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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.
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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