Taylor Wimpey Plc · LSE:TW.
Taylor Wimpey — H1 2026 Earnings Presentation
49 slides from Taylor Wimpey's earnings presentation, Jul 31, 2026
Slide 1: Half Year Results Presentation for the six months to 28 June 2026
Half Year Results Presentation for the six months to 28 June 2026 31 July 2026
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, this “presentation” shall include these slides and any related oral briefings or question-and- answer sessions by Directors, officers or employees of Taylor Wimpey. This presentation is for information purposes only and is not intended to, and does not con
Slide 3: Agenda
Agenda Areas of focus and trading Financial review Managing through uncertainty Jennie Daly Chris Carney Jennie Daly 3 Half Year Results Presentation for the six months to 28 June 2026
Slide 4: Areas of focus and trading
Areas of focus and trading Jennie Daly Chief Executive
Slide 5: Disciplined execution in a challenging market
Disciplined execution in a challenging market Tight grip on cost Driving outlet growth Updated Distribution Policy ● Work in progress discipline – ● Planning progress supporting ● Strong balance sheet underpins 6% reduction in WIP per outlet outlet growth and volume disciplined investment and HY26 v
Slide 6: First half trading performance
First half trading performance Delivered further outlet opening progress in H1 2026 ● Operated from an average of 219 outlets in H1 2026 39 (H1 2025: 206) 40 ● Net private sales rate per outlet per week of 0.75 (H1 2025: 0.79) 35 and 0.68 excluding bulk sales (H1 2025: 0.73) 32 30 ● Average selling
Slide 7: Current trading reflects customer caution
Current trading reflects customer caution Four weeks to 26 July 2026 Four weeks to 27 July 2025 Average outlets open 226 208 Private sales rate (net) 0.55 0.59 Underlying private sales rate excl. bulk (net) 0.53 0.56 Private sales price £000 358 358 Cancellation rate (private)* 18% 19% ● Total order
Slide 8: Financial review
Financial review Chris Carney Group Finance Director
Slide 9: Summary Group results
Summary Group results £m (before exceptional items) H1 2026 H1 2025 Change FY 2025 Revenue 1,683.0 1,654.6 1.7% 3,844.6 Gross profit 253.9 282.5 (10.1)% 658.4 Gross profit margin % 15.1 17.1 (2.0)ppt 17.1 Adjusted operating profit* 129.7 161.0 (19.4)% 420.6 Adjusted operating profit margin* % 7.7 9.
Slide 10: First half UK performance
First half UK performance H1 2026 H1 2025 Change FY 2025 Legal completions – excl JVs 4,723 4,894 (3.5)% 10,614 Private 3,706 3,835 (3.4)% 8,394 Affordable 1,017 1,059 (4.0)% 2,220 Average selling price – excl JVs 334 313 6.7% 335 Private £000 371 350 6.0% 374 Affordable £000 196 180 8.9% 187 Legal
Slide 11: UK adjusted operating profit margin
UK adjusted operating profit margin Illustrative movements in UK The key drivers of the decline in H1 2026 UK adjusted operating margin Impact on H1 are: adjusted operating profit margin Annual 2026 income H1 2025 to H1 2026 change statement (ppt) ● Lower underlying selling prices Market inflation o
Slide 12: Summary Group balance sheet
Summary Group balance sheet £m 28 June 2026 29 June 2025 Change 31 Dec 2025 Long term assets and JVs 105.1 97.4 7.7 98.3 Land 3,038.9 3,307.1 (268.2) 3,200.4 WIP 2,194.5 2,137.0 57.5 2,071.0 Debtors 293.2 198.0 95.2 232.3 Land creditors (434.5) (533.4) 98.9 (522.5) Other creditors (809.7) (873.0) 63
Slide 13: Clear progress against our capital efficiency commitments
Clear progress against our capital efficiency commitments Improving WIP efficiency and asset turn 6% reduction in WIP per outlet Recycling and releasing capital from large £50m reduction in London apartment scheme WIP infrastructure WIP-heavy schemes £47m infrastructure recovered on land sales 9% in
Slide 14: Group cash flow
Group cash flow 600 49.1 (108.1) 129.7 (20.0) 1.6 52.3 (25.9) 400 (104.1) 342.6 £m (52.7) (43.6) 200 168.6 0 Opening net Adjusted Movement in Decrease in Investment in Pension Cash generated Tax and net Dividends paid Share buyback Other*** Closing net cash operating profit debtors and land* WIP sch
Slide 15: Our capital allocation priorities remain unchanged
Our capital allocation priorities remain unchanged 1 2 3 4 Investment in land and Sustainable and Maintain a strong WIP to drive future flexible shareholder Return excess cash balance sheet growth distribution Maintain low adjusted gearing* Focus on funding business Updated Distribution Policy Exces
Slide 16: Committed total shareholder returns
Committed total shareholder returns Updated distribution in line with our unchanged capital allocation framework, calibrated to current market conditions while retaining resilience and capacity for investment Former policy Updated policy Ordinary dividend 5% of net assets 2% of net assets ● 1.20p in
Slide 17: 2026 guidance
2026 guidance Guidance UK completions (excl. JVs) 10,600 to 10,800 range Blended average UK selling price c.1% increase on FY 2025 UK build cost inflation 3-4% for full year Group net operating expenses* H2 similar level to H1 JV share of profit c.£4 million Net finance charges* c.£25 million Claddi
Slide 18: Managing through uncertainty
Managing through uncertainty Jennie Daly Chief Executive
Slide 19: Near term demand environment remains challenging; planning constraints easing
Near term demand environment remains challenging; planning constraints easing Demand Supply ● Sentiment and confidence impacted by backdrop ● Political uncertainty but continued planning ● Increased cost of living pressures and constrained momentum wage growth ● Positive measures following Planning
Slide 20: Proactive approach – demand environment
Proactive approach – demand environment Launched “Your home, your budget, your way” Affordability remains key challenge, particularly campaign in the South and for first time buyers • Flexible incentive packages to help customers achieve home ownership Good level of activity on site but commitment i
Slide 21: Proactive approach – protecting margin
Proactive approach – protecting margin ● Actively managing work in progress Cost discipline ● Applying lessons from the 2022–23 energy price shock ● Mitigating Building Safety Levy cost ● Reducing site waste and disposal costs using digital materials exchange Value improvement ● Collaborating with k
Slide 22: Driving planning momentum
Driving planning momentum High-quality assertive applications c.32k plots in planning for first principle totalling c.11k plots targeted for determination submission in H2 2026 Leveraging the planning environment to liberate our strategic pipeline c.3k plots converted from the strategic pipeline (H1
Slide 23: Continued progress reinvesting in smaller sites
Continued progress reinvesting in smaller sites ● Continue to be highly selective in reviewing land opportunities Average site size of approvals ● Approved c.3k new plots in first half of the year 400 (H1 2025: c.3k plots) 350 ● Maintaining focus on smaller, more capital-efficient sites 300 ● Remain
Slide 24: Disciplined execution in a challenging market
Disciplined execution in a challenging market Delivering outlet growth Tight control of cost Focused on improving return on capital Targeted Government action Disciplined capital allocation required to support demand and viability 24 Half Year Results Presentation for the six months to 28 June 2026
Slide 25: Q&A: Our investment case
Q&A Our investment case Delivering Unlocking Maximising growth value returns Strong landbank and Operational levers in Enhancing margins and strategic pipeline with place to drive efficiency generating substantial strategy in place to with experienced cash to reinvest into the deliver growth in outl
Slide 26: Future investor communications
Future investor communications ● 11 November 2026 Trading update ● 14 January 2027 Trading update ● 4 March 2027 Full year results 2026 ● 28 April 2027 AGM and trading update 26 Half Year Results Presentation for the six months to 28 June 2026
Slide 27: Appendices
Appendices Half Year Results Presentation for the six months to 28 June 2026
Slide 28: First half highlights
First half highlights Net private sales rate Group completions Group adjusted 2026 interim dividend (per outlet per week) including joint operating per share ventures profit margin 0.75 4,986 1.20p 7.7% (H1 2025: 0.79) (H1 2025: 5,264) (H1 2025: 4.67p) (H1 2025: 9.7%) Plots in short term % of comple
Slide 29: Operational KPIs
Operational KPIs Land H1 2026 H1 2025 FY 2025 Land cost as % of ASP on approvals 13.8% 17.4% 16.9% Landbank years c.7.0 c.7.3 c.7.2 % of completions from strategically sourced land 39% 39% 39% Operational excellence Construction Quality Review (average score / 6) 4.93 4.97 4.96 Average reportable it
Slide 30: UK completions mix
UK completions mix UK completions £201k – £251k – £301k – £451k – £601k – H1 2026 <£200k £250k £300k £450k £600k £1m >£1m Total Price band 14% 13% 18% 40% 12% 3% - 100% UK completions H1 2026 FY 2025 H2 2025 H1 2025 FY 2024 H2 2024 H1 2024 First time buyers 32% 31% 31% 32% 31% 30% 31% Second time bu
Slide 31: Private UK sales performance
Private UK sales performance Four weeks to 26 July 2026 H1 2026 H2 2025 H1 2025 Private sales rate (net) 0.55 0.75 0.70 0.79 Underlying private sales rate excl. bulk (net) 0.53 0.68 0.58 0.73 Private sales price £000 358 356 365 354 Cancellation rate (private)* 18% 14% 15% 16% Private reservations b
Slide 32: UK sales performance
UK sales performance Private and affordable reservations Four weeks to excl. JVs 26 July 2026 H1 2026 H2 2025 H1 2025 Average outlets open 226 219 210 206 Average selling price £000 355 334 322 332 As at 26 July 2026 28 June 2026 31 Dec 2025 29 June 2025 Total order book value £m 2,002 1,929 1,864 2
Slide 33: Summary income statement
Summary income statement* Group £m H1 2026 H1 2025 Change FY 2025 Revenue 1,683.0 1,654.6 1.7% 3,844.6 Cost of sales (1,429.1) (1,372.1) 4.2% (3,186.2) Gross profit 253.9 282.5 (10.1)% 658.4 Net operating expenses (128.4) (122.7) 4.6% (239.9) Profit on ordinary activities 125.5 159.8 (21.5)% 418.5 b
Slide 34: Group segmental analysis
Group segmental analysis H1 2026 H1 2025 Adjusted Adjusted Adjusted Adjusted operating operating operating operating profit profit margin RONOA profit profit margin RONOA £m % % £m % % UK 110.4 6.9 9.3 130.4 8.5 9.0 Spain 19.3 26.3 47.1 30.6 27.3 66.9 Group 129.7 7.7 10.1 161.0 9.7 10.4 34 Half Year
Slide 35: Spain financial summary
Spain financial summary H1 2026 H1 2025 Change FY 2025 Average number of active sites 24 23 4.3% 23 Legal completions 175 316 (44.6)% 494 Average selling price £000 419 355 18.0% 390 Average selling price €000 485 420 15.5% 455 Revenue £m 73.4 111.9 (34.4)% 192.6 Adjusted operating profit £m 19.3 30
Slide 36: Cash flow summary
Cash flow summary Group £m H1 2026 FY 2025 H2 2025 H1 2025 Profit / (loss) from ordinary activities before financing 126.9 174.7 255.1 (80.4) (Increase) / decrease in inventories (59.0) (14.8) 131.0 (145.8) Exceptional items (credit) / charge (1.4) 243.8 3.6 240.2 Other operating items* (14.2) (135.
Slide 37: Shareholder return profile
Shareholder return profile Paid (or to be paid): pence per share FY 2026** FY 2025 FY 2024 Ordinary dividend* 4.15 9.33 9.59 Paid (or to be paid): £m FY 2026** FY 2025 FY 2024 Ordinary dividend* c.146 330 339 Share buyback c.94 - - Total c.240 330 339 ● Final 2025 ordinary dividend of 2.95 pence per
Slide 38: Financing
Financing ● Net cash at 28 June 2026 of £168.6 million (31 December 2025: £342.6 million, 29 June 2025: £326.6 million) ● Adjusted gearing, including land creditors, of 6.4% (31 December 2025: 4.3%, 29 June 2025: 4.9%) ● Average net cash during H1 2026 of £97.4 million (FY 2025: £220.5 million, H1 2
Slide 39: Finance charges
Finance charges £m H1 2026 H1 2025 Change FY 2025 Interest on bank and other loans 5.4 3.9 1.5 8.9 Foreign exchange loss 0.1 0.5 (0.4) 0.8 Unwind of discount on land 8.8 14.8 (6.0) 26.1 creditors and other items Net interest on pension liability 0.5 0.5 - 1.1 Interest on lease liabilities 0.8 0.8 -
Slide 40: Tax
Tax Asset / (liability) £m Current tax Deferred tax Net tax As at 1 January 2026 5.5 25.6 31.1 Income statement (31.1) 1.0 (30.1) SOCI / SOCIE - (0.6) (0.6) Cash paid 23.6 - 23.6 Other (including foreign - (0.1) (0.1) exchange) As at 28 June 2026 (2.0) 25.9 23.9 ● Effective tax rate of 25.8% (H1 202
Slide 41: Pension funding
Pension funding £m HY 2026 FY 2025 FY 2024 Deficit contributions to the Scheme - - - Payments to escrow - - - Pension Funding Partnership (PFP) - 5.1 5.1 Scheme expenses - 2.0 2.0 Total - 7.1 7.1 ● IAS 19 surplus at 28 June 2026 of £102.7 million, deficit of £18.2 million recognised after IFRIC 14 a
Slide 42: Building safety update
Building safety update Buildings requiring cladding fire safety remediation Exceptional items in the income statement £m As at 31 December 2025 As at 28 June 2026 Small net cost movements, updates to inflation and 3.0 discounting 14% 19% 20% 26% Recoveries received in the period (4.4) Net exceptiona
Slide 43: Land and property disposals
Land and property disposals Revenue £m H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 UK 34.3 10.6 29.1 3.7 34.1 Spain - - - - 0.1 Total 34.3 10.6 29.1 3.7 34.2 Gross profit £m UK 2.3 3.5 19.2 2.8 15.2 Spain - - - - (0.2) Total 2.3 3.5 19.2 2.8 15.0 Land and property disposals are included in revenue and c
Slide 44: UK land commitments
UK land commitments As at 28 As at 31 £m (at 28 June 2026) < 1 yr 1-2 yrs 2-5 yrs 5+ yrs Jun 2026 Dec 2025 Committed cash payments in respect of unconditional land 237 66 58 36 397 504 contracts Expected cash payments in respect of conditional land 111 59 67 40 277 380 contracts ● Included in uncond
Slide 45: UK landbank – plots and net cost
UK landbank – plots and net cost 28 Jun 2026 31 Dec 2025 Owned Controlled Total Total Plots £m Plots £m Plots £m Plots £m Detailed planning 34,860 1,747 3,412 1 38,272 1,748 39,581 1,830 Outline planning 20,766 733 5,929 36 26,695 769 28,710 854 Resolution to grant 4,056 85 5,607 18 9,663 103 8,481
Slide 46: UK implementable planning permissions
UK implementable planning permissions 20,000 Sites with implementable planning permission 18,000 96.9% 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 2.7% 0.4% 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H
Slide 47: Market backdrop
Market backdrop Unemployment remains at reasonably low levels in a historic Real wage growth remains positive context 10% 3% 2% 8% 1% 6% 0% 4% -1% -2% 2% -3% 0% -4% 2005 2008 2011 2014 2017 2020 2023 2026 2022 2023 2024 2025 2026 UK unemployment rate - aged 16 or over Rolling three month real total
Slide 48: Forward indicators
Forward indicators Organic customer interest Total website traffic 1 6 11 16 21 26 31 36 41 46 51 1 6 11 16 21 26 31 36 41 46 51 2024 2025 2026 2024 2025 2026 N.B. Organic traffic i.e. traffic via a search engine, to our plot and development pages Weeks 26 to 29 elevated due to non-malicious AI bot
Slide 49: Definitions
Definitions ● Adjusted operating profit is defined as profit / (loss) on ordinary activities before financing, exceptional items and tax, after share of results of joint ventures. ● Adjusted operating profit margin is defined as adjusted operating profit divided by revenue. ● Adjusted basic earnings