Lendlease Group
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Lendlease Group (LLC) investor relations material

Lendlease Group H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary22 Feb, 2026

Executive summary

  • FY26 is a transitional period with a strategic reset focusing on Investments, Development, and Construction (IDC), and accelerated capital recycling through the Capital Release Unit (CRU).

  • Statutory loss after tax was $318m, driven by non-cash negative revaluations and impairments, mainly in the US, UK, and Singapore.

  • $2.8b of CRU transactions have been announced or completed, supporting capital recycling and future buyback plans.

  • Leadership transitions include a new CFO and other senior management changes, with a focus on continuity and execution.

  • Interim unfranked distribution of $43m (6.2 cents per unit) from the Trust approved; no interim dividend for the Company.

Financial highlights

  • IDC Segment EBITDA was $204m (down from $341m), with Investments at $101m, Development at $34m, and Construction at $69m.

  • Group statutory loss after tax was $(318)m, including $118m of non-cash negative revaluations and impairments.

  • Group revenue for HY26 was $2,839m, down from $4,527m in HY25.

  • Net finance costs decreased to $8m due to lower average debt costs and levels.

  • Funds under management stable at $48.7b, with $2.9b in co-investment capital.

Outlook and guidance

  • FY26 is a transitional year; IDC earnings guidance maintained at 28–34 cents per security, with a stronger second half anticipated.

  • Group targets include reducing gearing to 15% by FY26 and achieving a $300m exit run rate for overheads.

  • Medium-term targets include 8–10% annual earnings growth, $4b per annum in development completions from FY27, and double-digit equity returns from IDC.

  • Improved earnings visibility for FY27 and FY28, anchored by major project completions and joint ventures.

  • $50m of additional pre-tax run-rate cost savings targeted in FY26, with $21m actioned in HY26.

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H2 202617 Aug, 2026
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Frequently asked questions

Lendlease Group is a multinational integrated real estate and investment company with a presence in Australia, Asia, Europe, and the Americas. The company specializes in developing inner-city mixed-use developments, apartments, communities, retirement, retail, commercial assets, and social and economic infrastructure. Through its Construction segment, Lendlease offers project management, design, and construction services across commercial, residential, mixed-use, defense, and social infrastructure sectors. Additionally, its Investments segment manages property and infrastructure co-investments, retirement livings, and U.S. military housings.The company is headquartered in Barangaroo, Australia, and its shares are listed on the ASX.

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