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British Land Company (BLND) investor relations material

British Land Company H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary22 May, 2025

Executive summary

  • Underlying profit rose 4% to £279m, with underlying EPS flat at 28.5p and dividend per share unchanged at 22.8p, reflecting an 80% payout of underlying EPS.

  • Portfolio values increased 1.6%, driven by 4.9% above-inflation rental growth and strong leasing, especially in retail parks and campuses.

  • Active capital recycling included the sale of Meadowhall, £738m invested in retail parks at 7% yield, and £597m of sales including a 2FA stake.

  • Balance sheet remains robust with £1.8bn undrawn facilities and no refinancing required until late 2028.

  • Sustainability progress: 68% of portfolio EPC rated A/B by ERV, up from 36% in three years, and retained GRESB 5-star rating.

Financial highlights

  • Gross rental income up 2% to £484m; net rental income stable at £439m; NRI margin declined 170bps to 90.7%.

  • Like-for-like rental growth of 3% overall; retail parks up 5%, campuses up 2%.

  • Admin expenses reduced by £5m; EPRA cost ratio at 17.5%, with further £5m annualized savings identified.

  • EPRA NTA per share up 1% to 567p; total accounting return 5%.

  • Net debt at £3.6bn, LTV at 38.1%, and net debt to EBITDA at 8x.

Outlook and guidance

  • FY26 underlying EPS expected to be broadly flat, with underlying profit growth of ~2%.

  • Forecasting 3–6% earnings growth in subsequent years, with top-end growth in FY27 as development pipeline delivers.

  • Rental growth guidance maintained at 3–5% across the portfolio and c.10% fee income growth in FY26.

  • Admin costs targeted below £80m; financing costs expected to rise due to lower capitalised interest.

  • Targeting 8–10% total accounting returns over the medium term, income-focused.

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Frequently asked questions

British Land Company Plc is a UK-based real estate investment trust (REIT) focused on owning, managing, and developing commercial properties. The company’s portfolio includes a range of retail, office, and mixed-use spaces, primarily located in major cities such as London. Its retail properties include shopping centers, retail parks, and standalone stores, while its office properties cater to businesses seeking high-quality, sustainable workspaces. British Land also engages in urban regeneration projects, creating vibrant, mixed-use developments that combine residential, commercial, and leisure spaces. The company is headquartered in London, England, and its shares are listed on the London Stock Exchange.

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