Taylor Wimpey Plc · LSE:TW.
Taylor Wimpey — FY2025 Earnings Presentation
55 slides from Taylor Wimpey's earnings presentation, Mar 5, 2026
Slide 1: Full Year Results Presentation for the year ended 31 December 2025
Full Year Results Presentation for the year ended 31 December 2025 5 March 2026
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, this “presentation” shall include these slides and any question-and-answer session that follows oral briefings by representatives of Taylor Wimpey plc. This presentation is for information purposes only and is not intended to, and does not constitute or fo
Slide 3: Agenda
Agenda 2025 trading and market Financial review Well-positioned for medium backdrop term growth Jennie Daly Chris Carney Jennie Daly 3 Results Presentation for the year ended 31 December 2025
Slide 4: 2025 trading and market backdrop
2025 trading and market backdrop Jennie Daly Chief Executive
Slide 5: A clear strategy for enhanced return on capital
A clear strategy for enhanced return on capital Robust performance in 2025 Driving positive planning Clear strategy to improve outcomes capital efficiency Focused on cost discipline Confident of delivering and improved returns medium term targets 5 Results Presentation for the year ended 31 December
Slide 6: 2025 highlights
2025 highlights Net private sales rate Group completions Group adjusted Distributions to (per outlet per week) including joint operating profit shareholders (paid) ventures margin* 9.33p per share 0.75 11,229 10.9% ordinary dividend (2024: 0.75) (2024: 10,593) (2024: 12.2%) (2024: 9.59p per share or
Slide 7: 2025 UK trading performance
2025 UK trading performance ● Delivered consistent sales rate despite subdued market backdrop Continued momentum in outlet openings to deliver ● Net private sales rate per outlet per week of 0.75 year on year outlet growth (2024: 0.75) and 0.65 excluding bulk sales (2024: 0.67) 80 ● Average selling
Slide 8: Financial review
Financial review Chris Carney Group Finance Director
Slide 9: Summary Group results
Summary Group results £m (before exceptional items†) FY 2025 FY 2024 Change Revenue 3,844.6 3,401.2 13.0% Gross profit 658.4 648.7 1.5% Gross profit margin % 17.1 19.1 (2.0)ppt Adjusted operating profit* 420.6 416.2 1.1% Adjusted operating profit margin* % 10.9 12.2 (1.3)ppt Profit before tax and ex
Slide 10: UK performance summary
UK performance summary FY 2025 FY 2024 Change Legal completions – excl JVs 10,614 9,972 6.4% Private 8,394 7,794 7.7% Affordable 2,220 2,178 1.9% Average selling price – excl JVs 335 319 5.0% Private £000 374 356 5.1% Affordable £000 187 186 0.5% Legal completions – JVs 121 117 3.4% Share of profit
Slide 11: UK adjusted operating profit margin
UK adjusted operating profit margin The key drivers of the decline in 2025 UK adjusted Illustrative movements in UK adjusted Impact on 2025 operating margin are: operating profit margin income statement FY 2024 to FY 2025 Annual change (ppt) ● Lower pricing in the opening order book Market inflation
Slide 12: Building safety update
Building safety update £m ● Cladding fire safety provision increased by £222 million in H1 2025 reflecting new findings from updated fire risk Total funds set aside for cladding and fire safety assessments and investigations. 65% of the H1 increase 536 due to historical building defects (cavity barr
Slide 13: Summary Group balance sheet
Summary Group balance sheet Group £m 31 Dec 2025 31 Dec 2024 Change Long term assets and JVs 98.3 97.0 1.3 Land 3,200.4 3,387.5 (187.1) WIP 2,071.0 1,989.1 81.9 Debtors 232.3 145.3 87.0 Land creditors (522.5) (627.9) 105.4 Other creditors (756.2) (845.1) 88.9 Pensions and post-retirement benefits (1
Slide 14: Group cash flow
Group cash flow 1,200 1,000 420.6 (133.5) 32.6 (47.4) (4.3) 268.0 (54.3) 800 (330.4) 564.8 £m 600 (105.5) 400 342.6 200 0 Opening net Adjusted Movement in Decrease in Investment in Payments to Cash generated Tax paid and Dividends paid Other*** Closing net cash cash operating profit debtors and land
Slide 15: Capital efficiency supporting >20% RONOA target
Capital efficiency supporting >20% RONOA target Land efficiency improvements Enhanced WIP efficiency ● Land efficiency improving: ● WIP efficiency improving: ● Short term owned and controlled landbank of c.77k ● c.£200 million of WIP investment at nine Greater plots (31 December 2024: c.79k plots) L
Slide 16: Our capital allocation priorities
Our capital allocation priorities Highly cash generative business allows for investment for growth and attractive shareholder returns 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 Maintai
Slide 17: Guidance
Guidance 2026 guidance ● Growth in UK average outlets 10,600 to 11,000 range UK completions (excl. JVs) ● Group adjusted operating profit margin expected to Half year c.40% of full year be lower in 2026 than in 2025 ● Overall pricing in the opening order book Group adjusted operating profit around 0
Slide 18: Well-positioned for medium term growth
Well-positioned for medium term growth Jennie Daly Chief Executive
Slide 19: Market fundamentals remain supportive
Market fundamentals remain supportive Monthly mortgage costs continue to be below Short term drivers monthly average rental cost for those with larger deposits ● Mortgage costs remain a low percentage of take home pay across most of the UK £2,000 £1,800 ● Mortgage availability remains good with mort
Slide 20: Focused on driving high-quality leads
Focused on driving high-quality leads Total website traffic is reflecting our proactive approach to driving Private reservations by buyer type customer interest 100% 3% 11% 10% 12% 6% 4% 4% 2% 80% 60% 50% 49% 47% 47% 40% 20% 41% 36% 39% 39% 0% 2022 2023 2024 2025 1 6 11 16 21 26 31 36 41 46 51 First
Slide 21: Current trading
Current trading Year to date 2026 (w/e 1 Mar 2026) H2 2025 H1 2025 Average outlets open 219 210 206 Private sales rate (net) 0.74 0.70 0.79 Underlying private sales rate excl. bulk (net) 0.73 0.58 0.73 Private sales price £000 358 365 354 Cancellation rate (private) 14% 15% 16% ● Net private sales r
Slide 22: Early action delivering as planning backdrop demonstrates further improvement
Early action delivering as planning backdrop demonstrates further improvement ● Sentiment has improved year on year, with forecast positive planning officer recommendations for assertive applications at 49% (February 2025: 22%) ● NPPF changes providing increased confidence to pursue an appeal strate
Slide 23: Unlocking our landbank
Unlocking our landbank Planning permissions granted in 2025 (plots) ● Achieved a total of c.10k detailed planning permissions (2024: c.8k) 8,000 7,000 ● Converted c.5k plots from the strategic pipeline to the short term landbank (2024: c.6k plots) 6,000 5,000 ● c.32k plots in planning for first prin
Slide 24: Proactive approach to improving planning environment
Proactive approach to improving planning environment Assertive strategic pipeline applications, in addition to business as usual: Plots targeted for planning submission Plots targeted for committee decision 14,000 10,000 12,000 8,000 10,000 6,000 8,000 6,000 4,000 4,000 2,000 2,000 0 0 2023 2024 202
Slide 25: Planning momentum underpinning confidence in medium term
Planning momentum underpinning confidence in medium term Strong landbank to deliver Land and planning secured for Outlet momentum growth without net investment near term completions growth ● Expect to open more outlets in land ● Own and have planning for all in 2026 than 2025 ● Approved c.8k plots o
Slide 26: Case study: Lighthall Farm, Solihull
Opportunistic approach driving delivery of outlets from our landbank Lighthall Farm, Solihull ● Owned green belt site ● Allocated in emerging plan which was withdrawn by the council ● Early application was requested by LPA to address housing land supply shortfall Case study ● Positive engagement wit
Slide 27: Case study: Abbots Langley
Opportunistic approach driving delivery of outlets from our landbank Abbots Langley 192 ● Owned unallocated site on green belt land ● Detailed application submitted with 50% affordable homes plots ● Positive engagement with LPA which supported a fully detailed application submission and grey belt de
Slide 28: Confident in achieving medium term targets
Confident in achieving medium term targets UK completions (excluding JVs) UK landbank years 14,000 4.5-5 Group adjusted operating profit margin Return on net operating assets 16-18% >20% 28 Results Presentation for the year ended 31 December 2025
Slide 29: A clear strategy for enhanced return on capital
A clear strategy for enhanced return on capital Robust performance in 2025 Driving positive planning Clear strategy to improve outcomes capital efficiency Focused on cost discipline Confident of delivering and improved returns medium term targets 29 Results Presentation for the year ended 31 Decembe
Slide 30: 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 31: Appendices
Appendices Full Year Results Presentation for the year ended 31 December 2025 Taylor Wimpey plc
Slide 32: Operational KPIs
Operational KPIs Land FY 2025 FY 2024 Land cost as % of ASP on approvals 16.9% 17.0% Landbank years c.7.2 c.7.8 % of completions from strategically sourced land 39% 40% Operational excellence Construction Quality Review (average score / 6) 4.96 4.93 Average reportable items per inspection 0.17 0.18
Slide 33: UK completions mix
UK completions mix £201k – £251k – £301k – £451k – £601k – UK completions 2025 <£200k £250k £300k £450k £600k £1m >£1m Total Price band 17% 12% 17% 39% 10% 4% 1% 100% UK completions FY 2025 H2 2025 H1 2025 FY 2024 H2 2024 H1 2024 First time buyers 31% 31% 32% 31% 30% 31% Second time buyers 37% 37% 3
Slide 34: UK sales performance
UK sales performance Year to date Private and affordable reservations 2026 (w/e 1 excl. JVs Mar 2026) H2 2025 H1 2025 H2 2024 H1 2024 Average outlets open 219 210 206 207 224 Average selling price £000 351 322 332 316 329 Year to date 2026 (w/e 1 As at Mar 2026) 31 Dec 2025 29 June 2025 31 Dec 2024
Slide 35: Summary income statement
Summary income statement* Group £m FY 2025 FY 2024 Change H1 2025 Revenue 3,844.6 3,401.2 13.0% 1,654.6 Cost of sales (3,186.2) (2,752.5) 15.8% (1,372.1) Gross profit 658.4 648.7 1.5% 282.5 Net operating expenses (239.9) (232.3) 3.3% (122.7) Profit on ordinary activities 418.5 416.4 0.5% 159.8 befor
Slide 36: Group segmental analysis
Group segmental analysis FY 2025 FY 2024 Adjusted Adjusted Adjusted Adjusted operating operating operating operating profit profit margin RONOA profit profit margin RONOA £m % % £m % % UK 368.9 10.1 9.9 368.8 11.5 9.9 Spain 51.7 26.8 57.8 47.4 25.4 51.7 Group 420.6 10.9 11.0 416.2 12.2 10.9 36 Resul
Slide 37: UK performance summary
UK performance summary H1 2025 H2 2025 FY 2025 Private ASP £000 350 394 374 Affordable ASP £000 180 192 187 Total ASP £000 313 353 335 Private and affordable completions 4,894 5,720 10,614 46% 54% 100% Affordable % of total completions 21.6 20.3 20.9 Gross profit margin % 16.2 16.7 16.5 Adjusted ope
Slide 38: Spain financial summary
Spain financial summary FY 2025 FY 2024 Change Average number of active sites 23 24 (4.2)% Legal completions 494 504 (2.0)% Average selling price £000 390 370 5.4% Average selling price €000 455 440 3.4% Revenue £m 192.6 186.6 3.2% Adjusted operating profit £m 51.7 47.4 9.1% Adjusted operating profi
Slide 39: Cash flow summary
Cash flow summary Group £m FY 2025 H2 2025 H1 2025 FY 2024 Profit on ordinary activities before finance costs 174.7 255.1 (80.4) 333.9 (Increase) / decrease in inventories (14.8) 131.0 (145.8) (86.8) Exceptional items charge 243.8 3.6 240.2 82.5 Other operating items* (135.7) (122.5) (13.2) (17.9) C
Slide 40: Cash returns payment profile
Cash returns payment profile Paid (or to be paid) pence per share FY 2026** FY 2025 FY 2024 Ordinary dividend* c.5.90 9.33 9.59 Paid (or to be paid) £m FY 2026** FY 2025 FY 2024 Ordinary dividend* c.210 330 339 Share buyback c.52 - - Further shareholder distribution in H2 2026 c.52 - - Total c.314 3
Slide 41: Financing
Financing ● Net cash at 31 December 2025: £342.6 million (31 December 2024: £564.8 million) ● Adjusted gearing including land creditors of 4.3% (2024: 1.4%) ● Average net cash during 2025: £220.5 million (2024: £494.5 million) ● Borrowings and facilities: ● £600 million Revolving Credit Facility exp
Slide 42: Finance charges
Finance charges £m FY 2025 FY 2024 Change Interest on bank and other loans 8.9 8.0 0.9 Foreign exchange loss 0.8 0.1 0.7 Unwind of discount on land creditors 26.1 16.7 9.4 and other items Net interest on pension liability 1.1 1.1 - Interest on lease liabilities 1.6 1.5 0.1 Total before exceptional i
Slide 43: Tax
Tax Asset / (liability) Current tax £m Deferred tax £m Net tax £m As at 1 January 2025 2.8 20.6 23.4 Income statement (51.5) 5.4 (46.1) SOCI / SOCIE - (0.6) (0.6) Cash paid 50.0 - 50.0 Other (including foreign exchange) 4.2 0.2 4.4 As at 31 December 2025 5.5 25.6 31.1 ● Pre-exceptional effective tax
Slide 44: Pension funding
Pension funding £m FY 2025 FY 2024 FY 2023 Deficit contributions to the Scheme - - - Payments to escrow - - - Pension Funding Partnership (PFP) 5.1 5.1 5.1 Scheme expenses 2.0 2.0 2.0 Total 7.1 7.1 7.1 ● IAS 19 surplus at 31 December 2025 of £107.0 million, deficit of £17.8 million recognised after
Slide 45: Buildings requiring cladding fire safety remediation: progress update
Buildings requiring cladding fire safety remediation: progress update As at 29 June 2025 As at 31 December 2025 ● Continue to make good progress with assessments, tenders and works ● Number of buildings remediated and those 16% 19% 20% with remediation works underway totals 130 (as at 31 December 20
Slide 46: Land and property disposals
Land and property disposals Revenue £m 2025 2024 2023 2022 2021 UK 99.9 40.9 11.1 54.3 28.2 Spain - - 0.5 0.1 - Total 99.9 40.9 11.6 54.4 28.2 Gross profit £m UK 33.7 23.7 7.7 21.3 14.7 Spain - - (0.7) (0.2) - Total 33.7 23.7 7.0 21.1 14.7 Land disposals are included in revenue and cost of sales 46
Slide 47: UK land commitments
UK land commitments 2025 2024 £m (at 31 December 2025) < 1 yr 1-2 yrs 2-5 yrs 5+ yrs total total Committed cash payments in respect of unconditional land contracts 296 95 72 41 504 619 Expected cash payments in respect of conditional land contracts 73 77 164 66 380 347 ● Included in unconditional la
Slide 48: UK landbank – plots and net cost
UK landbank – plots and net cost 31 Dec 2025 31 Dec 2024 Owned Controlled Total Total Plots £m Plots £m Plots £m Plots £m Detailed planning 36,368 1,829 3,213 1 39,581 1,830 40,042 1,877 Outline planning 22,485 845 6,225 9 28,710 854 31,403 963 Resolution to grant 3,549 68 4,932 15 8,481 83 7,181 10
Slide 49: UK implementable planning permissions
UK implementable planning permissions 20,000 Sites with implementable planning permission 18,000 94.0% 16,000 14,000 12,000 10,000 8,000 6,000 4,000 4.7% 2,000 0.9% 0.4% 0 Started on site as at 31 December 2025 2009 2011 2013 2015 2017 2019 2021 2023 2025 Starting on site Q1 2026 Permissions gained
Slide 50: UK planning backdrop
UK planning backdrop Residential planning approvals in Great Britain 140,000 7,000 120,000 6,000 100,000 5,000 Number of projects 80,000 4,000 Number of units 60,000 3,000 40,000 2,000 20,000 1,000 0 0 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1
Slide 51: Market fundamentals remain supportive
Market fundamentals remain supportive Mortgage rates lower year on year, however remain above the low Real wage growth supporting affordability levels seen in recent years 8 8 6 6 4 2 4 0 2 -2 0 -4 2020 2021 2022 2023 2024 2025 -6 2 year 75% LTV fixed rate mortgage 5 year 75% LTV fixed rate mortgage
Slide 52: 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 Total enquiries Number of appointments and walk-ins
Slide 53: Refreshed environmental targets supporting our sustainability ambitions
Refreshed environmental targets supporting our sustainability ambitions Environmental objectives Targets in 2026 • Achieve science-based carbon reduction targets and • By 2045 we will reach net zero greenhouse gas emissions on a 2019 base progress towards 2045 Net Zero Carbon commitment year, with n
Slide 54: 2026 guidance summary
2026 guidance summary Metric 2026 guidance UK completions (excl. JVs) 10,600 to 11,000 range, weighted 40% in H1 Blended average UK selling price c.2% increase Build cost inflation Low single digit Adjusted operating profit c.£400 million JV share of profit c.£4 million Spain completions 350 to 400
Slide 55: Definitions
Definitions ● In preparation for the adoption of IFRS 18 ‘Presentation and Disclosure in Financial Statements’ in 2027, which for the first time defines an operating profit sub-total, the Group has renamed the measures of operating profit and operating profit margin to adjusted operating profit and