EarningsQ4 2026 Earnings Report
MX:BLNDN Q4 2026 EPS Results
Actual EPS$3.29
Consensus EPS$3.39
Beat/MissMissed by -$0.10
One Year Ago EPS$3.44
MX:BLNDN Q4 2026 Revenue Results
Actual Revenue$6.35B
Expected Revenue$4.64B
Beat/MissBeat by +$1.70B
YoY Revenue Growth+10.00%
Earnings Announcement Details
QuarterQ4 2026
Date05/20/2026
TimeBefore Open
Conference CallWednesday, May 20, 2026
MX:BLNDN Upcoming Earnings
British Land Company plc's next earnings date is estimated for November 18, 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
Earnings Call Sentiment|Positive
The call emphasized multiple clear operational and financial strengths: record campus leasing, strong like‑for‑like rent growth (6%), successful accretive M&A (Life Science REIT), disciplined cost control (admin costs down 9% year-on-year), improved NTA (+4% to 590p) and a well‑funded balance sheet (LTV 39.2%, ~£1.6bn liquidity). Offsetting these positives are notable headwinds from higher finance costs (‑3.4p EPS impact), some one‑off volatility in provisions, development delivery timing issues (e.g., Canada Water) and softer pockets like Urban Logistics, plus capital market volatility. On balance the operational momentum and earnings visibility into FY '27 were presented as outweighing the challenges.Company Guidance
Strong Occupational Demand and Tight Supply
Net absorption at record highs; demand is 57% above the 10-year average and under-offers are 50% higher year-on-year. Vacancy is ~300 basis points lower than in 2022 in both core markets and city vacancy for new/refurbished space is forecast to fall below 2% for the next four years.
Record Leasing Performance at Campuses
Record 1.7 million sq ft of campus leasing in FY '26, 6% ahead of ERV and 20% ahead of previous passing rents; campus occupancy rose to 95% from 92%, with Norton Folgate 94% let and 295,000 sq ft under offer at year-end (17% ahead of ERV).
Material Campus Exposure to Science & Tech
Pro forma weighting to Science & Tech now ~35% of Campus footprint after Life Science REIT acquisition; active demand tracked ~2.5 million sq ft; multiple large AI/data occupiers signing (e.g., Anthropic 158,000 sq ft).
Life Science REIT Acquisition — Earnings Accretive and NTA Neutral
Acquisition immediately earnings accretive with no impact on NTA; adds scale in Science & Tech, expected cost synergies from corporate cost elimination and efficient onboarding, and contributes +0.3p to FY '27 EPS with further upside from lease-up (56,000 sq ft under offer at Oxford Technology Park).
Like-for-Like Net Rent Growth and Development Leasing Contribution
Like-for-like net rents grew 6% (adding 2.1p to EPS); Campus like-for-like growth was 12%; development leasing added 1.4p to EPS and recent completions are expected to deliver ~£40 million of rent in FY '27.
Cost Discipline and Admin Savings
Admin costs down 9% year-on-year and 16% since 2022 despite inflationary pressures, contributing positively to EPS (cost control added ~0.8p to EPS including fee income changes).
Retail Park Fundamentals & Performance
Retail Parks occupancy ~99%; delivered 4.4% rental growth last year; 1.5 million sq ft leased at 9% above ERV and deals now generally agreed above previous passing rent (example: leasing around 6% above previous passing rent reported). Footfall >13% above UK retail benchmark since 2019.
Portfolio Value and NTA Growth
Portfolio values increased 2.3% in FY '26 and NTA per share rose 4% to 590p, delivering an 8.1% total accounting return within the stated 8%–10% target range.
Robust Balance Sheet and Liquidity
Completed >£3 billion of financing activity in the year; LTV 39.2%; net debt-to-EBITDA 7.7x; Fitch rating A (stable); ~£1.6 billion liquidity with no refinancing required until 2029.
Confident FY '27 Earnings Guidance
Management expects like‑for‑like growth at the top end of the 3%–5% range and guides FY '27 EPS of at least 30.5p (implying ~6% EPS growth). Medium-term core organic EPS growth target ~4% pa plus potential ~2% from capital activity (3%–6% overall).
Successful Asset Management Case Studies
Examples include Regent's Place repositioning (1 Triton Square 94% let, rents ~40% ahead of previous Meta rent), Orbital Retail Park delivering a 21% IRR since acquisition, and Telford projects targeting ~11% combined returns.
MX:BLNDN 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