Leading the way
to a healthier future
Assura plc Annual Report and Accounts
2025

Leading the way
to a healthier future
Assura plc Annual Report and Accounts
2025
Introduction
Strategic report
1 A year of standout achievements
2 Portfolio at a glance
3 Chair’s statement
4 CEO's statement
7 The Bigger Picture
8 Our market
11 Our strategy
14 Our business model
16 Our key performance indicators
23 CFO's review
27 Our stakeholders
28 – Our customers
29 – Our communities
31 – Our people
33 – Our suppliers
34 – Our investors and lenders
35 – Our planet
40 Principal risks and uncertainties
47 Compliance statements
49 – S172 statement
50 – TCFD
Governance
53 Chair’s introduction
to governance
56 Our governance framework
57 Board of Directors
61 Nominations Committee Report
63 Audit Committee Report
65 ESG Committee Report
67 Directors’ Remuneration Report
86 Directors’ Report
88 Directors’ Responsibility
Statement
Financial statements
89 Independent Auditor’s Report
97 Consolidated income statement
97 Consolidated balance sheet
98 Consolidated statement
of changes in equity
98 Consolidated cash flow
statement
99 Notes to the accounts
115 Company financial statements
Additional information
118 Appendices
121 Glossary
123 Corporate information
As the leading diversified healthcare real estate
investment trust (REIT), Assura plc plays a vital role in
supporting health services in the UK and Ireland. We
develop, invest in, and manage a portfolio of more than
600 healthcare buildings, from which over six million
patients are served.
We are proud to be the first FTSE 250 certified B Corp,
with a steadfast commitment to making a substantial
impact for all our stakeholders, delivering financial
returns for our shareholders and social returns for the
communities we operate in.
This report forms part of our year-end reporting suite.
Contents
More information
This report forms part of our year-end
reporting suite.
Our website includes our year-end
results presentation, sustainability
disclosures and investor fact sheet.
We have also published our Net Zero
Carbon Pathway.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information

A year of standout
achievements
Completion of first two
developments aiming
to be net zero carbon
Net
Zero
Acquisition of
14 independent
hospitals for £500m
Delivery of disposal
programme, earnings
accretive capital
recycling
Launch of £250m joint
venture with USS
14
£250m
Secondary listing
on the JSE
Becoming the first
FTSE 250 B-Corp
Assura plc
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Portfolio
at a glance
Regional portfolio
GO TO OUR WEBSITE FOR THE LATEST
INFORMATION ABOUT ASSURA
Value of properties by region
>£10m £5–10m £1–5m <£1m
1 Scotland 45 27 23 1
2 North East 195 137 26 8
3 North West 162 57 59 2
4 Midlands 221 169 191 3
5 South West 79 47 90 4
6 London 342 94 126 1
7 South East 199 156 206 7
8 Wales – 54 77 1
9 Northern Ireland – 15 5 –
10 Ireland 23 – 10 –
1
2
3
5
4
8
6
7
9
10
Facts and figures
603
properties
6.3m
patients served by our buildings
2040
net zero carbon target date
HEALTH FACILITY, KETTERING
Assura plc
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I am pleased to be reporting on another year in
which Assura has delivered for all stakeholders
in the ways that only we can. Delivery of
fantastic buildings that enable health providers
to deliver amazing services across the UK and
Ireland. Delivery of improvements to existing
buildings to enhance the clinical space or
improve energy efficiency. Generating social
value through our bespoke community
programmes and the amazing work of the Assura
Community Fund. Delivery of opportunities for
our people to improve their skills and volunteer
in our community. Delivery of earnings and
dividend growth for shareholders.
This year has been particularly significant for our
long-term aspirations with the completion of two
strategically important transactions. Both the
joint venture with USS and the acquisition of the
£500 million independent hospital portfolio offer
diversity for the Group – either through adding
additional funding sources for our long-term plans
or enhancing our portfolio through increasing
our presence in an exciting growth market.
The health service in the UK remains at centre of
the political agenda and funding decisions, and
the pressures that the NHS faces remain constant.
Long waiting lists, an ageing population with
increasingly complex health needs, budgetary
pressures, ageing infrastructure and a wave of
medical and technological innovations.
Whilst the NHS continues to be a system of
which we, in the UK, are rightly proud, it is also
a system that needs help to continue to adapt
and deliver the changes a fit-for-purpose health
service requires.
There are many improvements that can be made
to achieve this. Moving services out of hospital
into a community-setting. Shifting the focus to
prevention from treatment. Investing in an estate
which has a growing maintenance backlog.
Training the staff needed to deliver the healthcare
of the future. Harnessing the power of digital
delivery and access. Thinking about sustainability
as an investment for improved long-term cost
efficiency. All areas that can be enabled through
Assura’s expertise and experience.
Increasingly, the NHS is supported by, or patients
choose to be seen by, the private sector.
Embracing the help of the private sector from
capacity to expertise can enable the health
system as a whole to become more efficient.
What is most important is that patients get
early diagnoses and then are treated promptly
and efficiently – something that Assura enables
by creating standout quality facilities that
provide capacity to support high-quality patient
care and improved patient outcomes. Assura
remains well placed to support the health system
of the future, through the provision of high-quality
buildings for the best healthcare providers.
Our ESG strategy, The Bigger Picture, offers us
with a lens through which to frame our decision-
making – aiming to ensure that everything we
do benefits all of our stakeholders, working
toward a Healthy Environment, Healthy
Communities and a Healthy Business. We were
delighted that this approach received a high
level of validation, being certified as the first
FTSE 250 B Corp – demonstrating the high
value we place on positively contributing to
society as a whole.
As in every year, and in particular one in which the
business has made a huge stride forward in our
long-term ambition, I am thankful for the staggering
contribution from every one of our employees.
We would not be where we are without them.
Offers for Company
This annual report has been written as far as
possible on a ‘business as usual’ basis, reflecting
our performance for the year ended 31 March
2025 and including some forward-looking
statements as required to satisfy reporting
requirements. The ongoing Offer situation has
not been referred to unless absolutely
necessary to describe each particular section
of the report. The latest in respect of the Offer
can be seen in regulatory announcements,
on our website under the specific Offer pages
and in the latest shareholder communications.
Ed Smith CBE
Non-Executive Chair
18 July 2025
Chair’s statement
Delivering growth
for our shareholders,
year after year
Assura plc
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This has been
a transformational
year for Assura.
We have made significant progress against
our long-term objectives completing two
strategically important transactions: the first
diversified our funding sources, and the second
materially increased our participation in
independent healthcare, a structurally
supported growth market.
Following shareholder approval of over 99% at
the AGM, our certification as the first FTSE 250
B Corp was confirmed, a true testament to the
strength of our ESG strategy and how this is
integral to our business model.
We delivered a strong operational performance
over the period with improved rent review results,
we reduced our EPRA Cost Ratio, and made good
progress with our development programme.
EPRA earnings are up 4% and we have increased
our dividend for the 11th consecutive year.
In the second half of the year, our focus was on
executing our disposals programme, targeting
net debt to EBITDA below nine times and LTV
below 45%, and we have made strong progress.
These incredible achievements were only
possible due to the substantial contributions
from each and every one of our employees.
Market overview and outlook
The changes currently being seen in the UK
healthcare market mean there are substantial
and varied opportunities for Assura to take
advantage of.
The NHS is in crisis. An ageing population,
increasingly complex long-term medical
conditions and cost inflation, all of which can
be seen in the well-documented increase in
waiting lists, mean the pressure and challenges
faced by the NHS today are greater than ever.
This has been highlighted extensively by senior
politicians in the new Labour Government.
CEO's statement
Assura: a leading
diversified
healthcare REIT
The report published by Lord Darzi painted a
bleak picture of the NHS, and highlighted how
the material underinvestment in NHS buildings
and primary care in general had contributed to
the problem. The Spending Review published in
June 2025 saw a significant increase in revenue
funding for the NHS and the infrastructure
strategy published in June highlighted the role
of private capital in supporting the development
of new community health infrastructure.
New investment in modern primary care
capacity can provide services that are more
convenient for patients and more cost effective
for the healthcare system. NHS data shows that
primary care treatment can be up to ten times
less expensive than emergency hospital
treatment. Assura has the skills and track record
to deliver primary care buildings that meet
these needs.
Meanwhile, the independent sector has
continued to experience a surge in demand.
The independent market in the UK has grown
substantially to £6.8 billion per annum in
revenue, following a 6.3% compound annual
growth rate over the past 20 years. Growth
prospects are particularly favourable at this
time. The UK independent sector remains very
small in proportion to the NHS budget, and
in comparison to other European countries.
The sector creates additional capacity for
the health system, with a payor mix split across
three main strands: NHS referrals, private
medical insurance (‘PMI’) and self-pay. Patients
are increasingly turning to private providers
given the delays to treatment resulting from NHS
waiting lists. Each individual asset is bespoke to
the local healthcare needs with some focusing on
NHS-referred work, while others have a higher
proportion of PMI or self-pay.
Assura plc
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CEO'S STATEMENT CONTINUED
These independent providers generally offer
specialisms that are well suited to specialist
day-case and outpatient facilities. In particular
ophthalmology and orthopaedics are well
established, with a focus on efficient treatment
for patients as well as high levels of customer
service. It also means they are willing to invest
in technology to improve operating metrics and
seek a specialist healthcare landlord alongside
whom they can develop their long-term plans.
Two strategically significant transactions
Against this healthcare market backdrop,
we successfully executed two strategically
important transactions in the first half of
the year.
In May we announced a £250 million joint
venture with the Universities Superannuation
Scheme (‘USS’). Seeded with an initial portfolio
of seven assets valued at £107 million, the joint
venture will invest in assets let to the NHS or
GPs with fixed or index-linked rent reviews.
The joint venture is seeking to reach £250 million
within three years, with the option to extend
the partnership to £400 million over time, and
has already reached £159 million by year end.
We are delighted to have partnered with USS,
a long-term investor looking to increase their
exposure to inflation-linked assets like healthcare
that align to their long-term pension promises,
and that can also offer a positive social impact
to the communities they serve. The joint
venture will grow through a combination of
acquiring existing Assura assets, new assets
and developments.
For Assura, this arrangement provides a further
a new source of funding for future growth and,
with the retention of a 20% equity share and
management role, maintains our strong
relationships with tenants and enables us
to explore further potential opportunities.
Then in August we completed the acquisition
of 14 independent hospitals for £500 million
from Northwest Healthcare Properties, funded
through a combination of cash, newly issued
shares and debt, including a new term loan.
The assets have a weighted average unexpired
lease term of 26 years, and all leases are fully
tenant repairing and insuring (‘FRI’). The tenants
are all major hospital operators in the UK,
comprising mainly Nuffield Health, Spire
Healthcare and Circle Group, and the assets
benefit from a strong average rent cover of
2.3 times. The leases are reviewed annually
by reference to either RPI or CPI, and we
saw a 3.2% uplift to the rent in January.
As a result of the acquisition, some 25%
of Assura’s rent roll is now in independent
healthcare, delivering on our stated strategy
to diversify into targeted new healthcare
sectors, by adding high-quality fully operational
assets spread across the UK at attractive prices.
We were pleased that our valuers have
determined a 5% uplift in the asset value
recorded in our books.
“Assura has consistently
demonstrated an ability
to identify and secure new
opportunities for growth."
Financial and operational performance
Assura’s business is built on reliability and
resilience over the long term, with secure cash
flows from our high-quality £3.1 billion portfolio
of 603 properties all supported by our
conservative and efficient capital structure.
We strive to grow the rental income
generated from our portfolio…
Assura has consistently demonstrated an
ability to identify and secure new opportunities
for growth, building on our market-leading
capabilities to manage, invest in and develop
outstanding spaces for health services in
our communities.
The independent hospital portfolio acquisition
is a prime example of this. We demonstrated an
ability to transact opportunistically to capture a
high-quality portfolio in a sector where we have
been keen to increase our weighting. This
transaction was part-funded by the proceeds
from the transfer of the first tranche of properties
into our joint venture with USS, demonstrating
our ability to recycle capital to improve
shareholder returns.
Over the year we have disposed of £188 million
of assets at an average yield of 5.1%, which has
been recycled into the private hospitals at 5.9%
(before taking into account leverage of debt
used to finance the transaction).
Bury St Edmunds Ambulance Hub
Assura plc
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CEO'S STATEMENT CONTINUED
We also benefitted from the continued focus
on delivering on site development projects,
completing five schemes in the year, adding
£2.5 million to our rent roll. This included two
GP medical centres in Shirley and Winchester
and three projects for NHS Trusts, namely
our largest in-house development project
in Cramlington, our second ambulance hub,
in Bury St Edmunds, and a children’s therapy
centre in Fareham. These projects are now
providing crucial services to their communities
and supporting their local healthcare systems.
We were pleased that the Northumbria Health
and Care Academy was awarded the Healthy
Workplace Award at Healthy City Design 2024
and Healthcare Infrastructure Project of the
Year at the HSJ Partnership Awards, as well as
being the first healthcare building in the UK to
achieve Gold Standard under the IWBI WELL
Building Standard.
The two developments at Fareham and
Winchester are the first completed using
Assura’s Net Zero Carbon Design Guide, being
committed to achieving net zero carbon for both
embodied and operational carbon. A significant
achievement, and one that we aim to become
standard on our future development projects.
These activities, including the first contribution
from the acquired assets, are complementary
to the revenue contribution from portfolio
management. Overall, in the year we delivered
17% growth in net rental income to £167.1 million.
Our passing rent roll stands at £177.9 million
which is 18% higher than at March 2024.
…whilst protecting the quality
of our cash flows…
An essential part of our growth strategy is the
careful review of every asset for opportunities
to increase its lifetime cash flows and positively
impact the local community. Our portfolio
management team seeks to enhance the value
of our assets through agreeing rent reviews,
completing lease re-gears, letting vacant space
and undertaking physical property extensions.
We completed 348 rent reviews generating
an 6.1% uplift on the rent reviewed (3.2% on an
annual equivalent basis), 19 lease re-gears, and
invested in eight capital projects. Collectively
these added £4.9 million to our rent roll, offering
attractive growth for modest capital outlay.
Our total contracted rental income, which is a
combination of our passing rent roll and lease
length, stands at £2.5 billion, our weighted
average unexpired lease term is 12.7 years
and 97% of our income now comes from GPs,
the NHS, the HSE, pharmacies and established
independent sector healthcare operators.
…and carefully controlling our balance sheet
and cost base…
Despite the impact of inflation and growth
in our portfolio, we retained our focus on
operational efficiency and reduced our EPRA
Cost Ratio to 12%.
A positive valuation uplift of £57.9 million
contributed to an IFRS profit of £166 million
or 5.3 pence per share.
As a result of the independent hospital portfolio
acquisition, our balance sheet metrics stand
toward the higher end of our policy ranges,
with LTV at 47%, which we are targeting bringing
down to 45% through our disposal programme.
I am pleased to report we have made strong
early progress with this programme, disposing
of 29 assets for £188 million during the year at
a slight premium to book value. These disposals
were a combination of transfers into our newly
established joint venture and disposals to third
parties. We are in active discussions for
disposal of a further £19 million of assets.
All of our long-term drawn debt is fixed, at an
average interest rate of 2.9%, has a weighted
average maturity of 4.6 years with only a small
proportion having maturities in the next two
years. Our investment grade rating of A- was
reaffirmed by Fitch Ratings Ltd in August 2024.
…to deliver earnings growth that supports
our dividend policy.
We have maintained our track record of growth
year-on-year. Our EPRA earnings have increased
by 9% to £111.8 million which translates to an
EPRA EPS of 3.5 pence per share.
The strength of our income and earnings
growth is reflected in our fully covered dividend
payments, which we have now increased for
11 consecutive years. In this latest period,
we announced a 2% increase in the quarterly
dividend to 0.84 pence with effect from the July
2024 payment, equivalent to 3.36 pence per
share on an annualised basis.
Assura outlook
Growth in the year has been driven mainly
by activity in independent healthcare, where
we were able to take the opportunity to buy
high-quality assets strengthening our relationships
with the tier 1 private hospital providers. We are
already discussing ways to assist our tenants with
future developments, asset enhancement and
sustainability improvements. Prospects for the
independent healthcare market remain strong.
In the GP and NHS space, new development
opportunities have experienced delayed
approvals over the past two years. However,
the tone of the new Labour Government is
encouraging and we are starting to see certain
schemes unlocking. Their stated priorities of
‘three big shifts in the focus of healthcare, from
hospital to community, analogue to digital and
sickness to prevention’, all require investment in
community healthcare buildings. Assura’s track
record in delivering cutting edge buildings,
working with the local NHS entities to adapt
space for their requirements and embracing
technological advancements, means we are
well-placed to provide support through our
development and asset enhancement
capabilities.
All of our current on site projects are in Ireland,
and the clear plan that the HSE has to deliver
enhanced community care centres in specific
locations means that this remains an attractive
growth market. Assura’s skills in development
and asset enhancement, and the growing
presence that we have in Ireland, means we are
well-placed to capture incremental opportunities
in this market in both the short and long term.
At the date of this report, Assura is the subject
of two potential takeover bids. Assura is a
business with great people, an efficient
operating platform, leadership positions in key
growth healthcare markets, financial strength
and excellent growth opportunities.
Jonathan Murphy
CEO
18 July 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 6

The Bigger Picture is the basis for our
environmental, social and governance (ESG)
strategy at Assura. The nature of the challenges
we face today means our long-term commercial
success will be driven by our performance
delivering social impact and sustainability.
This is at the heart of everything we do.
The strategy is underpinned by three key pillars
– Healthy Environment, Healthy Communities
and Healthy Business.
Healthy
Environment
We have a vision for
sustainable healthcare spaces,
reducing energy usage on our
new build schemes and in our
existing estate.
TARGETS
55 kWh/m
portfolio EUI
100%
net zero carbon
developments
100%
EPC B or better
READ MORE ON PAGE 20
Healthy
Communities
We are committed
to maximising our social
impact in the communities
surrounding our buildings.
TARGETS
£3.50
social value generated
per £1 invested
>750 hours
team volunteering
hours per year
75%
spend with suppliers
signed up to our charter
READ MORE ON PAGE 21
Healthy
Business
We engage and operate
in a sound, ethical manner
for the benefit of all
our stakeholders.
TARGETS
>70%
customer satisfaction
survey
>75%
employee engagement
survey
>15%
ethnically diverse
workforce by 2030
READ MORE ON PAGE 22
The Bigger Picture
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The UK General Election and a new
Government in July 2024 marked a changing
of the guard in policy terms but did not change
the fundamental challenges facing the UK
healthcare system. An ageing population, an
underinvested estate and a backlog of patients
waiting for care still require substantial
investment in critical infrastructure.
There is widespread agreement on the need
for change with community-based healthcare
and the independent sector core to delivering
better patient access and outcomes. Assura
is well-placed to lead the way in tackling these
healthcare challenges as the new structures
for NHS management and the 10-year plan
take shape.
Our market
Assura’s role
Our modern, sustainable
buildings deliver additional
capacity in the communities
they serve.
In our buildings, NHS
and independent sector
providers can deliver more
services which:
– Ease pressure on the local
hospital and health economy.
– Improve patients’ access
to and experience of care.
– Are more cost-effective
for the NHS.
Current
NHS challenges
An ageing population, with
more patients managing
multiple long-term conditions.
Large backlogs of patients
waiting for care.
An under-invested and ageing
estate that is costly to run.
An NHS productivity
challenge.
Workforce pressures
and shortages affecting
patient care.
The vision
for the future
People able to access care
closer to home enabling them
to stay healthier for longer.
Patients seen swiftly with
waiting lists and times back
to pre-pandemic levels.
Modern, net zero carbon
facilities providing care
in the community.
Effective use of the NHS
budget, keeping people
out of costly hospital care.
An engaged workforce with
the tools they need to deliver
for patients.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 8

OUR MARKET CONTINUED
Market trend An ageing population, with more patients
managing multiple long-term conditions.
Large backlogs of patients waiting for care. An under-invested and ageing estate that is costly
to run.
As people age, they are more likely to have at least
one long-term medical condition which requires
ongoing treatment. As more people live longer, this
increases the pressure on the healthcare system.
Despite focused efforts from the NHS to increase the
number of patients being treated, waiting lists and
waiting times remain high. This has an impact not
only on individuals’ health and wellbeing but also on
the wider economy as people of working age are
unable to return to work due to ill health.
Many of the buildings being used to deliver primary
care services are old and not fit for purpose. They
are not accessible for people with disabilities. Older
buildings are hard to heat in winter and cool in
summer and have higher running costs.
How this impacts
the healthcare sector
9.1m
people in England are projected to be living with
major illness by 2040, 2.5 million more than in 2019.
This is an increase from almost 1 in 6 to nearly 1 in 5
of the adult population.
1
7.39m
total waiting list April 2025.
190,068
people waiting more than a year in April 2025.
20%
of the primary care estate
is older than the NHS itself.
4
Assura’s vision
for the future
People able to access care closer to home enabling
them to stay healthier for longer.
Our buildings provide additional space to offer more
services in the community. This can take pressure off
both GPs and hospitals as patients are able to access
a wider range of health professionals closer to home.
Delivering more care in the community can also be
more cost-effective and keeps hospitals free for
those who most need specialist care.
Patients seen swiftly with waiting lists
and times back to pre-pandemic levels.
The Government has recognised the role of
independent sector providers in easing waiting
list pressures and providing capacity to the NHS.
Independent sector providers treat patients through
NHS referrals, medical insurance, and self-pay
models, all of which offer patient choice and faster
access to treatment.
In 2024, the independent sector treated over one
million patients, meaning they are no longer on the
NHS waiting list.
3
Modern, net zero carbon facilities providing
care in the community.
Developing new and improved GP premises delivers
improved clinical standards. The buildings can also
incorporate the latest energy saving technology to
reduce running costs and make buildings more
efficient to run.
66%
Buildings designed in line with the Net Zero Carbon
Design Guide can be 66% cheaper to run than an
average medical centre, on a £/m
2
basis.
1. Health Foundation, Health in 2040, July 2023.
3. NHS England, Elective recovery: a partnership agreement between the NHS and the independent sector, 6 January 2025 https://www.england.nhs.uk/long-read/elective-recovery-a-partnership-agreement-between-the-nhs-and-the-independent-sector/.
4. Lord Darzi, Independent investigation of the NHS in England, September 2024.
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Market trend An NHS productivity challenge. Workforce pressures and shortages affecting
patient care.
While the NHS budget has been increasing in recent
years, the productivity challenge means that the
service is not delivering the same level of care for
that funding. In addition, NHS organisations have
raided capital budgets to tackle shortfalls in funding
elsewhere – this short-term approach has led to a
growing maintenance backlog. For the NHS to
remain sustainable in the longer term productivity
must increase.
Across the NHS there are workforce pressures which
are affecting patient care with high rates of absence,
vacancies, and burnout.
There are also specific challenges in the GP
workforce, with the number of partners declining
but surgeries struggling to have enough space to
train the next generation of healthcare professionals.
How this impacts
the healthcare sector
Research has shown that the condition of the
estate is a barrier to improving productivity.
57%
of respondents said estate related issues were
severely or significantly affecting their ability
to deliver improved productivity.
5
75%
of GPs said lack of space was restricting the
number of GP trainees they could take on.
6
55%
of FTE GPs were partners in January 2025
compared to 73% in March 2016.
7
Assura’s vision
for the future
Effective use of the NHS budget, keeping people
out of costly hospital care.
Delivering care in hospitals can cost up to ten
times more than delivering care in GP surgeries.
By supporting the delivery of more care in the
community, our buildings can make better use
of NHS resources.
More modern, fit for purpose buildings can be easier
to run, freeing up healthcare professionals to deliver
care for patients.
An engaged workforce with the tools they need
to deliver for patients.
Our buildings provide attractive and efficient
workplaces that make it easier to recruit and retain
staff. The additional space they provide also makes
it easier for GP practices to take on trainees and
medical students, which supports the sustainability
of their partnerships in the long term.
5. NHS Providers, Briefing on the NHS productivity challenge, December 2024 https://nhsproviders.org/media/699790/nhs-providers-briefing-on-nhs-productivity.pdf.
6. Royal College of GPs, Premises Survey, May 2023.
7. NHS Digital, General Practice Workforce, 31 January 2025, February 2025 https://digital.nhs.uk/data-and-information/publications/statistical/general-and-personal-medical-services/
31-january-2025.
OUR MARKET CONTINUED
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Strategic priorities
Our strategy
Demand for more capacity in a community setting
is unrelenting: the challenges faced by the NHS have
only been exacerbated by growing waiting list
pressure, meaning there is growing demand for more
services out of hospitals, closer to patients and a
greater role for the independent sector in meeting
this demand.
To respond to our market drivers, we focus
on five strategic priorities, with our ESG strategy,
The Bigger Picture, at the heart of everything we do.
1. Leveraging our financial strength
To invest in our portfolio, making each pound invested
work harder aiming to generate secure, growing returns
for investors.
2025 priorities
– Continue to drive internal growth from
asset enhancements (generating accretive
returns from sustainability improvements)
and rent reviews
– Recycle capital in the form of disposal
or joint venture with appropriate long-term
capital partner
– Maintain EPRA Cost Ratio at 13%
2025 actions and progress
– Rental growth of £4.5 million achieved from
rent reviews (3.2% uplift on rents reviewed)
– Launched £250m joint venture with USS
– £500m acquisition of 14 independent
hospitals, funded through combination
of equity, debt and cash
– Delivered £200m of capital recycling
to manage leverage
– A- investment grade rating reiterated
by Fitch Ratings Ltd
– EPRA Cost Ratio reduced to 12%
– Dividend increase for eleventh
consecutive year
2026 priorities
– Continue to drive internal growth from
asset enhancements (generating accretive
returns from sustainability improvements)
and rent reviews
– Finalise delivery of capital recycling
programme to hit announced leverage targets
– Leverage relationship with JV partners to fund
development pipeline opportunities
– Reduce EPRA Cost Ratio
KPIs
– Financial: EPRA EPS, EPRA NTA & EPRA Cost
Ratio, Growing covered dividend, Total
Property Return, Total Shareholder Return,
Total Accounting Return
– Portfolio: Rental growth from rent reviews
– The Bigger Picture: Customer satisfaction
SEE OUR KPIS ON PAGES 16 TO 22
Risks
– Reduction in investor demand
– Failure to communicate strategy
– Reduction in availability and/or increase
in cost of finance
– Failure to maintain capital structure
and gearing
– Occupier default
– Lack of rental growth
SEE PRINCIPAL RISKS AND UNCERTAINTIES
ON PAGES 40 TO 52
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 11

OUR STRATEGY CONTINUED
2. Quality of buildings
To deliver the outstanding spaces our customers need,
leading to a sustainable future and a net zero carbon NHS.
3. Quality of service
To deliver on the promises we make to the customers and
communities our buildings serve, unlocking the power of design
and innovation to tackle their challenges.
2025 priorities
– Deliver on site developments and asset
enhancement projects
– Increase proportion of on site developments
that use Net Zero Carbon Design Guide
– Leverage asset enhancement capital projects
and lease re-gears to deliver reduction in
portfolio EUI
2025 actions and progress
– Three developments and one asset
enhancement projects on site
– First net zero carbon developments
completed in Fareham and Winchester
– Portfolio now 66% rated EPC B or better
2025 priorities
– Continue to strive to maximise the asset
enhancement opportunities throughout
the portfolio, delivering sustainability
improvements
– Targeting faster issue resolution and further
improvement in availability and resilience
of customer response
– As part of plans to enhance customer
engagement, share learnings from energy
data collected across portfolio with
customers, helping to generate savings
in energy consumed
– Begin implementation of PV panel offering
for customers under Power Purchase
Agreements (PPA)
2025 actions and progress
– Five developments completed during the year
– Eight asset enhancement capital projects
completed and a further one underway
– 19 lease re-gears completed
– Customer service survey showed continued
high service with improvement of satisfaction
rating to 72
2026 priorities
– Continue to strive to maximise the asset
enhancement opportunities throughout
the portfolio, delivering sustainability
improvements
– Demonstrate to our customers the benefit
of completed net zero carbon developments
and roll out improvements into
development pipeline
KPIs
– Portfolio: Rental growth from rent reviews,
WAULT, occupier covenant
– The Bigger Picture: net zero carbon
developments, Portfolio EUI, EPC ratings
Risks
– Changes to government policy
– Development programmes
– Building obsolescence – digital risks
and sustainability
2026 priorities
– Continue to strive to maximise the asset
enhancement opportunities throughout
the portfolio, delivering sustainability
improvements
– Targeting faster issue resolution and further
improvement in availability and resilience
of customer response
– Roll out PV panel offering which has been
developed
KPIs
– Portfolio: Growth in rent roll, WAULT,
customer covenant
– The Bigger Picture: EPC ratings, portfolio
EUI, customer satisfaction surveys, social
value generated
SEE OUR KPIS ON PAGES 16 TO 22
Risks
– Changes to government policy
– Competitor threat
– Staff dependency
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 12

OUR STRATEGY CONTINUED
4. People
To attract, retain and develop our high-quality, specialist team,
investing in skills and new ways of working.
5. Long-term relationships
To build better futures for people and places through
our enduring partnerships with them, and delivering
lasting social value with communities.
2025 priorities
– Deliver EDI awareness training to all employees
– Build on Leadership Development Programme
with equivalent for managers
– Continue to foster a working environment
that is inclusive and flexible
– Enhance our wellbeing programme of events
2025 actions and progress
– 100% of employees have now completed
EDI training online
– Health and safety and cyber training was
prioritised for managers
– Volunteering participation at 87% with
1,005 hours delivered
– Regular wellbeing events held throughout
the year
– 38 hours (5.1 days) of training delivered
per employee
2025 priorities
– Demonstrate value of investment in
sustainable buildings to GPs and the NHS,
generating savings in terms of energy use
and minimising environmental impact
– Increase proportion of suppliers adopting
Supplier Framework and aligned ESG principles
– Continue to evolve offering for NHS Trusts,
mental health services and private providers
– Strengthen relationships in Ireland to develop
further pipeline of opportunities
2025 actions and progress
– First two developments designed to be net
zero carbon completed, which will be pilots
to demonstrate benefits for future schemes
– £8.91 per pound of social value generated for
every grant awarded or project supported
during the year
– All on site developments currently in Ireland
and strong pipeline developed
– Independent hospitals acquired successfully
integrated into our portfolio and
opportunities to collaborate with tenants
being developed
2026 priorities
– Continue to support our team through
enhanced learning and development offering
– Delivery of ED&I strategy
– Continue to foster a working environment
that is inclusive and flexible
KPIs
– The Bigger Picture: employee engagement
survey, staff volunteering, training hours and
employee attrition
Risks
– Staff dependency
2026 priorities
– Strengthen relationship with independent
hospital operators to identify opportunities
to enhance buildings or create development
opportunities
– Leverage relationship with JV partners to fund
development pipeline opportunities
– Continue to working flexibly with NHS Trusts
to progress asset enhancement and
development opportunities
KPIs
– Portfolio: Growth in rent roll
– The Bigger Picture: portfolio EUI, customer
satisfaction survey, social value generated,
sustainable supply chain, staff volunteering
Risks
– Changes in government policy
– Competitor threat
– Building obsolescence – digital risks
and sustainability
– Development programmes
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 13

Our business model
We are the UK’s leading
diversified healthcare
UK real estate investment
trust (REIT) specialising
in the development of,
investment in and
management of a portfolio
of healthcare buildings
across the UK.
We BUILD for health
and are committed to
prioritising the long-term
social impact of our
buildings, with the aim of
having a net zero carbon
portfolio by 2040.
Our values
– Passion
– Authenticity
– Innovation
– Collaboration
– Expertise
What we do Who we are
Managing our portfolio
Improving our buildings and maintaining
high levels of customer service
Our property management team is
responsible for providing excellent services
to our customers. This covers a range of
offerings: lease renewals, extensions or
refurbishments, improving environmental
performance, managing building costs or
providing maintenance support.
Enhancing the building through extension
or refurbishment benefits our customers
and their patients through higher quality
buildings. This allows more services to be
delivered, reduces the environmental impact
and lowers running costs for occupiers
through energy efficient upgrades and
provides our investors with a value-
enhancing lease re-gear.
The portfolio management team also
liaise with the District Valuer in settling
rent reviews, making sure the rents on our
buildings are at the latest open market rates.
Development
Growing our portfolio through
new developments
Our development team work with both new
and existing customers to design and deliver
bespoke new healthcare buildings that meet
the evolving needs of the communities they
serve. A development only moves on site
when all parties are satisfied that the project
is of the highest quality and value for money;
the rent is agreed, the customers sign an
agreement for lease and our third-party
building contractor partners sign fixed
price contracts.
Following the 14–20 month build period,
we get a long, secure income stream at a
return on cost and development margin that
reflects the relatively low development risk
we take on, and a building that showcases
our ability to deliver sustainable solutions
that benefit all stakeholders.
Our customers and their patients benefit
from our strong relationships with expert
healthcare partners, who we work with
to incorporate the latest sustainability and
design innovations, in line with our Net Zero
Carbon Design Guide.
Investment
Actively managing our portfolio through
acquisitions and disposals
Our investment team actively manage our
portfolio – setting the strategy for each asset
in our portfolio and pipeline to determine
the right time for acquisition, asset
enhancement or disposal.
New opportunities to add existing buildings
to our portfolio are sourced through either
a competitive bidding process or an
off-market opportunity, underpinned by
our stellar reputation as a long-term partner.
The investment process considers numerous
criteria including the quality of the building,
importance to the local health economy,
environmental impact and physical climate
change risk, asset enhancement
opportunities and long-term financial returns.
If a potential opportunity doesn’t meet our
environmental standards, then the price is
adjusted accordingly for the cost of making
the required improvements.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 14

OUR BUSINESS MODEL CONTINUED
How we do it
A unique offering Reputation for being innovative,
sector experts
Secure, stable occupier base Carefully managed balance sheet Leading for a sustainable future,
delivering lasting impact with
communities
We offer our customers a full
property service. We develop new
buildings, invest in high-quality
existing buildings, look after and
enhance our portfolio and own them
for the long term. Our internally
managed structure provides a highly
scalable model and gives us direct
relationships with our customers.
This enables us to be responsive to
their evolving needs; collaborating
to provide innovative, sustainable
solutions and building better futures.
We have a responsibility not just to
meet current NHS specifications for
buildings, but also to ensure buildings
are fit for future health needs,
including for advancing net zero
carbon performance. We innovate
to incorporate the latest advances
in the delivery of care, looking at
use of space, technological change
and sustainability.
We have a highly knowledgeable
and experienced in-house team
of surveyors and external expert
partners in architecture, sustainability
and construction. Our team across
development, investment,
management and external experts
work closely with each other and
our customers.
We have a secure, long-term rental
income stream from our stable
customer base made up mainly of
GPs, NHS bodies, the HSE and tier 1
independent providers who benefit
from government reimbursement of
their rent, or in the case of
independent health providers, who
support the NHS in reducing waiting
lists. Our typical leases are 21+ years
in length, giving us clear visibility of
future income.
The continued support of our
shareholders and lenders is crucial to
funding future growth in our portfolio.
Our balance sheet ratios, unsecured
borrowing structure and strong ESG
credentials have given us access
to a wide range of funding options,
operating our loan-to-value ratio
within our policy range of 40–50%.
Our ESG strategy is at the heart
of our operations and long-term
approach for each building.
Minimising the environmental impact
and maximising the positive social
impact of each building in our
portfolio through our ESG targets
is fundamental to our offering for
all stakeholders.
Value created for our stakeholders
Our customers
Satisfied customers
GO TO PAGE 28
Our communities
Positive social value and
enhanced community
healthcare provision
GO TO PAGE 29
Our people
Engaged employees
GO TO PAGE 31
Our suppliers
Healthy supply chain
GO TO PAGE 33
Our investors and lenders
Strong financial returns for
investors and debt providers
GO TO PAGE 34
Our environment
Reduced environmental
impact
GO TO PAGE 35
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 15

Assura is the UK’s leading diversified healthcare
REIT. To sustain this position, we need to
consistently outperform over time against a wide
range of key performance indicators (KPIs).
Our financial KPIs track the performance of the
business in terms of the returns we generate for
shareholders. Our portfolio metrics measure the
quality of our portfolio and our development
activities. Our Bigger Picture metrics measure
performance against our key targets for our
pillars of Healthy Environment, Healthy
Communities and Healthy Business. All of these
link back to our strategic priorities and factor
into how the executive management team
is judged and rewarded.
These KPIs are reflected in both the short-term
(annual bonus details on page 80 and long-term
management incentive schemes (linked to TSR,
Total Accounting Return and performance
against ESG targets over a three-year period,
further details on page 81).
Certain of these measures are considered
Alternative Performance Measures (calculations
or references provided where appropriate)
which, as explained in the CFO review on
pages 23 to 26, are used to help provide
relevant information to understand how
our business is performing.
Our key
performance
indicators
ESG: The Bigger Picture metricsFinancial metrics Portfolio metrics
3.5p
EPRA EPS
50.4p
diluted EPRA NTA
12.5%
EPRA Cost Ratio
3.34p
growing, covered dividend
7.0%
Total Property Return
9.0%
Total Accounting Return
16.3%
Total Shareholder Return
£27.3m
growth in rent roll
12.7years
WAULT
90%
% of customer covenant
NHS/GPs/Tier 1 private operators
3.2%
rental growth from rent reviews
167 kWh/m
Energy Usage Intensity
40%
net zero carbon developments
66%
EPC ratings
1,005 hours
staff volunteering
£8.91/£
social value ratio
43%
sustainable supply chain
72%
customer satisfaction
81%
employee engagement
100%
employee EDI training
completed
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 16

Financial
EPRA EPS
(p)
Diluted EPRA NTA
(p)
EPRA Cost Ratio
(%)
Growing, covered dividend
(p)
Performance
2021
2022 2023
2024
2025
3.5
3.4
3.3
3.1
2.7
Performance
2021
2022 2023
2024
2025
50.4
49.3
53.6
60.7
57.2
Performance
2021
2022 2023
2024
2025
12.5
13.2
13.5
13.1
13.4
Performance
2021
2022 2023
2024
2025
3.34
3.24
3.08
2.93
2.82
Strategic priority
1. Leveraging our financial strength
Strategic priority
1. Leveraging our financial strength
Strategic priority
1. Leveraging our financial strength
Strategic priority
1. Leveraging our financial strength
Definition
See Note 6 to the accounts.
Definition
See Note 7 to the accounts.
Definition
See page 121.
Definition
Dividend per share paid out during the
financial year.
Commentary
EPRA EPS provides an indication of the recurring
profits of the Group. EPRA EPS has increased to
3.5 pence reflecting the earnings enhancement
from active portfolio management in the year.
Growth has come from rent reviews settled and
portfolio additions, alongside close cost control.
Commentary
EPRA NTA shows the net accounting value of
our assets and liabilities, adjusted in accordance
with the widely used EPRA guidelines for the
real estate industry. As a REIT with a high
dividend payout ratio, movements in our EPRA
NTA primarily are attributed to asset revaluations,
which were positive in the current year
reflecting rental growth.
Commentary
EPRA Cost Ratio is the operating efficiency of our
model, being the costs incurred as a proportion
of rental income. The EPRA Cost Ratio has
reduced in the year reflecting the close cost
control and efficient portfolio additions.
Commentary
Our dividend policy is for the dividend paid to
be progressive and covered by EPRA earnings.
Our dividend has increased for the 11th
consecutive year, with a compound average
growth rate over this period of 6%.
Target
Grow
Target
Grow
Target
Maintain or reduce
Target
Grow
Linkage to remuneration
Short term, long term
Linkage to remuneration
Short term, long term
Linkage to remuneration
Short term
Linkage to remuneration
Short term, long term
OUR KEY PERFORMANCE INDICATORS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 17

Total Property Return
(%)
Total Accounting Return
(%)
Total Shareholder Return
(%)
Performance
2021
2022 2023
2024
2025
7.0
0.4
(2.6)
7.1
6.4
Performance
2021
2022 2023
2024
2025
9.0
(6.6)
(2.0)
11.2
11.4
Performance
2021
2022 2023
2024
2025
(6.3)
(22.3)
16.3
(3.1)
(9.8)
Strategic priority
1. Leveraging our financial strength
Strategic priority
1. Leveraging our financial strength
Strategic priority
1. Leveraging our financial strength
Definition
Net rental income plus revaluation, divided
by opening property assets plus additions.
See Glossary.
Definition
Movement on EPRA NTA plus dividends paid,
divided by opening EPRA NTA. See Glossary.
Definition
Movement in share price plus dividends paid,
divided by opening share price. See Glossary.
Commentary
Total Property Return measures our success
in choosing the right investments and managing
these assets over time. The return is made up
of two components – the income return (which
has remained broadly consistent with previous
years) and any valuation movement (which has
been positive in the current year).
Commentary
Total Accounting Return measures the returns
we have delivered to shareholders in the forms
of dividends paid and the growth in NTA. In the
current year, the dividend paid has again grown
(for the 11th consecutive year), and net assets
have increased reflecting valuation gains.
Commentary
Total Shareholder Return reflects the value
of dividends paid and the relative movement
of the share price over the year. In the current
year, the dividend paid has again grown
(for the 11th consecutive year), and the share
price has increased, having opened the year
at 42.3 pence and closed at 46.2 pence.
Target
Maintain or grow over long term
Target
Maintain or grow over long term
Target
Maintain or grow over long term
Linkage to remuneration
Short term
Linkage to remuneration
Short term
Linkage to remuneration
Long term
FINANCIAL CONTINUED
OUR KEY PERFORMANCE INDICATORS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 18

Growth in rent roll
(£m)
WAULT
(years)
% of customer covenant NHS/GPs/tier 1
health providers
(%)
Rental growth from rent reviews
(%)
Performance
2021
2022 2023
2024
2025
27.9
7.2
7.7
14.0
12.8
Performance
2021
2022 2023
2024
2025
12.7
10.8
11.2
11.8
11.9
Performance
2021
2022 2023
2024
2025
90
89
87
87
88
Performance
2021
2022 2023
2024
2025
3.2
3.9
3.8
1.9
1.5
Strategic priority
3. Quality of service
5. Long-term relationships
Strategic priority
2. Quality of buildings
3. Quality of service
Strategic priority
2. Quality of buildings
3. Quality of service
Strategic priority
1. Leveraging our financial strength
2. Quality of buildings
Definition
Increase in rent roll over the year. See Glossary.
Definition
Average period until the next available break
clause in our leases, weighted by rent roll.
Definition
Proportion of our rent roll that is paid directly
by GPs, NHS bodies or tier 1 health operators.
Definition
Weighted average annualised uplift on rent
reviews settled during the year.
Commentary
Growth in rent roll is a measure of how we
are growing our income which in turn should
support our dividend policy. Rent roll currently
stands at £177.9 million. The £27.9 million
increase in the current year reflects additions
of £31.8 million, and portfolio management
activities including rent reviews (£3.5 million),
offset by disposals (£8.1 million).
Commentary
Weighted Average Unexpired Lease Term
(WAULT) provides a measure of the average time
remaining on the leases currently in place on our
portfolio. The passage of time would see this
figure reduce each year. However, the positive
actions we have taken in the year (portfolio
additions and asset enhancement activities)
have seen this natural decline be offset such
that the WAULT has increased to 12.7 years.
Commentary
The occupier covenant provides an indication
of the security of our rental income, reflecting
how much is paid directly by GPs, the NHS or
tier 1 independent health providers. The figure
has remained strong at 90%, reflecting that the
portfolio additions have an occupier mix that
is consistent with our existing portfolio and
our strategic expansion to work with more
independent providers in a community setting.
Commentary
Rental growth from rent reviews settled in the
year provides a measure of the growth in our
rent roll, which we would expect to flow through
to our income and support our dividend policy.
In the current year we reviewed £74.1 million of
existing rent generating an uplift of £4.5 million.
Open market reviews generated an average
annual equivalent uplift 2.2% (1.7% in the
prior year).
Target
Positive
Target
Maintain or grow
Target
Maintain
Target
>medium-term inflation
Linkage to remuneration
Short term
Linkage to remuneration
No link
Linkage to remuneration
No link
Linkage to remuneration
Short term, long term
Portfolio metrics
OUR KEY PERFORMANCE INDICATORS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 19

Energy Usage Intensity
(kWh/m)
Net zero carbon developments
(%)
EPC ratings
(%)
Performance
2023
2024
2025
167
156
162
Performance
2023
2024
2025
40
38
18
Performance
2021
2022 2023
2024
2025
6666
53
33
30
Strategic priority
2. Quality of buildings
3. Quality of service
Strategic priority
2. Quality of buildings
Strategic priority
2. Quality of buildings
3. Quality of service
Definition
Total electricity and gas used in our buildings
divided by total floor area.
Definition
Proportion of on site developments designed
to be net zero carbon for construction
and operation.
Definition
Proportion of portfolio buildings that have
an EPC rating of B or better, or have improved
by at least two bands.
Commentary
Portfolio EUI gives an indication of how energy
efficient our buildings are for our customers and
will reduce as our Net Zero Carbon Pathway is
implemented. The increase in the current year
reflects the change in portfolio mix with
independent hospitals being more intensive
energy users.
Commentary
We would expect this to be low in the initial
years following the launch of our Net Zero
Carbon Design Guide and as we learn from our
first projects. As well as our completed projects
at Fareham and Winchester, 100% of qualifying
schemes commenced in year will be net zero
carbon.
Commentary
The EPC rating of our portfolio is an indication
of energy efficiency and is a regulatory
requirement for future lettings. 66% of our
portfolio is currently rated EPC B or better.
Target
Reduce
Target
>50% by March 2026
Target
100% by 2030
Linkage to remuneration
Long term
Linkage to remuneration
Long term
Linkage to remuneration
Short term, long term
ESG: The Bigger Picture metrics
OUR KEY PERFORMANCE INDICATORS CONTINUED
Healthy Environment
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 20

Staff volunteering
(hours)
Social value ratio
(value generated per £)
Sustainable supply chain
(%)
Performance
2023
2024
2025
1,005
728
520
Performance
2024
2025
8.91
3.40
Performance
2024
2025
43
25
Strategic priority
4. People
5. Long-term relationships
Strategic priority
3. Quality of service
5. Long-term relationships
Strategic priority
5. Long-term relationships
Definition
Volunteering hours delivered by Assura team
members in the year.
Definition
Social value generated per £ invested,
calculated using appropriate impact
reporting proxies.
Definition
Proportion of non-development spend
with suppliers with ESG KPIs or contributing
to the ACF.
Commentary
As we continue to evolve our social impact
programme, our employees have delivered
a total of 1,005 volunteering hours over the
year, generally supporting charities in and
around Cheshire.
Commentary
During the year, a number of projects have
been supported through Assura Community
Fund (ACF) activities or bespoke community-
specific plans linked with our on site
development activities.
Commentary
Having implemented ESG-linked KPIs for our
facilities management partner and selected our
development consultants using ESG factors, this
year we increased the suppliers who support
our ACF activities.
Target
>500 hours
Target
>£3.50
Target
Grow
Linkage to remuneration
No link
Linkage to remuneration
No link
Linkage to remuneration
No link
OUR KEY PERFORMANCE INDICATORS CONTINUED
Healthy Communities
ESG: THE BIGGER PICTURE METRICS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 21

Customer satisfaction
(%)
Employee engagement survey
(%)
EDI strategy implementation
Performance
2021
2022 2023
2024
2025
72
70
9292
90
Performance
2021
2022 2023
2024
2025
81
76
6666
74
Performance
Strategic priority
1. Leveraging our financial strength
3. Quality of service
5. Long-term relationships
Strategic priority
4. People
Strategic priority
4. People
Definition
Proportion of completed customer satisfaction
surveys that would consider recommending
us as a landlord to others.
Definition
Proportion of respondents to the employee
engagement survey stating they were
engaged, satisfied and able to make a valuable
contribution to the success of Assura.
Definition
Equality, Diversity & Inclusion is embedded in the
company with clear actions and targets agreed.
Commentary
The satisfaction of the customers in our
buildings is a crucial benchmark of the quality
of the service we provide. The score obtained
from our most recent customer satisfaction
survey has fallen following a period of change
and transition within the portfolio and facilities
management team, with appropriate plans in
place to restore this over the coming months.
Commentary
As with many companies, our employee
engagement survey results dipped slightly
during the pandemic, but we are pleased to
have seen an increase in the past two years
following our office relocation.
Commentary
Following the creation of our EDI strategy
in the prior year, during the past year we have
delivered training on our priority areas to all
employees, and we have set a target of having
a 15% ethnically-diverse workforce by 2030
(currently 6%).
Target
>80%
Target
Maintain or grow
Target
15% by 2030
Linkage to remuneration
Short term
Linkage to remuneration
No link
Linkage to remuneration
No link
OUR KEY PERFORMANCE INDICATORS CONTINUED
Healthy Business
ESG: THE BIGGER PICTURE METRICS CONTINUED
2024
plan created
2025
100% training
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 22

We have completed two strategically important deals
that have transformed our ability to capture future
growth opportunities.
The £500 million independent hospital portfolio
acquisition saw us materially increase our
weighting to a structurally supported growth
market. These high-quality assets deliver much
needed capacity to their local health systems
for the benefit of patients. With long-term
leases in place and annual, indexed-linked rent
reviews, they are supportive to our cash flows
and earnings trajectory.
Our £250 million joint venture with USS offers
important diversity of funding sources, giving
us more options to increase our portfolio. We
have chosen a long-term capital partner who
shares our values in seeking to invest in assets
that positively contribute to our society.
Operationally we have performed strongly,
adding £4.5 million to our rent roll from rent
reviews settled, which has contributed, along
with the acquisition and development
completions, to a 17% growth in net rental
income. We have achieved this whilst reducing
our EPRA Cost Ratio to 12%, and allowing us,
once again, to raise our dividend during the
period. Our EPRA NTA has increased to
50.4 pence per share with the valuation gain
recorded in the period more than offsetting
the dilution from new shares issued.
Our short-term focus remains on reducing our
leverage, targeting net debt to EBITDA below
nine times and LTV of 45%, and made excellent
progress on this plan in the second half of the
year. We expect to achieve our goals within
6 – 12 months through a combination of
disposals to both third parties and utilising
our joint venture.
Alternative Performance Measures (‘APMs’)
The financial performance for the period is
reported including a number of APMs (financial
measures not defined under IFRS). We believe
that including these alongside IFRS measures
provides additional information to help
understand the financial performance for
the period, in particular in respect of EPRA
performance measures which are designed to
aid comparability across real estate companies.
Explanations to define why the APM is used and
calculations of the measures, with reconciliations
back to reported IFRS measures normally in the
Glossary, are included where possible.
CFO's review
A strong financial
base delivering
growing returns
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 23

Portfolio as at 31 March 2025: £3,099.1 million
(31 March 2024: £2,708.3 million)
Our business is based on our investment
portfolio of 603 completed properties. This has
a passing rent roll of £177.9 million (March 2024:
£150.6 million), all of which is underpinned by
strong and growing demand for healthcare
services. The Weighted Average Unexpired
Lease Term (‘WAULT’) is 12.7 years (March 2024:
10.8 years) and we have total contracted rental
income of £2.5 billion (March 2024: £1.76 billion).
At 31 March 2025, our portfolio of completed
investment properties was valued at £3,115.8
million (Investment properties £3,099.1 million
plus investment property held for sale of £16.7
million, March 2024: £2,652.1 million), which
produced a net initial yield (‘NIY’) of 5.21%
(March 2024: 5.17%), with the movement
reflecting the addition of the acquired
independent hospital portfolio.
Taking account of potential lettings of
unoccupied space and any uplift to current
market rents on review, our valuers assess the
net equivalent yield to be 5.60% (March 2024:
5.41%). Adjusting this Royal Institution of
Chartered Surveyors (‘RICS’) standard measure
to reflect the advanced payment of rents, the
true equivalent yield is 5.63% (March 2024: 5.43%).
Our EPRA NIY, based on our passing rent roll
and latest annual direct property costs, was
5.23% (March 2024: 5.08%).
2025
£m
2024
£m
Net rental income 167.1 143.3
Valuation movement 57.9 (131.5)
Total Property Return 225.0 11.8
Following the global decline in property values
over the past couple of years, we are pleased
to report a valuation uplift in the period – which
totalled £57.9 million (2024: loss of £131.5 million).
This gain reflects the positive effect of rental
growth in the period and an uplift on the newly
acquired independent hospital portfolio, which
more than offset the dilution in EPRA NTA from
the new shares issued.
This gain is reflected in our Total Property
Return (expressed as a percentage of opening
investment property plus additions) which was
7.0% for the year compared with 0.4% in the
year to March 2024.
Net investment
The main movements in our portfolio during the
period were the addition of the independent
hospital portfolio for £500 million, net of
disposals during the year.
The 14 independent hospitals acquired
offer attractive investment characteristics –
with £29.4 million of rent roll at acquisition, that
is reviewed each January by reference to the
relevant index (a mix of RPI or CPI), and 26 years
of weighted unexpired lease term remaining.
These are impressive assets that provide
essential health capacity for their locality,
spread across both NHS-referred and private
(PMI and self-pay) procedures. The tenants
are tier 1 independent operators, including
Nuffield, Circle and Spire, offering strong tenant
covenants with an average rent cover of
2.3 times, and we now have relationships with
these providers to explore future opportunities
across acquisitions, developments and asset
enhancement.
Our new strategic joint venture with USS offers
us further diversity of funding for the long-term.
Targeting a portfolio of £250 million (of which
Assura will own 20%), this was initially seeded
in May 2024 with a portfolio of seven assets
for £107 million, and a further tranche of seven
assets for £64 million was agreed in March 2025
(£13 million of which completed post year end).
The net proceeds from these disposals are
therefore £137 million, including the post
year end completion. We provide property
management services to the joint venture,
calculated relative to the gross asset value,
which boosts the return on our equity investment.
The joint venture is fully equity funded currently.
We continue to focus on completing our on site
developments in an efficient manner to benefit
from the additional rent roll at completion,
completing five schemes in the year. We have
also continued to generate internal growth from
asset enhancement capital projects, finalising
eight upgrades to existing assets.
Our net investment in the period is summarised
in the table below:
Spend during the period
2025
£m
Acquisitions 505.6
Completed developments 54.5
Additions 560.1
Disposals (183.7)
Asset enhancement and sustainability 11.5
Net investment 387.9
Development activity
We completed five developments in the year,
adding £2.5 million to our rent roll, completing
NHS schemes in Cramlington, Fareham and
Bury St Edmunds and new GP medical centres
in Shirley and Winchester.
The environment for new development projects
remains challenging. This remains a legacy
position from the difficult macroeconomic
backdrop over the past two years, with
increased rents required to make new projects
viable based on current expected costs.
There remains a need for new healthcare
buildings to support the growing demands of
the health system, and we expect to see some
schemes moving live in the 2025/26 financial
year, most likely funded by our joint venture
with USS.
Our on site schemes comprise three schemes in
Ireland, with a combined total remaining spend
of £20 million and will add £1.5 million to our
rent roll when complete.
We continue to source additional schemes for
our development pipeline, but the pressures of
both rising construction costs and higher costs
of finance have led us to proceed with discipline
before committing to schemes, ensuring all
aspects are fixed before we commence.
CFO'S REVIEW CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 24

Live developments and forward funding arrangements
Forward fund/
in house
Principal
occupier
Estimated
completion
date
Estimated
development
costs
Costs to
date
£m
Size
sq.m
Ballybay FF HSE Q2 25 4.3 2.7 1,695
Birr FF HSE Q1 26 12.4 3.7 5,000
Castlebar In house HSE Q1 26 12.9 3.2 4,200
Total 29.6 9.6
CFO'S REVIEW CONTINUED
Portfolio management
Our rent roll grew to £177.9 million (March 2024:
£150.6 million) and we are pleased to have again
increased the uplift from rent reviews, alongside
the growth from the net additions. The reviews
settled added £4.5 million to the rent roll.
We successfully concluded 348 rent reviews
during the six months (year to March 2024: 307)
to generate a weighted average annual rent
increase of 3.2% (year to March 2024: 3.9%) on
those properties. These 348 reviews covered
£79.9 million of rent roll (including properties
held through joint ventures) and the absolute
increase of £4.8 million (Assura share £4.5 million)
is an 6.1% increase on this rent. Index-linked and
fixed uplift reviews generated an equivalent
annual uplift of 3.6% during the period
(March 2024: 5.2%) and open market reviews
generated 2.2% (March 2024: 1.7%).
The independent hospitals acquired have an
initial rent roll of £29.4 million and are all subject
to index-linked reviews. These reviews occur
in January each year with the January 2025
generating an uplift of 3.2%.
Our total contracted rental income, which
is a function of current rent roll and unexpired
lease term on the existing portfolio and on site
developments is £2.5 billion (March 2024:
£1.76 billion). We grow our total contracted
rental income through additions to the portfolio
and getting developments on site, but
increasingly our focus has been extending the
unexpired term on the leases on our existing
portfolio (‘re-gears’).
We delivered 19 lease re-gears in the year
covering £2.7 million of current annual rent and
adding nine years to the WAULT for those
particular leases. We have also agreed terms on
a pipeline of 39 re-gears covering £4.0 million of
rent roll and these are currently in legal hands.
We have completed eight asset enhancement
capital projects in the year (total spend
£4.2 million) and are currently on site with a further
two (total spend of £4.1 million), improving the
sustainability and lease length on these assets.
In addition, we have a further 20 asset
enhancement projects we hope to complete
in the next two years with estimated spend
of £11.6 million.
Our EPRA Vacancy Rate was 1.8%
(March 2024: 1.0%).
Administrative expenses
Administrative expenses in the period were
£14.4 million (2024: £13.2 million), although given
the increase in our portfolio this represents a
reduced EPRA cost ratio, which is how we
analyse cost performance.
Our EPRA cost ratios (including and excluding
direct vacancy costs) were 12.5% and 11.3%
respectively (March 2024: 13.2% and 11.7%
respectively).
We also measure our operating efficiency as
the proportion of administrative costs (as per
the income statement) to the average gross
investment property value (average of opening
and closing balance sheet amounts). This ratio
during the period was 0.50% (2024: 0.48%).
Financing and capital recycling
The strength of our balance sheet enabled us to
complete the strategically important transactions
in the first half of the year.
We finance our activities using the most
appropriate option available to us based on
market conditions, whether that be in the form
of equity issuance, debt issuance, capital
recycling or through the use of joint ventures.
In May we announced our £250 million joint
venture with USS. The terms of this from an
investment perspective have been explained
above, and it is important to highlight that we
view this as part of our long-term funding mix.
This vehicle will allow us to explore
development opportunities for the NHS that
may otherwise not meet the required levels
of return based on our current cost of capital,
but remain important opportunities to build
our relationship with the NHS.
We funded the £500 million independent
hospital acquisition with a mixture of new
equity shares issued (£100 million), new debt
issued (£266 million term loan) and the remainder
funded by cash and a drawdown on the revolving
credit facility. This was the most appropriate mix
to complete the transaction in a timely basis
and provides flexibility of funding as we execute
our disposals plan over the coming months.
The term loan is for an initial term of two years,
although we have the option to extend for two
additional one-year terms, subject to lender
consent. The loan is variable rate (by reference
to SONIA) with a margin of 110 basis points that
reflects our strong credit rating. We put in
place an interest rate swap for the two-year
term of the loan at a fixed rate of 4.148%.
Our LTV ratio currently stands at 47%,
having reduced from 49% at the point of
the independent hospital acquisition, within
our target range of 40–50%. We have always
been clear that we would only move to the
top end of the range for the right acquisition,
and the transaction announced in August
met these criteria.
Alongside the transaction we announced our
intention to bring reduce the LTV ratio below
45% and net debt to EBITDA below nine times
through capital recycling – both through
outright disposals and transferring additional
assets into the joint venture. We have made
strong progress to date, completing £188 million
of disposals, at a small premium to book value,
through a combination of sales into the joint
venture and a portfolio of £24 million to a third
party. We are in active discussions for the
disposal of a further £19 million of assets held for
sale. The proceeds will initially be used to repay
drawn amounts under the revolving credit
facility. We remain on track to complete the
disposals programme in line with the
timescales targeted.
Following the completion of the transaction,
Fitch reaffirmed our A- rating. They did,
however, put the rating on a negative outlook,
which is solely linked to their perceived
execution risk on the disposal programme.
Net debt to EBITDA currently stands at 9.8 times
which is inflated by the EBITDA figure only
capturing a part year of income related to the
private hospital acquisition. Based on our run rate
of income in the second half of the year, net
debt to EBITDA would stand at 9.1 times, and
we expect this to reduce further as the disposal
programme is completed.
With the exception of the revolving credit
facility, 100% of our drawn debt facilities are
at fixed interest rates.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 25

CFO'S REVIEW CONTINUED
Our weighted average interest rate is 2.9%
(March 2024: 2.3%) and the weighted average
debt maturity is 4.6 years. Our longest dated
facilities (the Social and Sustainability bonds
which mature in 2030 and 2033 respectively)
are at our lowest rates (1.5% and 1.625%
respectively).
Net finance costs presented through EPRA
earnings in the year amounted to £41.4 million
(2024: £27.2 million).
Financing statistics 2025 2024
Net debt (Note 11) £1,487m £1,217m
ESG-linked financing 62% 55%
Weighted average debt
maturity 4.6 yrs 6.0 yrs
Weighted average interest rate 2.9% 2.3%
% of debt at fixed/capped rates 98% 100%
EBITDA to net interest cover 4.1x 4.8x
Net debt to EBITDA 9.8x 9.4x
LTV (Note 11) 49% 45%
IFRS profit before tax
IFRS profit before tax for the period was
£166.0 million (2024: loss of £28.7 million),
reflecting the difference in valuation
movements recorded in each period.
EPRA earnings
The movement in EPRA earnings can be
summarised as follows:
2025
£m
2024
£m
Net rental income 167.1 143.3
Administrative expenses (14.4) (13.2)
Net finance costs (41.4) (27.1)
Share-based payments,
share of investments and tax 0.5 (0.7)
EPRA earnings 111.8 102.3
EPRA earnings has grown 9.3% to £111.8 million
in the year to March 2025. The independent
hospitals acquired have boosted our net rental
income which has been partially offset by the
finance cost associated with the change in net
debt. Our administrative costs and finance
costs remain closely controlled.
Earnings per share
The basic earnings per share (‘EPS’) for the
period was 5.3 pence (2024: loss of (1.0) pence).
EPRA EPS, which excludes the net impact of
valuation movements and gains on disposal,
was 3.5 pence (2024: 3.4 pence).
Based on calculations completed in accordance
with IAS 33, share-based payment schemes are
currently expected to be dilutive to EPS, with
3.7 million new shares expected to be issued.
The dilution is not material, with no impact
on the EPS figures.
Dividends
Total dividends settled in the year were
£104.1 million or 3.34 pence per share
(2024: 3.24 pence per share). £7.7 million
of this was satisfied through the issuance
of shares via scrip.
As a REIT with a requirement to distribute 90%
of taxable profits (Property Income Distribution,
‘PID’), the Group expects to pay out as
dividends at least 90% of recurring cash profits.
The April, July and October dividends paid
were PIDs and future dividends will be a mix
of PID and normal dividends as required.
Cash flow movements
2025
£m
2024
£m
Opening cash 35.4 118.0
Net cash flow from operations 110.5 102.4
Dividends paid (93.3) (85.5)
Investment:
Property and other acquisitions (449.3) (31.7)
Development expenditure (18.5) (69.4)
Sale of properties 183.7 3.4
Financing:
Loans drawn and issuance costs 289.6 (1.8)
Closing cash 58.1 35.4
Our cash flows remain uncomplicated. Our EPRA
earnings directly flow through to cash which is
used to fund quarterly dividend payments.
The investment activity in the period has
been funded through a mixture of new shares
issued, loans drawn and the disposals during
the period.
Diluted EPRA NTA movement
£m
Pence
per
share
Diluted EPRA NTA at
31 March 2024 (Note 8) 1,472.5 49.3p
EPRA earnings 111.8 3.5p
Capital (revaluations and capital gains) 54.2 1.6p
Dividends (104.2) (3.3)p
Share issuance 100.0 (0.7)p
Other 7.4 –
Diluted EPRA NTA at
31 March 2025 (Note 8) 1,641.7 50.4p
Our Total Accounting Return per share
(dividends plus movement in EPRA net tangible
assets as a proportion of opening EPRA net
tangible assets) for the year is 9.0% of which
3.34 pence per share (6.8%) has been
distributed to shareholders and 1.1 pence per
share (2.2%) is the movement on EPRA NTA.
Jayne Cottam
CFO
18 July 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 26

Our stakeholders
Our customers Our communities Our people Our suppliers Our investors
and lenders
Our planet
Why we engage
Ensuring we understand
and respond to our
customers’ needs so they
can deliver high-quality
care for the communities
they serve.
Why we engage
We have a role to play
in supporting the wider
health and wellbeing of
the communities our
buildings serve.
Why we engage
Our team is critical to our
success, creating the right
culture enables us to achieve
our business objectives.
Why we engage
Working in partnership with
our suppliers puts us at the
forefront of innovation and
ensures the delivery of
high-quality services.
Why we engage
Understanding the needs
of our investors and lenders
to ensure that we can
retain their confidence
in our strategy.
Why we engage
Limiting the impact of our
buildings on the environment
means we can deliver a
sustainable future for our
customers and communities.
Value delivered
Buildings at the forefront
of design, innovation and
environmental performance
alongside excellent
customer service.
Value delivered
Bespoke buildings
designed to meet their
needs alongside time and
expertise supporting wider
community wellbeing.
Value delivered
A collaborative, engaging
environment that supports
their aspirations to develop
their skills and provides them
with opportunities to grow.
Value delivered
Shared values and long-
term relationships that meet
our joint ESG ambitions.
Value delivered
A fair financial return derived
from the high-quality cash
flows generated from
disciplined investment in
the essential health
infrastructure of our country.
Value delivered
Net zero developments
completed alongside a
programme of sustainability
upgrades to our existing
portfolio.
Monitored by
Group Operations Director
Monitored by
Head of Social Impact
Monitored by
Chief People Officer
Monitored by
Group Transformation
Director
Monitored by
CFO
Monitored by
Director of Sustainability
72%
customer survey data
£8.91
social value generated
81%
employee engagement
survey
£67m
spend with suppliers
3.34p
dividend per share
2
number of net zero
developments delivered
and portfolio energy usage
Bigger Picture Pillar
Healthy Business
Bigger Picture Pillar
Healthy Communities
Bigger Picture Pillar
Healthy Business
Bigger Picture Pillar
Healthy Communities
Bigger Picture Pillar
Healthy Business
Bigger Picture Pillar
Healthy Environment
GO TO PAGE 28 GO TO PAGE 29 GO TO PAGE 31 GO TO PAGE 33 GO TO PAGE 34 GO TO PAGE 35
As a certified B Corp we are focused on delivering both attractive financial returns for
our investors and social returns for our wider stakeholder community. We are committed
to developing long-term relationships that deliver impact.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 27

OUR STAKEHOLDERS CONTINUED
Our customers
The health providers in our
buildings benefit from spaces
at the forefront of the sector in
terms of design, innovation and
environmental performance,
supporting improved
health outcomes.
Who they are
– GP practices
– NHS Trusts
– HSE
– Independent sector providers
– Other healthcare professionals
The health services our customers deliver
are what make our buildings so vital in the
communities and local health ecosystems
they serve. The majority of our long-term
rental income from our customers is
reimbursed by the Government.
Stakeholder metrics
– Customer satisfaction
How we engage
– Existing relationships with our property
managers, asset managers, rent review
managers, facilities management provider
(Macro), property administrators, and credit
controller (ongoing)
– Site visits, meetings and ongoing
communications with our Group
Operations Director
– Feedback surveys
– Dedicated customer inbox for direct feedback
– Supplier relationships (ongoing)
– Public affairs and communication activities
with local influencers (ad hoc)
These approaches allow us to get a sense of
how our customers are feeling, the challenges
they are facing and the problems they need
us to solve.
Achievements
This year we have worked closely with
customers to efficiently modify and adapt
existing space to increase capacity. For example,
at The Greyswood Practice in London we
converted an area previously used as a nursery
to clinical space, providing over 200sq.m of
additional consulting and treatment space,
effectively doubling the size of the area available
for service delivery, and allowing the Practice to
increase the number of patients by nearly 40%.
Our regional structure is now well embedded,
and we have welcomed three new highly
experienced property managers to the team,
as well as three new facilities coordinators
to support the Macro Facilities Management
contract. These changes have had a positive
impact on service resilience and availability,
with customers able to log jobs and queries
quicker than ever. Excellent feedback has been
received about the 24/7 freephone helpdesk
team and improvements have been made to
job tracking and documentation accessibility
through our modified portal system. We have
stepped up customer engagement, with
quarterly pulse surveys, and regular post-job
completion Macro check-ins so we are able to
track progress and collect and respond quickly
to feedback. There have been further
improvements in Health and Safety and
compliance, as well as through our supply chain
partners enabling us to offer additional support
to customers to help them maintain and
operate their buildings more effectively.
Monitored by:
Group Operations Director and Customer
Communications Manager.
Board members periodically hold meetings
with NHS influencers and leaders, join sessions
with suppliers and consider feedback from
customer surveys.
Issues raised this year
– Continued high cost of delivering services
impacted by utilities, rates and inflation
– Costs of running and maintaining buildings
in an ever-changing climate
– Adaptability of space and the need to future
proof buildings for evolving patient and
service needs
– Speed of response to reactive requests
– Sustainability and meeting NHS net zero
carbon 2045 ambition
72%
strong customer satisfaction
results maintained
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 28

OUR STAKEHOLDERS CONTINUED
Our communities
The communities that use
our spaces have access to
a building that meets the
bespoke health needs of
their local health economy.
Who they are
Over six million patients who use our buildings
and those who live in the communities around
our buildings.
Patients are the end users of our buildings.
Their experiences of the physical space and
environment affect the way they engage with
health services and their perceptions of the care
they receive. We need buy-in from communities
to create new health facilities, as this may
involve services moving to a different location.
And communities are the ultimate custodians
of better health: the healthcare delivered by
our customers sits within a whole ecosystem
of wider local health projects and activities.
Stakeholder metrics
– Assura Community Fund reach
– Developments supporting community
activities
How we engage
– Seeking views from Patient Participation
Groups, local Healthwatch/Community
Health Council members on proposed
new development schemes
– Local public engagement events to seek
feedback on proposed new developments
– Discussions with councillors, MPs and
community organisations on specific issues
– Working with the community resilience,
health inequalities and VCSE Alliance leads
from a range of Integrated Care Systems
to identify priorities for support
– Outreach by the Assura Community Fund to
seek funding bids from local health-improving
projects, including joining focus groups with
community organisations
– Regular contact with strategic leaders from
key Voluntary, Community, and Social
Enterprise (VCSE) organisations to identify
local priorities for social impact activity
– Working with social prescribing link workers
to identify gaps in community services where
funding would help meet specific needs
All this ensures that our work delivers for those
who will receive care in our buildings and those
who live in the surrounding community – as this
is led by our understanding of local priorities,
issues and concerns.
Monitored by:
Head of Social Impact
Board members received feedback on new
development schemes progressing through
public planning processes when significant
issues were raised and heard from those
delivering/benefitting from Assura Community
Fund projects at every Board meeting.
Issues raised this year
– Supporting the integration of the voluntary
sector into local health systems
– The ongoing and lasting impact of the
pandemic on people’s mental health
and wellbeing
– The funding crisis impacting the ability
of the VCSE sector to meet the needs
of the community
– Accessibility of medical centre buildings
– New development schemes and their impact
on communities
– Car parking at, and transport to,
medical centres
£8.91
social value generated per £ invested
>1,000
staff volunteering hours delivered
Achievements
For new development schemes moving through
concept and planning stages, we engaged with
patients and their communities in a range of
ways. Our aim was to help people understand
proposals for new healthcare buildings, what
this will mean for local health services and how
they can be involved with design approaches.
We used dedicated microsites, meetings
with patient participation groups, and detailed
surveys to offer more opportunities for questions
and discussion of new development proposals.
One of these was our proposed development
of land adjacent to a new housing development
in Northumberland to create a new primary care
centre. We worked closely with the practice and
patient participation group to gather community
sentiment and held detailed discussions with
the relevant stakeholders who raised questions
on key issues such as car parking and
sustainable features.
For each of our on site developments we create
a bespoke social impact plan to increase the
positive impact that a scheme has in a location.
In partnership with proposed new occupiers and
the local health board, we identify local priorities
and develop a plan to support these needs.
This could include supporting a health worker
garden or funding a bursary to support local
training needs, such as at our site in Guildford.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 29

In the last year, the Assura Community Fund
has continued to work with National Association
for Voluntary and Community Action (NAVCA),
further developing our strategic capacity
building work with the VCSE sector to enable
greater integration with integrated care boards.
Our funding has supported the development
of an open access resource hub to support
partners to share best practice, templates,
case studies and other resources to support
systems to work more effectively to support
improvement in population health. We have
also supported the development of ‘Alliance
42’, a network of representative from VCSE
Alliances across the country, creating a unified
approach to shared learning and a coherent
vehicle for communicating with the NHS on
the integration agenda.
In addition to the universal support available
nationally, we have continued our targeted
support in five areas, Hertfordshire & West
Essex, Cambridgeshire & Peterborough, North
East & North Cumbria, Bristol, North Somerset
& South Gloucestershire and Nottingham &
Nottinghamshire. Each area has its own focus
with individual programmes based on local
need and developed in partnership with a
range of stakeholders. For example, in
Cambridgeshire & Peterborough, the focus
has been on supporting the Cambridgeshire
& Peterborough Voluntary Sector Network to
develop the ICS VCSE strategy and supporting
grassroots projects that deepen the
relationship between newly formed ‘integrated
neighbourhood teams’ and the VCSE sector
that address a specific local health inequality.
The ICB contributed an additional £138,000 to
the grants programme meaning £270,000 has
been allocated across two grant rounds.
OUR STAKEHOLDERS  OUR COMMUNITIES CONTINUED
In Hertfordshire & West Essex, we funded
projects developed in partnership with Primary
Care Networks, delivered by small local charities.
A range of activities have been funded so far
including projects to reduce social isolation for
carers, improve young people’s mental health
and increase prostate cancer screening amongst
Black men. This year we have funded a smaller
number of larger projects including a GP-led,
‘train the trainer’ programme that will enable
a team of volunteers to deliver ‘Live Well’
programmes in their communities reaching
those who might not normally attend public
health services but who are at high risk of
health inequality.
We are now in our eighth year of support for
Dementia UK. Our donation enables them to
keep their helpline open for seven days a week
offering a lifeline to those who need it. In 2024,
our support enabled Dementia Nurses to answer
more than 3,500 calls to the Sunday helpline.
Having completed our four-year Founder
Patronage of Warrington Youth Zone, we have
continued to support their vital work via the
Assura Community Fund. We are continuing
to support the development of the Onside
Network by becoming Founder Patrons of the
new Salford Youth Zone, due to open in July
2025. We have committed £100,000 over four
years to support Salford Youth Zone in their
work to help young people to thrive and reach
their full potential, many of whom have
additional needs or are from some of the most
deprived neighbourhoods in the country. By the
end of the next four years, our support to both
Youth Zones will have created approximately
£3.5m in social value.
The community work we have done this year,
across the Assura Community Fund, donations
to charity partners and the social impact plans
of our on site development schemes has, on
average, generated £8.91 of social value for
each £1 invested.
Assura team volunteering
Assura team members have increased the
number of hours they volunteered in the
community by more than a quarter, completing
over 1,000 hours of volunteering with VCSE
groups. 87% of our staff took part in some
volunteering either with their team or
individually in 2024/25. Teams have supported
a number of charities, including Changing Lives
Together in Northwich, which works across
Cheshire supporting people affected by food
poverty. They have a community garden on site
where our team have volunteered several times.
Northwich Food Hub volunteering April 2025
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OUR STAKEHOLDERS CONTINUED
Our people
Our people are Assura.
Their expertise and skills allow
us to deliver for our customers
and work to achieve our purpose.
Assura employees work in a
collaborative and engaging
environment. Wellbeing is a
priority as we support our teams
who support our communities.
Who they are
– Our 80-strong team around the UK.
Stakeholder metrics
– Employee engagement survey
– Annual diversity and inclusion data
– Direct employee feedback via 1–2–1s
– Quarterly feedback from The Voice team
representatives with designated employee
Non-Executive Director (NED)
– Data on staff turnover, training and sickness
trends reported to the Board
How we engage
– Monthly call with CEO
– ‘The Hub’, an established employee intranet
page with internal and external updates
– Departmental team meetings
– The Voice
– Various team building and site-wide
social events
– EDI and wellbeing programme of events
– Ad hoc HR communications
– Direct 1–2–1s with employees across
the business (CPO)
– Annual dinner with the Board and all
employees invited
– Annual employee engagement survey
and half-yearly pulse survey
We seek regular feedback from the team
representatives’ group, the Voice, to understand
the effectiveness of our engagement methods.
We also track engagement with internal surveys
and events to judge their impact.
Achievements
Learning and Development
Over the past year, we have shown a strong
commitment to investing in Learning and
Development initiatives, with a key focus on
Health & Safety and Compliance training. Our
dedicated efforts have centred on equipping
our teams with the essential skills and knowledge
needed to maintain the highest standards of
safety and regulatory compliance.
Furthermore, we have expanded our online
training offerings to include Corporate
Governance and Equality, Diversity & Inclusion
(ED&I), which have been successfully completed
by all staff members. This demonstrates our
ongoing commitment to providing continuous
learning opportunities for our team.
Last autumn, we welcomed two finance
graduates into our team who are currently
placed in various departments. One is actively
pursuing their Chartered Institute of
Management Accountants (CIMA) qualification,
while the other has embarked on a newly
created graduate programme working closely
with our Financial Planning & Analysis team.
Additionally, we are continuing our commitment
to providing additional Early Talent opportunities
through working in collaboration with our charity
partners to establish impactful work experience
programmes for students with an interest in a
career in Real Estate.
We continue to be a top performer in the FTSE
350 Women Count Report. This year we came
14th (out of 163 companies) in the FTSE 250 and
were 3rd in the real estate rankings, recognising
our gender diversity in our Board, Executive
team and their direct reports.
Monitored by:
CPO.
Board members took part in our annual whole
team ‘meet the Board’ dinner in September and
the May Board meeting included the
opportunity for employees to meet the Board
over lunch.
Issues raised this year
– Temporary disruption during office renovation
– Reduction in car parking availability
– Clearer career development
– Wider range of benefits
81%
employee engagement survey
100%
employee completion of ED&I training
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OUR STAKEHOLDERS  OUR PEOPLE CONTINUED
EDI and wellbeing
To support our EDI strategy we launched a new
online training module to provide education and
awareness among our people on the importance
of being a diverse and inclusive business, with
a 100% completion rate.
Being diverse and inclusive is important to
us and we’ve continued our partnership with
Manchester Pride completing their Getting
Started programme of the All Equals Charter
and building on an action plan for improvement.
This Charter is Manchester Pride’s programme
to help businesses and organisations
understand, recognise and challenge any form
of discrimination in the workplace. The Charter
aims to make the workplace inclusive, diverse
and equal for marginalised people and is a
positive space for businesses to grow and learn.
In the last year our ethnic diversity is now 6.2%
up from 1.2% last year, our target being 15% by
2030. In the last year we had 13 vacancies, with
10 (77%) ethnically diverse candidates reaching
final stage and four being appointed, which is
30% of the total appointments.
We continue to run a varied employee
wellbeing programme with events and
initiatives being arranged monthly.
We have installed a Quiet Zone at our head
office to provide a less distracting space for
neurodiverse colleagues or those seeking
a more peaceful work environment.
Finally, we continue to support the great
work of the North West Business Leadership
Team (NWBLT) in particular programmes
mentoring high potential female and ethnically
diverse colleagues.
Gender diversity
Board of Directors
50% 50%
4 Female 4 Male
Senior Management (excluding executives)
50% 50%
3 female 3 male
Employees
55% 44% 1%
44 female 35 male 1 non-binary
Total employees (including NEDs)
55% 44% 1%
47 female 38 male 1 non-binary
Female Male Non-binary
Engagement
Our most recent employee engagement survey
was conducted by We Love Surveys and we
were delighted to see an improved overall
engagement score of 81% up from 76% last year.
Key themes continuing from last year were the
positive team ethic and working environment.
In addition, the collaborative culture and
continuation of hybrid working supported a
high level of engagement. Our commitment to
sustainability, social impact and wellbeing also
scored highly, with 87% of the team taking part
in some volunteering activities during the year.
Areas for development highlighted in the survey
included improved career development plans,
enhancing our communications and employee
events and process improvements.
We were particularly pleased to see that the
statement “I think everyone is welcome at Assura”
attained the highest score in the survey of 95%
with “Assura has strong commitments to our
social impact in the communities in which we live
and work” at 94% for the second year running.
“The collaborative culture
and continuation of hybrid
working supported a high
level of engagement."
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OUR STAKEHOLDERS CONTINUED
Our suppliers
Our supplier partners benefit
from a collaborative approach
to finding innovative solutions
that meet the needs of
our customers.
Who they are
A network of businesses and organisations
providing the goods and services that enable
us to serve our customers.
How we engage
We keep in close contact with our supplier
network through our relationships across the
business, with key maintenance service
relationships now embedded with our facilities
management team at Macro. The Executive
Committee invites suppliers to meetings from
time to time to hear about the latest trends in
the sector. We require that all suppliers are Safe
Contractor verified, whether for a large repair or
for small routine maintenance jobs ensuring the
suitability of health and safety procedures and
insurance in relation to all work.
We require all of our suppliers to adhere to our
policies on Modern Slavery (including Human
Rights) and Anti-Bribery and Corruption, both
of which are available to view on our website.
We communicate our Quality and Environmental
policies (as part of our procedures in relation
to our ISO 9001 and ISO 14001 accreditation) to
suppliers, as well as making clear our policies in
respect of whistleblowing and the prevention
of tax evasion.
We incorporate ESG considerations into
our supplier selection processes – discussing
up front how we can work together and align
objectives and run roundtable events to share
ideas and ensure our vision is understood.
Why these methods are effective
Dialogue with our regular suppliers allows us
to understand emerging issues and challenges,
and to respond accordingly.
Evaluating ESG ambitions of potential suppliers
allows us to ensure we are working with partners
that are aligned with our own values.
£67m
paid to our suppliers and contractors
£31m
total tax contribution
Achievements
Working effectively with suppliers in partnership
is vital to us maintaining our reputation with our
customers, as well as helping us deliver on our
ambitious targets relating to The Bigger Picture.
It is essential that our suppliers share our values
in wanting to deliver high-quality buildings for
the benefit of our customers and the
communities the buildings support.
Where essential maintenance is required to
a property, the works need to be completed
efficiently and minimise disruption to the
day-to-day operations of our customers. Where
we are completing a building improvement
project, whether it’s a reconfiguration of the
space, a sustainable upgrade or a major extension,
we work with our customers and suppliers to plan
jobs carefully, minimising disruption for patients
and staff. Where we are designing a new building,
we need to provide the best advice on how the
design can help meet the health needs in that
community, maximising the social impact and
minimising the environmental impact.
In all these cases, our customers want to know
we have chosen the right partner – either to
provide expert consultation or to deliver the
works to a high standard.
We view our suppliers as long-term partners,
and the importance of aligned ambitions allows
us to contribute toward each other’s targets.
For example, aligned with our target to deliver
outstanding customer service, our contract with
Macro is based on their strong sustainability
and technology credentials to help us further
enhance the service we provide to our
customers. Our contract with Macro includes
a number of ESG-related KPIs, such as requiring
appointment of companies that pay a Living
Wage and performance requirements linked
to training, education and volunteering.
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OUR STAKEHOLDERS CONTINUED
Our investors and lenders
Our financial backers, both
equity and debt, receive a fair
financial return derived from the
high-quality cash flows generated
from disciplined investment in
the essential health infrastructure
of our country.
Shareholder engagement
As detailed in the Governance section on
page 53, the Board is committed to maintaining
an appropriate level of communication with
shareholders. The Executive Directors and
Investor Relations Director are available
throughout the year for investor meetings,
and we work with advisors to give investors
the opportunity to engage with management
at a range of forums. The most important of
these are the year-end and interim results
presentations, to which our lenders are also
invited. Direct feedback is sought from investors
following every meeting we hold during the
year, through our shareholder engagement
platform (Ingage), with a response rate of
approximately 30% that gives us valuable
insight on our interactions and disclosures.
We also held further sessions with Investor Meet
Company, a platform that aims to give retail
investors appropriate access to management
to ask questions and provide feedback.
Relationships with our diverse pool of lenders
are also maintained through regular interaction,
primarily with the CFO, as well as through our
website and financial documents.
Why these methods are effective
Regular dialogue with our investors and lenders
allows us to respond to questions, seek feedback
and test ideas with our financial stakeholders.
Achievements
As has been the case in recent years, our focus
is on making sure that the senior management
team are available to engage with both existing
and potential investors, whether equity or
debt focused.
The past 12 months have seen a real increase
in investor interactions, with over 180 meetings
held as a broader range of investors (generalists,
income funds, international, wealth managers)
have shown greater interest in our investment
case. This has included attendance of a higher
number of conferences, attending five across
three countries (UK, USA and the Netherlands).
Investors are increasingly perceiving conferences
as a good use of time, particularly those with a
good attendance list and efficient scheduling.
In August we held an investor presentation in
relation to our acquisition of the independent
hospital portfolio, following on from our
introduction to the independent market that
we provided for investors at our February 2024
capital markets event.
We also hosted several site tours at various
locations in our portfolio with investors and
analysts throughout the year.
In November 2024 we obtained a secondary
listing for our shares on the Johannesburg
Stock Exchange (‘JSE’).
We have continued to highlight our social
impact and sustainability credentials to
ESG-focused investors, holding a number of
1–2–1 meetings with ESG specialists, resulting
in a growing number of ESG specific funds on
our share register. We have placed emphasis
on improving our ESG ratings with agencies
such as MSCI (rated ‘AA’), ISS (rated ‘Prime’),
EPRA (‘Gold’ award), GRESB and disclosing
to the Carbon Disclosure Project.
Key materials and contact information
Our website (www.assuraplc.com) includes
all regulatory announcements, financial results,
news stories and additional background on our
strategy and policies.
The materials are supplemented by videos
giving further information.
Interaction with our shareholders and
equity analysts is managed by our Investor
Relations Director.
182
meetings held with investors
May 24
– Year-end results presentation
– Results roadshow, London and Paris
– Kempen Real Estate Seminar, Amsterdam
June 24
– EPRA Corporate Access Day, London
– Morgan Stanley Real Estate Conference, London
– Tour of assets in the North East including
Cramlington
July 24
– Trading update
– AGM, via Investor Meet Company platform
August 24
– Private hospital acquisition presentation
– London roadshow
September 24
– Unsecured bond holder call
– Tour of Bury St Edmunds Ambulance Hub
– London roadshow
October 24
– Trading update
November 24
– Interim results presentation
– Results roadshow, London
– South Africa roadshow and launch
of secondary listing
December 24
– Wealth manager roadshow, London
January 25
– Trading update
– Barclays European Real Estate Conference
– Wealth manager roadshow, Bristol
February 25
– Roadshow, Edinburgh
– Investor meetings regarding potential offer
March 25
– CitiBank CEO Conference, Miami
– Investor meetings regarding potential offer
Investor engagement timeline
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OUR STAKEHOLDERS CONTINUED
Our planet
We deliver new premises
which limit their impact on
the environment and upgrade
the energy efficiency of
existing buildings.
Our impact
Our Net Zero Carbon Design Guide sets ambitious
targets for both our existing portfolio and new
developments to advance our environmental
progress for the benefit of all stakeholders under
the Healthy Environment pillar of The Bigger
Picture. This is all part of our vision for healthcare
spaces that lead for a sustainable future, helping
our customers by providing buildings that are
cheaper to run and facilitate achievement of
their own net zero carbon targets.
How it's delivered
Our environmental strategy is fundamental
to what we do:
– Ensuring our developments meet the needs
of our customers: GPs, the NHS, the HSE,
independent providers and the communities
they serve, whilst ensuring a focus on carbon
reduction
– Helping our customers reduce their energy
consumption
– Driving value in our portfolio through
sustainability-linked asset enhancements giving
us extended leases or increased income.
But we also want to go a lot further. We’re
targeting net zero carbon for our whole
portfolio by 2040, with an interim reduction
target for 2030.
Sustainability actions are ingrained throughout
our team:
Investment: sustainability and social impact is a
key element of the investment criteria, with the
Net Zero Carbon Pathway factored into
decision-making of any acquisition.
Portfolio management: our environmental
improvement programme is central to individual
property strategies and in all asset enhancements
we seek to improve energy efficiency.
Development: the continual evolution of
sector-leading development designs enables
us to advance our strong BREEAM track record
by creating a Net Zero Carbon Design Guide.
Healthy Environment – main KPIs
EPC – % area of portfolio EPC B or better
202566%
202466%
Net zero carbon developments
202540%
202438%
Portfolio EUI
2025167 kWh/m²
2024156 kWh/m²
Additional sustainability metrics
Energy data – % area of portfolio for which we
have energy data
202586%
202460%
BREEAM ratings on completed developments
2025100%
2024100%
Net Zero
Carbon
completion of our first two
net zero carbon developments,
at Fareham and Winchester
Assura plc
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Long-term plan to achieve net zero across
our portfolio
Net Zero Carbon Pathway
First published in the 2023 Annual Report,
the adjacent chart shows what is required to
achieve our ambitious plan to achieve net zero
carbon across our estate by 2040 – ahead of
the NHS’ own target date of 2045.
To create this, we collected energy data across
our estate and commissioned net zero carbon
audits on a representative sample. We then
used UK Green Building Council guidance
to create appropriate ‘Paris-proof’ reduction
targets and are currently in the process of
having these verified by the Science-Based
Target initiative (SBTi).
A key part of achieving these goals is ensuring
we get an appropriate return on investment
– we are seeking higher levels of rents, using
our pilot projects to illustrate the benefits to
our customers, and exploring other initiatives
such as on site renewable energy under Power
Purchase Agreements (PPA) or completing
works alongside lease re-gears and asset
enhancement projects.
2040
target date for net zero carbon
across our portfolio
STAKEHOLDER ENGAGEMENT AND IMPACT  OUR PLANET CONTINUED
Green energy
tariffs, Assura
offsetting projects
Electrification
of supply (ASHP)
Technological
improvements
Removing gas from our
estate is a key step on the
net zero carbon journey.
Technological
improvements will both
reduce energy demand
at buildings and generate
renewables at source.
2040 target
55 kWh/m
167 kWh/m
Current portfolio
compares well with the
CIBSE national industry
standard of 207 kWh/m
This includes measures
such as using timed plugs,
promoting energy efficient
behaviours by occupiers
and optimising building
management settings.
Occupier
engagement
and quick wins
Current
Assura current
portfolio
Assura plc
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Strategic report Governance Financial statements Additional information 36

STAKEHOLDER ENGAGEMENT AND IMPACT  OUR PLANET CONTINUED
Key achievements
– Completed first two net zero carbon
developments at Fareham and Winchester,
as well as Bury St Edmunds (operational
carbon only)
– All developments completed hit BREEAM
targets of ‘Very Good’ or better
– Portfolio now 66% at EPC B or better
– Portfolio energy data coverage increased
to 86%
– TCFD disclosures refreshed through
evaluation of risk register and scenario
analysis
– PV panel programme developed and
first 10 properties on track for delivery
in 2025/26
2026 priorities
– All on site developments using our
Net Zero Carbon Design Guide
– Utilise sustainability initiatives on all asset
enhancement and re-gear opportunities
– Analysis of portfolio-wide energy
consumption to identify highest/lowest
efficiency properties for customer
engagement activities to drive kWh
reductions
– Roll-out PV programme, 10 pilot sites and
expecting to extend to another 50 sites.
– We are planning on rolling out ASHP’s
as a trial.
– We are looking at a district heating at one
of our large sites, which would be offset with
a large PV array.
Governance
Overall responsibility for progress against
our environmental targets rests with the CEO.
Progress against the ambitions and pledges is
overseen by the Social Impact and Sustainability
Steering Group with regular reporting to both
the Executive Committee and the Board-level
ESG Committee. In particular, sustainability
efforts are led by our Director of Sustainability
and Projects.
Minimising the environmental impact
of our existing properties
As a landlord of a large portfolio, our ability to
influence the energy consumed in our buildings
comes through improving the fabric of the
buildings and specifically providing more
efficient heating, lighting and ventilation
systems for our customers.
A key focus for our approach to net zero carbon
has been to understand how energy is used
across our portfolio – both collecting the energy
data for as many properties as possible and the
interventions required to reduce consumption
to achieve our net zero carbon ambitions.
We have successfully obtained data on
477 properties (86% by area). This has allowed
us to understand the energy usage intensity
(EUI) across our portfolio and convert this into
absolute energy reduction targets (using UK
Green Building Council guidance for a Paris-
proof 1.5ºC reduction scenario). The priority
is to drive down energy consumption, through
asset enhancement initiatives and customer
engagement, only relying on green tariffs or
appropriate schemes to offset the residual
carbon emissions as a last resort.
Absolute reduction targets
2022
baseline
2030
target
-25%
reduction
2040
target
-66%
reduction
kWh 117m 88m 40m
EUI (kWh/m) 162 122 55
Carbon (kg CO/m) 31 23 Net Zero
We have also completed 56 net zero carbon
audits (15% by area). These allowed us to
understand, across an appropriate cross-section
of our portfolio, the necessary interventions to
achieve our targets. These are primarily
removing any gas supplied into our buildings
(installing air source heat pumps) and
maximising on site renewables generated
(using photo-voltaic panels). However, it is just
as important to make sure energy is not being
wasted on site, so the first step for most
buildings is to work with the occupiers to
identify quick wins in each property (i.e. using
sensors, switching off equipment when not in
use) following the appropriate energy reduction
hierarchy. This approach is outlined in our Net
Zero Carbon pathway.
Following the acquisition of the 14 independent
hospitals in August 2024, we have obtained the
energy data relating to these properties and are
currently assessing the impact of these on our
targets. Independent hospitals have a much
higher energy intensity that GP medical centres,
due to the increase in medical equipment and
operating theatres.
Improving the EPC ratings of our properties
to at least a B is a key stepping stone on our
net zero carbon journey, albeit we aim to ensure
there is an appropriate return on our capital
where possible (combining with asset
enhancement or re-gear) and also ensuring
that the EPC works do not conflict with net zero
aspirations (i.e. replacement of gas boiler with
a more efficient one is counter intuitive).
In 2021 we completed our assessment of the
EPC ratings across our portfolio and estimated
the cost of the improvement works, being in
the range £25–30 million across the portfolio.
Over the past three years, we have completed
over 100 improvement projects saving
approximately 4m kWh of energy consumption,
primarily through upgrading lighting in buildings,
spending £4.6 million to date with the costs
coming in line with our expectations. Where
possible, we aim to complete these upgrades
alongside asset enhancement capital projects,
for example combining LED lighting with air
source heat pump and PV panel installations.
The following table shows the proportion of
certificates in our portfolio in each EPC band,
weighted by building area.
EPC band
% of
certificates
A/A+ 12%
B 54%
C 22%
D 8%
E or lower 4%
For the majority of our portfolio, customers
purchase energy directly from utility companies.
For these properties, our portfolio management
team meets regularly with the customers to
understand their needs and concerns around
energy usage and works with them to identify
energy saving opportunities.
In respect of c. 8% of our portfolio, we purchase
utilities on behalf of the customers which are
recharged, usually through a service charge. In
these buildings, energy consumption is dictated
by the customer, but we are generally in more
frequent discussions with these customers to
drive down energy consumption. Energy
procured by Assura on behalf of customers is
via a 100% renewably sourced tariff, and totals
9m kWh per annum and we are exploring
maximising the use of electricity produced
on site through PV panels.
Our standard leases include green lease clauses
that allow us to request data on energy usage,
to gain access to make energy performance
improvements and to prevent customer works
on our buildings that negatively impact the
energy performance. We continue to review
our standard lease clauses and whether further
advancements would be appropriate for
our customers.
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STAKEHOLDER ENGAGEMENT AND IMPACT  OUR PLANET CONTINUED
Minimising the environmental impact
of our developments
As a developer, we are focused on ensuring
our new buildings are designed to be right
at the cutting edge of sustainability within our
sector, and we pride ourselves on innovating
to advance our environmental performance.
One of our KPIs under our Healthy Environment
pillar is to advance our developments to be net
zero carbon for embodied and operational
carbon and to measure the whole life carbon
impact of the buildings we develop.
Our approach is to design the buildings to
use as little energy as possible, following the
principles of our Net Zero Carbon Design Guide,
which we finalised in 2022. The Design Guide
covers all elements of the development design
process, laying out the principles to be applied
to every stage – starting with site planning,
building structure and fabric, right through
to final elements of interior design and post
occupancy evaluation. The Design Guide is
an organic document evolving in response
to feedback in use, changing guidance and
technological innovation.
167 kWh/m
current average energy usage intensity
Metric/KPI Baseline
Best Practice
(Today)
Exemplary
(2025)
Energy in use – EUI 50 kWh/m/yr 55–70 kWh/m/yr 35–55 kWh/m/yr
Upfront carbon 600 kg COe/m 530 kg COe/m 475 kg COe/m
Total embodied carbon 780 kg COe/m 970 kg COe/m 750 kg COe/m
Our first net zero carbon-ready schemes in
Fareham, Bury St Edmunds and Winchester are
completed and we will need a full year of data
to give an accurate EUI. The table below details
the targets we have set, and we are aiming for
this to be standard in all our in-house schemes
by 2026.
We continue to measure our current
developments by reference to BREEAM
(Building Research Establishment Environment
Assessment Method) and also our EPC targets
– as described below.
BREEAM
The environmental impact of a new building
is something that we consider from the initial
design phase and maintain focus on throughout
the project. We measure this against BREEAM
for which we target a score of ‘Very Good’ or
‘Excellent’ on all our in-house developments.
BREEAM is a holistic methodology for assessing
the environmental, social and economic
sustainability performance of a building. It
measures sustainability in a range of categories
(such as energy, innovation, materials, pollution,
waste and water), assessing factors such as
carbon emissions reduction, design durability,
adaptation to climate change and protection
of ecology and biodiversity.
In practice, this means that we need to select
the materials in the right way (BRE produces
a Green Guide to Specification from which
materials are chosen). We then commission
environmental and ecological reports from
which the actions are incorporated into our
plans, and we work with our customers to
ensure that the energy systems installed are
both environmentally friendly and cost effective.
All of this needs to be completed to a high
standard and is independently assessed.
All developments completed in the year are
expected to meet our BREEAM targets as well as
achieving EPC B or better (or the Irish
equivalent of BER A).
Minimising the environmental impact
of our employees
We review greenhouse gas emission data
relating to the environmental impact of Assura
employees, specifically electricity consumed
at the head office and fuel usage from travelling
to visit our properties. Over recent years our
usage has changed following our move of head
office, with gas no longer being consumed
resulting in more electricity being used.
There has also been an increase in our staff
using electric vehicles meaning higher mileage
has actually resulted in less carbon for these
particular Scope 3 emissions. To help team
members and prospective employees reduce
their environmental impact, we have created a
Green Travel Plan aiming to promote greater use
of public transport and greener ways to travel.
ESG policy and greenhouse gas emissions
We have in place an ESG policy (available in the
Corporate Governance section of our website)
which has been refreshed in the current year
and is reviewed on an annual basis by the Board.
The policy sets out the commitment we make in
addressing environmental risks in the work we
carry out, working with suppliers and partners
to promote environmentally friendly behaviours,
and maintaining our ISO 14001 Environmental
Management System certification.
The table below shows the required SECR
disclosures, being carbon emissions directly
within the operational control of the Group,
calculated in line with the GHG Protocol, and
solely relating to consumption in the UK.
Scope 2 relates to grid electricity consumed at
the head office and Scope 3 relates to emissions
from business mileage, all of which have been
converted from the appropriate unit to mt COe
using government published conversion factors.
The usage during the year has changed
following the move in head office (resulting in
gas no longer being consumed) and the increase
in employees using electric vehicles. We would
expect carbon emissions to reduce as energy
efficient building upgrades are implemented.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 38

STAKEHOLDER ENGAGEMENT AND IMPACT  OUR PLANET CONTINUED
Operational control
2025 2024 Change
Scope 1
mt COe  – 
mt COe per employee  – 
kWh  – 
Scope 2
mt COe 23.9 50.4 (53%)
mt COe per employee 0.31 0.68 (55%)
kWh 115,212 232,143 (50%)
Scope 3
mt COe 32.5 24.2 34%
mt COe per employee 0.42 0.33 27%
kWh 101,132 103,983 (3%)
Total
mt COe 56.3 74.6 (24%)
mt COe per employee 0.72 0.74 (28%)
kWh 216,344 336,126 (36%)
kWh per employee 2,774 4,542 (39%)
We consider the most appropriate intensity
factor to be mt COe per employee, as the
size of our team is directly proportionate to the
mileage required. We moved our head office
to Altrincham more than two years ago and are
currently implementing fabric and technology
improvements to reduce energy consumption,
aiming for the building to be fully net zero
carbon by December 2025.
We have also included below what we consider
our wider Scope 3 emissions to be – relating
entirely to energy consumed by occupiers in
our property portfolio. We have data for 86% of
the portfolio by area, and for the remainder we
have estimated usage based on the age of the
building using UK GBC building classifications.
Tenant usage
2025 2024
Scope 3
Portfolio – properties
where we have the data 86% 60%
Portfolio – properties
where we have
estimated usage 14% 40%
Total Scope 3 – kWh 136.09m 115.27m
EUI – kWh/m 167 156
mt COe 19,522 21,484
Kg COe/m 24 29
It is also worth noting that our portfolio can
effectively be split into the GP and NHS medical
centres, versus the independent hospitals
(which are much more energy intense). On a like
for like basis, the usage of our GP and NHS
buildings has reduced from our baseline, and
we are on track to hit our short term energy
reduction targets. The table below illustrates
this:
kWh EUI – kWh/m
GP and NHS buildings 98.74m 139
Independent hospitals 37.35m 356
Total 136.09m 167
As described further on page 36, the energy
usage intensity of our portfolio compares
favourably with the CIBSE national industry
standard of 207 kWh/m.
Further details on this energy data, including
how missing figures have been estimated and
for where appropriate like-for-like comparisons
can be made, can be found in the sustainability
disclosures on our website: www.assuraplc.com.
St Clements Surgery, Winchester
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 39

Principal risks and uncertainties
Risk management is the
responsibility of the Board,
which sets the risk appetite
and tolerances for the business,
determines the nature and extent
of the principal risks the Group
is willing to take in achieving its
strategic objectives and ensures
that risk management and internal
controls are embedded in the
Group’s operations.
Risk appetite
The Group’s risk appetite is to target above
market, risk adjusted returns in our chosen
healthcare real estate assets, by developing
assets ourselves (as opposed to purchasing only
completed developments) and using debt to
gear returns in line with our LTV policy. However,
we seek to avoid, trap or heavily mitigate risks
in all other areas of the business, including:
– property event risk – by full insurance cover,
full due diligence and committed funds for
acquisitions
– development risk – by only undertaking
developments where there is already
an agreement for lease in place with fixed
price or capped price build contracts
and full due diligence on contractors
and main subcontractors
– control risk – by clear management controls
and Board reporting
– gearing risk – we maintain an appropriate
range of lenders and debt maturities with
variable rate debt being restricted to an
appropriate level
– political risk – which could limit future growth
but does not affect the current business assets
– occupier default risk – by investing in
strategically important premises which will
be supported by the NHS with ongoing due
diligence of our independent occupiers.
Our approach to risk management
The Risk Committee includes senior staff from
all areas of the business; together with the CEO
and CFO, it met four times in the year, to review
the risk register, identify emerging risks and
conduct ‘deep dives’ into individual risks to
ensure that sound assurance is in place. KPMG,
the Group’s internal auditor attended all the
Risk Committee meetings in the year.
The regular business of the meetings included
a report from the risk owner of each of the
business functions with:
– a description of risks being managed by that
function and the net risk appetite for each risk
– a review of whether current KPIs indicated
that a net risk scoring was outside of the risk
appetite for that risk and if so, what action was
being taken to bring the scoring within appetite
– identification of emerging risks.
Internal audit in the year focused on rent
collection process, cyber security, health
and safety and a follow up on information
management. Further detail on their findings
is set out in the Audit Committee Report
on page 63.
The Risk Committee provides copies of the
Risk Committee minutes to the Audit Committee
and twice yearly provides a detailed report on
its activity to the Audit Committee. The Audit
Committee regularly monitors risk management
and internal control systems and reports to the
Board. The Board has carried out a robust
assessment of the principal risks facing the
business. These are the risks which would
threaten its business model, future performance,
solvency or liquidity and are summarised on
pages 45 to 46.
The Board has also considered which of the
Group’s strategic objectives may be affected
by these risks and its findings are set out on
pages 43 to 45.
Emerging risks
Emerging risks were considered by the
Committee, including:
– The continued conflicts in Ukraine and
the Middle East – raising the cyber security
risk and the impact on customers of rising
utility costs.
– The potential impact of AI increasing cyber
security threats.
– Increased development costs, contractor
insolvency and the impact on scheme
viability.
– Continued review on the impact of
inflationary pressures on costs of living
and impact on cash collection/potential
for bad debts, supplier solvency and
staff wellbeing.
– Impact of the move to three days in the
office on our ability to retain staff and recruit
in the short term and the potential for
business disruption.
– Impact of the outsourcing of our portfolio
management team to Macro and the
management of the contract to ensure
customer service is maintained.
– Continued uncertainty in the pharmacy
sector
– Investment valuation pressures and
the impact on investment opportunities and
funding given the macroeconomic backdrop.
Emerging and developing risks (including cyber,
climate and the geopolitical environment)
As during the previous financial year, the Risk
Committee, the Audit Committee and the Board
considered the impact of emerging risk areas
on the business.
Cyber security was kept under close review
recognising the heightened risk of cyber-attacks
on staff working remotely, the threat of
state-sponsored attacks and the proliferation of
AI generated attacks. Penetration testing, cyber
awareness training, disaster recovery tests and
social engineering simulations were completed
in the year. The Group maintains its managed
assurance service to cover email phishing,
external vulnerability scanning, online security
awareness training, penetration testing and
cyber health check-ups. The Group continues
to focus on achieving reputable cyber security
accreditations, with Cyber Essentials Plus
obtained in June 2022. Given this increased
protection it was considered that an appropriate
level of risk mitigation was in place.
Following on from the TCFD disclosures
on pages 50 to 53 we have considered how
climate affects each of our principal risks,
documenting this linkage on page 52.
The culture of working collaboratively, freedom
to raise concerns and all departments being
represented on the Risk Committee means risks
are quickly and easily identified.
In respect of the ongoing situations in Ukraine
and the Middle East, we continue to monitor for
potential business risks. We monitor materials
cost inflation which may impact development
start dates, and Assura’s IT team have reconfirmed
our disaster recovery and business continuity
plan, clarified the roles and responsibilities in the
event of a business interruption and continue to
engage with our IT partners and the NCSC for
best practice or emerging threats.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 40

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Risk management framework
The Board has established a clear risk
management framework that defines
responsibilities for risk management across the
Group. The framework provides an effective
process for the identification, assessment,
monitoring, and reporting of risk, with a strategic
top-down approach to risk management and
a bottom-up operational management of risk
by the business. This framework is regularly
reviewed by the Board to ensure its
effectiveness and has been in place for the
financial year ended 31 March 2025 and to
the date of approval of this report.
Board and Audit Committee
Set strategic objectives and the Group’s risk appetite to optimise delivery of Group strategy,
whilst reviewing external environment to assess emerging risk.
Oversee management of risk management and internal control systems and assesses their effectiveness.
Report principal risks.
Executive Committee
Executes the Group’s strategy and the day-to-day management of the business,
considering the risk appetite and the impact of key business risks.
Monitors key risk indicators.
Ensures risk management strategies are in place to manage risk in line with the Board’s expectations.
Considers completeness of risk register and adequacy of mitigation.
Risk Committee
Reviews adequacy of risk register and risk mitigation by reference to the Group’s risk appetite.
Considers and evaluates emerging risks and their impact on strategy.
Identifies, evaluates, prioritises, mitigates and monitors operational risks including emerging risks and
records them in the risk register. Carries out deep dives to review the effective management of risks.
Reports to the Executive Committee and the Audit Committee on principal and
emerging risks and movement in these risks.
Business units and all employees
Ensure that risk is assessed and managed effectively in their areas, through engagement with the business,
and by establishing processes to identify, manage and escalate changing or emerging risks.
Responsible for identifying risks in performing their daily duties and acting to limit the likelihood and impact of these risks
in line with expectations. Report these risks or changes in them to the Risk Committee or its members.
Top-down Strategic
Risk Management
Bottom-up Operational
Risk Management
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 41

Risk heat map
Impact Low
Unlikely
Likelihood
Possible Likely
High
Medium
1
2
3
4
12
5
6
7
8
9
11
10
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
The gross risk exposure of the Company’s
principal risks are shown in the heat map
which plots likelihood of a risk occurring
against potential impact if it does, before
likelihood is reduced due to mitigation
in place.
Movements in principal risks
The Board has carried out a robust assessment
of the principal risks facing the business. These
are the risks which would threaten its business
model, future performance, solvency or liquidity.
The gross risk exposure of the principal risks
is unchanged from last year, save for the risk
of occupier default which has moved to
medium given the increase in independent
sector operators from the independent
hospital acquisition.
The gross risk (prior to any mitigation) and net
risk (post mitigation) exposure of each risk is set
out in the tables on the following pages which do
not list such risks in order of priority or concern.
The Board considers that the top risks the
business faces are those with a net risk rating
of medium and above, being, change in
government policy, competitor threat, reduction
in investor demand, reduction in availability
and/or increase in cost of finance, lack of rental
growth and occupier default.
1
Changes to Government policy
2
Competitor threat
3
Reduction in investor demand
4
Failure to communicate strategy
5
Reduction in availability/increased cost of finance
6
Failure to maintain capital structure and gearing
7
Building obsolescence – digital risks
8
Building obsolescence – sustainability
9
Development programmes
10
Staff dependency
11
Lack of rental growth
12
Occupier default
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 42

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Strategic risks
1 CHANGES TO GOVERNMENT POLICY
2 COMPETITOR THREAT
3 REDUCTION IN INVESTOR DEMAND
Gross risk rating Gross risk rating Gross risk rating
Net risk rating Net risk rating Net risk rating
Risk owner CEO Risk owner CEO Risk owner CEO AND CFO
Link to Strategy 02 QUALITY OF BUILDINGS
03 QUALITY OF SERVICE
05 LONG-TERM RELATIONSHIPS
Link to Strategy 03 QUALITY OF SERVICE
05 LONG-TERM RELATIONSHIPS
Link to Strategy 01 LEVERAGING OUR FINANCIAL STRENGTH
Link to TCFD RISK MONITORED Link to TCFD NO LINK Link to TCFD RISK MONITORED
Risk
Reduced funding for primary care premises’ expenditure could lead to
a reduction in our development pipeline and growth prospects. A change
to the reimbursement mechanism for GPs could lead to a change in the
risk profile of our underlying occupiers.
Risk
Increased competition from new purchasers could lead to a reduction in
our ability to acquire new properties and a general increase in prices across
the sector.
Risk
Reduced investor demand for UK primary care property could lead to a
falling share price and difficulty raising equity to fund our strategic plans.
This could arise from:
– Changes in NHS policy
– Health of the UK economy
– Availability of finance
– Relative attractiveness of other asset classes
– ESG expectations
Avoid
The Group proactively engages with the Government over policy that could
impact the business, both directly and through the Healthcare Committee
of the British Property Federation and the CBI.
Avoid
We maintain our specialist knowledge, team structure and strong brand
recognition with GPs, and focus heavily on customer care.
Avoid
We are open in communicating our strategy to investors and maintain
a balance sheet structure in line with our communicated policy.
Trap
The Board monitors changes in government policy and management
reports to the Board at every meeting.
Trap
The Board receives regular property reports, highlighting where we have
lost to competitors and when new entrants are identified. The market is
increasingly competitive, and every proposed transaction is reviewed by our
Investment Committee to ensure that the prospective returns are adequate.
Trap
The overall economy and its impact on the Group’s operations are regularly
assessed and considered in reviewing the Group’s strategy.
The Board receives regular reports on investor relations and the
development of our share register.
Mitigate
Active engagement with Government, where appropriate.
Building relationships with key contacts responsible for NHS property
at a strategic level.
Mitigate
Continuing use of our specialist expertise.
Mitigate
The dividend yield and the underlying strength of the cash flows supporting
it remain attractive relative to other asset classes.
Comment
There continues to be significant support for sustainable healthcare
infrastructure. The COVID-19 pandemic and consequent lengthening waiting
lists in the NHS has only further highlighted the shortage of appropriate
health services in a community setting, in quality, fit-for-purpose premises.
Revisions to the NHS premises cost directions show no material change to
the system of GPs rent reimbursement. Government sentiment on the idea
of giving GPs’ the option of becoming NHS contractors does not signal any
negative change to third-party premises ownership.
Comment
Current market conditions have meant that capital markets are more volatile
and debt is more expensive. However, all drawn debt has fixed interest
(average 2.9%) with long maturity (weighted average 4.6 years) and Fitch
Ratings have reaffirmed our A- rating. As at the year end, cash and undrawn
facilities stood at £232 million.
Comment
The fundamentals for our sector remain very strong, as do the longevity
and security of our cash flows that flow through to the dividend paid
to shareholders.
Risk
High Medium Low
Risk levels
Increased No change Decreased
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 43

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
4 FAILURE TO COMMUNICATE STRATEGY
5 REDUCTION IN AVAILABILITY AND/OR INCREASE
IN COST OF FINANCE
6 FAILURE TO MAINTAIN CAPITAL STRUCTURE AND GEARING
Gross risk rating Gross risk rating Gross risk rating
Net risk rating Net risk rating Net risk rating
Risk owner CEO AND CFO Risk owner CFO Risk owner CFO
Link to Strategy 01 LEVERAGING OUR FINANCIAL STRENGTH Link to Strategy 01 LEVERAGING OUR FINANCIAL STRENGTH Link to Strategy 01 LEVERAGING OUR FINANCIAL STRENGTH
Link to TCFD NO LINK Link to TCFD NO LINK Link to TCFD NO LINK
Risk
Failure to adequately communicate the Company’s strategy and explain
performance may result in an increased disconnect between investors’
perceptions of value and actual performance.
Risk
A reduction in available financing could adversely affect the Group’s ability
to source new funding and refinance existing facilities.
This could delay or prevent the development of new premises.
Increasing financing costs could increase the overall cost of debt to the Group
and so reduce underlying profits.
Risk
Property valuations are inherently uncertain and subject to significant
judgement.
A significant fall in property values or income could adversely affect
bank covenants.
Breach of covenants could lead to forced asset disposals which could
reduce the Group’s net assets and profitability.
Avoid
Strategic priorities are clearly articulated in corporate communications
and the Group’s performance is transparently reported.
We communicate regularly with investors and analysts.
Avoid
The Group has a number of long-term facilities which reduce these
refinancing risks, choosing to take fixed interest rates where possible.
Avoid
Valuations and yields are regularly benchmarked against comparable
portfolios.
All financial forecasting, including for new acquisitions, considers gearing
and covenant headroom.
Trap
The Board receives regular reports on investor attitudes and the market.
The Group maintains close links with its two brokers, which communicate
investor thoughts and concerns.
Trap
The Group regularly monitors and manages its refinancing profile
and cash requirements.
Trap
The Group engages two external valuers to review property valuations.
The valuations are formally reviewed by the Board twice a year.
Covenant headroom and gearing are regularly monitored with reference
to possible valuation movements and future expenditure.
The Board regularly reviews the capital structure of the Group.
Mitigate
Investor communication, particularly through face-to-face meetings,
remains a key priority.
Mitigate
The Group actively engages with a range of funders to ensure a breadth
of funder and maturity profiles.
We continue to explore financing options with other lenders as well
as maintaining strong relationships with existing lenders.
Mitigate
It is possible to dispose of properties to preserve covenants as the majority
of properties are unsecured.
Comment
Over 180 meetings have been held during the year with investors and
analysts via a range of channels – including physical and virtual meetings
with investors based in several financial centres, property tours and
attendance at appropriate investor conferences.
Comment
The current offer situation has resulted in a delay to our refinancing plans,
as described in the going concern section on page 47. The Directors are
confident in the ability to refinance facilities and/or repay from disposal
proceeds as required, when the current offer situation has been resolved.
Comment
The Group operates within conservative guidelines on debt metrics (net
debt to EBITDA, interest cover, LTV), and following the increase in leverage
following the independent hospital acquisition, has implemented a disposal
plan successfully.
In addition there has been positive valuation movement in the year and the
Group remains comfortably within guidelines and covenants.
Risk
High Medium Low
Risk levels
Increased No change Decreased
STRATEGIC RISKS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 44

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Operational risks
7 BUILDING OBSOLESCENCE – DIGITAL RISKS
8 BUILDING OBSOLESCENCE – SUSTAINABILITY
9 DEVELOPMENT PROGRAMMES
Gross risk rating Gross risk rating Gross risk rating
Net risk rating Net risk rating Net risk rating
Risk owner CEO Risk owner CEO Risk owner GROUP DEVELOPMENT DIRECTOR
Link to Strategy 02 QUALITY OF BUILDINGS Link to Strategy 02 QUALITY OF BUILDINGS Link to Strategy 02 QUALITY OF BUILDINGS
05 LONG-TERM RELATIONSHIPS
Link to TCFD NO LINK Link to TCFD RISK MONITORED Link to TCFD RISK MONITORED
Risk
The shift in service delivery towards more digital consultations could reduce
overall demand for medical centre buildings and could increase the risk of
our buildings being no longer fit for purpose if we fail to implement latest
standards and guidance or equip them for remote consultations.
Risk
Increasing requirements for energy efficiency and carbon reduction could
reduce the value of buildings if we fail to achieve net zero carbon aspirations
for the estate.
Risk
Development risk could adversely impact the performance of the Group
as a result of cost overruns and delays on new projects.
Avoid
We work closely with our GPs to keep our buildings up to current standards
and provide adaptable solutions for healthcare access.
Avoid
We work closely with our GPs and other partners to keep our buildings
up to current standards. Sustainability forms a key metric in the investment
appraisal process and EPC ratings of all buildings are closely monitored.
Avoid
The Group has continued to source new opportunities to add to the
development pipeline.
The Group’s policy is to engage in developments that are substantially
pre-let with fixed price or capped price build contracts.
Trap
We carefully monitor the latest standards and digital solutions.
Trap
We carefully monitor the latest standards.
We have published our Net Zero Carbon Pathway. A Net Zero Carbon
Design Guide is used to guide all new developments, and a roadmap has
been developed to ensure the portfolio achieves the EPC Band B target.
Trap
A high level of due diligence is undertaken before works commence
and detailed designs are negotiated to prevent variations.
Regular reviews are conducted of latest cost estimates as each project
progresses, and contractor financial health is closely monitored before
contract award and throughout development projects.
Mitigate
We seek to future proof our new developments for digital readiness, for
example through provision of remote consultation rooms where clinicians
can contact patients remotely in a confidential manner. We are also mitigating
through a structured approach to understanding the market and developing
our strategic response to digital health.
Mitigate
Working closely with professional advisers, we are continually monitoring
the estate for compliance with EPC Band B by 2026 as well as implementing
best practice into new development projects.
Mitigate
We remain confident in our ability to manage this risk through our
experienced team of development surveyors and professional advisers.
Internal cost reviews have been enhanced, and we continue to reduce
the potential risk through the use of fixed price contracts and the use
of performance bonds.
A performance bond insures against the risk of the main contractor
becoming insolvent.
Comment
Our surgery of the future concept embraces digital health solutions
which we consider on each new development. We see digital health
as an opportunity for our business and are working with the local AHSN
on our new scheme recently completed scheme in Winchester to study
emerging trends.
Comment
We continue to stretch the possibilities on both our new buildings
(incorporating our Net Zero Carbon Design Guide) and in our plans
to achieve net zero carbon across our entire portfolio by 2040.
Comment
In a high-inflationary environment, we have paid particular attention to
contractor costs and then rent negotiations to ensure the finances on each
development remain attractive. Our five completed developments were
in line with our expected cost appraisals and on site developments remain
on track.
Risk
High Medium Low
Risk levels
Increased No change Decreased
STRATEGIC RISKS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 45

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
10 STAFF DEPENDENCY
11 LACK OF RENTAL GROWTH
12 OCCUPIER DEFAULT
Gross risk rating Gross risk rating Gross risk rating
Net risk rating Net risk rating Net risk rating
Risk owner CPO Risk owner CEO Risk owner CEO
Link to Strategy 03 QUALITY OF SERVICE
04 PEOPLE
Link to Strategy 01 LEVERAGING OUR FINANCIAL STRENGTH Link to Strategy 01 LEVERAGING OUR FINANCIAL STRENGTH
Link to TCFD OPPORTUNITY Link to TCFD OPPORTUNITY Link to TCFD NO LINK
Risk
Failure to recruit, develop and retain staff and Directors with the right skills
and experience may result in underperformance.
Risk
Not all rent reviews are upwards only and challenges to reviews and appeals
could lead to lack of rental growth.
Risk
Loss of income could arise from failing practices handing back GP contracts
and losing the right to rent reimbursement or from financial pressures on
pharmacy and other independent occupiers including the independent
hospital operators putting pressure on their business and becoming unable
to meet their financial obligations under the lease.
Avoid
Competitive salary and benefit packages are aligned with appropriate peer
groups and periodically benchmarked.
Professional development and training are encouraged, and costs are met
by the Group.
Succession plans are in place for each department.
Long-term incentive plans span three-year periods to encourage retention
of staff.
Avoid
The Group engages experienced third parties to conduct rent reviews.
Avoid
The strategic importance of a practice to its location is a key
investment decision.
We undertake financial due diligence on independent providers prior
to granting a lease or making an acquisition.
Trap
Succession planning, team structure and skill sets are regularly evaluated
and planned.
The appraisal process acts as a two-way discussion forum to identify
employee aspirations and any dissatisfaction.
Any employee resignations are reported at each Board meeting.
Trap
Leases are carefully reviewed on acquisition and the Group does not acquire
any new leases with an occupier right to trigger a downward rent review.
Trap
We are in regular contact with GPs to ensure there are no financial issues
and carefully monitor the financial health of non-GP occupiers, including
pharmacies and independent providers including the independent hospital
operators during the term of the lease.
Mitigate
Continual review of culture and offer beyond pay and benefits and
engagement of the team in various ways to understand views and feedback.
Mitigate
For new developments, the Group targets initial rents that create positive
open market rental evidence for the region. Open market rent reviews are
either upwards-only or have a landlord-only trigger. Where the occupier
is amenable, the Group will look to agree index-linked rent reviews as
an alternative to open market reviews.
Specialist internal and external team in place to focus on maximising
growth opportunities.
Mitigate
We liaise with GPs and NHS commissioning bodies to ensure continuing
provision of services from that practice. GPs remain personally liable as
named individuals under the lease. We review financial information on our
independent occupiers including the independent hospital operators and
as part of the acquisition due diligence and during the term of the lease.
Comment
The average number of employees in the year was 78 (2024: 73).
Several members of staff are currently working towards professional
qualifications.
As hybrid working becomes the norm, we have worked hard to support
employees’ changing needs and to address changing expectations in the
job market.
Comment
The commission-driven agreements with our team of designated rent
review agents and internal improvements to the rent review process
with better data capture and analysis, continues to drive rental growth.
In addition, specialist property team members focus on driving value
through the rent review process.
Comment
Approximately 47% of leases have fixed uplifts or are linked to RPI. Less than
5% of leases have occupier ability to trigger a downward rent review. Circa
90% of our rent is directly or indirectly reimbursed by the NHS or tier 1
independent health operators. There are very limited cases of GPs handing
back medical contracts and we are in active discussion with the occupiers
and NHS commissioning bodies in these cases.
We receive trading data on certain of our independent sector tenants including
the independent hospital operators and monitor the financial covenant carefully.
Risk
High Medium Low
Risk levels
Increased No change Decreased
OPERATIONAL RISKS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 46

Going concern
Assura’s business activities together with
factors likely to affect its future performance are
set out in the CFO review on pages 23 to 26.
In addition, Note 22 to the accounts includes
the Group’s objectives, policies and processes
for managing its capital, its financial risk
management objectives, details of its financial
instruments and its exposure to credit risk and
liquidity risk.
The Group’s properties are substantially let with
rent paid or reimbursed by the NHS or tier 1
independent healthcare providers and benefit
from a WAULT of 12.7 years. They are diverse
both geographically and by lot size, offering
a strong and resilient cash flow profile.
In addition to unrestricted cash of £55.3 million
at 31 March 2025 (2024: £33.2 million), the Group
has undrawn facilities of £174 million at the
balance sheet date, with commitments as at year
end of £41.3 million (see Note 23). The Group has
adequate headroom in its banking covenants.
The Group has been in compliance with all
financial covenants on its loans throughout
the year and as at 31 March 2025.
The Group’s primary care property
developments and asset enhancement capital
works in progress are all substantially pre-let
and operate with fixed price construction
contracts where possible.
The Directors believe that the business is well
placed to manage its current and reasonably
possible future risks successfully. This going
concern assessment covers the period to
31 October 2026.
Upcoming maturing debt facilities
The Group has the following refinancing events
over the next 18 months:
– £70 million tranche of privately placed notes
(maturity October 2025)
– £266 million term loan (current maturity
August 2026), option to extend by either
one or two years subject to lender approval
– £200 million revolving credit facility
(current maturity October 2026), option to
extend by either one or two years subject
to lender approval
– £100 million US privately placed notes
(maturity October 2026)
The options available for these facilities include
extension of the maturity date, refinancing with
either the existing or a new lender, or repayment
from the proceeds of disposals.
The Directors have concluded that it is not in
the best interests of shareholders to refinance
any of these facilities whilst there remains
uncertainty with a potential change of control,
due to the costs that would be incurred. Given
the investment grade rating of the Group
(A- rating from Fitch) as well as the strong cash
flows of the property portfolio and credit
profile of the Group in the debt markets, the
Directors are confident that these facilities can
be refinanced at competitive rates, or repaid
from available cash funded by disposals, as
appropriate when the current Offer situation
has been resolved. However, until the required
refinancing has been completed, there is a
material uncertainty over the refinancing as
facilities are subject to lender discretion,
both in the event of a change of control or
if Assura plc continues under the existing
ownership structure.
Since April 2024, the Group has successfully
disposed of £200 million of assets, in line with
book value, which have been used to both part
fund the acquisition of the 14 private hospitals
in August 2024 and to repay the revolving credit
facility which was drawn. The Directors are
confident of completing further disposals as
required to continue reducing the leverage of
the Group in line with the announced short-term
strategy to reduce leverage.
Potential change of control
The Directors note that shareholders are
currently in receipt of two offers for their shares,
both of which would result in a change of
control over the entity. Both bidders have
stated their intention to continue the operation
of the Group, which is viewed as a long-term
investment and being acquired to gain access
to the strong cash flows generated by the
property portfolio.
However, there can be no guarantee as to
the intentions of either bidder post change of
control. The Directors have been assured that
both bidders have in place the financing
required to meet their contractual obligations.
The Directors further understand that the bidders
also have plans to either repay existing Assura
facilities that may become repayable due to
change of control clauses, or to obtain waivers
in respect of these clauses allowing the facilities
to remain in place.
As such, the Directors believe there is a material
uncertainty over the continuation of Assura plc
as a standalone company, in the event of a
change of control. This is because the intention
of the acquiror with respect of the continuation
of Assura plc as a standalone company will not
become clear until the change of control has
become unconditional.
Conclusion
The Directors have concluded that 1) completing
the refinancing of maturing facilities and/or
disposals to enable repayment of these facilities
in the event of a change of control or if Assura plc
continues under the existing ownership structure;
and 2) the continuation of Assura plc as a
standalone company in the event of a change
of control, are outside the control of the Group.
These are therefore material uncertainties that
may cast significant doubt over the Group and
Company’s ability to operate as a going concern.
However, the Directors:
– are confident that refinancing and/or
disposals can be completed once clarity
over the potential change of control has
been received; and
– have been assured that both potential
bidders have in place adequate committed
facilities to implement a change of control.
This is on the basis of the Group’s resilient cash
flows from its high-quality property portfolio
(with strong tenant covenant and long
remaining unexpired lease term), the strong
standing and rating in the credit markets and
recent track record of completing disposals
in line with book value.
On this basis, the Board has concluded that it is
appropriate to prepare the Financial Statements
on a going concern basis. The Financial
Statements do not include the adjustments that
would result if the Group and the Company
were unable to continue as a going concern.
Compliance statements
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 47

COMPLIANCE STATEMENTS CONTINUED
Viability statement
In accordance with provision C.2.2 of the UK
Corporate Governance Code 2014, the Board
has conducted a review of the Company’s
current position and principal risks to assess
the Company’s longer-term viability.
The Board believes the Company has strong
long-term prospects, being well-positioned to
address the need for better health care buildings
in the UK and the company culture placing
emphasis on long-term relationships and market
understanding.
The business model (see page 14) and strategic
priorities (see page 11) are designed to identify,
assess and meet the evolving needs of our
occupiers and other stakeholders through the
lifecycle of our buildings, utilising our balance
sheet strength and capital discipline (as
reflected in our current rating of A- from
Fitch Ratings Limited).
In completing the assessment of viability, the
Board has considered the principal risks of the
Group, as set out on pages 40 to 46, as well as
historical performance, in developing sensitivities
that have been applied to financial forecasts
covering the five-year assessment period.
Specific scenarios modelled Link to principal risks
Prolonged downturn in
property valuations (100bps
over two years with no further
growth in the business)
Strategic risks –
competitor threat and
investor demand
Increase in interest rates
(modelled at 4% throughout
the five-year period)
Financial risks – increase
in cost of finance
Sustained absence of rental
growth (assumed 0% open
market rental growth) and
increased risk of tenant default
(assumed bad debt at 5% of
rent roll per annum)
Operational risks –
underperformance
of assets
This assessment has not assumed any significant
changes to Government policy with respect to
NHS estates strategy or the GP reimbursement
model, which we consider to have a low
likelihood.
In respect of climate change, the Group modelling
includes capital expenditure improvements to
our current portfolio in line with our current
environmental targets (i.e. to achieve EPC B).
In addition, it has been assumed that debt
facilities can be refinanced as required in normal
market lending conditions, or repaid from the
proceeds of disposals assumed to complete.
Throughout the forecast period, we have
assumed a base rate of 4% for both short-
and long-term borrowings.
Company forecasts are prepared using a
comprehensive financial model which projects
the income statement, balance sheet, cash flows
and key performance indicators (including
covenant compliance) over the relevant
timeframe. The model allows various
assumptions to be applied and altered in respect
of factors such as level of investment, investment
yield, availability and cost of finance, rental
growth and potential movements in interest
rates and property valuations.
A five-year period is considered appropriate
for this review as this corresponds with the
Company’s strategic planning timeframe.
Whilst the long-term nature of leases and debt
facilities would support an assessment over a
longer period, the reliability of the forecasts
would be compromised.
The forecasts prepared (including application
of the specific scenarios details above in
aggregate) showed that the business remained
viable throughout the forecast period. In addition,
a reverse stress test was completed to consider
by how much valuations would need to fall
(16%, prior year 17%) and how much rental
income would need to be removed (55%, prior
year 64%) for covenants to be breached.
Material uncertainties
The Directors have concluded that 1) completing
the refinancing of maturing facilities and/or
disposals to enable repayment of these facilities
in the event of a change of control or if Assura plc
continues under the existing ownership structure;
and 2) the continuation of Assura plc as a
standalone company in the event of a change
of control, are outside the control of the Group.
These are therefore material uncertainties.
Conclusion
The Directors consider that the material
uncertainties referred to in respect of the going
concern assessment may cast significant doubt
over the future viability of the Group and the
Company. Refer to going concern on page 47.
However, the Directors:
– are confident that refinancing and/or
disposals can be completed once clarity
over the potential change of control has
been received; and
– have been assured that both potential
bidders have in place adequate committed
facilities to implement a change of control.
Notwithstanding these material uncertainties,
based on the consideration of principal risks
and the forecasting exercise completed, the
Board has a reasonable expectation that the
Company will be able to withstand the impact
of the specific scenarios considered over the
five-year period assessed.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 48

s172 statement
The Board is required to
understand the views of the
Group’s key stakeholders and
describe in the annual report
how their interests and the
matters set out in s172(1) of the
Companies Act 2006 have been
considered in Board discussions
and decision-making.
Making long-term decisions
The very nature of what we do requires us to
consider the long-term impact of our decisions.
We adopt a long-term approach to holding our
assets as set out in our strategy and business
model (on pages 14 and 15). Our investment
decisions consider how crucial an asset is
to the local health economy for the long term.
We strive to build lasting relationships with our
occupiers as the standard length of our leases
is 21 years. We seek to improve and enhance
existing assets so they remain fit for purpose
by working collaboratively with our occupiers,
for example completing asset enhancement
projects to add additional clinical space or
improve the energy efficiency.
We maintain a conservative funding structure
and our dividend policy is based on paying out
a proportion of recurring earnings (see our CFO
review page 23).
The Board considers the long-term impacts
of all its decisions and receives regular updates
on delivery of long-term strategy.
Understanding and responding
to stakeholder concerns
Pages 27 to 39 describe how we have engaged
with and responded to matters raised by
employees, suppliers, customers, investors and
communities. We have engaged extensively with
our employees in the design of our head office
in Altrincham.
The Board considers stakeholder interests when
determining the level of dividend and in all
strategic decisions.
Our impact on the environment
Pages 35 to 39 set out our approach to minimising
our impact on the environment, including
climate change. This year we have enhanced
our data collection to better understand our
portfolio and identify opportunities for simple
efficiency improvements, developed our PV
offering for tenants, and 66% of our portfolio is
now rated EPC B or better. We completed our
first two developments aiming to be net zero
carbon at Winchester and Fareham, as well as
completing a third which is net zero carbon
in operation (Bury St Edmunds).
Our ESG Board Committee continues to
oversee all ESG matters for the Group. See
more on page 65. The Board considers ESG
matters in every decision it makes and receives
regular ESG updates.
Maintaining high standards
of business conduct
We believe good governance is crucial to
ensuring high standards of business conduct
are maintained (see our Governance Report on
pages 53 to 88). We have a clear purpose that
is embedded through our culture and values of
innovation, expertise, authenticity, collaboration
and passion. We aim to work with our suppliers
to ensure their values on social impact and
sustainability align with ours. Our team are
working with colleagues from Macro to ensure
the highest levels of ESG and social value are
included in the selection of the facilities
management providers working on our buildings.
The Board and the Audit Committee oversee
the Company’s risk management framework
and the actions that are in place to mitigate
risk in the short, medium and long term.
The Board considers that throughout the year,
it has acted in a way and made decisions that
would most likely promote the success of the
Group for the benefit of its members as a whole.
COMPLIANCE STATEMENTS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 49

TCFD
Our sustainability plans, including our net zero carbon ambition
and EPC improvement plans, leave us well-placed to meet emerging
climate-related risks.
The Board recognises the importance of
combatting climate change and the role that
Assura must play due to the buildings we own
and through our direct operations. This is
reflected in the sustainability strategy we have
for our buildings, targeting net zero carbon
across our portfolio by 2040, with appropriate
interim targets, and implementing plans to
improve the EPC ratings to 100% B by 2030.
On this page we set out our disclosures in
accordance with the requirements of the Task
Force on Climate-related Financial Disclosures
(TCFD), as required by listing Rule 6.6.6R(8). We
have taken into account all guidance stipulated
by the listing rules and our disclosures are
consistent with the recommendations, including
the addition of qualitative scenario analysis in
the current year.
Governance
The Board review climate-related risks and
opportunities within our existing reporting and
governance structure as detailed on page 56.
This is typically in the form of papers presented
to the Board at each meeting by relevant
members of the Executive Committee, specific
review of materials by the ESG Committee, and
through the Risk Committee reporting into the
Audit Committee.
At each Board meeting, the Board receives an
update on progress against our social impact
and sustainability plans, which includes pledges
to minimise our environmental impact, and our
wider sustainability efforts. During the year the
Board has also received specific updates in
respect of TCFD progress.
Strategic papers presented to the Board for
consideration (such as recommended acquisitions
or proposed actions within a particular team)
include specific consideration of any climate-
related risks identified as well as the anticipated
social and sustainability impact. The annual
budget process includes specific consideration
of the sustainability plan for the coming year
including any capital or operating spend
required to address climate-related risks, which
is first presented through the ESG Committee.
Overall responsibility for climate-related risks
and progress against ESG targets rests with the
CEO. Operational and specific initiatives are led
by the Director of Projects and Sustainability
supported by the Social Impact and Sustainability
Steering Group. The Group comprises executive
directors and senior managers across the
business, through which management are
informed of emerging climate-related issues
and which monitors progress against specific
plans and targets. The Social Impact and
Sustainability Steering Group reports into the
ESG Committee, which is a sub-Committee of
the main Board as described on page 57.
– Re-evaluation of risks and opportunities identified
– Annual review of TCFD plan, monitoring of changes to risks assessed
or emerging areas and any proposed actions
March
2024
– Completion of qualitative scenario analysis,
including 1.5°C scenario
March
2023
– Mandatory disclosure for premium-listed companies, Assura’s second
disclosures
– Detailed workshops to assess risks and opportunities, including potential
impacts, and development of plan for completing scenario analysis
March
2022
– First disclosures, one year ahead of requirement
– Initial assessment of risks and opportunities
March
2021
– Annual review of TCFD plan, monitoring of changes to risks assessed
or emerging areas and any proposed actions including development
of quantitative scenario analysis
– Increased data coverage from 60% to 86%
– Planned for the roll out of circa 50–60 PV installations.
– Installed Voltage Optimisation at trial properties, which saw an average
saving of 6%.
March
2025
COMPLIANCE STATEMENTS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 50

Strategy
Our assessment of climate-related risks and
opportunities considers the short (1–3 years,
up to 2027), medium (3–6 years, up to 2030)
and long term (>6 years, beyond 2030 and
up to 2040) time horizons, and incorporates
consideration of both transitional and physical
climate risks.
Most of the climate-related risks facing our
business are relatively limited in the short term,
with growing potential exposure over time.
This is because the nature of our business
(as a landlord with long-term occupiers with
whom we have strong relationships) and our
existing ESG strategy (i.e. placing short-term
emphasis on improving buildings in our
existing portfolio to EPC B, ensuring our new
developments are designed to high energy
performance standards and targeting net zero
carbon across our portfolio by 2040) means
most of the climate-related risks fall into the
‘monitor’ category where we continue to
observe emerging trends that may identify
properties at higher risk. Clearly, if risks escalate
this could result in future higher operating costs
or capital spend on our properties to ensure
they meet potential regulatory requirements
or to mitigate physical risks.
The risks highlighted were deemed to be the
highest specific climate-related risks on our risk
register. These were assessed by senior team
members, with external support as appropriate,
using the same profile and terminology as all
risks on the register, and were deemed to have
the highest net risk rating following assessment
of the likelihood, financial impact and mitigating
actions. Our assessment included consideration
of other risks such as carbon taxing, energy
price fluctuations and long-term increases in the
cost of materials, among others, and concluded
no additional disclosures in respect of these
were necessary in the current year.
Our ESG strategy, The Bigger Picture, focuses
on the areas we believe are most relevant and
material for our business, including short-term
targets such as the plan to upgrade our portfolio
to EPC B. This includes targeting improvements
to our portfolio from a regulatory perspective
(i.e. ensuring compliance with expected
minimum energy efficiency regulations and
advancing our development process to minimise
carbon embodied in construction) and is
reflected in our business planning and
budgeting as appropriate.
Strategic resilience
In the year to March 2023, we completed
a qualitative scenario analysis exercise,
considering three scenarios of climate change
and the response of policy makers: a 1.5ºC
scenario, a 2ºC scenario and a 4ºC scenario.
In the current year, we have reviewed this
scenario analysis to ensure it remains relevant
and incorporates any changes in perceived
risks. For each of these scenarios, we
considered the possible transition and physical
risks over the short, medium and long term
and evaluated the impact across our business
(on revenues, costs, operations, supply chain,
capital expenditures etc).
From this exercise, we have not identified
any significant changes to our current business
model in the short term and as such we believe
our current plans provide the business with
appropriate resilience. Instead, we have identified
a number of factors to monitor over time for
potential indicators of a material response or
change to our business model being required.
This includes signs such as changes in our
ability to source insurance for our buildings,
or delays in the supply chain for particular
equipment or materials.
The nature and location of our assets means
we believe that we face limited exposure
to physical risks. Transition risks represent
a greater area of focus, as potential future
changes in policies or regulations may require
adaptations to our portfolio to meet emerging
standards. This may be in the form of an
advancement to the current MEES regulations
requiring EPC B across all commercial properties
by 2030 – albeit we are already well positioned
to meet this with our existing strategy and our
net zero carbon targets for 2040, going well
beyond current expectations.
Risk management
Our assessment of climate-related risks follows
the existing processes of the Risk Committee,
including escalation to the Audit Committee as
appropriate and decisions on assessing the size
and materiality of each risk, mitigations in place,
risk owner and proposed actions.
Our process for identification of risks and
opportunities, assessment of the relative
significance and prioritisation includes team
members from across our organisation and
property team, with appropriate support from
environmental consultants as appropriate.
Typically, this is run as a workshop exercise, with
perspectives shared from across the business,
and the results fed into the Risk Committee for
comment and challenge.
The output of this work has included
a consideration of the linkage and impact
of specific climate risks and opportunities
on the principal risks and uncertainties facing
the business.
Targets and metrics
Key metrics and targets relating to climate-related
risks and opportunities are primarily those within
our The Bigger Picture KPIs, which includes three
main KPIs for each pillar (Healthy Environment,
Healthy Communities, Healthy Business).
The table on page 42 highlights the specific
metrics that indicate exposure to the risks
or performance against opportunities below,
with targets set as appropriate.
The Group’s disclosure of Scope 1, 2 and 3
emissions can be found in the environmental
analysis on page 39, with further detail also
provided in respect of our Scope 3 emissions
in our ESG Disclosures available on our website.
Appropriate climate-related performance
measures have been included within the
remuneration targets for the Executive
Directors, in respect of both the short-term
and long-term incentives. Further details are
provided in the Remuneration Committee
Report on pages 67 to 85.
TCFD CONTINUED
COMPLIANCE STATEMENTS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 51

CLIMATE-RELATED
RISKS
IMPACT ON BUSINESS STRATEGY
AND FINANCIAL PLANNING
LINK TO PRINCIPAL
RISKS
SPECIFIC METRICS THAT MONITOR
THIS RISK
Regulatory requirements for minimum energy
efficiency and potential future changes in regulations
– medium term
Energy performance certificates for every building
obtained and action plans created to improve
where necessary.
– Changes to Government policy
– Building obsolescence
% of portfolio at EPC B or better (see KPI on page 20)
Current: 66% (2024: 66%)
Target 100% by 2030
Portfolio energy usage intensity: 167 kWh/m
(2024: 156 kWh/m)
Target 25% reduction from 2022 year baseline by 2030,
and 66% reduction by 2040
Risks to buildings from climate-related events such as
flooding and temperature rise affecting water supply
temperature – long term
Financial impact would be through lost revenue
or negative valuation movement where a building
is not able to be re-let.
– Building obsolescence (sustainability)
– Development programmes
% of portfolio (by area) identified as higher risk of flood
by insurers:
Current: 1.9% (2024: 1.8%)
Target: 0%
Failure to appropriately address climate-related
expectations of stakeholders could result in lower
investor demand – short term
Individual building strategies incorporate risks for each
property. Financial impact would be through additional
insurance requirements or property maintenance
required to meet water supply obligations.
– Reduction in investor demand
– Reduction in availability and/or increase in cost
of finance
ESG rating assigned by appropriate ratings agencies:
– MSCI: AA (2024: AA)
Target: AAA
– EPRA: Gold (2024: Gold)
Target: Gold
CLIMATE-RELATED
OPPORTUNITY
IMPACT ON BUSINESS STRATEGY
AND FINANCIAL PLANNING
LINK TO PRINCIPAL
RISKS
SPECIFIC METRICS THAT MONITOR
THIS RISK
Enhanced reputation with GP occupiers and the NHS
through better, more energy efficient buildings could
lead to more development opportunities and higher
rents – medium term
We continue to ensure our buildings provide the latest
technology and innovation for our customers. Being
at the forefront will ensure our customers continue to
demand our spaces. Financial impact would be through
portfolio growth and increased rent roll.
– Lack of rental growth (i.e. this opportunity may
provide evidence for rental growth in the future)
– Staff dependency (i.e. strong ESG performance could
aid recruitment)
% of completed developments hitting BREEAM
and EPC targets:
Current: 100% (2024: 100%)
Target: 100%
On site developments designated net zero carbon
(see KPI on page 20):
Current: 40% (2024: 38%)
Target 100% by 2026
TCFD CONTINUED
COMPLIANCE STATEMENTS CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 52

Chair’s introduction
to governance
Dear shareholder,
This is our Corporate Governance Report, which sets out how
the Board and its Committees operate and how we are committed
to maintaining the highest level of corporate governance to enable
better health outcomes.
Leadership
The Board is collectively responsible for the
effective leadership and long-term success
of the Group.
The Board believes that its legacy should be
as a dynamic partner to the NHS and a leading
social impact business, playing a key role in
modernising and improving community
healthcare infrastructure whilst delivering
consistent long-term shareholder returns.
Culture
Our purpose has evolved and is now captured
in the revised language that ‘We BUILD for
Health’. Our strong culture supports our
purpose and strategy and promotes employee
engagement, retention and productivity.
We are authentic and passionate about what
we do, working collaboratively and using our
expertise to find innovative quality solutions
for our occupiers and the people who use
our buildings.
Governance at a glance
Key Board decisions
– Approving the Company becoming
a B-Corp
– Approving the ED&I strategy for the Group
– Approving the acquisition of the
independent hospital portfolio
– Approving the entering into of the JV with
USS and disposal of £170 million assets into
it in two tranches
– Approving the disposal of £24 million
assets as a portfolio in October 2024
Key Board activities
Receiving an update on our strategy
Ongoing review of cost of capital
Reviewing the performance of the facilities
management provider
Considering the opportunities and threats
of AI on the business
Employee engagement through our
designated NED
SEE PAGE 32
53Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
The Board leads by example, focusing on our
purpose and values in all decision-making and
demonstrating the behaviours we encourage
and support in everyone at Assura.
Board collaboration with external experts is
supported by informal Board dinners where
Board members share their expertise and
experience, and the wider market perspective
is gained from external speakers. The Board
members also collaborate with the wider
business through mentoring individual members
of ExCo and senior managers.
Culture is measured through the results of our
employee engagement surveys, absenteeism,
staff turnover, whistleblowing reports, health
and safety incidents and initiatives, and
customer satisfaction.
Our executive pay policies are fully aligned to
Assura’s culture using metrics in both the annual
bonus and PSP that measure how we perform
against our targets that directly underpin the
delivery of our strategy. The incentive schemes
are aligned with our strong performance culture
and are linked to a strategy to support the clear
social purpose of Assura’s business.
Employee and other stakeholder engagement
Louise Fowler has responsibility for workforce
engagement and regularly meets with the
employee representative group ‘the Voice’,
feeding their comments back to the Board
so that their views can be understood and
considered in Board decisions.
All Board meetings in the year have been
face-to-face and every other Board meeting is
held at the head office in Altrincham where Board
members ‘walk the floor’ and engage with
employees. In addition, employees will get direct
feedback from the Board when they present
Board papers and accompany them on site visits.
The Board also enjoys an informal dinner with
employees once a year. The Board specifically
engages with ExCo and senior managers at the
strategy days and through mentoring.
The Board factors stakeholders into all our
decisions and management regularly updates
the Board on the implementation of our
strategy with a particular focus on stakeholders
and the risks and opportunities which have
arisen in the year in relation to these groups.
Board Performance Review
The Board Performance Review (‘Review’)
carried out by Weva Ltd in 2025 highlighted
the strengths of the Board and made several
recommendations as to how the Board could
further enhance its effectiveness as part of
its approach to continuous improvement.
Weva Ltd also provides coaching support
to members of ExCo when required.
The Board has consolidated and built on its
strengths since the last Board review,
benefitting from the Chair’s strong leadership
and stable membership together with
collaborative team dynamics; taken together,
these make the most of the Board’s
complementary capabilities and experience.
The Board has demonstrated its capability in
terms of effective oversight and assurance of
strategy to support long-term, purpose-led
growth including significant, successful
transactions during 2024/25.
The Board has adopted all recommendations
from the Review, which focus on further
strengthening the Board as a team to support
the Company’s continued growth. The key
recommendations are to:
– formalise succession plans for the Board
including a review of the composition,
capability and diversity required to support
execution of the strategy (review to cover
executive and Non-Executive Directors);
– review the risk assurance process to ensure
a formalised risk assessment framework is
in place ahead of the new Corporate
Governance Code requirements; and
– review the Board’s existing self-evaluation
process and plan for annual Board
self-evaluations to meet the Corporate
Governance Code requirement, continuing
to encourage informal reflection and action
around the Board’s continuous improvement.
Remuneration
We received over 92% of votes in favour
of our Remuneration Report at the 2024 AGM
and I am grateful to shareholders for the level
of engagement and support during the year.
Effectiveness
I believe that the Board has an effective,
well-balanced structure. Board members
have a wealth of skills and experience, as shown
on pages 57, which enable them to challenge,
motivate and support the business, for example,
in NHS strategy and technology, capital markets,
governance, investor relations, strategy, finance
and risk, leadership, people and change
management, business development as well
as social purpose and ethical focus.
I am pleased to report that all the Directors
continue to devote sufficient time to discharging
their duties to a high standard and remain
committed to their roles.
“Board members have
a wealth of skills and
experience which enable
them to challenge,
motivate and support
the business."
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Annual Report and Accounts 2025

CHAIR’S INTRODUCTION TO GOVERNANCE CONTINUED
Diversity
The Board believes that a diverse workforce and
management team improve the performance
and culture of the organisation and add value
to the business as a whole. The Board is fully
supportive of the recommendations of both the
FTSE Women Leaders Review (the successor
to the Hampton-Alexander Review) and the
Parker Review, and of the new requirements
of the LR 9.8.6R(9).
Female representation on the Board remains at
50% and we are so proud that the Group came
14th for Women on Boards and in Leadership for
FTSE 250 companies and 3rd for Women on
Boards and in Leadership in the FTSE 350 Real
Estate Sector Rankings in the FTSE Women
Leaders Review, the successor phase to the
Hampton-Alexander Review. This shows our
ongoing commitment to gender diversity
throughout the organisation.
We are committed to supporting diversity and
to creating an inclusive culture that attracts the
best individuals to our workforce. The Board
had set itself a target of having at least one
Board member with an ethnically diverse
background by December 2024 in accordance
with the recommendations of the Parker review
and continued the board fellowship programme
to widen the candidate pool for potential board
appointment. We are delighted that the board
fellow, Aamir Aziz, secured an external board
position but unfortunately this resulted in us not
being able to meet our target. It is the intention
of the Board to seek out ethnically diverse
candidates in future succession planning.
The Board will continue to consider gender
and wider aspects of diversity such as industry
experience, nationality, disability, gender
reassignment, race, religious or spiritual beliefs,
sexual orientation, marital and civil partnership
status and education or social background and
age in any future Board appointments and
recruitment firms are instructed to include
a diverse list of candidates for the Board’s
consideration. Final appointments will always
be made on merit.
Further details of our activities to promote
equality and diversity can be found in our
Nominations Committee Report on page 61
and within our Stakeholder engagement
section on Our People (page 31).
Implementing the 2018 Code (Code)
In accordance with the Listing Rules, I am very
pleased to confirm that as at 31 March 2025, the
Company was compliant with all the provisions
of the Code. There was full compliance with
all provisions throughout the entirety of the
financial year under review.
This Report explains how the Board has applied
the other principles of the Code.
Ed Smith, CBE
Non-Executive Chair
18 July 2025
GOVERNANCE IN NUMBERS
Board composition
1
Chair
2
Executive Directors
5
Non-Executive Directors
Meetings per year
6
Board
4
Audit Committee
1
Nominations Committee
6
Remuneration Committee
3
ESG Committee
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Our governance framework
Health and Safety
Committee
Drives health and safety
compliance across the
business and is responsible
for health and safety
processes, systems
and controls.
Social Impact
and Sustainability
Steering Group
Establishes which social
impact and sustainability
risks and opportunities are
of strategic significance,
integrates them into
business strategy
and ensures effective
communication
to stakeholders.
Risk Committee
Reviews and monitors key
risks and the effectiveness
of the risk management
systems. Identifies
emerging risks. Reports
to the Audit Committee.
Investment Committee
Reviews and approves
investment, development
and asset enhancement
transactions, allocates
investment capital and
agrees investment
hurdle rates.
Executive Committee
The Board delegates the execution of the
Company’s strategy and the day-to-day
management of the business to the ExCo
which operates under the direction and
authority of the CEO.
The Committee makes key decisions to
ensure achievement of strategic plans,
ratifies the decisions of the supporting
committees, considers key business risks
and shapes and sustains the culture and
values of the business.
It is supported by sub-committees each
focusing on an area of the business.
The Board
Responsible for setting the Group’s strategy for delivering long-term value to our
shareholders and other stakeholders and setting the culture, values and governance
framework for the Group.
Provides effective challenge to management concerning execution of the strategy and
ensures the Group maintains an effective risk management and internal control system.
The Board has approved a schedule of matters reserved for decision by the Board.
The Board delegates certain matters to its four principal committees:
Nominations Committee
Responsible for ensuring our
Board and its Committees have
the right balance of skills,
knowledge and experience
and ensuring adequate
succession plans are in place.
Audit Committee
Responsible for reviewing and
reporting to the Board on the
Group’s financial reporting,
maintaining an appropriate
relationship with the Group’s
auditor and monitoring the
internal control systems.
Remuneration Committee
Responsible for establishing
the Group’s Remuneration
Policy and ensuring there
is a clear link between
performance and pay and pay
is fair relative to the workforce.
ESG Committee
Responsible for overseeing
the implementation of the
Group’s social impact and
sustainability strategy.
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Board of
Directors
BOARD TENURE
(in current role)
3 0–4 years (38%)
5 4+ years (62%)
BOARD GENDER BALANCE
4 Male 4 Female
EXECUTIVE COMMITTEE
GENDER BALANCE
2 Male 2 Female
Male Female
ED SMITH CBE
Non-Executive Chair
JONATHAN MURPHY
CEO
JAYNE COTTAM
CFO
JONATHAN DAVIES
Senior Non-Executive Director
APPOINTED
October 2017
APPOINTED
February 2017
APPOINTED
September 2017
APPOINTED
June 2018
SKILLS AND EXPERIENCE
As an experienced Chair, Ed has
extensive governance skills in both
the private and public sectors
including as former Chair of NHS
Improvement and Deputy Chair of
NHS England.
Ed’s skills include strategy and
operational excellence as he was
the former Global Assurance Chief
Operating Officer and Strategy Chair
of PricewaterhouseCoopers (PwC),
with broad experience in finance and
accounting, capital markets and
customer focus.
Ed is currently Non-Executive Director
at Saxton Bampfylde.
SKILLS AND EXPERIENCE
Jonathan joined Assura in 2013 as
Finance Director and became CEO
in 2017, bringing with him broad
experience in finance and accounting,
corporate finance, capital markets
and real estate investment having
previously worked as finance director
for the fund management business
of Brooks Macdonald and Braemar
Group plc, and in commercial and
strategic roles at Spirit Group and
Vodafone.
Jonathan is a Non-Executive Director
for the British Property Federation
and chairs their Healthcare Committee,
sits on the Advisory Board of EPRA
and is Deputy Chair of the North
West Business Leadership Team.
SKILLS AND EXPERIENCE
Jayne joined Assura from Morris
Homes, one of the UK’s largest
private national housing developers
where she was the Finance Director
for Operations, heading up the
operational finance team across
the Group and providing financial
and strategic support as a member
of the Board for each of the three
operating regions.
Jayne was previously Director of
Finance for the Continental Europe
Division of European Metal Recycling
Limited, one of the world’s largest
metal recyclers, and before that held
a number of other senior finance
positions. Jayne sits on the North
West Regional Council of the CBI
(Confederation of British Industry)
and the Finance Committee of the
British Property Federation.
SKILLS AND EXPERIENCE
Jonathan is Deputy Chief Executive
and Chief Financial Officer of SSP
Group plc and has extensive
experience of finance, mergers
and acquisitions and corporate
governance. Jonathan took SSP
private in 2006, listed it on the
London Stock Exchange in 2014
and has undertaken numerous debt
and equity raises since then.
His skills in strategy, commercial and
financial management were built in
his earlier roles with Unilever plc,
OC&C and Safeway plc. Jonathan
chairs our Audit Committee and is
our Senior Independent Director.
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EMMA CARIAGA
Non-Executive Director
LOUISE FOWLER
Non-Executive Director
NOEL GORDON
Non-Executive Director
DR SAM BARRELL CBE
Non-Executive Director
ORLA BALL
Company Secretary
APPOINTED
May 2021
APPOINTED
June 2019
APPOINTED
May 2021
APPOINTED
May 2021
APPOINTED
April 2015
SKILLS AND EXPERIENCE
Emma is Chief Operating Officer
of British Land. Her over 20 years of
experience in the property sector
span residential, retail, commercial
and leisure with previous roles at
Landsec, Barratt Homes and
Crest Nicholson.
Emma was previously on the Board
of Thames Valley Housing Association
where she chaired the Investment
Committee, and is currently Chair of
TEDI-London – a higher education
provider for engineering.
SKILLS AND EXPERIENCE
Louise’s customer, marketing and
digital experience is drawn from her
time as a senior executive in regulated
services industries. She spent the first
part of her executive career in travel
and tourism working for British
Airways and was CEO of Brymon
Airways before moving into roles with
Barclays, the Co-operative Group,
First Direct and the Post Office.
Now an independent consultant
advising consumer brands such as M&S,
Barclays, Costa Coffee and ITV, Louise
also serves as a Non-Executive Director
on the boards of a number of publicly
listed businesses. She is honorary
professor of Marketing at Lancaster
University Business School and chairs
our Remuneration Committee.
SKILLS AND EXPERIENCE
Having led significant restructuring
programmes to enable banks to
adopt new digital channels, Noel
brought that experience to NHS
England and NHS Digital, reshaping
their approach to digital change and
new models for healthcare delivery.
Noel’s former board roles include,
Chair of NHS Digital, Chair of
Healthcare UK and Non-Executive
Director on the Board of NHS England.
Noel is a Non-Executive Director
of Bestway Panacea Holdings and
on the Bank of England RTGS/CHAPS
Board. He chairs our ESG Committee.
SKILLS AND EXPERIENCE
Sam is the Chief Executive Officer of
Life Arc – a world-leading biomedical
research organisation which she
joined from the Francis Crick Institute
following a career in the NHS as a
noted healthcare leader. Sam was
CEO of the Taunton and Somerset
NHS Foundation Trust and before
that, established and led the South
Devon and Torbay CCG. Earlier in
her career, as a practising GP, she led
the formation of a practice based
commissioning consortium.
Sam was a National Advisory Council
Member of the King’s Fund, an active
Mentor for the NHS Innovator
Accelerator Programme and was
awarded the CBE in 2014 for services
to healthcare.
SKILLS AND EXPERIENCE
Orla is a lawyer, qualified Chartered
Secretary and an Associate of ICSA
whose skills include corporate
governance and managing legal risk.
She qualified as a solicitor with
Eversheds Manchester and gained
significant legal, mergers and
acquisitions and capital markets
experience as a corporate lawyer
for more than 14 years.
Orla’s move in-house to Braemar
Group plc, subsequently acquired
by Brooks Macdonald plc, provided
her with real estate skills as she
looked after the legal matters for its
property management and property
funds business.
Orla chairs our Risk Committee and is
a member of the Executive Committee.
BOARD OF DIRECTORS CONTINUED
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CHAIR
– The effective running of the Board
– Ensuring the Directors receive accurate and timely information
– Promoting high standards of Corporate Governance
– Ensuring Board agendas take full account of relevant issues and Board members’ concerns
– As Chair of the Nominations Committee, ensuring effective Board succession plans are
in place
CEO
– Running the Company’s day-to-day operations
– Implementing the business strategy and culture
– Regularly updating the Board on progress against approved plans
– Providing effective leadership of the Executive Committee to achieve agreed strategies
and objectives
CFO
– Responsible for the preparation and integrity of financial information
– Operating effective systems of risk management and control
– Developing and implementing financial strategy and policies
SENIOR INDEPENDENT DIRECTOR
– Acting as Chair of the Board if the Chair is conflicted
– If necessary, acting as a conduit to the Board for communicating shareholder concerns
– Ensuring the Chair is provided with effective feedback on performance
– Serving as an intermediary for other Directors when necessary
NONEXECUTIVE DIRECTORS
– Challenging and helping to develop proposals on strategy
– Satisfying themselves as to the integrity of the financial information and that there
are effective systems of risk management and financial control
– Chairing and/or serving on relevant Committees
COMPANY SECRETARY
– Ensuring good information flow within the Board and Committees
– Facilitating induction and training of Board members
– Advising the Board on all governance matters
BOARD OF DIRECTORS CONTINUED
Division of responsibilities
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BOARD OF DIRECTORS CONTINUED
The commitments and independence
Other directorships of the Board members are
set out on pages 57 and 58. Executive Directors
would be permitted to serve on one other
Board if this would not interfere with their time
commitment to the Company. Jayne Cottam
does not hold any Non-Executive Director
positions. Jonathan Murphy is the deputy chair
of the North West Business Leadership Team.
The Board regularly considers the
independence of our Non-Executive Directors
and all Directors are required to declare any
relationships or interests which may constitute
a conflict of interest at the commencement
of each Board meeting.
Re-election of Directors
In accordance with Corporate Governance
best practice, it is the Company’s policy that all
Directors will submit themselves for re-election
at the 2025 AGM and the Notice of AGM will
explain why their contribution remains important
to the Company’s long-term sustainable success.
In order to deliver the Group’s purpose and
strategy, the Board believes the following mix
of skills within our leadership team is required:
Skills and experience
Number of
Non-Executive
Directors (including
the Chair)
Number of
Executive
Directors
Executive and strategic leadership 6 2
Financial accounting, reporting or corporate finance 3 2
Property development, investment or real estate management 3 2
Governance and compliance 6 2
Social impact, people or charities 4 2
Health and safety, risk management or internal controls 4 2
Investor relations and engagement 2 4
Prior remuneration committee experience and or experience in remuneration 3 2
Committee meeting attendance Board Audit Nom Rem ESG
Ed Smith 6/6 4/4 1/1 6/6 n /a
Jonathan Murphy 6/6 4/4 1/1 6/6 3/3
Jayne Cottam 6/6 4/4 1/1 6/6 3/3
Jonathan Davies 6/6 4/4 1/1 6/6 n/a
Louise Fowler 5/6 3/4 0/1 6/6 n/a
Emma Cariaga 6/6 4/4 1/1 n/a n/a
Noel Gordon 6/6 4/4 1/1 n/a 3/3
Sam Barrell 6/6 n /a 1/1 5/6 2/3
1. Excluding extra Board meetings and Board committee meetings related to Offers received, relating to acquisitions and
disposals (5 meetings) and the establishment of the Health Properties LP joint venture (1 meeting).
Reporting table on sex/gender representation
As at 31 March 2024
Number of Board
members
Percentage of
the Board
Number of senior
positions on the
Board (CEO,
CFO, SID and
Chair)
Number in
executive
management
Percentage of
executive
management
Men 4 50 3 3 50
Women 4 50 1 3 50
Not specified/prefer not to say – – – – –
No changes from 31 March 2025 to the date of the approval of the report on 18 July 2025.
Reporting table on ethnicity representation
As at 31 March 2024
Number of Board
members
Percentage of
the Board
Number of senior
positions on the
Board (CEO,
CFO, SID and
Chair)
Number in
executive
management
Percentage of
executive
management
White British or other White (including
minority-white groups) 8 100 4 6 100
Mixed/Multiple Ethnic Groups – – – – –
Asian/Asian British – – – – –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
No changes from 31 March 2025 to the date of the approval of the report on 18 July 2025.
SEE THE NOMINATIONS COMMITTEE REPORT ON PAGES 61 TO 62
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Committee members Attendance
Ed Smith CBE
(Committee Chair) 1/1
Jonathan Davies 1/1
Louise Fowler 0/1
Dr Sam Barrell CBE 1/1
1. Out of the maximum possible meetings.
ADDITIONAL ATTENDEES
– Orla Ball – Company Secretary
– Jonathan Murphy – CEO
– Emma Cariaga – Non-Executive Director
– Noel Gordon – Non-Executive Director
2. As appropriate.
MEETINGS IN THE YEAR:
1
TERMS OF REFERENCE
https://www.assuraplc.com/investor-relations/
shareholder-information/sustainability-and-corporate-
governance-policies
Dear shareholder,
The Committee continues to play a crucial role
in supporting Assura’s strategy by ensuring the
Board and its Committees have an appropriate
balance of skills, experience and knowledge,
with succession plans in place, maintain a
diverse pipeline for Board and senior
management positions and a robust evaluation
process to ensure the Board and Committees
are working effectively.
Board composition
There have been no changes to the Board
composition in the year, and I would like to
personally thank all Board members for their
exceptional contribution particularly in
mentoring members of ExCo and senior
managers.
Succession planning
The Committee maintains regular focus on
succession planning for both Board and senior
leadership roles. Our talent pipeline of high
performing individuals is identified as part of
the annual appraisal process. A formal
succession planning exercise is undertaken
biannually and seeks to identify training needs,
high potential employees and risks to the
organisation across a three-year horizon.
External consultants are engaged to provide
executive coaching and 360° feedback where
appropriate. Internal secondment opportunities
are also available. This overarching approach
dovetails with the quarterly business planning
activity which seeks to set targets which
enhance business performance and people
management and development approaches.
Nominations
Committee
Report
Non-Executive Director
induction process:
Meetings with the Chair
and other Board members
Meetings with the CEO, CFO and
Executive Committee members
Directors’ duties and governance training
from the Company’s legal advisors and
briefings from the Company Secretary
A full support pack of relevant
reading materials
Briefings from the Company’s
advisors including auditors,
corporate brokers and PR firm
Meetings with senior management
and other staff members at the
Company’s head office
Visits to premises
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NOMINATIONS COMMITTEE REPORT CONTINUED
Induction and training
Training needs are reviewed annually as part
of the Board evaluation. Each Board member
is permitted to take professional advice on
any matter which relates to their position, role
and responsibilities as a Director at the cost of
the Company, and have access to the advice
and services of the Company Secretary.
Diversity
The Board believes that a diverse workforce
and management team improve the
performance and culture of the organisation and
add value to the business as a whole. The Board
is fully supportive of the recommendations of
both the FTSE Women Leaders Review (the
successor to the Hampton-Alexander Review)
and the Parker Review, and of the new
requirements of the LR 9.8.6R(9).
The Committee is mindful of the new Listing
Rules and amendments to the Disclosure
Guidance and Transparency Rules, which came
into effect for accounting periods starting on
or after 1 April 2022.
As at 31 March 2025, the Board had already met
two out of the three criteria set out in the Listing
Rules, as at least 40 per cent of the Board
members are women and Jayne Cottam is the
CFO. The Company collects the data used for the
purposes of making this disclosure from Directors
and executive management on a voluntary basis
see relevant charts on page 32.
We are committed to supporting diversity and
to creating an inclusive culture that attracts the
best individuals to our workforce. The Board
had set itself a target of having at least one
Board member with an ethnically diverse
background by December 2024 in accordance
with the recommendations of the Parker review
and although we have not yet made an
appointment we have continued our board
fellowship programme to widen the candidate
pool for potential board appointment. We are
delighted that the board fellow, Aamir Aziz,
secured an external board position but
unfortunately this resulted in us not being able
to meet our target. It is the intention of the
Board to seek out ethnically diverse candidates
in future succession planning.
We made considerable progress on leadership
gender diversity in the year. Female
representation on the Board remains at 50%
and I am delighted that the Group came 14th for
Women on Boards and in Leadership for FTSE
250 companies and 3rd for Women on Boards
and in Leadership in the FTSE 350 Real Estate
Sector Rankings in the FTSE Women Leaders
Review, the successor phase to the Hampton-
Alexander Review.
The Committee will continue to consider gender
and wider aspects of diversity such as industry
experience, nationality, disability, gender
reassignment, race, religious or spiritual beliefs,
sexual orientation, marital and civil partnership
status and education or social background and
age when recommending any future Board
appointments and recruitment firms are instructed
to include a diverse list of candidates for the
Committee’s consideration. Final appointments
will always be made on merit.
Board diversity policy
The Committee is responsible for monitoring
the effectiveness of the Board Diversity Policy
(the Policy), available to view on the Company’s
website, www.assuraplc.com, which sets out
the Company’s approach to diversity in respect
of the Board of Directors.
The Policy incorporates a broad range of diversity
factors as set out in the Disclosure Guidance and
Transparency Rules, specifies targets with which
the Board aims to comply, and considers how
the Policy is applied to the Audit, Nominations
and Remuneration Committees as well as the
Board as a whole. It was last updated during
2024. The Committee considers that the Policy
is appropriate and aligned with best practice
and will keep it under periodic review.
External Board Performance Review
The externally facilitated Board review in 2025
was carried out by Weva Ltd – a specialist
board and leadership consultancy which is also
engaged in individual coaching work for ExCo.
The review followed the Board effectiveness
framework (‘the Framework’) already in use as
the basis for annual self-evaluation by the Board.
This allows the Board to identify any required
changes in focus or priority and to agree future
actions for Board effectiveness.
The Board is progressing the recommended
actions from the review as follows:
Creating the future
The Committee has been asked by the Board
to formalise succession plans for the Board – in
particular for the Chair and Senior Independent
Director roles as the current post-holders are both
coming to the end of their tenures. The Board
has also asked for a review of the composition,
capability and diversity of Board membership
required to support execution of the strategy.
Managing the present
The Audit Committee will review the risk
assurance process to ensure a formalised risk
assessment framework is in place ahead of the
new Corporate Governance Code requirements
around material controls.
ExCo will refresh its capability map against the
strategy to confirm capabilities are in place to
deliver the strategy; this will be done in parallel
with the Nominations Committee work on
Board succession, composition and diversity.
The Board will ensure that ExCo members all
regularly discuss their papers at Board meetings
to maintain levels of trust and challenge; it will
consider adding an hour to Board meetings to
allow more time for ExCo team engagement
and oversight.
Self-evaluation and continuous improvement
The Board will review its existing self-evaluation
process and plan for annual Board self-evaluations
to meet the Corporate Governance Code
requirement. The Chair will continue to
encourage informal reflection and action around
the Board’s continuous improvement. The Senior
Independent Director will formalise the annual
review of the Chair’s performance and ensure
there is an annual review of non-executive
director performance including peer feedback.
Outside world
The Investor Relations Director will help ExCo
enhance core messages around value creation
in shareholder communications; they will also
help widen stakeholder conversations with
national and local NHS as well as new potential
institutional and private equity investors. The
Investor Relations Director will also help ExCo
promote the Company through informal
channels including CEO and CFO informal
networking.
Nurturing identity
The Board will continue to seek assurance from
ExCo that Assura’s culture is in alignment with
the strategy and will continue to nurture the
desired culture through conscious role modelling
of desired behaviours. The Board will also
consider the extent to which the culture needs
to evolve to become more commercial; it will
ensure any evolution of the culture required to
deliver the strategy is clearly articulated and staff
actively engaged to embed desired behaviours.
Board team effectiveness
The Board will continue to invest in itself
as a team through Board dinners as well as
interactions with the Chair and with each other
outside formal Board meetings. Non-Executive
Directors will continue with the successful ExCo
mentor programme to maintain the trust and
mutual learning that this brings to all parties.
Ed Smith, CBE
Chair of the Nominations Committee
18 July 2025
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Annual Report and Accounts 2025

Dear shareholder,
In my sixth year as Chair of the Audit Committee
(‘the Committee’) I have pleasure in setting out
below the formal report on its activities for the
year ended 31 March 2025.
During the year, the Committee comprised
myself and three other Non-Executive Directors,
with attendance from additional individuals and
external advisors as appropriate. I confirm I have
recent and relevant financial experience as CFO
of SSP Group plc.
Matters discussed
The Committee met four times in the year and
the key matters considered each meeting were
as follows:
May 2024
– Reviewed the external portfolio valuations
for the financial year ended 31 March 2024
– Received a report from EY on the audit
and the annual report and accounts
– Reviewed use of EY for non-audit work,
confirmed their independence and
completed a review of their performance
– Reviewed the draft annual report and
accounts, including TCFD disclosures
– Reviewed the viability and going concern
statements and assumptions
– Received an interim progress update from
the internal auditor
November 2024
– Reviewed the half year external portfolio
valuations
– Reviewed the interim report and accounts
and auditor’s report
– Carried out a detailed review of going concern
– Considered the financial accounting of
transactions entered into in the period
including the joint venture, acquisition of
independent hospitals and new financing
including interest rate swap
– Received an update report from the internal
auditor
Audit
Committee
Report
January 2025
– Approved the agenda items and schedule
of Committee meetings for the upcoming
calendar year
– Approved the terms of reference for
the Committee
– Considered RICS guidelines in respect
of property valuation rotation
– Received a progress update from the internal
auditor and reports in respect of information
management and technology roadmap
March 2025
– Approved the external audit plan and fee
– Received an update on cyber security risk
– Received an update on progress of actions
recommended by internal audit and
approved the processes to be reviewed
by internal audit this calendar year
– Approved the draft viability statement
and assumptions used in modelling
Audit meetings are held in advance of the Board
meeting, and I provide a report to the Board of
the key matters discussed, giving the Board the
opportunity to consider any recommendations
proposed by the Committee.
Subsequent to the year end, the March 2025
annual report and accounts were reviewed at
the May 2025 Audit Committee meeting along
with an accounting paper in respect of going
concern and a review of the report from EY as
external auditor. A final review of the accounts
was completed at the July 2025 meeting.
Fair, balanced and understandable assessment
The Committee performed a detailed review
of the content and tone of the annual report
and half year results and has satisfied itself
that there are robust controls over the accuracy
and consistency of the information presented,
including comprehensive reviews undertaken
by the Board, senior management and the
auditors. Accordingly, the Committee has
advised the Board that the annual report taken
as a whole is ‘fair, balanced and understandable’
and provides the information necessary for the
shareholders to assess the Company’s position
and performance, business model and strategy.
Committee members Attendance
Jonathan Davies
(Committee Chair) 4/4
Emma Cariaga 4/4
Louise Fowler 3/4
Noel Gordon 4/4
1. Out of the maximum possible meetings.
ADDITIONAL ATTENDEES
– EY LLP as external auditor
– Cushman & Wakefield and Jones Lang
LaSalle as valuers
– KPMG LLP as internal auditor
– Ed Smith, CBE – Non-Executive Chair
– Jonathan Murphy – CEO
– Jayne Cottam – CFO
– Orla Ball – Company Secretary
– David Purcell – Investor Relations Director
– Lucy Froggett – Group Financial Controller
2. As appropriate.
MEETINGS IN THE YEAR:
4
TERMS OF REFERENCE
https://www.assuraplc.com/investor-relations/
shareholder-information/sustainability-and-corporate-
governance-policies
63Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

AUDIT COMMITTEE REPORT CONTINUED
Significant financial reporting matters
During the year, the Committee reviewed
the following significant financial reporting
judgements:
– Valuation of investment properties, including
those under construction – valuations and
yields are discussed with management and
benchmarked against comparable portfolios.
This has been given increased focus in the
current year given the fast-evolving
macroeconomic backdrop and challenging
the assumptions on yields given the changing
interest rate environment.
– The two external valuers, Cushman & Wakefield
and JLL, presented and discussed their findings
with the Committee. EY separately discuss the
valuations and the assumptions they are based
on with the valuers, and the Committee is
satisfied that EY apply appropriate
professional scepticism in this area through
the use of appropriate internal property
valuation experts. The Committee also
considered the rotation of properties between
valuations in accordance with RICS guidelines,
and following the change to two valuers
(from three previously) during the year.
– Accounting for significant transactions during
the year including entering into a new joint
venture, acquisition of 14 independent hospitals
and new financing arrangements associated
with this transaction including hedge
accounting for the new interest rate swap.
The Committee considered the substance
of each transaction relative to the relevant
accounting rules, appropriately challenging
accounting papers presented by management,
to ensure accounting and presentation of
these transactions was appropriate.
– Validity of the going concern basis and
the availability of finance going forward
– the Committee considers the financing
requirements of the Group in the context of
committed facilities, evaluates management’s
assessment of going concern and challenges
the assumptions made. The external auditor
also reports to the Committee following its
review. The going concern statement which
confirms the going concern status of the
business is on page 47.
– Viability statement – the Committee
considered the viability statement proposed
for inclusion in the annual report and the
supporting analysis produced by
management. The statement was approved
for inclusion in the 2025 report and appears
on page 48. The Committee reviewed and
challenged the various assumptions adopted
by management in the exercise, including the
period covered by the viability statement and
assumptions around availability and cost of
finance. The Committee continues to
consider a five-year period to be the most
appropriate timespan in this regard and
believes other assumptions and sensitivities
applied are also appropriate.
– Revenue recognition – the Committee
considers this risk to be appropriately
addressed by the control environment
in place, and upgrades to the accounting
system in the current year have added further
automation to the controls in this area.
Other financial reporting matters
In addition to the significant financial reporting
matters discussed above, the Committee
considers other financial reporting matters
as and when they arise to ensure appropriate
treatment in the accounts, receiving
appropriate briefings on emerging regulations
and standards from management and EY.
We are satisfied that there were no matters
arising from any of the above that we wish
to draw to the attention of the shareholders.
Risk and internal controls
The Committee is aware of the Code’s
requirements in relation to risk and the
monitoring of internal control systems and the
risk assessment and internal control processes
are a key consideration of the Committee.
The Board has established a framework of
financial reporting and controls to provide
effective assessment and management of risk
as set out on page 41. During the year the
Committee received minutes from the meetings
of the Risk Committee, reviewed the principal
risk register and monitored the Group’s risk
management and internal control systems.
The Committee has not identified any significant
failings or material weakness in these control
systems during the year. The risk report is set
out in full on pages 40 to 46.
The Group’s internal control systems are codified
in policies and procedures which are regularly
reviewed and include a detailed authorisation
process, formal documentation of all transactions,
a robust system of financial planning (including
cash flow forecasting and scenario testing),
regular financial reporting and reports to the
Board from the CEO and CFO and a robust
appraisal process for all property investments
(including acquisitions, developments and asset
enhancement projects). Changes to internal
controls, or controls to respond to changing risks
identified are addressed by the Risk Committee
with appropriate escalation to the Audit
Committee as required.
Internal audit
The Committee appointed KPMG as internal
auditor to complete reviews of specific internal
processes on a rolling basis. The Committee
agreed that the processes to be reviewed last
calendar year were health and safety, cyber
security, rent collection process and a follow
up on information management and progress
against previous reports received. The
Committee received detailed reports on the
work completed and the KPMG internal audit
partner attended Audit Committee meetings
to present their findings and answer questions.
Improvements were identified for each of these
processes which are in the process of being
implemented and will be monitored on an
ongoing basis. The Committee has agreed that
the processes to be reviewed this calendar year
are non-rental charges, security and design
controls around the implementation of
Dynamics 365, a follow-up on information
management and enterprise risk management.
Save for commissioning specific processes
for review, the Committee is satisfied that the
correct level of control and risk management
within the business adequately meets the
Group’s current needs.
Audit/non-audit fees payable
to external auditor
The fees paid to the external auditor are disclosed
in Note 4(a) to the accounts, and the policy for
non-audit services is in the Audit Committee
Terms of Reference available on our website.
In the year ended 31 March 2025, the auditor
provided non-audit non-statutory services
in the form of a review of the interim report,
being a service closely related to assurance.
The Committee is satisfied that the Company
has complied with the Statutory Audit Services
for Large Companies Market Investigation
(Mandatory use of Competitive Tender Processes
and Audit Committee Responsibilities) Order 2014
published by the CMA on 26 September 2014.
Effectiveness of external audit process
The Committee assessed the effectiveness of
the external audit process, initially reviewing and
challenging the audit planning memorandum
prepared by EY and then monitoring fulfilment
of this plan. The Committee received regular
feedback from management on the service
provided by EY, specifically reviewed this at
the May 2024 Audit Committee meeting and
concluded that the external audit was carried
out efficiently and effectively with objective,
independent challenge.
We receive regular updates on potential
regulatory changes affecting the audit industry
and are assessing their impact on the Company
and the work of the Committee.
Jonathan Davies
Chair of the Audit Committee
18 July 2025
64Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

Dear shareholder,
I am pleased to be able to share with you our
report setting out activities for the year ended
31 March 2025.
During the year, the Committee comprised
myself and one other Non-Executive Director,
in addition to the two Executive Directors and
appropriate representatives from the business.
Committee objectives and purpose
Assura has long-standing ESG commitments
which are ingrained in the purpose and business
model and have underpinned the strategic
priorities of the Group for a number of years.
This Committee was created to strengthen and
formalise the oversight provided at Board-level
in this area.
The terms of reference detail the specific
mandate of the Committee, which includes
the following:
– Reviewing and approving the Healthy
Environment (E) and Healthy Communities (S)
strategies, including budgeted costs
– Monitoring progress against the designed
performance metrics of these strategies and
reporting to the Board on their progress
– Reviewing external disclosures relating
to ESG matters prior to publication, being
relevant sections of the Annual Report
including TCFD disclosures, sustainability
disclosures and documents such as the
Net Zero Carbon Pathway
– Assisting the Nominations Committee in
monitoring the implementation of diversity
and inclusion policies
– Staying up to date with emerging trends and
ensuring the business strategy appropriately
reflects these
– Monitoring emerging property and
sustainability technologies, leveraging
our investment in Pi Labs.
ESG
Committee
Report
Matters discussed
The Committee met three times in the year, and
the key matters considered at each meeting
were as follows:
May 2024
– Reviewed and approved ESG disclosures
– Reviewed ESG sections of the Annual Report,
including TCFD, recommending the Board
approve these
– Recommended ESG-specific performance
objectives to the Remuneration Committee
September 2024
– Half-year review of ESG performance to date
– Review of compliance with ESG related
legislation and upcoming changes
March 2025
– Year-end review of performance against ESG
targets under each of the three Bigger Picture
pillars – Healthy Environment, Healthy
Communities and Healthy Business
– Review and recommendation for approval to
Board of ESG-related budget for the 2025/26
financial year
– Approval of Committee Terms of Reference
In addition, a Committee meeting was held in
July 2025, where the proposed ESG disclosures,
including those within this Annual Report
covering both sustainability and TCFD, were
reviewed and approved.
Committee members Attendance
Noel Gordon
(Committee Chair) 3/3
Sam Barrell 2/3
Jonathan Murphy 3/3
Jayne Cottam 3/3
1. Out of the maximum possible meetings.
ADDITIONAL ATTENDEES
– Orla Ball – Company Secretary
– Paul Warwick – Director, Projects
and Sustainability
– Karen Nolan – Head of Social Impact
– David Purcell – Investor Relations Director
2. As appropriate.
MEETINGS IN THE YEAR:
3
TERMS OF REFERENCE
https://www.assuraplc.com/investor-relations/
shareholder-information/sustainability-and-corporate-
governance-policies
65Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

ESG COMMITTEE REPORT CONTINUED
Committee priorities 2024/25
The Committee is pleased to report on a year
of strong progress, in particular the launch of
The Bigger Picture, providing a strong framework
for the business to discuss ESG activities both
internally and externally. The Committee has
awareness of the activities and reporting around
the Healthy Business (Governance) pillar whilst
noting that decision-making and guidance in
this area resides with the main Board.
The Committee is pleased to report the
completion of our first two development
schemes aiming to be net zero carbon for both
embodied and operational carbon emissions,
and we look forward to reporting progress after
the first few months of the buildings operating.
In addition, we are close to the launch of our
solar panel offering for customers which has
progressed through the year, which will reduce
running costs for customers and as well as
lowering energy consumed and therefore
carbon generated by our buildings. This has the
potential to be a substantial value generator over
the coming years.
We have continued to progress in respect
of social value generated from our Healthy
Communities activities, focusing on maximising
the social value generated per pound invested,
increasing this ratio substantially during the year.
Our team continues to deliver high levels of
volunteering hours, and we have again increased
the proportion of suppliers spend with
suppliers that share our values.
This progress was also reflected in the scores
received from external agencies, including
MSCI, EPRA and GRESB, all of which have
improved during the year.
Noel Gordon
Chair of the ESG Committee
18 July 2025
“Assura has long-standing
ESG commitments which
are ingrained in the purpose
and business model.”
Noel Gordon
Chair of the ESG Committee
66Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

Dear shareholder,
On behalf of the Board, I am pleased to
introduce the Directors’ Remuneration Report
for the year ended 31 March 2025.
This report is split into three parts:
– This Annual Statement – in which I explain
the work of the Remuneration Committee
during 2024/25 and the key decisions taken
during the year;
– The Directors’ Remuneration Policy
– which sets the overall parameters for the
remuneration of the Directors; and
– The Annual Report on Remuneration
– which details the link between Company
performance and remuneration and includes
payments and awards made to the Directors
for 2024/25 and information on how we
intend to implement the Remuneration Policy
for 2025/26.
As you will be aware, as a result of the offers
received for the Company our reporting
timetable is different this year. To the extent
Assura remains listed, we will be required to
hold an AGM no later than 30 September 2025.
At this meeting, you will be asked to approve
the Remuneration Policy by way of a binding
resolution. As normal, there will be a separate
advisory resolution covering this Annual
Statement and the Annual Report on
Remuneration.
Performance and business context
As highlighted in the CEO review (see pages 4
to 6) and the CFO review (see pages 23 to 26),
2024/25 was a significant year for the business,
with a number of major strategic projects
delivered. This included the launch of a
£250 million joint venture with USS to diversify
funding sources, the acquisition of the
£500 million independent hospital portfolio
which further diversifies the portfolio into broader
healthcare markets and also the completion of
the secondary listing on the Johannesburg Stock
Exchange to improve liquidity for shareholders
and broaden access to long-term capital sources.
Directors’
Remuneration
Report
We are also proud to have been recognised as
the first FTSE 250 company to achieve B Corp
certification as well as completing our first two
developments designed to be net zero carbon.
Since the start of the offer period we have
continued to operate as far as possible on a
‘business as usual’ basis. This has included
taking decisions in respect of remuneration
for 2024/25 as well as determining plans for
2025/26, as explained further below.
Remuneration in 2024/25
For the year under review, Executive Directors’
pay was consistent with the terms of the
Directors’ Remuneration Policy approved in
2022 and the statements on intended
implementation in last year’s report. The annual
bonus plan for the year was structured with
a mix of financial and non-financial objectives.
Financial measures had a 70% weighting, split
between EPRA earnings (30%), total accounting
return (20%), and net rental income (20%).
Performance against financial targets was
excellent and exceeded the maximum target
set for each metric at the start of the year.
In total, therefore, the bonus payable for
performance against the financial measures
was 70% of the total bonus amount.
The remaining 30% was based on key non-
financial metrics (including ESG targets), linked
to the specific priorities of the business over the
year. Both of the Executive Directors performed
strongly in respect of their personal objectives,
whilst performance against ESG metrics was
around target. Further details are provided
on page 80. In total, the bonus payable for
performance against the non-financial measures
was 23% of the total bonus amount.
Committee members Attendance
Louise Fowler
(Committee Chair) 6/6
Ed Smith CBE 6/6
Jonathan Davies 6/6
Dr Sam Barrell CBE 5/6
1. Out of the maximum possible meetings.
ADDITIONAL ATTENDEES
– Jonathan Murphy – CEO
– Jayne Cottam – CFO
– Orla Ball – Company Secretary
– Sarah Taylor – Chief People Officer
– Emma Cariaga – Non-Executive Director
– Noel Gordon – Non-Executive Director
– Korn Ferry
2. As appropriate.
MEETINGS IN THE YEAR:
6
TERMS OF REFERENCE
https://www.assuraplc.com/investor-relations/
shareholder-information/sustainability-and-corporate-
governance-policies
67Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
In total, bonuses were earned at a level of 93%
of the maximum for both Executive Directors.
This equated to 139.5% of basic salary for
Jonathan Murphy and 125.6% of basic salary for
Jayne Cottam. The Remuneration Committee
considered the formulaic outcomes in the
context of the exceptional performance of the
business in the year under review, and considered
them to be a fair reflection of the individual
performance and contribution of the Executive
Directors. Accordingly, no discretion has been
exercised to adjust the outcome. The bonuses
were paid in cash and, in light of the offers for
the Company, the Committee agreed to a
temporary deferral of the requirement for the
Executive Directors to invest one-third of the
amount into Assura shares. In the event that
the offers lapse, the Executive Directors will
make the required investment at the earliest
possible opportunity.
The Committee assessed the outcome of the
2022 PSP awards shortly after the end of the
financial year. The awards were subject to
Absolute TSR, EPRA EPS, and key ESG
performance targets. In light of negative TSR
over the full performance period, this element
vested at zero. For the EPS element,
performance was below threshold, also
resulting in nil vesting. The final third of the
award was based on the satisfaction of key ESG
targets. One half of the ESG element involved
an assessment of the proportion of the portfolio
achieving an EPC rating of B or higher by the
end of 2024/25. By the end of the period, a
total of 68% of the GP portfolio had a rating of B
or higher, resulting in a vesting level at just
below target. The other half of the ESG portion
of the award was based on the proportion of
developments commencing in 2024/25 which
were designed in accordance with our Net Zero
Design Guide.
By the end of the period, 100% of new schemes
were in accordance with the guide, resulting
in maximum vesting under this element of the
award. Therefore, the total level of vesting for
the 2022 PSP award was 24.6%. The
Remuneration Committee is comfortable that
the outcome is a fair reflection of holistic
business performance over the period, and as
such, no discretion has been exercised to adjust
the outcome. The award will vest following the
2024/25 results announcement.
The new Directors’ Remuneration Policy
Ahead of the requirement to seek shareholder
approval for a new Remuneration Policy at this
year’s AGM, the Committee spent a considerable
amount of time during the year reviewing the
existing Policy and its operation in the context
of the changing shape of the business and the
more challenging macroeconomic environment
faced since the Policy was last approved in
2022. In particular, we reflected on the fact that
in light of continued pressures on the NHS and
the difficulties associated with achieving our
ambitions through a portfolio focused primarily
on NHS Primary Care, the Board charged the
Executive Directors with ambitious plans in
adjacent healthcare markets (as evidenced by
the £500m private hospital portfolio acquisition
announced in August 2024). Moving into new
markets created complexity and workload for
the business, in addition to the requirements
to protect and grow our core assets, and the
Committee was conscious that our Executive
Directors have been tireless in their commitment
to effectively manage the existing portfolio,
pursue new opportunities, and prepare the
business for a strategic pivot.
In this context, the following were established
as key objectives for our review of the Policy:
1) To incentivise the execution of our strategic
pivot towards a more diversified business,
whilst protecting the established core of our
operations;
2) To address historical issues around pay
positioning for our Executive Directors; and
3) To ensure that our remuneration structures
remain appropriate, competitive, and
reflective of market practice for the
forthcoming Policy period.
These objectives were at the forefront of our
minds as we considered changes to the formal
Remuneration Policy and also to the way in
which we intend to implement the Policy for the
2025/26 financial year.
As a Committee, we reviewed extensive market
data to ensure our proposals were framed
appropriately in light of pay levels and structures
at relevant listed comparators. There are few
other listed REITs with a healthcare focus which
are not externally managed, and so to ensure
our peer group was of a sufficient size we
considered pay at REITs and property companies
in other segments of the market, always being
cognisant of the differences in sector and size
to Assura. We compared the pay of our CEO
and CFO against a group of 15 other listed real
estate comparators around a median market
capitalisation of £1.3bn (equivalent to Assura’s
market cap at the time the benchmarking was
undertaken in 2024) and examined all elements
of remuneration, both individually and in terms
of total target and total maximum pay. We
sought to ensure that our proposals for the
CEO and CFO would result in them being
positioned appropriately against the median of
this sector group, recognising that full value will
depend on the satisfaction of performance
conditions. As a secondary point of review, we
also cross-referenced this sector-specific data
with pay information from a pan-sector group of
companies with a similar market capitalisation
to Assura, to understand how our remuneration
levels measure against the market more broadly.
Taking all of the above into account, we
developed a set of proposals which formed
the basis of a consultation exercise with major
shareholders representing approximately
two-thirds of the issued share capital and with
the main proxy advisory bodies. This exercise
took place at the end of 2024 and in early 2025,
and included a number of meetings between
myself and shareholders/advisory bodies to
discuss the proposals. A variety of views were
expressed. While some investors had
reservations about certain aspects, for the most
part there was support for our rationale for
seeking to make changes and with the broad
thrust of the proposals.
As a result of the current offer situation, the
Remuneration Committee has agreed to pause
the implementation of the Remuneration
Policy changes which were the subject of the
shareholder consultation exercise set out
above. To the extent that the Company remains
listed and is required to hold an AGM, we will
seek approval for a simple rollover of the Policy
approved by shareholders at the 2022 AGM.
In the event that the offers lapse and Assura
remains an independent business, the
Committee will give further consideration
to the appropriate evolution of the Policy and
will consult again with investors at the
appropriate time.
68Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
Directors’ remuneration in 2025/26
Basic salary
As part of our review of the Remuneration
Policy, the Committee considered the full pay
positioning of the Executive Directors in the
context of the current size and complexity of
the business, as well as their role in driving our
strategic shift. Across the business, we seek to
offer fixed remuneration which appropriately
reflects position, responsibilities, contribution,
and experience. For both the CEO and CFO, we
have been falling short in this regard.
Both the CEO and CFO were appointed to their
current roles in 2017. For the CFO in particular,
her salary was positioned at a material discount
to the market rate in recognition that this was
her first plc Executive Director role. Over the
period since appointment, we have had to
apply a series of adjustments in an attempt to
ensure that their remuneration remains
competitive. However, we are still behind
where we would like to be: the market has
continued to move ahead of us on salary
(despite the increases we have made for the
CFO in particular in recent years), and pension
provision is substantively light (6% of salary vs.
a wider market median of 10% of salary). We
also retain specific concerns about perceived
discrimination in the ongoing below-market
positioning for the CFO, given all but one of
the CFOs in our sector peer group are men.
In order to resolve this issue, we agreed to
increase the Executive Directors’ salaries to
levels which broadly align with the current
market median, with these increases taking
effect from April 2025. The CEO’s salary
increased to £570,000 and the CFO’s salary to
£400,000, representing increases of 10% and
16% respectively. The larger percentage
increase for the CFO recognises that her salary
positioning has historically fallen further behind
market than that for the CEO, and reflects our
commitment to gender pay equality.
We are aware that the increases to the
Directors’ salaries are higher than the increases
offered more widely across the business, and
we are not unaware of the challenges that this
might present. However, we would emphasise
that our approach is consistent with the
company-wide philosophy of making
adjustments where there is a disconnect
between Assura’s salary offer and that of the
market, and where the adjustment is merited by
the contribution, responsibilities, and scope of
the role. We consider that the changes are fair
and appropriate in the context of the work
undertaken by the CEO and CFO, particularly in
respect of their roles in driving the execution
and delivery of our strategic pivot. They help us
to achieve suitable pay positioning at the most
senior level and, in the event that Assura
remains listed and barring exceptional
circumstances, we would not anticipate any
further salary increases over the next three
years other than wider workforce-aligned/
inflationary increases.
Annual bonus
In 2025/26 the maximum annual bonus
opportunity will remain at 150% of salary for the
CEO and 135% of salary for the CFO. The annual
bonus will continue to be based on
performance against key financial and non-
financial objectives, although we have adjusted
our standard approach to reflect the specific
circumstances of the business at the current
time as we manage the offer process. For the
70% of the bonus based on financial measures,
we are focusing solely on EPRA earnings,
whereas for the remaining 30% we will link
payments to an assessment of overall individual
and non-financial performance. The specific
targets are currently considered commercially
confidential.
Performance Share Plan
Given the current position regarding the offers
for the business, there is no current intention to
make a new PSP grant in 2025. Depending on
developments with the offer process, we may
revisit this later in 2025. Any grant, if made, will
be consistent with the terms of the Directors’
Remuneration Policy and, if considered
necessary, further consultation with major
shareholders.
In April 2025, the Committee discussed the
impact of a change of control on outstanding
PSP awards. Our conclusions on this matter
were set out in the Co-operation Agreement
signed with Sana Bidco Limited and made
available at the time of the announcement
of the initial recommended offer. In light of
subsequent developments with the offer
process, the Committee is continuing to
consider these matters further.
The approach to wider
workforce remuneration
As normal, the Committee has reviewed wider
workforce remuneration issues in detail over the
course of the year under review. The business
continues to invest in ensuring that employees
at all levels are provided with suitable
compensation packages. Assura continues to
be an accredited Living Wage Employer. In
addition to basic salary, Assura continues to
offer a comprehensive and competitive benefits
programme for all employees. To help foster a
collaborative team culture, for annual bonuses,
we operate a profit share approach for the
majority of staff, with all employees encouraged
to work towards the achievement of the
Company’s targets for the year. Specific
financial targets apply to the bonuses of more
senior colleagues, reflecting their role within
the organisation.
Certain senior staff receive equity awards in
the form of restricted shares and all colleagues
are encouraged to participate in the Share
Incentive Plan (SIP). As noted in last year’s
report, we made a one-off award of free shares
worth £2,000 under the SIP to all permanent
employees during the financial year under review.
The Committee is very mindful of ensuring that
the approach to pay for our Executive Directors
is not out-of-line with the approach to pay for
the wider workforce, and has given specific
attention to this point over the course of the
year in the context of the changes to the
Directors’ salaries as set out above. We are,
very conscious that the increases for the Directors
for 2025/26 are higher than the company-wide
average salary increase of 3%. The specific
reasons for these adjustments are set out above.
More broadly, the Committee believes that the
69Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
pay levels and structures in place for the
Executive Directors are appropriate, recognising
their seniority and role within the company,
and the need to operate within plc norms. The
pay levels and incentive opportunities of the
Executive Directors reflect their roles and
responsibilities in running a listed company
and are informed, among other things, by the
remuneration for equivalent roles at relevant
comparator companies. The Committee is
comfortable with the Directors being the only
employees who receive awards of performance
shares given their Group-wide roles and
standard practice at UK-listed companies.
During the year, I held further discussions with
The Voice, the internal body which includes
a representative sample of Assura colleagues.
The UK Corporate Governance Code
recommends that we consider the
appropriateness of Directors’ remuneration
using internal and external measures such as
pay ratios. We have historically reported the
ratio of the CEO’s pay to the remuneration of
employees more broadly on a voluntary basis,
in line with best practice and the expectations
of investors. This year, in light of the current
offer process, we have decided to streamline
our disclosures and we are not including the
CEO pay ratio in the report. In the event that the
business remains listed, we will recommence
publication of the ratio with effect from next
year’s report.
UK Corporate Governance Code
The Board supports the UK Corporate
Governance Code and is committed to
adopting the principles and provisions of the
2024 version of the Code, which applies to
Assura for the financial year beginning 1 April
2025. Our proposed Directors’ Remuneration
Policy is fully compliant with the remuneration
elements of the new Code.
Concluding remarks
2024/25 was a busy year for the Committee,
particularly given the extensive work undertaken
in developing proposals for the new
Remuneration Policy. The offers for the
Company have added an extra layer of
complexity during the usual year-end process
and resulted in a delay to our normal reporting
timetable. In the event that we remain listed
and an AGM is held, we will seek shareholder
approval for a rollover of the existing Directors’
Remuneration Policy and also provide
shareholders with a separate advisory vote
on the Remuneration Report, in line with our
normal practice.
Louise Fowler
Chair of the Remuneration Committee
18 July 2025
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DIRECTORS’ REMUNERATION REPORT CONTINUED
Remuneration at a glance
What our Executive Directors earned during 2024/25
The following table provides a summary single total figure of remuneration for 2024/25. Further
details are set out in the Annual Report on Remuneration.
£’000 Salary Pensions Benefits Bonus LTIs Other Tot al
Jonathan Murphy 517 31 16 721 140 4 1,429
Jayne Cottam 344 21 15 433 82 4 899
How our Executive Directors will be paid in 2025/26
A summary of how the Committee intends to operate the Remuneration Policy for 2025/26 is as
follows.
Component Jonathan Murphy Jayne Cottam
Basic salary £570,000
(Increased by 10% from 1 April 2025)
£400,000
(Increased by 16% from 1 April 2025)
Pension allowance
(% of salary)
6%
Annual bonus max
(% of salary)
150% 135%
Annual bonus metrics 70% EPRA earnings and 30% individual and non-financial performance
PSP There is currently no intention to grant a PSP award in 2025
Shareholding guidelines (% of salary) 300% 200%
Post-employment shareholding
guidelines
Apply for a minimum of two years at the lower of (1) the shareholding
requirement in place prior to departure and (2) the actual shareholding at the
point of departure
Remuneration scenarios for 2025/26
The charts on page 78 show how total pay for the Executive Directors varies under three different
performance scenarios: Minimum; Target; and Maximum.
Proposed Directors’ Remuneration Policy
Introduction
The Directors’ Remuneration Policy sets the framework for the remuneration of the Board Chair,
Executive Directors and Non-Executive Directors. It has been prepared in line with the relevant
legislation for UK companies. In the event that Assura remains listed, the Policy will be presented
to shareholders for approval by way of a binding vote at the AGM which will take place no later
than 30 September 2025.
Payments to Directors and payments for loss of office can only be made if they are consistent
with the terms of the approved Remuneration Policy. The Committee will be required to seek
shareholder approval if it wishes to make a payment to Directors which is not envisaged by the
approved Policy.
Development of the Remuneration Policy
As explained in the Annual Statement from the Remuneration Committee Chair, the Committee
undertook a detailed review of the Remuneration Policy during the course of 2024/25. The
Committee developed a set of proposals to evolve the Policy to be more aligned with Assura’s
strategic objectives for the coming three-year period. These proposals were the subject of a
consultation exercise with major shareholders in late 2024 and early 2025. In light of the subsequent
offers for the Company and the likelihood of Assura being acquired in the near future, the
Committee decided not to take forward these Policy changes. As a result, the Policy as set out in
this report (and which will be the subject of a shareholder vote in the event that Assura remains
listed by the end of September) is a simple rollover of the Policy approved in 2022.
Conflicts of interest are managed through the operation of existing Board and Committee
governance procedures. The Remuneration Committee is comprised of independent Non-
Executive Directors and the Chairman of the Board. While Executive Directors may attend
Committee meetings, they are not present when matters specifically relating to their own
remuneration are discussed. The Committee appoints external advisers to provide independent
advice on the Policy and its implementation.
Overview of the Remuneration Policy
The Policy is designed to be consistent with Assura’s values and behaviours, to encourage a strong
performance culture, and to be aligned with the interests of shareholders and other stakeholders.
The Policy as approved in 2022 was designed:
1) to reflect a remuneration structure which supports the Company’s strong performance culture
and the key objective of creating long-term shareholder value;
2) to provide a fair level of reward to help enable Assura to retain and recruit Executive Directors
with the capability to lead the Company on its ambitious growth path;
3) to reflect principles of best practice; and
4) to be transparent and easily understood both internally and externally.
Changes to the Remuneration Policy
The Policy as set out on the following pages is a rollover of the Policy approved in 2022, and no
changes have been made other than minor wording changes to clarify meaning, update wording
where necessary and/or remove redundant content.
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DIRECTORS’ REMUNERATION REPORT CONTINUED
Policy table for Executive Directors
Objective and link
to strategy Operation Maximum opportunity
Performance measurement
and assessment
Fixed
remuneration
Basic salary
Core element of
remuneration set
at a level that
recognises the
size and
complexity of the
Company and,
when combined
with the
performance
based variable
remuneration
potential, can
attract and retain
Executive
Directors of the
quality to execute
the Company’s
strategy.
An Executive Director’s basic
salary is considered by the
Committee on appointment and
then reviewed periodically or
when an individual changes
position or responsibility.
Any changes normally take effect
from 1 April each year.
When making a determination
as to the appropriate salary level,
the Committee first considers
remuneration practices within the
Group as a whole and, where
considered relevant, reviews data
on relevant peer comparators.
It should be noted that the results
of any benchmarking will only be
one of many factors taken into
account by the Committee.
Other factors include:
– individual performance
and experience;
– pay and conditions for
employees across the Group;
– the general performance of
the Company; and
– the economic environment.
No recovery provisions apply
to basic salary.
Any increase in salary
for Executive Directors
will normally be in line
with the annual
average increase for
the wider workforce,
although a different
approach may be
taken if considered
appropriate.
Individuals who are
recruited or promoted
to the Board may, on
occasion, have their
salaries set below the
targeted level until
they become
established in their
role. In such cases,
subsequent increases
in salary may be higher
than the general
workforce increase.
None.
Objective and link
to strategy Operation Maximum opportunity
Performance measurement
and assessment
Benefits
The Company
provides benefits
in line with market
practice.
Executive Directors may receive a
benefits 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.
Any reasonable business-related
expenses may be reimbursed
(and any tax thereon met if
deemed to be a taxable benefit).
Benefits payments are not
included in salary for the
purposes of calculating the level
of participation in incentive
arrangements.
No recovery provisions apply
to benefits.
Benefit values
vary year-on-year
depending on
premiums and the
maximum value is the
cost of the provision
of these benefits.
The Committee will
monitor the costs of
benefits in practice
and will ensure that
the overall costs do
not increase by
more than the
Committee considers
appropriate in all the
circumstances.
None.
Pension
The Company
provides a level
of pension
contribution
in order to be
competitive and
to ensure that it
has the ability to
recruit and retain
Executive
Directors.
Executive Directors may receive
pension contributions to personal
pension arrangements or a cash
supplement.
Pension-related payments are
not included for the purposes
of calculating the level of
participation in incentive
arrangements.
No recovery provisions apply.
Pension provision
is aligned with the
contribution rate
payable to the wider
workforce (currently
6% of salary).
None.
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DIRECTORS’ REMUNERATION REPORT CONTINUED
Objective and link
to strategy Operation Maximum opportunity
Performance measurement
and assessment
Performance-based variable remuneration
Bonus
Incentivises the
achievement of
a range of key
performance
targets that are
key to the success
of the Company.
Awards may be made annually
based on the achievement
of performance targets.
Two-thirds of any bonus is
payable in cash. The remaining
third must be invested in shares
which must be held for a
minimum period of two years. If a
Director voluntarily donates a
portion of his or her bonus to the
Assura Community Fund, these
deferral requirements apply to
bonuses net of any such
donations.
Bonus payments are not
pensionable, but are subject to
malus and clawback provisions.
The maximum annual
bonus for Executive
Directors is 150% of
salary. At threshold
performance, 0% of
maximum can be
earned. At on-target
performance, 50%
of maximum can
be earned.
The CEO has a
maximum bonus
opportunity of 150% of
salary and an on-target
level of 75% of salary.
The CFO has a
maximum bonus
opportunity of 135% of
salary and an on-target
level of 67.5% of salary.
Performance is measured over
one financial year.
Performance measures are set
annually based on a number of
financial and strategic measures
which may include (but are not
limited to) for example:
– delivering specific added
value activities;
– delivering financial goals;
– improving operational
performance; and
– developing the performance
capability of the team.
The Committee will determine
the weighting between
specific metrics each year.
In any specific year, there will
always be a majority weighting
on financial measures.
The Committee has the
discretion to vary the
performance targets
depending on economic
conditions and Company-
specific circumstances that
may occur during the year.
At the end of each financial
year, the Committee takes
into account the Company’s
financial performance and
achievement against the key
short-term objectives
established at the beginning
of the year. The Committee
has the discretion to adjust
the bonus outcome where
it believes this is appropriate,
including (but not limited to)
where the outcome is not
reflective of the underlying
performance of the business
or the experience of the
Company’s shareholders,
employees or other
stakeholders.
Objective and link
to strategy Operation Maximum opportunity
Performance measurement
and assessment
Long-term
Incentives
To motivate
and incentivise
delivery of
sustained
performance over
the long term, and
to promote
alignment with
shareholders’
interests, the
Company
operates the
Performance
Share Plan (PSP).
Awards under the PSP may be
granted as nil/nominal cost
options or conditional awards
which vest to the extent
performance conditions are
satisfied over a period of at least
three years.
Executive Directors are then
required to hold their vested
shares for a further two years
(other than shares which are
required to be sold to pay tax due
at the point of vesting, or shares
which are sold for the purposes
of making a donation to the
Assura Community Fund).
In exceptional circumstances,
vested awards may also be
settled in cash.
PSP awards may be increased to
reflect the value of dividends that
would have been paid in respect
of any ex-dividend dates falling
between the grant of awards, and
the expiry of any vesting period
and any holding period.
Malus and clawback provisions
apply to PSP awards.
The PSP allows for
awards over shares
with a maximum value
of 150% of basic salary
per financial year.
The Committee may set such
performance conditions on
PSP awards as it considers
appropriate (whether financial
or non-financial and whether
corporate, divisional or
individual).
Performance periods may
be over such periods as the
Committee selects at grant,
which will not be less than
(but may be longer than)
three years.
No more than 25% of awards
vest for attaining the threshold
level of performance
conditions.
In addition, while performance
measures and targets used in
the PSP will generally remain
unaltered once set, if in the
Committee’s opinion,
circumstances are such that
a different or amended target
would be a fairer measure of
performance, such amended
or different target can be set
provided that it is not materially
more or less difficult to satisfy
than the original target was
at the time it was set.
The Committee has the
discretion to adjust the
outcome of vesting where
it believes this is appropriate,
including (but not limited to)
where the outcome is not
reflective of the underlying
performance of the business
or the experience of the
Company’s shareholders,
employees or other
stakeholders.
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DIRECTORS’ REMUNERATION REPORT CONTINUED
Objective and link
to strategy Operation Maximum opportunity
Performance measurement
and assessment
Other
All-employee
Share Incentive
Plan (SIP)
Provides
employees with
the opportunity
to participate in a
tax-advantaged
share plan and
increases the level
of alignment with
shareholders.
Awards under the SIP may be
offered annually to all eligible
employees, including Executive
Directors.
Participants can receive awards
of free shares and also benefit
from additional matching shares
in the event of their voluntary
investment in additional shares.
Executive Directors
can participate in the
SIP subject to the limits
prescribed under the
applicable legislation
governing this type
of plan.
N/A
Objective and link
to strategy Operation Maximum opportunity
Performance measurement
and assessment
Shareholding
requirement
To ensure
alignment
between
Executive
Directors and
shareholders’
interests over a
long-term time
horizon.
The Committee operates
shareholding guidelines to
encourage long-term share
ownership by the Executive
Directors.
Other than shares required to be
sold to pay tax due at the point of
vesting or PSP shares sold for the
purposes of making a donation to
the Assura Community Fund,
Executive Directors may not sell
any shares acquired via any
share-based incentive plan if the
sale would take their shareholding
below the shareholding
requirement.
The minimum
shareholding which
should be built up by
an Executive Director
is equivalent to 200%
of basic salary.
Where an Executive
Director participated
in the former Value
Creation Plan, the
requirement is 300%
of salary.
Executive Directors
must also maintain a
minimum level of
shareholding for a
period of at least two
years following
cessation of
employment, at the
lower of (1) the
shareholding
requirement in place
prior to departure and
(2) the actual
shareholding at the
point of departure.
Any shares purchased
by the Executive
Director are excluded
from these
arrangements, as are
any shares which
vested prior to 6 July
2022, being the date
on which the 2022
Directors’
Remuneration Policy
was approved by
shareholders.
N/A
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Notes to the Policy table for Executive Directors
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 always 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 up to the
maximum under the plan. The financial measure used for the annual bonus plan in 2025/26, EPRA
earnings, is a key performance indicator which is monitored closely by the Board. The non-financial
objectives are aligned to the immediate priorities of the business.
At the time of writing, there is no current intention to make a PSP award in 2025. To the extent this
changes, the performance measures used will be selected to ensure that the Executive Directors
are encouraged to deliver the Company’s key long-term strategic goals and receive an appropriate
level of reward. This will help ensure a clear and transparent alignment of interests between
executives and shareholders and the generation of sustainable long-term returns.
Discretion
The Committee has discretion in several areas of the Policy as set out in this report. The Committee
may also exercise operational and administrative discretions under the relevant plan rules approved
by shareholders. This includes (but is not limited to) the choice of participants, the size of awards in
any year (subject to the relevant limits in the Policy table), the determination of good or bad leavers
and the treatment of outstanding awards in the event of a change of control (subject to the
provisions of the Policy). In addition, the Committee has the discretion to amend the Policy with
regard to minor or administrative matters where it would be, in the opinion of the 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 commitments entered
into with current or former Directors prior to the adoption of this Policy.
Malus and clawback
The Committee retains the power to reduce the annual bonus or the potential vesting of unvested
PSP awards (including to zero) (often referred to as malus) or to recoup the value of previously paid
or vested awards from an individual within two years of vesting if it considers it appropriate to do
so (often referred to as clawback). A two-year malus and clawback period has been chosen as it is
considered to represent a reasonable timeframe for detecting evidence of circumstances which
would warrant these provisions being invoked. The Committee may choose to exercise malus
and/or clawback provisions where:
– there has been a material misstatement of financial results for any period;
– there has been an error or the use of inaccurate information in assessing the extent to which any
performance condition was satisfied;
– there has been a material error in determining whether an award should be made, or the size and
nature of the award;
– there are circumstances warranting the summary dismissal of an individual;
– an award holder has participated in or is responsible for conduct which resulted in significant
losses, or the Company has evidence of the award holder’s fraud, gross misconduct or
dishonesty;
– an award holder has acted in a manner which has brought the Group into disrepute;
– an award holder was a good leaver by reason of retirement, but becomes employed in an
executive role with another company; or
– there is a material failure of risk management or other corporate failure or occurrence of an event
which is a serious health and safety event.
Approach to recruitment remuneration and promotions
The Committee’s approach to recruitment remuneration is to pay no more than is necessary to
attract candidates of the appropriate calibre and experience needed for the role. The remuneration
package for any new recruit will take into account the various components of remuneration as set
out in the Policy table above.
Where an existing employee is promoted to the Board, the Policy set out in the Policy table will
apply from the date of promotion but there would be no retrospective application of the Policy
in relation to existing incentive awards or remuneration arrangements. Accordingly, prevailing
elements of the remuneration package for an existing employee would be honoured and would
form part of the ongoing remuneration of the employee. These would be disclosed to shareholders
in the following year’s Annual Report on Remuneration.
DIRECTORS’ REMUNERATION REPORT CONTINUED
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DIRECTORS’ REMUNERATION REPORT CONTINUED
The table below summarises our key policies with respect to recruitment remuneration:
Element Policy
Fixed
remuneration
The salary level, benefits and pension entitlement will be set taking into account a number
of factors including market practice, the individual’s experience and responsibilities and the
policies for salary, benefits and pensions for existing Executive Directors as set out in the Policy
table. Pension provision for any new Executive Director will be aligned with the wider workforce
contribution rate.
In certain circumstances, the Committee may choose to recruit Executive Directors on a salary
below the market rate with a view to providing above average increases until an appropriate
salary positioning is achieved, subject to performance, experience and the individual proving
themselves in the role.
Performance-
based variable
remuneration
A new Executive Director will be eligible to participate in the annual bonus plan and the PSP
as set out in the Policy table.
The maximum annual variable remuneration that an Executive Director can receive is 300%
of basic salary (i.e. the annual bonus plan maximum of 150% of basic salary plus the long-term
incentive maximum of 150%).
Share buyouts/
replacement
awards
The Committee’s policy is not to provide buyouts as a matter of course. However, should the
Committee determine that the individual circumstances of a recruitment justify the provision
of a buyout, the value of any incentives that will be forfeited on cessation of a new Executive
Director’s previous employment will be calculated taking into account the following:
– the proportion of the performance period completed on the date of the individual’s
cessation of employment;
– the performance conditions attached to the vesting of these incentives and the likelihood
of them being satisfied;
– any other terms and conditions having a material effect on their value.
The Committee will then determine the value of the forfeited incentives and may then grant
an award up to the estimated equivalent value under the Company’s existing incentive plans.
To the extent that it was not possible or practical to provide the buyout within the terms of the
Company’s existing incentive plans, a bespoke arrangement would be used to grant up to the
estimated equivalent value, for example as permitted under Listing Rule 9.3.2 (2).
Relocation
policy
In instances where the new Executive Director is required to relocate, the Company may
provide compensation to reflect the cost of relocation, at the discretion of the Remuneration
Committee. The level of any relocation package will be assessed on a case-by-case basis but
will take into consideration any incremental cost of living differences and/or housing and
schooling costs.
Approach to service contracts and cessation of employment
Both of the Executive Directors have a contract which is terminable by the Company on 12 months’
notice and by the Director on 12 months’ notice. Jonathan Murphy’s contract is dated 14 May 2024
and Jayne Cottam’s contract is dated 14 May 2024. The service contracts are available for viewing
at the Company’s registered office.
The service contract for any new Executive Director would be expected to include a similar notice
period. No Director will be appointed with a notice period that exceeds 12 months’ notice.
When determining any loss of office payment for a departing Director, the Committee will always
seek to minimise cost to the Company whilst complying with the contractual terms and seeking to
reflect the circumstances in place at the time. The Committee reserves the right to make additional
payments where such payments are made in good faith in discharge of an existing legal obligation
(or by way of damages for breach of such an obligation); or by way of settlement or compromise of
any claim arising in connection with the termination of an Executive Director’s office or employment.
The Committee has discretion to determine whether an individual is a ‘good leaver' under the
Company’s incentive plans. Where the Committee uses its general discretion to determine that an
Executive Director is a good leaver, it will provide a full explanation to shareholders of the basis for
its determination.
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Annual Report and Accounts 2025

The table below sets out, for each element of remuneration, the Company’s policy on payment
for loss of office in respect of Executive Directors and any additional discretion available to
the Committee.
Element Cessation of employment Change of control
Fixed
remuneration
There will be no compensation for normal resignation or in
the event of termination by the Company due to gross
misconduct. In other circumstances, Executive Directors
will be entitled to receive a payment in lieu of notice.
Salary, benefits and pension contribution/salary
supplement will normally be paid over the notice period.
The Company has discretion to make a lump sum payment
on termination for the salary, value of benefits and pension
amounts payable during the notice period. In all cases the
Company will seek to mitigate any payments due.
No special provisions.
Annual bonus
plan
Where an Executive Director’s employment is terminated
after the end of a performance year but before the
payment is made, the individual may be eligible for an
annual bonus award for that performance year subject to
an assessment of performance achieved over the period.
Where an Executive Director’s employment is terminated
during a performance year and provided the individual is a
‘good leaver’, a pro-rata annual bonus award for the period
worked in that performance year may be payable at the
Remuneration Committee’s discretion subject to an
assessment of performance achieved over the period. No
award will be made in the event of gross misconduct or
other ‘bad leaver’ circumstances.
On a change of control triggering
the termination of the Executive
Director’s contract, the
Remuneration Committee’s
determination of the extent to
which the performance targets
have been satisfied will determine
the annual bonus which is earned.
The Committee will take into
account such other factors as it
considers relevant in relation to the
bonus plan payment for the year in
which the change of control occurs.
This excludes a reorganisation or
reconstruction of the Company
where ownership does not
materially change.
Performance
Share Plan
The treatment
of awards
granted under
the PSP will be
governed by
the plan rules,
as approved by
shareholders.
Normally, on termination of employment before the end of
the performance period, awards lapse in full. However, in
‘good leaver’ situations (e.g. death, injury, ill-health,
disability, retirement with the agreement of the employer,
sale of business/subsidiary, or otherwise at the
Committee’s discretion), awards will not lapse but will
instead continue and will vest at the normal vesting date or
(if the Committee so decides in exceptional circumstances)
on cessation of employment, subject in both cases to
satisfaction of the performance conditions and a pro-rata
reduction as the Committee determines to reflect the
shortened length of service. In addition, to reflect standard
practice, the Committee can waive pro-rating in its
discretion. For leavers, awards granted following approval
of this Remuneration Policy will remain subject to any
post-vesting holding period although the Committee can
exercise discretion to waive this requirement if deemed
appropriate in the specific circumstances.
On a change of control (takeover,
reconstruction, amalgamation,
winding up or demerger), unvested
awards will vest subject to the
application of the performance
conditions and subject to time
pro-rating. The Committee retains a
standard discretion to vary/waive
time pro-rating on a takeover if this
is deemed appropriate in the
circumstances. There will be
compulsory rollover of awards on
an internal reconstruction.
Remuneration for other employees
The Remuneration Committee takes into account the pay and conditions of other employees
of Assura when setting the Remuneration Policy for Directors and making decisions on the
implementation of the Policy. The Company has a relatively small number of employees and there
are some obvious differences between Executive Director pay and the arrangements for other
colleagues. However, there is a strong focus on performance and on remuneration structures
which are aligned with the specific needs of the business.
Although the levels of remuneration of the Executive Directors are higher than those of other
employees, reflecting their specific roles and responsibilities, the Committee is comfortable that
in general there is an appropriate level of alignment between their remuneration and the pay for
other employees in the Company. Fixed remuneration is structured in a broadly similar way,
including in respect of pension contributions. The Committee is satisfied that Assura offers an
appropriately competitive benefits package for employees.
All permanent staff are eligible to participate in annual bonus arrangements, which for most
colleagues operate as a profit share arrangement, with employees encouraged to work towards
the achievements of the Company’s targets for the year. Equity incentives (in the form of awards
of restricted shares) are limited to more senior members of staff, reflecting standard practice.
However, all permanent employees are eligible to participate in the Share Incentive Plan, and this
has been enhanced with one-off awards of free shares for each permanent employee.
Although the Committee takes into account the pay and conditions of other employees, the
Company did not directly consult with employees on the terms of the Directors’ Remuneration
Policy. However, the Chair of the Committee maintains regular contact with employees in her role
as the designated Non-Executive Director for workforce engagement. During the year, she
discussed executive remuneration and the work of the Remuneration Committee with The Voice,
Assura’s representative group of colleagues.
Consideration of shareholder views
The Committee takes the views of shareholders seriously and these views are taken into account
in shaping the Directors’ Remuneration Policy and its implementation. Shareholder views are
considered when evaluating and setting remuneration strategy and the Committee has a long-
standing practice of consulting with major shareholders prior to any significant changes to the
Policy. During the year under review, the Committee engaged with shareholders on proposals for
the revised Remuneration Policy and its implementation. A variety of views were expressed. While
some investors had reservations about certain aspects, for the most part there was support for our
rationale for seeking to make changes and with the broad thrust of the proposals. The Committee
reflected carefully on all feedback received, and also took into account the impact of the offers
received for the business. As explained in the Annual Statement from the Chair of the Remuneration
Committee, the Committee decided not to take forward the new Policy proposals and instead
opted to roll over the Policy approved in 2022.
To the extent Assura remains a listed company, the Committee will continue to engage with major
shareholders regarding the future shape of the Policy.
DIRECTORS’ REMUNERATION REPORT CONTINUED
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Annual Report and Accounts 2025

External appointments
The Company’s policy is to permit 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.
Illustrations of application of the Remuneration Policy
The composition and total value of the Executive Directors’ remuneration package for the financial
year 2025/26 at minimum, on-target and maximum performance scenarios are set out in the charts
below. The charts do not include an amount for PSP because, as explained elsewhere, there is no
current intention to grant a PSP award during 2025/26.
CEO
(£’000)
CFO
(£’000)
0
200
600
400
1,000
800
1,200
1,600
1,400
Fixed On target Maximum
41%
100% 59% 42%
£1,048k
£620k
Annual BonusFixed pay
58%
£1,475k
0
200
600
400
1,000
800
1,200
1,600
1,400
Fixed On target Maximum
38%
100% 62% 45%
£709k
£439k
Annual BonusFixed pay
55%
£979k
Assumptions used in determining the level of payout under given scenarios are as follows:
– Minimum – Basic salary at 1 April 2025, estimated 2025/26 benefits and pension
(or cash allowance) calculated at 6% of salary.
– On-target – Based on what the Director would receive if performance were on-target:
– Annual bonus: consists of the on-target bonus (75% of salary for the CEO and 67.5% of salary
for the CFO).
– Maximum – Based on the maximum remuneration receivable:
– Annual bonus: consists of the maximum bonus of 150% of salary for the CEO and 135% of salary
for the CFO.
– Maximum with share price growth – Given the absence of PSP awards in 2025/26, this is
not shown.
Policy table – Non-Executive Directors
Objective and link to strategy Operation Maximum opportunity
Performance measurement
and assessment
The Company sets fee
levels necessary to attract
and retain experienced
and skilled Non-Executive
Directors to advise and
assist with establishing
and monitoring the
strategic objectives
of the Company.
Fee levels are sufficient to attract
individuals with appropriate
knowledge and experience.
The Board Chair is paid a fee
reflective of the responsibilities
of the role.
Other Non-Executive Directors
are paid a base fee and additional
fees for chairing Committees
and/or acting as the Senior
Independent Director.
Fees are reviewed periodically
with any changes generally
effective from 1 April.
In exceptional circumstances, fees
may also be paid for additional time
spent on the Company’s business
outside of the normal duties.
Non-Executive Directors do not
receive a bonus, do not participate
in awards under the Company’s
share plans, and are not eligible
to join the Company’s pension
scheme.
The Company reserves the right
to provide benefits (including
travel and office support) to
the Non-Executive Directors.
The Company may also settle any
tax incurred in relation to business
expenses that are deemed taxable.
Fees will take account
of fee levels of
comparable listed real
estate companies and
other companies of
comparable size
and complexity.
The aggregate fees
and any benefits
of Non-Executive
Directors will not
exceed the limit from
time to time prescribed
within the Company’s
Articles of Association
for such fees (currently
£700,000 p.a. in
aggregate).
None.
The Company’s practice is to appoint the Non-Executive Directors, including the Chair, under letters
of appointment, terminable by either party on three months’ notice. Their appointment is usually
for a term of three years subject to annual re-election by the shareholders at the Company’s AGM.
The letters of appointment for the current Non-Executive Directors are available for inspection
at the Company’s registered office. The dates of the letters of appointment are October 2017
for Ed Smith, June 2018 for Jonathan Davies, June 2019 for Louise Fowler and May 2021 for
Emma Cariaga, Noel Gordon and Sam Barrell.
Any new Non-Executive Director would be recruited on the terms set out in the Policy table above.
DIRECTORS’ REMUNERATION REPORT CONTINUED
78Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

Annual Report on Remuneration
This Annual Report on Remuneration contains details of how the Company’s Remuneration Policy
for Directors was implemented during the financial year ended 31 March 2025. This report has been
prepared in accordance with the provisions of the Companies Act 2006 and the associated
reporting regulations. In the event that Assura remains listed, an advisory resolution to approve this
report will be put to shareholders at the 2025 AGM.
Consideration by the Committee of matters relating to Directors’ remuneration
The members of the Committee during 2024/25 were Louise Fowler (Committee Chair), Ed Smith,
Jonathan Davies and Sam Barrell. The members of the Committee have no personal financial
interest, other than as shareholders, in matters to be decided, and no potential conflicts of interest
arising from cross-directorships. The Non-Executive Directors have no day-to-day involvement in
running the business.
The Committee is responsible for recommending to the Board the Remuneration Policy for Executive
Directors, and for setting the remuneration packages for each Executive Director and the executive
tier directly below Board level. The Committee also sets the fees of the Chair, while the fees for the
Non-Executive Directors are set by the Chair in conjunction with the CEO. The Committee also has
oversight of the remuneration policies and packages for other senior members of staff, and of the
overall approach to remuneration across the Company as a whole. The written Terms of Reference
of the Committee are available on the Company’s website and from the Company on request.
The Committee held six meetings during the year. Its activities during and relating to the financial
year 2024/25 included:
– Detailed review of the Directors’ Remuneration Policy and consultation with major shareholders
on proposals for amendments to the Policy and its implementation for 2025/26
– Consideration of objectives and targets for annual bonuses
– Consideration of targets and awards under the PSP
– Agreement on incentive outcomes for the year
– Oversight of pay levels and incentives for the Executive Committee
– Initial consideration of the potential impact on remuneration of a change of control
– Preparing this report
Advisors to the Committee
Korn Ferry continued to serve as independent advisors to the Remuneration Committee during
2024/25, having been appointed with effect from 1 January 2020.
Korn Ferry is a member of the Remuneration Consultants Group and, as such, voluntarily operates
under its code of conduct in relation to executive remuneration consulting in the UK. The Committee
reviewed the nature of the services provided by Korn Ferry during the year and was satisfied that
no conflict of interest exists or existed in relation to the provision of these services. The total fees
paid to Korn Ferry for services provided to the Committee during the year were £45,930 (ex VAT).
Fees were determined based on the scope and nature of the projects undertaken for the
Committee. No other services were provided to the Company by Korn Ferry during the year.
During the year under review, Committee meetings were also regularly attended by
Jonathan Murphy (CEO), Jayne Cottam (CFO), Orla Ball (Company Secretary), Sarah Taylor (Chief
People Officer), Emma Cariaga (Non-Executive Director) and Noel Gordon (Non-Executive Director).
No Director was present when his or her own remuneration was discussed.
Single total figure of remuneration – Executive Directors (audited)
The remuneration of Executive Directors showing the breakdown between components with
comparative figures for the prior year is shown below. Figures provided have been calculated in
accordance with the reporting regulations:
£’000 Year Salary Pensions
Taxable
benefits Bonus
Long-term
incentives Other Total
Total
fixed
Total
variable
Jonathan Murphy 2024/25 517 31 16 721 140 4 1,429 564 865
2023/24 502 30 16 482 166 2 1,198 547 651
Jayne Cottam 2024/25 344 21 15 433 82 4 899 380 519
2023/24 308 18 14 266 93 2 701 340 361
1. The long-term incentive value for 2024/25 reflects the outturn for the 2022 PSP which vests in 2025 at 24.6%. The vesting
share price has been estimated at 40.70 pence, based on the three-month average share price ended 31 March 2025.
Further details are set out below. The long-term incentive value for 2023/24 reflects the outturn for the 2021 PSP which vested
in 2024, and has been restated to reflect the value of the shares (inclusive of dividend equivalents) at the time of vesting,
being 42.40 pence on 10 July 2024.
2. None of the 2024/25 figure for Jonathan Murphy and Jayne Cottam is attributable to share price appreciation since the date
of grant. The Committee has not exercised any discretion in relation to this matter.
3. This relates to the value of matching shares and free shares awarded under the terms of the Share Incentive Plan.
Total pension entitlements
During the year, the Executive Directors received payments in lieu of pension contributions
equivalent to 6% of salary, in line with the average for the wider workforce.
Benefits
Taxable benefits comprised health insurance, critical illness and company car allowance.
DIRECTORS’ REMUNERATION REPORT CONTINUED
79Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
2024/25 annual bonus plan outcome
For 2024/25, the maximum potential bonus awards were 150% of salary for Jonathan Murphy and
135% of salary for Jayne Cottam, in line with the Directors’ Remuneration Policy.
The bonus scheme for 2024/25 was based on a mixture of challenging financial (70%) and
non-financial (30%) targets. As disclosed last year, the financial measures for the bonus were EPRA
earnings, total accounting return and net rental income. The specific targets were set taking into
account estimates of expected performance over the course of the year, the strategic objectives
set by the Board, and the business environment within which Assura was operating. The table
below sets out details of the targets and the extent to which they were achieved.
Metric Weight Threshold Target Maximum Result
Bonus
achieved
Financial measures
EPRA earnings 30% £101.0m £103.0m £108.4m £111.8m 100%
Total accounting return 20% 1.4% 4.8% 8.1% 9.0% 100%
Net rental income 20% £141.0m £144.0m £150.9m £167.1m 100%
Total bonus for financial measures 70% 100%
For the non-financial measures, both Executive Directors had a series of shared specific objectives
linked to ESG metrics and other key strategic goals, recognising the responsibilities of both
Executive Directors to drive performance in these areas. In addition, each Director had an
additional target linked to their particular area of responsibility.
The shared objectives are set out below, along with a summary of performance achieved:
Metric Weight Performance assessment Result
Bonus
achieved
Non-financial measures
EPC rating
Improvement in proportion
of portfolio by area receiving
an EPC rating of B
7.5% – At the end of the year, 68% of the GP portfolio
(excluding independent hospitals acquired) had an
EPC rating of B or higher. This represented a two
percentage point improvement on last year. Maximum
payout required a five percentage point increase
Between
threshold
and
target
3.3%
GRESB score
Improvement in rating
7.5% – There was a good level of improvement in the
GRESB score over the year, from 62 to 68, following a
review of the GRESB scoring system and reflecting
positive recognition of Assura’s activities
– The score was in line with the target set at the start
of the year
Target 4.7%
Capital
Diversification and increase
in sources of capital for the
business through
identification of new or
increased debt funders,
equity investors, JV partners
or capital recycling
5% – Following on from the joint venture with USS
announced in May 2024, further sources of capital
agreed as part of the UK private hospitals transaction
announced in August 2024
– Transaction included £100 million in equity issuance
to the vendor and £266 million in new low-priced
term loan with Barclays
– Multiple assets transferred to the USS joint venture as
the partnership has developed rapidly
Stretch 5%
New strategic markets
Diversification into new
strategic markets either
through acquisitions,
developments or JVs
5% – Acquired £500 million UK private hospital portfolio
from Northwest at a competitive price
– This was a major step change in our strategic
journey, resulting in an increase in our portfolio to
£3.2 billion, and reclassification as a diversified
healthcare REIT in line with our strategy
Stretch 5%
The additional individual target for Jonathan Murphy is set out below.
Metric Weight Performance assessment Result
Bonus
achieved
Individual target
Customer service
Improvements in customer
service, as evidenced by
customer satisfaction survey
5% – Results of customer satisfaction survey indicate an
improvement to 72% in customer service, supported
by further feedback from other sources
Stretch 5%
The additional individual target for Jayne Cottam is set out below.
Metric Weight Performance assessment Result
Bonus
achieved
Individual target
Growth in rent roll and rent
review volumes to collect
back rent
Open market rental growth to
capture and increase overall
rent roll as well as backlog
clearing to capture back rent
5% – Rent roll growth from open market rental reviews
and back rent collections of £5.5 million was above
the maximum target set of £5.0 million
Stretch 5%
80Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
The total bonus payable to Jonathan Murphy in light of his performance against both financial and
non-financial measures was equivalent to 93% of the maximum payable (139.5% of his basic salary
for the year).
The total bonus payable to Jayne Cottam in light of her performance against both financial and
non-financial measures was equivalent to 93% of the maximum payable (125.6% of her basic salary
for the year).
The bonuses were paid in cash and, in light of the offers for the Company, the Committee agreed
to a temporary deferral of the requirement for the Executive Directors to invest one-third of the
amount in Assura shares. In the event that the offers lapse, the Executive Directors will make the
required investment at the earliest possible opportunity.
Vesting of long-term incentive awards based on performance to 31 March 2025
The value for long-term incentives included in the single figure relates to the awards granted to
Jonathan Murphy and Jayne Cottam in July 2022. These awards will vest following publication of
the results for 2024/25 based on the achievement of conditions linked to TSR, EPRA EPS and ESG
performance measured to 31 March 2025.
Under the TSR performance target (one-third of the award), which uses a sliding scale, 25% of this
part of the award vests for TSR of 5% p.a., increasing pro-rata to full vesting for TSR of 12.5% p.a.,
measured over the three years to 31 March 2025:
Performance target Threshold TSR Maximum TSR Actual TSR
Vesting %
(max 100%)
TSR (33% of the award) 5% p.a. 12.5% p.a. -2.8% p.a. 0%
Under the EPRA EPS performance target (one-third of the award), which uses a sliding scale, 25%
of this part of an award vests for EPRA EPS growth of 5% p.a., increasing pro-rata to full vesting for
EPRA EPS growth of 10% p.a., measured over the three years to 31 March 2025:
Performance target
Threshold EPS
growth
Maximum EPS
growth
Actual EPS
growth
Vesting %
(max 100%)
EPRA EPS (33% of the award) 5% p.a. 10% p.a. 4.03% p.a. 0%
For the ESG performance target (one-third of the award), the award was split into two halves.
For the first half, vesting depended on the proportion of buildings receiving an EPC rating of B
or higher, as set out below:
Proportion of portfolio receiving an EPC rating
of B or higher by 31 March 2025
Vesting schedule
(% of the EPC element which vests)
<50% 0%
50% 25%
Between 50% and 70% Pro-rata between 25% and 50%
70% 50%
Between 70% and 100% Pro-rata between 50% and 100%
100% 100%
The actual proportion of the portfolio receiving an EPC rating of B or higher as at 31 March 2025
was 68% (excluding independent hospitals acquired), resulting in a vesting level of 47.5% for this
portion of the award.
For the second half of the ESG element, vesting depended on the extent to which Assura made
progress with net zero developments, as set out below:
Proportion of in-house development schemes commencing in the year
to 31 March 2025 which have been designed to hit Best Practice as
defined in Assura’s Net Zero Carbon Design Guide
Vesting schedule
(% of the Net Zero element which vests)
<50% 0%
50% 25%
Between 50% and 75% Pro-rata between 25% and 100%
75% 100%
‘Best Practice' as outlined in the Net Zero Carbon Design Guide is as follows:
Best Practice as defined in the NZC Design Guide RIBA 2030 Climate Challenge target
Upfront carbon (A1-A5) 475 kg COe/sq.m 465 kg COe/sq.m
Embodied carbon 750 kg COe/sq.m 750 kg COe/sq.m
Operational energy 50 kWhr/sq.m/yr 55 kWhr/sq.m/yr
The actual proportion of in-house development schemes commencing in the year to 31 March 2025
which had been designed to hit Best Practice as defined in the Net Zero Carbon Design Guide was
100%, resulting in a vesting level of 100% for this portion of the award.
As a result of the achievements against all of the performance targets as set out above, the overall
vesting level for the 2022 PSP award was agreed at 24.6%. The Committee determined that this
was a fair reflection of Assura’s overall financial and business performance over the course of the
performance period and did not exercise any discretion in relation to this outcome.
The gross value of PSP awards expected to vest in 2025 is therefore as follows:
Share price at
31 March 2025
Proportion
to vest Shares to vest
Dividend
equivalents
Total shares
to vest
Total
£
Jonathan Murphy £0.4070 24.6% 277,804 66,622 344,426 140,181
Jayne Cottam £0.4070 24.6% 161,710 38,780 200,490 81,599
1. The share price is based on a three-month average to 31 March 2025.
2. Additional shares awarded in respect of dividend equivalents accrued over the vesting period. The number of additional
shares stated includes an amount reflective of the July 2025 dividend.
81Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
Scheme interests awarded during the year (PSP)
The following awards were made under the PSP to the Executive Directors during the year:
Date of grant Basis of award
Face value
of award
£
Number
of shares
awarded
End of
performance
period
Jonathan Murphy 8 July 2024 150% of salary 775,350 1,905,505 31 March 2027
Jayne Cottam 8 July 2024 150% of salary 516,600 1,269,599 31 March 2027
1. The above awards were granted using the average mid-market share price on the three dealing days prior to the date
of grant (40.69 pence). The awards were granted as nil-cost options and the exercise price is nil.
Details of outstanding PSP awards
Executive Date of grant
Awards
outstanding
at 01/04/24
Awards
granted
during the
year
Awards vested
during
the year
Awards
lapsed during
the year
Interests
outstanding
at 31/03/25
Normal vesting/
exercise date
Jonathan Murphy 6 July 2021 939,091 – 328,400 610,691 – From 6 July 2024
6 July 2022 1,130,205 – – – 1,130,205 From 6 July 2025
6 July 2023 1,630,779 – – – 1,630,779 From 6 July 2026
8 July 2024 – 1,905,505 – – 1,905,505 From 8 July 2027
Jayne Cottam 6 July 2021 527,793 – 184,569 343,224 – From 6 July 2024
6 July 2022 657,895 – – – 657,895 From 6 July 2025
6 July 2023 999,242 – – – 999,242 From 6 July 2026
8 July 2024 – 1,269,599 – – 1,269,599 From 8 July 2027
1. Excludes additional shares awarded in respect of dividend equivalents accrued over the vesting period.
2. Jonathan Murphy sold 39,217 of the shares which vested for the benefit of the Assura Community Fund.
3. The vesting of these awards has been deferred until after the publication of the results for the 2024/25 financial year.
Outstanding PSP awards vest based on performance against targets which encourage the
generation of sustainable long-term returns to shareholders over a three-year performance period
commencing at the start of the financial year of grant. The performance targets in place for the
2022 awards are summarised on the previous pages.
For the 2023 PSP awards, the following targets apply. As explained at the time, EPRA EPS was
replaced with total accounting return for these awards, and a new ESG measure linked to energy
reduction targets was introduced in place of EPC.
33% of awards 33% of awards
Absolute average annual
compound TSR
Vesting schedule
(% of the TSR part which vests)
Total accounting return
compound growth
Vesting schedule
(% of the TAR part which vests)
<5% p.a. 0% <4% p.a. 0%
5% p.a. 25% 4% p.a. 25%
Between 5%
and 12.5% p.a.
Pro-rata between 25%
and 100%
Between 4%
and 8% p.a.
Pro-rata between 25%
and 100%
12.5% p.a. or more 100% 8% p.a. or more 100%
The final 33% of these awards, relating to ESG, is split into two halves. For the first half, vesting
depends on energy reduction targets, measured on the basis of reductions in energy usage
intensity (EUI) across the portfolio.
Reductions in energy usage intensity
(kWh/m2) by 31 March 2026
Vesting schedule
(% of the energy reduction element which vests)
<4% 0%
4% 25%
Between 4% and 7% Pro-rata between 25% and 50%
7% 50%
Between 7% and 10% Pro-rata between 50% and 100%
10% 100%
For the second half of the ESG component, vesting is based on the extent to which Assura is
making ongoing progress with net zero carbon developments. This is assessed in the same way
as the measure used for the 2022 PSP award, as set out on page 68, albeit with a focus on the
in-house development schemes commencing in the year to 31 March 2026.
As disclosed last year, the performance measures and targets for the 2024 PSP award are the same
as those applying to the 2023 award, albeit tested as at 31 March 2027. Full details are included in
last year’s report.
Single total figure of remuneration – Non-Executives (audited)
The remuneration of Non-Executive Directors for 2024/25 showing the breakdown between
components, with comparative figures for the prior year, is shown below. Figures provided have
been calculated in accordance with the reporting regulations:
Non-Executive Director (£’000) Basic fees Additional fees Total fees
Ed Smith 2024/25 170.2 – 170.2
2023/24 170.2 – 170.2
Jonathan Davies 2024/25 44.7 20.2 64.9
2023/24 43.8 19.8 63.6
Louise Fowler 2024/25 44.7 10.1 54.8
2023/24 43.8 9.9 53.7
Sam Barrell 2024/25 44.7 – 44.7
2023/24 43.8 – 43.8
Emma Cariaga 2024/25 44.7 – 44.7
2023/24 43.8 – 43.8
Noel Gordon 2024/25 44.7 10.1 54.8
2023/24 43.8 – 43.8
1. Additional fees represent Senior Independent Director and Chair of Board Committee fees.
82Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
Statement of Directors’ shareholding and share interests (audited)
Directors’ share interests and, where applicable, achievement of shareholding requirements are set
out below. In order that their interests are aligned with those of shareholders, Executive Directors
are expected to build up and maintain a personal shareholding equal to 300% of their basic salary
in the Company if they participated in the former Value Creation Plan (i.e. Jonathan Murphy), or
200% of salary for other Executive Directors (i.e. Jayne Cottam). The Remuneration Committee
notes that as at the year end the beneficial holding of both of the Executive Directors was below
the level required by the shareholding guideline. The Committee is comfortable with this position
given the increase in shareholding of both Directors over the last year, but will keep this matter
under review as required.
Shareholding and other interests at 31 March 2025
Director
Shares required
to be held
(% of salary)
Number of
shares required
to hold
Number of
beneficially
owned shares SIP shares
Shareholding
requirement
met?
Total number
of scheme
interests
Jonathan Murphy 300% 3,355,041 3,288,157 43,109 No 4,666,489
Jayne Cottam 200% 1,490,264 913,302 43,109 No 2,926,736
Ed Smith – – 166,649 – n/a −
Jonathan Davies – – 213,360 – n/a −
Louise Fowler – – 17,077 – n/a −
Sam Barrell – – 34,153 – n/a −
Emma Cariaga – – – – n/a –
Noel Gordon – – 6,130 – n/a −
1. Shareholding requirement calculation is based on the share price at the end of the year (46.22 pence at 31 March 2025).
2. Beneficial interests include shares held directly or indirectly by connected persons.
3. This relates to shares awarded under the SIP (including free shares and matching shares).
4. This relates to unvested PSP awards (see also the table on page 82).
The Company funds its share incentives through a combination of new issue and market purchased
shares. The Company monitors the levels of share grants and the impact of these on the ongoing
requirement for shares. In accordance with guidelines set out by the Investment Association the
Company can issue a maximum of 10% of its issued share capital in a rolling 10-year period to
employees under all its share plans, with an inner 5% limit applying to discretionary plans.
Subsequent to the year end, the number of beneficially owned shares for Jonathan Murphy and
Jayne Cottam have increased to 3,335,217 and 960,362 respectively, with the number of SIP shares
being 47,060 and 47,060 respectively.
Performance graph and table
The Committee believes that the Executive Directors’ Remuneration Policy and the supporting
reward structure provide clear alignment with the Company’s performance. The Committee
believes it is appropriate to monitor the Company’s performance against the FTSE All Share Real
Estate Investment Trusts index for these purposes. The graph below sets out the TSR performance
of the Company compared to the FTSE All Share Real Estate Investment Trusts index and, for
comparison, the FTSE All Share index over a ten-year period as required by the reporting
regulations. Assura is a member of both of these indices and therefore these are viewed as
appropriate comparators for the purpose of the regulations.
0
100
200
300
250
150
50
March
2015
March
2016
March
2017
March
2018
March
2019
March
2020
March
2021
March
2022
March
2023
March
2024
March
2025
FTSE All ShareFTSE Real Estate Investment TrustsAssura
The table below shows the CEO’s remuneration packages over the past ten years:
Year Name
Single figure
£’000
Bonus
(% of max)
LTI
(% of max)
2024/25 Jonathan Murphy 1,429 93 25
2023/24 Jonathan Murphy 1,198 64 35
2022/23 Jonathan Murphy 940 40 21
2021/22 Jonathan Murphy 1,055 54 29
2020/21 Jonathan Murphy 1,190 83 34
2019/20 Jonathan Murphy 1,155 47 64
2018/19 Jonathan Murphy 794 61 32
2017/18 Jonathan Murphy 1,513 84 100
2016/17 Jonathan Murphy 1,232 93 100
2016/17 Graham Roberts 3,489 – 100
2015/16 Graham Roberts 3,747 71 100
1. Both Graham Roberts’ and Jonathan Murphy’s remuneration details have been included as they both served as CEO during
the year.
2. Includes basic salary, taxable benefits, bonus payments for the relevant financial year, long-term incentive awards that vested
for performance related to the financial year and cash in lieu of pension.
83Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
Percentage change in Directors’ remuneration
The table below compares the percentage change in pay of all Directors (including salary and fees, taxable benefits and annual bonus) with the average percentage change for employees, as required
by the reporting regulations:
2024/25 vs 2023/24 2023/24 vs 2022/23 2022/23 vs 2021/22 2021/22 vs 2020/21 2020/21 vs 2019/20
Director
Salary/fees
% change
Taxable
benefits
% change
Bonus
% change
Salary/fees
% change
Taxable
benefits
% change
Bonus
% change
Salary/fees
% change
Taxable
benefits
% change
Bonus
% change
Salary/fees
% change
Taxable
benefits
% change
Bonus
% change
Salary/fees
% change
Taxable
benefits
% change
Bonus
% change
Executive Directors
Jonathan Murphy 3.0% 4.3% 49.7% 2.5% 1.7% 62.8% 5.0% 3.3% (6.0)% 12.1% 1.5% (26.8)% 5.3% 0.44% 84.5%
Jayne Cottam 12.0% 4.3% 62.8% 7.9% 1.7% 77.3% 8.8% 3.3% 2.2% 12.1% 2.5% (18.7)% 5.3% 0.38% 79.8%
Non-Executive Directors
Ed Smith 0.0% – – 2.5% – – 5.0% – – 1.5% – – 1.8% – –
Jonathan Davies 2.0% – – 2.5% – – 5.0% – – 1.5% – – 10.4% – –
Louise Fowler 2.0% – – 2.5% – – 10.3% – – 18.4% – – 22.3% – –
Sam Barrell 2.0% – – 2.5% – – 14.6% – – – – – – – –
Emma Cariaga 2.0% – – 2.5% – – 14.6% – – – – – – – –
Noel Gordon 25.1% – – 2.5% – – 14.6% – – – – – – – –
Employees
Average per employee – Parent Company – – – – – – – – – – – – – – –
Average per employee – Group 3.95% 7.97% 47.35% 7.24% 5.93% 40.02% 17.7% 0.09% (59.6)% 4.26% 1.42% (17.1)% 4.3% 1.7% 5.5%
1. No employees (other than Directors) are directly employed by Assura plc, so figures have been provided as an average per employee across the Group as a whole.
CEO pay ratio information
Assura does not have more than 250 UK employees, and is therefore not formally required to
publish the ratio of the CEO’s pay to the wider UK employee base. In previous years, we have
published a ratio on a voluntary basis as a matter of good practice. This year, our focus has been
on ensuring our remuneration arrangements are appropriate ahead of the potential transaction,
and we have therefore streamlined our voluntary disclosures. If Assura remains listed, we will
publish a ratio from next year’s annual report onwards.
Relative importance of spend on pay
The table below sets out the overall spend on pay for all employees compared with the returns
distributed to shareholders:
Significant distributions
2024/25
£m
2022/23
£m % change
Overall spend on pay for employees, including Executive Directors 8.1 7.2 12.5%
Distributions to shareholders by way of dividends 104.1 96.1 8.3%
Payments to past Directors or for loss of office (audited)
No Director left the Board during the year. No payments for compensation for loss of office were
paid to, or receivable by, any Director for the year or for any earlier year.
Statement of shareholder voting
The table below shows the results of voting on: (1) the Directors’ Remuneration Policy resolution
at the AGM held on 6 July 2022, and (2) the Annual Report on Remuneration resolution at the AGM
held on 4 July 2024.
AGM resolution Votes for % Votes against % Votes withheld
Directors’ Remuneration Policy
(2022 AGM) 2,512,011,438 98.11 48,281,965 1.89 61,666
Annual Report on Remuneration
(2024 AGM) 2,265,917,896 92.18 192,146,274 7.82 49,522,332
84Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REMUNERATION REPORT CONTINUED
Statement of implementation of Remuneration Policy for 2025/26
Executive Directors
Salary
As explained in the Annual Statement from the Chair of the Remuneration Committee, the salaries
of the Executive Directors increased with effect from 1 April 2025. Jonathan Murphy received an
increase of 10% and Jayne Cottam received an increase of 16%.
The salaries with effect from 1 April 2025 are set out below:
Executive Director
1 Apr 2024
salary
£m
1 Apr 2025
salary
£m % change
Jonathan Murphy 516,900 570,000 10.3%
Jayne Cottam 344,400 400,000 16.1%
Pension and benefits
Pension contributions for both Executive Directors will continue to be at 6% of salary, the rate
available to the wider workforce. Benefits will be provided in line with the Remuneration Policy.
Annual bonus
The maximum bonus opportunity for the Executive Directors for 2025/26 will be 150% of salary for
the CEO and 135% of salary for the CFO. Payment for on-target performance will be 50% of the
maximum bonus.
The performance objectives under the annual bonus plan will continue to relate to measures which
are critical to Assura’s strategy and will include a mixture of financial and non-financial goals. For
the 70% of the bonus based on financial measures, performance will be assessed on the basis of
the EPRA earnings outturn. For the remaining 30% of the bonus, payments will be linked to an
assessment of overall individual and non-financial performance. The choice of these metrics reflects
the specific circumstances of the business at the current time as we manage the offer process.
The precise performance targets for the bonus plan are considered commercially sensitive and
the Committee considers that it would be detrimental to the interests of the Company to disclose
them at the start of the financial year.
Long-term incentives
In light of the offers for the Company, there is currently no intention to make a new PSP grant for
2025. Depending on developments with the offer process, the Remuneration Committee may
revisit this intention later in 2025. Any grant, if made, will be consistent with terms of the Directors’
Remuneration Policy and, if considered necessary, further consultation with major shareholders.
Non-Executive Directors
The following table sets out the fee rates for the Non-Executive Directors from 1 April 2025:
Non-Executive Director
2024/25
£’000
2025/26
£’000 % change
Chair’s fee 170.1 175.2 3%
Non-Executive Director base fee 44.7 46.0 3%
Additional fee for chairing of Audit and Remuneration Committee 10.1 10.4 3%
Additional fee for chairing of ESG Committee 10.1 10.4 3%
Additional fee for Senior Independent Director 10.1 10.4 3%
Fee increases of 3% were agreed with effect from 1 April 2025, this being consistent with the salary
increase applicable to the wider workforce for 2025/26.
By order of the Board
Louise Fowler
Chair of the Remuneration Committee
18 July 2025
85Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

Directors' Report
Financial and business reporting
The Directors present their annual report and accounts on the affairs of the Group, together with
the financial statements and auditor’s report, for the year ended 31 March 2025. The Corporate
Governance Statement set out on page 96 forms part of this report.
The Directors’ Report and the other sections of this Annual Report contain forward-looking
statements. The extent to which the Company’s shareholders or anyone may rely on these
forward-looking statements is set out on page 123.
Principal activities
Assura plc is a leading primary care property investor and developer. It owns and procures good
quality health care properties across the UK. The subsidiary and associated undertakings are listed
in Note 8 to the accounts.
CFO's review
The Group is required to include a business review in this report. The information that fulfils the
requirements of the business review can be found in the CFO review on pages 23 to 26, which are
incorporated in this report by reference.
Future developments
Details of future developments are discussed in the CEO statement on pages 4 to 6 and CFO
review on pages 23 to 26.
Going concern
The Company’s going concern statement is on page 47.
Long-term viability statement
The Company’s viability statement is on page 48.
Internal controls and risk management
The Board accepts and acknowledges that it is both accountable and responsible for ensuring that
the Group has in place appropriate and effective risk management and internal control systems,
including financial, operational and compliance control systems. The Board monitors these systems
on an ongoing basis and this year’s review found them to be operating effectively.
Price risk, credit risk, liquidity risk and cash flow risk
Full details of how these risks are mitigated can be found in Note 22 to the accounts.
Dividends
Details of the dividend can be found in Note 18 to the accounts. Three of the four dividends paid
during the year were PIDs with the remaining one being an ordinary dividend. Going forward, the
Group expects the majority of dividends to be PIDs. Details of the Group’s dividend policy can be
found in the CFO review on page 26.
Post balance sheet events
As explained in the going concern section, the Group is currently subject to two takeover offers
which, if either is accepted by shareholders, would result in a change of control. There is no
certainty that this will proceed and accordingly no adjustments have been made to the accounting
policies or financial statements as a result.
Supplier payment policy
The Group has not signed up to any specific supplier payment code; it is Assura’s policy to comply
with the terms of payment agreed with its suppliers. Where specific payment terms are not
agreed, the Group endeavours to adhere to the suppliers’ standard payment terms.
As at 31 March 2025, the average number of days taken by the Group to pay its suppliers was
11 days (2024: six days). Further details of how the Group manages and monitors relationships
with suppliers, and our supplier policies can be found on page 13.
Donations
In the year to 31 March 2025, Assura donated £238,233 to charities (2024: £260,600), with all activity
through the Assura Community Fund which is administered by the Cheshire Community Foundation,
and no contributions were made for political purposes (2024: £nil). More details of our chosen
charities can be found on our website and page 30.
Employees
Employees are encouraged to maximise their individual contribution to the Group. In addition to
competitive remuneration packages, they participate in an annual bonus scheme which links personal
contribution to the goals of the business. Outperformance against the annual targets can result in
a bonus award proportionate to the individual’s contribution. Employees are provided regularly
with information regarding progress against the budget, financial and economic factors affecting
the business’s performance and other matters of concern to them. In addition, all staff are eligible
to participate in a defined contribution pension scheme and the Share Incentive Plan.
The views of employees are taken into account when making decisions that might affect their
interests. Assura encourages openness and transparency, with staff having regular access to
the Directors and being given the opportunity to express views and opinions, including formally
through the employee representation group, The Voice. Further details of how the Directors
engage with employees can be found in the Our People section on pages 31 and 32 and in the
Corporate Governance section on page 53.
The Group is committed to the promotion of equal opportunities, supported by its Equal
Opportunity and Diversity Policy, and respecting the Human Rights of all employees. The policy
reflects both current legislation and best practice. It highlights the Group’s obligations to race,
gender and disability equality. Full and fair consideration is given to applications for employment
from disabled persons and appropriate training and career development are provided. Further
details are provided on page 31.
86Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

DIRECTORS’ REPORT CONTINUED
Share capital
Assura has a single class of share capital which is divided into Ordinary Shares of nominal
value 10 pence each ranking pari passu. No other securities have been issued by the Company.
At 31 March 2025, there were 3,250,608,887 Ordinary Shares in issue and fully paid, none of which
are held in treasury. No shares were bought back during the year. Further details relating to share
capital, including movements during the year, are set out in Note 17 to the financial statements.
No further shares have been issued since the year end and therefore, as at 18 July 2025, the number
of Ordinary Shares in issue is 3,250,608,887.
The Board manages the business of Assura under the powers set out in the Articles of Association.
These powers include the Directors’ ability to issue or buy back shares. Shareholders’ authority to
empower the Directors to make market purchases of up to 10% of its own Ordinary Shares is sought
at the AGM each year. All the issued and outstanding Ordinary Shares of Assura have equal voting
rights with one vote per share. There are no special control rights attaching to them save that the
control rights of Ordinary Shares held in the Employee Benefit Trust (EBT) can be directed by the
Company to satisfy the vesting of outstanding awards under the PSP.
The rights, including full details relating to voting of shareholders and any restrictions on transfer
relating to Assura’s Ordinary Shares, are set out in the Articles and in the explanatory notes that
accompany the Notice of the 2024 AGM. These documents are available on Assura’s website at:
www.assuraplc.com. Assura is not aware of any agreements or control rights between existing
shareholders that may result in restrictions on the transfer of securities or on voting rights.
The EBT is used to act as a vehicle for the issue of new shares under the PSP. As at 31 March 2025,
the EBT held 968,439 Ordinary Shares (2024: 736,739) related to restricted share awards under the
PSP. A dividend waiver is in place from the Trustee in respect of all dividends payable by Assura
on shares which it holds in trust.
Interests in voting rights
As at 17 July 2025, the Company had been notified of the following interests in accordance with
Disclosure Guidance and Transparency rules 5:
Name of shareholder
31 March 2025
Percentage of
Ordinary Shares
18 July 2025
Percentage of
Ordinary Shares
Blackrock, Inc. 9.98 No change
NWI Thames Acquisitions LP 7.58 –
Schroders plc 5.24 No change
Rathbones Investment Management Ltd 4.72 No change
Legal & General Investment Management Ltd 5.01 4.58
Sana Bidco Ltd n/a 5.06
Norges Bank n/a 3.02
Directors
The appointment and replacement of Directors is governed by Assura’s Articles of Association,
the UK Corporate Governance Code, the Companies Act 2006 (The Act) and related legislation.
The Board may appoint a Director either to fill a casual vacancy or as an addition to the Board
so long as the total number of Directors does not exceed the limit prescribed in the Articles.
An appointed Director must retire and seek election to office at the next AGM. In addition to any
power of removal conferred by the Act, Assura may by ordinary resolution remove any Director
before the expiry of their period of office and may, subject to the Articles, by ordinary resolution
appoint another person who is willing to act as a Director in their place. In line with the Code and
the Board’s policy, all Directors are required to stand for re-election at each AGM.
Subject to provisions of the Act, the Articles, and to any directions given by special resolution,
the business of the Company shall be managed by the Board, which may exercise all the powers
of the Company. The Directors may exercise all the powers of the Company to borrow money.
There are no agreements between the Company and its Directors or employees providing for
compensation for loss of office or employment or otherwise that occurs specifically because of
a takeover. The Company has arranged qualifying third-party indemnity insurance cover in respect
of legal action against its Directors, including all Directors of the wholly-owned subsidiaries within
the Group structure.
Competition and Markets Authority (CMA) Order
The Company confirms that it has complied with the Statutory Audit Services for Large Companies
Market Investigation (Mandatory use of Competitive Tender Processes and Audit Committee
Responsibilities) Order 2014 published by the CMA on 26 September 2014.
GHG emissions and energy usage
Details of greenhouse gas emissions from employee and head office activities can be found
on page 39. The annual quantity of energy consumed from activities for which the Company is
responsible is 216,344 kWh (2024: 336,126 kWh). This is the energy consumed by employees either
through our head office activities or business mileage.
Auditor
Each of the persons who is a Director at the date of approval of this annual report confirms that:
– So far as the Director is aware, there is no relevant audit information of which the Company’s
auditor is unaware; and
– The Director has taken all the steps that he/she ought to have taken as a Director in order to
make himself/herself aware of any relevant audit information and to establish that the Company’s
auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section
418 of the Act.
The Directors, on recommendation from the Audit Committee, intend to place a resolution before
the AGM to appoint EY as auditor for the year ending 31 March 2026.
87Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

Directors’ Responsibility Statement
The Directors are responsible for preparing the annual report and the financial statements
in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under
that law the Directors are required to prepare the Group financial statements in accordance with
international accounting standards in conformity with the requirements of the Companies Act 2006
and UK-adopted international accounting standards (IFRS). The Directors have also chosen to
prepare the Parent Company financial statements under IFRS. 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, IAS 1 requires that Directors:
– Properly select and apply accounting policies;
– Present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
– Provide additional disclosures when compliance with the specific requirements in IFRSs are
insufficient to enable users to understand the impact of particular transactions, other events
and conditions on the entity’s financial position and financial performance; and
– Make an assessment of the Company’s ability to continue as a going concern.
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
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 the maintenance and integrity of the corporate and financial
information included on the Company’s website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
We confirm that to the best of our knowledge:
– The financial statements, prepared in accordance with IFRS, give a true and fair view of the
assets, liabilities, financial position and profit of the Company and the undertakings included
in the consolidation taken as a whole;
– The Strategic Report includes a fair review of the development and performance of the business
and the position of the Company and the undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and uncertainties that they face; and
– The annual report and financial statements, taken as a whole, is fair, balanced and
understandable and provides the information necessary for shareholders to assess the
Company’s position and performance, business model and strategy.
By order of the Board
Orla Ball
Company Secretary
18 July 2025
Amendments to the Articles of Association
The Articles can only be amended, or new Articles adapted, by a resolution passed by shareholders
in a general meeting and being approved by at least three-quarters of the votes cast.
Change of control
The Group’s financing agreements afford the lender a right to mandatory repayment on change
of control following a takeover. The Company’s PSP contains provisions that take effect in such an
event but do not entitle participants to a greater interest in the shares of the Company than created
by the initial grant or award under the relevant plan.
Annual General Meeting
Subject to the status of the current offer situation, it is intended that the AGM will be held
on 30 September 2025. The principal meeting location will be confirmed in the AGM notice.
Provisions have been made for investors to observe the AGM and ask questions
via the Investor Meet Company platform for which investors can register at this link
(https://www.investormeetcompany.com/assura-plc/register-investor).
Shortly after the meeting, the Company will publish on its website the result of the AGM.
Both the Directors’ Report on pages 4 and 23 and the Strategic Report on pages 1 to 52 were
approved by the Board and signed on its behalf.
Orla Ball
Company Secretary
18 July 2025
DIRECTORS’ REPORT CONTINUED
88Strategic report Governance Financial statements Additional informationAssura plc
Annual Report and Accounts 2025

Independent Auditor’s report to the members of Assura plc
Opinion
In our opinion:
– Assura plc’s Group Financial Statements and Parent Company Financial Statements (the ‘financial
statements') give a true and fair view of the state of the Group’s and of the Parent Company’s
affairs as at 31 March 2025 and of the Group’s and the Parent Company’s profit for the year
then ended;
– the financial statements have been properly prepared in accordance with UK adopted
international accounting standards; and
– the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of Assura plc (the ‘Parent Company’) and its subsidiaries
(the ‘Group’) for the year ended 31 March 2025 which comprise:
Group Parent Company
Consolidated income statement for the year then ended Company income statement for the year then ended
Consolidated balance sheet as at 31 March 2025 Company balance sheet as at 31 March 2025
Consolidated statement of changes in equity for the
year then ended
Company statement of changes in equity for the year
then ended
Consolidated statement of cash flows for the year
then ended
Company statement of cash flows for the year
then ended
Related notes 1 to 25 to the financial statements,
including a summary of material accounting
policy information
Related notes A to G to the financial statements
including a summary of material accounting
policy information
The financial reporting framework that has been applied in their preparation is applicable law and
UK adopted international accounting standards.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK))
and applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group and Parent in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as
applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group
or the Parent Company and we remain independent of the Group and the Parent Company in
conducting the audit.
Material uncertainties related to going concern
We draw attention to note 2, going concern under material accounting policies, in the financial
statements, which indicates that the following events are outside of the control of the Group:
– Completion of the refinancing of maturing facilities and/or disposals to enable repayment of
these facilities in the event of a change of control or if Assura plc continues under the existing
ownership structure
– Continuation of Assura plc as a standalone company in the event of a change of control
As stated in note 2, these events and conditions, along with other matters as set forth in note 2,
indicate that material uncertainties exist that may cast significant doubt on the Group and Parent
Company’s ability to continue as a going concern. Our opinion is not modified with respect of
these matters.
We draw attention to the viability statement in the Annual Report on page 48, which indicates
that an assumption to the statement of viability is management’s ability to complete refinancing
and/or disposals once clarity over the potential change of control has been received. The Directors
consider that the material uncertainties referred to in respect of going concern may cast significant
doubt over the future viability of the Group and Parent Company should these events not
complete. Our opinion is not modified with respect of this matter.
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 and Parent Company’s ability to continue
to adopt the going concern basis of accounting included:
– In conjunction with our walkthrough of the Group’s financial close process, we obtained
an understanding of management’s going concern assessment process and challenged
management to ensure key factors were considered in their assessment. We obtained an
understanding of each of management’s modelled scenarios, including the base case, the
downside scenarios and the reverse stress test. The reverse stress test case has been prepared
to illustrate severe assumptions which achieve a break case i.e., where the group breaches a
debt covenant.
– We obtained management’s going concern calculations, including the cashflow forecast and the
covenant calculations for the going concern assessment period through to 31 October 2026 and
tested these for arithmetical accuracy.
– We assessed the appropriateness of the duration of the going concern assessment period of
16 months to 31 October 2026, extended from 12 months in the prior period, to take account of
the upcoming refinancing events in August and October 2026, and based on our procedures on
the Group’s profit and cash flow forecasts to 31 October 2026 from knowledge arising from other
areas of the audit.
– We assessed the historical accuracy of management’s forecasting and challenged the
appropriateness of the key assumptions in management’s forecasts including assessing rental
income growth in comparison to historical rental growth. We also considered the
appropriateness of the methods used to calculate the cash flow forecasts through inspection
and testing of the methodology and calculations
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 89

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
– We verified inputs into the cash flow forecasts, including existence of bank balances, private
placement debt and revolving credit facility terms and reconciled the liquidity position as at
31 March 2025. We reviewed the revolving credit facility terms to confirm the availability to the
Group through the going concern assessment period and to validate the completeness of the
financial covenants considered by management in relation to the available facilities.
– We performed testing to evaluate management’s covenant calculations based on the cash flow
forecasts and evaluated whether the financial covenants would be met during the going concern
assessment period. We assessed within the reverse stress test, the impact of a reduction in the
property portfolio valuation during the going concern period, considering discussions with our
EY valuation specialists and latest economic forecasts.
– We reviewed the reverse stress testing and downside cases prepared by management and
assessed the plausibility of these. We did this by challenging the assumptions made and
considering indicators of contradictory evidence, for example, obtaining external valuation
reports, reviewing competitors’ performance records, and assessing the industry and company-
specific impacts of external factors such as cyber-attacks, climate change, the conflict in Ukraine
and the cost-of-living challenges.
– We subjected the severe downside model to additional stress testing to confirm management
has considered a balanced range of outcomes in their assessment of going concern.
– We considered any mitigating factors included in the downside case scenarios that are within
control of the Group. This includes assessment of the Group’s discretionary cash outflows
relating to acquisition of properties, asset enhancement and development expenditure and
evaluating the Group’s ability to control these outflows as mitigating actions if required.
– We obtained an understanding of any significant climate and sustainability related assumptions
underpinning management’s forecasts to 31 October 2026 for going concern. We assessed
management’s considerations related to any material climate change impacts in the going
concern period, including reviewing the assumed capital expenditure in relation to upgrading
the Assura property portfolio to have an overall EPC rating of B or above across the portfolio
by 2030.
– With the assistance of EY debt advisory specialists, we assessed the risks attached to
management’s refinancing plans and the feasibility of such plans with reference to potential
change of control.
– We considered whether management’s disclosures in the Annual Report and Accounts were
adequate, including those in relation to the material uncertainties in respect of the going
concern conclusion, through consideration of the relevant disclosure standards and our
understanding of refinancing and potential change of control process.
Our key observations
– The Directors’ assessment forecasts that the Group will maintain sufficient liquidity throughout
the going concern assessment period in the base case scenario and downside scenario,
following a future refinancing process of the £266 million Term Loan in August 2026, and the
£200 million revolving credit facility in October 2026. The Group has a cash balance (excluding
restricted cash) of £55.3m and an undrawn RCF of £174 million as at 31 March 2025. The Directors’
forecasts indicate sufficient cash generation from contracted rental income will enable the
Group to continue to meet its liabilities as they fall due through the going concern period.
– We observed that in a worst-case downside scenario where all debt due for repayment during
the period to 31 October 2026 is required to be repaid, and where no disposals are completed or
refinancing undertaken, the Group would run out of cash in August 2026 following the repayment
of the Term Loan due in August 2026. We also considered a scenario where one of the offers
receive shareholder approval, bringing with it a change of control, but also uncertainty around
post change of control financing arrangements as well as disposal plans. These scenarios
therefore create a material uncertainty in relation to the refinancing of maturing facilities
and/or disposals to enable repayment of such facilities.
– We considered the likelihood of possibility of a change of control within the going concern
period, considering the ongoing transaction process. Whilst a transaction is subject to a
shareholder vote by 12 August 2025, we considered the possibility an acquiror would seek
to restructure the Assura plc entity, which creates a material uncertainty.
Going concern has also been determined to be a key audit matter.
Based on the work we have performed, we have identified material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the Group and Parent
Company’s ability to continue as a going concern for the period to 31 October 2026. The following
events or conditions have been identified as being outside the control of the Group:
– Completion of the refinancing of maturing facilities and/or disposals to enable repayment of
these facilities in the event of a change of control or if Assura plc continues under the existing
ownership structure
– Continuation of Assura plc as a standalone company in the event of a change of control
Our opinion is not modified with respect of these matters.
In relation to the Group and Parent Company’s reporting on how they have 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. However, because not all future events or
conditions can be predicted, this statement is not a guarantee as to the Group’s ability to continue
as a going concern.
Overview of our audit approach
Audit scope – We performed an audit of the complete financial information of 17 components
and audit procedures on specific balances for a further 59 components.
Key audit matters – Going concern
– Risk of inappropriate valuation of investment property
– Risk of inappropriate revenue recognition related to rental income
Materiality – Overall group materiality of £32.8m which represents 1% of total assets.
– Specific group materiality of £5.4m which represents 5% of adjusted profit
(EPRA earnings).
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 90

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
An overview of the scope of the parent company and group audits
Tailoring the scope
In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK)
600 (Revised). We have followed a risk-based approach when developing our audit approach to
obtain sufficient appropriate audit evidence on which to base our audit opinion. We performed risk
assessment procedures, to identify and assess risks of material misstatement of the Group financial
statements and identified significant accounts and disclosures.
When identifying components at which audit work needed to be performed to respond to the
identified risks of material misstatement of the Group financial statements, we considered our
understanding of the Group and its business environment, the potential impact of climate change,
the applicable financial framework, the group’s system of internal control at the entity level, the
existence of centralised processes, applications and any relevant internal audit results.
We then identified 5 components as individually relevant to the Group due to relevant events
and conditions underlying the identified risks of material misstatement of the Group financial
statements being associated with the reporting components.
For those individually relevant components, we identified the significant accounts where audit
work needed to be performed at these components by applying professional judgement, having
considered the group significant accounts on which centralised procedures will be performed, the
reasons for identifying the financial reporting component as an individually relevant component
and the size of the component’s account balance relative to the group significant financial
statement account balance.
We then considered whether the remaining group significant account balances not yet subject
to audit procedures, in aggregate, could give rise to a risk of material misstatement of the Group
financial statements. We selected 71 components of the Group to include in our audit scope to
address these risks.
Having identified the components for which work will be performed, we determined the scope
to assign to each component.
Of the 71 components selected, we designed and performed audit procedures on the entire
financial information of 12 components (‘full scope components'). For 59 components, we designed
and performed audit procedures on specific significant financial statement account balances or
disclosures of the financial information of the component (‘specific scope components').
Our scoping to address the risk of material misstatement for each key audit matter covered 100%
of each key audit matter.
Involvement with component teams
All audit work performed for the purposes of the audit was undertaken by the Group audit team.
Climate change
Stakeholders are increasingly interested in how climate change will impact Assura plc. The Group
has determined that the most significant future impacts from climate change on their operations
will be from risk of not meeting government energy efficiency standards on its portfolio and in not
achieving its net zero target by 2040. These are explained on pages 50 to 52 in the required Task
Force On Climate Related Financial Disclosures and on pages 40 to 46 in the principal risks and
uncertainties. They have also explained their climate commitments on page 7. All of these
disclosures form part of the ‘Other information', rather than the audited financial statements. Our
procedures on these unaudited disclosures therefore consisted solely of considering whether they
are materially inconsistent with the financial statements or our knowledge obtained in the course
of the audit or otherwise appear to be materially misstated, in line with our responsibilities on
‘Other information'.
In planning and performing our audit we assessed the potential impacts of climate change on the
Group’s business and any consequential material impact on its financial statements.
The group continues to develop its assessment of the potential impacts of climate change and
set targets. With input from external expert sustainability advisors, management has determined
science-based targets of net zero carbon emissions by 2040 for the groups own operations and
total portfolio, including all new developments. Consideration of significant judgements and
estimates relating to climate change are included in Note 2 where management conclude that the
impact of climate change is not deemed material to the valuation of investment properties and
future cashflows of the Group and has been appropriately considered in these financial statements.
We concur with managements conclusions.
We design and execute tailored procedures to respond to the climate change risk for the audit
and include climate considerations in our audit procedures in respect of valuation of investment
properties and properties under construction and going concern and viability.
Our audit effort in considering the impact of climate change on the financial statements was
focused on evaluating management’s assessment of the impact of climate risk, physical and
transition, their climate commitments, the effects of material climate risks disclosed on pages 50 to
52 and the significant judgements and estimates disclosed in Note 2 and whether these have been
appropriately reflected in property valuations and cashflows, following the requirements of UK
adopted international accounting standards. As part of this evaluation, we performed our own risk
assessment supported by our climate change internal specialists, to determine the risks of material
misstatement in the financial statements from climate change which needed to be considered in
our audit.
We also challenged the Directors’ considerations of climate change risks in their assessment of
going concern and viability and associated disclosures. Where considerations of climate change
were relevant to our assessment of going concern, these are described above.
Based on our work, whilst we have not identified the impact of climate change on the financial
statements to be a standalone key audit matter, we have considered the impact of climate change
on investment property valuation and going concern. Details of the impact, our procedures and
findings are included in our explanation of key audit matters below.
Assura plc
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
Key audit matters
Key audit matters are those matters that, in our professional judgment, 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. These matters included 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.
In addition to the other matter described in the material uncertainty related to going concern section above, we have determined the matters described below to be the key audit matters to be
communicated in our report.
Risk Our response to the risk
Key observations communicated to the
audit committee
Valuation of investment property
(£3,090m, PY comparative £2,569m)
Refer to the Audit Committee Report
(pages 63 to 64); Accounting policies
(page 99); and Note 9 of the
Consolidated Financial Statements
(pages 107 to 108)
The valuation of investment
properties requires significant
judgement and estimation by
management and their external
valuers. Any input inaccuracies of
unreasonable bases used in these
judgements (such as in respect of
estimated rental value or yield profile
applied) could result in a material
misstatement of the income
statement and balance sheet. There
is also a risk that management may
influence the significant judgements
and estimates in respect of property
valuations in order to meet market
expectations or bonus targets.
The risk remains consistent with that
of the prior year.
Our audit procedures over the valuation of the property portfolio included:
Walkthrough and controls
– We performed walkthroughs of the significant class of transaction including the Group’s controls over data used in the valuation of the property
portfolio and management’s review of the valuations. We assessed the design effectiveness of key transaction controls.
– We attended and observed, with support from our internal valuation specialists, the external valuer meetings (JLL and Cushman Wakefield
(‘CW’)) at the year end. As part of this, we obtained an understanding of the methodology used and the key basis for assumptions applied within
the year end valuations such as the Net Initial Yield (‘NIY') and the Weighted average unexpired lease term (‘WAULT'). We observed the level of
review applied by management in evaluating assumptions within valuations. We assessed the competence of the valuers and reviewed the
engagement agreements with these specialists.
– We evaluated the competence of the external valuers which included consideration of their qualifications and experience.
Testing the appropriateness of assumptions underpinning the property valuations
– We obtained the valuation reports for the investment property portfolio directly from the third-party valuers and agreed these to the general
ledger.
– We utilised data analytics in order to identify higher risk property valuations based on certain risk indicators. We identified certain property
valuations for testing.
– We included Chartered Surveyors on our audit team who reviewed and challenged the valuation approach and assumptions for a sample of
properties identified as significant risk assets. They compared the market rental income and yields applied to each property valuation to an
expected range of assumptions taking into account available market data and asset specific considerations. This included assessing the external
valuers’ considerations of climate change factors and market factors such as the macroeconomic environment and its impact on the
occupational and investment markets
– We engaged our internal valuations specialists to support the following audit procedures:
– Assisting the audit team in determining criteria (such as yield) to categorise the full investment property portfolio into lower risk, residual
portfolio and higher risk assets. This was then used by the audit team to calculate an expected range for the year-end valuation of low and
high-risk assets based on market data. We also disaggregated the residual portfolio by region and calculated an expected range for the
valuation of these assets based on market data specific to each region.
– Providing expected yields ranges for each property. This was utilised in our analytics tool to compare an expected value by property to the
actual value at the year end and the audit team investigated outliers which did not match our expectation.
– Using knowledge from prior periods, latest market evidence and third-party research, we established a reasonable valuation range for the
property portfolio and confirmed that the property valuations included in the financial statements fall within our expected range. We assessed
assumptions and valuation movements year on year with reference to explanations provided by management and their external chartered
surveyors. We discussed unexpected movements with our own chartered surveyors and obtained evidence to support the movements where
necessary.
– We performed procedures on the total investment property balance across the Group which covers 100% of the population.
Testing input data to valuations
– We tested a sample of input data provided by the group to CW and JLL since this forms the basis of the portfolio valuation. This included
agreeing a sample of input data back to underlying lease information such as lease agreements and subsequent rent review documentation.
Assessment of impact of climate change
– We assessed the impact of climate change risk on the valuation of investment properties and properties under construction. With input from our
EY valuations specialists, we obtained an understanding of management’s basis for modelling costs into the valuations, specifically in relation to
upgrading the property portfolio to have an overall EPC rating of B or above across the entire portfolio by 2030 in line with Assura’s strategy.
We have tested the inputs, assumptions
and methodology used by external valuers.
We have concluded that the methodology
applied is reasonable and that the external
valuations are an appropriate assessment
of the market value of the property
portfolio at 31 March 2025.
We conclude that the value of the sample
of properties reviewed by our chartered
surveyors was within the reasonable range
of values as assessed by them.
We have reviewed the disclosures in the
financial statements including the
accounting judgements and key sources of
estimation uncertainty and sensitivities and
consider them to be appropriate.
Assura plc
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
Risk Our response to the risk
Key observations communicated to the
audit committee
Revenue recognition
on rental income
(£173m, PY comparative £149m)
Refer to the Audit Committee Report
(pages 63 to 64); Accounting policies
(page 99); and Note 3 of the
Consolidated Financial Statements
(page 102)
Market expectations and revenue
profit-based targets may place
pressure on Management to distort
revenue recognition. This may result
in overstatement or deferral of
revenues to assist in meeting current
or future targets or expectations,
through the use of manual topside
journals or the incorrect treatment
of accrued and/or deferred income.
We have identified a risk of
management override in relation to
revenue recognition. Revenue could
be manipulated through topside
manual journals.
Our audit procedures over revenue recognition included:
Walkthrough and controls
– We completed a walkthrough of management’s controls in place over revenue recognition and assessed the design effectiveness of key controls.
Revenue Recognition
– Using the contractual rental income, we set an expectation of the annual rental income and compared with the revenue recognised in the
general ledger. We set a tolerance threshold to assess whether rental income recorded is in line with our expectations.
– To test the accuracy of the lease database source data used in setting expectations on revenue income, we tested a sample of 60 tenancies
to signed lease agreements and subsequent rent review information.
Deferred income
– We performed substantive analytical review procedures over deferred income. We disaggregated the balance by statutory entity
and compared movements year on year investigating any significant/unusual movements.
Accrued income
– We performed overall analytical review procedures and we tested a sample of transactions by agreeing to underlying supporting
documentation.
Manual journals
– We performed specific procedures over manual journals posted to revenue associated balance sheet accounts. We focused on entries with
specific characteristics, such as journals from outside normal revenue patterns and those with unusual descriptions. Examples included testing
manual journals posted to revenue in respect of back dated rent and deferred income. We corroborated a sample of journals to supporting
documentation.
– We performed inquiries of management regarding awareness of instances of fraud. We extended these enquiries beyond the finance team
and inquired with the Head of Legal.
We did not identify any evidence of
material misstatement in the revenue
recognised in the year as a result of
inappropriate revenue recognition,
application of cut-off or management
override.
The key audit matters are consistent with those reported in the prior year.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 93

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect
of identified misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could
reasonably be expected to influence the economic decisions of the users of the financial statements.
Materiality provides a basis for determining the nature and extent of our audit procedures.
The table below sets out the materiality, performance materiality and threshold for reporting audit
differences applied on our audit:
Basis Materiality
Performance
materiality
Audit
differences
Overall materiality 1% of total assets £32.8m £24.6m £1.6m
Specific materiality – account balances
not related to properties, loans and
borrowings and equity
5% of adjusted profit £5.4m £4.0m £0.3m
We determined that an asset-based measure would be the most appropriate basis for determining
overall materiality given that the key users of the Group’s financial statements are primarily focused
on the valuation of the Group’s assets. Based on this, we determined that it is appropriate to set
the overall materiality for the Group at £32.8 million (2024: £28.1 million), which is 1% of total assets
(2024: 1%). We apply overall materiality to all balances relating to investment properties, properties
under development, loans & borrowings and equity.
We have determined that for other account balances not related to investment properties,
properties under development, loans and borrowings or equity, a misstatement of less than
overall materiality for the financial statements as a whole could influence the economic decisions of
users. We believe that it is most appropriate to use a profit-based measure as profit is also a focus
of users of the financial statements. We have determined that materiality for these areas should be
£5.4 million (2024: £5.1 million) which is based upon 5% of adjusted profit (2024: 5%). Adjusted profit
is equivalent to EPRA earnings which is considered an important performance metric and aligned
with industry earnings measures.
We determined materiality for the Parent Company to be £29.0 million (2024: £27.8 million),
which is 2% (2024: 2%) of equity.
We reassessed initial materiality at the year-end date to reflect the actual reported performance of
the Group in the year which resulted in no material change from our original assessment at planning.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount
to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control
environment, our judgement was that performance materiality was 75% (2024: 75%) of our planning
materiality, namely £24.6 million (2024: £21.1 million) and £4.0 million (2024: £3.9 million) respectively
for overall and specific materiality levels. We have set performance materiality at this percentage
due to our past experience of the audit that indicates a lower risk of misstatements, both corrected
and uncorrected.
Audit work at component locations for the purpose of obtaining audit coverage over significant
financial statement accounts is undertaken based on a percentage of total performance materiality.
The performance materiality set for each component is based on the relative scale and risk of the
component to the Group as a whole and our assessment of the risk of misstatement at that
component. In the current year, the range of performance materiality allocated to components
was £0.8 million to £2.2 million (2024: £0.8 million to £2.1 million).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit
differences in excess of £1.6 million (2024: £1.4 million), as well as audit differences in excess of
£0.3 million (2024: £0.3 million) that relate to our specific testing of the other account balances not
related to investment properties, properties under development, loans and borrowings or equity.
These thresholds are set at 5% of planning materiality. We have also agreed to report differences
below that threshold that, in our view, warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality
discussed above and in light of other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report set out on pages 1 to
88, including the Strategic Report and Governance section, other than the financial statements and
our auditor’s report thereon. The Directors are responsible for the other information contained
within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in this report, we do not express any form of assurance
conclusion thereon.
Assura plc
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
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 the other information,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly
prepared in accordance with the Companies Act 2006.
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent 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.
We have nothing to report in respect of the following matters in relation to which the Companies
Act 2006 requires us to report to you if, in our opinion:
– adequate accounting records have not been kept by the Parent Company, or returns adequate
for our audit have not been received from branches not visited by us; or
– the Parent 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
Corporate Governance Statement
We have reviewed the Directors’ statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement relating to the Group and Company’s
compliance with the provisions of the UK Corporate Governance Code specified for our review
by the UK Listing Rules.
Aside from the impact of the matters disclosed in the material uncertainties related to going
concern section, 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:
– Directors’ statement with regards to the appropriateness of adopting the going concern basis
of accounting and any material uncertainties identified set out on page 47;
– Directors’ explanation as to its assessment of the Company’s prospects, the period this
assessment covers and why the period is appropriate set out on page 47;
– Directors’ statement on whether it has a reasonable expectation that the Group will be able
to continue in operation and meets its liabilities set out on page 47;
– Directors’ statement on fair, balanced and understandable set out on page 88;
– Board’s confirmation that it has carried out a robust assessment of the emerging and principal
risks set out on pages 40 to 46;
– The section of the annual report that describes the review of effectiveness of risk management
and internal control systems set out on page 64; and
– The section describing the work of the Audit Committee set out on pages 63 to 64.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 88, 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 and
Parent 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 Parent 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.
Assura plc
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Strategic report Governance Financial statements Additional information 95

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASSURA PLC CONTINUED
Explanation as to what extent the audit was considered 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 irregularities,
including fraud. 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 or intentional misrepresentations, or through collusion. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those
charged with governance of the company and management.
– We obtained an understanding of the legal and regulatory frameworks that are applicable to the
Group and determined that the most significant are those that relate to the reporting framework
(UK adopted international accounting standards, UK Companies Act, Listing Rules including JSE
listing requirements), REIT, EPRA and tax legislation.
– We understood how Assura plc is complying with those frameworks by making enquiries of
management, those charged with governance, internal audit, those responsible for legal and
compliance procedures and the company secretary. We corroborated our enquiries through our
review of board minutes and papers provided to the Audit Committee and attendance at all
meetings of the Audit Committee.
– We assessed the susceptibility of the Group’s financial statements to material misstatement,
including how fraud might occur by meeting with individuals from various parts of the business
to understand where it considered there was a susceptibility to fraud. We considered the
programmes and controls that the Group has established to address the risks identified, or that
otherwise prevent, deter or detect fraud, and how senior management monitors those
programmes and controls. Where the risk was considered to be higher, we performed audit
procedures to address each identified fraud risk or other risk of material misstatement. These
procedures included those on revenue recognition and investment properties detailed above
and the testing of journals based on specific risk criteria and were designed to provide
reasonable assurance that the financial statements were free from material fraud and error.
– Based on this understanding we designed our audit procedures to identify non-compliance with
such laws and regulations. Our procedures involved journal entry testing, with a focus on
consolidation journals and journals indicating large or unusual transactions based on our
understanding of the group; enquiries of Group management, those charged with governance,
legal counsel, and internal audit; and testing as described above. In addition, we completed
procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts
with the requirements of the relevant accounting standards, UK legislation and the UK Corporate
Governance Code 2018.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
– Following the recommendation from the audit committee we were appointed by the company
on 6 July 2021 to audit the financial statements for the year ending 31 March 2022 and subsequent
financial periods.
– The period of total uninterrupted engagement including previous renewals and reappointments
is 4 years, covering the years ending 31 March 2022 to 31 March 2025.
– The audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state
to the company’s members those matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
Mark Morritt
Senior statutory auditor
for and on behalf of Ernst & Young LLP, Statutory Auditor
Leeds
18 July 2025
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2025 2024
Note
EPRA
£m
Capital and
non-EPRA
£m
Total
£m
EPRA
£m
Capital and
non-EPRA
£m
Total
£m
Gross rental and related income 175.0 8.8 183.8 150.2 7. 6 157.8
Property operating expenses (7.9) (8.8) (16.7) (6.9) (7.6) (14.5)
Net rental income 3 167.1 – 167.1 143.3 – 143.3
Administrative expenses 4 (14.4) – (14.4) (13.2) – (13.2)
Revaluation gain/(deficit) 9 – 57.9 57.9 – (131.5) (131.5)
Gain on sale of property – 0.7 0.7 – 1.0 1.0
Share-based payment charge (0.7) – (0.7) (0.8) – (0.8)
Share of gains/(losses) from
investments 8 1.2 (3.7) (2.5) 0.2 (0.5) (0.3)
Finance income 3 1.7 – 1.7 2.1 – 2.1
Finance costs 5 (43.1) (0.7) (43.8) (29.2) (0.1) (29.3)
Profit/(loss) before taxation 111.8 54.2 166.0 102.4 (131.1) (28.7)
Taxation 21 – – – (0.1) – (0.1)
Profit/(loss) for the year
attributable to equity
holders of the parent 111.8 54.2 166.0 102.3 (131.1) (28.8)
Other comprehensive income
that may be reclassified to profit
or loss in subsequent periods,
net of tax:
Exchange loss arising on
translation of foreign operations – (0.7) (0.7) – (0.6) (0.6)
Fair value loss on derivative
interest rate swap – (0.1) (0.1) – – –
Total comprehensive
income/(loss) 111.8 53.4 165.2 102.3 (131.7) (29.4)
EPS – basic & diluted 6 5.3p (1.0)p
EPRA EPS – basic & diluted 6 3.5p 3.4p
All income arises from continuing operations in the UK and Ireland.
Consolidated income statement
For the year ended 31 March 2025
Consolidated balance sheet
As at 31 March 2025
Note
2025
£m
2024
£m
Non-current assets
Investment property 9 3,099.1 2,708.3
Property work in progress 9 10.0 9.5
Property, plant and equipment 10 1.1 1.0
Equity accounted and other investments 8 53.4 19.7
Deferred tax asset 21 0.7 0.6
3,164.3 2,739.1
Current assets
Cash, cash equivalents and restricted cash 11 58.1 35.4
Trade and other receivables 12 40.9 37.3
Property assets held for sale 9 18.1 0.4
117.1 73.1
Total assets 3,281.4 2,812.2
Current liabilities
Trade and other payables 13 58.5 49.9
Head lease liabilities 14 0.1 0.3
Deferred revenue 15 31.7 32.2
Borrowings 16 70.0 –
160.3 82.4
Non-current liabilities
Borrowings 16 1,469.6 1,246.9
Head lease liabilities 14 5.2 5.6
Deferred revenue 15 3.8 4.2
Derivative interest rate swap 16 0.1 –
1,478.7 1,256.7
Total liabilities 1,639.0 1,339.1
Net assets 1,642.4 1,473.1
Capital and reserves
Share capital 17 325.1 298.5
Share premium 1,013.6 932.7
Merger and other reserves 17 230.2 231.0
Retained earnings 73.5 10.9
Total equity 1,642.4 1,473.1
NAV per Ordinary Share – basic 7 50.5p 49.4p
– diluted 7 50.4p 49.3p
EPRA NTA per Ordinary Share – basic & diluted 7 50.4p 49.3p
The financial statements were approved at a meeting of the Board of Directors held on 18 July 2025
and signed on its behalf by:
Jonathan Murphy Jayne Cottam
CEO CFO
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Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 97

Note
Share
capital
£m
Share
premium
£m
Merger
and other
reserve
£m
Retained
earnings
£m
Total
equity
£m
1 April 2023 296.1 924.5 231.6 135.3 1,587.5
Loss attributable to equity holders – – – (28.8) (28.8)
Other comprehensive loss:
Exchange gain on translation of foreign balances – – (0.6) – (0.6)
Total comprehensive loss – – (0.6) (28.8) (29.4)
Dividends 17, 18 2.4 8.2 – (96.1) (85.5)
Employee share-based incentives – – – 0.5 0.5
31 March 2024 298.5 932.7 231.0 10.9 1,473.1
Profit attributable to equity holders – – – 166.0 166.0
Other comprehensive loss:
Exchange loss on translation of foreign balances – – (0.7) – (0.7)
Fair value loss on derivative interest rate swap – – (0.1) – (0.1)
Total comprehensive (loss)/income – – (0.8) 166.0 165.2
Issue of Ordinary Shares 17 24.5 75.3 – – 99.8
Dividends 17, 18 2.0 5.6 – (104.1) (96.5)
Employee share-based incentives 0.1 – – 0.7 0.8
31 March 2025 325.1 1,013.6 230.2 73.5 1,642.4
Consolidated statement of changes in equity
For the year ended 31 March 2025
Consolidated cash flow statement
For the year ended 31 March 2025
Note
2025
£m
2024
£m
Operating activities
Rent received 165.4 147.0
Interest paid and similar charges (38.9) (29.3)
Fees & dividends received 1.8 1.6
Interest received 1.7 2.1
Cash paid to suppliers and employees (19.5) (19.0)
Net cash inflow from operating activities 20 110.5 102.4
Investing activities
Purchase of investment property (412.4) (28.9)
Development expenditure (18.5) (69.4)
Proceeds from sale of property 183.7 3.4
Investment in joint ventures and other investments (36.6) (1.6)
Purchase of property, plant and equipment (0.3) (1.2)
Net cash outflow from investing activities (284.1) (97.7)
Financing activities
Dividends paid (93.3) (85.5)
Repayment of loan (94.0) –
Loans drawn 386.0 –
Share issue costs (0.5) –
Interest on head lease liabilities (0.3) (0.2)
Loan issue costs 16 (1.6) (1.6)
Net cash outflow from financing activities 196.3 (87.3)
Increase/(decrease) in cash, cash equivalents and restricted cash 22.7 (82.6)
Opening cash, cash equivalents and restricted cash 35.4 118.0
Closing cash, cash equivalents and restricted cash 11 58.1 35.4
Assura plc
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Strategic report Governance Financial statements Additional information 98

1. Corporate information and operations
The Company is a public limited company, limited by shares, incorporated and domiciled in
England and Wales, whose shares are publicly traded on the main market of the London Stock
Exchange with a secondary listing on the Johannesburg Stock Exchange.
With effect from 1 April 2013, the Group has elected to be treated as a UK REIT. See Note 21 for
further details.
2. Material accounting policy information
Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, except for
investment properties, including investment properties under construction and land, and derivative
financial instrument which are included at fair value. The financial statements have been prepared
in accordance with UK-adopted international accounting standards (IFRS).
The accounting policies have been applied consistently to the results, other gains and losses,
liabilities and cash flows of entities included in the consolidated financial statements. All intragroup
balances, transactions, income and expenses are eliminated on consolidation.
In preparing the financial statements, management has considered the impact of climate change,
taking into account the relevant disclosures in the Strategic Report, including those made in
accordance with TCFD, and considered the impact of the issues identified to be appropriately
built into the financial statements. The impact of climate change is considered in the valuation
of investment properties and future cash flows of the Group and so is appropriately considered in
these financial statements. The impact of climate change on the values are expected to be immaterial.
Going concern
Assura’s business activities together with factors likely to affect its future performance are
set out in the CFO review on pages 23 to 26. In addition, Note 22 to the accounts includes the
Group’s objectives, policies and processes for managing its capital, its financial risk management
objectives, details of its financial instruments and its exposure to credit risk and liquidity risk.
The Group’s properties are substantially let with rent paid or reimbursed by the NHS or tier 1
independent healthcare providers and benefit from a WAULT of 12.7 years. They are diverse both
geographically and by lot size, offering a strong and resilient cash flow profile.
In addition to unrestricted cash of £55.3 million at 31 March 2025 (2024: £33.2 million), the Group
has undrawn facilities of £174 million at the balance sheet date, with commitments as at year
end of £41.3 million (see Note 23). The Group has adequate headroom in its banking covenants.
The Group has been in compliance with all financial covenants on its loans throughout the year
and as at 31 March 2025.
Notes to the accounts
For the year ended 31 March 2025
The Group’s primary care property developments and asset enhancement capital works in progress
are all substantially pre-let and operate with fixed price construction contracts where possible.
The Directors believe that the business is well placed to manage its current and reasonably possible
future risks successfully. This going concern assessment covers the period to 31 October 2026.
Upcoming maturing debt facilities
The Group has the following refinancing events over the next 18 months:
– £70 million tranche of privately placed notes (maturity October 2025)
– £266 million term loan (current maturity August 2026), option to extend by either one or two years
subject to lender approval
– £200 million revolving credit facility (current maturity October 2026), option to extend by either
one or two years subject to lender approval
– £100 million US privately placed notes (maturity October 2026)
The options available for these facilities include extension of the maturity date, refinancing with
either the existing or a new lender, or repayment from the proceeds of disposals.
The Directors have concluded that it is not in the best interests of shareholders to refinance any
of these facilities whilst there remains uncertainty with a potential change of control, due to the
costs that would be incurred. Given the investment grade rating of the Group (A- rating from Fitch)
as well as the strong cash flows of the property portfolio and credit profile of the Group in the
debt markets, the Directors are confident that these facilities can be refinanced at competitive
rates, or repaid from available cash funded by disposals, as appropriate when the current Offer
situation has been resolved. However, until the required refinancing has been completed, there is
a material uncertainty over the refinancing as facilities are subject to lender discretion, both in the
event of a change of control or if Assura plc continues under the existing ownership structure.
Since April 2024, the Group has successfully disposed of £200 million of assets, in line with book
value, which have been used to both part fund the acquisition of the 14 private hospitals in August
2024 and to repay the revolving credit facility which was drawn. The Directors are confident of
completing further disposals as required to continue reducing the leverage of the Group in line
with the announced short-term strategy to reduce leverage.
Assura plc
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Strategic report Governance Financial statements Additional information 99

NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
2. Material accounting policy information (continued)
Potential change of control
The Directors note that shareholders are currently in receipt of two offers for their shares, both of
which would result in a change of control over the entity. Both bidders have stated their intention
to continue the operation of the Group, which is viewed as a long-term investment and being
acquired to gain access to the strong cash flows generated by the property portfolio.
However, there can be no guarantee as to the intentions of either bidder post change of control.
The Directors have been assured that both bidders have in place the financing required to meet
their contractual obligations. The Directors further understand that the bidders also have plans to
either repay existing Assura facilities that may become repayable due to change of control clauses,
or to obtain waivers in respect of these clauses allowing the facilities to remain in place.
As such, the Directors believe there is a material uncertainty over the continuation of Assura plc
as a standalone company, in the event of a change of control. This is because the intention of the
acquiror with respect of the continuation of Assura plc as a standalone company will not become
clear until the change of control has become unconditional.
Conclusion
The Directors have concluded that 1) completing the refinancing of maturing facilities and/or
disposals to enable repayment of these facilities in the event of a change of control or if Assura plc
continues under the existing ownership structure; and 2) the continuation of Assura plc as a
standalone company in the event of a change of control, are outside the control of the Group.
These are therefore material uncertainties that may cast significant doubt over the Group and
Company’s ability to operate as a going concern.
However, the Directors:
– are confident that refinancing and/or disposals can be completed once clarity over the potential
change of control has been received; and
– have been assured that both potential bidders have in place adequate committed facilities
to implement a change of control.
This is on the basis of the Group’s resilient cash flows from its high-quality property portfolio (with
strong tenant covenant and long remaining unexpired lease term), the strong standing and rating
in the credit markets and recent track record of completing disposals in line with book value.
On this basis, the Board has concluded that it is appropriate to prepare the Financial Statements
on a going concern basis. The Financial Statements do not include the adjustments that would
result if the Group and the Company were unable to continue as a going concern.
Standards affecting the financial statements
The following standards and amendments became effective for the Company in the year ended
31 March 2025. The pronouncements had no material impact on the financial statements (effective
for periods beginning on or after the date in brackets):
– Amendments to IAS 1 regarding the classification of Liabilities as Current or Non-Current
(1 January 2024)
Standards in issue not yet effective
The following standards and amendments are in issue as at the date of the approval of these
financial statements but are not yet effective for the Company. The Directors do not expect that
the adoption of the standards listed below will have a material impact on the financial statements
of the Company in future periods but are continuing to assess the potential impact (effective for
periods beginning on or after the date in brackets).
– Amendments to IAS 21 Lack of exchangeability (1 January 2025)
– Amendments to the classification and measurement of financial instruments (amendments
to IFRS 9 and IFRS 7) (1 January 2026)
– Amendments to IFRS 18 Presentation and disclosures in financial statements (1 January 2027)
There are no other standards or interpretations yet to be effective that would be expected to have
a material impact on the financial statements of the Group.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at
the balance sheet date, that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, are discussed below.
Property valuations
The key source of estimation uncertainty relates to the valuation of the property portfolio, where
a valuation is obtained twice a year from professionally qualified external valuers. The evidence
to support these valuations is based primarily on recent, comparable market transactions on an
arm’s-length basis. However, the assumptions applied are inherently subjective and so are subject
to a degree of uncertainty. Property valuations are one of the principal uncertainties of the Group and
details of the accounting policies applied in respect of valuation are set out below. The valuation is
most subjective to the inputs of net initial yield, equivalent yield and Estimated Rental Value (ERV),
which are considered by the Group to be the assumptions with the highest risk of causing a material
movement in the next financial year. Note 9 includes details and sensitivities of these outputs.
The Directors have considered the climate related risks as detailed on pages 50 to 52 and their
impact on the financial statements and have concluded that they do not have a material impact.
Critical judgements in applying the Group’s accounting policies
In the process of applying the Group’s accounting policies, which are described below, the
Directors do not consider there to be significant judgements applied with regard to the policies
adopted, other than in respect of property valuations as described above.
Assura plc
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Strategic report Governance Financial statements Additional information 100

2. Material accounting policy information (continued)
Basis of consolidation
Subsidiaries, associates and joint ventures
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group
obtains control, and continue to be consolidated until the date that such control ceases. Control
comprises power over the entity, exposure to variable returns and the ability to use its power over
the entity to affect the amount of returns.
Investments in associates and joint ventures are accounted for using the equity method, initially
recognised at cost and adjusted for post-acquisition changes in the Group’s share of the net assets.
Losses of the joint venture in excess of the Group’s interest are not recognised. Investments which
are not deemed to be subsidiaries or associates due to insufficient control are initially held at cost
and subsequently remeasured to fair value through the income statement.
Where properties are acquired through the purchase of a corporate entity but the transaction
does not meet the definition of a business combination under IFRS 3, the purchase is treated as
an asset acquisition. Where the acquisition is considered a business combination, the excess of
the consideration transferred over the fair value of assets and liabilities acquired is held as
goodwill, initially recognised at cost with subsequent impairment assessments completed at least
annually. Where the initial calculation of goodwill arising is negative, this is recognised immediately
in the income statement. Where the Group acquires investment properties in exchange for the
issuance of shares, these are accounted for as equity-settled share-based payments in accordance
with IFRS 2. As the fair value of the properties can be estimated reliably, these are recorded at fair
value with a corresponding increase in equity.
Foreign currency transactions
Transactions in foreign currencies are translated into the functional currency as at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency at the exchange rate at the reporting date.
The translation reserve comprises of foreign currency differences arising from the translation
of the of foreign operations into the functional currency.
Property portfolio
Properties are externally valued on an open market basis, which represents fair value, as at the
balance sheet date and are recorded at valuation.
Investment property under construction (IPUC) is valued as if complete, with appropriate
deductions for expected cost to complete and theoretical developer’s margin on remaining costs.
Any surplus or deficit arising on revaluing investment property and IPUC is recognised in the
income statement.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
All costs associated with the purchase and construction of IPUC are capitalised including
attributable interest. Interest is calculated on the expenditure by reference to specific borrowings
where relevant and otherwise on the average rate applicable to loans. When IPUC are completed,
they are classified as investment properties.
Leasehold properties that are leased out to occupiers under operating leases are classified as
investment properties or development properties, as appropriate, and included in the balance
sheet at fair value.
Where an investment property is held under a head lease it is initially recognised as an asset as the
sum of the premium paid on acquisition and the present value of minimum ground rent payments.
The corresponding rent liability to the head leaseholder is included in the balance sheet as a head
lease liability. Short-term leases (less than 12 months) or those of low value assets are kept off
balance sheet in accordance with IFRS 16.
The market value of investment property as estimated by an external valuer is increased for the
unamortised pharmacy lease premium held at the balance sheet date. Properties are classified
as assets held for sale when it is considered highly probable that it will be disposed in the next
financial year and are recorded at the lower of carrying value and fair value less costs to sell.
Costs incurred prior to a development being legally committed (‘on site') are recorded as property
work in progress and held at cost, being transferred to investment property under construction
when the scheme becomes legally committed (i.e. agreement for lease in place and NHS approval
is received).
Net rental income
Rental income is recognised on an accruals basis and recognised on a straight-line basis over the
lease term. A rent adjustment based on open market estimated rental value is recognised from the
rent review date in relation to unsettled rent reviews. Pharmacy lease premiums received from
occupiers are spread over the lease term to the break, even if the receipts are not received on such
a basis. The lease term is the non-cancellable period of the lease. Property operating expenses are
expensed as incurred and property operating expenditure not recovered from occupiers through
service charges is charged to the income statement.
In accordance with IFRS 15, service charge income and expenditure is shown gross on the face
of the income statement, presented within the capital and non-EPRA column in accordance with
EPRA guidelines.
Gains on sale of properties
Gains on sale of properties are recognised on the completion of the contract and are calculated by
reference to the carrying value at the end of the previous reporting period, adjusted for subsequent
capital expenditure.
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2. Material accounting policy information (continued)
Financial assets and liabilities
Trade receivables are recorded at transaction value and trade payables are recorded at invoice
value (including VAT where applicable). Appropriate provisions are made for expected credit losses
considering historical credit losses incurred and future expected losses.
Other investments are shown at amortised cost and held as loans and receivables. Loans and
receivables are initially valued at fair value less directly attributable transaction costs. After
recognition, loans and receivables are measured at amortised cost using the effective interest
method, less any impairment. Interest income is recognised by applying the effective interest rate.
Debt instruments are stated at their net proceeds on issue. Finance charges including premiums
payable on settlement or redemption and direct issue costs are spread over the period to
redemption at a constant rate on the carrying amount of the liability.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset
expire or when substantially all the risks and rewards of ownership of the asset have been
transferred to another entity. Any difference between the asset’s carrying value and any
consideration received is recognised in the income statement.
Financial liabilities are derecognised only when the Group’s obligations have been discharged,
cancelled or have expired. The difference between the carrying amount of the financial liability
derecognised and the consideration paid is recognised in the income statement.
Financial instruments
Cash equivalents comprise of cash and short-term deposits, measured at amortised cost.
Tax
Current tax is expected tax payable on any non-REIT taxable income for the period and is
calculated using tax rates that have been enacted or substantively enacted at the balance sheet
date. Taxable profit differs from net profit as reported in the income statement because it excludes
items of income or expense that are not taxable (or tax deductible).
Deferred tax is provided on items that may become taxable at a later date, on the difference
between the balance sheet value and tax base value.
Alternative performance measures
In the reporting of financial information, the Group uses certain measures (non-GAAP measures,
also known as ‘Alternative Performance Measures') that are not required under IFRS, the generally
accepted accounting principles (GAAP) under which the Group reports. The Board believes that
these measures provide additional useful information on performance and trends to shareholders,
in particular where EPRA measures are used to aid comparability between real estate companies,
and Headline Earnings which is required to be reported under the listing rules of the Johannesburg
Stock Exchange. These are used by the Board for internal performance analysis and incentive
compensation arrangements for employees. They are not intended to be a substitute for, or
superior to, GAAP measures. See Notes 6 and 7 for EPRA measures and the Glossary for a
description of key terms.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Income statement definitions
EPRA earnings represents profit calculated in accordance with the guide published by the
European Public Real Estate Association. See Note 6 for details of the adjustments, and the
Glossary for description of key terms.
Capital and non-EPRA represents all other statutory income statement items that are excluded from
EPRA earnings.
Employee costs
Defined contribution pension plans
Obligations for contributions to defined contribution pension plans are charged to the income
statement as incurred.
Share-based employee remuneration
Share-based employee remuneration is determined with reference to the fair value of the equity
instruments at the date at which they are granted and charged to the income statement over the
vesting period on a straight-line basis. The fair value of share options is calculated using an
appropriate valuation model and is dependent on factors including the exercise price, expected
volatility, option life and risk-free interest rate. IFRS 2 Share-based Payment has been applied to
share options granted.
Segmental information
The Group is run and management assess performance as one business and as such no segmental
analysis is presented for the current or prior year results. Results attributable to our Irish operations
have been disclosed in Note 3.
3. Net rental income
During the year, £2.0 million of rental revenue was generated from operations in Ireland
(2024: £1.5 million).
Assura plc
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Strategic report Governance Financial statements Additional information 102

4. Administrative expenses
The Group operates a defined contribution pension scheme, available to all employees. The Group
contribution to the scheme during the year was £341,345 (2024: £305,300), which represents the
total expense recognised through the income statement.
The average number of employees in the year was 78 (2024: 73).
Full disclosure of Directors’ emoluments, as required by the Companies Act 2006, can be found
in the Remuneration Report on pages 67 to 85, see audited statement on page 82.
(a) Auditor’s remuneration
5. Finance costs
Interest was capitalised on property developments at the appropriate cost of finance
at commencement. During the year this ranged from 4% to 5% (2024: 4% to 5%).
6. Earnings per Ordinary Share
The current number of potentially dilutive shares relates to nil-cost options under the share-based
payment arrangements and is 3.7 million (2024: 1.3 million).
The EPRA measures set out above are in accordance with the Best Practice Recommendations
of the European Public Real Estate Association dated September 2024.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
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Strategic report Governance Financial statements Additional information 103

6. Earnings per Ordinary Share (continued)
Headline earnings per share
The JSE Listings Requirement require disclose of headline earnings, calculated in accordance
with Circular 1/2023 – Headline Earnings as issued by the South African Institute of Chartered
Accountants. The table below illustrates this figure, which is in line with EPRA earnings.
7. NAV per Ordinary Share
For definitions of the above EPRA NAV metrics, see appendix A.
Mark to market adjustments have been provided by the counterparty or by reference to the quoted
fair value of financial instruments.
8. Investments in subsidiaries, equity accounted and other investments
Below is a listing of all subsidiaries of Assura plc:
1. Indicates subsidiary owned by intermediate subsidiary of Assura plc.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 104

8. Investments in subsidiaries, equity accounted and other investments (continued)
1. Indicates subsidiary owned by intermediate subsidiary of Assura plc.
2. Indicates subsidiary exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts
by virtue of Section 479A of that Act.
All companies are wholly owned by the Group (holding the Ordinary Shares) and registered
in England unless otherwise indicated.
Taking into consideration the facts of each transaction, acquisitions of companies completed
during the years ended 31 March 2025 and 31 March 2024 have been accounted for as asset
purchases as opposed to business combinations. This is on the basis that substantially all of the
assets acquired were investment properties.
The Group holds the following equity accounted and other investments:
Joint ventures
The Group holds investments in three joint ventures:
During the year, a new £250m joint venture has been entered into with the Universities
Superannuation Scheme (‘USS'), with Assura retaining a 20% equity interest. The portfolio was
initially seeded with seven assets valued at £107 million, and a further tranche of seven assets for
£64 million (one asset for £13 million completed post year end). The investments into the joint
venture (£34.2 million) and dividends received (£0.4 million) are related party transactions. Each of
the joint ventures are registered in England (3 Barrington Road, Altrincham, WA14 1GY). The income
statement and balance sheets of the joint venture results are presented below and show the
Group’s share of the results, unless otherwise stated.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 105

8. Investments in subsidiaries, equity accounted and other investments (continued)
The movement in the Group’s equity accounted investments in joint ventures during the year
is shown below:
Joint ventures’ summary financial statements for the year ended 31 March 2025:
Summarised income statement
Summarised balance sheet
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Joint ventures’ summary financial statements for the year ended 31 March 2024:
Summarised income statement
Summarised balance sheet
Other investments
During the year ended 31 March 2020, a 100% subsidiary of the Group committed to invest up to
£5 million in PI Labs III LP, a limited partnership registered in England (LP020025, registered address
151 Wardour Street, London, W1F 8WE). £3.5 million had been invested as at 31 March 2025
(2024: £2.7 million). During the year, a dividend of £0.1 million was received (2024: £nil). This
investment has initially been recorded at cost and will subsequently be recorded at fair value
through the income statement. At 31 March 2025, the Group owns less than 10% (2024: <10%).
The movement in the Group’s equity accounted and other investments during the year is shown below:
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 106

9. Property assets
Investment property and investment property under construction (‘IPUC').
Properties are stated at fair value as at 31 March 2025. The fair value has been determined by the
Group’s external valuers Cushman & Wakefield and Jones Lang LaSalle. The properties have been
valued individually and on the basis of open market value (which the Directors consider to be
the fair value) in accordance with RICS Valuation – Professional Standards 2020 (‘the Red Book').
Valuers are paid on the basis of a fixed fee arrangement, subject to the number of properties valued.
Investment property includes a £5.3 million head lease liability (2024: £5.8 million).
At March 2025, there are five assets held as available for sale (2024: one asset). These properties
are either being actively marketed for sale or have a negotiated sale agreed which is currently
in legal hands.
Fair value hierarchy
The fair value measurement hierarchy for all investment property and IPUC as at 31 March 2025 was
Level 3 – Significant unobservable inputs (2024: Level 3). There were no transfers between Levels 1,
2 or 3 during the year.
Descriptions and definitions relating to valuation techniques and key unobservable inputs made
in determining fair values are as follows:
Valuation techniques used to derive Level 3 fair values
The valuations have been prepared on the basis of fair market value which is defined in the
Red Book as “the estimated amount for which an asset or liability should exchange on the valuation
date between a willing buyer and a willing seller in an arms-length transaction after proper marketing
and where the parties had each acted knowledgeably, prudently and without compulsion”.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
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Strategic report Governance Financial statements Additional information 107

9. Property assets (continued)
Unobservable inputs
The key unobservable inputs in the property valuation are the net initial yield, the equivalent yield
and the ERV, which are explained in more detail below. It is also worth noting that the properties
are subject to physical inspection by the valuers on a rotational basis (at least once every three years).
In respect of 97% of the portfolio by value, the net initial yield ranges from 4.0% to 8.5%
(2024: 3.8% to 8.5%) and for 98% of the portfolio by value, the equivalent yield ranges from 4.0%
to 8.5% (2024: 3.9% to 8.5%). A decrease in the net initial or equivalent yield applied to a property
would increase the market value. Factors that affect the yield applied to a property include the
weighted average unexpired lease term, the estimated future increases in rent, the strength of the
occupier covenant and the physical condition of the property. Lower yields generally represent
properties with index-linked reviews, 100% NHS tenancies and longer unexpired lease terms,
ranging from 4.0% to 4.5%. Higher yields (range 6.0% to 8.5%) are applied for a weaker occupier
mix and leases approaching expiry. Our properties have a range of occupier mixes, rent review
basis and unexpired terms. A 0.25% shift in either net initial or equivalent yield would have
approximately a £133 million (2024: £116 million) impact on the investment property valuation.
The ERV ranges from £100 to £700 per sq.m (2024: £100 to £750 per sq.m), in respect of 96%
of the portfolio by value. An increase in the ERV of a property would increase the market value.
A 2% increase in the ERV would have approximately a £62 million (2024: £52 million) increase in the
investment property valuation. The nature of the sector we operate in, with long unexpired lease
terms, low void rates, low occupier turnover and upward only rent review clauses, means that a
significant fall in the ERV is considered unlikely.
Property work in progress
10. Property, plant and equipment
The Group holds computer and other equipment assets with a cost of £2.5 million (2024: £2.7 million)
and accumulated depreciation of £1.3 million (2024: £1.7 million), giving a net book value of £1.1 million
(2024: £1.0 million).
There were £0.3 million of additions during the year (2024: £1.0 million), £0.6 disposals (2024: £nil)
and depreciation charged to the income statement was £0.2 million (2024: £0.3 million).
Depreciation is charged on a straight-line basis over the estimated useful economic life of the asset.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
11. Cash, cash equivalents and restricted cash
Restricted cash arises where there are rent deposits, interest payment guarantees or cash is
ring-fenced for committed property development expenditure, which is released to pay contractors’
invoices directly.
12. Trade and other receivables
Trade receivables are recognised initially at their transaction price and subsequently measured
at amortised cost less loss allowance for expected credit losses.
The Group’s principal customers are invoiced and pay quarterly in advance, usually on the English
quarter days. Other debtors are generally on 30–60 days’ terms. No credit loss provision was
required during the year (2024: £nil). As at 31 March 2025 and 31 March 2024, the analysis of trade
debtors that were past due but not impaired is as follows:
The Group has not recognised a loss allowance as historical experience has indicated that the risk
profile of trade receivables is deemed low and the bulk of the Group’s income derives from the
NHS or is reimbursed by the NHS; the risk of default is not considered significant.
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Strategic report Governance Financial statements Additional information 108

13. Trade and other payables
The maturity of trade and other payables is disclosed in Note 22.
14. Head lease liabilities
Head lease liabilities are amounts payable in respect of leasehold investment property held by the
Group. The fair value of the Group’s lease liabilities is approximately equal to their carrying value.
The minimum payments due under head lease liabilities is disclosed in Note 22.
15. Deferred revenue
16. Borrowings
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
The Group has the following bank facilities:
1. Ten-year senior unsecured bond of £300 million at a fixed rate of 3% maturing July 2028, 10-year
senior unsecured Social Bond of £300 million at a fixed interest rate of 1.5% maturing September
2030 and 12-year senior unsecured Sustainability Bond of £300 million at a fixed rate of 1.625%
maturing June 2033. The Social and Sustainability Bonds were launched in accordance with
Assura’s Social & Sustainable Finance Frameworks respectively to be used for eligible investment
in the acquisition, development and refurbishment of publicly accessible primary care and
community healthcare centres. The bonds are subject to an interest cover requirement of at
least 150%, maximum LTV of 65% and priority debt not exceeding 0.25:1. In accordance with
pricing convention in the bond market, the coupon and quantum of the facility are set to round
figures with the proceeds adjusted based on market rates on the day of pricing.
2. Three-year club unsecured revolving credit facility with Barclays, HSBC, NatWest and Santander,
with an option to extend by two additional one-year periods. In October 2023, this was
refinanced to October 2026, increasing the facility from £125 million to £200 million, and
reducing the margin which starts at 1.35% above SONIA subject to LTV. The margin has a ratchet
linked to LTV, increasing up to 1.75% where the LTV is in excess of 45%, and a potential
adjustment of five basis points linked to performance against sustainability targets. The facility is
subject to a historical interest cover requirement of at least 175% and maximum LTV of 60%. As
at 31 March 2025, £26 million of the facility was drawn (2024: undrawn).
3. Ten-year notes in the US private placement market for a total of £100 million. The notes are
unsecured, have a fixed interest rate of 2.65% and were drawn on 13 October 2016. An additional
£107 million of notes were issued in two series, £47 million in August 2019 and £60 million in
October 2019, with maturities of 10 and 15 years respectively and a weighted average fixed
interest rate of 2.30%. The facilities are subject to a historical interest cover requirement of at
least 175%, maximum LTV of 60% and a weighted average lease length of seven years. All notes
are denominated in GBP.
4. £150 million of unsecured privately placed notes in two tranches with maturities of eight and ten
years drawn on 20 October 2017. The weighted average coupon is 3.04%. The facility is subject
to a historical cost interest cover requirement of at least 175%, maximum LTV of 60% and a
weighted average lease length of seven years.
5. £266 million term loan was drawn in August 2024 with Barclays. This is a two-year loan, with an
option to extend by two additional one-year periods, at a margin of 1.1% above SONIA, and a
potential adjustment of five basis points linked to performance against sustainability targets.
The loan matures in August 2026 with an option to extend by two additional one-year periods.
An interest rate swap has been put in place for the full two-year term, replacing SONIA with a
fixed rate of 4.148%. As at 31 March 2025, the fair value of this derivative financial instrument was
a liability of £0.1 million (2024: n/a).
The Group has been in compliance with all financial covenants on all of the above loans as
applicable throughout the year. Debt instruments held at year end have prepayment options that
can be exercised at the sole discretion of the Group. As at the year end no prepayment option has
been exercised. Borrowings are stated net of unamortised loan issue costs and unamortised bond
pricing adjustments totalling £9.4 million (2024: £10.1 million).
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 109

17. Share capital and other reserves
There is no difference between the number of Ordinary Shares issued and authorised. At the AGM
each year, approval is sought from shareholders giving the Directors the ability to issue Ordinary
Shares, up to 10% of the Ordinary Shares in issue at the time of the AGM.
The Ordinary Shares issued in April 2023, July 2023, October 2023, January 2024, April 2024, July 2024
and October 2024 were issued to shareholders who elected to receive Ordinary Shares in lieu of
a cash dividend under the Company scrip dividend alternative. In the year to 31 March 2025 this
increased share capital by £2.0 million and share premium by £5.6 million (2024: £2.4 million and
£8.2 million respectively).
The Ordinary Shares issued on 8 August 2024 were issued as part consideration for the acquisition
of 14 private hospitals. The shares have been recorded by reference to the fair value of the
properties acquired, taking into account the other elements of the consideration (i.e. cash paid).
The purchase price of the properties at the transaction date is deemed to be equal to the fair value
as they were acquired in a competitive process.
The Ordinary Shares issued in July 2023 and July 2024 relate to employee share awards under the
Performance Share Plan.
The share capital relates to the Group and Company.
Other reserves
The merger reserve £231.2 million (2024: £231.2 million) relates to the capital restructuring in January
2015 whereby Assura plc replaced Assura Group Limited as the top company in the Group and was
accounted for under merger accounting principles.
The other reserve relates to the foreign exchange translation reserve £(0.9) million (2024: £(0.2) million)
and hedge reserve £(0.1) million (2024: £nil).
18. Dividends paid on Ordinary Shares
The April dividend for 2025/26 of 0.84 pence per share was paid on 9 April 2025 and the July
dividend for 2025/26 of 0.84 pence per share was paid on 9 July 2025.
A scrip dividend alternative was introduced with effect from the January 2016 quarterly dividend.
Details of shares issued in lieu of dividend payments can be found in Note 17.
The April 2023, July 2023, October 2023, April 2024, July 2024 and October 2024 dividends were
PIDs as defined under the REIT regime. Future dividends will be a mix of PID and normal dividends
as required.
The dividends paid disclosure relates to both the Group and Company.
19. Share-based payments
As at 31 March 2025 the Group has two long-term incentive schemes in place – the Performance
Share Plan (PSP) and the newly introduced Share Incentive Plan (SIP).
The long-term incentive arrangements are structured so as to align the incentives of relevant
Executives with the long-term performance of the business and to motivate and retain key
members of staff. To the extent practicable long-term incentives are provided through the use of
share-based (or share-fulfilled) remuneration to provide alignment of objectives with the Group’s
shareholders. Long-term incentive awards are granted by the Remuneration Committee, which
reviews award levels on a case by case basis.
The SIP is open to all permanent employees that have passed their probationary period and works
on the principle of the Group matching voluntary employee contributions deducted from the
monthly payroll. This scheme is accounted for as an expense when the shares are granted to the
employees, with the fair value based on the share price on the day of grant.
As at 31 March 2025, the Employee Benefit Trust held 968,439 (2024: 736,739) Ordinary Shares of
10 pence each in Assura plc. The Trust remains in place to act as a vehicle for the issuance of new
shares under the PSP and holding any restricted shares awarded to employees.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 110

19. Share-based payments (continued)
Performance Share Plan
During the year, 3,765,367 nil-cost options were awarded to senior management under the PSP.
Participants’ awards will vest after a three-year period if certain targets relating to TSR, EPS or
Total Accounting Return and ESG are met, as detailed in the Remuneration Committee Report.
The following table illustrates the movement in options (all of which were nil-cost options) outstanding:
Of the options outstanding at 31 March 2025, 2,171,294 for the period ending 31 March 2025,
3,056,797 for the period ending 31 March 2026 and 3,765,367 for the period ending 31 March 2027.
The fair value of the newly issued PSP equity settled options granted during the year was
estimated as at the date of grant using the Monte Carlo Model, taking into account the terms
and conditions upon which awards were granted. The following table lists the key inputs to the
models used:
The expected volatility reflects the assumption that the historical volatility is indicative of future
trends, which may not necessarily be the actual outcome.
The fair value of the awards granted in 2025 was £1,403,934 based on the market price at the date
the units were granted. This cost is allocated over the vesting period. The cost allocation for all
outstanding units in the period was a charge of £0.6 million (2024: £0.6 million).
20. Note to the consolidated cash flow statement
21. Tax and deferred tax
The tax charge for the year is lower than (2024: lower than) the standard rate of corporation tax
in the UK. The differences from the standard rate of tax applied to the profit before tax may be
analysed as follows:
The Group elected to be treated as a UK REIT with effect from 1 April 2013. The UK REIT rules
exempt the profits of the Group’s property rental business from corporation tax. Gains on
properties are also exempt from tax, provided they are not held for trading or sold in the three
years post completion of development. The Group will otherwise be subject to UK corporation
tax at 25% in 2024/25 (2023/24: 25%) and Irish corporation tax at a rate of 25% (2023/24: 25%).
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 111

21. Tax and deferred tax (continued)
As a REIT, the Group is required to pay Property Income Distributions (PIDs) equal to at least 90%
of the Group’s rental profit calculated by reference to tax rules rather than accounting standards.
During the year, the April 2024, July 2024 and October 2024 dividends paid by the Group were
PIDs. Future dividends will be a mix of PID and normal dividends as required. To remain as a UK REIT
there are a number of conditions to be met in respect of the principal company of the Group,
the Group’s qualifying activities and the balance of business. The Group remains compliant
at 31 March 2025.
The deferred tax asset consists of the following:
The Group has recognised deferred tax assets for unused tax losses that it believes are recoverable.
The amounts of deductible temporary differences and unused tax losses (which have not been
recognised) are as follows:
The majority of tax losses carried forward relate to capital losses generated on the disposal
of former divisions of the Group.
The unrecognised deferred tax asset arising on tax losses carried forward and accelerated capital
allowances for the year ended 31 March 2025 has been calculated at a rate of 25%.
22. Financial instruments
The Group holds cash and liquid resources as well as having debtors and creditors that arise
directly from its operations.
The main risks arising from the Group’s financial instruments and properties are credit risk, liquidity
risk, interest rate risk and capital risk. The Board regularly reviews and agrees policies for managing
each of these risks and these are summarised below.
Credit risk
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a
commitment that it has entered into with the Group.
In the event of a default by an occupational occupier, the Group will suffer a rental income shortfall
and may incur additional costs, including legal expenses, in maintaining, insuring and re-letting the
property. Given the nature of the Company’s occupiers and enhanced rights of landlords who can
issue proceedings and enforcement by bailiffs, defaults are rare and potential defaults are managed
carefully by the credit control department. The maximum credit exposure in aggregate is one
quarter’s rent of circa £44 million; however, this amount derives from all the occupiers in the
portfolio and such a scenario is hypothetical. The Group’s credit risk is well spread across circa
1,300 occupiers at any one time. Furthermore the bulk of the Group’s property income derives from
the NHS or is reimbursed by the NHS, which has an obligation to ensure that patients can be seen
and treated and steps in when GPs are unable to practise, hence the risk of default is minimal.
The maximum credit risk exposure relating to financial assets is represented by their carrying values
as at the balance sheet date.
Liquidity risk
Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds
to meet financial commitments. Investments in property are relatively illiquid; however, the Group
has tried to mitigate this risk by investing in modern purpose-built medical centres which are let to
GPs and NHS PropCo. In order to progress its property investment and development programme,
the Group needs access to bank and equity finance, both of which may be difficult to raise
notwithstanding the quality, long lease length, NHS backing, and geographical and lot size
diversity of its property portfolio.
The Group manages its liquidity risk by ensuring that it has a spread of sources and maturities. The
current £200 million revolving credit facility is due to mature in October 2026 (with extension
options available), and the next maturity of the long-term fixed facilities is October 2025 (£70 million
private placement).
The Group has entered into commercial property leases on its investment property portfolio.
These non-cancellable leases have remaining terms of up to 30 years and have a WAULT of 12.7
years. All leases are subject to revision of rents according to various rent review clauses.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 112

22. Financial instruments (continued)
Future minimum rentals receivable under non-cancellable operating leases along with trade and
other receivables as at 31 March are as follows:
Receivables as at 31 March 2025
The table below summarises the maturity profile of the Group’s financial liabilities, including
interest, at 31 March 2025 and 31 March 2024 based on contractual undiscounted payments at the
earliest date on which the Group can be required to pay.
Interest rate risk
The Group’s exposure to market risk for changes in interest rates relates primarily to the Group’s
cash deposits and, as debt is utilised, long-term debt obligations. The Group’s policy is to manage
its interest cost using fixed rate debt, or by interest rate swaps, for the majority of loans and
borrowings although the Group will accept some exposure to variable rates where deemed
appropriate and restricted to one third of the loan book.
The ageing analysis of the financial assets and liabilities excluding trade receivables and payables
of the Group at 31 March 2025 was as follows:
Details of the principal amounts, maturities, interest rates and covenants of all debt instruments are
provided in Note 16.
The ageing analysis of the financial assets and liabilities excluding trade receivables and payables
of the Group at 31 March 2024 was as follows:
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 113

22. Financial instruments (continued)
Sensitivity analysis
The table below shows the book and fair value of financial instruments. As at 31 March 2025,
100% of long-term debt drawn by the Group is subject to fixed interest rates or interest rate swaps
and the only current variable rate facility is the RCF which is £26 million at the balance sheet date
(2024: £nil) and the £266 million term loan (which is fully hedged by an interest rate swap). A 0.25%
movement in interest rates (deemed to be a reasonable approximation of possible changes in
interest rates) would a £0.1 million change to profit (2024: no change to profit), based on the
amount of variable rate debt drawn at the period end.
The Group is exposed to the valuation impact on investor sentiment of long-term interest rate
expectations, which can impact transactions in the market and increase or decrease valuations
accordingly. The fair value of long-term loans has been included by reference to either quoted prices
in active markets (Level 1), calculated by reference to observable estimates of interest rates (Level 2),
or book value is determined to be approximately equal to fair value for variable rate debt (other).
Capital risk
The Group manages its capital structure and makes adjustments to it in light of changes in
economic conditions. To maintain or adjust the capital structure, the Group may make disposals,
adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
The Group monitors capital structure with reference to LTV, which is calculated as net debt divided
by total property. The LTV percentage on this basis is 47% at 31 March 2025 (31 March 2024: 45%).
Financial liabilities, which comprise loans and head lease liabilities in the table above, have
increased from £1,252.8 million to £1,544.9 million as at 31 March 2025.
23. Commitments
At the year end the Group had three (2024: eight) committed developments which were all on
site with a contracted total expenditure of £29.6 million (2024: £91.2 million) of which £9.6 million
(2024: £49.2 million) had been expended. The remaining commitment is therefore £19.9 million
(2024: £42.0 million).
In addition, the Group is on site with one asset enhancement capital projects (2023: six) with a
contracted total expenditure of £3.6 million (2024: £4.0 million) of which £2.1 million (2024: £2.1 million)
had been expended. The remaining commitment is therefore £1.5 million (2024: £1.9 million).
As detailed in Note 8, the Group is committed to invest up to £5 million in PropTech investor PI Labs
III LP, which can be requested on demand to cover investments that the fund makes in qualifying,
selected PropTech businesses. £3.5 million had been invested as at 31 March 2025.
As detailed in Note 8, the Group has entered into a joint venture with USS which has an initial target
size of £250 million. The Group has a 20% interest in this joint venture and is therefore committed to
invest £50 million in qualifying identified assets. As at 31 March 2025, the fund has reached £159 million
and therefore a further £91 million is required to reach the £250 million initial target. Assura’s current
commitment is therefore £18.2 million.
24. Related party transactions
Details of transactions during the year and outstanding balances at 31 March 2025 in respect
of investments held are detailed in Note 8.
Details of payments to key management personnel are provided in Note 4.
25. Post balance sheet events
As explained in the going concern section, the Group is currently subject to two takeover offers
which, if either is accepted by shareholders, would result in a change of control. There is no
certainty that this will proceed and accordingly no adjustments have been made to the accounting
policies or financial statements as a result.
NOTES TO THE ACCOUNTS CONTINUED
For the year ended 31 March 2025
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 114

Note
2025
£m
2024
£m
Revenue
Dividends received from subsidiary companies 60.0 75.0
Group management charge 3.6 4.4
Total revenue 63.6 79.4
Administrative expenses (5.1) (4.1)
Share-based payment charge (0.9) (0.5)
Operating profit 57.6 74.8
Finance costs (0.7) –
Profit before taxation 56.9 74.8
Taxation – –
Profit attributable to equity holders 56.9 74.8
All amounts relate to continuing activities. There were no items of other comprehensive
income or expense and therefore the profit for the period also reflects the Company’s total
comprehensive income.
Company income statement
For the year ended 31 March 2025
Company balance sheet
As at 31 March 2025
Note
2025
£m
2024
£m
Non-current assets
Investments in subsidiary companies B 87.5 87.5
Amounts owed by subsidiary companies C 1,367.0 1,302.1
1,454.5 1,389.6
Current assets
Cash and cash equivalents D – –
Other receivables 0.1 0.1
0.1 0.1
Current liabilities
Trade and other payables (5.9) (2.0)
Net assets 1,448.7 1,387.7
Capital and reserves
Share capital 17 325.1 298.5
Share premium 1,013.6 932.7
Retained earnings 110.0 156.5
Total equity 1,448.7 1,387.7
The financial statements were approved at a meeting of the Board of Directors held on 18 July 2025
and signed on its behalf by:
Jonathan Murphy Jayne Cottam
CEO CFO
Assura plc
Registered Company Number: 9349441
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 115

Note
Share
capital
£m
Share
premium
£m
Retained
earnings
£m
Total
equity
£m
1 April 2023 296.1 924.5 177.3 1,397.9
Profit attributable to equity holders – – 74.8 74.8
Total comprehensive income – – 74.8 74.8
Dividends 18 2.4 8.2 (96.1) (85.5)
Employee share-based incentives – – 0.5 0.5
31 March 2024 298.5 932.7 156.5 1,387.7
Profit attributable to equity holders – – 56.9 56.9
Total comprehensive income – – 56.9 56.9
Issue of Ordinary Shares 17 24.5 75.3 – 99.8
Dividends 18 2.0 5.6 (104.1) (96.5)
Employee share-based incentives 0.1 – 0.7 0.8
31 March 2025 325.1 1,013.6 110.0 1,448.7
Company statement of changes in equity
For the year ended 31 March 2025
Company cash flow statement
For the year ended 31 March 2025
Note
2025
£m
2024
£m
Operating activities
Amounts received from subsidiaries 3.6 4.4
Amounts paid to suppliers and employees (4.9) (3.9)
Net cash (out)/inflow from operating activities (1.3) 0.5
Investing activities
Dividends received from subsidiaries 60.0 75.0
Amounts repaid from subsidiaries 35.1 10.0
Net cash inflow from investing activities 95.1 85.0
Financing activities
Share issue costs (0.5) –
Dividends paid (93.3) (85.5)
Net cash outflow from financing activities (93.8) (85.5)
Decrease in cash, cash equivalents and restricted cash – –
Opening cash, cash equivalents – –
Closing cash, cash equivalents D – –
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 116

A. Accounting policies and corporate information
The accounts of the Company are separate to those of the Group.
The Company complies with the accounting policies defined in Note 1 of the Group accounts,
except as noted below:
Investments in subsidiaries
In the Company financial statements, investments in subsidiaries are held at cost less any provision
for impairment. In addition, the Company recognises dividend income when the rights to receive
payment have been established (normally when declared and paid).
Intercompany receivables
The recoverable amount is reviewed annually by reference to the subsidiary balance sheet and
expected future activities and provides for amounts that may not be considered recoverable. This
is a Group-wide review considering the financial position and performance of each subsidiary, and
checking that adequate resources are in place to meet all obligations. No provisions against
amounts receivable have been deemed necessary (2024: no provision).
The auditor’s remuneration for audit and other services is disclosed in Note 4(a) to the Group
accounts. Disclosure of each Director’s remuneration, share interests, share options, long-term
incentive schemes, pension contributions and pension entitlements required by the Companies
Act 2006 and those specified for audit by the Listing Rules of the Financial Conduct Authority are
shown in the Remuneration Report on pages 67 to 85 and form part of these accounts.
The Directors have been remunerated from a combination of Assura plc and Assura Property
Management Ltd during the year, but it is not practical to allocate this between their services
as executives of Assura plc and Assura Property Management Ltd and their services as Directors
of Assura plc and its subsidiaries.
The average number of employees in the Company during the year was two (2024: two).
B. Investments in subsidiary companies
2025
£m
2024
£m
Cost 87.5 87.5
Details of all subsidiaries as at 31 March 2025 are shown in Note 8 to the Group accounts.
The Company directly holds investments in Assura Group Limited and Assura IH Limited, which are
both intermediate holding companies for the property-owning subsidiaries in the Assura plc Group.
C. Amounts owed by subsidiary companies – non-current
2025
£m
2024
£m
Amounts owed by Group undertakings 1,367.0 1,302.1
Notes to the Company accounts
For the year ended 31 March 2025
The above amounts are unsecured, non-interest bearing and repayable upon demand. The
amounts have been included as non-current as the Company believes it is more representative
as they are not expected to be settled in the normal operating cycle.
The recoverable amount of amounts receivable from subsidiaries is reviewed annually by reference
to the subsidiary balance sheet and expected future activities, with a provision recorded to the
extent the amount is not considered recoverable. No provision has been deemed necessary.
During the year, £100 million of shares were issued with a corresponding increase in intercompany
receivable. The shares were used by a subsidiary for the acquisition of investment property.
D. Cash and cash equivalents
2025
£m
2024
£m
Cash held in current account – –
E. Related party transactions
Charges
received
£m
Dividends
received
£m
Amounts
owed by
£m
Amounts
owed to
£m
Group undertakings
31 March 2025 3.6 60.0 1,367.0 –
31 March 2024 4.4 75.0 1,302.1 –
The above transactions are with subsidiaries.
F. Risk management
Credit risk
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment
that it has entered into with the Company.
Credit risks within the Company derive from non-payment of loan balances. However, as the
balances are receivable from subsidiary companies and annual impairment assessment is completed
which includes intercompany loans, the risk of default is considered minimal.
The maximum credit risk exposure relating to financial assets is represented by the carrying value
as at the balance sheet date.
The Company balance sheet largely comprises illiquid assets in the form of investments in
subsidiaries and loans to subsidiaries, which have been used to finance property investment and
development activities. Accordingly the realisation of these assets may take time and may not
achieve the values at which they are carried in the balance sheet.
The Company had trade and other payables of £5.9 million at 31 March 2025 (31 March 2024:
£2.0 million). There are no differences between the book value of cash and trade payables,
nor is there any meaningful interest rate sensitivity.
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 117

Other information (does not form part of the financial statements)
Appendix A – EPRA Performance Measures
As in previous years, we disclose in line with the EPRA Best Practice Recommendations (latest
version published February 2022). We believe that publishing metrics in line with the industry
standard benchmarks improves the relevance of our accounts, in particular aiding investors with
comparability across real estate companies.
Summary table
2025 2024
EPRA EPS (p) 3.5 3.4
EPRA Cost Ratio (including direct vacancy costs) (%) 12.5 13.2
EPRA Cost Ratio (excluding direct vacancy costs) (%) 11.3 11.7
2025 2024
EPRA NRV (p) 56.8 55.1
EPRA NTA (p) 50.4 49.3
EPRA NDV (p) 55.7 55.3
EPRA NIY (%) 5.23 5.08
EPRA ‘topped-up' NIY (%) 5.24 5.08
EPRA Vacancy Rate (%) 1.8 1.0
EPRA LTV (%) 49 47
EPRA EPS
3.5p
2024: 3.4p
Definition
Earnings from operational activities.
Purpose
A key measure of a company’s underlying operating results and an indication of the extent to which
current dividend payments are supported by earnings.
The calculation of EPRA EPS and diluted EPRA EPS are shown in Note 6 to the accounts.
EPRA NAV Metrics
EPRA NRV
56.8p
2024: 55.1p
EPRA NTA
50.4p
2024: 49.3p
EPRA NDV
55.7p
2024: 55.3p
Definitions
EPRA Net Reinstatement Value assumes that entities never sell assets and aims to represent
the value required to rebuild the entity.
Appendices
EPRA Net Tangible Assets assumes that entities never buy and sell assets thereby crystallising
certain levels of unavoidable deferred tax.
EPRA Net Disposal Value 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.
Purpose
The EPRA NAV set of metrics make adjustments to the NAV per the IFRS financial statements to
provide stakeholders with the most relevant information on the fair value of the assets and liabilities
of a real estate investment company, under different scenarios.
The calculations of EPRA NRV, EPRA NTA and EPRA NDV are shown in Note 7 to the accounts.
EPRA NIY
5.23%
2024: 5.08%
EPRA ‘topped up’ NIY
5.24%
2024: 5.08%
Definitions
EPRA NIY is 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.
EPRA ‘topped-up' NIY – this measure incorporates an adjustment to the EPRA NIY in respect of the
expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods
and step rents).
Purpose
A comparable measure for portfolio valuations, this measure should make it easier for investors to
judge for themselves how the valuation compares with that of portfolios in other listed companies.
2025
£m
2024
£m
Investment property 3,099.1 2,708.3
Less developments (9.8) (49.7)
Completed investment property portfolio 3,089.3 2,658.6
Allowance for estimated purchasers’ costs 205.4 171.3
Gross up completed investment property – B 3,294.7 2,829.9
Annualised cash passing rental income 177.7 150.6
Annualised property outgoings (7.8) (6.9)
Annualised net rents – A 169.9 143.7
Notional rent expiration of rent-free periods or other incentives 0.2 0.2
Topped-up annualised rent – C 170.1 143.9
EPRA NIY – A/B (%) 5.16% 5.08%
EPRA ‘topped-up' NIY – C/B (%) 5.16% 5.08%
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Strategic report Governance Financial statements Additional information 118

Appendix A – EPRA Performance Measures (continued)
EPRA Vacancy Rate
1.8%
2024: 1.0%
Definition
Estimated rental value (ERV) of vacant space divided by ERV of the whole portfolio.
Purpose
A ‘pure' (%) measure of investment property space that is vacant, based on ERV.
2025
£m
2024
£m
ERV of vacant space (£m) 3.4 1.4
ERV of completed property portfolio (£m) 189.5 151.8
EPRA Vacancy Rate (%) 1.8 1.0
EPRA Cost Ratio
(including direct vacancy costs)
12.5%
2024: 13.2%
EPRA Cost Ratio
(excluding direct vacancy costs)
11.3%
2024: 11.7%
Definition
Administrative and operating costs (including and excluding direct vacancy costs) divided by
gross rental income. In the current year, £1.9 million of overheads were capitalised by the Company
(2024: £1.2 million).
Purpose
A key measure to enable meaningful measurement of the changes in a company’s operating costs.
2025
£m
2024
£m
Direct property costs 7.8 6.9
Administrative expenses 14.4 13.2
Share-based payment costs 0.8 0.8
Net service charge costs/fees (0.7) (0.6)
Exclude:
Ground rent costs (0.4) (0.5)
EPRA Costs (including direct vacancy costs) – A 21.9 19.8
Direct vacancy costs (2.2) (2.2)
EPRA Costs (excluding direct vacancy costs) – B 19.8 17.6
Gross rental income less ground rent costs (per IFRS) 174.6 149.7
Share of joint ventures (gross rental income less ground rent costs) 0.7 0.6
Gross rental income – C 175.3 150.3
EPRA Cost Ratio (including direct vacancy costs) – A/C 12.5% 13.2%
EPRA Cost Ratio (excluding direct vacancy costs) – B/C 11.3% 11.7%
EPRA LTV
49%
2024: 47%
Definition
Debt divided by the market value of the property, differing from our usual LTV by the inclusion of
net current payables or receivables and the proportionate share of co-investment arrangements.
Purpose
To assess the gearing of the shareholder equity
2025
£m
2024
£m
Group
Share of
joint
ventures Combined Group
Share of
joint
ventures Combined
Borrowings 1,539.6 7. 6 1,547.2 1,246.9 6.8 1,253.7
Net payables 58.6 4.1 62.7 49.0 1.1 50.1
Exclude:
Cash and cash equivalents (58.1) (2.0) (60.1) (35.4) (0.9) (36.3)
Net debt – A 1,540.1 9.8 1,549.9 1,260.5 7.0 1,267.5
Investment properties 3,089.2 45.1 3,134.3 2,658.6 13.0 2,671.6
Investment property under construction 9.8 – 9.8 49.7 – 49.7
Assets held for sale 18.1 – 18.1 0.4 – 0.4
Total Property value – B 3,117.1 45.1 3,162.2 2,708.7 13.0 2,721.7
EPRA LTV – A/B 49% 47%
Property-related capital expenditure
2025
£m
2024
£m
Group
Share of
joint
ventures Combined Group
Share of
joint
ventures Combined
Acquisitions of completed medical centres – 9.3 9.3 17.7 1.2 18.9
Acquisitions of private hospitals 505.6 – 505.6 – – –
Developments/forward-funding arrangements 18.0 – 18.0 73.8 – 73.8
Capitalised interest 0.9 – 0.9 2.0 – 2.0
Investment properties – no incremental
letting space 12.0 – 12.0 11.1 – 11.1
Total capital expenditure 536.5 9.3 545.8 104.6 1.2 105.8
Conversion from accrual to cash basis (105.2) – (105.2) (6.3) – (6.3)
Total capital expenditure on cash basis 431.2 9.3 440.6 98.3 1.2 99.5
APPENDICES CONTINUED
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Strategic report Governance Financial statements Additional information 119

Appendix B
Medical centres valued over £10 million.
Building official name Town Build date Sq.m List size
NHS rent
%
79 Harley Street Marylebone 2006 1,492 – n/a
Ashfields Health Centre Sandbach 2004 1,567 28,561 89%
Aspen Centre Gloucester 2014 3,481 21,390 82%
Beam Street Medical Centre Nantwich 2008 3,271 25,940 89%
BMI Duchy Hospital Harrogate 1900 3,978 – n/a
Bonnyrigg Medical Centre Bonnyrigg 2005 4,083 22,977 97%
Buckshaw Treatment Centre Buckshaw
Village 2021 2,415 – n /a
Cancer Centre London Wimbledon 1840 2,024 – n /a
Castlebar Primary Care Centre Castlebar 2016 3,637 – 92%
Centre for Diagnostics,
Oncology & Wellbeing Bristol 2014 1,729 – n/a
Centre for Diagnostics,
Oncology & Wellbeing Windsor 2017 1,831 – n/a
Church View Medical Centre South Kirkby 2013 2,812 12,237 90%
Claremont Hospital Sheffield 1890 6,001 – n/a
Coldharbour Works Brixton 2021 3,988 – 86%
Crompton Health Centre Bolton 2007 2,964 12,964 77%
Dean Street Soho 1990 1,083 – 95%
Dene Drive Primary Care Centre Winsford 2007 2,793 26,166 88%
Durham Diagnostic Treatment Centre Belmont 2018 2,069 – 100%
Eagle Bridge Health & Wellbeing
Centre Crewe 2007 6,809 49,689 91%
Eccles Specialist Education Norwich 1950 5,082 – n/a
Edgbaston Hospital Edgbaston 1965 4,281 – n/a
Fleetwood Health & Wellbeing Centre Fleetwood 2012 5,204 12,440 92%
Freshney Green Primary Care Centre Grimsby 2009 6,590 26,508 78%
Frome Medical Centre Frome 2012 3,736 23,793 88%
Centre for Oncology Guildford 2023 – – n /a
Gyle Square Edinburgh 2003 14,167 – 100%
Highgate Hospital London 1900 3,774 – n/a
Hillside Primary Care Centre London 2008 1,945 15,796 100%
Holly Hospital Buckhurst Hill 1802 8,771 – n /a
Kettering Health Facility Glendon
Lodge 2023 3,537 – n /a
Malmesbury Primary Care Centre Malmesbury 2008 3,205 16,729 86%
Market Drayton Primary Care Centre Market Drayton 2005 3,589 17,690 88%
Moor Park Health & Leisure Centre Blackpool 2011 4,964 24,308 94%
North Ormesby Health Village North
Ormesby 2005 7,652 21,107 59%
Nuffield Health Woking Hospital Woking 1960 4,095 – n/a
Building official name Town Build date Sq.m List size
NHS rent
%
One Life Building Middlesbrough 2005 3,327 9,198 90%
Parkside Hospital London 1982 8,145 – n/a
Priory Health Park Wells 2003 4,628 20,372 79%
Prospect View Medical Centre Malvern 2011 2,325 20,649 91%
Ridge Medical Centre Bradford 2008 3,763 21,543 90%
Severn Fields Health Village Harlescott 2012 6,003 16,931 93%
Sheridan Specialist Education Thetford 1993 599 – n/a
South Bar House Banbury 1980 3,692 28,149 88%
Spire Cheshire Hospital Stretton 1988 4,510 – n/a
St Paul's Medical Centre Cheltenham 1999 5,750 44,243 98%
Stratford Healthcare Centre Stratford Upon
Avon 2005 5,988 15,896 98%
Sudbury Community Health Centre Sudbury 2014 2,937 12,665 100%
Tees Valley Treatment Centre Middlesbrough 2018 4,389 8,499 n/a
The Cavell Hospital Enfield 1970 6,170 – n /a
The Huddersfield Hospital Huddersfield 1970 2,909 – n /a
The Lincoln Hospital Lincoln 1887 3,683 – n/a
The St Edmunds Hospital Bury St
Edmunds 1970 4,092 – n/a
Todmorden Medical Centre Todmorden 2008 4,166 32,416 89%
Turnpike House Medical Centre Worcester 2006 4,132 24,257 89%
Wantage Health Centre Wantage 2003 2,224 35,675 84%
Waters Green Medical Centre Macclesfield 2006 6,018 62,841 93%
Wheatbridge Health Centre Chesterfield 2008 2,675 15,922 71%
Wicklow Primary Healthcare Centre Knockrobin 2015 4,375 – 87%
Appendix C
Portfolio statistics
Portfolio statistics Number
Rent
(£m)
WAULT
(years)
Total floor
area
(sq.m)
Value
(£m) <£1m £1–5m £5–10m >£10m
North East 140 35.1 11.6 163,707 602.0 8.4 260.9 137.2 195.5
Midlands 106 32.9 13.1 144,867 584.2 2.7 190.6 169.4 221.5
South East 116 31.9 13.8 133,053 570.3 7.9 207.2 156.3 198.9
London 70 29.9 17.7 74,848 562.6 0.8 126.1 94.1 341.6
North West 45 15.6 7.1 78,822 280.0 2.0 59.3 56.9 161.8
South West 54 12.5 12.4 66,800 221.1 4.5 89.8 47. 4 79.4
Scotland, Ireland & NI 28 10.2 9.6 59,843 148.3 0.7 37.8 41.9 68.0
Wales 44 7.4 7.7 45,628 132.2 1.5 76.5 54.2 –
603 175.5¹ 12.7 767,568 3,100.7 28.5 1,048.2 757.4 1,266.6
1. Excludes share of JV rent £2.4m.
APPENDICES CONTINUED
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Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 120

AGM is the Annual General Meeting.
ASHP is air source heat pump.
Average Debt Maturity is each tranche of Group debt multiplied by the remaining period
to its maturity and the result divided by total Group debt in issue at the year end.
Average Interest Rate is the Group loan interest and derivative costs per annum at the year end,
divided by total Group debt in issue at the year end.
British Property Federation (‘BPF') is the membership organisation, the voice of the real estate
industry.
Building Research Establishment Environmental Assessment Method (‘BREEAM') assess the
sustainability of buildings against a range of criteria.
Code or New Code is the UK Corporate Governance Code 2018, a full copy of which can be found
on the website of the Financial Reporting Council.
Company is Assura plc.
Direct Property Costs comprise cost of repairs and maintenance, void costs, other direct
irrecoverable property expenses and rent review fees.
District Valuer (‘DV') is the commercial arm of the Valuation Office Agency. It provides professional
property advice across the public sector and in respect of primary healthcare represents NHS
bodies on matters of valuations, rent reviews and initial rents on new developments.
Earnings per Ordinary Share from Continuing Operations (‘EPS') is the profit attributable to
equity holders of the parent divided by the weighted average number of shares in issue during the
period.
EBITDA is EPRA earnings before tax and net finance costs. In the current period this is £153.3
million, calculated as net rental income (£167.1 million) plus income from investments (£1.2 million),
less administrative expenses (£14.4 million) and share-based payment charge (£0.7 million).
ED&I is equality, diversity and inclusion.
European Public Real Estate Association (‘EPRA') is the industry body for European REITs.
EPRA is a registered trademark of the European Public Real Estate Association.
EPRA Cost Ratio is administrative and operating costs divided by gross rental income.
This is calculated both including and excluding the direct costs of vacant space.
EPRA earnings is a measure of profit calculated in accordance with EPRA guidelines, designed
to give an indication of the operating performance of the business, excluding one-off or non-cash
items such as revaluation movements and profit or loss on disposal. See Note 6.
EPRA EPS is EPRA earnings, calculated on a per share basis. See Note 6.
EPRA Loan to Value (‘EPRA LTV') is debt divided by the market value of the property, differing
from our usual LTV by the inclusion of net current payables or receivables and the proportionate
share of co-investment arrangements.
EPRA Net Disposal Value (‘EPRA NDV') is the balance sheet net assets adjusted to reflect the
fair value of debt and derivatives. See Note 7. This replaces the previous EPRA NNNAV metric.
EPRA Net Reinstatement Value (‘EPRA NRV') is the balance sheet net assets excluding deferred
tax and adjusted to add back theoretical purchasers’ costs that are deducted from the property
valuation. See Note 7.
EPRA Net Tangible Assets (‘EPRA NTA') is the balance sheet net assets excluding deferred
taxation. See Note 7. This replaces the previous EPRA NAV metric.
EPRA NIY is annualised rental income based on cash rents passing at the balance sheet date, less
non-recoverable property operating expenses, divided by the market value of property, increased
with (estimated) purchasers’ costs. The ‘topped-up' yield adjusts this for the expiration of rent-free
periods and other unexpired lease incentives.
EPRA Vacancy Rate is the ERV of vacant space divided by the ERV of the whole portfolio.
Equivalent Yield represents the return a property will produce based upon the timing of the
income received. The true equivalent yield assumes rents are received quarterly in advance.
The nominal equivalent assumes rents are received annually in arrears.
ESG is environmental, social and governance.
Estimated Rental Value (‘ERV') is the external valuers’ opinion as to the open market rent which,
on the date of valuation, could reasonably be expected to be obtained on a new letting or rent
review of a property.
EUI is energy usage intensity, being a measure of how much energy is used by a building
per square metre.
GMS is General Medical Services.
Gross Rental Income is the gross accounting rent receivable.
Group is Assura plc and its subsidiaries.
Headline Earnings is an earnings measure required under JSE listing rules. See Note 6.
HSE is the Health Service Executive, the body which provides public health and social care services
to everyone living in Ireland.
IFRS is UK-adopted international accounting standards.
Interest Cover is the number of times net interest payable is covered by EBITDA. In the current
period net interest payable is £41.4 million, EBITDA is £153.3 million, giving interest cover of 3.7 times.
Glossary
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 121

KPI is a Key Performance Indicator.
kWh is kilowatt-hour, being a unit of energy.
Like-for-like represents amounts calculated based on properties owned at the previous year end.
Loan to Value (‘LTV') is the ratio of net debt to the total value of property assets. See Note 22.
Mark to Market is the difference between the book value of an asset or liability and its market value.
MSCI is an organisation that provides performance analysis for most types of real estate and
produces an independent benchmark of property returns.
NAV is Net Asset Value.
Net debt is total borrowings plus head lease liabilities less cash. See Note 22.
Net Initial Yield (‘NIY') is the annualised rents generated by an asset, after the deduction of an
estimate of annual recurring irrecoverable property outgoings, expressed as a percentage of the
asset valuation (after notional purchasers’ costs). Development properties are not included.
Net Rental Income is the rental income receivable in the period after payment of direct property
costs. Net rental income is quoted on an accounting basis.
Operating efficiency is the ratio of administrative costs to the average gross investment property
value. This ratio during the period equated to 0.50%. This is calculated as administrative expenses
of £14.4 million divided by the average property balance of £2,904 million (opening £2,708 million
plus closing £3,099 million, divided by two).
Primary Care Network (‘PCN') is GP practices working with local community, mental health,
social care, pharmacy, hospital and voluntary services to build on existing primary care services
and enable greater provision of integrated health services within the community they serve.
Primary Care Property is the property occupied by health service providers who act as the
principal point of consultation for patients such as GP practices, dental practices, community
pharmacies and high street optometrists.
Property Income Distribution (‘PID') is the required distribution of income as dividends under
the REIT regime. It is calculated as 90% of exempted net income.
PSP is Performance Share Plan.
PV is photo-voltaic panels, commonly referred to as solar panels.
Real Estate Investment Trust (‘REIT') is a listed property company which qualifies for and has elected
into a tax regime which exempts qualifying UK profits, arising from property rental income and gains
on investment property disposals, from corporation tax, but requires the distribution of a PID.
Rent Reviews take place at intervals agreed in the lease (typically every three years) and their
purpose is usually to adjust the rent to the current market level at the review date.
Rent Roll is the passing rent (i.e. at a point in time) being the total of all the contracted rents
reserved under the leases, on an annual basis. At March 2025 the rent roll was £177.9 million
(March 2024: £150.6 million) and the growth in the year was £27.3 million.
Retail Price Index (‘RPI') is an official measure of the general level of inflation as reflected in the
retail price of a basket of goods and services such as energy, food, petrol, housing, household
goods, travelling fares, etc. RPI is commonly computed on a monthly and annual basis.
RPI Linked Leases are those leases which have rent reviews which are linked to changes in the RPI.
SBTi is Science Based Targets initiative.
Total Accounting Return is the overall return generated by the Group including the impact
of debt. It is calculated as the movement on EPRA NTA (see glossary definition and Note 7)
for the period plus the dividends paid, divided by the opening EPRA NTA. Opening EPRA NTA
(i.e. at 31 March 2024) was 49.3 pence per share, closing EPRA NTA was 50.4 pence per share,
and dividends paid total 3.34 pence per share giving a return of 9.0% in the year.
Total Contracted Rent Roll or Total Contracted Rental Income is the total amount of rent to be
received over the remaining term of leases currently contracted. For example, a lease with rent of
£100 and a remaining lease term of ten years would have total contracted rental income of £1,000.
At March 2025, the total contracted rental income was £2.50 billion (March 2024: £1.76 billion).
Total Property Return is the overall return generated by properties on a debt-free basis. It is
calculated as the net rental income generated by the portfolio plus the change in market values,
divided by opening property assets plus additions. In the year to March 2025, the calculation is net
rental income of £167.1 million plus revaluation gain of £57.9 million giving a return of £225.0 million,
divided by £3,236.8 million (opening investment property £2,652.1 million and IPUC £49.7 million
plus additions of £516.9 million and development costs of £18.0 million). This gives a Total Property
Return in the year of 7.0%.
Total Shareholder Return (‘TSR') is the combination of dividends paid to shareholders and the net
movement in the share price during the period, divided by the opening share price. The share price
at 31 March 2024 was 42.6 pence, at 31 March 2025 it was 46.2 pence, and dividends paid during
the period were 3.34 pence per share.
UK GBC is the UK Green Building Council.
Weighted Average Unexpired Lease Term (‘WAULT') is the average lease term remaining to first
break, or expiry, across the portfolio weighted by contracted rental income.
Yield on cost is the estimated annual rent of a completed development divided by the total cost
of development including site value and finance costs expressed as a percentage return.
Yield shift is a movement (usually expressed in basis points) in the yield of a property asset
or like-for-like portfolio over a given period.
Yield compression is a commonly used term for a reduction in yields.
GLOSSARY CONTINUED
Assura plc
Annual Report and Accounts 2025
Strategic report Governance Financial statements Additional information 122

Registered Office
3 Barrington Road
Altrincham
WA14 1GY
Company Number: 9349441
Directors
Sam Barrell
Emma Cariaga
Jayne Cottam
Jonathan Davies
Louise Fowler
Noel Gordon
Jonathan Murphy
Ed Smith
Company Secretary
Orla Ball
Auditor
EY LLP
2 St Peter’s Square
Manchester
M2 3DF
Legal Advisors
CMS Cameron McKenna Nabarro Olswang LLP
DWF Law LLP
Joint Corporate Brokers
Barclays Bank PLC
5 North Colonnade
Canary Wharf
London
EI4 4BB
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
Bankers
Barclays Bank PLC
HSBC plc
NatWest Bank plc
Santander UK plc
Forward-looking statements
This document contains certain statements that are neither reported financial results nor other
historical information. These statements are forward-looking in nature and are subject to risks and
uncertainties. Actual future results may differ materially from those expressed in or implied by these
statements. Many of these risks and uncertainties relate to factors that are beyond Assura’s ability
to control or estimate precisely, such as future market conditions, the behaviour of other market
participants, the actions of governmental regulators and other risk factors such as the Company’s
ability to continue to obtain financing to meet its liquidity needs, changes in the political, social
and regulatory framework in which the Company operates or in economic or technological trends
or conditions, including inflation and consumer confidence, on a global, regional or national basis.
Readers are cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this document. Assura does not undertake any obligation to publicly
release any revisions to these forward-looking statements to reflect events or circumstances after
the date of this document. Information contained in this document relating to the Company should
not be relied upon as a guide to future performance.
Corporate information
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Assura plc
3 Barrington Road
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WA14 1GY
T: 0161 552 4506
E: info@assura.co.uk
www.assuraplc.com