The Berkeley Group (BKG) H1 2026 TU earnings summary

Executive summary

• Trading remained stable in the first four months of the year, mirroring last year's pattern.

• On track to achieve pre-tax earnings guidance of £450 million for FY26, with 85% secured via exchanged sales contracts.

• Profit guidance for FY27 remains unchanged, with expectations of similar levels.

Financial highlights

• £121 million returned to shareholders through buybacks of 3.25 million shares at an average price of £37.20 per share.

• Completed the 2011 Shareholder Returns programme and the first £260 million of the £2.0 billion minimum returns target under the 2035 strategy.

Outlook and guidance

• Pre-tax profits expected to be evenly split between H1 and H2, subject to timing of completions.

• Targeting net cash of around £300 million at 30 April 2026, with possible temporary dip at half-year due to front-loaded shareholder returns.

• Next shareholder returns target is £640 million by 30 September 2030, via buybacks and dividends.