Slide 1: Full Year Results 2024
FULL YEAR RESULTS 2024 Greg Fitzgerald Tim Lawlor Stephen Teagle Chief Executive Officer Chief Financial Officer Chief Executive, Partnerships and Regeneration 26 March 2025
Slide 2: Agenda
AGENDA • Introduction • Financial review • Market update • Operational update • Outlook • Q&A Sherford, Plymouth 2
Slide 3: FY24 Headlines
FY24 HEADLINES • Total completions increased 7% to 17,225 units • Partner Funded up by 18%, Open Market down by 15% • Adjusted revenues increased 7% to £4.3bn • Average selling prices remained firm • Build cost neutral - inflation mitigated • 16,508 plots of new land and development opportunities se
Slide 4: Significant Underperformance
SIGNIFICANT UNDERPERFORMANCE • The Group significantly underperformed in FY24, reporting adjusted profit before tax of £263.5m (FY23: £407.3m) South Division summary findings • Principally relate to cost forecasting issues in South Division cost forecasting issues former Housebuilding sites • Total
Slide 5: Financial Review
FINANCIAL REVIEW Tim Lawlor Chief Financial Officer Timber Frame - The Pavillions, Kenilworth, Nottingham 5
Slide 6: Summary of Group Results
SUMMARY OF GROUP RESULTS Adjusted basis unless otherwise stated (£m) FY24 FY23 (1) Change Revenue 4,329.2 4,042.1 7% Operating profit 358.2 476.1 (25%) Operating margin 8.3% 11.8% (3.5ppts) Profit before tax 263.5 407.3 (35%) EPS (pence per share) 55.9p 85.8p (35%) Reported profit before tax 104.9 2
Slide 7: Restatement: Phasing of South Division Impact
RESTATEMENT: PHASING OF SOUTH DIVISION IMPACT APBT impact: Per 8 Nov 24 Revised • Rigorous year end process concluded (£m) Final Update Change APBT • Total quantum of South Division cost adjustments unchanged at £165m Pre-FY23 (8.7) - (8.7) n/a • Analysis of individual movements FY23 (11.8) - (11.8)
Slide 8: Completions by Tenure
COMPLETIONS BY TENURE Total completions by tenure • Partner Funded increased to 73% of Partner Funded Open Market total units reflecting stronger relative demand of the Partner Funded market FY24 27% 25% 21% 27% • Step-up in demand from PRS providers, offsetting slower Open Market delivery • Expect
Slide 9: Revenue and ASP
REVENUE AND ASP FY24 Partner Funded Open Market Other Total • Total units up 7% on FY23, with reduction in Open Market units more Total units 12,633 4,592 - 17,225 than offset by increased Partner Funded Growth 18% (15%) - 7% volumes Adjusted revenue 2,636.2 1,488.2 204.8 4,329.2 Growth 24% (16%) 49
Slide 10: Operating Profit
OPERATING PROFIT Adjusted basis (£m) FY24 FY23 Gross profit down £162.8m • Heavily impacted by South Division cost issues (£91.5m) Gross profit 556.8 719.6 • Full year of Partnerships strategy change - margin reduction was expected as a result of shift in tenure mix Gross margin 12.9% 17.8% • Q4 vol
Slide 11: Adjusted Net Earnings
ADJUSTED NET EARNINGS £m FY24 FY23 Net bank interest up £14.2m • Average daily debt £698m vs £586m in FY23 Adjusted operating profit 358.2 476.1 • Average cost of debt up 0.5ppts to 7.0% Net bank interest (57.6) (43.4) Other net finance costs up £10.2m Other net finance costs (25.5) (15.3) • Driven
Slide 12: Building Safety
BUILDING SAFETY Provision Buildings £m Costs FY24 FY23 Provision as at 31 Dec 2023 237 289.0 Building safety provision costs: Additions (117.1) (11.7) Building safety provision costs: Transfer to JV 20.9 18.6 Additions 41 117.1 Discount unwind (8.0) (19.4) Transfer to JV (10) (20.9) Provision recogn
Slide 13: Adjusted Net Earnings to Reported Profit
ADJUSTED NET EARNINGS TO REPORTED PROFIT £m FY24 FY23 Adjusted net earnings 188.9 296.9 Exceptionals – Building safety (114.7) (19.3) Exceptionals – Restructuring, integration and other costs (14.1) (46.3) Amortisation of acquired intangible assets (39.5) (46.3) Tax adjustment 53.9 30.0 Reported pro
Slide 14: FY24 Cashflow
FY24 CASHFLOW FULL YEAR RESULTS 2024 14
Slide 15: Land Bank Movements
LAND BANK MOVEMENTS Plots Total Owned Controlled • Some progress in land bank reduction: - Land bank of 4.4 yrs (target: Brought forward 76,434 55,707 20,727 <4.0 yrs) Land acquired 13,731 8,314 5,417 • Increase in proportion of controlled land to 31% (target: 33%) Transferred from strategic 701 295
Slide 16: Strategic Land
STRATEGIC LAND FY24 FY23 Total sites Total plots Total sites Total plots • Added 5,439 new plots to strategic land bank in FY24 0 - 150 plots 55 4,322 60 4,769 • Key opportunity area due to 150 - 300 plots 53 10,930 54 11,078 expected improvements in planning processes 300 - 500 plots 31 10,745 34 1
Slide 17: Capital Employed
CAPITAL EMPLOYED £m 31 Dec 24 31 Dec 23 Work in progress 1,133.3 1,198.5 Land 1,875.0 1,881.7 Land creditors (739.9) (662.2) Net investment in inventories 2,268.4 2,418.0 Investments & amounts due from JVs 614.0 562.7 Other assets 874.0 738.5 Other liabilities (1,243.5) (1,308.6) Capital employed 2,
Slide 18: Financing
FINANCING Targeting reduction in Significant headroom against covenants indebtedness Banking covenants Covenant FY24 HY24 FY23 • Steady reduction in debt Gearing(1) < 75% c. 45% 44% 36% levels expected during FY25 Tangible Net Worth(2) > £1.2bn c. £2.0bn £2.1bn £2.1bn • Reduced year-end net debt, In
Slide 19: Capital Allocation
CAPITAL ALLOCATION Capital allocation hierarchy • Board’s view on capital allocation hierarchy remains unchanged • Group will continue to invest in development opportunities in Cash generation line with our growth forecasts • Group announced £130m buyback programme in September 2024 comprising two e
Slide 20: Market Update
MARKET UPDATE Stephen Teagle Chief Executive - Partnerships and Regeneration Linden Homes - Monument View, Wellington 20
Slide 21: 2024 Partner Highlights
2024 PARTNER HIGHLIGHTS £3.4bn 220 NEW deals working with In NEW 70 PARTNERS NEW Partner partner contracts contracts signed FPRP To deliver 13,755 LA Other RP Deals with PRS homes a range of providers 10 NEW partners FULL YEAR RESULTS 2024 21
Slide 22: New Deals in All Regions
NEW DEALS IN ALL REGIONS FULL YEAR RESULTS 2024 22
Slide 23: Fundamentals of PRS Market Driving Growth
FUNDAMENTALS OF PRS MARKET DRIVING GROWTH • PRS market demonstrated strong growth in 2024 • Market characterised by high volumes of Q4 deals • Single Family Housing now 50% of market • New entrants seeking to build scale quickly • Frameworks with existing partners - Sigma, Leaf, Gatehouse Bank • Fur
Slide 24: Open Market Demand
OPEN MARKET DEMAND • Open Market sales remained constrained by affordability however - Significant increase in website traffic – 85% YOY - 13% increase in high-intent leads • Optimistic we will see some recovery in FY25 with pace of recovery influenced by - Timing of any further interest rate cuts -
Slide 25: Evolution of Housing Policy
EVOLUTION OF HOUSING POLICY FULL YEAR RESULTS 2024 25
Slide 26: Affordable Housing Starts Fell by 35% in 23/24
AFFORDABLE HOUSING STARTS FELL BY 35% in 23/24 Affordable housing starts 70,000 70% Nil grant Section as % of new affordable housing supply 60,000 60% Total new build affordable housing starts 50,000 50% 40,000 40% 30,000 30% 20,000 20% 10,000 10% 0 0% 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Slide 27: Supply Side Initiatives – Strong Progress at Pace
SUPPLY SIDE INITIATIVES – STRONG PROGRESS AT PACE Land and planning • Restoration of mandatory housing targets with significant increase in numbers • Requirements for local level ‘6-year’ plans • Default ‘yes’ answer to brownfield development • ‘Common sense’ approach to greenbelt development, with
Slide 28: Demand Side Initiatives – Demonstrating Commitment
DEMAND SIDE INITIATIVES – DEMONSTRATING COMMITMENT RP and LA funding and delivery programmes • Additional funding to Affordable Housing Programme - £800m • Bring forward £2bn funding to bridge between Affordable Homes Programmes • Long term capital funding to support investment from RPs and LAs • 10
Slide 29: Partner Momentum
PARTNER MOMENTUM • Partner activity in Q1 has been relatively quiet but expect activity to step-up as we progress through FY25 • Assembling bids that can immediately deliver under the £2.8bn injection of new grant funding • Initial c. £20m allocation of top-up grant funding anticipated under our Str
Slide 30: Operational Update
OPERATIONAL UPDATE Greg Fitzgerald Chief Executive Officer Rivers Edge, Warrington 30
Slide 31: Key Priorities for 2025
KEY PRIORITIES FOR 2025 1 2 3 Cash Embed new Standardise and generation leadership enhance control and structure environment FULL YEAR RESULTS 2024 31
Slide 32: 1. Cash Generation
1. CASH GENERATION • Estimated £200m excess WIP targeted to be released during year • Weekly Executive monitoring of stock levels • Work in progress controls linked to site stock positions • Housebuilding landbank release slower than anticipated due to market conditions and issues encountered in the
Slide 33: 2. Embed New Leadership and Structure
2. EMBED NEW LEADERSHIP AND STRUCTURE • New divisional structure put in place at start of 2025 Chief Executive • Reduced reporting layers to create Officer greater transparency and agility • Operational leadership team all have extensive Partnerships experience • Mandated five days a week working in
Slide 34: 3. Standardise and Enhance Control Environment
3. STANDARDISE AND ENHANCE CONTROL ENVIRONMENT • Clear message of compliance to all regions • Life of Site procedures updated in 2024 to ensure a consistent, best practice approach across the Group • New Investment Committee launched • Investment in additional assurance capability at Divisional and
Slide 35: Positioning Group for Rapid Response to Demand Side Improvement
POSITIONING GROUP FOR RAPID RESPONSE TO DEMAND SIDE IMPROVEMENT • Working closely with partners to accelerate delivery of affordable homes following £2.8bn injection of additional funding • Focused on driving Open Market sales, and monitoring for open market demand stimulus • Standardisation of hous
Slide 36: Medium Term Operating Framework and Targets
MEDIUM TERM OPERATING FRAMEWORK AND TARGETS Operating framework Medium term financial targets 40% Revenue growth: Average 5% to 8% growth p.a. Tenure mix: 65% Partner Funded: 35% Open Market Overheads: ROCE < 5% of revenue 12%+ Land bank length: <4.0 years Land acquisition: Land acquired on deferred
Slide 37: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK • Forward order book at £4.4bn, with 65% of forecast FY25 units secured • Partner Funded activity expected to step-up through FY25 as £800m of top-up funding and £2bn of new affordable grant funding is allocated • Expect Partner Funded volumes in FY25 to be similar level
Slide 38: TAN
TAN o, s°9, Ce ‘om Vistry Group Linden coustrrsioe Countryside Hornes
Slide 39: Disclaimer - Important Notice
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 ex
Slide 40: Appendices
APPENDICES Hampton Water, Peterborough 40
Slide 41: Vistry's Unique Partnerships Model
VISTRY’S UNIQUE PARTNERSHIPS MODEL Vistry Group – 100% Partnerships Minimum Partner Average Partner Funded (units) Funded (units) Markets Partner Funded Open Market 50% 65% Tenures S106 Additional Affordable PRS Private ownership Bovis Linden Countryside Brands Countryside Partnerships Homes Homes H
Slide 42: Revenue and ASP Calculations
REVENUE AND ASP CALCULATIONS FY24 FY23 Partner Open Housing Group Housing Group £m unless otherwise stated Other(4) Funded Market Total Total Total Total Total units (at 100%) 12,633 4,592 17,225 17,225 16,118 16,118 JV elimination (1,027) (547) (1,574) (1,574) (1,369) (1,369) JO elimination (284) (
Slide 43: JV Profit and ASP Analysis
JV PROFIT AND ASP ANALYSIS FY24 FY23 £m unless otherwise stated Partner Funded Open Market Other Total Total JV units 2,097 1,119 3,216 2,781 JV units at share 1,027 547 1,574 1,369 JV revenue 289.0 232.1 28.8 549.9 477.9 JV ASP (£k) 281 424 349 349 Gross profit 54.2 85.6 Operating profit 51.8 83.6
Slide 44: Adjusted Finance Costs
ADJUSTED FINANCE COSTS (£m) FY24 FY23 Net bank interest (55.7) (41.3) Amortisation of prepaid facility fees (1.9) (2.1) Bank interest (57.6) (43.4) Imputed interest on land creditors (21.7) (11.5) IFRS16 interest on leases (5.4) (5.5) Pension financing 1.6 1.7 Other net finance costs (25.5) (15.3) I
Slide 45: FY23 Restatement
FY23 RESTATEMENT FY23 FY23 £m As Disclosed Adjustment Restated Adjusted revenue 4,042.1 - 4,042.1 Adjusted gross profit 731.4 (11.8) 719.6 Adjusted overheads (243.5) - (243.5) Adjusted operating profit 487.9 (11.8) 476.1 Total adjusted finance costs (68.8) - (68.8) Adjusted profit before tax 419.1 (
Slide 46: Bridge Between Adjusted and Reported Results by Group
BRIDGE BETWEEN ADJUSTED AND REPORTED RESULTS BY GROUP Amortisation of Share of joint Exceptional acquired Other operating For the year ended 31 December 2024 Reported ventures items intangibles income Adjusted Revenue 3,779.3 549.9 - - - 4,329.2 Gross profit 291.7 54.2 85.9 - 125.0 556.8 Operating p
Slide 47: JV Balance Sheet
JV BALANCE SHEET FY24 FY23 £m unless otherwise stated Total Group’s share Total Group’s share Inventories 1,576.9 783.4 1,408.3 700.8 Land creditors (277.2) (138.6) (203.6) (101.8) Other assets 370.8 186.6 242.5 120.5 Other liabilities (1,404.0) (698.6) (1,117.0) (555.2) Capital employed 266.5 132.8
Slide 48: Land Bank – JV Owned and Controlled
LAND BANK – JV OWNED AND CONTROLLED Land bank FY24 FY23(1) Owned 51,281 55,707 - of which relates to JVs 17,048 15,752 Controlled 22,739 20,727 - of which relates to JVs 10,509 10,268 Total owned and controlled 74,020 76,434 - of which relates to JVs 27,557 26,020 (1) Number of owned plots relating
Slide 49: Other Assets
OTHER ASSETS (£m) 31 Dec 2024 31 Dec 2023 Trade and other receivables - Trade receivables 211.0 240.6 - Contract assets 272.7 165.9 - Prepayments and accrued income 60.5 60.6 - Amounts due from joint arrangements 152.5 113.3 - Other receivables 63.7 46.0 Right of use assets 85.2 82.9 Current tax ass
Slide 50: Other Liabilities
OTHER LIABILITIES (£m) 31 Dec 2024 31 Dec 2023 Creditors - Trade payables 334.0 316.1 - Contract liabilities 51.3 73.9 - Other payables 14.1 26.4 - Accruals 411.2 455.2 - Other financial liabilities 22.3 50.1 Deferred income 91.7 106.2 Other tax and social security 11.8 6.8 Lease liabilities 96.4 98
Slide 51: Land Creditor Payment Profile
LAND CREDITOR PAYMENT PROFILE £900m £800m 775.4 £700m 690.8 £600m £500m At 31 Dec 2024 £400m At 31 Dec 2023 331.7 341.1 £300m 328.5 £200m 180.0 £100m 106.2 76.3 76.1 26.2 - <1 year 1-2 years 2-3 years >3 years Total Land creditor payments profile is on a contractual cash basis. Balance sheet credito
Slide 52: Current Facilities
CURRENT FACILITIES Available facility Facility £m unless otherwise stated £m maturity Margin Revolving credit facility 500 Dec 2026 SONIA +160-250bps Term Loan 400 Sep 2026 SONIA +190-310bps USPP Loan 100 Feb 2027 403bps Trade cycle loan 50 n/a BoE Base +170bps Money Market Line 75 n/a SONIA +margin