2026 Annual Report

BUILDING LONG-TERM VALUE THROUGH ACTIVE MANAGEMENT

10 September 2026: Howard de Walden Estates Holdings Limited (‘Howard de Walden’ or the ‘Company’), the business that owns and manages a portfolio of mixed-use property across Marylebone, including dual destination brands, Marylebone Village and the Harley Street Health District, today announces its financial results for the year ended 31 March 2026.

Highlights:

• Rental income increased by 9.3%, to £179.4m from £164.1m in 2025
• Total of 652 new lettings signed during the year, equating to £41.8m of income
• Profits before capital items of £120.2m versus £99.9m in 2025
• Revenue profit before tax increased to £96.5m1 from £75.7m in 2025, an increase of 27.5%, underpinned by rental income growth and cost discipline
• Turnover increased by 9.6% to a record £180.0m
• Pre-tax profit of £335.8m included a £231.2m gain from revaluing investment properties; Property values increased by 3.2% on a like-for-like basis2
• Net debt decreased to £596.8m from £610.5m (gearing of 19.3% at 31 March 2026, down from 21.1% in 2025 due to property value increases)
• Strong balance sheet positions HdWE for significant growth in income and value over the long term
• Shareholder funds increased by 7.0% to £3,091.5m driven by revaluation gains and operating profits

1. The Company’s preferred measure of profitability. It excludes the variable impact of gains and losses on disposals and the annual revaluation of assets and liabilities.
2. Excludes acquisitions, disposals and capitalised refurbishment and development expenditure.

Rental income for the year increased 9.3% to £179.4m, driven by growth across all the major sectors of Healthcare, Residential, Retail and Office.

The Healthcare sector remains the largest in the portfolio at around 40% of income and value. Underpinned by the Harley Street Health District brand, income grew by 13.6% during the year. Positive income growth has been achieved through continued letting of new space and the renewal of leases from existing occupiers, including a significant rent review on one of our largest

buildings. HdWE also completed several acquisitions to strengthen the District, including 64 Wimpole Street, 37 Wimpole Street and 85 Harley Street, while disposing of non-core assets.

The ambition for Harley Street Health Districtis to continue to attract the best-in-class global practitioners to the district, alongside innovators, researchers, clinical trials and key healthcare enablers. Key lettings during the year have been to a wide range of healthcare disciplines, emphasising the focus on delivering a whole health ecosystem. During the year, Bupa completed its acquisition of King Edward VII’s Hospital, strengthening the range of services and treatments in the District. The district currently represents around 11% of the UK’s and 40% of London’s independent healthcare market.

Marylebone Village, the renowned destination and lifestyle brand, is central to the Group’s Retail, Office and Residential sectors.

The Retail offer continues to attract residents and businesses to the area. Income for the portfolio grew 3.0% during the year as demand for space remained high with limited availability. Our core aim is to ensure that there is a well-balanced and curated occupier mix, filled with vibrant and exciting traders, distinct from the mainstream high street. New arrivals throughout the year, included Tekla’s first UK store, womenswear brand Soeur, and the opening of KUDU restaurant.

Office income recorded an increase of 12.4%. Investment in the Office portfolio in prior years, in line with Howard de Walden’s strategy of repositioning the company’s workplace product has driven this increase. 40 new traditional type leases were signed during the year, complemented by strong occupancy levels in the flexible office brands Elmtree and Hale House.

The launch of Hale House in April 2025 achieved its aim of attracting successful and growing HealthTech occupiers to Harley Street Health District. Hale House consists of two buildings within the District, centred around 76-78 Portland Place. The buildings provide both co-working and self-contained offices in a collaborative environment that offer tailored facilities for innovators and entrepreneurial businesses. Additional space has been identified to add to the Hale House portfolio to meet occupier demands, allowing for more collaboration in innovation and research.

Growth in Residential income continued with an increase of 6.0% on the prior year. Demand for residential properties in Marylebone remained high, with occupancy levels of close to 100% throughout the year. Investment is made into the portfolio through a rolling refurbishment and refresh programme, providing the opportunity to upgrade services and finishes, and ensuring we meet or exceed all sustainability and legislative requirements.

During the financial year, the value of the investment properties, which encompass both the renowned shopping destination of Marylebone Village and the world-class medical hub of the Harley Street Health District, increased by 5.8% on an overall basis to £4,520.0m due to rental income growth across our four sectors. This equals an increase of 3.2% on a like-for-like basis when capital additions and disposals are excluded.

The pre-tax headline profit of £335.8m (2025: £172.0m) was largely driven by the £231.2m increase in property values.

Underlying profitability, including operating profit and revenue profit, improved on the previous year as increased turnover was complemented by reduced property and refurbishment costs, and

further enhanced by higher occupancy levels. The Company has maintained a strong balance sheet and is well positioned for significant growth in income and value over the long term.

Howard de Walden Chairman, Sir William Proby, commented: “This has been a year of considerable progress for the Group. In a challenging economic environment, the portfolio demonstrated its quality, resilience and enduring appeal, underpinned by disciplined investment, active management and the strength of its core location – reflected by its highest turnover and revenue profit ever. Investment property values also grew by 5.8%. 

“Marylebone Village and the Harley Street Health District remain central to our strategy and continued to perform well. Focused investment, careful curation and strong occupier demand supported progress against our strategy across all sectors. 

“External challenges remain, but with its conservative leverage and strong liquidity the Group is well positioned to continue delivering value for shareholders.” 

Howard de Walden Chief Executive, Mark Kildea, commented: “This year delivered exceptional financial and operational performance. Although an uncertain economic and geopolitical backdrop continued, our long-term focus, disciplined investment approach and the dedication of our people have enabled us to make significant progress. 

“Our portfolio benefits from its unique concentration in central London, together with the strength of our dual destination brands, Marylebone Village and the Harley Street Health District. Demand across much of the portfolio was robust throughout the year and combined with the successful execution of our asset management and investment programmes, resulted in significant growth in underlying profit. 

“Our focus remains on managing our portfolio with a long-term perspective, creating exceptional places that attract leading businesses, healthcare providers, residents and visitors while ensuring the estate evolves to meet changing occupier needs. 

“The relentless execution of our strategy, combined with the quality of our portfolio, our robust balance sheet and the commitment of our team, position the business to deliver sustainable long-term value through future property and economic cycles.” 

To read the 2026 Annual Report, please click here.