Taylor Wimpey Plc · LSE:TW.
Taylor Wimpey — H1 2025 Earnings Presentation
43 slides from Taylor Wimpey's earnings presentation, Jul 30, 2025
Slide 1: Half Year Results Presentation for the six months to 29 June 2025
Half Year Results Presentation for the six months to 29 June 2025 30 July 2025
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, this “presentation” shall include these slides and any question-and-answer session that follows oral briefings by representatives of Taylor Wimpey plc. This presentation is for information purposes only and is not intended to, and does not constitute or fo
Slide 3: Agenda
Agenda Highlights Financial review Positioned for growth Jennie Daly Chris Carney Jennie Daly 3 Half Year Results Presentation for the six months to 29 June 2025
Slide 4: Highlights
Highlights Jennie Daly Chief Executive
Slide 5: First half highlights
First half highlights Net private sales rate Group completions Group operating 2025 interim dividend (per outlet per week) including joint profit margin* per share ventures 0.79 5,264 9.7%** 4.67p (H1 2024: 0.75) (H1 2024: 4,728) (H1 2024: 12.0%) (H1 2024: 4.80p) Plots in short term % of completions
Slide 6: First half trading performance
First half trading performance Net private sales rate per outlet per week Cancellation rate 1 20% 0.750.69 0.76 0.79 0.77 0.79 0.790.73 14% 15% 16% 0.8 0.66 0.68 0.6 10% 0.4 0.2 0 0% H1 2024 H2 2024 Q1 2025 Q2 2025 H1 2025 H1 2024 H2 2024 H1 2025 Net private sales rate Excluding bulk Cancellation ra
Slide 7: Financial review
Financial review Chris Carney Group Finance Director
Slide 8: Summary Group results
Summary Group results £m (before exceptional items) H1 2025 H1 2024 Change FY 2024 Revenue 1,654.6 1,517.7 9.0% 3,401.2 Gross profit 282.5 292.2 (3.3)% 648.7 Gross profit margin % 17.1 19.3 (2.2)ppt 19.1 Operating profit* 161.0 182.3 (11.7)% 416.2 Operating profit margin % 9.7 12.0 (2.3)ppt 12.2 Pro
Slide 9: First half UK performance
First half UK performance H1 2025 H1 2024 Change FY 2024 Legal completions – excl JVs 4,894 4,512 8.5% 9,972 Private 3,835 3,508 9.3% 7,794 Affordable 1,059 1,004 5.5% 2,178 Average selling price – excl JVs 313 317 (1.3)% 319 Private £000 350 356 (1.7)% 356 Affordable £000 180 179 0.6% 186 Legal com
Slide 10: UK operating profit margin
UK operating profit margin Illustrative movements in UK ● The key drivers of the decline in H1 2025 UK operating margin are: Impact on H1 operating profit margin Annual 2025 income H1 2024 to H1 2025 change statement (ppt) ● Lower pricing in the opening order book and modest build cost inflation Mar
Slide 11: Building safety update
Building safety update ● Cladding fire safety provision increased by £222 million in H1, £m reflecting new findings from updated fire risk assessments and investigations Total funds set aside for cladding fire safety 314 remediation at 31 December 2024 ● Key drivers: 2025 H1 provision increase: 1. I
Slide 12: Summary Group balance sheet
Summary Group balance sheet £m 29 June 2025 30 June 2024 Change 31 Dec 2024 Long term assets and JVs 97.4 143.2 (45.8) 97.0 Land 3,307.1 3,252.0 55.1 3,387.5 WIP 2,137.0 2,001.5 135.5 1,989.1 Debtors 198.0 167.1 30.9 145.3 Land creditors (533.4) (494.4) (39.0) (627.9) Other creditors (873.0) (891.3)
Slide 13: Group cash flow
Group cash flow 800 161.0 (9.8) (21.8) (124.0) 600 564.8 (4.6) 0.8 (34.0) (165.0) £m 400 (40.0) 326.6 200 0 Opening Operating profit Movement in Investment in Investment in Payments to Cash generated Tax paid and Dividends paid Other*** Closing net cash debtors and land* WIP pension from operations
Slide 14: Our capital allocation priorities
Our capital allocation priorities Highly cash generative business allows for investment for growth and attractive shareholder returns 1 2 3 4 Investment in land and Maintain a strong Sustainable ordinary WIP to drive future Return excess cash balance sheet dividend growth Maintain low adjusted geari
Slide 15: A differentiated and reliable dividend through the cycle
A differentiated and reliable dividend through the cycle ● Ordinary Dividend Policy (7.5% of net assets annually) unchanged since 2018 ● £2.7 billion returned to shareholders since inception - £1.9 billion in ordinary dividends ● £1.2 billion returned in ordinary dividends since 2022 alone, despite
Slide 16: 2025 guidance
2025 guidance Guidance UK completions (excl. JVs) 10,400 to 10,800 range Group operating profit (incl. JVs) c.£424 million Year end net cash c.£350 million Net finance charges c.£25 million net expense (including c.£2 million cash payment) JV share of profit c.£2 million 16 Half Year Results Present
Slide 17: Positioned for growth
Positioned for growth Jennie Daly Chief Executive
Slide 18: Market backdrop
Market backdrop Unemployment remains low Sustained real wage growth is gradually contributing to improved affordability… 10% 4.0% 8% 2.0% 6% 0.0% 4% 2% -2.0% 0% -4.0% 2005 2009 2013 2017 2021 2025 2022 2023 2024 2025 UK unemployment rate - aged 16 or over Rolling three month real total pay annual gr
Slide 19: Current trading
Current trading H2 2025 (w/e 27 July 2025) H1 2025 H2 2024 H1 2024 Average outlets open 208 206 207 224 Private sales rate (net) 0.59 0.79 0.76 0.75 Underlying private sales rate excl. bulk (net) 0.56 0.73 0.66 0.69 Private sales price £000 358 354 347 349 Cancellation rate (private)* 19% 16% 15% 14
Slide 20: Focused on driving quality leads and commitment
Focused on driving quality leads and commitment Total website traffic reflecting actions taken to increase quality of Private reservations by buyer type traffic* 1% 5% 11% 10% 8% 12% 8% 6% 8% 3% 3% 4% 5% 4% 49% 49% 49% 51% 50% 48% 45% 44% 36% 35% 37% 40% 39% 40% 1 6 11 16 21 26 31 36 41 46 51 Week H
Slide 21: Political and regulatory update
Political and regulatory update ● National Planning Policy Framework (NPPF) an encouraging start ● If fully implemented could underpin land to deliver much needed homes ● Some early positive indications but full impact will take time ● Planning and Infrastructure Bill to streamline and support deliv
Slide 22: Delivering growth from our landbank
Delivering growth from our landbank ● Strong landbank, strategic pipeline and balance sheet Number of plots in planning for first principle determination 35 ● Focus for last few years on driving increased high-quality planning applications 30 ● Encouraging early signs at some local authorities – wit
Slide 23: Some encouraging early planning decisions
Some encouraging early planning decisions Hambleton, Selby: Outline planning application for up to Hare Street Road, Buntingford: Assertive application for 110 homes submitted December 2023 200 homes submitted February 2024 - Council had 5 year housing land supply (5YHLS) but - Emerging Local Plan o
Slide 24: Summary and outlook
Summary and outlook ● Focused on operational excellence and execution to protect and drive value ● Well positioned to benefit from planning improvements ● Continue to focus on building our order book to optimise value and position for further completions growth in 2026 ● Positioned the business for
Slide 25: Q&A Investment case
Q&A Investment case Strong and resilient Differentiated by Sustainable and Reliable business landbank responsible shareholder returns Operational High-quality ESG embedded Committed to paying excellence to landbank together throughout the an annual ordinary optimise margin and with a significant org
Slide 26: Future investor communications
Future investor communications ● 1 October 2025 Investor and analyst event ● 12 November 2025 Trading update ● 15 January 2026 Trading update ● 5 March 2026 Full year results 2025 ● 28 April 2026 AGM and trading update 26 Half Year Results Presentation for the six months to 29 June 2025
Slide 27: Appendices
Appendices Half Year Results Presentation for the six months to 29 June 2025
Slide 28: Operational KPIs
Operational KPIs Land H1 2025 H1 2024 FY 2024 Land cost as % of ASP on approvals 17.4% 15.6% 17.0% Landbank years c.7.3 c.7.8 c.7.8 % of completions from strategically sourced land 39% 41% 40% Operational excellence Construction Quality Review (average score / 6) 4.97 4.92 4.93 Average reportable it
Slide 29: Forward indicators
Forward indicators Organic customer interest Total enquiries 1 6 11 16 21 26 31 36 41 46 51 1 6 11 16 21 26 31 36 41 46 51 Week Week 2023 2024 2025 2023 2024 2025 N.B. Organic traffic i.e. traffic via a search engine, to our plot and development pages 29 Half Year Results Presentation for the six mo
Slide 30: Summary income statement
Summary income statement* Group £m H1 2025 H1 2024 Change FY 2024 Revenue 1,654.6 1,517.7 9.0% 3,401.2 Cost of sales (1,372.1) (1,225.5) 12.0% (2,752.5) Gross profit 282.5 292.2 (3.3)% 648.7 Net operating expenses (122.7) (110.7) 10.8% (232.3) Profit on ordinary activities 159.8 181.5 (12.0)% 416.4
Slide 31: Cash flow summary
Cash flow summary Group £m H1 2025 FY 2024 H2 2024 H1 2024 (Loss) / profit from ordinary activities before financing (80.4) 333.9 240.4 93.5 (Increase) / decrease in inventories (145.8) (86.8) 11.8 (98.6) Exceptional items charge 240.2 82.5 (5.5) 88.0 Other operating items* (13.2) (17.9) (38.0) 20.1
Slide 32: Financing
Financing ● Net cash at 29 June 2025 of £326.6 million (31 December 2024: £564.8 million, 30 June 2024: £584.0 million) ● Adjusted gearing, including land creditors, of 4.9% (31 December 2024: 1.4%, 30 June 2024: -2.0%) ● Average net cash during H1 2025 of £324.6 million (FY 2024: £494.5 million, H1
Slide 33: Finance charges
Finance charges £m H1 2025 H1 2024 Change FY 2024 Interest on bank and other loans 3.9 4.0 (0.1) 8.0 Foreign exchange loss 0.5 0.1 0.4 0.1 Unwind of discount on land 14.8 6.9 7.9 16.7 creditors and other items Net interest on pension liability 0.5 0.6 (0.1) 1.1 Interest on lease liabilities 0.8 0.7
Slide 34: Tax
Tax Asset / (liability) Current tax £m Deferred tax £m Net tax £m As at 1 January 2025 2.8 20.6 23.4 Income statement 20.6 9.7 30.3 SOCI / SOCIE - (0.3) (0.3) Cash paid 37.7 - 37.7 Other (including foreign (0.2) 0.2 - exchange) As at 29 June 2025 60.9 30.2 91.1 ● Effective tax rate of 32.9% (H1 2024
Slide 35: Building safety update: Building movements
Building safety update: Building movements ● 37 increase in buildings requiring remediation: Buildings Building movements from requiring ● Recent FRAEW reports received show works required whereas earlier EWS1 (by chartered fire engineers) 31 December 2024 to 29 June 2025 remediation advised that no
Slide 36: Pension funding
Pension funding HY 2025 FY 2024 FY 2023 Deficit contributions to the Scheme - - - Payments to escrow - - - Pension Funding Partnership (PFP) 5.1 5.1 5.1 Scheme expenses 1.0 2.0 2.0 Total 6.1 7.1 7.1 ● IAS 19 surplus at 29 June 2025 of £132.1 million, deficit of £17.3 million recognised after IFRIC 1
Slide 37: UK landbank – plots and net cost
UK landbank – plots and net cost 29 Jun 2025 31 Dec 2024 Plots Owned Controlled Total Total Plots £m Plots £m Plots £m Plots £m Detailed planning 35,117 1,850 4,423 15 39,540 1,865 40,042 1,877 Outline planning 24,914 901 5,625 34 30,539 935 31,403 963 Resolution to grant 2,200 74 3,716 10 5,916 84
Slide 38: UK land commitments
UK land commitments As at 29 As at 31 £m < 1 yr 1-2 yrs 2-5 yrs 5+ yrs Jun 2025 Dec 2024 Committed cash payments in respect of unconditional land 296 116 85 29 526 619 contracts Expected cash payments in respect of conditional land 66 77 115 56 314 347 contracts ● Included in unconditional land cont
Slide 39: UK implementable planning permissions
UK implementable planning permissions 20,000 Sites with implementable planning permission 18,000 97.4% 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 1.3% 0.4% 0.9% 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H
Slide 40: UK completions mix
UK completions mix UK completions £201k – £251k – £301k – £451k – £601k – H1 2025 <£200k £250k £300k £450k £600k £1m >£1m Total Price band 19% 13% 18% 38% 9% 3% - 100% UK completions H1 2025 FY 2024 H2 2024 H1 2024 FY 2023 H2 2023 H1 2023 First time buyers 32% 31% 30% 31% 29% 28% 31% Second time buy
Slide 41: UK sales performance
UK sales performance Private and affordable reservations H2 2025 (w/e excl. JVs 27 July 2025) H1 2025 H2 2024 H1 2024 Average outlets open 208 206 207 224 Average selling price £000 345 332 316 329 H2 2025 (w/e As at 27 July 2025) 29 June 2025 31 Dec 2024 30 June 2024 Total order book value £m 2,190
Slide 42: Spain financial summary
Spain financial summary H1 2025 H1 2024 Change FY 2024 Average number of active sites 23 23 - 24 Legal completions 316 142 122.5% 504 Average selling price £000 355 433 (18.0)% 370 Average selling price €000 420 509 (17.5)% 440 Revenue £m 111.9 61.5 82.0% 186.6 Operating profit £m 30.6 14.4 112.5% 4
Slide 43: Definitions
Definitions ● Operating profit is defined as (loss) / profit on ordinary activities before financing, exceptional items and tax, after share of results of joint ventures. ● Operating profit margin is defined as operating profit divided by revenue. ● Adjusted basic earnings per share represents earni