Landsec earnings date and guidance
MyStockButler's November 2026 analysis: Landsec's next results are expected on November 13, 2026. Watch whether signed office lettings turn into cash rent quickly enough to support guidance.
What has Landsec guided for the year?
Management guides to 3%–5% like-for-like rental growth and 51.40p EPRA EPS for the year to March 2027. It expects high-single-digit EPS growth in FY28, net debt/EBITDA below 7 times by May 2028 and potential EPRA EPS of 62p by March 2030. Its record is 4/5: one forecast was above guidance, three were within it and none was below.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Like-for-like net rental income growth (%) | Year to Mar 2027 | 3.0% | 5.0% | 2026-10-01 |
| EPRA EPS (pence) | Year to Mar 2027 | 51.40 | 51.40 | 2026-10-01 |
| EPRA EPS growth — high single digit percentage | Year to Mar 2028 | 2026-10-01 | ||
| Net debt/EBITDA (x) | By May 2028 | 7.0x | 2026-05-14 | |
| EPRA EPS potential (pence) | Year to Mar 2030 | 62.00 | 62.00 | 2026-10-01 |
What this means. The company’s underlying earnings per share can grow even though the reported figure is flat, because selling the Queen Anne’s Mansions finance lease reduces earnings by about four percent.
Has Landsec kept its past promises?
Management’s checked record earns four out of five. One result was above guidance; three were within it, and none was below. The record remains imperfect because lease-surrender payments and the Queen Anne’s Mansions finance-lease sale affected individual years.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| EPRA EPS | 4 years | 1 | 3 | 0 |
What is Landsec's recent revenue and profit trend?
For the six months to March 2026, NRI was £278m, down from £283m in the same half a year earlier. Diluted EPRA earnings per share rose to 25.50p from 25.20p. Revenue was £461m against £459m, but the service-charge presentation change makes that small increase difficult to interpret.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 461 | 431 | 459 | 383 | 412 | 412 | 397 | 394 |
| Net rental income | 278 | 284 | 283 | 269 | 268 | 282 | 283 | 278 |
| EPRA earnings per share | 25.50 | 25.60 | 25.20 | 24.90 | 23.40 | 26.70 | 26.50 | 26.60 |
What this means. The earnings per share figures use a share count that includes shares that could be created later, so they can be lower than the company's headline figures.
What should I watch in Landsec's next results?
The period ended September 2026 is the first major checkpoint. Investors should look for like-for-like rent growth, the portfolio valuation, actual debt and remaining facilities. Because Metrocentre completed after September, the balance sheet will need to be read alongside its subsequent-events and funding disclosures.
Through FY2027 and FY2028, the key evidence will be signed lettings at Timber Square and Thirty High, the date tenants begin paying, and the net income left after financing costs. Management’s assumed 12-month lease-up is the yardstick, but a signed lease with a long rent-free period is not immediate cash. Republic’s scheduled completion toward the end of FY2028 will test its cost and rental assumptions.