Crest Nicholson Holdings Plc · LSE:CRST
Crest Nicholson — H1 2026 Earnings Presentation
25 slides from Crest Nicholson's earnings presentation, Jul 16, 2026
Slide 1: Interim Results 2026
ARDEN OAKS BRENTWOOD INTERIM RESULTS 2026 CREST NICHOLSON HOLDINGS PLC 16 JULY 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 BUSINESS UPDATE OUTLOOK Q&A WINDSOR GATE WINDSOR CREST NICHOLSON HOLDINGS PLC INTERIM RESULTS 2026 3
Slide 4: Introduction
INTRODUCTION MARTYN CLARK CHIEF EXECUTIVE OFFICER CREST NICHOLSON HOLDINGS PLC INTERIM RESULTS 2026 4
Slide 5: Introduction – Executive Summary
INTRODUCTION – Executive Summary CLEAR VISION AND CONTINUING TO DELIVER STRATEGY Strategic • Project Elevate – continuing progress on delivering initiatives to re-position to mid-premium • New house type programme on track • Continued focus on efficiency, quality and customer service Operational • S
Slide 6: Financial Review
FINANCIAL REVIEW BILL FLOYDD CHIEF FINANCIAL OFFICER LEWIN PARK LANGFORD CREST NICHOLSON HOLDINGS PLC INTERIM RESULTS 2026 6
Slide 7: Covenant Reset Update
COVENANT RESET UPDATE CONSTRUCTIVE AND WELL PROGRESSED Background • We have been in discussions with our lenders over recent months • Forbearance was required due to a potential breach of the interest cover covenant • Lenders granted a waiver to allow time to agree amendments to the facilities Curre
Slide 8: Balance Sheet Initiatives
BALANCE SHEET INITIATIVES LAND DISPOSAL PROGRAMME AND INVENTORY REDUCTION • One transaction achieved in H1 FY26 Revenue c.£40m • Further transactions expected by year end Contracted cash proceeds c.£60m • FY26 cash proceeds £70-80m Total expected cash proceeds £70-80m • Retained portfolio continues
Slide 9: Good Progress on Fire Remediation
GOOD PROGRESS ON FIRE REMEDIATION Height of building >18m 11-18m Total FY25* • Robust programme and budget oversight Buildings started /completed 42 50 92 82 Quoted 26 51 77 69 • Continue to prioritise highest risk first Surveyed 21 35 56 72 • Incremental financial risks reduced when Not surveyed -
Slide 10: Income Statement HY26
INCOME STATEMENT HY26 (£m) HY26 HY25 Revenue - Housing 184.9 233.2 • Gross profit bridge - Land 12.7 16.3 Housing £12.7m Total Revenue 197.6 249.5 Land £3.5m Adjusted gross profit 13.9 35.4 NRV £3.6m Gross margin 7.0% 14.2% Other £1.7m Adjusted operating (loss) / profit (11.9) 11.9 Net finance expen
Slide 11: Sales Metrics
SALES METRICS HY26 HY25 Outlets (full year equivalents) 41 40 • Outlet position stabilised and starting Sales rate (open market private) 0.48 0.53 to grow Home completions (units) 1 • Sales rate reduction reflects ongoing Open market (private) 414 435 market conditions Bulk 3 63 107 • Completions do
Slide 12: Exceptional Items
EXCEPTIONAL ITEMS £m HY26 HY25 Adjusted cost of sales Fire remediation Net combustible materials charge (3.6) (2.4) • £3.6m charge relates to refinement of Combustible materials credit - 11.8 estimates and scope changes Net combustible materials (charge) /credit (3.6) 9.4 Completed sites Completed s
Slide 13: Cash Flow
CASH FLOW Operating cash flow (£m) HY26 HY25 Operating (loss) / profit before changes in working capital (20.7) 18.8 Working Capital Decrease in inventories 2.2 32.7 • Ongoing improvement in inventory Decrease / (increase) in debtors 16.7 (14.1) management (Decrease) in creditors (85.4) (104.3) • Re
Slide 14: Balance Sheet
BALANCE SHEET Balance sheet – key items (£m) HY26 FY25 HY25 Land 632.1 621.5 658.3 • Ongoing inventory management WIP 311.6 332.2 333.9 • Gradual paydown of land creditors Completed buildings 83.9 79.0 82.0 • Good progress on combustible Part exchange inventories 24.9 23.4 25.0 materials remediation
Slide 15: FY26 Guidance
FY26 GUIDANCE FY26 Volume (units) 1,400-1,500 Land Sales c.£40m In lower half of previously EBIT guided £5-15m range Interest £15m Net debt £100m - £120m CREST NICHOLSON HOLDINGS PLC INTERIM RESULTS 2026 15
Slide 16: Business Update
BUSINESS UPDATE MARTYN CLARK CHIEF EXECUTIVE OFFICER WINDSOR GATE ARDEN BERKSHIRE ARDEN OAKS OAKS CREST NICHOLSON HOLDINGS PLC INTERIM RESULTS 2026 16 BRENTWOOD BRENTWOOD
Slide 17: Housing Market Update
HOUSING MARKET UPDATE Customer demand • Customer enquiries, visitor levels and land market sentiment softened remains subdued Weak sentiment, • Consumer confidence weak strong fundamentals • Structural undersupply of housing remains Mortgage conditions • Actual mortgage approvals have moderated sinc
Slide 18: Project Elevate Progressing
PROJECT ELEVATE PROGRESSING REPOSITIONING CREST NICHOLSON FOR SUSTAINABLE VALUE CREATION BETTER BETTER BETTER HOMES CUSTOMER OPERATIONAL EXPERIENCE PROGRAMME • New house types design • Progression to a market-leading completed, designed specifically • Building a more efficient and customer experienc
Slide 19: Progression with Strategic Land Bank
PROGRESSION WITH STRATEGIC LAND BANK • Continued active management: number of plots moved into 41 Sites allocated / draft increased from 39% in FY23 to 67% in HY26 16,500 units • Positive momentum on strategic land bank planning status 67% Allocated / Draft Allocated • Recent successes will move int
Slide 20: Delivering Our Mid-Premium Product Strategy
DELIVERING OUR MID-PREMIUM PRODUCT STRATEGY • Redesigned the full range of new house types to reflect our mid-premium brand • Meeting target customer’s needs, supporting stronger differentiation and long-term value creation • Upgraded specifications and enhanced design features rolled out into curre
Slide 21: Continued Focus on Build Quality and Customer Experience
CONTINUED FOCUS ON BUILD QUALITY AND CUSTOMER EXPERIENCE Average annual NHBC reportable • Continued reduction in NHBC reportable items (RIs) items per inspection • Improved premier site inspection rating HY 2026 0.23 2025 0.26 • Focus on reducing issues at handover with adjusted build programmes lea
Slide 22: Commercial and Operational Excellence
COMMERCIAL AND OPERATIONAL EXCELLENCE Build cost inflation expected to be c. 3-4% this year • Oil price volatility continues • Continued to manage suppliers • Inflation starting to moderate Self help initiatives are delivering results • Damaged and mishandled materials down c. 20% • Supported by str
Slide 23: Sustainability
SUSTAINABILITY A DIFFERENTIATOR OF QUALITY AND MID-PREMIUM POSITIONING Industry-leading recognitions demonstrate strong performance Clear and consistent commitment supports our mid-premium positioning Strengthens customers' appeal for energy efficient, well-designed homes Well-positioned for increas
Slide 24: Summary and Outlook
SUMMARY AND OUTLOOK Summary • Rigorous focus on cash • Continue progress on delivering initiatives to re-position to mid-premium • Continue focus on efficiency, quality and customer service Outlook • Transformation plan progressing • Continue to deliver improvements in operational performance • Posi
Slide 25: Q & A
CREST NICHOLSON HOLDINGS PLC INTERIM RESULTS 2026 WINDSOR GATE, WINDSOR CREST NICHOLSON
Crest Nicholson Holdings — H1 2026 Earnings Presentation on 6ix