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Derwent London
Derwent London (DLN) investor relations material
Derwent London H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Feb, 2026
Executive summary
Portfolio is concentrated in high-quality, well-connected central London offices, especially the West End, targeting high-performing submarkets with strong tenant diversity and embedded rental growth potential.
Flexibility and active portfolio management are central, with a focus on adapting to market conditions and capturing rental growth through a robust development pipeline.
2025 saw record asset management transactions and strong leasing momentum, with new lettings at rents 10% above ERV and significant disposals to fund higher-return opportunities.
Strategic action plan prioritizes returns, disciplined capital allocation, and active management to capture rental growth and value creation.
London’s office market fundamentals are strong, with high demand, limited supply, and increasing investment liquidity supporting positive rental and capital growth outlook.
Financial highlights
Net Tangible Assets rose to £32.25 per share (3,225p), up 2.4% from Dec 2024, with a 5% total accounting return for 2025.
Gross rental income increased 1.6% to £218.3m; net rental income up 0.2% to £190.0m; EPRA earnings per share declined 7.6% to 98.4p.
Dividend increased by 1.2% to 81.5p, well covered by EPRA earnings; 18th consecutive year of dividend growth.
Profit for the year rose 39% to £161.1m compared to 2024.
EPRA loan-to-value ratio at 29.4%; net debt/EBITDA at 9.0x.
Outlook and guidance
2026 ERV guidance for the portfolio increased to +4% to +7%, reflecting strong market fundamentals and leasing momentum.
2026 earnings expected at £0.42–£0.44 per share in H1, rising to £0.52 in H2, with full-year earnings 3%-5% below 2025 but significant growth expected in 2027.
By 2030, earnings projected to rise 25%-30% above 2025 levels, driven by rental reversion and income from completed projects.
Total accounting return outlook: 3%+ from earnings, 3%-5% capital growth, and attractive development IRRs of 10%+.
Accelerated disposal program targeting £1bn over three years; proceeds to be redeployed into higher-return opportunities.
What specific conditions trigger share buyback execution?
What underpins 25-30% earnings growth by 2030?
How will flex growth and alternative uses impact returns?
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Derwent London
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Frequently asked questions
Derwent London Plc is a real estate investment trust (REIT) focused on property investment and development, primarily in central London. The company specializes in acquiring, managing, and redeveloping office spaces, as well as mixed-use properties, to meet the evolving needs of businesses and tenants. Its portfolio includes modern, flexible workspaces designed to appeal to a wide range of industries, including technology, media, and professional services. The company is headquartered in London, England, and its shares are listed on the LSE.
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