Slides
Page 1
2026 Interim Results |LSL Property Services PLC September 2026 2026 Interim Results LSL Property Services PLC
Page 2
LSL Property Services PLC 2026 Interim Results | 2 Adam Castleton Group Chief Executive Officer David Tilak Group Chief Financial Officer Speakers
Page 3
LSL Property Services PLC 2026 Interim Results | H1 2026 highlights 3 Further profit and margin growth Transformation programme launched On track to meet full year expectations
Page 4
LSL Property Services PLC 2026 Interim Results | A high return, resilient, cash generative model Growing profitability Strengthening margins Highly cash generative Delivering for shareholders +11% +130bps 91% +£3m Group Underlying Operating profit Group Operating Margin LTM Cash Conversion Total Returns £15.9m 17.3% 36% ROCE £12.2m Majority of Group income not dependent on property transactions Lettings | Remortgages | Platform fees 4
Page 5
LSL Property Services PLC 2026 Interim Results | MARKET CONDITIONS MARKET / LSL Residential Sales (4)% Mortgage Approvals +5% Total Mortgage Lending +22% • H1 2026 residential market exchanges down 4%, as expected following the Stamp Duty changes in H1 2025 • As anticipated FY 2026 market to be slightly below long-term average • Purchase approvals down 4%, remortgage and other approvals up 17% • Market approvals in line with long-term average • New mortgage lending market +8%; purchase -2%, remortgage +29% • LSL’s market share of total lending remains consistent at 8.9% Markets developing broadly as anticipated Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5
Page 6
LSL Property Services PLC 2026 Interim Results | H1 2026 progress report 6 Commercial progress across Group A simpler, more connected LSL Contracts Investments Proposition Lettings books Pivotal Growth JV Transformation Collaboration Leadership and expertise Communications Culture
Page 7
2026 Interim Results |LSL Property Services PLC Financial Highlights David Tilak, Group Chief Financial Officer 7
Page 8
2026 Interim Results |LSL Property Services PLC Note: 2025 UOP restated to exclude JV profit whilst all comparators are against H1 25 8 H1 2026 delivery +3% Group Revenue £92.3m +11% Group Underlying Operating Profit £15.9m +130bps Group Underlying Operating Margin 17.3% (Last 12 months) Cash Conversion 91% +500bps Return on Capital Employed 36% +14% Adjusted Diluted EPS 11.7p
Page 9
2026 Interim Results |LSL Property Services PLC 14.4 0.7 1.7 (2.0) (0.9) 2.0 15.9 H1 2025 Markets Performance Salary & NI Investment Cost Management H1 2026 +11% v PY +130bps H1 2026 Group Underlying Operating Profit bridge Organic growth and cost discipline drive margin expansion 9
Page 10
2026 Interim Results |LSL Property Services PLC Surveying & Valuation 10 Continuing to strengthen commercial partnerships • 100% success rate on contract renewals • Additional allocation wins with two major lenders • Cost efficiencies Developing margin accretive revenue streams • Asset Management business delivering highly profitable growth • B2C surveys continue to scale with increased margins and a 4.8 Trustpilot score 53.2 56.2 H1 25 H1 26 11.9 13.1 22% 23% Revenue by business 48.4 4.1 3.7 £56.2m B2B Valuations B2C Surveys Asset Mgt. Performance KPIs Revenue OP OP% Performance highlights Financial performance Market leadership with further opportunities ahead 274k +3% 557 (2)% 191 +1% Income per job (£) Jobs per surveyor Jobs
Page 11
2026 Interim Results |LSL Property Services PLC 9.3 7.7 5.8 Financial Services 11 Resilient market share • Mortgage revenues up 8%, in line with market • Total share of mortgage lending maintained at 8.9% • Revenue per adviser up 12% Financial performance • Underlying Operating Profit principally reflects investment in tech platform and adviser numbers • Post period end small regional acquisition, c. 50 advisers Mortgage Fees Insurances Platform Fees Performance KPIs OP OP% Performance highlights Financial performance 2,516 (5)% 84 +20% 80 (10)% Fee per completion (£) Completions (per adviser) Number of advisers £22.8m 23.5 22.8 H1 25 H1 26 4.3 3.4 18% 15% Revenue by business Revenue Good mortgage performance, leveraging market strength
Page 12
2026 Interim Results |LSL Property Services PLC 5.6 4.9 2.7 Estate Agency Franchising 12 Continuing to scale footprint • Expansion with 13 new branches and 7 lettings books Margin expansion post restructure • Completion of restructure and efficiency programmes Developing conveyancing proposition • Acquisition of a search business and investment in digital conveyancing platform Sales Lettings Other Performance KPIs OP OP% Performance highlights Financial performance Continued margin expansion with a record H1 margin and 24% profit growth 354 +2% 38.7k +4% 137 +3% per lettings property (£) Average lettings portfolio Income per exchange (£) 13.0 13.2 H1 25 H1 26 3.2 3.9 24% 30% £13.2m Revenue by business Revenue
Page 13
2026 Interim Results |LSL Property Services PLC £5m benefit delivered through FY 2027 £4m exceptional costs taken in 2026 and 2027 *excludes surveyors & central costs Process-led design drives simplification Eliminate duplication: teams aligned by activity Efficient operations: leaner, process-led Drive engagement: wider remits and clearer career paths Transforming LSL: simpler, efficient and more profitable 13 Increasing focus on technology Reviewing technology options Opportunities: data, propositions, efficiency One LSL: deliver future benefits Current focus Medium term focus
Page 14
2026 Interim Results |LSL Property Services PLC 27.8 17.2 (9.1) (6.4) 4.7 34.2 (7.4) (4.8) 22.0 Net Cash at 31 Dec 2025 Cash from Operations Acquisitions & CapEx Working Capital Exceptionals inc Loan Notes and tax Pre-distribution Cash Dividends Share Buy Back Net Cash at 30 Jun 2026 £12.2m shareholder distributions Structurally highly cash generative 14 With 91% LTM cash conversion
Page 15
2026 Interim Results |LSL Property Services PLC 1 Organic growth Scale / develop propositions through investment in capabilities, technology & transformation £3m 2 Inorganic growth Bolt-ons | strategic development £8m 3 Dividends Currently exceeding 30% pay-out policy £7m 4 Share buy backs Share buy back programmes with notable step up over the last 2 years £5m H1 deployment Capital allocation framework 15 Balance sheet strength is a strategic asset providing a competitive advantage
Page 16
2026 Interim Results |LSL Property Services PLC 16 FY 2026 Outlook Increased revenue Increased profit 75-100% cash conversion £3-5m CapEx In line with consensus expectations
Page 17
2026 Interim Results |LSL Property Services PLC The opportunity ahead Adam Castleton, Group Chief Executive Officer 17
Page 18
2026 Interim Results |LSL Property Services PLC Surveying and Valuation Financial Services Estate Agency Franchising Connecting more effectively 18 Unlocking more value from One LSL Broad presence across property and mortgage ecosystem Historically independently operated businesses Connecting our relationships, expertise, data and tech more effectively Creating more value from the strengths we already have A journey already under way
Page 19
LSL Property Services PLC 2026 Interim Results | Thank you 19
Page 20
2026 Interim Results |LSL Property Services PLC Appendix 20
Page 21
2026 Interim Results |LSL Property Services PLC Appendix 1: Group financial and operating performance Highlights (£m) H1 2026 H1 2025 Group Revenue 92.3 89.7 Group Underlying Operating Profit 15.9 14.4 Group Underlying Operating Margin 17% 16% Net Exceptional Costs 0.2 (1.8) Group Operating Profit 12.5 10.9 Adjusted Basic EPS 11.9 10.4 Adjusted Diluted EPS 11.7 10.3 Cash at 30 June (£m) 22.0 22.0 Cash Conversion (LTM) 91% 96% Proposed Total Dividend (pence) 4.0 4.0 21
Page 22
2026 Interim Results |LSL Property Services PLC Appendix 2: Surveying & Valuation Division performance *Company estimates Surveying & Valuation P&L (£m) H1 2026 H1 2025 B2B – Valuations 48.0 46.3 B2C – Private Surveys 4.1 4.0 Data 0.4 0.1 Asset Management 3.7 2.6 Total Revenue 56.2 53.2 Underlying Operating Profit 13.1 11.9 Underlying Operating Margin 23% 22% KPIs Jobs Performed (‘000s) 274 266 Remote Valuations as % of B2B Surveyor led 22% 21% Jobs per Average Surveyor 557 569 Income per Job (£) 191 190 Operational Surveyors at 30 Jun (FTE) 491 472 Market Share* 36.3% 36.6% 22
Page 23
2026 Interim Results |LSL Property Services PLC Appendix 3: Financial Services Division performance Financial Services P&L (£m) H1 2026 H1 2025 FS Network Gross Revenue 161.6 151.7 FS Network Net Revenue 22.8 23.5 FS Network Underlying Operating Profit 3.4 4.3 FS Network Underlying Operating Margin 15% 18% KPIs Total Firms 1,013 1,084 Total Advisers 2,516 2,637 Gross revenue per average adviser (£’000s) 53 47 Mortgage Lending Market (excl. PT) (£bn) 145.3 134.3 LSL Mortgage Lending (£bn) 27.3 22.6 LSL Purchase & Remortgage Lending (£bn) 16.1 15.2 LSL Product Transfer Lending (£bn) 11.2 7.4 Market Share* (incl PTs) 8.9% 8.9% *Company estimates 23
Page 24
2026 Interim Results |LSL Property Services PLC Appendix 4: Estate Agency Franchising Division performance Estate Agency Franchising P&L (£m) H1 2026 H1 2025 Franchising Revenue 13.2 13.0 Franchising Underlying Operating Profit 3.9 3.2 Franchising Underlying Operating Margin 30% 24% KPIs HMRC Transactions (‘000s) 552 576 Exchange Units 9,665 10,561 Managed Properties 38,660 37,246 Number of Territories 329 313 Market Share* 1.7% 1.8% *Company estimates 24
Page 25
This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and, unless otherwise required by applicable law, LSL undertakes no obligation to update or revise these forward-looking statements. Nothing in this document should be construed as a profit forecast. LSL and its Directors accept no liability to third parties in respect of this document save as would arise under English law. This presentation contains brands that are trademarks and are registered and/or otherwise protected in accordance with applicable law. Any forward-looking statements in this document speak only at the date of this document and LSL undertakes no obligation to update publicly or review any forward-looking statement to reflect new information or events, circumstances or developments after the date of this document. Forward Looking Statements 25