Great Portland Estates (GPE) H1 2026 earnings summary

Executive summary

• Achieved strong operational performance in H1 2025, with leasing activity and rental value growth ahead of targets, driving up rents and property values despite a challenging UK backdrop.

• Strategy centers on 100% prime central London locations, premium office creation, contracyclical capital allocation, innovation, and a focus on EPS/NTA growth.

• Accretive acquisitions and significant sales above book value, with a focus on the West End and premium office spaces.

• Record financing achieved, maintaining high liquidity and low leverage, with a clear path to deliver over 10% return on equity in the medium term.

• Customer retention rate at 76%, with strong demand from AI-led businesses and significant interest in new developments.

Financial highlights

• Portfolio valued at £3.1 billion, up 1.5% since March 2025; West End properties outperformed with 2.9% capital growth.

• Pro forma rent roll up 29% year-over-year to £127 million; like-for-like rental income up 5% over the last twelve months.

• EPRA NTA per share increased 2.0% to 504p; EPRA EPS up 69.6% to 3.9p; interim dividend of 2.9p per share.

• IFRS profit after tax for H1 2025 was £58.9 million, up from £29.7 million in H1 2024.

• EPRA LTV at 28.2% pro forma; available liquidity over £462 million.

Outlook and guidance

• Rental value growth guidance maintained at 4%-7% for the year, with prime offices expected to rise 6%-10%.

• Threefold increase in EPRA EPS expected over the medium term; near-term EPS to double by FY 2027.

• Prospective annualised ROE expected to exceed 10% over the medium term.

• Dividend policy remains progressive, with stable payout for FY26 and potential growth in FY27.

• Income growth of 64% by FY 2027 and over 140% in the medium term, led by Flex.