Land Securities Group plc (LAND) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.593 This presentation will commence shortly. 00:00:10.261 -- 00:00:15.646 Welcome to the presentation of Landsec's 2025 half year 00:00:15.646 -- 00:00:17.408 results. 00:00:17.408 -- 00:00:23.374 So we continue to see clear positive momentum across all parts of our business. 00:00:23.374 -- 00:00:28.419 Our primary focus is on delivering sustainable income and EPS growth and we continue 00:00:28.419 -- 00:00:31.239 to do so effectively. 00:00:31.418 -- 00:00:35.125 I've been saying for some time that owning the right real estate has never been more 00:00:35.125 -- 00:00:41.457 important and our performance over the past six months illustrates this yet again. 00:00:41.457 -- 00:00:46.747 Following our significant portfolio repositioning over recent years, our best-in-class 00:00:46.747 -- 00:00:52.175 office and major retail assets now make up over 90% of our income. 00:00:52.175 -- 00:00:56.609 And driven by the high quality of our market-leading platforms in both sectors, we have 00:00:56.609 -- 00:01:01.325 again delivered strong like-for-like net rental income growth and positive rental uplifts 00:01:01.325 -- 00:01:06.936 on re-lettings and renewals across both office and retail. 00:01:07.261 -- 00:01:11.810 We see no signs that the strong customer demand for high-quality space, which underpins 00:01:11.810 -- 00:01:17.221 this positive trend, is abating. So this will remain the key driver of near-term income 00:01:17.221 -- 00:01:22.311 and EPS growth, with further asset rotation and residential expected 00:01:22.311 -- 00:01:25.857 to enhance this over the longer term. 00:01:25.857 -- 00:01:31.526 As a result, we are raising both our near-term and medium-term EPS outlook, 00:01:31.526 -- 00:01:36.153 which means we are well-plac...