The earnings call revealed a strong operational performance with significant income growth in key areas and a positive outlook for EPS growth. However, challenges such as rising net debt, leverage, and interest costs were noted. Despite these challenges, strategic investments and high occupancy levels contribute to a positive sentiment.

Company Guidance -

Q2 2026

During the call, Landsec provided guidance for the fiscal year 2025, emphasizing their strategic focus on sustainable income and EPS growth. They reported a 5% overall like-for-like income growth, with retail and London portfolios showing uplifts of 8%. Occupancy increased by 100 basis points to 97.2%. Landsec anticipates EPS growth of 2% to 4% this year, contributing to their goal of approximately 20% EPS growth by 2030, despite a 10% EPS headwind from rising interest costs. The company is targeting net debt to EBITDA of less than 8 times, with a loan-to-value ratio around the mid-30s. They plan to invest GBP1 billion more into high-quality retail over the next three years, having already invested GBP600 million into Liverpool ONE and Bluewater. Additionally, they aim to establish a substantial residential platform, expecting residential income growth to closely track inflation. Their strategic capital allocation priorities aim to maintain a strong capital base, with a current LTV of 38.4% and net debt to EBITDA at 7.7 times. Landsec's operational momentum and efficiency savings are expected to drive further EPS growth, supported by a robust balance sheet and a clear strategic focus.

Strong Operational Performance

Landsec reported high like-for-like income growth across both London and retail, which combined make up 83% of the business, with overall like-for-like income growth over the year up 5% and uplifts on relettings and renewals in retail and London rising to 8%.

EPS Growth and Positive Outlook

The company expects around 20% growth in EPS over the next five years despite a 10% EPS headwind from rising interest costs and finance lease expiry. The near-term EPS growth outlook is firmly positive due to strong portfolio positioning and efficiency savings.

High Occupancy Rates

Landsec reported a 100 basis point increase in occupancy to 97.2%, with high occupancy in London up to 98% and retail up to 97%.

Significant Investments and Asset Sales

Landsec invested over GBP600 million in Liverpool ONE and Bluewater at highly accretive yields and sold around GBP655 million of assets, primarily in subscale sectors.

Steady Recovery in the London Office Market

The positive outlook for rents in the best assets has started to attract new investor demand in London, with occupier demand for the best space continuing to grow.

Retail Portfolio Outperformance

Landsec's retail portfolio saw like-for-like income up 5.1% and occupancy up 110 basis points, with rental uplifts trending higher and occupancy ahead of pre-COVID levels.

Land Securities Group plc REIT (GB:LAND) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

GB:LAND Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2026 (Q2)	0.26 / -	0.249	―	―	―
May 16, 2025	2025 (Q4)	0.25 / 0.25	0.232	9.05% (+0.02)	―	―
Nov 15, 2024	2025 (Q2)	0.25 / 0.25	0.267	-6.74% (-0.02)	―	―
May 17, 2024	2024 (Q4)	0.23 / 0.23	0.263	-11.79% (-0.03)	―	―
Nov 14, 2023	2024 (Q2)	0.26 / 0.27	0.266	0.38% (<+0.01)	―	―
May 16, 2023	2023 (Q4)	0.23 / 0.26	0.229	14.85% (+0.03)	―	―
Nov 15, 2022	2023 (Q2)	0.25 / 0.27	0.243	9.47% (+0.02)	―	―
May 17, 2022	2022 (Q4)	0.21 / 0.23	0.184	24.46% (+0.05)	―	―
Nov 16, 2021	2022 (Q2)	0.21 / 0.24	0.155	56.77% (+0.09)	―	―
May 18, 2021	2021 (Q4)	- / 0.18	0.257	-28.40% (-0.07)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:LAND Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 16, 2025	591.74p	591.24p	-0.08%
Nov 15, 2024	550.96p	574.70p	+4.31%
May 17, 2024	633.79p	617.25p	-2.61%
Nov 14, 2023	539.90p	575.06p	+6.51%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Land Securities Group plc REIT (GB:LAND) report earnings?

Land Securities Group plc REIT (GB:LAND) is schdueled to report earning on Nov 18, 2025, TBA (Confirmed).

What is Land Securities Group plc REIT (GB:LAND) earnings time?

Land Securities Group plc REIT (GB:LAND) earnings time is at Nov 18, 2025, TBA (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of Land Securities Group plc REIT stock?

The P/E ratio of Land Securities Group plc REIT is N/A.

What is GB:LAND EPS forecast?

GB:LAND EPS forecast for the fiscal quarter 2026 (Q2) is 0.26.

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