EarningsQ4 2025 Earnings Report

Shaftesbury Capital (CCPPF) Q4 2025 Earnings Report

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Previous Report: Q2 2025

Next Report: Q2 2026

CCPPF Q4 2025 EPS Results

Actual EPS$0.13

Consensus EPS―

Beat/Miss―

One Year Ago EPS$0.11

CCPPF Q4 2025 Revenue Results

Actual Revenue$162.36M

Expected Revenue―

Beat/Miss―

YoY Revenue Growth+9.94%

Earnings Announcement Details

QuarterQ4 2025

Date02/25/2026

TimeBefore Open

Conference CallWednesday, February 25, 2026

CCPPF Upcoming Earnings

Shaftesbury Capital's next earnings date is estimated for March 4, 2027, based on past reporting schedules.

Q4 2025 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q4 2025 Earnings Slide Deck

No slide deck is available for this earnings event.

Q4 2025 Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 25, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a broadly positive operational and financial picture: valuation, ERV, rental income, underlying earnings and dividends all increased materially; balance sheet metrics were strengthened (net debt down, LTV 17%) and leasing demand is strong with low vacancy. The main concerns are refinancing requirements in the near term, heightened administration costs (driven by share options), and macro/interest rate uncertainty. On balance, the positive performance metrics and enhanced liquidity outweigh the manageable risks highlighted.

Company Guidance

Management guidance is for rental growth of 5–7%, a total property return target of 7–9% and a total accounting return target of 8–10%, with cash rents expected to grow in line with ERV (ERV was +6.2% to GBP 270m in the year). Finance guidance is for finance costs to be broadly flat despite refinancing/repayment of c. GBP 400m of maturing debt (including GBP 275m exchangeable bonds due end‑Mar‑26), having already reduced net debt from GBP 1.4bn to GBP 0.8bn, cut finance costs ~30% to GBP 41.4m, and capped GBP 300m of SONIA exposure at 3%; new facilities include a GBP 300m 5‑year Covent Garden loan and undrawn bank headroom of GBP 450m extended to 2029/2030. Balance sheet and returns guidance is underpinned by low leverage (LTV c.17%, <20%), EBITDA multiple <7x, strong operational metrics (like‑for‑like gross rents +5.9% to GBP 195.6m, underlying earnings +12% to GBP 81.9m/4.5p, vacancy 2.6%, lettings 10% ahead of ERV and 14% ahead of previous passing rents, c. GBP 16m of contracted/rent‑free income to convert within 12 months), and a pipeline of asset works equal to 4.2% of ERV.

Valuation and Returns

Portfolio valuation up 6.6% like-for-like to GBP 5.4bn; total accounting return around 9% and total property return around 10%; ERV increased c.6.2% to GBP 270m.

Rental and Leasing Performance

Gross rents up c.5.9% like-for-like to GBP 195.6m; lettings and renewals on aggregate 10% ahead of ERV and 14% up on previous passing rents; 434 leasing transactions in the year representing nearly GBP 40m of contracted rent; portfolio vacancy very low at 2.6%.

Earnings, Dividends and Finance Costs

Underlying earnings increased 12% to GBP 81.9m (c.4.5p per share); total dividend up 14% to 4.0p per share with a proposed final dividend of 2.1p; finance costs reduced by almost 30% to GBP 41.4m.

Balance Sheet Strength and Liquidity

Net debt reduced from GBP 1.4bn to GBP 0.8bn (group share); loan-to-value c.17%; net tangible assets up c.7% year-on-year; new GBP 300m 5‑year Covent Garden facility, extended undrawn facilities of GBP 450m and a GBP 300m SONIA exposure cap at 3% to protect finance costs.

High-Quality, High-Demand Portfolio

Irreplaceable West End portfolio of ~2.8m sq ft, 640 buildings and ~1,900 lettable units with strong retail and F&B mix; retail valuation growth of c.10.4%; customer sales materially ahead of 2019 levels; average ERV below GBP 100/sq ft supporting affordability and demand.

Strategic Partnership and Capital Deployment

Formed a long-term partnership on Covent Garden with Norway's sovereign wealth fund (NBIM) enhancing capital optionality; invested in acquisitions and capex (cited >GBP 100m across activity) and completed targeted acquisitions of ~GBP 80m while disposing c. GBP 12m of assets.

CCPPF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Mar 04, 2027	2026 (Q4)	- / -	0.128	―
Jul 29, 2026	2026 (Q2)	- / 0.03	0.029	9.09% (<+0.01)
Feb 25, 2026	2025 (Q4)	- / 0.13	0.112	14.12% (+0.02)
Jul 29, 2025	2025 (Q2)	0.02 / 0.03	0.025	15.79% (<+0.01)
Feb 27, 2025	2024 (Q4)	- / 0.11	-0.033	440.00% (+0.15)
Jul 31, 2024	2024 (Q2)	- / 0.03	0.025	0.00% (0.00)
Feb 29, 2024	2023 (Q4)	- / -0.03	-0.312	89.41% (+0.28)
Aug 03, 2023	2023 (Q2)	- / 0.03	0.007	280.00% (+0.02)
Mar 01, 2023	2022 (Q4)	- / -0.31	0.208	-250.32% (-0.52)
Aug 02, 2022	2022 (Q2)	<0.01 / <0.01	-0.161	104.10% (+0.17)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed