Land Securities Group PLC · LSE:LAND
Land Securities — Q2 2027 Earnings Presentation
55 slides from Land Securities's earnings presentation, Nov 13, 2026
Slide 1: Our Half Year Results
OUR HALF YEAR RESULTS 13 November 2026
Slide 2: Set for acceleration in EPS growth
Half year results 2026 Set for acceleration in EPS growth Delivering on our strategic objectives PROGRESS OVER PAST SIX MONTHS FURTHER REINFORCES POTENTIAL c. 5% CAGR IN EPS TO FY30 FY30 EPS potential IMPROVED NEAR-TERM EPS GROWTH OUTLOOK Accretive external growth - Higher LFL NRI growth c. 5% CAGR
Slide 3: Improved income growth outlook
Half year results 2026 Improved income growth outlook Underpinned by two market-leading platforms and best-in-class portfolios LFL INCOME GROWTH ACCELERATING RECENT DEVELOPMENTS NEARLY FULL ACCRETIVE CAPITAL RECYCLING Like-for-like net rental income growth1 Leasing of recently completed developments
Slide 4: Lower risk-profile due to clear strategic discipline
Half year results 2026 Lower risk-profile due to clear strategic discipline Well-positioned for higher inflation, higher rate environment LIMITED INTEREST RATE EXPOSURE OVERHEAD COSTS AT 20-YEAR LOW REDUCED DEVELOPMENT EXPOSURE Weighted average debt maturity (yrs)2 Overhead costs (£m) Committed TDC
Slide 5: Financial results deliver on what we said
Half year results 2026 Financial results deliver on what we said Stable EPS despite -5% impact from QAM sale, with ND/EBITDA down £287m 25.9p 19.4p Net rental income EPRA EPS Interim dividend +6.2% LFL +0.4% +2.1% £500m 37.1% 7.7x New equity raised1 LTV2 Net debt / EBITDA2 -1.6ppt -0.7x EXPECT IMPRO
Slide 6: Key Trends
KEY TRENDS Mark Allan CHIEF EXECUTIVE OFFICER
Slide 7: Key trends across office and retail persist
Half year results 2026 Key trends across office and retail persist Underpinning continued income growth CUSTOMER DEMAND CONCENTRATED IN BEST LOCATIONS NEW SUPPLY HIGHLY CONSTRAINED Recent lettings and active office demand from broad range of sectors (sq ft)1 Shipping F&B and leisure Consumer goods L
Slide 8: Major retail destinations
Half year results 2026 Major retail destinations Outperformance of top destinations continues to widen 87% OF ASSETS IN TOP 1% DESTINATIONS SALES CONTINUE TO OUTPERFORM FOOTFALL GAINING MORE MARKET SHARE UK shopping destinations ranked by spend1 Cumulative sales growth (indexed)2 Growth in footfall3
Slide 9: London offices: focused where business demand is concentrated
Half year results 2026 London offices Focused where business demand is concentrated FOCUSED ON THE MOST PRIZED LOCATIONS DEMAND GROWTH AHEAD OF WIDER UK OUTPERFORMING IN THE BEST MARKET UK total office space (m sq ft)1 Office-based employment growth over last 4 yrs2 Office occupancy across London3 1
Slide 10: Our unique edge
Half year results 2026 Our unique edge Two best-in-class portfolios and highly efficient platforms PORTFOLIO REVERSION UP TO RECORD-HIGHS MARKET-LEADING OPERATIONAL EFFICIENCY Reversionary potential in office Rental uplifts in retail Landsec gross-to-net rent margin c. 400bps higher than average for
Slide 11: Operational Review
OPERATIONAL REVIEW Mark Allan CHIEF EXECUTIVE OFFICER
Slide 12: Retail-led destinations: new highs across leasing KPIs
Half year results 2026 45% OF INCOME Retail-led destinations New highs across all main leasing KPIs LETTINGS VS ERV AT NEW HIGH LFL NET RENTAL INCOME2 GROWTH UP STRONG SALES AND LEASING • Occupancy +10bps to 97.8% • Highest occupancy in 20+ years 6.3% 4.7% 5.1% 5.5% • £29m of lettings +12% vs ERV 12
Slide 13: Retail-led destinations: experience-led places
Half year results 2026 45% OF INCOME Retail-led destinations Creating the right experience-led places 213 NEW LETTINGS / OPENINGS ELEVATING CONSUMER EXPERIENCE ATTRACTING MORE FOOTFALL LiverpoolONE, Liverpool 3 OUT OF FIRST 4 UK STORES, INCLUDING 1ST STORE 24 STORES OPEN BY END OF 2027, MORE THAN AN
Slide 14: Office-led places: embedded reversion
Half year results 2026 47% OF INCOME Office-led places Embedded reversion underpins higher income growth outlook MATERIAL UPSIDE IN INCOME LFL GROWTH2 AHEAD OF EXPECTATION LEASING REMAINS STRONG Reversionary potential1 • £9m of lettings +7% vs ERV • 11% uplift on relettings / renewals • Occupancy -9
Slide 15: Office-led places: recently completed schemes let
Half year results 2026 Office-led places Recently completed schemes 88% let/under offer, up from 54% in May STRONG LEASING PROGRESS OVER LAST SIX MONTHS DRIVES FURTHER 4.4% ERV GROWTH MYO, • Completed in October 2025 ERV Kings £10m • 98% let Cross Completed and now Oval Works ERV £4m • Completed in
Slide 16: Capital Allocation
CAPITAL ALLOCATION Mark Allan CHIEF EXECUTIVE OFFICER
Slide 17: £1.0bn of transactions YTD
Half year results 2026 Strong progress on strategic objectives with £1.0bn of transactions YTD Enhancing income and future income growth £633M ACCRETIVE ACQUISITIONS £338M LOWER INCOME, LOWER GROWTH DISPOSALS Bluewater, Kent Metrocentre, Gateshead 123 Victoria Street, SW1 55 Old Broad Street, EC2 •
Slide 18: Invested £611m in two top-10 shopping centres
Half year results 2026 Invested £611m in two top-10 shopping centres Now own three of the top-10 and eight of the top-30 UK centres ACQUIRED 100% STAKE IN METROCENTRE ACQUIRED ADDITIONAL 10% STAKE IN BLUEWATER Metrocentre, Gateshead Bluewater, Kent • £516m net consideration, representing 7.9% NRI yi
Slide 19: Building on our track-record in major retail
Half year results 2026 Building on our strong track-record in major retail 14% income growth and 15% IRR on £0.9bn of acquisitions in recent years BLUEWATER ST DAVID’S LIVERPOOL ONE Example: Reduced store count from 381 to 278 Example: Introduced 32 new brands Example: Improved NRI margin from 84% t
Slide 20: Sold £338m of assets
Half year results 2026 Sold £338m of assets Recycling capital out of lower income, lower income growth assets LONDON OFFICES (£211M) PRE-DEVELOPMENT ASSETS (£63M) PARKS & OTHER (£64M) 123 Victoria Street, SW1 55 Old Broad Street, EC2 Cambridge Leisure Park • 1970’s office, separate from main estate
Slide 21: Disciplined on development risk/return
Half year results 2026 Remaining disciplined on risk/return prospects in development No plans to start meaningful new developments in next c. 18 months LONDON OFFICES RESIDENTIAL PIPELINE DEVELOPMENT EXPOSURE Committed TDC of on-site projects Five-year average c. 80% reduction £1.1bn £0.6bn £0.2bn H
Slide 22: Clear framework for capital allocation decisions
Half year results 2026 Maintaining our clear framework for capital allocation decisions Focus on driving income/EPS growth in near and longer term High PRIORITIES FOR NEXT 12-18 MONTHS UNCHANGED RETAIL investment SHARE buyback • Maintain our strong capital base Impact on near-term income/EPS growth
Slide 23: Financial Review
FINANCIAL REVIEW Vanessa Simms CHIEF FINANCIAL OFFICER
Slide 24: Delivering on our objectives
Half year results 2026 Delivering on our objectives Stable EPS despite -5.0% impact from QAM sale, as ND/EBITDA reduces £287m £192m 25.9p 19.4p Net rental income EPRA Earnings EPRA EPS Interim dividend +6.2% LFL1 +0.0% +0.4% +2.1% £11.0bn 863p 37.1% 7.7x Portfolio valuation NTA per share2 LTV3 Net d
Slide 25: LFL net rental income growth increases to 6.2%
Half year results 2026 LFL net rental income growth increases to 6.2% Underpinned by record reversion and market-leading operating margins LFL GROWTH ACCELERATING RENTAL UPLIFTS UP TO NEW HIGHS FURTHER IMPROVED EFFICIENCY Like-for-like net rental income growth1 Uplift on relettings/renewals vs passi
Slide 26: Overhead costs down another 9%
Half year results 2026 Overhead costs down another 9% Benefits of scale and efficiencies driven by technology OVERHEAD COSTS AT LOWEST LEVEL IN 20+ YEARS DRIVING CONTINUED EFFICIENCIES £84m • Capturing benefits from recent £77m investment in technology £73m £62m • Automation of business processes 29
Slide 27: Low-risk funding profile
Half year results 2026 Low-risk funding profile Sector-leading balance sheet with AA credit rating LONGEST DEBT MATURITY IN SECTOR NO NEED TO REFINANCE UNTIL 2029 COST OF DEBT TO REMAIN MODEST Weighted average debt maturity (yrs)1 Implied weighted average cost of debt2 9 £bn Bond debt 6.5% Landsec D
Slide 28: EPRA EPS stable, in line with guidance
Half year results 2026 EPRA EPS stable, in line with full year guidance Strong operational performance offsets –5.0% QAM impact UNDERLYING GROWTH OF 5.4% IN LINE WITH POTENTIAL CAGR TO FY30 Like-for-like business +1.6p Other items (0.6)p Investment activity +0.4p +5.4% Underlying +0.4% growth Growth
Slide 29: Improved near-term EPS growth outlook
Half year results 2026 Improved near-term EPS growth outlook Recent retail acquisitions/equity raise accretive to FY28 EPS growth IMPROVED HIGH SINGLE DIGIT PERCENTAGE EPS GROWTH IN FY28 Accretion of recent retail acquisitions • FY27 EPS stable vs FY26, in line with previous guidance • Underlying EP
Slide 30: Net debt/EBITDA down to 7.7x
Half year results 2026 Net debt/EBITDA down to 7.7x1 On track to continue to reduce from here ND/EBITDA EXPECTED TO REDUCE TO COMFORTABLY BELOW 7X ND/EBITDA outlook • £500m equity issue for £611m retail acquisitions • Net Debt stable at £4,234m1 (Mar-26: £4,215m) • ND includes £415m for Thirty High
Slide 31: Set for acceleration in EPS growth
Half year results 2026 Set for acceleration in EPS growth Improved visibility on c. 5% CAGR to FY30 DELIVERY AGAINST STRATEGIC OBJECTIVES OVER LAST SIX MONTHS REINFORCES GROWTH POTENTIAL c. 90% of EPS growth is driven by existing platform and portfolio, up from c. 80% c. 5% CAGR c. 62p 51.4p FY26 EP
Slide 32: Overview
OVERVIEW Mark Allan CHIEF EXECUTIVE OFFICER
Slide 33: Outlook reinforced
Half year results 2026 Outlook reinforced c. 5% CAGR in EPS to FY30, c. 90% driven by existing business GROW MARKET-LEADING RETAIL PLATFORM LEVERAGE BEST-IN-CLASS OFFICE PLATFORM MAINTAIN LOWER RISK-PROFILE SOLD Metrocentre, Gateshead 62 Buckingham Gate, SW1 123 Victoria Street, SW1 • Capture growin
Slide 34: The Landsec opportunity
Half year results 2026 The Landsec opportunity High visibility growth backed by prime real assets IRREPLACEABLE REAL ASSETS HIGH CUSTOMER DEMAND EMBEDDED EARNINGS GROWTH UK’s top retail destinations LFL income growth 6.2% Reversion in portfolio at new high Prime London office destinations Occupancy
Slide 35: Appendices
APPENDICES
Slide 36: Contents
Half year results 2026 Contents Page Page Queen Anne’s Mansions (QAM) Our sustainability framework 37 47 Background on disposal Sustainability leadership London office customers by sector 38 48 Demonstrated by our performance across all key ESG benchmarks Diversified customer mix Minimum Energy Effi
Slide 37: Our sustainability framework
Half year results 2026 Our sustainability framework MATERIAL KEY HY 2026/27 ISSUES TARGETS PROGRESS Decarbonising Achieve net zero emissions Progressing our Net Zero Transition Investment Plan, with the latest air source heat pumps retrofit at 80-100 Victoria Street our portfolio by 2040: 46% reduct
Slide 38: Sustainability leadership
Half year results 2026 Sustainability leadership Demonstrated by our performance across all key ESG benchmarks BENCHMARK LATEST PERFORMANCE BENCHMARK LATEST PERFORMANCE GRESB 2026 EPRA 2026 Real Estate Global Sector Leader - Listed Received our 13th Gold Award for best practice 5-star rating for the
Slide 39: Minimum Energy Efficiency Standards
Half year results 2026 Minimum Energy Efficiency Standards 71% 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
Slide 40: Net Zero Transition Investment Plan – ASHP retrofits
Half year results 2026 Net Zero Transition Investment Plan – ASHP retrofits Continued progress on Landsec Net Zero Ambitions ASHP RETROFIT PROGRAMME ONE NEW CHANGE PROJECT HIGHLIGHTS In February 2026, we completed an ASHP retrofit in an occupied building at One New Change, Launched £135m Net Zero el
Slide 41: Key objectives in executing our strategy
Half year results 2026 Key objectives in executing our strategy Positive momentum, 18 months 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
Slide 42: Income growth key driver of long-term value growth
Half year 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 All property equivalent yield vs real interest rate s
Slide 43: Leasing substantially outperforming
Half year 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 HY26/27 FY21 FY22 FY23 FY24 FY2
Slide 44: Major retail destinations: value in income returns
Half year results 2026 Major retail destinations Attractive value in high and growing income returns LANDSEC SHOPPING CENTRE VALUES, RENTAL INCOME AND RETAIL SALES1 (INDEX, MAR-19=100) RISK PREMIUM – SPREAD BETWEEN PRIME YIELDS AND FIVE-YEAR REAL INTEREST RATES2 (%) Landsec shopping centre values, r
Slide 45: Central London office – Investment markets
Half year 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 yi
Slide 46: Central London office – Demand and supply
Half year 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 20% 15% 0% -6% -20% -42% -40% -91% 47% -60% -80%
Slide 47: Queen Anne's Mansions (QAM)
Half year 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
Slide 48: London office customers by sector
Half year 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 4.0% Professional services 21.6% Financial services 19.4% BP I
Slide 49: Valuation movements
Half year results 2026 Valuation movements As at 30 September 2026 MARKET VALUE VALUATION LFL ERV EPRA NET EPRA TOPPED-UP EQUIVALENT LFL MOVEMENT IN 30 SEPTEMBER 2026 CHANGE CHANGE(1) INITIAL YIELD NET INITIAL YIELD YIELD EQUIVALENT YIELD £m % % % % % bps West end offices 2,949 0.5 3.6 4.3 4.8 5.6 8
Slide 50: Operational performance analysis
Half year results 2026 Operational performance analysis As at 30 September 2026 ANNUALISED NET ESTIMATED EPRA LFL OCCUPANCY RENTAL INCOME RENTAL VALUE OCCUPANCY1 CHANGE1 WAULT1 £m £m % ppt Years West end offices 139 205 97.6 (1.1) 6.1 City/Southwark offices 87 118 98.8 (0.1) 7.9 Manchester offices 2
Slide 51: Rent reviews and lease expiries and breaks
Half year results 2026 Rent reviews and lease expiries and breaks1,2 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 78 24 25 42 17 36 16 238 Gross reversion under lease provisions 12 4 4 11 1
Slide 52: Balance sheet & funding
Half year results 2026 Balance sheet & funding Sector-leading balance sheet with AA credit rating 30 SEPTEMBER 31 MARCH NO NEED TO REFINANCE UNTIL 2029 2026 PRO-FORMA 2026 NTA £6,654m £7,143m £6,574m £bn Bond debt 2 Drawn bank debt / Commercial paper NTA per share 893p 863p 882p Undrawn bank facilit
Slide 53: Office developments
Half year 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) Q4 FY27 Q4 FY28 Various Description of use Office – 89% Office – 95% Retail – 55% Retail – 11% Retail – 5% Leisure
Slide 54: Committed development capital expenditure
Half year results 2026 Committed development capital expenditure COMMITTED DEVELOPMENT CAPEX BY SCHEME • £121m future committed capex on two £m remaining on-site office developments, 300 Thirty High Republic, Manchester Retail projects Thirty High and Mayfield Republic • Expected ERV of £49m 250 • E
Slide 55: Important notice
Half year 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 outc
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