Workspace Group (WKP) Q3 2026 TU earnings summary

Executive summary

• Third quarter performance aligned with expectations, showing progress in occupancy and asset disposals.

• Strategy execution continues with operational improvements and portfolio optimization.

• New CEO to join in early February to accelerate strategic initiatives.

Financial highlights

• Like-for-like occupancy increased by 0.9% to 81.2% compared to the previous quarter.

• Like-for-like rent per sq. ft. decreased by 1.4% to £47.13, resulting in a 0.1% reduction in like-for-like rent roll to £104.1m.

• Total rent roll decreased by 3.1% (£4.1m) in the quarter to £129.2m.

• Net debt reduced by £53m to £779m; cash and undrawn facilities at £221m.

• Loan-to-value (LTV) ratio at 35% based on September 2025 valuation.

Outlook and guidance

• Confidence in strategy to stabilize and rebuild occupancy, with continued focus on customer retention and targeted marketing.

• Ongoing execution of asset disposals and selective upgrades to drive future growth.