Berkeley Group Feedback from FY26 presentation

Research evidence excerpt

Berkeley Group Feedback from FY26 presentation

C A Z E N O V E Europe Equity Research

24 June 2026

Berkeley Group Overweight

BKGH.L, BKG LN

Feedback from FY26 presentation Price (23 Jun 26):3,446p

Price Target (Dec-27):4,200p

Following Berkeley’s FY results, management hosted a presentation, from which European Building & Construction

our key takeaways are: 1) 4 year guidance. The profit will not necessarily be even and Infrastructure

across the years. FY27E guidance may be above the remaining years. Across the Zaim Beekawa AC

years, the market environment may differ either way (up or down); 2) Share (44-20) 7134-4175

buybacks. The pace of share buybacks will be dependent on underlying trading, zaim.beekawa@jpmorgan.com

share price (discount to NAV) and long-term plan. The average of the three year J.P. Morgan Securities plc

plan is about £125m to get to 2030 but the company has been ahead of that; 3) FY27 Elodie Rall

guidance. Pricing will be back to FY25 levels though completions will be lower; (44-20) 7134-5911

elodie.rall@jpmorgan.com

and 4) Demand Government Incentive. The company is asking the government to J.P. Morgan Securities plc

look more at taxes (stamp duty). Reducing the surcharge will bring back buy-to-let Jamie Smallbone

investors. Please see below for further takeaways. (44-20) 3493-7015

• 4 year guidance. The profit will not necessarily be even across the years. jamie.smallbone@jpmorgan.com

FY27E guidance may be above the remaining years. Across the years, the J.P. Morgan Securities plc

market environment may differ either way (up or down). Manshi Sinha

• Share buybacks. The pace of share buybacks will be dependent on underlying (91-22)manshi.sinha@jpmchase.com6157 5111

trading, share price (discount to NAV) and long-term plan. The average of the J.P.