Slide 1: Prelim results March 2026
Prelim results March 202 6 Where great places start INTER, Welwyn Garden City
Slide 2: Agenda
Agenda Introduction and overview 01 Tim Roberts Financial review 06 Darren Littlewood Operational review 10 Tim Roberts/Darren Littlewood Outlook 21 Tim Roberts Darren Littlewood Chief Executive Officer Chief Financial Officer Tim Roberts
Slide 3: Introduction and overview
Introduction and overview Speaker Tim Roberts Golden Valley , Cheltenham 1
Slide 4: Introduction
Introduction Introduction We focus on high quality land, prime property development and premium homes • Completed on total land and property sales of £356 m (our share £193m) • A positive planning environment has resulted in c.11,000 plots submitted for planning • Planning secured for £1bn Golden Va
Slide 5: Resilient operational performance
Resilient operational performance Delivered results in line with market expectations Resilient operational performance Delivered results in line with market expectations • A record 3,957 plots sold (2024: 2,661) Operating profit Land promotion • 4,159 plots achieved planning, with a further c.11,000
Slide 6: Shaping medium term targets
aping medium term targets Shaping medium term targets Economic and political uncertainty has made it difficult to achieve targets in the original timeframe • Continuing to grow capital employed towards the target Measure Medium term target • Material store of opportunities with increasing transactio
Slide 7: Future ways of working
Future ways of working Near term actions to improve performance IMAGE OF • Programme launched in March 2025 to boost OFFICE/PEOPLE? agility, resilience, responsiveness and efficiency • Introduced organisational and management changes to drive efficiency, collaboration and alignment across the group
Slide 8: Financial review
Financial review Speaker Darren Littlewood Ark (Origin), Markham Vale 6
Slide 9: Financial summary
Financial summary Financial summary Resilient results in challenging markets • Revenue reduced by 3% reflecting lower house F Y 25 1 F Y 24 1 Change sales partially offset by higher land sales Revenue £307.0m £315.8m -3% • Profit on investment property sales of £ 1.4m and Gross profit £72.7m £75.0 m
Slide 10: Balance sheet
Balance sheet Balance sheet Increase in borrowings reflects investment in future growth Dec 25 Dec 24 • Investment property increasing to £118.7m including Investment property 1 £118.7m £111.2m our share of our Origin JV Property, plant & equipment £26.9 m £29.3m • Increase in inventories of £35.2 m
Slide 11: Cash generation and change in net debt
Cash generation and change in net debt Investment to grow home building and deliver strategic land disposals £m 120 Inflow from operations £ 8.4 m (22.9) 110 100 90 (10.1) 1.4 80 (35.5) (1.4) 70 33.1 60 (12.6) 14.7 108.0 50 (7.8) 40 (5.0) 62.7 0.7 30 Net investment outflow £53.8m 20 10 Tax Interest
Slide 12: Operational review
Operational review Speakers Tim Roberts & Darren Littlewood Grainger Park, Goldsborough 10
Slide 13: Hallam Land
Hallam Land Hallam Land Record sales delivering strong and consistent long Operating profit £m term returns 35 32.9 30 • A record 3,957 plots sold (2024: 2,661), resulting in 25 24.3 operating profit of £32.9m up 35% on prior year 21.4 20 17.5 17.3 • Sites exited in 2025 generated an average ungeare
Slide 14: Hallam Land: planning achieved
Hallam Land Hallam Land Achieved planning on 4,159 plots after positive NPPF changes , with 11,000 plots submitted for planning Ashford , Plots granted Kent 5,000 4,159 4,000 2,982 3,000 2,000 1,014 1,000 452 435 Total plots: 1,000 Type: PPA 0 Affordable: 19% Status: Marketing 2021 2022 2023 2024 20
Slide 15: Hallam Land: strategic land portfolio
Hallam Land One of the largest strategic land portfolios in the country Hallam Land One of the largest strategic land portfolios in the country Plot sales 5,000 3,869 5yr average: 3,088 3,957 Plots Inventory 4,000 3,008 2,661 Freehold: 10,405 £60m 3,000 Scotland 12,069 Option: 6,559 £9m 1,944 2,000
Slide 16: Illustrative potential future land bank profit
Hallam Land Illustrative potential future land bank profit Hallam Land Illustrative potential future land bank profit Potential gross profit to come split by planning status No of £8k per £9k per £10k £11kper £12k per • Land portfolio held at cost, with gains not recognised Status plots plot plot pe
Slide 17: Property investment & development
Property investment & development Pipeline provides strong platform for growth Operating profit Investment portfolio¹ • Completed £119m of developments (our share: £33m), 32% pre - let/pre - sold • Origin JV, initial three sites completed on time and budget (£100m, our share: £25m) £9.4m £119.8m • C
Slide 18: Origin JV
Origin JV Origin JV Potential to deliver c.£1bn of high quailty I&L assets • UK focused I&L JV (25:75) with Markham Vale, ARK Walsall, SPARK Markham Feldberg Capital Vale ARK • Allows the group to accelerate industrial development • Initial three schemes completed in 2025 with a combined GDV of c.£1
Slide 19: Strong near term pipeline
Strong near term pipeline Strong near term pipeline Key schemes Golden Valley,Cheltenham FREEPORT 36, Goole AvTech , Duxford Scheme: Urban commercial Scheme: I&L Scheme: Urban commercial GDV: £98m (phase one) GDV: £130m (phase one) GDV: £120m Size: 3.8m sq ft Size: 5.5m sq ft Size: 430,000 sq ft Pla
Slide 20: Investment portfolio
Investment portfolio Further outperformance driven by industrial assets Investment portfolio Further outperformance driven by industrial assets Total return vs CBRE UK Monthly Index • Modest increase in commercial property values despite 170 160 overall transaction volumes remaining low 150 • Total
Slide 21: Stonebridge
Stonebridge Stonebridge Performance impacted by slower house sales • Increased Stonebridge ownership to 62.5% in 2025 • Operating loss of £9.2m (our share: £5.7m) • 185 units completed (20 24: 270 ) • Private ASP £403 k (20 24: £402 k) • Completions impacted by slower market, with n et private reser
Slide 22: Stonebridge restart plan
Stonebridge restart plan Key priorities to improve performance • Leadership reset and integration underway to professionalise and integrate the business • Investing in our people and systems, supported by our group function teams, to strengthen sales and customer experience • Improving operational e
Slide 23: Outlook
Outlook Speaker Tim Roberts SPARK (Origin) , Walsall 21
Slide 24: Outlook
Outlook Outlook Confident in delivering FY 26 expectations • Increased macroeconomic uncertainty in recent weeks • Clear focus on land promotion, property development and home building • Hallam Land remains a core driver of value • HBD focused on industrial development • SBH performance is set to re
Slide 25: Well placed for the future
Well placed for the future Investing to support growth Property investment Land promotion Home building and development c.106,000 strategic c.£1.4bn development Multi -regional premium home land plots pipeline builder – land bank with c.2,500 plots Henry Boot 24/0 3/202 6 23
Slide 26: Appendix
Appendix Appendix Setl, Birmingham 24
Slide 27: 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 28: Board of Directors
Group structure 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 Jaimie Read Non -executive Director Non -executive Director Non -executive D
Slide 29: Investment case
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 £1.2bn of accretive land, 6p property and hous
Slide 30: Business model
Business model Business model Track record of generating attractive returns Land promotion Property investment and development Home building Sale of land Sale of property Plant hire Plant hire Identify opportunities and Obtain planning permission Development of sites Investment portfolio acquire lan
Slide 31: 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 and Land promotion Home building delivery development Returns Grow capital employed to
Slide 32: Capital employed
Capital employed FY 2023 FY 2024 FY 2025 Non -current assets £193.7m £161.5m £199.6m • Return on Capital Employed (ROCE) is an APM and is defined Current assets £400.7m £462.1m £454.8m as operating profit/capital employed where capital employed is the average of total assets less current liabilities
Slide 33: Sale of Henry Boot Construction
Sale of Henry Boot Construction Sale of Henry Boot Construction S implifies group’s structure and reduces risk profile • Sale of HBC to PWS , a company formed by FY 2025 Reported HBC Adjusted the HBC management team, for £4 .0m Revenue £251.5m £55.4 m £307.0m • Fits strategy and enhances growth pros
Slide 34: Committed programme
Committed programme £18m GDV, of which 48% has been pre-let, pre-sold or under offer Committed programme £18m GDV, of which 48 % has been pre -let , pre -sold or under offer Scheme Area Units Our S hare GDV Status Expected '000 sq ft (£m)* Completion Industrial & Logistics Origin, Markham Vale, Ark
Slide 35: £1.4bn development pipeline
£1.4bn development pipeline £1.4bn development pipeline Carrying value £61m all held at cost Key schemes Near term occupier led I&L Duxford AvTech Development pipeline GDV split £277 19% £793 55% £365 26% Scheme: Various I&L schemes Scheme: Urban Commercial GDV: £296 m GDV: £120m Investment: £16m In
Slide 36: Investment property
Investment property Investment property Portfolio focussed on industrial and logistics Shoal Group, Luton Dec 25 Dec 24 Market valuation – inc. share of JV’s¹ £119.8m £107.4m • Small/Mid box I&L • 85,000 sq ft Number of properties 26 20 • Our share 100% Total area – ‘000 sq ft 770 767 • Completed in
Slide 37: Investment in joint ventures
Investment in joint ventures The group’s share of its JVs and associates' assets and liabilities Origin Island Other Island Total 25% 50% n/a Manchester Revenue - £0.8 m £3.7m £4.5m Admin and other expenses £(0.3)m £(0.3)m £(2.4)m £(3.0)m Revaluation of investment property £2.0 m - - £2.0m Operating
Slide 38: Stonebridge land bank owned and controlled
ge lank bank owned and controlled Stonebridge lank bank owned and controlled Added 1,031 plots to the land bank across five sites Newcastle upon Tyne , Newcastle Kingston upon Tyne, Village Whitby Kingston Village Sandpiper Grange Controlled Owned Total units: 360 Total units: 223 Bracebridge Heath,
Slide 39: Movement in underlying NAV per share
Movement in underlying NAV per share NAV broadly flat as retained earnings offset the impact of Stonebridge Homes acquisition Movement in underlying NAV per share NAV broadly flat as retained earnings offset the impact of Stonebridge Homes acquisition 345p 340p 24.7p (3.0p) 335p (6.0p) 330p (9.5p) 3
Slide 40: Statement of financial position
Statement of financial position Statement of Property, plant & equipment Dec 25 26.9 Dec 24 29.3 financial position Investment properties 94.6 96.3 Investment in JVs and associates 22.9 13.3 Trade and other receivables 47.9 8.5 Dec 25 Dec 24 Retirement benefit assets 3.0 9.9 Cash and cash equivalent
Slide 41: Shareholding
Shareholding Shareholding As at 25 February 202 6 28.7% 38.5m Main institutional shareholders 44.9% 8.7m London & Amsterdam Trust Co/ Rovida 8.7m Fidelity International 60.1m 4.2m Artemis Investment Management Henry Boot 3.0m Jupiter Asset Management 3.0m Dimensional Fund Advisors founding family 2.
Slide 42: Disclaimer
Disclaimer Disclaimer 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 con