LSL Property Services (LSL) Q4 2025 TU earnings summary

Executive summary

• Full year 2025 results met Board expectations, with strong second-half performance and improved underlying operating profit across all divisions.

• Revenue grew approximately 6% year-over-year to around £183m, and underlying operating margin reached a record 18%.

• Central costs were reduced, and cash conversion normalized in the second half, exceeding 85% for the year.

Financial highlights

• Group underlying operating profit expected to increase by over 15% year-over-year, with second-half profit up about 30%.

• Net cash at year-end was £27.8m, up from £22.0m at mid-year.

• Share buyback of £7m completed in 2024; new £12m buyback programme announced.

Outlook and guidance

• 2026 has started positively, with refinancing momentum from late 2025 continuing.

• Board anticipates another year of profit growth and strong cash conversion in 2026.