Supermarket Income REIT PLC

Annual Report (ESEF) • Oct 14, 2025

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Our stores are let to leading supermarket operators in the UK and Europe, diversified by both tenant and geography. We are the largest landlord of omnichannel supermarkets in the UK. OUR PURPOSE We create sustainable long-term value through owning high-quality grocery-anchored real estate that is critical to national food infrastructure and serves local communities as essential retail. SUPERMARKET INCOME REIT | ANNUAL REPORT 2025 SECTOR SPECIALISTS INVESTING FOR GROWTH WE ARE ANNUAL REPORT 2025 1 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS SUPERMARKET INCOME REIT | FINANCIAL AND OPERATING HIGHLIGHTS FOR THE YEAR FINANCIAL AND OPERATING HIGHLIGHTS FOR THE YEAR We aim to provide investors with a combination of attractive, secure and growing income with the potential for long-term capital growth. FINANCIAL HIGHLIGHTS 7.2 % DIVIDEND YIELD 6.12p DIVIDEND PER SHARE 13.0 % EPRA COST RATIO 7.2 % TOTAL ACCOUNTING RETURN £113.2M NET RENTAL INCOME 6.0p EPRA EARNINGS PER SHARE 87.1p EPRA NTA PER SHARE 31 % LOAN TO VALUE OPERATING HIGHLIGHTS 5.9 % PORTFOLIO NIY 2 11yrs PORTFOLIO WAULT 2 77 % INVESTMENT GRADE INCOME 100 % OCCUPANCY AND RENT COLLECTION 3 . Using share price of . pence as at  June  . Portfolio metrics include the Company’s % stake in the joint venture . Subject to rounding SUPERMARKET INCOME REIT PLC 2 STRATEGIC REPORT | CHAIR’S STATEMENT Dear Shareholder, I am pleased to present the Company’s first results as an operating REIT, following the internalisation of its management function (“Internalisation”) in March 2025. The Internalisation, which I discuss in more detail below, was a key milestone among several achieved in a transformational year for the Company. These accomplishments have positioned the Company to capitalise on the compelling investment opportunities that we are seeing at this stage of the real estate cycle. In November 2024, we set out a series of key strategic initiatives, aimed at reducing costs, delivering sustainable and growing earnings, and ultimately narrowing the share price discount to NTA. Having successfully delivered on these initiatives, including recycling capital, lease renewals on three of our supermarkets and completing the Internalisation of the business, it is encouraging to see a positive market response. In the calendar year-to-date, SUPR’s share price has risen 16%, versus the FTSE EPRA NAREIT UK Index which is down 2% (based on the closing share price as at 15 September 2025) and the discount to NTA has narrowed markedly. However, we recognise that there is still more work to be done. These strategic initiatives have evidenced the affordability of rents across our high-performing omnichannel supermarket portfolio, supported our asset valuations, and demonstrated strong alignment with shareholder interests, as described below. Demonstrating affordable rental levels. In February, lease renewals for the Company’s three shortest-leased stores provided clear evidence of the above-average affordable rental levels for our high-quality stores. New 15-year leases were agreed with Tesco, featuring inflation-linked annual uplifts. The day one starting rents on these renewed leases were struck at an average of 35% above the MSCI supermarket rental index and 13% ahead of our own valuer’s Estimated Rental Values (“ERVs”), highlighting the above average rents that operators are prepared to pay for continued access to stores in our high-quality portfolio of grocery assets. Demonstrating asset valuations. The Company completed two key disposals this year, crystalising the market value of the Company’s assets. Tesco, Newmarket: We sold this store to Tesco for £63.5 million, at a net initial yield of 5.2% 3 and 7.4% above the June 2024 book value, highlighting the strong demand for low-yielding omnichannel stores. Tesco’s purchase of the store also underlines the asset’s strategic importance to the operator. Strategic joint venture (“JV”): In April, SUPR formed a strategic JV with funds managed by Blue Owl Capital, a global asset manager with $284+ billion of assets under management. The JV was seeded with eight of SUPR’s high-yielding supermarkets, which were transferred into the JV at 3% above the December 2024 book value. SUPR retained a 50% stake in the JV, generating c.£200 million in net proceeds and will receive an ongoing management fee enhancing the Company’s earnings. The JV further supported SUPR’s asset valuations, endorsed our investment thesis, and unlocked additional capital for further acquisitions while preserving future growth optionality. Demonstrating alignment with investors. In March this year, the Company internalised its management function, delivering significant benefits for shareholders. Firstly, the Internalisation is on-track to deliver the expected c.£4 million of annual cost savings. The benefits of these cost reductions are already evident in our EPRA cost ratio which has reduced from 14.7% to 13.0% reflecting savings made during the year and we are on-track to see the full benefits in FY26. With the annual savings realised from the Internalisation, we are targeting one of the lowest EPRA cost ratios in the sector—below 9%—to deliver a highly efficient platform for our shareholders. As we continue to scale the business, we are confident in our ability to drive these costs even lower. The Internalisation also provides greater alignment between management, the Board and shareholders and we are delighted to welcome Rob Abraham, CEO, and Mike Perkins, CFO, to the Board as Executive Directors. The Board would like to extend its thanks to the Atrato team for their contribution to the growth of the Company since its IPO. CHAIR’S STATEMENT 6.18p FY26 MINIMUM DIVIDEND TARGET 13.0 % EPRA COST RATIO . Assuming standard purchaser costs of .% STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Listing Changes. The Company completed a secondary listing on the Johannesburg Stock Exchange (“JSE”) in December enhancing its profile with a broader investor base and I am pleased to welcome our new South African shareholders to the register. Following completion of the Internalisation, the Company also secured shareholder support to change its UK listing to the equity shares (commercial companies) category of the Official List, which has, among other things, enhanced efficiency, operational flexibility and the attractiveness of the Company to investors in the UK and overseas. Governance. The Nomination Committee continues its succession planning. Sapna Shah, SID and Chair of the Nomination Committee, has overseen the appointment of Roger Blundell to the Board to succeed Jon Austen as Audit & Risk Committee Chair. As part of the Board’s succession planning, Jon will step down from the Board following the 2025 AGM as he approaches the end of his nine-year term. On behalf of the Board, I would like to offer my sincerest thanks to Jon for the huge contribution that he has made to the Company, having served on its Board since the IPO in 2017. Sustainability. We continue to put sustainability at the heart of the business and this year I am pleased to report that in addition to the publication of our inaugural Climate Transition Plan, we have published our third annual sustainability report to coincide with the release of our TCFD compliant full year results. Post period end actions. Following the period end, the Company has reinforced its commitment to delivering long-term shareholder value, with the earnings enhancing acquisition of a Tesco supermarket in Ashford, a top performing foodstore, marking the first reinvestment of proceeds from the JV. The Company also issued its first sterling bond which secures long-term financing at an attractive fixed rate. The investment grade bond enhances the Company’s financial flexibility and the potential earnings accretion of the acquisition pipeline as the business continues to scale. Outlook With a fully aligned internal management structure now in place, supported by a high-calibre team of sector specialists, we believe we are well positioned to deliver significant long-term value for shareholders. The Company’s supermarket tenants continue to perform strongly with the non-discretionary and highly resilient grocery market benefitting from an extended period of food price inflation and sales growth across the market. The Board recommends a minimum target dividend of 6.18p for the year ending June 2026. While our near-term focus remains on delivering a growing and fully covered dividend, ultimately our aim is to position the Company to deliver dividend growth ahead of that seen in recent years, during which we have been actively managing the impact of higher financing costs since 2022. The Company has delivered a huge amount of progress this year and I am pleased with the positive response from our shareholders. The Company has demonstrated its agility and innovation, evidenced through strategic transactions such as the JV which attracted a strategic partner, warehoused future pipeline, released capital and leveraged our team’s sector expertise to generate additional earnings through the ongoing management fee. We have a current and compelling pipeline of opportunities, access to capital and the right team to deliver them. I look forward to updating the market as we maintain the pace of activity and creativity displayed this year, and as we continue to grow the business and deliver long-term value for shareholders. Nick Hewson Chair  September  “ With a fully aligned internal management structure now in place, supported by a high-calibre team of sector specialists, we are well positioned to deliver significant long-term value for shareholders.” Nick Hewson, Chair 3ANNUAL REPORT 2025 SUPERMARKET INCOME REIT PLC 4 STRATEGIC REPORT | FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 12 months to 30 June 25 12 months to 30 June 24 Change Net rental income .m .m +% EPRA earnings per share  . pence . pence -% IFRS earnings per share . pence (.) pence n/a Dividend per share declared . pence . pence +% Dividend cover   .x .x n/a EPRA cost ratio  .% .% n/a 30-June-25 30-June-24 Change in Year Portfolio valuation  ,m ,m -% Portfolio net initial yield  .% .% n/a Investment in Joint Venture .m - n/a EPRA NTA per share  . pence . pence n/a IFRS NAV per share  . pence . pence -% Loan to value  % % n/a A TRANSFORMATIONAL YEAR POSITIONING THE COMPANY FOR INCREASED SCALE AND EARNINGS GROWTH. DEMONSTRATING ALIGNMENT WITH SHAREHOLDERS, ASSET VALUATIONS AND AFFORDABILITY OF RENTS. The Board of Directors of Supermarket Income REIT plc (LSE: SUPR, JSE: SRI), the real estate investment trust, reports its audited consolidated results for the Group for the year ended  June  (the “Year”). Significant strategic milestones achieved • Positioned for materially improved earnings and dividend cover through £6 million of expected total cost saving initiatives – Internalisation to deliver £4 million of expected cost savings and clear alignment between the Company, management team and shareholders – Committed to being one of the lowest cost companies in the sector targeting below 9% EPRA cost ratio – Debut sterling bond issuance fixing £250 million of debt costs for 6 years at 5.125% coupon • Active capital recycling proving asset valuations and releasing capital for reinvestment – Strategic £403 million Joint Venture (the “JV”) with funds managed by Blue Owl Capital (“Blue Owl”) at 3% premium to 31 December 2024 book value – SUPR holds a 50% interest in the JV and its future pipeline of assets and realised c.£200 million of net proceeds to deploy into an attractive pipeline of investment opportunities – Sale of Tesco, Newmarket for £63.5 million at 7.4% premium to 30 June 2024 book valuation • Active capital recycling has resulted in a marginal decline in EPRA earnings per share of 2%, which reflects temporary cash drag as the Company continues to deploy the net proceeds from the JV • Renewed leases on the three shortest leased supermarkets demonstrating affordability of rents – Extended leases to 15 years with RPI linked annual reviews – New starting rents in line with acquisition underwrite at 4% rent to turnover, 35% ahead of MSCI supermarkets average rent per sq.ft. and 13% above valuer’s ERVs • Secondary listing on the JSE broadening SUPR’s exposure to international investors Positioning for future growth • FY26 target dividend increased to a minimum of 6.18 pence per share • Reduction in EPRA cost ratio of 1.7% during the year, with additional reductions expected in FY26 reflecting a full year of benefits from Internalisation cost reductions • LTV of 31% as at 30 June 2025 (30 June 2024: 37%) providing capacity for growth through increased leverage to fund earnings accretive acquisitions (current LTV of 34%) • 100% occupancy and 100% rent collection 12 since IPO – Income backed by the leading and largest operators in the non-discretionary grocery sector • c. £450 million of liquidity in the form of cash and undrawn committed facilities • Fitch BBB+ investment grade rating reaffirmed providing access to attractively priced long-dated debt • Post balance sheet debut £250 million oversubscribed sterling bond issuance with a six-year term and a fixed coupon of 5.125% Earnings accretive acquisitions • Acquired a Sainsbury’s store in Huddersfield for £49.7 million at a 7.6% 15 net initial yield (“NIY”) • Acquired nine Carrefour assets in France through a sale and leaseback for a total purchase price of €36.7 million 22 , at a portfolio NIY of 6.8% • Post balance sheet acquisitions include a Tesco store in Ashford for £54.1 million at a 7.0% 16 NIY and a Waitrose store in Anglesey for £4.8 million at a 6.1% 17 NIY. FINANCIAL HIGHLIGHTS . Subject to rounding . NIY achieved on transaction costs of .% due to the acquisition of a corporate entity . NIY achieved on transaction costs of .% due to the acquisition of a corporate entity . NIY based on standard purchaser’s costs in Wales . The alternative performance measures used by the Group have been defined and reconciled to the IFRS financial statements within the unaudited supplementary information . Including share of joint venture portfolio . Calculated as EPRA earnings divided by dividend paid in the year ANNUAL REPORT 2025 5 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Strong grocery sector growth • The non-discretionary grocery market continues to demonstrate growth and resilience • UK grocery market has shown consistent growth, with sales up 5.4% year on year in July 2025 18 forecast to grow to £259 billion in 2025 19 – Tesco and Sainsbury’s increased sales and market share in the year with a combined 43% market share 20 – Total online market share at 12% and growing 20 • French grocery market has shown consistent growth, with total sales forecast to reach €329 billion in 2029, representing 3% annual growth 21 – Carrefour has a 21.5% market share in France, an increase of 2.2 percentage points since June 2024 20 – Online is one of the fastest growing channels experiencing 88% growth between 2018 and 2025 21 , accounting for approximately 10% of the market Material cost savings and increased alignment with shareholders • Internalisation of the management function expected to deliver at least c.£4 million of annual cost savings • Reduced EPRA cost ratio to 13%, targeting further cost efficiencies in FY26 with the aim of achieving below 9%, among the lowest in the sector • Broader investor appeal with the transfer of listing from the closed-ended investment fund category to the equity shares (commercial companies) category of the Official List Supermarket property valuations increasing • The Company’s portfolio valuation increased by 1.9% 22 on a like-for-like basis • NIY of 5.9% (30 June 2024: 5.9%) • The Company acquired £81.2 million 23 of assets at an average yield of 7.3%, representing an attractive 2.3% spread to the incremental cost of debt • The Company disposed of £466.8 million 24 of assets, highlighting strong demand for omnichannel stores – Tesco, Newmarket: sold to Tesco plc for £63.5 million, 7.4% above book value 25 – Eight stores in the 50:50 JV: £403.3 million, 3% above book value 26 • Constrained transaction volumes with potential sellers choosing to hold on to assets, placing upwards pressure on valuations Further progress on key sustainability initiatives: • EPRA Sustainability Best Practices Recommendations (sBPR) Silver and Most Improved Awards • First Climate Transition Plan published • Improved ESG data collection processes with electricity and natural gas data collected from all supermarket tenants • Strong tenant net zero commitments continue to drive significant tenant capital expenditure on stores • EV charging operational at 38% of sites and solar arrays operational across 16% of stores in the Portfolio • Awarded sixth consecutive EPRA Gold award for governance “ This has been a transformational year for SUPR which has positioned the Company to return to growth. The team has delivered shareholder value through a number of key strategic milestones, most notably the Internalisation which will deliver significant cost savings and provides greater alignment with shareholders. We have proactively sought to deliver further shareholder value through establishing a £403 million JV, issuing our debut £250 million sterling bond, demonstrating the affordability of rents and validating asset valuations, whilst broadening our investor base through our secondary listing on the JSE. The investment case for supermarket real estate is as compelling as ever and our relationship led model combined with sector specialism allow us to unlock attractive opportunities for shareholders. Our portfolio of 82 27 high-quality foodstores let to operators of significant scale, under triple net leases with contractual inflation linked uplifts, enables us to deliver an efficient platform with a falling cost ratio. We remain focused on delivering shareholder value as we look to scale the platform further. Our team of grocery sector specialists continues to demonstrate its ability to originate and execute on an attractive acquisition pipeline of earnings enhancing opportunities. Through this pipeline we expect to deliver a growing and fully covered dividend.” Robert Abraham CEO . Kantar grocery year on year grocery sales for the four weeks to  July  . IGD UK Grocery Market Value forecasts . Kantar – Grocery Market Share Data as at June  . IGD France Grocery Market Value forecasts . Including realised and unrealised gains . Excluding acquisition costs and including an additional store which was acquired by the Company post-period end due to a conditional purchase agreement . Excluding costs associated with disposals . Book value as at  June  . Value as at  December  . Including assets managed on behalf of the joint venture and a store for which the Company signed a conditional purchase agreement SUPERMARKET INCOME REIT PLC 6 STRATEGIC REPORT | OUR STRATEGY AT WORK OUR STRATEGY We have acquired a unique portfolio of top performing, mission critical supermarkets with attractive trading fundamentals. Our investment strategy is to capitalise on the long-term structural growth in the non-discretionary grocery market. We are the largest landlord of omnichannel grocery stores in the UK. OUR INVESTMENT MODEL We offer our investors a combination of attractive, secure and growing income with potential for long term capital growth by acquiring top-performing mission critical grocery stores. DELIVERING OMNICHANNEL The omnichannel model integrates three key delivery methods to serve consumers: traditional in-store shopping, click & collect and home delivery. This combination helps to deliver increased sales and customer satisfaction. OUR VISION We are dedicated to investing in supermarket property that is mission critical to national food infrastructure and serves local communities as essential retail. TRADITIONAL IN-STORE CLICK & COLLECT AT STORE HOME DELIVERY FROM STORE OUR STRATEGY FOR GROWTH ANNUAL REPORT 2025 7 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS OPERATIONAL ACTIVITY 1. LEASE RENEWALS ON THREE TESCO SUPERMARKETS In February 2025, the three shortest leased supermarkets in our portfolio, Tesco Bracknell, Bristol and Thetford had new 15-year leases agreed with the operator with starting rents which were 35% above MSCI’s supermarket benchmark index and 13% above our valuer’s estimated rental values. Read about how these lease renewals demonstrate the affordable rental levels for our strong trading, large format omnichannel stores on page 21. 2. FORMATION OF £403 MILLION JOINT VENTURE In April 2025, SUPR formed a strategic joint venture with funds managed by Blue Owl Capital, seeded with eight of SUPR’s high-yielding supermarkets, which were transferred into the JV at a 3% premium to book value. Read about how this transaction supports our investment thesis and unlocks additional capital for further acquisitions on page 26. 3. ACQUISITION OF A £50M SAINSBURY’S IN HUDDERSFIELD In November 2024, SUPR acquired a large format omnichannel store occupied by Sainsbury’s, achieving a highly attractive NIY of 7.6%. Read about how this asset increases our exposure to long inflation linked leases and is supportive of long-term earnings growth on page 20. 4. ACQUISITION OF A £4.8M WAITROSE IN ANGLESEY In August 2025, SUPR purchased a small format store occupied by Waitrose, for a net initial yield of 6.1% providing an accretive level of earnings relative to the Company’s cost of debt. Read about how this acquisition demonstrates the opportunity to grow the portfolio through smaller transactions sizes, whilst maintaining income quality and securing long lease terms on page 29. SUPERMARKET INCOME REIT PLC 8 STRATEGIC REPORT | OUR STRATEGY AT WORK The grocery market is changing. The developing online market adds a new dimension to the long established, traditional grocery market. For the operator: the economies of scale resulting from a near doubling in online grocery penetration has halved delivery costs from omnichannel stores. For the customer: adding online fulfilment to a store creates a better in-store experience. This virtuous cycle effect of an omnichannel supermarket is driving the global convergence towards omnichannel being the optimal future model of grocery. OMNICHANNEL AT OUR CORE CONSUMERSOMNICHANNEL SUPERMARKET CLICK & COLLECT AT STORE HOME DELIVERY FROM STORE TRADITIONAL IN-STORE The grocery sector benefits from robust fundamentals including, non-discretionary spending, inflation linkage through the efficient passthrough of cost to consumers, high barriers to entry and long, inflation-linked leases. Increasingly, operators are leveraging operational efficiencies through integrated fulfilment models, which enhance both profitability and customer experience. SECTOR STRENGTH AND OPERATIONAL EFFICIENCY INCREASED SALES, BASKET SIZES AND ONLINE ORDERS ENHANCED CUSTOMER EXPERIENCE AND LOYALTY TENANT INVESTMENT IN STORES STRONG TENANT PERFORMANCE RESILIENT CUSTOMER DEMAND STABLE, GROWTH INCOME RETURNS The evolution of online grocery adds a complementary dimension to the traditional store network, reinforcing the importance of physical locations, particularly omnichannel stores. For operators, this integration drives economies of scale and cost efficiencies. For customers, it enhances convenience and satisfaction. This virtuous cycle is helping to position grocery as one of the most attractive real estate sectors for long-term investment—offering secure, inflation-linked income and defensive characteristics in a changing macroeconomic environment. A SECTOR POSITIONED FOR LONG-TERM GROWTH GROCERY: A RESILIENT AND GROWING SECTOR We seek to own and manage a leading portfolio of handpicked, high-quality supermarkets that earn long- dated, secure, inflation-linked, growing rental income and the potential for long-term capital growth. Our strategy focuses on acquiring assets that are critical to the operations of major grocery operators. These assets are a critical part of national food infrastructure. JULY 2017 FEB 2020 MAY 2020 APR 2021 FEB 2022 JUNE 2022 JULY 2022 JULY 2023 DEC 2024 MAR 2025 APR 2025 JULY 2025 JULY 2025 IPO listing £500m AUM Formation of JV to purchase Sainsbury’s Reversion Portfolio £1bn AUM BBB+ Investment Grade Credit Rating Secured FTSE250 inclusion Executed £412m Unsecured Debt Facility Received final proceeds from Sainsbury’s Reversion Portfolio delivering 30% IRR and 1.9X money multiple Secondary listing on the Johannesburg Stock Exchange Internalisation of the management function Formation of £403m strategic JV with funds managed by Blue Owl Capital Transfer of Listing Debut £250m, 6-year, Unsecured Bond OUR TRACK RECORD SEP 2019 SEP 2020 JUNE 2021 SEP 2021 SEP 2022 SEP 2023 MAR 2024 SEP 2024 SEP 2024 JUNE 2025 1 st EPRA BPR Gold Award 2 nd EPRA BPR Gold Award SUPR adopts the UN SDGs 3 rd EPRA BPR Gold Award 4 th EPRA BPR Gold Award 5 th EPRA BPR Gold Award SBTi approved emission reduction targets 6 th EPRA BPR Gold Award EPRA sBPR Most Improved and Silver Awards SUPR Climate Transition Plan published COMMITMENT TO GOVERNANCE AND SUSTAINABILITY ANNUAL REPORT 2025 9 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS OUR PORTFOLIO We have built a unique portfolio of supermarkets, diversified both by geography and tenant. Our properties are ’mission critical’ to our grocery tenants, operating as key online fulfilment hubs as well as generating in-store physical sales. STRATEGIC REPORT | OUR STRATEGY AT WORK . Total figure may exceed % due to rounding . Including assets managed on behalf of the joint venture and a store for which the Company signed a conditional purchase agreement . By value . Subject to rounding . By rental value Exposure by valuation Tesco 43% Sainsbury’s 32% Carrefour 6% Waitrose 5% Morrisons 4% Asda 2% Aldi 1% M&S 1% Non-food 7% Total 100% 5 Portfolio weighted by value based on 30 June 2025 valuation. Indexation Income mix by rent review type RPI 64% CPI 7% ILC 6% Fixed 2% OMV 21% Total 100% Portfolio weighted by rental income as at 30 June 2025. OUR PORTFOLIO IN NUMBERS 82 SUPERMARKETS 6 5.9 % NET INITIAL YIELD (“NIY”) 93 % OMNICHANNEL STORES 7 100 % OCCUPANCY SINCE IPO 8 100 % RENT COLLECTION SINCE IPO 8 77 % INFLATION-LINKED RENT REVIEWS 9 The Company continues to build on its existing portfolio of strong trading, mission critical omnichannel supermarkets backed by leading grocery operators. These assets form a key part of our tenants’ last mile fulfilment networks and help to capture both online and in-store shopping. Currently 93% of our supermarket assets are omnichannel, by value. SUPERMARKET INCOME REIT PLC 10 STRATEGIC REPORT | OUR STRATEGY AT WORK INVESTING IN A SUSTAINABLE FUTURE Environment, social and governance (“ESG”) is a key priority for the Company. The Board is committed to delivering the Company’s ambitious sustainability goals. 1. CLIMATE AND ENVIRONMENT Reduce our emissions to achieve a net zero carbon portfolio and mitigate the environmental impacts of our assets. 2. TENANT AND COMMUNITY ENGAGEMENT Partner with our tenants and stakeholders to ensure our assets enhance the communities in which they are located. 3. RESPONSIBLE BUSINESS Strengthen ESG performance and uphold responsible business practices to deliver long-term value. The Company’s Sustainability Strategy supports multiple UN Sustainable Development Goals (SDGs) and particularly focuses on those goals which we consider most material to our business – namely, goals 8 – Decent work and economic growth, 11 – Sustainable Cities and Communities, 12 – Responsible Consumption and Production, and 13 – Climate Action, all of which are underpinned by goal 17 – Partnerships for the goals. The Company’s progress against these three pillars supports our purpose which is to create sustainable long-term value through owning high-quality grocery-anchored real estate that is critical to national food infrastructure and serves local communities as essential retail. The Company has published its third standalone Sustainability Report which details its sustainability performance and progress against the three pillars of the sustainability strategy and priorities for the year ahead. Refer to our standalone Sustainability Report for more information. In addition to the Company’s Sustainability Report, disclosures in line with the Task Force on Climate-related Financial Disclosures (“TCFD”) recommended disclosures and the Company’s Streamlined Energy and Carbon Reporting (“SECR”), have been included within the Annual Report on pages 36 to 48. For the second consecutive year, the Company has also undertaken independent assurance over its reported Scope 1, 2 and 3 GHG figures (refer to the Assurance Report on the Sustainability page of the Company’s website). UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (SDGS) ALIGNMENT Investing responsibly for long-term value creation remains at the heart of the Company’s business model. The Company has continued to make considerable progress against all three pillars of its Sustainability Strategy. Our Sustainability Strategy is underpinned by these core pillars that reflect the most material sustainability issues for our Company and the long-term nature of our investments. Our approach to sustainability is grounded in our commitment to responsible investment and good stewardship, with the aim to create and deliver long-term value for our stakeholders. THE THREE PILLARS OF OUR SUSTAINABILITY STRATEGY RESPONSIBLE INVESTMENT FOR LONG-TERM VALUE PILLAR 1 CLIMATE AND ENVIRONMENT PILLAR 2 TENANT AND COMMUNITY ENGAGEMENT PILLAR 3 RESPONSIBLE BUSINESS TOWARDS NET ZERO The Company has committed to reaching net-zero greenhouse gas (“GHG”) emissions across our value chain by 2050. The Company has set ambitious underlying targets across our Scope 1, 2 and 3 emissions, which were validated and approved by the Science Based Targets initiative (“SBTi”) in 2024. CLIMATE TRANSITION PLAN A significant milestone has since been reached under the Climate and Environment pillar of the Company’s Sustainability Strategy, with the publication the Company’s first Climate Transition Plan. Our Transition Plan details how the Company intends to reduce its emissions in line with its near and long-term emissions reduction targets. The publication of the Transition Plan reflects the Company’s commitment to making continued progress against its net zero commitment and our belief in the importance of transparent reporting. Refer to our standalone Sustainability Report for more information on our Sustainability Strategy ANNUAL REPORT 2025 11 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS SUSTAINABILITY STRATEGY IN ACTION The Company is committed to advancing our sustainability initiatives, supporting our tenants to improve their ESG performance and upholding our responsible investment commitments. ENERGY EFFICIENCY IMPROVEMENTS AT PRESCOT Tenant-led investments into store improvements, including LED lighting installation, refrigeration system upgrades and removal of fossil fuel heating and cooling systems, help to improve operational energy efficiency of the stores and reduce emissions – supporting the Company’s Scope 3 emissions reduction target. A recent example of such improvements was seen at the Company’s Tesco Prescot site, with a significant investment into the store in 2024, which has seen new refrigeration units installed throughout the store (replacing units which were over 15 years old), upgraded heating systems with two new efficient boilers, and a general store refurbishment KEY STATS: Scope 3 energy consumption and resultant emissions from Downstream Leased Assets (Scope 3 category 13), which includes tenant Scope 1 and 2 emissions, have decreased 28% on prior year 10 MAKING A DIFFERENCE THROUGH COMMUNITY ENGAGEMENT The Company has continued to focus on its broader community engagement efforts to ensure its assets enhance the local communities in which they are located. Through its charitable giving and volunteering initiatives in FY25, the Company has donated £180,000, supporting 13 charities across the UK and giving more than 80 hours in volunteering time. The Company continues to support community engagement initiatives and during the reporting period held its first Nature Day pilot event in collaboration with Tesco, at its Tesco Willow Brook site. The event aimed to educate shoppers and families on the importance of nature and protecting biodiversity, and provided a space for community members to connect, learn and interact. KEY STATS: £180,000 donated 13 charities supported 86.5 volunteering hours 8,782 Nature Day attendees CONTINUING TO ENHANCE ESG DATA AND REPORTING The Company recognises the importance of transparent, decision-useful sustainability reporting to improve its accountability to stakeholders. The Company published its first EPRA Sustainability Best Practices Recommendations (“sBPR”) Report in June 2024, receiving Most Improved and Silver sBPR Awards for its inaugural report and has included updated sBPR disclosures within its standalone 2025 Sustainability Report. During the reporting period, the Company has also focused on improving ESG data collection from tenants to improve the completeness and accuracy of its GHG Inventory and to allow more accurate tracking of year-on-year changes, evidence emissions reductions in the portfolio and identify stores to prioritise EPC reassessments. KEY STATS: . Primarily driven by increased availability of refrigeration data from supermarket tenants, offering a more accurate representation of refrigerant-related emissions. A decrease in supermarket tenant electricity consumption also reduced absolute Scope  category  emissions. Actual (vs estimated) UK supermarket tenant energy consumption data increased to 63% (from 26% prior year) SUPERMARKET INCOME REIT PLC 12 STRATEGIC REPORT | CHIEF EXECUTIVE’S REVIEW CHIEF EXECUTIVE’S REVIEW BUSINESS REVIEW KEY FIGURES 5.9% NIY 82 SUPERMARKETS 27 RENT PSF: £23PSF KEY ACHIEVEMENTS INTERNALISATION OF THE MANAGEMENT FUNCTION OF THE BUSINESS DELIVERING AN EXPECTED £4 MILLION OF COST SAVINGS AND INCREASED ALIGNMENT WITH SHAREHOLDERS FORMATION OF A £403 MILLION JV WITH BLUE OWL LEASE RENEWALS ON THREE SUPERMARKETS WITH 15-YEAR, INFLATION LINKED LEASES WITH RENTS 35% ABOVE THE MSCI SUPERMARKET RENTAL INDEX AVERAGES 1. This year marked a pivotal moment for the business, with significant milestones achieved and portfolio initiatives delivered in quick succession. These accomplishments are the culmination of an extraordinary team effort, driving real value for our shareholders. 2. Internalisation of the Company’s management function delivering material cost savings and enhanced alignment with investors. 3. Demonstrating the affordability of rents in our high-quality portfolio through lease renewals as well as crystalising the value of our assets through capital recycling. 4. The formation of the JV with a highly credible global real estate investor in Blue Owl unlocked capital while providing further supporting evidence for our investment thesis on higher yielding UK supermarkets. The JV offers an attractive management fee and the ability to retain a stake in these high-quality assets. 5. Public bond issuance had long been on our strategic agenda, and post year-end, we acted swiftly to seize a window of opportunity for a significantly oversubscribed £250 million debut bond issue — a testament to the team’s agility and readiness. 6. Investor interest continues to broaden, notably with the successful JSE listing completed in December 2024. We’re pleased to welcome our South African investors, who now represent approximately 3% of our register. We look forward to growing this in the coming years and further diversifying the share register. A TRANSFORMATIONAL YEAR FOR SUPR 1. With a strengthened balance sheet and access to capital at a competitive cost across equity, debt, and joint ventures, we are well positioned to execute on a compelling pipeline of assets, as we continue to scale the business. 2. This pipeline provides attractive avenues for growth across the grocery real estate spectrum while maintaining a focus on leading operators with significant scale and market share. 3. New supply is entering the market through sale and leaseback transactions for the first time in many years. These supermarket sites are often top-performing grocery locations which have been operating for 30+ years. 4. The grocery real estate investment case remains highly compelling: a sector underpinned by non- discretionary spend, national food infrastructure and mission critical real estate for tenants. 5. Drivers for rental growth are evident: zero vacancy, mission critical properties, strong grocery sales growth (particularly for omnichannel stores), prohibitively high development costs and a shortage of prime locations (see Sainsbury’s acquisition of Homebase stores to convert into supermarkets). 6. Our internalised structure provides clear alignment with shareholders and the desire to scale does not come at the cost of quality and delivering sustainable returns. OPPORTUNITY FOR GROWTH . Including assets managed on behalf of the joint venture and a store for which the Company signed a conditional purchase agreement STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The year in review A year of significant achievements for the Company FY25 has been defined by the successful delivery of the key strategic initiatives which were announced in November 2024. Against a backdrop of continued economic uncertainty, we have maintained our focus on proactively seeking to drive value for our shareholders. From internalising our management structure to launching a landmark JV with Blue Owl, SUPR has taken the decisive and necessary steps to improve alignment with shareholders, reduce costs, and enhance long-term earnings. We remain focused on capital recycling, sustainability, and broadening our investor base. These achievements position SUPR well for growth and a continued leadership in the UK grocery real estate sector. A team aligned with shareholders, delivering on strategic initiatives . Internalisation reducing costs and enhancing shareholder alignment In March, we announced our intention to internalise the Company’s management function. The Internalisation offered compelling financial and strategic benefits, including estimated annual cost savings of at least £4 million, stronger shareholder alignment, a streamlined management structure and broader investor appeal beyond externally managed vehicles. The Board agreed to pay Atrato Group a £20.8 million termination fee which secured the termination of the management contract and the transfer of SUPR’s staff and Intellectual Property (“IP”) to the Company. The Internalisation is on track to deliver significant cost savings of at least £4 million per year which is equivalent to a c.19% yield on cost, the highest return on capital of any available allocation option at the time of Internalisation. The cost saving has a direct impact to SUPR’s EPRA cost ratio with our target of below 9% forecasted to be one of the lowest in the sector. 0 10 20 30 40 50 60 Peer 15 Peer 14 Peer 13 Peer 12 Peer 11 Peer 10 Peer 9 Peer 8 Peer 7 Peer 6 Peer 5 Peer 4 Peer 3 SUPR current Peer 2 SUPR Target Peer 1 7.8% <9% 13% 62.0 % 19 Based on recent company accounts where disclosed. Peer group based on FTSE-350 REITs, excluding operating companies and those that have undergone recent corporate takeovers. EPRA cost ratios (including direct vacancy costs): FTSE 350-listed REITs 28 EPRA cost ratio % The internalised structure materially enhances shareholder alignment with the Company able to retain a team of sector specialists whose goals and remuneration are aligned with shareholder returns. The simplified management structure also provides greater strategic flexibility to explore potential future fee generating opportunities such as joint ventures and broadens SUPR’s potential investor universe. . Proving rents & outperforming ERVs In February, we took the decision to agree lease renewals on the three shortest leased Tesco stores in the Company’s portfolio. We agreed new 15-year leases with Tesco on supermarkets located in Bracknell, Bristol, and Thetford at rents 35% above the MSCI supermarket benchmark index and 13% above the Company’s valuer’s ERV. These leases included annual RPI-linked rent reviews (capped at 4%, floored at 0%) and extended the portfolio WAULT from 11 to 12 years, with no major renewals now due until 2032. 29 . Based on recent company accounts where disclosed. Peer group based on FTSE- REITs, excluding operating companies and those that have undergone recent corporate takeovers . Excludes leases where passing rent is <.% of annual rent roll “ FY25 has been defined by the successful delivery of our key strategic initiatives announced in November 2024. Against a backdrop of continued economic uncertainty we have maintained our focus on proactively seeking to drive value for our shareholders.” Robert Abraham, Chief Executive Officer 13ANNUAL REPORT 2025 SUPERMARKET INCOME REIT PLC 14 STRATEGIC REPORT | INVESTMENT ACTIVITY ALIGNMENT INTERNALISATION OF THE MANAGEMENT FUNCTION In March 2025 the Company announced the intention to Internalise the Company’s management function. DEMONSTRATING WITH SHAREHOLDERS  M ESTIMATED ANNUAL SAVINGS OF C. MILLION < % TARGET EPRA COST RATIO OF <% BENEFITS OF INTERNALISATION The Internalisation offered compelling financial and strategic benefits, including stronger alignment between management, the Board and shareholders, annual cost savings of at least c.  million, a streamlined management structure and broader investor appeal beyond externally managed vehicles. ANNUAL REPORT 2025 15 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS ALIGNMENT WITH SHAREHOLDERS SUPERMARKET INCOME REIT PLC 16 STRATEGIC REPORT | CHIEF EXECUTIVE’S REPORT CONTINUED Average figures for the three supermarket lease renewals Lease term  years (from average of  years) Regear rent per sq. ft. Vs. Valuer’s ERV +% Vs. MSCI supermarket benchmark index +% Vs. Passing rent -% Rent to turnover % Based on Company research There was an average 20% reduction in passing rent on these stores which was anticipated in our original acquisition price with our returns analysis guided by the 4% rent to turnover benchmark. The three stores had previously been valued at a c.7% NIY (due to their overrented nature ahead of the lease renewal) compared to our portfolio level NIY of 6% at the time. Following the lease renewals the three supermarkets have been revalued at an average NIY of 5.3% delivering a capital value increase of 8.0%. This active management of the shorter leases in the Company’s portfolio has demonstrated the attractive supermarket rental levels that UK grocers are willing to pay to secure long-term trading from a high performing mission critical site. We believe this should release embedded value in the Company’s portfolio that is not yet reflected in valuations. Long term projections for food price inflation and supermarket sales growth continue to underpin the affordability of rents in SUPR’s portfolio. A case study on this topic is available on page 21. . Capital recycling, proving valuations and growing earnings During the year, we sold a Tesco store in Newmarket for a consideration of £63.5 million representing a 7.4% premium to book value. This was acquired by Tesco plc, underlining the strategic importance of strong trading, large format, omnichannel stores to the supermarket operators. The sale of this supermarket provided further market evidence of our ability to crystallise valuations and release capital from a tight yielding asset which can be redeployed into earnings enhancing opportunities. In addition, we acquired one omnichannel store in the UK and a portfolio of nine stores in France at a highly attractive spread to the cost of debt of c.2.3%, these were: • Sainsbury’s, Huddersfield (7.6% NIY): an omnichannel store with an 11-year remaining lease term and annual RPI linked rent reviews (0% - 4%), for £49.7 million (excluding acquisition costs). This store was subsequently transferred as a seed asset into the JV. See page 20 for a detailed case study on this store. • Carrefour tranche two, France (6.8% NIY): a portfolio of nine stores acquired via a direct sale and leaseback with Carrefour, for a total purchase price of €36.7 million 31 . The transaction was financed through a private placement, with a maturity of seven years and a fixed rate coupon of 4.1%. We have continued this investment cycle post-year end with two additional acquisitions, totalling £58.9 million excluding transaction costs, including a Tesco in Ashford and a Waitrose in Anglesey, at an average NIY of 7.0% with annual inflation linked uplifts. . Growth through strategic partnership In April, the Company entered into a strategic JV with Blue Owl, seeded with eight of SUPR’s high yielding, omnichannel supermarket assets from its existing portfolio. The partnership marked Blue Owl’s first investment into the UK real estate market, endorsing SUPR’s sector specialism and investment thesis for mission critical grocery real estate. SUPR will benefit from a management fee of 0.6% per annum of the gross asset value on Blue Owl’s stake in the vehicle, equating to c.£1.2 million, or around 0.1p in additional annual earnings, and proceeds from the JV have already begun to be deployed into earnings enhancing acquisitions. The ambition is to grow the JV up to c.£1 billion in gross asset value over the coming years. The JV transaction also enables SUPR to retain a stake in the assets. See page 26 for a detailed case study. Continued progress on sustainability Investing responsibly for long-term value creation is embedded in the Company’s business model. The Company has published its third standalone Sustainability Report which details its sustainability performance and priorities for the year ahead. Sustainability highlights from the period include the enhanced ESG data collection processes implemented to improve the completeness and accuracy of the Company’s GHG inventory, the publication of the Company’s first Climate Transition Plan, as well as further environmental and social asset management initiatives to benefit both occupiers and local communities. The Company’s sustainability efforts have been recognised by the European Public Real Estate Association (“EPRA”), with an EPRA Sustainability Best Practices Recommendations (“sBPR”) Most Improved Award and a Silver Award received in September 2024 for the Company’s inaugural EPRA sBPR reporting. . Includes a store for which the Company signed a conditional purchase agreement ANNUAL REPORT 2025 17 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS For the second time the Company has also undertaken external assurance over its reported location-based Scope 1, 2 and 3 GHG figures for FY25. The Assurance Report is available on the Sustainability page of the Company’s website. • Refer to our standalone Sustainability Report for more information. Broadening SUPR’s investor base Along with achieving our strategic goals, we have sought to broaden the Company’s appeal to a wider investor base: • Secondary listing on the JSE: in response to positive feedback and strong demand from South African institutional investors, the Company completed a secondary listing on the Main Board of the JSE in December 2024. In March 2025 the Company was included in several South African indices, most notably the FTSE/JSE All Share Index (“ALSI”) and FTSE/JSE All Property Index (“ALPI”) and has seen a positive response from South African Investors with around 3% of SUPR’s register currently on the JSE. • Change in listing category: transferring from the closed- ended investment funds category to the equity shares (commercial companies) category of the Official List. This structure brings SUPR in line with peers in the UK REIT space, provides the Company with more flexibility to execute transactions as they arise and opens the Company to a wider range of potential investors. We believe these initiatives, along with simplifying the management structure through the Internalisation, will increase SUPR’s appeal in the investment community. Outlook Following the delivery of our stated strategic initiatives, SUPR is now a more efficient, lower-cost business that is better aligned with shareholders and overall, a more attractive investment proposition to current and prospective shareholders. The attractiveness of our supermarket investment thesis has been demonstrated through the establishment of the JV which we aim to grow over time. The JV warehouses a long- term asset pipeline while delivering near term capital for us to deploy into earnings enhancing opportunities. We have already begun the redeployment of the JV proceeds and look forward to executing on a large and attractive pipeline. Through this pipeline we expect to deliver a growing and fully covered dividend, which should help to close the remaining discount to NAV. We have made good progress this year and are pleased to see SUPR’s share price appreciating 16% in the calendar year to date alongside the discount to NTA narrowing. We have positioned the business for the next exciting phase of growth as we look to deliver greater scale, liquidity and ultimately dividend growth which more closely matches our rental uplifts. SUPERMARKET INCOME REIT PLC 18 STRATEGIC REPORT | INVESTMENT ACTIVITY CAPITAL RECYCLING PROVIDING MARKET EVIDENCE OF ASSET VALUATIONS During the year the Company sold Tesco Newmarket to Tesco for £63.5 million, a 7.4% premium to book value and formed a JV with Blue Owl seeded with eight of SUPR’s existing stores at a 3% premium to book value. VALUES DEMONSTRATING ASSET ANNUAL REPORT 2025 19 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS VALUES DEMONSTRATING ASSET . % TESCO, NEWMARKET SOLD AT .% PREMIUM TO BOOK VALUE  % EIGHT OF SUPR’S ASSET SEEDED JV AT % PREMIUM TO BOOK VALUE RELEASING CAPITAL FOR EARNINGS ENHANCING INVESTMENTS In addition to providing market evidence for valuations, these capital recycling activities have released a combined c. million of capital to reinvest in earnings enhancing opportunities. SUPERMARKET INCOME REIT PLC 20 STRATEGIC REPORT | OUR PORTFOLIO The portfolio benefits from long unexpired lease terms with predominantly upwards only, index linked leases, helping to provide long-term income with contractual rental growth. Within the UK, operators typically look at the affordability of rent based on a benchmark of c.4% rent to turnover, simply seen as two weeks of trade. The Group’s UK supermarkets average rent to turnover is 4%, which equates to £23 per sq.ft. We have highly secure income with 100% rent collection during the year 32 , with Tesco and Sainsbury’s accounting for 71% of the Group’s rent roll. The Group’s Carrefour stores are subject to annual, uncapped inflation-linked rent reviews and are let on low and affordable rents of €8 per sq.ft. with an average rent to turnover of 2.0%. The rents produce a low capital value of €109 per sq.ft. As part of the Company’s investment strategy to acquire high-quality, strong trading supermarkets, the Company sometimes acquires complementary non-grocery units that are co-located with a store. These units often create a retail destination helping to drive further footfall into the supermarket. Non-grocery assets represent 7% of the Portfolio by value. OUR PORTFOLIO . Subject to rounding Acquisition of a c.£50 million Sainsbury’s in Huddersfield EARNINGS ACCRETIVE: 7.6% NIY OMNICHANNEL HUB: 12 HOME DELIVERY VANS LEADING OPERATOR: 15.2% 62 SAINSBURY’S MARKET SHARE INFLATION LINKED LEASE: ANNUAL RPI REVIEWS (0-4%) LONG REMAINING LEASE TERM: 11 YEARS DENSELY POPULATED: 215K CATCHMENT POPULATION (15 MINS DRIVE TIME) This 113,348 sq.ft. store, which was acquired in November 2024, is a great example of the type of asset that SUPR has in its portfolio, providing strong in-store sales as well as acting as a mission critical online distribution hub with 12 delivery vans. The large and well-located site, which has been a Sainsbury’s supermarket since 1993, benefits from its close proximity to the A62, making it ideal for last mile fulfilment. The strength of both its in-store and online sales put its performance within the operator’s upper quartile. SUPR was able to extract additional value from this purchase by acquiring the asset through the corporate vehicle that holds the property, which assisted in achieving a highly attractive NIY of 7.6% 63 . This yield also reflects a degree of overrentedness, which has been priced into the transaction economics and allows for a reversion to the affordable 4% rent to turnover benchmark upon lease regear, as evidenced in the regear case study on page 21. Competition is low relative to the 15-minute catchment with 1.8 sq.ft. of total supermarket Net Sales Area per capita, below SUPR’s portfolio average. Over a 30-minute drive time the catchment population is nearly 700,000. This asset increases the Group’s exposure to long, inflation linked leases and is supportive of long-term earnings growth. The asset was subsequently transferred as a seed asset into the JV, at a 3% premium to book value 64 , validating the Group’s asset selection criteria CASE STUDY ONE Above: Sainsbury’s home delivery capacity around SUPR’s store in Huddersfield within a 0–30-minute drive time radius. Illustration shows the importance of the store in the area with no other Sainsbury’s store offering home delivery within a 25 minute drive time radius. . Market share as at  June  . NIY achieved on actual transaction costs of .% due to the acquisition of a corporate entity. Acquisition NIY based on standard purchaser’s costs of .% is .% . As at  December  ANNUAL REPORT 2025 21 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS During the year, the Company selectively strengthened its wholly owned (“Direct”) Portfolio with the addition of 10 supermarkets for a combined total of £81.2 million 33 35 . • November 2024: A Sainsbury’s in Huddersfield, acquired for £49.7 million. The store has an 11-year unexpired lease term 34 and is subject to annual upwards only RPI-linked rent reviews. • February 2025: A portfolio of nine Carrefour supermarkets located in France, acquired for €36.7 million 35 . The portfolio was a direct sale and leaseback with Carrefour with a 12-year unexpired lease term and subject to annual, uncapped inflation-linked, rent reviews. The acquisitions during the year were purchased at an average net initial yield of 7.3% 36 providing an attractive spread to the Group’s incremental cost of debt and were immediately accretive to earnings. The increased exposure to index-linked income also generates further contractual earnings growth underpinned by strong performing investment-grade tenants. The acquisitions during the year were financed using existing headroom within unsecured debt facilities and through the €39 million private placement which was announced in February 2025. For more information on financing arrangements refer to note 22 of the financial information. Tenant Exposure by rent roll Exposure by Valuation Tesco % % Sainsbury’s % % Carrefour % % Morrisons % % Waitrose % % Asda % % Aldi % % M&S % % Non-food % % Total % %  The Portfolio’s weighting towards investment grade tenants provides secure long-term income with a weighted average unexpired lease term of 11 years. In addition, the portfolio is heavily weighted towards upwards only inflation-linked rent reviews, providing contractual rental growth. The average cap on our UK inflation-linked leases’ rental uplifts is 4%, while our French leases are uncapped. The Portfolio’s weighting towards inflation-linked rent reviews is 77% with 56% of the Portfolio being reviewed annually (including post balance sheet acquisitions). Renewal of three Tesco leases, 35% above MSCI rents LONG REMAINING LEASE TERMS: 15 YRS (FROM AN AVERAGE OF 5 YRS) AFFORDABLE RENT: SET AT 4% OF ESTIMATED STORE TURNOVER INFLATION LINKED LEASE: ANNUAL RPI (0% - 4%) KEY RELATIONSHIP: TESCO REPRESENTS 43% OF SUPR'S PORTFOLIO AND HAS 28% UK MARKET SHARE PREMIUM RENTS: +35% ABOVE MSCI SUPERMARKETS INDEX & +13% ABOVE VALUER’S ERV’S CAPITAL VALUE: INCREASED BY 8.0% In February 2025, SUPR successfully renewed three Tesco leases, and extending the lease term to 15 years from an average of five years, increasing SUPR’s overall portfolio WAULT from 11 to 12 years at the time of the deal. These successful lease renewals demonstrate SUPR’s sector specialism and the importance of the strategic relationships that we have with leading supermarket operators. A key factor in agreeing the attractive lease terms is the mission critical nature of these sites, validating SUPR’s asset selection criteria in hand-picking the best supermarket assets where tenants are willing to pay premium rents to ensure their long-term occupation of the stores. This in turn, unlocks higher reversionary values driven by underlying rental growth which are often undervalued by generalist investors. This active asset management activity also provides market evidence for the clear disconnect between the premium rents which SUPR’s portfolio of high-quality supermarket assets is able to achieve compared to the lower average rents reported in broad benchmark indices such as the MSCI Supermarkets Index, which contain a wider range of store size and quality. CASE STUDY TWO: . Excluding acquisition costs . -year WAULT at acquisition in November  . Purchase price includes an additional store which was acquired by the Company post-period end due to a conditional purchase agreement . Consists of UK .% NIY and EUR .% NIY . NIY assuming .% standard purchaser’s costs SUPERMARKET INCOME REIT PLC 22 RENTS STRATEGIC REPORT | INVESTMENT ACTIVITY DEMONSTRATING AFFORDABILITY OF  % RENT TO TURNOVER  % STARTING RENTS ABOVE VALUER ERVS ATTRACTIVE AFFORDABLE RENTS Starting rents were set at an average % rent to turnover, % higher than the MSCI supermarket benchmark index and % above our valuer’s ERVs, demonstrating the attractive affordable rental levels our high-performing, mission-critical assets are able to achieve. Passing rent reduced %, which was anticipated in the original acquisition pricing assumptions. Following the lease renewals the supermarkets have been revalued at .% NIY (c.% prior to lease renewals) delivering an % capital value increase. ANNUAL REPORT 2025 23 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS RENTS LEASE RENEWALS ON THREE SUPERMARKETS In February 2025 the Company agreed lease renewals on its three shortest leased Tesco stores, Bracknel, Bristol and Thetford. New 15-year leases were agreed with annual RPI-linked rent reviews. SUPERMARKET INCOME REIT PLC 24 STRATEGIC REPORT | OUR PORTFOLIO CONTINUED Indexation Income mix by rent review type RPI % CPI % ILC % Fixed % OMV % Total % Including post balance sheet events Rent review Income mix by rent review type Annual %  yearly %  yearly % Total % Including post balance sheet events UK rental caps % of UK supermarket index-linked portfolio - % % - % % - % % - % % - % % Total % The rent profile of the Portfolio is broadly in line with the affordable market benchmark at 4% Rent to Turnover (“RTO”). The rental maturity profile is well dispersed with the first material lease expiry in 2032. WAULT Supermarket WAULT breakdown Supermarket WAULT rental breakdown Supermarket WAULT count breakdown - yrs .% .  - yrs – –  - yrs – –  - yrs .% .  - yrs – –  - yrs – –  - yrs .% .  - yrs .% .  - yrs .% .  - yrs .% .  + yrs .% .  Total .% .  * Number of supermarkets not including one for which the Company acquired post-period end Defensive sector, resilient through economic cycles Highly secure and excellent visibility of income Cost efficient platform Mission critical and future proofed omnichannel stores acting as last mile of omnichannel fulfilment hubs Growing store revenues provide sustainable rental growth SUPR INVESTMENT CASE . Total may not sum due to rounding ANNUAL REPORT 2025 25 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS • The UK grocery market has repeatedly demonstrated its defensive characteristics over the last few years, with exceptional resilience during macroeconomic shocks, including the pandemic and recent inflationary cycles • With consistent footfall and non-discretionary consumer spending, grocery tenants have seen robust performance, supporting sustainable rental growth across the portfolio  bn UK grocery market expected to grow from  billion to  billion by   • Long-dated lease structure with an -year WAULT • % occupancy and % rent received since IPO  • % of rental income is inflation-linked, providing stable, predictable income • Let to leading operators in the UK and France -year WAULT • EPRA cost ratio is one of the lowest in the sector with costs continuing to be tightly controlled, with a target EPRA cost ratio of under % • Significant cost reductions expected in FY to offset the increased cost of finance, meaning the business is now well positioned for growth in a higher interest rate environment . % EPRA cost ratio • The Company is dedicated to investing in grocery properties that are an essential part of national food infrastructure • Managing a leading portfolio of handpicked, high-quality supermarkets, with a focus on omnichannel stores fulfilling both online and in person sales • Stores are mission critical to our tenants’ operational businesses  % Omnichannel supermarkets  • SUPR’s key UK tenants, Tesco and Sainsbury’s, continue to perform well with grocery sales up .%  and .%  in  respectively, without expanding on store estates • This increase in sales has been primarily driven by strong performance across the existing store estate, rather than through the addition of new stores, supporting sustainable rental growth  % Tesco regear rents set % above MSCI benchmark index SUPR INVESTMENT CASE . IGD UK Grocery Market forecast . Subject to rounding . By value . Tesco’s FY annual results, like-for-like UK food sales . Sainsbury’s FY annual results grocery sales SUPERMARKET INCOME REIT PLC 26 STRATEGIC REPORT | OUR PORTFOLIO CONTINUED The UK supermarket Portfolio Net Initial Yield (“NIY”) has tightened from 5.8% to 5.7% driven by both the formation of a strategic JV with Blue Owl and the return of market stability which is placing upwards pressure on valuations. The sale of the 50% interest in eight short WAULT stores to the JV has increased the Portfolio Net Reversionary Yield (“NRY”) from 5.1% to 5.2%. Valuation yield metrics for the SUPR portfolio UK Supermarkets June-24 June-25 NIY .% .% NRY .% .% NEY  (Direct Portfolio) .% .% NEY  (Joint Venture) – .% The environmental efficiency of the Company’s stores and prospective acquisitions continues to be a key priority. Improvements in store efficiency are delivered through the ongoing investment by our grocery tenants into their respective store estates. A breakdown of the Company’s supermarket EPC ratings can be seen below: Supermarket EPC breakdown EPC rating % of UK supermarket portfolio by value A % B % C % D % Total % % excludes Scottish, French and non-food units Active asset management delivering additional value and improving sustainability of sites Alongside SUPR’s tenants, the Company is looking at ways to increase the number of Electric Vehicle (“EV”) charging points. SUPR has now installed 58 EV charging bays across five sites. Current EV sites include: • Morrisons, Workington • Morrisons, Wisbech • Tesco, Bradley Stoke • Tesco, Chineham • Tesco, Beaumont Leys Formation of a £403 million joint venture with funds managed by Blue Owl Capital STRATEGIC LONG-TERM PARTNER: BLUE OWL CAPITAL ($284+ BILLION AUM) JV SEED PORTFOLIO: £403 MILLION SCALE: GOAL OF £1 BILLION MANAGEMENT FEE: 0.6% GAV 66 PARTNERSHIP: 50/50 The strategic JV with Blue Owl , a renowned real estate investor with over $284 billion in assets under management (“AUM”), offers an exciting new opportunity for SUPR and its shareholders. It marks the inception of a long-term partnership, providing a strong endorsement of SUPR’s investment thesis for mission critical grocery real estate, and the benefits of its sector specialism with high-quality asset selection. The £403 million JV was seeded with eight of SUPR’s higher-yielding existing assets at a 3% premium to book value 67 . SUPR retained a 50% stake in the JV and received c.£200 million in net proceeds, helping the Company to scale organically with the aim of redeploying that capital into earnings enhancing opportunities. SUPR will maintain optionality over assets in the JV, enabling the warehousing of future pipeline in a sector with limited new supply. The JV itself has a target scale up to £1 billion AUM which will further support earnings as the Group will benefit from a management fee which will grow as a JV increases in scale, as well as a performance fee if the JV meets specific financial targets. CASE STUDY TWO: . NEY (“Net Equivalent Yield”) is the time weighted average return that a property will produce . Fee on Blue Owl’s stake in the JV . Book value as at  December  ANNUAL REPORT 2025 27 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The Company has two additional sites agreed and in legal negotiation, which will bring a further 14 EV charging bays to the portfolio. Opportunities to add complementary discount grocery operators continue to progress. At Chineham, the existing planning consent was successfully implemented, and terms have been agreed with a discount grocery retailer for a new build store. At Bradley Stoke, the development of an additional discount grocery store on the retail terrace is in final legal negotiations after successfully achieving planning consent, with delivery targeted in 2026. At Chineham, Jett’s Gyms has completed fit out works on a 7,000 sq ft vacant unit following agreement of a new 10-year lease. In addition to this, Savers and Brockenhurst Estate Agents have taken access of two vacant units on the scheme widening the offer at site, encouraging further footfall. Greggs has upsized into a larger unit following strong trading at this location. The new lettings at Chineham have resulted in £167,000 of additional rental income. The final remaining vacant units continue to be marketed widely to secure new occupiers and to continue to add value to the site. At Bradley Stoke, Loungers Plc is currently fitting out the main unit in the Town Square on a 15-year lease. This will see a material investment by the tenant, modernising a central unit and adding a great new tenant to the scheme. At Sainsbury’s, Newcastle, other retail developments are being considered, and negotiations are ongoing with potential tenants for this site. In anticipation of Homebase’s administration, which was announced during the year, SUPR had been proactively engaging with alternative occupiers for the two Homebase units in its portfolio. The Company has facilitated an assignment of Homebase’s lease to The Range at Bangor, Northern Ireland, and agreed a new lease with B&M at Hessle. These new agreements have replaced the existing rental income, extended the WAULT and added operators with stronger covenant strength to the portfolio, increasing value. The Range assignment was completed within four months of the administration (albeit there was no void during this intervening period) and B&M new letting was completed within nine months, this included achieving a revised planning consent to allow a widening of the user class from DIY store. Portfolio valuation Cushman & Wakefield valued the Direct Portfolio as at 30 June 2025, and the properties in the JV were independently valued by Jones Lang LaSalle. These valuations are in accordance with the RICS Valuation – Global Standards which incorporate the International Valuation Standards and the RICS UK Valuation Standards edition current at the valuation date. The Direct Portfolio was valued at a total market value of £1,423 million. During the year the Company disposed of Tesco, Newmarket for £63.5 million (7% above book value) and eight stores into a newly formed JV with Blue Owl for a total consideration £403.3 million (3% above 31 December 2024 book value). The Joint Venture properties were valued at a £404.7 million 24 , resulting in a combined Portfolio value of £1,625 million 39 , reflecting a like-for-like valuation increase across the Company’s Portfolio of 1.9% 40 vs MSCI All Property Capital Index during the same period which was up 1.5%. The valuation increase has been primarily driven by our contractual rental reviews, with 77% linked to inflation and 2% on a fixed basis and the capital appreciation achieved on the three Tesco regears. The average annualised increase from rent reviews performed during the year was 3.4%. THE UK GROCERY MARKET The UK grocery market has continued its strong performance with the Institute of Grocery Distribution (“IGD”) forecasting grocery sales to reaching £259 billion this year. This trend is expected to continue in the coming years, with total grocery market sales forecast to grow to £296 billion by 2029. The non-discretionary nature of grocery retail means it remains a highly defensive sector and is well-positioned to maintain growth momentum through 2025 and beyond. €bn UK grcoery market size 29 Source: IGD. 2024 252 259 270 278 287 296 2025 2026 2027 2028 2029 0 50 100 150 200 250 300 350 Other channels Supermarkets channel Online channel IGD: UK grocery market value 2024 to 2029 (Forecast) 46 Figure  Operators have largely been able to pass on cost rises from changes to National Insurance and the Minimum Wage to consumers, with UK grocery market sales growing by 5.4% in the four weeks to 13 July 2025 compared with last year, above the 5.2% rise in UK inflation in July 47 . This dynamic underscores one of the key advantages of investing in this non-discretionary spend sector: demand remains resilient, enabling operators to preserve their margins over the long term. As a result, the sector remains well-positioned to navigate inflationary environments without significant erosion of profitability. This supports affordable rental levels, even in a challenging macroeconomic environment. . Including a % interest in the Joint Venture (. million) . Includes realised and unrealised gains . Source: IGD . Kantar UK Grocery Market data SUPERMARKET INCOME REIT PLC 28 STRATEGIC REPORT | OUR PORTFOLIO CONTINUED 0 1 2 3 4 5 7 Jul 25Jun 25May 25Apr 25Mar 25Feb 25Jan 25Dec 24Nov 24Oc t 24Sept 24Aug 24Jul 24 47 Source: Kantar. % UK grocery sales growth vs grocery inflation 48 Sales Grocery inflation Supermarkets remain the dominant sales channel Over the last five years, the supermarket channel has remained the dominant sales channel in the UK grocery market. Online grocery continues to be a key pillar of the market and one of the fastest growing channels, accounting for 12% of the total market, demonstrating a permanent shift in consumer behaviours following the pandemic. Omnichannel stores remain mission critical for the fulfilment of online sales due to their proximity to customers, existing supply chain infrastructure and the full product ranges that these stores carry to maximise product availability for online orders. 0 10 20 30 40 50 60 70 80 90 100 110 €bn Sales DiscountConvenience Supermarkets Hypermarkets Online IGD: UK grocery market sales by channel (£bn) 49 2019 2024 +£9.3bn +57% +15.0bn +57% +£16.6bn +57% +£3.7bn +19% +11.9bn +95% While sales growth from the discounters Aldi and Lidl over the last five years has attracted attention, this is primarily driven by new store openings. As illustrated below, when adjusting for store footprint, discounter sales growth trails behind that of full product range supermarkets, with sales per square foot for the discounters rising by only 5%, compared to 12% for the full product range supermarkets from 2022 to 2025. 0 2 4 6 8 10 12 14 Large FormatDiscountConvenience IGD: Increase in sales per square foot by channel (2022-2025) 50 % 4% 5% 12% 49 Source: IGD. UK Grocery Market. In contrast, sales growth in the larger format stores is being generated from existing store estates, rather than new store openings. Large format omnichannel stores, require multi-acre sites, close to densely populated areas, with good transport links. A lack of available space, strict planning regulations and increased construction costs provide significant barriers to entry for developing new store space. The positive impact of increased sales being fulfilled through existing supermarket sites should result in improved sales densities and enhanced store-level profitability. From a landlord’s perspective, this should deliver increasingly affordable rental levels for tenants and a strong foundation for potential rent increases in the future. Continued strong performance from SUPR’s key tenants Over the past year, the Company’s key tenants Tesco and Sainsbury’s have continued to be the leading operators in the UK grocery market. As seen in the table below, Tesco achieved the largest increase in market share, driven by its continued investment in stores, product ranges and loyalty schemes. Tesco operates c.400 omnichannel stores in the UK and continues to invest further in its capabilities, recently widening its delivery window for same day orders. Tesco’s weekly online orders increased by 10.8% in 2024/25 and basket sizes by 3.6% year on year (“YoY”). The combined impact saw Tesco’s online sales increase by 10.2% YoY 51 . Sainsbury’s reported 4.6% volume growth versus market over a two-year period 52 reflecting a rebound in consumer demand following a prolonged period of cost-of-living pressure. Efforts to expand its own label offering and deepen customer engagement with its loyalty programme have helped Sainsbury’s capture greater market share, while also positioning the brand for sustained growth in a competitive market. Together, Tesco and Sainsbury’s, continue to anchor the UK grocery sector, reinforcing the defensive nature of the asset class and supporting long-term income visibility for the Company. . Source: Kantar . Source: IGD UK channel data  and  . Source: IGD. UK Grocery Market . Tesco FY Annual Results . Sainsbury’s First Quarter Trading Statement for the  weeks to  June  ANNUAL REPORT 2025 29 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS . Kantar UK Grocery Market Share ( weeks ending June ) . Kantar UK Grocery Market Share (June  to June ) . Source: IGD, including convenience stores . Source: IGD: . Morrisons Full Year / Results . Morrisons Second Quarter Trading Update for the  weeks to  April  . Estimated RTO . NIY assuming standard purchaser’s costs in Wales of .% Operator Market share (as at June 2025) 53 % Market share change (12 months to June 2025) 54 Exposure by valuation Total number of stores (2024) 55 New stores (not incl convenience) 56 Tesco .% +.% % ,  Sainsbury’s .% +.% % ,  Asda .% - .% % ,  Aldi .% +.% % ,  Morrisons .% -.% % ,  Lidl .% +.% – ,  Waitrose .% +.% %   Turning point for Asda and Morrisons Following the private equity takeovers of Asda and Morrisons, both operators struggled to maintain market share as increased debt costs and senior management turnover disrupted operations and hampered price competitiveness. Morrisons has reacted more quickly focusing on price through initiatives such as the More Card loyalty scheme, launched in May 2023. The initiative reached 5.6 million active users by June 2024 and by January 2025, it was used in 76% of Morrisons’ transactions, successfully driving customer engagement 57 . Morrisons has also refocused its online presence; the operator will gradually phase out its use of the Erith centralised customer fulfilment centre (“CFC”) and integrate Ocado’s AI technology to fulfil more orders directly from its existing store estate. This has enhanced customer engagement, streamlined operations and has positioned the business for more cost-effective growth in a competitive grocery market. Morrisons has reported improved trading in 2025, with second quarter like-for-like sales up 3.9% and total sales rising 4.3% to £3.9bn 58 . Asda experienced a larger decline in market share, falling from 14.3% in November 2022 to 12.1% in June 2025. However, 2024 saw the return of former CEO, Allan Leighton as Executive Chairman, who has refocused the operator on value, with the Rollback campaign successfully lowering prices by an average of 22% across 50% of its products. This is Acquisition of a £4.8 million Waitrose in Anglesey OMNICHANNEL HUB: 4 HOME DELIVERY VANS PREMIUM LINE GROCER INFLATION LINKED LEASE: ANNUAL RPI REVIEWS (2-4%) LONG REMAINING LEASE TERM: 10 YEARS AFFORDABLE RENT: <4.0% 68 RTO Following the Company’s year end, it purchased a 20,589 sq.ft. small format Waitrose supermarket. At acquisition, the store had an unexpired lease term of 10 years, subject to annual RPI linked rent reviews (2% - 4%). The rent remains highly affordable at <4.0% of turnover, with scope for growth given our estimate of affordability for omnichannel stores. The store was purchased for a net initial yield of 6.1% 69 providing an accretive level of earnings relative to the Company’s cost of debt. The size of the store reflects the smaller catchment size that it addresses, while maintaining an omnichannel operation which has a delivery radius of c.1 hour and a Click & Collect facility on site. The strong in-store sales volumes and market share are also supported with seasonal inflows driven by tourism on the Isle of Anglesey, especially as there are no other Waitrose stores within a c.60-mile radius. The property benefits from limited competition as there is only one other premium line grocer within a 10-minute drivetime, an M&S with no online capability. In these smaller format stores, there is an opportunity to acquire rack rented assets on long, inflation-linked leases, let to leading grocery operators at attractive NIYs. CASE STUDY TWO: SUPERMARKET INCOME REIT PLC 30 STRATEGIC REPORT | OUR PORTFOLIO CONTINUED proving successful. Asda has won the Grocer 33 Price Award for the lowest-cost major supermarket 18 weeks out of the 32 between January and August 2025 and has been identified as the cheapest supermarket by Which? in the six months between January and July 2025. The operator is yet to see an increase in market share, however it reported its fourth consecutive quarter of improved like-for-like sales for the period ending 30 June 2025, representing an improving trend in sales performance. This indicates a turning point for Asda and Morrisons’ performance with both operators stabilised and positioned for growth. THE FRENCH GROCERY MARKET 0 50 100 150 200 250 300 350 2024 2025 2026 2027 2028 2029 IGD: Grocery market sales (2024 actual, 2025-2029 forecasted) French grocery market size €bn 289 297 305 313 321 329 The French grocery market has showed consistent and prolonged growth, with total sales forecast to reach €329 billion in 2029, representing 3% annual growth. The market is highly consolidated with over 60% of market share controlled by three operators E.Leclerc, Carrefour and Intermarche. Over the last 12 months, Carrefour has increased its market share from 19.3% to 21.5% primarily driven by the strategic acquisitions of the grocery operators, Cora and Match. This brings it much closer to the market leader, E.Leclerc, which has a 24% market share. Additionally, Carrefour has recently launched a €1.2 billion cost-saving initiative which will contribute towards price investment initiatives such as ‘Le Club Carrefour’ which was announced in 2025 and delivered its first wave of price cuts in March, earlier this year. 0 2 4 6 8 10 12 14 16 18 2024 2025 2026 2027 2028 2029 French online grocery market size €bn Online grocery market sales (2024 actual, 2025-2029 forecasted) 59 13 1414 15 16 17 58 Source: IGD. Similar to the UK, the pandemic has permanently enlarged the French online grocery market with the channel experiencing 88% growth between 2018 and 2025; a further 21% growth is expected by 2029 making it the fastest growing channel in the grocery market. Due to lower population density the primary online model in France is Click & Collect, accounting for 80% of all online orders; by comparison Click & Collect represents 20% of the UK online grocery market. Online fulfilment in France is also dependent on omnichannel stores, with baskets picked in store and the majority of customers travelling to a site to receive orders. As part of its 2026 strategic objectives, Carrefour Group has highlighted the importance of omnichannel to its strategy. Carrefour’s objective is for omnichannel customers to represent 30% of all its customers by 2026 as omnichannel shoppers spend more on average and have a higher retention rate than customers from stores alone 60 . Investment market Since IPO, transaction volumes have remained broadly flat with a long-term average of £1.7 billion per year 61 . However, during the year UK supermarket volumes have been constrained (at £1.0 billion) reflecting a shortage of available stock and a preference for potential sellers to hold supermarket assets as they provide stable inflation-linked cashflow backed by strong tenants. The constrained supply and greater visibility on future cost of capital is expected to place upwards pressure on valuations. This year, there has been a return of a broad range of market participants bidding for supermarkets assets. Active buyers in the market include Royal London Asset Management, ICG, Local Government Pension Schemes, and French property funds (SCPI’s). A key driver of the increased demand is the appeal of long term, inflation linked earnings in a higher interest rate environment. The secure earnings derived from these mission critical assets offer a compelling safe haven asset for investors seeking stable, predictable and growing income against the current macroeconomic backdrop. Supermarket property valuations are showing signs of stabilisation, and a gradual recovery from the 2023/24 levels, supported by competitive bidding and new sources of capital entering the market. This presents an attractive entry point in the cycle. SUPR has demonstrated its ability to sell assets above book value and redeploy capital at wider yields, leveraging the team’s deep asset selection expertise. As a sector specialist, SUPR continues to identify earnings-accretive opportunities that support scale while maintaining capital discipline. Further supporting this growth trajectory is SUPR’s debut sterling bond issuance in July 2025, fixed at a 5.125% coupon. This issuance will help extend the maturity profile of SUPR’s debt and provide a stable foundation for continued expansion. . Source: IGD . “Carrefour ” Strategic Plan . Years ending  June, Source: Knight Frank, Savills, MSCI, operator announcements and Company research" ANNUAL REPORT 2025 31 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS STRATEGIC REPORT | INVESTMENT ACTIVITY KEY PERFORMANCE INDICATORS We set out below the key performance indicators for the Company. KPI Definition Performance 1. Total Shareholder Return Shareholder return is one of the Group’s principal measures of performance. Total Shareholder Return (“TSR”) is measured by the movement in share price over the period plus dividends reinvested in shares on the ex-dividend date, expressed as a percentage of the share price at the start of the period. 24.0% for the year to 30 June 2025 (30 June 2024: 1.8%) 70 2. Total Accounting Return Growth in the Group’s NTA over a period plus dividends paid for that period 7.2% for the year ended 30 June 2025 (30 June 2024: 0.3%) 3. EPRA EPS A measure of EPS designed by EPRA to present underlying earnings from core operating activities. 6.0 pence per share for the year ended 30 June 2025 (30 June 2024: 6.1 pence) 4. WAULT WAULT measures the average unexpired lease term of the Property Portfolio, weighted by rent. 11 years WAULT as at 30 June 2025 (30 June 2024: 12 years) 5. EPRA NTA per share The value of our assets (based on an independent valuation) less the book value of our liabilities, attributable to shareholders and calculated in accordance with EPRA guidelines. EPRA states three measures of NAV to be used; of which the Group deem EPRA NTA as the most meaningful measure. See Note 30 for more information. 87.1 pence per share as at 30 June 2025 (30 June 2024: 87.0p) 6. Net Loan to Value Net borrowings divided by the market value of investment properties reported on a proportionally consolidated basis. 31% as at 30 June 2025 (30 June 2024: 37%) The Company previously included an additional earnings measure called “Adjusted earnings” and “Adjusted EPS”. The metric adjusted EPRA earnings by deducting one-off items such as debt restructuring costs. Following the updated September 2024 EPRA best practice recommendations guidelines, the specific adjustments to EPRA earnings are now included within the EPRA earnings calculation. As such the comparative period calculations in the tables have been adjusted to reflect the new guidelines retrospectively. The Group uses alternative performance measures including the European Public Real Estate (“EPRA”) Best Practice Recommendations (“BPR”) to supplement its IFRS measures as the Board considers that these measures give users of the financial statements the best understanding of the underlying performance of the Group’s property portfolio. The EPRA measures are widely recognised and used by public real estate companies and investors and seek to improve transparency, comparability and relevance of published results in the sector. Reconciliations between EPRA measures and the IFRS financial statements can be found in Notes 12 and 30 to the financial statements. . The calculation of Total Shareholder Return has been amended in the current year. As such, the comparative period calculation in the table has been adjusted to reflect the new calculation. SUPERMARKET INCOME REIT PLC 32 STRATEGIC REPORT | INVESTMENT ACTIVITY CONTINUED The table below shows additional performance measures, calculated in accordance with the Best Practices Recommendations of the European Public Real Estate Association (EPRA). We provide these measures to aid comparison with other European real estate businesses. For a full reconciliation of all EPRA performance indicators, please see the Notes to EPRA measures within the supplementary section of the financial statements. Measure Definition Performance 1. EPRA EPS A measure of EPS designed by EPRA to present underlying earnings from core operating activities. 6.0 pence per share for the year ended 30 June 2025 (30 June 2024: 6.1 pence) 2. EPRA Net Reinstatement Value (NRV) per share An EPRA NAV per share metric which assumes that entities never sell assets and aims to represent the value required to rebuild the entity. 96.0 pence per share as at 30 June 2025 (June 2024: 96.7 pence) 3. EPRA Net Tangible Assets (NTA) per share An EPRA NAV per share metric which assumes entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. 87.1 pence per share as at 30 June 2025 (30 June 2024: 87.0 pence) 4. EPRA Net Disposal Value (NDV) per share An EPRA NAV per share metric which 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. 88.0 pence per share as at 30 June 2025 (30 June 2024: 89.6 pence) 5. EPRA Net Initial Yield (NIY) & EPRA “Topped- Up” Net Initial Yield Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers’ costs. NIY 5.8% & “Topped Up” 5.9% as at 30 June 2025 (30 June 2024: 5.9%) 6. EPRA Vacancy Rate Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio. 0.3% as at 30 June 2025 (30 June 2024: 0.5%) 7. EPRA Cost Ratio (Including direct vacancy costs) Administrative & operating costs (including costs of direct vacancy) divided by gross rental income. 13.0% for the year ended 30June 2025 (30 June 2024: 14.7%) 8. EPRA Cost Ratio (Excluding direct vacancy costs) Administrative & operating costs (excluding costs of direct vacancy) divided by gross rental income. 12.4% for the year ended 30June 2025 (30 June 2024: 14.4%) 9. EPRA LTV Net debt divided by total property portfolio and other eligible assets, on a proportionally consolidated basis. 36.1% as at 30 June 2025 (30 June 2024: 38.8%) 10. EPRA Like-for-like rental growth Changes in net rental income for those properties held for the duration of both the current and comparative reporting period. Rental increase of 2.4% for the year ended 30 June 2025 (30 June 2024: 2.1%) 11. EPRA Capital Expenditure Amounts spent for the purchase and development of investment properties (including joint ventures and any capitalised transaction costs). £82.1 million for the year ended 30 June 2025 (30 June 2024: £146.2 million) EPRA PERFORMANCE INDICATORS ANNUAL REPORT 2025 33 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS STRATEGIC REPORT | FINANCIAL OVERVIEW Summarised Financial results Year Ended 30 June 2025 £’000 Year Ended 30 June 2024 £’000 Net rental income , 107,232 Management fees  - Net income , , Administrative expenses (,) (,) Net finance costs (,) (,) Share of joint venture income , - Exceptional items  ,  EPRA earnings  , , Valuation surplus/(deficit)  , (,) Loss on disposal of investment properties (,) - Changes in fair value of interest rate derivatives (,) (,) Termination fee  (,) - Exceptional items  (,) () IFRS profit/(loss) before tax , (,) . Adjusted to exclude exceptional items relating to legal fees incurred in relation to the management internalisation (. million), JSE listing fees (. million), and non-cash accelerated loan arrangement fees (. million) . The Company previously included an additional earnings measure called “Adjusted earnings” and “Adjusted EPS”. The metric adjusted EPRA earnings by deducting one-off items such as debt restructuring costs. . Change in fair value of investment properties including joint venture assets at share . The termination fee includes; . million termination of investment advisory agreement, and an additional . million for the termination of the AIFM agreement and a further . million for the provision of transitionary services. Net rental income The portfolio generated net rental income of £113.2 million for the year ended 30 June 2025, compared with £107.2 million in the prior year. This represents an increase of £6.0 million or 5.6%, driven by the positive net impact of like-for- like rental growth and income from acquisitions, partially offset by the impact of property disposals. On a like-for-like basis, EPRA net rental income increased by 2.4% (30 June 2024: 2.1%). During the year, 45 rent reviews were successfully completed, generating £3.1 million of additional rental income, equating to a 4.1% uplift (or 3.4% on an annualised basis). Direct property expenditure remained broadly stable at £0.8 million (30 June 2024: £0.6 million). The portfolio continues to deliver a gross to net margin of 99.3% (30 June 2024: 99.4%), which remains among the highest in the sector. This reflects the strength of our single-let strategy and the high covenant quality of our tenant base. Rent collection remained robust, with 99.7% of rent collected for the year (30 June 2024: 99.9%). During the year, Homebase entered administration, however, both impacted assets have been successfully relet to tenants with significantly stronger covenants, enhancing the quality of income. As at 30 June 2025, the portfolio maintained a low EPRA vacancy rate of 0.3%, underscoring the high quality of our portfolio and proactive asset management. Administrative expenses and EPRA cost ratio Administrative expenses have reduced by 5% to £14.5 million, reflecting the operational efficiencies gained following the Internalisation in March 2025. Driven by these cost efficiencies achieved through the Internalisation, our EPRA cost ratio improved by 170 basis points, reducing to 13.0% for the year. We anticipate further savings in the financial year ending 30 June 2026 and remain focused on achieving an EPRA cost ratio below 9%, consistent with our commitment to disciplined cost management and operational optimisation. 30 June 2025 30 June 2024 EPRA cost ratio including direct vacancy costs .% .% EPRA cost ratio excluding direct vacancy costs .% .% Net finance costs Net finance costs increased by £10.7 million to £27.0 million, primarily driven by a £113.6 million rise in the average drawn debt balance compared to the prior year, alongside an increase in the weighted average cost of debt. In May 2025 we received £200.4 million net proceeds from the completion of the strategic JV with Blue Owl. Inthe near term, we have used these proceeds to pay down existing debt drawn. EPRA earnings The Company delivered EPRA earnings of £74.2 million for the year ended 30 June 2025, compared to £75.8 million in the prior year. EPRA earnings per share were 6.0 pence, down slightly from 6.1 pence in 2024, representing a 2% decrease. FINANCIAL OVERVIEW MIKE PERKINS Chief Financial Officer SUPERMARKET INCOME REIT PLC 34 STRATEGIC REPORT | FINANCIAL OVERVIEW CONTINUED EPRA earnings are a key measure of the Company’s underlying operating performance, and therefore, excludes non-recurring items. The marginal decline in earnings per share reflects temporary cash drag as the Company continues to redeploy net proceeds from its recently completed JV. The Board remains confident in the Company’s strategic direction and its ability to generate sustainable long-term value. A full reconciliation between IFRS and EPRA earnings can be found in note 12 of the Financial Statements. EPRA net tangible assets and IFRS net asset Proportionally consolidated basis As at 30 June 2025 £’000 As at 30 June 2024 £’000 Investment properties ,, ,, Fair value of financial asset held at amortised cost , , Total portfolio value ,, ,, Bank borrowings (,) (,) Cash , , Other net liabilities (,) (,) EPRA net tangible assets ,, ,, Fair value of interest rate derivatives , , Fair value adjustment for financial assets held at amortised cost , , IFRS net assets ,, ,, Movement in EPRA NTA per share Pence EPRA NTA per share at  June  . EPRA earnings . Dividends paid (.) Realised and unrealised gains . Management internalisation (.) Other (.) EPRA NTA per share as at  June  . EPRA net tangible assets (“EPRA NTA”) is considered to be the most relevant measure for the Group and includes both income and capital returns but excludes fair value of interest rate derivatives and includes revaluation to fair value of investment properties held at amortised cost. At 30 June 2025, EPRA NTA was £1,088 million (30 June 2024: £1,085 million), representing an EPRA NTA per share of 87.1 pence, an increase of 0.3% since 30 June 2024, with realised and unrealised gains from our investment property portfolio being mostly offset by the one-off termination payment in respect of the Internalisation. Including dividends paid in the year, our Total Accounting Return (“TAR”) was 7.2% compared with 0.3% in the prior year. Portfolio Valuation Our Portfolio, which includes share of joint ventures and the fair value of financial assets held at amortised cost, was valued at £1.6 billion as set out below: Movement in portfolio valuation £’000 Group opening property portfolio valuation ,, Property additions , Disposals (,) Capital expenditure  Revaluation movement , Foreign exchange movement , Group closing property portfolio valuation ,, Fair value of financial assets held at amortised cost , Share of joint venture , Total property portfolio value ,, During the year, the Group continued to actively manage its portfolio through selective acquisitions and disposals aligned with its strategic objectives. The Group acquired a Sainsbury’s omnichannel supermarket in Huddersfield for a total consideration of £49.7 million, excluding acquisition costs. In addition, the Group expanded its footprint in France with the acquisition of a portfolio of nine Carrefour omnichannel supermarkets 30 for €36.7 million 22 , also excluding acquisition costs. The Group disposed of a Tesco supermarket in Newmarket for £63.5 million, representing a 7% premium to book value. Furthermore, eight supermarket assets were transferred into the Group’s strategic JV, at a value of £403 million, achieving a 3% premium to book value. Valuation yields remained broadly stable throughout the year. The Group recorded a revaluation gain of £30.7 million, equivalent to a 1.9% increase, primarily driven by contracted rental uplifts and the capital appreciation achieved on the three Tesco regears. Net Debt, Leverage and Financing Adjusted net debt is a proportionally consolidated measure, which includes the Group’s share of joint ventures, and is represented as bank borrowings, less cash and cash equivalents. Movement in adjusted net debt £m Adjusted net debt at  June   EPRA earnings () Dividends paid  Acquisitions  Disposals () Internalisation  Other  Adjusted net debt at  June   ANNUAL REPORT 2025 35 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The Group’s adjusted net debt reduced by £152 million during the year, closing at £503 million (30 June 2024: £656 million). This reduction was primarily driven by net proceeds received from the disposal of eight supermarket assets into the Group’s strategic JV with Blue Owl. These proceeds were initially utilised to repay amounts drawn under existing revolving credit facilities, resulting in a significant improvement in the Group’s leverage metrics. At year-end, the net debt to EBITDA ratio stood at 5.1x, down from 7.1x in the prior year. On a weighted average basis, the ratio was 7.4x for the year. The Group expects adjusted net debt to increase over the course of the next financial year, as the net proceeds from the JV are redeployed into the Group’s attractive pipeline of investment opportunities. Accordingly, the net debt to EBITDA ratio is anticipated to rise and is expected to operate within a medium-term target range of 7.0x to 8.0x. Financing 30 Jun 2025 30 Jun 2024 Undrawn facilities m m Loan to value % % Net debt / EBITDA ratio (period-end) .x .x Weighted average cost of debt (at period end) .% .% Interest cover .x .x Average debt maturity  . years . years % of drawn debt which is fixed/hedged  % % . Figures presented for  June , include post period end transactions and are therefore stated as at the date of these report and accounts. The Group continued to actively manage its debt structure during the year, executing a series of strategic financing transactions across a range of markets. These actions were aimed at optimising the Group’s capital structure and further strengthening its financial position. Including post period end activity, the Group has raised £652 million of new debt (including share of joint venture) and repaid £322 million of near-term facilities: – In July 2024, the Group completed its first private placement debt issuance with a group of institutional investors. The €83 million senior unsecured notes have a maturity of seven years and a fixed rate coupon of 4.44%. – In July 2024, the Group refinanced its £97 million secured debt facility with Deka through a new £100 million unsecured facility with ING Bank N.V., London Branch. The interest only facility has a maturity of three years and is priced at a margin of 1.55% over SONIA. – In February 2025, the Group completed a €39 million private placement with a seven-year maturity and a fixed rate coupon of 4.10%. – In April 2025 the Group signed a £90 million unsecured bi-lateral term loan facility with Barclays. The net proceeds were used to refinance the Company’s existing secured debt facilities with Wells Fargo and Bayerische Landesbank of £30 million and £55.4 million respectively. The facility has a three-year term and is priced at a margin of 1.55% above SONIA and hedged with a cap of 3.45% against SONIA. – In June 2025, the Group signed a new £215 million secured term loan facility for its JV with Blue Owl, through a bank syndicate comprising Barclays, HSBC, ING and SMBC. The facility is priced at 1.50% above SONIA and has been hedged via interest rate swaps, fixing the interest at 5.10% for the three-year term (excluding fees). It was undrawn as at 30 June 2025. Post year end – In July 2025, the Group completed a debut £250 million Sterling bond issuance, with a six-year term and a coupon of 5.125%, 115 basis points over Gilts. As a result of these transactions, the weighted average debt maturity profile of the Group has improved significantly, increasing by 1.9 years to 3.9 years. The Group has c.£450 million of undrawn facilities and available cash, which we expect to utilise for deployment into the Group’s attractive pipeline of investment opportunities. The Group’s interest rate risk is mitigated through a combination of fixed debt and derivative interest rate swaps and caps. 100% of the Group’s drawn debt is fixed or hedged, and further to the £250 million bond issuance, we intend to use the value of existing interest rate derivatives to hedge the Group’s overall interest rate exposure to c.4.7%, once the JV proceeds have been redeployed. The Group maintains good long-term relationships with all lenders and is currently in discussions regarding the refinancing requirements over the next financial year. The Group continues to monitor its banking covenants and maintains significant headroom on its LTV and ICR covenants. As at 30 June 2025, property values would need to fall by around 40% before breaching the gearing covenant. Similarly, net operating income would need to fall by 54% before breaching the interest cover covenant. Fitch Ratings, as part of its annual review, reaffirmed the Group’s BBB+ rating with a stable outlook. Financial Summary The financial year has been transformative for the Company, marked by the successful execution of strategic initiatives aimed at enhancing operational efficiency and strengthening the balance sheet. These initiatives have already delivered cost efficiencies, and the Company expects further savings in the financial year ending 30 June 2026, with a continued focus on achieving an EPRA cost ratio below 9%. In addition, the Company undertook a series of financing transactions, which have extended the average debt maturity profile, diversified funding sources, and enhanced liquidity. As a result, the Company is well positioned to execute on a high-quality pipeline of investment opportunities, supporting its long-term growth strategy. SUPERMARKET INCOME REIT PLC 36 STRATEGIC REPORT | TCFD COMPLIANT REPORT TCFD Consistent Climate-Related Financial Disclosures Statement  Energy and GHG Emissions Foreword Recognising the urgent need to address climate change and support the transition to a net zero economy, the Company is committed to reaching net zero greenhouse gas (“GHG”) emissions across its value chain by 2050. During the reporting period, the Company reached a further milestone linked to its net zero commitment, with the publication of its first Climate Transition Plan (“Transition Plan”). The Transition Plan details how the Company intends to reduce its emissions in line with the Company’s Science Based Targets initiative (“SBTi”) approved emissions reduction targets, building on the initial decarbonisation analysis conducted when the Company’s targets were first set in 2024. The publication of the Transition Plan reflects the Company’s belief in the importance of transparent, decision- useful sustainability reporting to improve our accountability to stakeholders. The Company’s SECR and TCFD Report can be found below on pages 36 to 48. In addition, the Company’s GHG independent limited-assurance report and standalone Sustainability Report, covering its wider performance against the three pillars of its Sustainability Strategy, are both available on the Company’s website. The Company remains committed to further progressing its climate-related strategy and emissions reductions activities, as it continues to make progress on its Transition Plan and Net Zero commitment. Streamlined Energy and Carbon Reporting (“SECR”) The below table and supporting narrative summarise the Company’s SECR disclosure, in compliance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Data for the years FY24 and FY25 is included as this is the Company’s third year of SECR disclosures. In 2025, the Company successfully completed the internalisation of the Company’s management function. From March 2025 SUPR formally employs staff, moving away from the external advisory arrangement with Atrato Group. As a result, emissions from SUPR office consumption (Scope 1 and 2), Waste, Business Travel and Employee Commuting (Scope 3) are now being calculated as part of the GHG inventory. This year, emissions from waste generated in SUPR-controlled communal areas of the Company’s assets have also been accounted for. An error in the electricity and gas data at Willow Brook Shopping Centre was found for the previous reporting year (FY24), resulting in missing Scope 1 and 2 emissions reported last year. This has now been rectified and restated figures are included in the table below. The correction has resulted in a 121% increase in Scope 1 and 2 emissions and a 0.4% increase in total emissions for the reporting year FY24. This has not led to a material change in estimations – see appendix for further detail. Year-on-year comparisons will compare the current reporting year (FY25) against these corrected values for the previous reporting year (FY24). Compared to the previous reporting year (FY24), there has been a decrease in Scope 1 emissions from 56 tCO 2 e to 18 tCO 2 e (68% reduction) in the current reporting year due to improved accuracy of data and reduced consumption. In contrast, there has been an increase in Scope 2 location- based emissions from 172 tCO 2 e to 253 tCO 2 e (47% increase) due to improved accuracy of data and increased consumption. For seven of the communal areas, the use of renewable electricity at these sites, evidenced by green electricity certificates, has resulted in a decrease in total Scope 2 market-based emissions in this reporting period (see Table C). Due to this overall increase in the Company’s Scope 1 and 2 location-based emissions, emissions from Fuel and Energy related activities (“FERA”) (Scope 3 category 3) have also increased from 66 to 86 tCO 2 e (30% increase) for this reporting year. 71 Emissions from Purchased Goods and Services (Scope 3 category 1) have increased from 2,215 to 3,882 tCO 2 e for this reporting year, driven by an increase in spend. This is likely linked to internalisation process as the main increase was detected in spend related to legal and financial services. This year no newly built properties have been added to the portfolio; therefore, no emissions are attributed to Capital Goods (Scope 3 category 2). In April 2024, SUPR acquired a portfolio of Carrefour omnichannel supermarkets in France through a sale and leaseback transaction. This is the first year these assets have been included in the reporting. Additionally, one UK supermarket has also been acquired in this reporting year. Even with the acquisition of this new asset and the inclusion of Carrefour assets, Scope 3 energy consumption and resultant emissions from Downstream Leased Assets (Scope 3 category 13), which includes tenant Scope 1 and 2 emissions, have decreased from 81,931 to 59,138 tCO 2 e (28% decrease). Our calculation of downstream leased assets emissions includes refrigerant emissions alongside energy use given the material consumption of refrigerants used in supermarkets. This goes beyond the minimum boundaries required by the Greenhouse Gas Protocol. This year’s reduction in emissions is primarily driven by the increased availability of refrigerant data from supermarket tenants, offering a more accurate representation of refrigerant- related emissions, but not reflecting an actual decrease in emissions. We will consider how this newly available data may be used to support more accurate recalculation of base year emissions in future. A decrease in supermarket tenant electricity consumption has also reduced absolute Scope 3 category 13 emissions. Overall, total Scope 1, 2 and 3 emissions have decreased from 84,621 tCO 2 e in the previous reporting year to 63,423 tCO 2 e (25% reduction) in the current reporting year. TCFD COMPLIANT REPORT  FERA emissions includes the well-to-tank (WTT) and transmission and distribution (T&D) upstream emissions from Scope  and . ANNUAL REPORT 2025 37 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Report Previous reporting year: 1 July 2023 – 30 June 2024 (FY24) As restated: 1 July 2023 – 30 June 2024 (FY24) Current reporting year: 1 July 2024 – 30 June 2025 (FY25) Location UK UK UK Emissions from the combustion of fuel and operation of facilities (tCO  e) (Scope )    Emissions from purchase of electricity (location-based) (tCO  e) (Scope )    Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel (tCO  e) (Scope 3) 72 N/A N/A  Total mandatory emissions (tCO  e) 73    Voluntary: Emissions from Fuel and Energy related activity (location-basaed) (tCO  e) (Scope )    Voluntary: Emissions from Purchased Goods and Services (tCO  e) (Scope ) , , , Voluntary: Emissions from Waste (tCO  e) (Scope ) N/A N/A  Voluntary: Emissions from Business Travel (tCO  e) (Scope )  N/A N/A . Voluntary: Emissions from Employee Commuting (tCO  e) (Scope ) N/A N/A  Voluntary: Emissions from Capital Goods (tCO  e) (Scope ) N/A N/A N/A Voluntary: Emissions from Downstream Leased Assets (tCO  e) (Scope ) 75 , , , Total gross emissions reporting (tCO  e) 76 , , , Energy consumption used to calculate Scope  emissions (kWh) , , , Energy consumption used to calculate Scope  emissions (kWh) , , ,, Energy consumption used to calculate Scope  emissions (kWh)  ,, ,, ,, Total energy consumption (kWh) ,, ,, ,, Intensity ratio: tCO  e (gross Scope  + ) per m  of floor area  . . . Intensity ratio: tCO  e (gross Scope ,  + ) per m  of floor area  . . .  Emissions not calculated in FY and FY due to lack of data and immateriality (<% of total emissions).  Values have been rounded.  Business travel including air, rail and hotel stays that are not included in the mandatory business travel emissions.  Emissions in downstream leased assets includes emission from tenant electricity, fuel and refrigerant consumption. FERA emissions associated with leased assets are included in Scope : Downstream Leased Assets.  Values have been rounded.  Tenant energy consumption from fuels and electricity only.  Normalised to Scope  +  floor area: , m  FY.  Normalised to Scope ,  +  floor area: ,, m  FY. SUPERMARKET INCOME REIT PLC 38 STRATEGIC REPORT | TCFD COMPLIANT REPORT CONTINUED Methodology The FY25 footprint within the scope of SECR reporting is equivalent to 272 tCO 2 e, for mandatory emissions reporting, and 63,423 tCO 2 e, including voluntary emissions, with the largest portion being made up of emissions from downstream leased assets at 59,138 tCO 2 e. Anthesis (UK) Limited (“Anthesis”) has calculated the above GHG emissions to cover all material sources of emissions for which the Company is responsible. The methodology used is aligned with the GHG Protocol: A Corporate Accounting and Reporting Standard (revised edition, 2015). Responsibility for emissions sources was determined using the operational control approach. All emissions sources required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 are included. Raw data captured in spreadsheets including energy spend and consumption data has been collected by the Company. Where actual consumption data was available for natural gas, electricity and refrigerants, this was used. To address data gaps, the most appropriate proxy was applied by using either previous year’s data, actual data to calculate average monthly consumption, or by applying the average floor area intensity from sites with actual data. Average floor area intensity calculations excluded high-consumption outliers; for example, estimates for carpark sites were derived solely from other carparks, which are expected to have comparable energy intensity. Fuel oil was estimated by applying the average 2024 UK fuel oil price to the budgeted spend for fuel oil. Fuel oil estimated energy was then converted to GHG emissions using the UK Government’s GHG Conversion Factors for Company Reporting 2024. Scope 3 emissions have been calculated for relevant material categories using consumption data, spend data, floor area and EPC data. Fuel and Energy related activities includes well-to-tank (“WTT”) and transmission and distribution (“T&D”) upstream emissions from Scope 1&2. For Purchased Goods and Services, Environmentally Extended Input Output (“EEIO”) has been used. Spend data was provided per supplier and mapped to 2023 DEFRA Input/Output (“IO”) categories. No newly built sites were acquired during this reporting year, therefore there were no Capital Goods this year. Where actual data was not available for Downstream Leased Assets, industry energy consumption benchmarks were used in combination with EPC data on energy use and heating type. This year, full or partial refrigerant data was provided for all supermarket tenants. Where refrigerant data was only partially provided, publicly available air conditioning (“AC”) certificates were used to determine the type and amount of refrigerants. Where this was not available, other similar sites were used as proxies to estimate refrigerant consumption. Supermarket refrigeration capacity and non-food air conditioning was estimated using floor-area intensity data from EPA where actual data was not available. Refrigerant loss rate for refrigeration appliances was estimated from Direct Emissions from Use of Refrigeration, Air Conditioning Equipment and Heat Pumps from DEFRA. Biogenic carbon emissions from combustion of biomass have been excluded from the Scope 1, 2 and 3 emissions reporting in the table above as per the GHG Protocol they must be reported separately. Biogenic CH4 and N2O have been included in the emissions reporting table. Biomass energy consumption resulted in 15,848 tonnes of biogenic CO2 in the 2024-2025 reporting period. kWh energy consumption associated with biomass is included in the table above. The Company continued its efforts to improve energy efficiency across landlord-controlled areas and to support tenant-led energy efficiency measures in FY25, as discussed in the TCFD Report below and the Company’s standalone Sustainability Report. Approach to GHG emissions restatements To improve its GHG reporting, the Company may restate previously reported data to provide a more accurate representation of previous performance and its decarbonisation journey, should a significant change or error be identified, such as: • Significant changes in company structure and activities • Methodology changes such as improvements in emissions factors, data access and calculation methodologies • Discovery of significant error(s) in previously reported data The Company will restate the FY23 baseline used for its Scope 1, 2 and 3 emissions reductions targets if any of the changes above result in a change of 5% or more, in line with the requirements of the SBTi. The impact of the Carrefour portfolio acquisition, along with methodology changes from improved refrigerant data accuracy, has been assessed against the Company’s SBT baseline. This assessment revealed a change in base year emissions exceeding 5%, prompting the Company to recalculate base year emissions (see Table C). Taskforce on Climate-Related Financial Disclosures (“TCFD”) Introduction The Company has complied with the requirements of the Financial Conduct Authority’s (“FCA”) UK Listing Rules (“UK LR”) 6.6.6.(8) by including its TCFD Statement for FY25 below. The Company’s statement is consistent with the four core TCFD pillars, in relation to governance, strategy, risk management and metrics and targets, and all eleven underlying specific recommended disclosures. 80 The Company’s key progress on its climate strategy and net zero commitments include an updated climate risk assessment (encompassing the portfolio of Carrefour assets for the first time), refreshed emissions reduction modelling and publication of the Company’s first standalone Transition Plan in June 2025.  “Recommendations of the Task Force on Climate-related Financial Disclosures” published in June  by the Task Force on Climate-related Financial Disclosures, available at: https://www.fsb-tcfd.org. TCFD COMPLIANT REPORT CONTINUED ANNUAL REPORT 2025 39 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Governance Describe how the board exercises oversight of climate-related risks and opportunities: The Board is responsible for overseeing the Group’s risk management framework, including the consideration of climate-related risks and opportunities affecting the business, as part of its wider oversight of the Company’s sustainability strategy. To ensure the effective oversight of climate-related issues and the wider sustainability strategy of the Company, the Board established its ESG Committee in May 2022, whose role helps to ensure that sustainability issues, including climate change, are discussed in sufficient detail and given appropriate focus at the Board level. The ESG Committee, Chaired by Frances Davies, meets at least four times a year. See the ESG Committee Report on pages 82 to 83 for more details on Committee members and how the Committee operates. The Board and ESG Committee is primarily informed of climate-related issues by the Company’s Sustainability Consultant through the meetings of the ESG Committee, at which an ESG Update Paper is presented covering relevant climate related issues, progress against targets and broader sustainability strategy updates. The Committee monitors the Company’s ESG performance against the KPIs shown in the Metrics and Targets section of this report. As the Company contracts the sustainability function to Atrato, the Sustainability Consultant plays a key role in ESG matters and climate-related issues. Climate-related issues are also considered by the Board and the Company’s management team in acquisition, development and asset management decision making. This process is described below under the managing climate-related risks section of this statement. The Company’s governance structure regarding climate risks and opportunities is summarised in Figure 1. Figure  | Governance structure related to climate-related risks and opportunities ESG Committee Meeting at least quarterly Audit and Risk Committee Meetings at least 3 times a year Board of Directors Company Senior Management Team Internal ESG Working Group Climate and Environment remains one of the three key pillars of the Company’s Sustainability Strategy. The ESG Committee receives a report and verbal update from the Company’s Sustainability Consultant at every quarterly meeting in relation to this aspect of the strategy, and the other two pillars (namely, Tenant and Community Engagement and Responsible Business). The ESG Committee update includes the Company’s quarterly performance against environmental metrics and broader delivery of the Company’s sustainability strategy, including activities such as the roll-out of rooftop solar photovoltaic (“PV”) and EV charging, improvement of Energy Performance Certificate (“EPC”) ratings, ESG-related investor engagement and climate transition planning. These updates allow the ESG Committee to oversee the Company’s performance against the sustainability strategy. The ESG Committee is also involved in the review process and ultimate approval of the Company’s TCFD Report. The Board is committed to ongoing improvement of the Company’s climate-related disclosures. During the reporting year, sustainability consultancy Anthesis was again engaged to provide external support to help shape the Company’s response and alignment to the TCFD recommendations. As part of this support, Anthesis provided analysis of, and recommendations on, the Company’s final disclosures to further advance its progress against best practice approaches. The Board is invested in enhancing the Company’s understanding of climate risks and opportunities and, as part of this, approved budget allocation for ongoing climate- related activities, for the next reporting year. This facilitates forward planning and preparation of ESG matters targeted for the next reporting year. The Board recognises that appropriate training and upskilling is a key enabler to ensure successful implementation of the Company’s sustainability strategy and, specifically, the integration of sustainability factors into the investment process. During the reporting period, the Company’s Sustainability Consultant delivered training to the Company’s employees on the topic of transition planning and the Company’s GHG inventory, in order to support the management of these issues in the Company’s activities. Describe management’s role in assessing and managing climate-related risks and opportunities: Climate-related risk and opportunity considerations are integrated within management roles in the investment and asset management decision making process, ensuring that the potential financial impacts of climate-related issues are evaluated and addressed. The Company has an internal ESG Working Group, led by the Company’s Sustainability Consultant. Climate risk and TCFD is a material topic for this Working Group, and therefore is a standing agenda item at the meetings of the ESG Working Group to ensure frequent messaging and updates on climate-related topics, as well as to facilitate and enhance understanding of climate impacts across teams. Additionally, the Company seeks to ensure climate- related issues are a standing item when engaging with the Company’s tenants. This includes discussion on topics such as any planned tenant-led investments in store refurbishments and energy efficiency upgrades, energy consumption data sharing and improvements to EPC ratings. Such engagement occurs multiple times per year and more frequently with larger site tenants. Sustainability Consultant The Company’s Sustainability Consultant is responsible for the day-to-day delivery of the Company’s sustainability SUPERMARKET INCOME REIT PLC 40 STRATEGIC REPORT | TCFD COMPLIANT REPORT CONTINUED strategy, as approved by the Board, including the assessment, management and reporting of climate-related risks and opportunities, and leads the provision of climate risk advice to the Company’s Senior Leadership Team. The Sustainability Consultant also has responsibility for overseeing relevant climate-related targets and the preparation of the Company’s climate-related reporting and co-ordination of third-party service providers who provide input into this, including overseeing preparation of the Company’s GHG inventory and the independent limited GHG assurance process. Internal ESG Working Group The ESG Working Group, led by the Company’s Sustainability Consultant, consists of the following members: the Company’s CEO, Head of Operations and IR, and Head of Asset Management. The Working Group is responsible for oversight, monitoring and management of sustainability risks and opportunities including those related to climate change. This includes the review, monitoring and management of climate-related risks relevant to current and future assets in the portfolio. The Sustainability Consultant and Asset Management aim to meet at least fortnightly to discuss ESG issues impacting the Company, and climate risk is a standing agenda item as part of these meetings. The Company’s CEO and Head of Operations and IR join on an as needed basis. Other employees of the Company, including the Investment Director, are invited on an ad-hoc basis to meetings with climate-related agenda items. Meeting minutes are circulated to the full Working Group following every meeting. Strategy Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. In accordance with TCFD recommended disclosures, the Company has identified climate-related risks and opportunities across two key categories: (1) physical risks related to the physical impacts of climate change (acute and chronic) and (2) transition risks related to the transition to a low carbon economy (policy, legal, technology, and market). The Company considers these risks over three key time periods: from 2025 until 2030 (near-term), from 2030 to 2050 (medium-term) and 2050 to 2100 (long-term). Time Horizon Details Near-term (until 2030) The near-term time horizon (-) aligns to both the Company’s near-term Science Based Target () and the anticipated compliance deadline for the proposed Minimum Energy Efficiency Standards (“MEES”) regulation, with  currently the proposed target year for a minimum B EPC ratings. Due to the -year weighted average unexpired lease term (“WAULT”) of its portfolio, the Company expects that there will be a limited number of lease renewals and few changes to its existing leases during this time period. Medium-term (from 2030 to 2050) The medium-term time horizon (from ) aligns with a period of current lease renewals for the majority of the Company’s assets, during which physical and transition risks associated with the Company’s portfolio may have greater influence on lease agreements with existing and new tenants. Long-term (2050 to 2100) The long-term time horizon aligns with both the Company’s long-term / net-zero Science Based Target and with a potential increase in the likelihood and severity of physical climate risks impacting the Company’s portfolio. This allows for the creation of long-term strategies and planning regarding portfolio management in response to these risks. Over the last year, the Company carried out an updated transition and physical climate risk analysis for the entire portfolio, including the Company’s French assets for the first time. Further information on the Company’s approach to Scenario Analysis is available in the Risk Management section of this TCFD report. For the second year, the Company utilised the MSCI Real Assets (Real Estate) Climate Risk Tool (the “MSCI tool”) and associated Climate Value at Risk (“Climate VaR”) outputs to support this analysis and quantify the physical risks across the post-2050 (long-term) time horizon. 81 The Company considered three key temperature scenarios as part of its scenario analysis conducted this year: Scenario Details 1.5°C / REMIND / SSP1-2.6 / Orderly (“Net Zero”) Net Zero  is an ambitious scenario that limits global warming to . °C through stringent climate policies and innovation, reaching net zero CO₂ emissions around . 2°C / REMIND / SSP2-4.5 / “Delayed Transition”) A climate scenario that assumes global annual emissions do not decrease until . Strong policies are then needed to limit warming to below °C. 3°C / REMIND / SSP5-8.5 / “Current Policies” Current Policies Scenario. No additional climate policies are applied leading to significant global warming (exceeding °C) with severe physical risks and irreversible impacts like sea-level rise.  Physical CVaR is defined as the net present value of the future costs attached to physical risk (cost of damage due to extreme weather), expressed as a % of the asset’s Capital Value. Calculated for a given carbon emissions reduction scenario or climate change scenario, with a given scenario outcome (aggressive or average) in case of physical risk. Discount rate of .% rate (average long-term total return of MSCI Global Property Index). TCFD COMPLIANT REPORT CONTINUED ANNUAL REPORT 2025 41 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS These scenarios were chosen following the recommendation of MSCI as being preferred scenarios for this type of climate analysis and in the absence of an established real estate industry standard. The Delayed Transition scenario is a further scenario to the Company’s FY24 analysis to incorporate a “middle of the road” approach in contrast to the more ambitious, but potentially unachievable 1.5°C scenario (due to insufficient global action). Further details the data sets used as part of the Company’s scenario analysis are included in the appendix of this TCFD Report. The outputs provide a quantitative risk assessment using set Financial Risk Categories determined based on the asset’s CVaR, which then supports an assessment of the portfolio’s exposure to climate-related physical risks and associated value at risk. For each hazard and for the transition risk, the CVaR is classified into one of seven buckets as shown in Figure 2 below. 82 +. % % -.% -% -% Climate VaR Source: MSCI ESG Research Risk Reduction Negligible Risk Reduction No Identifiable Risk Severe Risk Significant Risk Moderate Risk Negligible Risk Figure  | Financial Risk Category The Company recognises the MSCI tool is only one of many different scenario analysis tools currently available on the market. Such tools and the underlying data models and inputs they utilise rely on certain assumptions and are constantly evolving as climate research and available data sets continue to advance. This was seen during the reporting period with a change in the underlying flood model used by the MSCI tool, with MSCI adopting a new third party flood model (Fathom) to replace its legacy model. Key changes and strengths with the new Fathom Global Flood Map include: • The ability to assess three types of flood risk: coastal, fluvial and pluvial – also known as surface flooding (previously only coastal and fluvial hazards were available) • Sophisticated flood protection modelling in which only the overtopping water causes flooding (based on open- source protection datasets and manual collection in collaboration with regional stakeholders). Deeper dive analyses enables enhanced understanding of the impact of climate-related risk. This year, the Company has chosen to build upon the physical risk analysis conducted in FY24 in three key ways: 1. FY25 UK Analysis Update: Refreshing the UK flood risk analysis that was first conducted in FY24 through the updated MSCI tool; and 2. Carrefour Analysis: Expanding coverage of physical risk analysis to the Carrefour portfolio of assessments, ensuring climate analysis over the Company’s entire portfolio. 3. Ongoing Climate Due-Diligence: Utilising a combination of both the MSCI tool and UK Government Flood Risk tool to conduct climate-risk reviews for all assets as part of pre-acquisition due diligence. FY UK Analysis Update In FY25, the MSCI tool was again used to conduct a physical risk assessment, identifying the percentage of the Company’s UK assets at above negligible risk. 83 The assessment aimed to refresh the FY24 flood risks findings (which was identified from the FY24 results as the key physical risk the Company is exposed to). The outputs of this assessment under the high emissions 3°C (Current Policies) temperature scenario (applying a 2050 time horizon and aggressive outcome) 84 highlighted the following results for the portfolio 85 : • The vast majority (86%) of the Company’s UK assets are exposed to negligible (>0 to 0.5% VaR) aggregate physical risk overall. • 93% of the Company’s UK assets have either no identifiable or negligible exposure to coastal flooding risk (vs 89% in FY24) • 100% of the Company’s UK assets have either no identifiable or negligible exposure to fluvial flooding risk (vs 83% in FY24). 86 • 95% of the Company’s UK assets have either no identifiable or negligible exposure to pluvial flooding risk (risk not measured in FY24). • This is in line with the MSCI UK Quarterly Supermarket Benchmark which also identifies negligible CVaR from coastal and pluvial flooding and no identifiable fluvial flood CVaR under the same scenario and 2050 time horizon.  Financial Risk Categories include: Severe Risk (VaR<-%), Significant Risk (VaR<-%), Moderate Risk (VaR<-.%), Negligible Risk (VaR<%), No Identifiable Risk (VaR=%), Negligible Risk Reduction (VaR>%), Risk Reduction (VaR>.%).  The exposure assessment adopted the CVaR financial risk thresholds of negligible, moderate, significant and severe risk, with severe the highest financial risk category.  °C | REMIND | Current Policies (default) by  time horizon. The Aggressive Outcome reflects the severe downside physical risk of a given climate change scenario and is computed from the th percentile of the distribution of Discounted Costs reflecting uncertainty about the climate system and modelling assumptions. The °C (Current Policies) scenario with Aggressive Outcome (or worst case/th percentile) was selected to better stress test the Company’s strategy as physical risks are highest under this scenario (compared to other two scenarios reviewed by the Company).  The exposure assessment adopted the CVaR financial risk thresholds of negligible, moderate, significant and severe risk, with severe the highest financial risk category. Percentages are calculated by asset count (UK portfolio) rather than capital value.  Change primarily a result of the MSCI Tool Fathom model update which reports “defended” flood depths so only water exceeding the flood protection can cause flooding. SUPERMARKET INCOME REIT PLC 42 STRATEGIC REPORT | TCFD COMPLIANT REPORT CONTINUED Fluvial and pluvial flood risks reduce significantly under a 2°C (Delayed Transition) temperature scenario and further reduce under a 1.5°C (Orderly) temperature scenario (both applying a 2050 time horizon and aggressive outcome), with 100% of the Company’s UK assets having either no identifiable or negligible exposure. However, coastal flood risk remains the same. Carrefour Analysis The same 3°C (Current Policies) (2050 time horizon and aggressive outcome) temperature scenario was applied to the Company’s assets in France and highlighted the following results 87 : • 96% of the Company’s French assets are exposed to negligible (>0 to 0.5% VaR) aggregate physical risk overall. • No identifiable coastal flood risk for any of the French assets. • 100% of the French assets have either no identifiable or negligible exposure to fluvial flooding risk. • 96% of the Company’s French assets have either no identifiable or negligible exposure to pluvial flooding risk. Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning. The Company’s material climate-related risks remain the same as identified in FY24. Table A below provides a description of each risk and the Company’s assessment of potential impact and risk management strategy (including mitigating actions and resilience factors). Table A | Climate-related risks summary TCFD Risk Category Risk Description Time Horizon Potential Impact and Strategy (including mitigating actions) Transition Risk: Policy and Legal Proposed MEES regulation requiring portfolio assets to achieve a minimum of EPC B rating by 2030. Near-term (from now until 2030) 1.5°C (Net Zero) scenario: higher risk 2°C (Delayed Transition) scenario: medium risk 3°C (Current Policies) scenario: lower risk The proposed MEES regulation is expected to require all commercial property to be a minimum EPC B by 2030. 47% of the Company’s portfolio is currently rated B or above. 88 This risk (and other policy and legal risks) is higher under a 1.5°C scenario which assumes the implementation of stringent climate policies required to reach net zero over near- term timeframes. The direct impact of the proposed regulation is reduced given the Full Repairing and Insuring (“FRI”) nature of the majority of the Company’s leases 89 , and the ambitious emissions reduction and associated energy efficiency targets and commitments of the Company’s major tenants. Tenant-led investment in energy efficiency measures not only reduces energy consumption but has also led to EPC rating improvements at no cost to the Company. As the Company continues to enhance its climate-related engagement with tenants, it will also look to engage further on tenants’ own Transition Plan and how the Company might collaborate with tenants on the delivery of relevant transition actions. Physical Risk: Flooding Impact of acute physical risk of pluvial and coastal flooding. Long-term (2050 to 2100) 1.5°C scenario (Net Zero): lower risk 2°C (Delayed Transition) scenario: medium risk 3°C (Current Policies) scenario: higher risk The key potential impact of fluvial and coastal flooding is asset damage (building damage costs). This risk is higher under a 3°C scenario which assumes no additional climate policies are applied leading to significant global warming (exceeding 3°C) with severe physical risks including from sea-level rise, intense rainfall and associated flooding. The direct impact of flooding risk on the Company is reduced given the majority of assets are on FRI leases, meaning the tenants have full insurance obligations. As discussed above, flood risk is also a key risk actively assessed as part of the Company’s acquisition due diligence process. The Company’s focus on investing in strong performing stores and the long-dated nature of the Company’s leases already creates an incentive for the Company’s tenants to build physical climate-resilience considerations into their own long-term management strategies for the stores they occupy.  Percentages are calculated by asset count (France portfolio) rather than capital value.  By valuation as at  June . Based on  buildings with EPC Ratings Certifications, excluding non- English and residential EPCs.  The nature of FRI leases means the tenants have responsibility for the maintenance and operation of the assets (including the heating and cooling of the building) during the term of the lease. TCFD COMPLIANT REPORT CONTINUED ANNUAL REPORT 2025 43 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS In addition to the risks outlined above, in FY23 the Company identified market shifts to be a prospective opportunity. By accelerating deployment of energy efficient measures, setting a Science Based Target (“SBT”) and better aligning with tenant preferences, the Company could gain a competitive advantage relative to other commercial landlords who are not as progressive in their climate and sustainability related ambitions. This could enable increased tenant demand and rent premiums. During both FY24 and FY25, the Company has acted on this opportunity, first by setting SBTi approved emissions reduction targets and then by preparing and publishing its first Transition Plan. In addition, the Company continues to engage with tenants on the deployment of energy efficiency improvement opportunities and broader asset- level enhancements such as progressing roll out of rooftop solar PV and installation of EV across the portfolio. These measures and the Company’s targets in relation to climate- related opportunities are discussed in more detail under the Metrics and Targets section of this report, in Tables B and D. Over the next reporting cycle, the Company plans to further validate the outputs from the FY25 climate-risk assessment and Carrefour analysis, including specific review into the assets identified from this assessment as being exposed (i.e. above negligible in the ratings) to flooding. Through this ongoing work, where necessary, the Company will determine appropriate strategic responses to validate asset-level flood risk, for example, the development of site- specific flood management plans or engagement of further environmental surveys. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a °C or lower scenario. The Company’s scenario analysis outputs from FY25 have highlighted the following findings: • Overall, the current portfolio is not highly exposed to physical risks given the location of the assets. • Of the physical risks assessed, flood risk (specifically coastal and pluvial) is the most material risk for the portfolio. • The impact of climate-related physical risks to the portfolio is expected to become more relevant in the long term under a high emissions scenario. • Risks arising from the transition to a low carbon economy are expected to be higher in the short term under a 1.5°C scenario, driven by policy and legal changes, such as potential minimum EPC rating requirements. Under a 3°C scenario transition risks remain low over the short to medium-term until the point whereby policy and legal changes (particularly adaptation measures) are required to address increasing physical impacts. A benefit of owning mission-critical real estate is that the Company’s tenants make significant investments in maintaining, upgrading and decarbonising the Company’s store estate. These investments are linked to the ambitious net zero targets and associated energy efficiency commitments of the Company’s largest tenants. Not only do these investments drive improvements in energy consumption at the store level, they have also helped the Company to see an improvement in EPC ratings, supporting the Company with progress against its EPC-related improvement targets. In addition to acting as a transition risk mitigant, these decarbonisation investments and the long-dated nature of the Company’s leases also create an incentive for the Company’s tenants to build physical climate-resilience considerations into their own long-term management strategies for the stores they occupy. Further details on resilience factors are also covered in Table A above. Risk Management Describe the organisation’s processes for identifying and assessing climate-related risks. The Company’s approach to risk assessment is as set out in the Our Principal Risks Section on pages 49 to 51. The Board has responsibility for the Company’s risk management and internal controls, with the Audit and Risk Committee reviewing the effectiveness of the Board’s risk management processes on its behalf. The ESG Committee is responsible under the delegated authority of the Board for the monitoring of climate-related risks (both physical and transition) which are incorporated into the risk management process. Pre-acquisition At the pre-acquisition stage, each potential asset undergoes an ESG due diligence and climate risk assessment, including preparation of asset-specific ESG reports that specifically evaluate climate risk. These reports include an analysis of potential vulnerabilities, such as exposure to flooding and other climate-related physical risks. The emissions reduction targets of the assets tenant(s) is also reviewed to assess alignment with the Company’s own targets, as part of each transition review. If climate-related risks are identified in an acquisition opportunity further due diligence will be undertaken, for example additional site surveys and analysis, and consideration of any adaptation measures. The findings from these assessments and any identified risks are reviewed and discussed by the ESG Working Group. This proactive approach ensures that the potential impacts on asset value are understood at the pre-acquisition stage and if the acquisition proceeds, that climate-related risks are managed and monitored going forward. A key component of the Company’s pre-acquisition due diligence relates to the energy efficiency of assets: for example, no asset with an EPC below C can be acquired unless a demonstrable EPC improvement plan is developed, the cost of which is reflected in the investment case for the asset acquisition. Opportunities for the installation of energy efficiency and renewable technology in support of the net zero transition (such as rooftop solar PV and EV charging) as well as potential biodiversity improvement opportunities are also considered as part of the investment case. SUPERMARKET INCOME REIT PLC 44 STRATEGIC REPORT | TCFD COMPLIANT REPORT CONTINUED Post-acquisition A key aspect of the Company’s asset management strategy is sustainability performance improvement. The Company’s Sustainability Consultant and Asset Management regularly review the operational sustainability performance of the Company’s assets including tracking key environmental performance metrics such as EPC ratings, percentage of the portfolio with EV charging and rooftop solar. The Sustainability Consultant oversees the collection of energy consumption and other ESG data directly from tenants which is a key input into the Company’s GHG Inventory calculations. This enables the tracking of operational energy performance and YoY emissions against the Company’s emissions reduction targets. The Company’s Asset Management team has responsibility for managing EPC rating assessments for existing assets in the portfolio, which are conducted on a rolling basis when there are known sustainable improvements to assets, on expiry or following a change to EPC calculation methodology. The Company has committed to an annual review of its climate-related risks, with the target to annually assess 100% of the existing portfolio of assets and every new asset at acquisition stage. Existing assets undergo Scenario Analysis using the MSCI tool to identify climate-related risks and quantify the prospective financial impact. The Physical Risk model integrated within the MSCI tool assesses the cost of physical risks on buildings, using climate data for the given locations of assets incorporating the hazards of extreme heat, extreme cold, fluvial and coastal flooding, tropical cyclones and wildfire (see Figure 2). However, given the Full Repairing and Insuring (“FRI”) nature of the majority of our leases, the Company has adopted this method of scenario analysis as an efficient way to review its portfolio while recognising the limitations of CVaR as a reflection of actual financial risk. A summary of the key climate data sets integrated into the MSCI Physical Risk model is included in the appendix of this TCFD Report. Climate Value-at- Risk Assets Location Hazard Costs Physical Risks Source: MSCI ESG Research Extreme Heat (Climate Models) Number of days/year with temperature above C Coastal Flooding (Climate Models) Flood height in metres for a -yr return period Tropical Cyclones (Probabilistic Models) Wind speeds in metres/second for a -yr return period Fluvial Flooding (Climate Models) Flood height in metres for a -yr return period Wildfires (Climate Models) Fire probability in % for a -yr return period Extreme Cold (Climate Models) Number of days/year with temperature below C Chronic Risks operational cost Acute Risks asset damage Figure  | Physical Risk Hazards: Describe the organisation’s processes for managing climate-related risks. As part of the acquisition due diligence process, the Company undertakes an assessment of each asset against a set of sustainability criteria. Both physical and transition climate risks associated with the Company’s portfolio are assessed and included in the risk register. Materiality and prioritisation determinations are made through impact, likelihood, and risk scoring as a part of the risk register. Inherent and residual probabilities are assigned to each risk, from which a risk score is derived. The climate-related risks included in the Company’s Risk Register are updated to reflect the findings from the Company’s annual climate risk assessment to ensure that emerging risks and any changes to climate projections or the Company’s portfolio are captured. Mitigating actions are described in detail in the risk register, laying out governance structure and processes in place aimed at mitigating each risk. Finally, actions taken to mitigate risks are tracked and recorded in the register. In addition, the Company’s Sustainability Consultant coordinates internal ESG Working Group meetings to allow collaborative communication and management of climate-related risks relevant to current and future assets in the portfolio. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management. The Company’s approach to risk assessment is as set out in the Our Principal Risks Section on pages 49 to 51. The Company manages its risk related to its emissions profile, and associated regulatory risk, by monitoring, measuring, and disclosing its Scope 1, 2, and 3 GHG emissions, and identifying and progressing available decarbonisation levers, as outlined in the Company’s first Transition Plan, published in June 2025. TCFD COMPLIANT REPORT CONTINUED ANNUAL REPORT 2025 45 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Tenant engagement is a core pillar of the Company’s Sustainability Strategy and includes engagement on energy efficiency measures and support of tenants’ own decarbonisation efforts and targets. As part of Scope 3 emissions initiatives over the last reporting period the Company has undertaken increased engagement efforts with tenants on collecting energy consumption and other ESG performance data. Metrics and Targets Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. To better understand and manage its climate-related risks and opportunities in line with its strategy and risk management process, the Company measures a number of climate-related metrics, see Table B below. Table B | Climate-related metrics Metric category Metric FY FY FY Transition risks % EPCs of supermarkets in England B or above (by valuations) 90 50% 56% 47% % EPCs of ancillary units in England B or above (by valuations) 35% 53% 56% % of actual energy consumption data from UK supermarket tenants used for GHG Inventory (vs estimated data) 14% 26% 63% Physical risks % of supermarket assets in the portfolio screened for physical climate hazards Screening only at acquisition 95% 91 100% Climate- related opportunities % of supermarkets with on-site PV 92 20% 20% 15% % of assets with on-site EV charging 93 20% 30% 40% Disclose Scope , Scope , and, if appropriate, Scope  GHG emissions, and the related risks. The Company has again engaged external consultants, Anthesis, to prepare its GHG inventory for FY25, covering Scope 1, 2 and 3 emissions. The Company’s full GHG inventory, prepared in line with the GHG Protocol methodology is disclosed below in Table C (see Appendix A for further details of the methodology). Table C |GHG Inventory  FY (original) FY (recalculated) FY (recalculated) FY Location-based tCO  e Location-based tCO  e Location-based tCO  e Location-based tCO  e Market-based tCO  e Market-based (S& & DLA) tCO  e Scope  Total . . . . . . Scope  Total . . . . . . 1: Purchased Goods and Services 3,131.50 3,131.50 2,214.70 3,882.04 3,882.04 3,882.04 2: Capital Goods 463.49 463.49 0 0 0 0 3: Fuel- and Energy-Related Activities 37.46 37.46 65.78 86.41 39.45 39.45 5: Waste Generated in Operations 0 0 0 41.95 41.95 41.16 6: Business Travel 0 0 0 1.55 1.55 1.55 7: Employee Commuting 0 0 0 2.49 2.45 2.45 13: Downstream Leased Assets (“DLA”) 72,902.93 57,732.81 72,070.92 50,076.21 50,076.21 40,520.28 Scope  Total ,. ,. ,. ,. ,. ,. Scope ,, Total ,. ,. ,. ,. ,. ,. Intensity ratio: tCO 2 e (gross Scope 1 & 2) per m 2 of floor area 0.0003 0.00047 0.0007 0.0008 0.0003 0.0003 Intensity ratio: tCO 2 e (gross Scope 1, 2 & 3) per m 2 of floor area 0.0764 0.09201 0.0743 0.0542 0.0540 0.0444  Only the Company’s English EPCs included (due different methodology for Scottish and France EPCs). % of the Company’s UK supermarket EPCs are C and above.  FY: UK supermarket assets only. From FY all supermarket assets screened.  FY: UK and France. FY and FY UK only.  FY: UK and France. FY and FY UK only.  FERA emissions associated with tenant activities under Scope  downstream leased assets are not included in the figures reported. SUPERMARKET INCOME REIT PLC 46 STRATEGIC REPORT | TCFD COMPLIANT REPORT CONTINUED The Company’s scope 1, 2 and 3 emissions total 54,362 tCO 2 e (location-based) in its FY25 reporting year. Scope 3 accounts for the vast majority of the Company’s emissions at more than 99%, totalling 54,091 tCO 2 e (location-based). This is to be expected as the Company’s Scope 1 and 2 emissions from the communal spaces of its assets is relatively immaterial, producing 277 tCO 2 e (location-based) collectively. The majority of the Company’s emissions come from their leased properties which sit under Scope 3, category 13 downstream leased assets. The Company engaged Grant Thornton UK LLP to provide independent limited assurance over the Company’s GHG emission data disclosed in the SECR table above, using the assurance standard ISAE 3000 (Revised) and ISAE 3410, for the year ended 30 June 2025. Grant Thornton has issued an unqualified opinion over the selected data and the full assurance report is available on the Sustainability page of the Company’s website: Sustainability - Supermarket Income REIT. Improving the quantity of actual (vs estimated) energy and refrigerant consumption data, has been a priority for the Company over the reporting period. As a result, the amount of estimated data has reduced, from 71% estimated in FY24 to 37% estimated data for this reporting period. The improved refrigerant data in FY25 has been the key driver of the reduction in estimated emissions. The majority of the Company’s emissions from downstream leased assets come from assets leased out to supermarkets. Therefore, the Company has prioritised engagement on data sharing with its supermarket tenants. As a result of these engagement efforts with supermarket tenants specifically the following improvements have been made: • The amount of actual purchased electricity (market- based) data in FY23 was 23%, improving to 52% actual data in FY24 and 61% in FY25. • The amount of actual natural gas consumption data in FY23 was 27%, improving to 70% actual data in FY24 and 66% in FY25. • Actual refrigeration gas data for the first time: 29% vs 0% in FY24. This has subsequently improved the overall accuracy of the Company’s emissions disclosures on prior year. This is a marked improvement from FY22 where 100% of emissions were estimated. Details of the remaining assumptions and proxies used to complete the Company’s GHG inventory where actual data was not available, are outlined in the Appendix A. Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets. The Company has set ambitious climate-related targets, including both near-term and long-term/net zero emissions reduction targets, which were validated and approved by the SBTi in March 2024 see Table D below. Table D – Science Based Targets Target Description Near-term The Company commits to reduce Scope 1 and Scope 2 emissions 42% by 2030 from a FY23 baseline. Long-term The Company commits to reduce Scope 1, 2 and 3 emissions 90% by 2050 from a FY23 baseline. Net Zero The Company commits to reach net-zero by 2050. Details on how the Company plans to achieve its Science Based Targets can be found in the Company’s standalone Transition Plan. Given the FRI nature of the majority of the Company’s lease arrangements and associated limitations to site control, the Company has not yet set further specific targets with regards to the opportunity of on-site solar PV and on-site EV charging installation. However, the Company continues to actively engage with tenants on such opportunities and to support installations wherever feasible. The Company does not currently use carbon offsets and will be prioritising investment on decarbonisation activities in the near term. In future, the Company may review their application, including how they could support the Company’s net zero agenda. The Company will again review its selection of climate- related metrics and targets over the next reporting period to ensure that it continues to measure and manage its climate- related risks and evolve its approach to meet best practice guidance and stakeholder expectations. TCFD COMPLIANT REPORT CONTINUED ANNUAL REPORT 2025 47 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS FY Priorities Having now prepared and published its first Transition Plan, the Company is focused on the priority transition activities outlined to ensure continued progress is made to reduce the Company’s GHG emissions in line with its science-based emissions reductions targets. The Company will continue to focus on improving its energy consumption and ESG data processes with tenants to improve the amount of actual (rather than estimated) data utilised in its GHG emissions calculations. This, in turn, supports more accurate emissions reduction tracking and enables YoY comparison to help identify priority sites for EPC assessments. Going forward, the Company intends to take an iterative approach to scenario analysis as a strategic planning tool over time, as external tools and analytical choices evolve and the Company’s analysis further matures. The Company will explore how further changes to its strategy and financial planning may be required in light of this information year-on-year. Appendix A: Methodology notes for GHG inventory Methodology and Assumptions The 2024 Conversion Factors published by the UK Department for Energy Security and Net Zero (“DESNZ”) was the main source used for emission factors for UK assets (uplifted from AR5 to AR6). Association for Issuing Bodies (“AIB”) factors has also been used for residual emissions factors. The Intergovernmental Panel for Climate Change (“IPCC”) 2021 factors were used for refrigerant emission factors. For the electricity consumption of newly acquired assets, located in France, International Energy Agency (“IEA”) conversion factors have been used. All relevant categories have been included, and any exclusions are described below. Scope 1 & 2 For electricity and natural gas, some actual consumption data was provided for communal areas where energy consumption is controlled by SUPR. Where there were gaps, estimations were made using the data from previous year or floor area intensities (based on similar sites within the portfolio, excluding outliers) as proxies. For fuel oil, spend was used as a proxy due to a lack of activity data. Scope 3 (1. Purchased Goods & Services) This category was estimated using spend as a proxy and applying Department for Environment, Food & Rural Affairs (“DEFRA”) input-output factors kgCO 2 /GBP) to expenditure. Scope 3 (5. Waste) Where data was unavailable, this category estimated waste consumption by using waste intensity of a similar site that provided actual data. Water consumption was estimated for all sites without data. Previously, this estimation was based on the water intensity of one site with data, however the methodology has been updated to use Real Estate Environmental Benchmark (“REEB”) water benchmark intensity in FY25. Scope 3 (6. Business Travel) This category was estimated using actual business travel data for SUPR employees and applying UK Department for Energy Security and Net Zero (“DESNZ”) conversion factors. Scope 3 (7. Employee Commuting) This category was estimated using employee commuting survey results data for SUPR employees and applying UK Department for Energy Security and Net Zero (“DESNZ”) conversion factors. Scope 3 (13. Downstream Leased Assets) The majority of emissions relate to tenant energy use, particularly for supermarket branches. All supermarket tenants provided actual consumption data for electricity, heating and at least partial data on refrigerants. Where no consumption data was available, estimations were made using benchmark intensity data based on floor area. A smaller amount of emissions arises from the communal areas of sites where the Company owns the land but is not responsible for paying for the energy. These emissions were estimated using the floor area intensities of similar sites with actual data. Note on FERA Emissions: The GHG Inventory figures have removed FERA emissions that are categorised under Scope 3 category 13: Downstream Leased Assets (“DLA”) to align with the SBTi minimum boundary alignment. These FERA emissions are associated with the tenants’ Scope 1 and 2 emissions that are also categorised under Scope 3 DLA. The figures reported in SECR Report above account for a fuller view of DLA emissions by including FERA emissions under Scope 3 DLA. Therefore, Scope 3 DLA and consequentially, total Scope 3 figures reported in the SECR Report are higher than figures reported for TCFD due to the exclusion of Scope 3 FERA under DLA in TCFD. SUPERMARKET INCOME REIT PLC 48 STRATEGIC REPORT | OUR PRINCIPAL RISKS Appendix B: MSCI Tool MSCI Physical Risk Model Data Inputs Hazard Exposure and Financial Impact Hazard and Type Severity Main Model Input and Data Sources  Cost Type Main Vulnerability Models and Data Sources Coastal Flooding (Acute) Inundation depth (metres) Flood distribution from 1-year to >10,000-year event • Fathom’s Global Flood Map 3.1 • Synthesis of observational, reanalysis, and modelled data, with IPCC AR6 sea level rise projections • Elevation model FABDEM+ • Flood protection standards based on FLOPROS and Fathom’s in-house database • Asset damage (both) • Business interruption (Corporates) or rental income loss (Real Estate) • Asset damage and business interruption functions based on empirical data • Adaptation considered via national (and in some cases, subnational) flood protection measures, based on the open-source, global database of flood protection standards FLOPROS and Fathom’s in-house database Fluvial Flooding (Acute) Inundation depth (metres) Flood distribution from 1-year to >10,000-year event • Fathom’s Global Flood Map 3.1 • Flow gauge data and river discharge from ISIMIP2b climate models • Elevation model FABDEM+ • Flood protection standards based on FLOPROS and Fathom’s in-house database • Asset damage (both) • Business interruption (Corporates) or rental income loss (Real Estate) • Asset damage and business interruption functions based on empirical data • Adaptation considered via national (and in some cases, subnational) flood protection measures, based on the open-source, global database of flood protection standards FLOPROS and Fathom’s in-house database Pluvial Flooding (Acute) Inundation depth (metres) Flood distribution from 1-year to >10,000-year event • Fathom’s Global Flood Map 3.1 • Station data and precipitation projections from CMIP6 HighResMIP climate models • Elevation model FABDEM+ • Flood protection based on local degree of urbanization and development • Asset damage (both) • Business interruption (Corporates) or rental income loss (Real Estate) • Asset damage and business interruption functions based on empirical data • Considers local variations in drainage system capacity based on the degree of urbanization TCFD COMPLIANT REPORT CONTINUED . Resolution for all hazards:  m x  m. ANNUAL REPORT 2025 49 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS OUR PRINCIPAL RISKS Risk Management and Internal Controls Risk management framework The Board recognises that effective risk management is essential to achieving the Group’s strategic objectives and safeguarding stakeholder value. Our risk management framework ensures that risks are recognised and appropriately managed. The Board • Overall accountability for risk management and internal controls • Determines risk appetite and reviews principal risks • Assessing going concern and long-term viability • Determine matters reserved for the Board Audit and Risk Committee • Monitoring principal and emerging risks • Review the effectiveness of the internal controls • Report to the Board on the effectiveness of the risk management framework Senior Management Team • Execution of risk management across the business • Monitoring and managing the specific risks • Provide updates on current and emerging risks Approach to risk management The Board has overall responsibility for the Company’s risk management and internal controls with the Audit and Risk Committee reviewing the effectiveness of the Board’s risk management process on its behalf. The risk management framework is designed to identify, evaluate, and manage risks in a manner consistent with the Group’s strategic objectives. While they aim to mitigate risk exposure, they cannot eliminate all risks entirely and therefore provide reasonable assurance against material misstatement or loss. The Audit and Risk Committee supports the Board in its oversight of the Group’s risk management and internal control systems. It conducts regular reviews of the Group’s risk register as part of its oversight of risk management and internal controls. This process enables the Audit and Risk Committee to provide effective oversight and assurance on the Group’s risk governance. The Senior Management Team is responsible for the ongoing identification of risks across the Group’s operations and for ensuring that appropriate internal controls are designed, implemented, and maintained in response to those risks. These controls are embedded within operational processes and are reviewed regularly to ensure they remain effective and proportionate. Risk appetite The Board determines the level of risk it will accept in achieving its business objectives. We have no appetite for risk in relation to regulatory compliance or the health, safety and welfare of our tenants, service providers and the wider community in which we work. We continue to have a moderate appetite in relation to activities which drive revenues and increase financial returns for our shareholders. Monitoring and Identifying Risk The Senior Management Team comprises representatives from each business unit, ensuring that risk management is embedded across all operational areas. The Senior Management Team meets regularly to review strategic decisions, assess operational developments, and identify emerging risks. All identified risks are recorded in the Group’s risk register, which is maintained by the Senior Management Team and reviewed regularly by the Audit and Risk Committee. This ensures that the register remains current and reflective of the Group’s evolving risk profile. Emerging risks are a specific focus within the Group’s risk management framework. These are assessed both during scheduled risk reviews and in response to significant developments. The assessment process includes input from the Senior Management Team and forms part of the Audit and Risk Committee’s broader oversight responsibilities. Principal Risks and Uncertainties The Board has conducted a robust assessment of the principal risks that could materially impact the Group’s business model, performance, solvency, or liquidity. These risks are reviewed regularly and updated to reflect changes in understanding and external conditions. The matrix below outlines each principal risk, assessed by impact and likelihood. Key changes to the risk profile, along with mitigation measures and relevant key risk indicators, are detailed in the table on pages 50 to 51. Impact Low High Low High Probability 10 9 8 7 6 5 4 3 2 1 Key . There can be no guarantee that the dividend will grow in line with inflation. . A significant fall in property valuations . Use of floating rate debt will expose the business to underlying interest rate movements . Major event/business interruption . The default of one or more of our grocery tenants . Increased competition may impact the Group's ability to source assets . Key person risk . Cyber Security & Disaster Recovery . Changes in regulatory policy could lead to our assets becoming unlettable. . We operate as a UK REIT and have a tax-efficient corporate structure, with advantageous consequences for UK Shareholders. Any change to our tax status or in UK tax legislation could affect our ability to achieve our investment objectives and provide favourable returns to Shareholders SUPERMARKET INCOME REIT PLC 50 STRATEGIC REPORT | OUR PRINCIPAL RISKS CONTINUED OUR PRINCIPAL RISKS CONTINUED Risk Impact Mitigation Change in Year 1. There can be no guarantee that the dividend will grow in line with inflation. The Company has a stated ambition to grow its dividend progressively and aims to provide investors with inflation protection. Although the Company has received 100% of rent demanded, has increased rents in line with its contractual rent reviews and has one of the lowest EPRA cost ratios in the sector, it has been unable to increase its earnings and dividend in line with inflation. This has been caused primarily by the cap on rental uplifts in the majority of the Company’s leases and the increase in cost of debt due to higher interest rates. Increases in interest rates result in higher cost of debt and lower earnings. Focus on reducing costs and targeting a 9% cost ratio We have entered into interest rate swaps and caps to manage our exposure to further increases in interest rates. Interest rates have started to decline from their highs last year which, if continued, would be supportive of earnings and dividend growth over the long term beyond expiry of current interest rate hedges. We have proactively undertaken a number of measures to grow earnings, such as accretive acquisitions and cost reduction. Most notably, the Internalisation, saving approximately £4m per annum. In July 2025 we issued our first GBP bond with a coupon of 5.125%. The issuance will allow the Company to use the value of existing interest rate derivatives to hedge its overall interest rate exposure to c.4.7%. We are actively looking at other ways to grow our revenue streams, which will include the management fee income from the JV. 2. A significant fall in property values. An adverse change in our property valuations may lead to a breach of our banking covenants. Market conditions may also reduce the revenues we earn from our property assets, which affect our ability to pay dividends to shareholders. A severe fall in values may result in us selling assets to repay our loan commitments, resulting in a fall in our net asset value. The Group targets top performing omnichannel supermarkets, let on long leases, predominately to institutional grade counterparties, in geographically diverse locations. The low vacancy (0.3% as of 30 June 25) and strong tenant covenants (81% investment grade) should provide resilience and lessen any negative impact of a market downturn. The Group operates a medium term LTV target of 30-40%, which is continually monitored (at quarterly board meetings and prior to acquisitions). As part of the Group's going concern and viability assessments, conducted every six-months, we stress test the resilience of the portfolio to a material decline in property values. As of 30-June-25, the Group's property values would need to fall by around 40% before breaching the gearing covenant. 3. Use of floating rate debt will expose the business to underlying interest rate movement Including post balance sheet events, interest on 51% of our debt facilities is payable based on a margin over SONIA (including JV debt at share). Any adverse movements in SONIA could significantly impair our profitability and ability to pay dividends to shareholders. Following our £250m bond issuance in July 2025, 49% of the Group’s drawn debt is fixed rate via Bond Issuance and Private Placements. We anticipate that this will reduce as we make the acquisitions from our pipeline that is currently in exclusivity. We will continue to be prudent in managing our floating rate debt in the current interest rate environment and selectively utilise hedging instruments and/or fixed rate debt to keep our overall exposure to an acceptable level. 4. Major event / business interruption Unexpected events on a regional, national or global scale that result in a severe adverse disruption to the Company, which may result in loss of competitive advantage and adverse impact on financial performance. The Company ensures its resilience against global events and business disruption through its financing strategy, diversified portfolio of mission critical food stores, and a detailed business continuity and disaster recovery plan. Where appropriate, relevant insurance is procured. Every reporting period end, the finance team prepare a going concern and viability assessment, which stress tests the portfolio’s resilience to major impacts (large reduction in asset values and/or loss or rental income). 5. The default of one or more of our grocery tenants would reduce revenue and may affect our ability to pay dividends. Tenants may default or fail, leading to a reduction in revenue and impacting our ability to deliver a covered and growing dividend We target top performing omnichannel stores, let on long-leases to, predominantly, investment grade covenants. As part of the acquisition due diligence, store trading data is used to assess performance of the store and effort rates. As of 30-June-25, 78% of the portfolio was let to investment grade covenants. Any store where trading performance is suffering will be considered for disposal. 6. Increased competition may impact the Group’s ability to source assets in the supermarket sector that meet our return requirements. The Company faces competition from other property investors. Competitor’s may have greater financial resources than the Company and a greater ability to borrow funds to acquire properties. The supermarket investment market continues to be considered a safe asset class for investors seeking long-term secure cash flows which is maintaining competition for quality assets. This has led to increased demand for supermarket assets without a comparable increase in supply, which could potentially increase prices and make it more difficult to deploy capital. Our team has good experience in the supermarket sector and has strong relationships that help identify opportunities. As sector specialists, and a leading investor in the supermarket space, we are shown the vast majority of opportunities that meet our investment criteria. The Senior Leadership Team has a track record of executing transactions (over £0.5 billion transacted in 2025). We have a resilient capital structure and a supportive lender/investor base, and following our bond issuance in July-25, we have £350m of liquidity headroom under our debt facilities. We have a competitive cost of capital and are able to deploy at attractive rates of return. ANNUAL REPORT 2025 51 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Risk Impact Mitigation Change in Year 7. Key person risk The Company relies heavily on a relatively small team of highly motivated individuals whose skills and experience are crucial to the success of the Company. We offer competitive remuneration packages with all staff members participating in the Long-Term Incentive Plan (LTIP), which senior members of the team are subject to performance conditions. This incentivises long-term performance and helps to create an ownership culture within the Company. We conduct semi-annual staff appraisals, which provide a forum to discuss targets, progress, prospects and training needs. New Risk 8. Cyber security threat Cyber threats may give rise to significant financial losses and/or disruption to business processes and corporate systems. The Company's IT and Cyber Risk Policy is designed to reduce the risk of a cyber attack against the Company. As part of the ongoing commitment to improving the security of the Company’s data, we have applied for and now gained a Cyber Essentials certification (a UK Government backed certification scheme). The Company's IT consultant is responsible for conducting periodic cyber security assessments and also managing the response to identified risk. All employees are bound by the terms of this policy and receive appropriate training on a regularised basis. New Risk 9. Changes in regulatory policy could lead to our assets becoming unlettable. Changes in regulations (currently represented by Minimum Energy Efficiency Standards (MEES)) could lead to the possibility of our assets becoming unlettable. Any properties not compliant with MEES could attract reduced tenant demand, reduced rental income and/or be subject to fines. The ESG committee stays informed about changes in legislation by working closely with the asset management team and seeks input from specialist ESG experts where necessary. In Jun-25, the Company announced its Climate Transition Plan, setting out our pathway to Net Zero. As part of this plan, we will monitor and track the energy performance of our buildings, and implement improvements where identified. Current MEES guidelines require all commercial properties to have a minimum EPC rating of C as of 1 April 2027 and a B by 1 April 2030. As of 30-Jun-25, 84% of the portfolio is has an EPC rating A-C. We will continue to work with our tenants in achieving our target of all UK supermarkets being rating EPC B by 2030. 10. We operate as a UK REIT and have a tax-efficient corporate structure, with advantageous consequences for UK shareholders. If the Company fails to remain a REIT for UK tax purposes, our profits and gains will be subject to UK corporation tax. The Board takes direct responsibility for ensuring we adhere to the UK REIT regime by monitoring the REIT compliance. The Board has also engaged third-party tax advisers to help monitor REIT compliance requirements and the CFO/Head of Finance also monitors compliance by the Company with the REIT regime. SUPERMARKET INCOME REIT PLC 52 STRATEGIC REPORT | SECTION 172(1) STATEMENT The Directors consider that in conducting the business of the Company over the course of the year ended 30 June 2025, they have acted to promote the long-term success of the Company for the benefit of shareholders, whilst having regard to the matters set out in section 172(1)(a-f) of the Companies Act 2006 (the “Act”). Details of our key stakeholders and how the Board engages with them can be found on page 53. Further details of the Board activities and principal decisions are set out on page 65 providing insight into how the Board makes decisions and their link to strategy. Other disclosures relating to our consideration of the matters set out in s172(1)(a-f) of the Act have been noted as follows: SECTION 172(1) STATEMENT s.172 Factor Our approach Relevant disclosures A The likely consequences of any decision in the long-term The Board has regard to its wider obligations under Section 172 of the Act. As such strategic discussions involve careful considerations of the longer-term consequences of any decisions and their implications on shareholders and other stakeholders and the risk to the longer-term success of the business. The Board oversees management’s execution of strategy to deliver on the Company’s purpose and reviews progress against targets at each Board meeting. Key decisions of the Board during the year on page 66. Our Key Stakeholder Relationships on pages 53 to 55. Board Activities during the year on page 65. B The interests of the Company’s employees Following the Internalisation of the management function, we gained 14 employees, including the two Executive Directors, who are critical to the Company’s success. We care about ensuring our employees are motivated, happy and engaged, and we support their growth through training and career development opportunities. A key focus for the year has been embedding our high-performance culture. The tone is set by the Board and Senior Management Team who encourage employees to act with integrity, take ownership and collaborate. During the year we established our LTIP and granted our first awards, designed to align the employee’s interests with our shareholders. Our Key Stakeholder Relationships on pages 53 to 55. Our Culture on page 64. C The need to foster the Company’s business relationships with suppliers, customers and others Our occupiers are important to our business and, with a small team, we work closely with our suppliers and advisers to deliver our strategy. We are committed to building strong relationships with our tenants, suppliers and advisers, engaging regularly with them. We treat our suppliers fairly ensuring prompt settlement of their invoices. Our Key Stakeholder Relationships on pages 53 to 55. D The impact of the Company's operations on the community and the environment As an owner of assets located in communities across the UK, we aim to ensure that our buildings and their surroundings provide safe and comfortable environments for all users. We are committed to limiting the impact of the business on the environment where possible and engage with tenants to seek to improve the ESG credentials of the properties owned by the Company. The Company donated £180,000 to charity in the year, with a focus on charities that work in the areas in which the Company owns assets and which align with priority charitable themes including the alleviation of poverty and hunger, feeding the nation and the ability to positively impact on nature and biodiversity. Our Key Stakeholder Relationships on page 53. Details of the ESG policy and strategy are included on pages 82 to 83. The Board’s approach to sustainability is also explained in the Company’s first standalone sustainability report available on the Company website. E The desirability of the Company maintaining a reputation for high standards of business conduct We are committed to maintaining the highest standards of good governance and business conduct. Our culture and values set the standards of employee behaviour and we lead by example from the Board. Chair’s Letter on Corporate Governance on page 59. Our Principal Risks and Uncertainties on pages 49 to 51. Our Culture on page 64. F The need to act fairly as between members of the Company The Board, through the Executives, has consistently engaged with shareholders to receive open and constructive feedback. The Chair and SID consulted with major shareholders on the Internalisation. The Remuneration Committee consulted with major shareholders on the performance measures for the 2025 LTIP award. Chair’s Letter on Corporate Governance on page 59. Our Key Stakeholder Relationships on pages 53 to 55. ANNUAL REPORT 2025 53 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Building strong relationships with our key stakeholders is a critical element to our success. The Board recognises that the foundation underpinning effective corporate governance is determined on how it aligns the strategic decisions of the Company with the views of its various stakeholders. We aim to build long lasting relationships with all of our key stakeholders based on professionalism and integrity. Stakeholder Shareholders Why is it important to engage? The Company’s shareholders are an incredibly important stakeholder group and the ultimate owners of the business. In order to deliver our strategy, it is vital that shareholders continue to understand and support the Company’s strategy, as well as the wider market in which we operate. The Board aims to be open with shareholders and available to them. How did we engage? The way in which the Board engages with the Company’s shareholders is detailed on page 59 of the Corporate Governance Report. The Company proactively engages with investors throughout the year with roadshows in the UK and South Africa following interim and full-year results, attendance at broker conferences, retail shareholder focused events and non-deal roadshows in the UK and Europe. The Chair and SID also attended a number of investor meetings as part of the Internalisation process. In addition to attendance at the AGM, Non- Executive Directors also make themselves available to meet with investors should that be requested. Our website contains comprehensive information about our business, regulatory news and press releases alongside information about our approach to ESG issues. Additionally, recordings of our interim and annual results presentations are available on the website. What were the key topics discussed? Affordable supermarket rental levels, reducing costs, delivering earnings growth and reducing the discount to NTA were all topics which were discussed with investors during the year. The Internalisation of the Company’s management function was a key topic of investor meetings in H2 FY25. In addition to the management team, Nick Hewson, Chair, and Sapna Shah, SID attended these meetings. The LTIP was established during the year. Cathryn Vanderspar and Jon Austen, representing the Remuneration Committee consulted with major shareholders to understand their views on the LTIP targets. What was the feedback obtained and/or the outcome of the engagement? The feedback from investors on the key topics informed the Company’s strategy. Actions taken this year to address these points included: executing lease renewals on three supermarkets to provide market evidence for affordable rents, executing capital recycling activity to release capital and provide proof of NAV, internalising the management function of the Company to reduce costs and increase alignment with shareholders. Taken together, these actions have resulted in a positive response in the share price which has reduced the discount to NAV. The ultimate structure of the LTIP was informed by Remuneration Committee’s engagement with major shareholders. Stakeholder Lenders Why is it important to engage? We have strong working relationships with our lender group who in turn help provide financing to facilitate our continued growth. As part of this, we are in regular dialogue with our lenders to ensure they understand the Company’s strategy and long-term ambition. How did we engage? Mike Perkins has primary responsibility for maintaining relationships with existing lenders and holds regular meetings with them and also prospective lenders to ensure that they are kept up to date with business strategy, developments and performance. Debt structure and future debt requirements are considered by the Board at a minimum on a quarterly basis. What were the key topics discussed? During the course of the year a range of topics were discussed as part of our ongoing communications with lenders. These discussions centred around refinancing requirements that were executed during the year and post period end the issuance of the Company’s debut sterling bond. What was the feedback obtained and/or the outcome of the engagement? Further information as to the outcome of our engagement with our lenders can be found in the Financial Overview section of this report on pages 33 to 35. OUR KEY STAKEHOLDER RELATIONSHIPS STRATEGIC REPORT | OUR KEY STAKEHOLDER RELATIONSHIPS SUPERMARKET INCOME REIT PLC 54 STRATEGIC REPORT | OUR KEY STAKEHOLDER RELATIONSHIPS CONTINUED OUR KEY STAKEHOLDER RELATIONSHIPS CONTINUED Stakeholder Employees Why is it important to engage? We are reliant on our small, but highly capable team, to execute our strategy. It is essential that we foster an environment where our employees can thrive, both to support strong performance and to promote their wellbeing. How did we engage? In March 2025, 14 employees (including two executive directors) joined the Company under the TUPE (Transfer of Undertakings Protection of Employment) Regulations 2006. The Company worked with an external HR consultant to ensure that the TUPE process was followed and that employees were kept informed of the process and of the practical steps involved in the transfer. The Executive hold weekly team meetings with all employees which are designed to provide regular updates on the Company’s activities and to provide a forum for all staff members to discuss important topics. We also encourage line managers to schedule regular one to one meetings with their direct reports to maintain a constant dialogue within the business. Given the size of the business, the Board is highly accessible to employees, engaging through informal conversations and at Board meetings. What were the key topics discussed? The Internalisation has been an important topic in both Company-wide meetings and one to one meetings. The LTIP was established in the year and employees received awards. The CEO and CFO provided a presentation to all employees to explain how the LTIP operated and what it meant for them. What was the feedback obtained and/or the outcome of the engagement? The Internalisation was an important change for the Company and its employees. The Senior Management Team and Board maintained close dialogue with employees to ensure they were kept informed of how the changes would impact the Company and themselves. Through sustained engagement with our employees, we have deeply embedded our culture across the business. Following the issuance of the LTIPs all staff were provided with information packs on the awards and were offered follow up meetings if required. Stakeholder Tenants Why is it important to engage? We recognise that the success of the Company relies on the continued success of our operators, who in turn rely on quality stores in order to help them succeed. This is why we place particular onus on having strong relationships with the grocery operators to better understand the challenges and opportunities facing their business. How did we engage? Regular meetings are held between management and our key occupiers to understand their current and future needs, including views on market sentiment, performance and sustainability initiatives. Any potential opportunities or risks facing the Company are fed back to the Board to inform future strategy. We conduct a review of published operator data, such as annual accounts, trading updates and analysts’ reports to identify mutually beneficial opportunities. Engagement efforts from an ESG front also focused heavily on improving ESG data sharing. What were the key topics discussed? During the year, key topics included trading performance, site queries and asset performance enhancement. A number of ESG topics were also the focus of discussion with the tenants, aimed at improving the Company’s understanding of tenant ESG performance and ways in the which the Company could further enhance the sustainability of its buildings and communal areas. This included topics such as improving ESG data sharing, EV charging roll-out and rooftop solar opportunities, energy efficiency improvement plans, updating EPC assessments, biodiversity and nature-related opportunities and charitable giving. What was the feedback obtained and/or the outcome of the engagement? The Company continued to improve the amount of actual data it was able to source from tenants, including having received refrigerant data for the first time, as a result of engagement efforts on ESG data sharing. In addition, The Company continued to roll out its green lease rider in new lease negotiations and agreed the clauses in as many leases as possible. The riders, among other things, enable us to request that tenants provide environmental performance data. ANNUAL REPORT 2025 55 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Stakeholder Communities Why is it important to engage? As an owner of assets, which provide space and essential services to local communities, we are able to support initiatives that enhance the lives of the people close to our assets and be a good neighbour to our communities. How did we engage? We are able to engage both through our site teams, on our larger assets where they are present, and through engagement with our key tenants. Our supermarket anchor tenants are heavily involved in their local communities and many stores have a community champion with whom to engage to help drive a difference within the community. At The Willow Brook Centre in Bradley Stoke we co-hosted a ‘Environment Day’ with Tesco in April 2025 which involved a variety of interactive and educational activities and stalls for children, families and shoppers to engage with on the theme of nature, biodiversity and the environment. Other engagement at site level includes community litter picks, provision of EV charging, the installation of collection and drop off points, support of a weekly Youth Centre and Young Enterprise at Beaumont Leys in Leicester, employing local apprentices and running placement schemes for different minority groups in the community, for example care leavers or young people with Autism. The centre team have also installed a community garden at The Willow Brook Centre, working local tenants and community groups to help them maintain and develop the site. We use social media at our sites to engage with our communities – through this medium we are able to drive engagement and gather feedback, for example around the implementation of the new ANPR parking system at Chineham Shopping Park. This ensures our communities are informed and empowered. What were the key topics discussed? A huge variety of topics are discussed with our communities as part of our engagement with them. These vary from what additional services they would like to see on site – a post office, a cash machine, more delivery lockers, dining provision, more accessible parking, recycling facilities, to engagement around a specific community event, for example the Environment Day at Bradley Stoke, Bristol. What was the feedback obtained and/or the outcome of the engagement? Feedback around our engagement with the community has been very positive. The addition of EV chargers at the Chineham site was well received by the community. A Sceptre Award was presented to the team at Beaumont Leys in 2024 for the community Youth Centre they launched. The feedback from the Nature Day event at Willow Brook was overwhelmingly positive. Community members were able to participate freely, and interact with each other and with the volunteers from the Company and Tesco. The event created an opportunity to raise awareness and educate the local community about the importance of biodiversity and protecting nature. These events help to strengthen and reinforce the scheme locations as important community hubs and places for learning, interaction and building social connections. SUPERMARKET INCOME REIT PLC 56 STRATEGIC REPORT | GOING CONCERN AND VIABILITY STATEMENT GOING CONCERN AND VIABILITY STATEMENT The Directors have considered on the appropriateness of adopting the going concern basis in preparing the Group’s and Company’s financial statements for the year ended 30 June 2025. In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council. Liquidity At 30 June 2025, the Group had £95.3 million in cash and undrawn committed facilities totalling £117.0 million with no capital commitments or contingent liabilities. After the year end, the Group also increased its direct debt capacity from £724.0 million to £974.0 million, leaving undrawn committed facilities of £350.0 million available. The Directors are of the belief that the Group continues to be well funded during the going concern period with no concerns over its liquidity. Refinancing events At the date of signing the financial statements, the £104.5 million SMBC facilities fall due for repayment during the going concern period. The Group has £350.0 million debt capacity which can be utilised to refinance the SMBC facility in September 2026, whilst there remains the option to extend this facility. Covenants The Group’s debt facilities include covenants in respect of LTV, interest cover, unencumbered assets and priority debt. The Directors have evaluated a number of scenarios as part of the Group’s going concern assessment and considered the impact of these scenarios on the Group’s continued compliance with debt covenants. The key assumptions that have been sensitised within these scenarios are falls in rental income and increases in administrative cost inflation. As at the date of issuance of this Annual Report 100% of contractual rent for the period has been collected. The Group benefits from a secure income stream from its property assets that are let to tenants with excellent covenant strength under long leases that are subject to predominantly upward only rent reviews. The list of scenarios are below and are all on top of the base case model which includes prudent assumptions on valuations and cost inflation. The Group is 100% fixed or hedged (including post period end refinancings). No sensitivity for movements in interest rates have been modelled for the hedged debt during the going concern assessment period. Scenario Rental Income Costs Base case scenario (Scenario ) % contractual rent received when due and rent reviews based on forward looking inflation curve, capped at the contractual rate of the individual leases. In line with Company FY budget and increased by inflation thereafter. Scenario  Rental income to fall by % Costs expected to remain the same as the base case. Scenario  Rental Income expected to remain the same as the base case. % increases on base case costs to all administrative expenses The Group continues to maintain covenant compliance throughout the going concern assessment period under each of the scenarios modelled. The lowest amount of ICR headroom experienced in the worst-case stress scenarios was 18.3%. Property values would have to fall by more than 40.5% before LTV covenants are breached against 30 June 2025 Group valuations. Having reviewed and considered the scenarios, the Directors consider that the Group has adequate resources in place for at least 12 months from the date of these results and have therefore adopted the going concern basis of accounting in preparing the Annual Report. Assessment of viability The period over which the Directors consider it feasible and appropriate to report on the Group’s viability is the five-year period to 30 June 2030. This period has been selected because it is the period that is used for the Group’s medium- term business plans and individual asset performance forecasts. The assumptions underpinning these forecast cash flows and covenant compliance forecasts were sensitised to explore the resilience of the Group to the potential impact of the Group’s significant risks, or a combination of those risks. The principal risks on pages 49 to 51 summarise those matters that could prevent the Group from delivering on its strategy. A number of these principal risks, because of their nature or potential impact, could also threaten the Group’s ability to continue in business in its current form if they were to occur. The Directors paid particular attention to the risk of a deterioration in economic outlook which could impact property fundamentals, including investor and occupier demand which would have a negative impact on valuations, and give rise to a reduction in the availability of finance. ANNUAL REPORT 2025 57 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The sensitivities performed were designed to be severe but plausible; and to take full account of the availability of mitigating actions that could be taken to avoid or reduce the impact or occurrence of the underlying risks. Viability Statement The Board has assessed the prospects of the Group over the five years from the balance sheet date to 30 June 2030, which is the period covered by the Group’s medium-term financial projections. The Board considers the resilience of projected liquidity, as well as compliance with debt covenants and UK REIT rules, under a range of inflation and property valuation assumptions. The principal risks and the key assumptions that were relevant to this assessment are as follows: Risk Assumption Borrowing risk The Group continues to comply with all relevant loan covenants. The Group is able to refinance all debt falling due within the viability assessment period on acceptable terms. Interest Rate Risk The increase in variable interest rates are managed by reduction of variable debt from cash inflows and utilising interest rate derivatives to limit the exposure to variable debt. Liquidity risk The Group continues to generate sufficient cash to cover its costs while retaining the ability to make distributions. Tenant risk Tenants (or guarantors where relevant) comply with their rental obligations over the term of their leases and no key tenant suffers an insolvency event over the term of the review. Based on the work performed, the Board has a reasonable expectation that the Group will be able to continue in business over the five-year period of its assessment. Other disclosures Disclosures in relation to the Company’s business model and strategy have been included within the Strategic Report on pages 1 to 56. Disclosures in relation to the main industry trends and factors that are likely to affect the future performance and position of the business have been included within The Grocery Market on pages 27 to 30. Disclosures in relation to environmental and social issues have been included within the TCFD Report on pages 36 to 48. Employee diversity disclosures have not been included as the Directors do not consider these to be relevant to the Company. Key Performance Indicators (KPIs) The KPIs and EPRA performance measures used by the Group in assessing its strategic progress have been included on pages 31 to 32. SUPERMARKET INCOME REIT PLC 58 SUPERMARKET INCOME REIT PLC CONTENTS CORPORATE GOVERNANCE 59 Chair’s Letter on Corporate Governance 60 The Board of Directors 63 Senior Management Team 64 Leadership and Purpose 68 Division of responsibilities 71 Composition, succession and evaluation 72 Audit, risk management and internal control 72 Remuneration 73 Audit and Risk Committee Report 78 Nomination Committee Report 82 ESG Committee Report 84 Management Engagement Committee Report 85 Directors’ Remuneration Report 88 Directors’ Remuneration Policy 94 Annual Report on Remuneration 98 Directors’ Report 101 Directors’ Responsibilities Statement CORPORATE GOVERNANCE CORPORATE GOVERNANCE REPORT “ This year marks a pivotal chapter in our governance journey. The Internalisation has brought new talent and capabilities into the business, strengthening our operational resilience and deepening our alignment with shareholder interests. With this transition, our commitment to strong governance has only grown ensuring that as we welcome new colleagues, we uphold the highest standards of accountability, transparency, and ethical leadership.” Nick Hewson, Chair ANNUAL REPORT 2025 59ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS CORPORATE GOVERNANCE Dear Shareholder, I am pleased to introduce this year’s Corporate Governance report for the financial year ended 30 June 2025. The Board recognises that the way in which we conduct our business is just as important as what we do. This governance report provides more detail on how our governance structures have evolved during the year and how the Board and its Committees worked on behalf of shareholders and stakeholders for SUPR to achieve its strategic goals. Board priorities As Directors we are collectively responsible to our stakeholders for delivering long-term success. Much of our time in the latter part of the year was spent evaluating the implications of internalising the Company’s management function, which completed in March 2025. The Internalisation had compelling financial and strategic benefits designed to reduce cost, deliver sustainable and growing earnings, increase alignment between management and shareholders and ultimately reduce the current share price discount to net tangible assets (“NTA”). In addition to the Internalisation, we have completed on a number of activities all of which aim to deliver on our strategic initiatives. The most notable amongst those activities are the joint venture with Blue Owl, the Company’s secondary listing on the JSE, accretive acquisitions and renewals of the three shortest leases in the portfolio at an average 4% rent to turnover. Board changes and succession planning In January 2025 we welcomed Roger Blundell to the Board as a Non-Executive Director. Roger was appointed to succeed Jon Austen as Audit and Risk Committee Chair, who will stand down from the Board at the Company’s upcoming Annual General Meeting. In March 2025, following the Internalisation, Robert Abraham and Mike Perkins joined the Board as Chief Executive Officer and Chief Financial Officer respectively. Welcoming executive directors to the Board has resulted in changes to our governance structures, which are discussed in more detail on pages 68 to 69. The Board currently consists of nine directors following the three new directors that joined during the year, and as a result the Board does not meet the UK Listing Rule requirement for gender diversity. We are committed to rectifying as soon as practicable and returning to full compliance with the UK Listing Rule diversity targets. For further information please refer to the Nomination Committee report on pages 78 to 81. Remuneration Policy As a result of the Internalisation, a new Remuneration Policy was approved by shareholders on 20 March 2025, with 91.08% of votes cast in favour. The changes were necessary to implement the remuneration structure for our new executive directors. For further information please refer to the Directors’ Remuneration Report on pages 85 to 97. UK Code of Corporate Governance This report demonstrates how we have applied the principles and complied with the Provisions of the UK Corporate Governance Code (2024) (“UK Code”), issued by the Financial Reporting Council (“FRC”) and available at www.frc.org.uk. The Board considers that the Company has complied with the Provisions set out in the Code throughout the year under review and to the date of this report, or otherwise explained why it has not complied. We have historically reported against the AIC Code of Corporate Governance, however following the Listing Transfer in July 2025, the Board agreed that it was most appropriate to report against the UK Code going forward. Details of how the Board has discharged its duty under the UK Code can be found on pages 64 to 97. Shareholder engagement Shareholder engagement is led by the Executive Directors and we are proud of the comprehensive programme they maintain. During the year we have welcomed new shareholders through our secondary listing on the JSE and are excited to see the volume of shares held in South Africa steadily increasing. Throughout the year, particularly in relation to the Internalisation and establishment of the LTIP, myself, Sapna Shah (as SID) and members of the Remuneration Committee have engaged with major shareholders to understand their views. The feedback we received was invaluable and we intend to continue to actively engage with shareholders, in addition to the engagement conducted by the Executive Directors. We very much look forward to welcoming shareholders to our 2025 AGM due to be held on 24 November 2025. The Board attend the Company’s AGM to answer any shareholder questions and I make myself available as necessary outside those meetings to speak with shareholders. Priorities for  Looking ahead to 2026, the Board is focused on continuing to maintain the highest standards of corporate governance with a focus on delivering on our strategy. We will also continue progressing with our succession plan to ensure that the Board has the appropriate balance of skills, knowledge and experience to operate effectively during, and following the completion of the succession process. Nick Hewson Chair  September  Nick Hewson Chair CHAIR’S LETTER ON CORPORATE GOVERNANCE SUPERMARKET INCOME REIT PLC 60 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE NICK HEWSON ESG ME Independent Non-Executive Chair Date of appointment: 5 June 2017 Nick has over 40 years’ experience in property development, investment, and fund management. He co-founded Grantchester Holdings plc in 1990, leading it as CFO, CEO and eventually Chair to become a leading LSE-listed developer and investor in UK retail warehouse assets. He has served as Senior Independent Director at Redrow plc, one of the UK’s largest housebuilders, and as Chair of the Executive Committee at Pradera AM plc, managing significant retail property portfolios across Europe and the Near East. He is also a founding partner of City Centre Partners LP, specialising in office-to-residential conversions in central London. Nick is also a Fellow of the Institute of Chartered Accountants of England and Wales. Other appointments: Director of various private companies including Minstrel Ventures Limited, Westminster Gardens Holdings Limited, Dirac Drives Limited and Malaria Genetic Biocontrol Trust SAPNA SHAH N AR ME Senior Independent Non-Executive Director Date of appointment: 1 March 2023, SID from 21 May 2024 Sapna brings over 20 years of investment banking experience advising global companies, with a strong focus on REITs and investment companies. She has extensive expertise in guiding clients through UK and European IPOs, equity capital market transactions, mergers and acquisitions and corporate strategy. Throughout her career, she has held senior investment banking roles at UBS AG, Oriel Securities (now Stifel Nicolaus Europe), and Cenkos Securities, where she developed deep knowledge of capital markets and corporate finance. Other appointments: Non-executive Director of BioPharma Credit plc, BlackRock Greater Europe Investment Trust plc, Pantheon Infrastructure plc and The Association of Investment Companies. A senior adviser to Panmure Liberum ROBERT ABRAHAM AR Chief Executive Officer Date of appointment: 25 March 2025 Robert has fourteen years of experience across real estate, finance, capital markets and investment, and has been integral to the growth of the Company from seven supermarkets in 2019 to 82 today. Robert has transacted over £2 billion of supermarket property including sale & leasebacks, joint ventures and corporate acquisitions. He has also played a key role in the raising of over £1 billion of equity and over £1.5 billion of debt financing for the Company. His prior experience was with Lloyds Bank, most recently working in the Loan Markets business originating, structuring and syndicating debt facilities across corporate, funds and real estate sectors. Robert holds the Chartered Financial Analyst designation. Other appointments: Trustee of The Atrato Foundation, Associate Board Member of Thrive Homes BOARD OF DIRECTORS KEY TO COMMITTEES AR Audit and Risk Committee ESG Environmental, Social and Governance Committee ME Management Engagement N Nomination Committee R Remuneration Committee Chair of Committee ANNUAL REPORT 2025 61 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS MIKE PERKINS ME Chief Financial Officer Date of appointment: 25 March 2025 Mike has fifteen years’ experience within the real estate and financial services sector and has worked in listed real estate for over eight years. Mike was previously at Atrato Group where as Finance Director of Supermarkets, he provided financial, strategic, treasury and tax support to the Company. Mike joined from Logistics Asset Management LLP, the investment advisor to Urban Logistics REIT plc, where he was Chief Financial Officer. During his career he has played a key role in raising over £500 million of equity capital and has originated over £800 million of debt financings. He is a Fellow of the Association of Chartered Certified Accountants. Other appointments: None JON AUSTEN AR R ME Independent Non-Executive Director Date of appointment: 5 June 2017 Jon has over 35 years’ experience in the UK property sector and is a Fellow of the Institute of Chartered Accountants of England and Wales. His career highlights include roles as Chief Financial Officer at Audley Group Limited, developing retirement villages; Senior Independent Director and Chair of the Audit Committee at McKay Securities plc, a listed REIT focused on office and industrial property until its 2022 takeover; and Group Finance Director at Urban&Civic plc, a leading UK Master Developer. He has also held senior finance positions at London and Edinburgh Trust plc, Pricoa Property plc, and Goodman Limited. Other appointments: Director of various private companies including entities within the Arnold White Group Limited and entities within the Company’s JV with Blue Owl ROGER BLUNDELL AR R ME N Independent Non-Executive Director Date of appointment: 15 January 2025 Roger is a Fellow of the Institute of Chartered Accountants of England and Wales with over 30 years of diverse experience spanning the real estate and retail sectors. Throughout his career, he has demonstrated expertise in financial leadership, strategic planning, and corporate governance. He served as Chief Financial Officer at both Grosvenor Property UK and Kensington Group plc, where he was responsible for developing and executing financing strategies, managing complex corporate and investment transactions, and leading mergers and acquisitions initiatives. Roger has a strong track record in capital raising, successfully securing funding to support business growth and development. His extensive experience equips him with deep insight into the financial and operational challenges faced by property and retail businesses. Other appointments: Non-executive Director of Jersey Electricity plc and the Government Property Agency. Council member of the University College London and Trustee of the National Portrait Gallery BOARD GENDER Male Female Robert Abraham Mike Perkins Roger Bundell Sapna Shah Frances Davies Cathryn Vanderspar Jon Austen Nick Hewson Vince Prior BOARD TENURE – YEARS           SUPERMARKET INCOME REIT PLC 62 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE BOARD OF DIRECTORS CONTINUED FRANCES DAVIES ESG R ME N Independent Non-Executive Director Date of appointment: 1 June 2022 Frances has over 30 years’ experience in corporate finance and asset management. Since 2007, she has been a partner at Opus Corporate Finance, advising clients on complex financial transactions and strategic growth. She has held senior roles including Head of Global Institutional Business at Gartmore Investment Management, and directorships at SG Warburg, Morgan Grenfell Asset Management, Dalton Strategic Partnership, and J.P. Morgan UK Small Cap Growth & Income plc. Other appointments: Non-executive Director of HICL Infrastructure plc and Aegon UK plc and a Partner of Opus Corporate Finance LLP. VINCE PRIOR ME AR Independent Non-Executive Director Date of appointment: 5 June 2017 Vince has over 35 years of experience in the retail property sector, including more than 20 years as a senior adviser and consultant. He specialises in supermarket real estate, business strategy, investment property financing, and real estate development. His career highlights include serving as Head of Property Investment at Sainsbury’s, where he oversaw the growth of the property portfolio from £7.5 billion to £12 billion over five years. He also held senior roles at Jones Lang LaSalle (JLL), including Head of Retail Advisory Services and COO of the European Retail Group, driving strategic advice and business growth across Europe. Early in his career, he contributed to Tesco Stores’ corporate planning and site research, helping establish their location planning team and develop the group’s first five-year strategic plan. Other appointments: Trustee of The Tantum Trust CATHRYN VANDERSPAR R ESG ME Independent Non-Executive Director Date of appointment: 5 February 2020 Cathryn is a lawyer with over 30 years of experience, including more than 20 years as a tax partner specialising in direct and indirect real estate structuring, notably REITs. She has actively contributed to HMRC and HMT working groups, shaping tax policy in the sector. She authored the tax chapter on REITs in Tolley’s Taxation of Collective Investment. Her career highlights include serving as Head of Real Estate Tax at Travers Smith LLP, Head of London Tax at Eversheds Sutherland, and Tax Partner at Berwin Leighton Paisner (now BCLP). Other appointments: Non-Executive Director of CBRE Investment Management (UK Funds) Limited and Director of Montpelier Place Consultancy Limited KEY TO COMMITTEES AR Audit and Risk Committee ESG Environmental, Social and Governance Committee ME Management Engagement N Nomination Committee R Remuneration Committee Chair of Committee ANNUAL REPORT 2025 63ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS SENIOR MANAGEMENT TEAM ROBERT ABRAHAM Chief Executive Officer Robert’s biography can be read on page 60 MIKE PERKINS Chief Financial Officer Mike’s biography can be read on page 61 CHRIS MCMAHON Head of Operations & IR Chris is responsible for the Company’s operations. He also leads its investor relations activity and has over 15 years’ experience advising listed companies on their investor engagement. Chris was a Managing Director at Atrato, the former Investment Adviser to Supermarket Income REIT, where he led the IR team. Prior to that Chris was a co-founder and ran the operations of Vigo Consulting, a multi- sector independent communications and investor relations agency. HYDER SALEH Investment Director Hyder has over 10 years of experience in real estate and infrastructure investment. He manages SUPR’s investment activities, with overall responsibility for management of the investment portfolio and the JV. During his tenure with SUPR, he has successfully managed over £1 billion in supermarket transactions. Hyder has previously held investment roles with the University Superannuation Scheme and the Canary Wharf Group; he also has experience in infrastructure and real asset lending. Hyder has passed the Chartered Financial Analyst (CFA) programme. SARAH STARKEY Asset Management Director Sarah is responsible for the asset management function for the Company’s portfolio. Her role involves the proactive implementation of the asset strategy to facilitate the improvement of income streams; from negotiation of new leases and rent reviews to asset management initiatives. Sarah has previously held roles at Landsec and Tesco, with experience in the asset management of several prime regional UK shopping centres, retail and leisure parks and outlets. Sarah is RICS qualified and completed her postgraduate studies in real estate. GARY CHESTERTON Head of Finance Gary is responsible for the management of the finance function and has worked with SUPR for over four years. Gary has over 12 years’ experience working in the financial services and accounting industry, previously working for a top 20 UK audit firm covering a variety of industry sectors. Gary is a Chartered Accountant and a member of the Institute of Chartered Accountants in England and Wales. SUPERMARKET INCOME REIT PLC 64 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE How we monitor culture The Board and Senior Management Team recognise the importance of culture and ensuring its alignment with the Company’s purpose, strategy and values. The Chair promotes open dialogue and frequent, honest communication between Directors, management and the wider organisation. It is the Chair’s responsibility to facilitate a collaborative atmosphere during meetings in which all Directors contribute and no one individual dominates discussions. As a small business, the Board is able to regularly interact with employees and monitor the culture and implementation of our values. In the event that there were concerns from the Board that policies, practices or behaviours were not in line with the Company’s purpose, values or strategy, assurance would be sought from the management team that it had taken corrective action. Through the meeting papers, the Board monitor matters such as staff turnover and whistleblowing, which may alert them to an issue. There were no concerns raised in this regard during the year. The Board and Senior Management Team will continue to seek ways to strengthen the Company’s culture and embed our values into everything we do. During FY26 we will conduct, for the first time following the Internalisation, one-to-one employee appraisals and an engagement survey. We encourage a culture of transparency and for employees to share their views or concerns. Employees are also able to raise their concerns in confidence, following our whistleblowing policy. As a Board we review this policy at least annually and ensure that the appropriate arrangements are in place for proportionate and independent investigation, should a report be made. Given the size of the Company, we have not appointed: a director from the workforce; a formal workforce advisory panel; or a designated non-executive director to engage with the workforce in accordance with Provision 5 of the UK Code. We believe that, currently, the Board is sufficiently engaged with employees. In the last 12 months, all employees have had the opportunity to meet with the Directors in an informal setting and employees are encouraged to attend Board meetings where relevant. The Board will keep this under regular review. How we operate The Company’s business model and strategy were established at the time of the IPO in July 2017. The Internalisation represented a key milestone for the business and a change in how the Company operates. It has provided the opportunity to reduce costs and better align the interests of management and employees with our shareholders. The business continues to generate long-term income with inflation protection from key operating real estate assets, with additional potential for capital growth over the medium to long-term. Acquisition opportunities and any related debt finance are examined by the Board with a view to ensuring the long-term sustainability of the business. The security and longevity of returns is fundamental to the Company’s business model on page 6 and on the Company’s website: www.supermarketincomereit.com For the majority of the year, the Company had an outsourced operating model. Atrato Capital Limited, was engaged as the Company’s Investment Adviser until March Our purpose Our purpose is to create sustainable long-term value through owning high quality grocery-anchored real estate that is critical to national food infrastructure and serves local communities as essential retail. This drives our approach and influences the long-term direction set by the Board. Our strategy We create sustainable long-term value through owning high-quality grocery-anchored real estate that is critical to national food infrastructure and serves local communities as essential retail. Our values These are embedded into our everyday practices and are demonstrated by the Board and Senior Management Team, who are leading by example. High Performance and Standards We strive for excellence, efficiency, and continuous improvement in everything we do. Value Creation We are committed to delivering value to our shareholders and stakeholders through responsible and sustainable business practices. Integrity We act ethically, with honesty and transparency. Ownership and Accountability We are proactive in seeking out responsibility. We take ownership of our actions and hold ourselves accountable to ensure high-quality delivery and continuous personal development. Collaboration We work as one team—open, respectful, and supportive of each other. We pull in the same direction, evidencing the above behaviours to achieve the strategy set by the Board. Our culture Following the Internalisation we gained  employees, which has enhanced the importance of our culture. Our employees are critical to the Company’s long-term success and we encourage a high-performance culture, in which employees act with integrity, take ownership and collaborate. LEADERSHIP AND PURPOSE ANNUAL REPORT 2025 65 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 2025 and JTC Global AIFM Solutions Limited was appointed as the Group’s Alternative Investment Fund Manager (“AIFM”). The AIFM was responsible for overall portfolio management and compliance with the Group’s investment policy, risk management and ensuring compliance with the Alternative Investment Fund Managers Directive (“AIFMD”). On 16 July 2025, following the Listing Transfer, the AIFM ceased in its role. JULY 2024 AUG 2024 SEP 2024 NOV 2024 • Completion of  million million debt refinancing exercise including an  million private placement • Q  dividend of . pence per share paid • Investor roadshow following release of FY results • Q  dividend of . pence per share paid • Acquired Sainsbury’s, Huddersfield at a .% Net Initial Yield DEC 2024 JAN 2025 FEB 2025 MAR 2025 • Obtained secondary listing on the JSE • Following a recruitment exercise, facilitated by Sapphire Partners, we welcomed Roger Blundell to the Board, in line with our succession plan • Q  dividend of . pence per share paid • Completed on sale of Tesco, Newmarket at a .% premium to book value, three lease renewals at an average % rent to turnover and acquired a further nine Carrefour supermarkets in France •  million private placement • Overwhelming shareholder support for the Internalisation received • Robert and Mike joined the Board as CEO and CFO respectively • Investor roadshow following release of H Interim Results APR 2025 MAY 2025 JUNE 2025 • Entered into a strategic / joint venture with Blue Owl, seeded with eight high yielding omnichannel supermarkets from SUPR’s existing portfolio • Volunteering day at Willow Brook, Bradley Stoke Shopping Centre • Completion of  million debt refinancing exercise • Q  dividend of . pence per share paid • Remuneration Committee engaged with the largest active shareholders representing % of the register regarding the LTIP • Grant of LTIP awards to Executive Directors • Published our climate transition plan • Over % approval received from shareholders to transfer the Company’s listing from the closed-ended investment funds category to the equity shares (commercial companies) category of the Official List. BOARD ACTIVITIES IN THE YEAR SUPERMARKET INCOME REIT PLC 66 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE Key decisions taken in the year Some examples of how the Board has considered stakeholder interests and s.172(1) matters in its decision making in 2024/25 are set out below and in “Board Activities during the year” on page 65. Further details on our stakeholder engagement, and our response, can also be found on pages 53 to 55. Decision Stakeholders Board rationale and considerations Impact Long-term effects of decision Internalisation Shareholders Employees The Company had reached such a scale and maturity that an internalised management structure was considered appropriate. A simplified management structure, securing key individuals from Atrato. Significant cost savings of at least  million per annum. Provides improved access to capital and balance sheet flexibility, as well as better dividend cover and dividend growth. LTIP Employees Shareholders Sought to implement an LTIP that was in line with market and engaged a remuneration consultant to provide expert advice. Engaged with shareholders throughout the process to understand their views.  LTIP awards granted on  June . Better alignment between the shareholders and employees. Executive Directors are appropriately incentivised. Debt refinancing Lenders Shareholders Ensuring the Company has sufficient liquidity and undrawn balances to meet going concern requirements. Maintaining a weighted average cost of debt that is sustainable for the Company. Completed an  million private placement at a fixed rate of .% and other refinancing activity resulting in a weight average cost of debt of .% at  June . Building strong relationships with lenders allowing the Company to access debt financing at attractive margins. Re-gears Tenants Maintaining strong relationships with tenants, improving the Company’s WAULT and demonstrating the Company’s strategy. Capital growth, demonstrated in an increase of .% in the  June  valuation when compared with  December  for those three stores. Provided clear evidence of the above-average affordable rental levels for high-quality stores. Tenants have longer leases, at affordable rents, for their strong trading omnichannel stores. Demonstrates the Company’s strategy to the market and over time will help to correct market perceptions of rental values. Joint Venture with Blue Owl Shareholders An opportunity to enter into a strategic partnership with a leading US alternative asset manager. Support the Company’s strategy to recycle capital at attractive valuations and grow earnings. The JV provided a strong endorsement of the Company’s investment thesis for mission critical grocery real estate. The Company retains a % stake in the JV and received a net cash consideration of c. million in respect of the sale of the assets. SUPR will benefit from a management fee of .% per annum of the gross asset value on Blue Owl’s stake in the vehicle, equating to c.. million, and proceeds from the JV have already begun to be deployed into earnings enhancing acquisitions. LEADERSHIP AND PURPOSE CONTINUED ANNUAL REPORT 2025 67 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Board attendance in / The Board holds regular meetings based on the financial calendar with additional ad-hoc meetings as required. The Company Secretary, alongside the Chair, is responsible for ensuring that agenda items address the schedule of matters reserved for the Board, compliance with the UK Code and other regulatory requirements. All Directors are expected to devote sufficient time to the Company’s affairs to fulfil their duties as Directors and to attend all scheduled meetings of the Board and of the Committees on which they serve. Where Directors are unable to attend a meeting, they will provide comments on the papers received in advance of the meeting to the Chair, who will share such input with the rest of the Board. The Nomination Committee is satisfied that all the Directors, including the Chair, have sufficient time to meet their commitments. The Senior Management Team and employees participate in Board and Committee meetings as required. During the year they provided updates on matters including transactions, pipeline, market intelligence, financial results and cyber security. Attendance at scheduled Board and Committee meetings during the year was as follows: Quarterly Board meetings Audit and Risk Committee Nominations Committee Remuneration Committee Management Engagement Committee ESG Committee  Scheduled meetings  Scheduled meetings  Scheduled meeting  Scheduled meetings  Scheduled meeting  Scheduled meetings Nick Hewson  ()  ()  ()  () Sapna Shah  ()  ()  ()  () Robert Abraham  () Jon Austen  ()  ()  ()  () Roger Blundell  ()  ()  ()  ()  () Frances Davies  ()  ()  ()  ()  () Mike Perkins  () Vince Prior  ()  ()  ()  () Cathryn Vanderspar  ()  ()  ()  () Bracketed numbers indicate the number of meetings the Director was eligible to attend SUPERMARKET INCOME REIT PLC 68 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE The Board has developed a clear written division of responsibilities between the Chair, CEO, CFO, Senior Independent Director and Non-Executive Directors. Role Responsibilities Chair • Leads the Board and ensures it operates effectively • Sets Board culture and encourages Directors to have open discussions and constructive debates • Monitors progress against strategy and performance of Executive Directors • Builds relationships between the Executive and Non-Executive Directors • Ensure shareholder interests are fairly represented by the Board • Promotes the Company’s purpose and values Senior Independent Director • Acts as a sounding board for the Chair and an intermediary for other Directors • Leads the performance evaluation of the Chair • Is available to engage with shareholders where contact through normal channels is not appropriate NEDs • Contributing to strategy development and providing challenge over Executive Directors’ implementation of the strategy • Acting as Chair/members of the Board Committees • Bringing external perspective and diverse experience to the Board • Monitoring Company performance and risk management CEO • Day to day management of the business operations • Develops and recommends the strategy to the Board then has responsibility for implementation of the strategy • Manages communication with shareholders and other key stakeholders CFO • Responsible for the preparation of accounts and ensuring the integrity of financial reporting • Implements decisions on financing and capital structure, determined by the Board • Ensuring robust internal controls and risk frameworks are maintained • Developing and implementing financial strategies and policies The Chair is responsible for running Board meetings and ensuring an open and collaborative atmosphere is maintained, such that all Directors have the opportunity to contribute to the debate. The Chair meets with individual Directors outside formal Board meetings to allow for open, two-way discussion about the effectiveness of the Board, its Committees and its members. The CEO leads the Senior Management Team and has responsibility for overseeing daily operations to achieve strategic objectives. He represents the Company to stakeholders and reports to the Board. Five Committees of the Board operated throughout the year, the Audit and Risk, Remuneration, Nomination, ESG and Management Engagement Committees, to which certain powers have been delegated as set out in their terms of reference which can be viewed on our website. The reports of each Committee are set out in the following pages. The Management Engagement Committee was disbanded on 16 July 2025, following the Company’s Internalisation and Listing Transfer. The Non-Executive Directors provide independent perspectives, leveraging their skills and experience from varied backgrounds. As they are not involved in the day-to-day operations of the business they can offer impartial oversight and evaluation of the Executive Directors’ decisions. DIVISION OF RESPONSIBILITIES ANNUAL REPORT 2025 69 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Monitors the effectiveness of the audit process Monitors the Group’s risk management processes and internal controls Reviews integrity of the Group’s financial statements. Audit and Risk Committee Remuneration Committee Nomination Committee ESG Committee Management Engagement Committee Implements remuneration policy of the Group Setting remuneration for the Chair, Executive Directors and senior management. Reviews Board composition Succession planning requirements of the Group Board and Committee performance evaluations. Oversee the development of the Company’s ESG strategy Monitor impact of current and emerging ESG trends on the Company Oversee engagement with the broader stakeholder community on ESG matters. Overseeing new tenders and appointments of advisors Reviewing performance of key suppliers including the AIFM. Senior Management Team The Board delegates the execution of the Company’s strategy and day-to-day running of the business to the Senior Management Team, which operates under the direction and leadership of the Chief Executive. The Board The Board is responsible for promoting the long-term sustainable success of the Company, working towards strategic objectives and generating value for Shareholders and other stakeholders. The Board delegates a number of its responsibilities to its Committees. The Committee Chairs provide regular updates on the activities of each Committee at Board meetings. SUPR Governance Framework – Implementation of strategy – Sets budgets and monitors operational and financial performance – Day-to-day management of the business – Manage, appraise and develop staff – Review investment and divestment opportunities and allocation of capital – Employee remuneration and wellbeing – Review operational activities and development opportunities – Reviews and monitors key risks and effectiveness of risk management systems SUPR Governance Framework Our governance structure ensures that the Board is able to focus on matters which affect the long-term success of the business such as strategy, acquisitions, major transactions and governance. To maintain control over key decisions and ensure the appropriate division of responsibilities, a list of matters reserved for the Board is maintained. The Board has also developed a statement of delegated authorities setting out the financial parameters within which the Executive Directors and Senior Management Team may act without reference to the Board. SUPERMARKET INCOME REIT PLC 70 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE Flow of information The Company Secretary is responsible for ensuring that the Directors receive information in a clear and timely fashion, to enable them to fulfil their responsibilities. The Chair agrees the agenda for Board meetings with the Company Secretary in advance of meeting. A comprehensive set of Board papers is then provided to Directors in advance of all meetings. A summary of typical matters discussed by the Board at each quarterly meeting are noted below: Strategy and operational • Business updates • Grocery sector updates • Asset management initiatives • Pipeline activity • Portfolio overview • Updates from the Company’s joint brokers on public markets and capital market activity • Updates from the Company’s property agent on the property sector Finance and financing • Quarterly financial statements • Actuals vs budget analysis • Key performance indicators • Analysis of current debt facilities • Annual approval of the financial budget Governance • Committee Chairs will report on items discussed at the Board Committees • The Company Secretary will report on corporate governance developments • Annual review of Company policies • Stakeholder feedback from shareholders and research analysts The Chair and CEO are in regular contact to keep abreast of matters and ensure that the Non-Executive Directors remain appropriately informed. Board site visit to Sainsbury’s, Hook DIVISION OF RESPONSIBILITIES CONTINUED ANNUAL REPORT 2025 71ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS CORPORATE GOVERNANCE Board composition The current Board consists of the Non-Executive Chair, six independent Non-Executive Directors and two Executive Directors and complies with the UK Code that at least half of the Board is comprised of independent Non-Executive Directors. Biographical information for each of our Directors can be found on pages 60 to 62. We believe that the Board has a broad range of skills, knowledge and experience that allows it to operate effectively. The Non-Executive Directors provide an independent perspective and are also able to constructively challenge the Executive Directors. Following the Internalisation, we welcomed the CEO and CFO to join the Board which increased the Board to nine Directors. Given the size and nature of the Company, we do not believe that a Board of this size is necessary over the long term, though we acknowledge the stability the Board has provided through this transitionary period and the value added by each individual Director. The Nomination Committee will consider the size and composition of the Board as part of orderly succession planning. Further detail on succession planning can be found in the Nomination Committee Report on pages 78 to 81. Board induction and training The UK Code provides that all Directors should receive a full, formal and tailored induction on joining the Board. The Company Secretary is responsible for organising an induction programme to enable new Directors to integrate into the Board efficiently and feel able to contribute to discussions. Roger Blundell, who joined the Board on 15 January 2025, received a comprehensive induction programme which included the following elements: • Meetings with other Board members; • Meetings with key advisers including Atrato, Stifel, Goldman Sachs, BDO and Cushman & Wakefield; • A briefing by Macfarlanes on Director duties and UK Listing Rule requirements; and • A full pack of relevant materials to provide insight into the Company’s strategy, portfolio and governance framework. As Robert Abraham and Mike Perkins had responsibility for providing investment advisory services to the Company whilst employed at Atrato, prior to their appointment to the Board, their induction programme was focused on Director duties and UK Listing Rule requirements which was facilitated by Macfarlanes. The Chair is responsible for ensuring that any ongoing training and developments needs of the Directors that are relevant for their role in the Company are met. In October 2024, the Board attended a site visit at Sainsbury’s, Hook, which is Sainsbury’s most energy efficient store. The Board has found site visits to be a very useful exercise, providing a deeper knowledge and understanding of our tenants’ operations. A few training sessions were held during the year with some of the Company’s service providers including one on EPC ratings and another on the Company’s UK Listing Rules obligations following the transfer of the Company’s listing category to the equity shares (commercial companies) category of the Official List. Each Director is expected to maintain their individual professional skills and is responsible for identifying any training needs to help them maintain the requisite knowledge to be able to consider and understand the Company’s responsibilities, business and strategy. All Directors have access to the advice of the Company Secretary and other service providers. The Directors are also entitled to take independent advice at the Company’s reasonable expense at any time. Conflicts Each Director has a duty to avoid a situation in which they have a direct or indirect interest that may conflict with the interests of the Company. In the event an actual or potential conflict arises, Directors are expected to declare this to the Board for their approval. Any conflicts of interest are recorded and reviewed by the Board at each meeting. The Board remains conscious of the influence third parties can have and work to ensure that they do not compromise or override independent judgement. Following the Internalisation, our reliance on third parties has reduced. Board evaluation As a FTSE350 company, in accordance with the UK Code, the Company should have an externally facilitated Board evaluation at least once every three years. The Company conducted an externally facilitated Board evaluation in the financial year ended 30 June 2024 with Trust Associates. This year the Board completed their evaluation internally, facilitated by the Company Secretary, using an online questionnaire. It is intended that the Board evaluation will again be completed internally for the year ending 30June 2026 and externally facilitated for the year ending 30June 2027. Further information on the outcomes of the evaluation can be found on pages 80 to 81. COMPOSITION, SUCCESSION AND EVALUATION SUPERMARKET INCOME REIT PLC 72 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE The Board is responsible for: • Establishing formal and transparent policies and procedures to ensure the independence and effectiveness of the external audit and satisfy itself on the integrity of the financial and narrative statements. • Presenting a fair, balanced and understandable assessment of the Company’s position and prospect. • Establishing and maintaining an effective risk management and internal control framework. • Determining the nature and extent of the principal risks the Company is willing to take in order to achieve its long-term objectives. Audit and Risk Committee The Audit and Risk Committee aid the Board in fulfilling its responsibilities by overseeing the integrity of the Company’s financial statements, narrative reporting, and results announcements. It also reviews the appointment, remuneration, and performance of the external auditor. The Committee’s full report is set out on pages 73 to 77. Financial and business reporting The Board has responsibility for preparing the Annual Report and, as stated in the Directors’ Responsibility Statement on pages 101 to 102, confirms its view that the report, taken as a whole, is fair, balanced and understandable. Details of the process undertaken to support this conclusion are provided in the Audit and Risk Committee Report on pages 73 to 77. The Company’s strategy for generating and maintaining long-term value is outlined in the Strategic Report. Risk management The Audit and Risk Committee takes ownership for conducting, at least annually, a review of the Company’s risk register, as well as periodically reviewing the effectiveness of the Company’s risk management processes. The Audit and Risk Committee subsequently makes recommendations in respect of the Group’s principal and emerging risks and mitigation to the Board. The Board determines its risk appetite, being the level and type of risk the Company is willing to accept in pursuit of its strategic objectives. The UK Code requires that a Board establish a Remuneration Committee of at least three, or in the case of small companies, two, independent non-executive directors. In addition the Chair of the Board may be a member, but not chair, of the Remuneration Committee if they were considered independent on appointment. The Board has an established Remuneration Committee comprised of three independent Non-Executive Directors and the Chair of the Board is not a member of the Committee. The Internalisation has resulted in a fundamental shift in the scope of the Remuneration Committee duties, who had responsibility for establishing a new remuneration policy and an LTIP during the year. For further information please refer to the Directors’ Remuneration Report on pages 85 to 97. AUDIT, RISK MANAGEMENT AND INTERNAL CONTROL REMUNERATION ANNUAL REPORT 2025 73ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS CORPORATE GOVERNANCE | AUDIT AND RISK COMMITTEE REPORT Dear Shareholder, I am pleased to present the Audit and Risk Committee Report for the year ended 30 June 2025. Composition The Committee is comprised of four independent Non- Executive Directors, following the addition of Roger Blundell as a member in January 2025. Roger was appointed as part of the succession plan to replace myself as Committee Chair following the 2025 AGM, where I will not stand for re-election. Roger’s appointment was timed such that there would be a sufficient handover period to ensure a smooth transition. Committee Members Jon Austen: Committee Chair Roger Blundell (appointed  January ) Vince Prior Sapna Shah All the Committee members served for the full year, unless otherwise stated. The Committee believes that its members bring recent and relevant financial experience as required by the UK Code and has the right balance of skills and experience within the real estate sector to be able to function effectively. Further details of each Director’s experience can be found in the biographies on pages 60 to 62. Meetings During the year, the Audit and Risk Committee held three formal meetings following the Company’s corporate calendar, which ensures that the meetings are aligned to the Company’s financial reporting timetable. The Company Secretary and I ensure that the meetings are of sufficient length to allow the Committee to consider all important matters and the Committee is satisfied it receives full information in a timely manner to allow it to fulfil its obligations. The Company’s external auditors, other Non-Executive Directors, Chief Financial Officer, Chief Executive Officer and Head of Finance attend meetings by invitation. In August 2024, the Committee met to conduct a wholesale in-depth review of the risk register, incorporating a new risk weighting analysis. The meetings held in September 2024 and March 2025 were scheduled to review the full and half year financial reports and discuss the audit. A meeting to discuss the year end audit plan was held in early July 2025. Prior to the Internalisation, I had regular communication with the finance team at Atrato concerning the Company and following the Internalisation my dealings have been with the Chief Financial Officer and members of his team. As the Committee Chair, I have had regular communications with the Auditor and members of the Senior Management Team. In addition, the Committee has discussions throughout the year outside of the formal Committee meetings, including with the Company’s property valuers to challenge the valuation process and review their independence. AUDIT AND RISK COMMITTEE REPORT Jon Austin Audit and Risk Committee Chair SUPERMARKET INCOME REIT PLC 74 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | AUDIT AND RISK COMMITTEE REPORT CONTINUED Responsibilities Throughout the year, the Committee acted in accordance with its terms of reference, which can be viewed on the Company’s website. An overview of the Committee’s responsibilities is set out in the table below. Role Responsibilities Financial reporting • Interim and Annual Reports • Accounting treatment of significant transactions and areas of judgement • Bi-annual valuation process and the independence of the Group’s valuers • Processes undertaken to ensure that the financial statements are “fair, balanced and understandable” Risk management and internal controls • The adequacy and effectiveness of the Group’s internal controls • The Group’s risk register, principal and emerging risks • The appropriateness of the going concern assumption • The viability statement and longer-term forecast • The need for an internal audit function External audit • Scope of the external audit • The independence and objectivity of the external auditors • Performance of the external auditor and effectiveness of the audit process • Auditor’s fee for the year • Non-audit services Regulatory compliance and governance • Committee’s composition and terms of reference • REIT status • Audit and Risk Committee and External Audit: Minimum Standards implementation • Provision  of the UK Code implementation Activities We monitor the integrity of the financial information published in the Interim and Annual Reports and any other formal announcement relating to financial performance. We consider whether suitable and appropriate estimates and judgements have been made in respect of areas that could have a material impact on the financial statements. A variety of financial information and reports were prepared and provided to the Board and the Committee over the course of the year. These included budgets, periodic re-forecasting following acquisitions or corporate activity, papers to support the raising of additional finance and general compliance. We also regularly review the Company’s ability to continue to pay a progressive dividend. All financial information was fully reviewed and debated both at Committee and Board level across a number of meetings. The Auditor updates us on changes to accounting standards, legislation, best practice and areas of significant judgement. They pay particular attention to transactions that they deem important due to size or complexity. The significant estimates considered by the Committee in respect of the year ended 30 June 2025, which contained a significant degree of estimation uncertainty, are set out in the table below. Significant estimates and judgements How the issue was addressed Valuation of property portfolio Cushman and Wakefield has been engaged to value the direct property investments, on a bi-annual basis. JLL has been engaged for bi-annual valuations on the properties held in the JV. The Company’s direct portfolio value as at  June  was . billion ( June : . billion) reflecting disposals of  million, additions of  million and a valuation increase, net of costs, of .% for the year on a like-for-like basis. The JV portfolio was valued at . million as at  June . The valuation of the Company’s property portfolio is a key determinant of the Group’s net asset value. The valuation is conducted externally by independent valuers, however, the nature of the valuation process is inherently subjective due to the assumptions made in determining market comparable yields and estimated rental values. The Audit and Risk Committee met with the valuer on two occasions, in February with the Investment Adviser and external auditor and in August with the Chief Financial Officer and external auditor to review the valuation included within the half-year and year-end financial statements. This review included the valuation process undertaken, changes in market conditions, recent transactions in the market and how these impacted our portfolio and the valuer’s expectations in relation to future rental growth and yield movement. The Committee asked the valuer to highlight significant judgements or disagreements with the Investment Adviser (for the half-year financial statements) and the Senior Management Team (for the year-end financial statements) during the valuation process to ensure a robust and independent valuation had taken place. The Auditor, BDO, reviewed the underlying assumptions using its real estate experts and provided the Audit and Risk Committee with a summary of its work as part of its report on the half-year and year end results. As a result of these reviews, the Committee concluded that the valuation had been carried out appropriately and independently. The Board approved the valuations in March  and September  in respect of the interim and annual valuations. ANNUAL REPORT 2025 75 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Significant estimates and judgements How the issue was addressed Acquisition of investment properties When purchasing investment properties, an assessment and judgement needs to be made under IFRS  as to whether the acquisitions meet the definition of an asset acquisition or a business acquisition. In order to assess whether a transaction meets the criteria of a business, IFRS  allows entities to elect to apply a concentration test. Under the concentration test, companies consider whether substantially all of the fair value of the gross assets acquired is concentrated in a single asset (or a group of similar assets). If so, the assets acquired would not represent a business and no further analysis is required. During the year, the Company completed two acquisitions; this includes the acquisition of nine French properties in a single transaction. In all cases the acquisition was assessed by the Finance team using the concentration test which was applied and met. The Committee reviewed the judgement and concluded they were in agreement with the acquisitions being deemed as asset acquisitions. Sale and leaseback A significant judgement is required on whether sale and leasebacks can be accounted for as an investment property under IFRS . Under IFRS , for the transfer of an asset to be accounted for as a true sale, satisfying a performance obligation of transferring control of an asset must be met for this to be deemed a property transaction and accounted for under IFRS . During the year, the Company acquired nine stores in France under sale and leaseback arrangements. The terms of the sale and underlying lease were reviewed by the Finance team for indicators of control and deemed that the significant risks and rewards to ownership were transferred and therefore was accounted for as an investment property acquisition. The Committee reviewed the judgement and concluded they were in agreement with the acquisitions being accounted for as investment properties. Joint Ventures – joint control The classification and accounting treatment of joint arrangements is subject to significant judgement. By reference to the contractual arrangements that regulate the structure, it was necessary to determine whether the Company and the joint venture partner have joint control. The contractual arrangements were reviewed by the Finance team. As the Board of Directors of the joint venture is split equally between the Company and the JV partner; decisions of the JV require unanimous consent since there are equal voting rights and an equal economic interest in the net assets of the JV. Therefore, the arrangement was deemed a joint venture and accounted for under the equity method as prescribed in IAS . The Committee reviewed the judgement and concluded they were in agreement with the arrangement being a joint venture and accounted for under the equity method. Fair, balanced and understandable financial statements The production and audit of the Annual Report is a comprehensive process, requiring input from a number of contributors. To reach a conclusion on whether the Annual Report is fair, balanced and understandable, as required under the UK Code, the Board has requested that the Committee advise on whether it considers that the annual report fulfils these requirements. In outlining our advice, we have considered the following: • The comprehensive documentation that outlines the controls in place for the production of the Annual Report, including the verification processes to confirm the factual content • The detailed reviews undertaken at various stages of the production process by members of the Senior Management Team, the Company Secretary, Financial Advisers, Auditor and the Committee, which are intended to ensure consistency and overall balance • Controls enforced by the Company Secretary and other third-party service providers, to ensure complete and accurate financial records and security of the Company’s assets • The Company has a highly experienced team which has a strong proficiency in producing financial statements As a result of the work performed, we have concluded and reported to the Board that the Annual Report for the year ended 30 June 2025, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s performance, business model and strategy. Risk management and internal controls The Board oversees the Company’s risk management and internal controls and determines the Company’s risk appetite. The Board has, however, delegated responsibility for review of the risk management methodology and the effectiveness of internal controls to the Audit and Risk Committee. The Company’s system of internal controls includes financial, operational and compliance controls and risk management. Policies and procedures, including clearly defined levels of delegated authority, have been communicated throughout the Company. Internal controls are implemented by the Senior Management Team in respect of the key operational and financial processes of the business. These policies are designed to ensure the accuracy and reliability of financial reporting and govern the preparation of financial statements. As part of the migration of the Company to the equity shares (commercial companies) (ESCC) category of the Official List, a Board Memorandum was prepared that documented the financial position and prospects procedures (“FPPP”) of the Company. This Memorandum was independently reviewed by an external accountancy firm and no major deficiencies were identified, which provided the Committee with additional comfort that the Company’s system of internal controls remained fit for purpose and robust. The Committee has confirmed with the Senior Management Team that there have been no changes to controls since those documented within that report. SUPERMARKET INCOME REIT PLC 76 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | AUDIT AND RISK COMMITTEE REPORT CONTINUED We are currently in the process of implementing a new property management software system which will further enhance our internal controls. In the current financial year, the Audit and Risk Committee will focus on preparing for Provision 29 of the UK Code, which will require a declaration to be made by the Board on the effectiveness of material controls in FY27. The Company has implemented a new Whistleblowing Policy, which is available on the Company’s website, which allows any relevant party to raise concerns, in confidence, about possible wrongdoing in financial reporting, regulatory or other relevant matters. Risk register During the year, the Audit and Risk Committee reviewed the Company’s risk register. This was a wholesale review of the risk register and incorporated a new risk weighting analysis to strengthen our risk management framework. The Committee also reviews the principal risks bi-annually alongside the interim and annual reporting processes. Following the Internalisation, a process has been undertaken by the Senior Management Team to review and update the risk register as a number of the risks were no longer relevant or required amending to reflect the Company’s new operating structure. We have reviewed and approved all statements included in the Annual Report concerning internal controls and risk management taking into consideration the review of the risk register and our assessment of the Group’s internal controls and knowledge of the business. Going concern and viability Although the statements on going concern and viability are a matter for the whole Board, the Audit and Risk Committee reviewed the appropriateness of preparing the financial statements on a going concern basis and the analysis prepared to support the longer-term viability statement required by the UK Code. In completing its assessment the Audit and Risk Committee reviewed the principal risks, risk appetite, the chosen period of assessment, the current financial position, available undrawn debt, investment commitments, the headroom under loan covenants and stress testing. Following its review, the Committee satisfied itself that the going concern basis of preparation remained appropriate and recommended the viability statement be approved by the Board. The going concern and viability statement can be found on pages 56 to 58. Internal audit The Company does not have an internal audit function. Given the organisation’s size and structure, as well as the close involvement of the Senior Management Team, an internal audit function is not considered necessary. The Committee considers the requirement for an internal audit function on an annual basis and is mindful of the incoming requirements under Provision 29 of the UK Code, that will seek greater evidence of the controls and how they operate. The Committee is comfortable that, when required, external advisors can be engaged to conduct reviews and provide assurance over such matters. Relationship with the Auditor The Committee has primary responsibility for managing the relationship with the external auditor, including assessing their performance, effectiveness and independence annually as well as recommending to the Board their reappointment or removal. The Committee has a strong relationship with the external auditor, BDO LLP (“BDO”), led by Charles Ellis. UK regulations require rotating of the audit partner every five years, a formal tender every ten years and changing the auditor every twenty years. The Committee keeps the timing of a tender process under review. The Committee has met with the key members of the audit team over the course of the year and BDO has formally confirmed its independence as part of the reporting process. As Chair of the Committee, I regularly speak with the external audit partner to ascertain if there are any concerns, to discuss the audit reports and to ensure that the external auditor has received the support and information requested from management. There have been no concerns identified to date. The Company became a constituent of the FTSE 350 on 20 June 2022 and confirms that it has complied with the terms of The Statutory Audit Services for Large Companies Market Investigation (Mandatory User of Competitive Tender Processes and Audit and Risk Committee Responsibilities) Order 2014 (the “Order”) throughout the year. In July 2025, the FRC published its latest Annual Review of Audit Quality of the ‘Tier 1’ auditing firms. The Committee was disappointed to see that, for the second year running, BDO had performed badly in this review, which is a cause of concern for the Company. I have discussed the report with the audit partner and whilst I am satisfied that the particular issues found wanting by the FRC do not apply to the audit of the Company, it is worrying that the efforts made by BDO following the poor review in 2024 have not translated into improved results. The audit partner has assured me that considerable effort is being made within the firm to improve its audit standards and I expect my successor, Roger Blundell, to keep this under close review. Effectiveness and independence We meet with the external auditor before the preparation of the annual results, to plan and discuss the scope of the audit, and challenge where necessary to ensure its rigour. At these meetings, the auditor prepares a detailed audit plan which is discussed and questioned by us to ensure that all areas of the business are adequately reviewed, and the materiality thresholds are set at the appropriate level, which varies depending on the matter in question. We also discuss with the external auditor its views over significant risk areas and why it considers these to be risk areas. ANNUAL REPORT 2025 77 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The Audit and Risk Committee, where appropriate, continues to challenge and seek comfort from the external auditor over those areas that drive audit quality. The timescale for the delivery of the audit or review is also set at these meetings. We meet with the external auditor again prior to the conclusion of the audit or review to consider, challenge and evaluate findings in depth. We have considered the objectivity and effectiveness of the external auditor and we consider that the audit team assigned to the Company by BDO has the necessary experience, qualifications and understanding of the business to enable it to produce a detailed, high-quality, in-depth audit and permits the team to scrutinise and challenge the Company’s financial procedures and significant judgements. We ask the external auditor to explain the key audit risks and how these have been addressed. We also considered BDO’s internal quality control procedures and transparency report and found them to be sufficient. Overall, the Committee is satisfied that the audit process is transparent and of good quality and the external auditor has met the agreed audit plan. Audit and non-audit fees We continue to believe that, in some circumstances, the external auditor’s understanding of the Company’s business can be beneficial in improving the efficiency and effectiveness of advisory work. For this reason, we continue to engage BDO as reporting accountants on the Company’s issues of equity and debt capital in the normal course of the Company’s business. Other reputable firms have been engaged during the year to assist with financial and tax due diligence on corporate acquisitions as well as general tax compliance advice. The Non-Audit Services Policy requires approval by the Committee above a certain threshold before the external auditor is engaged to provide any permitted non-audit services. The Company paid £44,000 in fees to the BDO for non-audit services during the year ended 30 June 2025. These fees are set out below. Service Fee () Interim Review , Total , The ratio of non-audit fees to audit fees for the year ended 30 June 2025 was 9%. Post year end BDO provided professional fees in relation to the issuance of listed bonds of £40,000. The Committee periodically monitors the ratio to ensure that any fees for permissible non-audit services do not exceed 70% of the average audit fees paid in the last three years. In addition to ensuring compliance with the Group’s policy in respect of non-audit services, the Committee also receives confirmation from BDO that it remains independent and has maintained internal safeguards to ensure its objectivity. Committee effectiveness During the year, the Board led by the Nomination Committee conducted an internally facilitated evaluation of its performance and that of its Committees. This concluded that the Audit and Risk Committee continues to operate effectively and provides the appropriate level of independent challenge. In FY24, the Board evaluation was externally facilitated and one of the recommendations related to strengthening the risk management processes in place and an exercise was undertaken, led by the Committee. This year’s evaluation was completed post the Internalisation, and identified that overseeing and assessing the updates to and effectiveness of the Company’s internal controls and risk management processes to reflect the new operational structure should be a key priority for the Committee in the coming year. Further information on the performance evaluation conducted during the year can be found on pages 80 to 81. This is the last Audit and Risk Committee report that I will be signing, as I will not be seeking re-election at the 2025 AGM, as part of a planned re-fresh of the Board following the UK Code requirements. It has been my great pleasure to have chaired this Committee since the Company’s IPO in 2017 and I am proud to have been part of its growth since then. I am confident that the Company is in a strong position to continue its successful life and equally confident that in Roger Blundell the Committee has a strong future chair. Signed on behalf of the Audit and Risk Committee by Jon Austen Audit and Risk Committee Chair  September  SUPERMARKET INCOME REIT PLC 78 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | NOMINATION COMMITTEE REPORT NOMINATION COMMITTEE REPORT Sapna Shah Nomination Committee Chair Dear Shareholders I am pleased to present the Nomination Committee report for the year ended 30 June 2025. Over the past year, the Committee has focused primarily on succession planning resulting in the appointment of Non-Executive Director, Roger Blundell on 15 January 2025. Robert Abraham and Mike Perkins also joined the Board on 25 March 2025 as CEO and CFO respectively. Composition At 30 June 2025, the Committee comprised of three Independent Non-Executive Directors. Given that Nick Hewson and Vince Prior are approaching the end of their tenure, it was considered appropriate to amend the composition of the Committee to aid succession planning activities over the near term. As a result, on 17 June 2025, Roger Blundell and Frances Davies were appointed as members of the Committee, replacing Nick and Vince. Committee Members Sapna Shah: Committee Chair Vince Prior (ceased  June ) Nick Hewson (ceased  June ) Roger Blundell (appointed  June ) Frances Davies (appointed  June ) All the Committee members served for the full year, unless otherwise stated. Meetings During the year, the Nomination Committee held one scheduled meeting in accordance with its terms of reference and an additional four ad-hoc meetings, relating to the recruitment process which led to the appointment of Roger Blundell in January 2025. The Company Secretary and I ensure that all meetings are of sufficient length to allow the Committee to consider all important matters and the Committee is satisfied that it receives full information in a timely manner to allow it to fulfil its obligations. Responsibilities The Nomination Committee Terms of Reference are available on the Company’s website. The key responsibilities of the Committee are as follows: Board composition and succession planning • Regularly assess the skills and composition of the Board and its Committees to identify any gaps in collective experience or knowledge • Develop and maintain a succession plan for the Board and leadership team, including identifying and mentoring future leaders Director appointments • Lead the process for new Director appointments • Ensure all new Directors receive an appropriate induction programme • Manage the relationship with external recruitment consultants Promote diversity and inclusion • Review the Company’s policy on diversity and inclusion • Assess the Board’s compliance with diversity codes and guidelines and related disclosure requirements Evaluating Board performance • Lead the annual Board, Committee and individual Director evaluation exercise • Identify and support training for all Directors Director commitments and re-election • Review the time required from Non-Executive Directors and their external commitments • Consider the annual re-election of Directors Activities Succession planning As referenced in the 2024 Annual Report, developing and implementing a succession plan to ensure the progressive refreshment of the Board as Nick Hewson, Jon Austen and Vince Prior approach their nine-year term has continued to be a focus for the Committee. ANNUAL REPORT 2025 79 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The Committee concluded that finding a replacement Audit and Risk Committee Chair was a priority, given the specific knowledge and skills required and allowing for an adequate handover period. In August 2024, having met with four firms, the Board engaged with Sapphire Partners, an external recruitment agency to assist with the search 96 . Following a rigorous recruitment process, Roger Blundell was appointed as an independent Non-Executive Director in January 2025. Since his appointment, he has worked closely with Jon Austen to ensure a detailed handover is completed prior to Jon’s retirement at the 2025 AGM. I would like to take this opportunity to express my personal thanks to Jon for his invaluable contribution to the Company since IPO. Following the Internalisation, we welcomed the CEO and CFO to join the Board on 25 March 2025, which increased the Board to nine Directors. Given the size and nature of the Company, we do not believe that a Board of this size is necessary over the long term. The Nomination Committee will consider the size and composition of the Board as part of orderly succession planning. It is anticipated that Vince Prior will retire in 2026 and the Committee will continue to assess the composition of the Board and any appointments that may be required to replace the knowledge, skills and experience that will be lost. In the coming year, now that the Board has Executive Directors, the Committee will consider contingency plans for unforeseen absences of these key positions as well as other senior management. Succession planning below Board level is the responsibility of the Senior Management Team to ensure recruitment and retention of key talent. Board diversity and inclusion We recognise the importance of diversity and the value it brings to our organisation. We strive to operate in an inclusive working environment and promote a culture of respect, openness and collaboration. The Company’s diversity and inclusion policy can be found on our website. The Board supports diversity of all kinds including gender, ethnicity, sexual orientation, disability or educational, professional and socioeconomic backgrounds and neurodiversity. Appointments to the Board and throughout the Company are based on merit, in line with Principle J of the UK Code, to make sure that the best candidate for the role is appointed every time. Our Senior Management Team is responsible for the day-to-day running of the business and comprises departmental heads from all key business functions, with a diverse range of skills and experience. We acknowledge the FTSE Women Leader’s target of 40% female representation in leadership teams. Given our small business size and total headcount of 16, achieving the 40% female representation target on the Senior Management Team is challenging. Currently, women represent 25% of the Senior Management Team, which comprises four members excluding the Executive Directors. Expanding the Senior Management Team would not be appropriate and there are no succession changes anticipated in the near term. In the wider organisation 50% of all employees are female. UK Listing Rule requirements As at 30 June 2025, the Company met two of the three diversity targets under UK Listing Rule 6.6.6R(9): • having at least one senior position on the Board being held by a woman; and • having at least one director from an ethnic minority background Prior to the Internalisation, the Company met the third target of having at least 40% female Board representation, however Robert Abraham and Mike Perkins joining the Board, as CEO and CFO respectively, has resulted in that figure reducing to 33%. This year, the Company has experienced a significant amount of change and it was felt that the Board needed to provide stability throughout that transition. As a result, it was not considered appropriate to restructure the Board for the purposes of meeting these targets during this financial year. Following Jon Austen’s retirement from the Board at the 2025 AGM, the Board will have 38% female representation on the Board. As part of the ongoing succession planning, we are committed to returning to full compliance with the UK Listing Rule diversity targets as soon as practicable. . Sapphire Partners does not have any other connection with the Company or individual directors. SUPERMARKET INCOME REIT PLC 80 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | NOMINATION COMMITTEE REPORT CONTINUED The following table sets out the gender and ethnic diversity of the Board and Senior Management Team as at 30 June 2025 in accordance with the UK Listing Rule 6.6.6R(10). Data is collected on a self-identifying basis. Gender Diversity Number of Board Members Percentage of the Board Number of Senior Positions on the Board Number in Senior Management Team Percentage of Senior Management Team Men  %   % Women  %   % Prefer not to say – – – – – Female Male Senior Management Team and direct reports  %  % Ethnic Diversity Number of Board Members Percentage of the Board Number of Senior Positions on the Board* Number in Senior Management Team Percentage of Senior Management Team White British or other White (including minority white groups)  %   % Mixed/Multiple Ethnic Groups – – –  % Asian/Asian British  %  – – Black/African/ Caribbean/ Black British – – – – – Other ethnic group, including Arab – – – – – * In accordance with the UK Listing Rules, this includes the roles of the Chair, SID, CEO and CFO ** The Senior Management Team, as set out on page 63 is considered to be the Company’s executive management as defined by the UK Listing Rules and senior management as defined by the Code, but excludes the CEO and CFO who are Executive Directors *** Due to the size of the business, the Senior Management Team’s direct reports encompasses all employees, excluding the CEO and CFO Performance Evaluation The Directors recognise that an evaluation process is a significant opportunity to review the practices and performance of the Board, its Committees and its individual Directors in order to implement actions to improve the Board’s effectiveness and contribute to its overall success. In line with the UK Code, having conducted an externally facilitated evaluation last year, this year’s evaluation was performed internally. The Directors were each asked to complete a questionnaire, the results of which were collated and summarised by the Company Secretary. Recommendations and progress against key areas of development identified last year were included in the report and reviewed by the Nomination Committee. The results concluded that the Board, its Committees and individual Directors continued to operate effectively, with a strong Chair who continues to lead the Board with clarity and authority. The results highlighted a notable improvement in shareholder engagement over the past year and emphasised the importance of maintaining proactive dialogue with shareholders going forward. ANNUAL REPORT 2025 81 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The Internalisation represents a significant shift in the Company’s operating model. As a result, several of the priorities highlighted through the performance evaluation process and outlined below relate to successfully embedding this change. The Committee will continue to prioritise and monitor these actions throughout the year. Recommendation How this is being progressed Board/employee relationship The Non-Executive Directors are actively engaged with employees, with all employees having had the opportunity to meet with the Non-Executive Directors in an informal setting. The relationship between the Non-Executive and Executive Directors continues to strengthen over time, with regular informal touchpoints having been established. The division of responsibilities, as set out on page  has been developed. Internal control and risk management The Company’s financial position and prospects procedures (“FPPP”) was updated during the year in preparation for the change of listing category. The Senior Management Team are currently progressing with the implementation of a new property management software which will further enhance the Company’s internal controls. Overseeing and assessing the effectiveness of these processes will be a priority of the Audit & Risk Committee over the next year. Meeting processes The Chair, CEO and Company Secretary are working together to review the Board process including reviewing agendas, how time is allocated at meetings, timeliness of papers; format and content of papers and information flows. Board Independence and Tenure The Board is currently comprised of a Non-Executive Chair (who was deemed independent on appointment), six independent Non-Executive Directors and two Executive Directors. In accordance with the provisions of the UK Code, all Directors offer themselves for annual re-election by shareholders at the AGM. We considered whether this was appropriate having due regard to each Directors’ performance and ability to continue to contribute to the Board in the light of the knowledge, skills and experience required. We also considered other external appointments held by Directors and the amount of time each Director has devoted to the Company. Non-Executive Directors are appointed for an initial term of three years with an expectation that they will serve at least two three-year terms, but they may be invited to serve for an additional period. The Board’s tenure policy does not require a Director to be mandatorily replaced after a fixed term, but recognises that a Director’s tenure exceeding nine years may impair their independence and recognises the importance of progressive Board refreshment and compliance with UK Code. Director Re-election The Committee is wholly satisfied the Directors devoted sufficient time to their duties over the past year and that the Board comprised the necessary skills and experience to discharge its obligations to the Company’s shareholders and other stakeholders. Following the advice of the Committee, and in line with the UK Code, the Board recommends the election or re-election of each Director at the forthcoming AGM. An exception to this is Jon Austen, Chair of the Audit and Risk Committee, who will not stand for re-election at the 2025 AGM as he approaches the end of his tenure. As outlined in the Audit and Risk Committee Report, Jon will be succeeded by Non-Executive Director, Roger Blundell, who will stand for election. Committee effectiveness Details of the performance evaluation conducted during the year can be found on pages 80 and 81. Signed on behalf of the Nomination Committee by Sapna Shah Nomination Committee Chair  September  SUPERMARKET INCOME REIT PLC 82 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | ENVIRONMENTAL SOCIAL GOVERNANCE (ESG) COMMITTEE REPORT ENVIRONMENTAL SOCIAL GOVERNANCE (ESG) COMMITTEE REPORT Frances Davies ESG Committee Chair Dear Shareholders I am pleased to present the ESG Committee report for the year ended 30 June 2025. Composition The Committee comprised three Independent Non-Executive Directors of the Company. Committee Members Frances Davies: Chair of the Committee Nick Hewson Cathryn Vanderspar All the Committee members served for the full year, unless otherwise stated. Meetings During the year, the ESG Committee held four meetings. The Company Secretary and I ensure that the meetings are of sufficient length to allow the Committee to consider all important matters and the Committee is satisfied that it receives full information in a timely manner to allow it to fulfil its obligations. The other Directors, members of the Senior Management Team and advisors were invited to attend the Committee meetings. Responsibilities The ESG Committee Terms of Reference are available on the Company’s website. The Committee serves as an independent and objective party to monitor the integrity and quality of the Company’s ESG strategy, and to ensure that the Company’s ESG strategy is integrated into its business plan, values and objectives. It also fosters a culture of responsibility and transparency, and it reviews and approves the Company’s annual reporting in relation to ESG. The Committee’s key responsibilities include: • Overseeing the establishment and implementation of ESG related policies and codes of practice • Setting KPIs related to ESG matters and overseeing performance against those KPIs • Identifying the required resourcing and funding of ESG-related activity • Overseeing climate-related risks and opportunities and monitoring progress against the Company’s GHG emissions reduction targets and other targets and goals for addressing climate-related issues • Overseeing the Company’s engagement with its broader stakeholder community • Ensuring that the Company monitors and reviews current and emerging ESG trends, relevant regulatory requirements and international standards and analysing how those are likely to impact the Company The Committee focuses on overseeing the three pillars of the Company’s ESG Strategy: Climate and Environment – The Company’s impact on the natural environment and its response to the challenge of climate change including: greenhouse gas emissions; energy consumption; generation and use of renewable energy; biodiversity and habitat; impact on water resources and deforestation; pollution; efficient use of resources; the reduction and management of waste; and the environmental impact of the Company’s supply chain. Tenant and Community Engagement – The Company’s interaction with stakeholders including its employees, tenants and the communities in which it operates and the role of the Company in society including: engaging with tenants on sustainability performance, stakeholder policies (e.g. stakeholder engagement, diversity, non-discrimination and equality of treatment, health, safety and well-being); ethical/responsible sourcing; labour standards of the supply chain (including child labour and modern slavery); and engagement with and contribution to the broader community through social projects, volunteering and charitable donations. ANNUAL REPORT 2025 83 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Responsible Business – The ethical conduct of the Company’s business including its corporate governance framework, business ethics, ESG training, board policies, and codes of conduct (e.g. related to donations and political lobbying, bribery and corruption), and the transparency of non-financial reporting. Activities During the year there were four meetings at which we discussed - and where relevant recommended to the Board for approval - a variety of matters. CEN-ESG attended a meeting to present their ESG peer review analysis and an action plan was agreed to further improve the Company’s ESG policies and external ESG ratings score. The Committee oversaw the Company’s charitable donations and volunteering activities, which resulted in a total £180,000 being donated to a variety of charities in the year. For the year ended 30 June 2025, the Company engaged Grant Thornton to carry out a limited assurance exercise over selected ESG data for the first time. Grant Thornton presented their findings to the Committee, which provided valuable recommendations on improvements that can be seen in this year’s reporting. The Committee has responsibility for reviewing ESG related reports and disclosures and during the year recommended to the Board for approval for the Company’s standalone Sustainability Report, including EPRA sBPR reporting and the Company’s first Climate Transition Plan. Further details of the Company’s progress against its commitments can be found in the TCFD report on pages 36 to 48 and the Company’s Sustainability Report. Committee effectiveness Details of the performance evaluation conducted during the year can be found on pages 80 to 81. Signed on behalf of the ESG Committee by Frances Davies ESG Committee Chair  September  SUPERMARKET INCOME REIT PLC 84 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | MANAGEMENT ENGAGEMENT COMMITTEE REPORT MANAGEMENT ENGAGEMENT COMMITTEE REPORT Vince Prior Management Engagement Committee Chair Dear Shareholders I am pleased to present the Management Engagement Committee report for the year ended 30 June 2025. Composition As at 30 June 2025, the Committee comprised of seven Independent Non-Executive Directors of the Company. Committee Members Vince Prior: Committee Chair Jon Austen Roger Blundell (appointed 15 January 2025) Frances Davies Nick Hewson Sapna Shah Cathryn Vanderspar All the Committee members served for the full year, unless otherwise stated. On 16 July 2025, the Management Engagement Committee was disbanded following the Listing Transfer. Meetings During the year, the Management Engagement Committee held one formal meeting. The Company Secretary and I ensure that the meetings are of sufficient length to allow the Committee to consider all important matters and the Committee is satisfied that it receives full information in a timely manner to allow it to fulfil its obligations. Robert Abraham and Mike Perkins were invited to attend the Committee meetings. Responsibilities The Management Engagement Committee Terms of Reference are available on the Company’s website. Prior to the Internalisation, the main function of the Management Engagement Committee was to review the compliance, by the Investment Adviser and the AIFM, with the Company’s investment policy and their performance of the duties detailed in their agreements with the Company. In March 2025, the Committee Terms of Reference were updated, following the termination of the Investment Adviser, such that the main function of the Management Engagement Committee was to review the compliance of the AIFM and to monitor and evaluate the performance of other key service providers to the Company. Activities During the year, the Committee conducted reviews of all key service providers which included the AIFM, lawyers, Company Secretary, property valuer, brokers, property agent, property insurance broker, debt advisers, PR advisers and tax advisers. Where appropriate, feedback was provided to service providers to enhance the level of service provided to the Company. Management Arrangements During the year under review, the AIFM was paid a fee of 0.04% per annum of the net asset value of the Company up to £1 billion and 0.03% of the net asset value over £1 billion, subject to a minimum of £50,000 per annum, such fee being payable quarterly in arrears. The total fees paid to the AIFM during the year under review were £0.40 million. During the financial year under review, no separate remuneration was paid by the AIFM to two of its executive directors, Graham Taylor and Kobus Cronje, because they were both employees of the JTC group of companies, of which the AIFM forms part. The third executive director, Matthew Tostevin, is paid a fixed fee of £10,000 for acting as a director. Mr Tostevin is paid additional remuneration on a time spent basis for services rendered to the AIFM and its clients. Other than the directors, the AIFM has no employees. During the year under review, the AIFM paid £10,000 in fixed fees and £28,744 in variable remuneration to Mr Tostevin. Continuing Appointment of the AIFM During the year the Management Engagement Committee completed a review of the performance of the AIFM and was satisfied that the AIFM had delivered its services in accordance with the terms of its agreement. However, following the Company’s Listing Transfer, it no longer fell within the scope of AIFMD, and as a result, the agreement with the AIFM was terminated and the Management Engagement Committee disbanded. Committee effectiveness Details of the performance evaluation conducted during the year can be found on pages 80 to 81. Signed on behalf of the Management Engagement Committee by Vince Prior Management Engagement Committee Chair  September  ANNUAL REPORT 2025 85ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT Dear Shareholder I am pleased to introduce the Directors’ Remuneration Report for the year ended 30 June 2025. This report has been prepared by the Remuneration Committee and approved by the Board. On 4 March 2025, the Company announced that it had agreed, subject to shareholder approval, to internalise its management function. The Internalisation required the adoption of a new Directors’ Remuneration Policy (“Policy”), given that the previous Policy did not provide for remunerating Executive Directors. As such, following a detailed review of remuneration, shareholders were asked to approve the adoption of a new Policy at the General Meeting to approve the Internalisation on 20 March 2025 (“GM”). I am pleased to say that the resolution to approve the Policy was approved by over 91% of shareholders voting at the meeting. Accordingly, to provide shareholders with information on both the Policy and the remuneration paid to Directors in the year ended 30 June 2025, this report is divided into three parts being: • This Annual Statement of the Remuneration Committee Chair for the year ended 30 June 2025, which sets out details of the Committee, its activities, remuneration paid to Directors for the year ended 30 June 2025 and how the Policy will be operated for the year ending 30 June 2026 (pages 85 to 87); • A summary of the Directors’ Remuneration Policy which was approved by shareholders at the 2025 GM on 20 March 2025 (pages 88 to 93); and • The Annual Report on Remuneration, which provides details on remuneration paid to Directors during the year ended 30June 2025 (pages 94 to 97). Preparation of this Report This Report, prepared by the Remuneration Committee on behalf of the Board, takes full account of the prevailing UK Corporate Governance Code and the latest guidance from the main shareholder representative bodies, and has been prepared in accordance with the provisions of the Companies Act 2006 (“the Act”), the UK Listing Rules and the Large and Medium-Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 (“Regulations”). The Act requires the Auditor to report to the Company’s shareholders on the audited information within this Report and to state whether in their opinion those parts of the Report have been prepared in accordance with the Act. Those parts of the Report which have been subject to audit are clearly marked. Composition The Committee is comprised of four independent Non- Executive Directors, following the addition of Roger Blundell as a member in January 2025. Committee Members Cathryn Vanderspar: Committee Chair Jon Austen Roger Blundell (appointed 15 January 2025) Frances Davies All the Committee members served for the full year, unless otherwise stated. The other Directors and the Committee’s independent remuneration consultants were invited to attend the Committee meetings as and when considered appropriate. Meetings During the year, the Remuneration Committee held two scheduled meetings, and several ad-hoc preparatory meetings in relation to determining the revised Remuneration Policy and 2025 LTIP performance metrics, weightings and targets. The Company Secretary and I ensure that the meetings are of sufficient length to allow the Committee to consider all important matters and the Committee is satisfied that it receives full information in a timely manner to allow it to fulfil its obligations. Responsibilities The Remuneration Committee Terms of Reference are available on the Company’s website. The Committee’s main responsibilities include: • Designing the framework and policy for Executive Directors’ remuneration and determining remuneration packages for the Executive Directors, Chair and Senior Management, including the Company Secretary (other than where the role is outsourced), to promote the achievement of the Group’s strategy and long-term sustainable success. When setting executive remuneration, the link between Executive Director and senior manager remuneration and that provided to the wider workforce is taken into account; DIRECTORS’ REMUNERATION REPORT Annual Statement Cathryn Vanderspar Remuneration Committee Chair SUPERMARKET INCOME REIT PLC 86 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT CONTINUED • Establishing remuneration schemes that promote long-term shareholding by Executive Directors and that support alignment with shareholders’ interests, both in-post and post-cessation; • Approving the design and operation of the Company’s short-term and long-term incentive arrangements. This includes agreeing the targets that are applied to awards made to Executive Directors and the Senior Management Team; • Oversight of the administration of share plans as required; and • Reviewing workforce remuneration and related policies. Activities The key areas considered by the Remuneration Committee in respect of the year ended 30 June 2025 were as follows: • Reviewed and agreed the terms of a new service agreement for the Executive Directors and approved revised remuneration packages for the CEO, CFO and the Chair; • Agreed revised terms of reference for the Committee to take effect subject to approval by shareholders at the GM of the new Policy • Designed the new Directors’ Remuneration Policy and agreed that it was appropriate to put forward for approval by shareholders at the March 2025 GM; • Agreed the annual fee for the Chair; • Introduced a new annual bonus plan and Long Term Incentive Plan (LTIP); • Consulted with major shareholders in respect of their views on annual bonus and LTIP provision; • Agreed the award levels, performance metrics, weightings and targets for the 2025 LTIP awards which were granted in June 2025; • Discussed the maximum award levels and performance metrics, weightings and targets for the annual bonus for year ending 30 June 2026; and • Adopted a shareholding policy, requiring Executive Directors to build up and then subsequently hold a shareholding equivalent to 200% of salary. Discretion No discretion was exercised in the year ended 30 June 2025 in respect of the Executive Directors remuneration. Implementation of the Policy for the year ending  June  Details of how the Policy will be implemented for the Executive Directors and Non-Executive Directors in respect of the year ending 30 June 2026 are as follows: Executive Directors: • The CEO and CFO will continue to receive base salaries of £375,000 and £275,000 respectively which were set at appointment to the Board. The next salary review date is expected to be on or after 1 July 2026; • Pensions will continue to be set at 8% of salary in line with the wider workforce provision; • Annual bonus for the year ending 30 June 2026 will be capped at 150% of salary. Performance will be measured against a combination of financial targets (based on EPRA earnings, Total Property Return and EPRA Cost Ratio) and non-financial targets (which will include personal, strategic and ESG-based objectives). A minimum of 50% of any bonus will be deferred into shares for 2 years. Notwithstanding the CEO and CFO’s appointment in March 2025, no annual bonus was operated in respect of the year ended 30 June 2025; • Following the grant of the 2025 awards to the CEO and CFO in June 2025, the next LTIP grant is not expected to be made to Executive Directors until the publication of results for the year ending 30 June 2026. Performance metrics for the 2026 awards, which are expected to be consistent with the 2025 LTIP awards, will be set out in next year’s Directors’ Remuneration Report; and • Shareholding guidelines will operate for the Executive Directors at a minimum of 200% of salary and will extend for a period of two years post cessation of employment. Non-Executive Directors: • The Committee reviewed the increased time requirements and responsibilities for the Chair following Internalisation and approved an increase to Nick Hewson’s annual fee of £78,000 to £150,000; and • The Non-Executive Directors will receive a base fee of £60,000 per annum, with an additional £10,000 payable for the role of Senior Independent Director and an additional £10,000 payable for chairing a board committee. Shareholder Engagement and Understanding Good Practice The Company is committed to engagement with shareholders and intends to seek major shareholders’ views in advance of making significant changes to the Policy and how it is implemented. In this regard, major shareholders were consulted towards the end of FY25 in respect of the FY26 annual bonus and the 2025 LTIP awards. The Remuneration Committee also actively monitors developments in the expectations of institutional investors and considers good practice guidelines from institutional ANNUAL REPORT 2025 87 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS shareholders and shareholder bodies. In addition, the Chair of the Remuneration Committee will attend the 2025 AGM to hear the views of shareholders on remuneration and answer any questions. Employee Remuneration Considerations In setting the Policy, the pay and conditions of employees of the Company other than Directors are taken into account. The Remuneration Committee is provided with data on the remuneration structure for all staff and uses this information to ensure consistency of approach throughout the Company. The Company has a small number of employees and applies the same broad policy in relation to incentive compensation throughout the organisation albeit Restricted Share Awards rather than LTIPs are granted for less senior employees. Although the Remuneration Committee takes into account the pay and conditions of other employees, the Company did not consult with employees when drawing up the Policy.  Annual General Meeting resolution Noting the approval of the Policy at the March 2025 General Meeting, a single advisory resolution in respect of the Directors’ Remuneration Report (other than the part containing the summary of the Directors’ Remuneration Policy) for the year ended 30 June 2025 will be presented at the 2025 AGM. I trust that shareholders will support the Committee and vote in favour of this resolution. Conclusion I am grateful for the engagement and support provided by our shareholders and welcome your feedback. Signed on behalf of the Remuneration Committee by Cathryn Vanderspar Remuneration Committee Chair  September  SUPERMARKET INCOME REIT PLC 88 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT CONTINUED This section of the Directors’ Remuneration Report contains a summary of the Directors’ Remuneration Policy (the “Policy”) which was approved by shareholders at the 20March 2025 General Meeting. The full Policy can be found in the shareholder circular published in respect of the Internalisation dated 4 March 2025 (SUPR - Proposed Internalisation Circular (04.03.2025)). Summary of Policy changes Previously there was no provision for remunerating Executive Directors at the Company. As such, the main differences between remuneration policy approved by shareholders at the 2024 Annual General Meeting and the Policy approved at the March 2025 General Meeting are: • The Policy provides Executive Directors with a base salary, typically set after considering the salary levels in companies of a similar size and complexity in the UK real estate sector and the FTSE All Share. The base salary is intended to normally increase in line with the general employee increases in salary; • A workforce-aligned pension provision has been introduced; • The Policy now provides for certain taxable benefits to be made available; • The provision for an annual bonus plan has been introduced. Performance against targets will be measured and a minimum of 50% of any bonus will normally be awarded in shares and deferred for two years; • The provision to grant Long Term Incentive Plan (“LTIP”) awards has been introduced. Nil or nominal cost options or conditional share awards may be granted under the LTIP to Executive Directors. LTIP awards will normally have a three-year performance period followed by a two year post vesting holding period; • The terms of the annual bonus, deferred bonus and LTIP will include provisions in respect of malus and clawback which may be applied in a range of circumstances, including corporate failure and reputational damage; and • Shareholding guidelines have been introduced for the Executive Directors and set at a minimum of 200% of salary. The shareholding requirements will apply for a period of time post cessation of employment. Policy scope The Policy applies to the Chair, Executive Directors and Non-Executive Directors. Overview of Policy The Policy, which has been developed following a comprehensive remuneration review, has the following objectives: • To offer suitable packages to attract, retain and motivate people with the skills and attributes needed to deliver the Company’s business goals while recognising the unique nature of the organisation and ensuring alignment with shareholders; • To drive behaviours that support the Company strategy and business objectives; and • To link incentive plans to Company and individual performance to encourage high performance from staff both at an individual and team level. These Policy objectives will be achieved by ensuring that any remuneration provided is reflective of applicable market conditions, statutory obligations and the level of accountability (responsibility, objectives, goals) assigned to the recipient in order to deliver outstanding performance while providing organisational flexibility and operational efficiency. Remuneration Policy Table Element of remuneration Purpose and link to strategy Operation Maximum Performance conditions and assessment Base salary To provide competitive fixed remuneration that will attract and retain key employees and reflect their experience and position in the Company. Base salary is normally reviewed annually. When considering any increases to base salaries in the normal course (as opposed to a change in role or responsibility), the Remuneration Committee will take into consideration: • level of skill, experience, scope of responsibilities and performance; • business performance, economic climate, and market conditions; • pay and employment conditions of employees throughout the Group, including increases provided to staff; • inflation; and • increases provided to Executive Directors in comparable companies (although such data would be used with caution). Salaries are typically set after considering the salary levels in companies of a similar size and complexity in the UK real estate sector and FTSE All Share. Base salary increases will normally be no higher than the average level of increases awarded (in percentage terms) to the wider workforce. Higher increases may apply if there is a change in role, level of responsibility or experience or if the individual is new to the role. There is no maximum salary cap in place. None DIRECTORS’ REMUNERATION POLICY ANNUAL REPORT 2025 89 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Element of remuneration Purpose and link to strategy Operation Maximum Performance conditions and assessment Pension To provide competitive levels of retirement benefit. Contribution made into a pension plan and/or a cash supplement of equivalent value paid in lieu of pension contribution. % of annual salary plus adjustments in line with any increases provided to the wider workforce. None Other benefits To provide competitive levels of employment benefits Executive Directors may receive a benefit package which includes • health insurance; • death in service benefits; • company car allowance; and • other benefits as provided from time to time. Benefits are reviewed periodically to ensure that they remain market competitive. Maximum opportunity is the total cost of providing the benefits. Maximum opportunity is the total cost of providing the benefits. None Annual bonus The annual bonus aligns reward to key Group strategic objectives and drives short-term performance. Executive Directors participate in an annual performance-related bonus scheme. A minimum of % of any annual bonus will normally be deferred into shares for two years where shareholding guidelines have not been met. Where shareholding guidelines are met, no deferral will normally operate. Dividend equivalents may be payable on deferred bonus awards. The payment may assume dividend reinvestment. The annual bonus plan rules contain clawback and malus provisions. % of annual salary. Normally assessed annually and determined by the Remuneration Committee based on financial, strategic and/or personal performance against the Group’s business plan for each financial year. Amounts ranging from nil up to % of any annual bonus may be available at threshold performance. Long Term Incentive Plan (LTIP) The LTIP aligns Executive Director interests with those of shareholders and rewards long-term value creation. Awards are normally made annually to the Executive Directors in the form of conditional awards, nil or nominal cost options. The awards granted under the LTIP are subject to performance conditions normally measured over a performance period of three years. Dividend equivalents may be payable on LTIP awards in respect of the vesting period (and if unexercised during the holding period) to the extent awards vest. The payment may assume dividend reinvestment. The LTIP contains malus and clawback provisions. A two year post vesting holding period applies to LTIP awards granted to Executive Directors. % of annual salary. Vesting under the LTIP will be based on financial, share-price, strategic and/or ESG related performance measures. A maximum of % vesting for any performance element achieving threshold performance. SUPERMARKET INCOME REIT PLC 90 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT CONTINUED Element of remuneration Purpose and link to strategy Operation Maximum Performance conditions and assessment Shareholding policy – in employment To ensure that Executive Directors’ interests are aligned with those of shareholders over a longer time horizon. Requirement to build and maintain a holding of shares in the Company, through retaining at least % of any net of tax shares vesting in respect of discretionary share-based incentive plans if this guideline has not been met. A minimum of % of annual salary. N/A Shareholding policy – post employment Requirement to retain shares equal to % of the shareholding guideline (or the actual number of shares held against the guideline if the guideline is not met at cessation) up until the second anniversary of cessation. Own shares purchased are excluded from the post-cessation guideline. All Employee Schemes To encourage share ownership by all employees. Executive Directors may participate in any HMRC tax advantaged all employee arrangements implemented by the Company. In line with the prevailing HMRC limits. None Non-Executive Director Fees To attract and retain Non-Executive Directors with the requisite skills and experience. Fee levels are normally reviewed annually. The Non-Executive Chair fee structure is a matter for the Remuneration Committee. The Non-Executive Director fee structure is a matter for the full Board excluding the Non-Executive Directors. Non-Executive Directors may be entitled to benefits relating to travel and office support and such other benefits as may be considered appropriate including any tax liabilities thereon. The fees may be paid in the form of shares. Fee levels are normally set at broadly median levels for comparable roles at companies of a similar size and complexity within the UK real estate sector and FTSE All Share. Increases will be informed by taking into account internal benchmarks, such as the salary increase for the wider workforce. Non-Executive Directors’ fees may comprise of a base fee, with an additional fee for Committee Chairs, the Senior Independent Non-Executive Director and any other responsibilities/additional time commitments as appropriate. N/A Notes to the Policy Performance measures and targets The annual bonus plan measures are selected to provide direct alignment with the short-term operational targets of the Company. Care is taken to ensure that the short-term performance measures are supportive of the long-term objectives. This is especially important in a business which has a long-term investment horizon. Short-term targets are stretching and geared to encourage outstanding performance which, if delivered, can earn the Executive Director up to the maximum under the plan. The LTIP targets are selected to ensure that the Executives are encouraged to, and appropriately rewarded for, delivering against the Company’s key long-term strategic goals so as to ensure a clear and transparent alignment of interests between Executive Directors and shareholders and the generation of sustainable long-term returns. Malus and clawback Malus and clawback provisions operate in respect of cash annual bonus awards, deferred bonus awards and/or LTIP awards. Malus is the adjustment of any outstanding deferred bonus and LTIP awards as a result of the occurrence of one or more of the circumstances listed below. The adjustment may result in the bonus or award being reduced to zero. Malus may be applied during the two and three year period from grant to vesting for the deferred bonus and LTIP awards, respectively. Clawback is the recovery of payments of cash or shares in respect of cash bonus awards, deferred bonus and/or LTIP awards as a result of the occurrence of one or more circumstances listed below. Clawback may be applied for three years after the payment of a cash bonus or grant of deferred share awards and for three years after the vesting of an LTIP award. The Remuneration Committee has chosen the relevant provisions in which malus and clawback may be applied on the basis that it believed these to be aligned with shareholder expectation as well as FTSE All Share and relevant sector practice. ANNUAL REPORT 2025 91 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The circumstances in which malus and clawback may be applied are as follows: • The discovery of a material misstatement resulting in an adjustment to the audited consolidated accounts of the Company; • The discovery that an assessment of any performance target or condition in respect of an award was based on error, or inaccurate or misleading information; • The discovery that any information used to determine the amount of an award was based on error, or inaccurate or misleading information; • The occurrence of corporate failure or an insolvency event; • The determination that an action or conduct of an award holder which, in the reasonable opinion of the Remuneration Committee, amounts to fraud or gross misconduct; and • The occurrence of the censure of the Company by a regulatory authority or have had a significant detrimental impact on the reputation of any Group Company. Discretion The Remuneration Committee has discretion in several aspects of the operation of the Policy. The Remuneration Committee may also exercise operational and administrative discretions under relevant plan rules approved by shareholders. The Remuneration Committee operates share-based arrangements for the Executive Directors in accordance with their respective plan rules, the UK Listing Rules and any relevant tax rules as applicable. The Remuneration Committee, consistent with market practice and the relevant plan rules, retains discretion over a number of areas relating to the operation and administration of the plans. These include (but are not limited to) the following: • Eligibility; • The form in which the award is granted and settled (e.g. shares, nil cost options, cash); • The timing of the grant of award and/or payment; • The size of an award (up to any individual and plan limits) and/or a payment; • Discretion relating to the measurement of any performance target/underpin (see below); • Determining vesting and performance and pro-rating of awards in the event of a ‘good leaver’ scenario or on a change of control or restructuring of the Company; • Determination of whether or not a person is characterised as a good leaver (in addition to any specified categories) under the relevant plan; • Adjustments required in certain circumstances (e.g. share capital variation, rights issues, demerger, corporate restructuring, special dividends); and • The ability to vary or substitute any performance condition(s)/underpins if circumstances occur which cause it to determine that the original condition(s) have ceased to be appropriate, provided that any such variation or waiver is fair, reasonable and not materially less difficult to satisfy than the original condition (in its opinion). In the event that the Remuneration Committee were to make an adjustment of this sort, a full explanation would be provided in the next Directors’ Remuneration Report. In all cases, the Remuneration Committee retains absolute discretion to override formulaic outcomes in the bonus, LTIP and any other incentive plan (e.g. to ensure that any payouts reflect underlying Company performance and the broader stakeholder experience). In addition, the Remuneration Committee has the discretion to amend the Policy with regard to minor or administrative matters where it would be, in the opinion of the Remuneration Committee, disproportionate to seek or await shareholder approval. In addition, for the avoidance of doubt, in approving this Policy, authority is given to the Company to honour any existing commitments entered into with current or former Directors prior to the adoption of this Policy. SUPERMARKET INCOME REIT PLC 92 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT CONTINUED Approach to recruitment remuneration The table below summarises the Policy in respect of recruitment remuneration: Element Approach Salary and benefits • Set by reference to market and taking account of individual experience and expertise in the context of the role. • Salary would also be set with reference to the salary of any departing Executive Director and the remaining Executive Director(s). • The Executive Director would be eligible to receive benefits in line with the Company’s benefits policy as set out in the Policy table – this includes either a contribution to a personal pension scheme or cash allowance in lieu of pension benefits in line with the policies set out in the Policy table. Maximum variable incentive • Annual bonus as per the Policy maximum. • LTIP award as per the Policy maximum. Sign-on payments The Company does not provide sign-on payments to Executive Directors. Buy-out awards • Any previous outstanding long-term cash and/or share awards which the Executive Director holds which would be forfeited on cessation of their previous employment may be compensated. • Where this is the case, the general principle is that the outstanding award will be valued by reference to the following factors: – the proportion of the performance period completed on the date of the Executive Director’s cessation of employment with their former employer; – the performance conditions attached to the vesting of the incentives and the likelihood of them being satisfied; and – any other terms and conditions that may have a material impact on value. • The valuation will be conducted using a recognised valuation methodology by an independent party and the equivalent ‘fair value’ may be awarded as a one-off LTIP on date of joining under the LTIP. To the extent that this is not possible, a bespoke arrangement will be used. • To ensure effective retention of the Executive Director upon recruitment, any new award will be granted subject to performance conditions and vesting may be over the same period as the forfeited award from the previous employer or over a new three year period. • The exact terms will be determined by the Remuneration Committee on a case-by-case basis taking into account all relevant factors. Relocation policies • In instances where the new Executive Director is relocating from one work location to another, the Company may provide, as a one-off or otherwise, a relocation allowance as part of the Director’s relocation benefits, which shall be time-limited. • The level of the relocation package will be assessed on a case-by-case basis. Service contracts The Policy on Executive Directors’ service contracts is that they should be entered into on a rolling basis without a specific end-date providing for no more than one year’s notice. The Non-Executive Directors do not have service contracts with the Company. Their appointments are governed by letters of appointment which are available for inspection on request at the Company’s registered office and are available for inspection at each Annual General Meeting. Each appointment is for a period of up to three years, although the continued appointment of all Directors is put to shareholders at the AGM on an annual basis. In addition, the appointment of a Non-Executive Director is terminable by either party giving notice of three months. ANNUAL REPORT 2025 93 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Payments for loss of office The table below summarises the Policy in respect of payments for loss of office: Element Approach Salary and benefits • Salary and benefits may be paid in lieu of notice. In cases where a contract is terminated other than on the terms of the service contract, the Company will seek to mitigate any damages payable. • There will be no compensation for normal resignation or in the event of termination by the Company due to misconduct or for poor performance. Annual bonus • Normally, no annual bonus will be paid to an Executive Director who has either left the business or is under notice at the time of any bonus payment. • If the individual is a good leaver, any bonus will be awarded on a pro-rata basis as applicable. Any deferred share awards would normally vest at the normal vesting date (although may vest at the date of cessation, at the Remuneration Committee’s discretion). • A ‘good leaver’ is defined as an individual ceasing employment due to death, ill-health, injury, disability, redundancy, retirement, the sale out of the Group of their employing business or in any other reason which the Remuneration Committee in its absolute discretion permits. Long term incentives (LTIP) • Where an Executive Director ceases to be an officer or employee of the Company before the end of the relevant vesting period, the treatment of outstanding awards is determined in accordance with the LTIP rules. • A proportion of the LTIP awards held by good leavers may vest at the Remuneration Committee’s discretion determined by taking into account whether, and to what extent, any performance conditions have been satisfied and the length of time the LTIP award has been held at the date of cessation of employment. • The LTIP awards will not normally vest until the end of the performance period with performance tested at that time, although exceptionally awards may, at the discretion of the Remuneration Committee, vest on cessation of employment. • A ‘good leaver’ is defined as an individual ceasing employment as a result of death, ill-health, injury, disability, redundancy, retirement, the sale out of the Group of their employing business or any other reason which the Remuneration Committee in its absolute discretion permits. Other • The Company may meet relocation and other incidental expenses on termination of employment, the fees of legal or other professional advisers, outplacement, compensation in respect of statutory rights under relevant employment protection legislation and accrued but untaken holiday. It may also elect to continue to provide certain benefits rather than making payment in lieu of the benefit in question. Consideration of employment conditions in the Company when developing the Policy In setting the Policy, the pay and conditions of employees of the Company other than Directors are taken into account. The Remuneration Committee is provided with data on the remuneration structure for all staff and uses this information to ensure consistency of approach throughout the Company. The Company has a small number of employees and applies the same broad policy in relation to incentive compensation throughout the organisation. Although the Remuneration Committee takes into account the pay and conditions of other employees, the Company did not consult with employees when drawing up the Policy. Consideration of Shareholders’ views The Company is committed to engagement with shareholders and will seek major shareholders’ views in advance of making significant changes to the Policy and how it is implemented. The Chair of the Remuneration Committee will attend the AGM to hear the views of shareholders on the Policy and answer any questions in relation to remuneration. The Remuneration Committee also actively monitors developments in the expectations of institutional investors and considers good practice guidelines from institutional shareholders and shareholder bodies. External appointments The Policy permits an Executive Director to serve as a Non-Executive Director elsewhere when this does not conflict with the individual’s duties to the Company, and where an Executive Director takes such a role they may be entitled to retain any fees which they earn from that appointment. SUPERMARKET INCOME REIT PLC 94 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT CONTINUED Certain information provided in this part of the Directors’ Remuneration Report is subject to audit. This is annotated as audited. Any information not annotated as audited is unaudited. Single Figure of Directors’ Remuneration (audited) Executive Directors Base salary/ fees ’ Taxable benefits  ’ Pension  ’ Total fixed ’ Annual bonus ’ LTIPs ’ Total variable ’ Total ’ Robert Abraham       – – –   – – – – – – – – Mike Perkins       – – –   – – – – – – – – Non-Executive Directors Nick Hewson   – –  – – –    – –  – – –  Jon Austen   – –  – – –    – –  – – –  Vince Prior   – –  – – –    – –  – – –  Cathryn Vanderspar   – –  – – –    – –  – – –  Frances Davies   – –  – – –    – –  – – –  Sapna Shah   – –  – – –    – –  – – –  Roger Blundell    – –  – – –   – – – – – – – –  Appointed to the Board on  March .  Appointed to the Board on  January .  Taxable benefits for Executive Directors comprise health insurance and death in service benefits.  The employer contribution to a scheme or paid as cash in lieu of retirement benefits based on a fixed percentage of base salary. Annual bonus for the year ended  June  (audited) No annual bonus plan was operated in respect of Executive Directors for the year ended 30 June 2025. LTIPs due to vest in  (audited) No LTIP awards held by Executive Directors are due to vest in 2025 in respect of performance to 30 June 2025. ANNUAL REPORT ON REMUNERATION ANNUAL REPORT 2025 95 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Annual Percentage change in remuneration levels The table below shoes the annual change in fees for the Non-Executive Directors over the last five years. No remuneration data is presented for the Executive Directors or employees given that prior to the Internalisation, which was completed in the year ended 30 June 2025, the Company did not have any Executive Directors or employees.. FY-FY FY-FY FY-FY FY-FY FY-FY Executive Directors Robert Abraham  n/a n/a n/a n/a n/a Mike Perkins  n/a n/a n/a n/a n/a Non-Executive Directors Nick Hewson % % % % % Jon Austen % % % % % Roger Blundell  n/a n/a n/a n/a n/a Frances Davies  % % n/a n/a n/a Vince Prior % -% % % % Sapna Shah  % n/a n/a n/a n/a Cathryn Vanderspar  % % % % n/a Employees n/a n/a n/a n/a n/a . Appointed  March  . Appointed  March  . Appointed  January  . Appointed  June  . Appointed  March  . Appointed  February  LTIPs granted in the year ended  June  (audited) LTIPs were granted to Executive Directors on 17 June 2025 as follows: Number of nominal cost options over which award granted Value of Award  % of salary % of award vesting at threshold Date of grant Performance period Robert Abraham , , % %  June  See below Mike Perkins , , % As set out in the shareholder circular dated 4 March 2025 in respect of the Internalisation of the management function, the number of shares under award was determined by using the share price at the date of completion of the Internalisation (based on the closing share price of 75.5p on 25 March 2025). This approach ensures alignment to shareholders from internalisation and also reflects the decision not to operate an annual bonus in respect of the period from appointment to 30 June 2025. The Awards are subject to performance targets based on: (i) relative Total Shareholder Return (‘TSR’) (50% of the award), (ii) absolute Total Accounting Return (TAR) (25% of the award); and (iii) EPRA Earnings Per Share (‘EPS’) (25% of the award). Details of the performance targets are shown in the table below: Performance Target % vesting of relevant part of awards TSR v FTSE  Real Estate (excluding agencies) (% of award) TAR (% of award) EPS For FY (% of award) Below Threshold – Below median Less than % p.a. Less than .p Threshold  Median % p.a. .p Stretch  Upper quartile % p.a. .p Performance measurement Period Measured over the period from completion of the Internalisation to publication of FY results Measured against targets for FY, FY and FY Measured against targets for FY Awards vest on a straight line basis for performance between the threshold and stretch targets and that part of the awards lapses if the threshold target is not achieved. In addition to the performance metrics and targets outlined above, the Committee will retain discretion to adjust any formulaic outcome for the 2025 LTIP awards if it considers it necessary to take account of its broader assessment of Company or executive performance and the stakeholder experience more generally over the vesting period. SUPERMARKET INCOME REIT PLC 96 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | REMUNERATION COMMITTEE REPORT CONTINUED Directors’ Shareholding (audited) Details of the Directors’ interests, including those of their immediate families and connected persons, in the issued share capital of the Company at the beginning and end of the year, together with confirmation of whether the required shareholding has been met or whether a director is still building their holding, are set out in the table below. Executive Directors are expected to meet the minimum shareholding requirements by retaining 100% of the shares acquired, net of tax, under any share plan awarded by the Company. Director Shares required to be held (% of salary) Number of shares required to hold  Number of beneficially owned shares  Total interests held at  June  Total interests held at  July   Shareholding requirement met? Robert Abraham   ,  ,  ,  No Mike Perkins   ,  ,    No Nick Hewson – –  ,, ,, n/a Jon Austen – –  , , n/a Vince Prior – –  , , n/a Cathryn Vanderspar – – , , , n/a Frances Davies – –  , , n/a Sapna Shah – –  , , n/a Roger Blundell  – –  ,  n/a Notes . Shareholding requirement calculation is based on the share price at  June  of (. pence). The Company does not oblige the Non-Executive Directors to hold shares in the Company, but this is encouraged to ensure the appropriate alignment of interests. . Beneficial interests include shares held directly or indirectly by connected persons. . Or appointment date if later. . Appointed  March  . The shareholding comprises , shares held directly. In addition, shares are held in the Employee Benefit Trust of Atrato (Robert’s previous employer): (i) , shares under a  deferred award, vesting in January ; (ii) , shares under a  deferred share award, vesting in two equal tranches in January  and January ; and (iii) , shares under a  deferred share award, vesting in three equal tranches in January , January , and January . . Shares are held in the Employee Benefit Trust of Atrato (Mike’s previous employer): , shares under a  deferred share award, vesting in three equal tranches in January , January , and January . . Appointed  January  Outstanding Share Awards Held by Executive Directors (audited) The table below shows outstanding share awards held by the Executive Directors. LTIP awards are granted in the form of nominal cost options which, in respect of the 2025 LTIP awards, may be exercised from the publication of FY28 results to their expiry on the tenth anniversary of the date of grant. Executive Date of grant Awards outstanding at  July  Awards granted during the year Awards vested during the year Awards lapsed during the year Interests outstanding at  June  Normal vesting/ exercise date  Robert Abraham  June  – , – – , From publication of FY results Mike Perkins  June  – , – – , From publication of FY results . A two-year post vesting holding period will apply to the extent that awards vest. Remuneration Advice The Committee received independent advice from FIT Remuneration Consultants LLP (“FIT”) during the year ended 30June 2025. FIT is a member of the Remuneration Consultants Group and, as such, voluntarily operates under the code of conduct in relation to executive remuneration consulting in the UK. The Committee is satisfied that no conflict of interest exists or existed in the provision of these services and FIT do not have any other connection with the Company or individual directors. The total fees paid to FIT in respect of services to the Committee during the year were £61,635 (ex VAT). Fees are charged on a time plus disbursements basis. Implementation of the Remuneration Policy for the year ending  June  Details of the proposed implementation of the Policy for the year ending 30 June 2026 are set out in the Annual Statement. Chief Executive pay ratio and Gender Pay As the Company had no employees up until completion of the Internalisation, there are no CEO pay ratio disclosures to be made and no gender pay analysis in respect of the year. ANNUAL REPORT 2025 97 ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Payments to past Directors or for loss of office There have been no payments made to past Directors and no payments made for loss of office in the year. Relative importance of spend on pay The table below sets out the overall spend on pay for all employees, Non-executive Directors and the Investment Adviser’s fees and expenses up to termination of the Investment Advisory Agreement compared with the returns distributed to shareholders: Significant distributions FY ’ FY ’ % change Overall spend on pay for employees (including Executive Directors)    N/A Non-Executive Directors’ fees   % Investment Adviser’s fee and expenses  , , % Distributions to shareholders by way of dividends , , % Notes . The Group had no employees prior to the completion of the Internalisation on  March . .The Investment Advisory Agreement was terminated with effect from  March . See note  for further breakdown. Statement of shareholder voting The table below shows the advisory vote on the Directors’ Remuneration Report at the 2024 Annual General Meeting held on 16 December 2024 and the binding vote on the Directors Remuneration Policy at the General Meeting held on 20March 2025: AGM resolution Votes for % Votes against % Votes withheld Annual Report on Remuneration ( AGM) ,, .% , .% , Remuneration Policy ( GM) ,, .% ,, .% ,, Total Shareholder Return graph and table The graph opposite rebased to 100 compares, for the period from IPO in July 2017 to 30 June 2025, the total return (assuming all dividends are reinvested) to ordinary shareholders compared to both the FTSE All-Share Index (selected because it is a broad equity index considered an indicative measure of the expected return from an equity stock) and the FTSE 350 Supersector Real Estate Index (selected because it includes the majority of listed real estate companies). The table below shows the CEOs’ remuneration package from appointment to 30 June 2025. Prior year data has not been presented given that the Company was previously externally managed. Year Name Single figure ’  Bonus (% of max) LTIP (% of max) to  June  Robert Abraham  – – Notes . Base salary, pension and taxable benefits from appointment to  June . No annual bonus operated in respect of the period from appointment to  June  and no LTIPs vested or are due to vest in respect of performance to  June . Signed on behalf of the Remuneration Committee by Cathryn Vanderspar Remuneration Committee Chair  September  0 20 40 60 80 100 120 140 160 180 The Company FTSE All Share FTSE350 Supersector Real Estate Index Relative performance FTSE All Share vs FTSE 350 Supersector Real Estate Index vs the Company 20202017 2018 2019 2021 2022 202520242023 SUPERMARKET INCOME REIT PLC 98 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | DIRECTORS’ REPORT DIRECTORS’ REPORT Nick Hewson Chair The Directors present their report together with the audited financial statements for the year ended 30 June 2025. The Corporate Governance Statement on page 59 forms part of this report. Additional information which is incorporated into this report by reference, including information required in accordance with the Companies Act 2006 and the UK Listing Rule 6.6.1R can be found on the following pages: Information Relevant Section Page Review of business and future developments Strategic report  to  Section  statement Strategic report  Principal risks Strategic report  to  Greenhouse gas emissions SECR and TCFD reports, contained within the Strategic Report  to  Internal financial control Strategic report Audit and Risk Committee report  to  Diversity and inclusion Nomination Committee report  to  Monitoring culture Corporate Governance report  to  Viability statement Strategic report  to  Financial instruments Financial statements, note   to  Directors’ details Corporate Governance report  to  Interest capitalised Financial statements, note   to  Long term incentive plans Remuneration Committee report  Related party transactions Financial statements, note   to  Stakeholder engagement Strategic report  to  Post balance sheet events Financial statements, note   Principal activities and status During the year, and until 16 July 2025, the Company was an Investment Company as defined by Section 833 of the Companies Act 2006 and had a single class of shares in issue which were listed on the closed-ended investment funds category of the Official List of the FCA and traded on the Main Market of the LSE. Following the Listing Transfer on 16 July 2025, the Company’s ordinary shares are now listed on the equity shares (commercial companies) category of the Official List of the FCA and traded on the Main Market of the LSE. The Company also has a secondary listing on the Johannesburg Stock Exchange (JSE). The Group is part of the Real Estate Investment Trust regime for the purposes of UK taxation. Results and dividends The results for the year are set out in the attached financial statements. It is the policy of the Board to declare and pay dividends as quarterly interim dividends. In respect of the 30 June 2025 financial year, the Company has declared the following interim dividends amounting to 6.12 pence per share (2024: 6.06 pence per share). Relevant Period Dividend per share (pence) Ex-dividend date Record date Date paid Quarter ended  September  .  Oct   Oct   Nov  Quarter ended  December  .  Jan   Jan   Feb  Quarter ended  March  .  Apr   Apr   May  Quarter ended  June  .  Jul   Jul   Aug  ANNUAL REPORT 2025 99ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Dividend policy Subject to market conditions and performance, financial position and outlook, it is the Directors’ intention to pay an attractive level of dividend income to shareholders on a quarterly basis. The Company intends to grow the dividend progressively through investment in supermarket properties with upward-only, predominantly inflation-protected, long-term lease agreements. Powers of Directors The Board will manage the Company’s business and may exercise all the Company’s powers, subject to the Articles, the Companies Act and in certain circumstances, are subject to the authority being given to the Directors by shareholders in a general meeting. The Board’s role is to provide entrepreneurial leadership of the Company within a framework of prudent and effective controls that enable risk to be assessed and managed. It also sets up the Group’s strategic aims, ensuring that the necessary resources are in place for the Group to meet its objectives and review investment performance. The Board also sets the Group’s values, standards and culture. Further details on the Board’s role can be found in the Corporate Governance Report on pages 59 to 102. Appointment and replacement of Directors All Directors were elected or re-elected at the AGM on 16December 2024. In accordance with the UK Code, all the Directors will retire and those who wish to continue to serve will offer themselves for election or re-election at the forthcoming Annual General Meeting. Directors’ indemnity The Company maintained £40 million of Directors’ and Officers’ Liability Insurance cover for the benefit of the Directors throughout the year. The level of cover was increased to £50 million on 2 August 2025 and continues in effect at the date of this report. Significant shareholdings The table below shows the interests in shares notified to the Company in accordance with Chapter 5 of the Disclosure Guidance and Transparency Rules issued by the Financial Conduct Authority who have a disclosable interest of 3% or more in the ordinary shares of the Company as at 30 June 2025. Number of shares Percentage of issued share capital Blackrock Inc. ,, .% Evelyn Partners Limited ,, .% Close Asset Management Limited ,, .% Quilter Plc ,, .% Ameriprise Financial, Inc. ,, .% Since the year end, and up to the date of this report, the Company has not received any further notifications of changes of interest in its ordinary shares in accordance with DTR 5. The information provided is correct as at the date of publication of this report. Donations and contributions The Group made a charitable donation of £180,000 to The Atrato Foundation during the year. No political donations were made in the year. Branches outside the UK The Company has no branches outside the UK. Financial risk management The Group’s exposure to, and management of, capital risk, market risk and liquidity risk is set out in note 24 to the Group’s financial statements. Amendments to the Articles The Articles may only be amended with shareholders’ approval in accordance with the relevant legislation. Employees At 30 June 2025, the Company had 16 employees including the Executive Directors. The Board recognises the importance of attracting, developing and retaining the right people. The Company operates a non-discriminatory employment policy which provides equal opportunities for all employees irrespective of gender, ethnicity, sexual orientation, disability, education, professional and socioeconomic backgrounds and neurodiversity. A significant number of employees are eligible to participate in the annual bonus and LTIP arrangements. The Company has a small number of employees and applies the same broad policy in relation to incentive compensation throughout the organisation. 100% employees participated in the 2025 LTIP award, with more junior employees receiving restricted share awards as opposed to performance share awards. The Company provides retirement benefits for its employees and Executive Directors. Further details of how we engage with employees can be found on page 54. SUPERMARKET INCOME REIT PLC 100 SUPERMARKET INCOME REIT PLC CORPORATE GOVERNANCE | DIRECTORS’ REPORT CONTINUED Human Rights The Company has a zero-tolerance approach to modern slavery and human trafficking and is committed to ensuring its organisation and business partners operate with the same values. The Company’s modern slavery and human trafficking statement can be found on the Company’s website. Anti-bribery policy The Company has a zero-tolerance policy towards bribery and is committed to carrying out its business fairly, honestly and openly. The anti-bribery policies and procedures apply to all its Directors, employees and to those who represent the Company. Research and development No expenditure on research and development was made during the period. Annual General Meeting The Annual General Meeting of the Company will be held on 24 November 2025 at 10.00am at Macfarlanes’ offices, 20Cursitor Street, London EC4A 1LT. Disclosure of information to auditor All of the Directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the auditor for the purposes of their audit and to establish that the auditor is aware of that information. The Directors are not aware of any relevant audit information of which the auditor is unaware. Significant agreements There are no agreements with the Company or a subsidiary in which a Director is or was materially interested or to which a controlling shareholder was party. Share capital structure As at the date of this report, the Company’s issued share capital consists of 1,246,239,185 ordinary shares of one penny each, all fully paid and listed on the equity shares (commercial companies) (ESCC) category of the Official List of the London Stock Exchange’s Main Market. The Company also has a secondary listing on the JSE. Further details of the share capital, including changes throughout the year are summarised in note 25 of the financial statements. Subject to authorisation by shareholder resolution, the Company may purchase its own shares in accordance with the Companies Act 2006. At the Annual General Meeting held in 2024, shareholders authorised the Company to make market purchases of up to 186,811,253 Ordinary Shares. The Company has not repurchased any of its ordinary shares under this authority, which is due to expire at the AGM in 2025 and appropriate renewals will be sought. There are no restrictions on transfer or limitations on the holding of the ordinary shares. None of the shares carry any special rights with regard to the control of the Company. There are no known arrangements under which financial rights are held by a person other than the holder of the shares and no known agreements on restrictions on share transfers and voting rights. Post balance sheet events For details of events since the year end date, please refer to note 32 of the consolidated financial statements. Corporate Governance The Company’s statement on corporate governance can be found in the Corporate Governance Report on pages 59 to 102 of this Annual Report. The Corporate Governance Report forms part of this Directors’ report and is incorporated into it by cross-reference. Signed by order of the Board on 16 September 2025. Nick Hewson Chair  September  ANNUAL REPORT 2025 101ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS CORPORATE GOVERNANCE | DIRECTORS’ RESPONSIBILITIES STATEMENT The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations. The UK Companies Act 2006 requires the Directors to prepare financial statements for each financial period. Under that law, the Directors have elected to prepare the Group financial statements in accordance with UK adopted international accounting standards and the Company financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: • Select suitable accounting policies and then apply them consistently • Make judgements and accounting estimates that are reasonable and prudent • State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business • Prepare a Directors’ Report, a Strategic Report, Directors’ Remuneration Report and Corporate Governance Statement which comply with the requirements of the Companies Act 2006 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 the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for ensuring that the Annual Report and Accounts, taken as a whole, are fair, balanced, and understandable and provides the information necessary for shareholders to assess the Group’s performance, business model and strategy. The Company is required to make the Annual Report and Accounts available on a website. The Company’s website address is www.supermarketincomereit.com. Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from such legislation in other jurisdictions. The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein. Responsibility Statement The Directors confirm to the best of their knowledge: • The Group financial statements prepared in accordance with UK adopted international accounting standards and the Company financial statements prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group • The Annual Report and Accounts include a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that they face • The Annual Report and Accounts taken as whole, is fair, balanced and understandable and the information provided to shareholders is sufficient to allow them to assess the Group’s performance, business model and strategy This Responsibility Statement was approved by the Board of Directors and is signed on its behalf by Nick Hewson Chair  September  DIRECTORS’ RESPONSIBILITIES STATEMENT SUPERMARKET INCOME REIT PLC 102 SUPERMARKET INCOME REIT PLC FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS FINANCIAL STATEMENTS 103 Independent Auditors’ Report to the members of Supermarket Income REIT PLC 110 Consolidated Statements 114 Notes to the Consolidated Financial Statements 146 Company Financial Statements 148 Notes to the Company Financial Statements 151 Unaudited Supplementary Information 156 Glossary 158 Contacts Information ANNUAL REPORT 2025 103ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS FINANCIAL STATEMENTS | INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SUPERMARKET INCOME REIT PLC Opinion on the financial statements 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 30 June 2025 and of the Group’s profit 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 Supermarket Income REIT plc (the ‘Company’) and its subsidiaries (the ’Group’) for the year ended 30 June 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Cash Flow Statement and notes to the financial statements, including material and significant 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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. Our audit opinion is consistent with the additional report to the Audit and Risk Committee. Independence Following the recommendation of the Audit and Risk Committee, we were appointed by the Directors in June 2017 to audit the financial statements for the thirteen-month period ended 30 June 2018 and subsequent financial periods. The period of total uninterrupted engagement including retenders and reappointments is eight years, covering the years ended 2018 to 2025. 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 that standard were not provided to the Group or the Company. 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 and the Company’s business and how these might impact the Group’s and the Company’s ability to remain a going concern for the going concern period, being the period to 30 September 2026, 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; • We have reviewed the forecasts that support the Directors’ going concern assessment and: – Assessed the Group’s forecast cash flows and challenged Management’s assumptions in comparison to the current performance of the Group; – Agreed the inputs into the forecasts to supporting documentation for reasonableness based on contractual agreements, where available; and – Agreed the Group’s available borrowing facilities and the related covenants to supporting financing documentation and calculations. • Analysing the sensitivities applied by 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; • Obtaining current and forecast covenant calculations to test for any potential current or future covenant breaches; • Considering the covenant compliance headroom for sensitivity to both future changes in investment property valuations and the Group’s future financial performance; • Considering Board minutes and evidence obtained through the audit and challenged the Directors on the identification of any contradictory information in the forecasts and the resultant impact to the going concern assessment; and • Reviewing the disclosures in the financial statements relating to going concern to check that the disclosure is consistent with the circumstances. SUPERMARKET INCOME REIT PLC 104 SUPERMARKET INCOME REIT PLC FINANCIAL STATEMENTS | INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SUPERMARKET INCOME REIT PLC CONTINUED 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 twelve months from when the financial statements are authorised for issue. In relation to the Company’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. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. 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. On the basis of this, 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. Components in scope The Group, through the subsidiaries, operates in the United Kingdom and France in one segment, investment property. The Group is considered a single component as it invests only in supermarket assets with a single finance team and a common IT system and internal control framework and as such the audit approach included undertaking audit work on the key risks of material misstatements identified for the Group across the subsidiary entities. The Group’s single Joint Venture has been considered as a separate component due to its distinct governance and control structures, along with risks being unique from the rest of the Group. The Group audit engagement team performed full scope audits in order to issue the Group and Company audit opinion, including undertaking all of the audit work on the risks of material misstatement identified in the key audit matters section below. As a result of our audit approach, we achieved coverage of 100% of rental income and 100% of investment property valuations. As part of performing our Group audit, we have determined the components in scope as follows: • The Company and its subsidiaries; and • The Group’s single Joint Venture For components in scope, we used a combination of risk assessment procedures and further audit procedures to obtain sufficient appropriate evidence. These further audit procedures included: • procedures on the entire financial information of the component, including performing substantive procedures; and • procedures on one or more classes of transactions, account balances or disclosures. Procedures performed at the component level We performed procedures to respond to Group risks of material misstatement at the component level that included the following. Overview   Key audit matters Valuation of investment properties   Materiality Group financial statements as a whole . million (: . million) based on % (: %) of Group total assets. Component Component Name Entity Group Audit Scope  Component  The Company and its subsidiaries Statutory audit and procedures on the entire financial information of the component.  Component  The Joint Venture Procedures on one or more classes of transactions, account balances or disclosures. ANNUAL REPORT 2025 105ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The Group engagement team has performed all procedures directly and has not involved component auditors in the Group audit. Procedures performed centrally We considered there to be a high degree of centralisation of financial reporting, commonality of controls and similarity of the Group’s activities and business lines. We therefore designed and performed procedures centrally. The Group operates a centralised IT function that supports IT processes for certain components. This IT function is subject to specified risk-focused audit procedures, predominantly the testing of the relevant IT general controls and IT application controls. Changes from the prior year The Group entered into a joint venture in the current year which has been identified as a separate component for the purpose of the audit on the basis that it has separate governance structures and control mechanisms being a joint venture. In addition to that, the joint venture presents risks that are unique from the rest of Group. Climate change Our work on the assessment of potential impacts on 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 this particular sector; and • Review of the minutes of Board, Audit and Risk Committee and ESG Committee meetings and other papers related to climate change and performed a risk assessment as to how the impact of the Group’s commitment as set out in the Group’s Sustainability and TCFD Compliance Report may affect the financial statements and our audit. 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 Management’s going concern assessment and viability assessment. We also assessed the consistency of Management’s disclosures included as ‘Statutory Other Information’ within the Strategic Report with our knowledge obtained from the audit. Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters materially impacted by climate-related risks. 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. SUPERMARKET INCOME REIT PLC 106 SUPERMARKET INCOME REIT PLC FINANCIAL STATEMENTS | INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SUPERMARKET INCOME REIT PLC CONTINUED Key audit matter How the scope of our audit addressed the key audit matter Valuation of investment properties As detailed in note , the Group owns a portfolio of investment properties which, as described in the accounting policy in note ., are held at fair value in the Group financial statements. As described in the ‘significant accounting judgements, estimates and assumptions’ section of note , valuation of investment properties is a key area of estimation. The Group’s investment property portfolio is made up of standing assets that are existing properties currently let. They are valued using the income capitalisation method, in accordance with RICS methodology and IFRS  Fair Value Measurement. The valuation of investment properties requires significant judgement and estimates by the Directors, with the assistance of the independent external valuers appointed by Management 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 current or estimated rental value and yield profile applied) could result in a material misstatement of the Group’s financial statements. There is also a risk of fraud in relation to the valuation of the investment properties where the Directors may influence the significant judgements and estimates in respect of property valuations in order to achieve property valuation and other performance targets. For these reasons we considered the investment property valuations to be a key audit matter. Experience of valuers and relevance of their work • We obtained the valuation report prepared by the independent valuers and with the assistance of BDO in-house RICS qualified valuation experts for both the UK and French regions, we discussed the basis of the valuations with them, read the valuation reports and confirmed that all valuations had been prepared in accordance with applicable valuation guidelines and the requirements of the applicable accounting standards and were therefore appropriate for determining the carrying value in the Group’s financial statements. • We assessed the external valuers’ competency, qualifications, independence and objectivity. • We reviewed the terms of their engagement for any unusual arrangements, limitations in the scope of their work or evidence of Management bias. Data provided to the valuers • We validated the underlying data provided to the valuers by Management. This data included inputs such as current rent and lease terms, which we agreed on a sample basis to the executed lease agreements as part of our audit work. Assumptions and estimates used by the valuers • With assistance from BDO in-house RICS qualified valuation experts for both the UK and French regions, we developed yield expectations on each property using available independent industry data, reports and comparable transactions in the market around the year end. Our auditor’s experts also attended the meetings with the Group’s independent valuers to assist us in assessing that explanations provided were appropriate and in line with market knowledge. • We compared the key valuation assumptions against our independently formed market expectations (by reference to market data based on the location and specifics of each property). • We discussed the assumptions used and the valuation movement in the year with Management, the Directors and the independent valuers. Where the valuation was outside of our expected range we challenged the independent valuers on specific assumptions and reasoning for the yields applied and corroborated their explanations where relevant, including agreeing to third party documentation. Further, we challenged the appropriateness of the yields applied to the valuations with the valuers and where possible obtained evidence of comparable market transactions through independent sources. Related disclosures in the financial statements • We reviewed the appropriateness of the Group’s disclosures within the financial statements in relation to the valuation methodology, key valuation assumptions and valuation sensitivity analysis. Key observations • Based on our work we consider assumptions adopted by the Directors in the valuation were reasonable and the methodology applied was appropriate. ANNUAL REPORT 2025 107ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 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: Specific materiality We also determined that for other account balances and classes of transactions that impact the calculation of European Public Real Estate Association (“EPRA”) earnings a misstatement of less than materiality for the financial statements as a whole, specific materiality, could influence the economic decisions of users. We consider EPRA earnings to be a key performance measure of the Group. EPRA earnings excludes the impact of the net gain on revaluation of investment properties, loss on disposal of investment properties, changes in the fair value of interest rate derivatives as well as other non-operating and exceptional items. As a result, we determined materiality for these items to be £3.7 million (2024: £2.5 million), based on 5% of EPRA earnings (2024: 5% of EPRA earnings). We further applied a performance materiality level of 75% (2024: 75%) of specific materiality to ensure that the risk of errors exceeding specific materiality was appropriately mitigated. Component performance materiality For the purposes of our Group audit opinion, we set performance materiality for each component of the Group, apart from the Company whose materiality and performance materiality are set out above, based on a percentage of the Group performance materiality. This is based on our assessment of the risk of material misstatement of those components. Component performance materiality was set at £12.4 million and component specific materiality was set at £2.7 million. Reporting threshold We agreed with the Audit and Risk Committee that we would report to them all individual audit differences in excess of £185,000 (2024: £125,000). We also agreed to report differences below this threshold 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 document entitled Annual Report 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. Group financial statements Company financial statements  m  m  m  m Materiality . . . . Basis for determining materiality Materiality for the Group financial statements was set at % of total assets (: %). This provides a basis for determining the nature and extent of our risk assessment procedures, identifying and assessing the risk of material misstatement and determining the nature and extent of further audit procedures. Materiality for the Company financial statements was capped at % of the Group materiality (: % of Company’s 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 the Company. Performance materiality . . . . Basis for determining performance materiality Performance materiality is set at an amount to reduce to an appropriate low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality. On the basis of our risk assessment, together with our assessment of the Group’s overall control environment, our judgement was that overall performance materiality for the Group should be % (: %) of materiality. We determined that the same measure as the Group was appropriate for the Company. Rationale for the percentage applied for performance materiality We determined that % of materiality would be appropriate based on our risk assessment, together with our assessment of the Group’s and Company’s overall control environment, the low number of components, the low value of brought forward adjustments impacting the current year and low value of expected misstatements, based on past experience. SUPERMARKET INCOME REIT PLC 108 SUPERMARKET INCOME REIT PLC FINANCIAL STATEMENTS | INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SUPERMARKET INCOME REIT PLC CONTINUED Corporate governance statement The UK Listing Rules require 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 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. Other Companies Act  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. 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 pages  to ; and • The Directors’ explanation as to their assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on pages  to . Other Code provisions • Directors’ statement on fair, balanced and understandable set out on page ; • Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages  to ; • The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on page ; and • The section describing the work of the Audit and Risk Committee set out on page . 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 . 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  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. Responsibilities of Directors As explained more fully in the Directors’ responsibilities 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 Group’s 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. ANNUAL REPORT 2025 109ANNUAL REPORT 2025 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 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, the Audit and Risk Committee and those charged with governance; 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 the applicable accounting framework, the Companies Act 2006, UK Listing Rules, UK VAT regulations, Employment taxes and the UK Real Estate Investment Trust (REIT) regime, and we considered the extent to which non-compliance might have a material effect on the Group financial statements. Our procedures in response to the above included: • 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 expert; • Review of correspondence with regulatory authorities for any instances of non compliance with laws and regulations, if any; • Agreeing the financial statement disclosures to underlying supporting documentation where relevant; and • Review of Board and Committee meeting minutes and enquiries with Management and the Directors for 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 with Management, Audit and Risk Committee and those charged with governance 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 investment property valuations and management override of controls. Our procedures in response to the above included: • Addressing the risk of management override of controls by testing a sample of journal entries processed during the year, agreeing to supporting documentation and evaluating whether there was evidence of bias by Management or the Directors that represented a risk of material misstatement due to fraud; and • 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 deemed to have the 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. 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. Charles Ellis (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor London, UK 16 September 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). SUPERMARKET INCOME REIT PLC 110 Year to Year to 30 June 2025 30 June 2024 Notes £’000 £’000 Gross rental income 4 114,009 107,851 Service charge income 4 9,044 6,822 Service charge expense 5 (9,819) (7,441) Net Rental Income 113,234 107,232 Administrative and other expenses 6 (14,469) (15,218) Operating profit before changes in fair value of investment properties, share of income from joint venture and loss on disposals 98,765 92,014 Changes in fair value of investment properties 14 28,001 (65,825) Other income 305 – Termination fee 6,31 (20,800) – Share of income from joint venture 16 1,540 – Loss on disposal of investment properties (1,327) – Operating profit 106,484 26,189 Finance income 10 19,688 23,781 Finance expense 10 (46,673) (40,043) Changes in fair value of interest rate derivatives 21 (18,842) (31,251) Profit/(loss) before taxation 60,657 (21,324) Tax credit for the year 11 871 140 Profit/(loss) for the year 61,528 (21,184) Items to be reclassified to profit or loss in subsequent periods Fair value movements of interest rate derivatives 21 (1,539) (1,765) Foreign exchange movement (144) 32 Total comprehensive income for the year 59,845 (22,917) Total comprehensive income for the year attributable to ordinary Shareholders 59,845 (22,917) Earnings/(loss) per share – basic and diluted 12 4.9 pence (1.7) pence The accompanying notes on pages 114 to 145 form an integral part of these Group Financial Statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025 ANNUAL REPORT 2025 111 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS As at As at 30 June 2025 30 June 2024 Notes £’000 £’000 Non-current assets Investment properties 14 1,415,819 1,768,216 Investment in joint venture 16 96,556 – Financial asset at amortised cost 17 11,235 11,023 Interest rate derivatives 21 3,133 15,741 Deferred tax asset 23 1,011 140 Equipment 32 – Total non-current assets 1,527,786 1,795,120 Current assets Interest rate derivatives 21 8,091 15,708 Trade and other receivables 18 119,612 11,900 Cash and cash equivalents 95,281 38,691 Total current assets 222,984 66,299 Total assets 1,750,770 1,861,419 Non-current liabilities Bank borrowings 22 603,602 597,652 Trade and other payables 20 1,672 1,045 Total non-current liabilities 605,274 598,697 Current liabilities Bank borrowings 22 - 96,516 Deferred rental income 19,601 24,759 Trade and other payables 20 22,643 21,973 Total current liabilities 42,244 143,248 Total liabilities 647,518 741,945 Net assets 1,103,252 1,119,474 Equity Share capital 25 12,462 12,462 Share premium reserve 25 500,386 500,386 Capital reduction reserve 25 553,113 629,196 Share based payment reserve 16 – Cash flow hedge reserve 26 – 1,539 Other reserves (112) 32 Retained earnings 37,387 (24,141) Total equity 1,103,252 1,119,474 Net asset value per share – basic 30 88.5 pence 89.8 pence Net asset value per share – diluted 30 88.4 pence 89.8 pence EPRA NTA per share 30 87.1 pence 87.0 pence The consolidated financial statements were approved and authorised for issue by the Board of Directors on 16 September 2025 and were signed on its behalf by: Nick Hewson Chair CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 SUPERMARKET INCOME REIT PLC 112 Share Capital Share based Cash flow Share premium reduction payment hedge Other Retained capital reserve reserve reserve reserve reserve earnings Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 As at 1 July 2024 12,462 500,386 629,196 - 1,539 32 (24,141) 1,119,474 Comprehensive income for the year: Profit for the year – – – – – – 61,528 61,528 Recycled from comprehensive income to profit and loss – – – – (1,539) – – (1,539) Other comprehensive income – – – – – (144) – (144) Total comprehensive Income for the year – – – – (1,539) (144) 61,528 59,845 Transactions with owners Equity-settled share-based transactions – – – 16 – – – 16 Interim dividends paid – – (76,083) – – – – (76,083) As at 30 June 2025 12,462 500,386 553,113 16 - (112) 37,387 1,103,252 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024 Share Cash flow Capital Share premium hedge Other reduction Retained capital reserve reserve reserve reserve earnings Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 As at 1 July 2023 12,462 500,386 3,304 – 704,531 (2,957) 1,217,726 Comprehensive income for the year Loss for the year – – – – – (21,184) (21,184) Recycled from comprehensive income to profit and loss – – (1,154) – – – (1,154) Other comprehensive income – – (611) 32 – – (579) Total comprehensive income for the year – – (1,765) 32 – (21,184) (22,917) Transactions with owners Interim dividends paid – – – – (75,335) – (75,335) As at 30 June 2024 12,462 500,386 1,539 32 629,196 (24,141) 1,119,474 The accompanying notes on pages 114 to 145 form an integral part of these Group Financial Statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025 ANNUAL REPORT 2025 113 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Year to Year to 30 June 2025 30 June 2024 Notes £’000 £’000 Operating activities Profit/(loss) for the year 61,528 (21,184) Adjustments for: Tax credit (871) (140) Changes in fair value of interest rate derivatives measured at fair value through profit and loss 18,842 31,251 Changes in fair value of investment properties 14 (28,001) 65,825 Movement in rent smoothing and lease incentive adjustments 4 (2,315) (2,434) Amortisation of lease fees 59 18 Finance income 10 (19,688) (23,781) Finance expense 10 46,673 40,043 Share of income from joint venture (1,540) – Loss on disposal of investment property 1,327 – Share based payment movement 16 – Foreign exchange movements (309) – Cash flows from operating activities before changes in working capital 75,721 89,598 Increase in trade and other receivables (4,234) (2,996) (Decrease)/increase in deferred rental income (5,156) 3,202 (Decrease)/increase in trade and other payables (197) 2,252 Net cash flows from operating activities 66,134 92,056 Investing activities Acquisition of equipment (32) - Acquisition and development of investment properties 14 (78,355) (136,184) Capitalised costs (4,102) (10,266) Disposal of investment properties 262,665 - Bank interest received 113 78 Receipts from other financial assets 290 290 Settlement of Joint Venture carried interest - (7,500) Proceeds from disposal of Joint Venture – 134,912 Net cash flows from/(used in) investing activities 180,579 (18,670) Financing activities Bank borrowings drawn 24 371,305 217,560 Bank borrowings repaid 24 (463,635) (191,077) Loan arrangement fees paid (2,156) (1,318) Bank interest paid (44,404) (35,275) Settlement of interest rate derivatives 21,176 21,182 Sale of interest rate derivatives 21 3,249 38,482 Purchase of interest rate derivative 21 (1,169) (45,364) Bank commitment fees paid (669) (1,031) Dividends paid to equity holders (73,820) (75,335) Net cash flows used in financing activities (190,123) (72,176) Net increase in cash and cash equivalents in the year 56,590 1,210 Cash and cash equivalents at the beginning of the year 38,691 37,481 Cash and cash equivalents at the end of the year 95,281 38,691 The accompanying notes on pages 114 to 145 form an integral part of these Group Financial Statements. CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS SUPERMARKET INCOME REIT PLC 114 1. Basis of preparation General information Supermarket Income REIT plc (the “Company”) is a company registered in England and Wales with its registered office at 3 rd Floor, 10 Bishops Square, London, E1 6EG. The principal activity of the Company and its subsidiaries (the “Group”) is to provide its Shareholders with an attractive level of income together with the potential for capital growth by investing in a diversified portfolio of supermarket real estate assets in the UK. At 30 June 2025 the Group comprised the Company and its wholly owned subsidiaries as set out in Note 15. Basis of preparation These consolidated financial statements cover the year to 30 June 2025, including comparative figures relating to the year to 30 June 2024, and include the results and net assets of the Group. The consolidated financial statements have been prepared 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; and • The Disclosure and Transparency Rules of the Financial Conduct Authority. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, other than where new policies that were not previously relevant to the Group’s operations have been adopted. Going concern In light of the current macroeconomic backdrop, the Directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the Group’s and Company’s financial statements for the year ended 30 June 2025. In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council. Liquidity At 30 June 2025, the Group had £95.3 million in cash and undrawn committed facilities totalling £117.0 million with no capital commitments or contingent liabilities. After the year end, the Group also increased its direct debt capacity from £724.0 million to £974.0 million, leaving undrawn committed facilities of £350.0 million available. The Directors are of the belief that the Group continues to be well funded during the going concern period with no concerns over its liquidity. Refinancing events At the date of signing the financial statements, the £104.5 million SMBC facilities fall due for repayment during the going concern period. The Group has £350.0 million debt capacity which can be utilised to refinance the SMBC facility in September 2026, whilst there remains the option to extend this facility. Covenants The Group’s debt facilities include covenants in respect of LTV, interest cover, unencumbered assets and priority debt. The Directors have evaluated a number of scenarios as part of the Group’s going concern assessment and considered the impact of these scenarios on the Group’s continued compliance with debt covenants. The key assumptions that have been sensitised within these scenarios are falls in rental income and increases in administrative cost inflation. As at the date of issuance of this Annual Report 100% of contractual rent for the period has been collected. The Group benefits from a secure income stream from its property assets that are let to tenants with excellent covenant strength under long leases that are subject to upward only rent reviews. The list of scenarios are below and are all on top of the base case model which includes prudent assumptions on valuations and cost inflation. The Group is 100% fixed or hedged (including post period end refinancings). No sensitivity for movements in interest rates have been modelled for the hedged debt during the going concern assessment period. Scenario Rental Income Costs Base case scenario (Scenario 1) 100% contractual rent received when due In line with Company FY26 budget and and rent reviews based on forward looking increased by inflation thereafter. inflation curve, capped at the contractual rate of the individual leases. Scenario 2 Rental income to fall by 20% Costs expected to remain the same as the base case. Scenario 3 Rental income expected to remain the 10% increases on base case costs to all same as the base case. administrative expenses ANNUAL REPORT 2025 115 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 1. Basis of preparation continued The Group continues to maintain covenant compliance throughout the going concern assessment period under each of the scenarios modelled. The lowest amount of ICR headroom experienced in the worst-case stress scenarios was 18.3%. Property values would have to fall by more than 40.5% before LTV covenants are breached against 30 June 2025 Group valuations. Having reviewed and considered the scenarios, the Directors consider that the Group has adequate resources in place for at least 12 months from the date of these results and have therefore adopted the going concern basis of accounting in preparing the Annual Report. Accounting convention and currency The consolidated financial statements (the “financial statements”) have been prepared on a historical cost basis, except that investment properties, equity-settled share based payments and interest rate derivatives measured at fair value. The financial statements are presented in Pounds Sterling and all values are rounded to the nearest thousand (£’000), except where otherwise indicated. Pounds Sterling is the functional currency of the Company and the presentation currency of the Group. Euro denominated results of the French operation have been converted to Sterling at the average exchange rate for the year or from the period from acquisition to 30 June 2025 of €1:£0.85, which is considered not to produce materially different results from using the actual rates at the date of the transactions. Year end balances have been converted to sterling at the 30 June 2025 exchange rate of €1:£0.86. The accounting policy for foreign currency translation is in note 2. Adoption of new and revised standards There were a number of new standards and amendments to existing standards which are required for the Group’s accounting period beginning on 1 July 2024. The following amendments are effective for the period beginning 1 July 2024: – Lack of exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) There was no material effect from the adoption of the above-mentioned amendments to IFRS effective in the period. They have no significant impact to the Group as they are either not relevant to the Group’s activities or require accounting which is already consistent with the Group’s current accounting policies. In the current financial year, the Group has adopted a number of minor amendments to standards effective in the year issued by the IASB as adopted by the UK Endorsement Board, none of which have had a material impact on the Group. There was no material effect from the adoption of other amendments to IFRS effective in the year. They have no significant impact on the Group as they are either not relevant to the Group’s activities or require accounting which is consistent with the Group’s current accounting policies. Standards and interpretations in issue not yet adopted The following are new standards, interpretations and amendments, which are not yet effective, and have not been early adopted in these financial statements, that will or may have an effect on the Group’s future financial statements: • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) • IFRS 18 Presentation and Disclosure in Financial Statements • IFRS 19 Subsidiaries without Public Accountability: Disclosures The Group expects to review and determine the impact of the new standards on the Group’s reporting and financial statements over the coming financial year. There are other new standards and amendments to standards and interpretations which have been issued that are effective in future accounting periods, and which the Group has decided not to adopt early. None of these are expected to have a material impact on the condensed consolidated financial statements of the Group. Significant accounting judgements, estimates and assumptions The preparation of these financial statements in accordance with IFRS requires the Directors of the Company to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements. Key estimate: Fair value of investment properties The fair value of the Group’s investment properties is determined by the Group’s independent valuer on the basis of market value in accordance with the RICS Valuation – Global Standards (the “Red Book”). Recognised valuation techniques are used by the independent valuer which are in accordance with those recommended by the International Valuation Standard Committee and compliant with IFRS 13 ‘Fair Value Measurement.’ The independent valuer did not include any material valuation uncertainty clause in relation to the valuation of the Group’s investment property for 30 June 2025 or 30 June 2024. The independent valuer is considered to have sufficient current local and national knowledge of the supermarket property market and the requisite skills and understanding to undertake the valuation competently. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 116 1. Basis of preparation continued In forming an opinion as to fair value, the independent valuer makes a series of assumptions, which are typically market-related, such as those in relation to net initial yields and expected rental values. These are based on the independent valuer’s professional judgement. Other factors taken into account by the independent valuer in arriving at the valuation of the Group’s investment properties include the length of property leases, the location of the properties and the strength of tenant covenants. The fair value of the Group’s investment properties as determined by the independent valuer, along with the significant methods and assumptions used in estimating this fair value, are set out in note 14. Key judgement: Acquisition of investment properties The Group has acquired and intends to acquire further investment properties. At the time of each purchase the Directors assess whether an acquisition represents the acquisition of an asset or the acquisition of a business. Under the Definition of a Business (Amendments to IFRS 3 “Business Combinations”), to be considered as a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The optional ‘concentration test’ is also applied, where if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. During the year, the Group completed two acquisitions; this includes the acquisition of nine 97 French properties in a single transaction. In both cases the concentration test was applied and met, resulting in the acquisitions being accounted for as asset purchases. Key judgement: Sale and leaseback transactions The Group acquires properties under a sale and leaseback arrangement. At the time of the purchase the Directors assess whether the acquisition represents a true sale to determine whether the assets can be accounted for as Investment Properties under IFRS 16. Under IFRS 15, for the transfer of an asset to be accounted for as a true sale, satisfying a performance obligation of transferring control of an asset must be met for this to be deemed a property transaction and accounted for under IFRS 16. During the year, the Group acquired nine 98 stores (2024: 17 stores) in France under sale and leaseback arrangements. The terms of the sale and underlying lease were reviewed for indicators of control and deemed that the significant risks and rewards to ownership were transferred to the Group and therefore was accounted for as an investment property acquisition. Key judgement: Joint ventures – joint control During the year, the Group entered into a 50:50 Joint Venture (JV) with funds managed by Blue Owl Capital (“Blue Owl”). This was seeded with eight supermarket properties from the Group’s existing portfolio which had a combined investment property value of £403.3 million. The classification and accounting treatment of the Joint Venture Interest in the Group’s consolidated financial statements is subject to judgement due to the significance of the transaction. By reference to the contractual arrangements and deeds that regulate the joint venture, it was necessary to determine whether the Group, together with the other key parties had the ability to jointly control the structure through their respective rights as defined by the contractual arrangements and deeds of the structure. The Board of Directors of Arthur JV Limited, being the parent company of the JV structure, is split equally between Supermarket Income REIT plc and Blue Owl representatives. Decisions of the JV require unanimous consent since there are equal voting rights and an equal economic interest in the net assets of the JV. The Directors therefore concluded that through its JV interest, the Group has joint control of the joint venture and as such is accounted for using the equity method of accounting under IAS 28. 2. Summary of material accounting policies The material accounting policies applied in the preparation of the consolidated financial statements are set out below. 2.1. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries drawn up to 30 June 2025. Subsidiaries are those entities including special purpose entities, directly or indirectly controlled by the Company. Control exists when the Company is exposed or has rights to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In preparing the consolidated financial statements, intra group balances, transactions and unrealised gains or losses are eliminated in full. Uniform accounting policies are adopted for all entities within the Group. . Includes one store for which the Company had signed a conditional purchase to buy and which completed post year end. . Includes one store for which the Company had signed a conditional purchase to buy and which completed post year end. ANNUAL REPORT 2025 117 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 2. Summary of material accounting policies continued 2.2. Rental income Rental income arising on investment properties is accounted for in profit or loss on a straight-line basis over the lease term, as adjusted for the following: • Any rental income from fixed and minimum guaranteed rent review uplifts is recognised on a straight-line basis over the lease term, variable lease uplift calculations are not rebased when a rent review occurs and the variable payment becomes fixed; and • Lease incentives and initial costs to arrange leases are spread evenly over the lease term, even if payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. Contingent rents, such as those arising from indexed-linked rent uplifts or market based rent reviews, are recognised in the period in which they are earned. Where income is recognised in advance of the related cash flows due to fixed and minimum guaranteed rent review uplifts or lease incentives, an adjustment is made to ensure that the carrying value of the relevant property, including the accrued rent relating to such uplifts or lease incentives, does not exceed the external valuation. Rental income is invoiced in advance with that element of invoiced rental income that relates to a future period being included within deferred rental income in the consolidated statement of financial position. Surrender premiums received in the period are included in rental income. Leases classified under IFRS 9 as financial assets recognise income received from the tenant between finance income and a reduction of the asset value, based on the interest rate implicit in the lease. 2.3. Service charge income Service charge income represents amounts billed to tenants for services provided in conjunction with leased properties based on budgeted service charge expenditure for a given property over a given service charge year. The Company recognises service charge income on a straight-line basis over the service charge term. 2.4. Service charge expense Service charge expense represents a wide range of costs related to the operation and upkeep of the leased properties. These costs are allocated and charged to tenants based on agreed terms and calculations as outlined in the lease agreements with a portion being borne by the landlord where agreed. 2.5. Finance income Finance income consists principally of interest receivable from interest rate derivatives and income from financial assets held at amortised cost. An adjustment is applied to reclassify amounts received upon periodic settlement of interest rate derivatives assets from change in fair value to interest income. 2.6. Finance expense Finance expenses consist principally of interest payable and the amortisation of loan arrangement fees. Loan arrangement fees are expensed using the effective interest method over the term of the relevant loan. Interest payable and other finance costs, including commitment fees, which the Group incurs in connection with bank borrowings, are expensed in the period to which they relate. 2.7. Administrative and other expenses Administrative and other expenses, including the investment advisory fees payable to the Investment Adviser, are recognised as a profit or loss on an accruals basis. 2.8. Share based payments Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-market vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period. Where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with the fair value of services received. 2.9. Dividends payable to Shareholders Dividends to the Company’s Shareholders are recognised when they become legally payable, as a reduction in equity in the financial statements. Interim equity dividends are recognised when paid. Final equity dividends will be recognised when approved by Shareholders at an AGM. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 118 2. Summary of material accounting policies continued 2.10. Taxation Non-REIT taxable income Taxation on the Group’s profit or loss for the year that is not exempt from tax under the UK-REIT regulations comprises current and deferred tax, as applicable. Tax is recognised in profit or loss except to the extent that it relates to items recognised as direct movements in equity, in which case it is similarly recognised as a direct movement in equity. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. Current tax is tax payable on any non-REIT taxable income for the year, using tax rates enacted or substantively enacted at the end of the relevant period. Entry to the UK-REIT regime The Group obtained its UK-REIT status effective from 21 December 2017. Entry to the regime results in, subject to continuing relevant UK-REIT criteria being met, the profits of the Group’s property rental business, comprising both income and capital gains, being exempt from UK taxation. The Group intends to ensure that it complies with the UK-REIT regulations on an on-going basis and regularly monitors the conditions required to maintain REIT status. 2.11. Investment properties Investment properties consist of land and buildings which are held to earn income together with the potential for capital growth. Investment properties are recognised when the risks and rewards of ownership have been transferred and are measured initially at cost, being the fair value of the consideration given, including transaction costs. Where the purchase price (or proportion thereof) of an investment property is settled through the issue of new ordinary shares in the Company, the number of shares issued is such that the fair value of the share consideration is equal to the fair value of the asset being acquired. Transaction costs include transfer taxes and professional fees for legal services. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the period incurred and included within the book cost of the property. All other property expenditure is written off in profit or loss as incurred. After initial recognition, investment properties are measured at fair value, with gains and losses recognised in profit or loss in the period in which they arise. Gains and losses on disposals of investment properties will be determined as the difference between the net disposal proceeds and the carrying value of the relevant asset. These will be recognised in profit or loss in the period in which they arise. 2.12. Foreign currency transactions Foreign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in other reserves until the investment is realised. Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold. Exchange difference on non-monetary items measured at fair value through profit or loss, being the value movement of the investment properties, are recognised as part of the total fair value movement for the portfolio. 2.13. Financial assets and liabilities Financial assets and liabilities are recognised when the relevant Group entity becomes a party to the unconditional contractual terms of an instrument. Unless otherwise indicated, the carrying amounts of financial assets and liabilities are considered by the Directors to be reasonable estimates of their fair values. ANNUAL REPORT 2025 119 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 2. Summary of material accounting policies continued Financial assets Financial assets are recognised initially at their fair value. All of the Group’s financial assets, except interest rate derivatives, are held at amortised cost using the effective interest method, less any impairment. For assets where changes in cash flows are linked to changes in an inflation index, the Group updates the effective interest rate at the end of each reporting period and this is reflected in the carrying amount of the asset in each reporting period until the asset is derecognised. Cash and cash equivalents Cash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of three months or less. Trade and other receivables Trade and other receivables, including rents receivable, are recognised and carried at the lower of their original invoiced value and recoverable amount. Provisions for impairment are calculated using an expected credit loss model. Balances will be written-off in profit or loss in circumstances where the probability of recovery is assessed as being remote. Trade and other payables Trade and other payables are recognised initially at their fair value and subsequently at amortised cost. Bank borrowings Bank borrowings are initially recognised at fair value net of attributable transaction costs. After initial recognition, bank borrowings are subsequently measured at amortised cost, using the effective interest method. The effective interest rate is calculated to include all associated transaction costs. In the event of a modification to the terms of a loan agreement, the Group considers both the quantitative and qualitative impact of the changes. Where a modification is considered substantial, the existing facility is treated as settled and the new facility is recognised. Where the modification is not considered substantial, the carrying value of the liability is restated to the present value of the cash flows of the modified arrangement, discounted using the effective interest rate of the original arrangement. The difference is recognised as a gain or loss on refinancing through the statement of comprehensive income. Derivative financial instruments and hedge accounting The Group’s derivative financial instruments currently comprise of interest rate swaps/caps. Derivatives designated as hedging instruments utilise hedge accounting under IAS 39. Derivatives not designated under hedge accounting are accounted for under IFRS 9. These instruments are used to manage the Group’s cash flow interest rate risk. The instruments are initially recognised at fair value on the date that the derivative contract is entered into, being the cost of any premium paid at inception, and are subsequently re-measured at their fair value at each reporting date. Derivatives are classified as current or non-current based on their settlement timing, with portions due within 12 months of the balance sheet date classified as current and those settling later as non-current. Fair value measurement of derivative financial instruments The fair value of derivative financial instruments is the estimated amount that the Group would receive or pay to terminate the agreement at the period end date, taking into account current interest rate expectations and the current credit rating of the relevant group entity and its counterparties. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs significant to the fair value measurement as a whole. A number of assumptions are used in determining the fair values including estimations over future interest rates and therefore future cash flows. The fair value represents the net present value of the difference between the cash flows produced by the contract rate and the valuation rate. Hedge accounting At the inception of a hedging transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedging transaction. 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 120 2. Summary of material accounting policies continued Assuming the criteria for applying hedge accounting continue to be met the effective portion of gains and losses on the revaluation of such instruments are recognised in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of such gains and losses will be recognised in profit or loss within finance income or expense as appropriate. The cumulative gain or loss recognised in other comprehensive income is reclassified from the cash flow hedge reserve to profit or loss (finance expense) at the same time as the related hedged interest expense is recognised. Interest rate derivatives that do not qualify under hedge accounting are carried in the Group Statement of Financial Position at fair value, with changes in fair value recognised in the Group Statement of Comprehensive Income, net of interest receivable/payable from the derivatives shown in the finance income or expense line. 2.14. Equity instruments Equity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs. Costs not directly attributable to the issue are immediately expensed in profit or loss. No shares were issued in the period. 2.15. Fair value measurements and hierarchy Fair value is the price that would be received on the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market. It is based on the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. A fair value measurement of a non-financial asset takes into account the best and highest value use for that asset. The fair value hierarchy to be applied under IFRS 13 is as follows: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are carried at fair value and which will be recorded in the financial statements on a recurring basis, the Group will determine whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. 3. Operating Segments Operating segments are identified on the basis of internal financial reports about components of the Group that are regularly reviewed by the chief operating decision maker (which in the Group’s case is the Board) in order to allocate resources to the segments and to assess their performance. The internal financial reports contain financial information at a Group level as a whole and there are no reconciling items between the results contained in these reports and the amounts reported in the consolidated financial statements. These internal financial reports include the IFRS figures but also report the non-IFRS figures for the EPRA and alternative performance measures as disclosed in Notes 12, 30 and the Additional Information. The Group’s property portfolio comprises investment property. The Board considers that all the properties have similar economic characteristics. Therefore, in the view of the Board, there is one reportable segment. The geographical split of revenue and material applicable non-current assets was: Year to Year to 30 June 2025 30 June 2024 Revenue £’000 £’000 UK 108,593 107,063 France 5,416 788 114,009 107,851 Year to Year to 30 June 2025 30 June 2024 Investment Properties £’000 £’000 UK 1,320,430 1,704,280 France 95,389 63,936 1,415,819 1,768,216 ANNUAL REPORT 2025 121 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 4. Gross rental income Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Rental income – freehold property 64,172 58,345 Rental income – long leasehold property 49,837 49,063 Lease surrender income – 443 Gross rental income 114,009 107,851 Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Service charge recoverable 7,387 6,201 Property insurance recoverable 980 621 Property tax recoverable 677 – Total property insurance and service charge income 9,044 6,822 Total property income 123,053 114,673 Included within rental income is a £1,909,000 (2024: £2,197,000) rent smoothing adjustment that arises as a result of IFRS 16 ‘Leases’ requiring that rental income in respect of leases with rents increasing by a fixed percentage be accounted for on straight-line basis over the lease term. During the year this resulted in an increase in rental income and an offsetting entry being recognised in profit or loss as an adjustment to the investment property revaluation. Also included in rental income is a £406,000 (2024: £237,000) adjustment for lease incentives. Tenant lease incentives are recognised on a straight-line basis over the lease term as an adjustment to rental income. During the year this resulted in an increase in rental income and an offsetting entry being recognised in profit or loss as an adjustment to the investment property revaluation. On an annualised basis, rental income comprises £41,887,000 (2024: £54,258,000) relating to the Group’s largest tenant and £31,032,000 (2024: £30,790,000) relating to the Group’s second largest tenant. There were no further tenants representing more than 10% of annualised gross rental income during either year. 5. Service charge expense Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Service charge expenses 8,000 6,727 Property insurance expenses 1,139 714 Property tax expenses 680 – Total property insurance and service charge expense 9,819 7,441 6. Administrative and other expenses Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Investment Adviser fees (Note 31) 6,793 9,472 Directors’ Fees (Note 8) 499 410 Staff costs (Note 9) 555 – Corporate administration fees 1,212 1,049 Legal and professional fees 2,880 1,475 Other administrative expenses 2,530 2,812 Total administrative and other expenses 14,469 15,218 During the year, the Company internalised its previously outsourced management function (See note 31) for more information. The expense paid to Atrato Group of £20.8 million is disclosed separately on the statement of comprehensive income as a one-off material restructuring event. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 122 7. Operating profit Operating profit is stated after charging fees for: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Audit of the Company’s consolidated and individual financial statements 410 292 Audit of subsidiaries, pursuant to legislation 93 88 Total audit services 503 380 Non audit services: interim review 44 42 Total audit and non audit services 547 422 The Group’s auditor did not provide any other services in the year (2024: £nil) 8. Directors’ remuneration The Board of Directors are the key management personnel of the Company. The Non-Executive Directors are appointed under letters of appointment for service while executive Directors are under an employment contract. Directors’ remuneration was as follows: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Non-Executive Directors’ fees 445 371 National Insurance 54 39 Executive Director Costs: Wages and salaries 168 – National insurance 18 – Pension costs 14 – Total Directors’ remuneration 699 410 The highest paid Non-Executive Director received £97,000 (2024: £75,000) for services during the year. The highest paid Executive Director received £105,000 for services during the period from 25 March 2025 to 30 June 2025. Total remuneration for key management personnel amounts to £711,000 (2024: £410,000) which includes equity-settled share-based payments of £12,000. For further information regarding Directors' remuneration, see the Directors' Remuneration Report on pages 94 to 98. 9. Staff costs Year to Year to 30 June 2025 30 June 2024 Staff costs £’000 £’000 Wages and salaries 444 – Social security costs 54 – Pension costs 41 – Equity–settled share-based payments 16 – Total staff costs 555 – All of the staff costs above are shown within administrative and other expenses, this also includes Executive Directors. The staff costs were incurred in the year as part of the Internalisation of the management function from 25 March 2025. The average number of employees including Executive Directors since 25 March 2025 was 15. ANNUAL REPORT 2025 123 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 9. Staff costs continued Equity-settled share option plan The Group established a long-term incentive plan following consultation with a number of its largest shareholders and as outlined in the Directors’ Remuneration Policy in the circular published on 4 March 2025 in relation to the Internalisation of the Company’s management function. Employees were granted their awards on 17 June 2025 and the vesting period is to the announcement of the 2028 results expected to be mid September 2028. Each employee share option converts into one ordinary share of the parent company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. The number of options granted is calculated in accordance with the performance-based formula approved by shareholders at the previous annual general meeting and is subject to approval by the Remuneration Committee. The formula rewards employees to the extent of the Group’s and the individual’s achievement judged against both qualitative and quantitative criteria from the following conditions: • Relative total shareholder return; • Improvement in earnings per share; • Improvement in total accounting return; • Personal performance Details of the share options outstanding during the year are as follows: 30 June 2025 30 June 2024 Weighted Weighted Number average Number average of share exercise of share exercise options price options price Outstanding at the beginning of the year – – – – Granted during the year 2,331,582 £0.01 – – Exercised during the year – – – – Outstanding at the year end 2,331,582 £0.01 – – Exercisable at the year end – – – – An independent valuation of the fair value of these shares was carried out at the grant date. The valuation was prepared in accordance with International Financial Reporting Standard 2 (“IFRS 2”): Share-based payments. For the market condition of total shareholder return a Stochastic model was used and the Black-Scholes model used for the non-market conditions. The assumptions used are as follows: Date of grant 17 June 2025 Share price at grant £0.83 Exercise price £0.01 Expected volatility 25.66% Expected term 3.26 years Risk free rate 3.94% Expected dividend yield 0% Fair value (market conditions) £0.4543 Fair value (non-market conditions) £0.8299 Awards to Executive Directors have a holding period of two years from vesting and a Chaffe model was used to estimate a discount for the lack of marketability (“DLOM”). The assumptions used are as follows: Date of grant 17 June 2025 Share price at grant £0.83 Exercise price £0.83 Expected volatility 23.63% Expected term 2.0 years Risk free rate 4.07% Expected dividend yield 0% Fair value (market conditions) £0.4322 Fair value (non-market conditions) £0.7894 DLOM 9.21% The Board have made an assessment of the non-market performance conditions as at 30 June 2025, with any adjustment to expected value being recognised in the share-based payment expense in the statement of comprehensive income. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 124 10. Finance income and expense Year to Year to 30 June 2025 30 June 2024 Finance income £’000 £’000 Interest received on bank deposits 113 306 Income from financial assets held at amortised cost (note 17) 502 494 Interest received on loans within Joint Venture 605 – Finance income on unwinding of discounted receivable – 203 Finance income on settlement of interest rate derivatives (note 21) 18,468 22,778 Total finance income 19,688 23,781 Year to Year to 30 June 2025 30 June 2024 Finance expense £’000 £’000 Interest payable on bank borrowings 43,557 36,823 Commitment fees payable on bank borrowings 747 817 Amortisation of loan arrangement fees 2,369 2,403 Total finance expense 46,673 40,043 * This includes a non-recurring exceptional charge of £236,009 (2024: £70,000), relating to the acceleration of unamortised arrangement fees in respect of the modification of loan facilities under IFRS 9. The above finance expense includes the following in respect of liabilities not classified as fair value through profit and loss: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Total interest expense on financial liabilities held at amortised cost 45,926 39,226 Fee expense not part of effective interest rate for financial liabilities held at amortised cost 747 817 Total finance expense 46,673 40,043 11. Taxation A) Tax credit in profit or loss Year to Year to 30 June 2025 30 June 2024 £’000 £’000 UK Corporation tax – – France Corporation Tax – – UK deferred tax – – France deferred tax (note 23) (871) (140) (871) (140) B) Total tax credit Tax credit in profit and loss as per the above (871) (140) Share of tax expense of equity accounted joint ventures – – Total tax credit (871) (140) ANNUAL REPORT 2025 125 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 11. Taxation continued The Company and its subsidiaries operate as a UK Group REIT. Subject to continuing compliance with certain rules, the UK REIT regime exempts the profits of the Group’s property rental business from UK corporation tax. To operate as a UK Group REIT a number of conditions had to be satisfied in respect of the Company, the Group’s qualifying activity and the Group’s balance of business. Since the 21 December 2017 the Group has met all such applicable conditions. The reconciliation of the profit/(loss) before tax multiplied by the standard rate of corporation tax for the year of 25% (2024: 25%) to the total tax credit is as follows: Year to Year to 30 June 2025 30 June 2024 c) Reconciliation of the total tax credit for the year £’000 £’000 Profit/(loss) on ordinary activities before taxation 60,657 (21,324) Theoretical tax at UK standard corporation tax rate of 25% (2024: 25%) 15,164 (5,331) Effects of: Investment property and derivative revaluation not taxable (2,290) 24,269 Residual business losses 5,178 2,481 Disposals of investment properties 332 – REIT exempt income (18,384) (21,419) Deferred tax assets not recognised (871) (140) Total tax credit for the year (871) (140) UK REIT exempt income includes property rental income that is exempt from UK corporation tax in accordance with Part 12 of CTA 2010. No deferred tax asset has been recognised in respect of the Group’s residual carried forward tax losses of £61.7 million (2024: £43.4 million) as, given the Group’s REIT status, it is considered unlikely that these losses will be utilised. The Group is subject to French Corporation tax on its French property rental business at a rate of 25%. 12. Earnings per share Earnings per share (“EPS”) amounts are calculated by dividing the profit or loss for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period. As the LTIPs issued during the year are dilutive instruments, we show the effect of these in diluted EPRA earnings per share. The European Public Real Estate Association (“EPRA”) publishes guidelines for calculating on a comparable basis. EPRA EPS is a measure of EPS designed by EPRA to enable entities to present underlying earnings from core operating activities, which excludes fair value movements on investment properties and derivatives. The Company has also previously included an additional earnings measure called “Adjusted Earnings” and “Adjusted EPS.” Adjusted earnings 99 was a performance measure used by the Board to assess the Group’s financial performance and dividend payments. The metric adjusted EPRA earnings by deducting one-off items such as debt restructuring costs and adding back finance income on derivatives held at fair value through profit and loss. Adjusted Earnings was considered a better reflection of the measure over which the Board assessed the Group’s trading performance and dividend cover. Following the updated September 2024 EPRA best practice recommendations guidelines, the specific adjustments to EPRA earnings to calculate adjusted earnings are now included within the EPRA earnings calculation. While the result is that there is no impact to the Adjusted earnings in any prior period, the EPRA earnings was previously reported as £53,283,000 for the year ended 30 June 2024. As such the comparative period calculations in the table below have been adjusted to reflect the new guidelines retrospectively. The resultant impact of this, and the permitted EPRA adjustments to calculate EPRA earnings in respective of non-operating or exceptional items resulted to the Board using EPRA earnings as the key performance measure. . The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures are not defined under IFRS and they may not be directly comparable with other companies’ adjusted measures. The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance, but they have been included as the Directors consider them to be important comparable and key measures used within the business for assessing performance. The key non-GAAP measures identified by the Group have been defined in the supplementary information and, where appropriate, reconciliation to the nearest IFRS measure has been given. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 126 12. Earnings per share continued The reconciliation of IFRS Earnings and EPRA Earnings is shown below: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Net profit/(loss) attributable to ordinary shareholders 61,528 (21,184) EPRA adjustments: Changes in fair value of investment properties (28,001) 65,825 Changes in fair value of interest rate derivatives measured at fair value through profit and loss 18,842 31,251 Loss on disposal of investment properties 1,327 – Group share of changes in fair value of joint venture investment properties (468) – Deferred tax credit (871) (140) Non-operating and exceptional items: Restructuring costs in relation to the acceleration of unamortised arrangement fees 236 70 Termination fee 20,800 – Internalisation costs 634 – Fees for listing on the JSE 192 – EPRA Earnings 74,219 75,822 Number 1 Number 1 Weighted average number of ordinary shares (Basic) 1,246,239,185 1,246,239,185 Weighted average number of ordinary shares (Diluted) 1,246,328,616 1,246,239,185 Based on the weighted average number of ordinary shares in issue Year to Year to 30 June 2025 30 June 2024 Pence per share Pence per share (‘p’) (‘p’) Basic and Diluted EPS 4.9 (1.7) EPRA adjustments: Changes in fair value of investment properties (2.2) 5.3 Changes in fair value of interest rate derivatives measured at FVTPL 1.5 2.5 Loss on disposal of investment properties 0.1 – Group share of changes in fair value of joint venture investment properties – – Restructuring costs in relation to the acceleration of unamortised arrangement fees – – Non-operating and exceptional items: Termination fee 1.7 – Internalisation costs 0.0 – Listing transfer fee 0.0 – Fees for listing on the JSE – – EPRA EPS (Basic) 6.0 6.1 EPRA EPS (Diluted) 6.0 6.1 ANNUAL REPORT 2025 127 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 12. Earnings per share continued Headline Earnings per share The JSE listing requirements mandate the calculation of headline earnings (In accordance with Circular 1/2023 issued by the South African Institute of Chartered Accountants) and disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic earnings per share in accordance with the requirements of IAS 33 Earnings per share. Disclosure of headline earnings is not a requirement of IFRS. Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Net income/(loss) attributable to ordinary shareholders 61,528 (21,184) Headline earnings adjustments: Changes in fair value of investment properties (28,001) 65,825 Profit on disposal of investment properties 1,327 – Group share of changes in fair value of joint venture investment properties (468) – Headline earnings 34,386 44,641 Changes in fair value of interest rate derivatives measured at fair value through profit and loss 18,842 31,251 Internalisation costs 21,434 – Deferred tax credit (871) (140) Restructuring costs in relation to the acceleration of unamortised arrangement fees 236 – Fees for listing on the JSE 192 70 EPRA earnings 74,219 75,822 Number 1 Number 1 Weighted average number of ordinary shares (Basic) 1,246,239,185 1,246,239,185 Weighted average number of ordinary shares (Diluted) 1,246,328,616 1,246,239,185 Basic earnings per share 4.9 (1.7) Diluted earnings per share 4.9 (1.7) Headline earnings per share basic 2.8 3.6 Headline earnings per share diluted 2.8 3.6 EPRA earnings per share basic 6.0 6.1 EPRA earnings per share diluted 6.0 6.1 13. Dividends Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Amounts recognised as a distribution to ordinary Shareholders in the year: Dividends 76,083 75,335 On 4 July 2024, the Board declared a fourth interim dividend for the year ended 30 June 2024 of 1.515 pence per share, which was paid on 16 August 2024 to shareholders on the register on 12 July 2024. On 3 October 2024 the Board declared a first interim dividend for the year ended 30 June 2025 of 1.530 pence per share, which was paid on 15 November 2024 to shareholders on the register on 11 October 2024. On 9 January 2025 the Board declared a second interim dividend for the year ended 30 June 2025 of 1.530 pence per share, which was paid on 28 February 2025 to shareholders on the register on 31 January 2025. On 3 April 2025 the Board declared a third interim dividend for the year ended 30 June 2025 of 1.530 pence per share, which was paid on 23 May 2025 to shareholders on the register on 25 April 2025. On 3 July 2025, the Board declared a fourth interim dividend for the year ended 30 June 2025 of 1.530 pence per share, which was paid on 22 August 2025 to shareholders on the register on 25 July 2025. This has not been included as a liability as at 30 June 2025. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 128 14. Investment properties In accordance with IAS 40 “Investment Property”, the Group’s investment properties have been independently valued at fair value by Cushman & Wakefield, an accredited independent valuer with a recognised and relevant professional qualification and with recent experience in the locations and categories of the investment properties being valued. The valuations have been prepared in accordance with the RICS Valuation – Global Standards and incorporate the recommendations of the International Valuation Standards Committee which are consistent with the principles set out in IFRS 13. The independent valuer in forming its opinion on valuation makes a series of assumptions. As explained in note 2, all the valuations of the Group’s investment property at 30 June 2025 are classified as ‘level 3’ in the fair value hierarchy defined in IFRS 13. The valuations are ultimately the responsibility of the Directors. Accordingly, the critical assumptions used in establishing the independent valuation are reviewed by the Board. Long Freehold Leasehold Total £’000 £’000 £’000 At 1 July 2024 972,016 796,200 1,768,216 Property additions 28,290 49,700 77,990 Capitalised acquisition costs 2,977 1,151 4,128 Disposals into a joint venture (52,000) (351,325) (403,325) Other disposals (63,500) – (63,500) Revaluation movement 11,976 18,754 30,730 Currency exchange movement 1,580 – 1,580 Valuation at 30 June 2025 901,339 514,480 1,415,819 At 1 July 2023 899,440 786,250 1,685,690 Property additions 101,104 34,700 135,804 Capitalised acquisition costs 8,093 2,317 10,410 Revaluation movement (35,747) (27,067) (62,814) Currency exchange movement (874) – (874) Valuation at 30 June 2024 972,016 796,200 1,768,216 Year to Year to 30 June 2025 30 June 2024 Reconciliation of Investment Property to Independent Property Valuation £’000 £’000 Investment Property at fair value per Group Statement of Financial Position 1,415,819 1,768,216 Market Value of Property classified as Financial Assets held at amortised cost (Note 17) 7,280 7,530 Total Independent Property Valuation 1,423,099 1,775,746 There were nine property acquisitions during the year (2024: 20), eight (2024: 17) of which were direct purchases of the assets in France and one (2024: nil) acquisition of a corporate structure. The corporate acquisition is also treated as an asset purchase rather than a business combination because it is considered to be an acquisition of properties rather than businesses. There were nine disposals of properties during the year (2024: nil), eight of which are held in the Joint Venture which the Group holds a 50% stake. Included within the carrying value of investment properties at 30 June 2025 is £12,158,000 (2024: £10,920,000) in respect of the smoothing of fixed contractual rent uplifts as described in note 4. The difference between rents on a straight-line basis and rents actually receivable is included within the carrying value of the investment properties but does not increase that carrying value over fair value. Included within the carrying values of investment properties at 30 June 2025 is £1,751,000 (2024: £1,033,000) in respect of the lease incentives with tenants in the form of rent free debtors as described in note 4 and capitalised letting fees. ANNUAL REPORT 2025 129 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 14. Investment properties continued The effect of these adjustments on the revaluation movement during the year is as follows: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Revaluation movement per above 30,730 (62,814) Rent smoothing adjustment (note 4) (1,909) (2,197) Movement in Lease incentives (405) (564) Movements in capitalised letting fees (280) (218) Foreign exchange movement through OCI (135) (32) Change in fair value recognised in profit or loss 28,001 (65,825) Valuation techniques and key unobservable inputs Valuation techniques used to derive fair values The valuations have been prepared on the basis of market value which is defined in the RICS Valuation Standards as ‘the estimated amount for which an asset or liability should exchange on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion’. Market value as defined in the RICS Valuation Standards is the equivalent of fair value under IFRS. The yield methodology approach is used when valuing the Group’s properties which uses market rental values capitalised with a market capitalisation rate. This is sense-checked against the market comparable method (or market comparable approach) where a property’s fair value is estimated based on comparable transactions in the market. Unobservable inputs Significant unobservable inputs include: the passing rent and estimated rental value (“ERV”) based on market conditions prevailing at the valuation date and net initial yield. Other unobservable inputs include but are not limited to the future rental growth – the estimated average increase in rent based on both market estimations and contractual situations, and the physical condition of the individual properties determined by inspection. A decrease in passing rent and ERV would decrease the fair value. A decrease in net initial yield would increase the fair value. Sensitivity of measurement of significant valuation inputs As described in note 2 the determination of the valuation of the Group’s investment property portfolio is open to judgement and is inherently subjective by nature. Sensitivity analysis – impact of changes in net initial yields and rental values Year to 30 June 2025 UK France Total Fair value £1,320.4m £95.4m £1,415.8m Range of Net Initial Yields 5.0%-7.9% 5.9%-7.1% 5.0%-7.9% Range of Rental values (passing rents or ERV as relevant) of Group’s Investment Properties £0.3m-£5.1m £0.6m-£0.9m £0.3m-£5.1m Weighted average of Net Initial Yields 5.8% 6.5% 5.8% Weighted average of Rental values (passing rents or ERV as relevant) of Group’s Investment Properties £2.7m £0.7m £2.9m Year to 30 June 2024 UK France Total Fair value £1,704.3m £63.9m £1,768.2m Range of Net Initial Yields 4.6%-8.0% 4.2%-6.8% 4.6%-8.0% Range of Rental values (passing rents or ERV as relevant) of Group’s Investment Properties £0.3m-£5.1m £0.6m-£0.8m £0.3m-£5.1m Weighted average of Net Initial Yields 5.9% 6.3% 5.9% Weighted average of Rental values (passing rents or ERV as relevant) of Group’s Investment Properties £2.9m £0.7m £2.9m NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 130 14. Investment properties continued The table below analyses the sensitivity on the fair value of investment properties for changes in rental values and net initial yields: +2% -2% +0.5% -0.5% Rental Rental Net Initial Net Initial value value Yield Yield £m £m £m £m Increase/(decrease) in the fair value of investment properties as at 30 June 2025 28.3 (28.3) (112.9) 134.5 Increase/(decrease) in the fair value of investment properties as at 30 June 2024 35.4 (35.4) (138.1) 164.1 15. Subsidiaries The entities listed in the following table were the subsidiary undertakings of the Company at 30 June 2025 all of which are wholly owned. All but those noted as Jersey or French entities below are subsidiary undertakings incorporated in England. Company name Holding type Nature of business Supermarket Income Investments UK Limited+ Direct Intermediate parent company Supermarket Income Investments (Midco2) UK Limited+ Direct Intermediate parent company Supermarket Income Investments (Midco3) UK Limited+ Direct Intermediate parent company Supermarket Income Investments (Midco4) UK Limited+ Direct Intermediate parent company SII UK Halliwell (MIDCO) LTD+ Direct Intermediate parent company Supermarket Income Investments UK (Midco6) Limited+ Direct Intermediate parent company Supermarket Income Investments UK (Midco7) Limited+ Direct Intermediate parent company Supermarket Income Investments UK (Midco8) Limited+ Direct Intermediate parent company Supermarket Income Investments UK (Midco9) Limited+ Direct Intermediate parent company Supermarket Income Investments UK (Midco10) Limited+ Direct Investment in Joint Venture SUPR Green Energy Limited+ Direct Energy provision company SUPR Finco Limited+ Direct Holding company Supermarket Income Investments UK (NO1) Limited+ Indirect Property investment Supermarket Income Investments UK (NO2) Limited+ Indirect Property investment Supermarket Income Investments UK (NO3) Limited+ Indirect Property investment Supermarket Income Investments UK (NO5) Limited+ Indirect Property investment Supermarket Income Investments UK (NO7) Limited+ Indirect Property investment Supermarket Income Investments UK (NO8) Limited+ Indirect Property investment Supermarket Income Investments UK (NO10) Limited+ Indirect Property investment Supermarket Income Investments UK (NO11) Limited+ Indirect Property investment Supermarket Income Investments UK (NO12) Limited+ Indirect Property investment Supermarket Income Investments UK (NO16) Limited+ Indirect Property investment Supermarket Income Investments UK (NO16a) Limited+ Indirect Property investment Supermarket Income Investments UK (NO16b) Limited+ Indirect Property investment Supermarket Income Investments UK (NO16c) Limited+ Indirect Property investment Supermarket Income Investments UK (NO17) Limited+ Indirect Property investment TPP Investments Limited+ Indirect Property investment T (Partnership) Limited+ Indirect Property investment The TBL Property Partnership Indirect Property investment Supermarket Income Investments UK (NO19) Limited+ Indirect Property investment Supermarket Income Investments UK (NO20) Limited+ Indirect Property investment Supermarket Income Investments UK (NO21) Limited+ Indirect Property investment Supermarket Income Investments UK (NO22) Limited+ Indirect Property investment Supermarket Income Investments UK (NO23) Limited+ Indirect Property investment Supermarket Income Investments UK (NO24) Limited+ Indirect Property investment Supermarket Income Investments UK (NO25) Limited+ Indirect Property investment Supermarket Income Investments UK (NO26) Limited+ Indirect Property investment Supermarket Income Investments UK (NO27) Limited+ Indirect Property investment Supermarket Income Investments UK (NO29) Limited+ Indirect Property investment Supermarket Income Investments UK (NO30) Limited+ Indirect Property investment Supermarket Income Investments UK (NO31) Limited+ Indirect Property investment Supermarket Income Investments UK (NO32) Limited+ Indirect Property investment Supermarket Income Investments UK (NO33) Limited+ Indirect Property investment ANNUAL REPORT 2025 131 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS Company name Holding type Nature of business Supermarket Income Investments UK (NO34) Limited+ Indirect Property investment Supermarket Income Investments UK (NO35) Limited^- Indirect Property investment Supermarket Income Investments UK (NO36) Limited+ Indirect Property investment Supermarket Income Investments UK (NO37) Limited+ Indirect Property investment Supermarket Income Investments UK (NO38) Limited+ Indirect Property investment Supermarket Income Investments UK (NO39) Limited^- Indirect Property investment Supermarket Income Investments UK (NO40) Limited+ Indirect Property investment Supermarket Income Investments UK (NO41) Limited+ Indirect Property investment Supermarket Income Investments UK (NO42) Limited+ Indirect Property investment Supermarket Income Investments UK (NO44) Limited+ Indirect Property investment Supermarket Income Investments UK (NO45) Limited+ Indirect Property investment Supermarket Income Investments UK (NO49) Limited Indirect Property investment Supermarket Income Investments UK (NO52) Limited+ Indirect Property investment Supermarket Income Investments UK (NO53) Limited+ Indirect Property investment Supermarket Income Investments UK (NO54) Limited+ Indirect Property investment The Brookmaker Unit Trust^- Indirect Property investment Brookmaker Limited Partnership# Indirect Property investment Brookmaker (GP) Limited# Indirect Property investment Brookmaker (Nominee) Limited# Indirect Property investment Horner REIT^- Indirect Property investment Supermarket Income Investments France 1”¨ Indirect Property investment Supermarket Income Investments France 2”¨ Indirect Property investment Supermarket Income Investments France 3”¨ Indirect Property investment Supermarket Income Investments France 4”¨ Indirect Property investment Supermarket Income Investments France 5”¨ Indirect Property investment Supermarket Income Investments France 6”¨ Indirect Property investment Supermarket Income Investments France 7”¨ Indirect Property investment Supermarket Income Investments France 8”¨ Indirect Property investment Supermarket Income Investments France 9”¨ Indirect Property investment SII UK Halliwell (No1) LTD+ Indirect Holding company SII UK Halliwell (No2) LTD+ Indirect Property investment SII UK Halliwell (No3) LTD+ Indirect Holding company SII UK Halliwell (No4) LTD+ Indirect Holding company SII UK Halliwell (No5) LTD+ Indirect Holding company SII UK Halliwell (No6) LTD+ Indirect Holding company * New subsidiaries incorporated during the year ended June ** Subsidiaries acquired during the year ended June ^ Jersey registered entity “ France registered entity + Registered office: rd Floor, Bishops Square, London, E EG - Registered office: rd Floor, Gaspe House, - Esplanade, St Helier, Jersey, JE LH # Registered office: th Floor Fleet Place, London, United Kingdom, EC M RA ¨ Registered office: Tour Pacific, - Cours Valmy, Paris La Défense Cedex 15. Subsidiaries continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 132 15. Subsidiaries continued The following subsidiaries will be exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act. Companies House Company name Registration Number SII UK Halliwell (MIDCO) LTD 12473355 SUPR Green Energy Limited 12892076 SII UK Halliwell (No1) LTD 12475261 SII UK Halliwell (No2) LTD 12475599 SII UK Halliwell (No3) LTD 12478141 SII UK Halliwell (No4) LTD 12604032 SII UK Halliwell (No5) LTD 12605175 SII UK Halliwell (No6) LTD 12606144 SUPR Finco Limited 14292760 Supermarket Income Investments UK (Midco8) Limited 15576317 Supermarket Income Investments UK (No49) Limited 15592845 Supermarket Income Investments UK (Midco 9) Limited 15977428 16. Investment in Joint Venture As at 30 June 2025 the Group has one joint venture investment. On the 16 May 2025, the Group entered into a joint venture agreement with Blue Owl. The JV was seeded by the Group with eight of the Group’s portfolio assets valued at £403.3 million being transferred into a new joint venture structure summarised below. Blue Owl then purchased 50% of the net assets for a consideration of £200.4 million. Due to the joint control of the arrangement between the Group and Blue Owl, this is deemed to be a joint venture under IFRS 11. The structure contained loans due from the property bearing Companies to the partners totalling £215.6 million, of which 50% of these were purchased by Blue Owl on their purchase of the joint venture structure. In June 2025, the Joint Venture completed a new £215 million secured term loan, through a banking syndicate comprising Barclays, HSBC, ING and SMBC. The interest-only Facility has a maturity of three years, with two further one-year extension options at the lenders’ discretion. The facility was priced at a margin of 1.50% above SONIA and hedged at an all in rate of 5.10%. The facility was drawn post year end and used to repay £189.5 million of the above JV partner loans; the Group’s share being £94.8 million of the £108.4 million receivable from the Joint Venture as disclosed in note 18. The Group also earns a management fee of 0.6% per annum for the ongoing management of Blue Owl’s interest in the JV. During the year the Group earnt £304,980 in management fees. The joint venture ownership structure is summarised below: Entity Partner Address and principal place of business Ownership Jersey Arthur JV Limited Arthur UK Holdco Limited 22 Grenville Street, St Helier, Jersey, JE4 8PX 50% owned by the Group Arthur Midco Limited 22 Grenville Street, St Helier, Jersey, JE4 8PX 100% owned by Arthur JV Limited The Huddersfield Royal Chambers, St Julian’s Avenue, 100% owned by Unit Trust St Peter Port, Guernsey, GY1 4HP Arthur Midco Limited United Kingdom Supermarket Income Investments UK (No4) Limited Supermarket Income Investments UK (No6) Limited Supermarket Income Investments UK (No9) Limited 3rd Floor, 10 Bishops Square, London, E1 6EG Supermarket Income Investments UK (No28) Limited Supermarket Income Investments UK (No43) Limited 100% owned by Arthur Midco Limited Supermarket Income Investments UK (No47) Limited Supermarket Income Investments UK (No48) Limited Supermarket Income Investments UK (No50) Limited Supermarket Income Investments UK (No51) Limited Supermarket Income Investments Nominee Co.1 Limited Supermarket Income Investments Nominee Co.2 Limited ANNUAL REPORT 2025 133 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 16. Investment in Joint Venture continued Year to 30 June 2025 £’000 Opening balance – Investment in Joint Venture 95,016 Group’s share of profit after tax 1,540 Closing balance 96,556 The joint venture entities have a 31 December year end. For accounting purposes consolidated management accounts have been prepared for the joint venture for the period from acquisition to 30 June 2025 using accounting policies that are consistent with those of the Group. Arthur JV Limited’s share of the aggregate amounts recognised in the consolidated statement of comprehensive income and consolidated statement of financial position of the Structure are as follows: Year to 30 June 2025 £’000 Net Rental income 3,613 Administrative and other expenses (361) Change in fair value of investment properties 1,022 Operating profit 4,274 Finance income 22 Finance expense (1,217) Profit before taxation 3,079 Tax charge for the period – Profit for the period 3,079 Group’s share of JV’s profit for the period 1,540 Year to 30 June 2025 Non-current assets £’000 Investment properties 404,700 Total non-current assets 404,700 Current assets Cash and cash equivalents 11,311 Total current assets 11,311 Total assets 416,011 Non-current liabilities Deferred rental income 5,865 Loans due to JV partners 216,845 Trade and other payables 4,460 Total non-current liabilities 227,170 Total liabilities 227,170 Net assets 188,841 Group’s share of the JV’s net assets 94,421 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 134 17. Financial assets held at amortised cost Year to Year to 30 June 2025 30 June 2024 £’000 £’000 At start of year 11,023 10,819 Interest income recognised in profit and loss (note 10) 502 494 Lease payments received during the period (290) (290) At end of period 11,235 11,023 On 8 June 2022, the Group acquired an Asda store in Carcroft, via a sale and leaseback transaction for £10.6 million, this has been recognised in the Statement of Financial Position as a Financial asset in accordance with IFRS 9. The financial asset is measured using the amortised cost model, which recognises the rental payments as financial income and reductions of the asset value based on the implicit interest rate in the lease. As at 30 June 2025 the market value of the property was estimated at £7,280,000 (2024: £7,530,000). Assets held at amortised cost are assessed annually for impairment with any impairment recognised as an allowance for expected credit losses measured at an amount equal to the lifetime expected credit losses. The Group considers historic, current and forward-looking information to determine expected credit losses arising from either a change in the interest rate implicit in the lease or factors impacting the customer’s ability to make lease payments. Based on the information currently available the Group does not expect any credit losses and the asset has not been impaired in the period. 18. Trade and other receivables As at As at 30 June 2025 30 June 2024 £’000 £’000 Interest receivable on settlement of derivatives – 4,946 Other receivables 9,725 6,077 Loans due from joint venture 108,423 – Prepayments and accrued income 1,464 877 Total trade and other receivables 119,612 11,900 The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group’s historical credit losses experienced over the period from incorporation to 30 June 2025. The historical loss rates are then adjusted for current and forward-looking information on macro-economic factors affecting the Group’s customers. Both the expected credit loss provision and the incurred loss provision in the current and prior year are immaterial. No reasonable possible changes in the assumptions underpinning the expected credit loss provision would give rise to a material expected credit loss. The Directors consider that the carrying value of trade and other receivables measured at amortised cost approximate their fair value. The receivable from Joint Venture relates to interest bearing loans to the Joint Venture at a market rate of interest. Post year end, £95.7 million of these loans were repaid from proceeds from debt issued in the JV, the remaining loan is expected to be settled before 30 June 2026. Within other receivables is £2.4 million due to the Group from the Joint Venture relating to non-interest bearing working capital receivables. 19. Cash and Cash Equivalents As at As at 30 June 2025 30 June 2024 £’000 £’000 Cash and cash equivalents 95,281 38,691 Total cash and cash equivalents 95,281 38,691 Included in cash and cash equivalents is an amount of £54.1 million (2024: £nil) held in a client account by external legal counsel in advance of a potential acquisition, as well as £3.0 million by the property agents (2024: £2.8 million). ANNUAL REPORT 2025 135 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 20. Trade and other payables As at As at 30 June 2025 30 June 2024 Current £’000 £’000 Accrued interest payable 7,225 8,072 Trade payables 3,630 5,901 Withholding Tax 2,263 – Other corporate accruals 5,940 3,615 VAT payable 3,585 4,385 Total trade and other payables 22,643 21,973 As at As at 30 June 2025 30 June 2024 Non-current £’000 £’000 Deposits 1,672 1,045 Total trade and other payables 1,672 1,045 The Directors consider that the carrying value of trade and other payables measured at amortised cost approximate their fair value. 21. Interest rate derivatives As at As at 30 June 2025 30 June 2024 £’000 £’000 Non-current asset: Interest rate swaps 2,580 12,499 Non-current asset: Interest rate caps 553 3,242 Current Asset: Interest rate swaps 5,705 13,456 Current Asset: Interest rate cap 2,386 2,252 11,224 31,449 The rate swaps are remeasured to fair value by the counterparty bank on a quarterly basis. Year to Year to 30 June 2025 30 June 2024 The fair value at the end of year comprises: £’000 £’000 At start of year (net) 31,449 57,583 Interest rate derivative premium paid on inception 1,169 47,494 Disposal of interest rate derivatives (3,249) (40,612) Accrued Interest 2,237 – Changes in fair value of interest rate derivative in the year (P&L) (375) (8,782) Changes in fair value of interest rate derivative in the year (OCI) (1,539) (1,456) Credit to the income statement (P&L) (note 10) (18,468) (22,469) Credit to the income statement (OCI) (note 10) – (309) Fair value at end of year (net) 11,224 31,449 To partially mitigate the interest rate risk that arises as a result of entering into the floating rate debt facilities referred to in note 22, the Group has entered into derivative interest rate swaps and caps. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 136 21. Interest rate derivatives continued A summary of these derivatives as at 30 June 2025 are shown in the table below: Mark to Market Notional amount Premium Paid 30 June 2025 Average Strike Issuer Derivative Type £m £m £m Rate^ Effective Date Maturity Date SMBC Interest Rate Swap £67.0 £6.5 £1.7 2.06% Sep-23 Sep-26 Barclays Interest Rate Cap £96.6 £2.9 £0.7 1.40% Aug-24 Jul-25 SMBC Interest Rate Cap £96.6 £1.4 £1.2 1.40% Jul-25 Jan-26 Wells Fargo Interest Rate Swap £204.3 £22.2 £6.3 2.27% Sep-23 Jul-27 Wells Fargo Interest Rate Swap £3.2 £0.4 £0.1 0.00% Feb -24 Jul-27 SMBC Interest Rate Cap £3.0 £0.4 £0.2 1.82% Nov-23 Jun-27 SMBC Interest Rate Swap £37.5 £0.6 £0.1 3.61% Mar-24 Sep-26 Barclays Interest Rate Cap £90.0 £1.2 £0.9 3.45% May-25 Apr-28 Total £35.6 £11.2 ^ The remaining average strike rate from July to maturity. 99.8% of the Group’s outstanding debt as at 30 June 2025 was hedged through the use of fixed rate debt or financial instruments (30 June 2024: 90%). It is the Group’s target to hedge at least 50% of the Group’s total debt at any time using fixed rate loans or interest rate derivatives. The Group restructured its derivatives during the year to match the changes in its borrowings, the movements in the Group’s fair value derivatives are recognised in the profit and loss. There was one derivative terminated in the year that hedged the Wells Fargo facility and was accounted for under hedge accounting; on derecognition of hedge accounting, the cash flow hedge reserve is recycled to the profit and loss over the remaining term of the Wells Fargo facility. The derivatives have been valued in accordance with IFRS 13 by reference to interbank bid market rates as at the close of business on the last working day prior to each balance sheet date. The fair values are calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The amounts and timing of future cash flows are projected on the basis of the contractual terms. All interest rate derivatives are classified as level 2 in the fair value hierarchy as defined under IFRS 13 and there were no transfers to or from other levels of the fair value hierarchy during the year. 22. Bank borrowings As at As at 30 June 2025 30 June 2024 Amounts falling due within one year: £’000 £’000 Secured debt – 96,560 Less: Unamortised finance costs – (44) Bank borrowings per the consolidated statement of financial position – 96,516 Amounts falling due after more than one year: Secured debt – 186,225 Unsecured debt 606,986 414,981 Less: Unamortised finance costs (3,384) (3,554) Bank borrowings per the consolidated statement of financial position 603,602 597,652 Total bank borrowings 603,602 694,168 ANNUAL REPORT 2025 137 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 22. Bank borrowings continued A summary of the Group’s borrowing facilities as at 30 June 2025 are shown below: Loan Credit Variable/ Total cost of commitment Amount drawn Lender Facility Expiry Margin hedged^ debt £m 30 June 2025 £m HSBC Revolving credit facility Sep 2026 1.70% 4.22% * 5.92% £75.0 £- ING + Term Loan July 2027 1.55% 3.15% 4.70% £75.0 £75.0 Revolving credit ING + facility – Hedged July 2027 1.55% 3.15% 4.70% £21.6 £21.6 Revolving credit ING + facility – Unhedged July 2027 1.55% 4.22% * 5.77% £3.4 £0.9 Syndicate Revolving credit facility July 2027 1.50% 2.23% 3.73% £250.0 £210.5 SMBC Term Loan Sep 2026 1.40% 2.06% 3.46% £67.0 £67.0 SMBC Term Loan Sep 2026 1.55% 3.61% 5.16% £37.5 £37.5 Private Placement + “ Note July 2031 1.72% 2.72% 4.44% £71.1 £71.1 Private Placement + “ Note Feb 2032 1.68% 2.42% 4.10% £33.4 £33.4 Barclays + Term Loan Apr 2028 1.55% 3.45% 5.00% £90.0 £90.0 Total £724.0 £607.0 * SONIA rate as at June ^ Average rate from July to expiry of the debt excluding extension options. “ Drawn in Euro’s and converted at the year-end rate + The new facilities completed during the year were the completion of the two private placement facilities, the ING facilities and the Barclays facility. During the year the Group the following facilities matured or were repaid early: Loan commitment Lender Facility Expiry £m Deka Term Loan Aug 2024 £96.6 BLB Term Loan Mar 2026 £86.9 Wells Fargo Revolving credit facility Jul 2025 £39.0 Syndicate Term Loan Jul 2025 £50.0 Syndicate Term Loan Jul 2026 £50.0 Total £322.5 The Group has been in compliance with all of the financial covenants across the Group’s bank facilities as applicable throughout the periods covered by these financial statements. Any associated fees in arranging the bank borrowings that are unamortised as at the end of the year are offset against amounts drawn under the facility as shown in the table above. Part of the debt is secured by charges over the Group’s investment properties and by charges over the shares of certain Group undertakings, not including the Company itself. There have been no defaults of breaches of any loan covenants during the current year or any prior period. The Group’s borrowings carried at amortised cost are considered to be approximate to their fair value, with the exception of the Private Placements. As at 30 June 2025 the fair value of £104.5 million of private placement notes issued was £105.3 million. Post year end, the Group completed its debut bond issuance with a £250 million sterling-denominated senior unsecured bond with a term of 6 years. The bond bears a coupon of 5.125%. . Including uncommitted extension options. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 138 23. Deferred tax The deferred tax asset relates entirely to unutilised trading losses on the Group’s French resident companies. Year to Year to 30 June 2025 30 June 2024 £’000 £’000 At the start of the year (140) – Deferred tax on unutilised French trading losses (871) (140) Net credit to income statement (note 11) (871) (140) At the end of the year (1,011) (140) Deferred tax has been calculated based on local rates applicable under local legislation substantively enacted at the balance sheet date. No deferred tax asset has been recognised in respect of unrealised capital losses that would be available on disposal of the properties at a loss at the current market value as it is considered there would not be additional French properties to benefit against the capital loss. 24. Categories of financial instruments As at As at 30 June 2025 30 June 2024 £’000 £’000 Financial assets Financial assets at amortised cost: Financial asset arising from sale and leaseback transaction 11,235 11,023 Cash and cash equivalents 95,281 38,691 Trade and other receivables 118,148 11,023 Financial assets at fair value: Interest rate derivative 11,224 31,449 Total financial assets 235,888 92,186 Financial liabilities Financial liabilities at amortised cost: Secured debt – 281,635 Unsecured debt 603,602 412,533 Trade and other payables (note 20) 20,730 18,634 Total financial liabilities 624,332 712,802 At the year end, all financial assets and liabilities were measured at amortised cost except for the interest rate derivatives which are measured at fair value. The interest rate derivative valuation is classified as ‘level 2’ in the fair value hierarchy as defined in IFRS 13 and its fair value was calculated using the present values of future cash flows, based on market forecasts of interest rates and adjusted for the credit risk of the counterparties. The carrying value of the financial assets and liabilities at amortised cost approximate their fair value with the exception of the Private Placements. As at 30 June 2025 the fair value of £104.5 million of private placement notes issued was £105.3 million. Financial risk management Through the Group’s operations and use of debt financing it is exposed to certain risks. The Group’s financial risk management objective is to minimise the effect of these risks, for example by using interest rate cap and interest rate swap derivatives to partially mitigate exposure to fluctuations in interest rates, as described in note 21. The exposure to each financial risk considered potentially material to the Group, how it arises and the policy for managing it is summarised below. Market risk - Interest rate risk Market risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group’s market risk arises from open positions in interest bearing assets and liabilities, to the extent that these are exposed to general and specific market movements. ANNUAL REPORT 2025 139 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 24. Categories of financial instruments continued The Group’s interest-bearing financial instruments comprise cash and cash equivalents and bank borrowings. 99.8% of the borrowings are hedged and therefore at a fixed rate. Changes in market interest rates therefore effects the value of the derivatives for the hedged debt and for the unhedged portion it affects the Group’s finance income and costs. The Group’s sensitivity to changes in interest rates, calculated on the basis of a ten-basis point increase in the three-month SONIA daily rate/ EURIBOR, was as follows: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Increase in profit 727 1,187 Effect on other comprehensive income and equity – – Trade and other receivables and payables are interest free as long as they are paid in accordance with their terms, and have payment terms of less than one year, so it is assumed that there is no material market risk associated with these financial instruments. Loans to joint ventures within trade and other receivables are at a fixed percentage rate so no material market risk associated with these financial instruments. Market risk - currency risk The Group prepares its financial statements in Sterling. 6% of the Group’s Investment Properties are denominated in Euros and as a result the Group is subject to foreign currency exchange risk. This risk is partially hedged because within the Group’s French operations, rental income, interest costs and the majority of both assets and liabilities are Euro denominated. An unhedged currency risk remains on the value of the Group’s net investment in, and net returns from, its French operations. The Group’s sensitivity to changes in foreign currency exchange rates, calculated on a 10% increase in average and closing Sterling rates against the Euro, was as follows, with a 10% decrease having the opposite effect: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Decrease in net assets (615) (580) Increase in profit/(loss) for the year (614) (584) Market risk - inflation Inflation risk arises from the impact of inflation on the Group’s income and expenditure. The majority of the Group’s passing rent at 30 June 2025 is subject to inflation-linked rent reviews. Consequently, the Group is exposed to movements in the Retail Prices Index (“RPI”), which is the relevant inflation benchmark. However, all UK inflation-linked provisions provide those rents will only be subject to upwards review with an average cap of 4% and never downwards. As a result, 94% of the Group's income is not exposed to a fall in rent in deflationary conditions. The Group's French assets are subject to uncapped rent reviews, both upwards and downwards, however only represent 6% of the Group's rent roll. The Group does not expect inflation risk to have a material effect on the Group’s administrative expenses. Credit risk Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations. The principal counterparties are the Group’s tenants (in respect of rent receivables arising under operating leases) and banks (as holders of the Group’s cash deposits). The credit risk of rent receivables is considered low because the counterparties to the operating leases are considered by the Board to be high-quality tenants and any lease guarantors are of appropriate financial strength. Rent collection dates and statistics are monitored to identify any problems at an early stage, and if necessary rigorous credit control procedures will be applied to facilitate the recovery of rent receivables. The credit risk on cash deposits is limited because the counterparties are banks with credit ratings which are acceptable to the Board and are kept under review each quarter. Liquidity risk Liquidity risk arises from the Group’s management of working capital and the finance costs and principal repayments on its secured debt. It is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group seeks to manage its liquidity risk by ensuring that sufficient cash is available to meet its foreseeable needs. These liquidity needs are relatively modest and are capable of being satisfied by the surplus available after rental receipts have been applied in payment of interest as required by the credit agreement relating to the Group’s secured debt. Before entering into any financing arrangements, the Board assesses the resources that are expected to be available to the Group to meet its liabilities when they fall due. These assessments are made on the basis of both base case and downside scenarios. The Group prepares detailed management accounts which are reviewed by the Board at least quarterly to assess ongoing liquidity requirements and compliance with loan covenants. The Board also keeps under review the maturity profile of the Group’s cash deposits in order to have reasonable assurance that cash will be available for the settlement of liabilities when they fall due. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 140 24. Categories of financial instruments continued The following table shows the maturity analysis for financial assets and liabilities. The table has been drawn up based on the undiscounted cash flows of non-derivative financial instruments, including future interest payments, based on the earliest date on which the Group can be required to pay and assuming that the SONIA daily and EURIBOR rate remains at the 30 June 2025 rate. Interest rate derivatives are shown at fair value and not at their gross undiscounted amounts as they are not materially different. Less than One to Two to More than one year two years five years five years Total As at 30 June 2025 £’000 £’000 £’000 £’000 £’000 Financial assets: Cash and cash equivalents 95,281 – – – 95,281 Trade and other receivables 118,148 – – – 118,148 Financial asset at amortised cost 290 290 984 74,274 75,838 Interest rate derivatives 8,091 3,046 87 – 11,224 Total financial assets 221,810 3,336 1,071 74,274 300,491 Financial liabilities: Bank borrowings 25,867 126,977 415,627 110,108 678,579 Trade and other payables 20,730 – – – 20,730 Total financial liabilities 46,597 126,977 415,627 110,108 699,309 Less than One to Two to More than one year two years five years five years Total As at 30 June 2024 £’000 £’000 £’000 £’000 £’000 Financial assets: Cash and cash equivalents 38,691 – – – 38,691 Trade and other receivables 11,023 – – – 11,023 Financial asset at amortised cost 290 290 946 74,602 76,128 Interest rate derivatives 15,708 12,209 3,532 – 31,449 Total financial assets 65,712 12,499 4,478 74,602 157,291 Financial liabilities: Bank borrowings 119,810 186,374 443,364 – 749,548 Trade and other payables 17,589 – – 1,045 18,634 Total financial liabilities 137,399 186,374 443,364 1,045 768,182 Capital risk management The Board’s primary objective when monitoring capital is to preserve the Group’s ability to continue as a going concern, while ensuring it remains within its debt covenants so as to safeguard secured assets and avoid financial penalties. Bank borrowings on secured facilities are secured on the Group’s property portfolio by way of fixed charges over property assets and over the shares in the property-owning subsidiaries and any intermediary holding companies of those subsidiaries. At 30 June 2025, the capital structure of the Group consisted of bank borrowings (note 22), cash and cash equivalents, and equity attributable to the Shareholders of the Company (comprising share capital, retained earnings and the other reserves referred to in notes 25 to 27). In managing the Group’s capital structure, the Board considers the Group’s cost of capital. In order to maintain or adjust the capital structure, the Group keeps under review the amount of any dividends or other returns to Shareholders and monitors the extent to which the issue of new shares or the realisation of assets may be required. ANNUAL REPORT 2025 141 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 24. Categories of financial instruments continued Reconciliation of financial liabilities relating to financing activities Interest and Total bank commitment Interest rate borrowings fees payable derivatives Total £’000 £’000 £’000 £’000 As at 1 July 2024 694,168 8,137 (31,449) 670,856 Cash flows: Debt drawdowns in the year 371,305 – – 371,305 Debt repayments in the year (463,635) – – (463,635) Interest and commitment fees paid – (45,073) – (45,073) Loan arrangement fees paid (2,156) – – (2,156) Interest rate premium paid – – (1,169) (1,169) Interest rate derivative disposal – – 3,249 3,249 Non-cash movements: Accrued interest in the period – – (2,237) (2,237) Finance costs in the statement of comprehensive income 2,369 44,304 18,468 65,141 Finance income in the statement of comprehensive income – – 18,468 18,468 Fair value changes – – 1,914 1,914 Foreign exchange movement 1,551 – – 1,551 As at 30 June 2025 603,602 7,368 (11,224) 599,746 As at 1 July 2023 667,465 6,837 (57,583) 616,719 Cash flows: Debt drawdowns in the year 217,560 – – 217,560 Debt repayments in the year (191,077) – – (191,077) Interest and commitment fees paid – (36,305) – (36,305) Loan arrangement fees paid (1,318) – – (1,318) Interest rate premium paid – – (45,364) (45,364) Interest rate derivative disposal – – 38,482 38,482 Non-cash movements: Finance costs in the statement of comprehensive income 2,403 37,605 22,778 62,786 Finance income in the statement of comprehensive income – – 22,778 22,778 Fair value changes – – 10,238 10,238 Foreign exchange movement (865) – – (865) As at 30 June 2024 694,168 8,137 (31,449) 670,856 The interest and commitment fees payable are included within the corporate accruals balance in note 20. Cash flow movements are included in the consolidated statement of cash flows and the non-cash movements are included in note 10. The movements in the interest rate derivative financial liabilities can be found in note 21. 25. Share capital Share Ordinary Shares Share premium of 1 pence capital reserve Number £’000 £’000 As at 1 July 2024 1,246,239,185 12,462 500,386 Dividend paid in the period (note 13) – – – As at 30 June 2025 1,246,239,185 12,462 500,386 As at 1 July 2023 1,246,239,185 12,462 500,386 Dividend paid in the period (note 13) – – – As at 30 June 2024 1,246,239,185 12,462 500,386 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 142 26. Cash flow hedge reserve Year to Year to 30 June 2025 30 June 2024 £’000 £’000 At start of the period 1,539 3,304 Recycled comprehensive income to profit and loss (1,539) (1,154) Cash flow hedge reserve taken to profit or loss for the period on disposal of interest rate derivatives – – Fair value movement of interest rate derivatives in effective hedges – (611) At the end of the period – 1,539 During the prior period, a previously hedge accounted derivative in relation to the Wells Fargo facility was terminated. The residual balance of the derivative was recycled to the income statement over the remaining period of the Wells Fargo facility to repayment in May 2025. 27. Reserves The nature and purpose of each of the reserves included within equity at 30 June 2025 are as follows: • Share premium reserve: represents the surplus of the gross proceeds of share issues over the nominal value of the shares, net of the direct costs of equity issues. • Cash flow hedge reserve: represents cumulative gains or losses, net of tax, on effective cash flow hedging instruments. • Capital reduction reserve: represents a distributable reserve created following a Court approved reduction in capital less dividends paid. • Retained earnings represent cumulative net gains and losses recognised in the statement of comprehensive income. • Other reserves represents cumulative gains or losses, net of tax, of foreign currency exchange rate differences recognised in a period as other comprehensive income. • Share-based payment reserve represents the recognition of the value of services from employees in exchange for its own equity instruments. The only movements in these reserves during the year are disclosed in the consolidated statement of changes in equity. 28. Capital commitments The Group had no capital commitments outstanding as at 30 June 2025 and 30 June 2024. 29. Operating leases The Group’s principal assets are investment properties which are leased to third parties under non-cancellable operating leases. The leases contain predominately fixed or inflation-linked uplifts. The future minimum lease payments receivable under the Group’s leases, are as follows: As at As at 30 June 2025 30 June 2024 £’000 £’000 Year 1 86,710 112,127 Year 2 85,800 111,887 Year 3 85,510 111,048 Year 4 84,997 108,241 Year 5 83,908 106,936 Year 6-10 394,251 475,626 Year 11-15 236,486 281,725 Year 16-20 44,729 62,285 Year 21-25 17,375 20,626 More than 25 years 9,649 9,998 Total 1,129,415 1,400,499 ANNUAL REPORT 2025 143 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 30. Net asset value per share NAV per share is calculated by dividing the Group’s net assets as shown in the consolidated statement of financial position, by the number of ordinary shares outstanding at the end of the year. As the LTIPs issued during the year are dilutive instruments, we show the effect of these in diluted NAV per share. The Group uses EPRA Net Tangible Assets as the most meaningful measure of long-term performance and the measure which is being adopted by the majority of UK REITs, establishing it as the industry standard benchmark. It excludes items that are considered to have no impact in the long-term, such as the fair value of derivatives. NAV and EPRA NTA per share calculation are as follows: As at As at 30 June 2025 30 June 2024 £’000 £’000 Net assets per the consolidated statement of financial position 1,103,252 1,119,474 Fair value of interest rate derivatives (note 21) (11,224) (31,449) Fair value of financial assets at amortised cost (3,955) (3,493) EPRA NTA 1,088,073 1,084,532 Ordinary shares in issue at 30 June -Basic 1,246,239,185 1,246,239,185 Ordinary shares in issue at 30 June - Diluted 1,248,570,767 1,246,239,185 NAV per share - Basic (pence) 88.5p 89.8p NAV per share - diluted (pence) 88.4p 89.8p EPRA NTA per share (pence) 87.1p 87.0p 31. Transactions with related parties Details of the related parties to the Group in the year and the transactions with these related parties were as follows: a. Directors Directors’ fees and salaries The table below shows the remuneration per annum for the roles performed by the Board as at 30 June 2025: Robert Michael Jon Roger Frances Nick Vince Sapna Cathryn Role Abraham Perkins Austen Blundell Davies Hewson Prior Shah Vanderspar £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Chair of Board of Directors – – – – – 150 – – – Director – – 60 60 60 – 60 60 60 Audit and Risk Committee Chair – – 10 – – – – – – Nomination Committee Chair – – – – – – – 10 – Senior Independent Director – – – – – – – 10 – Remuneration Committee Chair – – – – – – – – 10 ESG Committee Chair – – – – 10 – – – – Management Engagement Committee Chair – – – – – – 10 – – Chief Executive Officer^ 405 – – – – – – – – Chief Financial Officer^ – 297 – – – – – – – ** Receive Director salaries rather than Non-Executive fee From July , the Management Engagement Committee was disbanded ^Appointed March NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED SUPERMARKET INCOME REIT PLC 144 31. Transactions with related parties continued The table below shows the total remuneration received by each member of the Board for the year ended 30 June 2025: Year to Year to 30 June 2025 30 June 2024 £’000 £’000 Nick Hewson 97 75 Jon Austen 66 62 Vince Prior 62 61 Cathryn Vanderspar 62 58 Frances Davies 62 58 Sapna Shah 68 58 Roger Blundell 27 – Robert Abraham^ 105 – Michael Perkins^ 77 – * Appointed January ^ Appointed March The total remuneration payable to the Directors in respect of the current year and previous year are disclosed in note 8. Directors’ interests Details of the direct and indirect interests of the Directors and their close families in the ordinary shares of one pence each in the Company at 30 June 2025 were as follows: • Nick Hewson: 1,405,609 shares (0.11% of issued share capital) • Jon Austen: 305,339 shares (0.02% of issued share capital) • Vince Prior: 213,432 shares (0.02% of issued share capital) • Cathryn Vanderspar: 125,802 shares (0.01% of issued share capital) • Frances Davies: 36,774 shares (0.00% of issued share capital) • Sapna Shah: 118,862 shares (0.01% of issued share capital) • Roger Blundell: 100,000 shares (0.01% of issued share capital) • Robert Abraham: 162,213 shares (0.01% of issued share capital) • Michael Perkins: 14,911 shares (0.00% of issued share capital) Details of the direct and indirect interest of the Directors and their close families in the ordinary shares of one pence each in the Company at the date of signing the accounts were as follows: • Nick Hewson: 1,446,609 shares (0.12% of issued share capital) • Jon Austen: 305,339 shares (0.02% of issued share capital) • Vince Prior: 213,432 shares (0.02% of issued share capital) • Cathryn Vanderspar: 125,802 shares (0.01% of issued share capital) • Frances Davies: 36,774 shares (0.00% of issued share capital) • Sapna Shah: 182,807 (0.01% of issued share capital) • Roger Blundell: 100,000 shares (0.01% of issued share capital) • Robert Abraham: 162,213 shares (0.01% of issued share capital) • Michael Perkins: 14,911 shares (0.00% of issued share capital) b. Investment Adviser Investment advisory and accounting fees The investment adviser to the Group, Atrato Capital Limited (the “Investment Adviser”), is entitled to certain advisory fees under the terms of the Investment Advisory Agreement (the “Agreement”) dated 14 July 2021. On the 25 March 2025 the Company announced the Internalisation of the management function from which date Atrato Capital Limited no longer served as the Investment Adviser. The entitlement of the Investment Adviser to advisory fees was by way of what are termed ‘Monthly Management Fees’ and ‘Semi-Annual Management Fees’ both of which are calculated by reference to the net asset value of the Group at particular dates, as adjusted for the financial impact of certain investment events and after deducting any uninvested proceeds from share issues up to the date of the calculation of the relevant fee (these adjusted amounts are referred to as ‘Adjusted Net Asset Value’ for the purpose of calculation of the fees in accordance with the Agreement). Until the Adjusted Net Value of the Group exceeds £1,500 million, the entitlements to advisory fees can be summarised as follows: • Monthly Management Fee payable monthly in arrears: 1/12th of 0.7125% per calendar month of Adjusted Net Asset Value up to or equal to £500 million, 1/12th of 0.5625% per calendar month of Adjusted Net Asset Value above £500 million and up to or equal to £1,000 million and 1/12th of 0.4875% per calendar month of Adjusted Net Asset Value above £1,000 and up to or equal to £1,500 million. • Semi-Annual Management Fee payable semi-annually in arrears: 0.11875% of Adjusted Net Asset Value up to or equal to £500 million, 0.09375% of Adjusted Net Asset Value above £500 million and up to or equal to £1,000 million and 0.08125% of Adjusted Net Asset Value above £1,000 million and up to or equal to £1,500 million. ANNUAL REPORT 2025 145 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 31. Transactions with related parties continued During the period the Group agreed with the Investment Adviser to move the basis of the management fee calculation from net asset value to market capitalisation, effective from 1 July 2025. The current fee thresholds and rates applied to the net asset value are retained in the new agreement. The new agreement provides that 100% of the management fee will be paid monthly such that there is no semi-annual management fee. Atrato Group was also to provide the following services as part of the new agreements: Service Fees per annum Payment services £150,000 AIFM £135,000 Company Secretarial £250,000 Due to the internalisation Atrato Group did not provide the services or receive fees in respect of AIFM and payment services. For the period 1 July 2024 to 25 March 2025 the total fees payable to Atrato Group were £27,593,032 (2024: £9,472,218) of which £nil (2024: £1,745,960) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2025. £20,800,000 related to amounts payable to Atrato Group for the Internalisation of the management function as follows: • Termination of the Investment Advisory agreements - £19,700,000 • Termination of AIFM agreement - £300,000 • Transitional services - £800,000 The Investment Adviser was also entitled to an annual accounting and administration service fee equal to: £54,107; plus (i) £4,386 for any indirect subsidiary of the Company and (ii) £1,702 for each direct subsidiary of the Company. A full list of the Company and its direct and indirect subsidiary undertakings is listed in Note 15 of these financial statements. For the period from 1 July 2024 to 25 March 2025 the total accounting and administration service fee payable to the Investment Adviser was £250,353 (2024: £363,869) of which £88,801 (2024: £91,950) is included in trade and other payables in the consolidated statement of financial position as at 30 June 2025. For the period from 1 July 2024 to 25 March 2025 the total Company Secretarial fees payable to the Investment Advisor were: £63,401 which was outstanding as at the year end. Introducer Services Atrato Partners, an affiliate of the Investment Adviser, was entitled to fees in relation to the successful introduction of prospective investors in connection with subscriptions for ordinary share capital in the Company. The entitlement of the Investment Adviser to introducer fees is by fees and/or commission which can be summarised as follows: • Commission basis: 1% of total subscription in respect of ordinary shares subscribed for by any prospective investor introduced by Atrato Partners. For the period to 25 March 2025 the total introducer fees payable to the affiliate of the Investment Adviser were £nil (2024: £nil). Charitable donations The Company approved a policy to make charitable donations of £150,000 per annum. During the year £180,000 was approved by the Board and paid during the year (2024: £120,000). The donations will be made to the Atrato Foundation, a corporate charity registered with the Charity Commission and Companies House, whose Trustees are Robert Abraham, Michael Carey (a Managing Director at Atrato Group) and Natalie Markham (CFO at Atrato Group). The donations will be made in the form of a restricted grant, the funds will be directed to charitable causes specified by the Board of the Company. For further information on the Company’s charitable activities, please refer to page 11. Joint Venture On 16 May 2025, the Group entered into a joint venture agreement with Blue Owl, for full details please see Note 16. 32. Subsequent events In July 2025, the Group announced the acquisition of a Tesco store in Ashford for a purchase price of £54.1 million (excluding acquisition costs) and a net initial yield of 7.0%. In July 2025, the Group completed its debut issuance of a £250 million sterling-denominated senior unsecured bond with a term of 6 years. The bonds bear a coupon on 5.125% and were priced at a spread of 115 basis points over the relevant benchmark. In August 2025, the Group completed the acquisition of a Waitrose in Anglesey, Wales for a purchase price of £4.8 million (excluding acquisition costs) and a net initial yield of 6.1%. SUPERMARKET INCOME REIT PLC 146 Registered number: 10799126 Notes As at 30 June 2025 £’000 As at 30 June 2024 £’000 Non-current assets Investments in subsidiaries D 1,264,128 1,139,114 Intercompany receivables 669,239 491,566 Interest rate derivatives 3,133 14,312 Total non-current assets 1,936,500 1,644,992 Current assets Interest rate derivatives 8,091 13,258 Trade and other receivables E 1,572 4,013 Cash and cash equivalents F 54,335 382 Total current assets 63,998 17,653 Total assets 2,000,498 1,662,645 Current liabilities Trade and other payables G 391,194 227,194 Total current liabilities 391,194 227,194 Non-Current liabilities Bank borrowings H 603,729 412,533 Total liabilities 994,923 639,727 Total net assets 1,005,575 1,022,918 Equity Share capital I 12,462 12,462 Share premium reserve 500,386 500,386 Capital reduction reserve 553,113 629,196 Accumulated losses (60,386) (119,126) Total equity 1,005,575 1,022,918 The notes on pages 148 to 150 form part of these financial statements. The Company has taken advantage of the exemption within section 408 of the Companies Act 2006 not to present its own profit and loss account. The profit for the year dealt with the financial statements of the Company was £58,740,000 (2024: loss £18,272,000). As at 30 June 2025 the Company has distributable reserves of £493.0 million (2024: £510.0 million). The Company financial statements were approved and authorised for issue by the Board of Directors on 16 September 2025 and were signed on its behalf by Nick Hewson Chair COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 ANNUAL REPORT 2025 147 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025 Share capital £’000 Share premium reserve £’000 Capital reduction reserve £’000 Accumulated losses £’000 Total £’000 As at 1 July 2024 12,462 500,386 629,196 (119,126) 1,022,918 Profit and total comprehensive income for the year - - - 58,740 58,740 Transactions with owners Interim dividends paid - - (76,083) - (76,083) As at 30 June 2025 12,462 500,386 553,113 (60,386) 1,005,575 As at 1 July 2023 12,462 500,386 704,531 (100,854) 1,116,525 Loss and total comprehensive income for the year – – – (18,272) (18,272) Transactions with owners Interim dividends paid – – (75,335) – (75,335) As at 30 June 2024 12,462 500,386 629,196 (119,126) 1,022,918 SUPERMARKET INCOME REIT PLC 148 NOTES TO THE COMPANY FINANCIAL STATEMENTS A. Basis of preparation The Company’s financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland. The principal accounting policies relevant to the Company are as follows: • Investments in subsidiaries are recognised at cost less provision for any impairment • Loans and receivables are recognised initially at fair value plus transaction costs less provision for impairment • Trade payables are recognised initially at fair value and subsequently at amortised cost • Equity instruments are recognised as the value of proceeds received net of direct issue costs • Dividends are recognised as a financial liability and deduction from equity in the period in which they are declared In preparing the Company’s financial statements, advantage has been taken of the following disclosure exemptions available in FRS 102: • No cash flow statement has been presented • Disclosures in respect of the Company’s financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group • No reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as it is identical to the reconciliation for the Group shown in note 25 to the Group financial statements • No disclosure has been given for the aggregate remuneration of the key management personnel of the Company as their remuneration is shown in note 8 to the Group financial statements In the year to 30 June 2025, the Company intends to continue to use these disclosure exemptions unless objections are received from Shareholders. B. Significant accounting judgements, estimates and assumptions In preparing the financial statements of the Company, the Directors have made the following judgements: • Determine whether there are any indicators of impairment of the investments in subsidiary undertakings. Factors taken into consideration in reaching such a decision include the financial position and expected future performance of the subsidiary entity. Where indicators of impairment are identified the carrying value of investments in subsidiaries will be compared to their recoverable amount and an impairment charge recognised where this is lower than carrying value. The net asset value of the individual subsidiary entities is considered to be a reasonable proxy for fair value less costs to sell as the underlying investment properties held within these entities is carried at fair value. C. Auditor’s remuneration The remuneration of the auditor in respect of the audit of the Company’s consolidated and individual financial statements for the year was £503,000 (2024: £292,150). Fees payable for audit and non-audit services provided to the Company and the rest of the Group are disclosed in note 7 to the Group financial statements. D. Investment in subsidiary undertakings The Company’s wholly owned direct subsidiaries are: • Supermarket Income Investments UK Limited • Supermarket Income Investments (Midco2) UK Limited • Supermarket Income Investments (Midco3) UK Limited • Supermarket Income Investments (Midco4) UK Limited • SII UK Halliwell (Midco) Limited • Supermarket Income Investments UK (Midco 6) Limited • Supermarket Income Investments UK (Midco7) Limited • Supermarket Income Investments UK (Midco 8) Limited • Supermarket Income Investments UK (Midco 9) Limited • Supermarket Income Investments UK (Midco 10) Limited • SUPR Finco Limited • SUPR Green Energy Limited • SUPR Management Limited All of which are incorporated and operating in England with a registered address of 3 rd Floor, 10 Bishops Square, London E1 6EG, except for Supermarket Income Investments UK (Midco 10) Limited which is incorporated in Jersey. The full list of subsidiary entities directly and indirectly owned by the Company is disclosed in note 15 to the Consolidated Financial Statements. ANNUAL REPORT 2025 149 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS The movement in the year was as follows: Year to 30 June 2025 £’000 Opening balance 1,139,114 Additions 182,216 Disposals (11,434) Closing balance 1,309,896 Impairments of investments in subsidiaries (45,768) As at 30 June 2025 1,264,128 Non-current Loans receivable 669,239 Closing balance as at 30 June 2025 1,933,367 During the year and prior year, a number of the Company’s subsidiaries undertook buybacks of their own shares. The proceeds of these buybacks were left outstanding as intercompany loans provided by the Company to the respective subsidiaries. These transactions are responsible for the increase in the Company’s intercompany loan receivable balance as at 30 June 2025. Year to 30 June 2024 £’000 Opening balance 1,564,226 Additions 1 Disposals (359,865) Closing balance 1,204,362 Impairments of investments in subsidiaries (65,248) As at 30 June 2024 1,139,114 Non-current Loans receivable 491,566 Closing balance as at 30 June 2024 1,630,680 An impairment of investments in subsidiaries was recognised during both the current and previous year following the payment of upstream dividends to the Company. Following the payment of dividends, the net assets of certain dividend paying subsidiaries no longer support the carrying value of the Company’s investment in those entities and thus an impairment charge was recognised to bring the carrying value of the investments in line with the recoverable amount, which was also considered to be its value in use. E. Trade and other receivables As at 30 June 2025 £’000 As at 30 June 2024 £’000 Intercompany receivables 568 3,645 Prepayments and accrued income 246 209 VAT receivable 758 159 Total trade and other receivables 1,572 4,013 F. Cash and cash equivalent As at 30 June 2025 £’000 As at 30 June 2024 £’000 Cash and cash equivalents 54,335 382 Total cash and cash equivalent 54,335 382 Included in cash and cash equivalents is an amount of £54.1 million (2024: £nil) held in a client account by external legal counsel in advance of a potential acquisition. SUPERMARKET INCOME REIT PLC 150 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED G. Trade and other payables As at 30 June 2025 £’000 As at 30 June 2024 £’000 Trade creditors 356 2,120 Corporate accruals 10,949 6,491 Intercompany payables 379,889 218,583 Total trade and other payables 391,194 227,194 H. Bank Borrowings Amounts falling due after more than one year: As at 30 June 2025 £’000 As at 30 June 2024 £’000 Unsecured debt 606,986 414,981 Less: Unamortised finance costs (3,257) (2,448) Bank borrowings per the Company’s statement of financial position 603,729 412,533 Total bank borrowings 603,729 412,533 Any associated fees in arranging the bank borrowings that are unamortised as at the end of the year are offset against amounts drawn under the facility as shown in the table above. Details of the bank borrowings of the Company are disclosed in note 22 to the Group financial statements. I. Share capital Details of the share capital of the Company are disclosed in note 25 to the Group financial statements. J. Related party transactions Details of related party transactions are disclosed in note 31 to the Group financial statements. ANNUAL REPORT 2025 151 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS UNAUDITED SUPPLEMENTARY INFORMATION Notes to EPRA and other Key Performance Indicators 1. EPRA Earnings and Adjusted Earnings per Share For the period from 1 July 2024 to 30 June 2025 Net profit attributable to ordinary Shareholders £’000 Weighted average number of ordinary shares 1 Number Earnings/ per share Pence Net profit attributable to ordinary Shareholders 61,528 1,246,239,185 4.9 Adjustments to remove: Changes in fair value of investment properties and associated rent guarantees (28,001) – (2.2) Loss on disposal of investment properties 1,327 – 0.1 Changes in fair value of interest rate derivatives measured at FVTPL 18,842 – 1.5 Group share of changes in fair value of joint venture investment properties (468) – (0.0) Deferred Tax (871) – (0.1) Non-operating and exceptional items: Termination fee 20,800 – 1.7 Internalisation costs 634 – 0.1 Restructuring costs in relation to the acceleration of unamortised arrangement fees 236 – 0.0 Fees for listing on JSE 192 – 0.0 EPRA earnings (Basic) 74,219 1,246,239,185 6.0 EPRA earnings (Diluted) 74,219 1,246,328,616 6.0  Based on the weighted average number of ordinary shares in issue in the year ended  June  both basic and diluted. Dilutive instruments are in relation to the expected shares to vest as at the period end under the LTIP. For the period from 1 July 2023 to 30 June 2024 Net loss attributable to ordinary Shareholders £’000 Weighted average number of ordinary shares 2 Number Earnings/ per share Pence Net loss attributable to ordinary Shareholders (21,184)1,246,239,185 (1.7) Adjustments to remove: Changes in fair value of investment properties and associated rent guarantees 65,825 – 5.3 Changes in fair value of interest rate derivatives measured at FVTPL 31,251 – 2.5 Deferred Tax (140) – – Non-cash write down of loan arrangement fees in respect of loan restructuring 70 – – EPRA earnings 75,822 1,246,239,185 6.1  Based on the weighted average number of ordinary shares in issue in the year ended  June . 2. EPRA NTA per share EPRA NTA is considered to be the most relevant measure for the Group and is now the primary measure of net assets, replacing the previously reported EPRA Net Asset Value metric. For the current period EPRA NTA is calculated as net assets per the consolidated statement of financial position excluding the fair value of interest rate derivatives. 30 June 2025 EPRA NTA £’000 EPRA NRV £’000 EPRA NDV £’000 IFRS NAV attributable to ordinary Shareholders 1,103,252 1,103,252 1,103,252 Fair value of Financial asset held at amortised cost (3,955) (3,955) (3,955) Fair value of interest rate derivatives (11,224) (11,224) – Purchasers’ costs – 110,531 – Fair value of debt – – (799) EPRA metric 1,088,073 1,198,604 1,098,498 Diluted Shares – 1,248,570,767 – EPRA metric per share 87.1p 96.0p 88.0p SUPERMARKET INCOME REIT PLC 152 UNAUDITED SUPPLEMENTARY INFORMATION CONTINUED 2. EPRA NTA per share continued 30 June 2024 EPRA NTA £’000 EPRA NRV £’000 EPRA NDV £’000 IFRS NAV attributable to ordinary Shareholders 1,119,474 1,119,474 1,119,474 Fair value of interest rate derivatives (31,449) (31,449) – Fair value of Financial asset held at amortised cost (3,493) (3,493) (3,493) Purchasers’ costs – 120,239 – Fair value of debt – – 149 EPRA metric 1,084,532 1,204,771 1,116,130 EPRA metric per share 87.0p 96.7p 89.6p 3. EPRA Net Initial Yield (NIY) and EPRA “topped up” NIY As at 30 June 2025 £’000 As at 30 June 2024 £’000 Investment Property – wholly owned (note 14) 1,415,819 1,768,216 Investment Property – share of joint ventures 202,350 – Completed Property Portfolio 1,618,169 1,768,216 Allowance for estimated purchasers’ costs 110,531 120,239 Grossed up completed property portfolio valuation (B) 1,728,700 1,888,455 Annualised passing rental income – wholly owned 87,629 112,338 Annualised passing rental income – Share of joint venture 14,613 – Annualised non-recoverable property outgoings (1,621) (1,116) Annualised net rents (A) 100,621 111,222 Rent expiration of rent-free periods and fixed uplifts 433 440 Topped up annualised net rents (C) 101,054 111,662 EPRA NIY (A/B) 5.82% 5.89% EPRA “topped up” NIY (C/B) 5.85% 5.91% All rent free periods expire within the year to  June  4. EPRA Vacancy Rate As at 30 June 2025 £’000 As at 30 June 2024 £’000 Estimated rental value of vacant space 331 591 Estimated rental value of the whole portfolio 103,006 113,660 EPRA Vacancy Rate 0.3% 0.5% The EPRA vacancy rate is calculated as the ERV of the unrented, lettable space as a proportion of the total rental value of the direct Investment Property portfolio. This is expected to continue to be a highly immaterial percentage as the majority of the portfolio is let to the largest supermarket operators in the UK. ANNUAL REPORT 2025 153 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 5. EPRA Cost Ratio As at 30 June 2025 £’000 As at 30 June 2024 £’000 Administration expenses per IFRS 14,469 15,218 Service charge income (9,044) (6,822) Service charge costs 9,819 7,441 Net Service charge costs 775 619 Share of joint venture expenses 130 – Less: Management fees (305) – Total costs (including direct vacant property costs) (A) 15,069 15,837 Vacant property costs (744) (331) Total costs (excluding direct vacant property costs) (B) 14,325 15,506 Gross rental income per IFRS 114,009 107,851 Less: service charge components of gross rental income – Add: Share of Gross rental income from Joint Ventures 1,799 – Gross rental income (C) 115,808 107,851 EPRA Cost ratio (including direct vacant property costs) (A/C) 13.0% 14.7% EPRA Cost ratio (excluding vacant property costs) (B/C) 12.4% 14.4% . The Company does not have any overhead costs capitalised as it has no assets under development. SUPERMARKET INCOME REIT PLC 154 UNAUDITED SUPPLEMENTARY INFORMATION CONTINUED 6. EPRA LTV As at 30 June 2025 £’000 As at 30 June 2024 £’000 Group Net Debt Borrowings from financial institutions 603,602 694,168 Net payables – 34,832 Less: Cash and cash equivalents (95,281) (38,691) Group Net Debt Total (A) 508,321 690,309 Group Property Value Investment properties at fair value 1,415,819 1,768,216 Intangibles – – Net receivables 77,367 – Financial assets 11,235 11,023 Total Group Property Value (B) 1,504,421 1,779,239 Group LTV (A/B) 33.79% 38.80% Share of Joint Ventures Debt Bond loans – – Net payables 113,585 – Less: Cash and cash equivalents (5,655) – JV Net Debt Total (A) 107,930 – Group Property Value Owner-occupied property Investment properties at fair value 202,350 – Total JV Property Value (B) 202,350 – JV LTV (A/B) 53.34% 0.00% Combined Net Debt (A) 616,251 690,309 Combined Property Value (B) 1,706,771 1,779,239 Combined LTV (A/B) 36.11% 38.80% 7. EPRA Like-for-Like Rental Growth Year ended 30 June 2025 £’000 Year ended 30 June 2024 £’000 Like-for-Like rental growth % Like for like – net rental income 83,284 81,369 2.4% Properties acquired 9,779 1,565 – Properties sold 20,171 23,855 – Net rental income before surrender premium 113,234 106,789 – Surrender premiums – 443 – Net rental income 113,234 107,232 5.6% The like-for-like rental growth is based on changes in net rental income for those properties which have been held for the duration of both the current and comparative reporting. This represents a portfolio valuation, as assessed by the valuer of . billion ( June : . billion). ANNUAL REPORT 2025 155 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS 8. EPRA Property Related Capital Expenditure Group As at 30 June 2025 £’000 As at 30 June 2024 £’000 Acquisitions 81,785 145,834 Development 365 380 Investment properties – – Group Total CapEx 82,150 146,214 Joint Venture Acquisitions – – Development – – Investment properties – – Joint Venture CapEx – – Total CapEx 82,150 146,214 Acquisitions relate to purchase of investment properties in the year and includes capitalised acquisition costs. Development relates to capitalised costs in relation to development expenditure on the property portfolio. 9. Total Shareholder Return Total Shareholder Return Average net return at end of the year (Pence) Average net return at start of the year (Pence) Movement (Pence) Total Shareholder Return % 30 June 2025 133.72 107.86 25.86 24.0% 30 June 2024 107.86 106.01 1.85 1.8% 10. Net loan to value ratio The proportion of our gross asset value that is funded by borrowings calculated as statement of financial position borrowings less cash balances divided by total investment properties valuation including share of Joint Venture. Net loan to value As at 30 June 2025 £’000 As at 30 June 2024 £’000 Bank borrowings 603,602 694,168 Less cash and cash equivalents (100,936) (38,691) Net borrowings 502,666 655,477 Investment properties valuation 1,625,449 1,768,216 Net loan to value ratio 31% 37% 11. Annualised passing rent Annualised passing rent is the annualised cash rental income being received as at the stated date. SUPERMARKET INCOME REIT PLC 156 AGM Annual General Meeting AIFMD Alternative Investment Fund Managers Directive AIFM Alternative Investment Fund Manager ALSI FTSE/JSE All Share Index ALPI FTSE/JSE All Property Index EPRA European Public Real Estate Association EPS Earnings per share, calculated as the profit for the period after tax attributable to members of the parent company divided by the weighted average number of shares in issue in the period ERV Estimated Rental Value ESG Environmental, Social and Governance EV Electric Vehicle Blue Owl Funds managed by Blue Owl Capital FCA Financial Conduct Authority of the United Kingdom FRI A lease granted on an FRI basis means that all repairing and insuring obligations are imposed on the tenant, relieving the landlord from all liability for the cost of insurance and repairs FVTPL Fair Value Through Profit and Loss IAS International Accounting Standards IFRS UK adopted international accounting standards IGD Institute of Grocery Distribution Internalisation The Company’s transition from external management to internal management that took effect on 25 March 2025 Investment Adviser Atrato Capital Limited was the Company’s Investment Adviser until 25 March 2025 IPO An initial public offering refers to the process of offering shares of a corporation to the public in a new stock issuance JSE Johannesburg Stock Exchange JV A strategic joint venture entered into with Blue Owl in April 2025 LSE London Stock Exchange LTV Loan to value is the outstanding amount of a loan as a percentage of property value NAV Net asset value NER Net effective rent Net Initial Yield or NIY Annualised net rents on investment properties as a percentage of the investment property valuation, less assumed purchaser’s costs of 6.8% Net Loan to Value or Net LTV LTV calculated on the gross loan amount less cash balances NTA Net tangible assets JV Joint venture Omnichannel Stores offering both instore shopping and online fulfilment Portfolio Directly owned properties and share of joint ventures GLOSSARY ANNUAL REPORT 2025 157 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS REIT Real Estate Investment Trust Running yield The anticipated Net Initial Yield at a future date, taking account of any rent reviews in the intervening period sBPR EPRA Sustainability Best Practices Recommendations Total Accounting Return or TAR The movement in EPRA Net Tangible Assets per share over a period plus dividends declared for the same period, expressed as a percentage of the EPRA Net Tangible Assets at the start of the period Total Shareholder Return or TSR The movement in share price over the period plus dividends reinvested in shares on the ex-dividend date, expressed as a percentage of the share price at the start of the period WAULT Weighted Average Unexpired Lease Term. It is used by property companies as an indicator of the average remaining life of the leases within their portfolio The Company has a primary listing on the LSE and a secondary listing on the Main Board of the JSE. SUPERMARKET INCOME REIT PLC 158 CONTACTS INFORMATION Directors Nick Hewson (Independent Non-Executive Chair) Robert Abraham (Chief Executive Officer) Mike Perkins (Chief Financial Officer) Sapna Shah (Senior Independent Director) Jon Austen (Independent Non-Executive Director) Roger Blundell (Independent Non-Executive Director) Frances Davies (Independent Non-Executive Director) Vince Prior (Independent Non-Executive Director) Cathryn Vanderspar (Independent Non-Executive Director) Company Secretary Hafren Advisory Limited 3rd Floor, 10 Bishops Square London E1 6EG Registrar MUFG Corporate Markets 19th Floor, 51 Lime Street London EC3M 7DQ Financial Adviser and Joint Corporate Broker Stifel Nicolaus Europe 150 Cheapside London EC2V 6ET Joint Corporate Broker – Goldman Sachs International Plumtree Court 25 Shoe Lane London EC4A 4AU Auditors BDO LLP 55 Baker Street London W1U 7EU Property Valuers (Direct Portfolio) Cushman & Wakefield 125 Old Broad Street London EC2N 1AR Property Valuers (Joint Venture) Jones Lang LaSalle 30 Warwick Street London W1B 5NH Financial PR Advisers FTI 200 Aldersgate Street London EC1A 4HD Website www.supermarketincomereit.com Registered Office 3rd Floor, 10 Bishops Square London E1 6EG London Stock exchange ticker Johannesburg Stock Exchange ticker ISIN SUPR SRI GB00BF345X11 Address Supermarket Income REIT plc 3rd Floor, 10 Bishops Square London E1 6EG ANNUAL REPORT 2025 159 STRATEGIC REPORT GOVERNANCE REPORT FINANCIALS SUPERMARKET INCOME REIT PLC 160 Design and production: theteam.co.uk Print: Westerham Print Supermarket Income REIT plc 3rd Floor, 10 Bishops Square London E1 6EG www.supermarketincomereit.com