Berkeley Group Holdings Plc · LSE:BKG
Berkeley — H1 FY2026 Earnings Presentation
38 slides from Berkeley's earnings presentation, Dec 10, 2025
Slide 1: Interim Results Presentation
Interim Results Presentation for the six months ended 31 October 2025 London Dock, Wapping 10 DECEMBER 2025
Slide 2: Rob Perrins, Executive Chair
Grand Union, Brent Rob Perrins Executive Chair
Slide 3: Richard Stearn, Chief Executive Officer
Construction activity at Oval Village Richard Stearn Chief Executive Officer
Slide 4: Contents
BERKELEY GROUP HY26 RESULTS PRESENTATION Contents 1 Resilient Results 2 Resilient Operating Performance in Complex Environment 3 Inherent Value in Berkeley 4 London: Structural Drivers of Long-Term Value 5 Financial Strength is the Platform for Long-Term Value 6 Berkeley Living 7 Guidance (FY26 and
Slide 5: Resilient Results
STRATEGIC REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Resilient Results ► Profit before tax £254 million ► Shareholder returns £132 million ► Net cash £342 million ► Net asset value per share £37.63 Sustainalytics ESG Risk Rating ► Affordable housing and 2025 ‘Low’ ESG risk rating, Industry ESG
Slide 6: Resilient Operating Performance in Complex Environment
STRATEGIC REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Resilient Operating Performance in Complex Environment Sales — Good customer interest evidenced by enquiries and leads — Sales constrained in the two months leading up to the Budget — Sales down 4% on comparative six-month period Build — Buil
Slide 7: Inherent Value in Berkeley
STRATEGIC REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Inherent Value in Berkeley Unique Features of Berkeley Berkeley 2035 Value Drivers 1. Increasing ROCE in the core business Unrivalled position in London — Optimising land holdings through re-planning activity - Leading UK homebuilder in large
Slide 8: London: Structural Drivers of Long-Term Value
STRATEGIC REVIEW BERKELEY GROUP HY26 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
Slide 9: Financial Strength is the Platform for Long-Term Value
STRATEGIC REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Financial Strength is the Platform for Long-Term Value Operational Priorities Capital Allocation Priorities — Margin & cash focus: operate efficiently (OM target: 17.5% - — Work in progress: align build with sales market 19.5%) and maximise c
Slide 10: Berkeley Living
STRATEGIC REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Berkeley Living Moving at Pace — Six BTR buildings are in production (two more this period), in total 1,122 homes – 25% of the initial target portfolio — On-track to launch 187 homes at Foundry Yard, Alexandra Gate in early 2026 — Planning fo
Slide 11: Guidance (FY26 and FY27)
STRATEGIC REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Guidance (FY26 and FY27) One Waterside, Bath – CGI — Pre-tax profit guidance for FY26 unchanged at £450 million with FY27 likely to be similar, based on current conditions — Operating margins in the historic range (17.5% to 19.5%) — Net cash
Slide 12: Neil Eady, Chief Financial Officer
Royal Arsenal Riverside Neil Eady Chief Financial Officer
Slide 13: Contents
BERKELEY GROUP HY26 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 Homes Completed and Average Selling Price 6 Cash Flow 7 Balance Sheet 8 Inventories 9 Creditors 10 Debt Fina
Slide 14: Summary of Performance
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Summary of Performance Profit Before Tax Change / Change% Pre-tax Return on Equity* £254m £275m -£21m 14.2% 15.6% 31 October 2025 31 October 2024 (-7.7%) 31 October 2025 31 October 2024 Basic Earnings per Share Change / Change% Return on Capita
Slide 15: Summary of Financial Position – Balance Sheet
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Summary of Financial Position – Balance Sheet Net Assets Change / Change% Net Asset Value per Share Change / Change% £3,599m £3,560m +£39m 3,763p 3,595p +168p 31 October 2025 30 April 2025 (+1.1%) 31 October 2025 30 April 2025 (+4.7%) Closing N
Slide 16: Key Metrics – Forward Sales and Land Holdings
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Key Metrics – Forward Sales and Land Holdings Forward Sales Change / Change (%) Land Holdings Change / Change (%) Cash Due* Future Gross Margin £1,137m £1,403m -£266m £6,512m £6,722m -£210m 31 October 2025 30 April 2025 (-19.0%) 31 October 2025
Slide 17: Income Statement
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Income Statement 31 October 2025 31 October 2024 Change Change Period ended (£m) (£m) (£m) % Revenue 1,179.5 1,278.9 -99.4 -7.8% — Group (non-JV) revenue is lower than the comparative period due to slightly reduced completion volumes and ASP Gr
Slide 18: Homes Completed and Average Selling Price – Group
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Homes Completed and Average Selling Price (ASP) – Group Homes ASP £570k 2025/2026 2,022 2,022 2025/2026 £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 2,080 1,963
Slide 19: Cash Flow
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Cash Flow 31 October 2025 31 October 2024 Period ended (£m) (£m) Profit before tax 254.0 275.1 — Key components of the £93 million net investment in working capital Net release from sites 60.4 53.1 during the period: Decrease in inventory 142.8
Slide 20: Balance Sheet
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Balance Sheet 31 October 2025 Change 30 April 2025 As at (£m) (£m) (£m) Reclassification of £82.4 million from - Intangible assets 17.2 - 17.2 Inventories to Investment Property (accounted for at cost) and Investment - Investment property 259.8
Slide 21: Inventories
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Inventories 31 October 2025 Change 30 April 2025 As at (£m) (£m) (£m) Two sites moved into production: Land not under development (LNUD) 582.5 +28.2 554.3 — One Waterside, Bath Work in progress: land cost 1,603.4 -89.5 1,692.9 — Reading Riverwo
Slide 22: Creditors
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Creditors 31 October 2025 Change 30 April 2025 As at (£m) (£m) (£m) Trade creditors and accruals 795.0 -0.7 795.7 Land Creditor Settlement Profile 700 Provisions 235.2 +5.6 229.6 Customer deposits and on 600 625.5 -86.0 711.5 c.£175m account re
Slide 23: Debt Financing
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Debt Financing £400 million Green Bonds in issue (until August 2031), 2.50% coupon £800 million total borrowing facilities (six banks) — Green term loan £260 million — RCF £540 million (undrawn) — Maturity February 2029 £1,200 million total bor
Slide 24: Land Holdings and Pipeline
FINANCE REVIEW BERKELEY GROUP HY26 RESULTS PRESENTATION Land Holdings and Pipeline As at 31 October 2025 Change 30 April 2025 Land holdings Three key movements in the £0.2 billion reduction in future gross margin: Owned 51,719 -995 52,714 — Homes completed (> 2,000 units and GM of £0.3 billion) Cont
Slide 25: Questions
QUESTIONS BERKELEY GROUP HY26 RESULTS PRESENTATION Rob Perrins Executive Chair Richard Stearn Chief Executive Officer Neil Eady Chief Financial Officer Trent Park, Enfield 25
Slide 26: Appendices
Appendices BERKELEY GROUP HY26 RESULTS PRESENTATION ► Delivering for All Stakeholders ► Berkeley 2035 Value Drivers with Flexible Capital Allocation ► Sites – Delivery and Land Status - Sites in London (map) - Sites outside of London (map) ► Market Fundamentals – Compounding Under-Supply ► UK BTR Ma
Slide 27: Delivering for All Stakeholders
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Delivering for All Stakeholders ► 89% of 2,022 homes, plus 82 in joint ventures, delivered on brownfield land ► Over £220 million subsidies for affordable housing and committed to infrastructure ► Our Vision 2030 responsible business strategy: ► Indu
Slide 28: Berkeley 2035 Value Drivers with Flexible Capital Allocation
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Berkeley 2035 Value Drivers with Flexible Capital Allocation 1. Increasing ROCE in the core business £7 billion to deploy before monetising BTR assets — Optimising land holdings through re-planning activity Land investment to replace land holdings us
Slide 29: Sites - Delivery and Land Status
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Sites - Delivery and Land Status Large regeneration As at 31 October 2025 Other sites Total land holding sites Delivery of Developments: In construction 26 87% 22 73% 48 80% Not yet in construction – owned 4 13% 8 27% 12 20% Not yet in construction –
Slide 30: Sites in London
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Sites in London Berkeley is delivering 22 33 sites in London. 28 of these are currently in production. 2 1 Under construction 19 Silkstream, Barnet 19 1 Alexandra Gate, Haringey 20 South Quay Plaza, Docklands 28 31 2 Beaufort Park, Hendon 21 The Gree
Slide 31: Sites outside of London
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Sites outside of London Berkeley is delivering 6 27 sites outside London. 20 of these are currently in production. Under construction 17 Spring Hill, Maidenhead 3 1 Abbey Barn Park, High Wycombe 18 Sunningdale Park, Ascot 2 Broadacres, Southwater 19
Slide 32: Market Fundamentals – Compounding Under-Supply
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Market Fundamentals – Compounding Under-Supply National Rolling Annual Construction Starts 300,000 60,000 — The Government has committed to 1.5 million new homes over the -61% England Starts (Rolling 12 months) London Starts (Rolling 12 months) next
Slide 33: BTR and Berkeley - Accelerated Delivery to Maximise Value
APPENDIX BERKELEY GROUP HY26 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 34: Capturing Full Value for Berkeley through a BTR Platform
APPENDIX BERKELEY GROUP HY26 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 35: Flexible Exit Routes Post Stabilisation
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Flexible Exit Routes Post Stabilisation Horlicks Quarter, Slough 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 36: Structural Imbalance Underpins Low Risk Asset Class
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION Structural Imbalance Underpins Low Risk Asset Class Market fundamentals underpin rental growth with trends Rental growth robust through market cycles accentuated in London and the South-East 190 180 Indexed Growth 170 COVID-19 160 150 Rising Demand 1
Slide 37: BTR Pipeline Reducing - Investor Appetite Growing
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION BTR Pipeline Reducing - Investor Appetite Growing Investor competition for high quality BTR assets expected to grow BTR pipeline experiencing a reduction Continued structural shift to investment in Living sector over other real estate asset classes —
Slide 38: 20-Year Financial Track Record – Through the Market Cycle
APPENDIX BERKELEY GROUP HY26 RESULTS PRESENTATION 20-Year Financial Track Record – Through the Market Cycle As at HY26 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Income Statement* Units Sold 2,022u 4,047u 3,521u 4,043u 3,760u 2,825u 2,723u 3,6
Berkeley Group Holdings — H1 FY2026 Earnings Presentation on 6ix