Lendlease shares hit near 40 year low following first half loss

Lendlease Group LLC.AX swung to a first-half loss after tax of A$318 million for the half-year ended December 31, reversing a A$48 million profit from a year earlier. The announcement, made on February 23, attributed the loss to A$118 million in non-cash negative revaluations and impairments on investment property. This outcome produced a pronounced market reaction in Australia AU, where the group is a member of the ASX200, and materially changed the reported performance for the period.

Following the disclosure, Lendlease shares fell as much as 9.17%, marking the steepest intraday percentage decline since February 19, 2024. The sell-off drove the stock to its lowest level since mid-December 1987. The company-level impact was further reflected in an operating loss after tax of A$200 million, as the impairment-related write-downs and operating outcomes weighed on the group's statutory results.