Lendlease Group (LLC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining the LendLeaf 2026 Half-Year Results presentation. I'm Tony Lombardo, Group Chief Executive Officer and Managing Director of LendLeaf. With me is Simon Dixon, Group's Chief Financial Officer. Sitting here at Barangaroo in Sydney, we're on the land of the Gadigal people and I extend my respects to their elders past and present. Today I'll provide an overview of our Half-Year 2026 results Some will talk through the financials and I will then cover the outlook and strategy. We'll then open for questions. Starting on slide four, FY26 is a transitional year for Lendlease as the strategy reset announced in May 2024 continues to be executed. There are three core components of the strategy that I want to highlight today. The group is being repositioned to focus on our market-leading Australian operations and international investments platform, reported as Investments Development and Construction or IDC. These businesses have historically delivered double-digit returns on equity through the cycle and continue to show strong operating momentum. The other core element of our strategy was the establishment of the Capital Release Unit or CRU to facilitate the recycling of capital from underperforming or non-core parts of the group. At the May 2024 strategy update, we announced that $2.8 billion of CRU assets were on the market alongside a further $1.7 billion of CRU assets identified as being available for sale. We've now announced or completed the exit of $2.8 billion of CRU assets. In addition, we've made strong progress with advancing the remaining asset pool, with a further $1.5 billion of assets targeted for the second half. In May 2024, we also announced our intent to launch a securities buyback subject to specified preconditions. The m...