Persimmon Plc · LSE:PSN
Persimmon — H1 2025 Earnings Presentation
36 slides from Persimmon's earnings presentation, 2025
Slide 1: Continued Growth on a Differentiated Platform
CONTINUED GROWTH ON A DIFFERENTIATED PLATFORM
Slide 2: Growing returns into the medium-term
Growing returns into the medium-term Supported by market fundamentals and a pro-housing government
Slide 3: Strong performance in a challenging market
Strong performance in a challenging market 165 277 191 4,605 11 4 4 93.8 67,636
Slide 4: Andrew Duxbury
(@ Persimmon x Together, we make your hom: ~— fogether, we make your home > —_ > Q x =) Q > o om xe) Cc <
Slide 5: Delivering further growth
(@®@ Persimmon Delivering further growth ee H1 2025 H1 2024 Change New home completions 4,605 4,445 +4% Average selling price £284,047 £263,288 +8% New housing revenue £1,308m £1,170m +12% Gross profit’ £262.4m £235.4m +11% Gross margin — New housing? 20.1% 20.1% Obps Operating profit? £172.0m £152.
Slide 6: Delivering homes at affordable prices
Delivering homes at affordable prices ▪ - ▪ ▪ ▪ ▪ - ▪
Slide 7: Underlying operating profit bridge
Underlying operating profit bridge ▪ ▪ To be updated ▪ ▪
Slide 8: A strong balance sheet
A strong balance sheet Litt Jun 2025 Dec 2024 Change Jun 2024 Change Land £2,289m £2,266m +£23m £2,104m +£185m = ¢.4,870 build equivalent units Work in progress £1,695m £1,426m +£269m £1,512m +£183m at 30 June (2024: c.4,440) Land creditors £401m £423m £(22)m £317m +£84m = 757 part exchange properti
Slide 9: Disciplined cash deployment for growth
Disciplined cash deployment for growth ▪ ▪ 154 Cash 31 December 2024 Cash inflow from operations Increase in WIP Other working capital and other movements Interest and tax Capital expenditure Investing & finance Cash pre-land and building safety Net investment in land Cash pre-building safety Buildi
Slide 10: Good progress on building safety
Good progress on building safety ▪ ▪ ▪ ▪ ▪
Slide 11: FibreNest disposal
FibreNest disposal ▪ ▪ ▪ - - Capital will be used for investment in growth and capabilities, including new land acquisitions
Slide 12: Strong balance sheet allows disciplined investment into land
Strong balance sheet allows disciplined investment into land ▪ ▪ ▪
Slide 13: Good quality land portfolio, with strong embedded margins
Good quality land portfolio, with strong embedded margins ▪ ▪ ▪ - ▪
Slide 14: Clear priorities for capital allocation
Clear priorities for capital allocation
Slide 15: Financial outlook
Financial outlook Continued growth 2025 New home completions 11,000-11,500 Net finance expense c.£20m Underlying operating margin 14.2%-14.5% Tax rate €.29% Net land spend’ £400m-£550m Building safety remediation spend c.£100m Cash £nil-£200m Land creditors £350m-£550m 1. Net cash spend on land in t
Slide 16: Continued Growth on a Differentiated Platform
CONTINUED GROWTH ON A DIFFERENTIATED PLATFORM Dean Finch
Slide 17: Our strategy continues to drive growth
Our strategy continues to drive growth Delivering growth in a challenging market
Slide 18: High quality land bank and growing outlets
High quality land bank and growing outlets ▪ ▪ ▪ ▪ ▪ - A platform for growth ▪ ▪
Slide 19: Strength of strategic land bank
Strength of strategic land bank ▪ ▪ ▪ - - ▪ - ▪ A platform for growth ▪ ▪ ▪
Slide 20: Sustained quality and service progress
Sustained quality and service progress ▪ ▪ ▪ ▪ - - - A platform for growth ▪ ▪ ▪
Slide 21: Consistent improvement in sales & marketing
Consistent improvement in sales & marketing ▪ ▪ - ▪ - - ▪ - ▪ A platform for growth ▪ ▪ ▪
Slide 22: Three strong brands providing diversification
Three strong brands providing diversification ▪ - - ▪ - - - ▪ - - A platform for growth ▪ ▪ ▪
Slide 23: Innovation and unique vertical integration
Innovation and unique vertical integration ▪ ▪ - - - - ▪ ▪ - - ▪ A platform for growth ▪ ▪ ▪
Slide 24: A good start to H2 2025
A good start to H2 2025 ▪ - - ▪ - - ▪ - - 5 A platform for growth ▪ ▪
Slide 25: Our strategy will continue to drive growth
Our strategy will continue to drive growth ▪ - - ▪ - ▪ - ▪ - - - ▪ - -
Slide 26: Appendices
ur home Appendices “=~ Together, we make yo = iS) E E aa _ OE a Ss
Slide 27: Appendices
APPENDICES am Persim Together, we make Underlying trading performance Underlying trading per plot Trading performance — Brand Balance sheet — key items Cash flow Forward order book Monthly mortgage approvals Oo NOM a wWN a Net zero transition pathway 27° Half Year Results 2025
Slide 28: Underlying trading performance
Underlying trading performance
Slide 29: Underlying trading per plot
APPENDIX 2 Underlying trading per plot besa (@®@ Persimmon New housing per plot H1 2025 H1 2024 Change H1 2025 H1 2024 Change Revenue £284,047 £263,288 +7.9% 100.0% 100.0% Land costs £(33,800) £(31,926) +5.9% (11.9)% (12.1)% +20bps Build and other direct costs £(193,274) £(178,411) +8.3% (68.0)% (67
Slide 30: Trading performance - Brand
APPENDIX 3 Trading performance - Brand fae (@ Persimmo New housing H1 2025 H12024 ~—- Change New housing H12025 H12024 — Change No. No. £m £m Units Persimmon 3,543 3,372 +5% Gross Persimmon 202.4 179.4 +13% Charles Church 444 370 +20% Fi Charles Church 43.3 35.5 +22% Partnerships 618, 703 (12)% Part
Slide 31: Balance sheet - key items
APPENDIX 4 Balance sheet - key items (@®@ Persimmon Together, we make your home Jun 2025 Jun 2024 Change Dec 2024 Work in progress £1,694.7m £1,511.8m +£182.9m £1,426.3m Land £2,289.2m £2,103.6m +£185.6m £2,265.5m Land creditors £401.1m £317.2m +£83.9m £423.2m Part exchange £163.8m £122.4m +£41.4m £
Slide 32: Cash flow
APPENDIX 5 Cash flow £m H1 2025 H1 2024 Operating cash generated (before working capital movements) 182.9 164.7 Movement in working capital: (Increase) / decrease in gross land (23.0) 0.5 Decreasein land creditors (26.6) (56.3) Net land movement (49.6) (55.8) Increasein WIP, part exchange and showho
Slide 33: Forward order book
APPENDIX 6 Forward order book M Pesinmon 30 June 2025 30 June 2024 Variance Forward order book Units ASP Revenue Units ASP Revenue Units ASP Revenue Private 3,338 £291,514 £973m 2,971 £290,660 £863m 412.4% +0.3% 412.7% Housing Association 3,667 £158,816 £582m 3,477 £159,583 £555m +5.5% (0.5)% +4,9%
Slide 34: Monthly mortgage approvals
APPENDIX 7 Monthly mortgage approvals ‘coe Stable in the first six months (@®@ Persimmon ‘000s 120 Dec 2020: 101,200 100 Dec 2015: 80 Dec 2013: 71,000 72,800 Dec 2024: 66,500 Dec 2021: 60 Dec 2019: Dec 2014: Dec 2017: 65,900 aiey 60,100 Average monthly 62,000 Dec 2023: approvals since ec B 40 beginn
Slide 35: Net zero transition pathway
(@®@ Persimmon Net zero transition pathway vec Thermally efficient ground sar (3) Integrated photovoltaic panels Panelised off-site manufacturing using Space4 9) Wastewater heat recovery from fully insulated timber frame shower Gen4 bricks from our Brickworks factory © ae tiles from our Tileworks ‘a
Slide 36: Disclaimer
Disclaimer @ Persimmon Important Notice Some of the information in this document may contain projections or other forward-looking statements regarding future events or the future financial performance of Persimmon Plc and its subsidiaries (the Group). You can identify forward-looking statements by t