Slides
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Delivering growth, unlocking value and maximising returns 1 October 2025
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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 form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Taylor Wimpey plc or any other invitation or inducement to engage in investment activities and does not constitute a recommendation to sell or buy any such securities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Past performance of Taylor Wimpey plc cannot be relied upon as a guide to its future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Certain statements made in this presentation are forward looking statements. Such statements are based on Taylor Wimpey’s current expectations and beliefs concerning future events and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements and Taylor Wimpey accepts no liability should the future results actually achieved fail to correspond to the forward-looking statements included in this presentation. Such statements are also based on numerous assumptions regarding Taylor Wimpey plc’s present and future strategy and the environment in which it operates, which may not be accurate. Taylor Wimpey plc will not release any updates or revisions to forward looking statements contained in this presentation except as required by law or regulation. 2
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Current trading ● Against the backdrop of softer market conditions beginning in the second quarter, delivered a robust sales rate ● For the year to date: ● Net private sales rate was 0.74 per outlet per week (2024: 0.72), and 0.69 excluding bulk deals (2024: 0.68) ● Cancellation rate of 16% (2024: 15%) ● As at 28 September 2025, total order book value was £2,123 million (2024: £2,153 million), excluding joint ventures, representing 7,223 homes (2024: 7,709 homes), of which 73% are exchanged (2024: 73%) ● Reiterate full year 2025 guidance range of 10,400 to 10,800 UK completions (excluding JVs) and Group operating profit* of c.£424 million ● Currently operating from 215 outlets (2024: 207) 3 * See definitions slide in the appendix 2024 relates to the equivalent trading period
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Agenda 4 Introduction: Taylor Wimpey today Jennie Daly Delivering growth from our landbank and maximising returns Jennie Daly Divisional example: outlet growth and improving landbank efficiency in Midlands and Wales Shaun White Q&A Refreshment break Unlocking value: operational excellence and future proofing Stephen Andrew Divisional example: our one brand strategy in Scotland, North East and North Yorkshire Ian Drummond Delivering growth and enhanced returns Chris Carney Summary Jennie Daly Q&A Drinks reception
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What you will hear today ● Driving growth in outlets and volume without net investment ● Operations set up to drive profitable growth ● Strategic benefits of single brand ● Clear path for improved capital efficiency and strong cash generation ● Capital allocation policy remains unchanged 5 UK completions (excluding JVs) 14,000 Medium term targets Well positioned to deliver profitable growth and maximise shareholder returns * See definitions slide in the appendix UK landbank years* 4.5-5 Group operating profit margin* 16-18% Return on net operating assets* >20%
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Introducing today's presenters 6 Chris Carney Group Finance Director Jennie Daly Chief Executive Ian Drummond Divisional Chair, Scotland, North East and North Yorkshire Shaun White Divisional Chair, Midlands and Wales 33 years in industry and 11 years at TW 19 years in industry, all at TW 26 years in industry and 19 years at TW 24 years in industry, all at TW Stephen Andrew Group Technical Director 25 years in industry and 21 years at TW
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Introduction: Taylor Wimpey today Jennie Daly Chief Executive
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Strong and resilient business Delivered good performance in challenging market conditions (2022-2025) 8 Leading landbank for long term growth c.76k plots in the short term landbank (29 June 2025) c.135k potential plots in the strategic pipeline (29 June 2025) Driving industry leading sales rates 0.79 per outlet per week (H1 2025) Delivering consistently high customer satisfaction 95% 8-week recommend score (H1 2025) Best in class build quality Construction Quality Review (CQR) score of 4.97 out of 6 (H1 2025) Well prepared for planning change c.29k plots in planning for first principle determination (29 June 2025) Decisive action to protect value and margin Early delivery of cost savings as market slowed Strong balance sheet and cash returns for shareholders £326.6 million of net cash* (29 June 2025) £1.2 billion of ordinary dividends paid since 2022 Strategically positioned for growth Well located regional network including TW Logistics and timber frame factory Experienced management teams, Employee Value Proposition, strong customer offering and enhanced digital capabilities * See definitions slide in the appendix
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Strategic pillars are core to delivering value for all stakeholders 9 Land Operational excellence Sustainability Capital allocation
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Operating context 10 Prioritising housing need in decision making Planning policy supportive of increasing land supply in the near and medium term Significant underlying demand Near term demand subdued due to UK backdrop Land key driver of returns Value realised through planning and effective delivery Planning opportunities fully assessed and positioned to maximise approvals Land in place to capture opportunity Landbank in quality locations where people want to live Data driven approach to sales Expanding market opportunity by increasing outlets Disciplined approach to land investment embedded Operational excellence focus driving value Supply Demand Returns How we are positioned
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Our investment case 11 Unlocking value Operational levers in place to drive efficiency with experienced management team to deliver Delivering growth Strong landbank and strategic pipeline with strategy in place to deliver growth in outlets and volume Maximising returns Enhancing margins and generating substantial cash to reinvest into the business and pay a reliable dividend Well positioned to deliver profitable growth and maximise shareholder returns
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Jennie Daly Chief Executive Delivering growth from our landbank and maximising returns
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Significant land and planning opportunity 13 Where we are ● Land market remains competitive but improved opportunity pipeline developing ● Policy and regulation led viability impacting some locations Short term opportunity ● National Planning Policy Framework (NPPF) a key opportunity to increase supply ● Expect increased smaller site availability, especially in early stages of NPPF implementation Medium to long term opportunity ● 5 year housing land supply and emerging Local Plans to deliver sustained higher number of sites ● Expect larger sites to continue to feature as Local Plan ‘anchor sites’ ● Increased land availability supporting land market stability Most positive planning outlook since 2012
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Good quality landbank, focus on increasing efficiency 14 Assessing a landbank H1 2025 position Medium term focus Length Measured in years with reference to the most recent 12 month period c.7.3 years Targeting 4.5-5 years, at target UK volumes this equates to 63k to 70k plots Acquisitions running below replacement level Weight Land cost % of ASP in owned landbank 13.3% Continued focus on landbuying discipline Shape Measured in range of site sizes and geographical distribution Well located Skewed to larger sites Near term focus on smaller site sizes to average down against underpin from strategic conversions ‘Light touch’ approach to London but remain opportunistic Efficiency RONOA, overall time to outlet opening and production efficiency Inefficient at current levels Proactive action and improvements in planning system will increase efficiency Continue to selectively utilise bulk sales on larger sites to improve return on capital Quality Locational quality 87% in AA – BB locations Continue to focus on land quality
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Well distributed short term landbank and strategic pipeline 15 ● c.76k plots as at June 2025 (82% owned) ● Well located and able to support significant growth ● Continuing to shift the balance of the landbank to the right shape for this cycle Short term landbank ● c.135k potential plots as at June 2025 ● Sits lightly on the balance sheet ● Proactive approach to liberating strategic land through the planning system Strategic pipeline ● Site as at 29 June 2025 Population density heatmap (residents per km/sq): □ 8 – 107, ■ 107 – 193, ■ 193 – 324, ■ 324 – 516, ■ 516 – 770, ■ 770 – 1,474, ■ 1,474 – 2,523, ■ 2,523 – 4,233, ■ 4,233 – 16,790 Source: ONS
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Deep dive on our short term owned landbank 16 Data as at 29 June 2025 * Resolution to grant is a formal decision made by a Local Planning Authority resolving that planning permission will be granted for a proposed development subject to certain conditions being met, most typically the completion of a Section 106 agreement or other legal obligations c.25k c.2k c.35k c.62k owned plots in short term landbank Started on site on 97% of sites with implementable planning Owned with detailed planning Sites with RTG and awaiting Section 106 agreement c.2k Owned with resolution to grant* (RTG) Multiphase sites which already have detailed planning c.13k plots Single phase sites progressing through planning c.9k plots Multiphase sites progressing through planning c.3k plots Owned with outline planning
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Land secured for near term completions growth - 20% 40% 60% 80% 100% 2025 2026 2027 2028 2029 Owned with DPP* and started on site Owned with DPP* not started on site Owned with planning Owned with no planning Controlled with planning Controlled with no planning Neither owned nor controlled 17 ● We already own and have planning for 2026 completions ● We already own and control everything we need for 2027 ● The land we’re approving today is typically for delivery in 2028 and beyond ● Delivering volume growth over the medium term, without requiring net land investment Planning status of completions Growth towards medium term target of 14,000 completions * Detailed Planning Permission
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Our strategic land is located in areas of opportunity 18 c.29k plots in planning for first principle determination Significant strategic land opportunity in areas with under 5 years housing land supply Source: Savills, as at 31 March 2025 ● Site as at 29 June 2025 ■ LA has published > 5 years; Savills calculates > 5.5 years ■ LA has published > 5 years; Savills calculates 4.5–5.5 years ■ LA has published > 5 years; Savills calculates < 4.5 years ■ LA has published < 5 years ■ Lack of land supply confirmed at appeal in the year to May 2025
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Liberating the strategic land pipeline ● Positive planning environment presents a window of opportunity to liberate strategic pipeline ● Prioritising based on business need, planning provenance, returns and outlet programme ● Proactive approach to progress strategic land through the planning system ● Increase in engagement from Local Authorities, resources remain an issue but sentiment changing 19 Plots and applications targeted for planning submission Plots and applications targeted for committee decision Building momentum – assertive applications, in addition to business as usual: 11 20 16 36 28 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2023 2024 2025 2026 Plots Submitted Forecasted 4 13 41 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2025 2026 Plots Achieved Targeted
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210 to 215 anticipated 2025 year end outlets (2024: 213) Outlet progress Going forward, average outlets to increase year on year Plan to drive increased outlets 20 1. Embedded planning execution approach Introduced best practice tools to reduce delays in securing implementable planning permissions enabling outlet delivery 2. Leveraging the planning environment Expect planning environment will deliver more small site opportunities 3. Strategy to continue to balance optionality in the landbank Investment strategies and land searches focused on driving opportunities for smaller sites 4. Recovering WIP from completions on large sites to reinvest in a greater number of smaller sites Driving more outlets from landbank over medium term, without requiring net land investment 282 from 2020 to 2023 Average size of sites approved 231 from 2024 to date
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Building momentum to drive future outlet growth 21 1. Short term owned landbank Foundation for growth, flexibility to accelerate if market conditions allow 2. Short term controlled landbank Progressing into the effective landbank 3. Planning pipeline Activity beyond business as usual 4. Short term pre-approval land pipeline Seeing growing momentum in short term land market 5. Liberating strategic land pipeline Unlocking future opportunity
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Single brand reaches across all our market 22 Benefits of a single brand • Covers market from starter homes to upper end of our market • Consistent brand identity • Improves recognition in a market where customers are primarily driven by location, affordability and space • Drives cost savings and efficiencies • Avoids competing with ourselves
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Key takeaways 23 Well positioned to deliver growth and maximise returns Clear plan to increase outlets without net land investment Continued focus on reinvesting land recoveries into smaller sites Targeted and proactive strategy in more supportive planning environment Single brand a strategic asset delivering recognition and efficiency Operational levers in place to drive profitable growth
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Divisional example: outlet growth and improving landbank efficiency in Midlands and Wales Shaun White Divisional Chair
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Midlands and Wales: overview 25 45 average outlets H1 2025 13 outlets opened / opening in 2025 6% divisional market share c.2.0k completions 2024 c.2.2k completions forecast 2025 5.9 years owned landbank, c.12.6k plots* ● Regional businesses located in Wolverhampton, Warwick, Leicester, Solihull and Cardiff ● Area average income: £34k ● Area average house price: £250k ● Outlet location* * As at 29 June 2025
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Driving growth in the division 26 ● Ongoing focus on smaller sites ● Pre-approval land pipeline of 14 sites averaging 138 plots (2024: 8 sites averaging 227) ● Targeting Local Planning Authorities (LPAs) with under 5 year housing land supply ● Drive outlets and improve asset turn ● Deepen key land relationships
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Growing momentum in land opportunities in Midlands and Wales 27 Teams focused on land strategy targeting specific LPAs Areas with most attractive demographics and acute land supply shortfalls, such as Shropshire Identifying sites with opportunity for faster planning trajectory Reappraised planning provenance of strategic assets alongside grey belt designations Accelerating applications early alongside NPPF opportunities 16 strategic sites to be submitted in 2025, all ahead of original expectations Strong increase in engagement from LPAs seeking to address shortfalls Solihull asked us to submit a faster planning application to satisfy housing shortage For example: For example: For example: For example:
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Strategy delivering higher outlet openings in division in near term ● Strong land investment in 2024 ● Targeting smaller sites ● More outlet openings in 2025 / 2026 ● Potential to drive large sites harder ● Target 50% strategically sourced land 28 Increasing efficiency and WIP turn 0 2 4 6 8 10 12 14 16 18 2023 2024 2025E 2026E Outlet openings Midlands and Wales outlet opening progression
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Opportunity to balance landbank with smaller sites 29 Redditch, Worcestershire • NPPF highlighted land supply shortfall • Approval and build ahead of expectations • Will build out in 2 years • Quickly generate cash and land recoveries • Progressing further opportunities in area Case study Site contracted Planning approved Started build First sales expected H2 24 H1 25 Sep 25 H1 26 109 plots £4.3m Normalised WIP
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Increasing asset turn from existing landbank 30 Burleyfields, Stafford • Five build phases, two differentiated outlets • Product mix to suit whole market • Two factories – c.150 plots per year • c.550 plots sold since opening • Potential to add further factories Case study First planning approval Started build on site Sales outlet launched c.550 plots sold May 19 Aug 19 Mar 20 Sep 25 £13.6m £11.3m £10.7m £8.0m Apr-25 Sep-25 Dec-25 2027+ Burleyfields WIP per outlet 1.5k plots
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Key takeaways 31 Strategy to drive outlets taking effect Cycling into smaller sites to drive WIP turn Maintaining progress on attractive larger sites Driving engagement with local authorities Deepening key land stakeholder relationships
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32 Q A &
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Unlocking value: operational excellence and future proofing Stephen Andrew Group Technical Director
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Our proactive approach to an evolving regulatory backdrop 34 Policy engagement and collaboration Active industry representation and early dialogue with regulators Technology and design innovation Electrification of homes, off site construction, Sustainable Urban Drainage Systems and key trials Supply chain readiness Greater control from TWL, early engagement and support from suppliers Build efficiency Standardisation, digitalisation, data and training
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Well prepared for unprecedented pace of regulatory change 35 Oct 2026 Dec 2025 Dec 2026 Dec 2027 2030 Road to Zero Carbon FHS legislation and supporting documents published HEM and SAP 10.3 released FHS 12 month transition period starts FHS 12 month transition period ends and all homes built to FHS Apr 2024 New Build Heat Standard (Scotland) Building Safety Act - end of transition 2023 Parts L, F, O & S - end of transition period (England: June) Parts L & F end of transition (Wales: November) Jun 2025 Defra National Standards for Sustainable Urban Drainage Building Safety Levy into effect Possible changes to Approved Documents M, K and G 2030 Oct 2029 Effective Date for Building Safety Levy for plots with Initial Notice submitted prior to Oct 2026 Active engagement ensures we are not reacting to change but leading it See glossary slide in the appendix
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Future Homes Standard 36 Already delivering zero carbon ready homes valued by our customers Initiatives Customer feedback Sold Sudbury FHS trial homes and surveyed the customers over first year of occupancy Overall positive sentiment to energy-efficiency features Identified need for education to help customers use the new technologies Clear understanding of best technology combinations Industry-first trial homes (2023) Lessons learned and monitoring data gathered Early adopter sites 5% of 2024 completions were fully electric homes Bespoke guidance Produced detailed guidance manuals
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Utilising innovation to future proof our homes 37 Cost: near cost neutral Status: first mover advantage on supply Collaboration on offsite manufactured Award winning SmartPUC Cost: in review, likely in line with mass market ASHPs Status: independent testing Market leading in-roof Air Source Heat Pump (ASHP) Mauer reduced carbon brick alternative Cost: competitive vs individual ASHP on high density schemes Status: Sudbury live, further sites underway, additional pipeline State of the art heat networks Cost: subject to full trial Status: early trial stage / second live site Q4 25
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Driving efficiency through our supply chain and build 38 Taylor Wimpey Logistics (TWL) ● Just in time delivery to sites ● Strategic stocks ● Delivered 98% on time in full in 2024 Taylor Wimpey Manufacturing (TWM) ● Timber frame production ramping up ● Will produce c.3k kits per annum at full capacity ● Supports standardisation and build quality Group procurement ● Manages £450 million spend ● Supplier relationship management >150 national suppliers ● Managing global inflationary pressures Standardisation and build efficiency ● 33 efficient standard house types ● Leading volume housebuilder in quality ● ‘Right first time’ approach Scaling towards £400+ saving per plot 6-8 weeks time saving Drives cost efficiency, consistency and value Significant cost and time savings
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Key takeaways 39 Proactive engagement to shape regulation FHS provides opportunity to further differentiate Best solutions for customers via innovation Learnings supporting customers adoption of new technologies Driving cost and WIP efficiency through supply chain and build Well prepared for future regulation
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Divisional example: our one brand strategy in Scotland, North East and North Yorkshire Ian Drummond Divisional Chair
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Scotland, North East and North Yorkshire: overview 41 48 average outlets H1 2025 15 outlets opened / opening in 2025 c.2.0k completions 2024 c.2.2k completions forecast 2025 8% divisional market share 5.1 years owned landbank, 10.9k plots* ● Regional businesses located in Dunfermline, Paisley, Sunderland and Stockton-on-Tees ● Developments in areas of highest population ● Area average income: £34k ● Area average house price: £184k * As at 29 June 2025 ● Outlet location*
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Benefits of a single brand 42 National brand benefit • Strong brand • Recognition and trust • Efficient use of standard house types c.16% Net private market share in our Scottish operating area* 0.80 Division’s H1 2025 sales rate c.30% Division’s repeat buyers c.97% Division’s customer recommend score for 2024 Divisional leverage of brand ● Strong community engagement ● Reach wide demographic ● Product mix for local demand ● Selective use of dual outlets Outcomes ● Repeat business ● High market share and sales rates ● Single brand efficiencies * Source: Rettie & Co, for the Local Authority areas in which we operate for the 12 months to June 2025
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Upper end: Thirlford 5 bed Entry level: 1-2 bed apartments Range to cover all customer segments, maintaining standardisation 43 ● Our 33 standard house types span all areas of our target market ● In our division private sales price ranged from £151k to £722k in 2024 Consolidated house type range Simplification and standardisation Consistency for supply chain Repeatability for subcontractors Right first time and build quality Customer satisfaction Single brand Strong single brand Single brand enabling benefits of one consolidated house type range Mid range: Byrneham 3 bed
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Different elevational treatment, same standard house Traditional and open plan floorplans Standard house types meeting customer and Local Authority preferences 44 Rightford: 4 bedroom home Patterham: open plan layoutShilford: traditional layout
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Brand versatility on a single outlet site 45 Maybury, West Craigs, Scotland • Prices £250k- £725k • 2 bed apartments to 5 bed detached • H1 2025 sales rate of 1.0 per week • Strong brand recognition • Positive word of mouth • Timber frame • Good transport links to Edinburgh High CQR score 5.13 (out of 6) 250 homes Case study Jun 20 Mar 21 Dec 21 Sales to date Planning approved Started build on site Sales outlet launched 150 private homes sold to date
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Single brand supports selective use of dual outlets 46 40% repeat customers Bishopton, Scotland • Outline planning consent for 4k homes • Completed four phases • Brownfield regeneration site • Starter homes to premium homes • Prices range from £243k to £685k • Strong relationship with landowner, BAE Systems Case study Sep 23 Jul 24 Feb 25 Sales to date (Current phase) planning approval Started build on site Sales outlet launched 50 plots sold
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Key takeaways 47 Standard house types serving all target markets Brand reaches wide demographic Benefits of brand with high market share, repeat customers Economies of a single brand / high sales rate Selective dual outlets to leverage brand
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Chris Carney Group Finance Director Delivering growth and enhanced returns
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Medium term targets 49 UK completions (excluding JVs) UK landbank years Group operating profit margin Group return on net operating assets 9,972 14,000 2024 Target c.7.8 4.5 – 5 2024 Target 12.2% 16-18% 2024 Target 10.9% >20% 2024 Target
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Drivers of margin progression* 50 16-18% Volume growth Landbank evolution Regulatory change House price inflation / build cost inflation Medium term2024 * Illustrative only 12.2% 11.7% Excluding land sales
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Drivers of margin progression – volumes ● Driving growth in outlets ● Increase outlet yield from existing landbank ● Continue to invest in smaller sites ● >30% growth to 14k medium term volume target (6-10% CAGR) ● Business capacity retained to deliver targets ● 2019 volume of 15,520; 647 per BU ● Medium term targets require 636 per BU ● Operating leverage will drive margin improvement ● Recovery of fixed costs across a higher volume of completions ● Standardisation and efficiencies, including TW Logistics ● Growth to medium term volume target not linear ● Current market uncertainty a factor near term ● Medium term target allows for this 51 2019 2024 Medium term Medium term volume target 2019 2024 Medium term Outlet growth 2019 2024 Medium term From our existing business units Number of average outlets Completions per Business Unit (BU) UK volume
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Drivers of margin progression – landbank evolution 52 Annual completions profile by land acquisition period Cycle out of older land impacted by high levels of build cost inflation Shift into newer land acquired at higher margins ● Pace at which margin benefit is realised depends on: ● Volume growth rate ● Acquisition margins of new land ● Market factors (e.g. HPI, BCI, regulatory environment) ● Margin benefit more meaningful from 2027 onward 0% 20% 40% 60% 80% 100% 2025 2026 2027 2028 2029 Pre-2016 2016-19 2020-22 2023-current To acquire
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Drivers of RONOA progression ● Land efficiency improvements ● Reduction in landbank to 63-70k plots (4.5-5 years) ● Continued reduction in average site size and gradual shift in geographic mix ● Enhanced WIP efficiency ● WIP currently elevated: ● c.£270m of WIP held across nine Greater London apartment schemes unwinding ● c.£100m of WIP held in infrastructure-heavy sites will be recovered, expect site mix to normalise ● WIP profile will normalise and WIP efficiency will improve – reduction in WIP per outlet ● Capital efficiency improvements ● Combined landbank reduction and lower WIP per outlet to drive enhanced capital returns 53 2019 2024 Medium term No net land investment required – landbank reducing Short term owned & controlled landbank 2019 2024 Medium term Medium term RONOA target Targeting >20% RONOA 2019* 2024 Medium term WIP per outlet investment reducing WIP per outlet * Includes cumulative impact of market inflation through 2019-2024
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Uses of cash through the medium term* ● Highly cash generative business ● Assumes continued investment to support long term growth beyond 14k completions, as market conditions allow ● Normalisation of land creditors, and no gross land investment ● Modest WIP investment due to recovery and redeployment of London and infrastructure investments ● Ordinary Dividend Policy retained at 7.5% of net assets ● Surplus cash providing significant capital allocation optionality 54 Normalisation of land creditors Modest investment in WIP Provision payments Surplus cashTax and interest Ordinary dividends Cash generated * Cumulative cash over the medium term, illustrative only
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Capital allocation priorities remain unchanged Maintain a strong balance sheet Investment in land and WIP to drive future growth Sustainable ordinary dividend Return excess cash Highly cash generative business allows for investment for growth and attractive shareholder returns 1 2 3 4 Maintain low adjusted gearing* to reflect cyclical nature of the industry Focus on funding business needs, including land investment and WIP to drive growth Ordinary dividend pay out policy of 7.5% of net assets or at least £250 million annually throughout the cycle Excess cash returned after funding land investment, working capital, taxation and the ordinary dividend. The method of return (share buyback or special dividend) will be considered at the appropriate time 55 * See definitions slide in the appendix
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Key takeaways 56 Delivering improved margins through volume growth, landbank evolution and disciplined cost management Clear plan to achieve medium term targets Improved capital efficiency driving return on net operating assets Strong cash generation underpins our ability to invest, retain a strong balance sheet and deliver shareholder returns Capital allocation priorities unchanged
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Summary Jennie Daly Chief Executive 57
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Our investment case 58 Unlocking value Operational levers in place to drive efficiency with experienced management team to deliver Delivering growth Strong landbank and strategic pipeline with strategy in place to deliver growth in outlets and volume Maximising returns Enhancing margins and generating substantial cash to reinvest into the business and pay a reliable dividend Well positioned to deliver profitable growth and maximise shareholder returns
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59 Q A &
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Appendices
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Strong network of local businesses and experienced operational team 61 Lee Bishop Divisional Chair, North West and Yorkshire and Group Managing Director Strategic Land Jennie Daly Chief Executive Chris Carney Group Finance Director Anne Billson-Ross Ishaq Kayani Group General Counsel and Company Secretary Ian Drummond Divisional Chair, Scotland, North East and North Yorkshire Shaun White Divisional Chair, Midlands and Wales Novraj Sidhu Divisional Chair, Central and South West Ingrid Osborne Divisional Chair, London and South East Regional business map and population density Group Human Resources Director TW regional business
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Land quality matrix 62 Short term landbank quality (plots) Micro location Macro location Quality Area A B C D Total A 14% 11% 1% - 26% B 19% 43% 4% - 66% C 2% 5% 1% - 8% D - - - - - Total 35% 59% 6% - 100%
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Future investor communications ● 12 November 2025 Trading update ● 15 January 2026 Trading update ● January 2026 Analyst and Investor FHS update (virtual teach in) ● 5 March 2026 Full year results 2025 ● 28 April 2026 AGM and trading update ● Q2 2026 Analyst and investor visit to TW Manufacturing and TW Logistics ● 31 July 2026 Half year results 2026 ● 11 November 2026 Trading update ● Q4 2026 Analyst and Investor planning teach in (virtual) 63
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Glossary ● Building Safety Act: The Building Safety Act 2022 is a UK law that significantly reforms the regulations governing the safety of buildings, particularly those of higher risk, and introduces new rights and protections for residents. It places stricter responsibilities on the construction industry's Duty Holders - clients, designers, and contractors - to ensure buildings are safe, competent people are hired for the job, and residents are kept safe in their homes.The Act also establishes the Building Safety Regulator (BSR) to oversee building safety. ● Approved Documents L, F, O & S: Sections of the Building Regulations in England and Wales. Part L: Conservation of fuel and power, Part F: Ventilation, Part O: Overheating, Part S: Infrastructure for charging electric vehicles. ● Department for Environment, Food & Rural Affairs (Defra) National - Standards for Sustainable Urban Drainage: Defra's new National Standards for Sustainable Drainage Systems (SuDS) are designed to improve water management by reducing flood risk, enhancing water quality, and creating more attractive and biodiverse places. The standards, published in June 2025, provide a framework for designing, maintaining, and operating SuDS in new and existing developments to ensure they are multifunctional, resilient, and support climate adaptation. They introduce a sustainable drainage hierarchy, performance metrics, and best practices for long-term maintenance and performance. ● FHS Legislation – England and Wales: Refers to the Future Homes Standard, which sets out requirements for new homes to be zero-carbon ready using high energy efficiency, clean heating systems like heat pumps, and rooftop solar PV, rather than gas boilers.Legislation and supporting documents are expected to be published in December 2025. ● FHS Transition Period: The Future Homes Standard (FHS) is set to be implemented with a specific transition period, legislation is expected to be laid before Parliament in December 2025, with FHS coming into force in December 2026 followed by a 12-month transitional arrangement period ending in December 2027. After this period, all new homes will be required to comply with the FHS. During the transitional period, sites registered before December 2026 can still follow the previous Part L 2021 regulations, while plots registered from January 2026 onwards must meet the new FHS standards. ● HEM and SAP 10.3: The Home Energy Model (HEM) is the new, modelling software that will replace the Standard Assessment Procedure (SAP). We expect release in December 2025. ● New Build Heat Standard (Scotland): A regulation effective for building regulations submitted after 1st April 2024. The New Build Heat Standard (NBHS) requires new buildings to install climate-friendly heating systems instead of oil and gas boilers. ● Building Safety Levy (BSL): A UK Government charge on most new residential developments, to fund the remediation of unsafe building safety defects and preventleaseholders from bearing these costs. Developers pay the Levy, calculated per square metre of residential floor space, with rates varying by Local Authority to reflect land values. The Levy is scheduled to be introduced in Autumn 2026 and includes exemptions for smaller sites and social housing, among others. ● Approved Documents M, K and G: Regulatory documents that may be updated by 2030. Document M: Access to and use of buildings, Document K: Protection from falling, collision and impact, Document G: Sanitation, hot water safety and water efficiency. 64
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Definitions ● Operating profit is defined as 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. ● Net operating assets is defined as net assets less net cash, excluding net taxation balances and accrued dividends. ● Return on net operating assets (RONOA) is defined as 12-month rolling operating profit divided by the average of the opening and closing net operating assets. ● Net cash is defined as total cash less total borrowings. ● Adjusted gearing is defined as adjusted net debt divided by net assets. Adjusted net debt is defined as net cash less land creditors. ● UK landbank years is defined as the number of plots in the UK short term owned and controlled landbank divided by the legal completions in the most recent 12-month period. 65