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Land Securities Group (LAND) investor relations material
Land Securities Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 5.2% like-for-like net rental income growth and a 3.2% increase in EPRA EPS to 25.8p, with strong performance across office and retail portfolios and overhead costs reduced by 6%.
Occupancy reached a decade-high of 97.7%, with significant uplifts on relettings/renewals and ERV growth of 2.5%.
Raised near- and medium-term EPS guidance, with FY26 EPS growth expected at the top end of 2-4% and FY30 EPS potential increased to c.62p.
IFRS profit before tax was £98m, impacted by a £67m loss on disposal of £644m of low-returning assets, while EPRA NTA per share declined 1.3% to 863p.
Interim dividend increased 2.2% to 19.0p per share.
Financial highlights
Net rental income rose by £15m to £284m, with £12m from like-for-like growth.
EPRA earnings increased to £192m, and total return on equity was 1.2% for the half year.
NTA per share down 1.3% to 863p, mainly due to asset disposals.
LTV at 38.9% (pro-forma post-disposals), net debt/EBITDA at 8.6x, targeting below 7x within two years.
Portfolio valuation stable at £10.8bn, with 2.5% ERV growth (3.1% office, 2.2% retail).
Outlook and guidance
FY26 like-for-like net rental income growth expected at 4-5%, up from 3-4% prior guidance.
FY26 EPS growth expected at the top end of 2-4% range, before QAM disposal impact.
FY30 EPS potential raised to c.62p, implying a 4-4.5% CAGR.
Initial FY27 EPS outlook broadly similar to FY26, with QAM disposal impacting earnings.
Targeting net debt/EBITDA below 7x within two years and LTV below 35% over time.
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