Slide 1: Results Presentation for the year ended 30 April 2025
Horlicks Quarter, Slough Results Presentation for the year ended 30 April 2025 20 JUNE 2025
Slide 2: Rob Perrins, Chief Executive Officer
Alexandra Gate, Haringey Rob Perrins Chief Executive Officer
Slide 3: Introduction to Results
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Introduction to Results . Kidbrooke Village, Greenwich 1. Strong operating performance — Results in line with guidance and on-track for FY26 — Net cash above £300 million 2. Very supportive Government policy but headwinds remain — Planning ea
Slide 4: Operating Environment: Reasons for Optimism
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Operating Environment Reasons for Optimism London’s global status Market Fundamentals for sale and rent - Rising incomes and systemic under-supply Stable and supportive mortgage market - Medium-term interest rate trajectory - Good availabilit
Slide 5: Operating Environment: Reasons for Optimism and Challenges
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Operating Environment Reasons for Optimism Challenges London’s global status Agreeing development priorities - Affordable housing over CIL - Policy layering and design guidance Market Fundamentals for sale and rent - Rising incomes and system
Slide 6: Berkeley 2035 – long-term value drivers with flexible capital allocation
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Berkeley 2035 – LAYING THE FOUNDATIONS FOR THE FUTURE Berkeley 2035 – long-term value drivers with a flexible capital allocation framework 1. Increase ROCE in the core (planning-led) 2. Delivering a market-leading BTR platform 3. Delivering r
Slide 7: Resilient operating performance
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Resilient operating performance Operating Performance — Gradual improvement in sales with successful new launches — Build costs stable over the course of the year — Operating efficiency maintained; overheads 3% lower than last year Laying the
Slide 8: Strong progress with BTR platform
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Strong progress with BTR platform — Four BTR buildings in production; o 800 homes – 20% of the initial 4,000 home portfolio — Core management team in place o Led by senior Berkeley staff o Key hires from BTR industry with operational, custome
Slide 9: BTR Brand Development
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION BTR Brand Development Berkeley Living A trusted brand, based on exceptional customer service, build quality and place-making Connected locations - beautiful public spaces - high-quality amenities. A seamless customer journey – digital integra
Slide 10: Guidance (FY26 & FY27)
STRATEGIC REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Guidance (FY26 & FY27) Kidbrooke Village, Greenwich — 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%) — Sharehol
Slide 11: Richard Stearn, Chief Financial Officer
Richard Stearn Chief Financial Officer Grand Union, Brent
Slide 12: Contents
Contents BERKELEY GROUP FY25 RESULTS PRESENTATION 1 Summary of Performance 2 Summary of Financial Position – Balance Sheet 3 Key Metrics – Forward Sales and Land Holdings 4 Homes Completed and Average Selling Price 5 Income Statement 6 Abridged Cash Flow 7 Abridged Balance Sheet 8 Inventories 9 Cred
Slide 13: Summary of Performance
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Summary of Performance Profit Before Tax Change / Change% Pre-tax Return on Equity* £529m £557m -£28m 14.9% 16.2% 30 April 2025 30 April 2024 (-5.1%) 30 April 2025 30 April 2024 Basic Earnings per Share Change / Change% Return on Capital Employ
Slide 14: Summary of Financial Position – Balance Sheet
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Summary of Financial Position – Balance Sheet Shareholders’ Funds Change / Change% Net Asset Value per Share Change / Change% £3,560m £3,561m -£1m 3,595p 3,363p +232p 30 April 2025 30 April 2024 (-0.0%) 30 April 2025 30 April 2024 (+6.9%) Closi
Slide 15: Key Metrics – Forward Sales and Land Holdings
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Key Metrics – Forward Sales and Land Holdings Forward Sales Change / Change (%) Land Holdings Change / Change (%) Cash due* Future Gross Margin £1,403m £1,701m -£298m £6,722m £6,929m -£207m 30 April 2025 30 April 2024 (-17.5%) 30 April 2025 30
Slide 16: Homes Completed and Average Selling Price – Group
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Homes Completed and Average Selling Price (ASP) – Group Homes ASP £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 4,043 2022/2023 £608k £658k £647k 2021
Slide 17: Income Statement
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Income Statement 30 April 2025 30 April 2024 Change Change Year ended (£m) (£m) (£m) % Revenue 2,486.5 2,464.3 +22.2 +0.9% — Revenue similar to last year Gross profit 660.3 26.6% 644.5 26.2% +15.8 +2.5% — Gross margin of 26.6%, slightly ahead o
Slide 18: Abridged Cash Flow
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Abridged Cash Flow 30 April 2025 30 April 2024 Year ended (£m) (£m) Profit before tax 528.9 557.3 — Key components of the £216 million net investment in working capital Net release from sites 87.9 18.2 during the year: Decrease in inventory 231
Slide 19: Abridged Balance Sheet
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Abridged Balance Sheet 30 April 2025 Change 30 April 2024 Year ended (£m) (£m) (£m) Reclassification of £143.7m from - Intangible assets 17.2 - 17.2 Inventories to Investment Property, accounted for at cost. - Investment property 145.7 +145.7 -
Slide 20: Inventories
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Inventories 30 April 2025 Change 30 April 2024 Year ended (£m) (£m) (£m) Five sites moved into production: Land not under development (LNUD) 554.3 -171.5 725.8 — Eastbrook, Milton Keynes Work in progress: land cost 1,692.9 -22.4 1,715.3 — Wands
Slide 21: Creditors
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Creditors 30 April 2025 Change 30 April 2024 Year ended (£m) (£m) (£m) Trade creditors and accruals 795.7 23.5 772.2 Land Creditor Settlement Profile 800 Provisions 229.6 19.8 209.8 700 Customer deposits and on account 711.5 -196.2 907.7 receip
Slide 22: Debt Financing
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Debt Financing £400 million Green Bonds in issue (until August 2031), 2.50% coupon £800 million total borrowing facilities (six banks) — Term loan £260 million — Undrawn RCF £540 million (undrawn) — Maturity February 2029 £1,200 million total b
Slide 23: Land Holdings and Pipeline
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Land Holdings and Pipeline As at 30 April 2025 Change 30 April 2024 Land holdings Three key movements in the £0.2 billion reduction in future gross margin: Owned 52,714 -886 53,600 — Homes completed (> 4,300 units and GM of £0.7bn) Contracted -
Slide 24: BTR and Berkeley - accelerated delivery to maximise value
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION BTR and Berkeley - accelerated delivery to maximise value Provides diversification and a different risk Provides profile, diversification underpinned and a different by favourable risk profile, long-term underpinned structural by favourable str
Slide 25: Capturing Full Value for Berkeley through a BTR Platform
FINANCE REVIEW BERKELEY GROUP FY25 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: Construcion Lease-Up & Flexibile — Is agreed 2 years ahead of delivery Period Stabilisation Exit
Slide 26: Flexible Exit Routes Post Stabilisation
FINANCE REVIEW BERKELEY GROUP FY25 RESULTS PRESENTATION Flexible Exit Routes Post Stabilisation . Grand Union, Wembley BTR platform provides flexibility through multiple exit routes post stabilisation, including: — Disposal of individual BTR buildings — Disposal of a series of BTR portfolios — Intro
Slide 27: Questions
QUESTIONS BERKELEY GROUP FY25 RESULTS PRESENTATION Rob Perrins Chief Executive Richard Stearn Chief Financial Officer TwelveTrees Park, Newham - CGI 27
Slide 28: Appendices
Appendices BERKELEY GROUP FY25 RESULTS PRESENTATION ► Delivering for all Stakeholders ► Berkeley 2035 Value Drivers with Flexible Capital Allocation ► Sites – Delivery and Land Status - Sites in London (map) - Sites out of London (map) ► Market Fundamentals – Compounding Under-Supply ► UK BTR Market
Slide 29: Delivering for all Stakeholders
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION Delivering for all Stakeholders ► 92% of 4,047 homes, plus 282 in joint ventures, delivered on brownfield land ► Over £580 million subsidies for affordable housing and committed to infrastructure ► Supporting 27,000 jobs and delivering some 10% of Lo
Slide 30: Berkeley 2035 Value Drivers with Flexible Capital Allocation
APPENDIX BERKELEY GROUP FY25 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 31: Sites - Delivery and Land Status
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION Sites - Delivery and Land Status Large regeneration As at 30 April 2025 Other sites Total land holding sites Delivery of Developments: In construction 26 87% 24 71% 50 78% Not yet in construction – owned 4 13% 10 29% 14 22% Not yet in construction –
Slide 32: Sites in London
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION Sites in London Berkeley is delivering 23 34 sites in London. 29 of these are currently in production. 3 2 Under construction 20 Silkstream, Barnet 20 1 9 Millbank, Westminster 21 South Quay Plaza, Docklands 29 32 2 Alexandra Gate, Haringey 22 The Gr
Slide 33: Sites outside of London
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION Sites outside of London Berkeley is delivering 16 7 30 sites outside London. 21 of these are currently in production. Under construction 18 Sunningdale Park, Ascot 3 1 Abbey Barn Park, High Wycombe 19 The Exchange, Watford Winterbrook Meadows, 2 Broa
Slide 34: Market Fundamentals – Compounding Under-Supply
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION Market Fundamentals – Compounding Under-Supply National — The new Government has committed to 1.5 million new 300,000 -64% 60,000 homes over the next five years (300,000 p.a.) England Starts (Rolling 12 months) London Starts (Rolling 12 months) 250,0
Slide 35: UK BTR Market – ongoing structural shift
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION UK BTR Market – ongoing structural shift Demand driving favourable rental Severe shortage of high quality, professionally growth dynamics and high managed rental homes, particularly in London occupancy rates Structural shift in occupational habits to
Slide 36: Investor appetite attracted to BTR return characteristics
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION Investor appetite attracted to BTR return characteristics Structural shift to investment in Living sector over other real estate asset classes EMEA Sector Preferences 2024 and 2025 Investor Intentions 1 2 3 Rents strongly At just 3% institutional App
Slide 37: 20-Year Financial Track Record – through the market cycle
APPENDIX BERKELEY GROUP FY25 RESULTS PRESENTATION 20-Year Financial Track Record – through the market cycle AS AT 30 April 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Income Statement* Units Sold 4,047u 3,521u 4,043u 3,760u 2,825u 2,723u 3,698u