Lendlease Group (LLESY) Q4 2026 Earnings Call Transcript

Andrew Nieland Chief Financial Officer & Joint Interim CEO of Lendlease Group Thank you for joining the Lendlease 2026 Full Year Results Presentation. I'm Andrew Nieland, Joint Interim CEO and Group CFO of Lendlease. With me today is Penny Ransom, Joint Interim CEO and CEO of Investment Management. Sitting here today in Sydney, I acknowledge the traditional custodians of the land on which we are meeting and pay my respects to elders past and present. As an investor, developer, builder and manager of assets across Australia, we also acknowledge the traditional owners of the many lands on which Lendlease operates and value their continuing custodianship of country. Today, I will provide an overview of our FY '26 results, and Penny will present the operational performance of the business, covering investments, development and construction or IDC. I will then take you through the group's financial performance and FY '27 outlook before we open up for questions. Starting on Slide 4. FY '26 was another year of disciplined execution against our strategy. The group continued to simplify its operations, recycle capital, build growth and momentum across IDC and reduce its overheads. IDC earnings of $0.337 per security were delivered for the year at the top end of guidance. Notwithstanding the performance of IDC, the group result was impacted by segment losses in the Capital Release Unit, or CRU, as we