Landsec: FY26: Reiterating guidance; moving closer to growth

研报英文原文证据摘录

Landsec: FY26: Reiterating guidance; moving closer to growth

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Landsec 14 May 2026

Results

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (GBP) 570.50

LAND.L LAND LN LSE LAND

Price Target (GBP) 730.00

Real Estate

Real Estate ADR ISIN 52-week range (GBP) 675.00529.00-

LDSCY US5146743084

FY26: Reiterating guidance; moving

Valuation & Risks closer to growth

Max Nimmo, CFA

Landsec's FY26 results were in line with expectations and reiterated its medium-

Research Analyst

term FY30 62p EPS ambitions, while NTA nudged up +1ppt YoY, thanks to a +44-20-754-54614

stronger H2 valuation performance. Although EPS is expected to remain flat this

year, with momentum in the underlying business picking up - via reversion Ashnaa Vyas

Research Associate

capture and development lease-up - combined with tighter admin costs and a

+44-20-7545-0244

long fixed debt book, we should see LAND deliver high-single-digit FY28 EPS

growth - slightly ahead of our expectations.

Price/price relative

In the meantime, LAND continues to pivot from office development towards retail

and, in time, build-to-rent if the economics can stack up. Despite some of the best 750

operational performance in years, which will feed into EPS growth in time, LAND 500

continues to trade around a mid-30's NTA discount and 7% div yield. 250

2024 2025 2026

Operations - LFL NRI was up 4.6%, ahead of the 3-4% guidance with uplifts on Landsec – (Rebased)

renewals/relettings +15% (FY25: +8%). This was driven by Offices +6.0% and

Performance (%) 1m 3m 12m

occupancy +30bps to 98.6% and Retail +5.5% with occupancy +100bps to 97.7%.

Absolute -2.1-11.4 -3.6

In combination with a 1.6ppt gross to net margin improvement and a 15% reduction