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EarningsQ2 2026 Earnings Report

Primary Health Properties plc R.E.I.T (PHP) Q2 2026 Earnings Report

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Previous Report: Q4 2025

GB:PHP Q2 2026 EPS Results

Actual EPS£0.04

Consensus EPS£0.04

Beat/MissMet expectations

One Year Ago EPS£0.04

GB:PHP Q2 2026 Revenue Results

Actual Revenue£197.00M

Expected Revenue―

Beat/Miss―

YoY Revenue Growth+119.62%

Earnings Announcement Details

QuarterQ2 2026

Date07/30/2026

TimeBefore Open

Conference CallThursday, July 30, 2026

GB:PHP Upcoming Earnings

Primary Health Properties plc R.E.I.T's next earnings date is estimated for February 18, 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

Q2 2026

Earnings Call Date:Jul 30, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a strongly positive operational and financial performance driven by the Assura merger: double-digit development returns highlighted, solid rental uplifts, material cost-synergy delivery, refinancing progress, and a near-term plan to deleverage via a private hospital JV. Near-term risks were acknowledged — elevated LTV in the short term, reliance on completion of the JV and planned disposals to repay remaining bridge facilities, and some sensitivity of valuations if financing costs were to rise. Overall, management presented confidence in execution and a clear path to targets, with more upside from rental reversion and development fees.

Company Guidance

Management guided that post‑merger targets are on track: H1 adjusted earnings were £98m with adjusted EPS up 9% to 3.8p, supporting a fully covered 2026 dividend of 7.3p; like‑for‑like rental growth added £4m (6% uplift on reviews, 3.2% annualised, open‑market reviews +6.3%), producing a £18m valuation surplus (rental growth +£29m offset by £11m from 1bp yield expansion) and leaving adjusted NTA at 104p on a £6bn portfolio (net initial yield 5.4%, 99% occupancy, 10‑year WAULT, c.76–80% government‑backed income). They have refinanced c.£1.2bn (an £800m RCF and £400m term loan), cut margins by ~40bps, kept average cost of debt at 3.8% (expected to fall to ~3.5% in H2), hold £300m undrawn liquidity, expect to repay the c.£260m remaining bridge from a near‑term £0.7bn private hospital JV (50:50 day‑1), and have delivered c.92% (≈£8m) of the £9m synergies with an EPRA cost ratio around 8.7% (target <9%), while aiming to reduce LTV into the low‑50s short term and below 50% over time and to become 80–90% unsecured with an investment‑grade rating.

Earnings and EPS Growth

Adjusted earnings rose to GBP 98 million in H1 2026, driven by full 6-month consolidation of Assura (adding ~GBP 50 million); adjusted EPS increased 9% to 3.8p.

Dividend Record and Coverage

Projected fully covered dividend for 2026 of 7.3p; PHP achieved its 30th consecutive year of dividend growth.

Rental Growth and Asset Management

Passing rent from reviews increased 6% in the period (annualized 3.2%); open-market reviews delivered a 6.3% uplift over previous passing rent. 29 asset management deals signed with combined yield on cost around 6%.

Cost Synergies and Operating Efficiency

Delivered ~GBP 8 million (≈92%) of the GBP 9 million cost-saving synergies from the Assura merger; EPRA cost ratio reduced from ~10% to 8.7% in H1 2026.

Refinancing and Debt Facilities

GBP 1.2 billion refinanced (including an GBP 800m RCF and GBP 400m term loan); achieved ~40 basis points reduction in credit margins on new facilities; group average cost of debt ~3.8% (expected to fall to ~3.5% in H2).

Liquidity and Balance Sheet Progress

GBP 300 million of undrawn liquidity headroom after capital commitments; acquisition bridge largely repaid/refinanced with final GBP 260 million expected to be repaid from private hospital JV proceeds.

Private Hospital Joint Venture Advance

Exclusive advanced terms agreed for a 50/50 JV on the GBP 0.7 billion private hospital portfolio with a global institutional investor; PHP to act as asset manager and retain meaningful economic interest and fee upside; transaction expected to complete in the coming weeks.

Portfolio Quality and Fundamentals

Investment portfolio remains at ~GBP 6 billion with 99% occupancy, long WAULT (~10 years), net initial yield 5.4%, adjusted NTA unchanged at 104p; current government-backed income ~76% (management cites over 80% of future income government-backed).

Development Pipeline and Case Studies

Development examples: Weston-super-Mare (GBP 19m, PHP equity GBP 2.3m, expected total returns in double digits and >8% income returns), Tetbury (GBP 5m, yield on cost >9%), new private hospital in Peterborough (GBP 21m) and wider pipeline noting yield on cost >12% for some schemes.

Valuation Outcome and Stability

Underlying portfolio generated a modest valuation surplus of GBP 18 million (rental growth contributing GBP 29 million offset by a GBP 11 million deficit from 1bp yield expansion); yields generally flat in H1 despite gilt rate volatility.

GB:PHP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Feb 18, 2027	2026 (Q4)	- / -	0.023	―
Jul 30, 2026	2026 (Q2)	0.04 / 0.04	0.035	8.57% (<+0.01)
Mar 17, 2026	2025 (Q4)	- / 0.02	0.028	-17.86% (>-0.01)
Jul 24, 2025	2025 (Q2)	- / 0.04	0.035	0.00% (0.00)
Feb 28, 2025	2024 (Q4)	- / 0.03	-0.009	411.11% (+0.04)
Jul 24, 2024	2024 (Q2)	- / 0.04	0.034	2.94% (<+0.01)
Feb 28, 2024	2023 (Q4)	- / >-0.01	-0.038	76.32% (+0.03)
Jul 26, 2023	2023 (Q2)	0.03 / 0.03	0.033	3.03% (<+0.01)
Feb 22, 2023	2022 (Q4)	- / -0.04	0.052	-173.08% (-0.09)
Jul 27, 2022	2022 (Q2)	0.02 / 0.03	0.03	10.00% (<+0.01)

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