The Crown Estate reports strong results and steps up long-term investment to grow future returns for the nation

The Crown Estate today reported strong annual results with operating profits, excluding Offshore Wind Leasing Round 4 option fees, increasing 5% to £370 million, demonstrating continued growth across the business. Operating profit declined as anticipated to £1.2 billion, down from £1.4 billion, as the temporary uplift from Round 4 option fees began to reduce and the projects started to enter their construction phase. £487 million revenue account profit was returned to HM Treasury for the benefit of public spending, bringing the total contribution to £5.1 billion over the past 10 years.

In 2025 Parliament granted The Crown Estate new investment and borrowing powers. The business now estimates it can invest up to £5 billion over the next decade and materially increase the money returned for public spending. To achieve this, while the debt mechanism is finalised and with HM Treasury’s support, the business is increasing the proportion of gross revenue retained for investment from 27% to 60% in FY26 and FY27.

This additional retained revenue will support increased investment in areas that will further boost the public finances and energy security, create jobs and benefit communities across its Marine, Urban and Rural portfolios. Existing investment priorities include:

• Up to £1.5 billion into UK science & innovation across the UK

• £400 million into UK offshore wind supply chain capacity

• More than £500 million to renew and future-proof part of London’s West End

• A housing pipeline that will see the delivery of 30,000 new homes

2025/26 results and achievements summary

The Crown Estate has continued to invest in and grow the value of its property portfolio, which is now valued at £14.5 billion (31 March 2025: £13.4 billion).  

Other key highlights from across the year included:

• Operating profits of £1.2 billion (2024/25: £1.4 billion)

• Net Asset Value grew to £16.7 billion (31 March 2025: £15.0 billion)

• 36 wind farms operating in our Marine portfolio and 13 GW of grid-connected capacity from offshore wind in our waters (31 March 2025: 12 GW)

• Current and potential pipeline of Offshore Wind Capacity increased to 56GW from 50GW

• 13m sq ft of commercial space in the real estate development pipeline

• Secured planning consent for a 100,000 square foot lab and collaboration space in Oxford

• Acquisition of a 220-acre site in Oxfordshire with the potential to deliver 4.5 million sq ft of laboratory, office and manufacturing space

• 450 hectares of new woodland and 300km of new hedgerows planted since 2022

• 1,800 hectares of nature restoration projects across the seabed and foreshore

• 5,700 homes now in planning stage

• 4,400 hectares now being managed under sustainable environmental Farming Tenancies

These results demonstrate The Crown Estate’s underlying ability to deliver a steady growth in operating profit, excluding Round 4 option fees, as offshore wind projects come online and Urban development projects progress.

Dan Labbad, Chief Executive of The Crown Estate, said: “These results demonstrate both the strength of our underlying business and the importance of taking a long-term approach to managing national assets.

“Over recent years, we have delivered strong growth for the country and invested in areas of national importance including renewable energy, housing and science & innovation. With the new powers approved by Parliament, retaining more revenue for investment, we can now go further – boosting long-term investment in these sectors and generating increased returns for public spending.

“Our role is to steward our national assets responsibly, increasing value for the public finances and generating wider social and environmental benefits over time – supporting energy security, economic growth and regeneration.”

Performance details from across the portfolio

The Crown Estate delivered a strong performance across its business units.

Marine

Underlying Marine operating profit, excluding the impact of Round 4 option fees, increased to £175 million (2024/25: £149 million). Growth was driven by favourable wind conditions, new offshore wind capacity and expansion across wider marine activities, which also resulted in the increase in the Marine portfolio valuation to £3.7 billion (2024/25: £3.2 billion).

Revenue from existing windfarms rose 20% to £117 million, while The Crown Estate continued to expand its pipeline of new projects despite global pressures on the sector. The first two round 4 projects entered the construction phase this year and together could generate enough clean energy to power another two million homes. Meanwhile, a tender for the Morgan project site, which was handed back by its developers after missing out on the Government’s Contract for Difference funding in AR7, is due to launch over the coming months. As anticipated, income from Round 4 option fees reduced from £1,073m to £875m in the year.

The Crown Estate awarded rights for three Round 5 projects to establish floating wind in the Celtic Sea and, in March, also announced plans for Round 6, which could add up to 6GW of new capacity and support economic growth in the North East.

Alongside leasing activity, The Crown Estate invested £13 million in supply chain businesses across the UK through its Supply Chain Accelerator, taking the total to £18 million since launch in 2024, with a further funding round announced in April.

The business also launched its Marine Delivery Routemap digital portal and Marine Nature Principles to improve seabed planning and help ensure the protection of vulnerable marine habitats and species as offshore development expands.

Urban

The Crown Estate’s development and real estate portfolio continued to outperform its bespoke MSCI benchmark, driven by strong demand across the West End. Operating profits increased to £258 million from £242 million whilst the portfolio valuation grew to £9.1 billion (2024/25 £8.6 billion).

In partnership with Westminster City Council, The Crown Estate is progressing plans to transform Regent Street, Haymarket and Piccadilly Circus into a greener, more accessible destination for business, culture and leisure. Around 5,000 people took part in the latest consultation – the largest response Westminster has received for a public realm project.

The business continued to advance its largest ever development programme, with around 1.5 million sq ft of projects planned, including 10 Spring Gardens, New Zealand House and 33 Piccadilly.

Beyond London, The Crown Estate is using its land and development portfolio to support housing and innovation-led growth. During the year, six housing applications were submitted for nearly 5,700 homes, including low-carbon demonstration projects in Wotton, Bedfordshire and Knutsford, Cheshire.  

The conditional partnership with Lendlease, announced in May 2025, could unlock major regeneration and infrastructure projects delivering new homes, commercial space and long-term investment across London and Birmingham. The Crown Estate continues to progress the conditional agreement for this proposed 50/50 joint venture.

The Crown Estate also continued to expand its science and innovation activity. In Oxford, plans are progressing to convert a former department store into 100,000 sq ft of laboratory and collaboration space, and a newly acquired site in Oxfordshire could support up to 4.5 million sq ft of specialist workspace and help create an estimated 30,000 jobs nationally.

Windsor, Rural and Coastal

Performance across Windsor, Rural and Coastal remained positive during the year, supported by a more active approach to asset management. The portfolio value increased to £1.7 billion (31 March 2025: £1.6 billion), with operating profits of £36 million (2024/25: £35 million).

As one of the largest owners of agricultural land, The Crown Estate has continued to invest in farming and nature recovery. New environmental Farm Business Tenancies are helping farmers balance food production with environmental goals through longer-term, more flexible agreements and tailored nature plans.

There are now 17 agreements in place covering more than 4,400 hectares. Additionally, since launching in 2022, The Crown Estate’s £20 million Rural Environment Fund has also supported the planting of more than 300km of hedgerows and 450 hectares of woodland.