Lsl Property Services Plc · LSE:LSL

Lsl Property Services — H1 2025 Earnings Presentation

26 slides from Lsl Property Services's earnings presentation, Sep 17, 2025

  1. Slide 1: 2025 Interim Results

    2025 Interim Results 17 September 2025

  2. Slide 2: Agenda

    Agenda Key Highlights Adam Castleton, Group CEO Financial Highlights David Wolffe, Group CFO (Interim) Outlook and Summary Adam Castleton, Group CEO 2

  3. Slide 3: Key Highlights

    Key Highlights Adam Castleton, Group CEO

  4. Slide 4: In-line results, continued operational progress

    In-line results, continued operational progress OPERATIONAL PROGRESS STRUCTURALLY HIGHER PROFIT POSITIVE OUTLOOK H1 in line with Operating Full Year outlook expectations margin 17% unchanged Revenue Investing in 31% ROCE growth +5% future growth 4

  5. Slide 5: Revenue and profit growth, maintained high operating margin

    Revenue and profit growth, maintained high operating margin Revenue £89.7m • Recovering markets and maintained market share +5% Underlying £14.8m • Absorbed investment and NIC hike Operating Profit +3% Operating Margin 17% • Structurally higher margin Adjusted Cash Flow from Operations £7.4m • LTM c

  6. Slide 6: Positive performance in recovering markets

    Positive performance in recovering markets MARKET CONDITIONS LSL PERFORMANCE Residential • Residential sales up 17% Sales • H1 pull forward due to SDLT +17% • Maintained top 2 Franchisor position Mortgage • Surveying revenue up 9% • Approvals drive surveyor Approvals demand • Market share of 37% dri

  7. Slide 7: Three Divisions each with leading market positions

    Three Divisions each with leading market positions SCALE & STRENGTH PROGRESS POINTS • UK market leader • Surveyor productivity +8% Surveying & • 473 surveyors & 266k jobs • Top 5 lender contract renewal & new contract win Valuation • 37% market share • B2C revenue +43% • UK’s largest network • Reven

  8. Slide 8: Financial Highlights

    Financial Highlights David Wolffe, Group CFO (Interim)

  9. Slide 9: Maintained historically high margin while investing for the future

    Maintained historically high margin while investing for the future (£m) H1 2025 H1 2024 variance Surveying & Valuation 53.2 48.9 9% Financial Services 23.5 23.6 0% Estate Agency Franchising 13.0 12.9 1% • Group Revenue up 5% Group Revenue 89.7 85.4 5% Group Underlying Operating Profit 14.8 14.4 3% •

  10. Slide 10: Operating Profit improved including strategic decisions

    Operating Profit improved including strategic decisions Trading improvement 0.6 0.6 0.8 (1.3) 3.5 (0.5) (1.6) 14.4 (1.4) 14.8 Strategic decisions H1 2024 Volume Contracts / Pivotal JV Cost Reduction Variable NI Impact Protection Only Strategic H1 2025 Improvement Pricing Incentives Firms Investment

  11. Slide 11: Significant shareholder distributions and investment for growth in H1

    Significant shareholder distributions and investment for growth in H1 £7.4m after Working Capital timing 7.4 £3.6m investment 32.4 (7.6) (1.4) (1.1) (2.5) (3.1) £9.0m shareholder distributions (2.1) 22.0 Net Cash at Cash from Dividends Share Buy Back Lettings Books CapEx Tax Exceptionals & Net Cash

  12. Slide 12: Strong underlying operating cash flow

    Strong underlying operating cash flow | Working Capital timing effect Longer Term Cycle (£m) H2 2023 H1 2024 H2 2024 H1 2025 • Stable profit progression Group Underlying Operating Profit 6.2 14.4 13.3 14.8 JV profit 0.2 0.4 (0.4) (0.5) • Timing effects in WC across year end Depreciation 1.7 1.6 1.6

  13. Slide 13: Normalisation of Operating Margin post-H1 2024 elevated position

    Normalisation of Operating Margin post-H1 2024 elevated position Surveying & Valuation Key Financials Business Drivers £m H1 2025 YoY Change H1 2025 YoY Change Revenue 53.2 +9% Jobs (000s) 266 +7% Underlying Operating Profit 11.9 (8)% Fee per Job (£) 190 +2% Underlying Operating Margin 22% (410)bps

  14. Slide 14: Divisional profit increased 23%

    Divisional profit increased 23% Financial Services Key Financials Business Drivers £m H1 2025 YoY Change H1 2025 YoY Change Revenue 23.5 0% Advisers 2,637 (7)% Underlying Operating Profit 4.8 23% Completions per Adviser 69 +8% Network Operating Profit 4.3 0% Fee per Completion (£) 92 +3% Network Ope

  15. Slide 15: Focused on supporting our franchisees to grow their businesses

    Focused on supporting our franchisees to grow their businesses and expand geographic reach Estate Agency Franchising Key Financials Business Drivers £m H1 2025 YoY Change H1 2025 YoY Change Revenue 13.0 1% Branches 294 +1% Underlying Operating Profit 3.2 1% Sales Income per Branch (£‘000s) 16 +22% U

  16. Slide 16: Outlook & Summary

    Outlook & Summary Adam Castleton, Group CEO

  17. Slide 17: Expectations for full year remain unchanged

    Expectations for full year remain unchanged MARKET CONDITIONS IMPROVING CONTINUING GROWTH INVESTMENT Expected increase in refinancing activity Further investment in lettings books & CRM Strong residential pipelines Strong H2 cash conversion 17

  18. Slide 18: Maintaining focus on my priority areas

    Maintaining focus on my priority areas Ambitious Technology & Purposeful Growth Data Innovation Communication Empowering & Aligning Strengths Accountable Culture of the Group 18

  19. Slide 19: Diversified, resilient, cash generative Group strategically positioned for growth

    Diversified, resilient, cash generative Group strategically positioned for growth Financial strength Operating in Capital-light Positioned for and disciplined attractive markets and resilient growth capital allocation • Exposure to large UK • Three high-margin • High cash generation housing & mortga

  20. Slide 20: Thank you Q&A

    Thank you Q&A

  21. Slide 21: Appendices

    Appendices

  22. Slide 22: Appendices – Financial and Operational Performance: Group

    Appendices – Financial and Operational Performance: Group Highlights (£m) H1 2025 H1 2024 Group Revenue 89.7 85.4 Group Underlying Operating Profit 14.8 14.4 Group Underlying Operating Margin 17% 17% Net Exceptional (Costs) / Gains (1.8) (0.1) Group Operating Profit / (Loss) 11.3 13.0 Adjusted Basic

  23. Slide 23: Appendices – Financial and Operational Performance: Surveying & Valuation

    Appendices – Financial and Operational Performance: Surveying & Valuation Surveying & Valuation P&L (£m) H1 2025 H1 2024 B2B – Valuations 46.0 42.4 B2C – Private Surveys 4.0 2.8 Other including Asset Management 3.2 3.7 Total Revenue 53.2 48.9 Underlying Operating Profit 11.9 12.9 Underlying Operatin

  24. Slide 24: Appendices – Financial and Operational Performance: Financial Services

    Appendices – Financial and Operational Performance: Financial Services Financial Services P&L (£m) H1 2025 H1 2024 FS Network Gross Revenue 151.7 150.5 FS Network Net Revenue 23.5 23.6 FS Network Underlying Operating Profit 4.3 4.3 FS Network Underlying Operating Margin 18% 18% Pivotal (JV profit co

  25. Slide 25: Appendices – Financial and Operational Performance: Estate Agency Franchising

    Appendices – Financial and Operational Performance: Estate Agency Franchising Estate Agency Franchising P&L (£m) H1 2025 H1 2024 Franchising Revenue 13.0 12.9 Franchising Underlying Operating Profit 3.2 3.1 Franchising Underlying Operating Margin 24% 24% KPIs HMRC Transactions (‘000s) 573 489 Exchan

  26. Slide 26: Forward Looking Statements

    Appendices 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 em

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