Slide 1: FY26 Results Presentation
Brooklands Meadow, Milton Keynes FY26 Results Presentation 16 September 2026
Slide 2: David Thomas, Chief Executive Officer
David Thomas Chief Executive Officer New Lubbesthorpe, Leicester
Slide 3: Key takeaways
Key takeaways Solid performance FY26 in a subdued market Integration complete Synergies on track Three high-quality brands positioned for future growth FY27 Focused on disciplined execution: Financially robust strong balance sheet, delivering cost efficiencies, increased shareholder returns optimisi
Slide 4: FY26 operational highlights
FY26 operational highlights Redrow integration Strong land bank with 17 122 awards complete 5.2 years’ supply consecutive years in 2026 17,667 Excellent Total home Trustpilot ratings completions for all three brands Barratt Redrow plc FY26 Results 4
Slide 5: FY26 summary performance
FY26 summary performance Adjusted profit ROCE Synergies Balance sheet £572.8m 9.2% £100m £61.4m pre PPA pre PPA confirmed net surplus1 Solid Impacted by £73m delivered Net indebtedness1 performance in a incentives and in FY26 carefully tough market cost inflation controlled 1. Total indebtedness, wh
Slide 6: Capital allocation priorities
Capital allocation priorities STRONG INVESTMENT IN SHAREHOLDER BALANCE SHEET THE BUSINESS RETURNS • Minimal year-end net • Growing outlet numbers to • Share buyback preferred indebtedness leverage multi-brand method of return opportunity • Financial obligations well • 50% adjusted net income managed
Slide 7: Evolution of capital return framework
Evolution of capital return framework • Almost £3.5bn returned over the past 10 years Total returns to shareholders, £m – comprising ordinary dividends, special dividends and share buybacks 600 • As announced, buyback is the preferred method of 500 capital return, comprising: 200 – 50% of adjusted n
Slide 8: Mike Roberts, Chief Operating Officer
Mike Roberts Chief Operating Officer Allerton Gardens, Liverpool
Slide 9: Private reservation analysis
Private reservation analysis • 88% of reservations through private homebuyers, FY26 private reservation by buyer type unchanged on FY25 • Part-exchange increase reflected: 12% 12% – increased customer take-up in a slower market 10% 8% PRS & Other MUS – adoption by Redrow Cash buyers & investors • PR
Slide 10: FY26 completions: ahead of last year
FY26 completions: ahead of last year • Completions up 5.0% with private completions flat Barratt Redrow Barratt Redrow Barratt Redrow aggregated 1 reported 2 but affordable completions up 27.4% due to timing FY26 FY25 Change FY25 of delivery Home completions (units) Underlying Private 12,029 12,019
Slide 11: Sales performance: underlying sales resilient
Sales performance: underlying sales resilient Barratt Redrow Barratt Redrow Barratt Redrow aggregated 1 reported 2 • Underlying private reservation rate ahead FY26 FY25 FY25 despite macro uncertainties, Average net private reservations per active outlet per week – benefitting from our targeted use o
Slide 12: Rolling out our multi-brand approach
Rolling out our multi-brand approach • Sales outlet portfolio at year end comprised: Sales outlets by format, 28 Jun 2026 – 56% single-branded, standalone sales outlets – 44% dual or triple-branded sales outlets 1 Total: 411 9 • Encouraging performance from triple-branded outlets • Illustrates the b
Slide 13: Well-placed to mitigate build cost inflation
Well-placed to mitigate build cost inflation • Build cost inflation is an industry challenge – we are not immune, but are well placed to mitigate FY27 BCI • Contract structure expectations remain at c.3% to 4% – surcharges based on energy prices Cost base Estimated inflation • Size and scale – abili
Slide 14: Maintaining our industry-leading credentials
Maintaining our industry-leading credentials FY26 FY25 • Industry leading customer service: HBF 5-star rating Performance metrics for 17 consecutive years HBF survey (star rating) 5* 5* • Pride in the Job: industry leader for 22 years Pride in the Job Awards (number) 1 122 115 Major housebuilder ran
Slide 15: John Messenger, Group Investor Relations Director
John Messenger Group Investor Relations Director Withies Bridge, Midsomer Norton
Slide 16: FY26 financial performance
FY26 financial performance Barratt Redrow Barratt Redrow • Adjusted PBT measures are stated before Barratt Redrow aggregated reported FY26 FY252 Change FY25 finance charges on legacy property provisions £m (unless otherwise stated) • PPA adjustments immaterial from FY27 Total completions 17,667 16,8
Slide 17: FY26 margin performance
FY26 margin performance Barratt • Gross margin movement reflects: Redrow Barratt Redrow aggregated – softer underlying pricing FY26 FY251 Change – targeted but increased use of sales £m (unless otherwise stated) incentives Total home completions (homes) 17,667 16,826 5.0% – underlying build cost inf
Slide 18: Adjusted operating margin bridge
Adjusted operating margin bridge (20 bps) 20 bps (200 bps) Redrow pre Volume (10 bps) (80 bps) 170 bps acquisition 60 bps Mix / other 10.5% (20 bps) Other 90 bps Remove admin 9.9% PPA PPA Net adjustments Completed Cost adjustments Inflation / development synergies 9.1% incentives 9.0% provision FY25
Slide 19: Adjusted administrative expenses bridge: positive impact of synergies
Adjusted administrative expenses bridge: positive impact of synergies FY27 guidance: Administrative expenses c. £360m £m 6.5 9.5 (37.0) 19.7 NICs impact (0.8) (15.3) 398.5 Cost base Redrow period inflation Synergies Increase in (14.3) 378.8 additional sundry Employee (17.3) administrative income per
Slide 20: Strong land bank
Strong land bank • Land bank remains strong at 5.2 years of supply 28 June 29 June 2026 2025 – compares to a target of 4.5 years, comprising Plots (unless otherwise stated) 3.5 years owned and 1 year controlled With detailed planning consent 54,430 59,645 • Detailed consented plot / outlet ratio hig
Slide 21: Land bank gross margin
Land bank gross margin • Blended land bank gross margin of c. 17.3% at 28 June 2026 owned land bank plots by gross margin2 28 June 2026 No. of owned land bank plots Share of owned land bank plots • Decrease since 28 December 2025 reflects: 35,000 – up 50 bps from trade through of completed plots at
Slide 22: Legacy property provision
Legacy property provision • Little change to the overall Barratt Redrow legacy Reinforced Building concrete property portfolio provision estimates safety frames Total • Principal underlying movements: £m At 29 June 2025 886.4 187.4 1,073.8 – £105.0m additional costs in relation to building safety at
Slide 23: Cash flow
Cash flow 939.1 (626.8) £m 16.0 Land cost Cash Other 444.3 recovered in land spend (102.4) cost of sales movements (83.5) (7.2) Net cash interest Net JV 350.8 Other and tax investment investing (89.6) activities Other non-cash and working capital 328.3 (153.8) (242.2) 7.5 Net land Building safety WI
Slide 24: Strong balance sheet: solid net cash position
Strong balance sheet: solid net cash position 28 June 29 June • £464m reduction in the gross 2026 2025 Change land bank £m (unless otherwise stated) • Net land bank investment of £3,930m Goodwill and intangible assets 1,573.5 1,583.2 (9.7) Investment in jointly controlled entities 249.8 193.2 56.6 •
Slide 25: Summary and guidance
Summary and guidance Solid financial performance for the year • Total home completions +5.0% at 17,667 homes • Adjusted PBT before the impact of PPA adjustments £572.8m • Target cost synergies confirmed; £73m delivered FY27 guidance • 17,500 to 17,900 total completions • Average sales outlets c. 405
Slide 26: David Thomas, Chief Executive Officer
David Thomas Chief Executive Officer Sandpiper Walk, West Wittering
Slide 27: The housing market
The housing market Sector fundamentals Current market Macro Need for homes Government • Customers remain cautious with the macro environment challenging across all targeting tenures increased • Interest rates expected to remain stable at best for 2026 delivery • Upwards pressure on build cost inflat
Slide 28: Proactively managing our business
Proactively managing our business Delivering cost efficiencies Streamlining Supply chain Reducing overheads house types efficiencies • Proactive and disciplined • Range reduced to c. 100 from • Using our scale to secure approach c. 500 for Barratt and advantageous pricing David Wilson • £90m reducti
Slide 29: Proactively managing our business
Proactively managing our business Optimising our capital employed Disciplined land Leveraging multi-brand Land sales and swaps investment opportunities • Land approvals and land • Evaluating opportunities to • Supports outlet growth spend significantly down right size land bank • Requires lower capi
Slide 30: Good progress on revenue synergies
Good progress on revenue synergies • We continue to target 45 incremental sales outlets to deliver revenue synergies – 12 launched in FY26 – 18 to be launched in FY27 – 15 due in FY28 • Planning status of 33 synergy outlets yet to launch – 12 have received planning approval – 14 have submitted plann
Slide 31: Sales outlet profile FY27 – FY29
Sales outlet profile FY27 – FY29 • FY26 average outlets at 405 in line with guidance given Average sales outlets at start of year 500 – includes 136 new outlets opened in FY26 • FY27 average sales outlets expected to be stable at 400 c.405 – c. 130 new outlets 300 – including 18 Redrow synergy outle
Slide 32: Delivering on cost synergies
Delivering on cost synergies • Confirmed £100m of cost synergies per annum Cost synergy progress, £m • Good progress made on realising synergies – £20m achieved in FY25 – £53m incremental achieved in FY26 • Remaining £27m weighted towards procurement Achieved 20.0 53.0 73.0 synergies – c. £22m to be
Slide 33: Current trading
Current trading • Net private reservation rate strong, supported by FY27 FY26 PRS and other multi-unit sales to date to date 10 weeks trading performance • Underlying private reservation rate resilient, given market backdrop Net private reservation rate1 0.62 0.55 • Completions lower year-to-date bu
Slide 34: Barratt Redrow is well placed to deliver through the cycle
Barratt Redrow is well placed to deliver through the cycle STRONG THREE LEADING CUSTOMER PARTNER FINANCIAL FUNDAMENTALS BRANDS FOCUS OF CHOICE STRENGTH Positioned to Providing a Unrivalled quality, Strong Underpins capitalise on broader customer service and relationships allow sustainable underlying
Slide 35: Q & A
@) Barratt Redrow QsA Bodington Manor, Adel , DAVID WILSON HOMES
Slide 36: Appendices
Appendices Orchard Green, Kingsbrook
Slide 37: Appendices - Index
Appendices - Index PAGE PAGE 38 Definitions 51 Current trading forward order book 39 Guidance for FY27 52 Current trading forward sales roll 40 FY26 completions and pricing performance 53 Reconciling our active portfolio with MHCLG data 41 Home completion analysis 54 Land bank analysis 42 Private co
Slide 38: Definitions
Definitions Active outlet is a site with at least one home for sale ASP is average selling price Average net cash (debt) is calculated on average daily closing position in period CMA is Competition and Markets Authority Contribution is surplus of revenue for a unit over the direct costs (land and bu
Slide 39: Guidance for FY27
Guidance for FY27 Total home completions c. 17,500 – 17,900 total home completions, including c. 600 JV completions Affordable mix expected to be c. 20%. H1: H2 completion split c. 40% : 60% Average sales outlets (inc JV) c. 405 Build cost inflation c. 3% -4% including procurement-based synergies Ad
Slide 40: FY26 completions and pricing performance
FY26 completions and pricing performance Completions ASPs Barratt Barratt Barratt Barratt Barratt Redrow Redrow Barratt Redrow Redrow Redrow aggregated1 reported2 Redrow aggregated1 Reported2 FY26 FY25 Change FY25 FY26 FY25 Change FY25 Home completions (units) ASP (£’000) Underlying Private 12,029 1
Slide 41: Home completions analysis
Home completions analysis Product type 3% 3% 35% 35% 5 & 6 bedroom homes 4 bedroom homes 3 bedroom homes 1 & 2 bedroom homes 36% 38% Apartments (non-London) Apartments (London) 12% 11% 8% 9% 6% 4% FY26 FY25 Barratt Redrow Barratt Redrow Aggregated Barratt Redrow plc FY26 Results 41
Slide 42: Private wholly owned completions by geography
Private wholly owned completions by geography Volumes and average selling prices Scotland Homes: 1,527 (FY25: 1,398) ASP: £329.2k (FY25: £315.5k) Northern Homes: 2,952 (FY25: 2,879) ASP: £330.7k (FY25: £323.5k) Central East Homes: 2,370 (FY25: 2,649) ASP: £394.8k (FY25: £368.0k) Homes: 2,344 (FY25:
Slide 43: Brand delivery
Brand delivery Wholly owned volumes and average selling prices FY26 FY25 Aggregated Homes ASP £k Homes ASP £k Barratt Redrow (wholly owned) 17,101 351.7 16,288 344.2 Barratt Homes 6,908 291.7 7,052 283.2 David Wilson Homes 5,469 368.1 4,952 358.1 Redrow 4,172 421.7 3,781 432.1 Barratt London 552 411
Slide 44: Summarised performance
Summarised performance Barratt Redrow Barratt Redrow Reported FY26 FY25 (restated) Change £m (unless otherwise stated) Revenue 6,055.0 5,578.3 8.5% Adjusted gross profit before the impact of PPA adjustments 926.6 970.3 (4.5%) Adjusted gross margin before the impact of PPA adjustments % (pre PPA) 15.
Slide 45: Our trading performance in detail
Our trading performance in detail Barratt Redrow Barratt & Redrow FY26 (pre PPA) Barratt Redrow PPA impacts (before PPA) Aggregated vs FY25 FY26 FY26 FY26 (before PPA) FY25 (pre PPA & AP) £m (unless stated) Barratt home completions 12,929 - 12,929 12,507 3.4% Redrow home completions 4,172 - 4,172 3,
Slide 46: Adjusted and reported administrative expenses
Adjusted and reported administrative expenses Barratt Redrow Barratt Redrow Barratt Redrow aggregated reported FY26 FY251 FY252 £m Sundry income (20.3) (19.5) (18.5) PPA impacts 0.1 0.2 0.2 Other administrative and employee costs 350.1 418.0 397.3 Adjusted administrative expenses 329.9 398.7 379.0 C
Slide 47: Net interest charge analysis
Net interest charge analysis Barratt Redrow Barratt Reported FY26 FY25 (restated) £m Interest on deposits, term debt and overdrafts (11.8) (31.7) Interest on private placement notes 5.6 5.5 Utilisation / non-utilisation fees on RCF 4.2 3.5 Other interest (4.6) (2.9) Total cash interest (6.6) (25.6)
Slide 48: Forward order book
FY26 Forward order book 15.0 28 June 2026 29 June 2025 Change £m Homes £m Homes £m Homes Private 1,713.5 4,570 1,897.3 4,781 (9.7%) (4.4%) Affordable 910.6 4,615 825.1 4,499 10.4% 2.6% Wholly owned 2,642.1 9,185 2,722.4 9,280 (3.6%) (1.0%) JV 193.9 543 199.2 555 (2.7%) (2.2%) Total 2,818.0 9,728 2,9
Slide 49: Forward sales roll
FY26 Forward sales roll FY26 FY25 aggregated Change 1 1 Private Total Private Total Private Total 29 June 2025 / 30 June 2024 4,781 9,835 4,505 9,426 6.1% 4.3% Reservations 13,116 17,560 13,601 17,235 (3.6%) 1.9% Completions (13,327) (17,667) (13,325) (16,826) - 5.0% 28 June 2026 / 29 June 2025 4,57
Slide 50: Current trading
Current trading FY27 FY26 to date to date 10 Weeks trading performance Net private reservation rate1 0.62 0.55 - Excluding PRS and Other MUS 0.53 0.55 - PRS and Other MUS 0.09 - Average active sales outlets 394 390 Net private reservations per week 246 214 Year to date total completions2 1,332 1,505
Slide 51: Current trading
Current trading Forward order book 15.0 6 September 2026 7 September 2025 Change £m Homes £m Homes £m Homes Private 2,187.6 5,820 2,205.0 5,580 (0.8%) 4.3% Affordable 950.4 4,819 823.5 4,469 15.4% 7.8% Wholly owned 3,138.0 10,639 3,028.5 10,049 3.6% 5.9% JV 199.6 561 191.9 544 4.0% 3.1% Total 3,337.
Slide 52: Current trading
Current trading Forward sales roll Current year Prior year Change 1 1 Private Total Private Total Private Total 28 Jun 2026 / 29 Jun 2025 4,570 9,728 4,781 9,835 (4.4%) (1.1%) Reservations 2,460 2,804 2,135 2,263 15.2% 23.9% Completions (1,210) (1,332) (1,336) (1,505) (9.4%) (11.5%) 6 Sep 2026 / 7 S
Slide 53: Reconciling our active portfolio with MHCLG data
Reconciling our active portfolio with MHCLG data 11m – 18m Above 18m Total Buildings in active portfolio Portfolio as at 29 June 2025 120 158 278 Additional buildings identified for review 9 1 10 Buildings remediated or no work required (7) (11) (18) Closing portfolio at 28 June 2026 122 148 270 11m
Slide 54: Land bank analysis
Land bank analysis 28 June 2026 29 June 2025 Land bank plots (unless otherwise stated) With detailed planning consent 54,430 59,645 With outline planning consent 20,394 24,072 With resolution to grant and other 1,623 3,994 Owned 76,447 87,711 Controlled 12,148 12,293 Total land bank plots 88,595 100
Slide 55: Land bank evolution
Land bank evolution Reconciling plots and balance sheet land investment Barratt Redrow Barratt Redrow Barratt Reported FY26 FY25 FY24 Plots £m £k Plots £m £k Plots £m £k Land bank movements Start of period total land bank 5,104.9 3,233.6 3,139.9 Start of period strategic and WBD land (188.3) (91.3)
Slide 56: Land creditors payment profile by financial year
Land creditors payment profile by financial year £m 711.4 (336.3) (200.9) (174.2) June 2026 FY27 FY28 FY29 & beyond Barratt Redrow plc FY26 Results 56
Slide 57: Mortgage affordability and mortgage lending
Mortgage affordability and mortgage lending Lloyds (formerly Halifax) Mortgage Affordability Index 1 Average 2-year fixed rate mortgage pricing Mortgage costs as a proportion of earnings 75% and 90% LTVs December 2021 – August 2026 2 60% 7.0% 6.57% 6.20% 55% Lloyds 6.0% 6.22% 24bps 5.99% Affordabili
Slide 58: Planning and the UK land market
Planning and the UK land market Savills UK Greenfield Development Land Index 1 (LHS) England moving annual planning consents2 and (100 = 2007 peak) net new build home additions3 (RHS) ('000s) Sep 17 Jun 21 Sep 07 Sep 22 110 333.8 335.8 360 100.00 99.5 Jun 25 Jun 26 100 91.7 88.2 90 Jun 09 300 80 53.
Slide 59: Disclaimer
Disclaimer This document has been prepared by Barratt Redrow plc (the “Company”) solely for use at a presentation in connection with the Company‘s Results Announcement in respect of the 52-weeks ended 28 June 2026. For the purposes of this notice, the presentation (the “Presentation”) shall mean and