Slide 1: Interim results September 2024
Slide 2: Agenda
Slide 3: Introduction
Speaker & Tim Roberts
Slide 4: Introduction
Introduction We focus on high quality land, property development and housebuilding in prime locations » Strong property sales over the last two years despite challenging markets * Conviction in our three key markets and a wealth of opportunity within the portfolio » Strong balance sheet and an under
Slide 5: Resilient operational performance
Resilient operational performance Well positioned to achieve market expectations 843 plots sold (H1 23: 1,900), 1,695 plots exchanged, 1,246 plots are due to complete by FY 24 1,070 plots under offer, the majority related to Pickford Gate, Coventry Operating profit Land promotion Land bank increased
Slide 6: Continued progress towards medium-term objectives set out in 2021
Continued progress towards medium-term objectives set out in 2021 Capital employed £500m £424m! and on track to grow Return on average capital employed | 10-15% pa 1.4% in H124 . YTD 1,727 plots completed, remain on target to Land promotion plot sales c.3,500 pa sell 0.3,000 plots this year HBD deve
Slide 7: Sales progress in line with expectations
Sales progress in line with expectations 81% of budgeted sales for FY24 completed, exchanged or reserved £m mHallamn mHBD m Stonebridge Homes 250 225 200 81% of budget 182 —_ 150 134 100 47 50 Completed in H1 24 Completed H2 24 to date Exchanged for completion Reserved for completion in Under negoti
Slide 8: Speaker Derren Littlewood
Speaker Derren Littlewood
Slide 9: Financial summary
Financial summary Heavy weighting to H2 sees us on track for full year expectations » Revenue decreased 41% reflecting lower land and HY24 —HY23 Change property sales Revenue £106.0m —£179.8m -41% . | ty H H i Gross profit decreased 40% to £24.7m in line with Gross profit 247m £40.8m 40% the reducti
Slide 10: Capital employed and balance sheet notes
• • • • • • • 1 Including the Group’s share of joint ventures and associates of £10.1m as at 30 June 2024 (31 December 2023: £9.4m) before adjustment in respect of tenant incentives 2 Excluding retirement benefit assets of £9.8m as at 30 June 2024 (31 December 2023: £7.7m)
Slide 11: Cash generation and change in net debt
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Slide 12: Operational review speakers
SIO Speakers | =o = Tim me Roberta Darren Littlewood L Forest Chase, Great Ouseburn 10
Slide 13: Hallam Land
Hallam Land 843 plots sold (H1 23: 1,900), 1,695 plots exchanged, 1,246 plots are due to complete by FY 24 Average gross profit per plot of £9.7k (H1 23: £11.4k) Added 2,390 plots with land bank marginally increasing to 101,491 (Dec 2023: 100,972) Plots with planning decreased to 7,990 (Dec 2023: 8,
Slide 14: Pickford Gate, Coventry
Pickford Gate, Coventry In 2015 Hallam entered into a planning promotion agreement A planning application was submitted in 2018 and achieved outline planning permission in 2021 for; 2,400 residential plots (25% affordable housing) 37 acres of employment land new primary school, community centre and
Slide 15: Land promotion
Land promotion Continuing to grow one of the largest strategic land banks in the country Plots sold Scotland 10,894 North mids 19,008 South West 23,206 Henry Boot Plots Freehold: 12,446 Option: 8,653 Agency: 80,392 Inventory £84M £9M £75M 101,491 North 12,211 South mids 23,253 South east 6,164 South
Slide 16: HBD development and investment
• • • • • • • ¹Including share of JVs
Slide 17: Committed programme
Committed programme £119m GDV, of which 64% has been pre-let or pre-sold Industrial & Logistics Leicester, TMS 29 = 100% 10 Pre-sold Q4 24 Leicester, Melton Road 20 = 100% 2 Pre-sold Q125 Preston, Aptus 150 - 50% 5 Pre-sold Q3 25 Rainham, Momentum 380 = 20% 24 Speculative Q3 24 Total 579 - 68% a Urb
Slide 18: Island, Manchester
Island, Manchester Grade A office building in the city centre » GDV £66m (HBD share: £33m) — JV with GMPF * 91,000 sq ft Grade A multi let office building » NZC Construction, BREEAM Excellent, EPC A » ¢.50% of office space under offer » Completion Q4 24, ERV £44 psf, yield on cost c.5.8% Henry Boot
Slide 19: Setl, Birmingham
Setl, Birmingham Premium city centre 1 & 2 bedroom apartments GDV £32m 102 build-to-sell premium apartments in the Jewellery Quarter Residents lounge, gym studio and private rooftop garden Achieved practical completion in H1 24 » 52% of units sold, exchanged or reserved Henry Boot 17/09/2024
Slide 20: £1.3bn development pipeline
£1.3bn development pipeline A total of £58m is invested in the pipeline Key schemes Scheme: Urban Residential Scheme: Urban Commercial Scheme: I&L GDV: £128m GDV: £155m (phase one) GDV: £110m Investment: £15m Investment: £7m Investment: £1m Size: 404 residential units Size: 150,000 sq ft Size: 620,0
Slide 21: Investment portfolio performance
135 130 26% 125 120 115 44% 110 105 100 95 90 30% Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 HBD Investment Portfolio CBRE UK Monthly Index Industrial - South East Industrial - Rest of UK Other
Slide 22: Stonebridge units completed
Stonebridge 90 units completed (H1 23: 99) ASP £381k (H1 23: £489k) reflecting a reduction in the average size of homes sold and expansion into a second region Average sales rate of 0.50 (H1 23: 0.48), rising to 0.54 over the last five weeks Secured 95% of its 2024 delivery target Build cost inflati
Slide 23: Construction
Construction Comprises HBC, Banner Plant and Road Link (A69) and accounts for just 2% of group's capital employed Segment remained profitable in H1 24 Heart of the City, Sheffield (Block H) a £42m scheme completed in Jan 24 HBC appointed to deliver the £36m redevelopment of Rotherham Markets 61% of
Slide 24: Outlook
Slide 25: Outlook
Outlook Economy is picking up, inflation under control and prospects of interest rates to fall further Strong orderbook with 81% of budgeted property sales secured Conviction in our three key markets and focus on high quality schemes Improving National Planning Policy Framework, with applications on
Slide 26: Well placed for the future
Well placed for the future Property a . Land promotion development and Housebuilding Construction investment 101,000 strategic land plots c.£1.3bn development pipeline Multi-regional premium Public sector focused order book housebuilder — land bank with c,400 plots Henry Boot 17/09/2024 24
Slide 27: Appendix
Slide 28: Group structure
Group structure Henry Boot is one of the UK’s leading land, property development, home building and construction businesses - and we’ve been transforming land and spaces since 1886. Listed on the London Stock Exchange since 1919, we’re renowned for quality, expertise, delivery and a partnership appr
Slide 29: Group structure
Group structure Board of Directors Peter Mawson Tim Roberts Darren Littlewood Joanne Lake Chair Chief Executive Officer Chief Financial Officer Senior Independent Director Serena Lang Gerald Jennings James Sykes Talita Ferreira Non-executive Director Non-executive Director Non-executive Director Non
Slide 30: Investment case
Investment case Prime portfolio focused on high quality premium projects with sustainability Focus and deep knowledge of three key markets that are driven by positive long-term structural trends Delivered attractive returns through the cycle with 10-year ROCE of 12.7% pa and TAR of 10.8% pa to FY 23
Slide 31: Business model
Business model Land promotion Property investment and development Housebuilding Construction 598 Henry Boot 17/09/2024 29
Slide 32: Our strategy
Our strateg Creating great places today, Y it a better tomorrow Our priorities Long term Industrial and logistics Residential Urban development markets . I?) ty i oo ; Value Land promotion roperty Investment Housebuilding Construction delivery and development Responsible approach People strategy + E
Slide 33: Responsible business strategy
Responsible business strategy Our strategy is to embed ESG into our commercial decision making Our people Our places Our Planet Our Partners Henry Boot 2025 Target Develop and deliver a group-wide health and wellbeing strategy. Performance New health and wellbeing strategy and Programme launched in
Slide 34: Investment property
Investment property Portfolio focussed on industrial and logistics Market valuation — inc. share of JV’s Number of properties Total area — ‘000 sq ft % industrial and alternative Passing rent ‘Topped-up’ net initial yield Reversionary yield WAULT to expiry’ Occupancy? £113.2m 21 795 78% £6.8m 5.8% 6
Slide 35: Statement of financial position
Statement of financial position Cash and cash equivalents Borrowings Lease liabilities Net debt Completed investment property Investment property under construction Investment property total Property developments in progress Housebuilder land and work in progress Land held for development or sale Op
Slide 36: Movement in NAV per share
Movement in NAV per share Modest reduction in period due to lower retained earnings 312p 310p 308p 306p [| -0.5% 304p 302p (5.6p) 300p 298p 296p 1.Jan 2024 Operating profit Interest Tax Dividends Pension scheme Other items 30 Jun 2024 Henry Boot 17/09/2024 34
Slide 37: Shareholding
Shareholding As at 20 August 2024 45.7% 61.2m Henry Boot founding family (across 104 holdings) 0.4% 0.6m Directors Henry Boot 17/09/2024 135m Shares in issue 24.4% 32.5m Main institutional shareholders 8.7m London & Amsterdam Trust Co/Rovida 3.1m Hargreaves Lansdown 3.0m Artemis Investment Managemen
Slide 38: Strong track record
Strong track record Turnover Operating Profit Net Asset Value Net Assets per Share Henry Boot 17/09/2024 Profit before tax Capital employed Dividends per Ordinary Share ROCE 36
Slide 39: This presentation contains forward-looking statements
This presentation contains forward-looking statements. Although the group believes that the estimates and assumptions on which such statements are based are reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond the group’s control. The group does n