Slides
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Tim Lawlor Chief Financial Officer Greg Fitzgerald Chief Executive Officer HALF YEAR RESULTS 2025 10 September 2025 Stephen Teagle Chief Executive, Partnerships & Regeneration
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AGENDA • Introduction • Financial review • Market update • Operational update • Outlook • Q&A Bovis Homes – Great Oldbury 2
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3 H1 25 HEADLINES • Half year performance in line with expectations • On track to deliver a year-on-year increase in profits in FY25 • Half year net debt of £293m significantly lower than expectations • Successfully completed refinancing on same terms, with our existing lending group • Excellent Partner and Open Market customer satisfaction • Government’s £39bn Affordable Homes Programme provides unprecedented level of long-term funding • 10-year rent settlement, rent convergence and equal access to the Building Safety Fund, add to this funding capacity • Vistry is uniquely positioned to maximise this opportunity and play a key role in delivering a step-up in affordable housing across the country HALF YEAR RESULTS 2025 Countryside Homes, Hepworth Place, Walthamstow Linden Homes, Cavendish View, Thurston
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Countryside Homes, Westcombe Park, Maldon 4 Tim Lawlor Chief Financial Officer FINANCIAL REVIEW
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5 SUMMARY OF GROUP RESULTS Revenue 1,853.2 1,974.5 (6%) Operatingprofit 124.4 161.8 (23%) Operating margin 6.7% 8.2% (1.5ppts) Profit before tax 80.6 120.7 (33%) EPS (pence per share)(2) 17.6p 25.2p (30%) Reported profit before tax 40.9 91.2 (55%) Net debt (293.1) (322.0) (9%) ROCE(3) 9.6% 12.8% (3.2ppts) Adjusted basis unless otherwise stated (£m)(1) H1 24(4)H1 25 Change (1) Group financialsare shown on an adjusted basis to include the proportionalcontributionof JVs and are pre-exceptional items and amortisation of acquired intangibles. (2) Basic weighted average number of shares in issue was 329.5m in 2025 (H1 24: 341.6m), the decrease reflecting share buybacks in the period. (3) H1 25 ROCE based on 12-month rolling profit and average capital employed. (4) As disclosed in the FY24 results, the H1 24 figures have been restated to reflect cost forecasting issue in the South Division. This adjustment reduced both adjusted and reported profit before tax for H1 24 by £65.5m HALF YEAR RESULTS 2025
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6 REVENUE H1 25 Partner Funded Open Market Other Total Total units 5,055 1,834 - 6,889 Adjusted revenue 1,123.0 597.8 132.4 1,853.2 ASP (£k) 247 389 - 283 H1 24 Partner Funded Open Market Other Total Total units 5,884 1,908 - 7,792 Adjusted revenue 1,254.3 608.0 112.2 1,974.5 ASP (£k) 241 376 - 273 • Year-on-year volumes down 12% due to market conditions • ASP increase of 3.7% driven by mix factors; no underlying price improvement in H1 • Partner Funded ASP increase driven by changes in geographical mix in the period - Higher proportion of delivery from some of our southern-based regions • Open Market ASP increase driven by changes in product mix: - Higher proportion of revenue from larger homes in the period For detailed breakdown and calculation of ASP, including JV and JO units, please refer to slide 37. HALF YEAR RESULTS 2025
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7 26% 27% 28% 28% 22% 18% 24% 27% 0% 20% 40% 60% 80% 100% H1 24 H1 25 S106 Additional Affordable PRS TENURE MIX • Total Partner Funded units decreased to 73% (H1 24: 76%) • Delays in demand from our affordable housing partners in H1, reflecting funding uncertainty ahead of SAHP • PRS units lower reflecting less opportunity for larger portfolio transactions in H1 25 than in the prior year • We expect Partner Funded to increase as a % for the full year, driven by higher Additional Affordable Proportion of completions by tenure Partner Funded Open Market HALF YEAR RESULTS 2025
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8 OPERATING PROFIT • H1 gross margin consistent with H2 24 • Margins reflect reduced volumes and a higher proportion of delivery from lower margin sites, including those impacted by the South division issues reported in 2024 • Continue to manage build cost inflation effectively – expect low single digit for FY25 • Increase in overheads includes higher investment in assurance activity and resources • Expect margin recovery in H2 25 from: - Commencement of new higher margin developments - Increased activity in the affordable housing market - Operating leverage from higher second half volumes Adjusted basis (£m) H1 25 H1 24 Change Gross profit 232.2 259.8 (11%) Gross margin 12.5% 13.2% (70bps) Overheads (107.8) (98.0) (10%) Overheads % (5.8%) (5.0%) (80bps) Operating profit 124.4 161.8 (23%) Operating margin 6.7% 8.2% (150bps) HALF YEAR RESULTS 2025
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9 ADJUSTED NET EARNINGS £m H1 25 H1 24 Adjusted operating profit 124.4 161.8 Net bank interest (24.0) (27.3) Amortisation of prepaid facility fees (1.0) (1.0) Unwind of discount on land creditors (11.4) (7.6) Other net finance costs (1.8) (1.8) Net JV interest (5.6) (3.4) Total adjusted net finance costs (43.8) (41.1) Adjusted profit before tax 80.6 120.7 Adjusted income tax expense (22.5) (34.6) Adjusted net earnings 58.1 86.1 Exceptional items (19.6) (9.1) Intangible asset amortisation (19.8) (19.4) Tax adjustment 12.6 11.8 Reported profit 31.3 69.4 Net bank interest down £3.3m • Average daily debt £695m vs £659m in H1 24 • Average cost of debt down 0.9ppts to 6.3%, driven by a decline in the SONIA rate Unwind of discount on land creditors up £3.8m • Reflects higher land creditor balance (£720m vs £605m in H1 24) and the run-off of lower discount rate land creditors Adjusted tax expense down £12.1m • Adjusted effective tax rate of 27.9% (H1 24: 28.7%) Exceptionals up £10.5m • Voluntary commitment offered in response to the potential concerns raised by the UK Competition and Market Authority (CMA) - Vistry to contribute £12.8m of overall £100m contribution • Exceptional expense relating to building safety of £3.5m, down £0.4m on H1 24 HALF YEAR RESULTS 2025
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10 BUILDING SAFETY Provision Buildings £m Provision as at 31 Dec 2024 240 324.4 Building safety provision costs: Additions 7 4.9 Discount unwind - 5.3 Completed / utilised in year (20) (20.8) Provision as at 30 Jun 2025 227 313.8 H1 25 costs H1 25 H1 24 Building safety provision costs: Additions 4.9 16.8 Discount unwind 5.3 3.9 Recoveries (6.7) (16.8) Net building safety costs 3.5 3.9 • Recoveries achieved in the period of £6.7m more than offset additional provision of £4.9m for the seven buildings added into the provision in the period • Net cash outflow of £18.3m in H1 25 • Ramp-up of run-rate spending from H2 25 with increased site starts - c. £40m net cash spend in H2 25 HALF YEAR RESULTS 2025
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11 H1 25 CASHFLOW HALF YEAR RESULTS 2025
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12 CAPITAL EMPLOYED £m 31 Dec 2430 June 25 Work in progress 1,232.8 1,133.3 Land 1,834.8 1,875.0 Land creditors (719.7) (739.9) Net investment in inventories 2,347.9 2,268.4 Investments & amounts due from JVs 676.7 614.0 Amounts due from joint arrangements 160.1 152.5 Amounts payable to joint arrangements (170.3) (143.3) Total joint ventures 666.5 623.2 Other assets 659.8 721.5 Other liabilities (1,028.8) (1,100.2) Capital employed 2,645.4 2,512.9 Fire safety provision (313.8) (324.4) Retirement benefit asset 32.7 31.7 Tangible net asset value 2,364.3 2,220.2 Goodwill 827.6 827.6 Intangible assets 349.0 368.8 Net debt (293.1) (180.7) Net assets 3,247.8 3,235.9 HALF YEAR RESULTS 2025 • Work in progress increase driven by typical seasonal trends, partially offset by reduced stock levels - Reduction in finished stock of £46m, excl. London - Further reduction expected in H2, in line with increased delivery • Continue to secure land selectively on deferred payment terms • Progressed over 3,000 plots in land bank from controlled to owned in the period • Net investment in joint ventures increased to support H2 delivery, and reflects a slower than anticipated sales rate at our London JVs
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13 REFINANCING (1) Gearing (must be less than 75%): Net debt plus land creditors divided by Tangible Net Worth (2) Tangible Net Worth (must be greater than £1.2bn): Total equity less goodwill and intangibles (3) Interest cover (must be greater than 3x): pre-exceptional EBITDA divided by net interest cost (excluding non-cash items, such as imputed interest on land creditors, lease liabilities and the building safety provision and amortisation of arrangement fees) • Group successfully refinanced its £500m Revolving Credit Facility and £400m Term Loan at start of July • Both facilities extended to April 2028 on existing terms • Reflects the excellent relationships maintained with our lending group • Significant headroom against covenants £m unless otherwise stated Available facility £m Maturity @ 31/12/24 Revised maturity Revolving credit facility 500 Dec 2026 Apr 2028 Term Loan 400 Sep 2026 Apr 2028 USPP Loan 100 Feb 2027 Feb 2027 Trade cycle loan 50 Rolling Rolling Money Market Line 75 Rolling Rolling Overdraft facility 5 Rolling Rolling Total facilities 1,130 HALF YEAR RESULTS 2025 Banking covenants Covenant H1 25 Gearing(1) < 75% 49% Tangible Net Worth(2) > £1.2bn £2.1bn Interest Cover(3) > 3x 11x
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14 CAPITAL ALLOCATION • No change to capital allocation policy • Announced £130m buyback programme in September 2024 comprising two elements: - £55m ordinary share buyback completed - £75m of special buyback ongoing, with £16m bought back to date. Expected to be completed in H1 26 • Group not proposing any ordinary distribution in respect of H1 25 adjusted earnings • Future ordinary distributions will be considered by the Board in H1 26 Cash generation Maintain strong balance sheet Invest in sustainable growth Ordinary returns to shareholders Special returns to shareholders Capital allocation hierarchy HALF YEAR RESULTS 2025
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Countryside Homes, Base at Newhall, Harlow 15 Stephen Teagle Chief Executive - Partnerships and Regeneration MARKET UPDATE
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16 A UNIQUE AND COMPELLING OPPORTUNITY Vistry has a clear market leading position Unprecedented Government commitments to housing investment Commitments generating step change in partner capacity for affordable housing Impacts for Vistry will drive growth in earnings HALF YEAR RESULTS 2025
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17 DELIVERY MOMENTUM NEW PARTNERSHIPS New partners 156 Working with partners 57,900 homes HALF YEAR RESULTS 2025 Partner deals in H1 25 36 Partners working with 89% Forward sold to deliver Existing contracts Homes England’s biggest partner Strategic Partner Delivery for FY25
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18 DELIVERING DESPITE PARTNER CAPACITY HEADWINDS We are excited to extend our successful partnership with Vistry to deliver more high-quality, affordable homes. Richard Cook – Chief Development Officer, Clarion Housing Group Together, we’ve delivered over 8,500 family homes across the UK, with 3,500 more under construction’ Graham Barnet – CEO and Founder of Sigma Group Vistry has delivered at scale, at pace and those are two things that for Sage have made all the difference. Mark Sater – Chief Executive, Sage Homes Affordable home completions 8,936 2,898 2,178 1,896 1,589 1,702 1,349 Traditional housebuilders focussed on private market, disinterested in affordable Vistry 5X larger than Keepmoat, next pure play Partnerships developer 16% 5% 4% 3% 3% 3% 2% HALF YEAR RESULTS 2025 Market leader in partnerships space • Selectively working with Partners with capacity and uncommitted programme • Using Strategic Partner and top-up funding to support H1 and H2 revenues - Direct top-up grant funding of £20m already deployed • Early engagement with our partners helps align S106 with additional affordable • Framework relationships with PRS partners • Unrivalled long-term relationships and track record - Established market position and proximity to partners is key • Right product, right place Vistry Barratt Redrow Taylor Wimpey Bellway Persimmon Keepmoat Hill Market share
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19 OPEN MARKET SALES – H1-focus on quality and conversion • Affordability improved with further interest rate cuts and lender freedoms • Successful implementation of Contact Centre • Behavioural Training and SMART selling programme actioned • Review of enablers - focussed incentives for first time buyers, shared equity and key workers • More mixed tenure designed sites with better targeted product • Retail brand refresh in H2 7.09m sessions to our websites 98.6k enquiries 138k calls made by the contact centre 20k appointments and walk-ins 43% improvement in our Trust Pilot scores 40% purchaser are FTB HALF YEAR RESULTS 2025
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20 AN UNPRECEDENTED GOVERNMENT COMMITMENT HALF YEAR RESULTS 2025 TRANSFORMATIONAL FUNDING FRAMEWORK Funding and delivery programmes • Additional in-year funding to 21-26 AHP - £850m • Brought foward £2bn bridge as top-up to 21-26 AHP • Spending Review commitment of £39bn over 10 years for 26-36 SAHP (includes £2bn bridge) Recapitalising RPs and LAs • 10- year rent settlement at CPI • Implementing rent convergence • £1bn Safety Fund opened to RPs and recommitment of £13.2bn to Warm Homes Initiative Investment in delivery • Housing Bank - Public Financial Institution with £16bn capacity • Mihomes (60,000 in this parliament)
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21 IMPACT OF RENT CONVERGENCE AND RENT SETTLEMENT - Restoring Capacity to underpin delivery Incrementally reinforcing spending power • Partner business plans strengthened through: - 10-year rent settlement at CPI + 1% - Rent convergence - Access to enhanced Building Safety Fund • Interest cover is key metric in determining RP and LA funding capacity • Rent settlement of CPI +1% and rent convergence at £2/week increases sector interest rate cover to 137% - current median 102% • This improves already strong liquidity • Disproportionately significant impact in London - “a game changer” Chartered Institute of Housing, Savills and Regulator of Social Housing Quarterly Review) HALF YEAR RESULTS 2025
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22 IMPACT OF RENT CONVERGENCE AND RENT SETTLEMENT - Capacity conversion • Spending power deployed to newbuild supply • Central case of CPI + 1% and £2/week rent convergence, and other conservative assumptions, delivers: - 43,000-60,000 additional unit capacity to business plans - Significantly impacts in the first 7-year period - Convergence will mean Local Authorities become active players and investors - Capacity conversion is in addition to existing business plan commitments of RP partners 0 10 20 30 40 50 60 1 2 3 4 5 6 7 £1 Convergence £2 Convergence £3 Convergence (Chartered Institute of Housing Rent Convergence Analysis Update Aug 25) Homes - Thousands HALF YEAR RESULTS 2025 Estimated cumulative additional new build from convergence scenarios (LAs and RPs)
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23 TRANSLATING POLICY TO FUNDING AND DELIVERY • Funding and planning framework could convert to 30% increase in affordable volumes - c. 70k affordable homes p.a. • Affordable output stretched by: - SAHP grant investment - Increased balance sheet capacity - Higher S106 requirements and public land releases • Timeline supports significant acceleration in 2026 – SAHP funding in place by March 2026 • £39bn 10-year SAHP 26-36 will provide increased visibility of funding and drive programme approach HALF YEAR RESULTS 2025
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24 IMPACT FOR VISTRY-SUPPORTING GROWTH AND EARNINGS HALF YEAR RESULTS 2025 NEAR TERM MEDIUM TERM • Seeing increasing partner appetite and improved sentiment • Market position already enabling partnering and frameworks with stronger partners • Top-up grant funding under AHP rapidly deployed supporting H2 delivery • HE Strategic Partner status will enable further direct allocation awards • Sighted on further grant funded delivery with immediate ability for acceleration with further grant awards • Partners support contract commitment where this captures delivery into 26–36 SAHP • SAHP delivery focus on next 5 years will drive volumes and revenues from partners • Expect significant allocation of direct funding under new SAHP based on current performance • Additional S106 costs will feed through to unconsented land values • Vistry Works and public land expertise reinforce market position • Enhanced pricing in response to strengthened sector balance sheets and competition • Alignment with MHCLG and HE on delivery and investment opportunities through pace and place making
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25 HESTIA - SUPPORTING NEW HOMES, PACE AND SCALE • A landmark long-term investment joint venture with Homes England as an equity investor • £150m of capital to be invested in the delivery of mixed tenure communities at pace and scale • Supports sites ranging from 400-3,000 homes • Promotes market diversity by engagement with SMEs • Rationale for Vistry: - Strategic alignment with Government enabling increased pace of mixed tenure delivery - Access to further opportunities - Acceleration through equity injection - The JV will deliver 6 sites initially with a focus on pace, social value and commercial returns • Potential for first sites to be sold into the JV by Dec 2025, contributing to FY 26 delivery HALF YEAR RESULTS 2025
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26 A UNIQUE AND COMPELLING OPPORTUNITY • Unprecedented decisive steps from a new government • Long-term funding commitment supporting sustained capacity and performance • Partner of choice and performance • Further encouragement for capital to flow into sector • Drives margin enhancement over life of plan • Significant competitive advantage in partnerships space • Strategy supporting earnings growth Arora, Clapham Park HALF YEAR RESULTS 2025
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27 Greg Fitzgerald Chief Executive Officer OPERATIONAL UPDATE Bovis Homes, Sherford, Plymouth
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28 OUR PARTNERSHIPS MODEL • Group’s strategy is ideally placed to maximise the significant affordable housing opportunity • Near term market outlook for Open Market sales remains constrained, with no immediate catalyst expected • Group expects to see stronger growth in affordable delivery in the near term, resulting in a higher overall % of Partner Funded - Expect PRS will reduce as % of Partner Funded • Group’s current land buying and development pipeline reflects these near-term expectations • Remain robust on a 40% ROCE hurdle rate and 12% operating margin with our focus on - Land values - Higher affordable ASPs - Build cost efficiency - Capital release Vistry’s unique Partnerships model and mixed tenure delivery is key to maximising the market opportunity HALF YEAR RESULTS 2025
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29 ROBUST OPERATING STRUCTURE • Flatter management structure is working well - Senior management team all have extensive Partnerships expertise - Executive Chairs sit on the ELT - Individual reviews for all business unit management teams held quarterly by ELT - South Division restructured • Tighter controls and assurance embedded - Investment Committee for all land opportunities - All Finance reporting through to CFO - New Group Commercial Assurance Team established - Systems enhancement for site tracking rolled out HALF YEAR RESULTS 2025
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30 INCREASING ACTIVITY IN THE LAND MARKET • Activity levels in the land market have stepped up over the last couple of months - expect this to continue through H2 - 3,113 plots secured in H1 25 - c. 3,000 plots secured in H2 to date - c. 20,000 plots with terms agreed • Securing larger mixed tenure sites which form the backbone of delivery • Land acquisitions with a 100% pre-sale are increasingly attractive given the market backdrop - Margin enhanced through land procurement activity • Framework deals - Hestia JV with Homes England - Other Housing Association framework deals - Prime brownfield site - 2,300 new homes - >50% Partner Funded - Triple branded - Timber frame, from Vistry Works - Vistry Skills academy Rugeley Power Station HALF YEAR RESULTS 2025
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31 VISTRY WORKS • Investment in our three production facilities is complete - capacity to manufacture 10k timber frame units • In addition - capacity to manufacture floor joists and cassettes, and roof trusses • On track to deliver c. 4,500 timber frame units in FY25 (FY24: 2,900) • New Timber Frame Installer apprenticeship programme launched this month • Mauer Brick Cladding solution - Significantly faster build, reduces labour dependency, complements our timber frame construction, sustainable solution - Factory trial completed - Site trial on a select number of plots in October - Expect to launch 10+ new sites utilising the product in 2026 HALF YEAR RESULTS 2025
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32 CURRENT TRADING AND OUTLOOK • Group on track to deliver a year-on-year increase in profits in FY25 - Forward order book totals £4.3bn, with 88% forward sold for FY25 - Of this, 89% of Partner Funded sales for FY25 are forward sold - Strong pipeline of Partner Funded H2 deals to be completed, more than covering the balance for the FY delivery - Injection of grant funding for affordable homes in H2 and joint ventures with our affordable housing partners will support this delivery - Sales and marketing initiatives supporting H2 Open Market sales - Group’s focus on cash performance, including the management of work in progress, is expected to result in a year-on-year reduction in net debt as at 31 December 2025 HALF YEAR RESULTS 2025
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33 A UNIQUE AND COMPELLING OPPORTUNITY Vistry has a clear market leading position Unprecedented Government commitments to housing investment Step change in partner capacity for affordable housing Impacts for Vistry will drive growth in earnings HALF YEAR RESULTS 2025
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Q&A
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35 DISCLAIMER - IMPORTANT NOTICE • Certain statements in this presentation are forward looking statements • Forward looking statements involve evaluating a number of risks and uncertainties, many of which are beyond the Group’s control, that could cause actual results to differ materially from those expressed or implied by those statements • Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, regulatory and competitive uncertainties and contingencies • Forward looking statements regarding past trends, results or activities should not be taken as a representation that such trends, results or activities will continue in the future • Undue reliance should not be placed on forward looking statements HALF YEAR RESULTS 2025
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Countryside Homes, The Avenue, Oakwood, London 36 APPENDICES
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37 REVENUE AND ASP CALCULATIONS 1) Total units at share removes JV and JO share of units. Please see slides 46 - 47 for further information on our joint ventures’ performance. 2) For reporting purposes, grant income is included within other operating income and not within revenue. 3) ASP is calculated by dividing total sales price revenue by total units at share. 4) Group total adjusted revenue (H1 25: £1,853.2m) includes other revenue of £132.4m (H1 24: £112.2m), relating to land, commercial and part-exchange revenue. which is not included in the adjusted revenue above. H1 25 H1 24 £m unless otherwise stated Partner Funded Open Market Housing Total Partner Funded Open Market Housing Total Total units (at 100%) 5,055 1,834 6,889 5,884 1,908 7,792 JV elimination (369) (253) (622) (492) (226) (718) JO elimination (88) (40) (128) (126) (50) (176) Total units at share(1) 4,598 1,541 6,139 5,266 1,632 6,898 Adjusted revenue (4) 1,123.0 597.8 1,720.8 1,254.3 608.0 1,862.3 Grant income(2) 13.9 2.0 15.9 16.9 6.2 23.1 Total sales price revenue 1,136.9 599.8 1,736.7 1,271.2 614.2 1,885.4 Average selling price (3) (£k) 247 389 283 241 376 273 HALF YEAR RESULTS 2025
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38 H1 24 RESTATEMENT1 £m H1 24 As disclosed Adjustment H1 24 Restated Adjusted revenue 1,974.5 - 1,974.5 Adjusted gross profit 325.3 (65.5) 259.8 Adjusted overheads (98.0) - (98.0) Adjusted operating profit 227.3 (65.5) 161.8 Total adjusted finance costs (41.1) - (41.1) Adjusted profit before tax 186.2 (65.5) 120.7 Adjusted tax expense (53.6) 19.0 (34.6) Adjusted net earnings 132.6 (46.5) 86.1 Exceptionals (9.1) - (9.1) Amortisation of intangibles (19.4) - (19.4) Tax impact on adjusted items 11.8 - 11.8 Reported profit 115.9 (46.5) 69.4 HALF YEAR RESULTS 2025 1) As disclosed in the FY 24 results, the H1 24 figures have been restated to reflect cost forecasting issue in the South Division.
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39 ADJUSTED FINANCE COSTS (£m) H1 25 H1 24 Net bank interest payable (24.0) (27.3) Amortisation of prepaid facility fees (1.0) (1.0) Bank interest (25.0) (28.3) Unwind of discount on land creditors (11.4) (7.6) IFRS 16 interest on leases (2.7) (2.7) Pension financing 0.9 0.9 Other net finance costs (13.2) (9.4) JV net bank interest payable (1.9) (1.6) JV unwind of discount on land creditors (3.7) (1.8) Net JV finance costs (5.6) (3.4) Total adjusted net finance costs (43.8) (41.1) HALF YEAR RESULTS 2025
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40 For the six months ended 30 June 2025 Reported Share of joint ventures Exceptional items Amortisation of acquired intangibles Other operating income Adjusted Revenue 1,635.6 217.6 - - - 1,853.2 Gross profit 158.8 33.6 (1.8) - 41.6 232.2 Operating profit 58.1 32.2 14.3 19.8 - 124.4 Profit before tax 40.9 0.3 19.6 19.8 - 80.6 BRIDGE BETWEEN ADJUSTED AND REPORTED RESULTS BY GROUP For the six months ended 30 June 2024 Reported Share of joint ventures Exceptional items Amortisation of acquired intangibles Other operating income Adjusted Revenue 1,723.5 251.0 - - - 1,974.5 Gross profit 181.6 24.1 - - 54.1 259.8 Operating profit 114.1 23.1 5.2 19.4 - 161.8 Profit before tax 91.2 1.0 9.1 19.4 - 120.7 HALF YEAR RESULTS 2025
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41 EXCEPTIONAL ITEMS £m H1 25 H1 24 Exceptionals – Building safety (3.5) (3.9) Exceptionals – CMA voluntary commitment (12.8) - Exceptionals – Restructuring, integration and other costs (3.3) (5.2) Amortisation of acquired intangible assets (19.8) (19.4) HALF YEAR RESULTS 2025
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42 FORWARD SALES Forward sales (£m) 9 Sep 25 30 Jun 25 31 Dec 24 30 Jun 24 Partner Funded 3,757 3,893 4,156 4,674 Open Market 493 401 285 475 Total Group 4,250 4,294 4,441 5,149 £m H2 25 FY26 FY27 FY28+ Forward order book unwind 1,562 1,393 864 431 HALF YEAR RESULTS 2025
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43 LAND ACTIVITY IN H1 25 Plots Total Owned Controlled Brought forward 74,020 51,281 22,739 Land acquired externally1 2,866 1,271 1,595 Transferred into owned from conditional - 3,061 (3,061) Utilised in year (5,869) (5,869) - Land Sales (600) (600) - Adjustments 271 447 (176) Carried forward 70,688 49,591 21,097 HALF YEAR RESULTS 2025 1) The 3,113 plots of land secured include 247 fully pre-sold plots, which are excluded from our land bank as they are not held on our balance sheet
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44 LAND BANK – JV OWNED AND CONTROLLED Land bank 30 June 2025 31 Dec 2024 30 June 2024 Owned 49,591 51,281 53,481 - of which relates to JVs 16,484 17,048 15,896 Controlled 21,097 22,739 21,832 - of which relates to JVs 10,571 10,509 10,979 Total owned and controlled 70,688 74,020 75,313 - of which relates to JVs 27,055 27,557 26,875 HALF YEAR RESULTS 2025
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45 STRATEGIC LAND 30 June 2025 31 Dec 2024 Total sites Total plots Total sites Total plots 0 - 150 plots 150 - 300 plots 300 - 500 plots 500 - 1,000 plots 1,000 + plots 55 57 30 23 21 4,394 11,755 10,338 14,905 35,527 55 53 31 21 22 4,322 10,930 10,745 13,425 36,797 Total 186 76,919 182 76,219 HALF YEAR RESULTS 2025
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46 Gross profit 32.7 24.1 Operating profit Adjusted JV profit 32.2 15.6 23.1 10.7 JV PROFIT AND ASP ANALYSIS H1 25 H1 24 Partner Funded Open Market Other Total Total JV units 720 496 1,216 1,428 JV units at share 351 243 594 710 JV revenue at share (£m) 93.4 100.1 24.1 217.6 251.0 JV ASP (£k) 267 412 326 337 HALF YEAR RESULTS 2025
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47 JV BALANCE SHEET H1 25 FY24 £m unless otherwise stated Total Group’s share Total Group’s share Inventories 1,682.2 836.2 1,576.9 783.4 Land creditors (254.7) (127.3) (277.2) (138.6) Loans to members (1,137.1) (564.5) (1,091.0) (540.1) Loans from members 233.3 116.5 236.0 117.9 Other assets 134.2 65.8 134.8 62.7 Other liabilities (359.9) (178.3) (313.0) (152.5) Capital employed 298.0 148.3 266.5 132.8 Cash & cash equivalents 61.1 30.1 107.2 53.0 Borrowings (172.9) (86.5) (190.4) (95.2) JV net assets 186.2 91.9 183.3 90.6 Gross loans to JVs 580.8 518.3 Consolidation adjustments 3.9 5.0 Carrying value of investment 676.6 613.9 HALF YEAR RESULTS 2025
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48 OTHER ASSETS (£m) 30 June 2025 31 Dec 2024 Debtors - Trade receivables 188.8 211.0 - Contract assets 254.6 272.7 - Prepayments and accrued income 56.7 60.5 - Other receivables 49.7 63.7 Right of use assets 83.7 85.2 Current tax asset 2.3 5.6 Plant, property and equipment 24.0 22.8 Other assets 659.8 721.5 HALF YEAR RESULTS 2025
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49 OTHER LIABILITIES (£m) 30 Jun 2025 31 Dec 2024 Creditors - Trade payables 329.4 334.0 - Contract liabilities 46.8 51.3 - Other payables 10.7 14.1 - Accruals 403.5 411.2 - Other financial liabilities 11.1 22.3 Deferred income 52.7 91.7 Other tax and social security 10.7 11.8 Lease liabilities 93.9 96.4 Deferred tax liability 34.7 38.6 Provisions (excluding building safety) 35.3 28.8 Other liabilities 1,028.8 1,100.2 HALF YEAR RESULTS 2025
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50 LAND CREDITOR PAYMENT PROFILE The land creditor payments profile is on a contractual cash basis. Balance sheet creditors figure of £719.7m as at 30 June 2025 (31 December 2024: £739.9m) is on an IFRS accounting basis. 356.9 282.0 79.9 32.4 751.2 337.2 328.1 76.3 26.2 767.8 £0m £100m £200m £300m £400m £500m £600m £700m £800m <1 year 1 - 2 years 2 - 3 years >3 years Total At 30 June 2025 At 31 Dec 2024 HALF YEAR RESULTS 2025