Berkeley Group Holdings Plc · LSE:BKG
Berkeley — FY2026 Earnings Presentation
45 slides from Berkeley's earnings presentation, Jun 24, 2026
Slide 1: Results Presentation for the year ended 30 April 2026
Results Presentation for the year ended 30 April 2026 24 JUNE 2026 White City Living
Slide 2: Rob Perrins, Executive Chair
Rob Perrins Executive Chair Horlicks Quarter, Slough
Slide 3: Richard Stearn, Chief Executive Officer
Richard Stearn Chief Executive Officer Oval Village
Slide 4: Contents
BERKELEY GROUP FY26 RESULTS PRESENTATION Contents 1 Resilient Results 2 Robust Performance in Volatile Operating Environment 3 Planning Environment Improving but More Action Needed 4 Interventions needed to encourage Investment 5 Berkeley 2035 – Strategic Delivery Berkeley 2035 – Future Priorities –
Slide 5: Resilient Results
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Resilient Results ► Profit before tax £451 million CDP Corporate A List ISS STOXX ESG ► Shareholder returns £233 million 2025 Corporate Rating Climate Change and 2026 Water Security Prime status ► Net cash £363 million Sustainalytics ESG Risk
Slide 6: Robust Performance in Volatile Operating Environment
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Robust Performance in Volatile Operating Environment London Housing Supply at record lows — High tax and regulatory burden preventing new investment and Sales growth — Good interest evidenced by enquiries and leads — Exceptionally complex and
Slide 7: Planning Environment Improving but More Action Needed
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Planning Environment Improving but More Action Needed Positive progress — Government has been successful in restoring the fundamentals of productive housing policy — Homes for London package is a further positive step but requires urgent and
Slide 8: Interventions Needed to Encourage Investment
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Interventions Needed to Encourage Investment 1. Homes for London package should be fully implemented forthwith and remain in place until London’s housing numbers are restored 2. Time taken to deliver new apartment buildings needs to reduce fr
Slide 9: Berkeley 2035 – Strategic Delivery
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Berkeley 2035 – Strategic Delivery Berkeley 2035 provides the agility to allocate capital according to the Strategic delivery in today’s environment prevailing macro-economic and regulatory environment, enabling the business to adjust swiftly
Slide 10: Berkeley 2035 – Future Priorities
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Berkeley 2035 – Future Priorities A strategy for value creation As a result of escalating geopolitical tensions, we announced decisive action on 1 New land investment 3 Investment in construction 5 Focus on Operating Margin 1 April to rephase
Slide 11: Berkeley Living – Moving at Pace
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Berkeley Living Moving at Pace — Welcomed first residents following successful launches at three developments: Foundry Yard (Alexandra Gate), Navigator Place (Kidbrooke Village) and The Watermint (Silkstream) — Encouraging letting velocity an
Slide 12: Guidance
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Guidance — Pre-tax profit above £1.4 billion over the next four years (FY27 to FY30) — Operating margins in the historic range (17.5% to 19.5%), assuming stable conditions — ROCE in the core of at least 15% as soon as possible, and between 11
Slide 13: Neil Eady, Chief Financial Officer
Neil Eady Chief Financial Officer Hareshill, Fleet
Slide 14: Contents
BERKELEY GROUP FY26 RESULTS PRESENTATION Contents 1 Summary of Performance 2 Summary of Financial Position – Balance Sheet 3 Key Metrics – Forward Sales and Land Holdings 4 Income Statement 5 Cash Flow 6 Shareholder Returns 7 Balance Sheet 8 Inventory 9 Investment Property 10 Creditors 11 Land Holdi
Slide 15: Summary of Performance
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Summary of Performance Profit Before Tax Change / Change% Pre-tax Return on Equity* £451m £529m -£78m 12.5% 14.9% 30 April 2026 30 April 2025 (-14.7%) 30 April 2026 30 April 2025 Basic Earnings per Share Change / Change% Return on Capital Emplo
Slide 16: Summary of Financial Position – Balance Sheet
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Summary of Financial Position – Balance Sheet Net Assets Change / Change% Net Asset Value per Share Change / Change% £3,640m £3,560m +£80m 3,917p 3,595p +322p 30 April 2026 30 April 2025 (+2.2%) 30 April 2026 30 April 2025 (+9.0%) Closing Net C
Slide 17: Key Metrics – Forward Sales and Land Holdings
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Key Metrics – Forward Sales and Land Holdings Forward Sales Change / Change (%) Land Holdings Change / Change (%) Cash Due* Future Gross Margin £1,006m £1,403m -£397m £6,442m £6,722m -£280m 30 April 2026 30 April 2025 (-28.3%) 30 April 2026 30
Slide 18: Income Statement
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Income Statement 30 April 2026 30 April 2025 Change Change Year ended (£m) (£m) (£m) % Revenue 2,383.3 2,486.5 -103.2 -4.2% — Group (non-JV) revenue is lower than the comparative year due to reduced ASP Gross profit 597.2 25.1% 660.3 26.6% -63.
Slide 19: Abridged Cash Flow
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Abridged Cash Flow 30 April 2026 30 April 2025 Year ended (£m) (£m) Profit before tax 451.4 528.9 — Key components of the £164 million net investment in working capital Net release from sites 221.8 87.9 during the year: Decrease in inventory 30
Slide 20: Shareholder Returns
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Shareholder Returns Minimum 10-year shareholder returns target under Berkeley 2035 – Shareholder returns in the year Target Returned Dividends Amount As at 30 April 2026 Share Buy-Backs total £233 million, all of which are Return to Date Paid R
Slide 21: Balance Sheet
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Balance Sheet 30 April 2026 Change 30 April 2025 As at (£m) (£m) (£m) Reclassification of £82.4 million from - Intangible assets 17.2 - 17.2 inventory to investment property (accounted for at cost) and investment - Investment property 297.2 +15
Slide 22: Inventory
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Inventory 30 April 2026 Change 30 April 2025 As at (£m) (£m) (£m) Three sites moved into production: Land not under development (LNUD) 563.1 +8.8 554.3 — One Waterside, Bath Work in progress: land cost 1,619.7 -73.2 1,692.9 — Reading Riverworks
Slide 23: Investment Property
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Investment Property Under £m Completed Total development Cost: Investment property has increased by £151.5 million to £297.2 million at At 1 May 2025 - 145.7 145.7 30 April 2026. - Transfer from Inventory - 82.4 82.4 Key movements in year: - Ca
Slide 24: Creditors
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Creditors 30 April 2026 Change 30 April 2025 As at (£m) (£m) (£m) Trade creditors and accruals 827.3 +31.6 795.7 Land Creditor Settlement Profile 600 Provisions 226.3 -3.3 229.6 Customer deposits and on 500 639.1 -72.4 711.5 account receipts La
Slide 25: Land Holdings and Pipeline
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Land Holdings and Pipeline As at 30 April 2026 Change 30 April 2025 Land holdings Key movements in the £0.3 billion reduction in future gross margin: Owned 52,763 +49 52,714 — Homes completed (> 4,000 homes and GM of £0.6 billion) Contracted -
Slide 26: Debt Financing
FINANCE REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Debt Financing £400 million Green Bonds in issue (until August 2031), 2.50% coupon BBB- stable outlook, Fitch Investment Grade Credit Rating £800 million total borrowing facilities (six banks) – Green term loan £260 million – RCF £540 million (
Slide 27: Questions
QUESTIONS BERKELEY GROUP FY26 RESULTS PRESENTATION Rob Perrins Executive Chair Richard Stearn Chief Executive Officer Neil Eady Chief Financial Officer King’s Road Park, Fulham 27
Slide 28: Appendices
Appendices BERKELEY GROUP FY26 RESULTS PRESENTATION ► Delivering for All Stakeholders ► Sites – Delivery and Land Status - Sites in London (map) - Sites outside of London (map) ► Homes Completed and Average Selling Price (ASP) – Group ► London: Structural Drivers of Long-Term Value ► London’s Housin
Slide 29: Delivering for All Stakeholders
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Delivering for All Stakeholders ► 90% of 4,076 homes, plus 127 in joint ventures, delivered on brownfield land ► Over £530 million subsidies for affordable housing and committed to infrastructure ► Our Vision responsible business strategy: CDP Corpor
Slide 30: Sites – Delivery and Land Status
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Sites – Delivery and Land Status Large regeneration As at 30 April 2026 Other sites Total land holding sites Delivery of Developments: In construction 24 86% 24 77% 48 81% Not yet in construction – owned 4 14% 7 23% 11 19% Not yet in construction – c
Slide 31: Sites in London
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Sites in London Berkeley is delivering 20 32 sites in London 26 of these are currently in production 2 1 Under construction 19 The Green Quarter, Ealing 17 1 Alexandra Gate, Haringey 20 Trent Park, Enfield 26 29 2 Beaufort Park, Hendon 21 Trillium, M
Slide 32: Sites outside of London
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Sites outside of London Berkeley is delivering 7 27 sites outside London 22 of these are currently in production Under construction 16 Oakhill, Hildenborough 4 1 Abbey Barn Park, High Wycombe 17 One Waterside, Bath 2 Arch & Bloom, Guildford 18 Readin
Slide 33: Homes Completed and Average Selling Price (ASP) – Group
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Homes Completed and Average Selling Price (ASP) – Group Homes ASP £570k 2025/2026 2,022 2,054 4,076 2025/2026 £546k £522k £600k 2024/2025 2,103 1,944 4,047 2024/2025 £593k £587k £624k 2023/2024 1,785 1,736 3,521 2023/2024 £664k £706k £560k 2022/2023
Slide 34: London: Structural Drivers of Long-Term Value
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION London: Structural Drivers of Long-Term Value 1. London Top ranked London is the London attracts European city for — A global powerhouse city biggest financial almost 3x as much inbound real centre in Europe FDI as any other estate investment — Resil
Slide 35: London’s Housing Starts Have Reached Historic Lows
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION London’s Housing Starts Have Reached Historic Lows MHCLG 12-month rolling housing starts in London – London’s 12 months rolling starts are 30,000 7,480 vs a housing need target of 88,000 homes per year – Despite a small uptick at the end of 25,000 20
Slide 36: London Package
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION London Package Significance of the London Package MHCLG and the GLA, working in partnership, published the final package of support for housebuilding in March 2026. This suite of measures aims to address London’s viability challenge. Key elements inc
Slide 37: How the Government can Deliver More Homes
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION How the Government can Deliver More Homes Successfully implement its planning reforms Non-Planning Solution Actions Berkeley is supportive of the Government’s recent planning reforms Beyond the planning system, there remain several areas where the wh
Slide 38: Long-term Regeneration: Alexandra Gate
STRATEGIC REVIEW BERKELEY GROUP FY26 RESULTS PRESENTATION Long-term Regeneration: Alexandra Gate – 12-acre derelict gasworks: in Haringey Heartlands Opportunity Area – Sustainable town centre location: close to three stations – Mixed use neighbourhood: with over 1,800 private and affordable homes, i
Slide 39: Berkeley Living – Moving at Pace
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Berkeley Living Moving at Pace — Welcomed first residents following successful launches at three developments: Foundry Yard (Alexandra Gate), Navigator Place (Kidbrooke Village) and The Watermint (Silkstream) — Letting velocity and rent at target lev
Slide 40: BTR and Berkeley – Accelerated Delivery to Maximise Value
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION BTR and Berkeley – Accelerated Delivery to Maximise Value Provides diversification and a different risk profile, Providesunderpinned diversification by andfavourable long-term a different risk profile, underpinned structural by favourable structural
Slide 41: Capturing Full Value for Berkeley through a BTR Platform
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Capturing Full Value for Berkeley through a BTR Platform With a traditional forward sale to a PRS Berkeley BTR Platform platform, the sales value: — Is agreed 2 years ahead of delivery Construction Lease-Up & Flexible Period Stabilisation Exit Routes
Slide 42: Flexible Exit Routes Post Stabilisation
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Flexible Exit Routes Post Stabilisation Silkstream, Barnet – CGI BTR platform provides flexibility through multiple exit routes post stabilisation, including: — Disposal of individual BTR buildings — Disposal of a series of BTR portfolios — Introduce
Slide 43: Structural Imbalance Underpins Low Risk Asset Class
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Structural Imbalance Underpins Low Risk Asset Class London and the South East most acutely experiencing supply and Rental growth robust through market cycles demand imbalance 200 190 180 Rising Demand Indexed Growth 170 Global COVID-19 160 Financial
Slide 44: Investor Appetite Strong for Compelling Asset Class
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION Investor Appetite Strong for Compelling Asset Class BTR pipeline contracting UK Multifamily Home Supply Falling 20,000 — Number of BTR units under construction fell 29% to 12,134 in London 18,000 (Source: British Property Federation) 16,000 14,000 —
Slide 45: 20-Year Financial Track Record – Through the Market Cycle
APPENDIX BERKELEY GROUP FY26 RESULTS PRESENTATION 20-Year Financial Track Record – Through the Market Cycle As at 30 April 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Income Statement* Units Sold 4,076u 4,047u 3,521u 4,043u 3,760u 2,825u 2,723u
Berkeley Group Holdings — FY2026 Earnings Presentation on 6ix