Land Securities Group Plc · LSE:LAND

Land Securities — FY2026 Earnings Presentation

55 slides from Land Securities's earnings presentation, May 14, 2026

  1. Slide 1: Our Annual Results

    OUR ANNUAL RESULTS 14 May 2026

  2. Slide 2: Well-placed to deliver acceleration in EPS growth

    Annual results 2026 Well-placed to deliver acceleration in EPS growth Income poised to grow driven by record strength in demand ON TRACK FOR POTENTIAL c. 5% CAGR IN EPS TO c. 62 PENCE BY FY30 Near-term EPS outlook on track vs medium-term potential HIGHEST OCCUPANCY IN MORE THAN TWO DECADES (98.0%) O

  3. Slide 3: Consistent income growth throughout elevated macro uncertainty

    Annual results 2026 Consistent income growth throughout elevated macro uncertainty Resilience of high-quality portfolio and market-leading platforms UPWARD PRESSURE ON RENTS GROWING RENTAL UPLIFTS NEARLY DOUBLED COMPOUNDING LFL INCOME GROWTH EPRA occupancy total portfolio Uplift on relettings/renewa

  4. Slide 4: Actively positioned for higher inflation, higher rate environment

    Annual results 2026 Actively positioned for higher inflation, higher rate environment Well-placed due to decisive actions in recent years DEBT MATURITY 2X SECTOR AVERAGE OVERHEAD COSTS AT 20-YEAR LOW DEVELOPMENT EXPOSURE DOWN Weighted average debt maturity (yrs)1 Overhead costs (£m) Committed TDC of

  5. Slide 5: Another set of positive financial results

    Annual results 2026 Another set of positive financial results EPS at top end of guidance, driven by LFL income growth and lower costs £562m 51.4p 41.2p Net rental income EPRA EPS Dividend +4.6% LFL +2.2% +2.0% 882p 38.7% 8.4x NTA per share LTV Net debt / EBITDA +0.9% -0.6ppt -0.5x CONTINUED LFL INCO

  6. Slide 6: Key Trends

    KEY TRENDS Mark Allan CHIEF EXECUTIVE OFFICER

  7. Slide 7: Two key trends in Office and Retail

    Annual results 2026 Two key trends in Office and Retail Well-established momentum persists across both CONCENTRATION OF CUSTOMER DEMAND IN BEST LOCATIONS HEAVILY CONSTRAINED SUPPLY 41% 2.3% INCREASE IN LONDON VACANCY IN OUR MAJOR OFFICE CONSTRUCTION RETAIL DESTINATIONS, COST OVER LAST FIVE YEARS1 TH

  8. Slide 8: Major retail destinations

    Annual results 2026 Major retail destinations Brands focused on fewer, bigger, better stores in best destinations c. 85% OF ASSETS IN TOP 1% DESTINATIONS STRONGLY OUTPERFORMING UK AVERAGE VALUES HALF OF REPLACEMENT COST UK shopping destinations ranked by spend1 Cumulative sales growth (indexed) Valu

  9. Slide 9: London offices

    Annual results 2026 London offices Businesses focused on the best space and locations to attract key talent FOCUSED ON HIGHEST VALUE LOCATIONS A KEY HUB FOR GLOBAL BUSINESS/TALENT LIMITED NET NEW SUPPLY4 UK total office space (m sq ft)1 1ST c. 900m sq ft 5m sq ft for human c. 2.3M SQ FT 192m of comp

  10. Slide 10: Record new openings

    Annual results 2026 Unique and irreplaceable edge in rapidly changing environment Two market-leading platforms and best-in-class portfolios BREADTH OF DEMAND FOR BEST OFFICE SPACE CONSISTENT APPEAL FOR LEADING BRANDS Recent lettings/active demand across our office developments (sq ft) 11k Defence 38

  11. Slide 11: Operational Review

    OPERATIONAL REVIEW Mark Allan CHIEF EXECUTIVE OFFICER

  12. Slide 12: Retail-led destinations: leasing continues to strengthen

    Annual results 2026 41% OF INCOME Retail-led destinations Leasing continues to strengthen RENTAL UPLIFTS UP TO NEW HIGHS LFL NET INCOME GROWTH RISING STRONG SALES AND LEASING • Retailer sales +6.3% 15% 11% • Occupancy +100bps to 97.7% 7% 1% 3% 5.5% 4.7% 5.1% • £36m of rent signed +10% vs ERV • £13m

  13. Slide 13: Retail-led destinations: strong income growth outlook

    Annual results 2026 41% OF INCOME Retail-led destinations Strong income growth outlook CREATING EXPERIENCE-LED PLACES CONTINUOUSLY GAINING MARKET SHARE FUTURE INCOME GROWTH Selected new lettings during year Growth in footfall 1.0-2.0% 3.0% 0.5-1.0% 2.7% 4.5-7.0% 1.1% 0.4% 0.1% 3.0-4.0% -0.7% FY24 FY

  14. Slide 14: Office-led places

    Annual results 2026 50% OF INCOME Office-led places Reversionary potential rises, reflecting scarcity of high-quality space REVERSIONARY POTENTIAL1 LFL INCOME GROWTH SOLID LEASING RESULTS • Occupancy +30bps to 98.6% • £20m of lettings signed +7% vs ERV • £1m of lettings ISH + 7% vs ERV 17% 6.7% 6.6%

  15. Slide 15: Recently completed schemes already 54% let

    Annual results 2026 Office-led places Recently completed schemes already 54% let EXPECT c. £63M NET EFFECTIVE RENT AND c. £43M INCREMENTAL FINANCE EXPENSE COMPLETED COMPLETED COMPLETED COMPLETES OCT ‘25 NOV ‘25 MAR ‘26 SEP ‘26 MYO, Kings Cross Oval Works, Oval Timber Square, Southwark Thirty High (C

  16. Slide 16: Capital Allocation

    CAPITAL ALLOCATION Mark Allan CHIEF EXECUTIVE OFFICER

  17. Slide 17: Clear framework for capital allocation decisions

    Annual results 2026 Clear framework for capital allocation decisions Focus on driving income/EPS growth in near term and longer term High PRIORITIES IN THE NEXT 12-18 MONTHS UNCHANGED RETAIL SHARE investment buyback • Further capital recycling out of lower return assets to fund accretive investment

  18. Slide 18: Sold £705m of low-returning assets

    Annual results 2026 Sold £705m of low-returning assets1 Disposals to enhance income growth at 1.1% cost to NTA QUEEN ANNE’S MANSIONS (£245M) OTHER LONDON OFFICES (£101M) PRE-DEVELOPMENT ASSETS (£72M) OUT-OF-TOWN PARKS (£261M) Tottenham Court Road, W1 Bexhill RP, Lakeside RP, Bexhill-on-Sea Thurrock

  19. Slide 19: No plans to start new developments in next c. 18 months

    Annual results 2026 No plans to start new developments in next c. 18 months More attractive risk/return elsewhere for now LONDON OFFICES RESIDENTIAL PIPELINE DEVELOPMENT EXPOSURE Committed TDC of on-site projects Five-year average c. 80% reduction £1.1bn £0.6bn £0.2bn HY25/26 FY26 Mid-26 • Positive

  20. Slide 20: Near-term outlook for capital recycling

    Annual results 2026 Near-term outlook for capital recycling Disciplined approach to progressing strategic priorities MONETISE PRE-DEVELOPMENT ASSETS MONETISE CAPITAL IN OFFICES EXPAND IN MAJOR RETAIL Red Lion Court, EC4 140 Aldersgate, EC1 Queen Anne’s Mansions, SW1 Liverpool ONE, Liverpool • NRI yi

  21. Slide 21: Financial Review

    FINANCIAL REVIEW Vanessa Simms CHIEF FINANCIAL OFFICER

  22. Slide 22: Financial summary

    Annual results 2026 Financial summary Positive financial results, with EPS growth at top end of guidance £562m £382m 51.4p 41.2p Net rental income EPRA Earnings EPRA EPS Dividend +4.6% LFL1 +2.1% +2.2% +2.0% £10.8bn 882p 38.7% 8.4x Portfolio valuation NTA per share LTV Net debt / EBITDA +1.2% LFL +0

  23. Slide 23: LFL net rental income up 4.6%

    Annual results 2026 LFL net rental income up 4.6% Delivered 4.0% CAGR in LFL net income over last four years LFL GROWTH AHEAD OF INITIAL GUIDANCE OPERATING MARGIN UP 160BPS RENTAL UPLIFTS UP TO 15% LFL net rental income growth1 LFL change in operating margin Uplift on relettings/renewals vs passing

  24. Slide 24: Overhead costs down 15%

    Annual results 2026 Overhead costs down 15% Costs down to lowest level in 20+ years DELIVERED OUR FY27 COST TARGET ONE YEAR AHEAD OF PLAN FUTURE EFFICIENCY OPPORTUNITIES 26% reduction • Expect savings to offset inflation • Continue to evolve and build on our platform with AI and emerging technologie

  25. Slide 25: Funding profile highly resilient

    Annual results 2026 Funding profile highly resilient Limited exposure to rise in interest rates LONGEST DEBT MATURITY IN SECTOR NO NEED TO REFINANCE UNTIL 20281 COST OF DEBT TO REMAIN MODEST Weighted average debt maturity (yrs) Implied weighted average cost of debt2 9 £m 6.0% Landsec 1,500 Bond debt

  26. Slide 26: EPRA EPS up 2.2%

    Annual results 2026 EPRA EPS up 2.2% High LFL NRI growth and overhead savings more than offset QAM impact EPRA EPS GROWTH AT TOP END OF INITIAL GUIDANCE Like-for-like business +3.2p Other items (1.5)p Investment activity +0.3p +4% vs initial guidance +2.2% of c.2-4% post 1.8% QAM impact 1.5p (1.1)p

  27. Slide 27: Positive near-term EPS outlook

    Annual results 2026 Positive near-term EPS outlook Expect high single digit percentage growth by FY28 NEAR TERM EPS OUTLOOK • FY27 EPS stable vs FY26, in line with previous guidance • Continued LFL growth offset by -4% impact from QAM QAM impact • Temporary c. £6-8m earnings drag from development -4

  28. Slide 28: Net debt/EBITDA to reduce to <7x over next two years

    Annual results 2026 Net debt/EBITDA to reduce to <7x over next two years Driven by lease-up of completed developments and NRI growth LOWER NET DEBT/EBITDA AN OUTCOME OF OUR STRATEGIC DECISIONS Expected ND/EBITDA movements over the next two years • Current ND/EBITDA reflects peak development activity

  29. Slide 29: Portfolio valuation up 1.2%

    Annual results 2026 Portfolio valuation up 1.2% Strong 6.4% ERV growth adds to future reversionary potential EXTERNAL PORTFOLIO VALUATION KEY BALANCE SHEET DATA LFL equivalent NTA ps Total accounting LTV Surplus / Equivalent yield LFL ERV Valuation (deficit) yield movement movement return £m % % bps

  30. Slide 30: Well-placed for acceleration in EPS growth

    Annual results 2026 Well-placed for acceleration in EPS growth Supported by record strength in leasing demand and lower risk-profile CLEAR BUILDING BLOCKS TO c. 5% CAGR IN EPS OVER NEXT FOUR YEARS c. 80% of EPS growth is driven by existing platform and portfolio Retail-led c. 5% CAGR c. 62p Office-l

  31. Slide 31: Overview

    OVERVIEW Mark Allan CHIEF EXECUTIVE OFFICER

  32. Slide 32: What to expect from us

    Annual results 2026 What to expect from us Moved to lower risk, set for higher growth NEAR TERM LONGER TERM LEVERAGE OUR LEADING OFFICE PLATFORM GROW OUR LEADING UK RETAIL PLATFORM CREATE £2BN+ RESIDENTIAL PLATFORM New Street Square, London Bluewater, Kent Finchley Road, London • Capture growing rev

  33. Slide 33: The Landsec opportunity

    Annual results 2026 The Landsec opportunity Strategically positioned for higher inflation, higher rate environment OUR DIFFERENTIATION BEST INCOME OUTLOOK IN YEARS DRIVING SHAREHOLDER VALUE Two best-in-class portfolios & Occupancy at two-decade high Lower risk profile; market-leading platforms of sc

  34. Slide 34: Q&A

    QzA

  35. Slide 35: Appendices

    APPENDICES

  36. Slide 36: Contents

    Annual results 2026 Contents Page Page Central London office – Demand and supply Our sustainability framework 37 46 Sustained demand for best-quality stock Queen Anne’s Mansions (QAM) Sustainability leadership 47 38 Background on disposal Demonstrated by our performance across all key ESG benchmarks

  37. Slide 37: Our sustainability framework

    Annual results 2026 Our sustainability framework MATERIAL KEY 2025/26 ISSUES TARGETS PROGRESS Decarbonising Achieve net zero emissions Progressing our Net Zero Transition Investment Plan, with further air source heat pumps retrofits at Palace Street and One New Change last year our portfolio by 2040

  38. Slide 38: Sustainability leadership

    Annual results 2026 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

  39. Slide 39: Minimum Energy Efficiency Standards

    Annual results 2026 Minimum Energy Efficiency Standards 68% of portfolio rated EPC ‘B’ or higher • 100% compliant with 2023 MEES regulations requiring all non-domestic rented properties to achieve an EPC ‘E’ or above • 73% of office portfolio is EPC ‘B’ or higher, following ASHPs retrofits at 16 Pal

  40. Slide 40: Net Zero Transition Investment Plan – ASHP retrofits

    Annual results 2026 Net Zero Transition Investment Plan – ASHP retrofits Continued progress on Landsec Net Zero Ambitions ASHP RETROFIT PROGRAMME DASHWOOD HOUSE PROJECT HIGHLIGHTS Launched £135m Net Zero In FY25, we completed our first ASHP retrofit in an occupied building at Dashwood House. FY22 By

  41. Slide 41: Key objectives in executing our strategy

    Annual results 2026 Key objectives in executing our strategy Positive momentum, one year into our five-year plan 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 retail/office portfolio • U

  42. Slide 42: Income growth key driver of long-term value growth

    Annual results 2026 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

  43. Slide 43: Leasing substantially outperforming

    Annual results 2026 Leasing substantially outperforming Continued 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% FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Cent

  44. Slide 44: Major retail destinations

    Annual results 2026 Major retail destinations 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, rental

  45. Slide 45: Central London office – Investment markets

    Annual results 2026 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

  46. Slide 46: Central London office – Demand and supply

    Annual results 2026 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) CHANGE IN SPACE REQUIREMENTS ACROSS CURRENT ACTIVE TENANT DEMAND IN LONDON 15% 9% 0% (8%) -15% (34%) -30% -45% (-87) 47% -60%

  47. Slide 47: Queen Anne's Mansions (QAM)

    Annual results 2026 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 cos

  48. Slide 48: London office customers by sector

    Annual results 2026 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 Deloitte 4.4% Other Taylor Wessing 3.4% Healthcare & Financial Life Scienc

  49. Slide 49: Valuation movements

    Annual results 2026 Valuation movements As at 31 March 2026 MARKET VALUE VALUATION LFL ERV EPRA NET EPRA TOPPED-UP EQUIVALENT LFL MOVEMENT IN 31 MARCH 2026 CHANGE CHANGE(1) INITIAL YIELD NET INITIAL YIELD YIELD EQUIVALENT YIELD £m % % % % % bps West end offices 2,930 1.1 7.3 3.9 5.0 5.6 15 City/Sout

  50. Slide 50: Operational performance analysis

    Annual results 2026 Operational performance analysis As at 31 March 2026 ANNUALISED NET ESTIMATED EPRA LFL OCCUPANCY RENTAL INCOME RENTAL VALUE OCCUPANCY1 CHANGE1 WAULT1 £m £m % ppt Years West end offices 136 192 98.7 (0.3) 6.1 City/Southwark offices 90 113 98.9 1.9 7.9 Manchester offices 28 30 96.3

  51. Slide 51: Rent reviews and lease expiries and breaks

    Annual results 2026 Rent reviews and lease expiries and breaks1,3 Excluding developments OUTSTANDING 2026/27 2027/28 2028/29 2029/30 2030/31 2032+ TOTAL £m £m £m £m £m £m £m £m Rents passing from leases subject to review 127 25 18 44 14 27 10 265 Gross reversion under lease provisions 11 3 1 9 1 0 (

  52. Slide 52: Office developments

    Annual results 2026 Office developments THIRTY HIGH, SW1 THE REPUBLIC, MANCHESTER VARIOUS PROJECTS, RETAIL Status On site On site On site Estimated completion date (financial years) Q2 FY27 Q4 FY28 Various Description of use Office – 89% Office – 95% Retail – 65% Retail – 11% Retail – 5% Leisure – 3

  53. Slide 53: Pre-development assets

    Annual results 2026 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 nm Consented Liberty of Southwark, SE1 nm Consented Hill House, EC4 nm Consented Nova Place, SW1 nm Consented Ti

  54. Slide 54: Committed development capital expenditure

    Annual results 2026 Committed development capital expenditure COMMITTED DEVELOPMENT CAPEX BY SCHEME • £164m future committed capex on two remaining on-site office £m developments, Thirty High and Mayfield Republic Thirty High Republic, Manchester Retail projects 300 • Expected ERV on two office proj

  55. Slide 55: Important notice

    Annual results 2026 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 outcome

Land Securities Group — FY2026 Earnings Presentation on 6ix