Vistry Group Plc · LSE:VTY
Vistry — FY2025 Earnings Presentation
47 slides from Vistry's earnings presentation, Mar 4, 2026
Slide 1: Full Year Results 2025
FULL YEAR RESULTS 2025 Greg Fitzgerald Tim Lawlor Stephen Teagle Chief Executive Officer Chief Financial Officer Chief Executive, Partnerships & Regeneration 4 March 2026
Slide 2: Agenda
AGENDA • Introduction • Financial review • Market update • Strategy & Operational update • Outlook • Q&A Great Oldbury, Stonehouse 2
Slide 3: 2025 Headlines
2025 HEADLINES • 2025 adjusted PBT in line with expectations: - Strong second half performance - Challenging markets in 2025 - Delivered 1 in 7 affordable houses • Group is lean, efficient and stable Sherford, Plymouth • Active in a “soft” land market • Net debt at December 2025 reduced to £144m • G
Slide 4: Positioned for Growth
POSITIONED FOR GROWTH WHERE WE ARE LOOKING AHEAD • Business stabilised • Set to benefit from Partner Funded growth • New organisation structure - Rent convergence • Differentiated strategy aligned to - Rent settlement Government funding commitments - Bidding started on SAHP 2026-2036 • 15% market sh
Slide 5: Financial Review
FINANCIAL REVIEW Tim Lawlor Chief Financial Officer Meridian One, Edmonton/Tottenham 5
Slide 6: Summary of Group Results
SUMMARY OF GROUP RESULTS Adjusted basis unless otherwise stated (£m)(1) FY25 FY24 Change Revenue 4,155.3 4,329.2 (4%) Operating profit 353.8 358.2 (1%) Operating margin 8.5% 8.3% 20bps Profit before tax 268.8 263.5 2% EPS (pence per share)(2) 59.3p 55.9p 6% Reported profit before tax 196.2 104.9 87%
Slide 7: Revenue and ASP
REVENUE AND ASP Partner Open • Total units down 9%: FY25 Funded Market Other Total - Partner Funded 8% lower Total units 11,593 4,065 - 15,658 - Principally H1 uncertainty in market Adjusted revenue 2,518.8 1,333.5 303.0 4,155.3 - Open Market completions down 11% ASP (£k) 246 391 - 282 - 8% fewer av
Slide 8: Tenure Mix
TENURE MIX Proportion of completions by tenure Partner Funded Open Market • Total Partner Funded units increased to 74% (FY24: 73%) FY25 26% 30% 18% 26% • Increased delivery of affordable homes as demand increased in H2 following the June Spending Review FY24 27% 25% 21% 27% • PRS volumes lower as s
Slide 9: Operating Profit
OPERATING PROFIT Adjusted basis (£m) FY25 FY24 Change Gross profit 577.2 556.8 4% • Gross margin improvement of 100bps includes mix benefits: - Reduced delivery from low margin sites Gross margin 13.9% 12.9% 100bps - Commencement of new, higher margin developments Overheads (223.4) (198.6) 12% • Exp
Slide 10: Build Costs & Vistry Works
BUILD COSTS & VISTRY WORKS BUILD COSTS VISTRY WORKS • FY25 build costs up c.2.5% • Delivered in excess of 4,600 timber • Group Material Framework frame units in FY25 (FY24: 2,900) • c.90% of materials procured centrally, • Produced roof trusses for over 3,000 typically on 12-24 month contracts units
Slide 11: Adjusted Net Earnings
ADJUSTED NET EARNINGS £m FY25 FY24 Adjusted operating profit 353.8 358.2 Net finance costs down £9.7m YoY Net bank interest • Net bank interest down £5.8m (49.9) (55.7) - Average daily debt £734m vs £698m in FY24 Amortisation of prepaid facility fees (2.1) (1.9) - Average cost of debt down 70bps to
Slide 12: Building Safety
BUILDING SAFETY Provision Buildings £m Costs FY25 FY24 Provision as at 31 Dec 2024 240 324.4 Building safety provision costs: Additions (14.3) (117.1) Building safety provision costs: Transfer to JV - 20.9 Additions 11 14.3 Discounting (11.1) (8.0) Discounting - 11.1 Provision recognised in JV - (20
Slide 13: Land Activity in 2025
LAND ACTIVITY IN 2025 Plots Total Owned Controlled Brought forward 74,020 51,281 22,739 • Secured over 11,800 plots in the period: Land acquired externally1 11,243 8,641 2,602 - Opportunistic land purchases in a relatively soft land market Transferred from Strategic Land 621 621 - • Continuing to re
Slide 14: FY25 Cashflow
FY25 CASHFLOW Total net cash inflow £36.5m (FY24: £91.9m outflow) FULL YEAR RESULTS 2025 14
Slide 15: Capital Employed
CAPITAL EMPLOYED £m 31 Dec 2025 31 Dec 2024 Work in progress 1,295.9 1,133.3 • Work in progress increase of £163m: Land 1,932.4 1,875.0 - London particularly impacted by poor sales Land creditors (989.7) (739.9) environment Net investment in inventories 2,238.6 2,268.4 - End of year deal delays Inve
Slide 16: Capital Allocation and Buybacks
CAPITAL ALLOCATION AND BUYBACKS • No change to capital allocation policy Capital allocation hierarchy • Announced £130m buyback programme in September 2024 comprising two elements: Cash generation - £55m ordinary share buyback completed - £75m of special buyback ongoing, with remaining £29m Maintain
Slide 17: Market Update
MARKET UPDATE Stephen Teagle Chief Executive - Partnerships and Regeneration Ledbury 17
Slide 18: Strengthening Opportunity
STRENGTHENING OPPORTUNITY Market leading position enabling transactions and encouraging partner engagement Full visibility of unprecedented Government commitments and timetable for implementation Step change in partner ambitions supporting increased capacity and appetite Steady recovery in Open Mark
Slide 19: Vistry Model Aligned with Government
VISTRY MODEL ALIGNED WITH GOVERNMENT • Delivered 15% of all Affordable Homes completions using direct grant and Partner funding • Grant awards have supported S106 delivery through additionality and upstream engagement with partners • Awarded a 37% increase in direct grant during the year, reflecting
Slide 20: Our Customer and Partner Markets
OUR CUSTOMER AND PARTNER MARKETS CURRENT STATUS Open Market PRS Affordable housing • Affordability improving • 59% of UK investment in 2025 • Partners now sighted on supported by mortgage into Single Family Housing improved financial capacity availability, loan products, and • Fitful 2025 as refinan
Slide 21: The Affordable Market - The Wheels Are Turning
THE AFFORDABLE MARKET- THE WHEELS ARE TURNING Traditional Registered Providers • more active in market for the next funding programme • have increased capacity from rent changes and need to complete their existing programmes • Government expecting them to step up and perform TRADITIONAL REGISTERED L
Slide 22: Grant Funding Dynamics
GRANT FUNDING DYNAMICS P&L: Recognised in line with site Apply for grant valuations in Other funding Deploy grant to most Draw down grant Operating Income VISTRY suitable developments Cash: Received in tranches at acquisition, start on site and completion. Grant multiplier effect: No difference in P
Slide 23: Inflection from Funding Policy to Delivery
INFLECTION FROM FUNDING POLICY TO DELIVERY Reinforcing demand side capacity What is confirmed? Timing What this means ? • SAHP grant investment of £39bn • SAHP bidding now open, • Improved capacity in sector • Rent settlement CPI +1% allocations from Q3 2026 • Focus on early delivery • Partners enga
Slide 24: What We Are Doing to Capture the Opportunity
WHAT WE ARE DOING TO CAPTURE THE OPPORTUNITY PARTNERING DELIVERY SALES • Delivery frameworks with • Platform of joint ventures • Triple brand refresh rolled out primary partners with RPs and LAs • Contact Centre performing strongly • Bid for direct awards through • PlacePoint investment with • Sales
Slide 25: Strategy & Operational Update
STRATEGY & OPERATIONAL UPDATE Greg Fitzgerald Chief Executive Officer Dracan Village, Drakelow Park, Burton-on-Trent 25
Slide 26: Our Strategy & Competitive Advantage
OUR STRATEGY & COMPETITIVE ADVANTAGE LAND & PLANNING BUILD SALES Manage a 3-4 yr landbank, minimising • Build at pace given pre-selling and • Market test majority of sites ahead of land capital investment through limited sales constraints acquisition, lowering risk • Our business model makes us • En
Slide 27: Strategy Case Study: Land
STRATEGY CASE STUDY 1 : LAND Hopfields • Large site for up to 2,200 homes, 10-15 year delivery • Purchased in November 2025 - Early strategic engagement - Key primary urban extension for Worcester, which is supply constrained - Deferred terms on land purchase • A combination of JV and wholly owned p
Slide 28: Strategy Case Study: Build
STRATEGY CASE STUDY 2 : BUILD Innovation Mauer Brick Cladding solution • Significantly faster build, reduces labour dependency, complements our timber frame construction, sustainable solution • First site under construction in Yorkshire Career development • Expect to launch 10+ new sites utilising t
Slide 29: Strategy Case Study: Partner Journey
STRATEGY CASE STUDY 3 : PARTNER JOURNEY • Introduced in Summer of 2025 • Simple framework of 16 steps to ensure highest level of service • Ensures consistency across all regions • Satisfaction scores align with NHBC survey - Includes build quality of new homes at handover • 21 of our 25 regions achi
Slide 30: Current Trading & Outlook
CURRENT TRADING & OUTLOOK • Group on track to deliver volume and revenue growth in 2026 - Current forward order book totals £4.5bn (25 Mar 2025: £4.4bn) with 67% (25 March 2025: 65%) of forecast 2026 units included • Reflecting the phasing of sales in late 2025 and early 2026, average daily net debt
Slide 31: Priorities
PRIORITIES Cash generation and Maintaining operational Positioning for growth balance sheet and service excellence • Reduce inventory tied up on • Scaling Partner Funded • Sales contact centre legacy sites and in London activity improving sales conversion • Closely align build • Prioritising sites w
Slide 32: A Partnerships Business Aligned to the Scale of Opportunity
SUMMARY A PARTNERSHIPS BUSINESS ALIGNED TO THE SCALE OF OPPORTUNITY FULL YEAR RESULTS 2025 32
Slide 33: Homes Linden COUNTRYSIDE Countryside
Se 3°, te Homes Linden COUNTRYSIDE Countryside Homes domes Partnerships
Slide 34: 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 35: Appendices
APPENDICES Vistry Works Factory, Bardon 35
Slide 36: Revenue and ASP Calculations
REVENUE AND ASP CALCULATIONS FY25 FY24 Partner Open Housing Partner Open Housing £m unless otherwise stated Funded Market Total Funded Market Total Total units (at 100%) 11,593 4,065 15,658 12,633 4,592 17,225 JV elimination (995) (564) (1,559) (1,027) (547) (1,574) JO elimination (163) (84) (247) (
Slide 37: Adjusted Finance Costs
ADJUSTED FINANCE COSTS (£m) FY25 FY24 Net bank interest payable (49.9) (55.7) Amortisation of prepaid facility fees (2.1) (1.9) Bank interest (52.0) (57.6) Unwind of discount on land creditors (22.0) (21.7) IFRS 16 interest on leases (5.6) (5.4) Pension financing 1.7 1.6 Other net finance costs (25.
Slide 38: 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 2025 Reported ventures items intangibles income Adjusted Revenue 3,613.7 541.6 - - - 4,155.3 Gross profit 389.6 73.2 - - 114.5 577.2 Operating prof
Slide 39: Exceptional Items
EXCEPTIONAL ITEMS £m FY25 FY24 Exceptionals – Building safety (8.0) (114.7) Exceptionals – CMA voluntary commitment (12.8) - Exceptionals – Restructuring, integration and other costs (8.6) (14.1) Amortisation of acquired intangible assets (39.6) (39.5) FULL YEAR RESULTS 2025 39
Slide 40: Forward Sales
FORWARD SALES Forward sales (£m) 03 Mar 2026 31 Dec 2025 25 Mar 2025 31 Dec 2025 Partner Funded 4,096 3,726 3,989 4,156 Open Market 449 285 372 285 Total Group 4,545 4,011 4,361 4,441 £m FY26 FY27 FY28+ Forward order book unwind 2,424 1,225 896 FULL YEAR RESULTS 2025 40
Slide 41: JV Profit and ASP
JV PROFIT AND ASP FY25 FY24 Partner Open Funded Market Other Total Total JV units 1,965 1,105 3,070 3,216 JV units at share 970 541 1,511 1,642 JV revenue at share (£m) 287.4 216.0 38.2 541.6 549.9 JV ASP (£k) 296 399 333 317 Gross profit 73.2 54.2 Operating profit 70.2 51.8 Adjusted JV profit 27.7
Slide 42: JV Balance Sheet
JV BALANCE SHEET FY25 FY24 £m unless otherwise stated Total Group’s share Total Group’s share Inventories 1,624.4 812.2 1,576.9 783.4 Land creditors (215.1) (107.5) (277.2) (138.6) Loans to members (1,254.7) (627.3) (1,091.0) (540.1) Loans from members 304.7 152.3 236.0 117.9 Other assets 115.7 57.9
Slide 43: Land Bank – JV Owned and Controlled
LAND BANK – JV OWNED AND CONTROLLED Land bank 31 Dec 2025 31 Dec 2024 Change Owned 51,670 51,281 1% - of which relates to JVs 15,166 17,048 (11%) Controlled 19,831 22,739 (13%) - of which relates to JVs 10,684 10,509 2% Total owned and controlled 71,501 74,020 (3%) - of which relates to JVs 25,850 2
Slide 44: Strategic Land
STRATEGIC LAND 31 Dec 25 31 Dec 24 Movement Total plots Number of Plots Total sites Total plots Total sites Total plots Opening 76,219 0 - 150 51 4,287 55 4,322 Additions 2,538 150 - 300 50 10,229 53 10,930 Transferred to land bank (621) 300 - 500 33 11,603 31 10,745 Land sales (632) 500 - 1,000 23
Slide 45: Other Assets
OTHER ASSETS (£m) 31 Dec 2025 31 Dec 2024 Debtors - Trade receivables 286.8 211.0 - Contract assets 270.2 272.7 - Prepayments and accrued income 64.3 60.5 - Other receivables 44.5 63.7 Right of use assets 90.4 85.2 Current tax asset - 5.6 Property, plant and equipment 27.3 22.8 Other assets 783.5 72
Slide 46: Other Liabilities
OTHER LIABILITIES (£m) 31 Dec 2025 31 Dec 2024 Creditors - Trade payables 391.8 334.0 - Contract liabilities 66.5 51.3 - Other payables 36.3 14.1 - Accruals 278.9 411.2 - Other financial liabilities 7.3 22.3 Deferred income 41.6 91.7 Other tax and social security 23.9 11.8 Lease liabilities 98.1 96.
Slide 47: Land Creditor Payment Profile
LAND CREDITOR PAYMENT PROFILE £1,000m 1050.5 £800m 767.8 £600m 581.5 £400m 337.2 328.1 286.8 £200m 92.8 76.3 89.4 26.2 £0m <1 year 1 - 2 years 2 - 3 years >3 years Total At 31 Dec 2025 At 31 Dec 2024 The land creditor payments profile is on a contractual cash basis. Balance sheet creditors figure of