The Berkeley Group (BKG) Q3 2026 TU earnings summary

Executive summary

• Pre-tax profit guidance reaffirmed at £450 million for the year and similar for FY27, with a targeted net cash position of around £300 million.

• Trading environment remains constrained by geopolitical events and macroeconomic uncertainty, but sales enquiries and reservation values are recovering.

• Focus remains on cash generation, maintaining a strong balance sheet, and delivering shareholder returns while optimizing land holdings and BTR strategy.

Financial highlights

• Over £250 million of land creditors settled and shareholder returns of around £190 million year-to-date.

• £59 million returned via share buy-backs since interim results, totaling £191 million for the year and £330 million since December 2024.

Outlook and guidance

• Pre-tax profit guidance of £450 million reaffirmed for this year and FY27.

• Actual results will depend on share buy-back pace, new land investment, and legal completion timing.

• Long-term outlook for London remains positive despite near-term macro risks.