London · Delayed Price · Currency is GBP · Price in GBX Land Securities Group Earnings Call Transcripts
Fiscal Year 2026
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Occupancy and rental growth reached multi-decade highs, driving 4.6% like-for-like net rental income growth and a 2.2% EPS increase. Strategic capital allocation and reduced development exposure support a 5% compound annual EPS growth outlook through FY 2030.
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Strong like-for-like income growth and high occupancy drove EPS and dividend increases, with robust capital recycling and a focus on retail and office assets. Guidance for income and EPS growth was raised, supported by strong demand and operational efficiency.
Fiscal Year 2025
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Strong operational performance drove EPS and dividend growth, with robust like-for-like income gains in London and retail. Strategic capital allocation supports a positive outlook for sustainable EPS and dividend growth, targeting 20% EPS growth by 2030. Continued cost reductions and portfolio repositioning underpin future returns.
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A major portfolio rebalancing will shift capital from offices to retail and residential, targeting 20% EPS growth by 2030. Strong operational performance, cost efficiencies, and a robust residential pipeline underpin sustainable income and dividend growth.
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Like-for-like net rental income rose 3.4% and return on equity reached 3.9% for the half year, with EPS guidance raised and strong operational performance in both London and retail segments. Capital recycling and a robust balance sheet support further growth, while risks are managed through careful capital allocation and development discipline.