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Derwent London (DLN) investor relations material

Derwent London Q1 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 TU earnings summary12 May, 2026

Executive summary

  • Strong leasing activity with £25.3m completed YTD, including pre-letting of Network W1 at rents above appraisal and ERV.

  • £278m of property disposals exchanged in Q1, progressing toward a £1bn three-year target.

  • Commitment to major redevelopment at 50 Baker Street W1, targeting >12% ungeared IRR.

  • £50m share buyback programme announced, commencing after the 2026 AGM.

Financial highlights

  • Net debt stable at £1.46bn in Q1 (December 2025: £1.45bn), reflecting project expenditure and operational cashflows.

  • EPRA LTV unchanged at 29.4% based on December 2025 valuations.

  • Weighted average interest rate reduced to 3.9% at March-end from 4.1% in December.

  • Cash and undrawn facilities at quarter-end were £383m, prior to completion of £278m in disposals.

Outlook and guidance

  • Near and medium-term earnings guidance remains unchanged.

  • Focus remains on driving income growth and returns through selective investment and capital recycling.

What underpins 50 Baker Street's IRR target?
How does the buyback align with capital allocation?
What is the outlook for further asset disposals?
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H1 202611 Aug, 2026
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