Australia · Delayed Price · Currency is AUD Lendlease Group Earnings Call Transcripts
Fiscal Year 2026
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Strategic reset continues with AUD 2.8B in asset sales and further AUD 1.5B targeted. Segment EBITDA declined due to limited completions, but liquidity and pipeline remain strong. FY 2026 guidance maintained, with cost and gearing reduction initiatives underway.
Fiscal Year 2025
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The AGM highlighted a return to profitability, major capital recycling, and a renewed focus on core markets. Board renewal, a planned AUD 500 million buyback, and strong environmental progress were discussed, with robust shareholder support for all resolutions.
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Full-year results show a strong turnaround with AUD 386 million OPAT, 44% higher distributions, and significant cost savings. Capital recycling and divestments improved the risk profile, with gearing targeted to fall to 15% by FY 2026. IDC segment earnings per security for FY 2026 are guided at AUD 0.28–0.34.
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A new 50/50 joint venture with The Crown Estate will release over $300 million in capital, halve future funding commitments, and is expected to be earnings accretive in year one. The transaction supports deleveraging, advances capital recycling goals, and provides flexibility for future development participation.
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HY 2025 saw a return to profitability, with operating profit after tax of AUD 122 million and strong progress on cost reduction, capital recycling, and simplification. Construction losses were contained, and guidance for FY 2025 EPS remains unchanged, supported by major asset sales and a robust development pipeline.
Fiscal Year 2024
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The meeting detailed a strategic reset focused on simplifying operations, divesting offshore construction, and prioritizing Australian growth. Despite a statutory loss, operational earnings improved, and the board revised executive remuneration to align with security holder outcomes. Voting strongly supported board changes and the refreshed strategy.
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A refreshed strategy drove major restructuring, cost reductions, and divestments, resulting in a statutory loss but stable core profit. FY 2025 guidance is strong, with significant capital recycling, deleveraging, and targeted cost savings, while market conditions show early signs of improvement.