Land Securities Group Plc (LSGOF) Q4 2025 Earnings Call Transcript

Land Securities Group Plc (OTCPK:LSGOF) Q4 2025 Earnings Conference Call May 16, 2025 4:00 AM ET

Company Participants

Mark Allan - CEO
Vanessa Simms - CFO

Conference Call Participants

Sam Knott - Kolytics
Zachary Gauge - UBS
Max Nimmo - Deutsche Numis
Paul May - Barclays
Adam Shapton - Green Street

Mark Allan

Well, good morning, everyone. And welcome to the presentation of Landsec's 2025 Full Year Results. And I've been saying for some time that owning the right real estate has never been more important. And the performance of our portfolio and business over the past 12 months illustrates this point really clearly. Irrespective of sector, there is a clear focus from customers on the best space and as this remains in short supply, rents are growing. As such, we are confident in how we have repositioned our portfolio over the past four years. The success of this strategy is reflected in our strong operational performance, with high like-for-like income growth across both London and retail, which combined make up 83% of our business. We expect this customer focus on quality to persist. So as the reversionary potential in our portfolio is growing, we expect to continue -- deliver continued strong like-for-like income growth. Over the medium term, this growth will be enhanced by the substantial opportunity that we have created in residential, which benefits from structural demand growth and offers attractive real income returns with rents highly correlated to inflation over time. And it's the attractive mix of these uses, which create successful urban places that can continue to adapt and grow over time, and Landsec's ability to shape these places that gives us our competitive edge.

Now given our actions over the past few years, our outlook for EPS growth in the near term is positive; executing our strategy, we'll