Land Securities Group plc (LAND) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

This presentation will commence shortly. Welcome to the presentation of Landsec's 2025 half year results. So we continue to see clear positive momentum across all parts of our business. Our primary focus is on delivering sustainable income and EPS growth and we continue to do so effectively. I've been saying for some time that owning the right real estate has never been more important and our performance over the past six months illustrates this yet again. Following our significant portfolio repositioning over recent years, our best-in-class office and major retail assets now make up over 90% of our income. And driven by the high quality of our market-leading platforms in both sectors, we have again delivered strong like-for-like net rental income growth and positive rental uplifts on re-lettings and renewals across both office and retail. We see no signs that the strong customer demand for high-quality space, which underpins this positive trend, is abating. So this will remain the key driver of near-term income and EPS growth, with further asset rotation and residential expected to enhance this over the longer term. As a result, we are raising both our near-term and medium-term EPS outlook, which means we are well-placed to deliver material shareholder value as we move to higher income, higher income growth and lower cyclicality over time. To deliver our strategy, we set out nine key objectives back in February, and we are on track or ahead of plan on each of these. In the near term, most of our EPS growth will be driven by our current platforms, the assets we own today. So that is what the first five objectives are built on. We continue to capture the growing reversionary potential in our office and retail portfolios, and today raise our guidance for like-for-like ...