CLS Holdings plc (LSE:CLS) (CLS) reported EPRA earnings per share of 7.6 pence for the year to 31 December 2025, down 17.4% from 9.2 pence a year earlier, the company said in a filing.
Statutory loss after tax narrowed to £50.3 million (2024: £93.6 million loss), principally driven by a £79.2 million net valuation decline on investment properties (2024: £127.7 million). EPRA net tangible assets per share fell 6.7% to 200.7 pence and total accounting return was -4.8% (2024: -11.9%). Portfolio valuation moved -3.8% in local currency overall, with the UK down 4.6% (or -1.6% excluding Spring Gardens valuation basis change), Germany -2.7% and France -4.5%.
Operationally, net rental income decreased 11.1% to £101.3 million, reflecting higher vacancy and disposals; disposals of £144.2 million completed in the year. The group secured contracted annual rent of £17.0 million across 99 new lettings and renewals, and says rent collection was 99% of contracted rent. Vacancy rose to 14.5% (2024: 12.7%). Net debt fell by £86.2 million and loan-to-value was 50.0% at 31 December 2025. Cash and cash equivalents were £49.4 million with undrawn facilities of £38.0 million. The group refinanced or repaid £373.7 million of loans in the year; weighted average cost of debt remained 3.8% and average debt maturity increased to 3.6 years.
Fredrik Widlund, Chief Executive Officer, said: "In 2025, CLS has focused on achieving its strategic priorities, concentrating on what is within our control and continuing to navigate a prolonged downturn in the property cycle amid significant domestic and international economic and political uncertainty. We are clear on what we need to do to refocus the business and drive operational efficiency, strengthen our balance sheet and position our assets for long-term growth: we made good progress in 2025 and expect that to continue in 2026."
The board will propose a final dividend of 2.7p (full year 4.0p) subject to shareholder approval and is offering an optional enhanced scrip dividend at a 5% discount if approved; the company expects to dispose between £100 million and £150 million of assets in 2026 to reduce leverage and is targeting an LTV range of 35%–45%.
The recap
• EPRA EPS fell 17.4% to 7.6p.
• Statutory loss after tax was £50.3m (2024: £93.6m loss).
• Company expects £100m–£150m of disposals in 2026 to reduce leverage.
