Crest Nicholson Holdings Plc · LSE:CRST
Crest Nicholson — FY2025 Earnings Presentation
33 slides from Crest Nicholson's earnings presentation, Jan 29, 2026
Slide 1: Preliminary Results 2025
ROWDEN GATE CHIPPENHAM PRELIMINARY RESULTS 2025 CREST NICHOLSON HOLDINGS PLC 29 JANUARY 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may include statements that are, or may be deemed to be, ‘forward-looking statements’. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms ‘believes’, ‘estimates’
Slide 3: Agenda
AGENDA MARTYN CLARK INTRODUCTION BILL FLOYDD FINANCIAL REVIEW MARTYN CLARK PROJECT ELEVATE PROGRESS UPDATE KENNY DUNCAN LAND AND PLANNING MARTYN CLARK OUTLOOK Q&A WINDSOR GATE BERKSHIRE CREST NICHOLSON HOLDINGS PLC PRELIMINARY RESULTS 2025 3
Slide 4: Introduction
INTRODUCTION MARTYN CLARK CHIEF EXECUTIVE OFFICER WESTCOMBE PARK HEYBRIDGE, ESSEX CREST NICHOLSON HOLDINGS PLC PRELIMINARY RESULTS 2025 4
Slide 5: Key Messages
FULL YEAR RESULTS 2025 KEY MESSAGES 1 FY results in line with November trading update 2 Challenging market conditions in H2, with early indicators of improvement in January 3 Strengthening balance sheet 4 Fire safety costs stable with remediation programme on track Project Elevate beginning to embed
Slide 6: Financial Review
FINANCIAL REVIEW BILL FLOYDD CHIEF FINANCIAL OFFICER WINDSOR GATE BERKSHIRE CREST NICHOLSON HOLDINGS PLC PRELIMINARY RESULTS 2025 6
Slide 7: Financial Summary
FINANCIAL SUMMARY (£m) FY25 FY241 Revenue 610.8 618.2 • Revenue: lower housing revenue largely offset by higher land sales Adjusted gross profit 85.3 84.7 Gross margin 14.0% 13.7% • Gross margin: marginal increase due to land sales Other income 4.5 5.3 • Overheads: early progress on Project Elevate
Slide 8: Sales Metrics
SALES METRICS FY25 FY24 Outlets (full year equivalents) 40 44 • Outlet reduction was as expected Sales rate (open market) 0.51 0.48 • H2 sales rate deceleration reflecting subdued Home completions (units) 1,2 market backdrop (H1: 0.53 H2: 0.49) Open market (private) 1,095 1,047 • ASPs reflect tempor
Slide 9: Land Activities
LAND ACTIVITIES Land sales Sales 1 FY25 FY24 • 5 land sales in FY25, all parcels of larger developments, protecting Plots 1,119 417 outlet position Revenue (£m) 81.4 45.7 • Parcel of sites sold would not deliver completions in the short term GM (%) 21% 22% • 1,119 plot reduction in short-term land b
Slide 10: Quality Land Bank Supporting Near Term Outlet Growth with Improving Margins
QUALITY LAND BANK SUPPORTING NEAR TERM OUTLET GROWTH WITH IMPROVING MARGINS Total land portfolio Plots1 29,360 31,412 Improving land pipeline supports outlet growth GDV (£bn) 11.2 11.5 • High proportion of sites with detailed or outline planning consent ASP 1 (£k) 381 366 • Clear line of sight to in
Slide 11: Exceptional Items
EXCEPTIONAL ITEMS £m FY25 FY24 Cost of sales • Fire remediation – net charge of £4.1m Combustible materials charge inc. JVs (16.5) (131.7) Combustible materials credit 12.4 4.4 • Legal claim – 2021 low-rise bespoke Net combustible materials charge (4.1) (127.3) apartment block fire case settled post
Slide 12: Good Progress on Fire Remediation
GOOD PROGRESS ON FIRE REMEDIATION Height of building >18m 11-18m Total Buildings started 38 34 721 Quoted 27 42 69 • Robust programme and budget oversight Surveyed 15 57 72 Not surveyed 2 - 22 • Continue to prioritise highest risk first Total with external work 82 133 215 • C. £31m recoveries to dat
Slide 13: Balance Sheet
BALANCE SHEET Balance sheet – key items (£m) FY25 FY24 LAND CREDITOR ROLL OUT BY YEAR (£m) Inventories 1,056.1 1,129.1 1 Land creditors (73.2) (131.6) 60 Combustible provisions (202.8) (249.3) Net (debt) (38.2) (8.5) Net assets 718.1 722.5 40 Uncommitted optionality 20 Debt facilities: • Revolving c
Slide 14: Cash Flow
CASH FLOW Operating cash flow (£m) FY25 FY241 Operating profit/(loss) before changes in working capital 25.9 (122.9) • Net debt at the better end of the guidance with disciplined cash control Decrease in inventories 79.6 24.3 Increase in trade and other receivables (12.9) (10.6) • Significant decrea
Slide 15: FY26 Guidance
FY26 GUIDANCE FY26 FY25 Volume Open market 1,100 - 1,200 1,095 Bulk and Affordable 450 - 500 596 Average outlets c.42 40 Sales Rate 0.5 - 0.6 0.51 Land Sales Revenue £75m - £100m £81.4m Adjusted Gross Margin 15%-16% 14% Interest £10m - £12m £9m Adjusted PBT £32m - £40m £26.5m Net debt £15m - £65m £3
Slide 16: Project Elevate Progress Update
PROJECT ELEVATE PROGRESS UPDATE MARTYN CLARK CHIEF EXECUTIVE OFFICER BRANSTON LOCKS STAFFORDSHIRE CREST NICHOLSON HOLDINGS PLC PRELIMINARY RESULTS 2025 16
Slide 17: Mid-Premium Market Characteristics
MID-PREMIUM MARKET CHARACTERISTICS 1 Affluent customers with above average incomes 2 Segment is a scaled opportunity 3 Customers value location and quality 4 More resilient to macro cycles 5 Fragmented market with few large-scale players 6 Aligns with Crest’s heritage CREST NICHOLSON HOLDINGS PLC PR
Slide 18: Clear Vision for the Business
CLEAR VISION FOR THE BUSINESS Strategy to be a mid-premium builder of high-quality homes and communities Put the customer at the heart of what we do Create exceptional long-term value for stakeholders Building a business we can be proud of NEWLANDS PLACE ARBORFIELD CREST NICHOLSON HOLDINGS PLC PRELI
Slide 19: Four Key Priorities to Deliver Our Strategy
FOUR KEY PRIORITIES TO DELIVER OUR STRATEGY BUILDING DELIVERING UNDERPINNED OPTIMISING VALUE EXCEPTIONAL OUTSTANDING BY OPERATIONAL OF THE LAND QUALITY HOMES CUSTOMER AND COMMERCIAL PORTFOLIO EFFICIENTLY EXPERIENCE EXCELLENCE Delivering strong value growth alongside disciplined volume growth FY29: C
Slide 20: Best Build Quality and Customer Experience in Recent History
BEST BUILD QUALITY AND CUSTOMER EXPERIENCE IN RECENT HISTORY • Build teams incentivised on quality Average annual NHBC reportable • Build quality improvement driven by tighter QA inspections and a ‘right items per inspection first time’ approach − Strong progress on reduction of NHBC reportable item
Slide 21: Elevating the Brand: Sales & Marketing Strategy
ELEVATING THE BRAND: SALES & MARKETING STRATEGY • Digital and product innovation − High-margin upgrades: Launched designer-led Arteva range with a brand reflective website − Tech-enabled sales: Digisuite and new web platform provide real- time availability, personalised journeys and transparency of
Slide 22: Ongoing Drive for Operational and Commercial Excellence
ONGOING DRIVE FOR OPERATIONAL AND COMMERCIAL EXCELLENCE • Progress on cost control and margin protection − Tighter budget ownership − Variance tracking to protect gross margin − Earlier detection of cost overruns from improving control environment • Build programme controls improved • Improved suppl
Slide 23: Sustainability
SUSTAINABILITY OPERATIONAL PROGRESS AND STRATEGIC RESILIENCE Clear and consistent commitment to sustainability Good progress against operational targets Well positioned for increasing regulatory requirements NETHERTON GRANGE NAILSEA SUSTAINABILITY BENCHMARKS AND INDICES Rated A- AA rated Constituent
Slide 24: Optimising the Land Bank to Support Growth
OPTIMISING THE LAND BANK TO SUPPORT GROWTH Identify low-alignment Ensure purchased Standardised assessment, sites for action land suits premium design and plotting guidance homebuyers with Group oversight • Crest’s land bank contains a lot • New land acquisitions are strictly • A standardised, weigh
Slide 25: New Timeless Collection of Mid-Premium House Types
NEW TIMELESS COLLECTION OF MID-PREMIUM HOUSE TYPES DESIGN VISION AND DELIVERY 38 Premium House Types New A new Timeless Collection is aspirational and crafted with desirable internal layouts, high-quality materials and detailing. Increased house types will support planning and reduce need for bespok
Slide 26: New Timeless Collection of Mid-Premium House Types
NEW TIMELESS COLLECTION OF MID-PREMIUM HOUSE TYPES Crafted homes, timeless design, and a true sense of place, beautifully made for the way people aspire to live • Detailed customer and market research undertaken to guide design, specification and pricing decisions • Kerb appeal through crafted detai
Slide 27: Plot Testing of New Mid-Premium House Types
PLOT TESTING OF NEW MID-PREMIUM HOUSE TYPES Approved DRIVING VALUE Plot tested layout appeal layout with new house types • Lower number of open market homes designed for exclusivity and • Enhancing place making privacy, drives higher per-unit value principle with well spaced-out homes • Reduced affo
Slide 28: Land and Planning
LAND AND PLANNING KENNY DUNCAN MANAGING DIRECTOR GROUP STRATEGIC LAND & PLANNING HENLEY GATE IPSWICH CREST NICHOLSON HOLDINGS PLC PRELIMINARY RESULTS 2025 28
Slide 29: Large Strategic Land Bank with Attractive Economics Provides Flexibility
LARGE STRATEGIC LAND BANK WITH ATTRACTIVE ECONOMICS PROVIDES FLEXIBILITY TO SUPPORT OUTLET GROWTH Crest Nicholson has a high-quality strategic …and is actively managing it to ensure land bank to support its growth ambitions… its ongoing quality • Active management of portfolio to ensure: 42 sites Av
Slide 30: Window of Opportunity in Planning Environment
WINDOW OF OPPORTUNITY IN PLANNING ENVIRONMENT Status of Local Plans in England Local Authority Five-Year (Pre- and Post-NPPF) Housing Land Supply (to May 2025) • 29% of LPAs in England have an up-to-date Local Plan • 60% of LPAs in England lack a 5- Year Housing Land Supply (5YHLS) • Only 17% LPAs h
Slide 31: Outlook
OUTLOOK MARTYN CLARK CHIEF EXECUTIVE OFFICER BRANSTON LOCKS STAFFORDSHIRE CREST NICHOLSON HOLDINGS PLC PRELIMINARY RESULTS 2025 31
Slide 32: Outlook and Future Focus
OUTLOOK AND FUTURE FOCUS Continue strong momentum Balance sheet strengthening Remediation delivery executing Project Elevate underway on track • Sustained emphasis on sales • Active land bank optimization • Maintain strong momentum on growth, build quality, and and repositioning commitments outstand
Slide 33: Q&A
KEGWORTH GATE LEICESTERSHIRE Q&A
Crest Nicholson Holdings — FY2025 Earnings Presentation on 6ix