Author: Fiona Craig

Regional REIT (LSE:RGL) has reported a 5% decline in like-for-like portfolio valuation for 2025, with total assets valued at £555.2 million. The reduction was largely attributed to income impacts stemming from earlier tenant lease breaks. Despite the softer valuation backdrop, the group achieved several operational milestones, including £51.6 million of disposals completed at prices above book value and a reduction in net loan-to-value to 40.4%. It also maintained a fully covered dividend of 10p per share for 2025, refinanced £72.4 million of debt out to 2029, and renegotiated its management agreement to deliver recurring cost savings and improved shareholder alignment.

Facing ongoing leasing headwinds, elevated void costs and expectations of higher borrowing expenses, the company is adopting a more conservative capital approach in 2026. Cash will be retained to fund capital expenditure aimed at upgrading and repositioning assets, with particular emphasis on Grade A and EPC A- and B-rated space. Regional REIT is guiding to a reduced but fully covered dividend of 8p per share for 2026, while continuing an active disposals programme to further reduce debt. Management and the board argue that accepting near-term earnings pressure is necessary to enhance portfolio quality and unlock longer-term rental growth and capital appreciation potential.

The company’s broader outlook remains constrained by ongoing losses and a high-cost base. While strategic initiatives and balance sheet actions demonstrate proactive management, technical indicators and valuation metrics suggest investors should remain cautious. A relatively high dividend yield and visible insider support provide some reassurance, but sustained improvement in profitability will be key to strengthening the investment case.

More about Regional REIT

Regional REIT Limited is a UK-listed real estate investment trust specialising in regional office and commercial property outside London. The group derives the majority of its income from rental streams and seeks to enhance asset value through active management, targeted capital expenditure and selective disposals, focusing on occupier demand for high-quality regional workspace.

Arbuthnot Banking Group PLC (LSE:ARBB) has indicated that trading in the fourth quarter of 2025 remained robust, ahead of publishing its full-year results for the period ended 31 December 2025. The group now anticipates reporting pre-tax profit at the top end of market expectations, which it understands to be between £22 million and £24 million.

The guidance points to sustained operational momentum and earnings durability as the bank moves into 2026. Delivering results at the upper bound of consensus could reinforce confidence in Arbuthnot’s relationship-led banking model and strengthen its competitive positioning within the UK specialist banking landscape.

Despite the positive earnings trajectory, the broader outlook remains tempered by mixed financial quality indicators. Recent revenue softness in 2024, lower return on equity and volatility in cash flow generation weigh on the overall profile. However, valuation metrics — including a relatively low price-to-earnings ratio and an attractive dividend yield — provide a counterbalance. Technical signals appear broadly neutral to slightly weak, while the latest trading update offers support but does not fully offset concerns around cash-flow consistency.

More about Arbuthnot Banking

Arbuthnot Banking Group PLC is a UK-based financial services group specialising in private and commercial banking. The company provides lending, deposit-taking and related services, operating within the relationship-focused segment of the UK banking market.

Quantum Data Energy PLC (LSE:MAST) is pushing ahead with its third flexible generation project, the 5 MW Bordersley site, targeting financial close, construction and eventual commercial operations. The development is being supported by an in-principle co-funding arrangement with Power Balancing Services at the special purpose vehicle (SPV) level. The partnership is expected to cover approximately £3.5 million in capital expenditure for the shovel-ready asset, which is not yet revenue generating. By structuring the funding in this way, QDE intends to minimise shareholder dilution while maintaining a meaningful equity interest, positioning the project to contribute additional megawatts and revenue once operations commence, currently anticipated in Q4 2026.

Alongside Bordersley, the company is close to finalising the acquisition of a 7 MW brownfield flexible generation site in England. Technical and legal due diligence has largely been completed, and documentation is nearing execution, subject to confirmation of a grid connection date expected by the end of March 2026. QDE has also advanced engineering, procurement and construction (EPC) discussions, secured visibility on critical equipment supply, and progressed both grid and gas connection arrangements for Bordersley. In support of its capital strategy, the group has agreed to issue three-year broker warrants to Fortified Securities equivalent to 6% of the acceleration capital, reinforcing its asset-light and capital-disciplined approach to scaling flexible power capacity.

Despite operational progress, the company’s financial profile remains challenged by ongoing operating losses, negative operating and free cash flow, and elevated leverage. Technical indicators suggest the shares are in a pronounced downtrend, with only modest signs of oversold conditions. Valuation metrics offer limited clarity given negative earnings and the absence of dividend yield data.

More about Quantum Data Energy PLC

Quantum Data Energy PLC is a UK-based developer, operator and owner of flexible generation assets supplying modular power solutions to the UK electricity grid and AI data centres globally. The company combines infrastructure planning expertise with grid and gas access capabilities to deliver efficient, dispatchable power, with a strategic ambition to build a leading AI-focused infrastructure platform on the London Stock Exchange.

Safestore (LSE:SAFE) began its new financial year with solid trading, reporting group revenue of £61.2 million for the quarter ended 31 January 2026, up 6.3% at constant exchange rates. Growth was supported by a combination of like-for-like gains and income from recently opened stores. Closing occupancy improved slightly to 75.9% of current lettable area, while revenue per available square foot also advanced, signalling steady demand across its core markets.

On a like-for-like basis, revenue rose 4.2% at constant currency, underpinned by pricing strength as the average storage rate increased 4.8%. Occupied space on a like-for-like basis remained broadly stable. In the UK, revenue growth was modest and occupancy in larger units dipped due to an ongoing partitioning initiative aimed at optimising unit mix. In contrast, Paris and the group’s expansion markets outperformed, with the latter delivering a 17.6% increase in like-for-like revenue and a marked rise in occupancy levels.

The company continued to expand its footprint, opening three new facilities in Wembley, Colombes and Orgeval during the period, adding 173,500 square feet of maximum lettable area. A further five stores are scheduled to open before the financial year-end. Management highlighted that the quarter’s performance builds on last year’s momentum and reinforces the strategic importance of continental Europe, where newer markets are contributing an increasing share of growth and strengthening Safestore’s competitive position in the self-storage sector.

From a financial standpoint, Safestore benefits from a solid balance sheet and improving cash flow generation, although reported earnings and free cash flow have shown some volatility. Technical indicators remain constructive but suggest the shares may be approaching overbought territory. Valuation appears broadly reasonable, supported by a dividend yield that remains attractive to income-oriented investors.

More about Safestore Holdings

Safestore Holdings is the UK’s largest self-storage operator, with 214 stores as of 31 January 2026 across the UK, Paris, Spain, the Netherlands and Belgium, alongside joint ventures in Germany and Italy. Established in 1998 and listed on the London Stock Exchange since 2007, the group serves approximately 105,000 personal and business customers, offering 9.5 million square feet of maximum lettable area, of which 6.6 million square feet is occupied.

The company maintains a strong presence in London and the South East, major regional UK cities, and the Paris region, while continuing to build scale in key continental European markets. Employing around 850 staff, Safestore has been a constituent of the FTSE 250 index since 2015, underscoring its standing as a leading European self-storage provider.

Angus Energy (LSE:ANGS) has delivered a marked increase in production at its Saltfleetby gas field following coil tubing workovers on the B7 and B2 wells. Early results indicate average field output of approximately 6.3 million standard cubic feet per day (mmscfd) over the past week — around 30% above the company’s average daily production recorded in the fourth quarter of 2025.

The recently treated wells are currently undergoing clean-up and flowback operations, with management intending to track performance over the coming months to assess sustainability. Separately, the company plans to resubmit a previously delayed planning application relating to its Balcombe asset. However, operational gains are unfolding against the backdrop of ongoing negotiations with creditors over a proposed debt restructuring. Angus has cautioned that failure to secure agreement could raise material uncertainty over its status as a going concern. Its shares remain suspended from trading on AIM pending resolution of the restructuring process.

Financially, the group continues to face pressure from declining revenues and weak profitability, reflected in negative earnings metrics and limited valuation support. Technical indicators suggest broadly neutral momentum, although recent operational improvements and strategic initiatives offer a degree of cautious optimism for stabilisation and potential recovery.

More about Angus Energy

Angus Energy is a UK-based independent oil and gas company quoted on AIM and recognised as the country’s leading onshore gas producer. The company holds a 100% interest in the Saltfleetby gas field, majority stakes in the conventional oil fields at Brockham and Lidsey, and a 25% interest in the Balcombe licence, operating all assets in which it maintains an ownership position.

Tharisa (LSE:THS) confirmed that all resolutions proposed at its annual general meeting on 18 February 2026 were passed by shareholders. These included approval of the annual financial statements, the reappointment of auditors, board elections, authorities to issue and repurchase shares, as well as endorsement of the company’s remuneration policy and implementation report. Shareholders also approved a final dividend of US 1.5 cents per share, payable in USD, ZAR or GBP depending on the relevant share register.

The company outlined specific ex-dividend and record dates for both JSE and LSE investors and clarified the tax treatment applicable to shareholders in South Africa, the UK and Cyprus. These details are particularly relevant for income-focused investors assessing after-tax returns and cash flow timing. While voting support across most resolutions was strong, proposals concerning new share issuance authorities and the disapplication of pre-emptive rights drew a meaningful level of opposition, indicating some investor caution around potential equity dilution.

Tharisa further reported that it has 302,596,743 ordinary shares in issue, of which 296,259,295 carry voting and dividend rights. This disclosure provides additional transparency around the company’s capital base and the distribution pool for declared dividends.

More about Tharisa

Tharisa is an integrated resource group engaged in the exploration, mining, processing and marketing of platinum group metals (PGMs) and chrome concentrates. The company operates the low-cost Tharisa Mine in South Africa and is advancing the Karo Platinum Project in Zimbabwe. In addition to its mining activities, Tharisa is investing in downstream beneficiation initiatives and proprietary redox flow battery technology, aligning its strategy with global decarbonisation and energy transition trends.

88 Energy Limited (LSE:88E) is set to attend and present at the 2026 NAPE Summit in Houston, taking place from 18 to 20 February 2026. The company will use the event to spotlight its North Slope asset base in Alaska, including recently secured acreage in the South Prudhoe area. A copy of the presentation will be published on its website, reflecting a broader effort to enhance corporate visibility and engage both industry participants and investors.

Participation in NAPE — one of the upstream sector’s key networking forums — offers 88 Energy an opportunity to strengthen connections with prospective partners and funding sources. By promoting its Alaskan exploration strategy on a prominent industry stage, the company aims to support potential farm-out discussions, joint ventures or capital raising initiatives. The exposure also provides stakeholders with updated insight into its operational priorities within the competitive North American exploration landscape.

More about 88 Energy

88 Energy Limited is an oil and gas exploration company dual-listed on the ASX and AIM under the ticker 88E. The group focuses on upstream energy opportunities, with core activities centred on exploration and appraisal projects on Alaska’s North Slope, including its expanding position in the South Prudhoe region.

Anglo American (LSE:AAL) has reported that its majority-owned subsidiary, Kumba Iron Ore Limited, delivered audited adjusted EBITDA of R31.9 billion — approximately $1.8 billion — for the year ended 31 December 2025, highlighting robust profitability within the iron ore segment. After factoring in items such as derivative remeasurement reversals, corporate cost allocations and other adjustments, Kumba’s contribution to Anglo American’s underlying EBITDA is estimated at around $1.7 billion. The group is scheduled to publish its full-year 2025 results on 20 February 2026.

The scale of Kumba’s earnings contribution reinforces the strategic importance of iron ore within Anglo American’s broader portfolio. Strong cash generation from its South African operations continues to underpin group performance, offering investors early visibility into the composition of 2025 earnings ahead of the formal results announcement. The update also signals operational resilience in a commodity environment shaped by fluctuating global demand and pricing dynamics.

From a market perspective, Anglo American benefits from constructive technical momentum and recent corporate developments, including strategic transactions aimed at strengthening its competitive positioning. However, challenges linked to financial performance metrics — notably a negative price-to-earnings ratio and a relatively modest dividend yield — temper the overall valuation outlook.

More about Anglo American

Anglo American is a diversified global mining company producing iron ore, base metals and precious metals essential to industrial and infrastructure supply chains worldwide. Through its controlling interest in Kumba Iron Ore Limited, the group maintains significant exposure to the seaborne iron ore market and plays a prominent role in South Africa’s mining industry.

Cobra Resources (LSE:COBR) has finalised an 18-hole, 3,200-metre reverse circulation drilling campaign at the Blue Rose prospect within the Manna Hill Copper Project in South Australia, where the company holds a 12-month option to acquire the asset. Drilling intersected extensive zones of visible oxide and primary copper mineralisation in 10 holes, alongside molybdenite linked to quartz monzonite and diorite intrusions. The results strengthen the geological model pointing to a sizeable porphyry system in a state that hosts roughly 70% of Australia’s copper reserves.

According to management, early-stage observations indicate that drilling may be vectoring toward the core of a porphyry system. These findings are expected to guide the board’s decision on whether to exercise the Manna Hill option, which is internally viewed as having the potential to deliver a tier-one copper discovery. The programme also produced the project’s first multi-element portable XRF dataset, enhancing understanding of the structural and geochemical controls on mineralisation. Follow-up drilling is planned to test scale potential and potassic porphyry targets, while the company advances resource drilling at its Boland and Head rare earth assets, setting the stage for an active 2026. Positive outcomes could materially improve the group’s copper resource base.

From a financial perspective, Cobra remains pre-revenue, with ongoing losses and continued cash burn weighing on its near-term outlook. A debt-free balance sheet provides some mitigation, but valuation metrics are constrained by negative earnings and the absence of dividend yield data. On the technical front, the share price remains above key moving averages with constructive momentum indicators, although fundamentals continue to shape the broader investment case.

More about Cobra Resources Plc

Cobra Resources Plc is a South Australia-focused critical minerals developer advancing projects along the pathway to production. Its portfolio includes the Boland ionic rare earth discovery at the Wudinna Project — regarded as Australia’s only rare earth asset considered suitable for in situ recovery — as well as the optioned Manna Hill Copper Project in the Nackara Arc. In 2025, the company divested its Wudinna gold assets to sharpen its focus on copper and rare earth opportunities.

The group targets large-scale, low-cost and low-disturbance extraction opportunities within South Australia’s established mining region, positioning itself to benefit from sustained global demand for copper and rare earth elements.

Panther Metals (LSE:PALM) has entered into a non-binding letter of interest with Traxys Europe regarding its Winston Tailings Project in Ontario, opening discussions around potential financing support and future marketing of output. The proposed collaboration would cover gold, gallium, silver, zinc, copper, indium, cobalt and other recoverable minerals. Management sees Traxys’ involvement as meaningful third-party validation that could reduce execution risk on the route to production, while reinforcing confidence as the company progresses its Mineral Resource estimate and permitting activities.

Beyond Winston, Panther reported further advancement across its Canadian exploration portfolio. A 2,000-metre drilling campaign is being prepared at the Wishbone prospect within the Obonga Greenstone Belt, while additional drilling capacity has been deployed at Awkward West to target graphite and other critical metals. At Dotted Lake, located near Barrick’s Hemlo mine, recent work has confirmed gold, nickel, magnesium and volcanogenic massive sulphide (VMS) style mineralisation. The combined programmes support Panther’s strategy of balancing exploration-driven discoveries with projects that offer nearer-term development optionality, with the aim of creating sustained shareholder value.

Financially, the company remains in a pre-revenue phase, with ongoing losses and cash outflows weighing on its overall outlook. Valuation metrics reflect this early-stage profile, including a negative price-to-earnings ratio and no dividend history. While technical indicators point to strong momentum relative to moving averages, an elevated RSI suggests the shares may be approaching overbought territory, moderating the near-term technical picture.

More about Panther Metals Plc

Panther Metals Plc is a Canada-focused mineral exploration company listed on the London Stock Exchange. The group targets base, precious and critical metals through a portfolio that includes the district-scale Obonga Project in Ontario, the Winston tailings reprocessing initiative and the polymetallic Dotted Lake asset situated near the Hemlo mining district.