Slide 1: Half Year Results to 31 March 2026
Half Year Results to Cardiff 31 March 2026 Operational progress & proactive strategy for continued Cardiff Cardiff Sherlock Street, diversification Birmingham 27 May 2026
Slide 2: Agenda
Agenda 1. Overview 2. Market Review 3. HY26 Financial Results 4. Outlook 5. Operational Updates 6. Summary Alex Pease Chief Executive Officer Simon Jones Chief Financial Officer Watkin Jones plc. HY26 Results 2
Slide 3: Overview
Overview Leatherhead - BTR Dunaskin Mill - Refresh Venti House, Stratford - PBSA Cardiff – Development Partnership 3
Slide 4: HY26 Overview
HY26 Overview Operational execution & proactive revenue diversification Strong Cash Delivery Transactional & Reduced Debt Position Execution Progress Visible Adjusted Revenue Pipeline Operating Diversification Profit to FY31 Gross £67.1m Delivery: 3 scheme completions in FY26 2 x Development transac
Slide 5: Proactive Strategy for Growth
Proactive Strategy for Growth Diversification to grow volumes & revenue Proactive strategy to Sector Coverage - Integrated Platform - Focus of Execution Diversify Model widening the Capacity for Greater and Efficiency addressable market Volumes • Specialist expertise across • Targeted focus on Tier
Slide 6: Adjacent sectors, markets & structures
Adjacent sectors, markets & structures Greater sector and market coverage Structure Partner WJ Role Scale University Partnerships Case Study : Bristol • Universities > seeking private partnerships • Ageing underutilised estates & challenged finances • Development Partnership & Refresh Opportunities
Slide 7: Market Review
Market Review Tai Afon, Cardiff
Slide 8: Investment Market – Living sector
Investment Market – Living sector Geopolitical conflicts impacting pace of recovery Investment volumes (rolling 12 months) 1 • Q1 2026 –Liquidity focused on operational investment • PBSA Q1 volumes up - £2.1bn 1 (c. £1.5bn - 3 deals incl Unite/Empiric) Billions 10 • Multifamily volumes down £2.5bn t
Slide 9: PBSA – supply, demand, operational
PBSA – supply, demand, operational Stabilisation of operational demand Lettings and occupancy trends have normalised to pre-COVID patterns 7 Student demand – Performance varied in occupational markets 100% • Total university applications +3.1% 90% 80% • Flight to quality & focus on high-tariff unive
Slide 10: BTR – supply, demand, operational
BTR – supply, demand, operational Performance strong but viability challenged BTR starts down over time 1 45 Focus on operational assets with strong performance Thousands 40 35 • Operational stock = 68% of investment 9 30 25 • Occupancy remains strong at ~97% 10 20 15 • Rental growth forecasted 3.5%
Slide 11: Investor trends & sentiment
Investor trends & sentiment WJ focus aligned with investor demand Current investment vs targeted in next 1-3 years 9 • Living sectors core & growing part of institutional 60% portfolios: 50% • 96% of investors plan to increase allocations 9 40% • Capital remains cautious but active 30% • Growing sho
Slide 12: HY26 Financial Results
HY26 Financial Results Lady Pirrie House, Belfast
Slide 13: Resilient performance
Resilient performance £0.4m Operating Profit, in line with HY25 £M HY26 2 HY25 2 FY25 1 • Gross trading profit % increase by +3% to 14.2%, Revenue 100.2 129.2 279.8 vs 11.2% in HY25 due to continued focus on COS (90.8) (114.8) (253.3) delivery efficiency and cost JV Land Sale 3 4.9 - 8.2 Core Tradin
Slide 14: Cash
Cash >£110m Cash & Available Facilities £M HY26 HY25 FY25 • Strong cash position retained with over Net Cash From Operating Activities (6.2) (6.4) (14.1) £67m gross and £61.3m net cash Net Cash from Disposal of Subsidiary 6.1 - 15.7 Total Trading Net Cashflow (0.1) (6.4) 1.6 • Trading cashflow impro
Slide 15: Balance sheet
Balance sheet Balance sheet remains strong with c.£125m net assets £M HY26 HY25 FY25 • Net asset position remains strong at £124.7m ROU & Leased Assets 18.3 23.7 20.3 or 45p per share Other Non-Current Assets 53.2 46.9 49.3 Total Non-Current Assets 71.5 70.7 69.6 • Inventory and WIP impacted by inve
Slide 16: Outlook and pipeline
Outlook and pipeline Venti House, Stratford
Slide 17: Pipeline
Pipeline Total pipeline maintained at £2bn PBSA £0.8BN PIPELINE BTR £0.7BN PIPELINE DEVELOPMENT PARTNERSHIP £0.5BN PIPELINE Forward Site Unsecured Sold Secured Forward Sold Forward Unsecured With in Legals in Legals Sold Planning Site Unsecured Secured in Legals With Planning Site Secured STP WJ £2B
Slide 18: Outlook
Outlook Delivering on diversified revenue mix and pipeline • Strong pipeline of c.£300m of secured revenue with c.£90m to be delivered in H2 • Focus on growing volumes & diversifying overall £2bn pipeline • Growth c. >20% in Development Partnerships & Refresh • Under offer on further 5 schemes, havi
Slide 19: Operational Updates
Operational Updates Sherlock Street, Birmingham
Slide 20: Land & planning
Land & planning Viability challenges remain Land Market UK land markets showing value reductions1 • Planning approvals decreased by 34% vs 2021 peak • Viability impacts pricing - Urban land values -5.8% YoY • PLC housebuilders reducing new land acquisition • Govt planning policies should start to ai
Slide 21: Case Study: Acquisition - Co-Living
Case Study: Acquisition - Co-Living Sector diversification and defensive land contract 1 150 Broadway, Wimbledon CGI Scheme • 318 unit Co-living scheme • BREEAM Excellent targeted • WJ & Fresh driving planning, delivery & operations • Target Revenues: +£100m Programme CGI • Target delivery: December
Slide 22: Delivery
Delivery Multifaceted capability and a key differentiator Market Specialist Gateways & Regulation Inflation Achievements in the year • Multifaceted, delivery • Gateway Process & • Iran conflict feeding into • 3 scheme completions capability Regulator – signs of build cost inflation targeted for FY26
Slide 23: Case Study: Delivery
Case Study: Delivery Development Partnership & Delivery expertise 1 Tai Afon, Cardiff Stratford – build progress to date Scheme Programme • 718 BTR apartments (studio, 1, 2 & 3-bed) across • 54-month over two 2 main blocks (29 & 24 floors) phases followed by public realm • Amenities: concierge, priv
Slide 24: Refresh
Refresh A significant and growing market opportunity Increased Market Opportunity Refresh Pipeline Revenue • Significant & growing addressable market • Sector diversification increasing opportunity (Hotel & residential) Exclusive In • Growing capital demand for value add investment strategies Negoti
Slide 25: Case Study: Refresh
Case Study: Refresh Enhanced market position and amenity usage 1 Selly Oak, Birmingham Scheme Counterparty • A remodel, remediation and • Private Equity Partner refurbishment of an existing 329 Studio • Letter of Intent signed PBSA asset located in Birmingham Programme Revenue • 20 weeks from start
Slide 26: Development Partnerships
Development Partnerships Growth & diversification in pipeline Why Development Partnerships Wimbledon - CGI • Leverages development & contractor capability to diversify earnings. • Delivers faster risk adjusted revenue & margins • Balanced, multi tenure risk profile, enabling cross selling with Fresh
Slide 27: Case Study: Development Partnerships
Case Study: Development Partnerships Leveraging expertise into University Partnerships 1 Temple Island, Bristol Scheme Counterparty • Development of 890 room scheme • UPP/University of Bristol for UPP & University of Bristol Status Revenue • Preferred bidder • £120m Consortium Approach Value Enginee
Slide 28: Fresh
Fresh Building on the platform’s capabilities Scaled Platform & PBSA Co-Living & BTR Growth Visibility • 21,660 units under • GSLI Platinum-certified • Bespoke BTR brand in management (UUM) operating platform development: Belong across PBSA, Co-living • Student resident NPS: +38 • BTR – Belfast sche
Slide 29: Summary
Summary The Ard, Glasgow Photo credit: EastSleepArchitecture Tai Afon, Cardiff 29
Slide 30: Summary
Summary Resilient Performance and Execution Strong delivery execution, cash & cost control and continued progress in diversification Leveraging platform and specialist skillsets Agility, prioritisation & targeting of resource to align to market conditions Proactive strategy to diversify and broaden
Slide 31: Q&A
Q&A Lower Bristol Road, Bath Watkin Jones plc. FY25 Results 31
Slide 32: Bibliography
Bibliography 1. Knight Frank 2. Financial Times 3. UCAS 4. NAFSA 5. ICEF 6. OAG 7. Stu Rents 8. Higher Insights 9. Cushman & Wakefield 10. CBRE 11. Savills 12. BPF Watkin Jones plc. HY26 Results 32
Slide 33: Appendix
Appendix Bath Junction, Bath 33
Slide 34: ESG – continued importance & focus
ESG – continued importance & focus Strong start to our updated strategy Launch of our New Social Record Student Supply Chain Maintaining Performing New Future Value Satisfaction Conference – Quality against our new Foundations Framework and Scores in Fresh Raising Awareness Standards Standards Strat
Slide 35: Disclaimer
Disclaimer This presentation has been prepared by or on behalf of Watkin Jones plc (“Watkin Jones”). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentat