Lsl Property Services Plc · LSE:LSL
Lsl Property Services — Lsl Property Svcs Plc Ord — FY2025 Earnings Presentation
25 slides from Lsl Property Services's earnings presentation, Mar 19, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results 19 March 2026
Slide 2: Agenda
Agenda Key Highlights Adam Castleton, Group CEO Financial Highlights David Tilak, Group CFO Strategic and Operational Update Adam Castleton, Group CEO 2
Slide 3: Key Highlights
Key Highlights Adam Castleton, Group CEO 3
Slide 4: 2025 in summary: Another year of strong delivery
2025 in summary Another year of Strategic & Building for strong delivery Operational progress the future 4
Slide 5: We delivered
We delivered. Growing Strengthening Highly cash Delivering for profitability margins generative shareholders +17% +180bps 91% +£4m Underlying Operating Cash Total Operating profit Margin Conversion Returns £32.6m 18% 35% ROCE £17m 5
Slide 6: Strong performance in an improving market
Strong performance in an improving market MARKET CONDITIONS LSL PERFORMANCE H1 +18% due to SDLT pull forward, H2 normalised 2025 2015-2024 ave. • Residential revenue up 12% Residential Sales • Residential pipelines healthy (+20% v Dec 23) +10% • Q4 market appeared softer in London | LSL not exposed
Slide 7: Financial Highlights
Financial Highlights David Tilak, Group CFO 7
Slide 8: Structural margin reset achieved, headroom for further improvement
Structural margin reset achieved, headroom for further improvement Strong top-line growth… …with margin improvement …generating more profit +13% +78% CAGR +11 pp CAGR £183m 18% £32.6m £173m 16% £27.8m £144m 7% £10.3m FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Revenue Underlying Operating Margin Un
Slide 9: Strong organic growth alongside strategic investment
Strong organic growth alongside strategic investment Underlying Operating Profit +17% v PY +180bps 1.7 (1.5) 1.9 (2.2) 5.0 27.8 32.6 FY 2024 Underlying Cost Reduction Pivotal JV NI Impact Protection Only Exit FY 2025 9
Slide 10: Continued delivery across LSL divisions
Continued delivery across LSL divisions Revenue UOP | OP% Key Performance Metrics FY25 107.6 FY25 23.5 | 22% Jobs 534k +9% Surveying FY24 97.8 FY24 22.5 | 23% Jobs per Surveyor 1.1k +8% & Valuation FY23 FY23 Income per Job (£) 191 +1% 71.9 6.7 | 9% FY25 48.8 FY25 11.0 | 22% Advisers 2,574 (6%) Finan
Slide 11: Structured to be highly cash generative, with 91% Cash Conversion
Structured to be highly cash generative, with 91% Cash Conversion £16.8m shareholder £14.8m investment distributions 33.5 (7.9) (6.9) (3.9) 37.8m £10m Pivotal Repayment (11.8) (2.6) post year end 32.4 (5.0) 27.8 Net Cash at Cash from Pivotal JV Lettings Books Exceptionals Dividends Share Buy Back Ot
Slide 12: Attractive ROCE on investments & increasing shareholder returns
Attractive ROCE on investments & increasing shareholder returns 9% Investing in capabilities & technology • AVM & building proprietary data sets 6% • FS Tech Investment -> phased rollout through 2026 5% 12.0 4% • Deepening digital & data capabilities 0.8 5.0 11.7 11.8 11.8 Successful execution • NSS
Slide 13: Outlook: FY26 vs '25
vs ‘25 Increased revenue FY26 vs ‘25 OUTLOOK: Increased profit In Line With Expectations 75- 100% Cash conversion £3-5m Capex H2 weighted as normal 13
Slide 14: Strategic & Operational Update
Strategic & Operational Update Adam Castleton, Group CEO 14
Slide 15: Building the foundations for the next phase
Building the foundations for the next phase FY2025 SCALE & REACH ONE LSL FOCUS INNOVATION & TECH CULTURE & EXPERTISE • Strong market share maintained • Driving collaborative • AVM commercial launch • Senior capability added working across LSL • Bolt-on investment (10 Lettings • Broker operating plat
Slide 16: Delivering the next phase
Delivering the next phase Take advantage of Leveraging our Drive higher changing markets strengths returns 16
Slide 17: Taking advantage of changing markets
Taking advantage of changing markets Customer expectations evolving • Increasing demand for integrated advice across the property journey • Trusted local regulated expertise and advice remain highly valued Partner needs evolving • Lenders and product providers seeking scaled, trusted partners • Deep
Slide 18: Leveraging our strengths
Leveraging our strengths Commercial Efficiency • Group specialisms • Leverage Group scale • Strong pipeline of bolt-on investments • Leverage Group capabilities • Developing alignment & cross-sell • Driving productivity through opportunities data and digital tools Turning platform strength into grow
Slide 19: Outlook 2026
Good start to 2026 in trading & activity Outlook 2026: Another year of profit growth & strong cash generation Preparing for the next chapter … 19
Slide 20: Appendices
Appendices 20
Slide 21: Appendices – Financial and Operational Performance: Group
Appendices – Financial and Operational Performance: Group Highlights (£m) FY 2025 FY 2024 Group Revenue 182.9 173.3 Group Underlying Operating Profit 32.6 27.8 Group Underlying Operating Margin 18% 16% Net Exceptional Costs (4.5) (2.4) Group Operating Profit 22.6 21.9 Adjusted Basic EPS 24.4 21.1 Ne
Slide 22: Appendices – Financial and Operational Performance: Surveying & Valuation
Appendices – Financial and Operational Performance: Surveying & Valuation Surveying & Valuation P&L (£m) FY 2025 FY 2024 B2B – Valuations 93.9 85.7 B2C – Private Surveys 7.8 6.8 Other including Asset Management 5.9 5.3 Total Revenue 107.6 97.8 Underlying Operating Profit 23.5 22.5 Underlying Operati
Slide 23: Appendices – Financial and Operational Performance: Financial Services
Appendices – Financial and Operational Performance: Financial Services Financial Services P&L (£m) FY 2025 FY 2024 FS Network Gross Revenue 337.7 319.4 FS Network Net Revenue 48.8 48.4 FS Network Underlying Operating Profit 9.2 8.6 FS Network Underlying Operating Margin 19% 18% Pivotal (JV profit co
Slide 24: Appendices – Financial and Operational Performance: Estate Agency Franchising
Appendices – Financial and Operational Performance: Estate Agency Franchising Estate Agency Franchising P&L (£m) FY 2025 FY 2024 Franchising Revenue 26.5 27.1 Franchising Underlying Operating Profit 8.3 7.8 Franchising Underlying Operating Margin 31% 29% KPIs HMRC Transactions (‘000s) 1,212 1,102 Ex
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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