Harworth (UK6A) Q2 2026 Earnings Report
DE:UK6A Q2 2026 EPS Results
- Actual EPS
- -EUR 0.09
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.03
DE:UK6A Q2 2026 Revenue Results
- Actual Revenue
- EUR 48.20M
- Expected Revenue
- EUR 48.18M
- Beat/Miss
- Beat by +EUR 18.66K
- YoY Revenue Growth
- -14.72%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/09/2026
- Time
- Before Open
- Conference Call
- Wednesday, September 9, 2026
Harworth's next earnings date is estimated for March 23, 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
The call was predominantly positive, with strong operational momentum, record construction-ready land capacity, progress on pre-lets and powered land transactions, robust liquidity, a 10% interim dividend increase and a strategic shift toward higher-returning industrial, logistics and powered land opportunities. These positives were partly offset by a -3.7% total accounting return, a GBP 14.9 million portfolio value loss, residential market weakness, development-cost inflation, lower first-half property sales and higher net debt during the investment phase.
Harworth said its substantially construction-ready land bank has the potential for gross development value estimated at GBP 600 million over the next three to five years, with 3.8 million sq ft substantially construction-ready and a further 9.6 million sq ft in the medium-term pipeline. The company intends to exit the residential sector entirely, reallocate capital to industrial and logistics and powered land, increase its 0.8 gigawatt U.K. powered land pipeline to 1.9 gigawatts, and manage its investment portfolio toward a medium-term stabilized value in the order of GBP 500 million to GBP 600 million, alongside a 100% Grade A target. It is targeting low double digit total accounting returns in the long term and low double-digit total accounting returns in the longer term, while targeted cost savings will be published as soon as possible; if surplus capital is identified after material asset sales and assessment of future accretive capital deployment opportunities, the board will consider returning some or all of this surplus capital to shareholders.
- Strong Operational MomentumManagement described the first half as a period of strong operational momentum and disciplined delivery despite a challenging market backdrop, with continued progress across the industrial and logistics and powered land pipelines.
- Largest-Ever Construction-Ready Land BankHarworth has a 3.8 million sq ft substantially construction-ready land bank, its largest ever, with estimated potential gross development value of GBP 600 million over the next three to five years.
- Industrial, Logistics and Powered Land PipelineThe platform totals 34.8 million sq ft, includes accepted power offers of 0.8 gigawatts, and has 73% of its pipeline either consented or in the planning system.
- Pre-Let Progress and Rental Income GrowthThe group completed or entered into legals on three pre-lets totaling over 300,000 sq ft. The long-term leases of 15-20 years are expected to generate GBP 3.7 million of annualized rent at an average 17% premium to estimated rental value.
- Robust Occupier DemandHarworth is in negotiations across a further 1.5 million sq ft, demonstrating what management described as strong occupier demand across its product range.
- Progress in Powered Land and Data CentersThe first hyperscale powered land sale to Microsoft at Skelton Grange is progressing toward completion. Harworth also entered exclusivity with a leading data center provider on a second hyperscale site and accepted a new 200-megawatt power offer.
- Additional Hyperscale Data Center OpportunitiesBeyond the Microsoft transaction and the second site in exclusivity, Harworth has identified four further potential hyperscale data center opportunities. All are owned freehold or controlled through options or joint ventures, and all but one are progressing through the planning system.
- Embedded Powered Land ValueA JLL assessment estimated potential future profits of GBP 292 million from Harworth's existing powered land portfolio beyond Skelton Grange, assuming full ownership, planning achieved and power secured.
- Progress Against Full-Year Sales BudgetAgainst a challenging backdrop, 58% of budgeted full-year sales were completed, exchanged or in legals. This included 952 service plots in the residential portfolio and land sold for over 150 plots to a national house builder at Benthall Grange in Ironbridge.
- Industrial and Logistics Major Development Value CreationIndustrial and logistics major developments generated a GBP 12.7 million valuation gain as Harworth advanced key sites, including Skelton Grange and its broader data center, powered land and industrial and logistics pipeline.
- Natural Resources and Energy-Related Valuation GainsThe natural resources, agricultural land and other assets portfolio generated GBP 8.4 million of valuation gains, boosted by new biodiversity net gain schemes and an improved outlook for income on some energy sites.
- Solid Liquidity and Leverage PositionNet loan to portfolio value was 20.3%, below the group's self-imposed 25% maximum. Available liquidity was GBP 99.5 million, comprising GBP 90 million of undrawn revolving credit facility capacity and GBP 9.5 million of cash.
- Long-Dated Financing FlexibilityHarworth's GBP 275 million revolving credit facility includes a GBP 50 million uncommitted accordion option, has no refinancing requirements until November 2029, and includes an option to extend by a further year.
- Interim Dividend IncreasedThe board approved an interim dividend of GBP 0.592 pence per share, an increase of 10% in line with the group's policy.
- Improving Investment Portfolio QualityThe investment portfolio was valued at GBP 301.4 million and was 77% Grade A by value. Management said the portfolio is benefiting from strong leasing momentum and is moving toward a 100% Grade A target.
- Successful Secondary Asset DisposalFollowing the period end, Harworth sold Etherow Industrial Estate for GBP 8.1 million at a 3% premium to book value, consistent with its approach of recycling capital from secondary assets into higher-quality Grade A stock.
- Strong Five-Year Strategic Track RecordSince launching its current strategic plan in 2021, Harworth has secured planning on over 9 million sq ft of industrial and logistics space with around GBP 1.3 billion of GDV, completed headline sales totaling GBP 700 million at an average 24% profit on historic cost, and acquired 15.4 million sq ft of industrial and logistics land with estimated GDV above GBP 2.3 billion.
- Upper-Quartile Historical ReturnsOver the five years to December 31, 2025, Harworth delivered an average total accounting return of 8.1%, which management described as upper-quartile performance among listed-sector peers.
- Planned Transition to a Pure-Play PlatformHarworth confirmed its intention to exit the residential sector entirely and accelerate capital reallocation toward industrial and logistics and powered land opportunities. Industrial and logistics land and developments, including data centers, delivered an average annual return on capital employed of 24% over the past three years.
- Expanded Powered Land AmbitionThe group has a 0.8 gigawatt U.K. powered land pipeline and has identified opportunities to increase the total powered land pipeline to 1.9 gigawatts.
- Industrial and Logistics Development PipelineHarworth has 3.8 million sq ft substantially construction-ready and a further 9.6 million sq ft in the medium-term industrial and logistics pipeline, with flexibility to sell serviced land, build on balance sheet or in partnership, and sell or retain built assets.
- Unrecognized Pipeline ValueJLL assessed potential additional net realizable value, including future development profits, of GBP 174 million for 75% of the serviced land, substantially construction-ready and medium-term pipeline. Management noted that this value is not included in formal valuations or EPRA NDV.
- Investment Portfolio Expansion FrameworkThe investment portfolio is expected to reach a medium-term stabilized value in the order of GBP 500 million to GBP 600 million. Management said the portfolio will support recurring income, debt financing and value creation through asset management and selected disposals.
- Targeted Long-Term Return ImprovementThe accelerated platform, including capital allocation and organization-design changes, is targeting low double-digit total accounting returns in the long term.
- Expected Operational EfficienciesManagement said that transitioning to a pure-play powered land and industrial logistics platform, alongside the digital and wider operational transformation implemented over the last two years, will support material reductions in the cost base. Targeted cost savings are being quantified for a future financial benefits statement.
DE:UK6A Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 23, 2027 | 2026 (Q4) | ―- | 0 | ― | ― |
| Sep 09, 2026 | 2026 (Q2) | ―-0.09 | 0.03 | -358.62% (-0.12) | |
| Mar 17, 2026 | 2025 (Q4) | ―-0.00 | 0.15 | -100.76% (-0.15) | |
| Sep 16, 2025 | 2025 (Q2) | ―0.03 | 0.05 | -35.56% (-0.02) | |
| Mar 18, 2025 | 2024 (Q4) | ―0.15 | 0.13 | 20.18% (+0.03) | |
| Sep 12, 2024 | 2024 (Q2) | ―0.05 | 0.01 | 400.00% (+0.04) | |
| Mar 19, 2024 | 2023 (Q4) | ―0.13 | -0.19 | 168.55% (+0.31) | |
| Sep 12, 2023 | 2023 (Q2) | ―0.01 | 0.28 | -96.28% (-0.27) | |
| Mar 14, 2023 | 2022 (Q4) | ―-0.19 | 0.14 | -237.07% (-0.32) | |
| Sep 13, 2022 | 2022 (Q2) | ―0.28 | 0.2 | 39.08% (+0.08) |
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.
