Lendlease Plans Share Buyback as It Targets Debt Reduction by FY26

Lendlease Group (ASX: LLC) CEO Tony Lombardo urged shareholders to look to better times in the future, as the company works towards restoring its gearing to its target range of 5 to 15% by FY26. During the annual general meeting, Lombardo confirmed earnings guidance for the current year would remain unchanged at 54¢ to 62¢ per security. To return capital to shareholders, the company will launch a $500 million share buyback, contingent on selling certain assets. Lendlease’s construction division continues to face challenges from loss-making projects, with costs rising during the pandemic. The company anticipates a return to more normal operating conditions in the coming year, driven by improved EBITDA margins and higher revenue.

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