Is Lendlease profitable in 2026?

Not consistently. H1 FY26 (six months to Dec 2025) posted a statutory loss of A$318 million, including A$118M non-cash impairments, reported Feb 23 2026. This followed FY25 full-year net profit of A$225M, versus a A$1.50B loss in FY24, showing volatile, unstable profitability.

Who is Lendlease's biggest competitor?

The ACCC found on July 4 2024 that Stockland 'competes closely' with Lendlease in masterplanned communities, and Stockland/Supalai even tried to acquire 12 Lendlease MPC projects that same year.

Could AI replace Lendlease?

No. Its core moats are land banks, government relationships like Barangaroo and Sydney Metro precinct work, and construction bonding/licensure, all AI-resistant. AI mainly touches design and estimating workflows via its Podium platform, last publicly updated December 2023.

Lendlease is a publicly traded, ASX-listed stapled entity (ASX: LLC, OTC ADR: LLESY) with no single controlling parent. Market capitalisation was about A$1.97 to 2.0 billion as of July 23 2026.

Is Lendlease's revenue declining?

Yes, sharply. FY23 revenue was A$10.37B, falling to A$9.37B in FY24, A$7.75B in FY25, and H1 FY26 revenue of A$2.84B was down 42 percent year on year, per stockanalysis.com data dated June 25 2026.

Will Lendlease get a new CEO in 2026?

Yes. CEO Tony Lombardo announced on Feb 12 2026 he will step down in August 2026 following FY26 full-year results and relocate to South-East Asia. A successor process was underway as of that date.

Real estate developers · Australia

Lendlease

lendlease.com ↗

Australian developer and investment manager building large mixed-use city projects.

Losing its protection

Assessed 24 July 2026 · Evidence as of 24 July 2026

The structural protection is eroding.

On the recordSince 24 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: FY26 full-year results and new CEO announcement

The call

Lendlease is shrinking fast and losing ground to rival developers and funds, while its land, government ties and credit rating keep it standing for now.

Lendlease builds and manages commercial real estate across Australia and owns valuable land. Rivals like Stockland and Brookfield are cheaper and stronger right now, so they are taking Lendlease's best projects and tenants away. The company is selling pieces of itself to survive, but the real test is whether it can stabilize its money-losing operations and convince investors that a new leader has a real plan by late 2026.

Why

AI pressure: None apparent. Property development runs on land deals, planning approvals and construction, not something an AI model replaces. Could AI do the core job? Unlikely.

Bigger players: Stockland, Brookfield, Blackstone, Mirvac, Dexus. Stockland tried to buy 12 Lendlease master-planned projects and the ACCC says it already competes closely for the same land and capital. Could a giant copy it? Probably.

What protects it. Investment-grade Baa3 rating, government-anchored land and long relationships that let it hold large sites others can't easily bond or finance.

What would change this call

Lendlease FY26 full-year results (~August 2026) show whether IDC EPS lands in the 28-34cps guidance range. A miss would show the turnaround is losing ground, not stabilizing.
Completion of the A$525M Keyton sale to Aware Super and the A$2B CRU divestment target by FY26 year-end. Failure to complete signals buyers are balking or assets are less valuable than claimed.
Naming of a new CEO to succeed Tony Lombardo after his August 2026 departure. A delayed or internally contested succession would signal deeper strategic drift.

Key numbers

H1 FY26 statutory loss of A$318 million (2025-12-31)
FY25 revenue A$7.75 billion, down 17% y/y (2025-06-30)
Headcount down 27.6% since 2023, to 8,557 (2025-12-31)

Named risks

Trailing revenue down 33% y/y as of Dec 2025 amid ongoing divestitures. Severity: high
Simultaneous CEO and CFO turnover mid-turnaround in 2026. Severity: medium
Balance-sheet gearing stress amid 'more challenging market conditions' flagged June 2026. Severity: medium
Pending divestments (Keyton, TRX, MSG North) subject to completion and market risk. Severity: medium
NSW Supreme Court shareholder class action over 2017-2018 share purchases in mediation. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Stockland	contesting	ACCC found firms 'compete closely'; Stockland/Supalai sought to buy 12 Lendlease MPC projects, July 2024
Aware Super	gaining on	Acquiring Lendlease's Keyton retirement-living interest for A$525 million, announced June 25 2026
Sojitz	gaining on	Bought Capella Capital from Lendlease for A$235 million, completed mid-2025
Atlas Holdings	gaining on	Acquired Lendlease's UK construction operations, completed 2025

Questions people ask

Is Lendlease profitable in 2026?: Not consistently. H1 FY26 (six months to Dec 2025) posted a statutory loss of A$318 million, including A$118M non-cash impairments, reported Feb 23 2026. This followed FY25 full-year net profit of A$225M, versus a A$1.50B loss in FY24, showing volatile, unstable profitability.
Who is Lendlease's biggest competitor?: The ACCC found on July 4 2024 that Stockland 'competes closely' with Lendlease in masterplanned communities, and Stockland/Supalai even tried to acquire 12 Lendlease MPC projects that same year.
Could AI replace Lendlease?: No. Its core moats are land banks, government relationships like Barangaroo and Sydney Metro precinct work, and construction bonding/licensure, all AI-resistant. AI mainly touches design and estimating workflows via its Podium platform, last publicly updated December 2023.
Who owns Lendlease?: Lendlease is a publicly traded, ASX-listed stapled entity (ASX: LLC, OTC ADR: LLESY) with no single controlling parent. Market capitalisation was about A$1.97 to 2.0 billion as of July 23 2026.
Is Lendlease's revenue declining?: Yes, sharply. FY23 revenue was A$10.37B, falling to A$9.37B in FY24, A$7.75B in FY25, and H1 FY26 revenue of A$2.84B was down 42 percent year on year, per stockanalysis.com data dated June 25 2026.
Will Lendlease get a new CEO in 2026?: Yes. CEO Tony Lombardo announced on Feb 12 2026 he will step down in August 2026 following FY26 full-year results and relocate to South-East Asia. A successor process was underway as of that date.

Timeline

2026-06-30FY26 market update flags 'more challenging market conditions' affecting gearing and CRU target
2026-06-25Announces Keyton retirement-living divestment to Aware Super for A$525 million
2026-05-25Moody's reaffirms Baa3 investment-grade rating with stable outlook
2026-03-01Andrew Nieland becomes Group CFO
2026-02-28Simon Dixon steps down as Group CFO
2026-02-23H1 FY26 results reveal A$318 million statutory loss
2026-02-12CEO Tony Lombardo announces he will step down in August 2026
2025-11-17Announces divestment of Australian retail portfolio (APPF Retail)
2025-08-19FY25 full-year results released: A$7.75 billion revenue, A$225M net profit
2024-07-04ACCC finds Stockland and Lendlease 'compete closely' in masterplanned communities

Revision history

24 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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