LSL Property Services (LSL) Trading update summary

Financial and operational performance

• Strong financial and operational performance continues, with profit growth expected in 2026 in line with market expectations.

• Positive start to the year, building on 2025 momentum, despite financial market uncertainty.

• UK housing transactions remain stable; refinancing activity has moderated after a short-term increase.

• Maintains strong market positions and healthy pipelines across core businesses; limited exposure to softer London market.

• Enlarged share buy-back programme, launched in January, is progressing.

Strategic initiatives and investments

• Continued investment in data and technology to enhance productivity and support growth.

• Broker operating platform rollout is on track, aiming to improve broker productivity and protection penetration.

• First AVM contract signed in Q4 last year; further opportunities being pursued.

• Strategic investment made in a leading digital conveyancing business to strengthen franchisee proposition and cross-sell opportunities.

• Pivotal Growth continues to scale profitably with further acquisitions.

Market and regulatory environment

• Regulatory changes, such as the Renters' Rights Act and Home Buying and Selling Reform, are driving higher standards and efficiency.

• Group is well positioned to benefit from evolving regulations due to scale and capabilities.