EarningsQ4 2026 Earnings Report
DE:5PP Q4 2026 EPS Results
Actual EPS€0.08
Consensus EPS€0.09
Beat/MissMissed by -<€0.01
One Year Ago EPS€0.11
DE:5PP Q4 2026 Revenue Results
Actual Revenue€281.82M
Expected Revenue€287.03M
Beat/MissMissed by -€5.21M
YoY Revenue Growth+18.97%
Earnings Announcement Details
QuarterQ4 2026
Date05/21/2026
TimeBefore Open
Conference CallThursday, May 21, 2026
DE:5PP Upcoming Earnings
LondonMetric Property's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Q4 2026
Earnings Call Date:May 21, 2026|
% Change Since:
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Earnings Call Sentiment|Positive
The call presented a largely positive operational and financial performance: strong portfolio growth (including material acquisitions), robust net rental income and EPRA earnings growth, disciplined asset management with significant rent uplifts, exceptional rent collection and a progressive dividend backed by good coverage. The group also strengthened its funding profile and hedging. Key negatives were higher net finance costs and gross debt from acquisition activity, one‑off exceptional charges that reduced reported returns, increased leverage metrics (net debt/EBITDA up to 7.5x), and a challenging macro/interest‑rate environment that creates valuation and execution risk. Management expects disposals and active asset management to mitigate gearing and vacancy over time.Company Guidance
Portfolio Growth and Strategic Acquisitions
Portfolio grew c.23% over the year; added £1.5bn to portfolio value (c.£1.2bn from the Urban Logistics and Highcroft acquisitions). Total portfolio value now c.£7.6bn.
Net Rental Income Increase
Net rental income reached £455.3m, up c.16.6% year‑on‑year (management also referenced a 17% uplift), driven by acquisitions and active asset management.
EPRA Earnings and EPS Growth
EPRA earnings rose to £305.3m (up c.13.9–14%). Earnings per share were 13.45p, up c.2.4% year‑on‑year.
Dividend Progression and Coverage
Full‑year dividend increased 3.8% to 12.45p (11th consecutive year of progression). Announced Q1 FY27 dividend 3.15p, up c.3.3%. Dividend cover strong at c.108% with full cash cover.
Strong Rent Review Uplifts and Like‑for‑Like Income Growth
Average uplift on rent reviews/renewals 19%; open‑market rent reviews +33%; urban logistics open‑market reviews +38%. Like‑for‑like income growth c.4.2%, adding approximately £16.6m of income.
Exceptional Rent Collection and Low Income Leakage
Rent collection remained very high at 99.7% and gross‑to‑net income leakage remained low at c.1.4% (gross‑to‑net ratio c.98.6%).
Balance Sheet Strengthening, Refinancing and Hedging
Refinancing activity (management cited £2.7bn refinanced / £1.2bn new facilities raised) delivered an average cost of debt of c.4%. Drawn debt was 99.8% hedged at year‑end; LTV 36.7%; interest cover 3.8x; average debt maturity c.4.4 years; £500m undrawn facilities provide headroom.
Active Disposal Programme and Liquidity Execution
Disposed 57 assets totalling £318m (plus a further c.£49m post‑period); selling pace described as one building every 4.5 working days. Sold c.£467m of non‑core assets inherited through M&A.
Solid NAV and Total Return Metrics
EPRA NTA 200.6p (EPRA NTA up c.15.4% year‑on‑year); total accounting return c.6.9% (7.7% excluding one‑offs). Long‑term (12‑year) total property return CAGR ~10%.
DE:5PP Earnings History
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