Lendlease names new Group CEO, maintains FY26 guidance
Lendlease (ASX:LLC) has appointed Nick O’Neil as its new Group CEO and Managing Director.
The leadership transition coincides with the company's FY26 market update, which highlights steady progress across its ongoing capital recycling initiatives.
Lendlease has maintained its FY26 earnings per security guidance for the Investments, Development and Construction business at 28–34 cents per security, a target supported by anticipated H1 FY26 transaction profits.
While the majority of large, complex transactions are complete or nearing completion, challenging market conditions and transaction timing have pushed several well-advanced asset recycling programmes into early FY27.
Underlying group gearing for FY26 is projected to land in the mid-30% range.
Despite the headwinds, Lendlease retains strong balance sheet flexibility to manage the orderly realisation of its capital release unit asset sales.
The group secured $4.7 billion in new Australian projects during H1 FY26 and is working to unlock over $10 billion from key balance sheet positions, including Rozelle Bay in Sydney and the Brisbane Athlete Village.
New work secured for construction in FY26 is expected to reach approximately $6.5 billion—backed by social infrastructure, defence, transport, and data centres—yielding an expected backlog revenue of around $8 billion by June 30.
Prior to O’Neil assuming the helm to drive sustained value, the CEO's office will be temporarily managed by joint interim CEOs.
