Slides
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HY26 Results Presentation 11 February 2026 Wigston Meadows, Leicester
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Fradley Manor, Lichfield David Thomas Chief Executive Oicer
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3Barra Redrow plc HY26 Results Key takeaways Resilient performance in a subdued market Integration near completion Synergies confi rmed Focused on disciplined execution Optimising our capital employed Fine tuning our costs Financially robust solid balance sheet and strong land bank maintained Three high quality brands positioned for future growth
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4Barra Redrow plc HY26 Results HY26 operational highlights 1. Land bank years based on owned and controlled plots and trailing 12 months’ wholly owned completions Three dierentiated brands creating customer choice Strong land bank with 5.6 years’ supply 1 16 consecutive years 115 awards in 2025 7,444 To t al h om e completions Excellent Trustpilot ratings for all three brands
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5Barra Redrow plc HY26 Results Balance sheet HY26 summary performance Adjusted profit Resilient performance ROCE In line with HY25 Solid net cash position £199.9m pre PPA 9.1% pre PPA £173.9m net cash Synergies Cost synergies on track £97m confirmed to date
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Rosewell Meadow, Midlothian Mike Roberts Chief Operating Oicer
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7Barra Redrow plc HY26 Results Private reservation analysis • PRS and other MUS reservation activity impacted by uncertainty ahead of Budget • Part-exchange increase reflected: – adoption by Redrow – increased customer take up – broadly corresponding decrease in home mover share • 82% of reservations relied on a mortgage in HY26 (HY25: 78%) 1. Barra and Redrow included from 1 July 2024 HY 26 private reservation by buyer type 29% 39% 23% 14% 33% 31% 11% 7% 4% 9% HY25 Barra Redrow aggregated 1 HY26 Barra Redrow PRS & Other MUS Cash buyers & investors First time buyers Part-exchange Home movers
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8Barra Redrow plc HY26 Results Barra Redrow HY26 Barra Redrow Aggregated (unaudited) 1 HY25 Change Barra Redrow Reported 2 HY25 Home completions (units) Underlying Private 5,378 5,285 1.8% 5,090 PRS 423 272 55.5% 272 Other MUS 76 148 (48.6%) 147 Total Private 5,877 5,705 3.0% 5,509 Aordable 1,428 1,130 26.4% 1,065 Wholly owned 7,305 6,835 6.9% 6,574 % Aordable 19.5% 16.5% 300 bps 16.2% JV 139 272 (48.9%) 272 Total (inc JVs) 7,444 7,107 4.7% 6,846 HY26 completions: ahead of last year • Completions up 4.7% with higher wholly owned completions partially oset by lower JV completions • PRS ahead reflecting order book strength entering FY26 • JV completions lower but on track for 600 homes in FY26 • Group wholly owned ASP up 4.9% to £357.8k (HY25: £341. 1k), reflecting geography and mix 1. Barra and Redrow aggregated performance from 1 July 2024 based on individual accounting policies of Barra and Redrow 2. Barra Redrow as reported in HY25
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9Barra Redrow plc HY26 Results Sales performance: underlying sales resilient • Underlying private reservation rate ahead despite Budget uncertainty • PRS and other MUS activity slower • Modest sales outlet reduction consistent with unchanged full year guidance • Private order book lower, due to lower sales outlets and timing of FY26 completions • Completion guidance of 17,200 to 17,800 homes unchanged Barra Redrow HY26 Barra Redrow Aggregated 1 HY25 Change Barra Redrow Reported 2 HY25 Average net private reservations per active outlet per week Wholly owned 0.57 0.59 (3.4%) 0.60 - Underlying private 0.55 0.54 1.9% 0.54 - PRS and Other MUS 0.02 0.05 (60.0%) 0.06 JV 0.89 0.80 11.3% 0.80 Total 0.58 0.60 (3.3%) 0.61 Average active sales outlets Wholly owned 396 421 (5.9%) 387 JV 9 10 (10.0%) 10 Total 405 431 (6.0%) 397 Private forward sales roll (homes) 29 / 30 June 4,781 4,505 6.1% 3,386 Redrow acquired order book 1,358 Reservations 5,842 6,496 (10.1%) 6,061 Completions (5,877) (5,705) 3.0% (5,509) 28 / 29 December 4,746 5,296 (10.4%) 5,296 1. Barra and Redrow included from 1 July 2024
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10Barra Redrow plc HY26 Results Maintaining our industry leading credentials • Industry leading customer service: HBF 5 star rating for 16 consecutive years • Pride in the job: industry leader for 21 years • RIs: Barra remains strong, shared best practice will deliver improvement 1. Aggregated for Barra and Redrow 2. Data points cover the 12 -month rolling performance through to December; for HY25 0.12 is Barra only, Redrow reported RI was 0.24 HY26 HY25 Performance metrics HBF survey (star rating) 5* 5* Pride in the Job Awards (number) 1 115 111 Major housebuilder rank 1st 1st Average Reportable Items (RIs) per NHBC inspection (rolling 12 months) 2 0. 14 0. 12 Dane Mumford East Midlands Division Pride in the Job Suprem e Awards Runner up, Large Builder Category
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Centurion Meadows, Burley, Wharfedale John Messenger Group Investor Relations Director
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12Barra Redrow plc HY26 Results HY26 financial performance • Adjusted PBT measures are stated before finance charges on legacy property provisions • HY25 has been restated for: – PPA adjustments recognised in FY25; and – legacy property provision non -cash finance charges 1. These measures have been restated for the reclassification of legacy property provision finance charges of £19.6m in HY26 wit h a corresponding adjustment of £18.4m in HY25 on both a reported and aggregated basis 2. Aggregated HY25 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the date of acquisition of Redrow plc, as required under IFRS 3; and includes Redrow from 1 July 2024 3. Reported HY25 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the d ate of acquisition of Redrow plc, as required under IFRS 3 Barra Redrow HY26 Barra Redrow aggregated HY25 2 Change Barra Redrow reported HY25 3 £m (unless otherwise stated) Total completions 7,444 7,107 4.7% 6,846 Adjusted PBT before the impact of PPA adjustments 1 199.9 231.4 (13.6%) 232.1 Adjusted PBT 1 186.3 181.0 2.9% 181.7 Statutory PBT 156.2 85.0 83.8% 113.4
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13Barra Redrow plc HY26 Results HY26 margin performance • Gross margin movement reflects: – positive impact of volume growth – targeted use of sales incentives – underlying build cost inflation of c. 1% • Operating margin lower reflecting gross margin movement but benefied from: – cost disciplines – cost synergies 1. Aggregated HY25 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the date of acquisition of Redrow plc, as required under IFRS 3; and includes Redrow from 1 July 2024 2. Dividend per share in HY25 is that paid by Barra Redrow plc Barra Redrow HY26 Aggregated HY25 1 (unaudited) Change £m (unless otherwise stated) Total home completions (homes) 7,444 7,107 4.7% Revenue 2,632.1 2,381.9 10.5% Adjusted gross profit before the impact of PPA adjustments 394.8 405.3 (2. 6%) Adjusted gross margin before the impact of PPA adjustments % 15.0% 17.0% (200 bps) Adjusted operating profit before the impact of PPA adjustments 210.2 210.8 (0. 3%) Adjusted operating margin before the impact of PPA adjustments % 8.0% 8.9% (90 bps) Adjusted PBT before the impact of PPA adjustments 199.9 231.4 (13. 6%) Adjusted earnings per share before the impact of PPA adjustments (pence) 10.0 Dividend per share (pence) 2 5.0 5.5 (9.1%)
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14Barra Redrow plc HY26 Results Strong land bank supporting outlet growth • Land bank remains strong at 5.6 years of supply – compares to a target of 3.5 years owned and 1 year controlled • Detailed consented plot / outlet ratio a focus • Good progress on strategic land planning applications 1. Owned land bank movements in HY26 includes a transfer of 3,050 plots from our owned land bank to the strategic land bank; further detail in the appendices Note: All data relates to Barra Redrow plc 28 Dec 2025 29 June 2025 29 Dec 2024 Plots (unless otherwise stated) With detailed planning consent 58,544 59,645 57,653 With outline planning consent 23,786 24,072 18,040 With resolution to grant and other 1,370 3,994 7,943 Owned 83,700 1 87,711 83,636 Controlled 10,521 12,293 10,586 Total 94,221 100,004 94,222 Owned land bank years (exc JVs) 5.0 5.4 5.0 Controlled land bank years (exc JVs) 0.6 0.8 0.6 Detailed consented plot / sales outlet ratio 146 150 139 JV – Owned and controlled 13,573 8,651 4,359 Total including JV 107,794 108,655 98,581 Strategic land 148,005 145,043 148,157
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15Barra Redrow plc HY26 Results Land bank gross margin supporting margin progression • Decrease of 30 bps since 29 June 2025: – up 40 bps from trade through of completed plots at 14.5%1 adjusted gross margin – down 90 bps due to incremental sales incentives and underlying build cost inflation – up 20 bps from plots added in the period at 23% gross margin • Blended land bank gross margin of c. 18.9% at 28 December 2025 1. Weighted gross margin based on plots utilised for home completions in HY26 including PPA adjustment 2. Weighted gross margin based on revenues and costs at 28 December 2025. Redrow land has been incorporated at policy aligned co st including PPA adjustment 28 December 2025 owned land bank plots by gross margin 2 14% 12% 21% 36% 17% - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 <10% >25%>10 – 15% >15 – 20% >20 – 25% No. of owned land bank plots Share of owned land bank plots Gross margin
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16Barra Redrow plc HY26 Results Adjusted operating margin bridge HY25 Adjusted Barra Redrow 1 Remove PPA adjustments Redrow pre acquisition 7.1 % Completed development provision Mix / other HY26 Before PPA adjustments Barra Redrow PPA adjustments HY26 Adjusted Barra Redrow 7.5% (50 bps) (50 bps) 220 bps (40 bps) 40 bps 8.0% Cost synergies 90 bps8.9% HY25 Before PPA adjustments Barra Redrow Aggregated Other admin Net Inflation / incentives Volume (90 bps) (40 bps) (40 bps) 1. HY25 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the date of ac quisition of Redrow plc, as required under IFRS 3
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17Barra Redrow plc HY26 Results Significant reduction in administrative expenses • Adjusted administrative expenses reduced by 5.4% • Net adjusted items in administrative expenses of £23.9m comprises: – further reorganisation costs; – legal fees • Significant legacy property recoveries of £13.4m with cost of sales • Net impact of adjusted items of £10.5m Barra Redrow HY26 Barrat Redrow aggregated HY25 Barra Redrow Reported HY25 £m Sundry income (8.2) (8.4) (7.4) Other administrative and employee costs 193.0 203.8 183.1 Adjusted administrative expenses 184.8 195.4 175.7 Costs incurred in respect of the acquisition of Redrow plc - 35.5 35.5 Reorganisation and restructuring costs 18.1 14.4 14.4 Legal fees with respect to legacy property recoveries 5.8 - - Redrow plc adjusted items pre acquisition - 27.7 - Net administrative expenses per income statement 208.7 273.0 225.6
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18Barra Redrow plc HY26 Results Administrative expenses bridge: positive impact of synergies HY25 Aggregated administrative expenses, pre PPA adjustments HY26 Pre PPA adjusted administrative expenses NICs impact Cost base inflation Synergies HY25 Pre PPA adjusted administrative expenses £m Redrow period additional administrative expenses 175.7 19. 7 195.4 4.3 8.1 (23.2) 184.8 Reduction in sundry income 0.2
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19Barra Redrow plc HY26 Results Legacy property provision position unchanged • No changes to the Barra Redrow legacy property portfolio provision estimates • Existing works proceeding in line with our expectations across both portfolios • Provision spend of £77.8m in HY26 (HY25: £46.5m) • Imputed non -cash interest of £19.6m (HY25: £18.4m) reclassified as an adjusted item Building safety Reinforced concrete frames Total £m At 29 June 2025 886.4 187.4 1,073.8 Net additions / (releases) - - - Revaluation - - - Imputed interest 15.9 3.7 19.6 Utilisation (73.4) (4.4) (77.8) At 28 December 2025 828.9 186.7 1,015.6
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20Barra Redrow plc HY26 Results Cash flow movement reflects seasonality 186.1 (20.2) (77.8) (313.4) (68.7) (359.5) (171.8) (50.4) (598.7) Net cash outflow Profit from operations Other non- cash and working capital Operating cash outflow WIP & PX investment 1 Net land Dividend Other investing activities £m Net JV investment Building safety Net cash interest and tax 376.5 (472.5) Utilised in cost of sales Cash land spend Other movements 27.3 Share buyback (20.2)(41.5) (24.0) (17.0) FY26 guidance: • Building safety spend of c. £250m • Net land investment of c. £800m - £900m • HY26 buyback of £50m • c. £400m - £500m year end net cash 1. Comprises construction WIP investment of £231.7m, part -exchange stock of £74.7m and Gladman promotion agreements WIP of £7.0m
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21Barra Redrow plc HY26 Results Strong balance sheet: solid net cash position Note: All data relates to Barra Redrow plc 1. The balance sheet as at 29 December 2024 has been retrospectively adjusted to reflect new information obtained about circu mstances that existed at the date of acquisition of Redrow plc, as required under IFRS 3 28 December 2025 29 June 2025 Change 29 December 2024 1 £m (unless otherwise stated) Goodwill and intangible assets 1,579.1 1,583.2 (4.1) 1,588.4 Investment in jointly controlled entities 219.3 193.2 26.1 170.4 Gross land bank 5,125.4 5,104.9 20.5 4,905.1 Land creditors (767.2) ( ) 42.2 (594.6) Net land bank 4,358.2 4,295.5 62.7 4,310.5 Land creditor % 15.0% 15.9% (90 bps) 12.1% WIP 3,210.7 2,979.0 231.7 3,240.3 Gladman land promotion WIP 119.4 112.4 7.0 109.4 Net cash 173.9 772.6 (598.7) 458.9 Trade payables (402.2) (507.6) 105.4 (382.6) Other working capital (670.4) (599.7) (70.7) (699.4) Part-exchange properties and other inventories 219.0 144.3 74.7 109.0 Provisions in relation to legacy properties (1,015.6) (1,073.8) 58.2 (991.7) Other net assets / liabilities (29.3) (26.1) (3.2) (33.9) Net assets 7,762.1 7,873.0 (110.9) 7,879.3
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22Barra Redrow plc HY26 Results STRONG BALANCE SHEET • Solid net cash position • Building safety provision position unchanged INVESTMENT IN THE BUSINESS • Growing outlet numbers • Continued firm control of WIP investment • Continue to invest in innovation SHAREHOLDER RETURNS • Ordinary dividend at 2.0x cover 1 • £100m share buyback underway with £50m completed in HY26 Unchanged capital allocation priorities 1. Based on adjusted earnings per share before PPA adjustments
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23Barra Redrow plc HY26 Results Summary and guidance Solid financial performance for the half • Completions +4.7% at 7,444 homes • Adjusted PBT before the impact of PPA adjustments £199.9m1 • Target cost synergies confirmed FY26 guidance • 17,200 to 17,800 total completions • Underlying pricing broadly flat in FY26 • Build cost inflation now c. 2% including synergies • c. £250m building safety spend • c. £400m - £500m year end net cash 1. Adjusted profit before tax and the impact of PPA adjustments Noon Wood View, Barnsley
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The Meadows, Abingdon David Thomas Chief Executive Oicer
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25Barra Redrow plc HY26 Results The housing market Need for homes across all tenures Macr o & Budget • Customers remain cautious in a subdued market • Budget did not deliver additional support for first time buyers • Unemployment and consumer confidence a source of uncertainty • Expectation that interest rates will fall during 2026 Sector fundamentals Current market Aordability • Remains a constraint, particularly for first time buyers • Mortgage competition and product innovation increasingly supportive Planning & regulation • Planning & Infrastructure Bill passed but progress limited on the ground • Building Safety Regulator – delays being addressed Government targeting increased delivery Planning reform set to unlock growth Demand significantly outstrips supply
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26Barra Redrow plc HY26 Results Current trading resilient • Underlying private reservation rate slightly lower at 0.59 • Completions YTD 5.3% ahead with 398 more homes delivered • Forward sales position now moving in line with last year’s position • Housing market activity remains sensitive to macro uncertainties 1. All data relates to Barra Redrow plc 2. Net private reservation rate per active outlet per week excluding JVs 3. Including JVs 4. As at 1 February 2026 and 2 February 2025 2HY26 to date 1 2HY25 to date 1 Change 5 weeks trading performance Net private reservation rate 2 0.59 0.60 (1.7%) - excluding PRS and Other MUS 0.59 0.60 (1.7%) Year to date total completions 3,4 7,973 7,575 5.3% Total forward sales 3, 4 11, 168 10,903 2.4%
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27Barra Redrow plc HY26 Results Delivering on cost synergies • On track to deliver £100m of cost synergies per annum • Good progress made on realising synergies – £20.0m achieved in FY25 – £30.6m incremental cost synergies achieved in HY26 • Now targeting c. £50m incremental cost synergies in FY26 revised from c. £45m previously Cost synergy progress, £m 39.0 4.0 61. 0 16.0 7.4 23.2 Target HY26 FY25 Procurement synergies Administrative expense synergies 100.0 30.6 20.0
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28Barra Redrow plc HY26 Results Good progress on revenue synergies • We continue to target 45 incremental sales outlets to deliver revenue synergies – 31 planning applications submied – 16 have received planning approval – remainder awaiting decision • Remaining outlets to be submied during the balance of FY26 • Expect first sites ready for opening at start of FY27 Stonebridge Fields, Mansfield
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29Barra Redrow plc HY26 Results Sales outlets growth from FY27 • FY26 average outlets expected to be flat • FY27 average outlet growth will reflect: – 15 Redrow synergy outlets; and – organic growth • FY27 sales outlets expected to be in the range 425 -435 • Excellent visibility on outlets in the medium -term - 100 200 300 400 500 FY 26E FY27E FY28E FY 29/30E Current outlets inc JVs Synergy outlets Outlets with detailed consent Outlets with outline consent Future land Average sales outlets
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30Barra Redrow plc HY26 Results Fine tuning our cost structure Maintaining our disciplined approach to costs Further improve overhead e iciency Disciplined execution Continue to drive supply chain eiciencies Optimising our capital employed Utilising our land bank, our outlets and our balance sheet more eiciently Targeted land purchases Land sales and swaps Further dual and triple branding Increase land creditors medium term
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31Barra Redrow plc HY26 Results STRONG FUNDAMENTALS Barra Redrow is well placed to deliver through the cycle Positioned to capitalise on underlying demand CUSTOMER FOCUS Unrivalled quality , service and sustainability PARTNER OF CHOICE Strong relationships allow flexibility and innovation POSITIONED FOR GROWTH Possess the scale to capture opportunity FINANCIAL STRENGTH Underpins sustainable shareholder returns
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32Barra Redrow plc HY26 Results Summary • Leading platform for future growth: – three market leading brands – strong landbank with 5 years owned supply – sales outlets set to grow from FY27 • Cost synergies confirmed and systems integration to be completed by April 2026 • Revenue synergies on track • Focus is on optimising capital employed and fine tuning the cost structure to drive the business forward Allerton Gardens, Liverpool
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Q & A Rose Place, Shrewsbury
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Appendices Kingsbourne , Nantwich
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35Barra Redrow plc HY26 Results Appendices - Index Definitions HY26 completions and pricing performance Home completion analysis Private completions by geography Private completions by brand Our trading performance in detail Summarised performance Calendarised income statement Full income statement Net interest charge analysis PPA cost adjustments HY26 forward order book HY26 forward sales roll Current trading Current trading forward order book Current trading forward sales roll PAGE 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Reconciling our active portfolio with MHCLG data Land bank analysis Land bank evolution Land creditors payment profile Guidance for FY26 Mortgage aordability and mortgage lending Planning and the UK land market Disclaimer PAGE 52 53 54 55 56 57 58 59
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36Barra Redrow plc HY26 Results Definitions Active outlet is a site with at least one home for sale ASP is average selling price Average net cash (debt) is calculated on average daily closing position in period CMA is Competition and Markets Authority Contribution is surplus of revenue for a unit over the direct costs (land and build) aributed to that unit, expressed as a percentage of revenue Earnings per share (EPS ) is calculated by dividing the profit for the period aributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period, excluding those held by the Employee Benefit Trust FY refers to financial year to June HY refers to six month period to December 2HY refers to six month period to June Land bank years are calculated as the number of plots in our land bank divided by the last 12 months of home completions LTV is Loan to value MHCLG is Ministry of Housing, Communities and Local Government Net cash is defined as cash and cash equivalents, bank overdrafts, interest bearing borrowings and prepaid fees NPPF is National Planning Policy Framework Other MUS is multi -unit sales outside the private rental sector PBT is profit before tax PPA is purchase price allocation PRS is private rental sector Return on Capital Employed (ROCE) is calculated as earnings before amortisation, interest, tax, operating charges relating to the defined benefit pension scheme and operating adjusting items for the year, divided by average net assets adjusted for goodwill and intangibl es, tax, net cash, retirement benefit assets / obligations, derivative financial instruments and provisions in relation to legacy properties RPDT is residential property developer tax Unless stated Joint Ventures (JV) in which the Group has an interest are not included throughout the presentation
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37Barra Redrow plc HY26 Results HY26 completions and pricing performance 1. Barra and Redrow aggregated performance from 1 July 2024 based on individual accounting policies of Barra and Redrow. 2. Barra Redrow as reported in HY25. Barra Redrow HY26 Barra Redrow Aggregated (unaudited) 1 HY25 Change Barra Redrow Reported 2 HY25 Home completions (units) Underlying Private 5,378 5,285 1.8% 5,090 PRS 423 272 55.5% 272 Other MUS 76 148 48.6% 147 Total Private 5,877 5,705 3.0% 5,509 Aordable 1,428 1,130 26.4% 1,065 Wholly owned 7,305 6,835 6.9% 6,574 % Aordable 19.5% 16.5% 300 bps 16.2% JV 139 272 48.9% 272 Total (inc JVs) 7,444 7,107 4.7% 6,846 Barra Redrow HY26 Barra Redrow Aggregated (unaudited) 1 HY25 Change Barra Redrow Reported 2 HY25 ASP (£’000) Underlying Private 401.0 380.6 5.4% 378.3 PRS 311.4 282.4 10.3% 282.4 Other MUS 270.1 286.8 5.8% 286.9 Total Private 392.9 373.5 5.2% 371.1 Aordable 213.2 177.5 20.1% 178.4 Wholly owned 357.8 341.1 4.9% 339.9 JV 413.5 353.9 16.8% 353.9 Completions ASPs
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38Barra Redrow plc HY26 Results Home completions analysis Product type 4% 3% 7% 9% 11% 10% 38% 38% 37% 38% 3% 2% 5 & 6 bedroom homes 4 bedroom homes 3 bedroom homes 1 & 2 bedroom homes Apartments (non -London) Apartments (London) HY26 Barra Redrow HY25 Barra Redrow Aggregated
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39Barra Redrow plc HY26 Results Private wholly owned completions by geography Volumes and average selling prices Homes: 1,385 (HY25: 1,340) ASP: £329.5k (HY25: £322.0k) Northern Homes: 1,087 (HY25: 952) ASP: £455.6k (HY25: £427.5k) East London Homes: 97 (HY25: 101) ASP: £456.4k (HY25: £452.0k) London & Southern Southern Homes: 870 (HY25: 777) ASP: £460.5k (HY25: £440.8k) Homes: 698 (HY25: 649) ASP: £323.4k (HY25: £317.6k) Scotland Homes: 1, 108 (HY25: 1,195) ASP: £394.5k (HY25: £367.5k) Central Homes: 632 (HY25: 691) ASP: £394.8k (HY25: £374.7k) West Note: HY25 Barra and Redrow aggregated performance from 1 July 2024 based on individual accounting policies of Barra and Redrow restated in line with FY26 regional structure
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40Barra Redrow plc HY26 Results Brand delivery Wholly owned volumes and average selling prices HY26 HY25 Aggregated Homes ASP £k Homes ASP £k Barra Redrow (wholly owned) 7,305 357.8 6,835 341.1 Barra Homes 3,033 291.5 2,992 285.7 David Wilson Homes 2,246 379. 9 2 ,1 54 356.7 Redrow 1,940 431.5 1,560 425.9 Barra London 86 451.4 129 338.6
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41Barra Redrow plc HY26 Results Our trading performance in detail Barra Redrow HY26 PPA impacts Barra Redrow (before PPA) Barra & Redrow Aggregated HY26 (pre PPA) vs HY25 HY26 HY26 (before PPA) HY25 (pre PPA & AP) £m (unless stated) Barra home completions 5,365 - 5,365 5,275 1.7% Redrow home completions 1,940 - 1,940 1,560 24.4% JV home completions 139 - 139 272 48.9% Total home completions 7,444 - 7,444 7,107 4.7% Revenue 2,632.1 - 2,632.1 2,381.9 10.5% Adjusted gross profit 381.3 13.5 394.8 405.3 2.6% Adjusted gross margin (%) 14.5% 50 bps 15.0% 17.0% 200 bps Adjusted items 13.4 - 13.4 - - Gross profit 394.7 13.5 408.2 405.3 0.7% Gross profit margin (%) 15.0% 50 bps 15.5% 17.0% 150 bps Adjusted administrative expenses & PX (184.7) 0.1 (184.6) (194.5) 5.1% Adjusted operating profit 196.6 13.6 210.2 210.8 0.3% Adjusted operating profit margin (%) 7.5% 50 bps 8.0% 8.9% 90 bps Adjusted items (10.5) - (10.5) (77.6) 86.5% Operating profit 186.1 13.6 199.7 133.2 49.9% Operating profit margin (%) 7.1% 50 bps 7.6% 5.6% 200 bps Adjusted net finance costs (12.4) - (12.4) 12.2 201.6% Adjusted JV profits 2.1 - 2.1 8.4 75.0% Adjusted profit before tax 186.3 13.6 199.9 231.4 13.6% Adjusted tax (53.8) (3.9) (57.7) (70.0) 17.6% Adjusted profit after tax 132.5 9.7 142.2 161.4 11.9% Reported profit before tax 156.2 17.9 174.1 139.2 25.1% Adjusted EPS (pence) – basic 9.3 0.7 10.0 Adjusted EPS (pence) - diluted 9.1 0.7 9.8
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42Barra Redrow plc HY26 Results Summarised performance 1. HY25 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the date of ac quisition of Redrow plc, as required under IFRS 3 Barra Redrow HY26 Barra Redrow Reported HY25 1 Change £m (unless otherwise stated) Revenue 2,632.1 2,280.8 15.4% Adjusted gross profit before the impact of PPA adjustments 394.8 386.6 2.1% Adjusted gross margin before the impact of PPA adjustments % (pre PPA) 15.0 17.0 200 bps Statutory gross profit 394.7 336.2 17.4% Statutory gross margin % 15.0 14.7 30 bps Adjusted operating profit before the impact of PPA adjustments 210.2 211.8 0.8% Adjusted operating margin before the impact of PPA adjustments % 8.0 9.3 130 bps Statutory operating profit 186.1 111.5 66.9% Statutory operating margin % 7.1 4.9 220 bps Adjusted PBT before the impact of PPA adjustments 199.9 232.1 13.9% Statutory PBT 156.2 113.4 37.7% Adjusted earnings per share before the impact of PPA adjustments (pence) 10.0 12.8 21.9% Basic earnings per share (pence) 7.2 5.6 28.6% Dividend per share (pence) 5.0 5.5 9.1% Net assets 7,762.1 7,879.3 1.5% Net cash 173.9 458.9 62.1% ROCE % 8.2 8.1 10 bps
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43Barra Redrow plc HY26 Results Calendarised income statement 1. Barra Redrow based on the acquisition of Redrow plc eective 22 August 2024. Reported performance includes the impacts of PPA and accounting policy alignment on Barra Redrow performance post acquisition 2. ROCE is based on Barra standalone capital employed and Redrow incremental capital employed from 22 August 2024 Barra Redrow 1 52 weeks to 28 Dec 25 Barra Redrow 52 weeks to 29 Dec 24 Change £m (unless otherwise stated) Revenue 5,929.6 4,598.2 29.0% Cost of Sales (5,086.3) (3,991.0) 27.4% Gross profit 843.3 607.2 38.9% Gross margin % 14.2% 13.2% 100 bps Adjusted gross margin % 15.5% 15.9% 40 bps Administrative expenses / part -exchange (483.2) (418.8) 15.4% Operating profit 360.1 188.4 91.1% Operating margin % 6.1% 4.1% 200 bps Adjusted Operating Profit 535.3 382.8 39.8% Adjusted operating margin % 9.0% 8.3% 70 bps Net finance costs (54.5) (10.4) 424.0% Share of JV profit / (loss) 10.9 10.7 1.9% PBT 316.5 188.7 67.7% ROCE % 2 8.2% 8.1% 10 bps Adjusted earnings per share pence 26.2 26.6 1.5% Earnings per share pence 15.1 10.4 45.2% Completions (units) Private 13,497 11,395 18.4% Aordable 3,261 2,666 22.3% Total 16,758 14,061 19.2% JV 405 618 34.5% Total inc JV 17,163 14,679 16.9%
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44Barra Redrow plc HY26 Results 1. HY25 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the date of ac quisition of Redrow plc, as required under IFRS 3 Full income statement Barra Redrow HY26 Barra Reported HY25 1 Change £m (unless otherwise stated) Revenue 2,632.1 2,280.8 15.4% Cost of Sales (2,237.4) (1,944.6) 15.1% Gross profit 394.7 336.2 17.4% Gross margin % 15.0 14.7 30 bps Analysed as: Adjusted gross profit 381.3 336.2 13.4% Adjusted gross margin % 14.5 14.7 20 bps Recoveries associated with legacy properties 13.4 - - Administrative expenses / part -exchange (208.6) (224.7) 7.2% Operating profit 186.1 111.5 66.9% Operating margin % 7.1 4.9 220 bps Analysed as: Adjusted operating profit 196.6 161.4 21.8% Adjusted operating margin % 7.5 7.1 40 bps Recoveries associated with legacy properties 13.4 - - Costs incurred in respect of the acquisition of Redrow plc - (35.5) - Reorganisation and restructuring costs (18.1) (14.4) 25.7% Legal fees (5.8) - - Net finance costs (32.0) (6.5) 392.3% Share of JV profit 2.1 8.4 75.0% PBT 156.2 113.4 37.7% Adjusted PBT 186.3 181.7 2.5%
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45Barra Redrow plc HY26 Results Net interest charge analysis Barra Redrow HY26 Barra Reported HY25 (restated) £m Interest on deposits, term debt and overdrafts (8.7) (20.8) Interest on private placement notes 2.8 2.8 Utilisation / non -utilisation fees on RCF 2.2 1.9 Other interest (3.1) (1.3) Total cash interest (6.8) (17.4) Land creditors / deferred payables 17.6 3.8 Financing fees 0.6 0.7 Lease interest 1.1 1.1 Pension interest (0.1) (0.1) Total non -cash interest 19.2 5.5 Pre -adjusted item – finance charges 12.4 (11.9) Adjusted item – finance charges: Interest on legacy property provisions 19.6 18.4 Total interest 32.0 6.5
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46Barra Redrow plc HY26 Results PPA cost adjustments HY26 and future estimated P&L impacts 1. No material impacts anticipated beyond FY27 HY26 FY26E FY27E PPA impact HY26 and estimated impacts FY26 - FY27 1 £m PPA estimated impact on statutory operating profits (13.6) c. (16) c. (4) PPA estimated impact on fi nance charges (reported as adjusted) (4.3) c. (7) c. (3) Total PPA estimated impact at statutory PBT (17.9) c. (23) c. (7)
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47Barra Redrow plc HY26 Results HY26 Forward order book 15.0 28 December 2025 29 December 2024 Change £m Homes £m Homes £m Homes Private 1,895.6 4,746 2,131.3 5,296 11.1% 10.4% Aordable 974.5 4,975 735.9 4,384 32.4% 13.5% Wholly owned 2,870.1 9,721 2,867.2 9,680 0.1% 0.4% JV 254.7 719 151.2 396 68.5% 81.6% Total 3,124.8 10,440 3,018.4 10,076 3.5% 3.6%
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48Barra Redrow plc HY26 Results HY26 Forward sales roll 1. Including JVs HY26 HY25 Aggregated Change Private Total 1 Private Total 1 Private Total 29 June 2025 / 30 June 2024 4,781 9,835 4,505 9,426 6.1% 4.3% Reservations 5,842 8,049 6,496 7,757 10.1% 3.8% Completions (5,877) (7,444) (5,705) (7,107) 3.0% 4.7% 28 December 2025 / 29 December 2024 4,746 10,440 5,296 10,076 10.4% 3.6%
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49Barra Redrow plc HY26 Results Current trading 1. Net private reservation rate per active outlet per week 2. Including JVs 3. As at 1 February 2026 and 2 February 2025 Barra Redrow 2HY26 to date Barra & Redrow Aggregated 2HY25 to date Change 5 Weeks trading performance Net private reservation rate 1 0.59 0.60 1.7% - Excluding PRS and Other MUS 0.59 0.60 1.7% - PRS and Other MUS - - - Average active sales outlets 398 414 3.9% Net private reservations per week 233 248 6.0% Year to date total completions 2 7,973 7,575 5.3% Total forward sales 2, 3 11,168 10,903 2.4% Private sold position for full year 3 81% 86% 500 bps
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50Barra Redrow plc HY26 Results Current trading Forward order book 15.0 1 February 2026 2 February 2025 Change £m Homes £m Homes £m Homes Private 2,168.9 5,438 2,459.0 6,126 11.8% 11.2% Aordable 978.9 4,994 733.2 4,365 33.5% 14.4% Wholly owned 3,147.8 10,432 3,192.2 10,491 1.4% 0.6% JV 260.0 736 158.1 412 64.5% 78.6% Total 3,407.8 11,168 3,350.3 10,903 1.7% 2.4%
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51Barra Redrow plc HY26 Results Current trading Forward sales roll 1. Including JVs Current year Prior year Change Private Total 1 Private Total 1 Private Total 28 Dec 2025 / 29 Dec 2024 4,746 10,440 5,296 10,076 10.4% 3.6% Reservations 1,160 1,257 1,237 1,295 6.2% 2.9% Completions (468) (529) (407) (468) 15.0% 13.0% 1 Feb 2026 / 2 Feb 2025 5,438 11,168 6,126 10,903 11.2% 2.4%
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52Barra Redrow plc HY26 Results Reconciling our active portfolio with MHCLG data 1. In England 11m – 18m Above 18m Total Buildings in active portfolio Portfolio as at 29 June 2025 120 158 278 Additional buildings identified for review 3 0 3 Reclassification to align with MHCLG data 5 1 6 Building height reclassification (2) 2 0 Buildings remediated or no work required (3) (4) (7) Closing portfolio at 28 December 2025 123 157 280 11m – 18m Above 18m Total Reconciliation to MHCLG statistics Active portfolio at 28 December 2025 123 157 280 Add: Inactive portfolio buildings in England 287 181 468 Add: Completed buildings in England 52 83 135 Less: Buildings in Scotland and Wales (31) (9) (40) Total buildings 1 per MHCLG defi niti ons at November 2025 431 412 843
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53Barra Redrow plc HY26 Results Land bank analysis 28 December 2025 29 June 2025 29 December 2024 Land bank plots (unless otherwise stated) With detailed planning consent 58,544 59,645 57,653 With outline planning consent 23,786 24,072 18,040 With resolution to grant and other 1,370 3,994 7,943 Owned 83,700 87,711 83,636 Controlled 10,521 12,293 10,586 Total land bank plots 94,221 100,004 94,222 JV plots - owned 3,351 3,490 2,641 JV plots - controlled 10,222 5,161 1,718 Total land bank plots (including JVs) 107,794 108,655 98,581 Cost of plots acquired (excluding Redrow plots at acquisition date) (£k) 60.9 50.7 52.3 Cost of plots in P&L (£k) 51.5 50.0 51.0 Cost of plots in balance sheet (£k) 58.9 56.1 56.6 Owned land bank ASP 1 (£k) 365 366 352 1. At current prices
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54Barra Redrow plc HY26 Results Land bank evolution Reconciling plots and balance sheet land investment Barra Redrow Barra Redrow Barra Reported HY26 HY25 HY24 Plots £m £k Plots £m £k Plots £m £k Land bank movements Start of period total land bank 5,104.9 3,233.6 3,139.9 Start of period strategic and WBD land (188.3) (91.3) (96.0) Start of period owned current land bank 87,711 4,916.6 56.1 57,632 3,142.3 54.5 59,248 3,043.9 51.4 Redrow plc acquired current land bank plots 1 26,149 1,581.1 60.5 Plots acquired 6,611 402.4 60.9 6,291 329.2 52.3 1,619 104.7 64.6 Plots consumed on wholly owned completions (7,305) (376.5) 51.5 (6,574) (335.0) 51.0 (5,981) (257.6) 43.1 Land sales (267) (3.8) 14.2 - - - (303) (6.9) 22.8 Re-plans and re -plots (3,050) (16.3) - 138 (6.3) (29) IFRS adjustments, impairments and other 11.1 - 22.2 (2.2) End of peri od owned current l and bank 83,700 4,933.4 58.9 83,636 4,733.5 56.6 54,554 2,881.9 52.8 End of period strategic and WBD land 192.0 171.6 97.2 End of period total land bank 5,125.4 4,905.1 2,979.1 1. Includes PPA adjustment of £39.1m
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55Barra Redrow plc HY26 Results Land creditors payment profile by calendar year December 2025 767.2 (315.3) (225.9) (226.0) 2026 2027 2028 & beyond £m
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56Barra Redrow plc HY26 Results Guidance for FY26 Completions c. 17,200 – 17,800 total home completions, including c. 600 JV completions Aordable mix expected to be c. 20% Average sales outlet movement (inc JV) Broadly fl at on FY25 Build cost inflation c. 2% including estimated procurement -based synergies Adjusted administrative expenses c. £400m (including amortisation of intangible assets of c. £10m and incremental synergies of c. £30m) Synergy savings Incremental c. £50m within adjusted profit before tax (£70m cumulative) Interest cost c. £30m interest charge for the year (c. £5m cash credit, c. £35m non -cash charges) Legacy property provision finance charge c. £32m finance charge recognised as an adjusted item PPA impacts on adjusted profit before tax c. £16m charge Land approvals Expect to approve between 10,000 and 12,000 plots in the year Land cash spend c. £800m – £900m Land creditors 15% - 16% Building Safety Spend c. £250m Year end net cash c. £400m - £500m Taxation Tax rate on adjusted earnings anticipated at 29% reflecting current 25% corporation tax rate and 4% RPDT Ordinary dividend cover 2.0x ordinary dividend cover based on adjusted EPS before the impact of PPA adjustments
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57Barra Redrow plc HY26 Results Mortgage aordability and mortgage lending 1. The mortgage cost to earnings ratio is calculated using the Halifax standardised average house price (seasonally adjusted), average disposable earnings for all full -time employees and the BoE monthly average rate for new advances to households (CFMBJ95) 2. Average monthly rates through to January 2026 3. Monthly mortgage product interest rates are based on Bank of England data 20% 25% 30% 35% 40% 45% 50% 55% 60% 1985 1990 1995 2000 2005 2010 2015 2020 2025 Mortgage costs as a proportion of earnings Halifax Mortgage Aordability Index 1 Halifax Aordability Index 33.3% Average 1985 – Q4 2025 Q4 2025 36.2% Average 2 -year fixed rate mortgage pricing 75% and 90% L TVs December 2021 – January 2026 2 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 20232022 2024 2025 Standard 75% LTV mortgage product 3 Standard 90% LTV mortgage product 3 1.57% 1.95% 38bps 6.20% 5.99% 6.22% 6.57% 5.19% 4.28% 3.91% 4.37% 46bps
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58Barra Redrow plc HY26 Results Planning and the UK land market 1. Savills UK Greenfield Development Land Index through to 31 December 2025 2. Latest planning consents data only available through 30 September 2025 3. Net new build home additions to 31 March 2025 2007 Savills UK Greenfi eld Development Land Index1 (LHS) (100 = 2007 peak) England moving annual planning consents 2 and net new build home additions3 (RHS) ('000s) 2009 2017 2019 20212011 2013 20152008 2010 2012 2014 2016 2018 2020 2022 2023 2024 2025 0 60 120 180 240 300 360 0 10 20 30 40 50 60 70 80 90 100 110 England - Net new home additions (RHS) 117.7 Sep 07 100.00 Jun 15 237.1 219.1 Jun 21 335.8 191.8 211.7 212.4 Sep 22 99.5 Jun 09 53.3 Jun 09 158.7 198.6 Jun 25 91.7 214.4 195.4183.6 163.9155.1 130.3118.5128.2124.2 Sep 25 209.8 Dec 25 90.7 190.6 Sep 17 333.8
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59Barra Redrow plc HY26 Results Disclaimer This document has been prepared by Barra Redrow plc (the “ Company ”) solely for use at a presentation in connection with the Company‘s Results Announcement in respect of the 26-weeks ended 28 December 2025. For the purposes of this notice, the presentation (the “Presentation” ) shall mean and include these slides, the oral presentation of the slides by the Com pany, the question -and-answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation . The Presentation does not constitute or form part of and should not be construed as, an oer to sell or issue, or the solicitation of an oer to buy or acquire, securities of the Company in any jurisdiction or an inducement to enter into investment activity . No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever . Statements in this Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections may constitute forward-looking statements . By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or developments to dier materially from those expressed or implied by such forward-looking statements . Accordingly, no assurance is given that such forward-looking statements will prove to have been correct . They speak only as at the date of this Presentation and the Company undertakes no obligation to update these forward-looking statements . The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as at the date of the Presentation and are subject to change without notice . The Company is not under any obligation to update or keep current the information contained herein.