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Persimmon Together , we make your home GROWTH TODAY ; A STRONGER PLATFORM FOR TOMORROW Half Year Results Presentation 6 August 2026 B
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Half Year Results 20262 Operating margin and ROCE ambition of 20% Increasing shareholder returns Our strategy continues to support medium-term value creation Supported by market fundamentals and a pro-housing government High quality land bank & growing outlets Three strong brands providing diversification Build quality & customer service Innovation & vertical integration Strong balance sheet
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Half Year Results 20263 Net private weekly sales 205 up 7% Net private sales rate 0.75 Growing market share while building a platform for future growth Strong performance in a challenging market Plots achieving detailed planning approval 6,123 118% of completions Average outlets 273 2025: 272 Customer satisfaction and build quality 4.25 5-star HBF Owned and controlled land bank 80,836 c.82k additional strategic land plots Current total forward order book £1.9bn Private forward order book £1.31bn, up 5% Underlying PBT £170m up 3% Completions 5,189 up 13% 3
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Andrew Duxbury Chief Financial Officer DELIVERING GROWTH
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Half Year Results 20265 Delivering further growth in a challenging market H1 2026 H1 2025 Change New home completions 5,189 4,605 +13% New housing revenue £1,483m £1,308m +13% Gross profit £267.0m £262.4m +2% Gross margin – New housing 18.0% 20.1% (210)bps Operating profit £189.1m £172.0m +10% Operating margin – New housing 12.8% 13.1% (30)bps Profit before tax £170.1m £164.9m +3% Earnings per share 38.0p 36.8p +3% 5 All figures stated before exceptional items, goodwill impairment/amortisation and includes land creditors where applicable 12-month rolling ROCE 11.3% 11.2% +10bps Net asset value per share £11.25 £10.88 +3%
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Half Year Results 20266 Delivering homes at affordable prices H1 2026 H1 2025 Change Legal completions Private – PH 3,706 3,543 +5% Private – CC 555 444 +25% Total Private 4,261 3,987 +7% Partnerships 928 618 +50% Total 5,189 4,605 +13% 6 Completions: 7% increase in private completions Persimmon Homes private completions up 5% including 548 BTR (2025: 586) 36% of private completions to first-time buyers (2025: 34%) 25% increase in Charles Church completions Average selling price: Private ASP growth of 3% Persimmon Homes private ASP c.15% lower than new build national average 51% of private sales were below £300k Incentive usage on completions of 5% Average selling price Private – PH £291,932 £286,896 +2% Private – CC £434,213 £426,809 +2% Total Private £310,464 £302,476 +3% Partnerships £172,286 £165,154 +4% Group £285,752 £284,047 +1%
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Half Year Results 20267 33.2 1.6 12.5 189.1 172.0 (30.2) Volume growth driven by increase in outlets and sales rate Operating margin 12.8% (2025: 13.1%) Margin impacted by increased HA mix, cost inflation and incentives at 5% Disciplined control of operating expenses Volume growth has mitigated cost increases and led to operating profit improvement Operating leverage supports medium-term ambition * Stated before net exceptional charge (H1 2026: £nil, H1 2025: £16.2m) and goodwill impairment/amortisation (H1 2026: £2.1m, H1 2025: £2.0m) Volume increase ASP / mix Cost increases Net operating expense decrease £m H1 25 Operating profit* H1 26 Operating profit* 7 Volume growth driving operating profit
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Half Year Results 20268 £1bn committed banking facilities Adjusted gearing 18% Investment in land and WIP to drive growth in 2026 and 2027 PX stock of £168m at 30 June; 67% reserved Net assets up 4% ROCE up 10bps Returns greater than cost of capital A strong balance sheet for growth Jun 2026 Jun 2025 Change Dec 2025 Change Land £2,528m £2,289m +£239m £2,592m £(64)m Work in progress £1,847m £1,695m +£152m £1,634m +£213m Land creditors £(497)m £(401)m £(96)m £(623)m +£126m Net (debt)/cash £(165)m £123m £(288)m £117m £(282)m Legacy buildings provision £(206)m £(208)m +£2m £(226)m +£20m Other £106m £(13)m +£119m £120m £(14)m Net assets £3,613m £3,485m +£128m £3,614m £(1)m NAV per share £11.25 £10.88 +37p £11.27 (2)p 12m ROCE 1 11.3% 11.2% +10bps 11.7% (40)bps 1. 12 month rolling average calculated on operating profit before net exceptional charge and goodwill impairment/amortisation and total capital employed. Capital employed being the Group’s net assets less cash and cash equivalents plus land creditors and debt
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Half Year Results 20269 Strategic land bank c.82k plots; +5% since December Strong land bank provides pipeline of future outlet openings Land cost to anticipated revenue remains stable; provides confidence in medium-term ambition Embedded site margin at c.27%; incorporates short-term impact of increased BCI Majority of 2026 and 2027 delivery on land acquired before 2024 Land bank gives growth visibility and confidence in medium-term margin recovery Number of plots Assumed average revenue 1 Average plot cost Cost to assumed revenue 1 Plots owned with detailed planning 39,113 £294,151 £39,243 13.3% Plots owned proceeding to planning 27,782 £302,360 £37,195 12.3% Total owned 66,895 £297,560 £38,392 12.9% Plots under control 13,941 £290,478 £35,995 12.4% Total owned and under control June 2026 80,836 £296,339 £37,979 12.8% Total owned and under control December 2025 84,879 £292,419 £37,597 12.9% 1. Based on ASP assumed as at 30 June 2026 1,576 5,139 19,332 40,848 2% 8% 29% 61% 0 15,000 30,000 45,000 <10% 10-20% 20-27% 27%+ Land plots by site gross margin (as at 30 June 2026) Estimated weighted average site gross margin - based on assumed revenues and costs at 30 June 2026 % of owned land holding
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Half Year Results 202610 Good progress on building safety All known buildings assessed; over 95% of developments tendered We are on site or have completed 79% of known developments £24m total spend in the period; over £200m total spend to date Balance sheet provision reduced to £206m Actively pursuing supply chain recoveries Identified developments 30 Jun 2026 31 Dec 2025 Recently made aware and under investigation - 1 Pre-tender preparation on-going 4 4 Live tender process - 3 Sub-total: progressing through tender 4 8 Progressing to contract 11 8 Contracted but works yet to start 3 4 Sub-total: pre-works starting 18 20 Currently on site 26 24 Sub-total: to complete 44 44 Completed developments 43 43 Total identified developments 87 87 Provision at period end £206m £226m Spend in period1 £24m £61m 1. 30 June 2026 figure for 6-month period; 31 Dec 2025 figure for 12-month period
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Half Year Results 202611 (132) 117 197 (213) (91) (72) (18) (212) (24) (236) 71 (165) Disciplined investment to support future growth £m Operating cash inflow Net utilisation in land Increase in WIP Working capital, PX and other movements (exc. land) Interest and tax Capex & other Net debt as at 30 Jun 2026 Cash as at 31 Dec 2025 Building safety remediation £71m net land utilisation, including: £134m of new land commitments, and; £(212)m land utilised including land sales Net debt pre-land, dividend and building safety remediation Net debt pre-land investment Decrease in land creditors
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Half Year Results 202612 Return of excess cash Investment in value accretive growth Sustainable annual capital returns Strong balance sheet and low leverage Capital allocation to drive value The Group generates return on capital greater than its cost of capital providing opportunity to drive value by reinvesting for growth Expect to generate surplus cash over the medium term Use to accelerate growth or boost returns via dividends or buybacks Investment in business capabilities Disciplined replenishment of land bank M&A only where meets strict financial criteria Minimum 60p annual returns, currently paid as dividends Well covered by profits over the cycle Maintain strong balance sheet through the cycle Prioritise building safety remediation
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Half Year Results 202613 Financial outlook 1. Company compiled full year 2026 consensus as at 2 August of 12,242 homes, underlying operating profit of £491m and underlying profit before tax of £454m 2. Net cash spend on land in the year 2025 2026 New home completions 11,905 c.12,500 Net finance cost £26.5m £35-45m Underlying profit before tax £445.6m In line with market expectations1 Tax rate 28.1% 29% Net land spend2 £541.3m £450m-£600m Building safety remediation spend £61.1m up to £100m Net cash/(debt) £117.0m £(100)m-£100m Land creditors £623.4m £550m-£650m Guidance assumes market conditions remain stable Margin recovery continues to be impacted by embedded inflation, affordability constraints and increasing industry-wide costs 2026 build cost inflation expected to be c.3-4%; impact being mitigated where possible Underlying profit before tax in line with current market expectations 1 Continued growth; completions expected to be at upper end of guidance
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Dean Finch Group Chief Executive GROWTH TODAY; A STRONGER PLATFORM FOR TOMORROW
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Half Year Results 202615 Delivering growth now and positioning for future growth Growth delivered today; a stronger platform for tomorrow’s returns H1 2026 delivery Future growthValue drivers Completions +13%; growing market share; 273 average outlets High-quality land bank & growing outlets Supporting market share growth & operating leverage: planning success & good pipeline visibility; on-track for 300 outlets All three brands grew: Persimmon +7%1, Charles Church +26%1, Westbury +22% Diversification through three strong brands, all well-positioned at the value end of their respective markets Broadening reach and routes to market: complementary brands driving sales and land opportunities Improved quality maintained; Trustpilot ‘Excellent’ & HBF 5-star Consistently strong build quality and customer service Sustainable growth: quality underpinning brand strength, customer trust and sales resilience Greater factory utilisation; Brickworks +13%, Space4 timber frame +30%; AI pilots underway Investing in vertical integration and innovation Improved efficiency and cost control supporting margins and returns: most cost-efficient volume builder Highly disciplined investment; building safety remediation progress Strong balance sheet Resilience and flexibility to invest through the cycle, driving shareholder returns; £1bn committed facilities 1. Excluding bulk
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Half Year Results 202616 Disciplined land investment - Attractive land opportunities pursued - Cost focus and improved payment terms - New land commitments of £134m (2025: £193m) Growing nationwide outlet network, 273 ave. outlets (2025: 272) - c.100 gross to open this year; on-track for 300 outlets 6,123 plots achieved detailed or reserved matters planning approval - c.118% of completions - Up 21% on H1 2025 Strategic land strengthened further - c.6,100 potential plots added; c.82k potential plots in total - Endurance Estates acquisition complements Lone Star - With promoters, strategic landbank is c.93k potential plots Driving growth from strong planning performance Growing outlets and strengthening pipeline A platform for growth Strong and growing land pipeline; investment made today drives delivery tomorrow Planning reforms provide opportunities for acceleration Strategic land typically higher gross margin than open market Growing our outlet base through land investment and enhanced planning 254 256 258 260 262 264 266 268 270 272 274 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Completions Planning approvals Average outlets 6m
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Half Year Results 202617 Complementary brands Core growth engine; efficient to build; affordable to own Premium product; margin expansion Capital- efficient; returns enhancing Growing market share Completions grew across all three brands +7% Persimmon1 +26% Charles Church1 +22% Westbury Charles Church momentum 67 operating sites, +26% 43 dual-brand sites, +23% Benefits Market share gains: more routes to more markets Sales resilience: broader customer reach and mix Land efficiency: enhances value generated from land Premium margin mix: Charles Church supports margin expansion Asset turn & ROCE: Westbury adds capital-efficient volume Together: broader reach + better sales mix + more efficient land use → improving medium-term margins and returns Westbury Partnerships 19 additional RP partners 4 additional BTR partners More routes to market, better land use and enhance resilience Three brands strengthen returns 1. Excluding bulk
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Half Year Results 202618 Sustained customer service: - Five-star HBF for the fifth year in a row - Persimmon Homes and Charles Church Trustpilot both ‘Excellent’ - Dec 2021: PH rated ‘Average’; CC rated ‘Poor’ Sustained improvement in quality: - Further improvement in CQR score to 92.9% - RIs 0.25 Sustained internal investment: - The Charles Church Way and The Westbury Way - Sales training and mystery shopping Quality and service are embedded Growth while high standards maintained A platform for growth Consistent quality and service bedrock in competitive market Growth and value engineering are not at the expense of quality Culture that strives for excellence and improvement established Efficiency benefits from Build Right, First Time, Every Time 0.53 0.25 2020 2026 71.0% 92.9% 2020 2026 RIs CQR score
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Half Year Results 202619 Increased use of factories’ product, crucial to volume growth and margin resilience: - Brickworks: deliveries up 13%; new production line expected in 2027 - Tileworks: 5.6m tiles delivered; remains the number one product choice - Space4: timber frame deliveries up 30%; roof truss delivery commenced; four additional regions using product AI prioritised on key business processes to drive operational performance and efficiency - Land appraisal tool being piloted in three regions - New CRM system with AI capabilities - Commercial cost controls Leveraging innovation and deeper vertical integration Driving industry-leading build cost efficiency A platform for sustained competitive advantage Increased build speed and efficiency Reduced exposure to build cost inflation and supply constraints Off-site manufacture enabling a step change in volume growth Phoenix Asset Management analysis
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Half Year Results 202620 Disciplined actions support long-term value creation Self help overcoming market challenges Market challenge Self-help response Build cost inflation Affordability challenges Market constraints Planning barriers Sustained planning outperformance and strategic land investment; approvals achieved in H1 were 118% of completions. Building safety >95% of known developments tendered; on-site progress and supply-chain recoveries pursued. Growth execution Investment in capability, quality systems, customer service and training while maintaining five-star status. Our proven strategy has delivered Completions +22% over the last 3 years Underlying operating profit +24% over the last 3 years Outlets +6% since December 2023 vs. industry decline of 6% Affordable positioning, sales and marketing investment, disciplined incentives and first-time-buyer support; 14% increase in sales to FTBs in H1. Strong land position, diversified customer base from three brand reach, flexible model and robust forward order book. c.£40-50m headwind from Middle East conflict over next 18 months. Actions to mitigate at least half of 2027 impact identified, with programme on-going. Expect to fully mitigate impact by 2028.
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Half Year Results 202621 Total forward order book up 3% Private sales including bulk up in first 5 weeks of H2: - Sales rate per week at 0.72, up 6% (2025: 0.68) Recent market has softened slightly impacting private sales excluding bulk: - Sales rate per week at 0.59, down 3% (2025: 0.61) Private forward order book strong, up 5% to £1.3bn: - ASP up 3% - c.80% secured for 2026 delivery Affordable order book at £0.6bn: - Fully secured for 2026 delivery Total forward order book remains strong Current trading and outlook Current total forward order book (including completions post 30 June) Units ASP Revenue 2 August 2026 8,200 £233,341 £1,913m 3 August 2025 8,098 £230,143 £1,864m Movement v 2025 +1% +1% +3% Current private forward order book (including completions post 30 June) Units ASP Revenue 2 August 2026 4,345 £301,987 £1,312m 3 August 2025 4,276 £292,775 £1,252m Movement v 2025 +2% +3% +5% A platform for growth Expect 2026 completions to be around 12,500 homes, at the top end of previous guidance
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Half Year Results 202622 Underpinned by disciplined self-help and growth A strong framework for medium-term value creation VALUE-CREATION FRAMEWORK 1 300+ outlets Outlet growth platform 2 20% margin ambition Margin recovery and efficiency 3 20% ROCE ambition Disciplined capital returns 4 Sustainable cash returns Long-term shareholder value Current pressures Embedded inflation in land bank Industry cost inflation Affordability constraints Medium-term strategic drivers Executing our disciplined strategy to deliver improving returns 1 Strong and growing landbank; replenishing at higher margins Charles Church margin expansion3 Westbury returns enhancing growth Planning momentum, growing outlets 5 Vertical integration efficiencies Efficiency programme, incl. house-type review supporting margin protection 7 Persimmon core growth engine Balance sheet: strong liquidity and disciplined capital allocation 2 4 6 8 Better gross margins Volume growth and overhead leverage Capital efficient growth Increasing scale and faster asset turn Better sales mix Strengthening cost competitiveness
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Appendices
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Half Year Results 202624 1. Underlying trading performance 2. Underlying trading per plot 3. Trading performance – Brand 4. Completions mix 5. Balance sheet – key items 6. Cash flow – movement in net (debt)/cash 7. Forward order book APPENDICES
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Half Year Results 202625 Underlying trading performance H1 2026 H1 2025 New housing Total % of revenue Total % of revenue Revenue £1,482.8m £1,308.0m Cost of sales: land cost £(174.5)m (11.8)% £(155.6)m (11.9)% build and other direct costs £(1,041.3)m (70.2)% £(890.0)m (68.0)% Total cost of sales £(1,215.8)m (82.0)% £(1,045.6)m (79.9)% Underlying gross profit £267.0m 18.0% £262.4m 20.1% Operating expenses £(94.4)m (6.3)% £(96.5)m (7.4)% Other operating income £16.5m 1.1% £6.1m 0.4% Underlying operating profit £189.1m 12.8% £172.0m 13.1% Finance income £5.0m £6.2m Finance costs £(24.0)m £(13.3)m Underlying pre-tax profit £170.1m £164.9m +3% Net exceptional charge - £(16.2)m Goodwill impairment/amortisation £(2.1)m £(2.0)m Reported pre-tax profit £168.0m £146.7m +15% APPENDIX 1
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Half Year Results 202626 Underlying trading per plot New housing per plot H1 2026 H1 2025 Change H1 2026 H1 2025 Change Revenue £285,752 £284,047 +0.6% 100.0% 100.0% Land costs £(33,630) £(33,800) (0.5)% (11.8)% (11.9)% +10bps Build and other direct costs £(200,666) £(193,274) +3.8% (70.2)% (68.0)% (220)bps Gross profit / margin £51,456 £56,973 (9.7)% 18.0% 20.1% (210)bps Operating expenses £(18,201) £(20,966) (13.2)% (6.3)% (7.4)% +110bps Other operating income £3,186 £1,329 +139.7% 1.1% 0.4% +70bps Operating profit1 / margin £36,441 £37,336 (2.4)% 12.8% 13.1% (30)bps 1. Stated before net exceptional charge (H1 2026: £nil, H1 2025: £16.2m) and goodwill impairment/amortisation (H1 2026: £2.1m, H1 2025: £2.0m) APPENDIX 2
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Half Year Results 202627 Trading performance - Brand APPENDIX 3 New housing H1 2026 H1 2025 Change No. No. Units Persimmon 3,706 3,543 +5% Charles Church 555 444 +25% Partnerships 928 618 +50% Total 5,189 4,605 +13% £ £ Average Selling Price Persimmon 291,932 286,896 +2% Charles Church 434,213 426,809 +2% Partnerships 172,286 165,154 +4% Group 285,752 284,047 +1% £m £m Revenue Persimmon 1,081.9 1,016.5 +6% Charles Church 241.0 189.5 +27% Partnerships 159.9 102.0 +57% Total 1,482.8 1,308.0 +13% New housing H1 2026 H1 2025 Change £m £m Gross Profit Persimmon 194.6 202.4 (4)% Charles Church 46.7 43.3 +8% Partnerships 25.7 16.7 +54% Group 267.0 262.4 +2% Gross Margin 1 Persimmon 18.0% 19.9% (190)bps Charles Church 19.4% 22.8% (340)bps Partnerships 16.1% 16.4% (30)bps Total 18.0% 20.1% (210)bps 1. Based on new housing revenue
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Half Year Results 202628 Completions mix APPENDIX 4 H1 2026 Open market Westbury Total No. No. No. Persimmon 3,158 548 3,706 Charles Church 555 - 555 Total Private 3,713 548 4,261 Partnerships - 928 928 Total 3,713 1,476 5,189 H1 2025 Open market Westbury Total No. No. No. Persimmon 2,957 586 3,543 Charles Church 440 4 444 Total Private 3,397 590 3,987 Partnerships - 618 618 Total 3,397 1,208 4,605 Change Open market Westbury Total % % % Persimmon +7% (6)% +5% Charles Church +26% (100)% +25% Total Private +9% (7)% +7% Partnerships - +50% +50% Total +9% +22% +13%
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Half Year Results 202629 Jun 2026 Jun 2025 Change Dec 2025 Work in progress £1,846.7m £1,694.7m +£152.0m £1,634.0m Land £2,527.6m £2,289.2m +£238.4m £2,592.0m Land creditors £(497.3)m £(401.1)m £(96.2)m £(623.4)m Part exchange £167.6m £163.8m +£3.8m £198.8m Legacy buildings provision £(205.6)m £(207.6)m +£2.0m £(226.0)m Net (debt)/cash £(165.0)m £123.0m £(288.0)m £117.0m Other £(61.4)m £(177.0)m +£115.6m £(78.3)m Shareholders' funds £3,612.6m £3,485.0m +£127.6m £3,614.1m Capital employed £3,777.6m £3,362.0m +£415.6m £3,497.1m Capital employed (inc. land creditors) £4,274.9m £3,763.1m +£511.8m £4,120.5m Net asset value per share £11.25 £10.88 +37p £11.27 Capital Returns (paid) Value per share £0.0m £0.0m - £192.1m - - - 60p APPENDIX 5 Balance sheet – key items
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Half Year Results 202630 Cash flow – movement in net (debt)/cash APPENDIX 6 £m H1 2026 H1 2025 Operating cash generated (before working capital movements) 196.6 182.9 Movement in working capital: Decrease / (increase) in gross land 70.6 (23.0) Decrease in land creditors (132.1) (26.6) Net land movement (61.5) (49.6) Increase in WIP, part exchange and showhouses (184.0) (284.2) Other working capital movements (143.9) 90.7 Cash flow absorbed from operations (192.8) (60.2) Net interest and similar charges paid (7.0) (2.1) Tax paid (64.8) (44.2) Acquisition of a subsidiary (2.0) - Net capital expenditure (11.6) (25.2) Cash flow before dividends, share transactions and financing (278.2) (131.7) Net share transactions - (1.5) Capital return paid to Group shareholders - - Cash flow before financing (278.2) (133.2) Lease capital payments (2.6) (2.4) Bank fees paid (1.2) - Decrease in net (debt)/cash (282.0) (135.6)
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Half Year Results 202631 APPENDIX 7 Forward order book Forward order book 30 June 2026 30 June 2025 Variance Units ASP Revenue Units ASP Revenue Units ASP Revenue Private 3,374 £303,660 £1,024m 3,338 £291,514 £973m +1.1% +4.2% +5.3% Housing Association 3,701 £156,102 £578m 3,667 £158,816 £582m +0.9% (1.7)% (0.8)% Total 7,075 £226,471 £1,602m 7,005 £222,049 £1,555m +1.0% +2.0% +3.0% Current forward order book (including completions post 30 June) 2 August 2026 3 August 2025 Variance Units ASP Revenue Units ASP Revenue Units ASP Revenue Private 4,345 £301,987 £1,312m 4,276 £292,775 £1,252m +1.6% +3.1% +4.8% Housing Association 3,855 £155,969 £601m 3,822 £160,073 £612m +0.9% (2.6)% (1.7)% Total 8,200 £233,341 £1,913m 8,098 £230,143 £1,864m +1.3% +1.4% +2.7%
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Half Year Results 202632 Some of the information in this document may contain projections or other forward-looking statements regarding future events or the future financial performance of Persimmon Plc and its subsidiaries (the Group). You can identify forward-looking statements by the terms such as “expect”, “believe”, “anticipate”, “estimate”, “intend”, “will”, “could”, “may” or “might”, the negative of such terms or similar expressions. Persimmon Plc (the Company) wishes to caution you that these statements are only predictions and that actual events or results may differ materially and as such undue reliance should not be placed on these statements. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward- looking statements of the Group, including among others, general economic conditions, the competitive environment as well as many other risks specifically related to the Group and its operations. Past performance of the Group cannot be relied on as a guide to future performance. Please see the most recent Annual Report and Accounts of Persimmon plc and other disclosures through the Regulatory News Service (“RNS”) for further details of risks, uncertainties and other factors relevant to the business and its securities. Important Notice Disclaimer