June 24, 2026 06:45 AM GMT Berkeley Group Holdings PLC | Europe M Update Cash Strong, Outlook Soft Reaction to earnings Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways The main negative is demand visibility. Cash due on forward sales declined to £1.0bn from £1.4bn, as legal completions outpaced reservation rates and underlying sales reservations were around 15% ...