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The Berkeley Group (BKG) investor relations material
The Berkeley Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary10 Dec, 2025
Executive summary
Delivered pre-tax profit of £254 million for the first half of FY25, with net cash of £342 million after £132 million in share buy-backs, and net asset value per share up 4.7% to £37.63.
Operating margin at 20.8%, basic EPS at 184p, and robust liquidity of £1.5 billion maintained amid challenging market and regulatory conditions.
Over £220 million provided for affordable housing and community infrastructure, with industry-leading Net Promoter Score.
Focus on quality home delivery, investment in Build-to-Rent (BTR) platform, and disciplined cost and balance sheet control.
Government policy is supportive, but the operating environment remains complex due to regulatory burden and fragile sentiment.
Financial highlights
Revenue declined 7.8% year-over-year to £1,179.5 million, with gross profit of £319 million and gross margin at 27.0%.
Operating margin improved to 20.8% from 20.2% year-over-year; operating profit fell 5.1% to £245.2 million.
Basic earnings per share decreased 1.7% to 183.7p; pre-tax return on equity at 14.2% and return on capital employed at 15.5%.
Net cash position increased to £342 million; total liquidity exceeds £1.5 billion.
Net finance income at £3 million, down from £10 million due to lower interest rates.
Outlook and guidance
On track to meet pre-tax profit guidance of £450 million for FY26 and FY27, with operating margins expected in the historic range of 17.5%-19.5%.
Targeting net cash of around £300 million at FY26 year-end, after further land creditor payments.
Volumes and ASP expected to be marginally lower in FY26, with further slight volume decline in FY27 but pricing stable.
Shareholder returns prioritized, with next return hurdle of £640 million by September 2030.
Plans to continue capital investment in core business and BTR platform, with flexibility to adjust capital allocation.
Assess BSR Gateway 2 and London policy impact on viability
BTR platform scaling strategy beyond initial 4,000 homes
Reduced land gross margin impact on capital allocation
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Next The Berkeley Group earnings date
Q3 2026 TU13 Mar, 2026
Next The Berkeley Group earnings date
Q3 2026 TU13 Mar, 2026
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Frequently asked questions
The Berkeley Group Holdings plc is a leading property development and housebuilding company in the United Kingdom. The company specializes in creating high-quality residential and mixed-use developments, with a focus on urban regeneration projects in London, the South East, and other key regions. Its developments often include sustainable designs, public spaces, and community amenities. The company is headquartered in Cobham, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).
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