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Workspace Group (WKP) investor relations material
Workspace Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Performance met expectations amid a challenging economic environment, with operational improvements in customer retention and conversion rates, and a focus on stabilizing and rebuilding occupancy as part of the Fix, Accelerate, and Scale strategy.
Strategic partnerships (Qube/Cube) and targeted disposals support portfolio optimization and future growth.
Dividend held flat and underpinned by strong cash flow, reflecting commitment to shareholder returns.
Early indicators show improved conversion (up to 17% in October) and retention rates, with Net Promoter Score rising 14 points to +47.
Financial highlights
Underlying rental income increased by GBP 0.5 million to GBP 67.3 million, but total rental income fell 2.9% to GBP 58.7 million due to asset disposals.
Trading profit after interest decreased 6.4% to GBP 30.6 million; adjusted underlying EPS fell to GBP 15.80.
Loss before tax of GBP 71.1 million, reflecting a GBP 95.6 million decrease in property valuation.
EPRA NTA per share fell to GBP 7.21, down 9.3% from March 2025.
Interim dividend maintained at GBP 9.40 per share.
Outlook and guidance
H2 earnings expected to be impacted by lower opening rent roll, large unit vacations, and higher average cost of debt, but cost efficiencies from H1 will benefit results.
Full-year capital expenditure projected at GBP 60 million, offset by property disposals.
No major refinancing required until 2027; significant flexibility in debt facilities.
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