion an inclusive culture

Sustainability

objectives

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Objectives Activity Opportunity (% of award) Outcome (% of award) Page ref

A summary of the strategic financial, operational efficiency and sustainability objectives is shown below. Full details for each performance

measure are set out on pages 207 and 208.

Strategic financial, operational efficiency, sustainability objectives (audited)

Strategic financial, operational efficiency, sustainability objectives 2025/26

Page 207

Page 207

Page 208

Performance-related pay is a key element

of our reward framework, and setting

stretching targets remains a core priority

for the Committee. Each year, we conduct

a thorough review to ensure that our targets

are appropriately challenging, taking into

account both external market conditions

and our internal performance ambitions.

Step 1

In January, the Committee reviews the

wider market context and receives an early

indication of how performance is tracking

in the current year. The Committee’s

independent remuneration advisers are

invited to provide the Committee with a

broader assessment of the pay and

governance landscapes across the markets

in which Workspace operates.

Step 2

At its April meeting, the Committee has

a first look at possible targets for the

forthcoming year and provides feedback,

taking into account a number of factors,

including:

– The strategic plan

– Brokers’ earnings estimates

– Wider economic expectations

– Our key competitors’ earnings estimates

from several peer groups.

Step 3

By the time the Committee convenes in

May and June, the Board will have approved

the budgets for the upcoming year, and

the performance outcomes for the current

year have been reviewed by our auditors.

The Committee takes both of these factors

into account when determining final

outcomes for the prior year and conducting

its final review and approval of targets for

the year ahead.

How we set the bonus targets

11.83%20%

5.00%12.5%

4.95%7.5%

206 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Strategic financial objectives – outcome 11.83%/20%

Target Achievement Outcome (% of award)

Customer retention – Increase customer retention and acquisition, measured by

like-for-like occupancy.

– Threshold: 79%, Target: 82%, Max: 84%.

– Retaining existing customers and securing new lettings remained a

priority during the year with occupancy at 81.6% as at 31 March 2026.

4.33%

Deployment of Capital – Ongoing investment in existing buildings.

– Disposals of £100m by 31 March 2026.

– Recycling capital and complete three-year asset plans

to guide buy/hold/sell analysis.

– During the year, the Group completed and exchanged property

disposals totalling £125.7m.

– The Group continued to re-invest in the portfolio with around £50m

of capital expenditure, alongside the implementation of asset-level

business plans.

5.0%

New business models, markets

and technology

– Identify and invest in new business models, markets

or technologies.

– Business model identified and business case developed.

– In October 2025, a 20-year, 32,000 sq. ft. lease was agreed with

specialist flexible operator, Qube, alongside the acquisition of a minority

equity interest, with proceeds largely re-invested into The Old Dairy.

2.5%

Operational efficiency objectives – outcome 5.00%/12.5%

Target Achievement Outcome (% of award)

Operational excellence – Deliver cost efficiencies of £2m.

– Implement organisational restructure.

– Data integrity/improvements. Enhance internal business

intelligence capability to give teams access to more data

and to deliver data-driven decisions.

– Successful rollout of data and AI projects.

– Complete minimum standards guidelines.

– Annualised cost savings of over £2m were achieved during the year.

– Following the change in Executive leadership, the planned

organisational restructure was placed on hold.

– Data integrity was strengthened through the consideration of internal

and external data sources, alongside enhanced access to market

insights through strategic partnerships.

– A set of minimum operating standards were established including 16

operational building standards and 19 operational service standards.

– An online enquiries agent operating on the Company’s website was

rolled out to qualify leads and manage customer enquiries directly.

3.75%

CRM launch & MyWorkspace

roll out

– Successfully launch the roll out. – MyWorkspace was successfully launched in September 2025 and has

since attracted approximately 17,000 user visits. The meeting room

functionality of the CRM is now also live, with the remaining CRM

processes expected to be implemented in FY27.

1.25%

Employee Engagement – Following the staff survey, overall satisfaction ranging

from 64% to 70% or above.

– Annual staff surveys are used to assess employee engagement. In FY26,

the overall engagement score was 36%, reflecting the period of change

experienced during the year.

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Strategic financial, operational efficiency, sustainability objectives 2025/26 continued

207 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Sustainability objectives – outcome: 4.95%/7.5%

Target Achievement Outcome (% of award)

Improve customer advocacy of

our sustainability credentials

– Average ESG score measured via mid and year-end

customer survey: 80% to 85%.

– The year-end customer survey, conducted by an independent third

party, showed that 85% of customers agreed that Workspace is a

socially and environmentally responsible business, an increase from

84% in the prior year.

– This reflected continued focus on customer engagement and

communications, staff training on ESG engagement and ongoing

operational improvements.

– Key initiatives included 54 customer events such as responsible

business masterclasses and recycling awareness sessions, 12 recycling

pop-ups, four sustainability newsletters and 20 sustainability-related

social media posts.

2.45%

Increase our direct

social value contribution

– Social value contribution:

£1m to £1.15m.

– During the year, the Company generated £1.19m in social value through

a range of social impact initiatives.

– This was supported by continued assistance to charities through the

lettings-in-kind programme, skilled volunteering with charity partners,

equality, diversity and inclusion initiatives, the apprenticeship

programme and increased procurement spend with local businesses.

2.50%

Champion an

inclusive culture

– Inclusivity score measured via employee survey:

85% to 90%.

– The year-end employee survey reported an inclusivity score of 73%,

compared with 86% in FY25.

– During the year, the Company continued to progress its diversity and

inclusion initiatives, including offering seven work placements and four

internships targeted at under-represented groups and supporting nine

apprenticeships.

0.00%

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Strategic financial, operational efficiency, sustainability objectives 2025/26 continued

208 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The 2023 LTIP awards measured performance over the period 1 April 2023 to 31 March 2026.

Details of the performance targets and achievement against them are set out below.

On this basis, the overall formulaic outcome of the 2023 LTIP is 17.0%.

The Committee considered the appropriateness of the 2023 LTIP in light of wider business

performance and stakeholder experience, and determined that no discretion was necessary.

Table A

Measure

Threshold

(20% payable)

Maximum

(100% payable) Actual

Formulaic outcome

(% of award)

Total Shareholder Return

(‘TSR’) relative to FTSE 350

Real Estate companies

(excluding agencies)

Median Upper Quartile

32nd

Percentile

0%/25%

Total Accounting Return

(‘TAR ’)

4.5% p.a. 10% p.a.

-22.9% 0%/25%

Earnings Per Share (‘EPS’)

Growth

5% p.a. 10% p.a.

-1.3% 0%/25%

Environmental and Social

Governance (‘ESG’) metrics

(see to the right)

17.0% 17.0 %/25%

LTIP (% maximum) vesting

17.0 %/100%

Dave Benson

(Outgoing CFO)

Number of shares vesting

(audited)

24,136

Table A continued

Environmental, Social

and Governance (‘ESG’)

Measure

Threshold

(20% vesting)

Maximum

(100% vesting) Actual

Formulaic outcome

(% of award)

Reduction in total Scope 1

gas emissions

15% 20%

43% 12.5%/12.5%

Increase in percentage

of EPC A or B rated space

20 p. p 27 p. p

21.4 p. p 4.5%/12.5%

1. p. p represents percentage point.

The table below sets out the breakdown of the 2023 LTIP vesting

Number

of shares

granted

Proportion

eligible for

vesting

Vesting

outcome

(% of award)

Number

of shares

to vest

Dividend

equivalents

(£000’s)

Value

attributable

to share price

movement

(£000’s)

Total value

to vest

(£000)

Dave Benson 149,188 95.2% 17.0% 24,136 £20.1k £0 £116.9

1. The share price used to calculate the value to vest is the three-month average to 31 March 2026 of £4.01. This will be

updated in next year’s report to reflect the share price on the date of vesting 22 June 2026. The value attributable to

share price movement compares this to the three-day mid-market closing price prior to the date of grant of £4.9347.

Dividend equivalents includes accrued dividends on vested shares.

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

LTIP award vesting in respect of 2025/26 (audited)

209 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Our shareholding requirements (audited)

Our Executive Directors are encouraged to hold a number of shares in order to align their

interests to those of the shareholders, and to encourage a long-term view of the sustainable

performance of the Company. As such, our Directors are impacted by the share price over the

year in the same way as our shareholders.

The chart on page 187 shows that, during the year, Lawrence Hutchings, the outgoing CEO, had

not yet met his minimum shareholding requirement of 200% of salary. In addition, Dave Benson,

the outgoing CFO, had not yet met his minimum shareholding requirement.

In line with the Policy, Mr Hutchings and Mr Benson will therefore be subject to a two-year

post-cessation shareholding requirement, under which they must retain any shares held

immediately prior to the Termination Date.

Charlie Green, who joined the Company as Chief Executive Officer on 2 February 2026,

is required to build up and thereafter maintain a shareholding in the Company with a value

equivalent to 200% of basic salary. At the date of appointment, Charlie did not hold any

shares and has therefore not yet met his shareholding requirement.

Tom Edwards-Moss, who joined the Company on 23 February 2026 as CFO, is also required

to build up and thereafter maintain a shareholding in the Company with a value equivalent to

200% of basic salary. At the date of appointment, he held 6,052 shares. Tom has not yet met

his shareholding requirement.

Shareholding requirements

Share ownership and share interests (audited)

Table B below shows the Directors’ interest in shares as at 31 March 2026. For Lawrence Hutchings,

the position is shown as at the date of stepping down as an Executive Director. There have been

no changes in the interests in the period between 31 March 2026 and 9 June 2026.

Table B

Type

Owned

outright or

vested

Unvested and

not subject to

performance

Subject to

performance

Total

Executive Directors

Charlie Green Shares Nil Nil Nil Nil

Market value options

Nil Nil Nil Nil

Tom Edwards-Moss Shares 6,052 Nil Nil 6,052

Market value options

Nil Nil Nil Nil

Lawrence Hutchings Shares Nil 51,862 309,244 361,106

Market value options

Nil 5,494 Nil 5,494

Dave Benson Shares 113,067 78,789 327,052 518,908

Market value options

Nil 4,556 Nil 4,556

1. Market value options include SAYE options outstanding and not yet matured as at 31 March 2026. The exercise price of

these was set at 80% (in accordance with HMRC and the plan rules) of the market value of a share at the invitation date.

The 5,494 market value options represent SAYE awards granted to Mr Hutchings in August 2025; these awards will lapse

on termination of employment on 19 July 2026. The 4,556 market value options represent Mr Benson’s SAYE awards as

at 31 March 2026; this award lapsed on termination of employment on 30 April 2026.

2. The total shares owned outright or vested. This includes any shares held by connected persons or spouse.

3. For Mr Hutchings, the total number of deferred bonus shares is 6,955 plus the first tranche of his buyout award of 44,907.

For Mr Benson, the figure of 78,789 includes the total number of deferred bonus shares of 54,653 plus the number shares

vesting pursuant to the 2023 LTIP of which 17.0% or 24,136 will vest. The remaining in-flight LTIP awards for Mr Benson will

be prorated on the date of vesting. These awards will lapse on termination of their employment. The unvested and not subject

to performance awards (5,494 and 4,556) relate to SAYE awards granted to Messrs Hutchings and Benson respectively.

4. The interest in shares of 309,244 relates to the second tranche of Mr Hutchings’ buyout award that is subject to the same

performance conditions applicable to the 2024 LTIP grant made to the Executive Directors (44,907) plus the LTIP award

granted in June 2025 of 264,337. The LTIP award of 264,337 will lapse in full on termination of employment. For Mr Benson,

the interest in shares of 327,052 represents LTIP awards granted in 2024 and 2025.

Type

Owned

outright or

vested

Unvested and

not subject to

performance

Subject to

performance Total

Non-Executive Directors

Duncan Owen Shares 20,010 – – 20,010

Rosie Shapland Shares 9,000 – – 9,000

Lesley-Ann Nash Shares – – – –

Nick Mackenzie Shares 16,900 – – 16,900

Manju Malhotra Shares 2,724 – – 2,724

David Stevenson Shares 3,934 – – 3,934

Mr Hutchings’ and Mr Benson’s post-cessation shareholding requirements will apply in line with

the policy.

210 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Table C

2026 2025 2024 2023 2022 2021

Director

Salary/

fees

Taxable

benefits

Annual

variable

Salary/

fees

Taxable

benefits

Annual

variable

Salary/

fees

Taxable

benefits

Annual

variable

Salary/

fees

Taxable

benefits

Annual

variable

Salary/

fees

Taxable

benefits

Annual

variable

Salary/

fees

Taxable

benefits

Annual

variable

Executive Directors

Charlie Green

100% 100% 100% – – – – – – – – – – – – – – –

Tom Edwards-Moss

100% 100% 100% – – – – – – – – – – – – – – –

Lawrence Hutchings

114% 218% 127% 100% 100% 100% n/a n/a – – – – – – – – – –

Dave Benson 0% 0% 6% 9% – -54% 3% – -22% 3% – 10% 2% – 157% – – –

Non-Executive Directors

Duncan Owen

0% n/a – 25% n/a – 172% n/a – 73% n/a – – n/a – – n/a –

Rosie Shapland 0% n/a – 3% n/a – 0% n/a – 31% n/a – 194% n/a – – n/a –

Lesley-Ann Nash 0% n/a – 3% n/a – 0% n/a – 15% n/a – 345% n/a – – n/a –

Nick Mackenzie

0% n/a – 4% n/a – 0% n/a – 491% n/a – – n/a – – n/a –

Manju Malhotra

0% n/a – 24% n/a – 0% n/a – 491% n/a – – n/a – – n/a –

David Stevenson

20% n/a – 100% n/a – – n/a – – n/a – – n/a – – n/a –

All other employees

3% 22% -37% 1% 10% -28% -7% -20% -6% 19% -4% -11% 5% -24% 58% 5% -5% -5%

1. Charlie Green joined as CEO on 2 February 2026 and therefore the above information reflects his time in role.

2. Tom Edwards-Moss joined as CFO on 23 February 2026 and therefore the above information reflects his time in role.

3. Lawrence Hutchings joined as CEO in November 2024 and stepped down as a Director on 19 January 2026 and therefore the above information reflects his time in role.

4. Duncan Owen joined the Board in July 2021 and assumed the role of Chair in July 2023.

5. Nick Mackenzie and Manju Malhotra joined the Board in January 2022, and therefore were paid a partial fee in the year ending 31 March 2022.

6. David Stevenson joined the Board in June 2024.

7. The 2024 and 2023 figures have been impacted by the acquisition of McKay.

The year-on-year change in our Directors’ remuneration

The table below outlines the year-on-year changes between Director pay and average

employee pay. In line with our Policy, salary increases for Executive Directors are typically

aligned with those awarded to the wider workforce.

Table C below shows the percentage change in Director remuneration, comprising salary,

taxable benefits and annual bonus, and comparable data for the average of employees within

the Company. The comparator group is based on all employees (excluding the CEO, CFO and

Non-Executive Directors), normalised for joiners and leavers during the year. The average

number of people employed by the Company during the year was 301 (2025: 335). All

employees are eligible to be considered for an annual bonus.

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

The year-on-year change in our Directors’ remuneration

211 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Chart C shows the single figure of

remuneration for our CEO over time,

each rebased to 2016. We have also

included our TSR performance over

this period.

FTSE 350 Real Estate Supersector Index

FTSE 250 Index

Workspace Group PLC TSR

CEO single figure

Table D

CEO single figure of total remuneration £000 31 Mar 2016 31 Mar 2017 31 Mar 2018 31 Mar 2019 31 Mar 2020 31 Mar 2021 31 Mar 2022 31 Mar 2023 31 Mar 2024 31 Mar 2025 31 Mar 2026

Charlie Green

– – – – – – – – – – 146.5

Lawrence Hutchings

– – – – – – – – – 560.8 683.4

Graham Clemett

1,349.9 764.4 1,080.0 1,440.3 1,495.7 904.9 –

Jamie Hopkins

2,262.7 2,205.6 1,674.2 1,728.2 490.9 – – – – – –

Annual bonus payout (% of maximum) 95.3% 100% 100% 95.8% – 33% 83% 72% 67.1% 28% 29.9%

LTIP vesting (% of maximum) 100% 88.7% 62.7% 50.7% 87.24% 0% 0% 50% 50% 25% 17.0%

Ratio of single total

remuneration figure shown

to employees as a whole

to employee lower quartile – – – 53x 47x 23x 32x 43x 40x 39x 23x

to employee median 79x 72x 48x 33x 43x 15x 23x 29x 29x 28x 16x

to employee upper quartile – – – 23x 23x 11x 15x 20x 18x 17x 10x

1. Mr Green was appointed as CEO on 2 February 2026.

2. Mr Hutchings assumed the role of CEO on 18 November 2024. He stepped down as CEO and Director of the Company on 19 January 2026.

3. Mr Clemett assumed the role of Interim CEO on 1 June 2019 and was appointed CEO on 24 September 2019. He stepped down as CEO on 18 November 2024, and as a Director of the Company on 31 January 2025. For the year ending 31 March 2025,

Mr Clemett’s single figure value includes the restated value of his 2022 LTIP award which vested on 24 June 2025, reflecting the share price on the date of vesting on 24 June 2025 of £4.258912.

4. Mr Hopkins was appointed as an Executive Director on 12 March 2012 and stepped down from the Board on 31 May 2019.

5. See next page for details on calculation.

Pay comparisons

Chart C

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

10 year CEO pay and TSR performance

120

180

160

100

140

212 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The table below compares the single total figure of remuneration for the CEO with that of the

Group employees who are paid at the 25th percentile (lower quartile), 50th percentile (median)

and 75th percentile (upper quartile) of its employee population.

Despite voluntarily disclosing the ratio of CEO pay to workforce pay in previous years (see page

212), this is the fourth year in which Workspace meets the requirement regarding employee

numbers as per the Companies (Miscellaneous Reporting) Regulations 2018.

Year Methodology

25th

percentile ratio

50th

percentile ratio

75th

percentile ratio

2026 Option A 23:1 16:1 10:1

2025 Option A 39:1 28:1 17:1

2024 Option A 40:1 29:1 18:1

2023 Option A 43:1 29:1 20:1

Option A, as set out under the reporting regulations, was used to calculate remuneration for

2026, as well as 2025, 2024 and 2023. In line with the regulatory requirement, we have used the

combined total of Charlie’s and Lawrence’s Single Figure values as the 2025/26 CEO figure for

the purposes of the calculation.

The UK employees included are those employed on 31 March 2026 and remuneration figures

are determined with reference to the financial year ended on 31 March 2026.

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Chief Executive’s Pay Ratio

We have chosen Option A as we believe that it is the most robust methodology for calculating

these figures. The value of each employee’s total pay and benefits was calculated using the

single figure methodology consistent with the CEO. No elements of pay have been omitted.

Where required, remuneration was approximately adjusted to be full-time and full-year

equivalent basis based on the employee’s average full-time equivalent hours for the year and

the proportion of the year they were employed. No other adjustments were made. The table

below sets out the salary and total pay and benefits of the employee at the lower quartile,

median and upper quartile for the 2025/26 financial year.

The table below sets out the salary and total pay and benefits of the employee at the lower

quartile, median and upper quartile for the 2025/26 financial year.

25th

percentile

50th

percentile

75th

percentile

Salary £36,326 £31,605 £58,544

Total pay and benefits £36,326 £51,257 £84,563

The median pay ratio is broadly consistent with the previous year.

There is significant volatility in this ratio, caused by the following:

– Our CEO pay was made up of a higher proportion of incentive pay than that of our

employees, in line with shareholder expectations. This introduces a higher degree of

variability in his pay each year versus that of our employees.

– Long-term incentives, which made up a significant proportion of our CEO’s pay, are provided

in shares, and their value on vesting, included in their single figure, reflects the movement in

share price over the three years prior to vesting. This outcome can add significant volatility

to the CEO’s pay and this is reflected in the ratio.

– For 2025 and 2026 pay ratios, the changes in the CEO role have also impacted the movement.

In particular, the role changes and regulatory reporting requirements mean that no LTIP

vesting was captured in the 2025/26 single figure for either CEO.

For these reasons, we believe the median pay ratio this year is consistent with pay, reward

and progression policies for UK colleagues.

213 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

The following awards were granted (as conditional share awards) during the year under the

2025 LTIP:

Performance share award

Director Date of grant

Market price at

date of award

Number

of shares

Face value

£ % of salary

Lawrence Hutchings

24 June 2025 £4.237 264,337 1,119,996 200%

Dave Benson

24 June 2025 £4.237 188,812 799,996 200%

1. The share price for calculating the levels of awards was £4.237, the average mid-market closing price over the three dealing

days 19, 20 and 23 June 2025, in accordance with the LTIP rules.

2. As disclosed on page 218, Mr Hutchings’ 2025 LTIP will lapse on termination of employment on 19 July 2026. At vesting,

Mr Benson’s awards will be pro-rated to 30 April 2026, the date on which he stepped down as an ExecutiveDirector.

Deferred shares were granted (as conditional share awards) under the 2024/25 bonus

of 6,955 shares to Mr Hutchings and 10,650 shares to Mr Benson (33% of bonus awarded)

on 27 June 2025.

Director Basis of award

Face value

of award

Number of

shares granted

End of

deferral period

Lawrence Hutchings 33% of bonus £29,108 6,955 27/06/2028

Dave Benson 33% of bonus £44,573 10,650 27/06/2028

1. The share price on the date of grant was £4.185 which represented the average mid-market closing price on 27 June 2025.

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Under the current Policy, conditional share awards under the LTIP are granted to a maximum of

200% of salary. Awards under the 2025 LTIP are subject to the performance conditions detailed

in Table E below measured over the period 1 April 2025 to 31 March 2028.

Table E

Total Shareholder

Return (‘TSR’)

relative to FTSE 350

Real Estate

companies

(excluding agencies)

Earnings Per Share

(‘EPS’) Growth

Total Accounting

Return (‘TAR’)

Environmental,

Social and

Governance (‘ESG’)

Weighting (% of award) 25% 25% 35% 15%

Threshold (20% vesting) Median 4% p.a. 4% p.a. See below

Maximum (100% vesting)

Upper

Quartile 8% p.a. 8% p.a. See below

ESG LTIP three-year targets

Environmental, Social and Governance (‘ESG’)

Reduction in whole building

energy related emissions

intensity (scope 1 and 2)

Increase in

percentage of EPC

A or B rated space

Weighting 10% 5%

Threshold (20% vesting) 14% 15%

Maximum (100% vesting) 27% 20%

A holding period of two years will apply to any net vested shares under the LTIP.

To allow any payouts to be fully reflective of underlying performance, the LTIP underpin

allows the Committee to reduce vesting should the Committee believe that the performance

is inconsistent with the overall performance of the business.

LTIP awards made during the 2025/26 financial year (audited)

214 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Base salary

The CEO and CFO will not receive a base salary increase,

following their recent appointments.

Salaries will be as follows:

CEO CFO

£580,000 £410,000

Pension

In line with the proposed Policy set out in this report, the

Executive Directors will receive a contribution to a defined

contribution plan or a cash allowance in lieu of contribution

of 10% of salary respectively.

Charlie Green and Tom Edwards-Moss will receive a cash

allowance in lieu of pension of 6% of salary for the first year

of employment and will receive 10% of salary thereafter.

Benefits

In line with the proposed Policy set out in this report,

benefits will include private health insurance and death

in service cover.

Annual bonus

Subject to shareholder approval at the

2026 AGM, the maximum potential for

both Executive Directors will be 150%

from FY27 onwards. This reflects an

increase from 120% of salary in previous

years for the CFO, bringing this in line

with that of the CEO.

33% of the total bonus paid will be

deferred into shares for three years.

Dividend equivalents may be accrued

on deferred shares.

Whilst the Committee is of the opinion

that the targets used for the annual bonus

are commercially sensitive, we remain

committed to best practice disclosure.

The Committee will consider financial

and non-financial objectives for the

upcoming financial year including trading

profit, customer satisfaction and ESG

metrics. These objectives will continue

to align with our focus on earnings,

customer service and improvements

to environmental and social elements.

We set out below the proposed

implementation under the Annual bonus

for 2026/27, and full disclosure on the

targets, performance achieved and

resulting bonus payouts for 2026/27 will

be provided in next year’s Annual Report.

2026/27 Annual bonus and link to strategy

Measure:

Financial objective: Trading profit

after interest

Measure:

Customer satisfaction

Measure:

Sustainability

Link to strategy

Fix: Strengthen and

modernise our offer

Accelerate: Optimise portfolio

and platform

Scale: Innovate to create

future options

Bonus weighting

10%

Link to strategy

Fix: Strengthen and

modernise our offer

Bonus weighting

75%

Link to strategy

Fix: Strengthen and

modernise our offer

Bonus weighting

15%

How we will apply the policy in 2026/27

215 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

2026 Performance measures and link to strategy

Measure:

Earnings Per Share

(‘EPS’) Growth

Measure:

Total Shareholder

Return (‘TSR’)

relative to FTSE 350

Real Estate

companies

(excluding agencies)

Measure:

Environmental, Social

and Governance

(‘ESG’) metrics

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Long-Term Incentive Plan (‘LTIP’)

Following careful consideration, the Committee has refined the performance measures and

weightings of the 2026 LTIP to ensure they continue to align with the Company’s strategy,

as set out on page 185.

Maximum award 200% of salary. The performance measures and targets for the four elements

are as follows:

Earnings Per Share

(‘EPS’) Growth

Total Shareholder

Return (‘TSR’)

relative to FTSE 350

Real Estate

companies

(excluding agencies)

Environmental,

Social and

Governance (‘ESG’)

Weighting (% of award) 45% 45% 10%

Threshold

23.3p

Median See below

Maximum 31.2p Upper Quartile See below

1. Threshold vesting is 20%, with the exception of EPS, where threshold vesting is 0%.

2. LTIP performance measures have straight-line vesting from threshold to maximum, with the exception of EPS, where there

is an intermediary vesting point of 85% corresponding to EPS of 28.6p (with straight-line vesting either side of this point).

A holding period of two years will apply to any net vested shares under the LTIP.

To allow any payouts to be fully reflective of underlying performance, the LTIP underpin allows

the Committee to reduce vesting should the Committee believe that the performance is

inconsistent with the overall performance of the business.

ESG LTIP three-year targets

Environmental, Social and Governance (ESG)

Reduction in

whole building

energy related

emissions intensity

(scope 1 and 2)

Reduction in

portfolio-level

energy use intensity

Weighting (10% of award) 5% 5%

Threshold (20% vesting) 6% 4.8%

Maximum (100% vesting) 29% 8.3%

Link to strategy

Fix:

Strengthen and

modernise our offer

Accelerate:

Optimise portfolio

and platform

Scale:

Innovate to create

future options

Weighting

45%

Link to strategy

Fix:

Strengthen and

modernise our offer

Accelerate:

Optimise portfolio

and platform

Weighting

45%

Link to strategy

Fix:

Strengthen and

modernise our offer

Accelerate:

Optimise portfolio

and platform

Scale:

Innovate to create

future options

Weighting

10%

How we will apply the policy in 2026/27 continued

216 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Single figure for Non-Executive Directors (audited)

Table F below sets out a single figure for the total remuneration received by each Non-Executive Director for the year ended 31 March 2026 and the prior year:

Table F

Duncan Owen Nick Mackenzie Rosie Shapland Lesley-Ann Nash Manju Malhotra David Stevenson

Non-Executive Director

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

2025/26

£000

2024/25

£000

Base fee 208.0 208.0 57.2 57.2 57.2 57.2 57.2 57.2 57.2 57.2 57.2 47.7

Additional fees 0 – 0 – 21.6 21.6 10.8 10.8 10.8 10.8 0 –

Total 208.0 208.0 57.2 57.2 78.8 78.8 68.0 68.0 68.0 68.0 57.2 47.7

1. Expenses incurred by Non-Executive Directors represent the cost to the Group, being gross of taxation. In 2025/26 David Stevenson was reimbursed for out of pocket expenses incurred in attending meetings, in connection with the discharge of their

duties of £2,217.96.

2. Additional fees were paid during the year to Non-Executive Directors serving as Chairs of the Remuneration, Audit and ESG Committees. An additional fee is also paid to the Senior Independent Non-Executive Director.

Single figure for Non-Executive Directors

External appointments

It is the Board’s policy to allow Executive Directors to take up one Non-Executive position

on the board of another company, subject to the prior approval of the Board. Any fee earned

in relation to outside appointments is retained by the Executive Director. Currently, none of

the Executive Directors hold any external appointments.

Relative importance of spend on pay

Chart B below shows the Company’s actual expenditure on shareholder distributions

(including dividends and share buybacks) and total employee pay expenditure for the financial

years ended 31 March 2025 and 31 March 2026.

Chart B

Distribution to shareholders

2026

2025

Employee Remuneration

2026

2025

£31.7m £50.1m

£34.7m £54.5m

-8.6% -8.1%

The estimated total dividend as reported in the financial statements for the year to 31 March 2026

was £50.1m.

Non-Executive Director fees

The fees for Non-Executive Directors are reviewed and agreed annually. There has been

no increase to Non-Executive Director fees from FY26. The fees, which are effective from

1April 2026, are set out in the table below.

2026/27 fee 2025/26 fee % change

Chair £208,000 £208,000 0%

NED base fee £57,200 £57,200 0%

Chair of Audit Committee fee £10,800 £10,800 0%

Chair of Remuneration Committee fee £10,800 £10,800 0%

Chair of ESG Committee fee £10,800 £10,800 0%

Senior Independent Director fee £10,800 £10,800 0%

Additional informationNon-Executive Director fees

217 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Payments for loss of office (audited)

The remuneration arrangements for Mr Benson and Mr Hutchings are as follows.

Elements of pay Dave Benson

Base salary

– Having served his full 12 months’ notice, Mr Benson received salary and

pension allowance in the normal way up until 30 April 2026 when his

employment ended.

Annual bonus

– Eligible to receive a bonus in respect for the financial year ended 31 March

2026. He will be paid an annual bonus of £143.3k. See pages 204 and 205

for further details.

– In accordance with the Remuneration Policy, 33% of the annual bonus will

be deferred into shares for three years, and the remainder will be paid on

the normal bonus payment date.

Deferred bonus

plan

– Outstanding deferred bonus awards will vest in full on the normal vesting

date in accordance with the plan rules and the Remuneration Policy.

Long Term

Incentive Plan

(‘LTIP’)

– Outstanding LTIP awards will vest on the normal vesting dates, subject

to the satisfaction of the relevant performance conditions, measured over

the performance period and time pro-rating.

– In accordance with the rules of the LTIP, the net number of vested shares

will be subject to a holding period, which ends on the second anniversary

of vesting, or if earlier, two years from the date that employment ends.

Sharesave and

Share Incentive

Plan (‘SIP’)

– Awards under the Company’s Sharesave Plan and SIP Plan will be treated

in accordance with the terms of both of the plan’s rules.

Malus and

Clawback

– Malus and clawback provisions will continue to apply to annual bonus,

deferred bonus and LTIP awards.

Shareholding

requirement

– A post-cessation shareholding requirement, of 100% of his pre-cessation

shareholding, applies for two years following the end of employment,

in line with the remuneration policy.

Other payments

and terms

– Mr Benson also received payments of up to £5,000 (plus VAT) towards

legal fees incurred in connection with his departure.

– Other than the amounts disclosed above, Mr Benson will not be eligible

for any remuneration payments or payments for loss of office.

Elements of pay Lawrence Hutchings

Base salary

– Mr Hutchings will receive his contractual salary and benefits during the

time he is an employee, until 19 July 2026.

Annual bonus

– Eligible to receive a pro-rated bonus to 19 January 2026 in respect for

the financial year ended 31 March 2026. He will be paid an annual bonus

of £200.4k. See page 204 and 205 for further details.

– In accordance with the Remuneration Policy, 33% of the annual bonus will

be deferred into shares for three years, and the remainder will be paid on

the normal bonus payment date.

Deferred bonus

plan

– Outstanding deferred bonus awards will vest in full on the normal vesting

date in accordance with the plan rules and the Remuneration Policy.

LTIP and Buyout

Awards

– Mr Hutchings will be treated as a good leaver in respect of his buyout

awards granted under the terms of the LTIP plan, in respect of

outstanding incentives that he forfeited on leaving his former employer.

– The buyout awards will vest on the normal vesting dates subject, in the

case of the award which is subject to performance conditions, to the

satisfaction of the relevant performance conditions. Vested shares will

be released on the earlier of the end of the normal holding period and

the second anniversary of the date of termination of employment.

– Lawrence’s unvested LTIP share award, granted in 2025, will lapse on

termination of employment.

Sharesave

– Awards under the Company’s Sharesave Plan will be treated in

accordance with the terms of the plan’s rules.

Malus and

Clawback

– Malus and clawback provisions will continue to apply to annual bonus,

deferred bonus and LTIP awards.

Shareholding

requirement

– A post-cessation shareholding requirement, of 100% of his pre-cessation

shareholding, applies for two years following the end of employment,

in line with the remuneration policy.

Other payments

and terms

– Mr Hutchings will be paid £32,307.69 in respect of unused holiday during

the financial year in which he left employment.

– Mr Hutchings also received payments of up to £12,500 (plus VAT) towards

legal fees incurred in connection with his departure and up to £15,000

(plus VAT) towards the cost of outplacement.

– Other than the amounts disclosed above, he will not be eligible for any

remuneration payments or payments for loss of office.

Payments to past directors (audited)

There have not been any payments made to past directors.

Additional information continued

218 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Committee advisers

During the year, PwC LLP acted as independent adviser to the Committee. PwC LLP was

appointed by the Committee in 2018 following a selection process. PwC LLP is a founding

member of the Remuneration Consultants Group and voluntarily operates under the Code of

Conduct in relation to Executive remuneration consulting in the UK. The Committee is satisfied

that the PwC LLP engagement partner and team, which provide remuneration advice to the

Committee, do not have connections with the Group that may impair their objectivity and

independence. The fees charged by PwC LLP for the provision of independent advice to the

Committee during the year were £117,755 (based on BAU fees, scoped projects and hourly rates).

PwC LLP provided no other services during the financial year.

Voting at the Company’s AGM

The table below sets out the results of the most recent shareholder votes on the Policy Report

at the 2023 AGM, and the advisory vote on the 2024/25 Annual Report on Remuneration at the

2025 AGM on 16 July 2025. The Committee views this level of shareholder support as a strong

endorsement of the Company’s Policy and its implementation.

Percentage of votes cast Number of votes cast

For and

Discretion Against For and Discretion Against Withheld

Policy Report (2023 AGM) 99.77% 0.23% 168,571,004 396,722 2,506

Annual Report on

Remuneration (2025 AGM) 99.04% 0.96% 122,751,187 1,188,135 5,751

1. A withheld vote is not a vote in law and is not counted in the calculation of the proportion of votes cast for and against

aresolution.

Share-based awards and dilution

The Company’s share schemes are funded through a combination of shares purchased in the

market and new-issue shares, as appropriate. The Company monitors the number of shares

issued under these schemes and their impact on dilution limits. The Company’s usage of shares

compared to the relevant dilution limits set by the Investment Association in respect of all-share

plans (10% in any rolling ten-year period) as at 31 March 2026 is detailed below. Despite the

Investment Association removing the limit on executive share plans (5% in any rolling ten-year

period), this continues to apply to the Company as part of the Remuneration Policy.

As of 31 March 2026, around 1.8% and 1.5% of shares have been, or may be, issued to settle

awards made in the previous ten years in connection with all-share schemes and executive

share schemes respectively. Awards that are made but then lapse or are forfeited are excluded

from the calculations.

Executive share plans

Limit

Actual

All-share plans

Limit

Actual

10% 5%

1.8% 1.5%

Service contracts of Directors serving in the year

Executive Directors are employed under contracts of employment with Workspace Group PLC.

The principal terms of the Executive Directors’ service contracts are as follows.

Notice period

Executive Director Position Effective date of contract From Company From Director

Charlie Green Chief Executive Officer 2 February 2026 12 months 12 months

Tom Edwards-Moss Chief Financial Officer 23 February 2026 12 months 12 months

Lawrence Hutchings

Outgoing Chief

Executive Officer 18 November 2024 12 months 12 months

Dave Benson

Outgoing Chief

Financial Officer 1 April 2020 12 months 12 months

Lawrence Hutchings stepped down as CEO and Director on 19 January 2026. Dave Benson

stepped down as CFO and Director on 30 April 2026.

The Chair and Non-Executive Directors have letters of appointment. Dates of the Directors’

letters of appointment are set out below:

Name

Date of original appointment

(date of reappointment)

Date of appointment/

last reappointment at AGM Notice period

Duncan Owen 22 July 2021 (6 July 2023) 2025 6 months

Rosie Shapland 6 November 2020 (6 November 2023) 2025 3 months

Lesley-Ann Nash 1 January 2021 (1 January 2024) 2025 3 months

Manju Malhotra 26 January 2022 (26 January 2025) 2025 3 months

Nick Mackenzie 26 January 2022 (26 January 2025) 2025 3 months

David Stevenson 1 June 2024 (n/a) 2025 3 months

The Directors are subject to annual re-election at the AGM. Non-Executive Directors’ letters

of appointment and Executive Directors’ contracts are available to view at the Company’s

registered office.

Mr Owen, as Chair designate, signed a new letter of appointment dated 27 February 2023,

confirming his appointment for a further period of three years, which became effective at the

conclusion of the AGM on 6 July 2023. Mr Owen has signed a new reappointment letter which

will be effective from 6 July 2026 for a further period of three years.

Additional information continued

219 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Share options

The following table shows, for the Directors who served during the year, the interests

in outstanding awards under the HMRC-approved Savings Related Share Option Plan and

SIP Awards. There were no in-flight Share Option Plans or SIP Awards for Charlie Green

or Tom Edwards-Moss as at 31 March 2026.

Executive Director

01/04/2025

Granted

during

the year

Lapsed

during

the year

Vested

in year

31/03/2026

Exercise

price

Normal exercise date

From To

Lawrence

Hutchings

– 5,494 – – 5,494 – – –

Dave Benson

235 – – – 235 – – –

4,556 – – – 4,556 – – –

1. As at 19 January 2026 for Mr Hutchings, which was the point he ceased to be an Executive Director of the Company.

Mr Hutchings’ 2025 SAYE will lapse following the termination of his employment with the Company.

2. Mr Benson was granted an award under the Share Incentive Plan on 29 September 2021 (235) which will lapse as of the

termination date of 30 April 2026. The SAYE award (4,556) for Mr Benson will also lapse as of the termination date of

30 April 2026.

There have been no changes in Directors’ interests over options in the period between the

balance sheet date and 9 June 2026.

The Directors’ Remuneration Report has been approved by the Board of Workspace Group PLC.

By order of the Board

Lesley-Ann Nash

Chair of the Remuneration Committee

9 June 2026

REMUNERATION continued

ANNUAL REPORT ON REMUNERATION continued

Outstanding LTIP awards

Details of current awards outstanding to Lawrence Hutchings and Dave Benson are detailed

below. There were no in-flight LTIP awards for Charlie Green or Tom Edwards-Moss as at

31 March 2026.

Executive Director

At 1 April 2025

Lapsed during

the year

Vested during

the year

Exercised during

the year At 31 March 2026

Lawrence Hutchings

28/11/2024 44,907 – – – 44,907

24/06/2025

264,337

Dave Benson

24/06/2022 113,789 85,342 28,447 – –

22/06/2023 149,188 – – – 149,188

21/06/2024

138,240 – – – 138,240

24/06/2025 – – – – 188,812

1. Awards will vest subject to the satisfaction of performance conditions detailed on page 214 over the three-year

performance period.

2. Mr Benson stepped down as an employee with the agreement of the Company on 30 April 2026. As a result, Mr Benson’s

in-flight LTIP (Long Term Incentive Plan) awards will continue and vest on the original vesting dates, subject to

performance assessment and pro-rating in accordance with the LTIP rules.

3. LTIP awards made to the Executive Directors in June 2022, 2023, 2024 and 2025 were in respect of 200% of salary, based

on a share price at date of award of £6.2800, £4.9347, £5.787 and £4.237 respectively. The 2023 LTIP awards vested at 17%.

4. On 24 June 2025, LTIP awards of 264,337 and 188,812 were granted to Mr Hutchings and Mr Benson respectively. The share

price for calculating the levels of awards was £4.237, the average mid-market closing price over the three dealing days 19,

20 and 23 June 2025, in accordance with the LTIP rules. Mr Hutchings’ 2025 LTIP award will lapse following the termination

of his employment with the Company.

5. As at 19 January 2026 for Mr Hutchings, which was the point he ceased to be an Executive Director of the Company.

Mr Hutchings’ buyout awards will remain eligible to vest. One tranche is subject to the same performance conditions

as other Executive Directors contained within the 2024 LTIP award.

Additional information continued

220 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REPORT OF THE DIRECTORS

The Directors present their report on the affairs of the Group together with the audited financial

statements for the year ended 31 March 2026.

Workspace Group PLC is incorporated in the UK and registered as a public limited company

in England and Wales with company number 02041612 and registered office at Centro One,

39 Plender Street, NW1 0DT. It is listed on the main market of the London Stock Exchange.

It is the ultimate holding company of the Group. A full list of its subsidiaries is set out in note 27

to the financial statements on page 257.

Where reference is made in this Directors’ Report to other sections of the Annual Report, those

sections are incorporated by reference into this Directors’ Report. Certain disclosures required to

be contained in the Directors’ Report have been incorporated into the Strategic Report as set out

in ‘Other information’ below.

Dividends

An interim dividend of 9.4 pence was paid in February 2026 (2025: 9.4 pence) and the Board is

recommending the payment of a final dividend of 16.7 pence (2025 19.0 pence) per share to be

paid on 3 August 2026 to shareholders whose names are on the Register of Members at the close

of business on 3 July 2026. This makes a total dividend of 26.1 pence (2025: 28.4 pence) for the year,

and is consistent with the Group’s revised dividend policy of targeting dividend cover of 1.2x

trading profit after interest.

Disclosure of information to auditors

The Directors who held office at the date of approval of this Directors’ Report confirm that, so far

as they are each aware, there is no relevant audit information of which the Company’s auditor is

unaware; and each Director has taken all the steps that they ought to have taken as a Director to

make themselves aware of any relevant audit information and to establish that the Company’s

auditor is aware of that information.

Directors’ indemnities

Under the Company’s Articles of Association the Company may, to the extent permitted by law,

indemnify any Director, Secretary or other Officer of the Company against any liability and the

Company may also purchase and maintain insurance against such liability. The Board considers

that the provision of such indemnification is in keeping with current market practice and the

Board believes that it is in the best interest of the Company to provide such indemnities in order

to attract and to retain high-calibre Directors and Officers.

The Company purchased and maintained Directors’ and Officers’ liability insurance during the

year under review and at the date of approval of the Directors’ Report. Qualifying third-party

indemnity provisions (as defined by Section 234 of the Companies Act 2006) were in force

during the period and these provisions remain in force in relation to certain losses and liabilities

which the Directors may incur to third parties in the course of acting as Directors or employees

of the Company or of any associated company.

Employment policies

Workspace recognises that a diversity of skills and experiences in our workforce will provide

a competitive advantage. The Company has various employment policies, including in relation

to recruitment, diversity & inclusion, health and safety and wellbeing. We monitor these practices

to ensure that they are fair and objective.

This includes giving full and fair consideration to applications from prospective employees

who are disabled, having regard to their aptitudes and abilities, and not discriminating against

employees under any circumstances (including in relation to applications, training, career

development and promotion) on the grounds of any disability. In the event that an employee,

worker or contractor becomes disabled in the course of their employment or engagement,

Workspace aims to ensure that reasonable steps are taken to accommodate their disability

by making reasonable adjustments to their existing employment or engagement.

Further detail on our employment policies and how we invest in our workforce can be found

on pages 57 to 58 and 148 to 151.

Details of how we reward our employees can be found on pages 188 to 194 and in notes 22

and 23 to the financial statements.

Share capital

As at 31 March 2026, the Company’s issued share capital comprised a single class of

192,313,264 ordinary shares of £1.00 each. Details of the Company’s issued share capital

are set out in note 20 to the financial statements and on page253.

Restrictions on transfer of shares

There are no restrictions on the transfer of ordinary shares in the Company other than restrictions

that are imposed by law or regulation (for example, insider trading laws). In addition, pursuant to

the Company’s Dealing Code, Directors and certain employees of the Group require the approval

of the Company to deal in ordinary shares of the Company.

The Company is not aware of any agreements between shareholders that may result in restrictions

on the transfer of securities.

221 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Substantial shareholdings in the Company

As at 31 March 2026 and 29 May 2026, the following interests in voting rights over the issued

share capital of the Company had been notified:

Shareholder

31 March 2026

29 May 2026

Number of shares Percentage held Number of shares Percentage held

The London & Amsterdam

Trust Company Limited 55,829,282 29.03% 55,829,282 29.03%

Saba Capital Management LP 29,497,041 15.34% 41,807,168 21.74%

BlackRock, Inc. 12,242,338 6.37% 12,692,481 6.60%

Aberforth Partners LLP 9,018547 4.69% 9,026,247 4.69%

Société Générale S.A 8,166,207 4.25% 6,590,049 3.43%

Artemis Fund Managers Ltd 7,819,494 4.07% 9,035,134 4.70%

The Vanguard Group Inc 7,775,314 4.04% 7,735,264 4.02%

Janus Henderson Investors 6,855,576 3.56% 7,138,953 3.71%

Bank of Montreal 5,986,342 3.11% 6,593,889 3.43%

Articles of Association

The following description summarises certain provisions of the Company’s Articles of Association

and applicable English law concerning companies. Any amendment to the Articles of Association

of the Company may be made in accordance with the provisions of the Companies Act 2006,

by way of special resolution.

Directors

Unless otherwise determined by ordinary resolution of the Company, the Board shall be

comprised of not less than two or more than ten Directors. The Board may exercise all powers

of the Company, subject to the Company’s Articles of Association, the Companies Act 2006

and other applicable legislation.

Directors may be elected by the members in a general meeting or appointed by the Board.

The Company’s Articles of Association require any new Directors to stand for election at the next

AGM following their appointment. The Articles of Association also require each Director to stand

for re-election every three years following their election. However, in accordance with the UK

Corporate Governance Code and the Company’s current practice, all continuing Directors will

offer themselves for election or re-election (as applicable) at the AGM on 23 July 2026.

In addition to any power of removal conferred by the Companies Act 2006, the Company may

by ordinary resolution remove any Director before the expiry of their period of office.

Voting and other rights

Subject to the provisions of the Companies Act 2006, to any special terms on which shares may

have been issued or to any suspension or abrogation of voting rights pursuant to the Articles of

Association, every member who is present in person shall have one vote on a show of hands or,

on a poll, one vote for each share of which they are a holder.

The Company is not aware of any agreements between shareholders that may result in

restrictions on voting rights.

The Company may, by ordinary resolution, declare dividends but no dividend shall exceed the

amount recommended by the Board. Subject to the provisions of the Companies Act 2006, the

Board may also declare and pay such interim dividends as appears to the Board to be justified by

the profits of the Company available for distribution. Except as otherwise provided by the rights

attached to shares, all dividends shall be paid to shareholders according to the amounts paid up

on the shares on which the dividend is paid.

Subject to the terms of allotment of shares, the Board may only make calls on shareholders

in respect of any amounts unpaid on the shares held by them. All shares are fully paid.

Purchase of own shares and issuing shares

Under the Company’s Articles of Association, the Company may purchase any of its own shares.

The Company was granted authority at the 2025 Annual General Meeting to make market

purchases of its own ordinary shares. This authority will expire at the conclusion of the 2026

Annual General Meeting and a resolution will be proposed to renew this authority. No ordinary

shares were purchased under this authority during the year.

The Company was granted authority at the 2025 Annual General Meeting to allot and/or grant

rights to subscribe for, or convert securities into, shares in the Company up to an aggregate

nominal amount as set out in the Notice of Annual General Meeting 2025. This authority will

expire at the conclusion of the 2026 Annual General Meeting and a resolution will be proposed

to renew this authority.

Significant agreements on change of control

The Group’s borrowing facilities and other financial instruments (details of which can be found

in note 16 to the financial statements) are agreements that could allow counterparties to

terminate or to alter those arrangements in the event of a change of control of the Company.

Compensation for loss of office in the event of a takeover

There are no agreements in place between the Company and its employees or Directors for

compensation for loss of office or employment in the event of a takeover of the Company.

Employee Share Trusts

The Company operates an Employee Share Ownership Trust (‘ESOT’) and a trust for the Share

Incentive Plan (‘SIP’). The trusts are used to purchase Company shares in the market from time

to time and hold them for the benefit of employees, including for satisfying awards that vest

under the Company’s various share incentive plans. The ESOT also holds some Company shares

in particular accounts for specific employees who have options over shares which have vested

under the Company’s share incentive plans but who have not yet exercised those options. The

trustee of the ESOT may vote the shares it holds in the Company at its discretion, but where it

holds any shares in an account for particular employees it will seek their instructions on how it

exercises the votes attached to those shares. The trustee of the SIP trust does not vote the rights

attached to shares held in the trust.

REPORT OF THE DIRECTORS continued

222 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

REPORT OF THE DIRECTORS continued

Information required under UKLR 6.6.1R

Interest capitalised Note 4 to the financial statements

Details of long-term incentive schemes Remuneration Report, pages 189 to 209

There is no further information required to be disclosed under UKLR 6.6.1R.

Other information

Other information relevant to the Directors’ Report may be found in the following sections of the Annual Report:

Information Location in Annual Report

Corporate governance statement, prepared in accordance with

rule 7.2 of the Financial Conduct Authority’s Disclosure Guidance

and Transparency Rules

Corporate Governance Report, pages 92 to 224

Principal risks and uncertainties, pages 60 to 67

Culture, purpose, values and strategy Strategic Report, pages 4 to 34

Corporate Governance Report, pages 97 to 120

Directors Directors’ biographies, pages 104 to 106

Our Board, pages 104 to 106

Diversity & inclusion Corporate Governance Report, pages 144 to 151

Employee share schemes Note 23 to the financial statements

Engagement with employees Strategic Report, pages 23 to 28 and 57 to 58

Our stakeholders, pages 27 to 28

Section 172(1) Statement, pages 108 to 112

Engagement with suppliers, customers and others Strategic Report, pages 24 to 34 and 58

Our stakeholders, pages 24 to 34

Section 172(1) Statement, pages 108 to 112

Financial risk management Note 18 to the financial statements

Principal risks and uncertainties, pages 60 to 67

Future developments Chair’s Statement, pages 6 to 7

Chief Executive’s Review, pages 9 to 10

Our business model, pages 4 to 5

Our Transformation Plan, pages 11 to 17

Going Concern, page 68

Greenhouse gas emissions and energy consumption GHG/SECR Emissions, pages 81 to 83

Political donations and expenditure Compliance Statements, pages 68 to 91

Post-balance sheet events Note 29 to the financial statements

Principal risks and uncertainties Principal risks and uncertainties, pages 60 to 67

Research and development The Company does not undertake research and development activities

The Directors’ Report has been approved

by the Board of Directors and signed

on its behalf by

Carmelina Carfora

Company Secretary

9 June 2026

223 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT

OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The Directors are responsible for preparing the Annual Report and the Group and Company

financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and Company financial statements for

each financial year. Under that law they are required to prepare the Group financial statements

in accordance with UK-adopted international accounting standards and applicable law and have

elected to prepare the Company financial statements in accordance with UK accounting

standards and applicable law, including FRS 101 Reduced Disclosure Framework.

Under company law the Directors must not approve the financial statements unless they

are satisfied that they give a true and fair view of the state of affairs of the Group and Company

and of the Group’s profit or loss for that period. In preparing each of the Group and Company

financial statements, the Directors are required to:

– select suitable accounting policies and then apply them consistently;

– make judgements and estimates that are reasonable, relevant and reliable and, in respect

of the Company financial statements only, prudent;

– for the Group financial statements, state whether they have been prepared in accordance

with UK-adopted international accounting standards;

– for the Company financial statements, state whether applicable UK accounting standards

have been followed, subject to any material departures disclosed and explained in the

Company financial statements;

– assess the Group and Company’s ability to continue as a going concern, disclosing,

as applicable, matters related to going concern; and

– use the going concern basis of accounting unless they either intend to liquidate the Group

or the Company or to cease operations or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to

show and explain the Company’s transactions and disclose with reasonable accuracy at any time

the financial position of the Company and enable them to ensure that its financial statements

comply with the Companies Act 2006. They are responsible for such internal control as they

determine is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error, and have general responsibility for taking

such steps as are reasonably open to them to safeguard the assets of the Group and to prevent

and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic

Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement

that complies with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial

information included on the Company’s website. Legislation in the UK governing the preparation

and dissemination of financial statements may differ from legislation in other jurisdictions.

In accordance with Disclosure Guidance and Transparency Rule (‘DTR’) 4.1.16R, the financial

statements will form part of the annual financial report prepared under DTR 4.1.17R and 4.1.18R.

The auditor’s report on these financial statements provides no assurance over whether the annual

financial report has been prepared in accordance with those requirements.

Responsibility statement of the Directors in respect of the annual financial report

We confirm that to the best of our knowledge:

– the financial statements, prepared in accordance with the applicable set of accounting

standards, give a true and fair view of the assets, liabilities, financial position and profit or loss

of the Group and the undertakings included in the consolidation taken as a whole; and

– the Annual Report includes a fair review of the development and performance of the business

and the position of the Group and Company including the undertakings of the consolidation

taken as a whole, together with a description of the principal risks and uncertainties that

they face.

Signed on behalf of the Board on 9 June 2026 by:

Charlie Green Tom Edwards-Moss

Chief Executive Officer Chief Financial Officer

224 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC

Report on the audit of the financial statements

Opinion

In our opinion:

– the financial statements give a true and fair view of the state of the Group’s and of the

Company’s affairs as at 31 March 2026 and of the Group’s loss and the Group’s cash flows for

the year then ended;

– the Group financial statements have been properly prepared in accordance with UK adopted

international accounting standards;

– the Company financial statements have been properly prepared in accordance with United

Kingdom Generally Accepted Accounting Practice; and

– the financial statements have been prepared in accordance with the requirements of the

Companies Act 2006.

We have audited the financial statements of Workspace Group PLC (the ‘Company’) and its

subsidiaries (the ‘Group’) for the year ended 31 March 2026 which comprise of the following:

Group Company

Consolidated Income Statement Company Balance Sheet

Consolidated Statement

of Comprehensive Income

Company Statement of Changes in Equity

Consolidated Balance Sheet Notes to the Company Financial Statements

Consolidated Statement of Changes in Equity Material accounting policy information

Consolidated Statement of Cash Flows

Notes to the Financial Statements

Material accounting policy information

The financial reporting framework that has been applied in the preparation of the Group financial

statements is applicable law and UK adopted international accounting standards. The financial

reporting framework that has been applied in the preparation of the Company financial

statements is applicable law and United Kingdom Accounting Standards, including Financial

Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted

Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK))

and applicable law. Our responsibilities under those standards are further described in the

Auditor’s responsibilities for the audit of the financial statements section of our report. We

believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

Independence

We remain independent of the Group and the Company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the

FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other

ethical responsibilities in accordance with these requirements. The non-audit services prohibited

by the FRC’s Ethical Standard were not provided to the Group or the Company and we remain

independent of the Group and the Company in conducting our audit.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going

concern basis of accounting in the preparation of the financial statements is appropriate. Our

evaluation of the Directors’ assessment of the Group’s and the Company’s ability to continue to

adopt the going concern basis of accounting included:

– using our knowledge of the Group and its market sector together with the current economic

environment to assess the Directors’ identification of the inherent risks to the Group’s business

and how these might impact the Group’s ability to remain a going concern for the going

concern period, being the period to 30 June 2027, which is at least 12 months from when the

financial statements are authorised for issue;

– obtaining an understanding of the Directors’ process for assessing going concern including

an understanding of the key assumptions used;

– obtaining the Directors’ going concern assessment;

– assessing the Group’s forecast cash flows with reference to budgeted and historic performance

and challenging the forecast assumptions in comparison to the current performance of the

Group;

– testing the inputs into the forecasts for reasonableness based on historic performance and

corroboration to contractual agreements, where available;

– agreeing the Group’s available borrowing facilities and the related terms and covenants

to supporting loan agreements;

– obtaining covenant calculations and forecast calculations to test for any potential future

covenant breaches; We also considered the covenant compliance headroom for sensitivity

to both future changes in property valuations and the Group’s future financial performance;

– analysing the Directors’ stress testing calculations and challenging the assumptions made

using our knowledge of the business and of the current economic climate, to assess the

reasonableness of the downside scenarios selected;

– considering board minutes, and evidence obtained through the audit and challenging the

Directors on the identification of any contradictory information in the forecasts and the

resultant impact to the going concern assessment;

– reviewing the disclosures in the financial statements relating to going concern to check that

the disclosures are consistent with the circumstances.

225 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Based on the work we have performed, we have not identified any material uncertainties relating

to events or conditions that, individually or collectively, may cast significant doubt on the Group

and the Company’s ability to continue as a going concern for a period of at least 12 months from

when the financial statements are authorised for issue. However, because not all future events

orconditions can be predicted, this statement is not a guarantee as to the Group and the

Company’s ability to continue as a going concern.

In relation to the Group’s reporting on how it has applied the UK Corporate Governance Code,

we have nothing material to add or draw attention to in relation to the Directors’ statement in the

financial statements about whether the Directors considered it appropriate to adopt the going

concern basis of accounting in preparing the financial statements.

Our responsibilities and the responsibilities of the Directors with respect to going concern are

described in the relevant sections of this report.

Overview

Key audit matters 2026 2025

Valuation of investment

properties

 

Materiality Group financial statements as a whole

£22.1m (2025: £24.7m) based on 1% (2025: 1%) of total assets

An overview of the scope of our audit

Our Group audit was scoped by obtaining an understanding of the Group and its environment,

the applicable financial reporting framework and the Group’s system of internal control.

We identified and assessed the risks of material misstatement of the Group financial statements

including with respect to the consolidation process. We then applied professional judgement to

focus our audit procedures on the areas that posed the greatest risks to the Group financial

statements. We continually assessed risks throughout our audit, revising the risks where

necessary, with the aim of reducing the group risk of material misstatement to an acceptable

level, in order to provide a basis for our opinion.

The Group is a single component as it invests only in properties in and around London and the

South East of England, with a single finance team and a common financial reporting system and

internal control framework. The audit approach included undertaking audit work on the key risks

of material misstatement identified for the Group across the single component. The Group audit

team performed all the work necessary to issue the Group and the Company audit opinion. The

audit procedures performed by the Group audit team in respect of the Company audit opinion

were completed to a lower level of materiality as set out in the ‘Our application of Materiality’

section below.

Changes from the prior period

There were no significant changes in the Group audit scope from the prior year.

How climate change affected the scope of our audit

The Group has determined that climate change does not currently have a material impact on

its operations. Our work on the assessment of potential impacts of climate-related risks on the

Group’s operations and financial statements included:

– Enquiries and challenge of management to understand the actions they have taken to identify

climate-related risks and their potential impacts on the financial statements and adequately

disclose climate-related risks within the annual report;

– Our own qualitative risk assessment taking into consideration the sector in which the Group

operates and how climate change affects the investment property sector; and

– Review of the minutes of Board, ESG and Audit Committee meetings and other papers related

to climate change to determine if there were any climate-related matters affecting the financial

statements which we were not already aware of, and evaluating the impact of these, if any.

We challenged the extent to which climate-related considerations, including the expected cash

flows from the initiatives and commitments have been reflected, where appropriate, in the

Directors’ going concern assessment and viability assessment and in management’s judgements

and estimates in relation to the valuation of the Group’s investment properties.

Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters

that were materially affected by climate-related risks.

The management disclosures on page 73 form part of the Strategic Report. Our responsibilities in

relation to these disclosures are described in the relevant section of this report and our

procedures on these disclosures therefore consisted solely of considering whether they are

materially inconsistent with the financial statements or our knowledge obtained from the audit or

otherwise appear to be materially misstated.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance

in our audit of the financial statements of the current period and include the most significant

assessed risks of material misstatement (whether or not due to fraud) that we identified,

including those which had the greatest effect on: the overall audit strategy, the allocation of

resources in the audit, and directing the efforts of the engagement team. These matters were

addressed in the context of our audit of the financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these matters.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC continued

226 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Key audit matter How the scope of our audit responded to the risk

Valuation of investment

properties

Refer to the notes to the

financial statements on

significant judgements

andcritical estimates in

respect of the significant

assumptions and the

material accounting

policies note for

relevantaccounting

policyinformation in

relation to valuation of

investment properties.

Refer to note 10 in relation

to the carrying value of

investment properties.

The Group has an investment property

portfolio of commercial property in

London and the South East of England.

This comprises standing investment

property assets which are let, or available

to let, and are valued using the income

capitalisation method, in accordance

with RICS methodology and IFRS 13

Fair Value Measurement.

The valuation of investment property

requires significant judgement and

estimates by the Directors, with the

assistance of their independent external

valuers (the ‘Valuers’), and is therefore

considered a significant risk due to the

subjective nature of certain assumptions

inherent in each valuation.

Any input inaccuracies or unreasonable

bases used in the valuation judgements

(such as in respect of estimated rental

value and capitalisation yields applied)

could result in a material misstatement

in the valuation of the Group’s investment

properties, thereby impacting the Group’s

financial statements.

There is also a risk of fraud in relation to

the valuation of the property portfolio

where the Directors may unduly influence

the significant judgements and estimates

in respect of property valuations in order

to achieve property valuation or other

performance or financial targets or to

meet market expectations.

The valuation of investment properties

was therefore considered to be a key

audit matter.

Our audit procedures included the following:

Group’s controls relating to the valuation of investment properties

We reviewed and evaluated the design, implementation and appropriateness of the Group’s controls relating to the

valuation of investment properties, including the processes by which the Group ensures that complete and accurate

datais provided to the Valuers as well as management’s review of the valuation outputs. In doing so, we performed

awalkthrough of the relevant controls by obtaining support for the design and implementation of the controls.

Assessment of the Valuers and relevance of their work

We obtained and reviewed the valuation reports prepared by the Group’s Valuers and, with the assistance of our in house

RICS qualified real estate valuation experts, discussed with the Valuers the basis of the valuations, including the valuation

methods and assumptions used. We confirmed that all the valuations had been prepared in accordance with applicable

valuation guidelines and the requirements of the applicable accounting standards including International Accounting

Standard 40 Investment Property (‘IAS 40’) and International Financial Reporting Standard 13 Fair Value Measurement

(‘IFRS13’) and were therefore appropriate for determining the carrying values in the Group’s financial statements.

We assessed the qualifications, competency, independence and objectivity of the Valuers. We reviewed their letters or

terms of engagement for any unusual arrangements, limitations in the scope of their work or evidence of management

bias. We also considered if there was any evidence of management bias or whether the Directors could have influenced

the Valuers’ decisions over the significant judgements or estimates.

Data provided to the Valuers

We validated the underlying data provided to the Valuers by management. This included observable inputs such

as passing rent and lease term, which we agreed on a sample to executed lease agreements.

Assumptions and estimates used by the Valuers

With assistance from our internal valuation experts, our procedures included the following:

– We developed yield expectations for each property using available independent industry data, reports and comparable

transactions in the market around the year end;

– We attended meetings with the Valuers and management and discussed the assumptions used and the valuation

movement in the year;

– Where the valuation yields or movements year-on-year were outside of our expected ranges, together with our

valuation experts we challenged management’s Valuers on their rationale for the yields applied;

– We corroborated the Valuers’ explanations where relevant, including agreeing to third-party documentation and/or

market comparisons. Our valuation experts assisted us in assessing whether explanations provided were appropriate

and in line with market knowledge;

– We evaluated the other key valuation assumption, being the estimated (market) rental values, considering factors such

as the location and specifics of each property and recent letting data.

– We checked the data provided to the Valuers by the Group to determine whether it was consistent with the information

that we audited.

– We assessed the accuracy, appropriateness and sufficiency of the disclosures in the financial statements in accordance

with relevant standards including IAS 40 and IFRS 13.

Key observations

– Based on our audit procedures performed we consider the assumptions applied the Directors in the valuation were

reasonable and the methodology applied was appropriate.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC continued

227 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our application of materiality

We apply the concept of materiality both in planning and performing our audit, and in evaluating

the effect of misstatements. We consider materiality to be the magnitude by which

misstatements, including omissions, could influence the economic decisions of reasonable users

that are taken on the basis of the financial statements.

In order to reduce to an appropriately low level the probability that any misstatements exceed

materiality, we use a lower materiality level, performance materiality, to determine the extent of

testing needed. Importantly, misstatements below these levels will not necessarily be evaluated

as immaterial as we also take account of the nature of identified misstatements, and the

particular circumstances of their occurrence, when evaluating their effect on the financial

statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements

as a whole and performance materiality as follows:

Group financial statements Company financial statements

2026

£m

2025

£m

2026

£m

2025

£m

Materiality 22.1 24.7 14.7 16.0

Basis for determining

materiality

1% of total assets (2025: 1% of total assets)

Rationale for the

benchmark applied

We determined that total assets would be the most appropriate

basis for determining overall materiality as we consider it to be

the principal considerations for the users of the financial

statements in assessing the financial performance of the Group

and Company.

Performance materiality 13.8 14.8 9.2 9.6

Basis for determining

performance materiality

62.5% of materiality (2025: 60% of materiality)

Rationale for the

percentage applied for

performance materiality

The level of performance materiality applied was set after having

considered a number of factors including our assessment of the

Group’s and Company’s overall control environment and the

expected total value of known and likely misstatements and the

level of transactions in the year.

Specific materiality

For the Group, we determined that for other account balances and classes of transactions that

impact the calculation of trading profit after interest a misstatement of less than materiality for

the financial statements, specific materiality, could influence the economic decisions of users.

Trading profit after interest comprises net rental income, administrative expenses and net finance

costs. We consider this to be a key performance measure of the Group. As a result, we

determined materiality for these items to be £3.0m (2025: £3.3m), based on 5% of trading profit

after interest (2025: 5% of trading profit after interest). We further applied a performance

materiality level of 62.5% (2025: 60%) of specific materiality to ensure that the risk of errors

exceeding specific materiality was appropriately mitigated.

Reporting threshold

We agreed with the Audit Committee that we would report to them all individual audit

differences in excess of £1.1m (2025: £0.98m) and for those items impacting the calculation

of trading profit after interest, all individual audit differences in excess of £0.15m (2025: £0.13m).

Regarding the Company, we agreed that we would report all audit differences in excess

of £0.75m (2025: £0.64m). We also agreed to report differences below these thresholds that,

inour view, warranted reporting on qualitative grounds.

Other information

The Directors are responsible for the other information. The other information comprises

the information included in the ‘Annual Report and Accounts 2026’ other than the financial

statements and our auditor’s report thereon. Our opinion on the financial statements does not

cover the other information and, except to the extent otherwise explicitly stated in our report,

we do not express any form of assurance conclusion thereon. Our responsibility is to read the

other information and, in doing so, consider whether the other information is materially

inconsistent with the financial statements or our knowledge obtained in the course of the audit,

or otherwise appears to be materially misstated. If we identify such material inconsistencies

or apparent material misstatements, we are required to determine whether this gives rise to

a material misstatement in the financial statements themselves. If, based on the work we have

performed, we conclude that there is a material misstatement of this other information, we are

required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC continued

228 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Corporate governance statement

The UK Listing Rules sourcebook requires us to review the Directors’ statement in relation to going

concern, longer-term viability and that part of the Corporate Governance Statement relating to

the Parent Company’s compliance with the provisions of the UK Corporate Governance Code

specified for our review.

Based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the Corporate Governance Statement is materially consistent with the financial

statements or our knowledge obtained during the audit.

Going concern and

longer-term viability

– The Directors’ statement with regards to the appropriateness

of adopting the going concern basis of accounting and any

material uncertainties identified set out on page 68;

– The Directors’ explanation as to their assessment of the

Group’s prospects, the period this assessment covers and

why the period is appropriate set out on page 68; and

– The Directors’ statement on whether they have a reasonable

expectation that the Group will be able to continue in

operation and meet its liabilities set out on page 68.

Other Code provisions – The Directors’ statement on fair, balanced and understandable

set out on page 163;

– The Board’s confirmation that it has carried out a robust

assessment of the emerging and principal risks set out on

page167;

– The section of the annual report that describes the review of

effectiveness of risk management and internal control systems

set out on pages 166 to 168; and

– The section describing the work of the audit committee set out

on pages 153 to 168.

Other Companies Act 2006 reporting

Based on the responsibilities described below and our work performed during the course of the

audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions

and matters as described below.

Strategic

report and

Directors’

report

In our opinion, based on the work undertaken in the course of the audit:

– the information given in the Strategic report and the Directors’ report for the

financial year for which the financial statements are prepared is consistent

with the financial statements; and

– the Strategic report and the Directors’ report have been prepared in

accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and the Company

and its environment obtained in the course of the audit, we have not identified

material misstatements in the Strategic report or the Directors’ report.

Directors’

remuneration

In our opinion, the part of the Directors’ remuneration report to be audited has

been properly prepared in accordance with the Companies Act 2006.

Corporate

governance

statement

In our opinion, based on the work undertaken in the course of the audit the

information about internal control and risk management systems in relation

to financial reporting processes and about share capital structures, given

in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Guidance and

Transparency Rules sourcebook made by the Financial Conduct Authority

(the FCA Rules), is consistent with the financial statements and has been

prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Group and the Company

and its environment obtained in the course of the audit, we have not identified

material misstatements in this information.

In our opinion, based on the work undertaken in the course of the audit, the

information about the Company’s corporate governance code and practices and

about its administrative, management and supervisory bodies and their

committees comply with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.

We have nothing to report arising from our responsibility to report if a corporate

governance statement has not been prepared by the Company.

Matters on

which we are

required to

report by

exception

We have nothing to report in respect of the following matters in relation to

which the Companies Act 2006 requires us to report to you if, in our opinion:

– adequate accounting records have not been kept by the Company, or returns

adequate for our audit have not been received from branches not visited

by us; or

– the Company financial statements and the part of the Directors’ remuneration

report to be audited are not in agreement with the accounting records and

returns; or

– certain disclosures of Directors’ remuneration specified by law are not made; or

– we have not received all the information and explanations we require for our audit.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC continued

229 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Responsibilities of Directors

As explained more fully in the Directors’ responsibility statement, the Directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and

fair view, and for such internal control as the Directors determine is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due

to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the ability of

theGroup and the Company’s ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern basis of accounting unless the

Directors either intend to liquidate the Group or the Company or to cease operations, or have

norealistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements

as a whole are free from material misstatement, whether due to fraud or error, and to issue

an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance

but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect

a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected

to influence the economic decisions of users taken on the basis of these financial statements.

However, the primary responsibility for the prevention and detection of fraud rests with both

those charged with governance of the parent Company and management.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material

misstatements in respect of irregularities, including fraud. The extent to which our procedures

are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

– Our understanding of the Group and the industry in which it operates;

– Discussion with management, those charged with governance and the Audit Committee; and

– Obtaining an understanding of the Group’s policies and procedures regarding compliance with

laws and regulations;

we considered the significant laws and regulations to be UK-adopted International Accounting

Standards, UK Company law, UK tax legislation (including the REIT regime requirements) and the

UK Listing Rules, and we considered the extent to which non-compliance might have a material

effect on the Group and Company financial statements.

Our procedures in response to the above included:

– Enquires of management whether there were any litigations and claims;

– Enquires of the legal team of the Group and the Company;

– In order to address the risk of non-compliance with the REIT regime, considering a report

from the Group’s external adviser, detailing the actions that the Group has undertaken to

ensure compliance. This paper was reviewed, and the assumptions challenged, with the

assistance of our own internal tax experts;

– Agreeing the financial statement disclosures to underlying supporting documentation;

– Review of Board and Committee meeting minutes and enquiries of management and the

Directors regarding any known or suspected instances of non-compliance with laws and

regulations.

Irregularities including fraud

We assessed the susceptibility of the financial statements to material misstatement, including

fraud. Our risk assessment procedures included:

– Enquiry of management, those charged with governance and the Audit Committee regarding

any known or suspected instances of fraud;

– Obtaining an understanding of the Group’s policies and procedures relating to:

– Detecting and responding to the risks of fraud; and

– Internal controls established to mitigate risks related to fraud.

– Review of minutes of meetings of those charged with governance for any known or suspected

instances of fraud;

– Discussion amongst the engagement team as to how and where fraud might occur in the

financial statements;

– Performing analytical procedures to identify any unusual or unexpected relationships that may

indicate risks of material misstatement due to fraud; and

– Considering remuneration incentive schemes and performance targets and the related financial

statement areas impacted by these.

Based on our risk assessment, we considered the areas most susceptible to fraud to be the

inputsto the valuation of investment properties, the manipulation of revenue recognition through

unusual journal postings, the capitalisation of property expenditure and management override

ofcontrols.

Our procedures in response to the above included:

– Addressing the risk of management override of controls and manipulation of revenue

recognition through unusual journal postings by:

– Testing a sample of journal entries throughout the year which met defined risk criteria

(including those specifically relating to revenue), as well as a testing a sample of the residual

journal population, by agreeing to supporting documentation;

– Evaluating whether there was evidence of bias by management or the Directors that

represented a risk of material misstatement due to fraud; and

– Assessing significant estimates made by management for bias on key audit matters.

– Addressing the risk of inappropriate capitalisation of property expenditure by:

– Testing a sample of capitalised property expenditure to supporting documentation and

evaluating whether the nature of the expenditure met the capitalisation criteria.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC continued

230 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Our responses to the valuation of investment properties risk are set out in the key audit matters

section above.

We also communicated relevant identified laws and regulations and potential fraud risks to

all engagement team members who were all deemed to have appropriate competence and

capabilities, and remained alert to any indications of fraud or non-compliance with laws and

regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial

statements, recognising that the risk of not detecting a material misstatement due to fraud is

higher than the risk of not detecting one resulting from error, as fraud may involve deliberate

concealment by, for example, forgery, misrepresentations or through collusion. There are

inherent limitations in the audit procedures performed and the further removed non-compliance

with laws and regulations is from the events and transactions reflected in the financial

statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website

at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other matters which we are required to address

Following the recommendation of the Audit Committee, we were appointed by Members on

25 July 2024 to audit the financial statements for the year ended 31 March 2025 and subsequent

financial periods.

Our total uninterrupted period of engagement is two years, covering the years ended 31 March

2025 to 31 March 2026.

Our audit opinion is consistent with the additional report to the Audit Committee.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state

to the Company’s members those matters we are required to state to them in an auditor’s report

and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the Company and the Company’s members as a body,

for our audit work, for this report, or for the opinions we have formed.

In due course, as required by the Financial Conduct Authority Disclosure Guidance and

Transparency Rule 4.1.15R – 4.1.18R, these financial statements will form part of the Electronic

Format Annual Financial Report filed on the National Storage Mechanism of the FCA in

accordance with DTR 4.1.15R – DTR 4.1.18R. This auditor’s report provides no assurance over

whether the Electronic Format Annual Financial Report has been prepared in compliance with

DTR 4.1.15R – DTR 4.1.18R.

Richard Levy (Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory Auditor

London, UK

9 June 2026

BDO LLP is a limited liability partnership registered in England and Wales

(with registered number OC305127).

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WORKSPACE GROUP PLC continued

231 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
	Notes	£m	£m
Revenue	1	181.4	185.2
Direct costs 1	1	(68. 0)	(63.1)
Net rental income	1	113.4	122.1
Administrative expenses	2	(21.7)	(23.3)
Trading profit		91.7	98.8
Loss on disposal of investment properties and assets held for sale	3(a)	(13.8)	(1.5)
Loss on disposal of fixed assets	11	(0 .4)	–
Other expenses	3(b)	(7 .3)	(3.6)
Change in fair value of investment properties	10	(159.2)	(55.9)
Impairment of assets held for sale	10	(0.3)	(0.4)
Operating (loss)/profit		(89.3)	37. 4
Finance costs	4	(33.4)	(32.6)
Finance income		2.2	0.6
(Loss)/profit before tax		(120.5)	5.4
Taxation	6	0. 2	–
(Loss)/profit for the financial year after tax		(120.3)	5.4
Basic (loss)/earnings per share	8	(62.6)p	2.8p
Diluted (loss)/earnings per share	8	(62.6)p	2.8p

1. Direct costs in 2026 includes impairment of receivables of £0 . 3m (2025: £1 . 0m). See note 1 for additional information.

		2026	2025
	Notes	£m	£m
(Loss)/profit for the financial year		(120.3)	5.4
Other comprehensive (loss)/income:
Items that will not be reclassified to profit or loss:
Change in fair value of other investments	12	(0.8)	0.1
Items that may be reclassified subsequently
to profit or loss:
Change in fair value of derivatives	16(e)	0 .1	(0.3)
Other comprehensive loss in the year		(0.7)	(0 .2)
Total comprehensive (loss)/income for the year		(121.0)	5.2

The notes on pages 235 to 257 form part of these financial statements.

232 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026	2025
	Notes	£m	£m
Non-current assets
Investment properties	10	2,107 .6	2,351. 7
Intangible assets		–	1 .1
Property, plant and equipment	11	2.2	3.4
Other investments	12	6.2	3.3
Deferred tax		0.5	0. 3
		2, 116.5	2,359.8
Current assets
Trade and other receivables	13	26.8	32.8
Assets held for sale	10	56.3	45.2
Cash and cash equivalents	14	10.5	32.7
		93.6	110.7
Total assets		2,210 .1	2,4 70 .5
Current liabilities
Trade and other payables	15	(88.8)	(92.2)
Borrowings	16(a)	–	(79.9)
Derivative financial instruments	16(e)	–	(0. 1)
		(88.8)	(17 2.2)
Non-current liabilities
Borrowings	16(a)	(757 .0)	(76 1.4)
Lease obligations	17	(36. 1)	(34.7)
		(793. 1)	(796. 1)
Total liabilities		(881.9)	(968.3)
Net assets		1,328.2	1,502.2

		2026	2025
	Notes	£m	£m
Shareholders’ equity
Share capital	20	192.3	192.1
Share premium	20	295.6	295.6
Investment in own shares	22	(0.2)	(0 .3)
Other reserves	21	69.9	71.2
Retained earnings		770. 6	943.6
Total shareholders’ equity		1,328.2	1,502.2

The notes on pages 235 to 257 form part of these financial statements.

The financial statements on pages 232 to 257 were approved and authorised for issue by the

Board of Directors on 9 June 2026 and signed on its behalf by:

Charlie Green Tom Edwards-Moss

Director Director

Company registration number: 02041612

233 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

					Attributable to owners of the Parent
				Investment			Total
		Share	Share	in own	Other	Retained	shareholders’
		capital	premium	shares	reserves	earnings	equity
	Notes	£m	£m	£m	£m	£m	£m
Balance at 31 March 2024		191.9	296.6	(9 .9)	93.0	977 .3	1,548.9
Profit for the financial year		–	–	–	–	5.4	5.4
Other comprehensive loss
for the year		–	–	–	(0.2)	–	(0.2)
Total comprehensive
(loss)/income		–	–	–	(0.2)	5.4	5.2
Transactions with owners:
Dividends paid	7	–	–	–	–	(54.5)	(54.5)
Own shares transferred
in prior years 2	22	–	–	9.3	–	(9.3)	–
Cost of shares awarded
to employees		–	–	0. 3	–	–	0.3
Share-based payments	23	0. 2	(1. 0) 1	–	(0.4)	3.5	2.3
Share options lapsed
in prior years 3	22	–	–	–	(21.2)	21.2	–
Balance at 31 March 2025		192. 1	295.6	(0.3)	71.2	943.6	1,502.2
Loss for the financial year		–	–	–	–	(120.3)	(120.3)
Other comprehensive loss
for the year		–	–	–	(0.7)	–	(0.7)
Total comprehensive loss		–	–	–	(0.7)	(120.3)	(121.0)
Transactions with owners:
Dividends paid	7	–	–	–	–	(54.6)	(54.6)
Share-based payments	23	0. 2	–	0 .1	(0.6)	1.9	1.6
Balance at 31 March 2026		192.3	295.6	(0.2)	69. 9	7 70.6	1,328.2

1. The movement in the year ended 31 March 2025 on share premium relates to the excess between the nominal value and the

vested share price on awarded shares to employees in the previous year, which was reclassified to retained earnings.

2. In the year ended 31 March 2025, the Group transferred the excess amounts held in the investment in own shares reserve

to retained earnings in accordance with the carrying value of the remaining shares held. The transfer should have been made

prior to the date of the opening comparative period, but was omitted. The error is not considered material and hence it was

corrected in the prior year.

3. In the year ended 31 March 2025, the Group transferred amounts held in the share-based payment reserve to retained

earnings In relation to share options that had lapsed in prior years. The transfer should have been made prior to the date

of the opening comparative period, but was omitted. The error is not considered material and hence it was corrected in

the prior year.

The notes on pages 235 to 257 form part of these financial statements.

		2026	2025
	Notes	£m	£m
Cash flows from operating activities
Cash generated from operations	19	92 .0	105.1
Interest paid		(30.3)	(29. 1)
Interest received		0.9	0.6
Net cash inflow from operating activities		62.6	7 6.6
Cash flows from investing activities
Capital expenditure on investment properties		(51.5)	(58.9)
Proceeds from government grant		1.3	0.7
Proceeds from disposal of investment properties
(net of sale costs)		80.2	36.5
Proceeds from disposal of assets held for sale
(net of sale costs)		31.0	40.4
Purchase of intangible assets		–	(0.4)
Purchase of property, plant and equipment		(0.6)	(1.8)
Proceeds from other investments		0.6	–
Interest from other investments		0.3	–
Purchase of other investments		(3.2)	–
Net cash inflow from investing activities		58. 1	16.5
Cash flows from financing activities
Finance costs for new/amended borrowing facilities	16(h)	(1.8)	(1.3)
Repayment of Private Placement Notes	16(h)	(80. 0)	–
Repayment of bank borrowings	16(h)	(168.8)	(355.5)
Draw down of bank borrowings	16(h)	164.8	34 1.5
Payment of lease obligations		(2.2)	–
Settlement of share schemes		(0 .3)	(0.4)
Dividends paid	7	(54.6)	(56.3)
Net cash outflow from financing activities		(142.9)	(72. 0)
Net (decrease)/increase in cash and cash equivalents		(22.2)	21. 1
Cash and cash equivalents at start of year	14	32.7	11.6
Cash and cash equivalents at end of year	14	10.5	32.7

The notes on pages 235 to 257 form part of these financial statements.

234 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Workspace Group PLC (the ‘Company’) and its subsidiaries (together ‘the Group’) are engaged in

property investment in the form of letting of high-quality business accommodation to businesses

in and around London and the South East of England.

The Company is a public limited company, limited by shares, which is listed on the London Stock

Exchange and is incorporated and domiciled in England and Wales. The registered address of the

Company is Centro One, 39 Plender Street, London, England, NW1 0DT.

The registered number of the Company is 02041612.

Basis of preparation

These consolidated financial statements have been prepared and approved by the Directors on a

going concern basis, in accordance with UK-adopted international accounting standards and with

the requirements of the Companies Act 2006 as applicable to companies reporting under those

standards.

The Group’s consolidated financial statements have been prepared on a historical cost basis,

other than as explained in the accounting policies below. The consolidated financial statements

are presented in Sterling to the nearest million. The Group’s presentation currency is also the

Company’s functional currency . The comparative information disclosed relates to the year ended

31 March 2025.

The Group has elected to prepare the Company financial statements in accordance with FRS101;

these are presented on pages 258 to 261.

The Board is required to assess the appropriateness of applying the going concern basis in the

preparation of the financial statements. Macroeconomic and geopolitical issues, including the

impact of instability in the Middle East on UK businesses and their supply chains, have heightened

wider concerns around the UK economy and mean there is a continuing risk of an economic

downturn. In this context, the Directors have fully considered the business activities and principal

risks of the Company. Further details of the principal risks can be found on pages 60 to 67.

In preparing the assessment of going concern, the Board has reviewed a number of different

scenarios over the period to 30 June 2027. These scenarios include a severe, but realistically

possible, scenario which includes the following key assumptions:

– A reduction in occupancy, reflecting weaker customer demand for office space.

– A reduction in the pricing of new lettings, resulting in a reduction in average rent per sq. ft.

– Continued elevated levels of cost inflation.

– Refinancing of fixed-rate debt at UK five-year gilt plus margin of 2.75%.

– Increased outward movement in investment yields resulting in a lower property valuation.

The appropriateness of the going concern basis is reliant on the continued availability of

borrowings, sufficient liquidity and compliance with loan covenants. All borrowings require

compliance with Loan to Value (‘LTV’) and Interest Cover covenants. As at the tightest test date

in the going concern period, the Group could withstand a reduction in Net Rental Income of 48%

compared to the March 2026 Net Rental Income and a fall in the property portfolio valuation

of 43% compared to the 31 March 2026 Property valuation before these covenants are breached,

assuming no mitigating actions are taken.

As at 31 March 2026, the Group had significant headroom with £242m of cash and undrawn

facilities. The Group’s fixed debt comprises of a £300m green bond, £220m of private placement

notes, and a £65m secured loan facility. Shorter-term liquidity and flexibility is provided by

floating-rate bank facilities which comprise £335m of sustainability-linked revolving credit

facilities (‘RCFs’) made up of £200m maturing in June 2030 (following the exercise of an

extension option in June 2026 as detailed in note 29), and £135m maturing in November 2029.

Both facilities include the potential to be extended by a further one year subject to lender consent.

The £200m RCF has the option to increase the facility amount by up to £100m and the £135m

RCF has the option to increase the facility amount by up to £120m, both subject to lender consent.

For the full period of the going concern assessment, the Group maintains sufficient headroom

in its cash and loan facilities. The Group also has sufficient liquidity to cover all maturities falling

due for the remainder of 2027.

Consequently, the Directors have a reasonable expectation that the Group and Company will have

sufficient funds to continue to meet its liabilities as they fall due for the period to 30 June 2027

and therefore the financial statements have been prepared on a going concern basis.

Consideration of climate change

In preparing the financial statements, the Directors have considered the impact of climate

change, particularly in the context of the risks identified in the TCFD disclosures on pages 73 to

80 this year. There has been no material impact identified on the financial reporting judgements

and estimates. In particular, the Directors considered the impact of climate change in respect of

the following areas:

– the potential impact on the valuation of our investment properties due to transition risks;

– going concern and viability of the Group over the next three years; and

– the capital expenditure required to upgrade our assets’ EPC ratings and deliver

our net zero targets.

Whilst there is currently minimal medium-term impact expected from climate change, the

Directors are aware of the ever-changing risks attached to climate change and will regularly

assess these risks against judgements and estimates made in the preparation of the Group’s

financial statements.

235 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

New accounting standards, amendments and guidance

a) During the year to 31 March 2026 the Group adopted the following accounting standard

and guidance:

IAS 21 (amended)

Lack of Exchangeability

There was no material impact from the adoption of this accounting standard and amendment on

the financial statements.

b) The following accounting standards and guidance are not yet effective but are not expected

to have a significant impact on the Group’s financial statements or result in changes to

presentation and disclosure only. They have not been adopted early by the Group:

IFRS 9 and IFRS 7 (amended)	Amendments to the Classification and Measurement of
	Financial Instruments
IFRS 18	Presentation and Disclosure in Financial Statements
IFRS 19	Subsidiaries without Public Accountability: Disclosures

IFRS 18 will replace IAS 1 Presentation of financial statements and is effective for annual periods

beginning on or after 1 January 2027. IFRS 18 will not impact the recognition or measurement of

items in the financial statements, but its impacts on presentation and disclosure is expected to be

material. Management is currently assessing the detailed implications of applying the new

standard on the Group’s consolidated financial statements.

The other standards and amendments that are not yet effective are not expected to have a

material impact on the Group in the current or future reporting periods and on the foreseeable

future transactions.

Significant judgements and critical estimates

The preparation of financial statements in conformity with generally accepted accounting

principles requires the use of estimates and judgements that affect the reported amounts of

assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses

during the reporting period. Although these estimates are based on management’s best knowledge

of the amount, event or actions, actual results ultimately may differ from those estimates.

The Group’s material accounting policies are stated below. Not all of these accounting policies

require management to make subjective or complex judgements or significant estimates. The

following is intended to provide an understanding of the significant estimates within the accounting

policies that management consider critical because of the assumptions or estimation involved

in their application and their impact on the consolidated financial statements.

Critical Estimate: Investment property valuation

The Group uses the valuation performed by its independent valuers as the fair value of its

investment properties. The valuation is based upon the key external assumptions of estimated

rental values (‘ERV’) and market-based yields. Whilst occupancy is one of several indicators

considered in arriving at the appropriate ERV, it is calculated at the valuation date based on

actual vacant units at that time and is therefore not subject to material estimation uncertainty.

Changes in occupancy are reflected in the assumptions, i.e. yields and ERVs, and is hence not a

key input in itself. With regard to redevelopments and refurbishments, future development costs

and an appropriate discount rate are also used. In determining fair value, the valuers make

reference to market evidence and recent transaction prices for similar properties.

Management considers the significant assumptions to the valuation of investment properties to

be estimated rental values and market-based yields. Sensitivities on these assumptions are

provided in note 10.

Material accounting policies

The material accounting policies adopted in the preparation of these consolidated financial

statements are set out below. These policies have been consistently applied to all years

presented unless stated otherwise.

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and all its

subsidiary undertakings up to 31 March 2026. Subsidiaries are all entities (including structured

entities) over which the Group has control. The Group controls an entity when the Group is

exposed to, or has rights to, variable returns from its involvement with the entity and has the

ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated

from the date on which control is transferred to the Group until the date that control ceases. A list

of subsidiaries has been disclosed in note 27.

Inter-company transactions, balances and unrealised gains from intra-group transactions are

eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of

an impairment of the asset transferred.

236 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

Investment properties

Investment properties are those properties owned or leased by the Group that are held either

to earn rental income or for capital appreciation, or both.

Investment property is measured initially at cost, including related transaction costs. After initial

recognition, investment property is held at fair value based on a valuation by independent

professional external valuers at each reporting date. The valuation methods and key assumptions

applied are explained in note 10. Changes in fair value of investment property at each reporting

date are recorded in the consolidated income statement.

Investment properties acquired under leases are capitalised at the lease’s commencement at

the lower of the fair value of the leased property and the net present value of the minimum lease

payments. The investment properties acquired under leases are subsequently carried at fair value

plus an adjustment for the carrying amount of the lease obligation. The corresponding rental

obligations, net of finance charges, are included in current and non-current borrowings. Each

lease payment is allocated between liability and finance charges so as to achieve a constant rate

on the outstanding finance balance. The interest element of the finance cost is charged to the

consolidated income statement.

Properties are treated as acquired at the point when the Group assumes the significant risks

and rewards of ownership and are treated as disposed when they are transferred outside of

the Group’s control.

Existing investment properties which undergo redevelopment and refurbishment for continued

future use remain as investment property where the purpose of holding the property continues

to meet the definition of investment property as defined above. Subsequent expenditure is

charged to the asset’s carrying amount only when it is probable that future economic benefits

associated with the expenditure will flow to the Group, and the cost of each item can be reliably

measured. Certain internal staff costs directly attributable to capital/redevelopment projects are

capitalised. All other repairs and maintenance costs are charged to the consolidated income

statement during the period in which they are incurred.

Capitalised interest on refurbishment/redevelopment expenditure is added to the asset’s

carrying amount. Capitalised borrowing costs are calculated by reference to the actual interest

rate payable on borrowings or, if financed out of general borrowings, by reference to the average

rate payable on funding the assets employed by the Group and applied to the direct

redevelopment expenditure. Interest is capitalised from the date of commencement of the

redevelopment activity until the date when all the activities necessary to prepare the asset for its

intended use are substantially complete.

Investment properties are recognised as ‘assets held for sale’ when it is considered highly

probable that sale completion will take place within 12 months. This is assumed when the

property has been actively marketed for a buyer, supported by either the exchange of a contract

or agreement of terms with a buyer by the balance sheet date and it is highly probable that its

carrying amount will be recovered within one year.

Income from the sale of assets is recognised when the control has been transferred to the buyer.

In the case of sales of properties this is generally taken on completion of the contract. In the case

of a part disposal agreement, the part of the asset being disposed will be derecognised from

investment property when completion is reached or when a lease agreement is signed (i.e. when

the risks and rewards of this part of the site transfer to the developer). Profit or loss on disposal is

calculated as the consideration receivable (net of costs) less the latest valuation (net book value)

and is shown in profit/loss on disposal of assets.

Consideration can take the form of cash, new commercial buildings and a right to future overage

(generally being a share in the proceeds of any future sale of the residential development to be

constructed by the developer). Revenue is recognised in the period when all relevant criteria in

IFRS 15 are met under the five-step model.

Consideration (including overage) is measured at the fair value of the consideration received/

receivable.

Commercial property to be received is fair valued as described in note 10 and is included in

investment property. Changes in fair value are recognised through the consolidated income

statement in accordance with IAS 40.

Overage is only recognised once an agreement has been signed with a residential developer.

Overage represents a financial asset and is designated as a financial asset at fair value through

profit or loss upon initial recognition. The carrying value of overage is assessed at each period

end and changes in fair value are taken to other income/expenses.

Acquisitions

An acquisition is recognised when the control has been transferred, usually on completion of the

transaction. The acquisition method measures assets based on purchase price, which is allocated

to the property assets on a fair value basis, and includes directly related acquisition costs.

Business combinations are accounted for using the acquisition method. Any gain or bargain

purchase or acquisition-related costs are recognised in the consolidated income statement.

Intangible assets

Intangible assets are stated at historical cost, less accumulated amortisation. Acquired on-

premise computer software licences and external costs of implementing or developing computer

software programmes and websites are capitalised. These costs are amortised over the asset’s

estimated useful life of five years on a straight-line basis.

Costs associated with maintaining computer software programmes including Software as a

Service (‘SaaS’) are recognised as an expense as they fall due.

237 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

Property, plant and equipment

Equipment and fixtures are stated at historical purchase cost less accumulated depreciation

and impairment. Historical cost includes the original purchase price of the asset and the costs

attributable to bringing the asset to working condition for its intended use.

Subsequent expenditure is charged to the asset’s carrying amount or recognised as a separate

asset only when it is probable that future economic benefits associated with the expenditure

will flow to the Group and the cost of each item can be reliably measured. All other repairs

and maintenance costs are charged to the consolidated income statement during the period

in which they are incurred.

Depreciation is provided using the straight-line method to allocate the cost less estimated

residual value over the assets’ estimated useful lives which range from four to ten years.

The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at

least at each financial year end. An asset’s carrying amount is written down immediately to its

recoverable amount if its carrying amount is greater than its estimated recoverable amount.

Other investments

Investments in unlisted entities’ share capital are accounted for under IFRS 9 at fair value, using a

valuation multiple and financial information. Changes in fair value are shown in the consolidated

statement of comprehensive income.

Investment in unlisted entities’ preference shares are assessed under IFRS 9 to determine whether

the investment meets the debt or equity definition to determine the accounting treatment.

Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured

at amortised cost less provision for impairment based on the expected credit loss, which uses

a lifetime expected loss allowance for all trade receivables based on the individual occupier’s

circumstance. The amount of the provision is the difference between the asset’s carrying

amount and the present value of estimated future cash flows. The provision is recorded

in the consolidated income statement.

Deferred consideration on the disposal of investment properties is included within trade

and other receivables. It is fair valued on recognition and at each year end with any movement

taken to other income/expenses.

Trade and other payables

Trade and other payables are initially recognised at fair value and subsequently held

at amortised cost.

Cash and cash equivalents

Cash is represented by cash in hand, restricted cash in the form of tenants’ deposit deeds and

deposits held on call with banks and money market funds. Cash equivalents are highly liquid

investments that mature in no more than three months from the date of acquisition and that

are readily convertible to known amounts of cash with insignificant risk of change in value. Bank

overdrafts are included in current liabilities but within cash and cash equivalents for the purpose

of the consolidated statement of cash flows.

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings

are subsequently stated at amortised cost, with any difference between the initial amount

(net of transaction costs) and the redemption value being recognised in the income statement

over the period of the borrowings, using the effective interest method, except for interest

capitalised on redevelopments.

Derivative financial instruments and hedge accounting

The Group enters into derivative transactions in order to manage its exposure to interest rate

risks. Financial derivatives are recorded at fair value calculated by valuation techniques based

on market prices, estimated future cash flows and forward interest rates.

The Group applies hedge accounting for certain derivatives that are designated and effective

as hedges of future cash flows (cash flow hedges). The Group documents at the inception of the

transaction the relationship between hedging instruments and hedged items, as well as its risk

management objectives and strategy for undertaking various hedging transactions. The Group

also documents its assessment, both at hedge inception and on an ongoing basis, of whether the

derivatives that are used in hedging transactions are highly effective in offsetting changes in fair

values or cash flows of hedged items. The fair values of various derivative instruments used for

hedging purposes are disclosed in note 16(e). Movements on the hedging reserve in other

comprehensive income are shown in note 21.

For cash flow hedges, the effective portion of changes in the fair value of derivatives that are

designated and qualify as cash flow hedges is recognised in the consolidated statement of other

comprehensive income. The gain or loss relating to the ineffective portion is recognised

immediately in the consolidated income statement within other income/expenses. Amounts

accumulated in equity are reclassified to profit or loss in the periods when the hedged item

affects profit or loss.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue

of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Investment in own shares

The Group operates an Employee Share Ownership Trust (‘ESOT’) and a trust for the Share

Incentive Plan (‘SIP’). When the Group funds these trusts in order to purchase Company shares,

the loan is deducted from shareholders’ equity as investment in own shares.

238 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

Revenue recognition

Revenue comprises rental income, service charges and other sums receivable from the Group’s

investment properties. Other sums comprise supplies of utilities, premia associated with

surrender of tenancies, commissions, fees and other sundry income.

All the Group’s properties are leased out under operating leases and are included in investment

property in the consolidated balance sheet. In accordance with IFRS 16, rental income from

leases is recognised in the consolidated income statement on a straight-line basis over the lease

term. Rent received in advance is deferred in the consolidated balance sheet and recognised in

the period to which it relates. If the Group provides significant incentives to its customers the

incentives are recognised over the lease term on a straight-line basis.

Service charges and event space income from customers are recognised over time on an accruals

basis by reference to the stage of completion of the relevant services or transactions at the

reporting date, as the related services are provided to customers throughout the period. These

services generally relate to a 12-month period.

Other income from meeting room hire, car parking, commissions and food and beverage sales is

recognised on a cash basis when the relevant goods or services are provided to the customer.

Direct costs

Direct costs comprise service charges and other costs directly recoverable from tenants and

non-recoverable costs directly attributable to investment properties and other revenue streams.

Exceptional items

Exceptional items are those items that, in the Directors’ view, are required to be separately

disclosed by virtue of their size or incidence and the nature of the costs being one off to enable

a full understanding of the Group’s financial performance.

Share-based payments

The Group operates a number of share schemes under which the Group receives services from

employees as consideration for equity instruments of the Company.

The fair value of the employee services received in exchange for the grant of share awards and

options is recognised as an expense over the vesting period.

Fair value is measured by the use of Monte-Carlo valuation and Black-Scholes modelling

techniques. In valuing equity-settled transactions, assessment is made of any vesting conditions

to categorise these into market performance conditions, non-market performance conditions and

service conditions.

Pensions

The Group operates a defined contribution pension scheme. Contributions are charged to the

consolidated income statement on an accruals basis.

Taxation

Current income tax is tax payable on the taxable income for the year and any prior year

adjustment, and is calculated using tax rates that are relevant to the financial year.

Deferred tax is provided in full on temporary differences between the tax base of an asset or

liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates

that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets

are recognised when it is probable that taxable profits will be available against which the

deferred tax asset can be utilised.

Compliance with the Real Estate Investment Trust (‘REIT’) taxation regime

The Group is a REIT and is thereby exempt from tax on both rental profits and chargeable

gains from its UK property rental business.

In order to retain REIT status, certain ongoing criteria must be maintained. The main criteria

are as follows:

– at the start of each accounting period, the assets of the tax-exempt business must be

at least 75% of the total value of the Group’s assets;

– at least 75% of the Group’s total profits must arise from the tax-exempt business; and

– at least 90% of the tax-exempt business earnings must be distributed.

Dividend distributions

Final dividend distributions to the Company’s shareholders are recognised as a liability in the

Group’s financial statements in the period in which the dividends are approved, while interim

dividends are recognised when paid.

239 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

1. Analysis of net rental income and segmental information

		2026			2025
		Direct	Net rental		Direct	Net rental
	Revenue	costs 1	income	Revenue	costs 1	income
	£m	£m	£m	£m	£m	£m
Rental income	142.7	(8.4)	134.3	144.9	(6.7)	138.2
Service charges	32.8	(37.6)	(4.8)	33.2	(37.4)	(4.2)
Empty rates and other non-recoverable costs	–	(13.4)	(13.4)	–	(11.5)	(11.5)
Services, fees, commissions
and sundry income	5.9	(8.6)	(2.7)	7.1	(7.5)	(0.4)
	181.4	(68.0)	113.4	185.2	(63.1)	122.1

1. There was one property within the current period (2025: one) that was non-rent producing. Direct costs relating to

investment properties that did not generate any rental income were £nil (2025: £nil).

Included within direct costs for rental income is a charge of £0.3m (2025: £1.0m) for expected

credit losses in respect of receivables from customers in the period.

All of the properties within the portfolio are geographically close to each other and have similar

economic features and risks. Management information utilised by the Executive Committee to

monitor and review performance is presented as one portfolio. As a result, for the year ended

31 March 2026, management has determined that the Group operates a single operating segment

providing business accommodation for rent in and around London.

2. Operating (loss)/profit

The following items have been charged in arriving at operating (loss)/profit:

	2026	2025
	£m	£m
Depreciation 1 (note 11)	1.4	1.4
Staff costs (including share-based payment costs) 1 (note 5)	30.2	31.9
Repairs and maintenance expenditure on investment properties	4.9	5.3
Trade receivables impairment (note 13)	0.3	1.0
Amortisation of intangibles 2	1.1	1.5
Audit fees payable to the Company’s Auditor	0.6	0.6

1. Charged to direct costs and administrative expenses based on the underlying nature of the expenses.

2. The amortisation charge was expensed to administrative costs and other expenses following a change in the expected useful

life of the assets.

	2026	2025
Auditor’s remuneration: services provided by the Company’s Auditor and its associates	£000	£000
Audit fees:
Audit of Parent Company and consolidated financial statements	454	457
Audit of subsidiary financial statements	50	46
	504	503
Fees for other services:
Audit-related assurance services 1	75	67
Total fees payable to Auditor	579	570

1. Audit-related assurance services consist of £75k for half-year review (2025: £67k).

	2026	2025
	£m	£m
Total administrative expenses are analysed below:
Staff costs	12.2	13.8
Equity-settled share-based payments	1.6	2.4
Cash-settled share-based payments	0.1	0.2
Other	7.8	6.9
Total administrative expenses	21.7	23.3

3(a). Loss on disposal of investment properties and assets held for sale

	2026	2025
	£m	£m
Proceeds from sale of investment properties (net of sale costs)	79.4	38.4
Proceeds from sale of assets held for sale (net of sale costs)	30.7	40.4
Book value at time of sale	(123.9)	(80.3)
Loss on disposal	(13.8)	(1.5)

3(b). Other expenses

	2026	2025
	£m	£m
Other expenses	(7.3)	(3.6)
	(7.3)	(3.6)

Other expenses include exceptional costs relating to the replacement of our finance and property

management system and CRM system of £3.1m (2025: £2.7m), which brings the cumulative spend

to date to £8.8m with a forecast spend in the next financial year of £1.8m in relation to the CRM

system. Phase 1 went live during FY26 and Phases 2 and 3 are expected to go live during FY27.

There were also other expenses in the year relating to organisation restructuring totalling £4.2m

(2025: £nil), and one-off costs relating to the CEO appointed in the prior year of £0.9m. These

costs are outside the Group’s normal trading activities.

240 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

4. Finance costs

	2026	2025
	£m	£m
Interest payable on bank loans and overdrafts	(13.8)	(12.8)
Interest payable on other borrowings	(17.7)	(19.3)
Amortisation of issue costs of borrowings	(1.5)	(1.8)
Interest payable on leases	(2.2)	(2.1)
Interest capitalised on property refurbishments (note 10)	1.8	3.4
Total finance costs	(33.4)	(32.6)

All finance costs have been calculated in accordance with IFRS 9, re-estimating the cash flows based

on the original effective interest rate with any adjustment being taken through the consolidated

income statement, with the exception of interest payable on leases which is calculated in

accordance with IFRS 16.

5. Employees and Directors

	2026	2025
Staff costs for the Group during the year were:	£m	£m
Wages and salaries	22.9	27.5
Social security costs	3.3	3.2
Other pension costs (note 24)	1.2	1.4
Redundancy costs	2.6	–
Share-based costs (note 23)	1.7	2.6
	31.7	34.7
Less costs capitalised to investment property	(1.5)	(2.8)
	30.2	31.9

	2026	2025
The monthly average number of people employed during the year was:	Number	Number
Head office staff (including Directors)	142	173
Estates and property management staff	159	162
	301	335

The emoluments and pension benefits of the Directors are determined by the Remuneration

Committee of the Board and are set out in detail in the Directors’ Remuneration Report on

pages 178 to 220.

Total Directors’ emoluments for the financial year were £2.1m (2025: £2.4m), comprising of £1.9m

(2025: £2.1m) of Directors’ remuneration, £0.1m (2025: £0.3m) gain on exercise of share options

and £0.1m (2025: £0.1m) of cash contributions in lieu of pension in respect of four Directors

(2025: three).

6. Taxation

	2026	2025
	£m	£m
Current tax:
UK corporation tax	–	–
Adjustments to tax in respect of previous periods	–	–
	–	–
Deferred tax:
On origination and reversal of temporary differences	(0.2)	–
		–
Total taxation credit	(0.2)	–

The tax on the Group’s (loss)/profit for the year differs from the standard applicable corporation

tax rate in the UK of 25% (2025: 25%). The differences are explained below:

	2026	2025
	£m	£m
(Loss)/profit before taxation	(120.5)	5.4
Tax at standard rate of corporation tax in the UK of 25%
(2025: 25%)	(30.1)	1.4
Effects of:
REIT exempt income	(12.1)	(17.2)
Changes in fair value not subject to tax as a REIT	39.9	14.3
Share-based payment adjustments	–	0.2
Unrecognised losses carried forward	1.7	1.0
Other non-taxable expenses	0.4	0.3
Total taxation credit	(0.2)	–

The Group is a Real Estate Investment Trust (‘REIT’). The Group’s UK property rental business

(both income and capital gains) is exempt from UK corporation tax. The Group estimates that

as the majority of its future profits will be exempt from tax, future tax charges are likely to be low.

Profits arising from any residual business activities (e.g. trading activities and interest income), after

the utilisation of tax losses, are subject to corporation tax at the main rate of 25% for the period.

The Group currently has an unrecognised asset in relation to tax losses from the non-REIT

business carried forward of £9.3m (2025: £8.6m) calculated at a corporation tax rate of 25%

(2025: 25%).

241 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

7. Dividends

			2026	2025
	Payment date	Per share	£m	£m
For the year ended 31 March 2024:
Final dividend	August 2024	19.0p	–	36.5
For the year ended 31 March 2025:
Interim dividend	February 2025	9.4p	–	18.0
Final dividend	August 2025	19.0p	36.5	–
For the year ended 31 March 2026:
Interim dividend	February 2026	9.4p	18.1	–
Dividends for the year			54.6	54.5
Timing difference on payment of withholding tax			–	1.8
Dividends cash paid			54.6	56.3

The Directors are proposing a final dividend in respect of the financial year ended 31 March 2026

of 16.7 pence per ordinary share, which will absorb an estimated £32.1m of retained earnings and

cash. If approved by the shareholders at the AGM, it will be paid on 3 August 2026 to

shareholders who are on the register of members on 3 July 2026. The dividend will be paid

as a REIT Property Income Distribution (‘PID’) net of withholding tax where appropriate.

8. Earnings per share

		2026	2025
Earnings used for calculating earnings per share:		£m	£m
Basic and diluted earnings		(120.3)	5.4
Decrease in fair value of investment properties		159.2	55.9
Impairment of assets held for sale		0.3	0.4
Loss on disposal of investment property and assets held for sale		13.8	1.5
Loss on disposal of fixed assets		0.4	–
Tax credit		(0.2)	–
Other expenses	(note 3(b))	7.3	3.6
EPRA earnings		60.5	66.8

Earnings have been adjusted to derive an earnings per share measure as defined by the European

Public Real Estate Association (‘EPRA’) and an adjusted underlying earnings per share measure.

	2026	2025
Number of shares used for calculating earnings per share:	Number	Number
Weighted average number of shares
(excluding own shares held in trust)	192,223,942	191,997,294
Dilution due to share option schemes	966,472	1,770,841
Weighted average number of shares
for diluted earnings per share	193,190,414	193,768,135

In pence:	2026	2025
Basic (loss)/earnings per share	(62.6)p	2.8p
Diluted (loss)/earnings per share	(62.6)p	2.8p
EPRA earnings per share	31.5p	34.8p
Diluted EPRA earnings per share	31.3p	34.5p
Adjusted underlying earnings per share 1	31.3p	34.5p
Adjusted underlying earnings per share (basic)	31.5p	34.8p

1. Adjusted underlying earnings per share is calculated by dividing trading profit after interest by the diluted weighted average

number of shares of 193,190,414 (2025: 193,768.135).

The diluted loss per share for the period to 31 March 2026 has been restricted to a loss of

62.6p per share, as the loss per share cannot be reduced by dilution in accordance with

IAS 33 Earnings per Share.

242 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

9. Net assets per share and total accounting return

	2026	2025
Number of shares used for calculating net assets per share:	Number	Number
Shares in issue at year end	192,313,264	192,143,004
Less own shares held in trust at year end	(24,612)	(57,524)
Dilution due to share option schemes	1,014,372	1,871,843
Number of shares for calculating diluted
adjusted net assets per share	193,303,024	193,957,323

EPRA Net Asset Value Metrics

The Group measures financial position with reference to EPRA Net Tangible Assets (‘NTA’),

Net Reinvestment Value (‘NRV’) and Net Disposal Value (‘NDV’).

		March 2026			March 2025
	EPRA	EPRA	EPRA	EPRA	EPRA	EPRA
	NRV	NTA	NDV	NRV	NTA	NDV
	£m	£m	£m	£m	£m	£m
IFRS Equity attributable to shareholders	1,328.2	1,328.2	1,328.2	1,502.2	1,502.2	1,502.2
Fair value of derivative
financial instruments	–	–	–	0.1	0.1	–
Intangibles per IFRS balance sheet	–	–	–	–	(1.1)	–
Excess of book value of debt
over fair value	–	–	28.3	–	–	39.9
Purchasers’ costs	145.0	–	–	161.0	–	–
EPRA measure	1,473.2	1,328.2	1,356.5	1,663.3	1,501.2	1,542.1
EPRA measure per share	£7.62	£6.87	£7.02	£8.58	£7.74	£7.95

Total accounting return

	2026	2025
Total Accounting Return	£	£
Opening EPRA net tangible assets per share (A)	7.74	8.00
Closing EPRA net tangible assets per share	6.87	7.74
Decrease in EPRA net tangible assets per share	(0.87)	(0.26)
Ordinary dividends paid in the year	0.28	0.28
Total return (B)	(0.59)	0.02
Total accounting return (B/A)	(7.6%)	0.3%

The total accounting return for the year comprises the movement in absolute EPRA net tangible

assets per share plus dividends paid in the year as a percentage of the opening EPRA net

tangible assets per share. The total return for the year ended 31 March 2026 was -7.6%

(31 March 2025: 0.3%).

10. Investment properties

	2026	2025
	£m	£m
Balance at 1 April	2,351.7	2,408.5
Capital expenditure	46.4	54.3
Movement in head lease	1.4	–
Capitalised interest on refurbishments (note 4)	1.8	3.4
Disposals during the year	(85.3)	(38.5)
Change in fair value of investment properties	(159.2)	(55.9)
Disposed properties tenant incentives recognised
in advance under IFRS 16	0.1	0.2
Less: Classified as assets held for sale	(49.3)	(20.3)
Balance at 31 March	2,107.6	2,351.7

Investment properties represent a single class of property, being business accommodation

for rent in and around London.

Investment properties include buildings with a carrying amount of £297.7m (2025: £291.9m)

for which there are lease obligations of £36.1m (2025: £34.7m). Investment property lease

commitment details are shown in note 17.

Disposed properties tenant incentives relate to disposed properties during the year, where there

were tenant lease incentives accounted for under IFRS 16.

Capitalised interest is included at a rate of capitalisation of 5.8% (2025: 6.7%). The total amount

of capitalised interest included in investment properties is £23.1m (2025: £21.5m).

The change in fair value of investment properties is recognised in the consolidated income statement.

Investment property held for sale

	2026	2025
	£m	£m
Balance at 1 April	45.2	65.7
Capital expenditure	0.7	1.4
Reclassified from investment properties in the period	49.3	20.3
Disposals during the year	(38.6)	(41.8)
Impairment of assets held for sale	(0.3)	(0.4)
Balance at 31 March	56.3	45.2

One of the properties classified as held for sale at the end of the prior year was not sold during

the year. This property is retained within current assets as it is still expected to sell within the next

12 months to 31 March 2027. This property exchanged during the year.

Eight (2025: four) additional properties were reclassified as held for sale at year end. One of

these properties exchanged for sale prior to the year end and one post year end. All eight assets

are highly probable to complete within the next 12 months. The transfer value is their year end

valuation per CBRE and Knight Frank.

243 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

10. Investment properties continued

Valuation

The Group’s investment properties are held at fair value and were valued at 31 March 2026

by the external valuers, CBRE Limited and Knight Frank Limited, firms of independent qualified

valuers, in accordance with the Royal Institution of Chartered Surveyors Valuation – Global

Standards. All the properties are revalued at period end regardless of the date of acquisition.

In line with IFRS 13, all investment properties are valued on the basis of their highest and best use.

For stabilised portfolio properties, their current use equates to the highest and best use. For

properties undergoing refurbishment or redevelopment, most of these are still being used for

business accommodation in their current state. However, the valuation at the balance sheet date

includes the impact of the potential refurbishment and redevelopment as this represents the

highest and best use.

The Executive Committee and the Board both conduct a detailed review of the property

valuation to assess whether appropriate assumptions have been applied and that valuations

are appropriate. Meetings are held with the valuers to discuss and challenge the valuations,

to confirm that they have considered all relevant information.

The valuation of stabilised portfolio properties (which are not undergoing significant

refurbishment or redevelopment) is based on the income capitalisation method which applies

market-based yields to the Estimated Rental Values (‘ERVs’) of each of the properties. Yields are

based on current market expectations depending on the location and use of the property. ERVs

are based on estimated rental potential considering current rental streams and market

comparatives whilst also considering the occupancy and timing of rent reviews at each property.

Although occupancy and rent review timings are known, and there is market evidence for

transaction prices for similar properties, there is still a significant element of estimation and

judgement in ERVs. The ERVs include assumptions about future occupancy levels, these are

primarily derived from current occupancy levels adjusted as considered necessary by the valuer.

As a result of adjustments made to market observable data, the significant inputs are deemed

unobservable under IFRS 13.

When valuing properties where Workspace is carrying out a major refurbishment, the residual

value method is used. The completed value of the refurbishment is determined as for stabilised

portfolio properties above. This is then adjusted for costs to complete and developers’ profit

margin. A discount factor is applied to reflect the time period to complete construction and make

allowance for construction and market risk to arrive at the residual value of the property.

The discount factor used is the property yield that is also applied to the estimated rental value

to determine the value of the completed building. Other risks such as unexpected time delays

relating to planned capital expenditure are assessed on a project-by-project basis, looking

at market comparable data where possible and the complexity of the proposed scheme.

Redevelopment properties are also valued using the residual value method. The proposed

redevelopment which would be undertaken by a residential developer is valued based on the

market value for similar sites and then adjusted for costs to complete, developers’ profit margin

and a time discount factor. Allowance is also made for planning and construction risk depending

on the stage of the redevelopment. If a contract is agreed for the sale/redevelopment of the site,

the property is valued based on agreed consideration.

For all methods, the valuer is provided with information on tenure, letting, town planning and the

repair of the buildings and sites.

The reconciliation of the valuation report total to the amount shown in the consolidated balance

sheet as non-current assets, investment properties, is as follows:

	2026	2025
	£m	£m
Total per CBRE and Knight Frank valuation reports	2,132.8	2,367.8
Deferred consideration on sale of property	(0.6)	(0.6)
Head leases treated as leases under IFRS 16	36.1	34.7
Tenant incentives recognised under IFRS 16	(4.4)	(5.0)
Less: Reclassified as assets held for sale	(56.3)	(45.2)
Total investment properties per balance sheet	2,107.6	2,351.7

The Group’s investment properties are carried at fair value and under IFRS 13 are required to be

analysed by level depending on the valuation method adopted. The different valuation methods

are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the

entity can access at the measurement date.

Level 2 – Use of a model with inputs (other than quoted prices included in Level 1) that are

directly or indirectly observable market data.

Level 3 – Use of a model with inputs that are not based on observable market data.

As noted in the significant judgements and critical estimates section, property valuations are

complex and involve data which is not publicly available and involve a degree of judgement.

All the investment properties are classified as Level 3, due to the fact that one or more significant

inputs to the valuation are not based on observable market data.

CBRE and Knight Frank have made enquiries to ascertain any sustainability factors which are

likely to impact on value, consistent with the scope of their terms of engagement. Sustainability

encompasses a wide range of physical, social, environmental, and economic factors that can

affect the value of an asset, even if not explicitly recognised. This includes key environmental risks;

such as flooding, energy efficiency, climate, design, legislation and management considerations

– as well as current and historic land use. Where CBRE and Knight Frank recognise the value

impacts of sustainability, they reflect their understanding of how market participants include

sustainability factors in their decisions and the consequential impact on market valuations.

244 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

10. Investment properties continued

Valuation continued

The following table summarises the valuation techniques and inputs used in the determination

of the property valuation at 31 March 2026.

Key unobservable inputs:

				ERVs – per sq. ft.		Equivalent yields
	Valuation	Valuation		Weighted		Weighted
Property category	£m	technique	Range	average	Range	average
Stabilised portfolio	1,780.5	A	£22-£83	£49	6.0%-8.5%	6.7%
Completed projects	132.3	A	£25-£55	£36	6.2%-7.8%	6.7%
Refurbishments	147.5	A	£28-£60	£35	6.3%-10.6%	6.8%
South East Office	15.6	A	£31-£31	£31	8.9%-8.9%	8.9%
Tenant incentives	(4.4)	n/a	–	–	–	–
Head leases	36.1	n/a	–	–	–	–
Total	2,107.6

A = Income capitalisation method.

See unaudited additional information on page 264 for breakdown of properties by category.

All investment properties have been valued using the income capitalisation method at the

reporting date. Property categories are used for internal reporting purposes and may reflect the

nature of ongoing asset management activity; the external valuer has nevertheless applied an

income approach where appropriate.

Costs to complete are not considered to be a significant unobservable input for refurbishments

due to the high percentage of costs that are fixed.

Sensitivity analysis:

A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result in the

following increase/decrease in the valuation.

£m	+/- 10% in ERVs	+/- 25 bps in yields
Stabilised portfolio	+178/-178	-64/+69
Completed projects	+13/-13	-5/+5
Refurbishments	+15/-15	-5/+6
South East Office	+2/-2	-0/+0

The following table summarises the valuation techniques and inputs used in the determination

of the property valuation at 31 March 2025.

Key unobservable inputs:

				ERVs – per sq. ft.		Equivalent yields
	Valuation	Valuation		Weighted		Weighted
Property category	£m	technique	Range	average	Range	average
Like-for-like	1,755.8	A	£24-£84	£51	5.9%-8.6%	6.8%
Completed projects	167.8	A	£25-£55	£37	4.9%-7.6%	6.9%
Refurbishments	322.6	A/B	£23-£75	£36	5.3%-10.2%	7.2%
South East Office	75.8	A	£25-£35	£29	8.4%-12.5%	10.3%
Tenant incentives	(5.0)	n/a	–	–	–	–
Head leases	34.7	n/a	–	–	–	–
Total	2,351.7

A = Income capitalisation method.

B = Residual value method.

A key unobservable input for redevelopments at planning stage and refurbishments

is developer’s profit. The range is 10%–19% with a weighted average of 15%.

Costs to complete is a key unobservable input for redevelopments at planning stage with a range

of £273-£416 per sq. ft. and a weighted average of £325 per sq. ft.

Costs to complete are not considered to be a significant unobservable input for refurbishments

due to the high percentage of costs that are fixed.

Sensitivity analysis:

A +/- 10% movement in ERVs or a +/- 25 basis points movement in yields would result

in the following increase/decrease in the valuation.

£m	+/- 10% in ERVs	+/- 25 bps in yields
Like-for-like	+176/-176	-62/+67
Completed projects	+17/-17	-6/+6
Refurbishments	+37/-37	-13/+14
South East Office	+8/-8	-2/+2

245 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

11. Property, plant and equipment

	Equipment
	and fixtures
Cost or valuation	£m
1 April 2024	8.2
Additions during the year	1.9
Disposals during the year	(0.2)
Balance at 31 March 2025	9.9
Additions during the year	0.6
Disposals during the year	(0.6)
Balance at 31 March 2026	9.9
Accumulated depreciation
1 April 2024	5.2
Charge for the year	1.4
Disposals during the year	(0.1)
Balance at 31 March 2025	6.5
Charge for the year	1.4
Disposals during the year	(0.2)
Balance at 31 March 2026	7.7
Net book amount at 31 March 2026	2.2
Net book amount at 31 March 2025	3.4

12. Other investments

The Group holds the following investments:

	2026	2025
	£m	£m
Balance at 1 April	3.3	3.2
Additions	4.3	–
Disposals	(0.6)	–
Fair value movement in other comprehensive income	(0.8)	0.1
Balance at 31 March	6.2	3.3

At the year end, the Group held 1.9% (2025: 2.0%) of the issued ordinary share capital and £1.9m

of preference shares (2025: £2.5m) in Wavenet Limited. In accordance with IFRS 9, the share capital

has been valued at fair value, recognised in the consolidated statement of comprehensive income,

resulting in £0.8m movement in the financial year (2025: £0.1m). The preference shares are measured

at amortised cost, with the 10% coupon rate recognised in the statement of profit and loss. £1.1m

of additions in the year relates to accrued interest on Wavenet preference shares.

During the year, the Group invested £3.2m to acquire 12% of liquidity preference shares in Qube.

In accordance with IFRS 9, the preference shares have been measured at fair value through profit

and loss.

13. Trade and other receivables

	2026	2025
Current trade and other receivables	£m	£m
Trade receivables	11.6	19.2
Less provision for impairment of receivables	(1.3)	(3.5)
Trade receivables – net	10.3	15.7
Prepayments, other receivables and accrued income	13.9	14.0
Deferred consideration on sale of investment properties	2.6	3.1
	26.8	32.8

Receivables at fair value

Included within deferred consideration on sale of investment properties is £0.6m (2025: £0.6m)

of overage which is held at fair value through profit and loss.

The deferred consideration arising on the sale of investment properties relates to cash and

overage. The overage has been fair valued by Knight Frank Limited using appropriate discount

rates, and will be revalued on a regular basis. This is a Level 3 valuation of a financial asset, as

defined by IFRS 13. The change in fair value recorded in the consolidated income statement was

£nil (31 March 2025: £nil).

	2026	2025
Deferred consideration on sale of investment properties	£m	£m
Balance at 1 April	3.1	1.1
Cash received	(2.0)	–
Additions	1.5	2.0
Balance at 31 March	2.6	3.1

Receivables at amortised cost

The remaining receivables are held at amortised cost. There is no material difference between

the above amounts and their fair values due to the short-term nature of the receivables. Trade

receivables are impaired when there is evidence that the amounts may not be collectable under

the original terms of the receivable. All the Group’s trade and other receivables are denominated

in Sterling.

Movements on the provision for impairment of trade receivables are shown below:

	2026	2025
	£m	£m
Balance at 1 April	3.5	3.9
Increase in provision for impairment of trade receivables	0.3	1.0
Receivables written off during the year	(2.5)	(1.4)
Balance at 31 March	1.3	3.5

246 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

14. Cash and cash equivalents

	2026	2025
	£m	£m
Cash at bank and in hand	2.7	25.3
Restricted cash	7. 8	7.4
	10.5	32.7

£6.3m (2025: £7.2m) of the restricted cash relates to tenants’ deposit deeds which represent

returnable cash security deposits received from tenants which are held in ring-fenced bank

accounts in accordance with the terms of the individual lease contracts. The remaining balance

relates to restricted cash under terms of development projects’ funding.

15. Trade and other payables

	2026	2025
	£m	£m
Trade payables	4.2	6.8
Other tax and social security payable	5.0	3.2
Tenants’ deposit deeds	6.4	7.3
Tenants’ deposits	31.3	32.1
Accrued expenses	32.7	31.7
Deferred income – rent and service charges	9.2	11.1
	88.8	92.2

There is no material difference between the above amounts and their fair values due to the

short-term nature of the payables.

16. Borrowings

(a) Balances

	2026	2025
	£m	£m
Current
3.07% Senior Notes (unsecured)	–	79.9
Non-current
Bank loans (unsecured)	173.4	178.2
Other loans (secured)	64.4	64.3
3.19% Senior Notes (unsecured)	119.9	119.9
3.6% Senior Notes (unsecured)	99.9	99.9
2.25% Green Bond (unsecured)	299.4	299.1
	757.0	761.4
Total borrowings	757.0	841.3

(b) Net debt

	2026	2025
	£m	£m
Borrowings per (a) above Adjust for:	757.0	841.3
Cost of raising finance unamortised	4.0	3.7
	761.0	845.0
Cash at bank and in hand (note 14)	(2.7)	(25.3)
Net debt	758.3	819.7

At 31 March 2026, the Group had £239.0m (2025: £235.0m) of undrawn bank facilities, a £2.0m

overdraft facility (2025: £2.0m) and £2.7m of unrestricted cash (2025: £25.3m).

The Group has a loan to value covenant applicable to the Bank Loans and Senior Debt

Borrowings of 60%, Green Bond of 65% and Other Loan (Secured) of 55%. Loan to value

at 31 March 2026 was 35% (31 March 2025: 34%).

The Group also has an interest cover covenant of 2.0x applicable to the Bank Loan and Senior

Debt Borrowings, 1.75x applicable for the Green Bond and 2.25x applicable for the Other Loan

(secured). This is calculated as net rental income divided by interest payable on loans and other

borrowings. At 31 March 2026 interest cover was 3.6x (31 March 2025: 3.8x).

	2026	2025
	£m	£m
Repayable within one year	–	80.0
Repayable between one and two years	500.0	80.0
Repayable between two and three years	100.0	420.0
Repayable between three years and four years	96.0	200.0
Repayable between four years and five years	65.0	–
Repayable in five years or more	–	65.0
	761.0	845.0
Cost of raising finance	(4.0)	(3.7)
Total	757.0	841.3

247 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

16. Borrowings continued

(d) Interest rate and repayment profile

	Principal at
	period end
	£m	Interest rate	Interest payable	Repayable
Current
Bank overdraft due within
one year or on demand	–	Base + 2.25%	Variable	On demand
Non-current
Private Placement Notes:
3.19% Senior Notes	120.0	3.19%	Half yearly	August 2027
3.6% Senior Notes	100.0	3.60%	Half yearly	January 2029
Bank Loan	51.8	SONIA + 1.77% 1	Variable	June 2029
Bank Loan	44.2	SONIA + 1.82% 1	Variable	November 2029
Bank Loan	80.0	SONIA + 1.77% 1	Half yearly	November 2027
Other Loan (Secured)	65.0	4.02%	Quarterly	May 2030
Green Bond	300.0	2.25%	Yearly	March 2028
	761.0

1. The base margin is dependent upon the LTV as reported in the client certificate, which is submitted twice a year. The base

margin can be adjusted further by up to 4.5bps dependent upon achievement of three ESG-linked metrics.

(e) Derivative financial instruments

The Group uses a mixture of fixed rate and variable rate facilities to manage its interest rate

exposure appropriately to provide operational and budget certainty. At 31 March 2026, the Group

had no interest rate hedging in place on its variable rate debt.

Hedge effectiveness is assessed on critical terms (amount, interest rate, interest settlement dates,

currency and maturity date). The critical terms of this hedging relationship perfectly matched

at origination, so for the prospective assessment of effectiveness a qualitative assessment was

performed. The interest rate swap creates an equal and opposite interest receipt and a fixed

interest payment, therefore creating an exact offset for this transaction resulting in a net fixed

interest payable. Potential sources of hedge ineffectiveness include significant change in the

credit risk of either party or a reduction in the hedged item as such will impact the economic

relationship between the fair value changes of the hedged item and the swap.

The effects of the interest rate swap hedging relationship is as follows:

	2026	2025
Carrying amount of derivative	–	(0.1)
Change in fair value of designated hedging instrument	0.1	(0.3)
Notional amount £m	–	100
Rate payable (%)	–	4.285
Maturity	–	31 January 2026
Hedge ratio	–	1:1

(f) Financial instruments and fair values

	2026	2026	2025	2025
	Book value	Fair value	Book value	Fair value
	£m	£m	£m	£m
Financial liabilities held at amortised cost
Bank loans	173.4	173.4	178.2	178.2
Other loans	64.4	61.9	64.3	61.5
Private Placement Notes	219.8	212.6	299.7	290.5
Lease obligations	36.1	36.1	34.7	34.7
Green Bond	299.4	280.8	299.1	271.2
	793.1	764.8	876.0	836.1
Financial assets/(liabilities) at fair value through other comprehensive income
Financial derivative	–	–	(0.1)	(0.1)
Other investments	3.0	3.0	3.3	3.3
	3.0	3.0	3.2	3.2
Financial assets at fair value through profit or loss
Deferred consideration (including overage)	2.6	2.6	3.1	3.1
Other investments	3.2	3.2	–	–
	5.8	5.8	3.1	3.1

In accordance with IFRS 13, disclosure is required for financial instruments that are carried

or disclosed in the financial statements at fair value. The fair values of all the Group’s bank loans

and Private Placement Notes have been determined by reference to market prices and discounted

expected cash flows at prevailing interest rates and are Level 2 valuations. The Green bond is

listed on the Irish stock exchange and is measured at the quoted price using Level 1 valuations.

There have been no transfers between levels in the year.

The different levels of valuation hierarchy as defined by IFRS 13 are set out in note 10.

248 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

16. Borrowings continued

(g) Financial instruments by category

	2026	2025
Assets	£m	£m
a) Assets at fair value through profit or loss
Deferred consideration (overage)	0.6	0.6
Other investments	3.2	–
	3.8	0.6
b) Loans and receivables
Cash and cash equivalents	10.5	32.7
Trade and other receivables excluding prepayments 1	16.9	23.5
	27.4	56.2
c) Assets/(liabilities) at fair value through other comprehensive income
Financial derivative	–	(0.1)
Other investments	3.0	3.3
	3.0	3.2
Total	34.2	60.0

	2026	2025
Liabilities	£m	£m
Other financial liabilities at amortised cost
Borrowings	757.0	841.3
Lease liabilities	36.1	34.7
Trade and other payables excluding non-financial liabilities 2	74.6	77.9
	867.7	953.9

1. Trade and other receivables exclude prepayments of £7.0m (2025: £5.9m), accrued income of £2.3m (2025: £2.8m) and

non-cash deferred consideration of £0.6m (2025: £0.6m).

2. Trade and other payables exclude other tax and social security of £5.0m (2025: £3.2m) and deferred income of £9.2m

(2025: £11.1m).

(h) Changes in liabilities from financing activities

	Bank loans and
	borrowings	Lease liabilities
	£m	£m
Balance at 1 April 2025	841.3	34.7
Changes from financing cash flows:
Proceeds from bank borrowings	164.8	–
Repayment of bank borrowings	(168.8)	–
Finance costs for new/amended borrowing facilities	(1.8)	–
Repayment of Private Placement Notes	(80.0)	–
Payment of lease obligations	–	(2.2)
Total changes from cash flows	(85.8)	(2.2)
Amortisation of issue costs of borrowing	1.5	–
Changes in finance leases	–	1.4
Interest on finance leases	–	2.2
Total other changes	1.5	3.6
Balance at 31 March 2026	757.0	36.1

	Bank loans and
	borrowings	Lease liabilities
	£m	£m
Balance at 1 April 2024	854.8	34.7
Changes from financing cash flows:
Proceeds from bank borrowings	341.5	–
Repayment of bank borrowings	(355.5)	–
Finance costs for new/amended borrowing facilities	(1.3)	–
Total changes from cash flows	(15.3)	–
Amortisation of issue costs of borrowing	1.8	–
Total other changes	1.8	–
Balance at 31 March 2025	841.3	34.7

249 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

17. Lease Obligations

Lease liabilities are in respect of leased investment property.

Minimum lease payments under leases fall due as follows:

	2026	2025
	£m	£m
Within one year	2.2	2.1
Between one and five years	8.7	8.4
Between five and fifteen years	21.8	20.9
Beyond fifteen years	179.2	174.8
	211.9	206.2
Future finance charges on leases	(175.8)	(171.5)
Present value of lease liabilities	36.1	34.7

Following the adoption of IFRS 16, lease obligations are shown separately on the face of the

balance sheet. The balance represents a non-current liability as the payment shown within one

year of £2.2m (2025: £2.1m) is offset by future finance charges on leases of £2.2m (2025: £2.1m).

All lease obligations are long leaseholds, therefore, the majority of the obligations fall beyond

fifteen years.

18. Financial risk management objectives and policy

The Group has identified exposure to the following financial risks:

– Market risk

– Credit risk

– Liquidity risk

– Capital risk management

The policies for managing each of these risks and the principal effects of these policies on the

results for the year are summarised below:

(a) Market risk

Market risk is the risk that changes in market conditions will affect the Group’s interest rates.

Borrowings at variable rates expose the Group to cash flow interest rate risk. Borrowings at fixed

rates expose the Group to fair value interest rate risk.

The Group finances its operations through a mixture of retained profits and borrowings. The

Group borrows at both fixed and floating rates of interest. At 31 March 2026, 77% (2025: 91%)

of Group borrowings were fixed.

All transactions entered into are approved by the Board and are in accordance with the Group’s

treasury policy. The Board also monitors variances on interest rates to budget and forecast rates

to ensure that the risk relating to interest rates is being sufficiently safeguarded. As at year end,

a reasonably possible interest rate movement of +/-1.0% would have increased or decreased net

interest payable by £1.8m (2025: £0.8m).

The interest cover covenant in relation to Group borrowings is a ratio of ≥ 2.0x and the Group

targets p.a. minimum cover of 2.5x. For the year ended 31 March 2026 interest cover was 3.6x.

Interest cover is calculated as net rental income divided by interest payable on loans and

other borrowings.

(b) Credit risk

The Group’s main financial assets are cash and cash equivalents, deposits with financial

institutions and trade and other receivables.

Credit risk is the risk of financial loss if a tenant or a counterparty to a financial instrument fails

to meet its contractual obligations. The Group’s exposure to this principal risk relates to the

receivables from tenants, deferred consideration on the sale of investment property, cash and

cash equivalent balances and deposits held with counterparties.

The Group’s exposure to credit risk in relation to receivables from customers is influenced mainly

by the characteristics of individual customers occupying its rental properties. The Group has

around 4,503 lettable units at 57 properties with overall occupancy of 79%. The largest 10 single

customers generate around 9.4% of net rent roll. As such, the credit risk attributable to individual

customers is relatively low.

250 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

18. Financial risk management objectives and policy continued

(b) Credit risk continued

The Group’s credit risk in relation to customers is further mitigated by requiring that customers

provide a deposit equivalent to three months’ rent on inception of lease as security against

default. Total tenant deposits held are £37.7m (2025: £39.4m). The Group monitors aged debt

balances and any potential bad debts every week, the information being reported to the

Executive Committee every month as part of the performance monitoring process.

Deferred consideration (cash and overage) on the sale of investment properties is contractual

and valued regularly by the external valuer based on current and future market factors. Cash and

cash equivalents and financial derivatives are held with major UK high street banks and strict

counterparty limits are operated on deposits.

The carrying amount of financial assets represents the maximum credit exposure. The maximum

exposure to credit risk at the reporting date was:

	2026	2025
	£m	£m
Cash and cash equivalents (note 14)	10.5	32.7
Trade receivables – current (note 13)	10.3	15.7
Deferred consideration – current (note 13)	2.6	3.1
	23.4	51.5

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.

The Group’s approach to managing liquidity is to target a minimum headroom on loan facilities

of £50.0m, so as to have sufficient funds to meet financial obligations as they fall due. This is

performed via a variety of methods including daily cash flow review and forecasting, monthly

monitoring of the maturity profile of debt and the regular review of borrowing facilities in relation

to the Group’s requirements and strategy. The Board reviews compliance with loan covenants

which include agreed interest cover and loan to value ratios, alongside review of available

headroom on loan facilities.

To manage its liquidity effectively, the Group has an overdraft facility of £2.0m (2025 £2.0m)

and two revolving loan facilities totalling £335.0m (2025: £335.0m). At 31 March 2026 headroom

excluding overdraft and cash was £239.0m (31 March 2025: £235.0m).

The following is an analysis of the contractual undiscounted cash flows payable under financial

liabilities, derivative financial instruments and trade and other payables existing at the balance

sheet date. Contracted cash flows are based upon the loan balances and applicable interest rates

payable on these at each year end.

			Due	Due	Due
		Due	between	between	3 years	Total
	Carrying 2	within	1 and 2	2 and 3	and	contracted
	amount	1 year	years	years	beyond	cash flows
31 March 2026	£m	£m	£m	£m	£m	£m
Financial liabilities
Private Placement Notes	220.0	7. 4	125.0	102.9	–	235.3
Bank loan	96.0	5.3	5.3	5.3	98.3	114.2
Term loan	80.0	4.4	82.9	–	–	87.3
Green Bond	300.0	6.9	306.4	–	–	313.3
Other loans	65.0	2.6	2.6	2.6	67.9	75.7
Lease liabilities	36.1	2.2	2.2	2.2	205.4	212.0
Trade and other payables 1	74.5	74.5	–	–	–	74.5
	871.6	103.3	524.4	113.0	371.6	1,112.3

			Due	Due	Due
		Due	between	between	3 years	Total
	Carrying 2	within	1 and 2	2 and 3	and	contracted
	amount	1 year	years	years	beyond	cash flows
31 March 2025	£m	£m	£m	£m	£m	£m
Financial liabilities
Private Placement Notes	300.0	88.4	7.4	125.0	102.9	323.7
Bank loan	100.0	6.2	6.2	6.2	104.1	122.7
Term loan	80.0	5.0	83.3	–	–	88.3
Green Bond	300.0	6.8	6.8	306.4	–	320.0
Other loans	65.0	2.6	2.6	2.6	70.5	78.3
Lease liabilities	34.7	2.1	2.1	2.1	199.9	206.2
Trade and other payables 1	77.9	77.9	–	–	–	77.9
	957.6	189.0	108.4	442.3	477.4	1,217.1

1. Trade and other payables exclude other tax and social security of £5.0m (2025: £3.2m) and deferred income of £9.2m

(2025: £11.1m).

2. Excludes unamortised borrowing costs.

251 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

18. Financial risk management objectives and policy continued

(d) Capital risk management

The Group’s objectives in managing capital are to safeguard its ability to continue as a going

concern and to optimise returns to shareholders through the disposal of non-core assets,

reinvestment of capital into remaining portfolio, and repayment of borrowings.

Equity comprises issued share capital, reserves and retained earnings as disclosed in the

consolidated statement of changes in equity. Debt comprises the Green Bond, a secured loan,

a Term Loan, two Revolving Credit Facilities from banks and Private Placement Notes less cash

at bank and in hand.

At 31 March 2026, Group equity was £1,328.2m (2025: £1,502.2m) and Group net debt

(debt less cash at bank and in hand) was £758.3m (2025: £819.7m). Group gearing at

31 March 2026 was 57% (2025: 55%).

The Group’s borrowings are all unsecured apart from £65.0m. The details of each loan and

the covenants are disclosed in the borrowing note 16 and the loan covenants applicable to

these borrowings are being met comfortably. Loan to value is calculated using the total CBRE

and Knight Frank investment property valuation (as per note 10) and the current net debt (as per

note 16(b)). Our target is to maintain loan to value below 30%. This may from time-to-time be

exceeded up to a maximum of 40% as steps are taken to reduce loan to value back below 30%.

Under the terms of the debt agreements the covenants are calculated at the end of each annual

and interim reporting period. There are no indications that the Group would have difficulties

complying with the covenants when they will next be tested.

19. Notes to cash flow statement

Reconciliation of (loss)/profit for the year to cash generated from operations:

	2026	2025
	£m	£m
(Loss)/profit before tax	(120.5)	5.4
Depreciation	1.4	1.4
Amortisation of intangibles	0.4	0.9
Letting fees amortisation	0.1	0.6
Loss on disposal of investment properties and assets held for sale	13.8	1.5
Loss on disposal of fixed assets	0.4	–
Other expenses	0.7	0.7
Net loss from change in fair value of investment property	159.2	55.9
Impairment of assets held for sale	0.3	0.4
Equity-settled share-based payments	1.7	2.7
Finance costs	33.4	32.6
Finance income	(2.2)	(0.6)
Changes in working capital:
Decrease in trade and other receivables	5.5	5.7
Decrease in trade and other payables	(2.2)	(2.1)
Cash generated from operations	92.0	105.1

For the purposes of the cash flow statement, cash and cash equivalents include restricted cash

– tenants’ deposit deeds (note 14).

252 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

20. Share capital and share premium

	2026	2025
	£m	£m
Issued: Fully paid ordinary shares of £1 each	192.3	192.1

	2026	2025
Movements in share capital were as follows:	Number	Number
Number of shares at 1 April	192,143,004	191,910,392
Issue of shares	170,260	232,612
Number of shares at 31 March	192,313,264	192,143,004

In the year, the Group issued and authorised 170,260 shares in relation to share schemes with net

proceeds totalling £2,498 (31 March 2025: 232,612 share scheme options issued with £nil net

proceeds).

	Share capital		Share premium
	2026	2025	2026	2025
	£m	£m	£m	£m
Balance at 1 April	192.1	191.9	295.6	296.6
Issue of shares	0.2	0.2	–	–
Reduction of shares	–	–	–	(1.0)
Balance at 31 March	192.3	192.1	295.6	295.6

The movement in the prior year on share premium relates to the excess between the nominal

value and the vested share price on awarded shares to employees in the previous year. This was

recycled to retained earnings in the prior year.

21. Other reserves

			Equity-
	Other		settled
	investment	Hedging	share-based	Merger
	reserve	Reserve	payments	reserve	Total
	£m	£m	£m	£m	£m
Balance at 1 April 2024	1.5	0.2	26.0	65.3	93.0
Share-based payments	–	–	(0.4)	–	(0.4)
Share options lapsed in prior years 1	–	–	(21.2)	–	(21.2)
Change in fair value of other investment
(note 12)	0.1	–	–	–	0.1
Change in fair value of derivative financial
instruments (cash flow hedge)	–	(0.3)	–	–	(0.3)
Balance at 31 March 2025	1.6	(0.1)	4.4	65.3	71.2
Share-based payments	–	–	(0.6)	–	(0.6)
Change in fair value of other investment
(note 12)	(0.8)	–	–	–	(0.8)
Change in fair value of derivative financial
instruments (cash flow hedge)	–	0.1	–	–	0.1
Balance at 31 March 2026	0.8	–	3.8	65.3	69.9

1. In the year ended 31 March 2025, the Group transferred amounts held in the share-based payment reserve to retained

earnings In relation to share options that had lapsed in prior years. The transfer should have been made prior to 1 April 2024,

but was omitted. The error is not considered material and hence it was corrected in the prior year.

22. Investment in own shares

The Company has an Employee Share Ownership Trust (‘ESOT’) and a trust for the Share

Incentive Plan (‘SIP’). Shares are purchased in the market for distribution at a later date in

accordance with the terms of the various share schemes. The shares are held by independent

trustees. At 31 March 2026, the number of shares held by the ESOT totalled 3,844 (2025: 36,886).

The SIP is governed by HMRC rules (note 23). At 31 March 2026, the number of shares held

for the SIP totalled 20,768 (2025: 20,638).

In the year ended 31 March 2025, the Group transferred the excess amounts held in the

investment in own shares reserve to retained earnings in accordance with the carrying value

of the remaining shares held. The transfer should have been made prior to 1 April 2024, but

was omitted. The error is not considered material and hence it was corrected in the prior year.

253 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

23. Share-based payments

The Group operates a number of share schemes:

(a) Long Term Incentive Plan (‘LTIP’) and Restricted Share Awards (‘RSA’)

The LTIP scheme is a performance award scheme whereby shares are issued against

Group performance measures which are assessed over the three-year vesting period.

The RSA scheme is a retention based scheme over the three-year vesting period. There are no

performance measures associated with it.

The performance measures for the LTIP schemes are:

– Relative Total Shareholder Return (‘TSR’)

– Relative Earnings per share (‘EPS’) growth

– Relative ESG metrics

– Relative Total Accounting Return (‘TAR’)

The shares are issued at nil cost to the individuals provided the performance conditions are met.

Under the 2025 LTIP scheme, 453,149 performance shares and 493,771 restricted shares were

awarded in June 2025 to Directors and Senior Management (2024 LTIP scheme: 330,533

performance shares and 412,923 restricted shares were awarded in June 2024 and 89,814

performance shares in November 2024).

Details of the movements for the LTIP and RSA scheme during the year were as follows:

	LTIP & RSA
	Number
At 1 April 2024	2,024,892
Granted (‘ LTIP ’)	420,347
Granted (‘RSA’)	412,923
Exercised	(232,612)
Lapsed	(670,902) 1
At 31 March 2025	1,954,648
Granted (‘ LTIP ’)	453,149
Granted (‘RSA’)	493,771
Exercised	(169,512)
Lapsed	(1,065,795) 1
At 31 March 2026	1,666,261

1. Included within the lapsed figure in the year are 246,337 share options (2025: 274,992) in relation to curtailment of service

for the former CEOs.

For the 2022 LTIP scheme, which vested in June 2025, the average closing share price at the date

of exercise of shares exercised during the year was £4.26 (2021 LTIP scheme: £5.85).

Fair value of the LTIP grant, for the Relative TSR element of the schemes, is measured by the use

of Monte-Carlo valuation modelling techniques. In valuing equity-settled transactions,

assessment is made of any vesting conditions to categorise these into market performance

conditions, non-market performance conditions and service conditions.

Assumptions used in the model were as follows:

	June	November	June
	2025	2024	2024	2023	2022
	LTIP	LTIP	LTIP	LTIP	LTIP
Share price at grant	422p	562p	589p	470p	642p
Exercise price	Nil	Nil	Nil	Nil	Nil
Average expected life (years)	3	3	3	3	3
Risk-free rate	3.72%	4.09%	4.09%	4.95%	1.96%
Average share price volatility	30.7%	31.2%	32.3%	33.9%	41.5%
Correlation	61%	68%	65%	52%	46%
TSR starting factor	0.95	1.14	1.15	0.96	0.85
Fair value per option – Relative TSR element	130p	375p	383p	294p	333p

The fair value of the 2025 RSA Scheme and the additional three measures (EPS growth,

ESG metrics and TAR) for the 2025 LTIP Scheme are all measured at the grant date share price.

The 2022 LTIP scheme, which vested in June 2025, also included Total Property Return. Total

Property Return compared to the IPD benchmark is a non-market-based condition and the

intrinsic value is therefore the share price at date of grant. There was no Total Property Return

element for the LTIP 2025, LTIP 2024 and LTIP 2023 schemes. The assessment at year end for the

performance measures included in the 2025 LTIP schemes were 50% of the relative EPS growth

element will vest (LTIP 2024: 50%; LTIP 2023: 15%); 50% of the relative ESG metrics element will

vest (LTIP 2024: 50%; LTIP 2023: 15%); and 50% of the relative TAR element will vest (LTIP 2024:

50%; LTIP 2023: 15%).

The expected Workspace share price volatility was determined by taking account of the daily

share price movement over a three-year period. The respective FTSE 250 Real Estate share price

volatility and correlations were also determined over the same period. Assessment is made of any

vesting conditions to categorise these into market performance conditions, non-market

performance conditions and service conditions to value equity-settled transactions.

The risk-free rate has been determined from market yield curves for government zero-coupon bonds

with outstanding terms equal to the average expected term to exercise for each relevant grant.

254 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

23. Share-based payments continued

(b) Employee share option schemes

The Group operates a Save As You Earn (‘SAYE’) share option scheme. Grants under the SAYE

scheme are normally exercisable after three or five years’ saving. In accordance with UK practice,

the majority of options under the SAYE schemes are granted at a price 20% below the market

price ruling at the date of grant.

Details of the movements for the SAYE schemes during the year were as follows:

		SAYE
		Weighted exercise
Options outstanding	Number	price
At 1 April 2024	438,440	£4.94
Options granted	89,629	£4.66
Options lapsed	(91,606)	£4.14
At 31 March 2025	436,463	£4.85
Options granted	193,093	£3.34
Options exercised	(748)	£3.34
Options lapsed	(322,013)	£4.69
At 31 March 2026	306,795	£4.06

748 SAYE share options were exercised during the year (2025: none) with an average closing

share price at the date of exercise of £3.34 (2025: £nil).

The fair value has been calculated using the Black-Scholes model. Inputs to the model are

summarised as follows:

	2026	2026	2025	2025
	SAYE	SAYE	SAYE	SAYE
	3-year	5-year	3-year	5-year
Weighted average share price at grant	406p	406p	604p	604p
Exercise price	334p	334p	466p	466p
Expected volatility	32%	32%	32%	32%
Average expected life (years)	3	5	3	5
Risk free rate	4%	4%	4%	4%
Expected dividend yield	7%	7%	5%	5%
Possibility of ceasing employment before vesting	20%	20%	20%	20%

The expected life is the average expected period to exercise. The risk free rate of return is the

yield on zero-coupon UK Government bonds of a term consistent with the assumed option life.

The expected dividend yield is based on the present value of expected future dividend payments

to expiry.

Fair values per share of these options were:

		2026		2025
	Grant date	Fair value of award	Grant date	Fair value of award
SAYE – three-year	24 July 2025	84p	23 July 2024	168p
SAYE – five-year	24 July 2025	83p	23 July 2024	174p

All staff were granted £2,000 in August 2017, £2,000 in September 2019 and £2,000 in

September 2021. These shares are held in trust under an HMRC-approved SIP. The shares can be

exercised following three years of employment but must be held for a further two years in order

to qualify for tax advantages. No shares were granted in the year (2025: none), 14,870 (2025:

21,110) shares were exercised in the year and 235 (2025: 705) shares lapsed.

(d) Year-end summary

At 31 March 2026, in total there were 1,973,056 (2025: 2,391,110) share awards/options

exercisable on the Company’s ordinary share capital. These are analysed below:

		Ordinary
	Exercise	shares	Vested and
Date of grant	price	Number	exercisable		Exercisable between
LTIP
22 June 2023 (‘LTIP’)	–	265,763	–	22.06.2026	–
22 June 2023 (‘RSA’)	–	301,694	–	22.06.2026	–
21 June 2024 (‘LTIP’)	–	177,541	–	21.06.2027	–
21 June 2024 (‘RSA’)	–	287,031	–	21.06.2027	–
28 November 2024 (‘LTIP’)	–	89,814	–	18.11.2027	–
24 June 2025 (‘LTIP’)	–	188,812	–	24.06.2028	–
24 June 2025 (‘RSA’)	–	355,606	–	24.06.2028	–
SAYE
23 July 2021 – five-year	£6.70	–	–	01.09.2026	01.03.2027
27 July 2022 – five-year	£5.08	–	–	01.09.2027	01.03.2028
18 July 2023 – three-year	£3.95	116,051	–	01.09.2026	01.03.2027
18 July 2023 – five-year	£3.95	8,049	–	01.09.2028	01.03.2029
23 July 2024 – three-year	£4.66	30,842	–	01.09.2027	01.03.2028
23 July 2024 – five-year	£4.66	–	–	01.09.2029	01.03.2030
24 July 2025 – three-year	£3.34	133,321	–	01.09.2028	01.03.2029
24 July 2025 – five-year	£3.34	18,532	–	01.09.2030	01.03.2031
Total		1,973,056	–

The share awards/options outstanding at 31 March 2026 had a weighted average remaining

contractual life of: LTIP – 1.2 years (2025: 1.2 years), SAYE – 2.7 years (2025: 2.0 years),

SIP – 0 years (2025: 0 years).

255 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

23. Share-based payments continued

(e) Cash-settled share-based payments

National Insurance payments due on the exercise of non-approved ESOS options and shares from

the LTIP are considered cash-settled share-based payments.

The estimated fair value of the National Insurance cash-settled share-based payments have been

calculated using the share price at the balance sheet date. At each balance sheet date, the Group

revises its estimate of the number of options that are expected to vest. It recognises the impact

of the revision to original estimates, if any, in the income statement.

(f) Share-based payment charges

The Group recognised a total charge in relation to share-based payments as follows:

	2026	2025
	£m	£m
Equity-settled share-based payments	1.6	2.4
Cash-settled share-based payments	0.1	0.2
	1.7	2.6

The total liability at the end of the year in respect of cash-settled share-based schemes was

£0.5m (2025: £0.5m).

24. Pensions

The Group operates a defined contribution pension scheme. The assets of the scheme are held

separately from those of the Group in an independently administered fund. The pension cost

charge for this scheme in the year was £1.2m (2025: £1.4m) representing contributions payable

by the Group to the fund and is charged through trading profit.

The Group’s commitment with regard to pension contributions, ranges from 6.0% to 10.0%

(2025: 6.0% to 10.0%) of an employee’s salary. The pension scheme is open to every employee

in accordance with the Government’s auto-enrolment rules. The number of employees, including

Directors, in the scheme at the year end was 247 (2025: 290).

25. Related party transactions

Key management for the purposes of related party disclosure under IAS 24 are taken to be the

Executive Board Directors, the non-Board Executive Directors and the Non-Executive Directors.

Key management compensation is set out below:

	2026	2025
Key management compensation:	£m	£m
Short-term employee benefits	4.1	4.0
Post-employment benefits	0.2	0.3
Termination benefits	0.8	–
Share-based payment benefits	0.7	0.4
Total	5.8	4.7

26. Capital commitments

At the year end the estimated amounts of contractual commitments for future capital

expenditure not provided for were:

	2026	2025
	£m	£m
Investment property construction	6.2	24.1

For both current and prior periods, there were no material obligations for the repair or

maintenance of investment properties. All material contracts for enhancement are included

in the capital commitments.

256 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

27. Subsidiary and other related undertakings

The Company’s subsidiary and other related undertakings at 31 March 2026, and up to the date

of signing the financial statements, are listed below.

Except where indicated otherwise, the Company owns 100% of the ordinary share capital

of the following subsidiary undertakings incorporated and operating in the UK, all of which

are consolidated in the Group’s financial statements.

UK subsidiaries

The registered address of all UK subsidiaries is Centro One, 39 Plender Street, London, England,

NW1 0DT .

Name	Company Number	Nature of business
Workspace 12 Limited	05764838	Property Investment
Workspace 13 Limited	05834824	Property Investment
Workspace 14 Limited	05834831	Property Investment
Omnibus Workspace Limited 1,2,3	01444827	Dissolved
United Workspace Limited 1,2,3	01749661	Dissolved
Workspace Holdings Limited 2	03729646	Dormant
Busworks Limited 1,2,3	04108036	Dissolved
LI Property Services Limited 2,3	02134039	Dissolved
Workspace Management Limited	02841232	Property Management
Workspace 1 Limited	03726272	Dormant
Workspace 10 Limited 3	02985018	Dissolved
McKay Securities Limited	00421479	Property Investment
Baldwin House Limited 1,2,3	00692181	Dissolved
Workspace Projects (KP) Limited	14186009	Property Investment
Glebe Three Limited 3	05830231	Dissolved

1. 100% of the ordinary share capital of this subsidiary is held by other Group companies.

2. These subsidiary undertakings are exempt from the Companies Act 2006 requirements relating to the audit of their

individual accounts by virtue of Section 479A of the Act as Workspace Group PLC has guaranteed the subsidiary companies

under Section 479C of the Act.

3. These subsidiary companies were dissolved in the year ended 31 March 2026.

Non-UK subsidiaries

	Country of
Name	incorporation	Registered address	Nature of business
Workspace 17 (Jersey) Limited 1	Jersey	44 Esplanade, St Helier,	Dissolved
		Jersey JE4 9WQ
Workspace Salisbury Limited	Jersey	44 Esplanade, St Helier,	Property
		Jersey JE4 9WQ	Investment
Stamfordham Road (IOM)	Isle of Man	33-37 Athol Street, Douglas,	Dissolved
Limited 1		Isle of Man, IM1 1LB

1. These subsidiary companies were dissolved in the year ended 31 March 2026.

28. Leases

The majority of the Group’s tenant leases are granted with a rolling six-month tenant break

clause, although property acquisitions have included customer leases which are much longer,

with fewer break clauses. The future minimum rental income under leases granted to tenants

are shown below.

	2026	2025
Land and buildings:	£m	£m
Within one year	74.0	84.8
Between one and two years	24.7	28.6
Between two and three years	12.0	15.7
Between three and four years	7.6	6.3
Between four and five years	5.8	3.1
Beyond five years	30.5	7.3
	154.6	145.8

29. Post-balance sheet events

One Crown Square and Chiswick Studios have exchanged for sale in June 2026, with completion

set for June and July 2026 respectively. In June 2026, the Group’s £200m RCF bank facility was

extended with maturity now June 2030.

257 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

Notes

2026

£m

2025

£m

Fixed assets

Investment in subsidiary undertakings C 1,027.0 1,058.3

Other investments D 3.2 –

1,030.2 1,058.3

Current assets

Debtors: amounts falling due within one year E 435.2 531.7

Cash and cash equivalents 3.0 24.7

438.2 556.4

Total assets 1,468.4 1,614.7

Current liabilities

Creditors: amounts falling due within one year F (101.7) (73.1)

Borrowings G – (79.9)

(101.7) (153.0)

Creditors: amounts falling due after more than one year

Borrowings G (692.6) (697.1)

Total liabilities (794.3) (850.1)

Net assets 674.1 764.6

Capital and reserves

Share capital 192.3 192.1

Share premium 295.6 295.6

Investment in own shares (0.2) (0.3)

Other reserves H 69.1 69.7

Retained earnings

117.3 207.5

Total shareholders’ equity 674.1 764.6

1. Retained earnings for the Company include loss for the year of £37.5m (2025: £109.3m profit).

The notes on pages 259 to 261 form part of these financial statements.

The financial statements on pages 258 to 261 were approved by the Board of Directors

on 9 June 2026 and signed on its behalf by:

Charlie Green Tom Edwards-Moss

Director Director

Workspace Group PLC

Registered number: 02041612

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

258 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

A. Accounting policies

These financial statements were prepared in accordance with Financial Reporting Standard 101

‘Reduced Disclosure Framework’ (‘FRS 101’).

Basis of accounting

The financial statements are prepared and approved by the Directors on a going concern basis

under the historical cost convention and in accordance with Financial Reporting Standard 101

‘Reduced Disclosure Framework’ (‘FRS 101’).

In preparing these financial statements, the Company applies the recognition, measurement and

disclosure requirements of UK-adopted international accounting standards (‘Adopted IFRSs’),

but makes amendments where necessary in order to comply with Companies Act 2006 and has

set out below where advantage of the FRS 101 disclosure exemptions has been taken. The

financial statements are presented in Sterling.

a) The requirements of IAS 7 to provide a statement of cash flows and related notes for the year.

b) The requirements of IAS 1 to provide a statement of compliance with IFRS.

c) The requirements of IAS 1 to disclose information on the management of capital.

d) The requirements of paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in Accounting

Estimates and Errors’ to disclose new IFRSs that have been issued but are not yet effective.

e) The requirements in IAS 24 ‘Related Party Disclosures’ to disclose related party transactions

entered into between two or more members of a Group, provided that any subsidiary which

is a party to the transaction is wholly owned by such a member.

f) The requirements of IFRS 7 on financial instruments disclosures.

g) The requirements of paragraphs 91-99 of IFRS 13 ‘Fair Value Measurement’ to disclose

information of fair value valuation techniques and inputs.

The above disclosure exemptions are allowed because equivalent disclosures are included

in the Group’s consolidated financial statements.

Significant judgements and critical estimates

As a result of a reduction in the valuation of investment properties owned by certain of its

subsidiaries in the year to March 2026, the Directors performed an impairment assessment and

recognised an impairment of £30.7m in the value of its investment in subsidiaries (2025: £9.6m).

NOTES TO THE COMPANY FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Notes

capital

£m

premium

£m

Investment

in own

£m

Other

reserves

£m

Retained

earnings

£m

Total

shareholders’

equity

£m

Balance at 31 March 2024 191.9 296.6 (9.9) 91.3 158.5 728.4

Profit for the year – – – – 109.3 109.3

Total comprehensive profit – – – – 109.3 109.3

Transactions with owners:

Dividends paid – – – – (54.5) (54.5)

Own shares transferred

in prior years

– – 9.3 – (9.3) –

Cost of shares awarded

to employees – – 0.3 – – 0.3

Share-based payments 0.2 (1.0)

– (0.4) 3.5 2.3

Share options lapsed

in prior years

– – – (21.2) – (21.2)

Balance at 31 March 2025 192.1 295.6 (0.3) 69.7 207.5 764.6

Profit for the year – – – – (37.5) (37.5)

Total comprehensive profit – – – – (37.5) (37.5)

Transactions with owners:

Dividends paid – – – – (54.6) (54.6)

Cost of shares awarded

to employees – – 0.1 – – 0.1

Share-based payments 0.2 – – (0.6) 1.9 1.5

Balance at 31 March 2026 192.3 295.6 (0.2) 69.1 117.3 674.1

1. The movement in the year ended 31 March 2025 on share premium relates to the excess between the nominal value and the

vested share price on awarded shares to employees in the previous year. This has been reclassified to retained earnings in the

prior year.

2. In the year ended 31 March 2025, the Company transferred the excess amounts held in the investment in own shares reserve

to retained earnings in accordance with the carrying value of the remaining shares held. The transfer should have been made

prior to the date of the opening comparative period, but was omitted. The error is not considered material and hence it is

being corrected in the prior year.

3. In the year ended 31 March 2025, the Company reversed amounts held in the share-based payment reserve in relation to

share options that had lapsed in prior years. The corresponding amounts held in investment in subsidiaries have also been

reversed. The reversal should have been made prior to the date of the opening comparative period, but was omitted. The

error is not considered material and hence it is being corrected in the prior year.

The notes on pages 259 to 261 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

259 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

B. (Loss)/profit for the year

As permitted by the exemption in Section 408 of the Companies Act 2006, the profit and

lossaccount of the Company is not presented as part of these financial statements. The loss

attributable to shareholders, before dividend payments, is £37.5m (2025: £109.3m profit).

Nodividends were received in the year from subsidiary undertakings (2025: £193.7m).

Dividend payments are disclosed in note 7 to the consolidated financial statements.

C. Investment in subsidiary undertakings

£m

Cost

Balance at 31 March 2025 1,189.3

Additions in the year 1.6

Disposals in the year (2.2)

Balance at 31 March 2026 1,188.7

Impairment

Balance at 31 March 2025 131.0

Impairment in the year 30.7

Disposals in the year –

Balance at 31 March 2026 161.7

Net book value at 31 March 2026 1,027.0

Net book value at 31 March 2025 1,058.3

An impairment test has been performed at the year end by the Company. A determination of the

recoverable amount of the investments in subsidiaries was made based on the net asset value of

the subsidiaries, resulting in an impairment in the year of £30.7m (2025: £9.6m). This is due to a

fall in value of investment property. The recoverable amount remains sensitive to the financial

performance and financial position of both the Company and its subsidiaries, including the

valuation of investment properties held by the subsidiaries (see note 10 of the Group financial

statements).

D. Other investments

2026

£m

2025

£m

Balance at 1 April – –

Additions 3.2 –

Balance at 31 March 3.2 –

During the year, the Group invested £3.2m to acquire 12% of liquidity preference shares in Qube.

In accordance with IFRS 9, the preference shares have been measured at fair value through profit

and loss.

A. Accounting policies continued

Material accounting policies

i. Investment in subsidiary undertakings

Investments are carried in the Company’s balance sheet at cost less impairment. Impairment

reviews are performed by the Directors when there has been an indication of potential

impairment. Impairment and reversal of impairment is taken to the profit and loss account.

ii. Share-based payment and investment in own shares

Incentives are provided to employees under share option schemes. The Company has established

an Employee Share Ownership Trust (‘ESOT’) to satisfy part of its obligation to provide shares

when Group employees exercise their options. The Company provides funding to the ESOT to

purchase these shares.

The Company has also established an employee Share Incentive Plan (‘SIP’) which is governed

by HMRC rules.

The Company itself has no employees. When the Company grants share options to Group

employees as part of their remuneration, the expense of the share options is reflected in a

subsidiary undertaking, Workspace Management Limited. The Company recognises this as

an investment in subsidiary undertakings with a corresponding increase to equity.

The disclosure requirements for share-based payments are met in note 23 of the Group’s

consolidated financial statements.

iii. Borrowings

Details of borrowings are described in note G to the Company financial statements.

Costs associated with the raising of finance are capitalised, amortised over the life of the

instrument and charged as part of interest costs.

Other investments

Investment in unlisted entities’ preference shares are assessed under IFRS 9 to determine whether

the investment meets the debt or equity definition to determine the accounting treatment.

Taxation

Current income tax is tax payable on the taxable income for the year and any prior year

adjustment, and is calculated using tax rates that are relevant to the financial year.

Deferred tax is provided in full on temporary differences between the tax base of an asset or

liability and its carrying amount in the balance sheet. Deferred tax is determined using tax rates

that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets

are recognised when it is probable that taxable profits will be available against which the

deferred tax asset can be utilised.

Dividend distributions

Final dividend distributions to the Company’s shareholders are recognised as a liability in the

Group’s financial statements in the period in which the dividends are approved, while interim

dividends are recognised when paid.

260 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE COMPANY FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

E. Debtors

Amounts falling due within one year

2026

£m

2025

£m

Amounts owed by Group undertakings 435.2 529.7

Corporation tax asset – 2.0

435.2 531.7

Amounts owed by Group undertakings are unsecured and repayable on demand. Interest is

charged to Group undertakings. At the balance sheet date, there is no expectation of any

material credit losses on amounts owed by Group undertakings.

F. Creditors: amounts falling due within one year

2026

£m

2025

£m

Amounts owed to Group undertakings 98.4 69.3

Accruals and deferred income 3.3 3.8

101.7 73.1

Amounts owed to Group undertakings are unsecured and repayable on demand. Interest is paid

to Group undertakings.

G. Borrowings

Borrowings and financial instruments Interest rate Repayable

2026

£m

2025

£m

Creditors: amounts falling due

within one year

Bank overdraft due within one year

or on demand Base + 2.25% On demand – –

3.07% Senior Notes 3.07% August 2025 – 80.0

Creditors: amounts falling due

after more than one year

3.19% Senior Notes 3.19% August 2027 120.0 120.0

3.6% Senior Notes 3.60% January 2029 100.0 100.0

Bank Loan SONIA + 1.77%

June 2029 51.8 –

Bank Loan SONIA + 1.82%

November 2029 44.2 100.0

Bank Loan SONIA + 1.77%

November 2027 80.0 80.0

Green Bond 2.25% March 2028 300.0 300.0

Total borrowings 696.0 780.0

Less cost of raising finance (3.4) (2.8)

Net borrowings 692.6 777.0

1. The base margin is dependent upon the LTV as reported in the client certificate, which is submitted twice a year. The base

margin can be adjusted further by up to 4.5bps dependent upon achievement of three ESG-linked metrics.

All the above borrowings are unsecured.

Maturity analysis of borrowings:

2026

£m

2025

£m

Repayable within one year – 80.0

Repayable between one and two years 500.0 80.0

Repayable between two and three years 100.0 420.0

Repayable between three and four years 96.0 200.0

Repayable between four and five years – –

Repayable in five years or more – –

696.0 780.0

H. Capital and reserves

Movements and notes applicable to share capital, share premium account, investment in

own shares, other reserves and share-based payment reserve are shown in notes 20 to 23

on pages 253 to 256 and in the statement of changes in equity.

Other reserves:

Equity-settled

share-based

payments

£m

Merger reserve

£m

Total

£m

Balance at 31 March 2024 26.0 65.3 91.3

Share-based payments (0.4) – (0.4)

Share options lapsed in prior years

(21.2) – (21.2)

Balance at 31 March 2025 4.4 65.3 69.7

Share-based payments (0.6) – (0.6)

Balance at 31 March 2026 3.8 65.3 69.1

1. In the year ended 31 March 2025, the Company corrected amounts held in the share-based payment reserve in relation to

share options that had lapsed in prior years. The corresponding amounts held in investment in subsidiaries have also been

corrected. The correction should have been made prior to the date of the opening comparative period, but was omitted. The

error is not considered material and hence it is being corrected in the prior year.

261 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

NOTES TO THE COMPANY FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 31 MARCH 2026

31 March

2026

£m

31 March

2025

£m

31 March

2024

£m

31 March

2023

£m

31 March

2022

£m

Rents receivable 142.7 144.9 145.0 136.7 104.3

Service charges and other income 38.7 40.3 39.3 37.5 28.6

Revenue 181.4 185.2 184.3 174.2 132.9

Trading profit before interest 91.7 98.8 100.9 95.1 67.4

Net interest payable

(31.2) (32.0) (34.9) (34.4) (20.5)

Trading profit after interest 60.5 66.8 66.0 60.7 46.9

(Loss)/profit before taxation (120.5) 5.4 (192.8) (37.5) 124.0

(Loss)/profit after taxation (120.3) 5.4 (192.5) (37.8) 123.9

Basic (loss)/earnings per share (62.6)p 2.8p (100.4)p (19.9)p 68.2p

Dividends per share 26.1 28.4p 28.0p 25.8p 21.5p

Dividends (total) 54.6 54.5 53.8 49.4 40.6

Investment properties 2,107.6 2,351.7 2,408.5 2,643.3 2,366.7

Other assets less liabilities (21.1) (29.8) (4.7) 46.4 (9.4)

Net debt (758.3) (819.7) (854.9) (902.0) (557.7)

Net assets 1,328.2 1,502.2 1,548.9 1,787.7 1,799.6

Gearing 57% 55% 55% 50% 31%

Loan to value 35% 34% 35% 33% 23%

EPRA Net Tangible Assets (NTA) £6.87 £7.74 £8.00 £9.27 £9.88

1. Excludes exceptional items.

31 March

2026

£m

31 March

2025

£m

31 March

2024

£m

31 March

2023

£m

31 March

2022

£m

Workspace Group:

Number of estates 57 67 77 86 57

Lettable floorspace (million sq. ft.) 3.8 4.3 4.5 5.2 4.0

Number of lettable units 4,503 4,744 4,678 4,910 4,482

Average unit size (sq. ft.) 834 865 946 1,065 844

Rent roll of occupied units £127.3m £139.4m £143.4m £140.1m £111.0m

Overall rent per sq. ft. £41.96 £41.50 £38.21 £32.86 £33.26

Overall occupancy 79.4% 78.5% 83.0% 81.5% 84.3%

Enquiries (number) 7,733 8,435 9,458 10,563 11,007

Lettings (number) 1,310 1,266 1,238 1,312 1,520

EPRA Measures

EPRA Earnings per share

31.5p 34.8p 34.0p 29.4p 26.2p

EPRA Net Tangible Assets per share £6.87 £7.74 £8.00 £9.27 £9.88

1. The prior years’ EPRA earnings are calculated in line with the EPRA guidelines that existed at the time and have not been

restated in line with the 2024 guidelines.

FIVE-YEAR PERFORMANCE (UNAUDITED)

2022–2026

PERFORMANCE METRICS (UNAUDITED)

262 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

EPRA PERFORMANCE MEASURES (UNAUDITED)

Notes 2026 2025

EPRA earnings (£m) 8 60.5 66.8

EPRA earnings per share 8 31.5 34.8

EPRA earnings per share (diluted) 8 31.3 34.5

EPRA reinstatement value 9 1.473.2 1,663.3

EPRA net reinstatement value per share 9 7.62 8.58

EPRA net tangible assets (£m) 9 1.328.2 1,501.2

EPRA net tangible assets per share 9 6.87 7.74

EPRA net disposal value 9 1,356.9 1,542.1

EPRA net disposal value per share 9 7.02 7.95

EPR A LT V (below) 38.2% 36.8%

EPRA Vacancy Rate (below) 17.1% 16.8%

EPRA Capital Expenditure (below) 48.0 62.8

Definitions for these metrics can be found on page 265.

EPRA LTV Notes

2026

£m

2025

£m

Loan borrowings 16(b) 761.0 845.0

Net payable 55.7 52.2

Cash and cash equivalents 14 (2.7) (25.3)

Net Debt 814.0 871.9

Investment properties at fair value 10 2,132.8 2,367.8

Intangibles – 1.1

Total Property Value 2,132.8 2,368.9

LTV% 38.2% 36.8%

EPRA Vacancy Rate

2026

£m

2025

£m

Estimated rental value of vacant space excluding

major refurbishments and redevelopments A 28.7 30.8

Estimated rental value of the total portfolio

175.7 191.9

Less: Major refurbishments and redevelopments 7.4 8.1

Total B 168.3 183.8

EPRA Vacancy Rate A/B 17.1% 16.8%

1. Comprising the ERV of the like-for-like portfolio and those properties currently undergoing refurbishment or redevelopment

(but only including properties at the design stage and non-core properties at their current rent roll and occupancy).

Property-related capital expenditure

All figures in £m

2026

£m

2025

£m

Acquisitions – –

Major refurbishments and developments 22.6 21.6

Capitalised interest 1.8 3.4

Investment properties:

Incremental letting space – –

No incremental letting space 23.6 37.8

Tenant incentives – –

Total capital expenditure 48.0 62.8

Conversion from accrual to cash basis (0.6) (1.5)

Total capital expenditure on cash basis 47.4 61.3

EPRA like-for-like rental income

The table below sets out the like-for-like rental growth of the portfolio, in accordance with EPRA

Best Practices Recommendations.

2026

£m

2025

£m

Growth

£m

Growth

Net rental Income

EPRA like-for-like portfolio

102.2 104.3 (2.1) (2.0)%

Refurbishments and

redevelopments 7.7 8.3

Underlying Net Rental Income 109.9 112.6 (2.7) (2.4)%

Acquisitions and disposals 3.5 9.5

Net Rental Income Total 113.4 122.1 (8.7) (7.1)%

1. For this purpose, the like-for-like portfolio comprises properties which have been owned and consistently in operation and not

affected by development or refurbishment activity during the current and prior reporting years, in line with EPRA Best Practice

Recommendations. The valuation of the like-for-like portfolio on this basis, as valued by our external valuers, is £1,858m.

As per note 1 of the financial statements, management have determined that the Group operates a single operating segment.

263 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

PROPERTY PORTFOLIO 2026 (UNAUDITED)

Property name Postcode

Lettable floor area

sq. ft.

Net rent roll of

occupied units £

Stabilised portfolio

Barley Mow Centre W4 4PH 77,922 2,096,214

Brickfields E2 8HD 55,091 2,330,192

Busworks N7 9DP 103,295 1,430,148

Canalot Studios W10 5BN 46,892 1,356,115

Cargo Works SE1 9PG 70,988 3,586,464

Centro Buildings NW1 0DU 146,832 4,345,163

China Works SE1 7SJ 64,572 3,030,879

Chiswick Studios W4 5PY 14,255 128,121

Clerkenwell Workshops EC1R 0AT 52,879 3,358,981

E1 Studios E1 1DU 38,830 1,060,139

East London Works E1 1DU 38,305 949,732

Edinburgh House SE11 5DP 64,493 2,576,834

Exmouth House EC1R 0JH 57,249 3,535,175

Fuel Tank SE8 3DX 34,097 665,935

Grand Union Studios W10 5AD 61,253 1,289,927

60 Gray’s Inn Road WC1X 8LU 36,139 2,102,563

Ink Rooms WC1X 0DS 22,235 1,316,101

Kennington Park SW9 6DE 339,833 8,200,105

Lock Studios E3 3YD 53,493 906,207

Mare Street Studios E8 3JS 52,744 1,952,887

Metal Box Factory SE1 0HS 105,312 7,233,006

Mirror Works E15 2NH 39,669 726,246

Old Dairy EC2A 4HT 56,985 2,161,648

Pall Mall Deposit W10 6BL 57,880 1,433,997

Pill Box E2 6GG 49,263 1,257,335

Portsoken House EC3N 1LJ 44,598 2,015,369

Salisbury House EC2M 5QQ 220,025 13,102,876

ScreenWorks N5 2EF 62,718 1,902,679

Swan Court SW19 4JS 55,785 2,215,665

The Frames EC2A 4PS 51,864 3,412,661

The Leather Market SE1 3ER 146,946 6,891,290

The Light Box W4 5PY 74,812 1,642,820

The Light Bulb SW18 4GQ 67,517 1,438,527

The Print Rooms SE1 0LH 45,322 2,601,619

Property name Postcode

Lettable floor area

sq. ft.

Net rent roll of

occupied units £

The Record Hall EC1N 7RJ 55,658 3,358,043

The Shepherds Building W14 0EE 137,422 4,666,146

Vox Studios SE11 5JH 104,398 4,187,150

Westbourne Studios W10 5JJ 55,968 1,791,804

Refurbishments

Centro Workshops NW1 0DU 21,486 410,221

Chocolate Factory N22 6XJ 61,191 458,519

Corinthian House CR0 2BX 41,252 1,028,156

Evergreen Studios TW9 1QE 16,887 744,937

Fleet Street EC4A 2DQ 41,267 1,694,740

Leroy House N1 3QP 55,743 866,200

Parkhall Business Centre (excl A&B Blocks) SE21 8EN 90,671 1,809,531

The Biscuit Factory (Cocoa Studios) SE16 4DG 39,298 1,019,164

The Biscuit Factory (J Block) SE16 4DG 70,472 836,729

The Biscuit Factory (part) SE16 4DG 121,524 1,721,537

Wenlock Studios N1 7EU 30,941 785,086

South East Office

Building 329 RG12 8PE 31,333 551,980

Crown Square GU21 6HR 47,526 669,798

Gainsborough House SL4 1TX 18,661 548,417

9 Greyfriars Road RG1 1NU 38,493 918,503

Prospero House RH1 1LP 48,934 1,106,356

Pegasus Place RH10 9AY 50,544 1,131,880

Rivergate House RG14 2PZ 60,680 1,302,579

The Switchback SL6 7RJ 36,817 689,478

Non-core

Parkhall Business Centre (A&B Blocks) SE21 8EN 23,103 68,330

Thurston Road SE13 7SH 7,133 112,920

66 Wilson Street EC2A 2BT 11,893 661,820

1. Includes properties which are completed projects disclosed in the Business review and IFRS 13 disclosure.

264 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

Earnings per share (‘EPS’) is the profit after

taxation divided by the weighted average

number of shares in issue during the period.

Employee Share Ownership Trust (‘ESOT’)

is the trust created by the Group to hold shares

pending exercise of employee share options.

EPRA EPS is a definition of earnings per share

as set out by the European Public Real Estate

Association (‘EPRA’). It is based on operating

earnings where profit before tax is adjusted to

exclude the impact of any changes in property

valuation, gains or losses on property disposals,

fair value movements and other expenses.

EPRA LTV – Net debt plus net payables

divided by the market value of investment

properties and intangibles.

EPRA Net Asset Value (‘EPRA NAV’) is a

definition of net asset value as set out by

EPRA. It is adjusted to include investment

properties at fair value and to exclude certain

items not expected to crystallise in a long-term

investment property business model.

EPRA Net Reinstatement Value (‘EPRA NRV’)

represents the value required to rebuild an entity,

assuming that no asset sales takes place. Assets

and liabilities that are not expected to crystallise

in normal circumstances, such as fair value

movements on derivatives and deferred tax on

property valuation movements, are excluded.

EPRA Net Tangible Assets (‘EPRA NTA’)

focuses on a company’s tangible assets and

assumes that entities buy and sell assets,

thereby crystallising certain levels of

unavoidable deferred tax.

EPRA Net Disposal Value (‘EPRA NDV’)

represents the shareholders’ value under a

disposal scenario, where deferred tax, financial

instruments and certain other adjustments are

calculated to the full extent of their liability,

net of any resulting tax.

EPRA Vacancy Rate – ERV of vacant space

divided by the ERV of the whole portfolio,

excluding major refurbishments and

redevelopments.

Equivalent yield is a weighted average of the

initial yield and reversionary yield and

represents the return a property will produce

based upon the timing of the occupancy of the

property and timing of the income receivable.

This is approximated by the reversionary yield

multiplied by the Group trend occupancy

of 90%.

Estimated Rental Value (‘ERV’) or market

rental value is the Group’s external valuers’

opinion as to the open market rent which, on the

date of valuation, could reasonably be expected

to be obtained on a new letting or rent review.

Exceptional items are significant items of

income or expense that by virtue of their size,

incidence or nature are shown separately on

the consolidated income statement to enable

afull understanding of the Group’s financial

performance.

Gearing is the Group’s net debt as a percentage

of net assets.

Green Finance Framework is aligned with

ICMA’s Green Bond Principles (2018 edition)

and LMA’s Green Loan Principles (2021 edition)

and addresses UN SDGs 7, 11, 12 and 13. The

framework allows Workspace to issue a variety

of GDIs and sets out the principles for the use

and management of proceeds from GDIs.

ICMA is the International Capital Market

Association.

Initial yield is the net rents generated by

aproperty or by the portfolio as a whole

expressed as a percentage of its valuation.

Interest cover is the number of times net interest

payable is covered by net rental income.

Like-for-like portfolio comprises properties

which have been owned and consistently in

operation and not affected by development or

refurbishment activity during the current and

prior reporting years, in line with EPRA Best

Practice Recommendations.

Loan to Value (‘LTV’) is net debt divided by

the current value of properties owned by the

Group as valued by CBRE.

LMA is the Loan Market Association.

MSCI IPD MSC Inc is a company that produces

independent benchmarks of property returns

under the brand IPD.

Net Asset Value per share (‘NAV’) is net

assets divided by the number of shares

at the period end.

Net debt is the amount drawn on bank and

other loan facilities, including overdrafts,

less cash deposits. This excludes any foreign

exchange movements.

Net rents are rents excluding any contracted

increases and after deduction of inclusive

service charge revenue.

Occupancy is the area of space let divided by

the total net lettable area (excluding land used

for open storage) expressed as a percentage.

Property Income Distribution (‘PID’) a

dividend generally subject to withholding

tax that a UK REIT is required to pay from its

tax-exempted property rental business and

which is taxable for UK resident shareholders

at their marginal tax rate.

p. p refers to percentage point.

REIT is a Real Estate Investment Trust as set

out in the UK Finance Act 2006 Sections 106

and 107. REITs pay no corporation tax on profits

derived from their property rental business.

Rent roll is the annualised net rent of occupied

units for a property or portfolio of properties

at a reporting date.

Reversionary yield is the anticipated yield,

which the initial yield will rise to once the

rent reaches the estimated rental value.

It is calculated by dividing the ERV by

the valuation.

SONIA is the Sterling Overnight Interbank

Average Rate, an important interest

benchmark administrated by the

Bank of England.

Stabilised portfolio is defined as properties

within London which have been owned and

consistently in operation and not affected by

development or refurbishment activity during

the current and prior reporting years or which

has twelve months of stable occupancy –

whichever is earlier.

Total Accounting Return (‘TAR’) is the growth

in absolute EPRA net asset per share plus

dividends paid in the year as a percentage of

the opening EPRA net asset value per share.

Total Shareholder Return (‘TSR’) is the

growth in ordinary share price as quoted on

the London Stock Exchange plus dividends per

share received for the year, expressed as a

percentage of the share price at the beginning

of the year.

Trading profit after interest is net rental

income, less administrative expenses

and net finance costs.

UN SDGs is UN Sustainable Development

Goals which are addressed in the Green

Finance Framework.

GLOSSARY OF TERMS

265 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

INVESTOR INFORMATION

Registrar

All general enquiries concerning ordinary

shares in Workspace Group PLC should

be addressed to:

Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol

BS99 6ZY

Telephone: +44 (0)370 707 1413

Alternatively, shareholders can contact

Computershare online via their free Investor

Centre facility. Shareholders have the ability to

set up or amend bank details for direct credit

of dividend payments, amend address details,

view payment history and access information

on the Company’s share price. For more

information or to register, please visit

www.investorcentre.co.uk

Website

The Company has an investor website which

holds, amongst other information, a copy of

the latest Annual Report and Accounts, a list of

properties held by the Group and copies of all

press announcements. The site can be found at

www.workspace.co.uk/investors

Registered office and headquarters

Centro One

39 Plender Street

London

NW1 0DT

Registered number: 02041612

Telephone: +44 (0)20 7138 3300

Web: www.workspace.co.uk

Email: investor.relations@workspace.co.uk

Company Secretary

Carmelina Carfora

The Company’s advisers include:

Independent auditors

BDO LLP

55 Baker Street

London

W1U 7EU

Solicitors

Slaughter and May

1 Bunhill Row

London

EC1Y 8YY

Clearing bankers

NatWest

250 Bishopsgate

London

EC2M 4AA

Joint stockbrokers

JP Morgan

25 Bank Street

London

E14 5JP

Stifel Nicolaus Europe Limited

150 Cheapside

London

EC2V 6ET

266 WORKSPACE GROUP PLC

ANNUAL REPORT AND ACCOUNTS 2026

STRATEGIC REPORTOVERVIEW OUR GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION

This Annual Report is printed on Indigo Arena Extra White

Smooth is an FSC® certified material. This document was

printed by Pureprint Group, a CarbonNeutral® company,

with 99% of dry waste diverted from landfill, minimising

the impact of printing on the environment.

The mill and the printer are both certified to ISO 14001

environmental management.

Design and production

gather.london

Workspace Group PLC

Centro One

39 Plender Street

London

NW1 0DT

Telephone: +44 (0)20 7138 3300

Web: www.workspace.co.uk

Email: investor.relations@workspace.co.uk

If you require information regarding

business space in London, call

+44 (0)20 7369 2390 or visit: