Land Securities Group Plc · LSE:LAND
Land Securities — Q2 2026 Earnings Presentation
52 slides from Land Securities's earnings presentation, Nov 14, 2025
Slide 1: Our Half Year Results
OUR HALF YEAR RESULTS 14 November 2025
Slide 2: Strong income growth drives increase in EPS outlook
Half Year Results 2025 Strong income growth drives increase in EPS outlook Positive momentum across entire business NEAR TERM LONGER TERM A BEST-IN-CLASS OFFICE PORTFOLIO THE LEADING UK RETAIL PLATFORM £3BN+ RESIDENTIAL-LED PIPELINE NOVA ST DAVID’S LEWISHAM Victoria Cardiff London • 52% of income •
Slide 3: Good early progress on executing our strategy
Half Year Results 2025 Good early progress on executing our strategy On track or ahead of plan on nine key objectives we set out in February Near-term EPS growth mostly driven by assets/platform we have today Five near-term objectives (1-3 yrs) What we have done so far • Capture growing reversion in
Slide 4: Focus on sustainable income/EPS growth to drive long-term value
Half Year Results 2025 Focus on sustainable income/EPS growth to drive long-term value Clarity in priorities and decision-making GROWING LIKE-FOR-LIKE INCOME SHIFTING PORTFOLIO MIX MAINTAINING SOLID CAPITAL BASE PICCADILLY LIGHTS LIVERPOOL ONE NEW STREET SQUARE W1 Liverpool London • LFL NRI growth u
Slide 5: Financial results
Half Year Results 2025 Financial results Strong LFL income growth and cost savings drive 3.2% EPS growth £284m 25.8p 19.0p Net rental income EPRA EPS Dividend +5.2% LFL +3.2% +2.2% 863p 38.9% 8.6x NTA per share LTV1 Net debt / EBITDA -1.3% -0.4ppt +0.7x 1 Pro-forma for disposals since period-end 5
Slide 6: Raising near and medium-term EPS outlook
Half Year Results 2025 Raising near and medium-term EPS outlook Underpinned by two best-in-class portfolios and market-leading platforms RAISING FY26 EPS GUIDANCE RAISING FY30 EPS POTENTIAL Top end of c. 2-4% c. 23% initial guidance growth -£7m QAM impact c. 60p c. 62p 50.3p 50.3p FY25 FY26 guidance
Slide 7: Operational Review
OPERATIONAL REVIEW Mark Allan CHIEF EXECUTIVE OFFICER
Slide 8: Attractive income growth across best-in-class portfolio
Half Year Results 2025 Attractive income growth across best-in-class portfolio Market-leading leasing performance OCCUPANCY AT A DECADE-HIGH RENTAL UPLIFTS RISING LFL INCOME CONTINUES TO GROW EPRA occupancy total portfolio Uplift on relettings/renewals vs passing rent Like-for-like net rental income
Slide 9: Office-led places: strong customer demand for high-quality space
Half Year Results 2025 Office-led places Strong customer demand for high-quality space in the right locations UTILISATION CONTINUES TO GROW INCREASING SPACE REQUIREMENTS RENTS RISING Weekly average turnstile tap-ins (indexed)1 Source of current active tenant demand in London2 Victoria prime office r
Slide 10: Office-led places: high LFL income growth
Half Year Results 2025 Office-led places High LFL income growth driven by market-leading platform PORTFOLIO EFFECTIVELY FULL REVERSIONARY POTENTIAL GROWING STRONG OPERATIONAL PERFORMANCE EPRA Occupancy West End • LFL NRI +6.8% offices 100.0% • Uplifts on relettings/renewals +6% City & Southwark 98.6
Slide 11: Positive customer engagement on near-term office completions
Half Year Results 2025 Office-led places Positive customer engagement on near-term office completions EXPECT C. £58M NET EFFECTIVE RENT AND C. £43M INCREMENTAL FINANCE EXPENSE1 CURRENT CUSTOMER ENGAGEMENT Kings Cross 200% Let Under offer Negotiations/RFP Active engagement Completion Mar-26 383,000 s
Slide 12: Retail-led destinations: outperformance of high-quality portfolio
Half Year Results 2025 Retail-led destinations Outperformance of high-quality portfolio proves attraction for key brands RETAIL SPEND FOCUSED ON BEST LOCATIONS DRIVING SUPERIOR FOOTFALL GROWTH HIGH 7.7% SALES GROWTH OVER LAST 6M UK shopping destinations ranked by spend1 Cumulative sales growth (inde
Slide 13: Growing reversion supports attractive LFL income growth
Half Year Results 2025 Retail-led destinations Growing reversion supports attractive LFL income growth RENTAL UPLIFTS TRENDING HIGHER LFL NET RENTAL INCOME GROWTH STRONG OPERATIONAL PERFORMANCE • LFL NRI +5.0% 14% • Uplifts on relettings/renewals +13% 11% 7% • Occupancy +50bps YoY to 96.7% 1% 3% 5.1
Slide 14: Strong income growth outlook based on market-leading platform
Half Year Results 2025 Retail-led destinations Strong income growth outlook based on market-leading platform CREATING EXPERIENCE-LED PLACES INVESTING IN ACCRETIVE CAPEX TARGETING 4.5-7% CAGR IN INCOME Selected new lettings during first half 1.0-2.0% 4.5-7.0% 0.5-1.0% PRIMARK UPSIZE MARLBOROUGH SQUAR
Slide 15: Capital Allocation
CAPITAL ALLOCATION Mark Allan CHIEF EXECUTIVE OFFICER
Slide 16: Clear framework for capital allocation decisions
Half Year Results 2025 Clear framework for capital allocation decisions Focus on driving income/EPS growth in near term and longer term High RETAIL OUR PRIORITIES IN THE NEXT 12-18 MONTHS SHARE investment buyback • Further capital recycling out of lower return assets Impact on near-term to fund accr
Slide 17: Sold £644m of low-returning assets
Half Year Results 2025 Sold £644m1 of low-returning assets Disposals to enhance income growth at small cost to NTA QUEEN ANNE’S MANSIONS (£245M) PRE-DEVELOPMENT ASSETS (£72M) OUT-OF-TOWN PARKS (£261M) • 1970’s office generating 0% total return • Two London office development sites • Four retail park
Slide 18: Further capital recycling
Half Year Results 2025 Further capital recycling Opportunity to enhance EPS growth through decisive actions INVESTMENT ACTIVITY PICKING UP NEW RETAIL OPPORTUNITIES EMERGING STRONG £1BN ACQUISITION TRACK-RECORD2 Rolling 12m Central London investment volumes1 Landsec shopping centre values, rental inc
Slide 19: Our current views on new development starts
Half Year Results 2025 Our current views on new development starts More attractive risk-adjusted returns elsewhere for now LONDON OFFICE DEVELOPMENT RESIDENTIAL DEVELOPMENT CGIs of key schemes • Positive market outlook to benefit high-quality existing assets as well • Attractive longer-term structur
Slide 20: Moving to structurally lower levels of development exposure
Half Year Results 2025 Moving to structurally lower levels of development exposure Reducing overall risk-profile and enhancing sustainable EPS growth RELEASING CAPITAL FROM PRE-DEVELOPMENT ASSETS REDUCING ON-BALANCE SHEET DEVELOPMENT £1.2bn Capital employed in pre-development assets £1.4bn Committed
Slide 21: Financial Review
FINANCIAL REVIEW Vanessa Simms CHIEF FINANCIAL OFFICER
Slide 22: Financial summary
Half Year Results 2025 Financial summary Strong LFL income growth underpins EPS growth £284m £192m 25.8p 19.0p Net rental income EPRA Earnings EPRA EPS Dividend +5.2% LFL1 +3.2% +3.2% +2.2% £10.8bn 863p 38.9% 8.6x Portfolio valuation NTA per share LTV2 Net debt / EBITDA -0.1% LFL -1.3% -0.4ppt +0.7x
Slide 23: EPRA earnings up 3.2%
Half Year Results 2025 EPRA earnings up 3.2% Driven by £12m growth in LFL income1 and further cost savings 30 Sept-25 30 Sept-24 Variance £m • LFL net rental income up £12m £m £m • Prior HY benefit from £4m rise in Gross rental income 325 302 23 debt recoveries, principally on Net service charge (6)
Slide 24: EPRA EPS up 3.2%
Half Year Results 2025 EPRA EPS up 3.2% Strong growth in LFL business, as benefit from Other items is minimal MOVEMENTS IN EPRA EPS Like-for-like business +1.6p Other items (0.9)p Investment activity +0.1p 0.3p (0.3)p (0.1)p (0.8)p 0.5p (0.4)p 1.6p Total LFL NRI growth +5.2%1 25.8p 25.0p 6.8% 5.0% -
Slide 25: Overhead costs down 6%
Half Year Results 2025 Overhead costs down 6% Now targeting low £60m’s by FY27, down from less than £65m previously IDENTIFIED OPPORTUNITIES TO FURTHER IMPROVE EFFICIENCY £84m More than £20m reduction vs FY23 Components of 25%+ cost reduction vs FY23 £77m £73m Technology and <£70m transformation ben
Slide 26: Portfolio valuation stable as ERVs grow 2.5%
Half Year Results 2025 Portfolio valuation stable as ERVs grow 2.5% Delivering sustainable income growth to drive attractive ROE over time EXTERNAL PORTFOLIO VALUATION NTA PER SHARE MOVEMENT LFL equivalent Surplus / Equivalent yield LFL ERV Valuation (deficit) yield movement movement £m % % bps % Of
Slide 27: Further strengthening our robust capital base
Half Year Results 2025 Further strengthening our robust capital base Targeting net debt/EBITDA of less than 7x AVERAGE DEBT MATURITY OF 8.9 YEARS1 TARGET ND/EBITDA DOWN FROM <8X TO <7X MOVING TO A LOWER LTV Bond debt Drawn bank debt / Commercial paper £m Undrawn bank facilities 1,500 New target: <7x
Slide 28: Positive near-term EPS outlook
Half Year Results 2025 Positive near-term EPS outlook Underpinned by continued LFL income growth and further cost savings RAISING FY26 EPS GUIDANCE INITIAL FY27 EPS OUTLOOK Broadly similar as FY26 -£15m QAM impact Top end of c. 2-4% initial guidance -£7m QAM impact -£7m QAM impact -£7m QAM impact 50
Slide 29: Raising FY30 EPS potential
Half Year Results 2025 Raising FY30 EPS potential Move to higher income, higher future income growth, and lower risk FY30 EPS POTENTIAL RAISED FROM C. 60 PENCE TO C. 62 PENCE Strategic actions to enhance sustainable earnings growth c. 23% Retail-led c.62p Office-led 50.3p FY25 EPRA Disposal Capturin
Slide 30: Overview
OVERVIEW Mark Allan CHIEF EXECUTIVE OFFICER
Slide 31: What to expect from us
Half Year Results 2025 What to expect from us Clear focus, priorities and decision-making NEAR TERM LONGER TERM OPTIMISE BEST-IN-CLASS OFFICE PORTFOLIO GROW OUR LEADING UK RETAIL PLATFORM BUILD £2BN+ RESIDENTIAL PLATFORM 80-100 VICTORIA STREET LIVERPOOL ONE FINCHLEY ROAD Victoria Liverpool London •
Slide 32: The Landsec opportunity
Half Year Results 2025 The Landsec opportunity Well-positioned to drive significant value OUR DIFFERENTIATION FAVOURABLE INCOME OUTLOOK DRIVING SHAREHOLDER VALUE Strong customer demand means Two best-in-class portfolios & ERVs continue to grow Increased FY26 EPS guidance market-leading platforms of
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Slide 34: Appendices
APPENDICES
Slide 35: Contents
Appendices Contents Page Page London office customers by sector Our sustainability framework 36 45 Diversified customer mix Sustainability leadership Valuation movements 37 46 Demonstrated by our performance across all key ESG benchmarks As at 30 September 2025 Minimum Energy Efficiency Standards Op
Slide 36: Our sustainability framework
Appendices Our sustainability framework MATERIAL KEY HY 2025/26 ISSUES TARGETS PROGRESS Decarbonising Achieve net zero emissions Progressing our Net Zero Transition Investment Plan, with installation of air source heat pumps at Dashwood House completed last year our portfolio by 2040: and at further
Slide 37: Sustainability leadership
Appendices Sustainability leadership Demonstrated by our performance across all key ESG benchmarks BENCHMARK LATEST PERFORMANCE BENCHMARK LATEST PERFORMANCE GRESB 2025 EPRA 2025 Real Estate Sector leader: Received our 12th Gold Award for best practice 5-star rating for the tenth consecutive year sus
Slide 38: Minimum Energy Efficiency Standards
Appendices Minimum Energy Efficiency Standards 58% of portfolio already rated EPC ‘B’ or higher • 100% compliant with 2023 MEES regulations requiring all non-domestic rented properties to achieve an EPC ‘E’ or above • 53% of office portfolio is EPC ‘B’, with further progress expected at year-end fol
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: Leasing substantially outperforming
Appendices Leasing substantially outperforming Widening outperformance vs wider market OFFICE OCCUPANCY RETAIL OCCUPANCY Landsec occupancy vs rest of London Landsec occupancy vs rest of UK retail 100% 100% 95% 90% 90% 85% 80% Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 HY-25 Mar-21 Mar -22 Mar-23 Mar-24 Mar-
Slide 41: 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 RATES2 (%) Landsec shopping centre values, rent
Slide 42: 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 90s Dot Com GFC Bond yield reset 16
Slide 43: Central London office – Demand and supply
Appendices Central London office – Demand and supply Sustained demand for best-quality stock CENTRAL LONDON TAKE-UP RELATIVE TO THE 20-YEAR AVERAGE (LAST 12 MONTHS) RECORD AMOUNT OF OCCUPIED OFFICE SPACE IN LONDON (M SQ FT, YEARLY AVERAGE) 15% 217 11% 216 0% -15% -4% -23% 215 214 -30% 213 -45% -84%
Slide 44: Queen Anne's Mansions (QAM): Background on disposal
Appendices Queen Anne’s Mansions (QAM) Background on disposal • 354,000 sq ft 1970’s office block which has been let to Government ever since • Base income of £15m net rent pa which expires in Dec-28 • Additional £17m net finance lease income pa which expires in Dec-26, covering fit-out costs borne
Slide 45: London office customers by sector
Appendices London office customers by sector Diversified customer mix TOP 10 CUSTOMERS - Percentage of London office annualised rental income CUSTOMERS BY SECTOR - Percentage of London office annualised rental income Central government 9.8% Other Healthcare & Deloitte 4.0% Financial pharmaceutical s
Slide 46: Valuation movements
Appendices Valuation movements As at 30 September 2025 MARKET VALUE VALUATION LFL ERV EPRA NET EPRA TOPPED-UP EQUIVALENT LFL MOVEMENT IN 30 SEPTEMBER 2025 CHANGE CHANGE(1) INITIAL YIELD NET INITIAL YIELD YIELD EQUIVALENT YIELD £m % % % % % bps West end offices(3) 3,087 (52) 2.7 4.7 5.9 5.6 20 City/S
Slide 47: Operational performance analysis
Appendices Operational performance analysis As at 30 September 2025 ANNUALISED NET ESTIMATED EPRA LFL OCCUPANCY RENTAL INCOME RENTAL VALUE OCCUPANCY1 CHANGE1 WAULT1 £m £m % ppt Years West end offices 166 205 100.0 0.9 5.7 City/Southwark offices 89 105 98.6 1.7 7.6 Manchester offices 25 29 95.7 2.3 4
Slide 48: Rent reviews and lease expiries and breaks
Appendices Rent reviews and lease expiries and breaks1,4 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 105 30 23 21 45 11 16 251 Gross reversion under lease provisions 7 4 2 4 6 2 (3) 22 2025
Slide 49: Office developments
Appendices Office developments THIRTY HIGH, SW1 TIMBER SQUARE, SE1 THE REPUBLIC, MANCHESTER Status On site On site On site Estimated completion date (financial years) Q1 FY27 Q4 FY26 Q4 FY28 Description of use Office – 89% Office – 96% Office – 95% Retail – 11% Retail – 4% Retail – 5% Landsec owners
Slide 50: Pre-development assets
Appendices Pre-development assets CURRENT CAPITAL EMPLOYED PROPOSED SQ FT INDICATIVE TDC POTENTIAL PLANNING PROJECT £m ‘000 £bn START DATE STATUS Office-led Old Broad Street, EC2 2026 Consented Liberty of Southwark, SE1 2026 Consented Hill House, EC4 2026 Consented Nova Place, SW1 2027 Consented Tim
Slide 51: Committed development capital expenditure
Appendices Committed development capital expenditure COMMITTED DEVELOPMENT CAPEX BY SCHEME • £238m future committed capex on three office developments, £m Timber Square, Thirty High and Mayfield Republic 300 Thirty High Timber Square Republic, Manchester Retail projects • Expected ERV on three offic
Slide 52: Important notice
Appendices Important notice This presentation may contain certain ‘forward-looking’ statements. By their nature, forward-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 resu
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