Lendlease construction earnings rebound as new work rises to $6.4bn

Lendlease has reported a strong recovery in its construction business for FY26, with revenue up 29% and construction EBITDA reaching $167m as the group secured $6.4bn of new work.

Construction delivered an EBITDA margin of 4.3%, above Lendlease’s target range, with the group saying challenged projects are now complete and operational performance has improved significantly.

New construction work secured during the year increased to $6.4bn, up from $5bn in FY25, as Lendlease continued to expand in sectors including defence, social infrastructure, transport and data centres.

The secured construction backlog has risen to $8.4bn, up 42%, alongside a preferred bidder book of $5.2bn and around $13bn of active bids currently being pursued.

Across the wider group, Lendlease reported a statutory loss after tax of $749m, primarily reflecting impairments, provisions and costs associated with its Capital Release Unit. Its core Investments, Development and Construction operations generated segment EBITDA of $542m.

Lendlease also continues to reshape its UK development operations through its partnership with The Crown Estate, which is intended to create a development platform with an estimated project pipeline of around £24bn.

The group expects FY27 to deliver stronger underlying earnings, supported in part by continued growth in its construction operations.