Palace Capital
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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.
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H1 2026 earnings summary27 Nov, 2025

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.

Detail impact of exceptional costs on EPRA NTA
Q1 2026 tender offer: expected size?
Newcastle asset: expected letting progress?
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H2 202610 Jun, 2026
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