EarningsQ2 2026 Earnings Report
DE:DVK Q2 2026 EPS Results
Actual EPS€0.57
Consensus EPS€0.56
Beat/MissBeat by +€0.01
One Year Ago EPS€0.62
DE:DVK Q2 2026 Revenue Results
Actual Revenue€172.80M
Expected Revenue€142.80M
Beat/MissBeat by +€30.00M
YoY Revenue Growth+9.08%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
DE:DVK Upcoming Earnings
Derwent London plc REIT's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a generally positive operational and strategic position: strong leasing activity, proven development returns (Network and 25 Baker Street), a disciplined capital-allocation program (disposals and buyback), a solid liquidity position and upgraded near-term earnings confidence. However, material valuation headwinds — notably the Old Street Quarter provision and outward yield shifts linked to geopolitical uncertainty — have weighed on reported NTA and produced near-term earnings and valuation sensitivity. Overall the company appears to be executing its strategy well and is positioned to benefit from continued rental growth, while some transitional and market-driven valuation/interest-rate risks remain.Company Guidance
Strong Leasing and Asset Management
Secured over GBP 30 million of leasing and asset management transactions year-to-date; new leases signed more than 5% above ERV; GBP 22 million of new income transacted YTD and a further GBP 5.3 million under offer, positioning the year to be one of the highest for new income on record.
Low Vacancy and Improving Occupier Market
EPRA vacancy low at 4.4% (3.5% excluding 88–94 Tottenham Court Road); Central London vacancy below 7% and West End vacancy around 5% (West End Grade A vacancy as low as 1.2%); demand elevated (just under 12 million sq ft named requirements) supporting rental growth.
Rental Growth and ERV Performance
Underlying ERV growth of 2.6% in H1 — the highest first-half increase in a decade; like-for-like gross rent up 1% and net rent up 2.7% versus H1 2025; total rental reversion increased to GBP 83.3 million from GBP 70.9 million at year-end.
Successful Recent Developments
Network completed fully pre-let and delivering an ungeared IRR of around 11% with achieved rents 5% above December ERV; developments did well overall, up 10.3% in the period.
High-Quality Development Pipeline
Four major West End projects on site totaling 0.5 million sq ft; combined IRR for major projects around 12%, profit on cost ~18% and reverse development yield ~7%; 50 Baker Street committed with forecast ungeared IRR in excess of 12%.
Capital Recycling and Buyback Execution
Completed or contracted disposals of around GBP 280 million (on average c.3% below book) helping fund a GBP 50 million buyback; buyback is over halfway complete with c.GBP 34 million purchased to date and GBP 18.1 million bought by 30 June.
Upgraded Earnings Guidance and Dividend
EPRA earnings in H1 were slightly ahead of guidance (EPRA earnings H1 GBP 54.6 million / 48.7p per share); upgraded 2026 earnings guidance (now expecting EPRA EPS for 2026 to be between flat and 3% lower than 2025, a 2–3% upgrade from earlier in the year); interim dividend increased again.
Balance Sheet and Liquidity Strength
Cash and undrawn facilities GBP 481 million at 30 June, pro forma GBP 581 million after new facility; sale of 90 Whitfield Street due soon to reduce borrowings by net c.GBP 107 million; all debt unsecured and 71% fixed at 30 June; weighted average interest rate in H1 was 3.9% (expected ~3.8% in H2).
Operational Cost Discipline
Property expenditure and administrative expenses reduced by GBP 1.5 million in H1, with further admin cost reductions expected in H2.
DE:DVK 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