Lendlease Group Announces 2026 Half‑Year Results – 23 February 2026
Date: 23 February 2026
Company: Lendlease Corporation Limited (ABN 32 000 226 228) – listed in Australia and incorporated in New South Wales.
Financial Highlights
- Statutory loss after tax: $(318) million, largely due to negative investment‑property revaluations of $118 m (US, UK, Singapore).
- Operating profit after tax (OPAT): $(200) million – $87 m from IDC and $287 m from the Capital Release Unit (CRU).
- Net debt: $3.3 billion, down $0.1 billion on FY25; statutory gearing 25.8%.
- Liquidity: $3.3 billion available for future capital‑recycling and growth initiatives.
IDC Segment Performance
Segment EBITDA fell to $204 m from $341 m in FY25, reflecting lower transaction profits but steady construction earnings of $69 m and investment earnings of $101 m. The segment is targeting a 28–34 cent EPS contribution for FY26.
CRU Performance
The CRU generated EBITDA of $(284) m in HY26, driven by write‑downs of community land parcels ($95 m) and provisions for exited international construction businesses ($44 m). No FY26 EPS guidance is provided for CRU.
Capital Recycling & Growth Strategy
Lendlease’s 2024 strategy aims to recycle $3.0 billion of capital across IDC and CRU, targeting underlying gearing of 15% by FY26. The plan includes announced or completed transactions of $2.8 billion (CRU) and $1.5 billion (IDC), with further recycling expected in FY27.
Operational Highlights
- New Australian development pipeline: $13.6 billion, up from $9.8 billion FY25.
- Construction work secured: $4.0 billion (FY26) vs. $3.8 billion FY25.
- Backlog revenue: $8.0 billion, 36% higher than FY25; preferred book of $6.9 billion with an additional ~$9 billion in active bids.
Risk & Forward‑Looking Statements
The announcement contains forward‑looking statements that are subject to risks and uncertainties. Lendlease does not guarantee future performance and advises readers to seek independent advice before making investment decisions.
Contact Information
- Michael Vercoe, Head of Investor Relations – michael.vercoe@lendlease.com
- Tessie Vanderwert, General Manager Corporate Affairs – tessie.vanderwert@lendlease.com
Related Topics
- Lendlease Portfolio Management
- Property Investment Strategy
- Real Estate Capital Recycling
- Construction Industry Growth
- Investment Property Valuation
- Financial Performance 2026
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