Vistry Group Plc · LSE:VTY
Vistry — H1 2026 Earnings Presentation
93 slides from Vistry's earnings presentation, Sep 24, 2026
Slide 1: Half Year Results 2026
HALF YEAR RESULTS 2026 ADAM DANIELS TIM LAWLOR Chief Executive Officer Chief Financial Officer 24 SEPTEMBER 2026 Collingtree Park, Collingtree
Slide 2: Agenda
AGENDA 01 02 03 Introduction HY 26 Results CEO Review 04 05 06 Current market Conclusions Q&A conditions & outlook HALF YEAR RESULTS 2026 2
Slide 3: Introduction
INTRODUCTION ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 Brimington Heights, Chesterfield 3
Slide 4: Setting the Scene
SETTING THE SCENE • CEO Review launched in May; a detailed workstream with external support • Acknowledging the execution challenges since the strategy shift to a fully partnerships model • Substantial progress re-focusing the business and delivering on immediate priority to improve cash generation
Slide 5: Progress on Deleveraging
PROGRESS ON DELEVERAGING Peak debt in FY26 lower than peak debt FY25 Overall Leverage Reshaping land bank • Land creditors reduced by £100m since H1, with • Good progress made on first phase of land bank further £70m reduction expected by year end reshaping • Overall land creditor reduction of c.£30
Slide 6: Vistry's Fundamentals
VISTRY’S FUNDAMENTALS • Vistry is an excellent business • 5-star HBF product and strong, enduring relationships with Partners, Local Authorities, landowners and supply chain • Deep delivery expertise and highly motivated people with strong retention • Operating in segments of the housing market with
Slide 7: Vision for Vistry
VISION FOR VISTRY Vistry will be an industry-leading, capital-light, specialist mixed-tenure housebuilder focused on partner-backed demand and selective Open Market exposure Right tenure mix More focused & agile Reduced balance sheet platform and average net debt c.60% partnerships c.12,000 units pa
Slide 8: Financial Review
FINANCIAL REVIEW TIM LAWLOR Chief Financial Officer HALF YEAR RESULTS 2026 Summerville Meadows, Stockton-on-Tees 8
Slide 9: Summary of Group Results
SUMMARY OF GROUP RESULTS As reported in 8 July Trading Update: Adjusted basis unless otherwise stated (£m)(1) H1 26 H1 25 • H1 APBT loss of c.£30m excluding CEO Review items • Adverse movement from last year mainly driven by: Revenue(2) 1,703.3 1,869.1 - Discounting action taken on Open Market homes
Slide 10: H1 Trading
H1 TRADING Partner Open H1 26 Funded Market Other Total • Total units down 8%: Total units 4,351 1,953 - 6,304 - Partner Funded volumes down 14% - Driven by hiatus between SAHP periods (1) Adjusted revenue 967.9 632.0 103.4 1,703.3 - Open Market completions up 6% ASP (£k) 253 383 - 292 - Boosted by
Slide 11: H1 P&L
H1 P&L Adjusted basis unless otherwise stated (£m) H1 26 H1 25 Change Gross profit 68.7 232.2 (70%) Overheads (104.9) (107.8) (3%) Overheads % (6.2%) (5.8%) (40bps) • Overheads down 3% due to lower average headcount Operating profit (36.2) 124.4 (129%) Operating margin (2.1%) 6.7% (880bps) • Net fin
Slide 12: Building Safety
BUILDING SAFETY Provision £m Buildings No. Provision as at 31 Dec 2025 303.6 As at 31 Dec 2025 230 Additional buildings 63.5 Additional buildings 40 Run-rate revision 10.2 Completed (15) Discounting 5.5 Total buildings as at 30 June 2026 255 Building safety provision costs 79.2 Utilised in year (30.
Slide 13: Goodwill Impairment
GOODWILL IMPAIRMENT Indicators of Methodology Conclusion Impairment • Market environment • Value In Use methodology • Impairment of £475m • Geopolitical uncertainty • DCF of 5 year projections • Goodwill balance reduced • Share price deterioration • Probability-weighted from £828m to £353m • CEO Rev
Slide 14: H1 Cashflow
H1 26 CASHFLOW HALF YEAR RESULTS 2026 14
Slide 15: Balance Sheet - Capital Employed
BALANCE SHEET - CAPITAL EMPLOYED £m 30 June 2026 31 Dec 2025 • Capital employed increase in H1 of £258m Work in progress 1,352.9 1,295.9 - Usual timing impact: H1 increases also seen in prior Land 1,887.9 1,932.4 years (H1 25 up £132m, H1 24 up £266m) Land creditors (871.2) (989.7) - Land creditor r
Slide 16: Covenants & Going Concern
COVENANTS & GOING CONCERN Banking covenants Definition Covenant H1 26 Net debt plus land creditors divided by Tangible Gearing < 75% 66% Net Worth Tangible Net Worth Total equity less goodwill and intangibles > £1.2bn £2.0bn Rolling 12 month EBITDA before exceptional and Interest Cover non-recurring
Slide 17: CEO Review: Root & Branch
CEO REVIEW: ROOT & BRANCH ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 Minerva Reach, Cornwall 17
Slide 18: CEO Review – Scope & Objectives
CEO REVIEW – SCOPE & OBJECTIVES Objectives The review assessed • Get the business to perform rather than disappoint • Performance across our geographic footprint • Understand where the Partnerships model works • Margin quality, capital intensity and risk profile of and how it can be consistently hig
Slide 19: Key Findings
ROOT & BRANCH KEY FINDINGS 1 2 3 4 Vistry remains a high- The transition faced External market quality business, with several challenges and the headwinds increased Vistry evolved rapidly excellent relationships underlying operating pressure on performance, through significant M&A with Partners, Loc
Slide 20: M&A Created a Differentiated but Complex Platform
1 - DIAGNOSIS ROOT & BRANCH M&A CREATED A DIFFERENTIATED BUT COMPLEX PLATFORM 2020 2022 2024 Rapid evolution through M&A created • National reach • Partnerships capability and relationships Vistry Group created Partnership strategy following the acquisition Vistry Group merged came into effect, with
Slide 21: Market Challenges Since 2023
ROOT & BRANCH MARKET CHALLENGES SINCE 2023 PRESSURE ON REGISTERED FLUCTUATING CONSUMER HIGH BUILD COST INFLATION HIGH INTEREST RATES PROVIDERS CONFIDENCE BCIS Construction Cost Index BoE interest rate RP sector EBITDA MRI interest cover* UK GfK Consumer Confidence Index (2019-25) (Jan 2019 - Aug 202
Slide 22: Cashflow Benefits of the Mixed Tenure Model
ROOT & BRANCH CASHFLOW BENEFITS OF THE MIXED TENURE MODEL VISTRY HOUSEBUILDER 1 Immediate recovery of land cost from partners No recovery of cash at land purchase, on the additional partner units housebuilder purchase outright BUY LAND 10 - 25% 0% Site cash potential Site cash potential 2 Partners a
Slide 23: Cashflow Benefits of the Mixed Tenure Model
ROOT & BRANCH CASHFLOW BENEFITS OF THE MIXED TENURE MODEL Illustrative cumulative site cash flow - Vistry vs Housebuilder High margin, low ROCE +ve cash Earlier breakeven results in Illustrative 100% presold site: higher ROCE Vistry’s 100% pre-sold model supports positive cash positions and high ROC
Slide 24: Detailed Analysis Reviewed Key Drivers of Site Performance
ROOT & BRANCH DETAILED ANALYSIS REVIEWED KEY DRIVERS OF SITE PERFORMANCE A review of Vistry’s portfolio of active and recently completed sites has identified key themes that drive ultimate site performance GOOD SITES UNDERPERFORMING SITES Schemes that fit our model will achieve all of the following
Slide 25: Review of Active Sites
ROOT & BRANCH REVIEW OF ACTIVE SITES Vistry active sites by gross margin target* Across Vistry’s c.300 active sites, c.60% are Percentage forecast to be completed at a gross margin above c.12%, demonstrating that the model can provide appropriate returns <5% gross margin forecast • c.40% of sites –
Slide 26: Strong Site with Good Capital Efficiency
ROOT & BRANCH STRONG SITE WITH GOOD CAPITAL EFFICIENCY SITE IN NORTH EAST Tenure mix (%) What went well Start Finish Open market - 45% No capital footprint on February 2020 September 2025 the balance sheet throughout development Key metrics Strong margin return with diversified tenure mix Site s
Slide 27: Strong Site with Disciplined Land Acquisition
ROOT & BRANCH STRONG SITE WITH DISCIPLINED LAND ACQUISITION EXAMPLE SITE IN NORTH WEST Tenure mix (%) What went well Start Finish PRS - 50% Well-structured partner November 2024 May 2028 arrangement Cash positive early in the lifecycle Key metrics through a combination of partner receipts and gr
Slide 28: Successful Site Characteristics
ROOT & BRANCH SUCCESSFUL SITE CHARACTERISTICS A thorough assessment of Vistry’s sites has identified a repeatable set of characteristics that underpin strong performance and will inform future site selection, acquisition and delivery Site characteristics to be embedded in Investment Committee decisi
Slide 29: Weaker Site Suffering from Balance Sheet Drag
ROOT & BRANCH WEAKER SITE SUFFERING FROM BALANCE SHEET DRAG SITE IN SOUTHERN ENGLAND Tenure mix (%) Challenges Start Finish Open market - 30% Site in SE England with exposure to April 2021 January 2028 high value Open Market Land deal not back-to-back with Key metrics Additional partner causing
Slide 30: Inconsistent Site-Level Execution
ROOT & BRANCH INCONSISTENT SITE-LEVEL EXECUTION COMMERCIAL TERMS IMPLEMENTATION OF THE OPERATING OVER-SPECULATIVE WITH PARTNERS THE MODEL IS MODEL IS LESS LAND POSITIONS ADD ACROSS THE SUPPLY INCONSISTENT ACROSS EFFICIENT THAN IT UP TO OVERWEIGHT CHAIN ARE REGIONS COULD BE BALANCE SHEET INCONSISTENT
Slide 31: Case Study: Overspeculation on Land Acquisition
ROOT & BRANCH CASE STUDY: OVERSPECULATION ON LAND ACQUISITION Overly speculative land acquisition • No commitment from partners at time of purchase but large land payments made; always behind the curve and chasing a deal rather than Deal size 2,000+ units this already having been secured Purchase pr
Slide 32: HALF YEAR RESULTS 2026
Vistry | HALF YEAR RESULTS 2026 32
Slide 33: Liverpool Manchester Holyhead
Liverpool Manchester Holyhead M6 Shrewsbury London Lincoln HALF YEAR RESULTS 2026 33
Slide 34: HALF YEAR RESULTS 2026
HALF YEAR RESULTS 2026 34
Slide 35: Hospital Primary School Primary School
Hospital Primary School Primary School Secondary School Fitness Centre Employment Opportunities Supermarket Park Retail Park College Train Station HALF YEAR RESULTS 2026 35
Slide 36: HALF YEAR RESULTS 2026
Vistry | HALF YEAR RESULTS 2026 36
Slide 37: HALF YEAR RESULTS 2026
Vistry | HALF YEAR RESULTS 2026 7
Slide 38: HALF YEAR RESULTS 2026
Proposednew school Cc—=-__ _ __ glib ; a] Nantwich & Middlewich Developmentby others Vistry | HALF YEAR RESULTS 2026 38
Slide 39: HALF YEAR RESULTS 2026
Proposednew school Nantwich & Middlewich Developmentby others a)" (ert A Vistry | HALF YEAR RESULTS 2026 39
Slide 40: Root and Branch - Summary
ROOT & BRANCH ROOT AND BRANCH - SUMMARY • Strong evidence that mixed-tenure can • Site economics vary sharply; management provide excellent returns; inconsistent of the land portfolio is critical execution and weak capital discipline have • Strong sites align partners, funding, tenure reduced its po
Slide 41: CEO Review: Strategic Evolution
CEO REVIEW: STRATEGIC EVOLUTION ADAM DANIELS Chief Executive Officer HALFRESULTS HALF YEAR YEAR RESULTS 2026 2026 The Fairways at Brackley Village 4141
Slide 42: The Opportunity
STRATEGIC EVOLUTION THE OPPORTUNITY Vistry is well-positioned to create value through supportive market dynamics, a differentiated model and stronger execution MARKET NEED THE MODEL’S CLEAR ATTRACTIVE RETURNS Vistry has an attractive opportunity to create REMAINS STRONG ADVANTAGES CAN BE UNLOCKED va
Slide 43: Vistry's Unique Position
STRATEGIC EVOLUTION VISTRY’S UNIQUE POSITION … but the current positioning as Vistry has a differentiated … so more consistent a ‘partnerships housebuilder’ mixed-tenure model … positioning is required isn’t well understood … • The model offers attractive structural • Stakeholder feedback shows Vist
Slide 44: Scale and Mix: Lower Volume Is a Deliberate Choice
STRATEGIC EVOLUTION SCALE AND MIX: LOWER VOLUME IS A DELIBERATE CHOICE TO IMPROVE CASH, MARGINS & RETURNS Bottom-up assessment across four customer groups Applying a selective opportunity filter PRE-SOLD SELECTION A focused set of partners has been selected based on attractiveness, pipeline and fina
Slide 45: Sales Strategy
STRATEGIC EVOLUTION SALES STRATEGY Open Market sales rate Proposed brand evolution FY23 0.37 Open Market (B2C) FY24 0.38 FY25 0.36 FY26 YTD 0.43 Retire Bovis Homes and Countryside Homes • Open Market sales rate has lagged the market as core sales brands Strategy to fix this: • Smaller units, targeti
Slide 46: Evolving Our Geographic Focus
STRATEGIC EVOLUTION EVOLVING OUR GEOGRAPHIC FOCUS Vistry’s regional footprint will shift toward stronger-performing markets, with South East England moving to a fully pre-sold model to reduce risk, with greater exposure to the North, Midlands and West in the future. ILLUSTRATIVE NUMBER OF HOMES DELI
Slide 47: London Strategy
STRATEGIC EVOLUTION LONDON STRATEGY • Strong belief in the long-term market demand for our mixed Pipeline in London tenure model in London 2,000 • 5-year pipeline focused on delivering c.2,000 homes a year 1,800 (previously 3,000 homes) 1,600 • Capital allocated to be maintained at c.£100-£150m 1,40
Slide 48: SE Strategy – Remove Open Market Exposure
STRATEGIC EVOLUTION SE STRATEGY – REMOVE OPEN MARKET EXPOSURE • Interplay between high value OM units and Partnerships business is challenging in the SE of England • High land values and infrastructure costs • Market moves more pronounced • Therefore, decision has been taken to exit OM exposure in t
Slide 49: Disciplined Land Acquisition
STRATEGIC EVOLUTION DISCIPLINED LAND ACQUISITION A more disciplined approach to land acquisition will align investment with Vistry’s strategic and capital priorities Supporting a more capital-light, mixed tenure model 1 2 3 PORTFOLIO-LED LAND STRONGER INVESTMENT RIGHT-SIZED LAND BANK STRATEGY DISCIP
Slide 50: Land Bank Migration and Volume Evolution
STRATEGIC EVOLUTION LAND BANK MIGRATION AND VOLUME EVOLUTION GROSS MARGIN 17% 12,000 Land Bank: c.43k units UNITS Land Bank: c.19k units Land Bank: c.10k units FY26 FY27 FY28 FY29 FY30 FY31 South East Run-Off Existing Sites - Underperforming (<12%) Existing Sites - Average GM 18.5% New Land Evolutio
Slide 51: Partnering & Contracting
STRATEGIC EVOLUTION PARTNERING & CONTRACTING Vistry has built a sector-leading partner delivery platform with established national reach. Alignment of interest with local planning authorities in accelerating housing delivery through multi-tenure model 150 £3.4bn partners currently in further value i
Slide 52: Strategic Development Agreements
STRATEGIC EVOLUTION STRATEGIC DEVELOPMENT AGREEMENTS Strategic Development Agreements demonstrate repeatable partner-backed demand under the revised model We have been working hard since July to secure agreements on the right commercial terms with partners: • 5 executed and 10 more at advanced stage
Slide 53: Vistry Works
STRATEGIC EVOLUTION VISTRY WORKS Vistry Works remains key to the Group strategy and will be optimised by aligning land acquisition with factories’ geographic coverage, simplifying the product mix and improving operating discipline Timber frame is key to partnership delivery at pace and greater verti
Slide 54: Organisational Changes – Refined Regional Footprint
STRATEGIC EVOLUTION ORGANISATIONAL CHANGES – REFINED REGIONAL FOOTPRINT VISTRY’S NEW 12 REGIONS (INCL. LONDON) Vistry’s consolidation from 25 ILLUSTRATIVE SCALE OF NEW REGIONS regions to 12 larger operating areas Volumes per operating area (incl. London) will align its footprint Volume Current Vistr
Slide 55: Organisational Changes - Efficiency
STRATEGIC EVOLUTION ORGANISATIONAL CHANGES - EFFICIENCY Vistry’s organisation changes will align the cost base to its revised scale through divisional overhead savings, a lighter central hub and group functions and create a more focused and efficient Group People investment should be focused at site
Slide 56: Tightening Controls and Managing Risk
STRATEGIC EVOLUTION TIGHTENING CONTROLS AND MANAGING RISK A more disciplined approach to risk management will strengthen opportunity selection, clarify management expectations and improve downside protection 1 2 3 4 INCREASED CONSISTENCY & MEASUREMENT & STRONGER GOVERNANCE STRUCTURE AND PEOPLE STAND
Slide 57: Building the Right Culture
DEEP DIVE BUILDING THE RIGHT CULTURE Great opportunity to align our people behind our purpose-led mixed tenure model, creating a strong culture where we do the right thing Need for consistent set of Understanding of the Fostering a unified culture expectations across the strategy business The cleare
Slide 58: Simplifying Vistry
SIMPLIFYING VISTRY FROM TO Regions 25 12 Volume 16k 12k Standard house types 100 35 OM brands 3 1 Vistry Works c.10k c.6k units units Owned land bank c.51k c.36k plots plots HALF YEAR RESULTS 2026 58
Slide 59: Getting the Fundamentals Right
GETTING THE FUNDAMENTALS RIGHT We have conducted a Analysis of this proves that Strategic evolution intended to rigorous site by site review, the Vistry model works ensure we get this right 100% of which showed… when we have.. the time through… 1 The right deal structure • Enhanced governance, proce
Slide 60: Financial Benefits of Strategic Evolution
STRATEGIC EVOLUTION FINANCIAL BENEFITS OF STRATEGIC EVOLUTION 1 2 3 4 REDUCED CAPITAL LOWER DEBT HIGHER MARGIN MORE CONSISTENT RETURNS EMPLOYED HALF YEAR RESULTS 2026 60
Slide 61: Five Year Targets
FINANCIAL FIVE YEAR TARGETS IMPLICATIONS & TARGETS Volumes Pre-sold: Operating Margin Return On Capital Open Market mix Employed 12k p.a. 60% : 40% 12% 30%+ Land bank Average daily Net Debt Operating profit Capital Employed 3 years owned FY31 FY31 c.£300m c.36,000 plots c.£450m c.£1.5bn HALF YEAR RE
Slide 62: Capital Structure
FINANCIAL CAPITAL STRUCTURE IMPLICATIONS & TARGETS Capital allocation hierarchy Cash generation: • Targeting 100% Free Cash Flow conversion, supported by tighter discipline of land acquisition, consistency of build programmes and adherence to standard partner contractual terms • Additional cash gene
Slide 63: CEO Review: Financial Evolution
CEO REVIEW: FINANCIAL EVOLUTION TIM LAWLOR Chief Financial Officer HALF YEAR RESULTS 2026 Brimington Heights, Chesterfield 63
Slide 64: FY26 Profit Expectations
FINANCIAL FY26 PROFIT EXPECTATIONS IMPLICATIONS & TARGETS £m FY26 FY25 269 FY impact of cash generating actions (69) Impact of price discounting to accelerate cash July 8th Guidance: Approx. APBT excl. CEO Review impact 200 H2 trading profit expectations impacted by cost Trading deterioration (35) a
Slide 65: Medium-Term Profit Expectations
FINANCIAL IMPLICATIONS & TARGETS MEDIUM-TERM PROFIT EXPECTATIONS £xxxm £450m £450m £xxxm £70m £20m £xxxm £30m £xxxm £70m £260m £xxxm £95m £xxxm (£90m) £90m £xxxm £165m FY26 Add back FY26 Volumes Run-off of Increase in Improved Other margin Headcount FY31 Normalised finance costs Normalised low margi
Slide 66: Debt Reduction
FINANCIAL IMPLICATIONS & TARGETS DEBT REDUCTION FY27 Avge Avge Debt Average daily net debt £m Debt Reduction to £m reduction FY29 800 FY26 Average Daily Debt (775) (775) 600 Impact of lower opening debt 140 140 BAU Cash Generation 400 Profit After Tax 75 500 Building Safety / Restructuring (40) (250
Slide 67: Financing Next Steps
FINANCIAL IMPLICATIONS & TARGETS FINANCING NEXT STEPS FY26 Debt Expectations • H2 average debt now forecast at £750m, impacted by challenging trading conditions and delayed partner deals • FY debt position expected to be broadly neutral, adverse to previous forecast due to Q3 Open Market sales perfo
Slide 68: CEO Review: Implementation Plan
CEO REVIEW: IMPLEMENTATION PLAN ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 Vistry Works, Warrington 68
Slide 69: Implementation Plan
IMPLEMENTATION PLAN 2027 2028 Activity Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • An internal team has been formed to support with the implementation of the CEO Commercial Strengthening commercial discipline Review conclusions • This team will be supported by Land Optimising land acquisition and portfolio quality
Slide 70: Implementation Plan
IMPLEMENTATION PLAN Action is already underway to address key issues and improve Vistry’s near-term position • Tighter controls on site starts and build pace to reduce private WIP exposure Several immediate • Reduced land buying in H2 to support land bank reshaping actions were • Renegotiation of se
Slide 71: Implementation - Clear Delivery Plans to Maintain Momentum
IMPLEMENTATION - CLEAR DELIVERY PLANS TO MAINTAIN MOMENTUM 1. DETAILED DELIVERY PLAN 2. GOVERNANCE & 3. TRANSFORMATION DEVELOPMENT REPORTING PROGRAMME • Prioritised initiatives with clear • Live delivery dashboards • Ongoing delivery oversight through ownership transformation office • Progress and m
Slide 72: CEO Review: Summary
CEO REVIEW: SUMMARY ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 The Coppice at Pickford Gate 72
Slide 73: CEO Review Summary
CEO REVIEW SUMMARY • Refocused geographic coverage • Reduced, capital light land bank • Site strategies revised to deleverage the Group • Lower risk delivery profile • Exit Open Market exposure in SE England • Increased project level oversight • Enhanced controls & governance • Reshaped business to
Slide 74: Current Market Conditions & Outlook
CURRENT MARKET CONDITIONS & OUTLOOK ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 Arora, Clapham Park, London 74
Slide 75: Current Market Conditions & Outlook
CURRENT MARKET CONDITIONS & OUTLOOK OPEN MARKET AFFORDABLE HOUSING PRS • Subdued customer • SAHP awards providing • Multi-decade high bond confidence and stretched momentum with immediate yields have made pricing affordability for FTBs conversion of pipeline particularly challenging • Refined forwar
Slide 76: Guidance
GUIDANCE FY26 • We are in the process of finalising the classification and quantification of items related to the exit from the South East of England and changing site strategies in the land bank. We anticipate that the impact of these items in year will be around £470m • In addition, there has been
Slide 77: Conclusions
CONCLUSIONS ADAM DANIELS Chief Executive Officer HALF YEAR RESULTS 2026 Wolsey Park, Rayleigh 77
Slide 78: The Future of Vistry
THE FUTURE OF VISTRY FOCUSED OPERATIONS CAPITAL LIGHT, SCALE AND SIZE TO SUIT THE WORKING WITH HIGH-QUALITY INDUSTRY LEADING OPPORTUNITY AND DELIVER PARTNERS IN OUR STRONGEST ROCE BUSINESS MARGIN EXPANSION GEOGRAPHIC LOCATIONS Vistry will be a lower-risk, capital-light, specialist mixed-tenure house
Slide 79: Q&A
Q&A HALF YEAR RESULTS 2026 The Fairways at Brackley Village 79
Slide 80: 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 81: Appendices
APPENDICES HALF YEAR RESULTS 2026 Vistry Works Factory, Bardon 81
Slide 82: Revenue and ASP Calculations
REVENUE AND ASP CALCULATIONS H1 26 H1 25 Partner Open Housing Partner Open Housing £m unless otherwise stated Funded Market Total Funded Market Total Total units (at 100%) 4,351 1,953 6,304 5,055 1,834 6,889 JV elimination (440) (271) (711) (369) (253) (622) JO elimination (81) (32) (113) (88) (40)
Slide 83: Adjusted Finance Costs
ADJUSTED FINANCE COSTS (£m) H1 26 H1 25 Net bank interest payable (24.9) (24.0) Amortisation of prepaid facility fees (1.0) (1.0) Bank interest (25.9) (25.0) Unwind of discount on land creditors (18.1) (11.4) Unwind of discount on land debtors 1.8 - IFRS 16 interest on leases (3.1) (2.7) Pension fin
Slide 84: Bridge Between Adjusted and Reported Results by Group
BRIDGE BETWEEN ADJUSTED AND REPORTED RESULTS BY GROUP Amortisation Other Share of joint Exceptional of acquired Government operating For the six months ended 30 June 2026 Reported ventures items intangibles grant income income Adjusted Revenue 1,418.2 253.0 - - 32.1 - 1,703.3 Gross profit (70.7) 16.
Slide 85: Exceptional and Adjusting Items
EXCEPTIONAL AND ADJUSTING ITEMS £m H1 26 H1 25 Building safety (73.2) (3.5) Exceptionals – CMA voluntary commitment - (12.8) Exceptionals – Restructuring, integration and other costs (10.3) (3.3) Impairment of goodwill (475.0) - Amortisation of acquired intangible assets (19.8) (19.8) HALF YEAR RESU
Slide 86: Forward Sales
FORWARD SALES 24 Sep 2026 30 June 2026 31 Dec 2025 30 June 2025 Partner Funded 2,825 2,897 3,089 3,197 Open Market 489 375 285 401 Total Group 3,313 3,272 3,374 3,598 £m FY26 FY27 FY28+ Forward order book unwind 1,376 1,234 703 The Group has refined its forward order book definition to comprise only
Slide 87: JV Profit and ASP
JV PROFIT AND ASP H1 26 H1 25 Partner Open Funded Market Other Total Total JV units 874 517 1,391 1,216 JV units at share 434 246 680 594 JV revenue at share (£m) 140.4 96.7 15.9 253.0 217.6 JV ASP (£k) 324 393 349 326 Gross profit 16.3 32.7 Operating profit 15.2 32.2 Adjusted JV profit (4.6) 15.6 H
Slide 88: JV Balance Sheet
JV BALANCE SHEET H1 26 FY25 £m unless otherwise stated Total Group’s share Total Group’s share Inventories 1,612.3 807.4 1,624.4 812.2 Land creditors (198.1) (101.6) (215.1) (107.5) Amounts owed to members (1,254.4) (624.8) (1,254.7) (627.3) Amounts owed by members 293.2 146.6 304.7 152.3 Other asse
Slide 89: Land Bank – JV Owned and Controlled
LAND BANK – JV OWNED AND CONTROLLED Land bank 30 June 2026 31 Dec 2025 Change Owned 50,967 51,670 (1%) - of which relates to JVs 14,452 15,166 (5%) Controlled 20,721 19,831 4% - of which relates to JVs 10,221 10,684 (4%) Total owned and controlled 71,688 71,501 - - of which relates to JVs 24,673 25,
Slide 90: Strategic Land
STRATEGIC LAND 30 June 26 31 Dec 25 Movement Total plots Number of Plots Total sites Total plots Total sites Total plots Opening 76,368 0 - 150 50 4,145 51 4,287 Additions 95 150 - 300 49 10,047 50 10,229 Transferred to land bank (642) 300 - 500 27 9,439 33 11,603 Land sales (384) 500 - 1,000 22 14,
Slide 91: Other Assets
OTHER ASSETS (£m) 30 June 2026 31 Dec 2025 Debtors - Trade receivables 269.7 286.8 - Contract assets 233.5 270.2 - Prepayments and accrued income 48.0 64.3 - Other receivables 54.7 44.5 Right of use assets 88.7 90.4 Deferred tax asset 5.4 - Current tax asset 9.2 - Property, plant and equipment 26.3
Slide 92: Other Liabilities
OTHER LIABILITIES (£m) 30 June 2026 31 Dec 2025 Creditors - Trade payables 323.2 391.8 - Contract liabilities 110.4 66.5 - Other payables 5.5 36.3 - Accruals 265.2 278.9 - Other financial liabilities - 7.3 Deferred income 39.7 41.6 Other tax and social security 10.1 23.9 Lease liabilities 98.2 98.1
Slide 93: Land Creditor Payment Profile
LAND CREDITOR PAYMENT PROFILE £1,000m 1050.5 920.8 £800m £600m 585.7 581.5 £400m 286.8 £200m 175.2 89.2 92.8 70.7 89.4 £0m <1 year 1 - 2 years 2 - 3 years >3 years Total At 30 Jun 2026 At 31 Dec 2025 The land creditor payments profile is on a contractual cash basis. Balance sheet creditors figure of