British Land FY26 Conf. Call: Confident in what they can control

Research evidence excerpt

British Land FY26 Conf. Call: Confident in what they can control

C A Z E N O V E Europe Equity Research

20 May 2026

British Land Neutral

BLND.L, BLND LN

FY26 Conf. Call: Confident in what they can control Price (19 May 26):378p

Price Target (Dec-27):440p

A cautiously optimistic call in our view, with management flagging confidence in European Property

ACthe underlying market with some tempering of optimism from the macro (and Neil Green, CFA

yield) volatility. The moving parts in the FY27 EPS guidance were interrogated, (44-20) 7134-4478

with management adding that they are confident of being at the top-end of like-for- neil.d.green@jpmorgan.com

like rental growth guidance for the coming year. J.P. Morgan Securities plc

Vanessa M Guy

(44-20) 7742-4521• CEO said they struggle to recall a period in the past where the underlying

fundamentals for the Campus and Retail Parks portfolios they own were vanessa.guy@jpmorgan.com

as strong as they currently are. J.P. Morgan Securities plc

Krishna Sathwik Beechu

• Mindful of inflation, they also flagged that since 2022, their rents have (91-22) 6157 5847

tracked inflation. Underlying markets are considerably tighter today than in krishna.s.beechu@jpmchase.com

2022 too, with vacancy c. 300bps lower today. J.P. Morgan India Private Limited

• Historically, new jobs are created more quickly than jobs are lost when it

comes to technological advances.

• For every company downsizing its offices, there are four that are upsizing.

Central London office demand is currently running 57% above the 10 year

average with space under offer being 50% higher than a year ago.

• Half of the UK’s poplation population is within 30 minutes drive of a

British Land retail park.

• Going forward, void cost impact will reduce in P&L and so the implication