Slides
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TIM LAWLOR Chief Financial Officer ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 24 SEPTEMBER 2026 Collingtree Park, Collingtree
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2HALF YEAR RESULTS 2026 AGENDA 01 Introduction 02 Current market conditions & outlook 03 HY 26 Results 04 CEO Review 05 Conclusions 06 Q&A
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HALF YEAR RESULTS 2026 Brimington Heights, Chesterfield 3 ADAM DANIELS Chief Executive Officer INTRODUCTION
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4HALF YEAR RESULTS 2026 SETTING THE SCENE • CEO Review launched in May; a detailed workstream with external support • Acknowledging the execution challenges since the strategy shift to a fully partnerships model • Substantial progress re-focusing the business and delivering on immediate priority to improve cash generation • Early actions taken to review land bank size and reinvestment, alongside exiting unsuitable land positions • H1 profit impacted negatively by cash actions to bolster balance sheet, tough market conditions and hiatus between Social and Affordable Housing Programmes • SAHP grant allocation confirmed for both Vistry (maximum award of £350m) and 29 of our key partners in late August as part of the £9.6bn initial wave; lots of interest since from partners as to how we can work together • Good progress on deleveraging the business, a key focus, with more to do through H2 26 and into FY27 • Refinance process to start in October, as planned; less borrowing needed in the medium-term as capital intensity of the business is reduced • Taking the necessary action to make the business less capital intensive, more profitable, and more reliable West Park Quarter, Sunderland
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5HALF YEAR RESULTS 2026 PROGRESS ON DELEVERAGING Overall Leverage • Land creditors reduced by £100m since H1, with further £70m reduction expected by year end • Overall land creditor reduction of c.£300m during FY26. Reshaping land bank • Good progress made on first phase of land bank reshaping • Reduced land buying in H2 following CEO Review outcomes. Private WIP • Unsold stock continues to fall, with a further c.£80m reduction on top of the £300m+ highlighted in July and more to come • Part-exchange exit in progress. A portfolio deal was completed in July, c.£20m cash received. Deal quality improvement • Stepped away and renegotiated sub-optimal deals which has impacted the FY cash position but will improve underlying quality. Confident in self-help measures and no expectations for equity raise Peak debt in FY26 lower than peak debt FY25
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6HALF YEAR RESULTS 2026 VISTRY’S FUNDAMENTALS • Vistry is an excellent business • 5-star HBF product and strong, enduring relationships with Partners, Local Authorities, landowners and supply chain • Deep delivery expertise and highly motivated people with strong retention • Operating in segments of the housing market with high levels of pent-up structural demand • When executed effectively, low upfront capital requirements and good flexibility across partner and Open Market channels • Wide customer base with private buyers, housing associations, local authorities and PRS investors all potential purchasers from us • We are market leaders at what we do, and generate great value for our partners Focused on increasing operational control, releasing cash, reducing complexity and establishing a base from which we can deliver more consistently
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7HALF YEAR RESULTS 2026 VISION FOR VISTRY Vistry will be an industry-leading, capital-light, specialist mixed-tenure housebuilder focused on partner-backed demand and selective Open Market exposure Consistent adherence to mixed-tenure model Right tenure mix More focused & agile platform Reshaped land bank with more selective approach More focused organisational structure to drive consistent delivery Reduced balance sheet and average net debt Reducing owned land bank to 36k plots, 3 years c.60% partnerships c.40% Open Market c.12,000 units pa to optimise schemes Greater alignment of profit and cash delivering c.30% ROCE Reducing operational areas from 25 to 12; project led focus Land teams focused on quality of opportunity and risk profile Vistry will prioritise cash conversion and returns over volume to support consistent, sustainable value creation
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HALF YEAR RESULTS 2026 Summerville Meadows, Stockton-on-Tees 8 TIM LAWLOR Chief Financial Officer FINANCIAL REVIEW
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9HALF YEAR RESULTS 2026 SUMMARY OF GROUP RESULTS Adjusted basis unless otherwise stated (£m)(1) H1 26 H1 25 Revenue(2) 1,703.3 1,869.1 Operatingprofit (36.2) 124.4 Profit before tax (83.3) 80.6 EPS (pence per share)(3) (18.8p) 17.6p Exceptionals (578.3) (39.4) Reported profit before tax (661.3) 40.9 Net debt (468.8) (293.1) (1) Group financials are shown on an adjusted basis to include the proportional contribution of JVs and are pre-exceptional items and amortisation of acquired intangibles. (2) Adjusted revenue has been restated to include grant income. Grant income is directly linked to the delivery of eligible homes and forms part of the economic value generated from these transactions. Its inclusion within adjusted revenue provides a more representative measure of the Group's underlying trading activity. The impact on adjusted revenue is an increase of £32.1m in H1 26 and £15.9m in H1 25. (3) Basic weighted average number of shares in issue was 318.6m in H1 26 (H1 25: 329.5m), with the decrease reflecting share buybacks in the twelve months to 30 June 2026. As reported in 8 July Trading Update: • H1 APBT loss of c.£30m excluding CEO Review items • Adverse movement from last year mainly driven by: - Discounting action taken on Open Market homes to enhance cash generation - Subdued Partner Funded volumes • Net debt higher than prior year due to lower volume of partner transactions and timing of land payments Following conclusion of CEO Review and completion of HY processes: • Additional adjusted loss of £50m taken in H1 due to early review activity, including land bank reshaping and write-down of part-exchange stock • Full impact of CEO review to be assessed, quantified and presented at FY Exceptionals include goodwill impairment (£475m) and additional building safety provision (£73m).
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10HALF YEAR RESULTS 2026 H1 TRADING H1 26 Partner Funded Open Market Other Total Total units 4,351 1,953 - 6,304 Adjusted revenue(1) 967.9 632.0 103.4 1,703.3 ASP (£k) 253 383 - 292 Adjusted gross profit 68.7 Adjusted gross margin 4.0% H1 25 Partner Funded Open Market Other Total Total units 5,055 1,834 - 6,889 Adjusted revenue(1) 1,136.9 599.8 132.4 1,869.1 ASP (£k) 247 389 - 283 Adjusted gross profit 232.2 Adjusted gross margin 12.4% • Total units down 8%: - Partner Funded volumes down 14% - Driven by hiatus between SAHP periods - Open Market completions up 6% - Boosted by targeted pricing initiatives on slow moving stock - Challenging market conditions since start of Iranian conflict • ASP increase of 3% driven by increased proportion of Open Market homes - Partner Funded ASP up 2% driven by geographical mix - Open Market ASP down by 2%, impacted by private discounting initiatives but largely offset by product mix • Other revenue includes part-exchange and land sales - Significant reduction in land sales from £74m to £14m - Increase in revenue from part-exchange from £47m to £81m • Gross margin decrease of 840bps due to: - Cash generation actions, including targeted discounting on slow moving private stock - One-off impairments and cost adjustments For detailed breakdown and calculation of ASP, including JV and JO units, please refer to slide 82 (1) Adjusted revenue has been restated to include grant income. Grant income is directly linked to the delivery of eligible homes and forms part of the economic value generated from these transactions. Its inclusion within adjusted revenue provides a more representative measure of the Group's underlying trading activity. The impact on adjusted revenue is an increase of £32.1m in H1 26 and £15.9m in H1 25.
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11HALF YEAR RESULTS 2026 H1 P&L • Overheads down 3% due to lower average headcount • Net finance costs: - Increase in average daily net debt in H1 to £799.1m (H1 25: £695.2m) • Tax credit on adjusted losses and exceptional charges, ETR 28.1% • Other exceptional items includes Voluntary Exit Scheme Adjusted basis unless otherwise stated (£m) H1 26 H1 25 Change Gross profit 68.7 232.2 (70%) Overheads (104.9) (107.8) (3%) Overheads % (6.2%) (5.8%) (40bps) Operating profit (36.2) 124.4 (129%) Operating margin (2.1%) 6.7% (880bps) Net finance costs (47.1) (43.8) 8% Profit before tax (83.3) 80.6 (203%) Income tax expense 23.4 (22.5) (204%) Adjusted net earnings (59.9) 58.1 (203%) Building safety exceptionals (73.2) (3.5) 1,991% Impairment of goodwill (475.0) - - Other exceptional items (10.3) (16.1) (36%) Intangible asset amortisation (19.8) (19.8) - Tax adjustment 31.2 12.6 148% Reported profit after tax (607.0) 31.3
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12HALF YEAR RESULTS 2026 BUILDING SAFETY • Increase in assessments arising from accelerated activity prompted by last year’s pledge: 31 buildings from historical contracting work, 9 from work as a developer. New assessments not expected to be significant in H2. • Run-rate revision reflects increased overheads and compliance costs to the end of the remediation period • Recoveries achieved in the period of £6.0m, so net exceptional cost of £73.2m in period. • Remediation work continues to be delayed by sign-off process, particularly in relation to HRB approvals • Cash outflow of £27.1m in H1, net of £3.3m cash recoveries; expecting c.£50m net cash spend in 2026. • Subject to approvals, run-rate net spend of £70-80m p.a. should be achieved from next year. Buildings No. As at 31 Dec 2025 230 Additional buildings 40 Completed (15) Total buildings as at 30 June 2026 255 Provision £m Provision as at 31 Dec 2025 303.6 Additional buildings 63.5 Run-rate revision 10.2 Discounting 5.5 Building safety provision costs 79.2 Utilised in year (30.0) Provision as at 30 June 2026 352.8
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13HALF YEAR RESULTS 2026 GOODWILL IMPAIRMENT • Goodwill arose from acquisitions of Linden Homes, Galliford Try Partnerships and Countryside Partnerships. Impairment not linked to any particular acquisition. • Goodwill impairment of £475m recorded as an exceptional item in H1; we do not anticipate further impairment in H2 • No impact on banking covenants • Goodwill excluded from Capital Employed so no ROCE impact • Market environment • Geopolitical uncertainty • Share price deterioration • CEO Review ConclusionMethodologyIndicators of Impairment • Value In Use methodology • DCF of 5 year projections • Probability-weighted scenarios • Impairment of £475m • Goodwill balance reduced from £828m to £353m • Zero cash impact
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14HALF YEAR RESULTS 2026 H1 26 CASHFLOW
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15HALF YEAR RESULTS 2026 BALANCE SHEET - CAPITAL EMPLOYED £m 31 Dec 202530 June 2026 Work in progress 1,352.9 1,295.9 Land 1,887.9 1,932.4 Land creditors (871.2) (989.7) Net investment in inventories 2,369.6 2,238.6 Investments & amounts due from JVs 736.2 680.8 Amounts due from joint arrangements 143.2 143.8 Amounts payable to joint arrangements (209.9) (188.0) Total joint ventures 669.5 636.6 Other assets 735.5 783.5 Other liabilities (933.0) (1,075.3) Capital employed 2,841.6 2,583.4 Building safety provision (352.8) (303.6) Retirement benefit asset 31.9 32.2 Tangible net asset value 2,520.7 2,312.0 Goodwill 352.6 827.6 Intangible assets 309.4 329.2 Net debt (468.8) (144.2) Net assets 2,713.9 3,324.6 • Capital employed increase in H1 of £258m - Usual timing impact: H1 increases also seen in prior years (H1 25 up £132m, H1 24 up £266m) - Land creditor reduction c.£100m higher than in prior years • Reduction in land creditors of £119m: - Lower new capital investment in land (new land creditors of £115m vs £245m cash spend) • Work in progress increase of £57m: - Good progress made in reducing unsold WIP, although a significant proportion remained reserved or exchanged at 30 June - Increased infrastructure investment across a number of larger developments during the period • Net investment in joint ventures increase of £33m: - Reduction in bank borrowings and land creditors within JVs - Working closely with JV partners to drive inventory reduction and optimise cash performance
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16HALF YEAR RESULTS 2026 COVENANTS & GOING CONCERN Banking covenants Definition Covenant H1 26 Gearing Net debt plus land creditors divided by Tangible Net Worth < 75% 66% Tangible Net Worth Total equity less goodwill and intangibles > £1.2bn £2.0bn Interest Cover Rolling 12 month EBITDA before exceptional and non-recurring items divided by net interest cost (excl. non-cash finance costs such as land creditor) > 3x 25x • Significant headroom for all half-year covenant tests • Banking Group have provided covenant waiver for FY26 and HY27 Interest Cover covenant: - Recognition of impact of non-recurring CEO Review-related charges on EBITDA for the rolling 12 month periods concluding on these dates • Detailed going concern review completed, considering cash and liquidity projections and covenant compliance - Clean opinion, including on downside case; detailed disclosure provided • Refinancing activity to commence in Q4 - more detail after CEO Review
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HALF YEAR RESULTS 2026 ADAM DANIELS Chief Executive Officer CEO REVIEW: ROOT & BRANCH Minerva Reach, Cornwall 17
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18HALF YEAR RESULTS 2026 CEO REVIEW – SCOPE & OBJECTIVES The review assessed • Performance across our geographic footprint • Margin quality, capital intensity and risk profile of all of our schemes to understand where we perform best and where we underperform • Detailed review of market demand for the three tenures across our footprint • Implementation challenges since 2023 • Operational performance including forecasting and control processes • Capital intensity and scale of the balance sheet - Land bank - Work-in-progress • Stakeholder feedback, including partner relationships Objectives • Get the business to perform rather than disappoint • Understand where the Partnerships model works and how it can be consistently highly cash generative • Ensure scale of the business is aligned to the scale of the opportunity; quality as a first consideration rather than quantity • Identify best performing sites and why they succeed • Review worst performing sites and establish what we need to do differently • Shape overhead to ensure that we have high-quality project-based teams to support our site management teams and exercise relevant control
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19HALF YEAR RESULTS 2026 KEY FINDINGS ROOT & BRANCH External market headwinds increased pressure on performance, but do not fully explain the variability in site-level delivery and financial outcomes Vistry evolved rapidly through significant M&A into a differentiated mixed-tenure model 1 Vistry remains a high- quality business, with excellent relationships with Partners, Local Authorities, landowners and our supply chain 2 The transition faced several challenges and the underlying operating model, controls and culture did not evolve at the same pace 3 4 A mixed-tenure approach is the right model for Vistry and has attractive structural economics, reducing upfront capital requirements and supporting long-term value creation. Too great a focus on short-term growth targets compounded a misalignment between profit and cash generation 5 Significant variance in site performance across the Group, with inconsistent commercial terms, operating processes and discipline around capital deployment into land and WIP 6 Product remains market leading and strong- performing sites share a consistent set of characteristics around scale, demand, partner alignment, funding, tenure mix and delivery complexity 7 8
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20HALF YEAR RESULTS 2026 2020 Vistry Group created following the acquisition of Linden Homes (to widen national presence) and Galliford Try Partnerships (to establish B2B partnerships capability) 2022 Vistry Group merged with Countryside Partnerships, increasing scale and regeneration capability 2024 Partnership strategy came into effect, with the Group merging its housebuilding and partnerships division into a single business to maximise capital efficiency M&A CREATED A DIFFERENTIATED BUT COMPLEX PLATFORM 1 - DIAGNOSIS Rapid evolution through M&A created • National reach • Partnerships capability and relationships • Regeneration capability • Mixed-tenure flexibility • The coming together of excellent people The CEO Review is now simplifying the platform ROOT & BRANCH
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21HALF YEAR RESULTS 2026 MARKET CHALLENGES SINCE 2023 HIGH BUILD COST INFLATION HIGH INTEREST RATES PRESSURE ON REGISTERED PROVIDERS FLUCTUATING CONSUMER CONFIDENCE 2019 20 21 22 23 24 25 0 100 120 140 160 BCIS Construction Cost Index (2019-25) Index (base = 2019) Build costs have risen steadily over the past few years, at c.7% p.a. since 2019, placing pressure on housebuilders Interest rates peaked in 2023 and have slightly reduced, but remain far above levels experienced in 2022 and earlier, representing a relatively more challenging borrowing environment 0 2 4 6 BoE interest rate (Jan 2019 - Aug 2026) Percent 2019 20 21 22 23 24 25 26 (60) (40) (20) 0 2019 20 21 22 23 24 25 26 Consumer confidence has recovered since COVID and 2022 but remains depressed and volatile UK GfK Consumer Confidence Index (Jan 2019 - Aug 2026) Percent 138 151 128 105 91 87 0 50 100 150 200 RP sector EBITDA MRI interest cover* (2020-25) Percent 2020 21 22 23 24 25 The RP sector is under increasing financial pressure due to rising interest rates and increased regulatory costs. EBITDA MRI interest cover is now well below 100% and is at the lowest level since 2007/08 RPs, local authorities, for-profit investors, Open Market RPs, local authorities, for-profit investors, Open Market RPs Open Market Note: * EBITDA MRI interest cover provides a measure of RPs’ ability to service the cost of their debt; Source: BCIS; BoE; Regulator of Social Housing; GfK Ke y sectors i mpacted: Market conditions exposed weaknesses in execution and capital discipline ROOT & BRANCH
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22HALF YEAR RESULTS 2026 CASHFLOW BENEFITS OF THE MIXED TENURE MODEL VISTRY HOUSEBUILDER Partners acquire c.60% of units as they are built out; WIP carried by Vistry on Open Market plots RPs acquire S106 units as they are built; WIP incurred by housebuilder on all remaining units c.40% of units rely on Open Market sale, with exposure to market conditions but higher unit margins c.65% of units rely on Open Market sale, with cash and margin realised later in the programme BUILD 2 SELL HOMES 3 Immediate recovery of land cost from partners on the additional partner units No recovery of cash at land purchase, housebuilder purchase outright BUY LAND 1 10 - 25% Site cash potential 25 - 35% Site cash potential 40 - 55% Site cash potential 0% Site cash potential 10 - 15% Site cash potential 85 - 90% Site cash potential Note: Assumes 35% s106 under both models, with a further 25% of additional partner units under the Vistry model, remaining Open Market at a sales rate of 0.6 sales per week OVERALL GROSS MARGIN Lower overall margin but earlier cash conversion due to mix and higher share of pre-sold Higher gross margin on full Open Market pricing but slower cash conversion ROOT & BRANCH
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23HALF YEAR RESULTS 2026 CASHFLOW BENEFITS OF THE MIXED TENURE MODEL Illustrative cumulative site cash flow - Vistry vs Housebuilder Advantages of mixed tenure model • Shorter, shallower trough – 60% of homes fund their own build • Earlier breakeven – cash turns at first completions Traditional housebuilder • Requires greater capital - held longer, at greater sales risk Month on site Materially lower upfront capital Earlier breakeven results in higher ROCEIllustrative 100% presold site: Vistry’s 100% pre-sold model supports positive cash positions and high ROCE +ve cash -ve cash High margin, low ROCE Gross margins in the range of current performing sites (>12% to 30%+), strong ROCE Vistry - 100% Presold Vistry - Mixed Tenure Lower margins (<12%) with low / no capital employed resulting in high returns Traditional Housebuilder ROOT & BRANCH
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24HALF YEAR RESULTS 2026 DETAILED ANALYSIS REVIEWED KEY DRIVERS OF SITE PERFORMANCE A review of Vistry’s portfolio of active and recently completed sites has identified key themes that drive ultimate site performance Low peak fund requirements >40% ROCE 12% to 30%+ Gross margin Schemes that fit our model will achieve all of the following performance indicators: Balance sheet drag Challenges related to tenure mix Poor commercial terms on partner transactions Schemes that exhibit weaker performance display some / all of the following performance indicators: The CEO Review has converted site-level lessons into mandatory investment criteria Future land must meet repeatable cash, margin and return criteria ROOT & BRANCH GOOD SITES UNDERPERFORMING SITES
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25HALF YEAR RESULTS 2026 REVIEW OF ACTIVE SITES >12% to 30%+ gross margin forecast 59% <5% gross margin forecast 17% 5-12% gross margin forecast 23% Vistry active sites by gross margin target* Percentage *This takes into account revenue and costs incurred to date, as well as forecast cost to complete and remaining revenue (though applicable JV fees are not captured) • c.40% of sites – over 120 – are projected to have an overall gross margin below 12% by project end • These represent c.30% of outstanding plots, a slightly lower share than that of sites • There is a tail of c.20% of sites that are expected to deliver gross margins below 5% and will need to be run off to drive blended margin uplift Across Vistry’s c.300 active sites, c.60% are forecast to be completed at a gross margin above c.12%, demonstrating that the model can provide appropriate returns ROOT & BRANCH Average Gross Margin 18.5%
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26HALF YEAR RESULTS 2026 STRONG SITE WITH GOOD CAPITAL EFFICIENCY 28 22 25 0 10 20 30 2023 2024 2025 • Planning process increased coverage significantly and allowed triple tenure approach to be created • Plotting enabled early street scene for sales arena and PRS construction; delivery was therefore able to be at pace with its best year delivering 165 completions • The site was cash positive almost all of the way through, resulting in a ROCE of >100% Site summary: February 2020 September 2025 Site size (# of plots) 375 Gross margin (%) 25% ROCE (%) >100% Max cash tie up (£m) £0m Tenure mix (%) Open market - 45% PRS - 25% Additional affordable - 15% S106 - 15% Gross margin (FY23-25); Percentage Key metrics Start Finish No capital footprint on the balance sheet throughout development Strong margin return with diversified tenure mix Good scale and site longevity with consistent performance Excellent ROCE What went wellSITE IN NORTH EAST ROOT & BRANCH
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27HALF YEAR RESULTS 2026 STRONG SITE WITH DISCIPLINED LAND ACQUISITION Well-structured partner arrangement Cash positive early in the lifecycle through a combination of partner receipts and grant funding Attractive scale at c.250 homes, providing operational efficiencies whilst maintaining programme flexibility and delivery control • Initially procured from a private vendor on the Open Market on a 50% presold basis • Former brownfield regeneration site, supported by external brownfield grant funding, delivering long-term community benefit • After planning and site start, the remaining 50% of plots were sold to a RP, locking in margin and removing sales risk Site summary: Tenure mix (%) PRS - 50% What went well Additional affordable - 50% 23 20 0 10 20 30 2024 2025 November 2024 May 2028 Site size (# of plots) c.250 Gross margin (%) 20% ROCE (%) 311% Max cash tie up (£m) £4.1m Gross margin (FY24-25); Percentage Key metrics Start Finish EXAMPLE SITE IN NORTH WEST ROOT & BRANCH
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28HALF YEAR RESULTS 2026 SUCCESSFUL SITE CHARACTERISTICS A thorough assessment of Vistry’s sites has identified a repeatable set of characteristics that underpin strong performance and will inform future site selection, acquisition and delivery Medium sized, with flexibility where scale is justified Strong regional demand across Open Market and partner channels Strong partner alignment with attractive commercial terms Capital-light funding profile with sensible upfront investment Land deal concluded back-to-back with partner, giving guaranteed income, alongside reliable margin from the outset Phased / flexible commitment to limit capital and delivery exposure Proximity to transport links, education and wider social infrastructure, thus driving multi-tenure demand Well-plotted from the outset, tenure blind with flexibility between tenure mix Standardised house types with appropriate mix and density Clear tenure strategy, supporting efficient build, handover and WIP Manageable complexity & infrastructure burden, allowing build at pace with lower capital footprint Site characteristics to be embedded in Investment Committee decision ROOT & BRANCH
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29HALF YEAR RESULTS 2026 WEAKER SITE SUFFERING FROM BALANCE SHEET DRAG 21 8 3 0 10 20 30 2023 2024 2025 April 2021 January 2028 Site size (# of plots) 184 Gross margin (%) 4% ROCE (%) 2% Max cash tie up (£m) £66.3m Gross margin (FY23-25); Percentage Key metrics Start Finish SITE IN SOUTHERN ENGLAND • Acquired without deferred land terms and delivered with traditional housebuilding sequencing, driving elevated WIP and peak funding • Bulk deals on smaller, lower-value units constrained cash inflow and diluted margin • Partner-led phasing restricted Open Market sales flexibility, requiring discounting to maintain pace Site summary: Tenure mix (%) Open market - 30% Additional affordable 34% S106 - 35% Site in SE England with exposure to high value Open Market Land deal not back-to-back with partner causing risk and delay to cash income; too speculative Land payment terms not matched to income with high land payments in early stage of build Challenges ROOT & BRANCH
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30HALF YEAR RESULTS 2026 INCONSISTENT SITE-LEVEL EXECUTION THE OPERATING MODEL IS LESS EFFICIENT THAN IT COULD BE OVER-SPECULATIVE LAND POSITIONS ADD UP TO OVERWEIGHT BALANCE SHEET COMMERCIAL TERMS WITH PARTNERS ACROSS THE SUPPLY CHAIN ARE INCONSISTENT IMPLEMENTATION OF THE MODEL IS INCONSISTENT ACROSS REGIONS Our model will be less speculative and follow the market ROOT & BRANCH
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31HALF YEAR RESULTS 2026 CASE STUDY: OVERSPECULATION ON LAND ACQUISITION Overly speculative land acquisition Deal size 2,000+ units Purchase price £100m+ Infrastructure costs >£100m Deals 0 25 50 1 2 3 4 5 6 7 Land price payable by year (2025-31); £m Exchange completion • Large land acquisitions should only proceed where there is sufficient contractual certainty, such as committed partners or land sale agreements reducing speculative nature of purchase • Given the sensitivity of multi-phase developments to timing, large sites must be adequately modelled to review how delays impact financials and ROCE • Additionally, reliance on future land sales income creates significant risks when set against fixed and large land payment obligations • Overall, land acquisitions should be focused on certainty of capital inflow to match outgoing payments, with clear and effective evaluation of downside risks • No commitment from partners at time of purchase but large land payments made; always behind the curve and chasing a deal rather than this already having been secured • Deals now nearing conclusion but almost 12 months of balance sheet drag before we get there • By 18 months into the project, over £65m of land investment without starting on site • Almost £30m of investment before any income • An extremely high-quality piece of land, but the purchase structure does not suit our operating requirements and expected outputs £100m+ Heavy investment upfront, long wait for capital recovery and no guarantees on timing, causing balance sheet drag ROOT & BRANCH Partner deals not originally linked to land payments and completed back-to-back, which is now being corrected
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33HALF YEAR RESULTS 2026 ManchesterLiverpool LondonShrewsbury Lincoln Holyhead M6
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34HALF YEAR RESULTS 2026
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35HALF YEAR RESULTS 2026 Fitness Centre Primary School Secondary School Park Employment Opportunities Supermarket Train Station Retail Park College Primary School Hospital
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40HALF YEAR RESULTS 2026 ROOT AND BRANCH - SUMMARY • Strong evidence that mixed-tenure can provide excellent returns; inconsistent execution and weak capital discipline have reduced its potential • Rapid M&A created a differentiated platform, but the operating model, controls and culture did not keep pace • Market headwinds exposed internal weaknesses; they do not fully explain the variation in site-level performance • Mixed tenure lowers upfront capital and can accelerate cash recovery and ROCE when strict investment criteria are met ROOT & BRANCH • Site economics vary sharply; management of the land portfolio is critical • Strong sites align partners, funding, tenure and delivery; weak sites create balance- sheet drag • Standard, tenure-flexible product at lower values is most effective • Become smaller, more selective and capital-light; match cash outflows to secured inflows and avoid speculative land • Adjust strategies for sites in existing land- bank to accelerate cash generation and de- leveraging
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41HALF YEAR RESULTS 2026 CEO REVIEW: STRATEGIC EVOLUTION HALF YEAR RESULTS 2026 The Fairways at Brackley Village 41 ADAM DANIELS Chief Executive Officer
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42HALF YEAR RESULTS 2026 THE OPPORTUNITY Structural undersupply of housing, resilient demand across partners and Open Market channels, and Government focus on accelerating housebuilding provide a supportive long- term backdrop MARKET NEED REMAINS STRONG Scale, established partner relationships and an integrated mixed-tenure delivery model create a differentiated proposition and position Vistry to capture attractive opportunities THE MODEL’S CLEAR ADVANTAGES The capital-light model supports faster cash conversion, while improved operational delivery, tighter execution and greater efficiency will accelerate profit delivery and strengthen returns ATTRACTIVE RETURNS CAN BE UNLOCKED Vistry has an attractive opportunity to create value by combining a supportive market backdrop and differentiated model with stronger and more disciplined execution, faster cash conversion and improved returns Vistry is well-positioned to create value through supportive market dynamics, a differentiated model and stronger execution Vistry has no direct competitor in this space, with no other organisation able to deliver at the scale, pace or quality STRATEGIC EVOLUTION
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43HALF YEAR RESULTS 2026 VISTRY’S UNIQUE POSITION Vistry has a differentiated mixed-tenure model … … but the current positioning as a ‘partnerships housebuilder’ isn’t well understood … … so more consistent positioning is required • Stakeholder feedback shows Vistry’s proposition is not consistently understood internally or externally • There is continued uncertainty around what the business delivers, how the mixed-tenure model creates value, which has contributed to an unclear narrative • The model offers attractive structural economics, through lower upfront capital requirements, earlier cash breakeven and greater flexibility across partner and Open Market channels • This creates a strong foundation, and ability to be flexible in the current market conditions by selecting the most attractive partners, regions and sites • Vistry will position itself as a specialist mixed-tenure housebuilder, characterised by: - Strong operational performance and disciplined site delivery - High-quality homes across affordable, Open Market and PRS tenures - Tighter controls and greater consistency, supporting a materially reduced balance sheet - Greater selectivity in land acquisitions and partner-led opportunities STRATEGIC EVOLUTION
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44HALF YEAR RESULTS 2026 SCALE AND MIX: LOWER VOLUME IS A DELIBERATE CHOICE TO IMPROVE CASH, MARGINS & RETURNS Bottom-up assessment across four customer groups Applying a selective opportunity filter How the market was assessed Partner pipelines, financial resilience and growth ambition Regional demand, current delivery and potential share of wallet Partner demand and attractiveness of opportunities Affordability and local sales absorption capacity Registered providers Local authorities Private rented sector Open Market 8 - 9k units p.a. 0.5 - 1k units p.a. 2 - 3k units p.a. 7 - 8k units p.a. c.19k p.a. theoretical addressable opportunity A focused set of partners has been selected based on attractiveness, pipeline and financial resilience PRE-SOLD SELECTION c.12k units c.7k units OPEN MARKET SELECTION Regions screened to focus only on locations with sufficient depth of demand c.7.5k units c.5k units Note: Figures rounded to the nearest 0.5k for illustrative reasons Only RPs and Open Market volumes have been reduced from theoretical feasible total Revised c.12k p.a. annual volume target of which c.60% partnerships and c.40% Open Market STRATEGIC EVOLUTION
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45HALF YEAR RESULTS 2026 SALES STRATEGY • Open Market sales rate has lagged the market Strategy to fix this: • Smaller units, targeting a maximum size of 1,500 sq ft • Lower ASP, target maximum selling price of £600k • Standardised house types • Target lower end of market, building homes seen as good value and high quality • Simplify sales branding through one brand, Linden Homes Open Market sales rate Open Market (B2C) Proposed brand evolution STRATEGIC EVOLUTION Retire Bovis Homes and Countryside Homes as core sales brands FY23 0.37 FY24 0.38 FY25 0.36 FY26 YTD 0.43 Commit to ‘Linden Homes’ as a single sales brand, refocused as a sensibly priced, modern, affordable energy-efficient private sales offering Allowing us to achieve a medium-term Open Market sales rate of 0.6
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46HALF YEAR RESULTS 2026 EVOLVING OUR GEOGRAPHIC FOCUS Number of homes: 0 1,000 ILLUSTRATIVE NUMBER OF HOMES DELIVERED ANNUALLY BY VISTRY Historicals Forecast • Vistry’s regional exposure will be refined to reflect forward demand • Exposure rebalanced to better performing regions, with particular focus in the North, Midlands and West • Refocused on areas with the most aligned partners and best supply chain resources • Reduced exposure to underperforming Southern areas • South East England shift to a fully pre-sold, Partner Funded model Vistry’s regional footprint will shift toward stronger-performing markets, with South East England moving to a fully pre-sold model to reduce risk, with greater exposure to the North, Midlands and West in the future. STRATEGIC EVOLUTION
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47HALF YEAR RESULTS 2026 LONDON STRATEGY • Strong belief in the long-term market demand for our mixed tenure model in London • 5-year pipeline focused on delivering c.2,000 homes a year (previously 3,000 homes) • Capital allocated to be maintained at c.£100-£150m • Continued focus on working with public sector and housing association partners, specialising in brownfield regeneration opportunities • Weighting towards Partner Funded delivery (currently 90% pre- sold) in line with market conditions and the opportunity presented by significant investment into the London Social and Affordable Housing programme by Greater London Authority • Increased overhead efficiency from consolidating expertise into two delivery regions (East and West) • Rationalised office footprint, operating from a central London hub with greater emphasis on site-based working • c.95% of work secured over the plan to end of FY28 • c.90% of the pipeline secured to the end of FY30 London remains strategically attractive, but Vistry will operate at lower scale, with stronger partner funding, lower Open Market exposure and tighter capital limits STRATEGIC EVOLUTION Pipeline in London - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 FY26 FY27 FY28 FY29 FY30 FY31 Secured Unsecured
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48HALF YEAR RESULTS 2026 SE STRATEGY – REMOVE OPEN MARKET EXPOSURE • Interplay between high value OM units and Partnerships business is challenging in the SE of England • High land values and infrastructure costs • Market moves more pronounced • Therefore, decision has been taken to exit OM exposure in the South East; exposure within JVs will wind down over time • Will focus on 100% pre-sold schemes where there is high demand from our partners for affordable housing STRATEGIC EVOLUTION Significantly reducing the Group’s risk profile • Sell land • Increase discounting for OM sales • Bulk sales to partners HOW WILL WE ACHIEVE THIS? • The FY26 cost of this change in strategy expected to be c.£200m incurred in H2 • £200m incremental cash generation over next 2 years • Lighter overheads once delivered FINANCIAL IMPLICATIONS c.2,700 private plots to exit1 Sites fall within underperforming site segments (1) Excludes JVs and JOs
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49HALF YEAR RESULTS 2026 DISCIPLINED LAND ACQUISITION Move from region-led land buying to a portfolio-wide acquisition strategy, with land bank and capital commitments managed against Group priorities Clear land bank targets, reducing owned plots from c.51k to c.36k by FY30 to support c.12k annual volumes and a c.60% pre-sold mix A revised site-assessment framework and updated investment approval criteria will standardise site assessment and strengthen approval discipline. New sites have to be back-to- back with partners. A more disciplined approach to land acquisition will align investment with Vistry’s strategic and capital priorities Supporting a more capital-light, mixed tenure model PORTFOLIO-LED LAND STRATEGY STRONGER INVESTMENT DISCIPLINE RIGHT-SIZED LAND BANK 1 2 3 STRATEGIC EVOLUTION
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50HALF YEAR RESULTS 2026 FY26 FY27 FY28 FY29 FY30 FY31 LAND BANK MIGRATION AND VOLUME EVOLUTION UNITS 12,000 Evolution of land bank underpins 12% operating margin in FY31 STRATEGIC EVOLUTION Land Bank: c.10k units Land Bank: c.19k units Land Bank: c.43k units 17%GROSS MARGIN South East Run-Off Existing Sites - Underperforming (<12%) Existing Sites - Average GM 18.5% New Land
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51HALF YEAR RESULTS 2026 PARTNERING & CONTRACTING Vistry has built a sector-leading partner delivery platform with established national reach. Alignment of interest with local planning authorities in accelerating housing delivery through multi-tenure model Note: * defined as executed contracts that are still within their lifetime, including contractual two-year after-care periods Source: July 2026 Partnering Contract Values Report across 60 partners106 RPs | 18 PRS 26 Local Authorities 150 partners currently in contract £3.4bn in further value under negotiation Deep partner relationships and greater use of framework agreements provide a strong foundation for more consistent, repeatable delivery 43% of contracted homes 47% of active contract value* Vistry’s 10 largest partners account for… All figures are as of Q2 2026 STRATEGIC EVOLUTION New Joint Ventures will only be undertaken where the JV partner brings the land
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52HALF YEAR RESULTS 2026 STRATEGIC DEVELOPMENT AGREEMENTS We have been working hard since July to secure agreements on the right commercial terms with partners: • 5 executed and 10 more at advanced stage to begin delivery October 2026 • c.20,000 homes committed over 5 years 0 1000 2000 3000 4000 5000 Year 1* Year 2 Year 3 Year 4 Year 5 Number of Homes 5 Strategic Development Agreements RP FPRP PRS Chronos, 10,000 Themis, 900Hecate, 540 Epimetheus, 1,750 Calypso, 1,000 Poseidon, 5,000 Hephaestus, 2,500 *from October 2026 STRATEGIC EVOLUTION 5 Year Committed Pipeline by Partner Strategic Development Agreements demonstrate repeatable partner-backed demand under the revised model
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53HALF YEAR RESULTS 2026 VISTRY WORKS Timber frame is key to partnership delivery at pace and greater vertical integration of timber frame capability offers strategic benefits There is opportunity to improve Vistry Works’ efficiency within its current structure; we will maintain delivery of c.6,000 u nits with targeted adjustments to its operating model and a focus on the right geographic locations to optimise the model OPERATING DISCIPLINE • Strengthen planning and coordination between Vistry Works and regional delivery teams • Improve visibility of future demand and production requirements to support reliable delivery LAND STRATEGY • Align Vistry Works capacity with future land acquisition and regional delivery priorities • Focus timber-frame deployment where it can provide the greatest delivery benefit PRODUCT MIX • Capture the benefits of a more rationalised and standardised house type range, 35 house types • Simplify production requirements where possible to improve repeatability and efficiency Vistry Works remains key to the Group strategy and will be optimised by aligning land acquisition with factories’ geographic coverage, simplifying the product mix and improving operating discipline STRATEGIC EVOLUTION
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54HALF YEAR RESULTS 2026 ORGANISATIONAL CHANGES – REFINED REGIONAL FOOTPRINT VISTRY’S NEW 12 REGIONS (INCL. LONDON) 10 larger operating areas outside of London will be aligned to expected forward demand and high-potential geographies GEOGRAPHICAL FOOTPRINT WILL REFLECT THE FORWARD DEMAND ILLUSTRATIVE More operational roles will be site-based, bringing leadership closer to delivery and strengthening accountability UPDATED WORKING EXPECTATIONS RESULTING IN INCREASED SITE-BASED DELIVERY Vistry’s consolidation from 25 regions to 12 larger operating areas (incl. London) will align its footprint to forward demand and strengthen site-based delivery 1 2 5 3 4 9 8 10 7 London +2 6 STRATEGIC EVOLUTION ILLUSTRATIVE SCALE OF NEW REGIONS Volume Current Vistry Regions 1 c.600 North East 2 c.1,200 Yorkshire 3 c.1,200 North West 4 c.1,200 North Midlands 5 c.1,200 South West Midlands 6 c.1,000 South East Midlands 7 c.1,000 East 8 c.1,000 South West 9 c.1,000 West 10 c.600 South East 11/12 c.2,000 East & West London Volumes per operating area PRELIMINARY & INDICATIVE
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55HALF YEAR RESULTS 2026 Savings from resizing central support teams and moving selected roles to lower-cost UK locations over time ORGANISATIONAL CHANGES - EFFICIENCY Near-term cost reductions from the voluntary exit scheme and productivity benchmarking to align team sizes to activity levels BAU SAVINGS 1 Further savings from moving to fewer, larger regions and removing duplicated regional roles and office costs REGIONAL RE-ORGANISATION SAVINGS 2 Additional savings from reducing workforce requirements as annual completions fall to c.12k REDUCED ACTIVITY SAVINGS 3 VISTRY SERVICES 4 Vistry’s organisation changes will align the cost base to its revised scale through divisional overhead savings, a lighter central hub and group functions and create a more focused and efficient Group People investment should be focused at site level, improving the quality of project level teams STRATEGIC EVOLUTION Targeting £50m of overhead savings in 2027, with further improvements by 2029
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56HALF YEAR RESULTS 2026 TIGHTENING CONTROLS AND MANAGING RISK A more disciplined approach to risk management will strengthen opportunity selection, clarify management expectations and improve downside protection - More prescriptive investment criteria: “Golden Rules” - Earlier involvement of Investment Committee - Proactive CEO intervention STRONGER GOVERNANCE 1 - Reduction in house type range - Introduction of Partner Matrix to increase standardisation of approach - Increased use of framework agreements INCREASED CONSISTENCY & STANDARDISATION 2 - Concentration of experienced management in fewer regions - Clearer accountability for operational delivery - Reduced pressure on growth, separation of land buying from regions STRUCTURE AND PEOPLE 3 - Revised approach to management of site contingencies - Review of incentive arrangements with greater emphasis on multi-year view - Data workstream to develop quality of management information MEASUREMENT & MONITORING 4 STRATEGIC EVOLUTION
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57HALF YEAR RESULTS 2026 BUILDING THE RIGHT CULTURE Great opportunity to align our people behind our purpose-led mixed tenure model, creating a strong culture where we do the right thing Understanding of the strategy The clearer and simplified strategy will ensure all teams understand key goals and how we will get there. Fostering a unified culture Alignment around a clear, shared Vistry culture will reinforce consistent behaviours and decision-making Align annual and long-term incentives more closely with strategic priorities and sustainable value creation Need for consistent set of expectations across the business Consistent execution from clearer and reinforced expectations across leadership, performance and ways of working will strengthen accountability, align incentives and common behavioural standards Engagement with the CEO Review has been strong and has highlighted a large core of colleagues across the Group who are aligned with our purpose of building high-quality housing that serves to solve the housing crisis DEEP DIVE
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58HALF YEAR RESULTS 2026 SIMPLIFYING VISTRY FROM 25 16k 100 3 c.10k units c.51k plots TO 12 12k 35 1 c.6k units c.36k plots Regions Volume Standard house types OM brands Vistry Works Owned land bank
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59HALF YEAR RESULTS 2026 GETTING THE FUNDAMENTALS RIGHT We have conducted a rigorous site by site review, which showed… Analysis of this proves that the Vistry model works when we have.. Strategic evolution intended to ensure we get this right 100% of the time through… c.60% of sites deliver high, cash backed margins and ROCE For c.40% of sites returns are too low and cash drag too high The right deal structure • High-quality partner • Back-to-back agreements with the right profile and terms The right tenure strategy • Complementary mix • Optimised for specific site and market conditions The right execution • Effective Open Market sales conversion • Efficient and cost-effective delivery • Enhanced governance, processes and controls • Culture and leadership • Clear geographic focus and local accountability • Scale that allows us to optimise and flex the mix • Simplify the organisation, land bank brand and product range • Standardise commercial and supplier terms, processes and reporting 1 2 3
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60HALF YEAR RESULTS 2026 FINANCIAL BENEFITS OF STRATEGIC EVOLUTION LOWER DEBT 1 HIGHER MARGIN 2 REDUCED CAPITAL EMPLOYED 3 MORE CONSISTENT RETURNS 4 STRATEGIC EVOLUTION
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61HALF YEAR RESULTS 2026 FIVE YEAR TARGETS Volumes Pre-sold: Open Market mix Operating Margin Land bank 12k p.a. 60% : 40% 12% 3 years owned c.36,000 plots c.£300m Return On Capital Employed 30%+ Average daily Net Debt Operating profit Capital Employed FY31 c.£1.5bn FY31 c.£450m FINANCIAL IMPLICATIONS & TARGETS
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62HALF YEAR RESULTS 2026 CAPITAL STRUCTURE Cash generation: • Targeting 100% Free Cash Flow conversion, supported by tighter discipline of land acquisition, consistency of build programmes and adherence to standard partner contractual terms • Additional cash generated through reduction of land bank and wind-down of sites with high WIP investment in infrastructure Debt targets: • Average daily net debt: - 12 month rolling average to not exceed 1x normalised rolling forecast 12-month EBITDA or 33% of tangible net assets in medium term, c.£300m from FY29 - Targeting reduction to c.£500m in FY27, below £400m in FY28 • Peak debt: maintain headroom of at least 20% of total committed facilities at peak point in any year • Smoother profile in year Land bank • Target land bank: Owned: 3 years, (c. 36k plots), Controlled: 18 months, (c. 18k plots) Land creditors • Continue using deferred land payment where possible with timing of payments to match outflows, and incremental costs to be lower than cost of capital • Manage profile of land creditors to remove lumpiness of large payments in any one year Shareholder distributions • To be reintroduced once sufficient progress has been made on balance sheet • Distribution policy to be reviewed in FY27 with new CFO Cash generation Strengthen balance sheet Manage land bank for sustainable delivery Ordinary returns to shareholders Special returns to shareholders Capital allocation hierarchy FINANCIAL IMPLICATIONS & TARGETS
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HALF YEAR RESULTS 2026 Brimington Heights, Chesterfield 63 TIM LAWLOR Chief Financial Officer CEO REVIEW: FINANCIAL EVOLUTION
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64HALF YEAR RESULTS 2026 FY26 PROFIT EXPECTATIONS £m FY26 FY25 269 FY impact of cash generating actions (69) July 8th Guidance: Approx. APBT excl. CEO Review impact 200 Trading deterioration (35) “Normalised” FY26 APBT 165 Reassessment of deals included in forecast (40) 125 Change in strategy for South East of England (200) Reshaping land bank (250) Other actions (20) (345) Restructuring (40) Goodwill impairment (475) Other exceptionals (115) Profit Before Tax (975) FINANCIAL IMPLICATIONS & TARGETS Asset write-downs/provisions and margin reductions arising from changes in tenure mix, discounting assumptions, timing and programming of build. Deal pipeline revised during CEO Review, removed deals not meeting revised criteria Impact of price discounting to accelerate cash H2 trading profit expectations impacted by cost adjustments and summer OM sales Building Safety and Intangibles Amortisation FY Classification of Exceptionals TBC APBT Items Exceptional Items (confirmed) Described earlier Reduction in headcount and office footprint
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65HALF YEAR RESULTS 2026 MEDIUM-TERM PROFIT EXPECTATIONS FINANCIAL IMPLICATIONS & TARGETS £450m £xxxm £xxxm £xxxm £xxxm£xxxm £xxxm £xxxm FY26 Normalised APBT Add back finance costs FY26 Normalised AOP Volumes Run-off of low margin sites Increase in Open Market Improved Partner Funded pricing Other margin movements Headcount savings FY31 AOP £450m £260m (£90m) £70m £20m £30m £90m £70m £95m £165m
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66HALF YEAR RESULTS 2026 DEBT REDUCTION £m FY27 Avge Debt reduction Avge Debt Reduction to FY29 FY26 Average Daily Debt (775) (775) Impact of lower opening debt 140 140 BAU Cash Generation Profit After Tax 75 500 Building Safety / Restructuring (40) (250) Capital Release Reshape land bank (including South East) 50 300 Land creditor de-leverage - (100) Reduced WIP 25 100 In-year timing profile 25 40 Other - (255) FY27 Average Daily Debt (500) FY29 Average Daily Debt (300) Reduction in capital employed to c.£1,500m by FY31 to be achieved through a combination of: - smaller volumes requiring smaller land bank - improved site selection with greater standardisation of product, simplification of build programme, and faster asset turn 0 200 400 600 800 FY26 FY27 FY28 FY29 Average daily net debt £m FINANCIAL IMPLICATIONS & TARGETS Targeting stabilisation of average daily debt at c.£300m by FY29
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67HALF YEAR RESULTS 2026 FINANCING NEXT STEPS Committed Facilities Available facility £m Maturity Revolving credit facility 500 Apr 2028 Term Loan 400 Apr 2028 USPP Loan 100 Feb 2027 Total committed facilities 1,000 Q4 Refinancing • Banks remain very supportive, evidenced by covenant waiver • In October, Group will commence discussions on extension or refinancing of £900m of bank funding • £100m USPP to be repaid on maturity FINANCIAL IMPLICATIONS & TARGETS FY26 Debt Expectations • H2 average debt now forecast at £750m, impacted by challenging trading conditions and delayed partner deals • FY debt position expected to be broadly neutral, adverse to previous forecast due to Q3 Open Market sales performance and reduced volumes • Land creditors reduced by >£100m since June and £220m since Dec 2025; FY land creditors expected to be £700m
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HALF YEAR RESULTS 2026 Vistry Works, Warrington 68 ADAM DANIELS Chief Executive Officer CEO REVIEW: IMPLEMENTATION PLAN
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69HALF YEAR RESULTS 2026 IMPLEMENTATION PLAN • An internal team has been formed to support with the implementation of the CEO Review conclusions • This team will be supported by external consultants to form a dedicated transformation office • The transformation office will report directly to the CEO and CFO • Regular updates will be provided to the Board throughout the transformation period • Updates will also be shared to the market at each scheduled interaction • Finalisation of financial impact and classification to be concluded for the FY results 2027 2028 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Strengthening commercial discipline Optimising land acquisition and portfolio quality Improving delivery efficiency and site standardisation Simplifying the operating model and organisational structure to reflect new scale Strengthening leadership, performance and accountability Enhancing financial processes and systems Continue to evolve core systems and capabilities Activity Land Commercial Delivery Org People Finance Tech
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70HALF YEAR RESULTS 2026 IMPLEMENTATION PLAN • Tighter controls on site starts and build pace to reduce private WIP exposure • Reduced land buying in H2 to support land bank reshaping • Renegotiation of several deals that did not meet our commercial requirements • Reshaping or exit of certain transactions due to their cash profiles • Targeted pricing actions on slower-moving stock • Exit of part-exchange position • Voluntary exit scheme and targeted recruitment controls Several immediate actions were announced in July to improve Vistry’s cash position… …with further actions taken in Q3 • Initial restructure of land and planning departments; starting wider restructuring process • Introduction of tighter controls to ensure sites that do not meet our criteria are no longer brought to IC • Adherence to a clear set of minimum requirements on deals • Continuing framework agreement negotiations with key partners • Ongoing action to reshape the land bank Action is already underway to address key issues and improve Vistry’s near-term position
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71HALF YEAR RESULTS 2026 IMPLEMENTATION - CLEAR DELIVERY PLANS TO MAINTAIN MOMENTUM 1. DETAILED DELIVERY PLAN DEVELOPMENT 3. TRANSFORMATION PROGRAMME 2. GOVERNANCE & REPORTING • Prioritised initiatives with clear ownership • Initiative charters and milestones • Benefit tracking measures, alongside quantification of impacts Clear ownership and delivery structure • Live delivery dashboards • Progress and milestone tracking • Programme status reporting Visibility and accountability on progress • Ongoing delivery oversight through transformation office • Targeted initiative support • Tracking key risks, blockers and decisions • Delivery momentum and progress monitoring Sustained delivery momentum
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HALF YEAR RESULTS 2026 The Coppice at Pickford Gate 72 ADAM DANIELS Chief Executive Officer CEO REVIEW: SUMMARY
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73HALF YEAR RESULTS 2026 CEO REVIEW SUMMARY • Refocused geographic coverage • Reduced, capital light land bank • Site strategies revised to deleverage the Group • Lower risk delivery profile • Exit Open Market exposure in SE England • Increased project level oversight • Enhanced controls & governance • Reshaped business to focus on the best quality opportunities • More consistent partner deals with high-quality partners Brimington Heights, Chesterfield
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HALF YEAR RESULTS 2026 Arora, Clapham Park, London 74 ADAM DANIELS Chief Executive Officer CURRENT MARKET CONDITIONS & OUTLOOK
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75HALF YEAR RESULTS 2026 CURRENT MARKET CONDITIONS & OUTLOOK • SAHP awards providing momentum with immediate conversion of pipeline • Subdued customer confidence and stretched affordability for FTBs • Multi-decade high bond yields have made pricing particularly challenging OPEN MARKET AFFORDABLE HOUSING PRS • Refined forward order book of £3.3bn (Sep 25: £3.7bn) has the Group 91% forward sold for FY26 • Open Market conditions became more challenging over the summer months, slowing to 0.3 reservations per outlet per week • First wave of SAHP funding allocation underpins our expected deal flow through the remainder of H2 • Group’s H2 performance will benefit from a higher weighting of volumes and improved margins • As noted in July, H2 will see the conclusion of certain transactions delayed from H1, profit driven by land sales as we start to reshape the land bank, lower overheads and there will be a reduction in profit headwinds related to cash generation actions
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76HALF YEAR RESULTS 2026 GUIDANCE FY26 • We are in the process of finalising the classification and quantification of items related to the exit from the South East of England and changing site strategies in the land bank. We anticipate that the impact of these items in year will be around £470m • In addition, there has been a £40m downward revision of year-end profit to reflect partner deals that, following the CEO Review, are no longer targeted for this year to allow time for renegotiation to meet our revised criteria • Excluding the impacts of the items above we would expect APBT to be in the region of £165m • Expect FY average daily net debt to be c.£775m, with the position as at 31 December 2026 broadly neutral FY27 • Subject to broadly stable market conditions, expect c.£185m APBT • Average daily net debt expected to reduce to c.£500m Medium Term • Volumes of 12k annually, 60% of which will be Partner Funded • AOP margin of 12% • APBT c.£400m • ROCE 30%+ • Average daily net debt of c.£300m
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HALF YEAR RESULTS 2026 Wolsey Park, Rayleigh ADAM DANIELS Chief Executive Officer CONCLUSIONS 77
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78HALF YEAR RESULTS 2026 THE FUTURE OF VISTRY Vistry will be a lower-risk, capital-light, specialist mixed-tenure housebuilder focused on partner-backed demand and selective Open Market exposure CAPITAL LIGHT, INDUSTRY LEADING ROCE BUSINESS FOCUSED OPERATIONS WORKING WITH HIGH-QUALITY PARTNERS IN OUR STRONGEST GEOGRAPHIC LOCATIONS SCALE AND SIZE TO SUIT THE OPPORTUNITY AND DELIVER MARGIN EXPANSION SIMPLER, FOCUSED, DISCIPLINED Consistent adherence to mixed-tenure model Right tenure mix More focused & agile platform Reshaped land bank with more selective approach More focused organisational structure to drive consistent delivery Reduced balance sheet and average net debt Reducing owned land bank to 36k plots, 3 years c.60% partnerships c.40% Open Market c.12,000 units pa to optimise schemes Greater alignment of profit and cash delivering c.30% ROCE Reducing operational areas from 25 to 12; project led focus Land teams focused on quality of opportunity and risk profile Vistry will prioritise cash conversion and returns over volume to support consistent, sustainable value creation
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HALF YEAR RESULTS 2026 Q&A The Fairways at Brackley Village 79
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80HALF YEAR RESULTS 2026 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
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HALF YEAR RESULTS 2026 81 APPENDICES Vistry Works Factory, Bardon 81
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82HALF YEAR RESULTS 2026 REVENUE AND ASP CALCULATIONS 1) Total units at share removes JV and JO share of units. Please see slide 87 for further information on our joint ventures’ per formance. 2) Group total adjusted revenue of £1,703.3m includes other revenue of £103.4m (H1 25: £132.4m), relating to land, commercial an d part-exchange revenue, which is not included in the above. 3) Adjusted revenue has been restated to include grant income. Grant income is directly linked to the delivery of eligible homes and forms part of the economic value generated from these transactions. Its inclusion within adjusted revenue provides a more representative measure of the Group's underlying trading activity. The impact on adjusted revenue is an increase of £32.1m in H1 26 and £15.9m in H1 25. H1 26 H1 25 £m unless otherwise stated Partner Funded Open Market Housing Total Partner Funded Open Market Housing Total Total units (at 100%) 4,351 1,953 6,304 5,055 1,834 6,889 JV elimination (440) (271) (711) (369) (253) (622) JO elimination (81) (32) (113) (88) (40) (128) Total units at share(1) 3,830 1,650 5,480 4,598 1,541 6,139 Adjusted revenue (2) (3) 967.9 632.0 1,599.9 1,136.9 599.8 1,736.7 Average selling price (£k) 253 383 292 247 389 283
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83HALF YEAR RESULTS 2026 ADJUSTED FINANCE COSTS (£m) H1 26 H1 25 Net bank interest payable (24.9) (24.0) Amortisation of prepaid facility fees (1.0) (1.0) Bank interest (25.9) (25.0) Unwind of discount on land creditors (18.1) (11.4) Unwind of discount on land debtors 1.8 - IFRS 16 interest on leases (3.1) (2.7) Pension financing 0.8 0.9 Other 1.0 - Other net finance costs (17.6) (13.2) Net JV finance costs (3.6) (5.6) Total adjusted net finance costs (47.1) (43.8)
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84HALF YEAR RESULTS 2026 For the six months ended 30 June 2026 Reported Share of joint ventures Exceptional items Amortisation of acquired intangibles Government grant income Other operating income Adjusted Revenue 1,418.2 253.0 - - 32.1 - 1,703.3 Gross profit (70.7) 16.3 67.7 - 32.1 23.3 68.7 Operating profit (624.2) 15.2 553.0 19.8 - - (36.2) Profit before tax (661.3) (0.3) 558.5 19.8 - - (83.3) BRIDGE BETWEEN ADJUSTED AND REPORTED RESULTS BY GROUP For the six months ended 30 June 2025 Reported Share of joint ventures Exceptional items Amortisation of acquired intangibles Government grant income Other operating income Adjusted Revenue 1,635.6 217.6 - - 15.9 - 1,869.1 Gross profit 158.8 33.6 (1.8) - 15.9 25.7 232.2 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
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85HALF YEAR RESULTS 2026 EXCEPTIONAL AND ADJUSTING ITEMS £m H1 26 H1 25 Building safety (73.2) (3.5) Exceptionals – CMA voluntary commitment - (12.8) Exceptionals – Restructuring, integration and other costs (10.3) (3.3) Impairment of goodwill (475.0) - Amortisation of acquired intangible assets (19.8) (19.8)
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86HALF YEAR RESULTS 2026 FORWARD SALES 24 Sep 2026 30 June 2026 31 Dec 2025 30 June 2025 Partner Funded 2,825 2,897 3,089 3,197 Open Market 489 375 285 401 Total Group 3,313 3,272 3,374 3,598 £m FY26 FY27 FY28+ Forward order book unwind 1,376 1,234 703 The Group has refined its forward order book definition to comprise only exchanged or otherwise legally contracted orders and to exclude contracts which have progressed to agreed terms but not yet exchanged and future contracts on existing sites where formal exchange has not yet taken place.
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87HALF YEAR RESULTS 2026 Gross profit 16.3 32.7 Operating profit Adjusted JV profit 15.2 (4.6) 32.2 15.6 JV PROFIT AND ASP H1 26 H1 25 Partner Funded Open Market Other Total Total JV units 874 517 1,391 1,216 JV units at share 434 246 680 594 JV revenue at share (£m) 140.4 96.7 15.9 253.0 217.6 JV ASP (£k) 324 393 349 326
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88HALF YEAR RESULTS 2026 JV BALANCE SHEET H1 26 FY25 £m unless otherwise stated Total Group’s share Total Group’s share Inventories 1,612.3 807.4 1,624.4 812.2 Land creditors (198.1) (101.6) (215.1) (107.5) Amounts owed to members (1,254.4) (624.8) (1,254.7) (627.3) Amounts owed by members 293.2 146.6 304.7 152.3 Other assets 136.7 68.7 115.7 57.9 Other liabilities (301.1) (150.5) (278.9) (139.5) Capital employed 288.6 145.8 296.1 148.1 Cash & cash equivalents 39.0 18.9 52.9 26.1 Borrowings (152.2) (76.1) (185.1) (92.7) JV net assets 175.4 88.6 163.9 81.5 Gross loans to JVs 653.2 604.2 Consolidation adjustments (5.6) (4.9) Carrying value of investment 736.2 680.8
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89HALF YEAR RESULTS 2026 LAND BANK – JV OWNED AND CONTROLLED Land bank 30 June 2026 31 Dec 2025 Change Owned 50,967 51,670 (1%) - of which relates to JVs 14,452 15,166 (5%) Controlled 20,721 19,831 4% - of which relates to JVs 10,221 10,684 (4%) Total owned and controlled 71,688 71,501 - - of which relates to JVs 24,673 25,850 (5%)
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90HALF YEAR RESULTS 2026 STRATEGIC LAND Movement Total plots Opening 76,368 Additions 95 Transferred to land bank (642) Land sales (384) Removed from strategic land bank (1,400) Adjustments (319) Closing 74,356 30 June 26 31 Dec 25 Number of Plots Total sites Total plots Total sites Total plots 0 - 150 50 4,145 51 4,287 150 - 300 49 10,047 50 10,229 300 - 500 27 9,439 33 11,603 500 - 1,000 22 14,148 23 14,722 1,000 + 20 36,577 20 35,527 Total 168 74,356 177 76,368
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91HALF YEAR RESULTS 2026 OTHER ASSETS (£m) 30 June 2026 31 Dec 2025 Debtors - Trade receivables 269.7 286.8 - Contract assets 233.5 270.2 - Prepayments and accrued income 48.0 64.3 - Other receivables 54.7 44.5 Right of use assets 88.7 90.4 Deferred tax asset 5.4 - Current tax asset 9.2 - Property, plant and equipment 26.3 27.3 Other assets 735.5 783.5
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92HALF YEAR RESULTS 2026 OTHER LIABILITIES (£m) 30 June 2026 31 Dec 2025 Creditors - Trade payables 323.2 391.8 - Contract liabilities 110.4 66.5 - Other payables 5.5 36.3 - Accruals 265.2 278.9 - Other financial liabilities - 7.3 Deferred income 39.7 41.6 Other tax and social security 10.1 23.9 Lease liabilities 98.2 98.1 Deferred tax liability - 47.5 Current tax liability - 7.5 Provisions (excluding building safety) 80.7 75.9 Other liabilities 933.0 1,075.3
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93HALF YEAR RESULTS 2026 LAND CREDITOR PAYMENT PROFILE The land creditor payments profile is on a contractual cash basis. Balance sheet creditors figure of £871.2m as at 30 June 2026 (31 December 2025: £989.7m) is on an IFRS accounting basis. 585.7 175.2 89.2 70.7 920.8 581.5 286.8 92.8 89.4 1050.5 £0m £200m £400m £600m £800m £1,000m <1 year 1 - 2 years 2 - 3 years >3 years Total At 30 Jun 2026 At 31 Dec 2025