Vistry Group Plc · LSE:VTY
Vistry — H1 2025 Earnings Presentation
50 slides from Vistry's earnings presentation, Sep 10, 2025
Slide 1: Half Year Results 2025
HALF YEAR RESULTS 2025 Greg Fitzgerald Tim Lawlor Stephen Teagle Chief Executive Officer Chief Financial Officer Chief Executive, Partnerships & Regeneration 10 September 2025
Slide 2: Agenda
AGENDA • Introduction • Financial review • Market update • Operational update • Outlook • Q&A Bovis Homes – Great Oldbury 2
Slide 3: H1 25 Headlines
H1 25 HEADLINES • Half year performance in line with expectations • On track to deliver a year-on-year increase in profits in FY25 • Half year net debt of £293m significantly lower than expectations • Successfully completed refinancing on same terms, with our existing lending group Linden Homes, Cav
Slide 4: Financial Review
FINANCIAL REVIEW Tim Lawlor Chief Financial Officer Countryside Homes, Westcombe Park, Maldon 4
Slide 5: Summary of Group Results
SUMMARY OF GROUP RESULTS Adjusted basis unless otherwise stated (£m)(1) H1 25 H1 24(4) Change Revenue 1,853.2 1,974.5 (6%) Operating profit 124.4 161.8 (23%) Operating margin 6.7% 8.2% (1.5ppts) Profit before tax 80.6 120.7 (33%) EPS (pence per share)(2) 17.6p 25.2p (30%) Reported profit before tax
Slide 6: Revenue
REVENUE Partner Open H1 25 Funded Market Other Total • Year-on-year volumes down 12% due to market conditions Total units 5,055 1,834 - 6,889 • ASP increase of 3.7% driven by mix factors; Adjusted revenue 1,123.0 597.8 132.4 1,853.2 no underlying price improvement in H1 ASP (£k) 247 389 - 283 • Part
Slide 7: Tenure Mix
TENURE MIX Proportion of completions by tenure • Total Partner Funded units decreased to 73% (H1 24: 76%) Partner Funded Open Market • Delays in demand from our affordable housing partners in H1, reflecting funding H1 25 27% 28% 18% 27% uncertainty ahead of SAHP • PRS units lower reflecting less opp
Slide 8: Operating Profit
OPERATING PROFIT Adjusted basis (£m) H1 25 H1 24 Change • H1 gross margin consistent with H2 24 • Margins reflect reduced volumes and a higher Gross profit 232.2 259.8 (11%) proportion of delivery from lower margin sites, including those impacted by the South division issues Gross margin 12.5% 13.2%
Slide 9: Adjusted Net Earnings
ADJUSTED NET EARNINGS £m H1 25 H1 24 Net bank interest down £3.3m Adjusted operating profit 124.4 161.8 • Average daily debt £695m vs £659m in H1 24 • Average cost of debt down 0.9ppts to 6.3%, driven by a Net bank interest (24.0) (27.3) decline in the SONIA rate Amortisation of prepaid facility fee
Slide 10: Building Safety
BUILDING SAFETY H1 25 costs H1 25 H1 24 Provision Buildings £m Building safety provision costs: Provision as at 31 Dec 2024 240 324.4 Additions 4.9 16.8 Building safety provision costs: Discount unwind 5.3 3.9 Additions 7 4.9 Recoveries (6.7) (16.8) Discount unwind - 5.3 Completed / utilised in year
Slide 11: H1 Cashflow
H1 25 CASHFLOW HALF YEAR RESULTS 2025 11
Slide 12: Capital Employed
CAPITAL EMPLOYED £m 30 June 25 31 Dec 24 • Work in progress increase driven by typical Work in progress 1,232.8 1,133.3 seasonal trends, partially offset by reduced Land 1,834.8 1,875.0 stock levels Land creditors (719.7) (739.9) - Reduction in finished stock of £46m, Net investment in inventories 2
Slide 13: Refinancing
REFINANCING • Group successfully refinanced its £500m Available £m unless otherwise facility Maturity @ Revised Revolving Credit Facility and £400m stated £m 31/12/24 maturity Term Loan at start of July Revolving credit facility 500 Dec 2026 Apr 2028 • Both facilities extended to April 2028 on exist
Slide 14: Capital Allocation
CAPITAL ALLOCATION • No change to capital allocation policy Capital allocation hierarchy • Announced £130m buyback programme in September 2024 comprising two elements: Cash generation - £55m ordinary share buyback completed - £75m of special buyback ongoing, with £16m bought back Maintain strong bal
Slide 15: Market Update
MARKET UPDATE Stephen Teagle Chief Executive - Partnerships and Regeneration Countryside Homes, Base at Newhall, Harlow 15
Slide 16: A Unique and Compelling Opportunity
A UNIQUE AND COMPELLING OPPORTUNITY Vistry has a clear market leading position Unprecedented Government commitments to housing investment Commitments generating step change in partner capacity for affordable housing Impacts for Vistry will drive growth in earnings HALF YEAR RESULTS 2025 16
Slide 17: Delivery Momentum
DELIVERY MOMENTUM Working Partner deals in H1 25 NEW 156 PARTNERSHIPS with working with partners 36 Partners Forward sold New partners 89% for FY25 Strategic Existing contracts Partner to deliver Delivery Homes England’s 57,900 homes biggest partner HALF YEAR RESULTS 2025 17
Slide 18: Delivering Despite Partner Capacity Headwinds
DELIVERING DESPITE PARTNER CAPACITY HEADWINDS Affordable home completions Market leader in partnerships space 8,936 Vistry 5X larger than Keepmoat, next pure play Partnerships developer • Selectively working with Partners with capacity and uncommitted programme Traditional housebuilders focussed on
Slide 19: Open Market Sales – H1 focus on quality and conversion
OPEN MARKET SALES – H1-focus on quality and conversion • Affordability improved with further interest rate cuts and lender freedoms • Successful implementation of Contact Centre • Behavioural Training and SMART selling 98.6k 138k 20k programme actioned • Review of enablers - focussed incentives for
Slide 20: An Unprecedented Government Commitment
AN UNPRECEDENTED GOVERNMENT COMMITMENT TRANSFORMATIONAL FUNDING FRAMEWORK Funding and delivery Recapitalising RPs Investment in programmes and LAs delivery • Additional in-year funding to • 10- year rent settlement at CPI • Housing Bank - Public 21-26 AHP - £850m • Implementing rent Financial Instit
Slide 21: Impact of Rent Convergence and Rent Settlement
IMPACT OF RENT CONVERGENCE AND RENT SETTLEMENT - Restoring Capacity to underpin delivery Incrementally reinforcing spending power • Partner business plans strengthened through: - 10-year rent settlement at CPI + 1% - Rent convergence - Access to enhanced Building Safety Fund • Interest cover is key
Slide 22: Impact of Rent Convergence: Capacity Conversion
IMPACT OF RENT CONVERGENCE AND RENT SETTLEMENT - Capacity conversion Estimated cumulative additional new build from convergence scenarios (LAs and RPs) 60 • Spending power deployed to newbuild supply • Central case of CPI + 1% and £2/week rent 50 convergence, and other conservative assumptions, deli
Slide 23: Translating Policy to Funding and Delivery
TRANSLATING POLICY TO FUNDING AND DELIVERY • Funding and planning framework could convert to 30% increase in affordable volumes - c. 70k affordable homes p.a. • Affordable output stretched by: - SAHP grant investment - Increased balance sheet capacity - Higher S106 requirements and public land relea
Slide 24: Impact for Vistry – Supporting Growth and Earnings
IMPACT FOR VISTRY-SUPPORTING GROWTH AND EARNINGS NEAR TERM MEDIUM TERM • Seeing increasing partner appetite and • SAHP delivery focus on next 5 years will drive improved sentiment volumes and revenues from partners • Market position already enabling partnering and • Expect significant allocation of
Slide 25: Hestia – Supporting New Homes, Pace and Scale
HESTIA - SUPPORTING NEW HOMES, PACE AND SCALE • A landmark long-term investment joint venture with Homes England as an equity investor • £150m of capital to be invested in the delivery of mixed tenure communities at pace and scale • Supports sites ranging from 400-3,000 homes • Promotes market diver
Slide 26: A Unique and Compelling Opportunity
A UNIQUE AND COMPELLING OPPORTUNITY • Unprecedented decisive steps from a new government • Long-term funding commitment supporting sustained capacity and performance • Partner of choice and performance • Further encouragement for capital to flow into sector • Drives margin enhancement over life of p
Slide 27: Operational Update
OPERATIONAL UPDATE Greg Fitzgerald Chief Executive Officer Bovis Homes, Sherford, Plymouth 27
Slide 28: Our Partnerships Model
OUR PARTNERSHIPS MODEL • Group’s strategy is ideally placed to maximise the significant affordable housing opportunity • Near term market outlook for Open Market sales remains constrained, with no immediate catalyst expected • Group expects to see stronger growth in affordable delivery in the near t
Slide 29: Robust Operating Structure
ROBUST OPERATING STRUCTURE • Flatter management structure is working well - Senior management team all have extensive Partnerships expertise - Executive Chairs sit on the ELT - Individual reviews for all business unit management teams held quarterly by ELT - South Division restructured • Tighter con
Slide 30: Increasing Activity in the Land Market
INCREASING ACTIVITY IN THE Rugeley Power Station LAND MARKET • Activity levels in the land market have stepped up over the last couple of months - expect this to continue through H2 - 3,113 plots secured in H1 25 - c. 3,000 plots secured in H2 to date - c. 20,000 plots with terms agreed • Securing l
Slide 31: Vistry Works
VISTRY WORKS • Investment in our three production facilities is complete - capacity to manufacture 10k timber frame units • In addition - capacity to manufacture floor joists and cassettes, and roof trusses • On track to deliver c. 4,500 timber frame units in FY25 (FY24: 2,900) • New Timber Frame In
Slide 32: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK • Group on track to deliver a year-on-year increase in profits in FY25 - Forward order book totals £4.3bn, with 88% forward sold for FY25 - Of this, 89% of Partner Funded sales for FY25 are forward sold - Strong pipeline of Partner Funded H2 deals to be completed, more th
Slide 33: A Unique and Compelling Opportunity
A UNIQUE AND COMPELLING OPPORTUNITY Vistry has a clear market leading position Unprecedented Government commitments to housing investment Step change in partner capacity for affordable housing Impacts for Vistry will drive growth in earnings HALF YEAR RESULTS 2025 33
Slide 34: Homes Linden COUNTRYSIDE Countryside
Se 3°, te Homes Linden COUNTRYSIDE Countryside Homes domes Partnerships
Slide 35: Disclaimer - Important Notice
DISCLAIMER - IMPORTANT NOTICE • Certain statements in this presentation are forward looking statements • Forward looking statements involve evaluating a number of risks and uncertainties, many of which are beyond the Group’s control, that could cause actual results to differ materially from those ex
Slide 36: Appendices
APPENDICES Countryside Homes, The Avenue, Oakwood, London 36
Slide 37: Revenue and ASP Calculations
REVENUE AND ASP CALCULATIONS H1 25 H1 24 Partner Open Housing Partner Open Housing £m unless otherwise stated Funded Market Total Funded Market Total Total units (at 100%) 5,055 1,834 6,889 5,884 1,908 7,792 JV elimination (369) (253) (622) (492) (226) (718) JO elimination (88) (40) (128) (126) (50)
Slide 38: H1 24 Restatement
H1 24 RESTATEMENT1 H1 24 H1 24 £m As disclosed Adjustment Restated Adjusted revenue 1,974.5 - 1,974.5 Adjusted gross profit 325.3 (65.5) 259.8 Adjusted overheads (98.0) - (98.0) Adjusted operating profit 227.3 (65.5) 161.8 Total adjusted finance costs (41.1) - (41.1) Adjusted profit before tax 186.2
Slide 39: Adjusted Finance Costs
ADJUSTED FINANCE COSTS (£m) H1 25 H1 24 Net bank interest payable (24.0) (27.3) Amortisation of prepaid facility fees (1.0) (1.0) Bank interest (25.0) (28.3) Unwind of discount on land creditors (11.4) (7.6) IFRS 16 interest on leases (2.7) (2.7) Pension financing 0.9 0.9 Other net finance costs (13
Slide 40: Bridge Between Adjusted and Reported Results by Group
BRIDGE BETWEEN ADJUSTED AND REPORTED RESULTS BY GROUP Amortisation of Share of joint Exceptional acquired Other operating For the six months ended 30 June 2025 Reported ventures items intangibles income Adjusted Revenue 1,635.6 217.6 - - - 1,853.2 Gross profit 158.8 33.6 (1.8) - 41.6 232.2 Operating
Slide 41: Exceptional Items
EXCEPTIONAL ITEMS £m H1 25 H1 24 Exceptionals – Building safety (3.5) (3.9) Exceptionals – CMA voluntary commitment (12.8) - Exceptionals – Restructuring, integration and other costs (3.3) (5.2) Amortisation of acquired intangible assets (19.8) (19.4) HALF YEAR RESULTS 2025 41
Slide 42: Forward Sales
FORWARD SALES Forward sales (£m) 9 Sep 25 30 Jun 25 31 Dec 24 30 Jun 24 Partner Funded 3,757 3,893 4,156 4,674 Open Market 493 401 285 475 Total Group 4,250 4,294 4,441 5,149 £m H2 25 FY26 FY27 FY28+ Forward order book unwind 1,562 1,393 864 431 HALF YEAR RESULTS 2025 42
Slide 43: Land Activity in H1 25
LAND ACTIVITY IN H1 25 Plots Total Owned Controlled Brought forward 74,020 51,281 22,739 Land acquired externally1 2,866 1,271 1,595 Transferred into owned from conditional - 3,061 (3,061) Utilised in year (5,869) (5,869) - Land Sales (600) (600) - Adjustments 271 447 (176) Carried forward 70,688 49
Slide 44: Land Bank – JV Owned and Controlled
LAND BANK – JV OWNED AND CONTROLLED Land bank 30 June 2025 31 Dec 2024 30 June 2024 Owned 49,591 51,281 53,481 - of which relates to JVs 16,484 17,048 15,896 Controlled 21,097 22,739 21,832 - of which relates to JVs 10,571 10,509 10,979 Total owned and controlled 70,688 74,020 75,313 - of which rela
Slide 45: Strategic Land
STRATEGIC LAND 30 June 2025 31 Dec 2024 Total sites Total plots Total sites Total plots 0 - 150 plots 55 4,394 55 4,322 150 - 300 plots 57 11,755 53 10,930 300 - 500 plots 30 10,338 31 10,745 500 - 1,000 plots 23 14,905 21 13,425 1,000 + plots 21 35,527 22 36,797 Total 186 76,919 182 76,219 HALF YEA
Slide 46: JV Profit and ASP Analysis
JV PROFIT AND ASP ANALYSIS H1 25 H1 24 Partner Open Funded Market Other Total Total JV units 720 496 1,216 1,428 JV units at share 351 243 594 710 JV revenue at share (£m) 93.4 100.1 24.1 217.6 251.0 JV ASP (£k) 267 412 326 337 Gross profit 32.7 24.1 Operating profit 32.2 23.1 Adjusted JV profit 15.
Slide 47: JV Balance Sheet
JV BALANCE SHEET H1 25 FY24 £m unless otherwise stated Total Group’s share Total Group’s share Inventories 1,682.2 836.2 1,576.9 783.4 Land creditors (254.7) (127.3) (277.2) (138.6) Loans to members (1,137.1) (564.5) (1,091.0) (540.1) Loans from members 233.3 116.5 236.0 117.9 Other assets 134.2 65.
Slide 48: Other Assets
OTHER ASSETS (£m) 30 June 2025 31 Dec 2024 Debtors - Trade receivables 188.8 211.0 - Contract assets 254.6 272.7 - Prepayments and accrued income 56.7 60.5 - Other receivables 49.7 63.7 Right of use assets 83.7 85.2 Current tax asset 2.3 5.6 Plant, property and equipment 24.0 22.8 Other assets 659.8
Slide 49: Other Liabilities
OTHER LIABILITIES (£m) 30 Jun 2025 31 Dec 2024 Creditors - Trade payables 329.4 334.0 - Contract liabilities 46.8 51.3 - Other payables 10.7 14.1 - Accruals 403.5 411.2 - Other financial liabilities 11.1 22.3 Deferred income 52.7 91.7 Other tax and social security 10.7 11.8 Lease liabilities 93.9 96
Slide 50: Land Creditor Payment Profile
LAND CREDITOR PAYMENT PROFILE £800m 767.8 751.2 £700m £600m £500m £400m 356.9 £300m 337.2 328.1 282.0 £200m £100m 79.9 76.3 32.4 26.2 £0m <1 year 1 - 2 years 2 - 3 years >3 years Total At 30 June 2025 At 31 Dec 2024 The land creditor payments profile is on a contractual cash basis. Balance sheet cre