Land Securities Group plc (LAND) Q4 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.416 Ladies and gentlemen, good morning and welcome to the presentation of Landsec's 2026 00:00:05.416 -- 00:00:07.538 full-year results. 00:00:07.538 -- 00:00:12.783 Landsec is in excellent shape. Customer demand for our places remains 00:00:12.783 -- 00:00:18.348 very high and with supply increasingly constrained, occupancy across our portfolio 00:00:18.348 -- 00:00:22.792 has risen to its highest level in more than two decades. 00:00:22.792 -- 00:00:27.797 As a result, rental values continue to rise, now at the fastest pace in 00:00:27.797 -- 00:00:30.778 nearly 20 years. 00:00:31.064 -- 00:00:35.210 And we have carried this momentum into the new financial year, with one million square 00:00:35.210 -- 00:00:40.459 foot of active occupier demand across our recent office projects, a record leasing pipeline 00:00:40.459 -- 00:00:46.725 in retail, and no signs of weakening demand arising from the Middle East situation. 00:00:47.109 -- 00:00:51.957 This supports continued strong income growth from here, and with that, an acceleration 00:00:51.957 -- 00:00:56.950 in EPS growth in both the near and medium term. 00:00:56.950 -- 00:01:01.955 For this year, as we previously guided, we expect reported EPS to be stable due to the 00:01:01.955 -- 00:01:07.581 impact of last year's sale of Queen Anne's Mansions, offsetting strong underlying growth. 00:01:07.581 -- 00:01:12.646 But based on our current momentum, we expect EPS for FY28 to grow by 00:01:12.646 -- 00:01:15.889 a high single-digit percentage. 00:01:15.889 -- 00:01:20.854 And this means that we remain on track to deliver compound annual growth in EPS of around 00:01:20.854 -- 00:01:25.216 5% between now and FY30. 00:01:25.452 -- 00:01:29.861 which on top of an existing income return NTA...