Land Securities Group (LAND) CMD 2025 summary

Strategic priorities and financial guidance

• Focus on sustainable income and EPS growth, targeting 3-4% LFL NRI growth and 2-4% EPS growth for FY26, before a 0.9p impact from a major disposal.

• Major retail now represents 38% of total income, with plans to grow this to around 50% by FY30 through £1bn of planned investment.

• No new development is planned in the near term; capital will be recycled from low-returning assets to fund accretive retail investments.

• Overhead costs are on track to be reduced by more than 10% over FY26-27, with capital recycling and cost efficiencies ahead of plan.

• Portfolio occupancy stands at 97%, with strong reversionary potential and retail lettings up 13% year-to-date versus previous rent.

Portfolio performance and operational highlights

• Recent major retail acquisitions totaling £0.9bn have delivered strong returns, with IRRs of 10-20% and day-one income returns of 7.5-9.7%.

• 86% of the retail portfolio is in the top 1% of UK shopping destinations by spend, supporting a target NRI CAGR of 4.5-7.0% over the next five years.

• Sales and footfall growth are materially ahead of the wider market, with 8.3% sales growth and 4.9% footfall growth year-to-date.

• Commercialisation income is targeted to grow by over 50% by FY30, adding 0.5-1% to NRI growth per annum.

• Smaller, high-impact capex projects are expected to yield over 10% on cost and mid-teens IRR, with up to £200m of capex planned.

Liverpool ONE case study and growth initiatives

• Liverpool ONE is a leading UK retail destination, generating £531m in sales from 33m annual footfall and holding a 44.7% market share in its core catchment.

• Acquired a 92% stake in Liverpool ONE for £490m in December 2024, with performance since acquisition well ahead of underwriting on sales, footfall, and rents.

• 2025 is the busiest year for new store openings since inception, with £20m invested in store fit-outs by new brands.

• Further growth is expected through enhancing the brand line-up, targeted investments, and operational efficiencies, aiming for a 400bps margin improvement.

• Liverpool ONE now comprises 19% of the retail platform, with clear opportunities for continued growth and value creation.