Slide 1: Interim results
Interim results September 2025 Where great places start Golden Valley, Cheltenham
Slide 2: Agenda
Agenda Introduction and overview 01 Tim Roberts Financial review 07 Darren Littlewood Operational review 11 Tim Roberts/Darren Littlewood Outlook 22 Tim Roberts Darren Littlewood Chief Executive Officer Chief Financial Officer Tim Roberts
Slide 3: Introduction and overview
Introduction and overview Speaker Tim Roberts Spark, Walsall 1
Slide 4: Introduction
Introduction We focus on high quality land, prime property development and premium homes • Completed and exchanged on total land and property sales of £159.6m (our share £99.3m) • Supportive planning environment has resulted in a fourfold increase in outline permissions • Planning secured for £1bn G
Slide 5: Resilient operational performance
Resilient operational performance Well positioned to deliver results in line with market expectations • 1,222 plots sold (H1 24: 843), 2,369 plots exchanged or under offer are due to complete in FY 25 Operating profit • YTD 2,782 plots achieved planning, of which 1,237 plots in H1 25 (H1 24: 332 plo
Slide 6: Continued progress towards medium-term objectives set out in 2021
Continued progress towards medium-term objectives set out in 2021 Measure Medium term target H1 25 Capital employed £500m £427m¹ and on track to grow Return on average capital employed 10-15% pa 12-month rolling ROCE of 9.1% YTD, 1,632 plots completed, remain on target to Land promotion plot sales c
Slide 7: Sales progress in line with expectations
Sales progress in line with expectations 80% of budgeted sales for FY 25 completed, exchanged or reserved £m Hallam Land HBD Stonebridge Homes 250 221 221 200 80% of budget 176 150 139 98 100 81 50 0 Completed in H1 25 Completed H2 25 to date Exchanged for completion Reserved for completion in Under
Slide 8: Sale of Henry Boot Construction
Sale of Henry Boot Construction MBO simplifies the group’s structure and reduces risk profile • Sale of HBC to PWS, a company formed by the HBC management team, for £4m • Fits strategy and enhances growth prospects with a more focussed portfolio with greater synergies • HBC has made only a small con
Slide 9: Financial review
Financial review Speaker Darren Littlewood Grainger Park, Goldsborough 7
Slide 10: Financial summary
Financial summary Confident of achieving FY expectations HY 25 HY 24 Change • Revenue increased 19% reflecting higher land and property sales Revenue £126.4m £106.0m 19% • Gross profit increased by 30% to £32.0m with Gross profit £32.0m £24.7m 30% margin improving from 23.3% to 25.3% Operating profi
Slide 11: Balance sheet
Balance sheet Increase in borrowings reflects investment in future growth Jun 25 Dec 24 • Investment property at £107.4m including our share of Investment property1 £107.4m £111.2m developments within our Origin JV Property, plant & equipment £28.3m £29.3m • Increase in inventories of £10.4m with in
Slide 12: Cash generation and change in net debt
Cash generation and change in net debt Investment to grow home building and deliver profitable developments within our Origin JV £m 100 Outflow from operations £3.1m 90 0.5 80 (10.5) 70 13.1 (4.1) 10.2 Non-cash items £1.4m 60 (0.6) (10.0) 88.1 2.7 1.2 (7.7) 0.2 50 (4.8) (2.2) (10.7) 62.7 (2.7) 40 Ne
Slide 13: Operational review
Operational review Speakers Tim Roberts & Darren Littlewood Ark (Origin), Markham Vale 11
Slide 14: Hallam Land
Hallam Land UK greenfield land values stable in H1 25 Operating profit £m • 1,222 plots sold (H1 24: 843) and 2,369 plots either exchanged 20 17.2 17.0 14.8 or under offer 15 13.8 • On target to sell c.3,500 plots in FY 25 10 • Sites exited in H1 25 generated an average ungeared IRR of 23% pa over a
Slide 15: Land promotion
Land promotion One of the largest strategic land banks in the country Plot sales 5,000 5yr average: c.3,000 3,869 Plots Inventory 4,000 c.3,500 FY 25 Freehold: 11,180 £71m 3,008 Scotland 3,000 11,896 Option: 7,442 £9m 1,944 2,661 2,000 Agency: 88,551 £79m 1,222 107,173 £159m 1,000 0 2021 2022 2023 2
Slide 16: Planning environment
Planning environment Achieved planning on 2,782 plots YTD after positive NPPF changes Sutton-in-Ashfield, Plots granted Nottinghamshire 3,500 2,982 3,000 2,782 YTD 2,500 2,000 1,500 1,237 1014 1,000 452 435 500 Total plots: 300 Type: PPA 0 Affordable: 10% Status: Exchanged 2021 2022 2023 2024 H1 25
Slide 17: Land promotion
Land promotion Illustrative potential future land bank profit Potential gross profit to come split by planning status No of £8k per £9k per £10k £11k per £12k per • Disposals over last five years achieved an average gross Status plots plot plot per plot plot plot profit per plot of £10k – IRR of 23%
Slide 18: Property investment & development
Property investment & development Pipeline provides strong platform for growth Operating profit Investment portfolio¹ • Committed development programme £128m (our share £0.8m £96.1m £37m), 40% pre-let/pre-sold • Origin JV is seeded with three sites with a combined GDV of c.£100m (HBD share: £25m) •
Slide 19: Origin JV
Origin JV UK focused venture with potential to deliver c.£1bn of high quality I&L assets Markham Vale Walsall Current: £100m GDV ARK SPARK Scheme GDV Sq ft Markham Vale, Ark £20m 107,000 Walsall, Spark £52m 271,000 Welwyn GC, INTER £28m 71,000 Welwyn GC Preston Future: £56m GDV INTER APTUS Scheme GD
Slide 20: Golden Valley, Cheltenham
Golden Valley, Cheltenham £1bn flagship mixed use campus • HBD appointed development partner in 2022 • Outline planning permission achieved in July 2025 for phase one which includes: • IDEA, the 160,000 sq ft National Cyber Innovation Centre • 576 residential units of various tenures • £104m funding
Slide 21: Investment portfolio
Investment portfolio Further outperformance driven by industrial assets Total return vs CBRE UK Monthly Index 160 • Modest increase in commercial property values despite 150 7.5% per annum overall transaction volumes remaining low 140 130 • Total return of 5.7% in H1 25, ahead of the CBRE UK Monthly
Slide 22: Stonebridge
Stonebridge Delivering premium homes • Increased Stonebridge ownership to 62.5% • 85 units completed (H1 24: 90) • Private ASP £391k (H1 24: £381k) • Net private reservation rate 0.45 (H1 24: 0.50) • Reservations impacted by delays in securing detailed planning reducing opening of new outlets • Seve
Slide 23: Stonebridge outlets and land bank
Stonebridge outlets and land bank Added 846 plots to the land bank across three sites Newcastle upon Tyne, Morpeth, St George's Kingston Village Total units: 45 Private ASPs: £539k Total units: 360 Affordable: 12% Whitby, Middlesbrough, Sandpiper Grange Woodland Place Total units: 223 Affordable: 28
Slide 24: Outlook
Outlook Speaker Tim Roberts INTER, Welwyn Garden City 22
Slide 25: Outlook
Outlook Well placed for recovery • Clear focus on land promotion, property development and home building • Good strategic progress made in H1 25 with a clear growth trajectory going forward • Improved planning policy, with the intention to materially increase plots with planning • Strong near term d
Slide 26: Well placed for the future
Well placed for the future Investing to support growth Property investment Land promotion Home building Construction and development c.107,000 strategic c.£1.3bn development Multi-regional premium home Public sector focused land plots pipeline builder – land bank with order book c.2,500 plots Henry
Slide 27: Appendix
Appendix Setl, Birmingham 25
Slide 28: Group structure
Group structure Henry Boot is one of the UK’s leading land, property development, home building Business segments and construction businesses - and we’ve been transforming land and spaces since 1886. Listed on the London Stock Exchange since 1919, we’re renowned for quality, expertise, delivery and
Slide 29: Board of Directors
Group structure Board of Directors Peter Mawson Tim Roberts Darren Littlewood Earl Sibley Chair Chief Executive Officer Chief Financial Officer Non-executive Director Serena Lang Talita Ferreira James Sykes Amy Stanbridge Non-executive Director Non-executive Director Non-executive Director Company S
Slide 30: Investment case
Investment case Prime portfolio focused on high quality premium projects Dividend per share • Focus and deep knowledge of three key markets that are 10p driven by positive long-term structural trends 8p • Active recycler of capital with over £710m of accretive land, 6p property and house sales betwe
Slide 31: Business model
Business model Track record of generating attractive returns Land promotion Property investment and development Home building Sale of land Sale of property Construction Construction Identify opportunities and Obtain planning permission Development of sites Investment portfolio acquire land Henry Boo
Slide 32: Our strategy
Our strategy Creating great places today, to build a better tomorrow Our People Partners Places Planet priorities Long term Industrial and logistics Residential Urban development markets Value Property investment Land promotion Housebuilding Construction delivery and development Returns Grow capital
Slide 33: Responsible business strategy
Responsible business strategy Our strategy is to embed ESG into our commercial decision making 2025 Target Performance 2025 target Performance Delivery is underway, including the launch Increase gender representation in Our Develop and deliver a group-wide health and of a financial wellbeing program
Slide 34: Committed programme
Committed programme £37m GDV, of which 40% has been pre-let or pre-sold Scheme Area Units HBD Share GDV Status Expected '000 sq ft (£m)* Completion Industrial & Logistics Preston, Aptus 150 – 50% 5 Pre-sold Q4 25 Origin, Markham Vale, Ark (Phase 1) 107 – 25% 5 Speculative/part pre-let Q4 25 Origin,
Slide 35: £1.3bn development pipeline
£1.3bn development pipeline Carrying value £54m all held at cost Key schemes Near term occupier led I&L Duxford AvTech Development pipeline GDV split £269m, 22% £768m, 56% £278m, 21% 23% Scheme: Various I&L schemes Scheme: Urban Commercial GDV: £215m GDV: £162m I&L Urban Commercial Investment: £9m I
Slide 36: Investment property
Investment property Portfolio focussed on industrial and logistics Shoal Group, Luton June 25 Dec 24 Market valuation – inc. share of JV’s¹ £96.1m £107.4m • Small/Mid box I&L • 85,000 sq ft Number of properties 17 20 • HBD share 100% Total area – ‘000 sq ft 607 767 • Completed in 2023 % industrial a
Slide 37: Movement in IFRS NAV per share
Movement in IFRS NAV per share Reduction primarily due to acquisition of 12.5% interest in Stonebridge Homes 330p 325p 1.8p 1.4p 7.6p 320p 5.7p 315p 1.7p 310p 7.5p 0.7p 317.2p -3.1% 305p 307.5p 300p 295p 1 Jan 2025 Operating profit Interest Tax Dividends Pension scheme Acquisition of SBH Other items
Slide 38: Statement of financial position
Statement of Property, plant & equipment Jun 25 28.3 Dec 24 29.3 financial position Investment properties 91.6 96.3 Investment in JVs and associates 17.7 13.3 Trade and other receivables 44.9 8.5 Jun 25 Dec 24 Retirement benefit assets 6.9 9.9 Cash and cash equivalents 9.9 16.8 Other non-current ass
Slide 39: Shareholding
Shareholding As at 26 August 2025 27.2% 36.5m Main institutional shareholders 44.9% 8.7m London & Amsterdam Trust Co/Rovida 5.6m Fidelity International 60.1m 4.2m Artemis Investment Management Henry Boot 3.0m Jupiter Asset Management 3.0m Dimensional Fund Advisors founding family 2.8m Schroder Inves
Slide 40: Strong track record
Strong track record Five-year financial results 2020 - 2024 Dividends per Turnover Operating Profit Profit before tax Ordinary Share 2024 £328.4m 2024 £34.2m 2024 £30.7m 2024 7.70p 2023 £359.4m 2023 £40.2m 2023 £37.3m 2023 7.33p 2022 £341.4m 2022 £46.5m 2022 £45.6m 2022 6.66p 2021 £230.6m 2021 £35.6
Slide 41: This presentation contains forward-looking statements.
This presentation contains forward-looking statements. Although the group believes that the estimates and assumptions on which such statements are based are reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond the group’s control. The group does n