Slide 1: FY25 Results Presentation
Allerton Gardens Liverpool Redrow FY25 Results Presentation 17 September 2025
Slide 2: David Thomas, Chief Executive Officer
David Thomas Chief Executive Oicer The Pearls Stourport-on-Severn Barra
Slide 3: Today
Today Agenda: • FY25 review • Sales outlet update • Current trading • Financial performance • Building safety update • Market backdrop and strategy Barra Redrow plc Full Year 2025 Results 3
Slide 4: Key takeaways
Key takeaways Resilient Integration & performance synergies in challenging progressing well market Three high quality Financially robust, brands, strong balance positioned well sheet for the future Barra Redrow plc Full Year 2025 Results 4
Slide 5: FY25 operational highlights
FY25 operational highlights Completed Redrow Land position acquisition enhanced Now operating with Strong land bank three dierentiated supported by FY25 16 115 awards brands approvals consecutive years in 2025 16,565 Excellent Total home Trustpilot ratings completions for all three brands Barra Re
Slide 6: FY25 financial highlights
FY25 financial highlights Profit Synergies ROCE Balance sheet £591.6m £69m 10.7% £772.6m pre PPA confirmed in FY25 pre PPA net cash Resilient Cost synergies Improved Maintained adjusted PBT ahead returns strong net cash performance of forecast position Barra Redrow plc Full Year 2025 Results 6
Slide 7: FY25 sales and completions performance
FY25 sales and completions performance Net private Excluding Total average Total Wholly reservation PRS and MUS1 outlets3 completions3 owned ASP rate1 0.64 0.56 405 16,565 £343.8k 0.552 0.492 4432 17,9722 £323.4k2 FY24 FY24 FY24 FY24 FY24 1. Net private reservation rate per active outlet per week 2.
Slide 8: Land bank
Land bank Current Strategic land land bank pipeline 87,711 Owned c. 145k c. 114k Plots Promotional land plots 12,293 Controlled 8,651 JV – owned and controlled 108,655 Bertelin Fields Staord Total current land bank Barra Barra Redrow plc Full Year 2025 Results 8
Slide 9: Sales outlet evolution
Sales outlet evolution Average sales outlets • Organic outlet growth plus revenue 500 synergy outlets from FY27 • Limited reliance on the planning system 400 in FY27 and FY28 • Excellent visibility on outlets in 300 medium-term 200 100 0 FY26E FY27E FY28E FY29/30E Current outlets inc JVs Synergy out
Slide 10: Current trading
Current trading • Housing market remains subdued, Barra Aggregated Redrow (unaudited) but solid start to FY26 FY26 FY25 to date to date Change • Underlying private reservation rate up 3.8% Net private reservation rate1 0.55 0.56 1.8% • Completions YTD 12% ahead with - excluding PRS and Other MUS 0.
Slide 11: Mike Scott, Chief Financial Officer
Mike Sco Chief Financial Oicer The Willows Bourne David Wilson Homes
Slide 12: Overview – FY25 performance
Overview – FY25 performance Barra Redrow Barra reported FY25 FY24 Change Total home completions (inc JVs) 16,565 14,004 18.3% Adjusted PBT excluding PPA £591.6m £385.0m 53.7% Adjusted PBT £488.3m £385.0m 26.8% ROCE excluding PPA 10.7% 9.5% 120 bps ROCE 9.0% 9.5% 50 bps Net cash £772.6m £868.5m 11.
Slide 13: Understanding our results
Understanding our results Aggregated Barra Redrow FY24 • Table summarises underlying £m (unless otherwise stated) FY25 (unaudited) Change performance Total home completions (homes) 16,565 17,972 7.8% – Both periods exclude PPA Revenue 5,578.3 5,689.9 2.0% Adjusted gross profit 970.3 973.2 0.3% – FY2
Slide 14: Redrow acquisition accounting
Redrow acquisition accounting Fair value £m (unless otherwise stated) adjustment • Key fair value adjustments relate to inventory valuation and provisions Inventories Land and work in progress in development 120.4 • Inventories: Land options 71.3 – £120.4m land and WIP uplift reflects value added to
Slide 15: Our land bank and estimated gross margin
Our land bank and estimated gross margin • Blended land bank gross margin estimated at 29 June 2025 owned land bank plots by gross margin1 c. 19.2% No. of owned land bank plots Share of owned land bank plots • Increase of 90 bps since Dec 2024: 30,000 33% – +30 bps from trade through at 16.3% gross
Slide 16: Adjusted operating margin bridge
Adjusted operating margin bridge 30 bps 170 bps) 70 bps 80 bps Synergies 120 bps) 10.7% 110 bps Redrow / mix / other PPA Completed 9.0% development adjustments 9.0% Volume Net inflation accrual impact FY24 FY25 FY25 Adjusted Adjusted Adjusted Barra Reported Barra Redrow Barra Redrow before PPA adj
Slide 17: Cost synergies
Cost synergies Profit impact in FY25 Synergies confirmed at 29 June 2025 Synergy target • Good progress made on realising synergies £12m Divisional structure £23m • Key actions completed: £36m – Nine divisional closures confirmed – Head oice rationalisation under way £4m – Operational leadership align
Slide 18: Revenue synergies
Revenue synergies • The 45 sites to deliver revenue synergies are identified Revenue synergy progress FY25 • Remainder to be submied during FY26 • Expect first sites ready for opening at start of FY27 45 Progress to date 25 16 9 5 Revenue Planning Planning synergy sites applications application submi
Slide 19: Our approach to building safety
Our approach to building safety • Our first priority is the safety of our buildings and the people that live in them • Commied to funding and undertaking remediation as quickly as possible • First to create a dedicated Building Safety Unit • Rigorous policies and processes to get things right first t
Slide 20: Building safety provisions
Building safety provisions • Redrow provision acquired at fair value of £184m, no £m Building safety changes post acquisition At 30 June 2024 628.1 Amounts reclassified 33.6 • Increase in Barra legacy provision of £109m, comprising: Fair value of provisions assumed in – £76m for four buildings in ou
Slide 21: Reinforced concrete frames
Reinforced concrete frames Reinforced • No changes to the Barra RCF portfolio – existing £m concrete frames works proceeding in line with our expectations At 30 June 2024 102.2 Amounts reclassified 18.8 • After a post-acquisition review, up to four Redrow Fair value of provisions assumed in developm
Slide 22: Balance sheet
Balance sheet Barra Redrow Barra Reported £m 29 June 2025 30 June 2024 Change Goodwill and intangible assets 1,583.2 1,037.4 545.8 Investment in jointly controlled entities 193.2 158.5 34.7 Gross land bank 5,104.9 3,233.6 1,871.3 Land creditors 809.4 472.8 336.6 Net land bank 4,295.5 2,760.8 1,534
Slide 23: Cash flow
Cash flow 800.7 862.5 36.2 £m Utilised in cost of sales Cash Other land spend movements Other non-cash and working capital Redrow acquisition 285.5 net cash impact 81.8 40.5 101.2 100.6 Other Net cash investing interest Building activities and tax safety 72.5 WIP & PX 25.6 investment 194.3 Net land 1
Slide 24: Unchanged capital allocation priorities
Unchanged capital allocation priorities • Strong balance sheet – Benefit of scale – Strong net cash position Strong – £700m undrawn commied facilities balance sheet • Investment in business – Growing outlet numbers – Experienced in integration – Oregon, Gladman, Redrow Investment in the business – C
Slide 25: Guidance for FY26
Guidance for FY26 Completions c. 17,200 – 17,800 total home completions, including c. 600 JV completions Aordable mix expected to be c. 20% Average sales outlet movement (inc JV Broadly flat on FY25 Build cost inflation 1% - 2% including estimated procurement-based synergies Adjusted administrative e
Slide 26: Summary
Summary • Delivered solid financial performance for the year – Adjusted PBT ahead of expectations – Strong net cash position – Cost synergy delivery ahead of schedule • Remain financially robust in a tough market • Good progress on revenue synergies and wider integration • Land bank and strong balance
Slide 27: David Thomas, Chief Executive Officer
David Thomas Chief Executive Oicer Ladden Garden Village Yate Barra
Slide 28: The market
The market Sector fundamentals Current market Aordability Need for homes Government • Remains a constraint, particularly for first time buyers across all tenures targeting • Mortgage availability and competition improved but rates increased delivery still high Consumer confidence • Remains subdued, e
Slide 29: Barratt Redrow is best placed through the cycle
Barra Redrow is best placed through the cycle STRONG CUSTOMER PARTNER POSITIONED FINANCIAL FUNDAMENTALS FOCUS OF CHOICE FOR GROWTH STRENGTH Positioned to Unrivalled quality, Strong Possess the scale Underpins capitalise on service and relationships to capture sustainable underlying sustainability a
Slide 30: Summary
Summary FY25 Medium term • We remain confident in medium-term targets • Clear line of sight to deliver 22,000 homes Outlets 405 475 - 525 a year • Redrow acquisition is transformative; Total home completions 16,565 c. 22,000 synergies progressing well and integration largely complete • Three leading
Slide 31: Q&A
Q&A Rose Place Shrewsbury David Wilson Homes
Slide 32: Appendices
Appendices Kingsbourne Nantwich Redrow
Slide 33: Appendices - Index
Appendices - Index PAGE PAGE 34 Definitions 49 Home completion analysis 35 Understanding our trading performance in detail 50 Private reservation analysis 36 Understanding our balance sheet movements 51 Administrative expenses and adjusted items 37 FY25 sales performance 52 Net interest charge analys
Slide 34: Definitions
Definitions Active outlet is a site with at least one home for sale ASP is average selling price Average net cash (debt) is calculated on average daily closing position in period CMA is Competition and Markets Authority Contribution is surplus of revenue for a unit over the direct costs (land and bui
Slide 35: Understanding our trading performance in detail
Understanding our trading performance in detail Barra Redrow (before Barra & Redrow FY25 (pre PPA Barra Redrow PPA impacts PPA Aggregated vs FY24 £m unless stated FY25 FY25 FY25 FY24 (pre PPA & AP Barra home completions 12,507 - 12,507 13,468 7.1% Redrow home completions 3,520 - 3,520 3,968 11.3
Slide 36: Understanding our balance sheet movements
Understanding our balance sheet movements Barra Redrow plc at Underlying movements in Redrow fair value at Barra Developments PLC £m 29 June 2025 FY25 21 August 2024 at 30 June 2024 Goodwill and intangible assets 1,583.2 12.0 557.8 1,037.4 Property, plant and equipment 86.4 8.1 20.8 57.5 Right-of-
Slide 37: FY25 sales performance
FY25 sales performance Barra Aggregated2 Barra Redrow1 FY24 Reported3 FY25 (unaudited) Change FY24 Average net private reservations per active outlet per week Net private reservation rate4 0.64 0.55 16.4% 0.58 - Excluding PRS and MUS 0.56 0.49 14.3% 0.50 - Of which PRS and Other MUS 0.08 0.06 33.3
Slide 38: FY25 completions and pricing performance
FY25 completions and pricing performance Completions Barra ASPs Barra Redrow Redrow Barra Aggregated Barra Barra Aggregated Barra Redrow1 (unaudited)2 Reported3 Redrow1 (unaudited)2 Reported3 FY25 FY24 Change FY24 FY25 FY24 Change FY24 Home completions (units) ASP (£’000 Underlying Private 11,
Slide 39: Summarised performance
Summarised performance Barra Barra Redrow Reported £m (unless otherwise stated) FY25 FY24 Change Revenue 5,578.3 4,168.2 33.8% Adjusted gross profit 875.2 689.0 27.0% Adjusted gross margin % 15.7 16.5 80 bps Gross profit 784.8 509.5 54.0% Gross margin % 14.1 12.2 190 bps Adjusted operating profit 500
Slide 40: Full income statement
Full income statement Barra Redrow Barra Reported £m (unless otherwise stated) FY25 FY24 Change Revenue 5,578.3 4,168.2 33.8% Cost of Sales 4,793.5 3,658.7 31.0% Gross profit 784.8 509.5 54.0% Gross margin % 14.1% 12.2% 190 bps Analysed as: Adjusted gross profit 875.2 689.0 27.0% Adjusted gross marg
Slide 41: Performance metrics
Performance metrics FY25 FY24 Performance metrics Barra 5* 5* HBF survey (star rating) Redrow 5* 5* Pride in the Job Awards (number) Barra 89 89 Major housebuilder rank Barra 1st 1st Pride in the Job Awards (number) Redrow 26 22 Injury Incidence Rate IIR 1, 2 Barra 316 302 (rolling 12 months) Re
Slide 42: Land bank
Land bank Barra Barra Redrow Barra Redrow Aggregated Reported 29 June 30 June 30 June 2025 2024 2024 Land bank plots With detailed planning consent 59,645 58,724 40,030 With outline planning consent 24,072 18,378 15,239 With resolution to grant and other 3,994 5,791 2,363 Owned 87,711 82,893 57,6
Slide 43: Forward order book
FY25 Forward order book Barra Redrow 15.0 Barra Redrow 30 June 2024 29 June 2025 Aggregated Change £m Homes £m Homes £m Homes Private 1,897.3 4,781 1,736.4 4,505 9.3% 6.1% Aordable 825.1 4,499 758.7 4,530 8.8% 0.7%) Wholly owned 2,722.4 9,280 2,495.1 9,035 9.1% 2.7% JV 199.2 555 147.7 391 34.9% 4
Slide 44: Forward sales roll
FY25 Forward sales roll Barra Redrow Barra Redrow FY25 FY25 FY25 Private Total 1 Private Total 1 Private Total 30 June 2024 3,386 7,239 1,119 2,187 Reservations 1,152 1,260 435 436 Completions 568 668 196 261 21 August 2024 5,328 10,193 3,970 7,831 1,358 2,362 Reservations 12,014 15,539 9,396 12,3
Slide 45: Current trading
Current trading Barra & Redrow Barra Redrow Aggregated FY26 FY25 to date to date Change Net private reservation rate1 0.55 0.56 1.8% - Excluding PRS and Other MUS 0.55 0.53 3.8% - PRS and Other MUS - 0.03 n/m Average active sales outlets 390 427 8.7% Net private reservations per week 215 237 9.3%
Slide 46: Current trading
Current trading Forward order book Barra Redrow 15.0 Barra Redrow 25 August 2024 24 August 2025 Aggregated Change £m Homes £m Homes £m Homes Private 2,139.1 5,403 2,109.1 5,476 1.4% 1.3% Aordable 806.7 4,398 759.8 4,523 6.2% 2.8% Wholly owned 2,945.8 9,801 2,868.9 9,999 2.7% 2.0% JV 195.1 549 151
Slide 47: Current trading
Current trading Forward sales roll Forward sales roll FY26 to date FY25 Aggregated Change Private Total Private Total Private Total 1 1 1 29 June 2025/ 4,781 9,835 4,505 9,426 6.1% 4.3% 30 June 2024 Reservations 1,716 1,750 1,903 2,074 9.8% 15.6% Completions 1,094 1,235 932 1,102 17.4% 12.1% 24 Augu
Slide 48: Private completions
Private completions Volume and ASP FY25 FY24 Homes ASP Homes ASP Barra 10,249 £349.5k 10,666 £343.9k Redrow 1 2,880 £491.2k 2,619 £473.8k Scotland Barra Redrow 13,129 £380.6k 13,285 £369.5k Homes: 1,398 FY24: 1,439 ASP £315.5k FY24: £310.4k) Northern Homes: 2,112 FY24: 2,446 ASP £297.8k FY24: £288
Slide 49: Home completions analysis
Home completions analysis Product type 3% 2% 35% 34% 5 & 6 bedroom homes 4 bedroom homes 3 bedroom homes 1 & 2 bedroom homes 38% 38% Apartments (non-London) Apartments (London) 11% 13% 9% 11% 4% 2% FY25 FY24 Barra Redrow Barra Reported Barra Redrow plc Full Year 2025 Results 49
Slide 50: Private reservation analysis
Private reservation analysis 13% 12% 14% 13% PRS & Other Multi-Unit Sales 11% 12% Part-exchange Cash buyers & investors 27% First time buyers 30% Home movers 37% 31% FY25 FY24 Barra Redrow Barra and Redrow Aggregated Barra Redrow plc Full Year 2025 Results 50
Slide 51: Administrative expenses and adjusted items
Administrative expenses and adjusted items Barra Redrow Barra Reported £m FY25 FY24 Sundry income 18.5 14.8 Employee performance pay 77.2 73.5 Other administrative costs 320.3 255.8 Adjusted administrative expenses 379.0 314.5 Costs incurred in respect of the acquisition of Redrow plc 36.2 22.4 Re
Slide 52: Net interest charge analysis
Net interest charge analysis Barra Redrow Barra Reported £m FY25 FY24 Interest on deposits, term debt and overdrafts 31.7 44.7 Interest on private placement notes 5.5 5.6 Utilisation / non-utilisation fees on RCF 3.5 3.6 Other interest 2.9 1.6 Total cash interest 25.6 37.1 Land creditors / deferre
Slide 53: PPA cost adjustments
PPA cost adjustments Future P&L estimated impacts PPA impact FY25 and estimated impacts FY26 - FY271 FY25 FY26E FY27E PPA estimated impact on operating profits (£95.3m) c. (£15m) c. (£5m) PPA estimated impact on finance charges (£8.0m) c. (£5m) c. (£5m) Total PPA estimated impact at adjusted PBT (£103
Slide 54: Reconciling our active portfolio with MHCLG data
Reconciling our active portfolio with MHCLG data Buildings in active portfolio 11m – 18m Above 18m Total Portfolio as at 1 July 2024 116 146 262 Addition of Redrow portfolio 10 17 27 New buildings added in year 9 10 19 Buildings remediated or no work required 15 15 30 Closing portfolio at 29 June 20
Slide 55: Land bank analysis
Land bank analysis Barra & Redrow Barra Redrow Aggregated Barra Reported 29 June 2025 30 June 2024 30 June 2024 Land bank plots With detailed planning consent 59,645 58,724 40,030 With outline planning consent 24,072 18,378 15,239 With resolution to grant and other 3,994 5,791 2,363 Owned 87,711
Slide 56: Land bank evolution
Land bank evolution Reconciling plots and balance sheet land investment Barra Redrow Barra Reported FY25 FY24 FY23 Plots £m £k Plots £m £k Plots £m £k Land bank movements Start of period total land bank 3,233.6 3,139.9 3,339.9 Start of period strategic and WBD land 91.3 96.0 67.7 Start of period o
Slide 57: Land creditors payment profile by financial year
Land creditors payment profile by financial year £m 809.4 437.3 184.8 187.3 June 2025 FY26 FY27 FY28 & beyond Barra Redrow plc Full Year 2025 Results 57
Slide 58: Mortgage affordability and mortgage lending
Mortgage aordability and mortgage lending Halifax Mortgage Aordability Index 1 Average 2-year fixed rate mortgage pricing Mortgage costs as a proportion of earnings 75% and 90% LTVs January 2022 – August 20252 60% 7.0% 6.49% 55% Halifax 6.0% 5.66% 6.22% 5.44% Aordability Index 43bps 50% 5.0% 5.14%
Slide 59: Planning and the UK land market
Planning and the UK land market Savills UK Greenfield Development Land Index1 LHS England moving annual planning consents2 and 100 = 2007 peak) net new build home additions3 RHS ('000s) Sep 07 Jun 21 Sep 22 110 Dec 24 360 Jun 25 100.00 335.8 99.5 100 92.0 91.7 90 Jun 09 300 Jun 25 80 53.3 Jun 15 214.
Slide 60: Disclaimer
Disclaimer This document has been prepared by Barra Redrow plc (the “Company”) solely for use at a presentation in connection with the Company‘s Results Announcement in respect of the 52-weeks ended 29 June 2025. For the purposes of this notice, the presentation (the “Presentation”) shall mean and