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Palace Capital (PCA) investor relations material
Palace Capital H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Continued execution of capital return strategy, including £10.0m HQ Office, York disposal and £20.8m cash returned via oversubscribed tender offer in September 2025.
Over £160m of assets sold, all bank debt repaid, and £64m+ cash returned to shareholders since July 2022.
Only five investment properties remain, valued at £41.3m as of 30 September 2025; three are being marketed for sale.
Company is debt free with an unencumbered portfolio, providing flexibility for further disposals and capital returns.
Financial highlights
Adjusted profit before tax: £1.1m (down 47.6% year-over-year); IFRS profit before tax: £0.3m (vs. £0.9m loss prior year).
Adjusted EPS: 3.9p (down 36.1% year-over-year); basic EPS: 1.0p (vs. -2.8p prior year).
Dividends paid: 7.5p per share, unchanged year-over-year.
EPRA NTA per share: 244p (down 2.8% from March 2025), mainly due to non-recurring costs and uncovered dividends.
Net asset value: £49.4m (down 31.9% from March 2025); cash at period end: £4.6m.
Like-for-like portfolio valuation increased 0.8% since March 2025.
Outlook and guidance
Further cash returns to shareholders anticipated in Q1 2026, contingent on completion of current property sales.
Market conditions for leisure assets have improved, supporting ongoing disposal strategy.
FY26 year end extended by six months to 30 September 2026 to enhance strategic flexibility and reduce costs.
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