Great Portland Estates (GPE) H1 2026 earnings summary

Executive summary

• Achieved strong operational performance in H1 2025, with leasing activity and volumes well ahead of targets, driving up rents and property values; customer retention rate at 76% and significant interest in new developments.

• Continued execution of a growth strategy focused exclusively on prime central London, with 100% of assets in core locations, 79% in the West End, and 94% near the Elizabeth Line.

• Accretive acquisitions and significant sales above book value, with premium developments delivered into a supply-constrained market.

• Leadership transition noted, with Nick Sanderson departing after 14 years.

Financial highlights

• Pro forma rent roll up 29% year-over-year to £127m; average office rents up nearly 10%; like-for-like rental income up 5%.

• 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.

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

• 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%.

• EPRA EPS expected to double by FY 2027 and triple in the medium term; annual EPS of 15–20p anticipated in four years.

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

• Stable dividend for FY 2026, with potential for DPS growth thereafter.