Land Securities Group (LAND) H1 2026 earnings summary

Executive summary

• Achieved 5.2% like-for-like net rental income growth and a 3.2% increase in EPRA EPS to 25.8p, with strong performance across office and retail portfolios and overhead costs reduced by 6%.

• Occupancy reached a decade-high of 97.7%, with significant uplifts on relettings/renewals and ERV growth of 2.5%.

• Raised near- and medium-term EPS guidance, with FY26 EPS growth expected at the top end of 2-4% and FY30 EPS potential increased to c.62p.

• IFRS profit before tax was £98m, impacted by a £67m loss on disposal of £644m of low-returning assets, while EPRA NTA per share declined 1.3% to 863p.

• Interim dividend increased 2.2% to 19.0p per share.

Financial highlights

• Net rental income rose by £15m to £284m, with £12m from like-for-like growth.

• EPRA earnings increased to £192m, and total return on equity was 1.2% for the half year.

• NTA per share down 1.3% to 863p, mainly due to asset disposals.

• LTV at 38.9% (pro-forma post-disposals), net debt/EBITDA at 8.6x, targeting below 7x within two years.

• Portfolio valuation stable at £10.8bn, with 2.5% ERV growth (3.1% office, 2.2% retail).

Outlook and guidance

• FY26 like-for-like net rental income growth expected at 4-5%, up from 3-4% prior guidance.

• FY26 EPS growth expected at the top end of 2-4% range, before QAM disposal impact.

• FY30 EPS potential raised to c.62p, implying a 4-4.5% CAGR.

• Initial FY27 EPS outlook broadly similar to FY26, with QAM disposal impacting earnings.

• Targeting net debt/EBITDA below 7x within two years and LTV below 35% over time.