The Land Securities Group Board has recommended a final dividend for the year ended 31 March 2026 of 22.2p per ordinary share (2025: 12.3p) to be paid as a PID. This final dividend will result in a further estimated distribution of £164m (2025: £92m). Subject to shareholders' approval at the Annual General Meeting, the final dividend will be paid on 24 July 2026 to shareholders registered at the close of business on 19 June 2026.
Other financial highlights include:
¾ EPRA EPS at top end of guidance, up 2.2% to 51.4p, as 4.6% LFL income growth and 15% fall in overhead costs more than offset 1.8% EPS impact from sale of QAM.
¾ EPRA NTA per share up 2.2% in second half and 0.9% for the full year, with strong customer demand driving an acceleration in ERV growth to 6.4% for the year, and IFRS profit before tax of £346m
¾ Resilience of EPRA EPS underpinned by robust capital base, with 8.6-year average debt maturity twice as long as the UK sector average, no need to refinance debt until 2028, and ND/EBITDA of 8.4x
¾ FY27 like-for-like net rent expected to grow c. 3-5%, with no signs of slowdown in customer demand
¾ FY27 EPRA EPS expected to be stable vs FY26, in line with previous guidance, as growth in underlying earnings is offset by -4% EPS impact from full-year effect of sale of QAM finance lease
¾ FY28 EPRA EPS expected to see high single digit percentage growth, based on current positive momentum in development leasing and like-for-like income growth
¾ Continue to see potential for FY30 EPRA EPS to grow to c. 62 pence, underpinned by positive LFL income growth and development leasing, implying c. 5% CAGR in EPS over FY27-FY30
¾ Expect net debt/EBITDA to reduce to below 7x within next two years as income grows and committed development exposure comes down to c. 2% of portfolio value in next few months
