Slide 1: Our Annual Results
OUR ANNUAL RESULTS 16 May 2025
Slide 2: Set for sustainable income/EPS growth
Annual Results 2025 Set for sustainable income/EPS growth High-quality portfolio and pipeline with material upside potential BEST-IN-CLASS CENTRAL LONDON PORTFOLIO LEADING UK RETAIL PLATFORM SIGNIFICANT RESIDENTIAL-LED PIPELINE ZIG ZAG LIVERPOOL ONE MAYFIELD Victoria Liverpool Manchester £307m annua
Slide 3: Two clear objectives in capital allocation
Annual Results 2025 Two clear objectives in capital allocation Drive near-term EPS growth and shift portfolio to sustain long-term growth NEAR TERM MEDIUM TO LONGER TERM Office-led Retail-led FY25 FY30 Residential-led Non-core • Near-term EPS growth mostly driven by £11bn of assets we own today • In
Slide 4: Strategic implications
Annual Results 2025 Strategic implications Investment decisions underpinned by two key objectives CAPITAL ALLOCATION AND BALANCE SHEET TARGETS C.20% UPSIDE POTENTIAL IN EPS Invest further £1bn in major retail Release £0.3bn from pre-development assets Exit residual £0.8bn of retail/leisure parks c.6
Slide 5: Strong operational performance
Annual Results 2025 Strong operational performance Positive momentum continues into new year GROWING LIKE-FOR-LIKE INCOME INVESTING IN FUTURE GROWTH MAINTAINING A STRONG CAPITAL BASE Piccadilly Lights BLUEWATER NEW STREET SQUARE W1 (Sephora Launch) Kent London • 5.0% LFL NRI growth • Acquired £629m
Slide 6: Solid financial results
Annual Results 2025 Solid financial results Strong LFL growth and cost savings offset disposals and higher finance cost 50.3p 40.4p 874p EPRA EPS Dividend NTA per share +0.4% +2.0% +1.7% 6.4% 38.4% 7.7x Return on equity LTV1 Net debt / EBITDA1 +10.4ppt +3.4ppt +0.4x EXPECT EPRA EPS TO GROW BY C. 2-4
Slide 7: Operational Review
OPERATIONAL REVIEW Mark Allan CHIEF EXECUTIVE OFFICER
Slide 8: High-quality portfolio underpins material outperformance
Annual Results 2025 High-quality portfolio underpins material outperformance Customers focused on best space in each market CENTRAL LONDON – 47% OF INCOME MAJOR RETAIL – 36% OF INCOME RENTAL UPLIFTS RISING Landsec occupancy vs rest of London Landsec occupancy vs rest of UK retail Rental uplifts on r
Slide 9: Central London market
Annual Results 2025 Central London market Robust demand for high-quality space in right locations GRADE A TAKE-UP 20% ABOVE LT AVERAGE RENTS CONTINUE TO RISE INVESTMENT ACTIVITY STARTS TO RECOVER Central London office take-up relative to Victoria prime office rents (£ psf) vs rents achieved Central
Slide 10: Central London platform
Annual Results 2025 Central London platform Positive leasing results drive strong growth in income UTILISATION CONTINUES TO GROW CUSTOMERS PLANNING FOR MORE SPACE STRONG OPERATIONAL PERFORMANCE Weekly average turnstile tap-ins Average sq ft / person for leases signed with Landsec 11% 3m to 12% 3m to
Slide 11: Central London developments
Annual Results 2025 Central London developments Two highly sustainable schemes completing in next 12 months DELIVERING IN ATTRACTIVE WINDOW THIRTY HIGH, VICTORIA TIMBER SQUARE, SOUTHBANK Central London speculative supply vs demand1 m sq ft 5 4 3 2 1 0 2025 2026 2027 Committed speculative supply 10Y
Slide 12: Major retail destinations
Annual Results 2025 Major retail destinations Brands focused on best locations due to best access to consumer spend RETAIL SPEND FOCUSED ON BEST LOCATIONS C. 86% OF LANDSEC RETAIL IN TOP 1% SIGNIFICANT UPSIDE IN INCOME AND VALUES UK shopping destinations ranked by spend1 Landsec Major retail as % of
Slide 13: Major retail platform
Annual Results 2025 Major retail platform Strong growth across all key performance metrics SALES/FOOTFALL OUTPERFORMING RENTAL UPLIFTS TRENDING HIGHER STRONG OPERATIONAL PERFORMANCE Sales Footfall • LFL NRI +5.1% 10% 7% 1% 3% • Uplifts on relettings/renewals +7% 3.4% FY23 FY24 HY FY25 FY25 ISH • Occ
Slide 14: Capital Allocation
CAPITAL ALLOCATION Mark Allan CHIEF EXECUTIVE OFFICER
Slide 15: Prioritising capital allocation decisions
Annual Results 2025 Prioritising capital allocation decisions Two clear objectives alongside view on risk High Retail high yielding, with attractive growth for very best locations RETAIL investment due to concentration of spend and lack of new supply Impact on near-term income/EPS growth Offices to
Slide 16: Shifting our portfolio mix in next few years
Annual Results 2025 Strategic implications Shifting our portfolio mix in next few years • Continue to capture growing reversion in existing retail/office portfolio NEXT • Reduce overhead cost by further £8m+ from FY25 through more efficiency savings 1-3 • Release half of £0.7bn capital employed in l
Slide 17: Acquisitions
Annual Results 2025 Acquisitions Invested £629m in major retail and increased residential optionality INCREASED OWNERSHIP ACQUISITION OF TOP UK RETAIL DESTINATION TAKEN FULL CONTROL BLUEWATER LIVERPOOL ONE MEDIACITY Kent Greater Manchester • Acquired 17.5% stake for £120m • Acquired 92% stake for £4
Slide 18: Disposals
Annual Results 2025 Disposals Sold £655m of assets SOLD £496M DURING YEAR SOLD £159M SINCE YEAR-END FURTHER CAPITAL RECYCLING PLANNED Novotel LAKESIDE BISHOP CENTRE Hammersmith Essex Taplow • £400m hotel portfolio • £143m of retail parks • Anticipate further disposals in near term • £96m other non-c
Slide 19: Development
Annual Results 2025 Development Shift development activity from office to residential post FY26 RELEASE CAPITAL FROM PRE-DEVELOPMENT ASSETS SHIFT DEVELOPMENT ACTIVITY TO RESIDENTIAL ON-SITE OFFICE FUTURE DEVELOPMENT EXPOSURE DEVELOPMENTS 5 year average office TDC of c. £1bn Lewisham Finchley Road £1
Slide 20: Progressing 6,000-homes residential pipeline
Annual Results 2025 Progressing 6,000-homes residential pipeline Potential to invest £1bn+ by 2030 with further c. £2bn beyond 2030 FINCHLEY ROAD, ZONE 2 LONDON MAYFIELD, MANCHESTER LEWISHAM, ZONES 2&3 LONDON c. £1.2bn across multiple phases; c. 10-12% return c. £0.9bn across multiple phases; c. 11-
Slide 21: Financial Review
FINANCIAL REVIEW Vanessa Simms CHIEF FINANCIAL OFFICER
Slide 22: Financial summary
Annual Results 2025 Financial summary Strong operational performance underpins positive financial results 31 March 2025 31 March 2024 Change EPRA earnings £374m £371 m 0.8% EPRA earnings per share 50.3p 50.1 p 0.4% Dividend per share 40.4p 39.6 p 2.0% EPRA NTA per share Pro forma1 874p 859 p 1.7% Gr
Slide 23: EPRA earnings ahead of initial guidance
Annual Results 2025 EPRA earnings ahead of initial guidance Driven by stronger than expected LFL growth and focus on cost savings 31 March 2025 31 March 2024 £m £m Gross rental income 624 641 • Net rental up £2m despite disposals Net service charge (11) (16) and £14m reduction in surrenders Direct p
Slide 24: EPRA EPS up 0.4%
Annual Results 2025 EPRA EPS up 0.4% Strong LFL growth offsets impact from disposals and lower surrenders MOVEMENTS IN EPRA EPS Like-for-like business Other items Investment activity 0.5p 3.1p (1.0)p 0.6p 0.6p (1.9)p (1.7)p 50.1p Total LFL NRI growth +5.0%1 50.3p 6.6% 5.1% 2.8% 0.0% LFL LFL LFL LFL
Slide 25: Overhead costs down 5%
Annual Results 2025 Overhead costs down 5% On track to deliver c. £20m cost saving vs FY23 CONTINUING TO DRIVE IMPROVEMENT IN EFFICIENCY Delivered in FY25 c. £20m reduction, despite Procurement / other savings -£5m continued inflation Reduced tech depreciation -£1m Wage cost / inflation +£2m £84m Fu
Slide 26: External valuation of portfolio up 1.1%
Annual Results 2025 External valuation of portfolio up 1.1% Strong leasing activity drives 4.2% increase in rental values Valuation VALUATION YIELDS STABILISING (BPS) as at Surplus / Equivalent LFL equivalent yield LFL ERV 31 March 2025 (deficit) yield movement movement 16 1 2 29 31 £m % % bps % 19
Slide 27: Return on equity up to 6.4%
Annual Results 2025 Return on equity up to 6.4% Focus on sustainable income growth to drive attractive ROE over time RETURN ON EQUITY MOVEMENT IN NTA / SHARE (pps) Full year to Full year to Full year to Full year to Mar-22 Mar-23 Mar-24 Mar-25 50 10.5% 16 3.0% (3) (4) 2.1% (4) 3.4% (40) 6.4% 2.9% 1.
Slide 28: Returns underpinned by solid capital base
Annual Results 2025 Returns underpinned by solid capital base Maintaining balance sheet strength remains key priority AVERAGE DEBT MATURITY OF 9.6 YEARS1 TARGET MID 30’S LTV OVER TIME TARGET ND/EBITDA OF LESS THAN 8X Bond debt Drawn bank debt / Commercial paper £m Undrawn bank facilities 50% 12x 2,0
Slide 29: Clear upside from delivering strategy
Annual Results 2025 Clear upside from delivering strategy Move to higher income, higher future income growth, and lower risk POTENTIAL FOR EPS TO GROW C. 20% BY FY30 – DIVIDEND TO GROW IN LINE WITH 1.2-1.3X COVER Driving growth Strategic actions to enhance Expected future headwinds in portfolio sust
Slide 30: Overview
OVERVIEW Mark Allan CHIEF EXECUTIVE OFFICER
Slide 31: What to expect from us
Annual Results 2025 What to expect from us Clear strategic priorities for next few years EPS GROWTH IN NEXT 1-3 YEARS EPS GROWTH IN NEXT 2-5 YEARS FY25 FY30 OFFICE-LED RETAIL-LED RESIDENTIAL-LED Office-led Retail-led Residential-led Non-core • Capture growing reversion and drive further cost efficie
Slide 32: The Landsec opportunity
Annual Results 2025 The Landsec opportunity Delivery of strategy set to drive significant value WELL-PLACED DUE TO SUCCESSFUL CLEAR UPSIDE AS WE DELIVER FOCUS ON SUSTAINABLE INCOME EXECUTION OF 2020 STRATEGY NEXT PHASE OF STRATEGY /EPS GROWTH TO DRIVE ROE Shaped best-in-class office Portfolio 97% fu
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Slide 34: Appendices
APPENDICES
Slide 35: Contents
Appendices Contents Page Page Page Near term project Mayfield - 1,700 homes next to Central London office customers by sector Our sustainability framework 36 45 54 -acre park Diversified customer mix Sustainability leadership - Demonstrated by our Near term project Lewisham Valuation movements 37 46
Slide 36: Our sustainability framework
Appendices Our sustainability framework MATERIAL KEY 2024/25 ISSUES TARGETS PROGRESS Decarbonising Achieve net zero emissions Progressing our Net Zero Transition Investment Plan, including the completion of first ASHP retrofit at Dashwood House and additional our portfolio by 2040: 550kWp solar PV i
Slide 37: Sustainability leadership
Appendices Sustainability leadership Demonstrated by our performance across all key ESG benchmarks BENCHMARK LATEST PERFORMANCE BENCHMARK LATEST PERFORMANCE GRESB 2024 EPRA 2024 Real Estate Sector leader: Received our 11th Gold Award for best practice 5-star rating for the ninth consecutive year sus
Slide 38: Minimum Energy Efficiency Standards
Appendices Minimum Energy Efficiency Standards • 100% compliant with 2023 MEES regulations requiring all non- • • Through the Net Zero Transition Investment Plan and completion of new developments, our office portfolio will achieve 100% EP PORTFOLIO EPC RATING (ERV)1 EPC RATING BY PROPERTY TYPE (ERV
Slide 39: Income growth key driver of long-term value growth
Appendices Income growth key driver of long-term value growth Real income pivotal in higher nominal rate environment LITTLE CORRELATION BETWEEN PROPERTY YIELDS AND NOMINAL RATES1 REAL PROPERTY YIELDS ATTRACTIVE VS REAL INTEREST RATES1 18% All property equivalent yield vs real interest rate spread 16
Slide 40: Focus on sustainable income/EPS growth to drive attractive ROE
Appendices Focus on sustainable income/EPS growth to drive attractive ROE Key objectives, as we continue to build on achievements to date ACHIEVED SINCE LATE 2020 KEY OBJECTIVES FY25-FY30 Acquired £0.9bn of retail at 8.0% yield Continue to grow £3bn retail platform INVEST IN GROWTH Created £3bn+ res
Slide 41: Clear view on risk/return prospects
Appendices Clear view on risk/return prospects Prioritising investment options MOVE TO LOWER CYCLICALITY OVER TIME CLEAR VIEW ON RISK / RETURN PROSPECTS Volatility in total property returns Risk over past 30 years1 Limited supply drives positive ERV growth, but higher build cost and exit yields weig
Slide 42: Capital recycling
Appendices Capital recycling Reallocation of capital to enhance income and income growth Pre-development assets Retail/leisure parks Office-led Total Sources Capital employed £0.3bn £0.8bn £2bn £3bn+ of capital Effective net income yield1 c. 1% c. 7.5% c. 4.5-5% c. 5.1% Retail-led Retail-led Residen
Slide 43: Establish £2bn+ residential platform by 2030
Appendices Establish £2bn+ residential platform by 2030 Building on opportunity we have created over last few years EXPECTED INVESTMENT IN CURRENT SCHEMES SUPPLEMENTING PIPELINE BY SELECTIVE ACQUISITIONS Indicative phasing of near-term capex cumulative FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 MAYFI
Slide 44: Near term project Finchley Road
Appendices Near term project Finchley Road Up to 1,800 homes surrounded by five London tube and train stations Status • Full outline consent • Detailed consent phase 1 London City of London Bridge Waterloo • VP secured phase 1 Victoria Battersea Soho Bond Street • Demolition complete phase 1 Camden
Slide 45: Near term project Mayfield
Appendices Near term project Mayfield -acre park Status • Full outline consent • Detailed planning phase 1 Deansgate residential submitted Spinningfields Northern Quarter Ancoats Next key milestones Manchester Gay Village • Planning decision phase 1 Oxford Road Manchester Piccadilly residential expe
Slide 46: Near term project Lewisham
Appendices Near term project Lewisham Up to 2,800 homes in South London next to DLR terminal Status City of London London Bridge Canary • Outline/detailed planning Wharf River Thames application submitted South Bermondsey • VP flexibility secured phase 1 Greenwich Next key milestones Blackheath • De
Slide 47: Longer term pipeline
Appendices Longer term pipeline Further optionality with minimal holding cost secured over past year MEDIACITY PHASE 2, GREATER MANCHESTER ST DAVID’S, CARDIFF CITY CENTRE Phase 2 • Took full control of MediaCity estate in October 2024 • Acquired adjacent retail block for £4m in May 2024 • Upside fro
Slide 48: Reduce capital employed in offices and exit non-core assets
Appendices Reduce capital employed in offices and exit non-core assets Funding investment in higher-return opportunities REDUCE OFFICE EXPOSURE BY NET £2BN EXIT RESIDUAL NON-CORE ASSETS RIVERSIDE BISHOP CENTRE 21 MOORFIELDS 1 NEW STREET SQUARE Norwich Taplow • £2.2bn office disposals over last four
Slide 49: Major retail destinations Economics
Appendices Major retail destinations Economics Attractive value in high and growing income returns LANDSEC SHOPPING CENTRE VALUES, RENTAL INCOME AND RETAIL SALES1 (INDEX, MAR-17=100) RISK PREMIUM – SPREAD BETWEEN PRIME YIELDS AND 5-YEAR REAL INTEREST RATES Landsec shopping centres2 110 12 100 10 Imp
Slide 50: Central London office Investment markets
Appendices Central London office Investment markets Values stabilising for best assets as signs of demand pick up PEAK TO TROUGH (MONTHS), CYCLE OF CAPITAL VALUE DECLINE CENTRAL LONDON OFFICES CENTRAL LONDON OFFICE REAL CAPITAL VALUES (INDEXED DEC ‘99 = 100) 100 160 90s Dot Com GFC Bond yield reset
Slide 51: Central London office Demand and supply
Appendices Central London office Demand and supply Sustained demand for best-quality stock CENTRAL LONDON ACTIVE DEMAND (MILLION SQ FT) CENTRAL LONDON VACANCY BY BUILDING 16 Central London demand 10 year quarterly average 40% 1% of buildings 14 comprise 33% of Central London 30% vacancy 12 10% of bu
Slide 52: Residential growth opportunity
Appendices Residential growth opportunity Structural growth sector with attractive income fundamentals UK population growth forecast1 Planning approvals and housing completions2 74m 350 300 72m Constrained supply, 250 +6m people with >20% decline Structural demand 70m 200 in planning for more homes
Slide 53: Residential growth opportunity
Appendices Residential growth opportunity Renting increasingly attractive part of overall housing market Cumulative increase in number of PRS households1 If given the choice, proportion that would choose 000s to rent vs buy, by generation2 700 Silent Generation Gen Z (age 80-97) more than 600 Baby B
Slide 54: Central London office customers by sector
Appendices Central London office customers by sector Diversified customer mix TOP 10 CUSTOMERS - Percentage of Central London annualised rental income CUSTOMERS BY SECTOR - Percentage of Central London annualised rental income Central government 11.0% Other Healthcare & Deloitte 4.4% pharmaceutical
Slide 55: Valuation movements
Appendices Valuation movements As at 31 March 2025 MARKET VALUE VALUATION LFL ERV EPRA NET EPRA TOPPED-UP EQUIVALENT LFL MOVEMENT IN 31 MARCH 2025 CHANGE CHANGE3 INITIAL YIELD NET INITIAL YIELD1 YIELD EQUIVALENT YIELD £m % % % % % bps West end offices 3,124 0.6 5.2 4.6 5.4 5.4 14 City offices 1,445
Slide 56: Operational performance analysis
Appendices Operational performance analysis As at 31 March 2025 ANNUALISED NET ESTIMATED EPRA LFL OCCUPANCY RENTAL INCOME RENTAL VALUE OCCUPANCY1 CHANGE1 WAULT1 £m £m % ppt Years West end offices 164 202 99.1 (0.6) 6.0 City offices 85 111 96.2 4.4 8.1 Retail and other 58 54 97.3 0.4 5.7 Developments
Slide 57: Rent reviews and lease expiries and breaks
Appendices Rent reviews and lease expiries and breaks1 Excluding developments OUTSTANDING 2025/26 2026/27 2027/28 2028/29 2029/30 2031+ TOTAL £m £m £m £m £m £m £m £m Rents passing from leases subject to review 102 40 27 25 46 15 4 259 Gross reversion under lease provisions 9 6 3 4 6 1 (2) 27 2025/26
Slide 58: Office-led development returns
Appendices Office-led development returns THIRTY HIGH, SW1 TIMBER SQUARE, SE1 Status On site On site Estimated completion date Q4 FY26 Q4 FY26 Description of use Office 89% Office 96% Retail 11% Retail 4% Landsec ownership % 100 100 Size sq ft (000) 299 383 Letting status % - - Market value £m 352 2
Slide 59: Pre-development assets
Appendices Pre-development assets GROSS YIELD CURRENT CAPITAL EMPLOYED PROPOSED SQ FT INDICATIVE TDC INDICATIVE ERV POTENTIAL PLANNING PROJECT ON TDC (1) £M ‘000 £bn £M START DATE STATUS % Red Lion Court, SE1 250 2026 Consented Old Broad Street, EC2 290 2026 Consented Liberty of Southwark, SE1 220 2
Slide 60: Committed development capital expenditure
Appendices Committed development capital expenditure COMMITTED DEVELOPMENT CAPEX BY SCHEME £m Timber Square Thirty High 300 • £232m future committed capex on our two 250 £232m committed developments: Timber Square and Thirty High 200 • Expected ERV of £61m 150 • Delivering an attractive 7.1% gross y
Slide 61: Important notice
Appendices Important notice - -looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statement