Lendlease Group (LLESY) Q2 2026 Earnings Call Transcript

SA Transcripts158.57K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Lendlease Group (LLESY) Q2 2026 Earnings Call February 22, 2026 5:30 PM EST Company Participants Anthony Lombardo - Group CEO, MD & Executive DirectorSimon Collier Dixon - Group Chief Financial Officer Conference Call Participants David Pobucky - Macquarie ResearchSimon Chan - Morgan Stanley, Research DivisionBenjamin Brayshaw - Barrenjoey Markets Pty Limited, Research DivisionJames Druce - CLSA Limited, Research DivisionRichard Jones - JPMorgan Chase & Co, Research DivisionSuraj Nebhani - Citigroup Inc., Research Division Presentation Anthony LombardoGroup CEO, MD & Executive Director Good morning, and thank you for joining the Lendlease 2026 Half Year Results Presentation. I'm Tony Lombardo, Group Chief Executive Officer and Managing Director of Lendlease. With me is Simon Dixon, Group Chief Financial Officer. Sitting here at Barangaroo in Sydney, we're on the land of the Gadigal people, and I extend my respects to their elders past and present. Today, I'll provide an overview of our half year 2026 results. Simon will talk through the financials, and I will then cover the outlook and strategy. We'll then open for questions. Starting on Slide 4. FY '26 is a transitional year for Lendlease as the strategy reset announced in May 2024 continues to be executed. There are 3 core components of the strategy that I want to highlight today. The group is being repositioned to focus on our market-leading Australian operations and international investments platform, reported as Investments Development and Construction, or IDC. These businesses have historically delivered double-digit returns on equity through the cycle and continue to show strong operating momentum. The other core element of our strategy was the establishment of the Capital Release Unit, or CRU, to facilitate the recycling of capital from underperforming or non-core parts of the group. At the May 2024 strategy update, we announced that $2.8 billion of CRU assets were on the market alongside