Slide 1: HY26 Results Presentation
Wigston Meadows, Leicester HY26 Results Presentation 11 February 2026
Slide 2: David Thomas, Chief Executive Officer
David Thomas Chief Executive Oicer Fradley Manor, Lichfield
Slide 3: Key takeaways
Key takeaways Resilient perform ance Integration near com pletion in a subdued market Synergies confi rmed Financially robust solid balance sheet and strong land bank maintained Focused on disciplined execution Optimising our capital employed Three high quality brands Fine tuning our costs positioned
Slide 4: HY26 operational highlights
HY26 operational highlights Three dierentiated brands creating Strong land bank with 16 115 awards 5.6 years’ supply 1 consecutive years in 2025 customer choice 7,444 Excellent Total home Trustpilot ratings completions for all three brands 1. Land bank years based on owned and controlled plots and
Slide 5: HY26 summary performance
HY26 summary performance Adjusted profi t ROCE Synergies Balance sheet £199.9m 9.1 % £97m £173.9m pre PPA pre PPA confirmed to date net cash Resilient In line with Cost synergies Solid net cash performance HY 25 on track position Barra Redrow plc HY26 Results 5
Slide 6: Mike Roberts, Chief Operating Officer
Mike Roberts Chief Operating Oicer Rosewell Meadow, Midlothian
Slide 7: Private reservation analysis
Private reservation analysis • PRS and other MUS reservation activity impacted by HY26 private reservation by buyer type uncertainty ahead of Budget • Part-exchange increase reflected: 4% 9% 11% – adoption by Redrow 7% PRS & Other MUS – increased customer take up Cash buyers & investors – broadly cor
Slide 8: HY26 completions: ahead of last year
HY26 completions: ahead of last year Barra Redrow • Completions up 4.7% with higher wholly owned Aggregated Barra Redrow completions partially oset by lower JV completions Barra Redrow (unaudited) 1 Reported 2 HY26 HY25 Change HY25 • PRS ahead reflecting order book strength entering FY26 Home com
Slide 9: Sales performance: underlying sales resilient
Sales performance: underlying sales resilient Barra Redrow Barra Redrow • Underlying private reservation rate ahead Barra Redrow Aggregated 1 Reported 2 HY26 HY25 Change HY25 despite Budget uncertainty Average net private reservations per active outlet per week • PRS and other MUS activity slower
Slide 10: Maintaining our industry leading credentials
Maintaining our industry leading credentials • Industry leading customer service: HBF 5 star rating HY26 HY25 for 16 consecutive years Performance metrics • Pride in the job: industry leader for 21 years HBF survey (star rating) 5* 5* Pride in the Job Awards (number) 1 115 111 • RIs: Barra remains
Slide 11: John Messenger, Group Investor Relations Director
John Messenger Group Investor Relations Director Centurion Meadows, Burley, Wharfedale
Slide 12: HY26 financial performance
HY26 financial performance Barra Redrow Barra Redrow • Adjusted PBT measures are stated before Barra Redrow aggregated reported HY 26 HY 252 Change HY 253 finance charges on legacy property provisions £m (unless otherwise stated) • HY25 has been restated for: Total completions 7,444 7,107 4.7% 6,84
Slide 13: HY26 margin performance
HY26 margin performance Aggregated • Gross margin movement reflects: Barra Redrow HY251 HY26 (unaudited) Change – positive impact of volume growth £m (unless otherwise stated) – targeted use of sales incentives Total home completions (homes) 7,444 7,107 4.7% – underlying build cost inflation of c. 1%
Slide 14: Strong land bank supporting outlet growth
Strong land bank supporting outlet growth • Land bank remains strong at 5.6 years of supply 28 Dec 29 June 29 Dec 2025 2025 2024 – compares to a target of 3.5 years owned and Plots (unless otherwise stated) 1 year controlled With detailed planning consent 58,544 59,645 57,653 • Detailed consented pl
Slide 15: Land bank gross margin supporting margin progression
Land bank gross margin supporting margin progression • Decrease of 30 bps since 29 June 2025: 28 December 2025 owned land bank plots by gross margin 2 – up 40 bps from trade through of completed plots at 14.5%1 adjusted gross margin No. of owned land bank plots Share of owned land bank plots – down
Slide 16: Adjusted operating margin bridge
Adjusted operating margin bridge (40 bps) 40 bps 220 bps (90 bps) Redrow pre Volume 90 bps (50 bps) acquisition 8.9% Net (40 bps) Other (40 bps) Inflation / admin Completed Cost Mix / other (50 bps) incentives development synergies 8.0% provision PPA Remove adjustments 7.5% 7.1% PPA adjustments HY25
Slide 17: Significant reduction in administrative expenses
Significant reduction in administrative expenses • Adjusted administrative expenses reduced Barrat Redrow Barra Redrow Barra Redrow aggregated Reported by 5.4% HY 26 HY 25 HY 25 • Net adjusted items in administrative £m expenses of £23.9m comprises: Sundry income (8.2) (8.4) (7.4) – further reorgan
Slide 18: Administrative expenses bridge: positive impact of synergies
Administrative expenses bridge: positive impact of synergies £m Redrow period 8.1 (23.2) additional administrative expenses 4.3 Cost base inflation 19.7 195.4 NICs impact Reduction in sundry income Synergies 0.2 184.8 175.7 HY25 HY25 HY26 Pre PPA adjusted Aggregated administrative Pre PPA adjusted ad
Slide 19: Legacy property provision position unchanged
Legacy property provision position unchanged • No changes to the Barra Redrow legacy property Reinforced Building concrete portfolio provision estimates safety frames Total • Existing works proceeding in line with our expectations £m across both portfolios At 29 June 2025 886.4 187.4 1,073.8 Net ad
Slide 20: Cash flow movement reflects seasonality
Cash flow movement reflects seasonality 376.5 (472.5) 27.3 £m Net cash interest Other non-cash and tax and working (20.2) Building capital safety Utilised in 186.1 cost of sales Cash Other (41.5) land spend movements (20.2) (77.8) Profi t from operations (313.4) Net JV Other WIP & PX (68.7) investing i
Slide 21: Strong balance sheet: solid net cash position
Strong balance sheet: solid net cash position 28 December 29 June 29 December 2025 2025 Change 2024 1 £m (unless otherwise stated) Goodwill and intangible assets 1,579.1 1,583.2 (4.1) 1,588.4 Investment in jointly controlled entities 219.3 193.2 26.1 170.4 Gross land bank 5,125.4 5,104.9 20.5 4,905.
Slide 22: Unchanged capital allocation priorities
Unchanged capital allocation priorities STRONG I NVESTMENT I N SHAREHOLDER BALANCE SHEET THE BUSI NES S RETURNS • Solid net cash position • Growing outlet numbers • Ordinary dividend at 2.0x cover1 • Building safety provision • Continued firm control of position unchanged WIP investment • £100m share
Slide 23: Summary and guidance
Summary and guidance Solid fi nancial performance for the half • Completions +4.7% at 7,444 homes • Adjusted PBT before the impact of PPA adjustments £199.9m 1 • Target cost synergies confirmed FY26 guidance • 17,200 to 17,800 total completions • Underlying pricing broadly flat in FY26 • Build cost infl
Slide 24: David Thomas, Chief Executive Officer
David Thomas Chief Executive Oicer The Meadows, Abingdon
Slide 25: The housing market
The housing market Sector fundamentals Current market Need for homes Government Macro & Budget across all targeting • Customers remain cautious in a subdued market tenures increased • Budget did not deliver additional support for first time buyers delivery • Unemployment and consumer confidence a sour
Slide 26: Current trading resilient
Current trading resilient • Underlying private reservation rate slightly lower 2HY26 2HY25 at 0.59 to date1 to date1 Change 5 weeks trading performance • Completions YTD 5.3% ahead with 398 more homes delivered Net private reservation rate2 0.59 0.60 (1.7%) • Forward sales position now moving in lin
Slide 27: Delivering on cost synergies
Delivering on cost synergies • On track to deliver £100m of cost synergies per annum Cost synergy progress, £m • Good progress made on realising synergies – £20.0m achieved in FY25 – £30.6m incremental cost synergies achieved in HY26 FY 25 4.0 16.0 20. 0 • Now targeting c. £50m incremental cost syne
Slide 28: Good progress on revenue synergies
Good progress on revenue synergies • We continue to target 45 incremental sales outlets to deliver revenue synergies – 31 planning applications submied – 16 have received planning approval – remainder awaiting decision • Remaining outlets to be submied during the balance of FY26 • Expect first site
Slide 29: Sales outlets growth from FY27
Sales outlets growth from FY27 • FY26 average outlets expected to be flat Average sales outlets • FY27 average outlet growth will reflect: 500 – 15 Redrow synergy outlets; and – organic growth 400 • FY27 sales outlets expected to be in the range 425-435 • Excellent visibility on outlets in the medium-
Slide 30: Disciplined execution
Disciplined execution Optimising our capital employed Fine tuning our cost structure Utilising our land bank, our outlets and Maintaining our disciplined our balance sheet more eiciently approach to costs Continue to drive supply Targeted land Land sales chain e iciencies purchases and swaps Furth
Slide 31: Barratt Redrow is well placed to deliver through the cycle
Barra Redrow is well placed to deliver through the cycle STRONG CUSTOMER PARTNER POSITIONED FINANCIAL FUNDAMENTALS FOCUS OF CHOICE FOR GROWTH STRENGTH Positioned to Unrivalled quality, Strong Possess the scale Underpins capitalise on service and relationships allow to capture sustainable underlying
Slide 32: Summary
Summary • Leading platform for future growth: – three market leading brands – strong landbank with 5 years owned supply – sales outlets set to grow from FY27 • Cost synergies confirmed and systems integration to be completed by April 2026 • Revenue synergies on track • Focus is on optimising capital
Slide 33: Q & A
@) Barratt Redrow QsA Rose Place, Shrewsbury , DAVID WILSON HOMES
Slide 34: Appendices
Appendices Kingsbourne, Nantwich
Slide 35: Appendices - Index
Appendices - Index PAGE PAGE 36 Definitions 52 Reconciling our active portfolio with MHCLG data 37 HY26 completions and pricing performance 53 Land bank analysis 38 Home completion analysis 54 Land bank evolution 39 Private completions by geography 55 Land creditors payment profile 40 Private completi
Slide 36: 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 bui
Slide 37: HY26 completions and pricing performance
HY26 completions and pricing performance Completions ASPs Barra Barra Redrow Barra Redrow Barra Barra Aggregated Redrow Barra Aggregated Redrow Redrow (unaudited) 1 Reported 2 Redrow (unaudited) 1 Reported 2 HY26 HY25 Change HY25 HY26 HY25 Change HY25 Home completions (units) ASP (£’000) Under
Slide 38: Home completions analysis
Home completions analysis Product type 3% 2% 37% 38% 5 & 6 bedroom homes 4 bedroom homes 3 bedroom homes 1 & 2 bedroom homes 38% 38% Apartments (non-London) Apartments (London) 11% 10% 7% 9% 4% 3% HY26 HY25 Barra Redrow Barra Redrow Aggregated Barra Redrow plc HY26 Results 38
Slide 39: Private wholly owned completions by geography
Private wholly owned completions by geography Volumes and average selling prices Scotland Homes: 698 (HY25: 649) ASP: £323.4k (HY25: £317.6k) Northern Homes: 1,385 (HY25: 1,340) ASP: £329.5k (HY25: £322.0k) Central East Homes: 1,108 (HY25: 1,195) ASP: £394.5k (HY25: £367.5k) Homes: 1,087 (HY25: 952)
Slide 40: Brand delivery
Brand delivery Wholly owned volumes and average selling prices HY26 HY25 Aggregated Homes ASP £k Homes ASP £k Barra Redrow (wholly owned) 7,305 357.8 6,835 341.1 Barra Homes 3,033 291.5 2,992 285.7 David Wilson Homes 2,246 379.9 2,154 356.7 Redrow 1,940 431.5 1,560 425.9 Barra London 86 451.4 129
Slide 41: Our trading performance in detail
Our trading performance in detail Barra Redrow Barra & Redrow HY26 (pre PPA) Barra Redrow PPA impacts (before PPA) Aggregated vs HY 25 HY26 HY26 HY26 (before PPA) HY25 (pre PPA & AP) £m (unless stated) Barra home completions 5,365 - 5,365 5,275 1.7% Redrow home completions 1,940 - 1,940 1,560 24
Slide 42: Summarised performance
Summarised performance Barra Redrow Barra Redrow Reported HY26 HY251 Change £m (unless otherwise stated) Revenue 2,632.1 2,280.8 15.4% Adjusted gross profi t before the impact of PPA adjustments 394.8 386.6 2.1% Adjusted gross margin before the impact of PPA adjustments % (pre PPA) 15.0 17.0 200 bp
Slide 43: Calendarised income statement
Calendarised income statement Barra Redrow 1 Barra Redrow 52 weeks 52 weeks to 28 Dec 25 to 29 Dec 24 Change £m (unless otherwise stated) Revenue 5,929.6 4,598.2 29.0% Cost of Sales (5,086.3) (3,991.0) 27.4% Gross profi t 843.3 607.2 38.9% Gross margin % 14.2% 13.2% 100 bps Adjusted gross margin %
Slide 44: Full income statement
Full income statement Barra Redrow HY26 Barra Reported HY251 Change £m (unless otherwise stated) Revenue 2,632.1 2,280.8 15.4% Cost of Sales (2,237.4) (1,944.6) 15.1% Gross profit 394.7 336.2 17.4% Gross margin % 15.0 14.7 30 bps Analysed as: Adjusted gross profi t 381.3 336.2 13.4% Adjusted gross m
Slide 45: Net interest charge analysis
Net interest charge analysis Barra Redrow Barra Reported HY 26 HY 25 (restated) £m Interest on deposits, term debt and overdrafts (8.7) (20.8) Interest on private placement notes 2.8 2.8 Utilisation / non-utilisation fees on RCF 2.2 1.9 Other interest (3.1) (1.3) Total cash interest (6.8) (17.4) L
Slide 46: PPA cost adjustments
PPA cost adjustments HY26 and future estimated P&L impacts HY 26 FY26E FY27E 1 PPA impact HY 26 and estimated impacts FY26 - FY27 £m PPA estimated impact on statutory operating profi ts (13.6) c. (16) c. (4) PPA estimated impact on fi nance charges (reported as adjusted) (4.3) c. (7) c. (3) Total PPA
Slide 47: Forward order book
HY26 Forward order book 15.0 28 December 2025 29 December 2024 Change £m Homes £m Homes £m Homes Private 1,895.6 4,746 2,131.3 5,296 11.1% 10.4% Aordable 974.5 4,975 735.9 4,384 32.4% 13.5% Wholly owned 2,870.1 9,721 2,867.2 9,680 0.1% 0.4% JV 254.7 719 151.2 396 68.5% 81.6% Total 3,124.8 10,440 3,
Slide 48: Forward sales roll
HY26 Forward sales roll HY 26 HY 25 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 5,842 8,049 6,496 7,757 10.1% 3.8% Completions (5,877) (7,444) (5,705) (7,107) 3.0% 4.7% 28 December 2025 / 4,746 10,440 5,29
Slide 49: Current trading
Current trading Barra & Redrow Barra Redrow Aggregated 2HY26 2HY25 to date to date Change 5 Weeks trading performance Net private reservation rate 1 0.59 0.60 1.7% - Excluding PRS and Other MUS 0.59 0.60 1.7% - PRS and Other MUS - - - Average active sales outlets 398 414 3.9% Net private reservati
Slide 50: Current trading
Current trading Forward order book 15.0 1 February 2026 2 February 2025 Change £m Homes £m Homes £m Homes Private 2,168.9 5,438 2,459.0 6,126 11.8% 11.2% Aordable 978.9 4,994 733.2 4,365 33.5% 14.4% Wholly owned 3,147.8 10,432 3,192.2 10,491 1.4% 0.6% JV 260.0 736 158.1 412 64.5% 78.6% Total 3,407.
Slide 51: Current trading
Current trading Forward sales roll Current year Prior year Change 1 1 Private Total Private Total Private Total 28 Dec 2025 / 29 Dec 2024 4,746 10,440 5,296 10,076 10.4% 3.6% Reservations 1,160 1,257 1,237 1,295 6.2% 2.9% Completions (468) (529) (407) (468) 15.0% 13.0% 1 Feb 2026 / 2 Feb 2025 5,438
Slide 52: 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 3 0 3 Reclassification to align with MHCLG data 5 1 6 Building height reclassification (2) 2 0 Buildings remediate
Slide 53: Land bank analysis
Land bank analysis 28 December 2025 29 June 2025 29 December 2024 Land bank plots (unless otherwise stated) With detailed planning consent 58,544 59,645 57,653 With outline planning consent 23,786 24,072 18,040 With resolution to grant and other 1,370 3,994 7,943 Owned 83,700 87,711 83,636 Controlle
Slide 54: Land bank evolution
Land bank evolution Reconciling plots and balance sheet land investment Barra Redrow Barra Redrow Barra Reported HY26 HY25 HY24 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) (96
Slide 55: Land creditors payment profile by calendar year
Land creditors payment profile by calendar year £m 767.2 (315.3) (225.9) (226.0) December 2025 2026 2027 2028 & beyond Barra Redrow plc HY26 Results 55
Slide 56: Guidance for FY26
Guidance for FY26 Completions c. 17,200 – 17,800 total home completions, including c. 600 JV completions Aordable mix expected to be c. 20% Average sales outlet movement (inc JV) Broadly fl at on FY25 Build cost infl ation c. 2% including estimated procurement-based synergies Adjusted administrative
Slide 57: Mortgage affordability and mortgage lending
Mortgage aordability and mortgage lending Halifax Mortgage Aordability Index 1 Average 2-year fi xed rate mortgage pricing Mortgage costs as a proportion of earnings 75% and 90% LTVs December 2021 – January 20262 60% 7.0% 6.57% 6.20% 55% Halifax 6.22% 6.0% Aordability Index 5.99% 46bps 50% Q4 2025
Slide 58: Planning and the UK land market
Planning and the UK land market Savills UK Greenfield Development Land Index1 (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 Dec 25 100 91.7 90.7 90 Jun 09 300 53.3 Sep
Slide 59: Disclaimer
Disclaimer This document has been prepared by Barra Redrow plc (the “ Company”) solely for use at a presentation in connection with the Company‘s Results Announcement in respect of the 26-weeks ended 28 December 2025. For the purposes of this notice, the presentation (the “Presentation”) shall mean