British Land Company (BLND) H1 2026 earnings summary

Executive summary

• Focus on prime London office campuses and retail parks, now 90% of the business, with strong demand, supply constraints, and high occupancy driving performance.

• Delivered strong operational and financial performance, with 4% like-for-like net rental income growth and a 12% reduction in admin expenses, offsetting higher funding costs.

• Attractive total return profile supported by sustainable earnings growth, disciplined capital allocation, and active asset management.

• Portfolio occupancy remains high at 95%, with campuses at 92% and retail & urban logistics at 98%.

Financial highlights

• Underlying profit up 8% to £155m for the half-year; underlying EPS at 15.4p, up 1% year-over-year; dividend per share up 1% to 12.32p.

• Like-for-like rental growth of 4% across the portfolio; gross rental income up 14% to £271m; net rental income up 9% to £238m.

• EPRA NTA per share increased to 579p, up 2% since March 2025; total accounting return for H1 was 4%.

• IFRS profit after tax: £218m (up from £109m); IFRS basic EPS: 21.9p (up from 11.7p).

• Portfolio valuation: £9,801m (up 1.2% from March 2025).

Outlook and guidance

• Guiding to 3%-5% ERV growth in both offices and retail parks; like-for-like net rental growth expected to be ~5% for FY26.

• FY26 underlying EPS expected to be at least 28.5p; FY27 EPS growth at least 6% (30.2p), with 3%-6% annual growth from FY28.

• Confident in delivering total accounting returns of 8%-10% through the cycle.