Slide 1: Interim results
Interim results September 2026 Where great places start SPARK, (Origin) Walsall
Slide 2: Agenda
Agenda Introduction and overview 01 Ed Hutchinson Financial review 04 Darren Littlewood Operational review 10 Ed Hutchinson/Darren Littlewood Outlook 20 Ed Hutchinson Darren Littlewood Chief Executive Officer Chief Financial Officer Ed Hutchinson
Slide 3: Introduction and overview
Introduction and overview Speaker IDEA, Ed Hutchinson Golden Valley, Cheltenham, 1
Slide 4: CEO introduction
CEO introduction Strong platform with track record of delivery but need to improve performance • Hallam Land is a market-leading land promoter with a significant portfolio that would be extremely difficult to replicate • HBD delivers high-quality developments supported by strong partnerships across
Slide 5: Near-term priorities
Near-term priorities Focus on delivery to build a stronger more efficient business Unlock and crystalise value Reduce borrowings Operational efficiency • Accelerating planning applications • Greater cost and capital discipline • Simplifying how we operate to and converting consents into sales create
Slide 6: Financial review
Financial review Speaker Darren Littlewood Aptus (Origin), Preston 4
Slide 7: Financial summary
Financial summary Revenue Operating profit ROCE – 12mth £80.7m £(3.9)m 3.5% H1 2025: £99.4m H1 2025: £12.1m H1 2025: 7.3% Basic EPS NAV per share Gearing (2.2)p 301p 33% H1 2025: 4.8p 31 Dec 2025: 311.6p 31 Dec 2025: 26% Henry Boot 22/09/2026 5
Slide 8: Revenue and operating profit
Revenue and operating profit Reduction in land promotion turnover and profit partially offset by central cost savings Operating loss Revenue (£m) Operating profit (£m) £4.4m 110 15 12.2 100 10 99.4 90 5 ▬ 13.1 80 0 ( 2.9 ) 80.7 (12.2) ( 21.5 ) (1.6) 1.8 (3.9) (1.1) 70 -5 ( 7.3 ) (2.9) 60 -10 Home bu
Slide 9: Cash generation and change in net debt
Cash generation and change in net debt Investment property sales and reduction in inventory offset by change in working capital £m 140 Outflow from operations £13.8m 130 8.2 120 4.0 (13.8) 3.7 (2.6) 110 (7.2) (5.0) (3.1) (1.9) (3.9) (3.3) 132.9 100 108.0 90 Net investment outflow £11.1m 80 Tax Inven
Slide 10: Balance sheet
Balance sheet Debt higher on increased working capital Jun 26 Dec 25 • Investment property at £116.0m, including our Origin Investment property1 £116.0m £118.7m JV share Property, plant & equipment £27.3m £26.9m • Inventories £4.0m lower, as planning spend was outweighed by lower home building land
Slide 11: Sales progress
Sales progress 71% of budgeted sales for FY 26 completed, exchanged or reserved (HY25: 80%) £m Hallam Land HBD Stonebridge Homes 250 203 200 203 71% of budget 144 150 114 102 100 61 50 0 Completed in H1 26 Completed H2 26 to date Exchanged for completion Reserved for completion in Under negotiation
Slide 12: Operational review
Operational review Speakers Ed Hutchinson & Darren Littlewood Woodland Place, Middlesbrough 10
Slide 13: Stonebridge
Stonebridge Subdued house sales impacts performance • Operating loss expected in 2026, reflecting lower sales rates, c.4% build cost inflation, site extension costs and legacy issues • Net private reservation rate of 0.38 (HY25: 0.42), impacted by higher mortgage rates in Q2 • Private ASP £431k (HY2
Slide 14: 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 15: Hallam Land
Hallam Land Home builder land acquisition strategy has slowed sales Plot sales 5,000 5yr average: 2,741 • 556 plots sold in H1 26 (HY25: 1,222) 3,869 3,957 4,000 • Average gross profit per plot of £10,829 (HY25: £15,734) 2,661 3,000 1,944 • Key sales: 416 plots at Biggleswade to Persimmon and 140 pl
Slide 16: Hallam Land
Hallam Land Plots granted Long-term value continuing to build in the land bank 5,000 4,159 4,000 2,982 3,000 2,922 Plots Inventory 2,000 Freehold: 10,308 £59m 1,014 2,650 Scotland 435 210 12,284 Option: 7,542 £9m 1,000 208 1,237 804 PPA: 90,074 £93m 0 227 332 618 107,924 £161m 2022 2023 2024 2025 H1
Slide 17: Biggleswade, Bedfordshire: unlocking value from complex sites
Biggleswade, Bedfordshire Unlocking value from complex sites • Hallam Land entered into a PPA for the 105 acre site in 2017 • 43 acres were allocated in Central Bedfordshire Council’s Local Plan, which was adopted in July 2021 • Outline consent was secured following a complex planning process, on ap
Slide 18: Land promotion
Land promotion Substantial embedded value in strategic land portfolio • Land portfolio held at cost, with gains not recognised Potential gross profit at £10k per plot by planning status (£m) 1,200 until disposal 646 1,000 1,079 • Disposals over last five years achieved average gross profit per plot
Slide 19: Property investment & development
Property investment & development Committed programme grows with strong leasing momentum Investment portfolio • Committed development programme increased to £161m (HBD share: £113m), 79% pre-let or under offer • Golden Valley phase one adds £95m GDV to the programme and is fully funded • Origin’s th
Slide 20: Golden Valley, Cheltenham
Golden Valley, Cheltenham £95m phase one fully funded; work underway • Forward funding secured for phase one of the £1bn mixed-use scheme, central to the UK’s National Cyber Strategy • Phase one comprises IDEA, a 160,000 sq ft innovation centre, ROUTER transport hub and infrastructure • IDEA is 68%
Slide 21: £1.4bn development pipeline
£1.4bn development pipeline Key schemes Wakefield Hub, Wakefield FREEPORT 36, Goole AvTech, Duxford Scheme: I&L Scheme: I&L Scheme: Urban commercial GDV: £112m (our share £56m) GDV: £130m (phase one) GDV: £120m Size: 600,000 sq ft Size: 5.5m sq ft Size: 430,000 sq ft Planning Status: Outline achieve
Slide 22: Outlook
Outlook Speaker Ed Hutchinson FREEPORT 36, Goole 20
Slide 23: Significant embedded value
Significant embedded value Opportunities across the business with strong value creation potential £536.2m 1 • Strategic land bank totalling 107,924 plots across more than 200 sites Freehold land £58.9m • 9,086 plots with planning plus further 21,361 plots awaiting determination Options £9.0m • Held
Slide 24: Outlook
Outlook Second half performance expected to improve despite challenging market conditions • Land sales delayed from the first half expected to complete in the second half • Transaction volumes anticipated to remain subdued for the remainder of the year • Clear near-term priorities and refreshed stra
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.107,000 strategic c.£1.4bn development Owned land bank with land plots pipeline planning c.1,400 plots Henry Boot 22/09/2026 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 Business segments development and home building businesses, transforming land and spaces since 1886. First listed on the London Stock Land promotion Exchange in 1919, we employ over 350 people across the UK Hallam Land and focus on
Slide 28: 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 land Henry Boot 22
Slide 29: 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 Responsible People strategy + ESG
Slide 30: First half operational performance
First half operational performance Subdued transaction volumes weighed on first half performance • Hallam Land sold 556 plots (HY25: 1,222), 465 plots exchanged for completion in H2 Operating profit Land promotion • 9,086 plots permitted and held at cost. 21,361 awaiting determination; on track to s
Slide 31: Land promotion
Land promotion Illustrative potential future land bank profit Potential gross profit to come split by planning status No of £8k per £9k per £10k £11k per £12k per • Land portfolio held at cost, with gains not recognised Status plots plot plot per plot plot plot until disposal With planning 9,086 £73
Slide 32: Committed programme
Committed programme £113m GDV, of which 79% has been pre-let, pre-sold or under offer Scheme Area Our Share GDV Status Expected '000 sq ft (£m)* Completion Industrial & Logistics Origin, Markham Vale, Ark (Phase 2) 54 25% 2 Speculative Q3 26 Origin, Preston, Aptus 107 25% 5 Speculative Q4 26 Origin,
Slide 33: Origin JV
Origin JV Potential to deliver c.£1bn of high quality I&L assets 1 Preston, APTUS 3 Markham Vale, ARK Markham Vale ARK 1 Scheme Completed Committed Total Scheme Completed Committed Total Markham Vale, Markham Vale, ARK - 107 107 3 ARK 107 54 161 % Let: 44% % Let: 24% 2 Walsall, SPARK 2 4 Welwyn SPAR
Slide 34: Investment property
Investment property Portfolio focused on industrial and logistics Shoal Group, Luton Jun 26 Dec 25 • Small/Mid box I&L Market valuation – inc. share of JV’s¹ £117.2m £119.8m • 85,000 sq ft Number of properties 24 25 • Our share 100% Total area – ‘000 sq ft 564 770 • Completed in 2023 % industrial an
Slide 35: 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 - £0.4m £0.5m £0.9m Admin and other expenses £(0.6)m £(0.4)m £(0.4)m £(1.4)m Revaluation of investment property £3.2m - - £3.2m Operating p
Slide 36: Movement in underlying NAV per share
Movement in underlying NAV per share NAV impacted by Stonebridge Homes acquisition 315p 310p 1.5p (2.9p) (1.8p) 305p (5.4p) 2.4p 311.6p 300p (3.7p) (1.1p) 295p 300.7p 298.3p 290p 1 Jan 2026 Operating loss Interest Tax Dividends Acquisition of SBH Other items 30 Jun 2026 Pension scheme IFRS NAV Henry
Slide 37: Statement of financial position
Statement of Property, plant & equipment Jun 26 27.3 Dec 25 26.9 financial position Investment properties 76.0 94.6 Investment in JVs and associates 26.0 22.9 Trade and other receivables 25.8 47.9 Jun 26 Dec 25 Retirement benefit assets 4.4 3.0 Cash and cash equivalents 22.0 8.4 Other non-current as
Slide 38: Capital employed
Capital employed FY 2024 FY 2025 HY 2024 HY 2025 HY 2026 Non-current assets £161.5m £199.6m £197.0m £193.0m £163.1m • Return on Capital Employed (ROCE) is Current assets £462.1m £454.8m £443.4m £427.9m £461.8m defined as rolling 12-month operating profit/capital employed where capital Less current l
Slide 39: Shareholding
Shareholding As at 7 September 2026 28.1% 37.6m 44.8% Main institutional shareholders 8.7m London & Amsterdam Trust Co/Rovida 6.7m Fidelity International 60m 4.2m Artemis Investment Management Henry Boot 3.3m Jupiter Asset Management 3.2m Schroder Investment Management founding family 2.9m Dimension
Slide 40: Sale of Henry Boot Construction
Sale of Henry Boot Construction Simplifies 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 £55.4m £307.0m • Fits strategy and enhances growth prospects with Gross profit £65.8m £6.9m
Slide 41: 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 control. The gr