Lsl Property Services Plc · LSE:LSL
Lsl Property Services — H1 2026 Earnings Presentation
25 slides from Lsl Property Services's earnings presentation, September 2026
Slide 1: 2026 Interim Results
LSL Property Services PLC 2026 Interim Results September 2026 LSL Property Services PLC 2026 Interim Results |
Slide 2: Speakers
Speakers Adam Castleton David Tilak Group Chief Executive Officer Group Chief Financial Officer LSL Property Services PLC 2026 Interim Results | 2
Slide 3: H1 2026 highlights
H1 2026 highlights Further profit and margin growth Transformation programme launched On track to meet full year expectations LSL Property Services PLC 2026 Interim Results | 3
Slide 4: A high return, resilient, cash generative model
A high return, resilient, cash generative model Growing Strengthening Highly cash Delivering for profitability margins generative shareholders +11% +130bps 91% +£3m Group Underlying Group Operating LTM Cash Total Operating profit Margin Conversion Returns £15.9m 17.3% 36% ROCE £12.2m Majority of Gro
Slide 5: Markets developing broadly as anticipated
Markets developing broadly as anticipated MARKET CONDITIONS MARKET / LSL Residential • H1 2026 residential market exchanges down 4%, as expected Sales following the Stamp Duty changes in H1 2025 • As anticipated FY 2026 market to be slightly below long-term (4)% average Q1 Q2 Q3 Q4 Mortgage • Purcha
Slide 6: H1 2026 progress report
H1 2026 progress report Commercial progress A simpler, more across Group connected LSL Contracts Transformation Investments Collaboration Proposition Leadership and expertise Lettings books Communications Pivotal Growth JV Culture LSL Property Services PLC 2026 Interim Results | 6
Slide 7: Financial Highlights
Financial Highlights David Tilak, Group Chief Financial Officer LSL Property Services PLC 2026 Interim Results | 7
Slide 8: H1 2026 delivery
H1 2026 delivery Group Group Underlying Group Underlying Revenue Operating Profit Operating Margin £92.3m £15.9m 17.3% +3% +11% +130bps Cash Return on Adjusted Conversion Capital Employed Diluted EPS 91% 36% 11.7p (Last 12 months) +500bps +14% LSL Property Services PLC Note: 2025 UOP restated to exc
Slide 9: H1 2026 Group Underlying Operating Profit bridge
H1 2026 Group Underlying Operating Profit bridge Organic growth and cost discipline drive margin expansion +11% v PY +130bps 0.7 1.7 (2.0) 2.0 (0.9) 14.4 15.9 H1 2025 Markets Performance Salary & NI Investment Cost Management H1 2026 LSL Property Services PLC 2026 Interim Results | 9
Slide 10: Surveying & Valuation
Surveying & Valuation Market leadership with further opportunities ahead Performance highlights Financial performance Continuing to strengthen commercial partnerships Revenue OP OP% • 100% success rate on contract renewals H1 26 56.2 13.1 23% • Additional allocation wins with two major lenders • Cos
Slide 11: Financial Services
Financial Services Good mortgage performance, leveraging market strength Performance highlights Financial performance Resilient market share Revenue OP OP% • Mortgage revenues up 8%, in line with market H1 26 22.8 3.4 15% • Total share of mortgage lending maintained at 8.9% • Revenue per adviser up
Slide 12: Estate Agency Franchising
Estate Agency Franchising Continued margin expansion with a record H1 margin and 24% profit growth Performance highlights Financial performance Continuing to scale footprint Revenue OP OP% • Expansion with 13 new branches and 7 lettings H1 26 13.2 3.9 30% books H1 25 13.0 3.2 24% Margin expansion po
Slide 13: Transforming LSL: simpler, efficient and more profitable
Transforming LSL: simpler, efficient and more profitable Current focus Medium term focus Process-led design drives simplification Increasing focus on technology Eliminate duplication: teams aligned by activity Reviewing technology options Efficient operations: leaner, process-led Opportunities: data
Slide 14: Structurally highly cash generative
Structurally highly cash generative With 91% LTM cash conversion £12.2m shareholder distributions 17.2 (9.1) (6.4) 4.7 (7.4) (4.8) 27.8 34.2 22.0 Net Cash at Cash from Acquisitions & Working Capital Exceptionals Pre-distribution Dividends Share Buy Back Net Cash at 30 Jun 31 Dec 2025 Operations CapE
Slide 15: Capital allocation framework
Capital allocation framework Balance sheet strength is a strategic asset providing a competitive advantage H1 deployment Organic growth 1 Scale / develop propositions through investment in capabilities, technology & transformation £3m Inorganic growth 2 Bolt-ons | strategic development £8m Dividends
Slide 16: FY 2026 Outlook
FY 2026 Outlook In line with consensus expectations Increased revenue Increased profit 75-100% cash conversion £3-5m CapEx LSL Property Services PLC 2026 Interim Results | 16
Slide 17: The opportunity ahead
The opportunity ahead Adam Castleton, Group Chief Executive Officer LSL Property Services PLC 2026 Interim Results | 17
Slide 18: Unlocking more value from One LSL
Unlocking more value from One LSL Connecting more effectively Broad presence across property and Surveying mortgage ecosystem and Valuation Historically independently operated businesses Financial Services Connecting our relationships, expertise, data and tech more effectively Estate Agency Creating
Slide 19: Thank you
Thank you LSL Property Services PLC 2026 Interim Results | 19
Slide 20: Appendix
Appendix LSL Property Services PLC 2026 Interim Results | 20
Slide 21: Group financial and operating performance
Appendix 1: Group financial and operating performance Highlights (£m) H1 2026 H1 2025 Group Revenue 92.3 89.7 Group Underlying Operating Profit 15.9 14.4 Group Underlying Operating Margin 17% 16% Net Exceptional Costs 0.2 (1.8) Group Operating Profit 12.5 10.9 Adjusted Basic EPS 11.9 10.4 Adjusted D
Slide 22: Surveying & Valuation Division performance
Appendix 2: Surveying & Valuation Division performance Surveying & Valuation P&L (£m) H1 2026 H1 2025 B2B – Valuations 48.0 46.3 B2C – Private Surveys 4.1 4.0 Data 0.4 0.1 Asset Management 3.7 2.6 Total Revenue 56.2 53.2 Underlying Operating Profit 13.1 11.9 Underlying Operating Margin 23% 22% KPIs
Slide 23: Financial Services Division performance
Appendix 3: Financial Services Division performance Financial Services P&L (£m) H1 2026 H1 2025 FS Network Gross Revenue 161.6 151.7 FS Network Net Revenue 22.8 23.5 FS Network Underlying Operating Profit 3.4 4.3 FS Network Underlying Operating Margin 15% 18% KPIs Total Firms 1,013 1,084 Total Advis
Slide 24: Estate Agency Franchising Division performance
Appendix 4: Estate Agency Franchising Division performance Estate Agency Franchising P&L (£m) H1 2026 H1 2025 Franchising Revenue 13.2 13.0 Franchising Underlying Operating Profit 3.9 3.2 Franchising Underlying Operating Margin 30% 24% KPIs HMRC Transactions (‘000s) 552 576 Exchange Units 9,665 10,5
Slide 25: Forward Looking Statements
Forward Looking Statements This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees con
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