FY26 Market Update

• FY26 earnings per security guidance for IDC business maintained at 28-34 cps
• Asset recycling program progresses with several transactions likely to complete in early FY27
• Underlying Group gearing anticipated to be in the mid-30% range at FY26

Lendlease Group has issued a market update on its ongoing capital recycling initiatives, detailing progress towards targeted completions by 30 June 2026. The company maintains its FY26 earnings per security guidance for its Investment, Development and Construction (IDC) business at 28-34 cents per share, subject to targeted completions. The asset recycling program continues to progress with several well-advanced transactions likely to complete in early FY27. Due to transaction timing and more challenging market conditions, underlying Group gearing at FY26 is anticipated to be in the mid-30% range. The Group has balance sheet flexibility to manage an orderly realization of Capital Release Unit (CRU) asset sales, balancing value realization and speed of execution.

FY26 earnings per security guidance for IDC business maintained at 28-34 cps

Lendlease expects to benefit from lower CRU capital outflows, targeted residential settlements, and the application of capital recycling proceeds primarily to debt reduction in FY27.