Slides
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Springfield Properties Bertha Park, Perth Springfield Properties plc Full Year Results for the twelve months ended 31 May 2026
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Presentation Team Introduction 2 Innes Smith, CEO Iain Logan, CFO
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HOUSEBUILDING REVENUE* £219.3m (FY 2025: £205.2m) Delivering Results Introduction ADJ. PBT £12.9m (FY 2025: £20.1m) COMPLETIONS 735 (FY 2025: 799) NET BANK CASH/(DEBT) £1.2m (31 May 2025: £(20.9)m) Strong Financial Performance • Increases in private ( ▲6%) and affordable ( ▲10%) housing revenue • Eliminated net bank debt and paid, p ost year end, final deferred consideration of £20.7m for acquisition of the Scottish housebuilding business of Mactaggart & Mickel • Adj. PBT grew significantly year-on-year when excluding the exceptional contribution from land sales Executing on Strategy • Initial agreement signed with major energy infrastructure provider in the North of Scotland to deliver almost 300 homes across six sites to accommodate workers involved in upgrade of the national electricity transmission grid; main works agreement for first site expected imminently • Springfield is uniquely placed to deliver in the region, with significant land bank Quality Land Bank • Significant land bank of 6,797 owned and contracted plots – 60% with planning permission – and an additional 6,211 strategic plots, primarily in the North of Scotland where the Group is making excellent progress towards securing further plots • Strengthened financial position enables Group to develop sites in Central Scotland to generate greater value, rather than pursue their sale Returning Capital to Shareholders • Increased proposed dividend of 3p (2025: 2p) • Post year end, announced share buyback programme as an effective means to create value for shareholders 3 * Revenue for private and affordable housing
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Tulloch Homes Conon Woods Financial Review & Land Bank
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Financial Results by Key Activity Private housing • Increase in revenue and ASP due to mix and underlying price increases • Increase in gross margin also due to housing mix FY 2026 FY 2025 Private Housing Revenue £165.0m £155.8m Completions 474 497 ASP £348k £313k Financial Review & Land Bank FY 2026 FY 2025 Affordable Housing Revenue £54.3m £49.4m Completions 243 237 ASP £224k £207k Affordable housing • Increase in revenue and completions • Improvement in ASP due to higher levels of grant subsidy • Robust gross margin with contracts continuing to be secured on shorter time periods 5 Land sales • Land sales of £14.1m (FY 2025: £60.5m)
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Summary of Group Financial Results £(m) FY 2026 FY 2025 Revenue 243.7 280.6 Gross profit 40.0 52.1 Gross margin 16.4% 18.6% Administrative expenses* (25.4) (27.6) Operating profit* 15.8 25.2 Profit before tax* 12.9 20.1 Exceptional items (0.9) (1.0) Profit before tax inc. exceptional items 11.9 19.0 Taxation (2.5) (4.9) Profit after tax inc. exceptional items 9.4 14.1 Net bank cash/(debt) 1.2 (20.9) ROCE 7.4% 12.6% * Adjusted to exclude exceptional items Summary • Revenue growth of 7% in housebuilding (private and affordable housing) • Increase in gross margin when excluding land sales • Net bank debt reduced with positive net cash position • Dividend increased to 3p per share (2025: 2p) Financial Review & Land Bank 6 ADJ. PBT £12.9m (FY 2025: £20.1m) NET BANK CASH/(DEBT) £1.2m (31 May 2025: £(20.9)m) LAND SALES £14.1m (FY 2025: £60.5m)
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Net Bank Cash/(Debt) Analysis Financial Review & Land Bank (2.4) 1.2 (20.9) (11.3) 17.5 (8.1) (1.6) (0.6) 10.6 (1.9) 19.9 Net bank debt at 31 May 2025 Land payments Operating profit Lease liabilities Tax & interest paid Deferred payments Dividends paid Other Working capital Land sales Net bank cash at 31 May 2026 18.7 (39.9) 7
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Summary Balance Sheet £(m) 31 May 2026 31 May 2025 Change Total assets 298.7 299.6 (0.3)% Current liabilities (84.7) (99.5) 14.9% Non-current liabilities (35.1) (28.9) (21.5)% Net assets 179.0 171.3 4.5% Financial Review & Land Bank Key Highlights • Total assets in line with prior year • Substantial reduction in net bank debt – positive net cash at year end • Bank facilities reduced in August 2026 from £80m to £50m in line with Group strategy • Post year end, paid final deferred consideration of £20.7m in relation to Mactaggart & Mickel 8
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Track Record of Value Creation Financial Review & Land Bank • Since IPO total NAV has been grown from £57.4m to £179.0m • Compound annual NAV per share growth rate of 15.7% since listing in October 2017 • Total dividends paid of £26.4m 9 NAV Per Share + Total Shareholder Return Since IPO 0 50 100 150 200Pence NAV per share (p) Total Shareholder Return
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Substantial High-Quality Land Bank No. % with planning* GDV As at 31 May 2026 Owned plots 3,535 72% £0.9bn Contracted plots 3,262 48% £0.9bn TOTAL 6,797 60% £1.8bn As at 31 May 2025 Owned plots 3,912 72% £1.0bn Contracted plots 3,367 58% £0.8bn TOTAL 7,279 66% £1.8bn Financial Review & Land Bank 10 * Includes detailed and outline planning Owned and Contracted Land Bank • Quality land bank of 6,797 owned and contracted plots o 4,104 plots across 57 sites in the North Owned and contracted land bank as at 31 May 2026 Strategic Land Bank • Strategic land bank of 6,211 plots under option • 4,570 plots located in the North of Scotland • Substantial other landholdings not under contract/option but in informal agreements Maximising Value Creation • Significant land bank in the North of Scotland in close proximity to key work areas and existing infrastructure o Strengthened landholdings in the North with conversion of strategic plots to owned/contracted • Strengthening of balance sheet has enabled completion of land sale programme o Springfield will now develop more of its sites in Central Scotland rather than pursue their sale – generating significantly greater profit – as well as seek to purchase new sites
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Springfield Properties Drakies, Inverness Operational Review
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Capitalising on the Opportunities in the North of Scotland • Strategy to capitalise on the opportunities in the North of Scotland where Springfield is uniquely placed to benefit • Initial agreement signed with major energy infrastructure provider for: o 293 homes at six sites across the Highlands, Moray and Aberdeenshire o Accommodation for workers involved in partner’s energy upgrade projects o Serviced and furnished homes to be delivered on a phased basis • Main works agreement for first site of 39 homes to be signed imminently • Multiple attractive options at the conclusion of the lease period in addition to sales to affordable housing providers o Private housing sales o Sales to PRS providers • Discussions continuing with other major infrastructure providers for further projects 12 Operational Review Springfield Properties, Drumnadrochit Owned, contracted and strategic land bank in the North of Scotland as at 31 May 2026
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Private Housing 2026 Update • Delivered increase in revenue as demand remained subdued across the industry • Increased ASP due to housing mix and slight uplift in underlying pricing • Sustained focus on customer service: o Customer satisfaction rating of 97% (2025: 96%) • Reservation rate has remained stable post period Springfield Group Private Homes Energy efficient, high-quality homes with a generous specification as standard Focus on choices for customers Larger homes with flexible space and generous private gardens Attractive developments with plenty of greenspace and in desirable locations Operational Review 13 Tulloch Homes, Spey Green, Newtonmore Walker Group, Dalhousie, BonnyriggSpringfield Properties, Dykes of Gray, Dundee
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Affordable Housing 2026 Update • Delivered an increase in revenue and completions • Continued to secure new contracts on attractive terms • Scottish Government has made a multi -year commitment to invest £4.9bn over four years to increase affordable housing delivery o Record level of annual investment of £926m for Apr - 2026-Mar-2027 Affordable Homes in Bertha Park Affordable Homes at LivingstonAffordable Homes at Beauly Springfield Affordable Housing Quality housing delivered in partnership with local authorities, housing associations or other public bodies Develop standalone affordable sites as well as under Section 75 agreements (equivalent to Section 106 in England) Strong reputation and trusted partner – established partner network – with over 25 years of delivery Provides strong cash flow dynamics with high visibility and low capital exposure Chronic undersupply of affordable housing across Scotland Operational Review 14
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Strong Fundamentals in Scottish Housing Market Distinct demand dynamic in the North of Scotland driven by major energy and infrastructure investment • Independent research estimates the Highlands energy pipeline will require 10.5 million bed nights for the construction workforce through to 2040, representing c. £1.3bn of accommodation expenditure Positive indicators for Scotland • Greater affordability based on house price to annual income ratios • Scottish house prices outperforming many UK regions Scottish Government remains committed to 110,000 affordable homes by 2032 • £4.9bn affordable housing investment programme giving certainty over the Parliamentary term Renewed institutional investor interest in Scotland’s Private Rented Sector • The exemption of build-to-rent developments from rent controls has restored conference to invest Operational Review 15 The scale of demand for new homes continues to underpin the long-term fundamentals of the business Average house price Annual growth Scotland £196k 4.4% UK £292k 2.3% Springfield £348k 11.2% Source for Scotland and UK: ONS for May 2026 Springfield data: private housing for the year to 31 May 2026 House price to earnings ratio Source: Nationwide ‘Affordability indicators: All buyers house price to earnings ratios by region’ Q2 2026 UK Average 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 London Outer Met Outer SE S West E Anglia W Mids N Ireland N West Wales Yorks & H Scotland North
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Commitment to Environment & People Continuing sustainable growth while creating positive outcomes for customers, colleagues and communities • Supporting the delivery of high-quality housing across the North of Scotland ✓ Helping meet demand generated by major energy transition and infrastructure projects • New homes are delivered to Scotland’s higher environmental standards, featuring low-carbon heating systems and EV chargers as standard ✓ 66% of homes with zero fossil fuels ✓ 87 average SAP rating • Continued investment in future talent ✓ 28 new apprentices recruited in the year ✓ Total of 64 apprentices across the business, representing 20% of site workers ✓ Over 6% of employees undertaking formal training Operational Review 16 Primary pupils planting pollinators at Drumossie Braes, Inverness. Staff with electric company cars Award-winning bricklaying apprentice, Dean Murdoch Local school pupils planting pollinators at our Drumossie Braes show home in Inverness CHANGE TO EV FORKLIFT IMAGE. EV forklifts at Elgin kit factory
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Conclusion Executing on Strategy • Significant progress achieved in implementing strategy to capitalise on the substantial opportunities in the North of Scotland where Springfield is uniquely placed to excel Strengthening of Balance Sheet • Supported by elimination of net bank debt • Further strengthened post year end with £12m land sale and payment of final deferred consideration for Mactaggart & Mickel acquisition Growing Housebuilding Business • Private and affordable housing delivered growth in FY 2026 • Reservation rate in private housing and orderbook in affordable housing for FY 2027 remain in line with management’s expectations Bolstering of High- Quality Land Bank • Springfield continues to have a large, high -quality land bank in Scotland • Strengthening of land bank in the North of Scotland • Maximising value creation with retention of sites in the Central Belt Delivering Shareholder Value • Well-positioned to continue to deliver shareholder value • Strong results, combined with debt reduction, enables Springfield to propose increased dividend and commence a share buyback programme 17 Conclusion
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Springfield Properties Deans South, Livingston