Town Centre Securities (TOWN) H1 2026 earnings summary

Executive summary

• Delivered resilient and stable performance amid challenging macroeconomic and geopolitical conditions, focusing on core operations and financial prudence.

• Made two investments: a retail property in Central London and a $5m investment in a US-based multi-family residential fund.

• Continued progress on key strategic initiatives, including active asset management and advancing a significant development pipeline.

Financial highlights

• Gross revenue for HY26 was £17.2m, up from £16.6m in HY25.

• Statutory loss before tax of £1.4m (HY25: profit of £1.0m), reflecting a 1.2% like-for-like portfolio valuation decrease.

• EPRA earnings after tax of £1.2m (HY25: £1.8m); EPRA earnings per share of 2.8p (HY25: 4.2p).

• Net assets at £108.9m (258p per share), down from £112.3m (266p) at June 2025.

• Loan to value increased to 54.8% (FY25: 53.1%) due to valuation reduction and new investments.

• Interim dividend maintained at 2.5p per share, fully covered by EPRA earnings.

Outlook and guidance

• Resilient trading performance has continued into the second half of FY26, with strong rent collection and car park momentum.

• Focus remains on core operations, risk-controlled development, and selective acquisitions funded by recycling capital.

• Significant headroom of £21.3m on revolving credit facilities and 79.5% of borrowings at fixed rates.