Workspace Group

Workspace Group Dividend Analysis and Summary

• Dividend: Interim dividend of 9.4p per share (unchanged year-on-year)
• Type: Ordinary dividend (not a REIT Property Income Distribution)
• Payment date: 02/02/2026
• Record date: 09/01/2026
• Ex-dividend date: 08/01/2026 (derived as one business day before the record date)
• Estimated cash cost: ~£18.1m
• Earnings cover (H1): Adjusted underlying EPS 15.8p vs interim 9.4p (~1.7x cover)

• Coverage: Interim is well covered by H1 adjusted EPS (1.7x). The company reiterates a policy of dividends fully covered by adjusted underlying EPS for the year.
• Earnings trend: H1 trading profit after interest down 6.4% to £30.6m; like-for-like rent roll down 3.3% and occupancy lower, partly offset by £2m cost efficiencies. Near-term pressure on earnings persists until occupancy rebuilds.
• Balance sheet and liquidity: LTV 36%, interest cover 3.6x, liquidity £167m (cash + undrawn). Debt largely fixed/hedged (82%) with average cost ~3.8%–4.1%, supporting payout stability.
• Growth trajectory: Interim held flat at 9.4p. With occupancy focus and disposals depressing near-term income, a cautious/flat dividend profile looks more likely in the short term, with scope for growth if occupancy and rent roll recover.