Slide 1: Strong Growth; Strong Platform for Further Growth
STRONG GROWTH; STRONG PLATFORM FOR FURTHER GROWTH Full Year Results Presentation 10 March 2026
Slide 2: Growing returns into the medium-term
Growing returns into the medium-term High-quality Three Build quality & Innovation land bank & strong brands Strong customer & vertical growing providing balance sheet service integration outlets diversification Operating margin and ROCE ambition of 20% Increasing shareholder returns Supported by ma
Slide 3: Strong performance in a challenging market
Strong performance in a challenging market Delivery of clear strategy is driving continued growth Underlying PBT Underlying EPS Outlets Net private sales per outlet per week £446m 100.7p 277 0.70 up 13% up 9% up 3% 0.59 ex bulk, up 4% Completions HBF score Owned and controlled Current total forward
Slide 4: Disciplined Investment Driving Growth
DISCIPLINED INVESTMENT DRIVING GROWTH Andrew Duxbury Chief Financial Officer
Slide 5: Delivering growth
Delivering growth 2025 2024 Change New home completions 11,905 10,664 +12% 20% increase in Average selling price £278,203 £268,499 +4% completions over 2 years New housing revenue £3,312.0m £2,863.3m +16% 24% increase in PBT Gross profit £656.3m £582.4m +13% over 2 years Gross margin – New hous
Slide 6: Delivering homes that are affordable
Delivering homes that are affordable Completions split Completions: 2025 2024 Change 17% Legal completions 8% increase in private completions, including 21% increase in BTR investors 9% Private 9,830 9,075 +8% 59% 15% Partnerships 2,075 1,589 +31% 32% of private completions to first-time buyers
Slide 7: Profit growth driven by increased volume and operational excellence
Profit growth driven by increased volume and operational excellence 17% increase in underlying operating profit Significant volume increase; product mix £m has reduced gross margin 22.9 Operating expenses reduced to 6.2% of ASP / mix (16.8) (7.0) revenue (2024: 6.5%) 67.8 472.1 Cost Net 405.2 Vo
Slide 8: Further progress on building safety
Further progress on building safety Completed or on site on 77% of known developments Identified developments 31 Dec 2025 31 Dec 2024 Recently made aware and under investigation 1 1 All known buildings assessed; over 90% fully tendered Pre-tender preparation on-going 4 9 Live tender process 3 -
Slide 9: A strong balance sheet for growth
A strong balance sheet for growth 2025 2024 Change Land £2,592m £2,266m +£326m Enhanced bank facilities to support growth Work in progress £1,634m £1,426m +£208m Investment in land and WIP to drive future growth Land creditors £623m £423m +£200m PX stock of £199m at 31 December 2025 Net cash £
Slide 10: Disciplined cash deployment for growth
Disciplined cash deployment for growth £m £509m cash before net investment in land, remediation and (208) dividend 58 £256m cash before net (109) investment in land 488 Increase Working in WIP capital, PX (38) 65 509 and other Interest movements and tax Capital (6) FibreNest/ (192) (exc. land) e
Slide 11: Increased land activity since inflation stabilised
Increased land activity since inflation stabilised HPI/BCI and plots acquired 20.0% 20,000 15.0% 15,000 10.0% 10,000 5.0% 5,000 0.0% 0 2021 2022 2023 2024 2025 -5.0% Nationwide House price index Build cost inflation Plots acquired (RHS) -10.0% 82,235 plots owned at 1 Jan 2024 were impacted by high
Slide 12: Balance sheet supports disciplined land investment
Balance sheet supports disciplined land investment Assumed Cost to Number of plots average revenue1 Average plot cost assumed revenue 1 Plots owned with detailed planning 40,215 £284,312 £38,080 13.4% Plots owned proceeding to planning 30,021 £307,810 £37,193 12.1% Total owned 70,236 £294,356 £37,70
Slide 13: Good quality land portfolio will drive margin growth
Good quality land portfolio will drive margin growth High levels of confidence over the quality of our land holdings Land plots by site gross margin (as at 31 Dec 2025) 45,000 Embedded site gross margin of c.28% in owned land holdings: 38,550 - Lower proportion of strategically sourced additions
Slide 14: Clear priorities for capital allocation
Clear priorities for capital allocation Full year dividend of 60p per share Strong balance sheet and low leverage Maintain a strong balance sheet through the cycle and prioritise building remediation works Investment in growth and capabilities Investment in new and existing sites to continue outlet
Slide 15: Financial outlook
Financial outlook Continued growth 2025 2026 Guidance assumes market conditions remain New home completions 11,905 12,000-12,500 stable and impact of current conflict is short Net finance expense £26.5m £35-45m Pace of margin recovery continues to be In line with market impacted by embedded infl
Slide 16: Continued Growth on a Strengthened Platform
CONTINUED GROWTH ON A STRENGTHENED PLATFORM Dean Finch Group Chief Executive
Slide 17: Delivering growth now and positioning for future growth
Delivering growth now and positioning for future growth Key enablers 2025 delivery Future growth Growth in outlets; investment in Improved pipeline visibility; driving High-quality land bank & growing short-term and strategic land bank margin improvement into medium outlets at good margins term; on-
Slide 18: High-quality land bank and growing outlets
High-quality land bank and growing outlets Driving growth from strong planning performance 16,309 plots added to the land bank: - Thetford, 673 plots - Tamworth, 1,270 plots - Rugeley, 273 plots Outlets up 3% to 277, compared to a 2% decline in the industry1 Solid planning progress with 12,815
Slide 19: Strategic land driving value and volume
Strategic land driving value and volume Investment in capability underpins future growth and margin 47% of completions from strategic land in 2025 Strategic land - geographic split Over 77k plots within strategic land bank, up 10%: Southern - c.10k plots added in 2025 across 30 sites Yorkshire a
Slide 20: Diversification through three strong brands
Diversification through three strong brands Investment strengthened position in respective markets 2025 delivery Market: affordable, good value; well-placed to meet homeownership aspirations Customer: improved design, placemaking and marketing driving interest +7% Efficiency: enhanced standard
Slide 21: Towcester, Northamptonshire
Towcester, Northamptonshire Persimmon (The Furlongs) - Prices from £185,000 to £499,950 Charles Church (The Farriers) - Prices from £529,995 to £759,995 21 Full Year Results 2025
Slide 22: Volume up while high standards maintained
Volume up while high standards maintained Quality and service embedded Trustpilot Further 3.5% improvement in Construction Quality Review ‘Build Compliance’ score: - 31% improvement since 2021 Reset build programmes: improving quality, reducing costs, building more homes: - Additional Independen
Slide 23: Quality and efficiency through vertical integration
Quality and efficiency through vertical integration In-house materials the preferred choice Factories growth in output Vertical integration essential to meet medium-term targets +54% Significant increase in output across all factories in 2025: +36% - Space4: new robotic roof truss line - Brickwo
Slide 24: Current trading
Current trading Total forward order book up 6% Current total forward order book Total current forward order book up 6% YoY to (including completions post 31 Dec) Units ASP Revenue £1.80bn 1 March 2026 7,493 £239,832 £1,797m Private forward order book up 9% YoY to £1.25bn 2 March 2025 7,377 £228,
Slide 25: Our strategy will continue to drive growth
Our strategy will continue to drive growth 2025 result demonstrates our strategy is delivering Self help driving growth and disciplined investment reinforcing trajectory Macro picture mixed: - Planning reform is supportive, but impact yet to be felt - Mortgage availability has been improving; re
Slide 26: Appendices
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Slide 27: Appendices
APPENDICES 1. Underlying trading performance 2. Underlying trading per plot 3. Trading performance – Brand 4. Completions mix 5. Balance sheet – key items 6. Cash flow 7. Forward order book 8. Monthly mortgage approvals 9. Net zero transition pathway 27 Full Year Results 2025
Slide 28: Underlying trading performance
APPENDIX 1 Underlying trading performance 2025 2024 New housing Total % of revenue Total % of revenue Revenue £3,312.0m £2,863.3m Cost of sales: land cost £(382.2)m (11.5)% £(340.2)m (11.9)% build and other direct costs £(2,273.5)m (68.7)% £(1,940.7)m (67.8)% Total cost of sales £(2,655.7)m (80.2)%
Slide 29: Underlying trading per plot
APPENDIX 2 Underlying trading per plot New housing per plot 2025 2024 Change 2025 2024 Change Revenue £278,203 £268,499 +3.6% 100.0% 100.0% Land costs £(32,102) £(31,907) +0.6% (11.5)% (11.9)% +0.4% Build and other direct costs £(190,977) £(181,982) +4.9% (68.7)% (67.8)% (0.9)% Gross profit1 / margi
Slide 30: Trading performance - Brand
APPENDIX 3 Trading performance - Brand New New housing 2025 2024 Change housing 2025 2024 Change No. No. £m £m Units Persimmon 8,730 8,128 +7% Gross Persimmon 497.4 444.7 +12% Profit 1 Charles Church 1,100 947 +16% Charles Church 101.4 94.0 +8% Partnerships 2,075 1,589 +31% Partnerships 57.5 43.7 +3
Slide 31: Completions mix
APPENDIX 4 Completions mix 2025 2024 Change Open Open Open market Bulk Total market Bulk Total market Bulk Total No. No. No. No. No. No. % % % Persimmon 6,996 1,734 8,730 Persimmon 6,693 1,435 8,128 Persimmon +5% +21% +7% Charles Church 1,076 24 1,100 Charles Church 926 21 947 Charles Church +16% +1
Slide 32: Balance sheet – key items
APPENDIX 5 Balance sheet – key items Dec 2025 Dec 2024 Change Work in progress £1,634.0m £1,426.3m +£207.7m Land £2,592.0m £2,265.5m +£326.5m Land creditors £623.4m £423.2m +£200.2m Part exchange £198.8m £154.4m +£44.4m Shared equity loans £25.7m £29.0m £(3.3)m Net cash £117.0m £258.6m £(141.6)m Sha
Slide 33: Cash flow
APPENDIX 6 Cash flow £m H1 2025 H2 2025 FY 2025 FY 2024 Operating cash generated (before working capital movements) 182.9 305.0 487.9 419.6 Movement in working capital: Increase in gross land (23.0) (304.1) (327.1) (160.8) (Decrease) / increase in land creditors (26.6) 214.9 188.3 47.4 Net land move
Slide 34: Forward order book
APPENDIX 7 Forward order book 31 December 2025 31 December 2024 Change Forward order book Units ASP Revenue Units ASP Revenue Units ASP Revenue Private 2,318 £293,406 £680m 2,360 £276,857 £653m (1.8)% +6.0% +4.1% Housing Association 3,077 £160,056 £492m 3,110 £158,334 £493m (1.1)% +1.1% - Total 5,39
Slide 35: Monthly mortgage approvals
APPENDIX 8 Monthly mortgage approvals Stable in the year ‘000s 120 Dec 2020: 101,200 100 Dec 2015: 80 71,000 Dec 2016: Dec 2024: Dec 2018: 68,400 64,800 66,500 60 Dec 2019: Dec 2021: Dec 2017: 65,900 71,200 Average monthly Dec 2025: Dec 2014: 62,000 approvals since beginning 61,013 60,100 Dec 2023:
Slide 36: Net zero transition pathway
APPENDIX 9 Net zero transition pathway 36 Full Year Results 2025
Slide 37: Disclaimer
Disclaimer 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 the terms suc