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OUR HALF YEAR RESULTS 14 November 2025
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• 52% of income • LFL NRI growth 6.8% • YTD lettings +6% vs previous rent1 • Attractive structural growth prospects • Long term LFL NRI growth > inflation • Policy becoming more supportive • 39% of income • LFL NRI growth 5.0% • YTD lettings +13% vs previous rent1 Half Year Results 2025 Strong income growth drives increase in EPS outlook Positive momentum across entire business 1 Leases signed and ISH 2 LEWISHAM London ST DAVID’S Cardiff NOVA Victoria A BEST-IN-CLASS OFFICE PORTFOLIO £3BN+ RESIDENTIAL-LED PIPELINE LONGER TERMNEAR TERM RAISING NEAR-TERM EPS GUIDANCE AND MEDIUM-TERM EPS GROWTH POTENTIAL THE LEADING UK RETAIL PLATFORM
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• Release £2bn of capital from offices • Deliver low/mid single digit LFL NRI growth p.a. • Establish £2bn+ residential platform • Scale back office-led development by at least half • Capture growing reversion in retail/office portfolio • Reduce overhead costs to <£65m by FY27 • Release £0.3bn from pre-development assets • Exit residual £0.8bn retail/leisure parks • Invest £1bn in retail acquisitions + accretive capex Good early progress on executing our strategy On track or ahead of plan on nine key objectives we set out in February Half Year Results 2025 3 • Raised LFL NRI growth guidance for FY26 to c. 4-5% • Increased savings target to reach low £60m’s by FY27 • On track to release half of 3Y target in year one • Sold £261m of retail parks in six months • Increasing number of opportunities coming to market • Sold £295m of offices YTD, ahead of schedule • Set target CAGR in retail income of 4.5-7% • Planning consent secured at Mayfield and Lewisham • Committed projects down to c. £0.2bn by mid-26 Near-term EPS growth mostly driven by assets/platform we have today Strategy to ensure income growth prospects in 3-5 years are as good as they are today Five near-term objectives (1-3 yrs) Four longer-term objectives (2-5 yrs) What we have done so far What we have done so far
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LIVERPOOL ONE Liverpool • LFL NRI growth up to 5.2% • 10% uplifts on relettings/renewals • Occupancy up to decade-high at 97.7% • ERVs up 2.5% with valuations stable • 38.9% LTV2 and 8.6x ND/EBITDA • Target <7x ND/EBITDA vs <8x previously • Highly active period of capital recycling • Sold £644m low-returning assets1 • Further capital recycling in second half Half Year Results 2025 GROWING LIKE-FOR-LIKE INCOME SHIFTING PORTFOLIO MIX MAINTAINING SOLID CAPITAL BASE 4 Focus on sustainable income/EPS growth to drive long-term value Clarity in priorities and decision-making 1 Including £274m of disposals post period-end 2 Pro-forma for net disposals since period-end PICCADILLY LIGHTS W1 NEW STREET SQUARE London
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Financial results Strong LFL income growth and cost savings drive 3.2% EPS growth 863p NTA per share -1.3% 8.6x Net debt / EBITDA +0.7x 38.9% LTV1 -0.4ppt 25.8p EPRA EPS +3.2% £284m Net rental income +5.2% LFL 19.0p Dividend +2.2% Half Year Results 2025 51 Pro-forma for disposals since period-end
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6 FY25 FY30 - previous FY30 - newFY25 FY26 guidance RAISING FY30 EPS POTENTIAL Raising near and medium-term EPS outlook Underpinned by two best-in-class portfolios and market-leading platforms Half Year Results 2025 • Expect higher LFL income growth and further cost efficiencies • Raising outlook for EPS growth to top end of c. 2-4% guidance • QAM impact -£7m as future income is turned into cash receipt on sale • Potential EPS raised to c. 62p from c. 60p, implying c. 4-4.5% CAGR • Higher retail income growth, more overhead savings, less development • Benefit from investment in residential mostly beyond FY30 RAISING FY26 EPS GUIDANCE 50.3p Top end of c. 2-4% initial guidance -£7m QAM impact 50.3p c. 62pc. 60p c. 23% growth
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OPERATIONAL REVIEW Mark Allan CHIEF EXECUTIVE OFFICER
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Half Year Results 2025 OCCUPANCY AT A DECADE - HIGH RENTAL UPLIFTS RISING LFL INCOME CONTINUES TO GROW Attractive income growth across best-in-class portfolio Market-leading leasing performance 8 EXPECT C. 4-5% LFL NET RENTAL INCOME GROWTH THIS YEAR, UP FROM C. 3-4% INITIAL GUIDANCE 95.1% 95.0% 95.8% 96.5% 97.2% 97.7% 2021 2022 2023 2024 2025 H1 25/26 EPRA occupancy total portfolio -12% 8% 8% 10% 2023 2024 2025 H1 25/26 Uplift on relettings/renewals vs passing rent -10.1% 4.0% 2.6% 5.0% 5.2% 2022 2023 2024 2025 H1 25/26 Like-for-like net rental income1 1 Like-for-like growth excludes year-on-year movements in surrender premiums and bad debt recoveries 2 Leases signed and ISH 2
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Office-led places Strong customer demand for high-quality space in the right locations RENTS RISING INCREASING SPACE REQUIREMENTS UTILISATION CONTINUES TO GROW Half Year Results 2025 91 Source: Landsec, TFL 2 Savills 3CBRE DEMAND AND RENTAL GROWTH OUTLOOK FOR BEST ASSETS REMAINS POSITIVE 60 80 100 120 Highest rent achieved at new n2 development Latest rent achieved at existing asset Leasing window for Thirty High Victoria prime office rents3 vs rents achieved across our estate (£ psf) Dec-21 Dec-23 Dec-25 TFL tube journeys Dec-27 Source of current active tenant demand in London2 13% 23% 54% 11% Decreasing Same Increasing New Landsec turnstile tap-ins 70 80 90 100 110 120 130 140 Oct-22 Oct-23 Oct-24 Oct-25 32% 10% Weekly average turnstile tap-ins (indexed)1
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Office-led places High LFL income growth driven by market-leading platform REVERSIONARY POTENTIAL GROWING PORTFOLIO EFFECTIVELY FULL STRONG OPERATIONAL PERFORMANCE Half Year Results 2025 10 • LFL NRI +6.8% • Uplifts on relettings/renewals +6% • EPRA occupancy +50bps to 98.8% • Gross/net margin +1.2ppt to 91.6% • £13m of lettings signed +10% vs ERV • £6m of lettings ISH +5% vs ERV • ERV growth +3.1% EXPECT MID-SINGLE DIGIT ERV AND LFL NRI GROWTH FOR FULL YEAR 96.7% 95.7% 98.6% 100.0% 0% 20% 40% 60% 80% 100% Retail and other Manchester offices City & Southwark West End offices EPRA Occupancy 5% 7% 9% 12% 12% FY22 FY23 FY24 FY25 HY 25/26
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11 0% 100% 200% Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Let Under offer Negotiations/RFP Active engagement Office-led places Positive customer engagement on near-term office completions CURRENT CUSTOMER ENGAGEMENT Half Year Results 2025 • Active interest >100% of near-term assets • Expect 2 main projects to be c. 40% pre-let • Target full lease-up 12M post completion EXPECT C. £58M NET EFFECTIVE RENT AND C. £43M INCREMENTAL FINANC E EXPENSE 1 Completion Jun-26 299,000 sq ft ERV £30m Expect leasing to start in new year Completion Mar-26 383,000 sq ft ERV £31m Good interest from multiple parties Expect first lettings in next six months Completion Nov-25 76,000 sq ft ERV £4m Good interest from multiple parties Completed Oct-25 82,000 sq ft ERV £9m Nearing 50% let, U/O or in negotiation TIMBER SQUARE Southwark OVAL WORKS Oval THIRTY HIGH Victoria MYO Kings Cross 1 £8m of finance costs are already being expensed as costs are not capitalised Kings Cross Oval Timber Thirty High
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11.5% 3.0% 0.4% 4.5% 12.7% 1.1% -0.7% 0.9% FY23 FY24 FY25 HY 25/26 Landsec portfolio Benchmark Retail-led destinations Outperformance of high-quality portfolio proves attraction for key brands DRIVING SUPERIOR FOOTFALL GROWTH RETAIL SPEND FOCUSED ON BEST LOCATIONS HIGH 7.7% SALES GROWTH OVER LAST 6M Half Year Results 2025 12 DELIVERED 16% HIGHER SALES GROWTH SINCE FY22 THAN OVERALL UK MARKET 1 Source: CACI – Shopping destinations ranked by potential non-food, in-store retail spend 0% 10% 20% 30% 0% 15% 30% 45% 60% 75% 90% 30% of all retail spend sits in 1% of all shopping destinations 85% of Landsec portfolio Bottom 90% of locations capture less spend than the top 1% UK shopping destinations ranked by spend1 95 100 105 110 115 120 125 FY22 FY23 FY24 FY25 HY 25/26 Landsec portfolio BRC benchmark Cumulative sales growth (indexed) +3% +19%
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Retail-led destinations Growing reversion supports attractive LFL income growth LFL NET RENTAL INCOME GROWTH RENTAL UPLIFTS TRENDING HIGHER STRONG OPERATIONAL PERFORMANCE Half Year Results 2025 13 • LFL NRI +5.0% • Uplifts on relettings/renewals +13% • Occupancy +50bps YoY to 96.7% • Gross/net margin +1.7ppt to 81.7% • £14m of lettings signed +11% vs ERV • £18m of lettings ISH +9% vs ERV • ERV growth +2.2% EXPECT MID-SINGLE DIGIT ERV AND LFL NRI GROWTH FOR FULL YEAR -20% 1% 3% 7% 11% 14% FY23 FY24 HY 24/25 FY25 HY 25/26 ISH -3.9% 4.7% 5.1% 5.0% FY23 FY24 FY25 HY 25/26
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Retail-led destinations Strong income growth outlook based on market-leading platform INVESTING IN ACCRETIVE CAPEX CREATING EXPERIENCE - LED PLACES TARGETING 4.5 - 7% CAGR IN INCOME Half Year Results 2025 14 • Brands attracted by growing footfall/sales • Enhancing F&B/leisure to add experience • 60% of leases with turnover component • Growing digital, events & services income • £43m total cost • 10% yield on cost 3.0-4.0% 1.0-2.0% 0.5-1.0% 4.5-7.0% Capturing reversion & turnover growth Commercialisation Accretive capex Target CAGR FY25-30 NRI PRIMARK UPSIZE White Rose FOOD HALL EXPANSION Trinity MARLBOROUGH SQUARE Gunwharf Quays NEXT UPSIZE Bluewater Selected new lettings during first half
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CAPITAL ALLOCATION Mark Allan CHIEF EXECUTIVE OFFICER
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16 OFFICE development Clear framework for capital allocation decisions Focus on driving income/EPS growth in near term and longer term Half Year Results 2025 OUR PRIORITIES IN THE NEXT 12 - 18 MONTHS • Further capital recycling out of lower return assets to fund accretive investment in major retail • No meaningful new development commitments • Continue to monitor changes in risk/return • Further strengthen our robust capital base • Move towards ND/EBITDA of <7x in next two years Impact on shifting portfolio mix to drive long-term income/EPS growth Impact on near-term income/EPS growth HighLow Low High RESIDENTIAL investment OFFICE investment SHARE buyback RETAIL investment RESIDENTIAL investment RESIDENTIAL development
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• 1970’s office generating 0% total return • Value depreciates to end of leases by 2026/282 • Impact on FY26 EPS -£7m & FY27 EPS -£15m • Four retail parks • 6.4% NRI yield with limited NRI growth • Annualised EPS impact -1.0% • Two London office development sites • -0.4% NRI yield • Annualised EPS impact +1.0% Half Year Results 2025 QUEEN ANNE’S MANSIONS (£245M) PRE - DEVELOPMENT ASSETS (£72M) OUT - OF - TOWN PARKS (£261M) 17 Sold £644m1 of low-returning assets Disposals to enhance income growth at small cost to NTA 1 Including £66m of smaller disposals 2 Finance lease net rental income of £17m p.a. expiring in Dec-26 and base net rental income of £15m p.a. expiring in Dec-28 after which current tenant will vacate the building
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Further capital recycling Opportunity to enhance EPS growth through decisive actions NEW RETAIL OPPORTUNITIES EMERGING INVESTMENT ACTIVITY PICKING UP STRONG £1BN ACQUISITION TRACK - RECORD 2 Half Year Results 2025 181 CBRE 2 Performance since investment FOCUS ON ENSURING OUR NTA DELIVERS GROWING CASH FLOWS, GROWING EARNINGS & GROWING DIVIDENDS £0bn £5bn £10bn £15bn £20bn £25bn 200 5 Q3 201 0 Q3 Q3 2015 Q3 202 0 Q3 202 5 Rolling 12m Central London investment volumes1 8.2% day-one income return Net rent +6% IRR to date 15% 7.5% day-one income return Net rent +10% IRR to date 11% 9.7% day-one income return Net rent +9% IRR to date 20% BLUEWATER Kent ST DAVID’S Cardiff LIVERPOOL ONE Liverpool Q3-10 Q3-15 Q3-20 Q3-25Q3-05 30 40 50 60 70 80 90 100 110 120 Mar-19 Mar-21 Mar-23 Mar-25 Landsec shopping centre values, rental income and retail sales (index, Mar-19=100) Net Rental Income Asset Value Growth Total Sales Footfall Sept-25 Improved affordability of space Values well behind operational recovery
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19 Our current views on new development starts More attractive risk-adjusted returns elsewhere for now Half Year Results 2025 • Positive market outlook to benefit high-quality existing assets as well • Not enough upside in selling existing offices to develop new offices • Sold two pre-development assets so far • Opportunity to leverage expertise by working with third party capital • Attractive longer-term structural growth opportunity • 9,000-home pipeline with new planning secured at Mayfield/Lewisham • Could shift portfolio mix towards higher income growth, less cyclicality • Public sector policy becoming more supportive to returns CGIs of key schemes RESIDENTIAL DEVELOPMENT LONDON OFFICE DEVELOPMENT
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20 £0.0bn £0.2bn £0.4bn £0.6bn £0.8bn £1.0bn £1.2bn Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Next 2 years REDUCING ON - BALANCE SHEET DEVELOPMENT £0.0bn £0.2bn £0.4bn £0.6bn £0.8bn £1.0bn £1.2bn £1.4bn Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sept-25 Mid-26 Beyond -26 Moving to structurally lower levels of development exposure Reducing overall risk-profile and enhancing sustainable EPS growth Half Year Results 2025 • Had £0.7bn capital employed with c. 1% income yield • Reduce capital employed by half in next 1-3 years • Expect to deliver half of 3-year target this financial year • Committed development to come down to c. £0.2bn by mid-26 • Plan to keep committed development at roughly half of historic levels • Greater proportion of balance sheet to become income-producing RELEASING CAPITAL FROM PRE - DEVELOPMENT ASSETS Reduce by half vs LT averageReduce by half vs FY25 Capital employed in pre-development assets Committed TDC of on-site projects
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FINANCIAL REVIEW Vanessa Simms CHIEF FINANCIAL OFFICER
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FOCUS ON SUSTAINABLE INCOME/EPS GROWTH TO DRIVE LONG-TERM SHAREHOLDER VALUE Financial summary Strong LFL income growth underpins EPS growth £10.8bn Portfolio valuation -0.1% LFL 8.6x Net debt / EBITDA +0.7x 863p NTA per share -1.3% £192m EPRA Earnings +3.2% £284m Net rental income +5.2% LFL1 19.0p Dividend +2.2% Half Year Results 2025 221 Like-for-like growth excludes year-on-year movements in surrender premiums and bad debt recoveries 2 Pro-forma for disposals since period-end 38.9% LTV2 -0.4ppt 25.8p EPRA EPS +3.2%
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23 EPRA earnings up 3.2% Driven by £12m growth in LFL income1 and further cost savings • LFL net rental income up £12m • Prior HY benefit from £4m rise in debt recoveries, principally on assets where management was brought in-house • Limited benefit from surrender receipts at £3m (-£1m YoY) • LFL gross to net rent margin up 1.3ppt to 87.7% • Overhead cost down £2m • Finance expense up, principally driven by acquisitions in H2 of FY25 • Average cost of debt 3.6% Half Year Results 2025 30 Sept - 25 30 Sept-24 Variance £m £m £m Gross rental income 325 302 23 Net service charge (6) (6) - Direct property expenditure (37) (36) (1) Net other operating income (1) - (1) Bad debt 3 9 (6) Net rental income 284 269 15 Administrative expenses (32) (34) 2 Operating profit 252 235 17 Finance expense (60) (49) (11) EPRA earnings 192 186 6 EPRA EPS (pence) 25.8p 25.0 p 1 Like-for-like growth excludes year-on-year movements in surrender premiums and bad debt recoveries
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24 Investment activity +0.1pOther items (0.9)pLike-for-like business +1.6p EPRA EPS up 3.2% Strong growth in LFL business, as benefit from Other items is minimal MOVEMENTS IN EPRA EPS HY24 EPRA EPS HY25 EPRA EPS LFL NRI growth DevelopmentsOverhead cost savings Disposals / acquisitions Surrender receipts Higher prior HY benefit of bad debt recoveries Finance costs Total LFL NRI growth +5.2%1 6.8% LFL Office 5.0% LFL Retail -2.9% LFL Other 1 Like-for-like growth excludes year-on-year movements in surrender premiums and bad debt recoveries 25.0p 25.8p 1.6p 0.3p (0.3)p (0.1)p (0.8)p (0.4)p 0.5p Half Year Results 2025
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25 £41 m £38 m £34 m £32 m £60m’s FY23 FY24 FY25 FY26E FY27E Overhead costs down 6% Now targeting low £60m’s by FY27, down from less than £65m previously Half Year Results 2025 IDENTIFIED OPPORTUNITIES TO FURTHER IMPROVE EFFICIENCY HY £84m HY HY HY Low £77m £73m <£70m More than £20m reduction vs FY23 Streamlining resource Procurement & other savings Reduced office cost Technology and transformation benefits Wage cost / inflation Cost reduction delivered Partial offset Components of 25%+ cost reduction vs FY23
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Portfolio valuation stable as ERVs grow 2.5% Delivering sustainable income growth to drive attractive ROE over time Half Year Results 2025 26 Valuation Surplus / (deficit) Equivalent yield LFL equivalent yield movement LFL ERV movement £m % % bps % Offices, retail & other 5,928 (0.8) 5.8 12 3.1 Developments 1,171 (1.7) 5.6 n/a n/a Office-led places 7,099 (1.0) 5.8 12 3.1 Retail-led destinations 2,852 2.3 7.5 (4) 2.2 Future residential projects 298 0.6 6.7 (4) 0.8 Other assets 529 (0.5) 8.3 (6) 0.0 Total Portfolio 10,778 (0.1) 6.4 3 2.5 NTA PER SHARE MOVEMENTEXTERNAL PORTFOLIO VALUATION (8) (22) (7) EPRA NTA Mar-25 EPRA Earnings Valuation & disposals Dividends Other EPRA NTA Sep-25 863 874 26
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New target: <7x 32.2% 34.4% 31.7% 35.0% 39.3% 38.9% Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sept -25PF 0 500 1,000 1,500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ £m No need to refinance any debt until 2027 at the earliest Expect to be below 7x within next two years LTV to reduce to below 35% over time Undrawn bank facilities Drawn bank debt / Commercial paperBond debt Further strengthening our robust capital base Targeting net debt/EBITDA of less than 7x AVERAGE DEBT MATURITY OF 8.9 YEARS1 TARGET ND/EBITDA DOWN FROM <8X TO <7X MOVING TO A LOWER LTV Half Year Results 2025 27 MOVING TO LOWER RISK PROFILE DUE TO HIGHER INCOME AND LOWER DEVELOPMENT EXPOSURE 1 Assuming the extensions on both RCF tranches are executed; 8.6 years excluding this. Chart shows maturities by calendar year and only reflecting the first extension option that has now been exercised 10.5 x 8.6 x 8.0 x 7.3 x 7.9 x 8.6 x Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25
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28 FY25 FY26 guidance FY27 outlookFY 25 FY26 guidance INITIAL FY27 EPS OUTLOOK Positive near-term EPS outlook Underpinned by continued LFL income growth and further cost savings Half Year Results 2025 • Expect LFL NRI growth of c. 4-5%, up from 3-4% initial guidance • Expect EPS growth to be at top end of 2-4% initial guidance (pre-QAM) • QAM impact -£7m, as future income is turned into cash receipt on sale • Exact outturn will depend on pace of lease-up of office developments • Currently expect broadly similar growth as FY26 (pre-QAM) • QAM impact -£15m, as future income is turned into cash receipt on sale RAISING FY26 EPS GUIDANCE 50.3p Top end of c. 2-4% initial guidance -£7m QAM impact -£15m QAM impact -£7m QAM impact Broadly similar as FY26 50.3p -£7m QAM impact
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Strategic actions to enhance sustainable earnings growth Release capital employed in pre-development Recent acquisitions /disposals Reduction in overheads FY25 EPRA EPS Potential FY30 EPRA EPS Capturing reversion and LFL NRI growth 50.3p c.62p Raising FY30 EPS potential Move to higher income, higher future income growth, and lower risk FY30 EPS POTENTIAL RAISED FROM C. 60 PENCE TO C. 62 PENCE Half Year Results 2025 29 Disposal of QAM Refinancing impact based on current yield curve POTENTIAL C. 4-4.5% CAGR IN EPS OVER FY25-30 c. 23% Leasing up near-term developments Retail-led Office - led Planned asset rotation to invest £1bn in retail1 1 Planned asset rotation out of offices to fund investment in residential expected to principally benefit EPS growth beyond FY3 0
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OVERVIEW Mark Allan CHIEF EXECUTIVE OFFICER
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• Capitalise on strong customer demand • Lease upcoming development completions • Recycle capital as investor demand picks up • Secure emerging public sector support • Limited investment in near future • Attractive opportunity in longer term • Leverage market-leading platform • Deliver on 4.5-7% CAGR income target • Invest £1bn in accretive acquisitions/capex Half Year Results 2025 What to expect from us Clear focus, priorities and decision-making 31 FINCHLEY ROAD London LIVERPOOL ONE Liverpool 80 - 100 VICTORIA STREET Victoria GROW OUR LEADING UK RETAIL PLATFORM BUILD £2BN+ RESIDENTIAL PLATFORM LONGER TERMNEAR TERM OPTIMISE BEST-IN-CLASS OFFICE PORTFOLIO
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Half Year Results 2025 OUR DIFFERENTIATION FAVOURABLE INCOME OUTLOOK DRIVING SHAREHOLDER VALUE 32 The Landsec opportunity Well-positioned to drive significant value Occupancy at decade-high of 98% Strong customer demand means ERVs continue to grow Rental uplifts in retail up to 14% 15% reduction in overhead to come Office rents 12% reversionary Increased FY26 EPS guidance Move to higher income, higher income growth, lower cyclicality over time Increased FY30 EPS potential Dividend to grow alongside EPS Two best-in-class portfolios & market-leading platforms of scale Strong capital base with ND / EBITDA moving to below 7x Primary focus on delivering sustainable income / EPS growth Clear framework for capital allocation results in lower development
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APPENDICES
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Contents Appendices 35 Page Our sustainability framework 36 Sustainability leadership Demonstrated by our performance across all key ESG benchmarks 37 Minimum Energy Efficiency Standards 58% of portfolio already rated EPC ‘B’ or higher 38 Income growth key driver of long-term value growth Real income pivotal in higher nominal rate environment 39 Leasing substantially outperforming Widening outperformance vs wider market 40 Major retail destinations – Economics Attractive value in high and growing income returns 41 Central London office – Investment markets Values stabilising for best assets as signs of demand pick up 42 Central London office – Demand and supply Sustained demand for best-quality stock 43 Queen Anne’s Mansions (QAM) Background on disposal 44 Page London office customers by sector Diversified customer mix 45 Valuation movements As at 30 September 2025 46 Operational performance analysis As at 30 September 2025 47 Rent reviews and lease expiries and breaks Excluding developments 48 Office developments 49 Pre-development assets 50 Committed development capital expenditure 51 Important notice 52
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Our sustainability framework Appendices 36 Embedding ESG Doing the basics brilliantly Decarbonising our portfolio Enhancing nature and green spaces Using resources efficiently MATERIAL ISSUES Achieve net zero emissions by 2040: Near-Term: reduce absolute scope 1, 2 and 3 emissions by 47% by 2030 from a 2019/20 baseline Long-Term: reduce absolute scope 1, 2 and 3 emissions by 90% by 2040 from a 2019/20 baseline Reduce average embodied carbon by 50% compared with a typical building by 2030 (1) KEY TARGETS Progressing our Net Zero Transition Investment Plan, with installation of air source heat pumps at Dashwood House completed last year and at further two office sites underway 33% reduction in absolute carbon emissions (tCO2e) compared with 2019/20 baseline 25% reduction in energy intensity (kWh/m2) compared with 2019/20 baseline Tracking an average 39% reduction in upfront embodied carbon1 across development pipeline 58% of portfolio rated EPC ‘B’ or above In line with our nature strategy, we are progressing nature action plans for all our sites Zero waste sent to landfill with 66% of operational waste recycled HY 2025/26 PROGRESS All Landsec colleagues to have individual objectives to support the delivery of our vision Build relationships with our strategic suppliers to enhance sustainable practices throughout our supply chain All colleagues commit to setting sustainability objectives as part of our sustainability training and ESG metrics are included in the Long-Term Incentive Plan (LTIP) and Annual Bonus Plan for Executive Directors and employees 975 suppliers have signed up to Our Supply Chain Commitment, including 98% of strategic suppliers, committing to work with us and address key sustainability issues MATERIAL ISSUES KEY TARGETS HY 2025/26 PROGRESS Creating opportunities and tackling local issues Inclusive places Improving wellbeing Empower 30,000 people facing barriers into employment with the skills and opportunities to enter the world of work by 2030 from 2019/20 baseline Create £200m of social value in our local communities by 2030 from 2019/20 baseline Progressing our Landsec Futures programme, supporting 4,488 people and creating £43m social value in the year 17,206 people supported since 2019/20 baseline £128m social value created since 2019/20 baseline 53% female representation across whole organisation 19% of colleagues from ethnic minority background across whole organisation vs. 18% UK average (2) HY 2025/26 PROGRESS MATERIAL ISSUES KEY TARGETS 1) Reduction compared with typical buildings from GLA Whole Life Carbon Guidance (office: 1,000 kgCO 2e/m2 GIA and residential: 850 kgCO2e/m2 GIA) 2) Ethnicity facts and figures from GOV.UK
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Sustainability leadership Demonstrated by our performance across all key ESG benchmarks Appendices 37 GRESB 2025 Real Estate Sector leader: 5-star rating for the tenth consecutive year Standing Investments: Regional Listed Sector Leader for Europe within Diversified Office/Retail (score 92% vs average 79%) Developments: Global Sector Leader Offices (score 100% vs average 88%) Dow Jones Best-in-Class Indices S&P Global CSA 2025 Score 79 / top 100th percentile (as of October 2025) Ranked 1st globally within REITs Sustainability Yearbook 2025 - top 5% among REITs CDP 2024 Climate: A-list (top 2%) 2025 results yet to be published EPRA 2025 Received our 12th Gold Award for best practice sustainability reporting FTSE4Good 2024 97th percentile (as of December 2024) ISS ESG Prime status. Rating B- (as of September 2025) Decile rank 1 / Transparency level: very high Bloomberg ESG Scores Score: 6.43 with 10 being the best score (as of October 2025) 100th percentile in the Multi Asset Owners & Developers + REITs peer group MSCI ESG Rating AAA rating (as of September 2025) Sustainalytics ESG Risk Rating Score 7.1 negligible risk Top 2% for real estate (as of March 2025) BENCHMARK BENCHMARKLATEST PERFORMANCE LATEST PERFORMANCE
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38 51% 53% 61% 62% 21% 21% 20% 22% 28% 26% 14% 11% 5% 5% 0% 20% 40% 60% 80% 100% 2024/25 FY 2025/26 HY 2024/25 FY 2025/26 HY Offices Retail A-B C D E 24% 36% 36% 49% 56% 58% 25% 25% 33% 24% 21% 21% 20% 28% 28% 25% 21% 19% 4% 5% 3% 3% 2% 2% 2% 1% 25% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% A-B C D E F-G EPC required Appendices Minimum Energy Efficiency Standards 58% of portfolio already rated EPC ‘B’ or higher • 100% compliant with 2023 MEES regulations requiring all non-domestic rented properties to achieve an EPC ‘E’ or above • 53% of office portfolio is EPC ‘B’, with further progress expected at year-end following the completion of Timber Square and air source heat pump installations 16 Palace Street and One New Change EPC RATING BY PROPERTY TYPE (ERV)1 PORTFOLIO EPC RATING (ERV)1 1 EPC data excludes spaces that are not required to have EPC, spaces designated for development, spaces with a registered EPC e xemptions or spaces not covered by MEES regulations such as assets located in Scotland HY 25/26FY 24/25FY 23/24FY 22/23FY 21/22FY 20/21 HY 25/26 FY 24/25 HY 25/26 FY 24/25
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39 REAL PROPERTY YIELDS ATTRACTIVE VS REAL INTEREST RATES1 • Stable valuation yields mean value growth is driven by income growth • Similar to equity markets where P/E multiples are stable in long run • Focus on assets where income stream is ‘real’ rather than nominal • Valuation for ‘real’ assets attractive in historic pre-QE context Appendices Income growth key driver of long-term value growth Real income pivotal in higher nominal rate environment FOCUS ON SUSTAINABLE INCOME/EPS GROWTH 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 10Y gilt yield All property equivalent yield 0% 2% 4% 6% 8% 10% 12% 1988 1990 1993 1995 1998 2000 2003 2005 2008 2010 2013 2015 2018 2020 2023 2025 All property equivalent yield vs real interest rate spread Pre-QE range 1 Source: MSCI, Bloomberg LITTLE CORRELATION BETWEEN PROPERTY YIELDS AND NOMINAL RATES1
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85% 90% 95% 100% Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 HY-25 LandsecCentral London1 80% 90% 100% Mar-21 Mar -22 Mar-23 Mar-24 Mar-25 HY-25 Appendices OFFICE OCCUPANCY RETAIL OCCUPANCY Leasing substantially outperforming Widening outperformance vs wider market 401 Source: CBRE 2 Source: LDC Landsec occupancy vs rest of London Landsec occupancy vs rest of UK retail LandsecUK retail2
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30 40 50 60 70 80 90 100 110 120 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Landsec shopping centre values, rental income and retail sales (index, Mar-19=100) Major retail destinations – Economics Attractive value in high and growing income returns Appendices 0 2 4 6 8 10 12 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 LANDSEC SHOPPING CENTRE VALUES, RENTAL INCOME AND RETAIL SALES1 (INDEX, MAR-17=100) 2% 8% 5% 8% 11% -0.9% 0.9% 1.4% 4.0% 2.2% Mar-22 Mar-23 Mar-24 Mar-25 Sept-25 Leasing vs ERV ERV growth LANDSEC'S RETAIL-LED PORTFOLIO - LEASING PERFORMANCE AND ERV GROWTH UK shopping centres Germany shopping centres France shopping centres City offices UK logistics RISK PREMIUM – SPREAD BETWEEN PRIME YIELDS AND 5-YEAR REAL INTEREST RATES2 (%) 1 Excluding bad debts 2 Source: Landsec, Bloomberg, CBRE, ONS 3 Source: Landsec 4 Source: ONS INTERNET SALES AS A PERCENTAGE OF TOTAL RETAIL SALES4 (RATIO) (%) 15 20 25 30 35 40 Sept-25Sept-23Sept-22Sept-21Sept-20Sept-19 Sept-08 Sept-11 Sept-23Sept-17Sept-14 Sept-20 Sept-25 Sept-24 41 Improved affordability of space Values well behind income recovery Total sales Footfall Net rental income Asset value growth Sept-25
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40 50 60 70 80 90 100 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 90s Dot Com GFC Bond yield reset 3% 4% 5% 6% 7% 8% City West End Docklands Southbank Victoria Central London office – Investment markets Values stabilising for best assets as signs of demand pick up Appendices Months Capital Value (Index =100) Source: MSCI Source: CBRE Source: CBRE CENTRAL LONDON INVESTMENT VOLUMES (ROLLING 12M, £bn) CENTRAL LONDON OFFICE YIELDS (%) PEAK TO TROUGH (MONTHS), CYCLE OF CAPITAL VALUE DECLINE CENTRAL LONDON OFFICES CENTRAL LONDON OFFICE REAL CAPITAL VALUES (INDEXED DEC ‘99 = 100) 0 20 40 60 80 100 120 140 160 Source: MSCI, ONS £0bn £5bn £10bn £15bn £20bn £25bn Q3-10 Q3-15 Q3-20 Q3-25Q3-05 Q3-25Q3-00 Q3-05 Q3-10 Q3-15 Q3-20 Sept-25Jan-00 Jan-07 Jan-14 Jan-21 42
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13% decreasing 0% 10% 20% 30% 40% 50% New / first / additional / out of serviced Substantial increase (+50k sq ft) Increase (0 to 50k sq ft) Same (no change) Decrease (0 - 50k sq ft) Substantial decrease (+50k sq ft) Central London office – Demand and supply Sustained demand for best-quality stock Appendices Source: Savills Source: CBRE Source: CBRESource: CBRE SPACE REQUIREMENTS FROM 13.2M SQ FT OF ACTIVE DEMAND (AS OF Q3 2025) CENTRAL LONDON PIPELINE (MILLION SQ FT) CENTRAL LONDON TAKE-UP RELATIVE TO THE 20-YEAR AVERAGE (LAST 12 MONTHS) RECORD AMOUNT OF OCCUPIED OFFICE SPACE IN LONDON (M SQ FT, YEARLY AVERAGE) 0 1 2 3 4 5 6 7 8 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Completions U/C - Spec U/C Pre-let Proposed 10Y average completions -4% 11% -23% -84% -90% -75% -60% -45% -30% -15% 0% 15% Overall Grade A Grade B Grade C 65% increasing 209 210 211 212 213 214 215 216 217 Q3-15 Q3-16 Q3-17 Q3-18 Q3-19 Q3-20 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 43
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44 • 354,000 sq ft 1970’s office block which has been let to Government ever since • Base income of £15m net rent pa which expires in Dec-28 • Additional £17m net finance lease income pa which expires in Dec-26, covering fit-out costs borne by Landsec in mid 2000’s • Building to be vacated by end of 2028 and require comprehensive redevelopment • Valuation based on vacant possession value + sum of any residual income due as part of current leases, which means valuation goes down by an equal and opposite amount at every lease payment, so overall return on invested capital is ~0% • Exchanged contracts for unconditional sale for £245m, expected to complete in Dec-25 • Sale means residual income will now be received as upfront cash capital receipt on disposal instead of income over the remainder of the lease • Impact on earnings for FY 26 of -£7m and FY27 of -£15m, but no material impact for FY28 onwards as finance lease will have expired by then Appendices Queen Anne’s Mansions (QAM) Background on disposal QUEEN ANNE’S MANSIONS SW1
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London office customers by sector Diversified customer mix Appendices Central government 9.8% Deloitte 4.0% Taylor Wessing 2.8% Qube Research & Technologies 2.6% Wellington Management Company 1.5% Eisler Capital 1.5% Schlumberger Oilfield UK 1.4% DWS 1.3% Stewarts Law 1.2% AlixPartners 1.1% TOP 10 CUSTOMERS - Percentage of London office annualised rental income 22.9% 25.1% 17.7% 8.0% 3.0% 8.1% 3.0% 11.3% CUSTOMERS BY SECTOR - Percentage of London office annualised rental income Financial services Government Professional services Other TMT Legal Energy Real estate Healthcare & pharmaceutical 45
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MARKET VALUE 30 SEPTEMBER 2025 VALUATION CHANGE LFL ERV CHANGE(1) EPRA NET INITIAL YIELD EPRA TOPPED-UP NET INITIAL YIELD EQUIVALENT YIELD LFL MOVEMENT IN EQUIVALENT YIELD £m % % % % % bps West end offices(3) 3,087 (52) 2.7 4.7 5.9 5.6 20 City/Southwark offices 1,450 17 2.9 4.0 5.5 6.2 8 Manchester offices 262 2 2.6 6.9 6.9 8.5 21 Retail and other(2) 1,129 (15) 4.7 4.4 4.6 5.0 (11) Developments(3) 1,171 (20) n/a 0.0 0.0 5.6 n/a Total Office-led 7,099 (68) 3.1 4.6 5.6 5.8 12 Shopping centres 2,206 48 2.2 7.3 7.9 7.8 (2) Outlets 646 14 2.1 6.1 6.5 6.8 (11) Total Retail-led 2,852 62 2.2 7.0 7.6 7.5 (4) Developments 298 2 0.8 4.0 4.0 6.7 (4) Total Residential-led 298 2 0.8 4.0 4.0 6.7 (4) Retail and leisure parks 529 (2) 0.0 7.7 7.9 8.3 (6) Total Other assets 529 (2) 0.0 7.7 7.9 8.3 (6) Total Combined Portfolio 10,778 (6) 2.5 5.5 6.3 6.4 3 Valuation movements As at 30 September 2025 Appendices 1 Rental value change excludes units materially altered during the period 2 Includes owner-occupied property 3 Includes non-current assets held-or-sale 46
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Operational performance analysis As at 30 September 2025 Appendices ANNUALISED RENTAL INCOME NET ESTIMATED RENTAL VALUE EPRA OCCUPANCY1 LFL OCCUPANCY CHANGE1 WAULT1 £m £m % ppt Years West end offices 166 205 100.0 0.9 5.7 City/Southwark offices 89 105 98.6 1.7 7.6 Manchester offices 25 29 95.7 2.3 4.7 Retail and other 62 57 96.7 (0.6) 5.7 Developments - 87 n/a n/a n/a Total Office-led 342 483 98.8 0.5 6.0 Shopping centres 204 206 96.3 (0.2) 4.8 Outlets 49 53 98.5 1.1 2.9 Total Retail-led 253 259 96.7 0.0 4.4 Developments 12 26 86.4 (1.7) 6.9 Total Residential-led 12 26 86.4 (1.7) 6.9 Retail and leisure parks 49 49 97.3 (1.2) 8.6 Total Other assets 49 49 97.3 (1.2) 8.6 Total Combined Portfolio 656 817 97.7 0.4 5.6 1 Excluding developments 47
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OUTSTANDING 2025/26 2026/27 2027/28 2028/29 2029/30 2031+ TOTAL £m £m £m £m £m £m £m £m Rents passing from leases subject to review 105 30 23 21 45 11 16 251 Gross reversion under lease provisions 7 4 2 4 6 2 (3) 22 2025/26 2026/27 2027/28 2028/29 2029/30 2031+ TOTAL £m £m £m £m £m £m £m Rents passing from leases subject to expiries or breaks3 87 61 73 66 27 216 530 ERV 90 67 75 71 29 243 575 Potential rent change 3 6 2 5 2 27 45 Total reversion from rent reviews and expiries or breaks 45 Vacancies and tenants in administration4 16 Total 61 Rent reviews and lease expiries and breaks1,4 Excluding developments Appendices 1 This is not a forecast and takes no account of increases or decreases in ERV before the relevant review dates 2 QAM has been excluded from this table as completion of its disposal is expected in Dec 25. 3 Rents passing from leases subject to expiries or breaks does not include any lease where a reversion is expected from a rent review before the expiry or break date 4 Excludes tenants in administration where the administrator continues to pay rent 48
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THIRTY HIGH, SW1 TIMBER SQUARE, SE1 THE REPUBLIC, MANCHESTER Status On site On site On site Estimated completion date (financial years) Q1 FY27 Q4 FY26 Q4 FY28 Description of use Office – 89% Retail – 11% Office – 96% Retail – 4% Office – 95% Retail – 5% Landsec ownership % 100 100 100 Size sq ft (000) 299 383 244 Letting status % - - - Market value £m 383 354 24 Net income / ERV £m 30 31 12 Total development cost (TDC) to date £m 351 374 33 Forecast TDC £m 420 446 152 Gross yield on cost % 7.1 7.0 7.9 Valuation surplus /(deficit) to date £m 31 (19) (9) Market value + outstanding TDC £m 452 426 143 Gross yield on market value + outstanding TDC % 6.6 7.3 8.4 Office developments Appendices 49
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Pre-development assets Appendices 1 Indicative figures given multi-phased nature of schemes; subject to change depending on final scope, planning and design PROJECT CURRENT CAPITAL EMPLOYED £m PROPOSED SQ FT ‘000 INDICATIVE TDC £bn POTENTIAL START DATE PLANNING STATUS Office-led Old Broad Street, EC2 2026 Consented Liberty of Southwark, SE1 2026 Consented Hill House, EC4 2026 Consented Nova Place, SW1 2027 Consented Timber Square Phase 2, SE1 2027 Consented Total c.290 1,350 1.9 Residential-led(1) Mayfield, Manchester 0.9 2027 Consented Finchley Road, NW3 1.2 2027 Consented Lewisham, SE13 1.5 2027 Consented MediaCity Phase 2, Salford n/m n/m Design Total c.270 3.6 Other opportunities c. 90 n/m Various 50
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51 0 50 100 150 200 250 300 March 2026 March 2027 March 2028 Thirty High Timber Square Republic, Manchester Retail projects £m £121m Appendices Committed development capital expenditure COMMITTED DEVELOPMENT CAPEX BY SCHEME • £238m future committed capex on three office developments, Timber Square, Thirty High and Mayfield Republic • Expected ERV on three office projects of £73m • Expected gross yield on cost of 7.2% and 11% yield on capex • £30m future committed capex on smaller retail projects • Expected yield on cost of 9.8% £110m £36m
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This presentation may contain certain ‘forward-looking’ statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of Landsec speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Landsec does not undertake to update forward-looking statements to reflect any changes in Landsec’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Information contained in this presentation relating to Landsec or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance. Important notice Appendices 52