Comparing H2 FY2025 (March 13, 2026) → H1 FY2026 (August 12, 2026)
✅ Delivered
- GBP 100 million sales target progress
- 2026 refinancing execution
- Cost reduction program
- CapEx discipline and pre-let prioritization
- New Printing House Square redevelopment positioning
⚠️ Reprioritized
- LTV reduction timeline
- Sales quantum guidance range
- Spring Gardens planning approval window
- Leasing activity vs. earlier-year expectations
- Interim dividend
🔇 De-Emphasized or Absent
- Net debt to EBITDA target discussion
- GBP 80 million under-offer pipeline
- Bismarckstraße hotel conversion
- Sustainability program and EPC progress
- Portfolio shape and alternative use strategy
🎭 Narrative Positioning
- Valuation stabilization narrative reversal
- Earnings pressure framing — near-term vs. structural
- CFO transition continuity signal
- Lender relationship and covenant headroom
- Vacancy reduction outlook confidence