Half-year Report

THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY

AND ITS SUBSIDIARIES

THE CARDIFF PROPERTY PLC

LEI: 213800GE3FA4C52CIN05

The Group, including Campmoss, specialises in property investment and development in the Thames Valley. The total portfolio under management, valued in excess of £23m, is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 MARCH 2026

Richard Wollenberg, Chairman, commented:

During the first quarter of the financial year the Thames Valley property market indicated signs of recovery. The second quarter has inevitably been affected by current world events and the possibility of an increase rather than decrease in interest rates.

The Group, including Campmoss Property our 47.62% owned joint venture, successfully completed a number of lease renewals and 2 new lettings at retail, industrial and business units, located in Windsor, Bracknell and Maidenhead. Increases in rental in line with the Retail Price Index were achieved. The majority of the Group's commercial property is let and occupied on a variety of short, medium and long-term commercial leases.

For further information:

THE CARDIFF PROPERTY PLC

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 MARCH 2026

INTERIM MANAGEMENT REPORT

Dear Shareholder,

During the first quarter of the financial year the Thames Valley property market indicated signs of recovery. The second quarter has inevitably been affected by current world events and the possibility of an increase rather than decrease in interest rates.

The Group, including Campmoss Property our 47.62% owned joint venture, successfully completed a number of lease renewals and 2 new lettings at retail, industrial and business units, located in Windsor, Bracknell and Maidenhead. Increases in rental in line with the Retail Price Index were achieved. The majority of the Group's commercial property is let and occupied on a variety of short, medium and long-term commercial leases.

At the time of writing the Thames Valley commercial property investment market remains subdued. Acquisitions in specific locations show minor increases in capital values but the confidence factor remains limited.

The Thames Valley has always been regarded as a prime area for occupiers and investors and the Group is benefitting from its commercial property portfolio being entirely based in this location.

The Thames Valley residential market especially leasehold apartments has suffered a reduction in capital values despite the easing of mortgage interest rates. Campmoss holds a number of apartments, all of which are let and occupied under Assured Shorthold Tenancies soon to be changed to Periodic Tenancies. Rental levels remain firm bolstered by a shortage of available properties to rent following recent government controls.

A considerable proportion of the Group's management time, including Campmoss, is directed towards achieving enhanced value in the commercial portfolio by negotiating and achieving planning approvals often involving a change of use.

As reported in September last year following the grant of a further approval for a 75-bedroom care home at The Priory, Burnham, conditional contracts were exchanged to dispose of the property. I am pleased to report that these conditions have now been met and as set out in the post balance sheet event paragraph at the end of this report, completion was finalised at the end of April this year.

At Highway House, Maidenhead planning approval for a 76-apartment scheme was granted last year but with the expiration of time in achieving the approval, building costs rose exponentially resulting in a reduced site value. An amended application for a residential scheme has recently been lodged which we anticipate will result in a higher site value. Plans for a 68-bedroom care home scheme on the same property was refused and we await the outcome of an appeal.

We continue to await the outcome of our planning application for a 64-bedroom care home at Tangley Place, Worplesdon, near Guildford.

It is of continuing concern that the planning process remains tortuous and costly without any guarantees of a positive final outcome. The process involves an increasing multitude of specialist reports which are now required as part of a planning application submission. The government's stated intent to simplify the planning process has not been evident.

FINANCIALS

For the 6 months ending 31 March 2026 Group profit before tax amounted to £0.73m (March 2025: £0.76m; September 2025; £1.7m). This figure includes an after-tax profit from Campmoss Property Company Limited ("Campmoss") our 47.62% joint venture of £0.10m (March 2025: £0.13m; September 2025: £0.38m). No dividends were received from the Company's investment in Campmoss (March 2025: £1.5m; September 2025: £2.5m).

Revenue for the 6 months to 31 March 2026 represented by rental income, excluding Campmoss, totalled £0.38m (March 2025: £0.35m; September 2025; £0.68m). The Group's share of revenue from Campmoss was £0.30m (March 2025: £0.30m; September 2025: £0.58m). No property sales were completed during the 6 months to March 2026 with completion of the sale of The Priory being after the period end (March 2025 nil; September 2025: nil).

Net assets of the Group as at 31 March 2026 were £30.68m (March 2025: £30.52m; September 2025: £30.66m), equivalent to £30.92 per share (March 2025: £29.72; September 2025: £30.53). The Company's share of net assets in Campmoss, included in the Group balance sheet, amounted to £9.40m. (March 2025: £10.05m; September 2025: £9.30m). 

Cash balances held by Cardiff and Campmoss are placed on short-term deposit. At the half year the Company had £nil gearing (March 2025: £nil; September 2025: £nil).

The directors are of the opinion, other than as mentioned in this report, that no material events or material changes in assets, liabilities or related party relationships since 30 September 2025 have occurred.

The Company may hold in treasury any of its own shares purchased which gives the Company the ability to re-issue treasury shares and provides greater flexibility in the management of its capital base. During the 6 months to 31 March 2026 the company purchased 12,220 ordinary shares (March 2025: 10,600 ordinary shares; September 2025: 33,356 ordinary shares). All shares purchased by the Company not held in treasury have been cancelled and the number of shares in issue reduced accordingly.

IFRS accounting requires that deferred tax is recognised on the difference between the indexed cost of properties and quoted investments and their current market value. However, IFRS accounting does not require the same treatment in respect of the Group's unquoted investment in Campmoss, our 47.62% owned joint venture, which represents a substantial part of the Company's net assets. Provision is made in Campmoss accounts for deferred tax. Should Cardiff dispose of the shares held in Campmoss, for indicative purposes only, based on the net asset value in the company's balance sheet as at 31 March 2026 this would result in a tax liability of £2.35m (March 2025: £2.50m; September 2025: £2.33m). This information is provided to shareholders as an additional, non-statutory, disclosure.

DIVIDEND

The directors have declared an interim dividend of 10.0p (interim March 2025: 7.5p; final September 2025: 20.0p) an increase of 33.3% which will be paid on 25 June 2026 to shareholders on the register at 22 May 2026.

THE INVESTMENT AND DEVELOPMENT PORTFOLIO

The Group's freehold property portfolio, including those held by Campmoss, remains located in the Thames Valley and in the adjoining counties of Berkshire, Surrey and Buckinghamshire.

The Windsor Business Centre, Windsor, Maidenhead Enterprise Centre, Maidenhead and The White House, Egham collectively include industrial warehousing, business units and office premises with retail on the ground floor. At The White House, Egham a planning application for additional residential use at the rear of the premises is currently under preparation.

Planning applications for individual residential and care home schemes as mentioned earlier are being discussed with the relevant Local Authority and we are hopeful of decisions being received by the end of this financial year.

The Group's portfolio including stock and Campmoss cover 42.5% retail, 6.4% business units, 13.0% residential and 38.1% office/care home.

FOCUS ON ENVIRONMENTAL SOCIAL GOVERNANCE ("ESG")

No development or major refurbishment projects have been undertaken during the half year although in respect of ongoing planning applications all aspects of ESG together with related Health and Safety issues are very much a relevant consideration.

We continue to take appropriate action where necessary to reduce carbon emissions and the impact on the environment. Our emphasis includes modern design, sustainability and green policies as well as being energy efficient.

MANAGEMENT AND TEAM

Management of our existing portfolio and close liaison with all Tenants is extremely important to the success of the Group. I would therefore like to take this opportunity of thanking our small team based in Egham, Surrey and our joint venture partner for their support and achievements during the period under review.

RELATIONSHIP AGREEMENT

The Company has entered into a written and legally binding Relationship Agreement with myself, its controlling shareholder, to address the requirements of LR6.3.2R of the Listing Rules

OUTLOOK

The past few months have been difficult to forecast movements in the property market. The consequences of world events as well as potential changes in UK Bank of England interest rate policy, now suggesting an increase rather than a gradual decrease in rates, will continue to place the market in limbo.

Liaison with our tenants remains a priority as well as investing in our existing portfolio where viable opportunities arise.

The Group has significant cash balances which are currently placed on short term deposit.

POST BALANCE SHEET EVENTS

As mentioned earlier the sale of The Priory, Burnham, completed at the end of April 2026. The sale consideration totalling £6.2m was added to the cash resources of Campmoss and will be reflected in the consolidated figures for the year end to 30 September 2026. The cash has been placed on short term deposit.

I look forward to updating Shareholders at the year end

J R Wollenberg

Chairman

30 April 2026

Condensed Consolidated Interim Income Statement

FOR THE SIX MONTHS ENDED 31 MARCH 2026

These results relate entirely to continuing operations. There were no acquisitions or disposals during these periods.

Condensed Consolidated Interim Statement of Comprehensive Income and Expense

FOR THE SIX MONTHS ENDED 31 MARCH 2026

Condensed Consolidated Interim Balance Sheet

AT 31 MARCH 2026

Condensed Consolidated Interim Statement of Cash Flows

FOR THE SIX MONTHS ENDED 31 MARCH 2026

Condensed Consolidated Interim Statement of Changes in Equity FOR THE SIX MONTHS ENDED 31 MARCH 2026

Statement of Responsibility

FOR THE SIX MONTHS ENDED 31 MARCH 2026

The directors are responsible for preparing the condensed consolidated interim financial statements for the six months ended 31 March 2026 and they confirm, to the best of their knowledge and belief, that:

· the condensed consolidated set of interim financial statements for the six months ended 31 March 2025 have been prepared in accordance with IAS 34 - Interim Financial Reporting and in accordance with the requirements of UK adopted international accounting standards and The Companies Act 2006;

· the interim management report includes a fair review of the information required by:

a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and

b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the group during that period; and any changes in the related party transactions described in the last annual report that could do so.

J Richard Wollenberg, Chairman

Karen L Chandler, Finance director

Nigel D Jamieson, Independent non-executive director

30 April 2026

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2026

This condensed set of financial statements has been prepared in accordance with IAS 34 - Interim Financial Reporting in conformity with the requirements of The Companies Act 2006. The condensed set of financial statements are unaudited.

The annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 30 September 2025.

The comparative figures for the financial year ended 30 September 2025 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's auditor and delivered to the registrar of companies. The report of the auditor was: unqualified; did not give any reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.

Accounting policies

The condensed consolidated interim financial statements have been prepared applying the accounting policies that will be applied in the preparation of the Group's financial statements for the year ended 30 September 2026.

Use of estimates and judgement

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key areas in which estimates have been used and the assumptions applied are in valuing investment properties and properties in the joint venture, in valuing available for sale assets, in classifying properties and in the calculating of provisions.

An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the company's property portfolio at the end of each financial year. The directors of the joint venture value its portfolio each year; such valuation takes into account yields on similar properties in the area, vacant space and covenant strength. The directors of the group and joint venture review the valuations for the interim financial statements.

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

Going concern

The Group has sufficient financial resources to enable it to continue in operational existence for the foreseeable future, to complete the current maintenance and development programme and meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing these interim financial statements.

Notes to the Condensed Consolidated Interim Financial Statements

FOR THE SIX MONTHS ENDED 31 MARCH 2026 (continued)

2. Segmental analysis

The Group manages its operations in two segments, being property and other investment and property development. Property and other investment relate to the results for The Cardiff Property Company Limited where properties are held as investment property with property development relating to the results of First Choice Estates Plc and Thames Valley Retirement Homes Limited. The results of these segments are regularly reviewed by the Board as a basis for the allocation of resources, in conjunction with individual site investment appraisals, and to assess their performance. Information regarding the results and net operating assets for each reportable segment are set out below:

"Eliminations" relate to inter segment transactions and balances which cannot be specifically allocated but are eliminated on consolidation.

The operations of the Group are not seasonal.

3. Taxation

The tax position for the six-month period is estimated on the basis of the anticipated tax rates applying for the full year.

The interim dividend of 10.0p per share will be paid on 25 June 2026 to shareholders on the register on 22 May 2026. Under accounting standards this dividend is not included in the condensed consolidated interim financial statements for the six months ended 31 March 2026.

5. Earnings per share

Earnings per share has been calculated using the profit after tax for the period of £571,000 (March 2025: £598,000, year ended September 2025: £1,358,000) and the weighted average number of shares as follows:

Directors and Advisers

Financial Calendar